1、AN INTRODUCTION OF ACTIVE RETIREMENT COMMUNITIES (ARC)IN UNITED STATES美國活躍長者住宅社區(qū)（ARC）介紹Chapter One The Growth and Development of Retirement Communities in the U.S.第一章 長者住宅社區(qū)在美國的成長與開發(fā)狀況Driving forces of senior housing growth of senior population and wealth長者住宅的驅(qū)動力 老年人口的增加與財富的增長Multi-dimensions of sen

2、ior housing service is an unique element distinguishing it from general housing 長者住宅的多面性 服務(wù)是長者住宅與普通住宅的獨特區(qū)別The right community for the right population 適用于合適人群的合適社區(qū)There are general service and pricing guidelines that define and distinguish the various forms of senior housing下表定義和區(qū)分了各種不同形式的長者住宅的一般服務(wù)和

3、定價準則Types of senior housing: Independent / Semi-Dependent / Dependent長者住宅的類型：獨立型/半依賴型/依賴型The fund is focused on assisted living within the senior care market基金投資于老年市場中的輔助生活型住宅Types of senior housing: Independent / Semi-Dependent / Dependent長者住宅的類型：獨立型/半依賴型/依賴型2005 Resident Turnover Rate by Community

4、 Type2005年不同社區(qū)類型的居住周轉(zhuǎn)率 Size Distribution of Retirement Communities by Number of Units/Beds2005年長者社區(qū)單元數(shù)量的大小配置1. The fast growth rate of senior population老年人口的快速增長率2. The growing demand of seniors need for services老年人對服務(wù)需求的不斷增加3. The short supply of senior housing units長者住宅供應(yīng)的短缺A Good investment良好的投資機

5、會： The fast growth rate of senior population老年人口的快速增長率The growing demand of seniors need for services老年人對服務(wù)需求的不斷增加3. The short supply of senior housing units長者住宅供應(yīng)的短缺 Most well developed CCRC have wait list Trends in senior housing market長者住宅市場的發(fā)展趨勢：The older population has a continued interest in h

6、ome ownership for tax advantage. 由于稅收的優(yōu)惠政策，老年人口總是希望能保持自己擁有的住宅。2. The developer/operator wants to maintain the rental format over service oriented senior housing.對于以服務(wù)為導(dǎo)向的長者住宅，開發(fā)商/運營商希望保持租賃的模式3. Service packages more optional services and fewer mandatory ones服務(wù)組合 更多可選服務(wù)項目、更少的必選服務(wù)項目CCRC Service Contra

7、ct Types 2005 持續(xù)照顧長者社區(qū)服務(wù)合約類型2005Ownership Type of All Communities 20052005年所有社區(qū)的所有權(quán)類別 Type類型 Independent Living獨立型生活社區(qū) CCRC持續(xù)照顧長者社區(qū) Assisted Living輔助型生活社區(qū) All全部 Private for Profit贏利性私人公司 73.4%29.8%82.6%72.5%Public Held公共機構(gòu) 19%29.8%14%18.2%Non for Profit非贏利性機構(gòu) 7.2%40.4%2.3%8.7%Unknown未知 0.4%0%1.1%0.6

8、%100%100%100%100%4. New payment mechanisms refundable entrance fees 新型的付款機制 可退還的社區(qū)進入費5. Nonprofit vs. for-profit competing on both upper and lower markets 非盈利經(jīng)營 vs. 盈利經(jīng)營 在高端市場和低端市場都展開競爭 Factors contributing to the average age increase:People are healthier, longer, therefore, need/want more supportiv

9、e 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 獨立型入住者的平均年齡增加導(dǎo)致平均入住

10、年齡增大的因素:人們更加健康、長壽，因此，在生命的晚年，需要/想要更多的援助服務(wù)想盡可能地留在自己的家庭中租金和入住選擇方案越來越貴希望擁有所有權(quán)的想法增加，然而市場上幾乎沒有任何獨立產(chǎn)權(quán)的生活設(shè)施 7. There are few for-sale senior communities that are not AARC 2001 絕大多數(shù)供出售的長者住宅區(qū)都是AARC的模式8. Declining senior housing construction and cap rates - Improved supply/demand balance has driven up NOIs 長者住

11、宅建造和投資收益率的下降 改善了供求平衡，提高了凈收益8. Declining senior housing construction and cap rates - Improved supply/demand balance has driven up NOIs 長者住宅建造和投資收益率的下降 改善了供求平衡，提高了凈收益9. Large operators are consolidating the industry 大型運營商正在不斷整合這一行業(yè)Chapter Two Determining Market Areas and Operational Considerations第二章

12、決定市場區(qū)域和運作的考慮因素Site selection most senior now desire to live relatively close to where they reside prior to moving to a retirement community項目基地選址 大多數(shù)老年人都希望居住地點與其搬到長者住宅社區(qū)之前的居住地點相對靠近Market areas市場區(qū)域Distribution of Seniors Housing & Long Term Care Units/Beds Under Construction in New Prosperities 2005新

13、開發(fā)房地產(chǎn)項目中在建的長者住宅和長期護理單元/床位的分配情況 Defining the market appeal to a variety of households, distance to home and relationship to family members確定市場 吸引各種不同的家庭 ，離家的距離和與家庭成員的關(guān)系。Market based on presales certain percentage required for opening and financing基于預(yù)售的市場 需要一定比例用于啟動階段和籌集資金Radius areas from the site la

14、ck of consideration of seniors socioeconomic divisions項目基地的覆蓋范圍 缺乏對老年人的社會經(jīng)濟劃分的考慮Market areas市場區(qū)域Census tracks geographic population人口統(tǒng)計記錄 地理人口Natural geographic boundaries either physical or psychological barriers自然地理界限 物性障礙或心理障礙Road systems concept of “too far”道路系統(tǒng) “太遠”的觀念Unique site to influence r

15、esidents perception獨特的項目基地，影響居民的感知Market areas市場區(qū)域Psychological boundaries can be a outright reject to a site心理的界限可能導(dǎo)致對一個項目基地的完全拒絕Influence of sponsorship to draw seniors from distance贊助商的影響力可吸引較遠距離的老年人Urban/suburban/rural influence population density varies inversely to the size of market areas.市區(qū)/

16、市郊/鄉(xiāng)村的影響 人口密度的變化與市場區(qū)域的大小呈反向的變化Market areas市場區(qū)域Population change dramatic increase of over 65 population, they expect healthier and live longer人口結(jié)構(gòu)變化 65歲以上的人口迅速增加，他們希望能更健康、更長壽Understanding senior population and household trends理解老年人口以及家庭變化趨勢：The Baby boomer shift active lifestyle for active seniors嬰兒

17、潮轉(zhuǎn)移 活躍長者的積極活躍的生活方式The Baby boomer shift active lifestyle for active seniors嬰兒潮轉(zhuǎn)移 活躍長者的積極活躍的生活方式SENIOR HOUSING DEMAND BY PRODUCT CATEGORY按產(chǎn)品分類的長者住宅需求(000)Demographic segmentation to find out groups of seniors who are ready to move in retirement communities人口統(tǒng)計細分 尋找準備搬入長者住宅社區(qū)的老人群體Life cycle segmentati

18、on to better position the product within the overall market生命周期細分 在整個市場中對產(chǎn)品做出更好的定位Market segmentation search for socioeconomic and behavioral distinctions市場細分 尋求社會經(jīng)濟區(qū)分和行為區(qū)分Average or Mean Length of Stay (Months) 2005 平均逗留時間（月），2005年 Type類別 Independent Living獨立生活式社區(qū) CCRC持續(xù)照顧退休社區(qū)Assisted Living輔助生活式社區(qū)

19、 All全部 Independent Living Units獨立生活式單元3642.3N/A36.3Assisted Living Units獨立生活式單元 2729.719.923Skilled Nursing Beds專業(yè)護理床位N/A23622.6Generational segmentation cultural backgrounds代際細分 文化背景Market segmentation search for socioeconomic and behavioral distinctions市場細分 尋求社會經(jīng)濟區(qū)分和行為區(qū)分Psychological segmentation

20、Housing preferences心理細分 住宅偏好Geographic locations potential market draw area地理位置 潛在的市場覆蓋區(qū)域Status of facilities operational or planning設(shè)施狀況 運營的或規(guī)劃中的Level of care and services - independent or assisted living, all including life care or fee for service care照顧與服務(wù)水平 獨立生活或者輔助生活，都包括健康照顧或收費服務(wù)照顧Pricing right

21、 price for right people定價 為合適的人制定適宜的價格Competitor analysis 競爭對手分析:Occupancy level and wait lists percentage of occupancy indicates the demand for product入住水平和等候名單 入住率體現(xiàn)了對產(chǎn)品的需求狀況Age of Communities 2005 2005年社區(qū)年齡 Independent Living獨立生活式社區(qū) CCRC持續(xù)照顧退休社區(qū) Assisted Living輔助生活式社區(qū) Year Opened開盤時間 Year Opened開

22、盤時間Year Opened開盤時間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 chan

23、ges affecting the future market 擴建和改建計劃 影響著將來的市場Major investors主要投資者Major operators主要運營商Cost of development land, site improvement, construction, marketing, design fees, legal and accounting, financing and developer costs開發(fā)成本 土地、項目基地改造、建造、市場營銷、設(shè)計費、法律和會計及融資和開發(fā)商成本。Financial screening criteria CCRC: 50

24、 to 60% of household income, Assisted living: 75 to 80% household income財務(wù)篩選標準 - CCRC: 家庭經(jīng)濟收入的50%到60%，輔助生活型：家庭經(jīng)濟收入的75%到 80%Financial guidelines developed by major credit-rating agencies for risk assessment財務(wù)準則 - 由主要的信用評級機構(gòu)制定，用于風險評估Financial analysis財務(wù)分析Operating Margin by Community Type2005年不同類型社區(qū)的運

25、營利潤Fixed expenses administrative costs, real estate taxes, depreciation, financing, utilities and min. staff level固定費用 管理成本、房地產(chǎn)稅、折舊費、融資費、公用設(shè)施費和基本員工費用。Variable expenses salaries/benefits, food, and services變動費用 工資/福利、餐飲和服務(wù)費用。Operating expenses運營費用CCRC Residences - Per Occupied Unit 2005, Sorted by In

26、dividual Line Item持續(xù)照顧長者社區(qū)每個入住單元，2005年CCRCs - Per Occupied Unit - Sorted by Individual Line Item 2005持續(xù)照顧長者社區(qū)每個入住單元按單項分列2005年LOWER DECILE低十分位LOWER QUARTILE低四分位MEDIAN中值UPPER QUARTILE高四分位UPPER DECILE高十分位REVENUE CATEGORIES收入類別TOTAL REVENUE總收入$23,433 $37,604 $44,842 $50,092 $58,477 RENT/FEE REVENUE BY C

27、ARE LEVEL (BY ALL OCCUPIED UNITS/BEDS)按照顧等級分列的租金/費用收入（針對所有的入住單元/床位）INDEPENDENT獨立式Base Rent/Fees基本租金/費用7805124841732224825278852nd Occupant Base Rent/Fees第二入住者基本租金/費用201524169023222988ASSISTED, INCLUDING DEMENTIA)輔助式（包括癡呆癥護理）Base Rent/Fees (for all levels)基本租金/費用（針對所有照顧等級）162727354098726197992nd Occu

28、pant Bast Rent/Fees第二入住者的基本租金/費用284573105268Acuity-based Care Fees基于急性病的護理費用146NURSING護理Base Rent/Fees基本租金/費4469687093911377323065Ancillary Revenues副收入13641298624346178OTHER REVENUES其它收入Net Cash From Entrance Fees入住費的純現(xiàn)金收入1065443986581151818714Interest Income利息收入62252610672594All Other Operating Inc

29、ome所有其它運營收入396697108724724018OPERATING EXPENSE CATEGORIES運營費類別TOTAL OPERATING EXPENSES總運營費1861230545345483817543802LABOR RELATED勞動力相關(guān)費用 Administrative行政管理費 541888120314682411Dietary飲食費用15222307276036434615Housekeeping內(nèi)務(wù)費用568798103916061967Maintenance維護費36942871814381696Assisted Living Labor輔助生活式用工費用

30、379282136918062705Nursing Labor護理用工費用22863789562768858741Marketing 營銷費150286444561772All Labor in Other Departments其它部門所有勞動力費用454700129028725314Payroll Taxes工資稅7641141136015581760Employee Benefits員工福利10321445197127364039LABOR RELATED TOTAL勞動力相關(guān)費用總計1005617031193032170324346NON-LABOR RELATED非勞動力相關(guān)費用Pr

31、operty Taxes物業(yè)稅313767130917242600Property/Liability Insurance物業(yè)/債務(wù)保險20841075010631924Raw Food 食品原材料費用10451763201124542927Utilities公共社區(qū)設(shè)施費用 10441357198824092793Marketing/Advertising營銷/廣告費134268424619986Repairs & Maintenance修理和維修費 37655583611842072Housekeeping內(nèi)務(wù)費107157210325614Total Management Fees管理費

32、總計9381158186122792960All Other Operating Expenses所有其它運營費用17812676468564289363ALL CORPORATE AND/ OR所有公司和/或OTHER OVERHEAD EXPENSES其它管理費81149158156111274NET OPERATING INCOME純運營收入852302488821346516542DEBT SERVICE/LEASE PAYMENTS償本付息/租金付款123427874442669411936REPLACEMENT RESERVE重置儲備金5201090159824926891NET

33、CASH FLOW凈現(xiàn)金流39029702359549715398Entrance fees and condo purchase fees upfront payment before occupancy社區(qū)進入費和公寓購買費 入住前支付Monthly service fees contractual arrangement每月服務(wù)費 合約約定Second person occupancy fees Independent living has a high second occupancy第二人入住費 獨立生活型第二人入住費較高Revenue收入Additional services me

34、als, accommodations, housekeeping and transportation其它服務(wù) 就餐、居住設(shè)施、家政和交通Healthcare unit life care monthly fee保健單位 每月生活護理費Non-operating revenue interest and contribution非營業(yè)收入 利息和捐贈Revenue收入All Independent Living Communities (Both IL only and IL/AL) - Per Occupied Unit - Sorted by Individual Item 2005 所

35、有獨立生活式社區(qū)（包括僅獨立生活式和獨立式/輔助生活式兩種）每個入住單元按單項分列2005年All Independent Living Communities (Both IL only and IL/AL) - Per Occupied Unit - Sorted by Individual Item 2005所有獨立生活式社區(qū)（包括僅獨立生活式和獨立式/輔助生活式兩種）每個入住單元按單項分列2005年LOWER DECILE低十分位LOWER QUARTILE低四分位MEDIAN中值UPPER QUARTILE高四分位UPPER DECILE高十分位REVENUE CATEGORIES收

36、入種類TOTAL REVENUE總收入$21,431 $25,122 $30,613 $38,164 $46,288 RENT/FEE REVENUE BY CARE LEVEL (BY ALL OCCUPIED UNITS/BEDS)各護理級別的租金/費的收入（所有入住單元/床位）INDEPENDENT獨立式Base Rent/Fees基本租金/費$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/費2143264937271048ASSISTED (INCLUDING DEMENTIA)

37、輔助式（包括癡呆護理）Base Rent/Fees (for all levels of care)基本租金/費18033019787713331196472nd Occupant Bast Rent/Fees第二入住者的基本租金/費3185130271463Acuity-based Care Fees基于急性病的護理費3181058225637965743NURSING護理Base Rent/Fees基本租金/費Ancillary Revenues副收入OTHER REVENUES其它收入Net Cash From Entrance Fees入住費的純現(xiàn)金收入471322265181998I

38、nterest Income利息收入141559520All Other Operating Income所有其它運營收入17836070113271949OPERATING EXPENSE CATEGORIES運營費類別TOTAL OPERATING EXPENSES總運營費1418917030209562593532066LABOR RELATED勞動力相關(guān)費用Administrative行政管理費 606861119316852362Dietary飲食費用16771983239429083558Housekeeping內(nèi)務(wù)費用4425636848691110Maintenance維護費2

39、76374501691867Assisted Living Labor輔助生活式用工費用10361447228535815100Nursing Labor護理用工費用246465105731176646Marketing 營銷費3054186038811131All Labor in Other Departments其它部門所有勞動力費用31653478911541697Payroll Taxes工資稅40658879699012002Employee Benefits員工福利511807121519062423LABOR RELATED TOTAL勞動力相關(guān)費用總計571780241079

40、71327815845NON-LABOR RELATED非勞動力相關(guān)費用Property Taxes物業(yè)稅602860121017692395Property/Liability Insurance物業(yè)/債務(wù)保險24544273010451451Raw Food 食品原材料費用12831562181020692371Utilities公共社區(qū)設(shè)施費用 10651317156119432282Marketing/Advertising營銷/廣告費3374165828131128Repairs & Maintenance修理和維修費 48164287211391566Housekeeping內(nèi)務(wù)費

41、5675118178292Total Management Fees管理費總計10001207157320052656All Other Operating Expenses所有其它運營費用7271066150920853752ALL CORPORATE AND/ OR所有公司和/或OTHER OVERHEAD EXPENSES其它管理費8913725811723542NET OPERATING INCOME純運營收入3885697798681352817299DEBT SERVICE/LEASE PAYMENTS償本付息/租金付款2586497469591020515582REPLACEME

42、NT RESERVE重置儲備金16035469212222067NET CASH FLOW凈現(xiàn)金流582711442954678412628Regulations法規(guī)Although CCRCs offers assisted living they do not fall under any category regulated senior housing because these facilities are geared toward private pay seniors 雖然持續(xù)照顧長者社區(qū)提供輔助生活式服務(wù)，他們均不屬于受管控老年住宅的任何類別，因為這些社區(qū)設(shè)施均是面向私人付款

43、的長者的Most often, a state will require a provider or promoter to obtain a Certificate 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 promi

44、se to furnish healthcare or assisted living for the life of a resident or an extended period in exchange for a prepaid entrance fee, a fixed periodic fee, or both. 各州會要求各提供商或發(fā)起人在獲準與入住居民簽訂合約或收取任何費用前獲取授權(quán)證書或許可或執(zhí)照。一般來說，受管控活動的類型為承諾為入住居民的人生或一個延長期提供健康護理或輔助生活式，以換取入住者支付的一筆預(yù)付入住費、固定的定期費用、或這兩種費用。Regulations法規(guī)Vi

45、rtually all state statutes require some form of disclosure as part of the license application 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資料，作為許可申請或注冊程序的一部分。為此，可能必須向州管理部門、入住居民、或二者公布資料。 Specific types of provision

46、s that may be found in-CCRC disclosure include the following: 持續(xù)照顧長者社區(qū)所須提供的各類具體公布資料包括下列各項：Owners and Operators 業(yè)主和運營商Detailed basic information 詳細基本信息Information about investors, trustees, officers .Affiliations with other entities or sponsors 有關(guān)投資人、托管人、官員的信息，以其它實體或發(fā)起人的從屬關(guān)系Business history 企業(yè)史Regula

47、tions法規(guī)Tax status 納稅情況Criminal record clearances, bankruptcies 無犯罪記錄證明，破產(chǎn)History of license activities, fines, suspensions, revocations, denials 許可活動、罰款、停業(yè)、注銷、和否決歷史Services and Fees 服務(wù)和費用Facility description 社區(qū)設(shè)施描述List of services included in regular fee 服務(wù)清單，包括常規(guī)費用List of optional services 可選服務(wù)清單Lo

48、cation of service 服務(wù)地點All entrance fees and monthly fees 全部入住費和月費Regulations法規(guī)Criteria for changing fees, scope of services .History of fee increases費率和服務(wù)范圍變化標準，費用增加歷史Criteria for refunds 償還標準Health and financial criteria for residency 入住的健康和經(jīng)濟標準Circumstances when a resident may be required to vacat

49、e the unit入住居民可能被要求搬出單元的情況Circumstances under which a resident may remain in the unit if he or she becomes impoverished 入住居民陷入貧困狀態(tài)他或她可能仍留住在單元內(nèi)的情況Charges in the event of marriage or unit changes 婚配或單元變更情況下的收費Description of resident grievance procedure .Copy of resident contract入住者投訴程序說明，入住合約副本Copy of

50、 house rules 住房規(guī)則Regulations法規(guī)Financial and Marketing Information .Financial feasibility study財務(wù)和營銷信息，融資可行性研究Certified financial statements 經(jīng)鑒定的財務(wù)報表Budget projections; source and application of funds預(yù)算計劃，資金來源和申請Actuarial projections (mortality and morbidity) .Startup losses and reserves概率預(yù)測（死亡率和發(fā)病率）

51、，啟動損失和儲備Description of all financing, assets pledged as collateral所有融資說明，擔保資產(chǎn)Bonds, letters of credit 債券、信用證Financial liability of affiliated organizations .Market feasibility study關(guān)聯(lián)機構(gòu)的財務(wù)債務(wù)，市場可行性研究Regulations法規(guī)Sales projections, occupancy rates .Development schedule and expected completion date銷售預(yù)測

52、、入住率，開發(fā)計劃和預(yù)計完成日期Copies of reservation, deposit agreements .Copies of escrow agreements預(yù)訂、押金協(xié)議副本，第三方保存資金協(xié)議副本Part Three: Fee and Occupancy Models第三章：費用和入住模式Nonrefundable entrance fees to fund construction cost and reserve for other variable expenditures, concern about the fairness of nonrefundable fee

53、s partial refunds in event of early withdraw不可退還的社區(qū)進入費 用于建造成本的融資，并預(yù)備其它運作費用，對不退還費用的公平性的關(guān)注 如果早期退出則部分退還Refund entrance fees truly refundable fee vs. declining refund, the growing interest of for-profit developers of retirement communities, because the refundable fee is not treated as taxable income可退還社區(qū)進入費 真正可退還費vs.遞減的退款，長者住宅的盈利型開發(fā)商對此進入費不斷增長的興趣，這是因為可退還費用不視作應(yīng)稅收入。Entrance fee models社區(qū)進入費模式Independent Living獨立生活式社區(qū)CCRC持續(xù)照顧長者社區(qū)As