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The seniors housing and care industry provides both housing and an array of services to seniors, generally to those over the age of 75. Care segments are commonly divided into four categories: independent living, assisted living, memory care and nursing care. Nursing care has typically been provided in an institutional-style setting, though there is a growing movement toward more home-like surroundings. The other care segments are typically provided in a multifamily setting.
Seniors housing and care properties also including continuing care retirement communities (CCRCs), which typically offer all care segments, including independent living, assisted living and nursing care.
In the United States, there currently are approximately 21,100 investment-grade seniors housing and care properties containing nearly 2.8 million units. “Investment grade” is defined as those age-restricted properties with at least 25 units/beds that charge market rates for the housing and services offered. The total market capitalization of this investment-grade seniors housing and care property market is estimated between $230 billion and $260 billion.
Besides housing, including both shelter and recreational activities, seniors housing and care properties offer hospitality services (meals, transportation, housekeeping, entertainment and concierge services), care services (assistance with bathing, grooming, dressing, eating, medication management and other activities of daily living [ADLs]) and medical services (skilled nursing, rehab therapy). The care and medical service mix at the property increases with the resident’s need. Independent living typically serves the most able residents and offers primarily hospitality services. Nursing care, on the other hand, serves higher acuity residents and accordingly, has the most intensive services.