Berkadia Seniors Housing | Quarterly Report Card

National Quarterly Report Cards First Quarter 2025

NATIONAL Q1 25 SENIORS HOUSING QUARTERLY SALES REPORT CARD Seniors Housing*

Independent Living

Q1 25 Investment Sales Volume - $2.52B

Q1 25 Investment Sales Volume - $1.02B

Change from Last Year (Q1 24) - $1.91B

Change from Last Year (Q1 24) - $0.97B

Change from Last Quarter (Q4 24) - $0.48B

Change from Last Quarter (Q4 24) - $0.10B

Trailing 12 Month Sales Volume - $10.36B

Trailing 12 Month Sales Volume - $3.21B

Buyer Distribution - Annual Public REIT Operator

Assisted Living

25% 31%

3%

Q1 25 Investment Sales Volume - $1.15B Change from Last Year (Q1 24) - $0.82B

Private Equity

Change from Last Quarter (Q4 24) - $0.27B

Investment Firm

Trailing 12 Month Sales Volume - $4.83B

41% Source: LevinPro LTC; *Data includes IL, AL, CCRC, and Skilled Nursing as of March 31, 2025; U.S. Sales Only

NATIONAL Q1 25 SENIORS HOUSING QUARTERLY REPORT CARD Top Markets Rent Growth

Occupancy Change

Lebanon, PA

8.3%

Lakeland, FL

4.5%

Honolulu, HI

5.0%

Spokane, WA

3.1%

Durham, NC

4.2%

Honolulu, HI

2.6%

New Haven, CT

4.0%

New Orleans, LA

2.6%

San Diego, CA

4.0%

York, PA

2.2%

Net Absorption

Units Under Construction

New York, NY

605

Washington, D.C.

2,696

Chicago, IL

433

Los Angeles, CA

2,242

Washington, D.C.

378

New York, NY

1,378

Philadelphia, PA

318

Dallas, TX

1,268

Detroit, MI

310

San Jose, CA

1,037

National Total

6,898

National Total

29,422

Absorption Ratio Lansing, MI

4.6%

Construction to Inventory Ratio San Jose, CA

13.8%

Provo, UT

3.7%

Washington, D.C.

8.6%

Punta Gorda, FL

2.8%

Virginia Beach, VA

8.0%

Raleigh, NC

2.6%

Naples, FL

7.7%

Lakeland, FL

2.5%

Austin, TX

7.6%

National Average

0.6%

National Average

2.5%

Sources: NICMAP Vision; Real Capital Analytics; Data as of April 4, 2025

National Benchmarks

Average Rent - $5,289 1.8% Since Q4 24

Median Occupancy - 91.2% 10 bps Q-o-Q

Average PPU - $169,748 10.4% since the end of Q4 24

Properties Transacted - 106 1.9% vs 1Q 24

NATIONAL Q1 25 INDEPENDENT LIVING QUARTERLY REPORT CARD Top Markets Rent Growth

Occupancy Change

Boulder, CO

9.6%

Madison, WI

9.1%

Greensboro, NC

7.3%

Lakeland, FL

7.4%

Las Vegas, NV

6.9%

Memphis, TN

4.6%

Boston, MA

6.9%

Little Rock, AR

4.4%

Springfield, MA

6.1%

Akron, OH

3.0%

Net Absorption

Units Under Construction

Boulder, CO

294

Washington, D.C.

1,800

Detroit, MI

292

Los Angeles, CA

794

Washington, D.C.

237

Dallas, TX

589

Portland, OR

177

Austin, TX

569

Chicago, IL

139

Miami, FL

413

National Total

2,051

National Total

12,140

Absorption Ratio

Construction to Inventory Ratio

Boulder, CO

27.6%

Washington, D.C.

27.8%

Richmond, VA

6.6%

Los Angeles, CA

18.3%

Santa Rosa, CA

4.1%

Orlando, FL

15.0%

Las Vegas, NV

4.0%

Nashville, TN

14.9%

Memphis, TN

4.0%

Naples, FL

14.0%

National Average

0.6%

National Average

3.7%

Sources: NICMAP Vision; Real Capital Analytics; Data as of April 4, 2025

National Benchmarks

Average Rent - $4,184 1.9% Since Q4 24

Median Occupancy - 91.8% 10 bps Q-o-Q

Average PPU - $200,793 27.7% since the end of 2024

Properties Transacted - 18 50% vs Q1 24

NATIONAL Q1 25 ASSISTED LIVING QUARTERLY REPORT CARD Top Markets Rent Growth

Occupancy Change

New Haven, CT

5.1%

Chattanooga, TN

5.9%

Wichita, KS

4.8%

Oklahoma City, OK

5.6%

San Diego, CA

4.2%

Lakeland, FL

4.4%

Honolulu, HI

3.9%

Augusta, GA

4.0%

Albuquerque, NM

3.7%

Spokane, WA

3.9%

Net Absorption

Units Under Construction

New York, NY

473

San Jose, CA

1,037

Seattle, WA

351

Los Angeles, CA

721

Minneapolis, MN

257

Washington, D.C.

709

Los Angeles, CA

221

Dallas, TX

658

Sarasota, FL

174

Jacksonville, FL

631

National Total

3,742

National Total

11,905

Absorption Ratio

Construction to Inventory Ratio

Provo, UT

4.8%

San Jose, CA

35.8%

Albany, NY

4.2%

Jacksonville, FL

17.3%

Sarasota, FL

3.5%

Raleigh, NC

14.3%

Harrisburg, PA

3.5%

Melbourne, FL

9.2%

Chattanooga, TN

3.2%

Washington, D.C.

7.2%

National Average

0.8%

National Average

2.6%

Sources: NICMAP Vision; Real Capital Analytics; Data as of April 4, 2025

National Benchmarks

Average Rent - $6,520 1.6% Since Q4 24

Median Occupancy - 90.8% Unchanged Q-o-Q

Average PPU - $145,245 3.7% since the end of 2024

Properties Transacted - 86 8.8% vs Q1 24

Ezekiel Duprey Senior Research Analyst 602.445.1632 ezekiel.duprey@berkadia.com

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