Senior living providers had a remarkably positive 2014, marked by record investments and acquisitions, growing occupancy rates and swelling demand, according to the annual analysis of the largest senior living providers by the Assisted Living Federation of America.
There were more than 290 acquisitions representing more than $25 billion last year, up from the 2013 record of 225, ALFA reported. Overall, 29 of the top 80 providers on ALFA’s list this year plan to open or acquire additional communities in 2015.
Brookdale Senior Living was the top memory care and assisted living provider and the number two ranked independent living provider (behind Holiday Retirement), on ALFA’s list.
Occupancy rates also soared in 2014, according to ALFA. Both independent and assisted living saw their strongest occupancy rates since 2007. For 2015, assisted living occupancy is expected to rise from 89.3% to 89.6%, while independent living will go up from 91.3% to 92.2%, an all-time high. Senior living was most robust on the Eastern seaboard and in the Midwest.
“We had solid demand in 2014. We had levels of supply to meet that demand, increasing occupancy rates, strong rent growth, and very strong interest from the investor community in terms of acquisition activity,” Beth Mace, chief economist for the National Investment Center for the Seniors Housing & Care Industry stated in a news release.