The number of publicly announced seniors housing and care acquisitions in the second quarter of 2025 totaled 181 deals, based on new acquisition data from LevinPro LTC. This represents a 1.1% increase from the 179 transactions disclosed in the first quarter of 2025, but a 3.2% decrease from the 187 deals in Q2:24. Additionally, the $5.68 billion spent on Q2:25 transactions fell by 2.7% from the $5.84 billion spent on Q1:25 transactions, and rose by 134.7% from the $2.42 billion spent in the year-ago first quarter, based on disclosed prices.
Stripping foreign transactions from the totals of publicly announced transactions, the second quarter of 2025 saw 133 U.S. deals, or 532 on an annualized basis. Comparatively, the second quarter of 2024 totaled 155 U.S. transactions, or 620 deals for 2024 on an annualized basis, which was higher than the final total of 593 U.S. deals for 2024. However, Q2 may just be an outlier, as the first quarter of 2025 saw 151 U.S. deals, or 604 on an annualized basis, and Q3 and Q4 are expected to reach higher levels of activity than seen in the first half of the year.
“Dealmaking is continuing at a healthy pace in 2025, only lagging the record pace set in 2024,” stated Ben Swett, Managing Editor of The SeniorCare Investor. “The second half of the year could bring more deal activity, larger portfolio transactions and higher quality properties selling as the capital markets continue to improve.”
May dampened Q2:25’s total of publicly announced acquisitions, contributing just 48 deals compared to 65 in April and 67 in June. Despite the slowdown in May’s activity, the monthly transaction volume for the first half of 2025 has averaged around 60, keeping pace with 2024, which also averaged approximately 60 deals per month.
Skilled nursing deals made up the plurality of Q2:25 deals, accounting for 44%, followed by assisted living at 37%. Independent living deals comprised approximately 14% of the quarter’s total, while CCRCs took a 2% share. Affordable senior apartments accounted for 2%, and active adult 1%.
“There is still plenty of interest in skilled nursing deals, especially in states that implemented significant Medicaid rate increases,” added Swett. “It remains to be seen how the recent legislation passed by Congress will impact the operations and profitability of nursing homes and Medicaid-waiver assisted living communities.”
All long-term care M&A deals dating back to 1993 can be accessed on the LevinPro database and can be purchased via a site license. In addition, annual results of the seniors housing and care acquisition markets will be published this year in the 31st Edition of The Senior Care Acquisition Report. For information, or to subscribe, call 800-248-1668. Irving Levin Associates was established in 1948 and has offices in New Canaan, Connecticut, and North Bethesda, Maryland. The company publishes research reports and newsletters, and maintains databases on the healthcare and seniors housing M&A markets.
