1、AN INTRODUCTION OF ACTIVE RETIREMENT COMMUNITIES(ARC)IN UNITED STATES美国活跃长者住宅社区（ARC）介绍Chapter One The Growth and Development of Retirement Communities in the U.S.第一章第一章 长者住宅长者住宅社区在美国的成长与开发状况在美国的成长与开发状况Driving forces of senior housing growth of senior population and wealth长者住宅的驱动力 老年人口的增加与财富的增长Multi-
2、dimensions of senior housing service is an unique element distinguishing it from general housing 长者住宅的多面性 服务是长者住宅与普通住宅的独特区别The right community for the right population 适用于合适人群的合适社区There are general service and pricing guidelines that define and distinguish the various forms of senior housing下表定义和区分了
3、各种不同形式的长者住宅的一般服务和定价准则Types of senior housing:Independent/Semi-Dependent/Dependent长者住宅的类型：独立型/半依赖型/依赖型The fund is focused on assisted living within the senior care market基金投资于老年市场中的辅助生活型住宅Types of senior housing:Independent/Semi-Dependent/Dependent长者住宅的类型：独立型/半依赖型/依赖型2005 Resident Turnover Rate by Co
4、mmunity Type2005年不同社区类型的居住周转率 Size Distribution of Retirement Communities by Number of Units/Beds2005年长者社区单元数量的大小配置1.The fast growth rate of senior population老年人口的快速增长率2.The growing demand of seniors need for services老年人对服务需求的不断增加3.The short supply of senior housing units长者住宅供应的短缺A Good investment良好
5、的投资机会：1.The fast growth rate of senior population老年人口的快速增长率2.The growing demand of seniors need for services老年人对服务需求的不断增加3.The short supply of senior housing units长者住宅供应的短缺 Most well developed CCRC have wait list Trends in senior housing market长者住宅市场的发展趋势：1.The older population has a continued inter
6、est in home ownership for tax advantage.由于税收的优惠政策，老年人口总是希望能保持自己拥有的住宅。2.The developer/operator wants to maintain the rental format over service oriented senior housing.对于以服务为导向的长者住宅，开发商/运营商希望保持租赁的模式3.Service packages more optional services and fewer mandatory ones服务组合 更多可选服务项目、更少的必选服务项目CCRC Service C
7、ontract Types 2005 持续照顾长者社区服务合约类型2005Ownership Type of All Communities 20052005年所有社区的所有权类别 Type类型 Independent Living独立型生活社区 CCRC持续照顾长者社区 Assisted Living辅助型生活社区 All全部 Private for Profit赢利性私人公司 73.4%29.8%82.6%72.5%Public Held公共机构 19%29.8%14%18.2%Non for Profit非赢利性机构 7.2%40.4%2.3%8.7%Unknown未知 0.4%0%1.
8、1%0.6%100%100%100%100%4.New payment mechanisms refundable entrance fees 新型的付款机制 可退还的社区进入费5.Nonprofit vs.for-profit competing on both upper and lower markets 非盈利经营 vs.盈利经营 在高端市场和低端市场都展开竞争 Factors contributing to the average age increase:People are healthier,longer,therefore,need/want more supportive
9、services later in lifeWant to stay in own home as long as possible.Rental and entry fee options are quite expensive over time.Increase desire for home ownership yet few/if any equity independent living options exist6.The average age of independent living move-ins has increased 独立型入住者的平均年龄增加导致平均入住年龄增
10、大的因素:人们更加健康、长寿，因此，在生命的晚年，需要/想要更多的援助服务想尽可能地留在自己的家庭中租金和入住选择方案越来越贵希望拥有所有权的想法增加，然而市场上几乎没有任何独立产权的生活设施 7.There are few for-sale senior communities that are not AARC 2001 绝大多数供出售的长者住宅区都是AARC的模式8.Declining senior housing construction and cap rates-Improved supply/demand balance has driven up NOIs 长者住宅建造和投资收
11、益率的下降 改善了供求平衡，提高了净收益8.Declining senior housing construction and cap rates-Improved supply/demand balance has driven up NOIs 长者住宅建造和投资收益率的下降 改善了供求平衡，提高了净收益9.Large operators are consolidating the industry 大型运营商正在不断整合这一行业Chapter Two Determining Market Areas and Operational Considerations第二章第二章 决定市场区域和运
12、作的考虑因素决定市场区域和运作的考虑因素Site selection most senior now desire to live relatively close to where they reside prior to moving to a retirement community项目基地选址 大多数老年人都希望居住地点与其搬到长者住宅社区之前的居住地点相对靠近Market areas市场区域Distribution of Seniors Housing&Long Term Care Units/Beds Under Construction in New Prosperities 2
13、005新开发房地产项目中在建的长者住宅和长期护理单元/床位的分配情况 Defining the market appeal to a variety of households,distance to home and relationship to family members确定市场 吸引各种不同的家庭，离家的距离和与家庭成员的关系。Market based on presales certain percentage required for opening and financing基于预售的市场 需要一定比例用于启动阶段和筹集资金Radius areas from the site
14、lack of consideration of seniors socioeconomic divisions项目基地的覆盖范围 缺乏对老年人的社会经济划分的考虑Market areas市场区域Census tracks geographic population人口统计记录 地理人口Natural geographic boundaries either physical or psychological barriers自然地理界限 物性障碍或心理障碍Road systems concept of“too far”道路系统 “太远”的观念Unique site to influence
15、residents perception独特的项目基地，影响居民的感知Market areas市场区域Psychological boundaries can be a outright reject to a site心理的界限可能导致对一个项目基地的完全拒绝Influence of sponsorship to draw seniors from distance赞助商的影响力可吸引较远距离的老年人Urban/suburban/rural influence population density varies inversely to the size of market areas.市区
16、/市郊/乡村的影响 人口密度的变化与市场区域的大小呈反向的变化Market areas市场区域Population change dramatic increase of over 65 population,they expect healthier and live longer人口结构变化 65岁以上的人口迅速增加，他们希望能更健康、更长寿Understanding senior population and household trends理解老年人口以及家庭变化趋势：The Baby boomer shift active lifestyle for active seniors婴儿
17、潮转移 活跃长者的积极活跃的生活方式The Baby boomer shift active lifestyle for active seniors婴儿潮转移 活跃长者的积极活跃的生活方式SENIOR HOUSING DEMAND BY PRODUCT CATEGORY按产品分类的长者住宅需求(000)Demographic segmentation to find out groups of seniors who are ready to move in retirement communities人口统计细分 寻找准备搬入长者住宅社区的老人群体Life cycle segmentati
18、on to better position the product within the overall market生命周期细分 在整个市场中对产品做出更好的定位Market segmentation search for socioeconomic and behavioral distinctions市场细分 寻求社会经济区分和行为区分Average or Mean Length of Stay(Months)2005 平均逗留时间（月），2005年 Type类别 Independent Living独立生活式社区 CCRC持续照顾退休社区Assisted Living辅助生活式社区 A
19、ll全部 Independent Living Units独立生活式单元3642.3N/A36.3Assisted Living Units独立生活式单元 2729.719.923Skilled Nursing Beds专业护理床位N/A23622.6Generational segmentation cultural backgrounds代际细分 文化背景Market segmentation search for socioeconomic and behavioral distinctions市场细分 寻求社会经济区分和行为区分Psychological segmentation Ho
20、using preferences心理细分 住宅偏好Geographic locations potential market draw area地理位置 潜在的市场覆盖区域Status of facilities operational or planning设施状况 运营的或规划中的Level of care and services-independent or assisted living,all including life care or fee for service care照顾与服务水平 独立生活或者辅助生活，都包括健康照顾或收费服务照顾Pricing right pric
21、e for right people定价 为合适的人制定适宜的价格Competitor analysis 竞争对手分析:Occupancy level and wait lists percentage of occupancy indicates the demand for product入住水平和等候名单 入住率体现了对产品的需求状况Age of Communities 2005 2005年社区年龄 Independent Living独立生活式社区 CCRC持续照顾退休社区 Assisted Living辅助生活式社区 Year Opened开盘时间 Year Opened开盘时间Ye
22、ar Opened开盘时间Unknown未知 1.2%Unknown未知14.2%Unknown未知0.6%Before 198611.4%Before 198623.9%Before 19861.9%1986-8932.6%1986-8920.7%1986-893.6%1990-9519.5%1990-9523.8%1990-952.6%1996-9915.5%1996-998.3%1996-9955.9%2000-0319.8%2000-039.1%2000-0335.4%100%100%100%Plan for expansions and changes affecting the f
23、uture market 扩建和改建计划 影响着将来的市场Major investors主要投资者Major operators主要运营商Cost of development land,site improvement,construction,marketing,design fees,legal and accounting,financing and developer costs开发成本 土地、项目基地改造、建造、市场营销、设计费、法律和会计及融资和开发商成本。Financial screening criteria CCRC:50 to 60%of household income
24、,Assisted living:75 to 80%household income财务筛选标准-CCRC:家庭经济收入的50%到60%，辅助生活型：家庭经济收入的75%到 80%Financial guidelines developed by major credit-rating agencies for risk assessment财务准则-由主要的信用评级机构制定，用于风险评估Financial analysis财务分析Operating Margin by Community Type2005年不同类型社区的运营利润Fixed expenses administrative co
25、sts,real estate taxes,depreciation,financing,utilities and min.staff level固定费用 管理成本、房地产税、折旧费、融资费、公用设施费和基本员工费用。Variable expenses salaries/benefits,food,and services变动费用 工资/福利、餐饮和服务费用。Operating expenses运营费用CCRC Residences-Per Occupied Unit 2005,Sorted by Individual Line Item持续照顾长者社区每个入住单元，2005年CCRCs-P
26、er Occupied Unit-Sorted by Individual Line Item 2005持续照顾长者社区持续照顾长者社区每个入住单元每个入住单元按单项分列按单项分列2005年年LOWER DECILE低十分位低十分位LOWER QUARTILE低低四分位四分位MEDIAN中值中值UPPER QUARTILE高四分位高四分位UPPER DECILE高十分位高十分位REVENUE CATEGORIES收入类别收入类别TOTAL REVENUE总收入总收入$23,433$37,604$44,842$50,092$58,477 RENT/FEE REVENUE BY CARE LEVE
27、L(BY ALL OCCUPIED UNITS/BEDS)按照顾等级分列的租金/费用收入（针对所有的入住单元/床位）INDEPENDENT独立式独立式Base Rent/Fees基本租金/费用7805124841732224825278852nd Occupant Base Rent/Fees第二入住者基本租金/费用201524169023222988ASSISTED,INCLUDING DEMENTIA)辅助式（包括痴呆症护理）辅助式（包括痴呆症护理）Base Rent/Fees(for all levels)基本租金/费用（针对所有照顾等级）162727354098726197992nd
28、Occupant Bast Rent/Fees第二入住者的基本租金/费用284573105268Acuity-based Care Fees基于急性病的护理费用146NURSING护理护理Base Rent/Fees基本租金/费4469687093911377323065Ancillary Revenues副收入13641298624346178OTHER REVENUES其它收入其它收入Net Cash From Entrance Fees入住费的纯现金收入1065443986581151818714Interest Income利息收入62252610672594All Other Ope
29、rating Income所有其它运营收入396697108724724018OPERATING EXPENSE CATEGORIES运营费类别运营费类别 TOTAL OPERATING EXPENSES总运营费总运营费1861230545345483817543802LABOR RELATED劳动力相关费用劳动力相关费用 Administrative行政管理费 541888120314682411Dietary饮食费用15222307276036434615Housekeeping内务费用568798103916061967Maintenance维护费36942871814381696Ass
30、isted Living Labor辅助生活式用工费用379282136918062705Nursing Labor护理用工费用22863789562768858741Marketing 营销费150286444561772All Labor in Other Departments其它部门所有劳动力费用454700129028725314Payroll Taxes工资税7641141136015581760Employee Benefits员工福利10321445197127364039LABOR RELATED TOTAL劳动力相关费用总计劳动力相关费用总计1005617031193032
31、170324346NON-LABOR RELATED非劳动力相关费用非劳动力相关费用Property Taxes物业税313767130917242600Property/Liability Insurance物业/债务保险20841075010631924Raw Food 食品原材料费用10451763201124542927Utilities公共社区设施费用 10441357198824092793Marketing/Advertising营销/广告费134268424619986Repairs&Maintenance修理和维修费 37655583611842072Housekeeping
32、内务费107157210325614Total Management Fees管理费总计9381158186122792960All Other Operating Expenses所有其它运营费用17812676468564289363ALL CORPORATE AND/OR所有公司和所有公司和/或或OTHER OVERHEAD EXPENSES其它管理费其它管理费81149158156111274NET OPERATING INCOME纯运营收入纯运营收入852302488821346516542DEBT SERVICE/LEASE PAYMENTS偿本付息偿本付息/租金付款租金付款123
33、427874442669411936REPLACEMENT RESERVE重置储备金重置储备金5201090159824926891NET CASH FLOW净现金流净现金流39029702359549715398Entrance fees and condo purchase fees upfront payment before occupancy社区进入费和公寓购买费 入住前支付Monthly service fees contractual arrangement每月服务费 合约约定Second person occupancy fees Independent living has
34、a high second occupancy第二人入住费 独立生活型第二人入住费较高Revenue收入Additional services meals,accommodations,housekeeping and transportation其它服务 就餐、居住设施、家政和交通Healthcare unit life care monthly fee保健单位 每月生活护理费Non-operating revenue interest and contribution非营业收入 利息和捐赠Revenue收入All Independent Living Communities(Both IL
35、 only and IL/AL)-Per Occupied Unit-Sorted by Individual Item 2005 所有独立生活式社区（包括仅独立生活式和独立式/辅助生活式两种）每个入住单元按单项分列2005年All Independent Living Communities(Both IL only and IL/AL)-Per Occupied Unit-Sorted by Individual Item 2005所有独立生活式社区（包括仅独立生活式和独立式所有独立生活式社区（包括仅独立生活式和独立式/辅助生活式两种）辅助生活式两种）每个入住单元每个入住单元按单项分列按单
36、项分列2005年年LOWER DECILE低十分位低十分位LOWER QUARTILE低四低四分位分位MEDIAN中值中值UPPER QUARTILE高四分位高四分位UPPER DECILE高十分位高十分位REVENUE CATEGORIES收入种类收入种类TOTAL REVENUE总收入总收入$21,431$25,122$30,613$38,164$46,288 RENT/FEE REVENUE BY CARE LEVEL(BY ALL OCCUPIED UNITS/BEDS)各护理级别的租金各护理级别的租金/费的收入（所有入住单元费的收入（所有入住单元/床位）床位）INDEPENDENT独
37、立式独立式Base Rent/Fees基本租金/费$14,275$19,309$23,454$28,316$35,053 2nd Occupant Base Rent/Fees第二入住者的基本租金/费2143264937271048ASSISTED(INCLUDING DEMENTIA)辅助式（包括痴呆护理）辅助式（包括痴呆护理）Base Rent/Fees(for all levels of care)基本租金/费18033019787713331196472nd Occupant Bast Rent/Fees第二入住者的基本租金/费3185130271463Acuity-based Car
38、e Fees基于急性病的护理费3181058225637965743NURSING护理护理Base Rent/Fees基本租金/费Ancillary Revenues副收入OTHER REVENUES其它收入其它收入Net Cash From Entrance Fees入住费的纯现金收入471322265181998Interest Income利息收入141559520All Other Operating Income所有其它运营收入17836070113271949OPERATING EXPENSE CATEGORIES运营费类别运营费类别TOTAL OPERATING EXPENSES
39、总运营费总运营费1418917030209562593532066LABOR RELATED劳动力相关费用劳动力相关费用Administrative行政管理费 606861119316852362Dietary饮食费用16771983239429083558Housekeeping内务费用4425636848691110Maintenance维护费276374501691867Assisted Living Labor辅助生活式用工费用10361447228535815100Nursing Labor护理用工费用246465105731176646Marketing 营销费3054186038
40、811131All Labor in Other Departments其它部门所有劳动力费用31653478911541697Payroll Taxes工资税40658879699012002Employee Benefits员工福利511807121519062423LABOR RELATED TOTAL劳动力相关费用总计劳动力相关费用总计57178024107971327815845NON-LABOR RELATED非劳动力相关费用非劳动力相关费用Property Taxes物业税602860121017692395Property/Liability Insurance物业/债务保险2
41、4544273010451451Raw Food 食品原材料费用12831562181020692371Utilities公共社区设施费用 10651317156119432282Marketing/Advertising营销/广告费3374165828131128Repairs&Maintenance修理和维修费 48164287211391566Housekeeping内务费5675118178292Total Management Fees管理费总计10001207157320052656All Other Operating Expenses所有其它运营费用72710661509208
42、53752ALL CORPORATE AND/OR所有公司和所有公司和/或或OTHER OVERHEAD EXPENSES其它管理费其它管理费8913725811723542NET OPERATING INCOME纯运营收入纯运营收入3885697798681352817299DEBT SERVICE/LEASE PAYMENTS偿本付息偿本付息/租金付款租金付款2586497469591020515582REPLACEMENT RESERVE重置储备金重置储备金16035469212222067NET CASH FLOW净现金流净现金流582711442954678412628Regulat
43、ions法规Although CCRCs offers assisted living they do not fall under any category regulated senior housing because these facilities are geared toward private pay seniors 虽然持续照顾长者社区提供辅助生活式服务，他们均不属于受管控老年住宅的任何类别，因为这些社区设施均是面向私人付款的长者的Most often,a state will require a provider or promoter to obtain a Certif
44、icate of Authority or some other type of permit or license before being allowed to enter into continuing care contracts with residents or collecting any fees.Generally speaking,the type of regulated activity is the promise to furnish healthcare or assisted living for the life of a resident or an ext
45、ended period in exchange for a prepaid entrance fee,a fixed periodic fee,or both.各州会要求各提供商或发起人在获准与入住居民签订合约或收取任何费用前获取授权证书或许可或执照。一般来说，受管控活动的类型为承诺为入住居民的人生或一个延长期提供健康护理或辅助生活式，以换取入住者支付的一笔预付入住费、固定的定期费用、或这两种费用。Regulations法规Virtually all state statutes require some form of disclosure as part of the license a
46、pplication or registration procedure.Disclosure may have to be made to the state regulatory agency,to residents,or to both.所有州的法令均要求提供一定形式的资料，作为许可申请或注册程序的一部分。为此，可能必须向州管理部门、入住居民、或二者公布资料。Specific types of provisions that may be found in-CCRC disclosure include the following:持续照顾长者社区所须提供的各类具体公布资料包括下列各项
47、：Owners and Operators 业主和运营商Detailed basic information 详细基本信息Information about investors,trustees,officers.Affiliations with other entities or sponsors 有关投资人、托管人、官员的信息，以其它实体或发起人的从属关系Business history 企业史Regulations法规Tax status 纳税情况Criminal record clearances,bankruptcies 无犯罪记录证明，破产History of license a
48、ctivities,fines,suspensions,revocations,denials 许可活动、罚款、停业、注销、和否决历史Services and Fees 服务和费用Facility description 社区设施描述List of services included in regular fee 服务清单，包括常规费用List of optional services 可选服务清单Location of service 服务地点All entrance fees and monthly fees 全部入住费和月费Regulations法规Criteria for changi
49、ng fees,scope of services.History of fee increases费率和服务范围变化标准，费用增加历史Criteria for refunds 偿还标准Health and financial criteria for residency 入住的健康和经济标准Circumstances when a resident may be required to vacate the unit入住居民可能被要求搬出单元的情况Circumstances under which a resident may remain in the unit if he or she
50、becomes impoverished 入住居民陷入贫困状态他或她可能仍留住在单元内的情况Charges in the event of marriage or unit changes 婚配或单元变更情况下的收费Description of resident grievance procedure.Copy of resident contract入住者投诉程序说明，入住合约副本Copy of house rules 住房规则Regulations法规Financial and Marketing Information.Financial feasibility study财务和营销信息
