4.7.3Segment

Assisted Living Facilities

Assisted living communities providing supportive residential care and personal assistance to seniors with moderate needs.

4
Verticals

Overview

Assisted Living Facilities provide supportive residential care and personal assistance to seniors with moderate needs. It is a predominantly private-pay segment — Brookdale, Atria, Sunrise, and many regional operators — that is better positioned than skilled nursing given its consumer-pay model and lower clinical intensity.

Occupancy fell during the pandemic and has been recovering, and the segment is poised to benefit from the coming surge in the senior population. Operations and real estate are often split (REIT-owned property), and consolidation is active across both.

Market snapshot

Market size
~$48B
Growth
~4.8%CAGR (2017–22, nominal)
Companies
~27,200
FragmentationConsolidating

U.S. Census Bureau 2022 CBP/Economic Census, NAICS 623312 (Assisted Living for the Elderly) + 623990 (Other Residential Care).

Business model & economics

Revenue model
Primarily private-pay monthly resident fees
Recurring revenue
High — recurring monthly occupancy
EBITDA margin
Occupancy- and labor-sensitive; better than SNF
Capex intensity
High
  • Predominantly private-pay — better positioned than SNF.
  • Occupancy recovering toward the demographic surge.
  • Operations and REIT-owned real estate often split.

M&A deal context

High deal activity

Who’s acquiring

Senior-living operatorsHealthcare REITs & real-estate investorsPE-backed platforms

What’s driving deals

  • Occupancy recovery and demographic tailwind.
  • Operations/real-estate transactions and REIT activity.
  • Consolidation of regional operators.

Verticals in this segment

  • 4.7.3.1Assisted Living Chains & REITs

    Publicly traded and PE-backed multi-site assisted living operators.

  • 4.7.3.2Boutique & Residential Care Homes

    Small residential care homes with 6-15 residents.

  • 4.7.3.3Independent Assisted Living Operators

    Locally-owned single or small-portfolio assisted living operators.

  • 4.7.3.4Specialized Assisted Living

    Memory care, dementia, or condition-specific assisted living facilities.

Find Assisted Living Facilities acquisition targets

Search Acquisera’s index for companies classified under Assisted Living Facilities (4.7.3) and build a targeted deal pipeline.

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