Who Should Own Senior Housing?

14 Pages Posted: 18 May 2007 Last revised: 24 Feb 2010

See all articles by Piet M. A. Eichholtz

Piet M. A. Eichholtz

University of Maastricht - Limburg Institute of Financial Economics (LIFE)

Nils Kok

University of Maastricht - Limburg Institute of Financial Economics (LIFE)

Bartosch G. Wolnicki

affiliation not provided to SSRN

Date Written: October 15, 2006

Abstract

The senior housing industry provides housing and care services to elderly people who are in need of social support and medical assistance. For the financing and ownership of rented senior residential property, the two structures most used are integrated healthcare companies and healthcare REITs. This study compares the accounting performance of housing property owned by integrated companies and healthcare REITs. The results of the analysis show that real estate returns of healthcare REITs are superior when housing is separated from care, as it is in the independent living segment. however, when care is more intense and housing services more intertwined with it, integrated healthcare companies obtain superior returns on real estate.

Keywords: real estate, demographics, senior housing, financial performance

Suggested Citation

Eichholtz, Piet M. A. and Kok, Nils and Wolnicki, Bartosch G., Who Should Own Senior Housing? (October 15, 2006). Journal of Real Estate Portfolio Management, Vol. 13, No. 3, Available at SSRN: https://ssrn.com/abstract=987177

Piet M. A. Eichholtz (Contact Author)

University of Maastricht - Limburg Institute of Financial Economics (LIFE) ( email )

P.O. Box 616
Maastricht, 6200 MD
Netherlands
+31 43 3883648 (Phone)
+31 43 3258530 (Fax)

Nils Kok

University of Maastricht - Limburg Institute of Financial Economics (LIFE) ( email )

P.O. Box 616
Maastricht, 6200 MD
Netherlands

Bartosch G. Wolnicki

affiliation not provided to SSRN ( email )

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