- The occupancy rate for all senior housing in 31 major markets fell this spring for the second consecutive quarter, reports Liam Pleven in the WSJ, and Dallas, Atlanta, and Chicago are among the cities where the number of new assisted-living units under construction represent more than 10% of the current inventory.
- For the 31 major markets in total the figure is 6.4%; about four years ago it was just 3.4%.
- "Everybody's thinking about these 10K baby boomers turning 65 every day," says one senior living executive, but that doesn't mean they're ready right away to move into senior communities. Alongside trouble finding renters - occupancy of 88.4% in Q2 was down 20 basis points from Q1 and 30 bps from a year ago - attempting to raise rents can also be an issue.
- Among names of interest: Health Care REIT (HCN), HCP, Brookdale Senior Living (NYSE:BKD), Ventas (NYSE:VTR), New Senior (NYSE:SNR), Senior Housing Properties (NYSE:SNH), LTC Properties (NYSE:LTC).