1、ResearchInvestor Survey and Trends OutlookSeniors Housing&CareUnited States|2023Corso Atlanta2|Seniors Housing&Care|2023 Investor Survey and Trends Outlook 2023 Jones Lang LaSalle IP,Inc.All rights reserved.Report highlightsPricing uncertainties limited capital markets activity in the second half of

2、 2022 and will continue at least through H1 2023Capitalization rates are increasing as the cost of debt risesInterest in seniors housing still remains strong as investors seek higher yields from alternative asset classesMarket fundamentals are recovering with rising occupancy and still limited const

3、ructionReport highlights2Capital markets3Property markets8Market outlook16JLL Valuation Index17Investor survey results18Want more information?23Aegis Lake Union3|Seniors Housing&Care|2023 Investor Survey and Trends Outlook 2023 Jones Lang LaSalle IP,Inc.All rights reserved.Capital marketsWhile H2 20

4、21 and H1 2022 recorded a bounce back in seniors housing transaction volume from the pandemic,Q3 2021 recorded the slowest quarter since Q2 2020.Investment volumes totaled$761 million,down 85%year-over-year,and the rolling four-quarter total was down 37%from Q3 2022.The uncertain economic climate pl

5、ayed a major role in declining sales volumes.As treasury rates more than doubled from 2021 to 2022,the cost of borrowing increased,changing the economics for seniors housing investments.Interest rates now range from 5.25%for Agency and Life Company debt up to over 8%for debt funds.Coverage ratios ar

6、e also increased 5-10%as lenders become more cautious and balance sheet capacity shrinks.Cap rates for seniors housing have also risen 80bps since Q3 2021,according to NIC data.Spreads between the 10yr UST and Seniors Housing cap rates have narrowed to just over 200bps.Investors are favoring smaller