Operations and Planning of Senior Living and Related Facilities
This fall, the Program in Real Estate conducted a new course titled, “Operations and Planning of Senior Living and Related Facilities”. Through lecture, presentations and a case study, this two-weekend course gave students a primer on the operations and planning of senior living and related facilities. Material covered in this course ranged from the financial structure of related REITs to dining options at assisted living centers that have a gerontological focus. The first weekend’s courses were led by key managers from Brookdale Senior Living. The second weekend’s courses were led by the heads of Signature Healthcare, the International Center for Long Term Care, and Health Care REIT. Geriatric specialists, including both Cornell professors and outside professionals, also talked about how these companies continue to serve their client base today and into the future.
The course began with an overview of the senior living field and industry trends along with an overview of how Brookdale operates in this sector. Specifically, facility locations and opportunities in the hospitality and healthcare segment were discussed. Building on this foundation, trends that have been identified in the last five years were discussed and students heard projections for the coming years. Of particular note, the demographic shift in America and how the aging population will impact the demand of this real estate product type was explored.
Transitioning from the actual facilities to their occupants, Karl Pillemer, Ph.D., Hazel E. Reed Professor in the Department of Human Development and Professor of Gerontology in Medicine at the Weill Cornell Medical College, Director, Cornell Institute for Translational Research on Aging (CITRA), Associate Dean for Extension and Outreach, Human Ecology, spoke about the needs of the aging population as well as means by which society can address and respond to those needs. Thereafter, students learned about programmatic options at facilities. This included mental and physical health and wellness programs as well as dining options. Given the need to reach the proper audience, the professionals also offered best practice in the sales and marketing of the facilities and programs.
The course continued with Joe Steir, the CEO of Signature Healthcare, giving background on how his company is innovating and advancing its mission into the future. Thereafter, financing mechanisms such as REIT financing for acquisition and development of senior living facilities was covered by Stephanie Anderson, Chief Acquisitions Officer of Health Care REIT. This included information from economic metrics of senior housing investments to characteristics looked for in investments to key factors of REIT financing in acquisition and development of senior living facilities. The remainder of the course saw students get more actively involved as they engaged in various senior living case studies and had questions answered in panel discussions.
Victoria Zoghbi, PRE Class 2013, stated that “it was an incredible opportunity to hear from industry leaders such as John Rijos (Brookdale), Stephanie Anderson (Health Care REIT), Bob Kramer (NIC) and Randy Richardson (Vi, Hyatt Senior Housing).” These individuals are highly recognized in the industry. They took time out of their very busy schedules to give students an on-the-ground perspective of senior living facilities. The Cornell Program in Real Estate is strengthened by these professionals along with its evolving curriculum which meets the needs of an always changing industry.
For more information regarding this and other case competitions offered to the Program in Real Estate, please contact the administrative office at (617) 255-7110 or click the link above.