LeadingAge Ziegler LZ200 Released; Insights, Trends, and Analyses in 22nd Edition

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Composite increases in assisted living, memory care and stand-alone independent living properties offset life plan communities' continued decline as a total percentage of 'unit mix' holdings

The 22nd edition of the LeadingAge Ziegler LZ200, issued September 10, 2025, offers many valuable insights, trends and analyses within its 270 pages.

Key findings, found on page 16, include:

1) The top 10 LZ200 organizations - which notably did not change in ranking status this year - together represent almost 30% of the total number of residential units in 2024;

2) the average growth rate over the last 10 years, 2.3%, is due to independent living (IL) and assisted living (AL) unit growth; skilled nursing facility (SNF) beds saw a consistent decline;

3) that growth has primarily been the result of campus expansions or merger and acquisition (M&A) activity (as opposed to the construction of brand-new communities) along with a divesture of SNF facilities and beds;

4) while 46% of LZ200 organizations offer some form of home-and- community-based services (HCBS) to non-residents (an overall growth year over year), continuing care at home specifically saw a 4% decline of LZ200 organizations offering this program, to 12% for 2024;

5) while Pennsylvania hosts the largest number of corporate headquarters (29) and life plan communities (LPCs) (92) Minnesota actually has the most total communities, at 248;

6) technology adoption continues to rise among the LZ200 organizations and participation in joint ventures or partnerships collectively is now at 49%.

"Our 2025 report demonstrates the significant role that LeadingAge nonprofit member organizations play in the aging services field. From the oldest to the newest, the largest to the smallest, each organization has a unique story that includes commitment, community engagement, stewardship, resilience, and a reputation for excellence," said Katie Smith Sloan, president and CEO of LeadingAge, in a press release announcing the report's findings. "As innovators, problem-solvers and standard-bearers in serving older adults and families, our nonprofit and mission-driven members truly shape the sector.

Other key highlights include: Eventide, Tabitha and Sun Health had the greatest upward movement, each at +39 in the rankings; National Senior Campuses (ranked #1) saw the greatest increase in total 'units' at +1,458.

Down from a high point in 2012 of 53.3%, LPCs as a total percentage of 'unit mix' holdings showed a continuation of the multi-year decline to 41.7%.

Composite increases in AL, Memory Care and stand-alone IL properties offset that downward shift. More than half (55%) of LZ200 communities are located within the same single state, while 9% are distributed nationally; other multi-state location distribution stats are further illustrated on page 92. Not surprisingly, 80% of the largest 10 LZ 200 organizations have a national community distribution.

A detailed listing of the Fitch and S&P rated LZ 200 organizations can be found on pages 100-103; notably, 16 organizations have a "A" Fitch rating, and 28 are "BBB" rated. Thirty entities (21%) of the total LZ200 organizations have an annual net revenue of >$200 million.

An interesting breakdown of C-Suite positions added in 2024 is offered on page 111, with the most common addition entitled "Chief Resident Services/ Healthcare" officer. Corporate staffing changes are outlined on page 112-3.

A multitude of other key and intriguing data points and analyses are offered; colleagues from Ziegler will be joining upcoming LPC network calls and webinars to expound further on the findings.

Find the full report here.