More than 2,800 owners, operators, and related industry professionals attended the 2024 NIC Fall Conference in Washington, D.C. The conference provided the ideal opportunity to ‘take the temperature’ on the general outlook and industry sentiment among those working in and investing in the senior housing and care sector. Beginning with a poll at the 2024 NIC Spring Conference, and replicated at this year’s Fall Conference, all attendees were asked to respond to the question, “What is your overall outlook for senior housing and care across the next year?” Roughly 2,600 individuals provided their feedback.  

Poll results showed the average overall outlook is positive, coming in at 4.14 (1=extremely negative; 5-extremely positive). This is slightly above the NIC Spring Conference average rating of 4.11. Not surprisingly, the ratings varied depending on the respondent type. The lowest ratings came from lenders and debt providers, similar to the pattern that emerged at the spring conference. Despite this lowest ranking across all groups, the 4.0 translates into a “positive” outlook for the months ahead. In March, the lenders and debt provider responses averaged 3.8.   

These ratings support the general sentiment shared by conference attendees anecdotally as well as by speakers across various sessions. It has been a difficult environment over the past few years with the pandemic followed by inflationary pressures and capital challenges. With the recent rate cut by the Federal Reserve, projected future rate reductions, and significant demand dynamics driven by the aging demographic, many continue to see brighter days ahead. These NIC poll results support this sentiment.

Many thanks to everyone who attended the 2024 NIC Fall Conference and who took the time to respond to the poll.

Senior living’s premier event energizes and motivates enthusiastic attendees.  

At a time when the senior living industry faces rapid advancements and shifting market dynamics, the 2024 NIC Fall Conference delivered three days of strategic networking, timely high-profile speakers, and educational opportunities.   

Taking place just weeks before the 2024 election and after a long-awaited interest rate cut, the conference offered attendees broad perspectives from top-tier political, economic, and industry experts. The well-attended educational sessions reflected the conference theme: Navigating the Crossroads: Insights for Strategic Choices.   

“This year’s conference was designed to help industry stakeholders navigate key decision points,” said NIC President and CEO Ray Braun. “The conference provided practical insights for making strategic choices while creating lasting connections and innovative idea exchanges.” 

Recognized as the industry’s annual flagship event, the 2024 NIC Fall Conference was held September 23-25 at the Marriott Marquis, Washington, D.C. Almost 3,000 people participated in the event. 

The conference featured 11 main stage sessions offering timely insights on emerging trends and critical issues for the sector, including the state of the capital markets, the evolving active adult and middle market segments, and a roadmap for the acquisition and deployment of cutting-edge technology. Attendees dove into the details during Innovation Labs—interactive, workshop-style sessions that provided actionable strategies to be implemented back at the office.  

Highly recognized speakers delivered compelling keynote addresses to a full ballroom.  

NBC’s Chief Political Analyst Chuck Todd was featured in a discussion of likely policy and regulatory changes in the aftermath of the 2024 election. He was joined on the main stage by Mike Leavitt, former Utah governor and Secretary of Health and Human Services. While the pair declined to predict a winner of the presidential race, they agreed that the branches of government would probably remain divided.  

A timely economic outlook was presented by Diane Swonk, chief economist at KPMG and globally recognized advisor to policy makers. She methodically guided attendees through the metrics that will impact the senior living industry as the Federal Reserve adjusts its policies. Bottom line: Swonk expects another interest rate cut after the election and additional cuts in 2025.   

Amid continuing workforce challenges, several sessions focused on employee retention. Pete Stavros, founder of Ownership Works and a partner at private equity firm KKR discussed his mission to advocate for employee ownership of business. At a separate session, “Happy Teams, Healthy Returns,” panelists highlighted resident and employee engagement programs that boost profits.  

Other educational sessions—also focused on key industry issues—were well attended and well received. 

A panel of stakeholders in the growing active adult segment shared key lessons from the first wave of new development and how the product is likely to evolve in response to consumer demand.  

NIC Co-Founder and Strategic Advisor Bob Kramer introduced the session on the opportunity for middle market senior housing. Recognizing the huge need for housing and services to support middle-income seniors, Kramer said, “Our industry has to be part of the solution.” The panelists provided examples of successful middle market business models.  

A session on technology tackled the puzzling questions on how to evaluate and deploy the best solutions. Innovative approaches were detailed as well as what’s ahead, including the role of AI in operations. “AI will eventually become ubiquitous,” said Arick Morton, CEO of NIC MAP Vision.  

Other conference highlights include: 

• A signature session on the capital markets addressed the recent interest rate cut and implications for the industry including debt financing, transaction volumes and valuations. Panelists agreed that the credit logjam is starting to ease.  

• NIC Head of Research & Analytics Lisa McCracken led a panel of experts on the investment outlook for senior living as demand from aging baby boomers begins to outstrip the supply of inventory. Panelist Dianne Munevar, of NORC at the University of Chicago, previewed new research demonstrating the value of senior housing, specifically, the potential for senior housing operators to impact the overall cost of care for older adults.  

• The new 7^th edition of the NIC Investment Guide was introduced at the conference. The Guide is the most comprehensive review of senior living and the investment opportunities in the sector. The 7^th edition provides insights based on data into 2024 and now includes detail on the active adult segment. 

Building Connections and Expertise 

C-suite and executive decision makers comprised 75% of attendees, with an even mix of operators, developers, and capital providers represented, supporting conversations to advance NIC’s mission to promote housing access and choice for older adults.  

Attendees enjoyed multiple daily, formal and informal, networking opportunities, including a Women’s Networking Meet-Up bringing together several hundred women who exchanged ideas and made connections.  

NIC Board Chair Susan Barlow of Blue Moon Capital Partners kicked off the Women’s Meet-Up, introducing guest speaker Lauren Miller Rogen, a film producer and the wife of comedian Seth Rogen. The couple has produced a highly anticipated documentary, Taking Care. The film follows the course of Lauren’s mother’s early onset Alzheimer’s disease and the family’s struggle to cope with the situation. 

“It was a nightmare. We didn’t know what to do,” said Lauren. “Then we realized we had an opportunity to share our story to help others.” An exclusive preview of the film was shared with all conference attendees during a main stage session the next day.  

A skilled nursing bootcamp was held on site during the conference with a record-high number of participants. Participants analyzed a case study on whether to buy, sell or hold a nursing home property. The bootcamp is part of the NIC Academy which offers programs for senior living and care professionals. The Certified Senior Housing Investment Professional (CSHIP) program includes specialized courses on how to underwrite senior housing properties.  

Mark your calendar! Join us at the 2025 NIC Spring Conference, March 5-7, 2025 in San Diego, CA. 

Your Essential Resource for Seniors Housing & Care Investing

NIC is proud to unveil the highly anticipated Seventh Edition of the NIC Investment Guide: Investing in Seniors Housing & Care Properties. This comprehensive publication serves as the definitive resource for anyone involved in or looking to enter the seniors housing and care sector. 

During this period of growth and change in the sector, the NIC Investment Guide provides a senior housing and care primer that investors can use to investigate opportunities, challenges, and potential risks. Those new to the sector will appreciate the introduction to senior housing’s investment characteristics, performance, leading players, and key trends.  

What’s New in the Seventh Edition 

The latest edition of the NIC Investment Guide offers: 

• Fully updated data and insights through 2023 and early 2024 

• An enhanced Active Adult rental section featuring key industry metrics 

• In-depth analysis of current market trends and emerging topics 

Comprehensive Content for Operators and Investors 

For Operators, the guide provides detailed information on different community types, including: 

• Independent living 

• Assisted living 

• Memory care 

• Nursing care 

• Continuing Care Retirement Communities (CCRCs) 

• Active Adult Communities 

Key data points cover resident characteristics, market size, supply, occupancy rates, rental rates, operating structures, and economic metrics. 

For Investors, sections to help inform investment decisions include:  

• Emerging trends and observations 

• Development and capital spending trends 

• Overview of debt and equity sources 

• Valuations, returns, and loan performance metrics 

Additional Market Insights 

The Seventh Edition also includes: 

• Comparison of seniors housing property investment characteristics to other commercial real estate types 

• Detailed appendices on middle market seniors housing, technology trends, and healthcare collaboration 

• Expanded coverage of demographic trends and alternative housing options 

Access Your Copy Today 

The NIC Investment Guide, Seventh Edition is available for purchase now in a downloadable PDF format. Order your copy today and position yourself at the forefront of this dynamic sector, armed with the most comprehensive and up-to-date industry resource available. 

A recent article published by CNBC revealed that the number of single-family offices, which are organized entities that represent family wealth generally of $100 million and higher, is projected to rise from 8,000 to roughly 10,720 by the year 2030 based on estimates from Deloitte. The assets of these families have grown tremendously over the past several years and the overall wealth accumulation is expected to exceed hedge funds within the next 5-6 years. The article further details that the most rapid family office expansion has been in North America with growth projections at 258% between 2019 and 2030.  

Implications for Senior Housing & Care 

While invested assets can vary dramatically across family offices, a 2023 Campden Wealth report indicated that 25% of North American family offices intended to increase their allocations in real estate. For those family offices wanting to retain a certain balance of real estate investments in their portfolio, senior housing is a more favorable property type in today’s market than some others such as commercial office and residential. While there are currently no exact statistics on the number of family office investments in senior housing, those relationships do exist, and anecdotal reports reveal the potential opportunity for more.  

There is a natural alignment between family offices and operators who are looking for capital partners:  

• Family offices are generally longer-term investors, which can provide  greater stability in the owner-operator relationship.  

• Given their structure and autonomy, there is also often greater flexibility in how the deals and relationships are structured.  

• While returns are important, family offices may also find the mission of senior housing and care appealing. These family offices appreciate investments that fuel meaningful work and, like many of us, they have often experienced the need to find housing and care for an older loved one, so have first-hand exposure to the sector.  

Direct family office contacts can often facilitate these relationships along with the wealth management advisors who serve the specific family offices. Those exploring family office capital may look for individual family office investments or even a pooling across more than one family office. These investments are often an equity investment, but family offices may also be a vehicle to tap into private credit. While most senior housing investments are geared towards real estate, there have been instances where the family office has invested in the operating company as well. The sector has long been seeking capital partners for operations and this could be one potential pipeline for those arrangements.  

The growth in family offices should be on the radar of those in senior housing and care. Attracting capital from family offices into senior housing can be a viable strategy given the alignment across several key goals. NIC will continue to track family office trends and work to educate family office constituents about the sector and potential alternative investments.  

NIC wishes to congratulate the following Future Leaders Council (FLC) members who graduated at the Fall Conference in Washington, DC. These volunteer leaders directly contributed to NIC’s mission throughout their term by actively participating in strategic initiatives, serving on committees and creating and delivering valuable content.     

• Samantha Medred, Chair – CFO/Partner, HealthTrust 

• Audrey Griffin, Vice Chair – Executive Director, Wells Fargo 

• Craig Ahlstrom, Jr. – Chief Operating Officer, Avista Senior Living 

• Holly Ballarotto – Assistant VP for Growth, Rowan University 

• Matthew Derrick – Managing Director, Confluent Development 

• Emma Rosen – Director of Acquisitions, RSF Partners 

• Mike Segal – Executive Managing Director, Blueprint Health Care Real Estate Advisors 

• Jennifer Wong – Director, AEW Capital Management 

“I am proud of NIC’s commitment to developing rising talent and am grateful to the FLC members for their passion and dedication to the industry and our organization,” said Raymond Braun, NIC’s president and CEO. “I congratulate the graduates and look forward to working with them in future volunteer roles.” 

In addition to celebrating this year’s graduates, NIC also officially welcomed the new FLC class: 

• Brooks Blackmon – Executive Managing Director, Blueprint Health Care Real Estate Advisors  

• Kloie Catizone – Managing Director, CIBC Bank USA 

• Michael Cregan – Vice President, CBRE Capital Markets 

• Ilya Gaev – Partner, HealthTrust 

• David Jennings – VP Investments, Atria Senior Living 

• Jessica Lopez – Vice President of Operations, HumanGood 

• Mike McMillen – EVP, Sales, SafelyYou 

• Molly Odgers – VP, Relationship Manager, BOK Financial 

• Joseph Pohlen – CEO, Cardinal Senior Living 

• Hasaam Sheikh – Director, Strategic Operations, US Heart and Vascular 

The 2024-2025 FLC Leadership Team is charged with inspiring their fellow industry innovators and collaborating with NIC staff to coordinate the Council’s efforts over the next year.  

• Chair: Madisen Medley — Vice President, Business Development, Merrill Gardens 

• Vice Chair: James Estes – Vice President, Asset Management, Sunrise Senior Living 

• Vice Chair: Trever Sweeney — VP, Asset Management, Ventas 

• Vice Chair: Brittany Spicer – AVP, Business Development, National Health Investors 

NIC is grateful to all FLC members and their supporting organizations for their commitment to professional development and dedication to NIC’s mission to enable access and choice.  

Learn more about the FLC here.