by Dave Stolte, Vice President, Senior Housing

I discovered the senior living niche in commercial real estate after 18 years as a “Butterfly Broker” (doing whatever it took to put three kids through 20 years of college and 3 weddings).  I had a personal experience with the senior care industry when my own mother, who was in what was considered an “upscale” facility in well-to-do Clayton, Missouri, was in a less than desirable situation.  When I visited her at the facility, I was struck by the odor permeating the entire place and I returned to California, thinking there MUST be a better way to treat seniors in their declining years.  My mother later passed away at the age of 86 and I spent the next several years at the Andrus School of Gerontology at USC researching the aging population on the then-growing Internet.  The coming crush of seniors and shortage of space to care for them convinced me to spend the rest of my days working with Developers and Operators to provide decent care for seniors.

Looking back in recent history, almost every city in California defined senior care as “your Grandma’s nursing home”.  It took years and countless visits to a plethora of California cities to notice any measurable updates in definitions for Continuing Care Retirement (CCRCs), Assisted Living, Memory Care, Skilled Healthcare and Hospice / Rehab uses (contact me for a copy of “The Aging of America” presented to more than 75 cities in the state).   Procedures that had been in place on the East coast and Midwest have been replicated on the West coast, so that, today, the above uses are common knowledge to the majority of planners and council members throughout the West.   The American Seniors Housing Association (ASHA), the Assisted Living Federation of America (ALFA) and local councils like our “55+ Housing Council” of the Building Industry Association (BIA) are available to provide insight regarding the myriad facets of today’s senior living challenges.   According to recent statistics, the baby boomers, whom are becoming seniors, will make up about 1/3 of the TOTAL U.S. population in the next 15-20 years.  Imagine a “Grey Panther” movement in politics at that time!   As our economy has waxed and waned, providers large and small have had to adjust their plans.  The large (300-500 unit) golf-course CCRCs of the 80’s and 90’s are being replaced by smaller, more intimate settings… Institutional-looking Memory Care and Skilled Healthcare facilities are becoming more “homey” and user-friendly.

Now, because of the protracted recession of 2008 – 2012, and failure of housing prices to bounce back, more assisted living providers are transitioning into “Home Health Care Services” or versions thereof.  It is clear that we are currently living longer, healthier and more active lives but when I started in this business, the average age range for residents in Independent (55+ Apartments) living was 55-65 years of age…now, it’s up to 68-75 years of age.  Additionally, the age of those living in Assisted Living facilities rose from 72-75 years of age to 83-84 years of age, just in the last 10 years!

Memory Care, with more than 100 forms of dementia (includes but not limited to Alzheimer’s) and other long term nursing homes facilities used to be places where elderly would remain indefinitely, but now things have changed.  Now these facilities have become a vigorous rehab, short-stay use whose main purpose is to return the elderly to an assisted living apartment or at home with in-home nursing care visits.

In the years ahead, the cry of “The Baby Boomers are Coming” will make all of us rethink our paths to the “Care and Raising” of seniors.   Will the humongous CCRC’s of yesteryear still be built or will seniors opt for familiar single family homes, or assisted in-home care? These are just some of the questions that we all shall begin to explore.

Stay tuned for film at Eleven!

David Stolte is Vice President, Senior Living with NAI Capital’s Orange County office.   He can be reached at davestolte@naicapital.com.

Disclaimer:

The opinions expressed by the Senior Living Guest Blog and those providing comments are theirs alone, and do not reflect the opinions of the NAI Capital or any employee thereof. NAI Capital is not responsible for the accuracy of any of the information supplied by the Senior Living Guest Blog.

by Dave Stolte, Vice President, Senior Housing

This is Part 4 in my series about the Future of CCRCs…

Interview with Dave Ferguson – President, American Baptist Homes of the West

NAI Capital:  Is the “Buy-in” Life Estate model of the CCRC a dinosaur on the road to being replaced by a rental model across the U.S.?

FERGUSON:  As a noted humorist once said, “Rumors of my death are greatly exaggerated”.  As long as conservative elders view future health and shelter care as a form of life insurance, we’ll continue to have a “Life Estate” model.  The developers and operators of rental models see them as an alternative to traditional “Buy-In” CCRCs.  This is good, as it induces older people to study both models.  There’s an interesting situation developing in our business – occupancies have fallen slightly in the last two years (from 92-93% to the 88% range), but sales are up.  This, in part is due to a natural attrition of occupants, and I believe it has little to do with the downturn in single family values across the country. 

NAI Capital:  What happens to the investment the senior makes in a Life Estate CCRC when that person leaves or passes this life?

FERGUSON:  The down payment for a Buy-In CCRC is often rebated upon death or move-out, less minor expenses.  By the time it’s over, the refundable entry fee products and non-refundable rental products wind up costing about the same amount in dollars over the life of the participant.

NAI Capital:  Senior healthcare has become a major sticking point in elections, both past and future.  What about Health Care Insurance?

FERGUSON:    We are aware the market wants healthcare.  Some would rather handle their own with a policy, but these become very expensive as you age.  There are CCRC properties that offer a smaller deposit and little or no health care (possibly ten days per year).  Most people wait too long for long-term health care insurance.  In the Life Care model they have a Life-long lease for care, with the level of care the operator provides.  In the Life Care model, if Skilled Nursing is needed, the person moves to that level of care for basic rental plus meals.  In a CCRC, the residents pay for the additional care and services under the terms of their agreement. Obviously, in the rental model, there is no entry fee and no health care benefit.

In light of this interview, I see a bright future for the good things CCRCs and other payment option models bring to an aging America.  Stay tuned for our next blog installment continuing our discussion…

David Stolte is Vice President, Senior Living with NAI Capital’s Orange County office.   He can be reached at davestolte@naicapital.com.

Disclaimer:

The opinions expressed by the Senior Living Guest Blog and those providing comments are theirs alone, and do not reflect the opinions of the NAI Capital or any employee thereof. NAI Capital is not responsible for the accuracy of any of the information supplied by the Senior Living Guest Blog.

by Dave Stolte, Vice President, Senior Housing

Continuing our previous discussion about CCRCs, below is an interview with John Erickson of Erickson Retirement Communities conducted a few weeks ago.

Erickson Living is a leading developer and manager of continuing care retirement communities. The lifestyle they provide to middle-income seniors offers an engaging social experience, comprehensive amenities and programs, and a focus on health and wellness.  Read the interview below:

NAI CAPITAL: You have been a pioneer in the CCRC business since 1983.  Is there any truth to the rumors that people today will not move to a CCRC that requires a large deposit, opting to handle their own investments and moving to a smaller deposit, monthly rental model?

ERICKSON: When I came up with a concept in 1983, I realized two things:

1) At a resident’s death, or when they moved out, the refund of their entire deposit would appeal to anyone.   2)  A fee-for-services program, including meals, taxes, utilities, etc., should not cost them more than they were accustomed to.

I discovered 99% of homeowners would rather have a fixed fee to cover the expenses they were used to paying.  With 23 campuses to date, and plans for a dozen or more underway, I believe this investment on the part of retirees is one of the most stable decisions they can make.  Even in this depressed housing market, we’re still actively filling our campuses of 2,000 -3,000 people quickly.

NAI CAPITAL:   Does your program replace the need for long-term medical insurance?

ERICKSON:   Our programs have an added benefit in that our residents have an extra safety net that replaces long-term insurance.  It’s a more popular alternative without all the complications of government restrictions.  Less than 2% of our people see the need for long-term care insurance, since we provide life-long services for modest increases as our residents become frailer.

NAI CAPITAL:   Then you see no shying away from the Erickson model of long term life care on the part of today’s seniors?

ERICKSON:   Not at all – in fact, we feel, once the housing market turns, our move-ins will come roaring back and expand even faster with the onrush of Baby Boomers out there.

NAI CAPITAL:  What would happen if a couple moves in and then dementia (Alzheimer’s) sets in with one of them?  Would they have to be separated?

ERICKSON:   Not necessarily.  We tailor our programs to accommodate each resident’s individual needs as much as we can.  In fact, the whole purpose of Skilled Nursing is changing in that many of the services formerly performed in skilled nursing homes are now done in the Assisted Living areas.  We use the Skilled Healthcare units to rehab and heal and return those affected to Assisted Living areas as quickly as possible.

NAI CAPITAL:  Is your product limited to the “Country Club” set?

ERICKSON:  Not at all.  For most Americans, when the right time comes, I believe they will be happy to exchange all the pressures of home ownership for a lifestyle they’re accustomed to, without paying more on a monthly basis than they are now.

NAI CAPITAL:    Mr. Erickson, it’s been a pleasure.  Thank you!

David Stolte is Vice President, Senior Living with NAI Capital’s Orange County office.   He can be reached at davestolte@naicapital.com.

Disclaimer:

The opinions expressed by the Senior Living Guest Blog and those providing comments are theirs alone, and do not reflect the opinions of the NAI Capital or any employee thereof. NAI Capital is not responsible for the accuracy of any of the information supplied by the Senior Living Guest Blog.

by Dave Stolte, Vice President, Senior Housing

In our last blog, we spoke with Todd Kaestner of Brookdale, who believes the “buy-in” for CCRCs for retirees will continue to thrive and prosper, especially for conservative estate planning.  We interviewed a number of other operators of CCRCs, both rental models and “Life Estate” buy-in versions, to get a variety of views:

Interview with Bob Wootton- Director Sales/Marketing – The  Covington (Episcopal Home Communities):

NAI Capital: The Covington, an Episcopal Home Communities Continuing Care Retirement Community (CCRC), located in Aliso Viejo, CA has been operating for 7 years.  I understand you have 24 cottages  as well as a stand-alone apartment building housing about 200 residents and that you’re about 97% occupied at this time.  Your model is not a “Life Care” community (where a retiree must be cared for until death), but rather an entrance fee model, where a retiree pays a premium upon entry, and a monthly fee.  Is this why you’re doing so well in this downturn in the economic climate? What do you attribute your success to during such a difficult economic climate?

WOOTTON: It’s true we charge a one-time premium, with a 90% return of these funds upon death, as well as a monthly service fee.  This fee does not change, no matter what level of care the resident needs.  There are many different types of CCRCs throughout the country, and The Episcopal Home Communities use several of these models (rental as well as Life Care). The CCRC paradigm is a very desirable model since we provide the availability of all levels of care to our residents.  Most residents enter The Covington in Independent Living but they have the peace of mind of knowing that should their needs change, there is a solution available to them.  Although residents pay an Entrance Fee based on the size of their accommodation when they enter the community, they are guaranteed a return of 90% of that Entrance Fee amount once they leave the community or it goes to their estate should they pass away.  It doesn’t matter how long they live here, the refund is always 90% of what they paid. Our residents also pay a monthly fee again, based on the size of their accommodation.  The Covington is a high end community that offers many special amenities to our residents.  The fact that we are a new community and that we are a non-for-profit organization are also major advantages.  The Covington also contractually guarantees that should a resident outlive their assets, they would never be asked to leave for a lack of ability to pay the monthly fee.  The Covington would provide them with benevolent care for the remaining portion of their lives.

NAI Capital: Does your monthly fee remain the same, even when they must go to Assisted Living, Dementia Care or Skilled Nursing?

WOOTTON: That is correct. The monthly fee changes are based on the level of care that our residents are living in and the amount of care they are receiving.  We now give our residents who need additional help on an ongoing basis the option of moving to a higher level of care environment or of receiving the care and help they need in their current accommodation.  Although many Life Care CCRC’s stress the importance of their ability to provide Skilled Nursing in later years, we at The Covington view our Skilled Nursing more as a rehabilitation environment where our residents can recover from some medical mishap and then return to their normal living accommodation.  We view Skilled Nursing as a Rehab and return to Wellness program. Most Life Care Facilities stress their ability to provide Skilled Nursing in later years.  We find that only 2-3% of our residents come to life’s end in our Skilled Nursing Facility.   If there’s an instance of a need for Skilled Healthcare, our mission is to get them back in the community as soon as we can, since Assisted Living has taken on much of the medical treatment formerly performed in SNFs.  Our residents have an option of 30 days of Skilled Healthcare at ten days/year. Our focus is to get them back to the highest level of living they are capable of.  In today’s CCRC communities, assisted living has been able to take on care levels that not too long ago were considered typical Skilled Nursing services.  One additional benefit our residents receive is 30 free days lifetime in our Skilled Nursing Facility.

NAI Capital: Do you foresee further changes in the CCRC models in vogue today?

WOOTTON: The CCRC model is constantly evolving – if the economy doesn’t turn any time soon, there will be a long-term effect on the ability of homeowners to provide for their later years.   The next generation coming along has not done a good job of preparing for later years.   I believe entrance – fee CCRCs will survive, but with many modifications.

NAI Capital: Thank you, Bob, for your perspective.

Stay tuned for our next interview with John Erickson of Erickson Retirement Communities to hear other thoughts on the blossoming Senior Lifestyle!

Disclaimer:

The opinions expressed by the Senior Living Guest Blog and those providing comments are theirs alone, and do not reflect the opinions of the NAI Capital or any employee thereof. NAI Capital is not responsible for the accuracy of any of the information supplied by the Senior Living Guest Blog.

By David Stolte, Vice President, Senior Living @NAI Capital

I’ve recently heard rumors that the “old” buy-in model for Continuing Care Retirement Centers (CCRCs) is fading, since today’s elders believe they can manage their estates better than an Independent/Assisted/Skilled Health Care Living provider. 

The argument seems to be that Home Health Care is too expensive, and that the better option is to sell your home, invest the proceeds and then live off that and your retirement and savings the rest of your life by renting an apartment unit in an Assisted Living Facility.

Recent interviews with leaders in the Continuing Care Retirement industry have opened my eyes on the matter.

One such care center is Brookdale Senior Living.  Brookdale has been in existence since 1978, providing campuses with Independent and Assisted Living, Alzheimer’s and Dementia Care, and on-site Rehabilitation and Skilled Nursing care.   With campuses in Pennsylvania, Michigan, Indiana, Missouri, Alabama, Florida and Arizona, Brookdale has earned a reputation as a premier provider of care for Seniors.

We recently had a discussion with Todd Kaestner, Executive Vice President, Development for Brookdale Senior Living about this topic:

NAI Capital: Do you believe the “Life Estate” or “Buy- In” form of continuing care has become passé?

Kaestner: Turning over the proceeds from the sale of a home, or Retirement plans to an operator may seem to fit a thin minority of the population, but the truth is that this program is not necessarily for the extremely wealthy, but also for those who desire a conservative plan for their aging.  With today’s Seniors living many years more than their parents, it’s quite feasible they could outlive their retirement funds.  15-20 years ago, monthly rentals were at $1,200-$1,500 per month, with additional services up to $2,500/month.

NAI Capital: What about sky rocketing healthcare costs?  Aren’t these reflected in today’s Continuing Care costs?

Kaestner: With today’s base rents in the $1,800-$2,500 monthly range, and services at $2,500-$4,000/month, those savings will run out much sooner.  Private pay Skilled Nursing is running $200-$400/day, with a delta of $5,000/month.   Years ago, a spouse could gamble that their accumulated savings could cover these costs for years – but not today!  It was one thing for that spouse to think they would not need care, but the epidemic rush of dementia today will just not allow this thinking. A “Life Estate” in a CCRC is even less costly than long-term care insurance and a more-compelling model for those of even modest means, to assure their care through the end of life.  If there are assets left upon death, these are given to the heirs/survivors, less a modest management fee.  This, to me, is why the “Life Estate” model of CCRC living is more important than ever.

With the onslaught of Alzheimer’s and other dementias (see my blog: “A is for Alzheimer’s”), it would appear a conservative retiree would want to provide for life-long care by investing with a provider who would care for him/her the rest of their days, eliminating the need for Long-Term Healthcare Insurance.

Today’s Boomers should start thinking about the needs of both husband and wife, particularly if one of them comes down with Alzheimer’s or another form of dementia.

Stay tuned for the continuing part of my series of interviews on this topic.  My next blog will feature an interview Bob Wooton, Director of Sales and Marketing with The Covington (Episcopal Home Communities).  In the meantime, I welcome your thoughts…

David Stolte is Vice President, Senior Living with NAI Capital’s Orange County office.   He can be reached at davestolte@naicapital.com.

Disclaimer:

The opinions expressed by the Senior Living Guest Blog and those providing comments are theirs alone, and do not reflect the opinions of the NAI Capital or any employee thereof. NAI Capital is not responsible for the accuracy of any of the information supplied by the Senior Living Guest Blog.

By David Stolte, Vice President, Senior Living @NAI Capital

The other day I  had the pleasure of interviewing Loren Shook, a neighbor and the President / CEO of SILVERADO SENIOR LIVING (notice their name states “Living” and not “Housing” –  denoting a lifestyle, and not just shelter).

Alzheimer’s is a rapidly-growing disease among Americans, but it’s just one of many dementia forms in existence. Loren’s company is the 36th-largest Assisted Living Provider in the United States today, with 1,578 beds.  Mr. Shook provided much insight on caring for senior citizens and the importance of raising the standard of care for seniors and others.

STOLTE/NAI Capital: What makes Silverado different from any other Alzheimer’s care provider?

SHOOK: Please check our website.  We offer our resources and training information to everyone, in the interest of advancing understanding of this disease and non-drug treatment for anyone afflicted with a dementia condition, whether Alzheimer’s or other conditions.  One of our missions is to reduce the use of psychotropic drugs, replacing them with a well designed and supportive physical environment and cognitive stimulation to restore some of the functions they’ve lost.  We start with the reduction in the use of psychotropic medications for controlling behavior by more than 35% company wide.  In addition, more than 60% of our residents are treated for depression which is an under diagnosed condition in the memory impaired.  It is our experience that the memory impaired residents that we see suffer from depression 60% of the time.    Again, our website tells story after story of these recoveries, by stressing the exact opposite of the institutional standards of the industry for more than 50 years.

STOLTE/NAI Capital: Having worked for over 13 years in this business, I’ve found that most people think of Memory Care as “Grandma’s Nursing home”.

SHOOK:  Unlike the historical IInstitutional feel, Silverado prides itself on a philosophy of exercise and socialization to bring back as much of each resident’s independence as possible, and as a result of this philosophy, we’ve won many local and national awards; among them ALFA’s “Best of the Best”, Ernst & Young’s “Entrepreneur of the Year”, and CALA (CA Assisted Living Association) “Innovations in Quality”.  (See webpage).  We also won a National award in Washington D.C. from the Centers for Excellence in Assisted Living (CEAL).   We also recently had the opportunity to address the Senate Committee on Aging at their Forum about Alzheimer’s disease.   The focus of the Forum was how to achieve the best quality of life for people with memory impairing diseases until a cure is found.

STOLTE/NAI Capital: With more than 460,000 senior units across the country (186,000 owned by the top 25 firms), with ages 55+ Americans comprising 25% of the population (26% – 85.3 Million by 2014), and Integra Realty Resources predicting we’ll need a 60% increase in Senior Housing Units by 2030 (94,000 beds/year the next 20 years) culminating in more than 1.9 million housing units, do you foresee a Senior Living facility on every street corner?

SHOOK: Not quite.  The suburbs will continue to offer opportunities, as the caregiver generation continues to seek shelter for their parents.  There will be much more demand for retrofit and adaptive reuse of existing real estate in the metropolitan areas too, including high-rise. As the wave of Boomers approaches their 70’s, there will be a tremendous nationwide demand for senior shelter.  Societal norms for lifestyle are shifting…a “less is better” movement has taken hold.  Although we provide home healthcare services, we’ve found the usual 8-hour care provided is not enough to stem the loneliness and depression that sets in after a spouse has died, and if it goes beyond 8 hours, it is not as cost-effective as the program we offer.   The health of caregivers is becoming a huge problem as spouses and adult children care for Mom or Dad, and pay the price in their health for their sacrifice.  The need for socialization and stimulation is paramount, especially for those with dementia problems.  By the way, Alzheimer’s itself comprises only 60-70% of all forms of dementia.  There are hundreds of diseases which cause dementia.

STOLTE/NAI Capital: Boomers believe “old age” start at 80…Do you?

SHOOK: No. Old Age begins in your head.  I train in karate and spar with others 30 years younger. (Side Note: My partner at NAI, John Alstrom, played volleyball for the U.S. in the 1968 Olympics, and he’s still playing competitively today).

STOLTE/NAI Capital: Architects are scaling down projects from the Continuing Care Retirement Communities (CCRCs) of the past decade.  Will this trend continue?

SHOOK: It’s a matter of personal choice.  Many more people today wish to manage their own investments, instead of letting a CCRC manager use their “Life Estate” to care for them until death.  The rental model of CCRCs will continue to attract a percentage of seniors for the resort lifestyle, but this still doesn’t focus as much on personal needs, with features and programs built around the wants and needs of an individual.  There will be a demand for both to buy in CCREC’s and rental independent and assisted living communities.   The advantage of our industry is that the programs can be focused on the needs of the consumer so many different models will emerge over time.

STOLTE/NAI Capital: Will REITs swallow up the existing inventory of senior facilities held by the top 50 providers?

SHOOK: There will continue to be a huge growth of REITs investing in Senior Living, as the good operations have brought greater returns to investors than many of the options available today.  Although banks generally overreacted to the recent recession, Senior Living is a relatively safe harbor because of a lack of resident turnover and the natural growth from the “Quiet” generation to the Boomers.

STOLTE/NAI Capital: What’s the future for the treatment of all forms of dementia?

SHOOK: Since Alzheimer’s may be combined with many other forms of dementia, all efforts to date to regain memory have failed.  Aricept and other drugs seem to work on early stages, but generally lose their effectiveness after 6 months to a year.

At Silverado, we have been able to re-train more than 3800 of our residents who could not walk, and now do so, because of our unique combination of therapy, stimulation and socialization. 2800 who had been spoon fed can now feed themselves.  We have a proven program of success in these areas.

STOLTE/NAI Capital: There’s a new test to determine the amount of beta Amyloid Plaques in the brain which is thought by many to be a precursor to dementia later in life.  Would you recommend this test?

SHOOK: It is a very personal individual choice and for many people it is good to know if you are at risk of getting dementia.    Even if not 100% correct, it will help in planning for the future, until there will be a “cure”.

STOLTE/NAI Capital: Thanks for your time and the insights you’ve shared.  Any education we get in the treatment of this ravaging disease should be appreciated and used by anyone.  We thank you and your company for the work you’re doing to alleviate some of the worst fears we all have about Alzheimer’s and all dementia.

David Stolte is Vice President, Senior Living with NAI Capital’s Orange County office.   He can be reached at davestolte@naicapital.com.

Disclaimer:

The opinions expressed by the Senior Living Guest Blog and those providing comments are theirs alone, and do not reflect the opinions of the NAI Capital or any employee thereof. NAI Capital is not responsible for the accuracy of any of the information supplied by the Senior Living Guest Blog.

By Dave Stolte

California Assembly Bill 215 passed, effective January 1, 2011.

The Bill provides for a “new” assigned grade for every Skilled Nursing Facility in California, with the provision that the grade must be posted in a prominent place at the facility, (such as the front door).  You say: “So what, who cares”?    Well, it goes a lot deeper than that.

While designed to be helpful, this Act can bring more instability to a profession that’s overburdened with government oversight.  Can you imagine walking up to a facility you’re checking out for Mom or Pop, and seeing a two star rating on the front door?  (Ratings are from 5 stars to 1 star).  In case no one noticed, there are already a plethora of ranking systems in play on the internet for existing Skilled Nursing Facilities (see www.carepathways.com or www.health.usnews.com/senior-housing/nursing-homes.com) etc.

I fear the ultimate bottom line here is that more and more of the Skilled Nursing Facilities catering to the less wealthy will be driven out of business by this maneuver (although, alternately, perhaps some of them should be).

The Bill may just be a political ploy for more votes (10,000 Americans now turn 65 every day), or a well-meaning attempt to truly care for the sick and elderly among us.  Does the pinning of a “Scarlet Letter” on some of the smaller skilled nursing operators deprive the poor among this “Quiet Generation” of a place to stay?

Skilled Nursing in this country is almost as heavily-regulated as hospitals –and in case you haven’t noticed, numerous hospitals have closed in the recent past. I get at least one for sale every week on “Loopnet”.

I don’t condone careless keeping of the lesser among us —those who can’t afford the $5,000-$6,000 per month tab many of the 5-star facilities charge.  But common sense tells us we are beyond the 1948 film  “The Snake Pit” starring Olivia DeHavilland (a great film, by the way).  Treating the infirm elderly need not include letting them waste in their own waste.  We’ve come too far for that.  But a modicum of sensibility, along with sensitivity, should tell us there’s a better way.  Tell me what you think.



David Stolte is Vice President, Senior Living with NAI Capital’s Orange County office.   He can be reached at davestolte@naicapital.com.

Disclaimer:

The opinions expressed by the Senior Living Guest Blog and those providing comments are theirs alone, and do not reflect the opinions of the NAI Capital or any employee thereof. NAI Capital is not responsible for the accuracy of any of the information supplied by the Senior Living Guest Blog.