Transcription
MarylandAnnual MeetingApril 20-22, 2015
B: CCRCS: WHAT IS NEW AND INTERESTING?TUESDAY, APRIL 21, 1:15 – 2:45 PMPRESENTERS:AMY CASTLEBERRYSenior Vice President, ZieglerMICHAEL MARTIN, AIAManaging Partner, RLPS Architects2
OBJECTIVES Understand the growth strategies of senior livingproviders across the country Review strategies for incremental expansion byintroducing new housing models and explorecreative solutions for reinventing existing spaces tomeet evolving consumer expectations3
AGENDASection 1 - How Senior Living Providers are GrowingSection 2 - Design Trends: Incremental Growth &ReinventionsQuestions & AnswersProfessional Profiles4
SECTION 1HOW SENIOR LIVING PROVIDERS AREGROWINGAMY CASTLEBERRYSenior Vice PresidentZiegler
WHO IS ZIEGLER?Ziegler is one of the nation’s oldest and largest investmentbanking firms serving healthcare providers Full service financial services firmFounded in 1902 with a focus onhealthcare since 1928–– National presence, demonstratedexecution expertise and broadbased experienceStrong underwriting and sales &trading capabilities.– Over 250 professionals and supportstaff dedicated to serving our clientsIn late 2014 went 100% privatelyownedPrimary and secondary market effortsfocused exclusively on muni sectorZiegler’s mission is to providetailored financial solutionsZiegler’s goal is to be our client’strusted advisor and partner6
SENIOR LIVING FINANCE PRACTICENATIONAL COVERAGE - REGIONAL AND PRODUCT FOCUSMidwest: (312) 263-0110Dan Hermann, Senior Managing Director,Head of Investment BankingTom Meyers, Managing DirectorWill Carney, Managing DirectorSteve Johnson, Managing DirectorJennifer Lavelle, DirectorMatt Mulé, AssociateMichael Montgomery, Senior AnalystJason Choi, Senior AnalystSravanthi Putumbaka, Senior AnalystRenae Seth, AnalystMid-Atlantic: (312) 705:Michael Kelly, Managing Director (7260)Steve Jeffrey, Managing Director (7265)Amy Castleberry, Senior Vice President (7258)(804) 793:Tommy Brewer, Managing Director (8490)Tad Melton, Director (8487)Adam Garcia, Vice President (8495)Thomas Rogers, Analyst (8496)Northeast: (212) 512-0400Keith Robertson, Managing DirectorChad Himel, DirectorTyler Simons, Assistant Vice PresidentSoutheast Gulf States:Rich Scanlon, Managing Director: 312-596-1572Brandon Powell, Director: 804-793-8499Terry Herndon, Director: 312-705-7340West: (800) 327-3666Mary Muñoz, Managing DirectorSarkis Garabedian, Senior Vice PresidentDaren Bell, Vice PresidentNorthEastWestMidwestMidAtlanticSoutheast Gulf StatesSENIOR LIVING RESEARCH & DEVELOPMENTLisa McCracken, Senior Vice PresidentSenior Living Research and DevelopmentCathy Owen, Senior Research AssociateKat Dymond, Research Analyst Ι Event CoordinatorINTEREST RATE PRODUCTS:Craig Naish, Managing DirectorScott Determan, DirectorMaureen Egan, Trading SpecialistFHA/HOUSING:Bill Mulligan, Managing DirectorJeremy Frankel, Senior Vice PresidentBernie Gawley, SVP, Sr HUD UnderwriterCORPORATE FINANCE-SL:Bill Mulligan, Managing DirectorDan Revie, Senior Vice PresidentCORPORATE FINANCE-HC:Neil Borg, Managing DirectorChris Hendrickson, Senior Vice PresidentZIEGLER CAPITAL MANAGEMENT:(Not a part of Ziegler)Scott Roberts, Senior Managing DirectorCraig Vanucci, Managing DirectorPaula Horn, Managing DirectorMatt O’Neil, Senior Vice President7
ZIEGLER’S SENIOR LIVING RESEARCH, EDUCATION& THOUGHT LEADERSHIP Education– 2015: Anticipate a total of 14Conferences/ Symposiums– Annual Ziegler Senior Living Finance Strategy Conference– LeadingAge Ziegler National CFOWorkshop– Ziegler National Senior LivingInvestor Workshop SeriesSMExternal research– LeadingAge Ziegler 150– National Wellness Studies– CARF-CCAC Financial Ratios andTrends Publication (Baker Tilly,CARF-CCAC)– 2015 Resident Contract StudyIndustry communication– Z-News– White papers– Ziegler CFO HotlineSM Internal information and research– 2015: Updated Ziegler CCRCNational Listing & Profile– Client-requested research– Client education sessionsSecondary Market Investor Research– Surveillance updates on currentcredits– Supports active secondary tradingInvestor Market Research– ZieglerResearch.comDatabases– Industry Trends (e.g. CCaH, RentalCCRCs)– All Senior Living Financings– All New Communities (start-upCCRCs) since 19908
2015 SENIOR LIVING TRENDS Organizations very active with strategic planning efforts– Board education on “Why Grow?”– Determination of organization’s risk tolerance and pace of growth Continued expansion of the continuum beyond bricks andmortar– Significant growth through partnerships, joint ventures andacquisitions– Evolving models (e.g. CCaH) Providers continue to look for diversification of revenue andservice lines Technology and the “Longevity Economy” For-profit development pressure remains high9
THE RATIONALE FOR GROWTH Mission Related: The ability to expandcurrent mission beyond existing geographicscope and/or service Service Expansion: As an organization,diversification of revenue or client mix Operating Leverage & Economies of Scale:Purchasing economies, an enhanced ability toattract talent, greater leverage withcontracting and negotiating Defensive Tactics: No one is immune tocompetition. Access to Capital: Without a doubt, largerand more sophisticated organizations arebetter able to access capital.March 2015 LeadingAgeEducation Spotlight10
TODAY’S RETIREMENT OPTIONSA LOOK AT SENIORS HOUSING SUPPLYCCRCs 1,930 communities – 676,000 units 80.8% NFP & 19.2% FPIL Communities 1,500 communities – 179,000 units 2.3% NFP & 97.7% FPFreestanding AL 24,600 communities – 885,000 units 21.6% NFP & 78.4% FPMemory Care 1,060 communities – 51,000 units 21% NFP & 79% FPNursing Homes 15,700 properties – 1,400,100 units 30.5% NFP & 69.5% FPHome Health 12,600 agencies – 3.5 million people served 12% NFP & 88% FPHospice 3,900 agencies – 1.3 million people served 41% NFP & 59% FPSources: Ziegler National CCRC Listing & Profile, LeadingAge, NIC MAP Data and Analysis Service,The National Center for Health Statistics, Centers for Medicare and Medicaid Services11
NFP SENIOR LIVING DEVELOPMENT TRENDS New campus development slowed down during the recession,now picking up pace again– NFP: largely entry-fee projects (Rental: CRC, St. Therese)– FP: largely rental Majority of projects in recent years have been campusexpansions and repositionings–––––Adding additional ILURepositioning healthcareCarving out specific memory careEnhancing common spaceOngoing reinvestment in existing space12
NFP TRENDS: 2014 LZ 150 PUBLICATION LeadingAge and Ziegler partner each yearto identify the size & growth of not-forprofit senior living systems Additional listings for single-sites andaffordable housing 2014 publication marks the 11th year Expansion to the largest 150 NFPorganizations Largest 150 “LZ 150” range from 18,286to 550 total market-rate units Largest 150 represent a total of 1,140total market-rate properties 600 total CCRCs, which accounts for40% of the total CCRCs in the countrySource: 2014 LeadingAge Ziegler 150 Publication Full report available on Ziegler andLeadingAge websites13
2014 LZ150GROWTH: GROWTH OF LARGEST 10 SYSTEMS, COMBINED UNIT MIXFROM 1980 (EXCLUDES EVANGELICAL LUTHERAN GOOD SAMARITAN SOCIETY)60,000ILUALUNCBAll UnitsPartial histories used ifcomplete data was 0020052010YearSource: Preliminary 2014 LeadingAge Ziegler 100 Publication (data as of 12/31/13)14
FP VS NFP CONSTRUCTION: COMMUNITIES VS UNITS180135 ForProfit9045Properties underconstruction Not-ForProfit018,00013,500Units underconstructionFor-Profit9,0004,5000Source: NIC MAP Data & Analysis Service as of 12/31/14Not-ForProfit15
THE PAST 17 YEARS: THE EXPLOSION OFMEMORY CARE CONSTRUCTIONFree-Standing Memory Care Units Under ce: NIC MAP Data & Analysis Service as of 3/31/1516
RECOVERED OCCUPANCY RATES: LARGEST 100 MSAS Occupancy rates are somewhat stronger for 100 largest MSAs92.0%91.0%90.0%89.0%88.0%87.0%86.0%ILALSource: NIC MAPTM 12/31/14, Most recent available data as of 3/3/15NC20142013201220112010200985.0%CCRC17
CCRC OCCUPANCY BY PROFIT tCCRCs88.0%86.0%84.0%82.0%Source: NIC MAPTM 12/31/14, Most recent available data as of 3/3/1520142013201220112010200920082007200680.0%18
OCCUPANCY LEVELS (SENIORS HOUSING): REGIONAL Regional occupancylevels appear strongerthan national “Average” occupanciesimpacted by newlyopened projects Strong performers have:– Improved their productrecently– Distinguished whatmakes them st87.5%88.4%West North Central91.2%91.6%LocationEast North CentralSource: NIC MAPTM 12/31/14, Most recent available data as of 1/30/1519
SELECT ZIEGLER - FINANCED EXPANSIONS &REPOSITIONINGSLutheranHomeRockwoodEpiscopal SeniorCommunitiesEast Ridge at Cutler BayCrestview - MRCTerraces at Los AltosFriendship Village ofTempeTerraces at San JoaquinEpworth VillaNazareth LivingRiverMead20
CONSTRUCTION Overall, construction is going well Most projects are completed on time and on budget Average leftover contingency is about 34%, with arange of up to 65%21
NEW CAMPUS OCCUPANCYMonths Months Months Current/Finalto 50%to 70%to 90%Oc c upanc 393%6183290%361790%511--76%22
EXPANSION OCCUPANCYMonths Months Months Current/Finalto 50%to 70%to 90%Oc c upanc %3----69%26--72%23
TEMPORARY DEBT REDEMPTION24
TEMPORARY DEBT REDEMPTION25
TEMPORARY DEBT REDEMPTION26
INVESTOR CONCENTRATION BY PAR VALUE27
THE GOOD OLD DAYS ARE NOW! Bank market:––––Exceptionally robustCommitments of 10 or more yearsPricing is back to pre-downturn levelsSenior living providers of all credit types can expectthese terms Fixed interest rate market:– Since 1990, rates today are lower than more than 98% ofall observations to date– Capital is flowing to municipal bond funds28
STATE OF THE CURRENT BOND MARKET29
ECONOMIC FORECASTS AND TIMING OF FED RATEHIKEConsensus estimates from economists forecast modest GDP growth,employment recovery, and rising interest rates over the next 12 monthsEconomic ActivityReal GDP (QOQ%)CPI (YOY%)Core PCE (YOY%)UnemploymentQ2 20144.60%2.07%1.48%6.20%Q3 20145.00%1.80%1.48%6.07%Q4 20142.20%1.27%1.41%5.70%Q1 20152.00%0.00%1.40%5.57%Q2 20153.00%-0.10%1.30%5.40%Q3 20153.00%0.30%1.40%5.30%Q4 20152.90%1.20%1.55%5.20%Q1 20162.70%2.10%1.70%5.10%Q2 20162.80%2.20%1.80%5.10%Interest RatesCentral Bank Rate3-Month LIBOR2-Year Treasury10-Year stSource: Bloomberg: 4/3/15: Interest rates reflect actual and forecasted rates for end of listed quarter30
HISTORICAL INTEREST RATES (SENIOR LIVING)30-Year Treasury Bonds vs MMD 30-Year “AAA” (1990 YTD - Weekly)SOURCE: Ziegler Investment Banking, as of 4/10/1530-YearTreasury BondMMD %2.47%7.35%4.97%Current:2.56%2.84%31
HISTORICAL INTEREST RATESSENIOR LIVING YIELDS30-Year Maturity“A” Category9.00"A" Category Yield10-Yr Average - 5.32%8.001990 - YTD - 5.92%Today - 3.80%7.006.005.004.00Source: Ziegler Capital Markets, as of -07Oct-06Apr-06Oct-05Apr-053.0032
HISTORICAL INTEREST RATESSENIOR LIVING YIELDS30-Year Maturity“BBB” Category30-YR "BBB"10.0010-Yr Average - 5.76%9.001990 - YTD - 6.36%Today - 4.30%8.007.006.005.004.00Source: Ziegler Capital Markets, as of -07Oct-06Apr-06Oct-05Apr-053.0033
HISTORICAL INTEREST RATESSENIOR LIVING YIELDS30-Year MaturityNonrated Category12.0030-YR NR-Institutional10-Yr Average - 6.63%11.001990 - YTD - 7.08%10.00Today - 4.95%9.008.007.006.005.004.00Source: Ziegler Capital Markets, as of -07Apr-07Oct-06Apr-06Oct-05Apr-053.0034
NOT-FOR-PROFIT SENIOR LIVING FINANCINGSEstimated Other/Bank Credit 8,000 7,000 1,974 2,4572014 2,7182012 3,6652008 2,4802007 7,3942006 5,9112005 4,1382004 3,0322003 3,1602002 3,7802011 1,148 1,377Other Bank Credit2001 2,8602000 2,8491999 4,9821998 5,0771997 3,5241996 3,1421995 2,2931994 2,3201993 2,5061992 2,246 01991 1,490 1,0001990 1,577 2,0002010 2,637 475 3,0002013 2,795 1,066 4,000 1,435 5,0002009 1,801(In Millions) 6,000598558130 101 89Par Volume# of153 186 286 277 186 223 216 284 447 335 191 171 216 194 201 218 240 291 86IssuesSOURCE: Thomson Financial Securities Data, as of 12/31/14, Ziegler Investment Banking, Volume & Other Bank Credit Estimates thru 12/31/1435
BANK INTEREST IN PROJECT FINANCINGS36
CURRENT INTEREST RATES (SENIOR LIVING) Ziegler closed 22fixed rate bondissues in 2014 and44 bank directpurchasesSenior Living Interest Rate RangesTax-Exempt Bank CommitmentsAVERAGE INTEREST SPREADSENIOR LIVINGABOVE 67% of LIBOR,BANK PLACEMENT STRUCTURESBANK COMMITMENTS7-10 YEARS Typical 7-10 yearcommitments,but have seen 15 yearcommitmentsUnrated-Existing Stable Communities or"BB" Rated (Fitch or S&P)"BBB" Rated (Fitch or S&P)"A" Rated (Fitch or S&P) SOURCE: Ziegler Investment Banking, as of 4/1/151.50%-1.75%1.10%0.75%-1.35%0.90%Non-state specificAssumes 25-30-Year Amortization37
CAPITAL STRUCTURE CONSIDERATIONSBANK VERSUS FIXED INTEREST RATESBank AdvantagesBank DisadvantagesLessFunded InterestNo DSRFRequirementAll-in VariableInterest RateLoan terpartyRiskUnstableCapitalCosts38
PERMANENT VS NON-PERMANENT CAPITALEXPOSURECurrentCapital ExposurePost-RefinancingCapital Exposure100%100%Post-Future New FinancingCapital Exposure100%SOURCE: Ziegler Investment Banking39
CONCLUDING POINTS The municipal market has provided tax-exemptsenior living organizations with a substantialamount of growth capital Senior living providers need to utilize conservativeplanning and achieve forecasts Organizations who execute on their developmentplans will be rewarded with continued capitalmarkets access40
SECTION 2DESIGN TRENDS: INCREMENTALGROWTH & REINVENTIONSMICHAEL MARTINManaging PartnerRLPS
INCREMENTALGROWTHHybrid HomesThe Best ofBoth Worlds
Hybrid HomesThe Best of Both WorldsCottage Amenitiesin an ApartmentSetting Incremental Growth Higher Density 3:1Ratio Increase Financing Options Pre-Sales / Timing A la carte Services
The Best of BothCottage-Like Features MultipleExposures Sheltered Parking Outdoor Living Absence ofCorridors ResidentialConstruction
The Best of BothApartment-Like Features Indoor Access toCommon Areas SocialConnections Connectivity Multi-StoryBuilding CompactFootprint
The Best of BothResults Younger Market More Couples Robust Sales 12-Month Delivery All Income Levels 106 - 183/SF**Specific to regions
Market Adaptability123443234123154565612All Shapes & Sizes213 475615236748
Market Adaptability615 SFAll Shapes & Sizes2200 SF
Regional AdaptabilityDesign StylesArts & CraftsColonialTudorNeo-Traditional
Hybrid HomesThe QuayBishop Gadsden / Charleston, SC
Hybrid HomesThe Quay
Hybrid HomesThe Quay
Hybrid Homes2100 SF1900 SFThe Quay2100 SF1900 SF
Hybrid HomesThe Quay1700 SF2100 SF1900 SF2100 SF1900 SF
Hybrid HomesThe Quay1700 SF2100 SF1900 SF2100 SF1900 SF
Hybrid HomesThe Quay
Hybrid HomesThe Quay1700 SF2100 SF1900 SF2100 SF1900 SF
Hybrid Homes1900 SF
Hybrid HomesThe Quay
Hybrid HomesThe Quay
Hybrid HomesThe Quay
Hybrid HomesSix Community PrototypeGreencroft Communities / Goshen, IN
Hybrid HomesCarriage VillasGreencroft Goshen/Goshen, IN
Hybrid HomesCarriage Villas12 unitsx 3 buildings36 units totalGreencroft Goshen/Goshen, IN
Hybrid HomesHybrid HomesCarriage VillasGreencroft CommunitiesGoshen, IN
Hybrid HomesHybrid HomesCarriage VillasCommon Space OptionGreencroft CommunitiesGoshen, IN
Hybrid HomesCarriage VillasGreencroft CommunitiesGoshen, IN
Hybrid HomesClubhouse12 unitsx 3 buildings36 units totalGreencroft Goshen/Goshen, IN
INCREMENTALGROWTHPOCKETNEIGHBORHOODSCreating SmallScale Communities
Pocket Neighborhoods“Pocket neighborhoodsprovide the basis for asense of belonging andmeaning—small scalecommunities in alarge-scale world.Ross Chapin
Pocket NeighborhoodsKey Features Cluster of Homes Focus on CenterCourtyard Pedestrian-Friendly Promote InformalInteractions
Pocket NeighborhoodsRose VillaRendering by Myhre Group ArchitectsPortland, Oregon
Pocket NeighborhoodsRose VillaExisting Site
Pocket NeighborhoodsRose Villa
Pocket NeighborhoodsRose Villa1299 SF820 SF1222 SF1299 SF1222 SF1205 SF1205 SF
Pocket Neighborhoods35’Rose Villa
Pocket NeighborhoodsRose VillaRendering by Myhre Group ArchitectsPortland, Oregon
Town CenterRose VillaRose VillaPortland, ORRendering by Myhre Group ArchitectsPortland, Oregon
Pocket NeighborhoodsThe Houseson BayberryArbor Acres / Winston-Salem, NC
Pocket Neighborhoods.The Houseson BayberryExisting SiteArbor Acres / Winston-Salem, NC
Pocket Neighborhoods.The Houseson BayberryPhase I8 HomesArbor Acres / Winston-Salem, NC
Pocket Neighborhoods.The Houseson BayberryFull Build-out19 HomesArbor Acres / Winston-Salem, NC
Pocket NeighborhoodsAThe Houseson BayberryAA Units1000 SF / UnitConnection to CommonsB Units1150 SF / UnitBBArbor AcresWinston-Salem, NC
REINVENTIONCOMMON AREASFirst ImpressionSpaces
Common AreasFirst ImpressionsMeadowoodWorcester, PA
Common AreasFirst ImpressionsMeadowoodWorcester, PA
Common AreasFirst ImpressionsMasonic VillageElizabethtown, PA
Common AreasFirst ImpressionsMasonic VillageElizabethtown, PA
Common AreasOpen Floor PlanThe isting LobbyGarden Spot VillageNew Holland, PA
Common AreasOpen Floor PlanThe fices1Updated Lobby
Common AreasOpen Floor Plan
Common AreasOpen Floor Plan
Common AreasOpen Floor Plan
Common AreasOpen Floor Plan
Common AreasOpen Floor Plan
Common AreasOpen Floor Plan
Common AreasBrand Consistency
Common AreasBrand Consistency
Common AreasBrand Consistency
Common AreasBrand Consistency
Common AreasBrand Consistency
Common AreasBrand Consistency
REINVENTIONINDEPENDENTLIVING
ReinventionIndependent LivingExisting Apartment588 SF
ReinventionIndependent LivingReinventedApartment588 SF
ReinventionIndependent LivingMartinsRunMedia, PA
ReinventionIndependent LivingMartinsRunMedia, PA
ReinventionIndependent LivingMartinsRunMedia, PA
ReinventionIndependent LivingMartinsRunMedia, PA
ReinventionIndependent LivingMartinsRunMedia, PA
ReinventionIndependent LivingMartinsRunMedia, PA
REINVENTIONASSISTEDLIVING
“Today’sIndependent Livingis Tomorrow’sAssisted Living.”
Assisted LivingRenovationWaverly HeightsGladwyne, PA
Assisted LivingAdditionsWaverly HeightsGladwyne, PA
Assisted LivingRenovationWaverly HeightsGladwyne, PA
Assisted LivingRenovationWaverly HeightsGladwyne, PA
Assisted LivingRenovationWaverly HeightsGladwyne, PA
Assisted LivingRenovationWaverly HeightsGladwyne, PA
Assisted LivingRenovationWaverly HeightsGladwyne, PA
Assisted LivingRenovationWaverly HeightsGladwyne, PA
Assisted LivingRenovationWaverlyHeightsGladwyne, PA
REINVENTIONHEALTHCENTER
Health CenterCommand Center
Health CenterReinventionCathedral VillagePhildelphia, PA
Health CenterReinventionCathedral VillagePhildelphia, PA
Health CenterCommand Center
Health CenterReinventionCathedral VillagePhiladelphia, PA
Health CenterCorridor Before
Health CenterReinventionCathedral VillagePhiladelphia, PA
Health CenterExisting Unit Plan
Health CenterReinvention
Health CenterReinvention
Health CenterExisting Room
Health CenterReinvention
Health CenterProjected Image Wall
Health CenterSkyping with Family
Health CenterShoji Screen Wall
“Around here, we don’tlook backwards forvery long. We keepmoving forward,opening up new doorsand doing new things.Walt Disney
RLPS ARCHITECTSMike has 27 years of experience focusing primarily on senior living. As managing partner, he isresponsible for leadership, sustained growth and firm integrity. He has successfully maintainedthe firm’s position of national recognition as a leader in senior living while being directly involvedin managing projects throughout the country. His project experience encompasses masterplanning, design and construction phase services which has resulted in a thorough knowledge ofland use, development and future planning for innovative senior living solutions.Mike is a member of the American Institute of Architects, the Society for the Advancement ofGerontological Environments (SAGE), and LeadingAge. He frequently serves as a speaker atindustry conferences. An NCARB Registered Architect, he received a Bachelor of Architecture fromTemple University.MIKE MARTINManaging Partnermmartin@rlps.comFounded in 1954, RLPS Architects’ 75-person professional staff provides master planning,architecture and interior design services to clients throughout the United States. For more than 60years, we have made senior living our life’s work and remain passionate about providing costeffective, thoughtful environments that "quietly" support the programs and mission of theorganizations we serve.250 Valleybrook DriveLancaster, PA 17601P: 717-560-9501M: 717-333-5539www.rlps.com142
QUESTIONS & ANSWERS
APPENDIXPROFESSIONAL PROFILES
ZIEGLER INVESTMENT BANKINGAmy Castleberry joined the senior living team at Ziegler in 2006 as vice president, seniorliving credit specialist. She is responsible for providing investment banking services to notfor-profit senior living providers in the Mid-Atlantic. Ms. Castleberry also oversees creditstructuring and consistency for the national practice, special situation credit monitoring,and market related projects for the senior living finance team. She serves on the CARFCCSC Financial Advisory Panel and as the lead contributor to the Financial Ratios & TrendAnalysis of CARF-CCA Accredited Organizations . She is a frequent speaker at senior livingconferences.AMY CASTLEBERRY, CFASenior Vice PresidentSenior Living Financeacastleberry@ziegler.com2525 Coxshire LaneDavidsonville, MD 21035200 S. Wacker DriveChicago, IL 60606Prior to joining Ziegler, Ms. Castleberry worked as an analyst in the Municipal CreditResearch & Strategies Group — Fixed Income Capital Markets for Legg Mason Wood Walker,Inc., where she specialized in credit and relative value analysis for the senior living,healthcare, and high-yield sectors.Ms. Castleberry earned a B.A. in journalism from the University of Maryland, College Parkand an M.B.A. from the Robert H. Smith School of Business at the University of Maryland,College Park. She served by gubernatorial appointment on the Maryland Commission onAging from 2002 through 2004. She was awarded the Chartered Financial Analystdesignation in 2004 and is a registered general securities representative and registeredmunicipal principal.P: 312 705 7258M: 410 279 3618www.Ziegler.com145
RLPS ARCHITECTSMike has 27 years of experience focusing primarily on senior living. As managing partner, he isresponsible for leadership, sustained growth and firm integrity. He has successfully maintainedthe firm’s position of national recognition as a leader in senior living while being directly involvedin managing projects throughout the country. His project experience encompasses masterplanning, design and construction phase services which has resulted in a thorough knowledge ofland use, development and future planning for innovative senior living solutions.Mike is a member of the American Institute of Architects, the Society for the Advancement ofGerontological Environments (SAGE), and LeadingAge. He frequently serves as a speaker atindustry conferences. An NCARB Registered Architect, he received a Bachelor of Architecture fromTemple University.MIKE MARTINManaging Partnermmartin@rlps.comFounded in 1954, RLPS Architects’ 75-person professional staff provides master planning,architecture and interior design services to clients throughout the United States. For more than 60years, we have made senior living our life’s work and remain passionate about providing costeffective, thoughtful environments that "quietly" support the programs and mission of theorganizations we serve.250 Valleybrook DriveLancaster, PA 17601P: 717-560-9501M: 717-333-5539www.rlps.com146
Sources: Ziegler National CCRC Listing & Profile, LeadingAge, NIC MAP Data and Analysis Service, The National Center for Health Statistics, Centers for Medicare and Medicaid Services CCRCs 1,930 communities – 676,000 units 80.8% NFP & 19.2% FP IL Communities 1,
