Seniors housing well-represented on new list of top owners of medical real estate

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Thomas DeRosa is of CEO of Welltower.
Thomas DeRosa is of CEO of Welltower.

Welltower is the top-ranked seniors housing-related entity on Revista's new list of Top 50 Owners of Medical Real Estate, released Thursday.

The Toledo, OH-based real estate investment trust, with gross real estate assets of $29 billion in 2016, according to the Revista report, came in No. 2 overall on the report's list of companies ranked by gross real estate assets by year-end 2016. The REIT's portfolio includes seniors housing, post-acute care settings and health systems.

The Revista list includes not-for-profit and for-profit hospitals, health systems and healthcare-focused REITs that make available their year-end balance sheets. The list is based on company filings, company data submissions and additional research, according to Revista.

The top 12 entities on the list, based on gross real estate assets (including buildings and improvements, land and improvements, and construction in progress, and not including depreciation) are listed below. Many of the companies have investments across seniors housing, long-term care, hospitals, medical office buildings and other healthcare-related settings. Highlighted, where applicable, are the senior living-related assets.

  1. Kaiser Foundation Hospitals. This Oakland, CA-based subsidiary of Kaiser Permanente, with $35.9 billion in gross real estate assets, operates hospitals.
  2. Welltower. The REIT's seniors housing portfolio includes Sunrise Senior Living, Revera, Benchmark Senior Living, Belmont Village, Senior Resource Group and several other operators.
  3. Ventas. This Chicago-based REIT had $25.3 billion in gross real estate assets at the end of 2016, according to the report. Its seniors housing portfolio includes Atria Senior Living, Sunrise Senior Living, Brookdale Senior Living, Elmcroft Senior Living and Holiday Retirement, among other operators.
  4. Ascension Health Alliance. This St. Louis, MO-based company, with $18 billion in gross real estate assets, has a subsidiary, Ascension Living, that has 25 senior living and long-term care communities in 10 states, according to its website.
  5. Hospital Corporation of America. This Nashville, TN-based entity had $16.5 billion in gross real estate assets at the end of 2016, according to Revista. The company has 172 hospitals and 119 freestanding surgery centers in 20 states and the United Kingdom, according to its website.  
  6. HCP. This Irvine, CA-based REIT had $14.5 billion in gross real estate assets at the end of 2016, according to the report. Among the many companies in its seniors housing portfolio are Brookdale Senior Living, Atria Senior Living, MBK Senior Living, Sonata Senior Living, Elmcroft Senior Living and Senior Lifestyle Corp.
  7. Providence Health System. This Seattle-based system had $10.9 billion in gross real estate assets at the end of 2016, according to Revista. The company includes independent and assisted living communities in Alaska, Montana, Oregon and Washington; supportive housing in California, Oregon and Washington; and nursing homes and transitional care facilities in Alaska, California, Oregon and Washington.
  8. Catholic Health Initiatives. Based in Englewood, CO, with $9.8 billion in gross real estate assets at the end of 2016, according to the report, the company has a Toledo, OH-based subsidiary, CHI Living Communities, that offers independent and assisted living, memory care, skilled nursing or rehab in seven states.
  9. CHE/Trinity Health. With $9.8 billion in gross real estate assets at the end of 2016, this Livonia, MI-based system operates 59 senior living and long-term care facilities in six states through Trinity Health Senior Communities, according to its website.
  10. Sutter Health. The not-for-profit's network, based in Sacramento, CA, includes physician organizations, acute care hospitals, surgery centers, home health and hospice programs, medical research facilities, training programs and specialty services. The company had $9.1 billion in gross real estate assets at the end of 2016, according to Revista.
  11. Tenet Healthcare Corp. The Dallas-based company, with $8.3 billion in gross real estate assets, has hospitals, urgent care centers, diagnostic imaging centers, surgery centers and satellite emergency departments in the United States and the United Kingdom.
  12. Senior Housing Properties Trust. The Newton, MA-based REIT had $8.2 billion in gross real estate assets in 2016. It owns seniors living communities in 33 states, according to its website, and also owns skilled nursing facilities, medical office buildings and wellness centers.

Also of note, National Health Investors was No. 6 on the list of top owners of medical real estate based on year-over-year growth. The REIT had annual growth in total gross real estate assets of 18% in 2016, according to the report, with $2.5 billion in total gross real estate assets. Its senior living-related portfolio includes Holiday Retirement, Senior Living Communities and Bickford Senior Living, among many other operators.

The report also ranks companies based on construction versus gross assets.

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