White Paper · In that sense, the “senior surge” has created a perfect storm of opportunity for...

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How to Invest in the Senior Housing MarketAn Understanding of Industry, Players, Market, Opportunities, and Trends.

By Dan Brewer, Senior Living FundSpring 2018

How to Invest in the Senior Housing Market By Dan Brewer, Senior Living Fund2

Introduction

Senior Housing may once have been considered a strange little brother in the alternative investment sector. A hybrid of real estate, hospitality, and healthcare, it’s a complex asset class that requires specialized knowledge from operators and investors alike. Still, pushed by a huge demographic trend of aging baby boomers — 10,000 turning 65 every single day — Senior Housing has grown to become a $300 billion asset class, with many curious investors seeking to find ways to profit in this growing market. From private equity funds and Real Estate Investment Trusts (REITs) to direct investment and management opportunities, this document reviews the market, today’s investment potential, and trends to keep in mind as you consider an investment in the Senior Housing industry. Not only is Senior Housing a strong, recession-resistant candidate for investment, it’s also a meaningful one, as astute investors can help bring quality care to our nation’s seniors — caring for those who have cared for us.

Why Invest in Senior Housing?There are many reasons that Senior Housing has jumped to the top of many investor lists in the last few years. Far more than a “hot” or trendy investment choice, the sector is backed by strong, consistent, performance-based trends, with expectations that these trends will continue for years to come. Below are just a few.

1. It’s Backed By DemographicsOur nation’s rapidly aging senior population is placing great demand on current Senior Housing communities. This unrelenting elderly demographic will more than double to 72 million by 2030 compared to 2000 population figures. The growth rate is particularly acute for the 75+ population, which is forecasted to nearly double its 2013 population level by the same year. The growth is further fueled by increasing longevity. Life expectancy has been on an upward trajectory for over 100 years. The average lifespan of men and women today is 76.9 and 81.6 years respectively, 10 years longer than in 1950.

Still, while our seniors are living longer, research shows that they have fewer children available to care for them. A rise in dual-working families has impacted the ability of adult children to care for their aging parents. At the same time, the ability for children to provide monetary support for their parents has increased (AEW Capital Management, 2015). In that sense, the “senior surge” has created a perfect storm of opportunity for those in the Senior Housing business: a true need-based investment opportunity with demographics showing an upward trend that is expected to continue through 2040.


2. It OutperformsSenior Housing continues to outperform other asset classes, with annualized total returns of nearly 16 percent over a five year period (Q32017 NCREIF NIC). Over a one-year period, Senior Housing even outperformed a stressed housing market with 12 percent returns compared to just 6 percent for apartments. Part of the reason for this, undoubtedly, is that the sector has a significant need-based element. The healthcare component of the sector ensures that it draws a population of seniors who both want and need quality housing and care services. This is evidenced by the fact that while other asset classes struggled during the Great Recession of 2007, Senior Housing remained relatively steady. More impressively, during the Great Recession, the sector saw an increase in asking rents while the rest of the market saw decline.

The 2018 Senior Care Acquisition Report from Irving Levin Associates shows that between Q4 2016 and Q4 2017, the price-per-unit in senior housing hit an all-time high of $221,250. That’s a 14 percent increase from the year before, indicating that the market is still strong and growing, despite increasing inventory.

3. Aging BuildingsThe median age for Senior Housing communities in the United States is 17 years. That number jumps to

By 2035, the number of seniors 75+ will grow to 41 million

The average age of a Senior Housing resident is 80 . By 2030, there will be

20 million 80+ seniors in the USA(AEW 2015)

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Most typical age group for senior housing.

PERCENT CHANGE PER AGE CATEGORY - 2015-2020


36 years for nursing care communities (NIC 2014). Considering the numerous advances in services and technology in the past two decades, there is plenty of opportunity for retrofits and refurbishments in existing facilities throughout the nation. These investment opportunities often have attractive risk/reward relationships, especially if a strong and successful operator is involved in the redevelopment process. However, with many existing facilities, it’s economically infeasible to refurbish them. Instead, they will be razed, and a new facility built in their place. In addition, the culture of senior communities has changed a lot in the past few decades. Much has been learned about the importance of socialization in the health and well-being of seniors. Today’s seniors want and need common gathering areas and amenities to promote and foster interaction, happiness and better health, thereby increasing longevity and overall quality of life.

4. Funding for Senior Housing Communities is Particularly Sensitive to Changes in the EconomySenior Housing is a special-use asset, meaning Senior Housing communities generally cannot be easily converted to other types of properties when they are not successful as a Senior Housing asset. Lenders generally do not favor special-use assets. As a result, special-use assets are the last asset type to receive funding in rising economies, and the first asset type to lose funding in economic downturns. However, even during periods when funding for Senior Housing decreases, the population continues to age, thereby building up demand for Senior Housing. This creates an ideal investment market, especially when the credit markets ease and lenders increase the amount of capital provided to Senior Housing construction. This, combined with the significant percentage of aging, antiquated facilities, provide an excellent investment environment in Senior Housing over the next several years.

5. The Industry Is Expected To Grow — Even MoreWhile there is risk of certain markets being overbuilt in the near term, the need for new Senior Housing communities remains quite strong across the USA. Senior Housing tends to perform equally well in primary, secondary and tertiary markets, creating a huge investment opportunity. Further, the long-term outlook for the sector is quite bright. The average senior community resident age is 80+; this general age group will triple in the next five years, making it a terrific time to invest in the Senior Housing sector.

Still, Senior Housing remains a highly complex industry. It’s not simply a real estate investment — it’s an investment in a licensed, regulated operating business. Let’s review those items in the sections below.

Understanding the Industry Our world is advancing at an incredible clip, and the Senior Housing industry is no exception. Today, there are more options than ever for seniors looking to find a community to call home. From resort-style independent living facilities to more medically focused nursing and memory care facilities, there are a multitude of investment opportunities, all of which have their benefits and drawbacks.

In general, senior communities are grouped by the type and level of service they provide. As noted below in the Spectrum of Senior Care graphic, these communities range from low levels of care to high levels of


care, and these levels generally coincide with levels of “want vs. need.” Communities that fall into the “want” category may be more volatile during recessionary periods due to the fact that they are not considered a necessity. On the other side of the spectrum, seniors in need of medical care have little if any choice of when they receive it. Below, we review the main types of care communities and the types of services they provide.

Independent Living (Low): Independent Living (IL) communities are low-acuity centers designed for residents who need little to no assistance with daily life but choose to live in a comfortable environment where many of life’s daily tasks are managed for them with a la carte service offerings. These private-pay facilities typically provide services such as meals and dining, housekeeping, transportation, emergency support and programmed social activities. Healthcare is generally not a standard part of IL services. Most IL facilities require a significant buy-in, which may require them to sell their primary residence. Because of this, IL communities are more sensitive to changes in the housing market.

Assisted Living (Middle): Assisted Living (AL) communities provide services for residents with acuity levels ranging from low to high. They provide help with household chores and basic living activities like bathing, dressing, eating, walking and toileting. Unlike independent living facilities, they are licensed to provide medical care, such as assisting residents with medication, treatment, physical therapy, or daily health monitoring. Licensing is managed by the state in which the facility operates.

HIGH LEVEL OF CARE Skilled Nursing

Transitional Care Sub-AcuteHospitals

3

The Spectrum of Senior Care

MEDIUM LEVEL OF CAREAssisted LivingMemory Care

2

LOW LEVEL OF CAREHome Care (Non-medical)

Home HealthcareIndependent Living

Board and Care

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Want Need

<< Continuing Care Retirement Community >>

Continuing Care Retirement Communities (CCRC) offer “aging in place,” whereby the senior community provides increasing levels of care as the resident needs it. From independent living to assisted living to skilled nursing, the resident can remain in the same community, regardless of how their health needs change.

Investing in the Senior Housing Market By Dan Brewer, Senior Living Fund6

Each operator may have a different care model, with lower or higher acuity residents. This is the fastest-growing sector of the Senior Housing market. AL facilities are primarily private-pay facilities.

Memory Care (Middle): In addition to receiving the care provided in AL communities, residents receive specialized support for Alzheimer’s disease and dementia. The caregiver-to-resident ratio is higher in memory care compared to IL and AL, and the facility has controlled access to keep residents safe. Memory care facilities are often integrated with assisted living facilities, but they may also operate on their own. When they operate in the same facility, MC patients are kept on different floors or wings because of their different health and security needs. They also have separate dining and common areas.

Skilled Nursing (High): This is the highest acuity and most medically intensive segment of the Senior Housing sector. Generally, it is a licensed healthcare and residential property that serves people who require daily, regular medical care. The communities are staffed with nursing personnel 24 hours per day. While some private-pay nursing care facilities are available, most rely on public assistance such as Medicare or Medicaid.

Transitional Care (High): This is a more recent and specialized care provider segment, supporting the coordination and continuity of healthcare during a movement from higher acuity healthcare setting to a lower acuity setting (or to home), especially during chronic or serious illness or following surgery. Transitional care (TC) facilities usually work closely with hospitals, rather than senior communities. TC patients may be a mix of ages, not just seniors. Because each level of care is so different, each also carries a unique blend of investment opportunity and market risk.

A 6.2% increase in the number of seniorsis more than the total number of the entireexisting supply of professionally managedSenior Housing beds/units. (Q2 2017 NIC Map Data Report and U.S. Census Bureau, 2014)


Getting to Know the Players Just as there are numerous types of communities, there are also multiple players in the Senior Housing market.

Owner/Operator: The operator is the most important factor in ensuring success in a Senior Housing investment. Due to the highly complex nature of the Senior Housing operations, true expertise in management is critical to the profitability of a Senior Housing community and ultimately to the success of an investment. If you are working with an experienced and historically successful operator, the likelihood that the operator will continue to be successful in another Senior Housing community in any type of market is very high. Often, the operator is part of the ownership entity. From an investment perspective, this is the most ideal arrangement, as the operator has greater incentive to ensure the high performance of the community. However, the operator arrangement must be separated from the ownership arrangement, so that when an owner/operator performs below expectations, a new operator can be brought in to take over the operations.

Independent Operator: It’s also very common for the owner to outsource operations to a third-party operator who has no ownership in the community. This is particularly true with REITs, hedge funds and private investment companies. The owner’s role in the management of the property may be active or passive, depending on level of interest or experience.

Developer: The developer is the construction-side partner who creates the plan for the senior community, performing market research and site selection, working with architects during the design process, creating financial projections, and often completing the entitlement process. Just as it is incredibly important to find

SENIOR HOUSING RETURNS COMPARED WITH OTHER PROPERTY TYPES

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NPI Apartment Hotel Industrial Office Retail Senior Housing

Senior Housing Sector Returns vs. Other Real Estate Sectors

Source: NCREIF, NIC MAP® Data Service – Q32015

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Source: NCREIF, NIC MAP® Data Service – Q32015 Q32017


an experienced operator, it is also important to work with a developer who is knowledgeable in the Senior Housing industry. If your operator and developer have a track record of working together, all the better. Some operators also act in the role of developer.

Debt and Equity Providers: Financing for Senior Housing projects will come from two sources: debt providers and equity providers. “Debt” involves borrowing money to be repaid with interest within a certain time period. Lenders (banks, private equity funds, REITs) provide money in the form of a loan to be repaid with interest within a certain time period. “Equity” involves exchanging interest or ownership in a Senior Housing community for use of capital. Typical equity providers are private investment groups, REITs, family offices (wealthy families), private companies and individuals. Most debt providers cover 60% to 80% of the project costs and the remainder must be provided in the form of equity. In any one community development, it is most likely that debt and equity will be present.

Getting Involved in the MarketThere are many different ways to get involved in the market as an investor. The right way for you will depend on your knowledge of the industry, your comfort level with risk, your general level of interest or experience in the sector, how much money you are willing and able to invest, and how actively you wish to be involved in the investment.

The Yale endowment, which has focused largely on

alternative investments such as equity funds for the last 25

years, generated an average annualized return* of 12.1%

over the 20 years ending June 30, 2017, exceeding broad

market results for domestic stocks (7.5% annually); domestic

bonds (5.2% annually); and the average return of college and

university endowments (7.3%). *Based on the sum of reported individual annual rates of return divided by the total number of years.Source: https://news.yale.edu/2017/10/10/investment-return-113-brings-yale-endowment-value-272-billion and http://investments.yale.edu/our-strategy-2/

ALTERNATIVE INVESTMENTS: 20-YEAR PERFORMANCE VS. OTHER POPULAR INVESTMENTS

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20-Year Average Yale Endowment

Ave. University Endowments

Domestic StocksDomestic Bonds


PASSIVE INVESTING

By far the easiest way for an investor to get involved in the Senior Housing market is through a passive investment. Passive investments require less knowledge of the industry and a fairly nominal base investment amount (especially compared to active investments), The two main types of passive investments in the Senior Housing industry are private equity funds and REITs.

Private Equity FundAn increasingly popular way for investors to get involved in the industry is by investing in a private equity fund focused on Senior Housing. A form of “alternative investment,” private equity funds pool investor dollars into a large “pot” of capital and invest in either a single project or multiple projects. Projects may vary by size, location and type. Fund managers determine the specific projects in which to invest based on overall market and demographic factors. The projects in which they invest could be new construction, stabilized performing communities, or value-add opportunities (Senior Housing communities that are under-performing for a variety of reasons). Each project type comes with its own unique set of risks and returns (risk-adjusted returns). Typically the stabilized performing community will have the lowest level of risk, and therefore also the lowest level of return. Value-add and new construction generally provide higher rates of return but also come with greater risk. A wise investor will evaluate each investment type in light of their own investment goals and the experience of the fund manager.

Private equity funds can be offered by an independent fund manager (meaning they have no ownership in the properties in which fund members are investing), or by those who own or operate the facilities. A wise risk management strategy is an independently managed fund, investing in multiple properties. Since private equity funds are “private,” there is a general lack of reliable independently evaluated quality information on the funds themselves. This requires more due diligence and research upon the investor.


• Pros: Generally higher risk-adjusted returns, diversification, requires little knowledge of industry, lower level of investment

• Cons: Less liquid, no control over investment decisions, lack of widely available independent analyst opinion regarding the historical and future performance of the funds

REITsThe majority of REITs typically invest in (or lend to) existing real estate properties with the intent to operate them long term as part of their investment portfolio. To qualify as a REIT, a company must have the bulk of its assets and income connected to real estate investment and must distribute at least 90% of its taxable income to shareholders annually in the form of dividends.

There are two types of REITs: public and private. Public REITs are traded on public exchanges, meaning you can get in and out of them relatively quickly, just like other publicly traded investments (stocks, etc.). In that sense, they are a relatively simple way for investors with limited knowledge of the industry to get involved at nearly any price point. Pure Senior Housing REITs are rare. Instead, many public healthcare REITs include a mix of healthcare and Senior Housing investment. Private REITs are not traded on any public exchange. Because of this, they may be much more difficult to research. It is more likely that you may find a private REIT dedicated solely to Senior Housing than a public REIT. However, private REITs are much more difficult to divest from because there is no readily available market in which to liquidate the funds. Healthcare REITs, whether public or private, will typically invest in income-producing properties.

Public REITs• Pros: Liquidity, requires little knowledge of industry, minimal investment amount required, third-

party analysis of REIT readily available• Cons: No control over investment decisions, value fluctuates with the stock market (does not

diversify your portfolio), few if any write-offs, no ability to defer capital gains (you will pay taxes on returns as ordinary income), generally lower predicted returns than private equity funds

Projected Demand for Senior Housing

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65 and older as a percentage of total U.S. population

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About 2 million Senior Housing units will need to be con-structed to meet demand by anticipated by 2040 (2016, American Seniors Housing Association (ASHA). Sustained production of 100,000 units per year would be necessary between 2025 and 2040 in order to address the projected demand.

How to Invest in the Senior Housing Market 11

Private REITs• Pros: Requires little knowledge of industry• Cons: Liquidity (there is no public market), no control over investment decisions, few if any write-

offs, no ability to defer capital gains (you will pay taxes on returns as ordinary income), lack of widely available analyst opinion regarding the historical and future performance of the funds, will require extensive research because they are not publicly traded

ACTIVE INVESTMENTS

While passive investments require very little engagement on the part of the investor, active investments require a considerable amount of expertise and involvement. The two main types of active investments are as follows.

Direct InvestmentThose interested in maintaining greater control and decision making over their investment portfolio may choose to make a direct investment in a Senior Housing community through the community’s owner or operator.

• Pros: Greater control, decision making authority, ability to choose the avenue in which you are passionate or experienced, potentially significantly higher returns

By Dan Brewer, Senior Living Fund

3M

2M

2015 2025

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About 2 million Senior Housing units will need to be constructed to meet demand by anticipated by 2040 (2016, American Seniors Housing Association (ASHA). Sustained production of 100,000 units per year would be necessary between 2025 and 2040 in order to address the projected demand.


• Cons: Single-asset investment, greater risk, potentially difficult entering the market (may require large amount of capital up front), requires expert knowledge of the market, sector and operator to increase likelihood of a successful investment, may be difficult to get out of the investment

Become an Owner or Operator Those interested in owning or operating their own Senior Housing community may choose to work with a large “franchise” style operator, or to start their own smaller community.

In recent years, there has been a trend of entrepreneurial and service-minded citizens converting single-family homes into small assisted living facilities. This option requires an incredibly active role in the investment, a sizable amount of capital, as well as considerable knowledge of the local market and industry. A small, 6 to 10 bed facility could cost $500,000 to $1 million to purchase and develop. This option will be best suited to a savvy investor with distinct and deep knowledge of the industry.

Because of their size, starting a large facility (60-150 units) would be much more expensive, typically $10 million to $40 million. However, because they are more familiar to the general public, there is more comfort in the business model. In addition to the large amount of capital required, the owner would likely also need to choose an appropriate operator partner, which would require considerable knowledge of the industry. If working with a franchise operator, there is also a wealth of knowledge and support they can offer.

Small Facility Ownership• Pros: Control in decision making, active and meaningful role in community development, high levels of

satisfaction• Cons: High start-up cost, high risk, legal risk, requires strong knowledge of market, potentially

complicated zoning and permit issues (especially for home-based facilities located in residential areas), exit strategy can be difficult for home-based facilities because they are generally all-cash deals (lenders are generally not as comfortable providing debt for these purchases), not typically able to serve high-acuity patients

Large Facility Ownership• Pros: Control in decision making, active and meaningful role in community development, high

levels of satisfaction, accepted business model, knowledge and support (if working with franchise partner), well-established exit strategy

• Cons: Incredibly high start-up cost, high risk, legal risk, requires strong knowledge of market, potentially complicated zoning and permit issues, may be difficult to acquire debt or equity especially in down-time markets

PROJECTED DEMAND FOR SENIOR HOUSING

How to invest in the Senior Housing Market By Dan Brewer, Senior Living Fund13

2018 Outlook and Market TrendsIt’s one thing to know that Senior Housing has maintained a strong track record over the last 10 years. What’s more important for investors is to understand how the market is performing now, and how it is expected to perform into the future.

There’s been a wave of new construction in the past few years among operators and developers capitalizing on the demand. So much construction, in fact, that some have wondered if investments in senior housing will take a dip in 2018 - or whether the senior housing sector will continue to outperform other CRE sectors. In my view as well as many other industry experts, there is still plenty of success to be found in the senior housing marketplace. Whether you are looking to invest directly, or through an equity fund or REIT, I encourage you to consider the following when considering an investment in senior housing:

1. Every Deal is UniqueIt’s tempting to periodically label a market “up” or “down.” The truth is, the senior housing sector is a mixture of both, regardless of time. Some markets see a significant percentage of new supply in a short period of time and are deemed a “down” market. Once the new inventory is absorbed, that market will likely be viewed more favorably. This has happened in many senior housing markets recently considered supply-heavy. In senior housing, every community, market, and operator is different - and all of those elements impact the quality and success of a senior housing deal.

2. Secondary Markets are Becoming a Primary Focus In 2017, 30 percent of inventory growth occurred in just seven metro areas. That means there is still plenty of opportunity for new senior housing development, particularly in secondary, tertiary, and gateway markets. Funding in these markets is generally more difficult to obtain, providing a natural control on new senior housing supply.

How to invest in the Senior Housing Market By Dan Brewer, Senior Living Fund14

3. The Supply Market Corrected Itself in 2017The boom in senior housing construction naturally corrected itself by cooling down a bit in 2017. Markets are less likely to become overly-saturated, which in turn helps keep occupancy rates relatively strong. I anticipate new construction will cautiously heat up this year, as developers and operators manage the amount of new supply.

4. Tax Reforms Will Make an ImpactAnticipated cuts in Medicare, Medicaid, and Social Security—as well as a continually evolving healthcare market—will negatively impact the skilled nursing sector, which relies heavily on public funding. Even greater investor attention will be placed on private-pay facilities, which generally carry less financial risk. Further, in today’s tax environment, alternative investments - especially those that allow for investment via a business entity, rather than personal assets - can provide large tax savings and stronger returns than traditional investment options.

5. Industry Operating Margins Will Be a Bit TighterRising interest rates are increasing the cost of capital for developers and operators. A tight labor market is increasing labor costs. As a result, operating margins will dip a bit.

As with any investment opportunity, every deal is different. I encourage anyone interested in investing in senior housing to consider these factors before choosing a specific investment opportunity.

Tips for Future InvestorsSenior Housing is a highly complex sector that combines the facets of real estate, healthcare, hospitality and service. Keep the following in mind as you prepare to make your investment:

Look for Strong Track RecordsA strong, successful operator is the single-most important indicator for a “good” Senior Housing investment. Whether you are making a direct investment or looking to invest in a private equity fund or REIT, make sure that you are investing in projects and funds managed by operators and fund managers with proven track records over many years.

Do Your Research Senior Housing is an asset class built on demographics. There are plenty of numbers to be found, so do your research (or make sure your advisor/fund manager is doing theirs). Just because the senior population is growing, that doesn’t mean every town or city can support one (or many) senior communities. Gain an understanding of how the particular Senior Housing investment has done its market due diligence and underwriting. According to AEW Capital Management, returns on Senior Housing tend to rely more upon income demographics of seniors and their children, as well as market supply and demand of a specific market, than they rely upon their location in primary, secondary or tertiary markets. So read up. Ask questions. Get knowledgeable on the sector and specific projects.


Expect TransparencyUnfortunately, there are many scams out there, especially on the internet. Demand information about fund or community performance to help ensure that your investment is both legitimate and well managed before investing. A legitimate fund or REIT will be happy to produce performance records and audited financials, as well as relevant SEC and LLC formation and filing documentation to alleviate your concerns.

Know YourselfA large part of your success in this market will depend on your ability to understand yourself. Are you knowledgeable enough about this market to make a successful active investment, or would a passive investment be better for you? Have a heart-to-heart with yourself about risk, experience, knowledge and comfort before choosing your investment type.

Take Your TimeSenior Housing has been the top-performing commercial asset class for a decade, and demographics show that trend is likely to continue. As such, there is no hurry in rushing into a Senior Housing investment. Take your time to do your research and become familiar with the industry before handing over your money, regardless of how you choose to invest.

In ClosingSenior Housing is experiencing an unrelenting demographic surge of aging baby boomers. A mix of real estate, hospitality, and healthcare, it is a highly complex asset class. Investors should choose their investment path based on personal risk comfort level and knowledge of the industry. Senior Housing is expected to grow for the next 20+ years, providing significant opportunity for every type of investor.

ReferencesThe following resources were consulted in writing this white paper.AEW Senior Housing Primer (May 2015)AEW Report: Senior Housing Investment Opportunity (May 2015)American Seniors Housing Report (2016)CBRE Seniors Housing & Care Investor Survey (2017 Mid-Year Update)“How to Run a Senior Living Home,” Forbes, March 1, 2007. (Available at http://www.forbes. com/2007/02/28/merrill-lynch-assisted-living-ent-manage-cx_mf_0228assistcosts.html)NIC 2014 Investment Guide “The Trillion-Dollar Convergence: Capturing the Next Wave of Growth in Alternative Investments,” McKinsey 2015. Summary available at http://www.valuewalk.com/2015/03/alternative-investments- mckinsey/.


About the Writer

Dan BrewerFounder and Chief Fund Manager, Senior Living Fund

Dan has over 30 years of business experience, including 10+ years in a business consulting and management role for Accenture, 25+ years in business development and a successful 24-year track record in real estate investment, capital placement and management. Dan began working with clients in the Senior Housing sector in 2008. Dan’s real estate experience includes fund management, commercial real estate investment, single family investment properties, real estate lending, and residential and commercial development. Dan has managed numerous real estate funds

and private investments since the early 2000s. His companies have purchased, rehabilitated, and sold hundreds of commercial and residential properties, and have provided hundreds of asset-based loans across the United States and Mexico from a large private equity Fund. Dan has owned developments in Kansas City and Illinois. Over the last 10 years, Dan has evaluated and underwritten a large number of Senior Housing investment opportunities for his investors and the numerous Senior Housing funds he manages.

SENIOR LIVING FUND21250 Hawthorne Blvd., Suite 500 / Torrance, CA [email protected] / 310.259.2000www.SLFinvestments.com

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