Size, Scope and Performance of the Seniors Housing and Care Industry: A Comparison With the Multifamily and Lodging Sectors

Steven Laposa and Harvey Singer

Journal of Real Estate Portfolio Management, 1999, vol. 5, issue 3, 211-224

Abstract: Executive Summary. This research compares the size, operating performance and financial performance of the seniors housing and long term care (SHLTC) industry with two other major real estate sectors: multifamily (apartments) and lodging (hotels). The multifamily and lodging sectors receive a broader investor following than SHLTC even though SHLTC was found to be similar in dwelling unit count to lodging and has higher industry revenues than multifamily. SHLTC industry operating income is three-quarters that of lodging, and one-half that of multifamily. Capitalization rates and returns on investment in SHLTC are comparable to or higher than the other sectors, and total SHLTC market value (based on capitalized income) is two-thirds that of lodging and more than one-third that of multifamily. Thus, SHLTC may deserve greater attention from capital market investors and institutions.

Date: 1999
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DOI: 10.1080/10835547.1999.12089585

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