Coming out of a development drought, the industry has an optimistic outlook. Plus, what is the changing demographic and capital market structure for the forecast of seniors housing? Lisa McCracken, Head of Research and Analytics of the National Investment Center for Seniors Housing and Care (NIC), gives a preview of topics including middle market, age tech, capital markets, and active adult at the NIC Spring 2025 Conference.

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Intro:

Welcome to season seven of Bridge The Gap, a podcast dedicated to informing, educating, and influencing the future of housing and services for seniors. Powered by sponsors Accushield, Aline, NIC MAP Vision, Procare HR, Sage, Hamilton CapTel, Service Master, The Bridge Group Construction and Solinity. Produced by Solinity Marketing.

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00:36 - 00:51

Lucas McCurdy

Welcome to Bridge the Gap Podcast, a senior living podcast with Josh and Lucas. A great preview for the NIC Spring Conference with a great guest returning friend of the show. We want to welcome Head of Research and Analytics Lisa McCracken. Welcome to the program.

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00:51 - 00:55

Lisa McCracken

Thank you guys. Always good to be with you and excited to talk about 2025.

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00:55 - 01:50

Lucas McCurdy

That's right. That's right. It's amazing that we're already talking about this. We had a great Fall Conference and are already looking forward to it. The Spring Conference is going to be March 5th through seventh, 2025 at the Marriott Marquee in San Diego. It's a great spot. We always look forward to the Spring Conference when it hits the West Coast there. We enjoy getting to see our peers and the people in the industry that are so passionate about this. And, Lisa, there's some difference between spring and fall. For a variety of different ways. So for people that maybe have only attended a few times or maybe they haven't attended, they're looking forward to it. Or, you know, I've even heard some people say, well, I just attend the fall conference or, you know, what would be the reasons and the differences between the fall in the spring conference?

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01:50 - 03:14

Lisa McCracken

Good question. And there is certainly some overlap. I mean, the core of NIC is always going to be seen in our sessions and who attends and so forth. And the combo of networking and educational insights that people can schedule in their day with. But, so our Fall Conference is the larger one of the two, around 3,000 individuals, but we get around 2,000 at our Spring Conference, so it's still a very sizable event for, again, networking and important meetings and to get some insights into what's happening in the sector.

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But the spring has a little different bent to it. And we do have a greater focus on some of the health aspects wellness, prevention, value based care. You're certainly going to see that as people go through the sessions. But, you know, we're going to be talking about our core topics, you know, capital. We're obviously going to be in a new administration in 2025.

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So we’re going to be talking about that. You can't ignore the elephant in the room, for lack of a better term in 2025. But you know, I think we're going to be talking about that. But then, you know, when we hit topics such as, you know, we talk about middle market and Active Adult and age tech, all of them are a little through that lens around care and wellness. So how do you provide care for a middle market, older adult or what data is important when we're talking about value based care? So that's definitely a thread that's a little different in the spring than what you generally see in the fall.

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03:14 - 03:29

Josh Crisp

Well, Lisa, that's exciting. So changing the value proposition, you know, you can't help but to go to NIC’s website and start talking about and looking and booking your hotel. You're going to see that everywhere. So what does that encapsulate? What's the meaning for that big title this year?

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03:29 - 04:51

Lisa McCracken

Yeah, that is the theme around the value proposition for the customer. It's about the value proposition to the customer of tomorrow and also the right capital. And what's that look like in the future? I think everybody acknowledges that, you know, we've got this huge demographic wave upon us and that's great. But what the past looks like, it's not what's going to set us up for success moving forward.

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So, you know, how do we think differently about capital? We actually have a session on valuation, operating companies and bringing capital into operators. And not as much the real estate, which is historically where all the capital is tied into. So, you know, that's a very different lens. And looking forward, in our industry, you know, the value based care and, what that means for senior housing and the role they play in the lives of the adults that live in the communities, you know, that they operate on a daily basis.

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So, it's definitely, you know, acknowledging this repositioning and different line of thinking that we're going to need to really be successful moving forward. We've got the demographic tailwinds, but we need more than that. And, I think that, you know, the sessions and the insights from a really esteemed panel of speakers is going to tee those attendees up for some, you know, really great insights moving forward.

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04:51 - 05:49

Josh Crisp

You touched on investment, to operating platforms, operators, I'm sure for many of our listeners, that perked their ears up. And so that's that that is a change. I think for many it's exciting. And maybe it's like, hey, it's about time, you know, and that's probably a theme. But, you know, because there's so many emerging, new operators, new operating platforms, and I think we're only going to see more of that.

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Real estate development starts to open back up again, hopefully over the coming months and years. What does that look like for a first timer? That's like, okay, now's the time. I've never been to a NIC. I'm going to go to spring. I'm going to go in the fall. You all have a whole kind of, I would say almost onboarding, program for first time operator attendees. Can you tell our audience a little bit about that?

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05:49 - 07:08

Lisa McCracken

Yeah, no, I'm glad that you brought that up, because we have heard over the years and many people say, oh my gosh, you know, I go there and it's a little intimidating because there's thousands of people there and so forth. So we really tried to set up those first time attendees, whether you're an operator or your, you know, a tech company coming into the space or maybe even a new capital partner, there is some new capital at the table that's, you know, has not been in historically.

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So we have some things in advance that we will send to those new attendees. We've got a webinar that you can record you can click on and just get the lowdown of just the set up and the sessions and the schedule. But we also have a First-Time attendee gathering there, and that's always very popular. Not only is it helpful to get the lay of the land, and we've got Nic team members there, volunteers, committee members who help us pull together the conference.

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You know, so you get those folks, but it allows for networking so you can get some early relationships and connections there, which I think is really important for that first time attendee. And, you know, you look back, everybody has their first NIC. Right. And there are many, you know, people that said, I remember that first time and I made these connections and then it really built upon itself and in future conferences and events. So we do have some of those we know who are the first time attendees are. We track them and we provide some support to really make it a meaningful experience for them.

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07:08 - 07:27

Josh Crisp

Well, from a NIC insider and it couldn't be more insider than you. Lisa, what are some key sessions, key speakers that we've got to go ahead and just put the asterisk beside that. We do not want to miss this, NIC, in general, but we want to make sure as we're building our calendars out that we don't miss.

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07:27 - 09:34

Lisa McCracken

Okay. So this is like picking among your favorite children. So okay, so let me cloud a few of them. So you know, I mentioned, you know, we've got this health care lens. But again, the core of NIC is definitely we've got to be talking about some of the capital environment and what's just the outlook for the sector. So we're actually launching the session. Our kickoff mainstage event is actually going to be myself. We've got Arick Morton, the CEO of NIC MAP Vision. We also have gentlemen from the Mortgage Bankers Association, head of research from Harrison Street. So what are they seeing in terms of, you know, capital, accessibility, the future outlook.

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So that's going to be a fun kickoff. I think that's really going to resonate with a lot of our, you know, historical core. Whether you're an operator, capital partner, we do have Joe Coughlin and, and our very own Bob Kramer talking about the customer and the consumer. What is that value proposition? We know Bob is a very vocal advocate around you know, what got you here? We'll get you there. And what the next generation of whether boomers or older adults are going to need. We've got great lineups around value based care. As I mentioned, sessions on active adult, middle market. Again, some additional changing customer preferences. I think it's important to note, too, that we have both the main stage events and again, guest speakers around that.

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And we will be talking about some political commentary as well. But we also have these innovation labs. They've become very popular in recent years. So, you know, you've got several hundred individuals in those mainstage sessions. It's a little less interactive, but once you get into those innovation labs that allows you to interact with the experts, with the panelists, maybe some small table and work group exercises. So what we've really tried to do is marry both of them. And it really depends on, you know, what you're looking for. And, you know, a lot of the main stage events are followed by some of those innovation labs. So we've tried to mix up the education platform a little bit to really resonate with. I think regardless of, you know, who the audience is.

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09:34 - 10:05

Josh Crisp

Amazing information. And, Lucas, I'm just sitting here thinking back, you know, eight years ago, some of our earliest content was captured at the NIC event in Chicago. And for all of these years, you and I have been meeting there. And it's like a reunion of all of our greatest friends in the industry and a welcome party for all of the newest leaders in the industry as well. Is your dance card full yet, Lucas? Because you seem to always have this thing mapped out like a pro.

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10:05 - 10:59

Lucas McCurdy

Well, and it's really only for many, many, many years I've attended the NIC conferences both spring and fall. I'd say close to 15 years now. And you hear that, you know, when we're at the fall conference, that's one of the questions we were asking some of the guests that we have, and it's amazing when you when we have a guest on and they say that they've attended NIC, you know, for 25 years, you know, that's it's it's incredible. And there's, you know, there's a reason why people do that. Because of the quality of the content and also the quality of the attendees to make these meetings and make these connections. I can attribute so much personal, business connections really to the fall and the spring conference. I'm sure you hear that, too, Lisa.

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10:59 - 12:23

Lisa McCracken

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Yeah. No doubt. And, you know, I think it's important to note that, you know, we have industry veterans who really have been around for decades attending our conferences. But we also recognize the importance to continue to build that pipeline and build, you know, leaders in our field. So we actually and others may not know we have a scholar program for our conference. So we do give scholarships. It's individuals, who are in college, enrolled in degree programs, who might be looking at our space. And we know it's not always a nice, clean route to get into our industry. Sometimes it happens a little bit, but, so we actually have a contingent of, of what we call scholars, these are those students that attend and we have, of course, their own meet up event and things of that nature. But a number of those have actually turned into, you know, jobs and professions here in the field over the years. So, I think it's important that, you know, we recognize our industry veterans and some of those that were founding members of this event years ago, and part of NIC for many generations. But it's always important to bring that new perspective into the industry. And I think I want, you know, mentioning that scholar roundup and group, I think is an important one. And they're noted they've got a certain color lanyard and so you can spot them out. So those attending welcome them. And you know, tell them about, you know, the industry and what your experience has been.

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12:23 - 13:07

Josh Crisp

Well, it's such a valuable program. And I would love to see that program grow because I've often, as I've been out, you know, outside of our typical industry events, when you go to universities or colleges and people are still trying to determine, hey, what am I going to do as far as a career? And if someone could see NIC, I think it opens their eyes to the possibilities that really, no matter what your skill set is, it can be applied in senior housing. And that's what we always try to say on this platform. And at an event like, NIC, it can be so eye opening and energizing, I think, to a whole group of leaders that need to be in our industry for sure.

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13:07 - 15:04

Lisa McCracken

Yeah, I agree. And I will tell you, two were very optimistic. You mentioned the word energy. So we definitely feel like, you know, we're going to be in a different place, you know, in March when, you know, compared to March of 2024. So we know that the, you know, borrowing rates are coming down from the Fed movement and so forth. And, you know, we hit that a week before our fall conference in September. And I said everybody had a little more spring in their step. You know, it was more psychological than anything. And it'll be interesting to see once we hit March, where we are going to start to hear about some behavior change and so forth. And, and, you know, because we know we've been in a very low cycle of drought development.

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We've been constrained by costs. Borrowing costs and so forth, and there's been a little bit of distress. We're actually having a session turning around distressed assets, you know, because there is an element of that that's still lingering out there. It's been a tough couple of years. So, so, you know, how do you turn this around? What do you do, if you are in a position where you're operating one of those communities. So, but, but we are feeling very concerned. I think generally there's a general, more positive outlook moving forward. So we'll be interested to gauge that once we hit the first week of March and what's starting to percolate in 2025, in terms of some of that movement and development, we know, and you're going to hear it loud and clear in the opening session around the imbalance from a supply demand standpoint of what we are going to be facing in the next couple of years because of this, you know, development drought.

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So, it'll be interesting to get a read of attendees of, you know, what's coming off the sidelines and when and who are sort of some of the first movers versus fast followers. So I think 2025 is going to be an interesting year. And having this the first week in March will be a somewhat early first quarter or late first quarter to kick that off.

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15:04 - 15:32

Josh Crisp

Lisa, I can tell you're optimistic. Lucas and I are ecstatic. We're excited. And our listeners, if you're on the fence, you're about to miss the train. So you have to get over there. You gotta register. This event fills up really quickly. And, San Diego, if nothing else, you just got to go to San Diego and enjoy the weather. So what a great place to be in March. Lucas. I can't wait, man.

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15:32 - 15:48

Lucas McCurdy

Neither can I. And so for our listeners that want to learn more, you can scroll down into the podcast show notes. We'll have links to everything we've talked about today so that you can get quick access. And we definitely want to see you there. Lisa. Thanks for spending. So much time with us today.

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15:48 - 15:53

Lisa McCracken

Thanks, guys. It's always a pleasure. And before we know it, we'll see each other in San Diego.

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15:53 - 16:05

Lucas McCurdy

And for more information you can go to btgvoice.com. You can download this content. So much more hits up on LinkedIn. Let's continue the conversation and hope to see you in San Diego. Thanks for listening to another great episode of Bridge the Gap.

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16:05 - 16:16

Outro

Thanks for listening to Bridge the Gap podcast with Josh and Lucas. Connect with the BTG network team and use your voice to influence the industry by connecting with us at btgvoice.com.

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