U.S. Senior Housing REITs: The Quarterly Checkup - 2Q‘26

Research evidence excerpt

U.S. Senior Housing REITs: The Quarterly Checkup - 2Q‘26

Global Research

16 July 2026ab

U.S. Senior Housing REITs Equities

AmericasThe Quarterly Checkup - 2Q'26

Real Estate

Michael Goldsmith

Our take: Latest data reinforce a compelling outlook for senior housing REITs Analyst

Overall, we believe senior housing fundamentals remain very favorable. Bloomberg michael.goldsmith@ubs.com

Intelligence data for primary-market independent living and assisted living communities +1-212-713 2951

show occupancy approaching pre-COVID peaks, rent growth remaining well above Justin Haasbeek

historical averages, and new supply continuing to track near record lows. While growth Associate Analyst

rates have moderated slightly, the combination of strong demand and limited supply justin.haasbeek@ubs.com

should continue to support robust operating performance across the sector. +1-212-713 2014

Ami Probandt

Occupancy growth remained robust despite approaching pre-COVID peak

Analyst

levels. In 2Q'26, industry occupancy increased +193 bps year-over-year, ami.probandt@ubs.com

compared to 1Q'26 of +233 bps and 2Q'25 of +231 bps. Importantly, multi-year +1-212-713 2078

occupancy trends remained stable, with the 2Q'26 two-year stacked occupancy

Connor Mitchell

gain of +423 bps compared to 1Q'26 of +440 bps and the 2Q'26 three-year

Associate Analyst

stacked gain of +654 bps compared to 1Q'26 of +671 bps. We view the 2Q'26 connor.mitchell@ubs.com

year-over-year occupancy increase of +193 bps as particularly encouraging given +1-212-649 8246

industry occupancy reached 89.9% in 2Q'26, just 30 bps below the pre-COVID

Anna O'Neil

peak of 90.2%. As communities approach full occupancy, operators are

increasingly able to shift their focus from driving occupancy gains toward anna.oneil@ubs.com