Brookdale Senior Living, Atria Senior Living and LCS have again maintained their top three positions as the largest senior living providers.
That’s according to the latest Argentum 150 report, which the industry association released June 26. The report covers the 150 largest senior living providers in the United States, along with highlighting the biggest changes since the release of the 2023 report.
Brentwood, Tennessee-based Brookdale saw a decrease in its total unit count since last year’s report, dropping to 54,328 in 2024, down from 55,430 in 2023. But that wasn’t enough to knock the company from its no. 1 ranking.
Louisville, Kentucky-based Atria also experienced a decrease of total units, to 38,007, down from 42,501, according to the report. Atria recently appointed a new CEO, Holly Belter-Chesser, and is looking into the prospect of being able to allow future residents to complete the senior living process entirely online.
Des Moines, Iowa-based LCS was the only one of the top three which saw an increase in total unit count, going to 32,710 in 2024 from 31,523 units in 2023. LCS has in 2024 focused on a variety of initiatives, including bolstering data science capabilities and overhauling memory care options in order to prepare for the incoming baby boomers.
New to the top five this year is Discovery Senior Living, which moved up from the no. 7 last year with an increase to 30,355 units in 2024, up from 14,660 units the year prior. That growth is linked to the acquisition of Integral Senior Living, which was finalized in June last year.
Erickson Senior Living saw a decrease in total unit count, dropping from fourth to fifth place with 24,326 units in 2024. Erickson recently opened a new community earlier this year and has multiple communities currently under development.
Among all of the operators on the list, Retirement Unlimited, Inc. saw some of the largest growth in total unit count, jumping from 72 to 17 with a total of 8,063 units. The operator announced a merger with Brandywine Living in late 2023.
Looking ahead, the industry is poised for further growth due to favorable approaching demographics with demand despite a lack of interest rate cuts that were anticipated earlier this year.
“As we approach midyear, the ‘higher for longer’ mantra appears to be sticking with us, as it has become evident that waiting for interest rate cuts is no longer a prudent strategy,” Aaron Becker, senior managing director and head of seniors housing and healthcare for Lument wrote in the report. “Instead, those who can achieve their objectives and close favorable deals now should do so, as it’s feasible that future rate movements may be upward.”
James Balda, president and CEO at Argentum, noted the report highlights the overall growth and stability of senior living providers.
Companies featured in this article:
Atria Senior Living, Brookdale Senior Living, Discovery Senior Living, Erickson Senior Living, LCS, Retirement Unlimited