Executive Summary

The recent upheaval in financial markets has given rise to a near-term uncertain market outlook. But as a long duration physical asset with structural imbalances that are driving opportunities today, the case for senior housing investing in the United States is supported by several factors:

• Senior housing occupancies have fully rebounded from the 2020 shock.
• Demographics are supportive of rising demand over the next two decades.
• Affordability is high and demand is resilient through economic cycles.
• Expense pressures are easing, further supporting a net operating income (NOI) recovery.
• Today’s pricing does not capture the strong growth outlook ahead.
• We believe this represents an attractive opportunity to invest in a period of low liquidity