The Australian Retirement Living industry is highly fragmented, with for-profit operators comprising 61% of market, and the remaining 39% operated by not-for profit operators12. Concentration within the sector is considered low, given the significant number of single site operators, and that the top four operators (as determined by unit numbers) in the sector(Aveo, Stockland, Lendlease and Retire Australia) account for 22% of the total market (by unit numbers).