‘Who Should Own Senior Housing?’

with Piet Eichholtz and Bartosch Wolnicki, Journal of Real Estate Portfolio Management, 2007, 13(3)	Download
Abstract	Spin-offs
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 real estate investment trusts (REITs). This study compares the accounting performance of housing property owned by integrated companies and healthcare REITs. The results of the analysis show that the 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.	‘Zorgvastgoed: Ervaringen uit de VS,’ 2008, Economisch Statistische Berichten (ESB) nr 4523. ‘Vastgoedfonds Geen Generieke Oplossing voor Zorgvastgoed’, Vastgoedmarkt Januari 2008. ‘The Positive Side of Changing Demographics’, 2006, Europe Real Estate Yearbook. ‘Demographics and the Demand for Belgian Real Estate’, 2006, Belgium Real Estate Yearbook.
	Presentations
	Van Lanschot Bankiers, The Hague (2008) Vastgoed Sociëteit Noord Limburg, Netherlands (2008) ULI Annual Europe Conference, Paris (2008) Ernst & Young Real Estate Seminar, Netherlands (2007) IPE Real Estate Investor Forum, Netherlands (2007) ING Real Estate & Boels Zanders Lawyers, Netherlands (2007) Wonen Boven Winkels B.V., Netherlands (2007) Vifa 50+ Aging Conference, St Gallen, Switzerland (2005)