ASHA 50: Brookdale Hangs On As Largest Owner, Remains Dominant Operator

WASHINGTON, D.C. — The American Seniors Housing Association (ASHA), in partnership with Seniors Housing Business, has released the 2018 edition of the ASHA 50, which ranks the 50 largest owners and operators in the U.S. seniors housing space.

Based in Washington, D.C., ASHA is a trade association that advocates for and represents companies that develop, own, operate and finance seniors housing. The ASHA 50 rankings are based on self-reported portfolio sizes, ranked by total number of units, as of June 1, 2018. Data was also used from other reliable sources, such as public filings.

Massive, publicly traded owner-operator Brookdale (NYSE: BKD) maintained its spot as No. 1 in both the owner and operator categories. The Brentwood, Tenn.-based company continues to dominate the operator space with a total of 994 properties and 96,026 units in its portfolio. The second-place finisher, Des Moines-based LCS, operates 130 properties and 33,833 units. 

Brookdale’s operational portfolio in the 2017 ASHA 50 was 1,048 properties and 102,055 units.The company’s stock price has struggled since its acquisition of fellow owner-operator giant Emeritus Corp. in 2014. The company is undergoing a huge restructuring, starting with the promotion of Lucinda Baier from CFO to CEO in February. Many owners, particularly the large REITs, have sought to reduce the number of Brookdale-operated communities in their portfolio.

Although still No. 1, Brookdale’s lead in the owner category has slipped in recent years. Once dominant, the company now leads Toledo-based REIT Welltower by barely 700 units. Brookdale’s ownership portfolio is 786 communities totaling 65,854 units, while Welltower’s is 645 communities totaling 65,141 units.

Other notable year-over-year changes to the ASHA 50 list include affordable housing developer Boston Capital leapfrogging both HCP and Senior Housing Properties trust to become the fourth largest owner in the country. On the operator side, a portfolio reduction of more than 5,000 units for independent living giant Holiday Living allowed LCS to become the second largest operator in the country.

To view the entire ASHA 50 supplement, click here.

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