Senior Housing & Healthcare REITs

Healthpeak Properties raised its full-year 2026 guidance for the second time this year, now expecting diluted earnings per share of $0.48 to $0.52, up from $0.46 to $0.50, and diluted FFO as Adjusted of $1.73 to $1.77, two cents higher at the midpoint than its prior outlook. The healthcare real estate owner signed 1.6 million square feet of new and renewal leases in the quarter, lifting outpatient medical occupancy 20 basis points to 90.7% and lab occupancy 80 basis points to 78.5%. Growth was led by Janus Living, the senior housing operator Healthpeak controls with a 73.6% stake, where revenue jumped 45% year over year to $216 million and Adjusted EBITDA rose 34% to $79 million, with same-store margins expanding 250 basis points. Healthpeak funded buybacks and debt paydown largely by selling stakes in existing buildings, including July's recapitalization that sold a 49% stake in an 86-property outpatient medical portfolio to Brookfield for roughly $1.025 billion at a 5.9% cap rate, part of $1.4 billion of proceeds generated in the quarter and through August 3. Lab same-store net operating income fell 3.2%, the only one of Healthpeak's three core businesses to shrink, holding total company-wide same-store NOI growth to 1.8%.

CareTrust REIT announced on September 15 that it closed a $400 million skilled nursing portfolio in the Southwest effective September 1, a deal covering 2,622 licensed beds triple net leased back to the existing operator and sourced off-market through a joint venture that committed roughly $380 million of CareTrust's own capital. The transaction extends a buying spree that has pushed the company's 2026 investment total past $1.9 billion, including about $710 million closed in the third quarter and $899.6 million in the second quarter at an 8.9% yield. The new portfolio is expected to generate a stabilized yield of about 8.6%, in line with the 8.7% blended yield across two dozen deals closed so far in 2026, and management says the $600 million pipeline of near-term actionable deals, about half aimed at the senior housing operating portfolio, excludes larger transactions still being pursued. CareTrust ended the second quarter on June 30, 2026, with net debt to annualized normalized EBITDA of 1.01x, and as of the September announcement had $725 million available under its revolver plus $612 million of remaining ATM capacity, backing guidance raised on August 6 to full year 2026 normalized FFO of $2.03 to $2.06 per share, up 16.2% at the midpoint over 2025. The growth has come at a cost to existing shareholders, with diluted weighted average shares outstanding rising from about 192.9 million in the second quarter of 2025 to 234.2 million a year later and $439 million of expected net proceeds still sitting in unsettled forward equity contracts as of September 15, while the second quarter also carried a $4.7 million provision for loan losses and interest expense rose to $15.3 million from $13.0 million a year earlier.

Welltower posted its 15th consecutive quarter of net operating income growth above 20% while Ventas doubled its investment target to $4.5 billion, as two million people turn 80 in 2026 against record-low new senior housing starts. Ventas raised full-year 2026 guidance to Normalized FFO per share of $3.85 to $3.90, an 8% to 10% increase, and lifted its investment target to $4.5B from $3B, focused on senior housing, after SHOP same-store cash NOI grew 16.3% year over year. Welltower, the largest of the three at a roughly $169.7 billion market cap, grew SHO same-store NOI 20.5% with occupancy at 89.4%, raised 2026 guidance to $6.36 to $6.44 per diluted share, and declared a quarterly dividend of 85 cents, a 15% increase and its 221st consecutive quarterly dividend. Omega Healthcare, a triple-net skilled nursing landlord with an emerging RIDEA segment, raised full-year 2026 AFFO guidance to $3.22 to $3.26 per diluted share and lifted its quarterly dividend by a penny to 68 cents, though tenant Genesis Healthcare has been in Chapter 11 since July 2025 with $148.5 million in loans outstanding. Ventas and Welltower capture net operating income directly through RIDEA-structured senior housing operating portfolios, while Omega takes tenant credit and reimbursement risk instead of operating risk.

Bloomberg reports that Taiwan's population may decline to about 12.15 million by 2075, a drop of roughly 48% from 2026 levels, amid a continued decrease in births and young population, while the number of elderly rises significantly, posing long-term challenges to the labor market, economy, and defense capabilities. Estimates from Taiwan's National Development Council (NDC), based on household registration data, indicate that the working-age population will shrink by nearly two-thirds over the next 50 years. By 2075, the population aged 0-14 will be only 585,000, the working-age population (15-64) will be about 5.13 million, and those aged 65 and above will reach 6.43 million, meaning the elderly will outnumber the working-age population and account for more than half of the total population. These figures reflect risks after the population peaked at 23.6 million in 2019, and could also affect Taiwan's security, as the military still relies partly on conscription amid threats from China.

The Ensign Group remains a Buy for investors, supported by favorable demographics and strong demand for post-acute care, with the company raising its 2026 adjusted EPS guidance to $7.75-$7.85. Ensign, which operates 398 healthcare operations across 17 states, has completed 25 acquisitions in the first half of 2026, adding 3,109 beds and spending about $412 million. The Zacks Consensus Estimate for 2026 earnings is $7.65 per share, indicating 16.4% year-over-year growth, and revenues are expected to reach $5.88 billion, up 16.3%. The company's real estate platform, Standard Bearer, owns 177 properties with an estimated fair value of $2.2 billion, and second-quarter rental revenues rose to $44.1 million from $31.5 million. Ensign has $262.3 million in cash and $591.6 million available under its credit facility, with over $850 million in dry powder for future investments. Risks include reimbursement and regulatory pressures, as Medicare and Medicaid account for 69% of service revenues, and rising costs, with expenses up 18% in the first half of 2026.

Medical office properties have separated themselves from the broader office market, with 67% of nearly 500 medical office properties resold since 2024 appreciating in value compared to 52% for general office, according to Yardi Matrix's August 2026 national report. Medical office accounted for 26.2% of office starts in 2025, up from 11.0% in 2020, while general office starts fell 73.0% over the decade to 11.4 million square feet. National office vacancy stood at 17.7% in July, and office-using jobs fell 0.3% over the year, even as education and healthcare employment rose 2.4% year-over-year. The gap was widest in metros with aging populations, with Tampa leading at 90% appreciation for medical office versus 71% for general office. Yardi Matrix expects medical office to remain well positioned as the population ages, with another 29.5 million square feet of office space under construction nationally.

The United States is facing rapidly rising demand for senior housing as the Baby Boomer generation ages, but efforts to increase supply are running into resistance from long-time older residents who do not want large projects to change their neighborhoods. Bloomberg Businessweek highlights the case of Rockridge, a residential district in Oakland, California, where homes sell for millions of dollars and many residents hold liberal political views. Yet when large senior housing projects were proposed for the area, strong opposition emerged. Around 300 Rockridge residents banded together to oppose two proposed senior housing developments that, if fully built, would add 618 units to a supply-constrained market. The first project is a seven-story building on the former site of a Red Cross blood donation center. The other proposal calls for towers of 31 and 25 stories on land currently occupied by Trader Joe's, and opponents have dubbed that project the Trader Joe's terrible towers. The problem is likely to intensify with demographic shifts. This year, the first Baby Boomers turn 80. A 2023 study published in JAMA found that the average age at which older adults move into senior housing is about 84. The number of Americans aged 80 and older is projected to double to 29.4 million by 2045. Demand for senior housing has remained at record highs since 2025, with average occupancy at 92.5 percent. NIC MAP estimates the United States needs about 582,000 additional senior housing units by 2030 to meet demand, but construction has been steadily declining, and most existing senior housing in the country was built before this century. Another obstacle is that many people in their 60s and 70s do not yet think they will need to move into senior housing. Rodney Harrell of the AARP Public Policy Institute calls this phenomenon Peter Pan Syndrome, the feeling that while other people may age and need help, we ourselves are likely to be the exception. The problem is that the need for this type of housing often arises suddenly, such as after a fall, after a hospital stay, after the death of a spouse, or after losing the ability to drive. At that point, some older adults find they can no longer stay in their own homes, but their communities offer no alternative other than large single-family houses. This situation is playing out across the United States, with senior housing developers facing opposition from the very demographic that is their target market, from Milwaukee and the Chicago suburbs to Stamford, Connecticut. Reasons range from loss of green space and fire safety concerns to density and changes to community character. In Rockridge, the key issues are affordability and neighborhood identity. Myrna Walton, 84, a member of Upper Broadway Advocates, insists her group is not opposed to building housing, but is opposed to high-rises. One of the contested projects proposes towers of 31 and 25 stories near the Rockridge BART station, with 371 independent living units, 18 assisted living units, and 26 memory care rooms, along with dining facilities, a swimming pool, and a fitness center, but no affordable housing. Walton argues the area's urgent need is not market-rate housing but affordable housing. However, building affordable housing in the Bay Area is extremely expensive, with construction costs for a single apartment potentially reaching 800,000 to 1 million dollars, making many projects unworkable without public subsidies. As a result, even some affordable housing activists support adding market-rate homes because they see every new unit as new housing supply. The Rockridge developer has not disclosed proposed rents, but points to a nearby senior living facility, Merrill Gardens, which charges about 6,000 dollars per month for a studio and up to 13,350 dollars for a two-bedroom unit, including meals, transportation, housekeeping, and 24-hour staffing. Walton acknowledges that she herself is in the project's target demographic and may eventually want to move into senior housing near her family, but she still believes the 31- and 25-story towers are too large and may not benefit the surrounding community much. On the other side, Lori Droste, director of housing and planning policy at SPUR, argues that building affordable housing is essential, but it should not be used as a reason to stop building other types of housing. If communities choose to build nothing and wait for a perfect project, the affordability crisis will worsen, especially as wealth from the AI industry may push up the purchasing power of high-income earners and crowd out other buyers. One idea supporters advance is moving chains, based on supply and demand. When more market-rate housing is built, people with purchasing power move in, freeing up their previous homes and creating a chain of supply that cascades to other groups. If both Rockridge projects, totaling 618 units, are built, and just one-third of residents move from nearby areas, hundreds of existing homes could be released back onto the market. Another paradox lies in the wealth of long-time homeowners in California. Many Rockridge homes are now worth more than 2 million dollars, but long-time owners may pay property taxes on assessed values below 500,000 dollars because California's Proposition 13 limits increases in assessed value for tax purposes. As a result, many older homeowners hold assets worth millions of dollars but face very low carrying costs, giving them little incentive to sell or downsize. At the same time, they may feel that senior housing at 10,000 dollars a month is too expensive. The problem also affects younger generations, because when older adults remain in large homes, those homes do not return to the market for younger families. Micki, 78, who still lives in a three-story house she bought 42 years ago, puts it bluntly: if a suitable condo or senior housing were built near her home, she and her husband would be interested in moving. Because we old people are still in our own homes, those homes are not being passed on to younger families, and I think that is bad for the whole community. Community resistance is beginning to lead to compromise. On August 19, the developer of the Trader Joe's site announced revised plans, reducing building heights from 31 and 25 stories to 26 and 23 stories, moving loading docks away from residential streets, adding retail space open to the general public, and setting aside space for a grocery store with the goal of keeping Trader Joe's in its current location. The Rockridge case reflects a conflict unfolding in many parts of the United States, as the country needs to build more housing to address both the housing crisis and an aging society, while existing residents must choose between preserving the familiar character of their neighborhoods and accepting greater density to create housing for the next generation, and for themselves in the future.

Baron Capital's Baron Opportunity Fund added Welltower Inc. to its portfolio during the second quarter of 2026, citing the healthcare REIT's proprietary software and data analytics as drivers for margin and occupancy growth. The fund believes Welltower's earnings could more than double over the next five years, supported by a 4% to 5% compound annual growth rate in the 80-plus population and constrained senior housing supply. Welltower closed at $230.27 per share on August 12, 2026, with a market capitalization of $165.93 billion, and its shares gained 42.25% over the past 52 weeks. The Baron Opportunity Fund rose 27.07% in the second quarter, outperforming the Russell 3000 Growth Index and the S&P 500 Index.

Chiron Real Estate reported second-quarter results as it continues to reposition its portfolio toward senior housing and away from outpatient medical real estate. The company invested $421 million in senior housing during the quarter, including a $100 million Maewyn investment and the acquisition of two senior housing communities in Alexandria, Virginia, while selling seven inpatient rehabilitation facilities for about $200 million in gross proceeds. Normalized same-store net operating income rose 1.7%, Core FFO was $1.40 per share and unit, and net debt to adjusted EBITDA improved to 6.0 times. Management highlighted new senior-housing executive appointments and a growing investment pipeline focused on stabilized communities, as it seeks to address what it views as undervaluation of its legacy medical portfolio.

LTC Properties has completed a US$311.4 million follow-on equity offering and filed an additional US$500 million at-the-market program to fuel its seniors housing operating properties platform. Management projects SHOP gross investments will reach US$1.3 billion by the end of the third quarter, up from US$175 million across 13 communities about 15 months ago. Around 80% of this growth has come from external transactions with operating partners, focusing on communities with strong local presence and desirable layouts. The company continues to review further acquisition opportunities that match its criteria in cap rates, asset mix, and quality.

LTC Properties is accelerating its shift toward seniors housing operating properties, raising its 2026 acquisition target by 50% to $900 million at the midpoint. SHOP is expected to represent 40% of pro forma NOI by September, 50% by year-end, and potentially 75% by 2028. The company also increased its 2026 dispositions and loan-payoff target to $730 million, including a projected $180 million Prestige loan payoff, with proceeds helping fund higher-growth SHOP investments. LTC reported second-quarter core FFO of $0.68 per share and narrowed its 2026 outlook to $2.76 to $2.78 of core FFO per share and $2.83 to $2.85 of core FAD per share, supported by SHOP growth but pressured by asset sales, higher interest costs, and share dilution.

American Healthcare REIT raised its full-year 2026 normalized funds from operations guidance to $2.15 to $2.19 per diluted share, up from a prior range of $2.03 to $2.09, representing roughly 26% growth over 2025 at the midpoint. The company reported second-quarter NFFO of $0.54 per diluted share, a 28.6% increase from $0.42 a year earlier, while total portfolio same-store net operating income grew 13.2% year over year. Trilogy same-store NOI rose 16.1% and SHOP same-store NOI jumped 20.5%, driven by margin expansion and occupancy gains. American Healthcare REIT closed over $1.4 billion in acquisitions year-to-date, including $1 billion in 10 additional SHOP communities after the quarter, and has an investment pipeline of over $800 million expected to close before year-end. The company also strengthened its balance sheet, reducing net debt to EBITDA to 2.5 times from 3.0 times in the prior quarter, and raised approximately $1.5 billion in equity capital during and after the second quarter.

CareTrust REIT announced the recent closing of two transactions totaling $291 million, encompassing a 16-property care home portfolio in the UK and two senior housing communities in the US. The company acquired two off-market Utah senior housing communities with 212 assisted living and memory care units for approximately $65 million, and a portfolio of 16 care homes across England and Scotland for an initial investment of approximately $226 million. With these and other third-quarter deals, CareTrust's total 2026 investment activity has reached approximately $1.5 billion at a blended stabilized yield of approximately 8.7%. The company also reported a reloaded investment pipeline of $540 million in near-term, actionable opportunities, primarily skilled nursing acquisitions.

American Healthcare REIT reported second quarter 2026 results and increased its full-year 2026 guidance. The company posted GAAP net income attributable to controlling interest of $30.6 million, or $0.16 per diluted share, and Normalized Funds From Operations of $0.54 per diluted share. Total portfolio Same-Store Net Operating Income grew 13.2% year-over-year, driven by 20.5% growth in senior housing operating properties and 16.1% in integrated senior health campuses. The company raised its full-year NFFO per diluted share guidance to a range of $2.15 to $2.19, up from the prior $2.03 to $2.09, and increased total portfolio Same-Store NOI growth guidance to 11.0% to 13.0%. Year-to-date, American Healthcare REIT completed $1.4 billion in new investments, including $126.9 million in the second quarter, and improved its Net Debt-to-Annualized Adjusted EBITDA ratio to 2.5 times from 3.0 times at the end of the first quarter.

Ventas reported record total company same-store cash net operating income growth of 10% year-over-year in the second quarter of 2026, driven by an 18% surge in its US senior housing operating portfolio. Normalized funds from operations per share reached $0.97, a 9% increase, prompting the company to raise its full-year 2026 normalized FFO per share guidance to a range of $3.85 to $3.90, representing 8% to 10% growth. The company also lifted its 2026 investment guidance to $4.5 billion, up from $3 billion, with a focus on senior housing, having already completed over $3 billion in investments year-to-date across 27 transactions at an average expected first-year yield of 6.6%. Net debt to EBITDA improved to 4.7 times, the best leverage level in over a decade, while US senior housing operating portfolio same-store occupancy expanded by 360 basis points and net operating income margin reached 31%, up 210 basis points.

Omega Healthcare Investors reported second-quarter funds from operations of $0.83 per share, beating the Zacks Consensus Estimate of $0.80 per share and marking a 3.75% surprise. Revenue came in at $328.25 million, topping the consensus by 3.17% and rising from $282.51 million a year earlier. The company has now surpassed consensus FFO and revenue estimates in each of the last four quarters. Shares have gained about 16.5% year-to-date, outpacing the S&P 500's 8.5% advance. The current consensus FFO estimate stands at $0.81 per share for the coming quarter and $3.22 per share for the fiscal year.

Omega Healthcare Investors reported second-quarter 2026 net income of $380 million, or $1.19 per diluted share, and raised its full-year adjusted funds from operations guidance to a range of $3.22 to $3.26 per share. The company completed $126 million in new investments during the quarter, including $110 million in real estate acquisitions and $16 million in real estate loan fundings, and increased its quarterly dividend by one cent to $0.68 per share. Omega also sold 26 facilities for $563 million, recognizing a gain of $246.5 million, and received $172 million in loan repayments. CEO Taylor Pickett noted that the favorable operating backdrop and strong pipeline position the company for outsized shareholder returns.

Welltower reported second-quarter 2026 normalized funds from operations of $1.60 per share, beating the Zacks Consensus Estimate of $1.55 by 3.23% and rising 25% year over year. Total revenues of $3.54 billion surpassed the consensus mark of $3.43 billion by 3.41% and increased 39.1% from a year earlier, driven by same-store net operating income growth in the seniors housing operating portfolio. The SHO portfolio delivered same-store NOI growth of 20.5%, marking the 15th consecutive quarter of at least 20% growth, with same-store revenues up 9.2% to $1.82 billion and average occupancy improving 330 basis points to 89.4%. Management raised its full-year 2026 normalized FFO guidance to a range of $6.36 to $6.44 per share and increased the quarterly dividend by 15% to 85 cents per share.

The Government Pension Fund has officially declared its commitment to achieving net zero greenhouse gas emissions, setting out guidelines to reduce emissions within the organization, aligning its investment portfolio with a low-carbon economy, and using its role as an institutional investor to push investee companies toward sustainable business practices. The announcement was made at the GPF Sustainability Forum 2026, an international platform organized by the GPF to foster collaboration in addressing the challenges of climate change and the transition to an aging society. Representatives from leading organizations such as the World Bank, the Stock Exchange of Thailand, and the University of Oxford participated in exchanging views. The forum agreed that climate change and the silver economy are megatrends requiring accelerated investment in infrastructure, transition finance, and businesses catering to the elderly. Additionally, an Executive Roundtable was held, proposing the development of a Silver Taxonomy as a common standard for classifying elderly-focused projects, and promoting blended finance mechanisms to concretely accelerate the growth of the aging economy.

The average retiree household spends $5,119 a month while Social Security provides just $2,081, leaving a roughly $3,000 monthly gap that must be covered by savings, home equity, and other income. Housing and healthcare dominate retiree budgets, together accounting for 34.7% of total personal consumption, and the 2026 cost-of-living adjustment of 2.8% trails headline PCE inflation of 4.1%, with energy costs surging 24.3% year over year. Retirees are closing the shortfall through investment income, which nationally reached $4,281.5 billion in the first quarter of 2026, and home equity, supported by the S&P CoreLogic Case-Shiller National Home Price Index hitting 332.7 in April 2026. Delaying Social Security to age 70 raises benefits roughly 8% per year, while claiming at 62 cuts them by up to 30%, making claiming age a critical lever. The gap is growing in real terms as inflation outpaces the COLA, particularly in housing, healthcare, and energy, categories retirees cannot easily trim.

Toll Brothers announced its newest luxury 55-plus community, Regency at Valley Creek, is now open in Exton, Pennsylvania. The master-planned community features 317 homes across three collections of townhome and single-family designs with first-floor primary bedroom suites, set on approximately 100 acres bordered by more than 700 acres of preserved open space. Townhome designs in the Carriages and Villa collections range from approximately 2,200 to over 2,500 square feet with pricing starting from the low $700,000s, while single-family homes in the Estates collection range from approximately 2,800 to over 3,000 square feet and are priced from $1 million. Amenities include a private clubhouse with a fitness center, pool, pickleball and bocce courts, fire pit, and event lawn, along with lawn care and snow removal for a low-maintenance lifestyle. The community is located near shopping and dining in Exton, West Chester, Malvern, and King of Prussia, with easy access to Routes 202, 30, and Interstate 76.

Publicly announced seniors housing and care acquisitions reached 240 deals in the second quarter of 2026, a 25.7% increase from 191 deals in the same period last year, according to data from LevinPro LTC. The total was nearly identical to the 241 transactions announced in the first quarter of 2026. Excluding foreign transactions, U.S. deals totaled 205 in Q2:26, compared with 207 in Q1:26 and 144 in Q2:25. The dollar volume spent on Q2:26 transactions was $3.89 billion, relatively consistent with $3.95 billion in Q1:26, and up 55.6% from $2.5 billion in Q2:25 when excluding a single large foreign deal. Assisted living accounted for 50.4% of Q2:26 deals, followed by skilled nursing at 35.8%, with independent living, CCRCs, affordable senior apartments, and active adult making up the remainder.

Capital Square has fully subscribed its CS1031 Richmond Active Living Apartments DST, a Regulation D private placement that raised equity from 108 investors. The Delaware statutory trust holds a 165-unit, Class A, age-restricted multifamily community in the Short Pump suburb of Richmond, Virginia. The offering drew demand amid major corporate expansions in the region, including Eli Lilly's $5 billion manufacturing facility and the LEGO Group's more than $1 billion carbon-neutral factory. The property, Everleigh Short Pump, features one- to three-bedroom units averaging 1,001 square feet with premium finishes and amenities such as a heated pool and yoga studio. Capital Square cited the growing 55-plus demographic, with over 30% of residents within a five-mile radius aged 55 and older, and a local unemployment rate of 3.4% as factors supporting the investment.

An estimated 70% of people who live to age 65 will need long-term care, yet Medicare does not cover custodial care such as help with bathing or dressing. The median annual cost for a nursing home shared room is $114,975, while a private room reaches $129,575, according to CareScout. In-home non-medical care averages $80,080 per year, and assisted living costs $74,400. Individuals can either buy long-term care insurance, ideally in their 50s or early 60s to lock in lower premiums, or self-insure by setting aside dedicated retirement funds.

Welltower CEO Shankh Mitra transformed the real estate investment trust into a $160 billion giant focused on senior-living communities, with shares climbing from around $40 to more than $200 in six years. During the pandemic, he launched a $40 billion buying spree across North America and the U.K., acquiring 2,500 facilities that offer independent living, assisted living, and memory care. The properties are operated by partners such as Sunrise Senior Living and Atria Senior Living, and are concentrated in affluent areas with dense older populations, like a Manhattan residence where monthly fees start at $15,330. Mitra’s $821 million compensation package, contingent on performance targets, drew comparisons to Elon Musk’s pay, while industry data shows senior housing was the most profitable real estate sector last year with returns hitting 7% and occupancy at record highs amid surging demand from an aging population.

New research from Visa Business and Economic Insights finds that the great wealth transfer is already influencing major financial decisions, with approximately $36 trillion expected to pass from baby boomers to Gen X and millennial households over the next 20 years. After accounting for debt, retirement spending, taxes, and excluding the top 1 percent of households, the transferable amount is a fraction of boomers' $93 trillion in assets. Nearly 75 percent of inheritance recipients already have a higher net worth, meaning $28 trillion of the $36 trillion is likely to be saved or invested, while the remaining $8 trillion is expected to flow into consumer spending, providing a targeted lift concentrated in autos, housing, travel, and retail. The transfer is already underway, with one in four millennial homeowners receiving parental down payment assistance and skip-generation travel rising as boomers increasingly choose to share their wealth earlier.

The Ensign Group has acquired the real estate and operations of two Texas skilled nursing facilities, effective July 1. The acquisitions include Las Ventanas de Socorro, a 126-bed facility in Socorro, and Los Arcos del Norte Care Center, a 124-bed facility in El Paso. With these additions, Ensign's portfolio now totals 398 healthcare operations, including 48 senior living operations, across 17 states, while its subsidiaries own 183 real estate assets.

Healthcare real estate investment trusts are gaining attention as a long-term bet on aging demographics. Senior housing occupancy in the 31 primary U.S. markets reached 89.5% in the first quarter of 2026, marking the 19th consecutive quarter of growth, while inventory growth slowed to a record low. Welltower, CareTrust REIT, and LTC Properties are among the companies well-positioned to benefit from these trends through expanding senior housing exposure and improving cash flows. Welltower highlighted unprecedented demand and historically low new supply during its first-quarter 2026 earnings, while CareTrust noted demographic tailwinds and improving occupancy, and LTC Properties emphasized favorable trends and disciplined investment underwriting.

Toll Brothers has announced the release of new home sites in the Meadow and Orchard Collections at Regency at Santa Rita Ranch, a 55+ community in Liberty Hill, Texas. The new phase offers single-family home designs ranging from 1,599 to over 3,568 square feet, with prices starting in the mid-$300,000s. The community features resort-style amenities including nine pickleball courts, bocce courts, a luxury clubhouse, a fitness center, and walking trails, plus access to the award-winning Santa Rita Ranch master plan amenities. Located less than 35 miles from downtown Austin, the community provides convenient access to entertainment, dining, and outdoor recreation. Toll Brothers is the nation's leading builder of luxury homes and a Fortune 500 company.

KeyBank has provided a total of $56 million in financing for Clover Glen II, a new 96-unit affordable housing project for seniors aged 55 and older in Galloway, Ohio. The financing package includes a $16.5 million taxable construction loan, a $9.4 million federal low-income housing tax credit equity investment, and an $8.2 million state low-income housing tax credit investment from KeyBank Community Development Lending and Investment, along with an $8.2 million Freddie Mac permanent loan from KeyBank Commercial Mortgage Group and $13.82 million in tax-exempt bonds underwritten by KeyBanc Capital Markets. The project, developed by National Church Residences, will feature one-bedroom units with senior-oriented design and amenities such as a fitness center and clubhouse, with rents restricted to households earning between 50% and 70% of area median income.