1、ResearchUnited States|Spring 2026Investor Survey and Trends OutlookSeniors Housing and CareMaplewood PortfolioReport Highlights3Capital Markets4Property Markets10Investor Survey Results15Conclusion23Want more information?24Contents2Seniors Housing and Care Investor Survey and Trends Outlook Spring 2

2、026Maplewood PortfolioTransaction Volume Recovery:Rollingfour-quarter transaction reached just over$24B by year-end 2025 its highest levelsince Q2 2015($26B)Cap Rate Trends:Market sentiment has shifted toward cap rate compression over the past several quarters.In addition to decreasing cap rates in

3、Q4 2025,85%of survey respondents expect cap rates to decrease further over the next 12 months a significant increase from 57%just one year ago.This optimistic outlook reflects improvingmarket conditions and investor confidencein the sectors trajectoryOccupancy Recovery:Outside of major West Coast ci

4、ties,most markets have fully recovered to pre-pandemic occupancy levels,with primary markets averaging 89.9%occupancy and secondary markets at 90%in Q4 2025 coinciding with 19 consecutive quarters of positive absorptionSupply Constraints Drive Performance:New construction starts have declined 77%in

5、primary markets and 62%in secondary markets respectively from recent peaks,and have been consistently below the past 10-year averages.Combined with strong demand,this has driven seniors housing rents to grow 28.8%from pre-COVID levels to an average of$5,479 monthlyDemographic Tailwinds:The U.S.80+po

6、pulationis projected to grow 36.6%over the next decade(compared to 5%total population growth),with over 10,000 Americans turning 65 daily,creating unprecedented long-term demandfor seniors housingInvestor Optimism:86%are seeking to increasetheir seniors housing exposure in 2026Report Highlights 301M