2 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Industry Overview
Valuation Overview
Market Analysis
Income Approach
Sales Comparison Approach
Allocation of the Going Concern
Final Considerations
How to Appraise an Assisted Living ResidencePRESENTATION OVERVIEW
3 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
INDUSTRY OVERVIEW
Shelter ActivitiesTransport, Laundry
MealsBasic Care Services
ADL Care Services
Specialized MC
Long-Term Chonic Care
55+
IL
AL
MC
NC
Source: NIC Investment Guide
Real Estate Component Services Component
Real Estate Component Services Component
Real Estate Component
Real Estate Component Services Component
Real Estate Component Services Component
Summary of Property Types
Resident Choice Relative Influence Relative Choice Doctor Choice
4 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
INDUSTRY OVERVIEWIndependent Living Community (ILC)
5 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
INDUSTRY OVERVIEWAssisted Living Residence (ALR)
6 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
INDUSTRY OVERVIEWSkilled Nursing Facility (SNF)
7 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
INDUSTRY OVERVIEWContinuing Care Retirement Community (CCRC)
8 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Implied Market ValuesINDUSTRY OVERVIEW
0
200
400
600
800
1,000
1,200
1,400
Seniors Housing Hotels Apartments
Billi
ons
Skilled Nursing
Assisted Living
Independent Living
Source: NCREIF & NIC
9 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Transaction Volume 1Q 2008 - 3Q2013INDUSTRY OVERVIEW
$0
$2
$4
$6
$8
$10
$12
2008 2009 2010 2011 2012 2013
User/Other
Public
Private
Institutional
Source: The Senior Care Investor
10 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Property Level ReturnsINDUSTRY OVERVIEW
0
2
4
6
8
10
12
14
16
18
1 Year 3 Years 5 Years 8 Years
Seniors Housing
Apartment
Retail
Industrial
Office
Total
Source: NCREIF & NIC
% L
ever
ed R
etur
ns
11 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Capitalization Rate TrendsINDUSTRY OVERVIEW
Source: The Senior Care Investor
6.0%
7.0%
8.0%
9.0%
10.0%
11.0%
12.0%
13.0%
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
12 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Average Price Per Unit (AL & IL)INDUSTRY OVERVIEW
Source: The Senior Care Investor
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000
$180,000
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Average Price Per Unit (AL and IL)
13 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Publicly Announced Seniors Housing Acquisitions 1994 - 2013INDUSTRY OVERVIEW
Source: The Senior Care Investor
0.0
50.0
100.0
150.0
200.0
250.0
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Number of Publicly annonced deals
14 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
2014 2H Investor/ Developer SurveyINDUSTRY OVERVIEW
Source: CBRE Valuation & Advisory Services
15 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
10-Year Treasury Vs. Seniors Housing Cap RatesINDUSTRY OVERVIEW
Source: NCREIF
16 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Capitalization Rate Trends & OutlookINDUSTRY OVERVIEW
Source: NIC MAP and US Census Bureau
17 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
INDUSTRY OVERVIEWDemographic Trends
Source: CBRE Econometric Advisors , Claritas
18 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
INDUSTRY OVERVIEWDo the MathAverage Age of NEW AL resident (84) – Age of Leading-Edge Baby Boomer (67) = 17 Years
19 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Seniors Housing Demand Vs. SupplyINDUSTRY OVERVIEW
Source: NIC MAP and US Census Bureau
20 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Inventory Growth as % of StockINDUSTRY OVERVIEW
Source: Green Street Advisors, NIC MAP
3.1%
0%
2%
4%
6%
8%
10%
During the last supplywave , supply growth exceeded 8%, nearly
bankrupting the industry
Jump in inventory resulting from current elevated construction
levels, but still moderate relative to peak
21 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Industry Overview
Valuation Overview Market Analysis
Income Approach
Sales Comparison Approach
Allocation of the Going Concern
Final Considerations
How to Appraise an Assisted Living ResidencePRESENTATION OVERVIEW
22 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Appraisal ProcessVALUATION OVERVIEW
Definition of the Problem
Scope of Work
Data Collection and AnalysisMarket Analysis
Highest and Best Use
Application of Approaches to ValueIncome Approach
Sales Comparison ApproachCost Approach
Reconciliation of Value Indicators and Final Value Opinion
Report of Defined Value Opinions•Allocation of the Going Concern
23 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Approaches to ValueVALUATION OVERVIEW
Income Approach• The underlying operations of the business are what drives overall value of the real estate• Most appraisals will assume experienced and capable management•Utilized as primary determinant of value
Sales Comparison Approach• Primarily utilized to extract market pricing and a test or reasonability for the conclusions
derived from the income approach• Utilized Paired Sales, NOI Analysis, and EGIM Analysis• Comparables are selected from a regional if not national geography
Cost Approach• Least reliable and often omitted• Primarily utilized as a method of allocating the Going Concern or project feasibility
24 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
VALUATION OVERVIEWProperty Rights Appraised
Seniors housing is primarily valued based on the fee simple interest of the going concern, which isthe premise of this presentation. Leased Fee valuation is summarized in the Allocation of GoingConcern.
Going Concern: A going concern is a business having the ability to continue functioning as a business entity in thefuture. In accounting, a business is considered to be a going concern if it is likely to continue functioning 12 months intothe future.
One of the premises under which the total assets of a business can be valued; the assumption that a company isexpected to continue operating well into the future (usually indefinitely). Under the going-concern premise, the value ofthe tangible assets and the value of the intangible assets, which may include the value of excess profit, where assetvalues are derived consistent with the going-concern premise.
Land Real Estate FF & E Business or Enterprise Value
Business (Enterprise) Value: The value contribution of the total intangible assets of a continuing business enterprisesuch as marketing and management skill, an assembled workforce, working capital, trade names, franchises, patents,trademarks, contracts, leases, customer base, and operating agreements.
Real Estate Tax Assessments are typically based in the tangibles.
Source: Dictionary of Real Estate Appraising, 5th Edition, The Appraisal Institute, Chicago, IL, page 98
25 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
VALUATION OVERVIEWOwnership Structure
Identifying the correct ownership structure can often be complicated, yet essential in identifying the proper ownership rights.
Management Co.Related Parties (therapy, home
care, etc)
Subject
Real Estate Owner Operating Entity
REIT Sale/ Leaseback with RIDEA structure – Leased Fee or Fee Simple? - Arm’s Length Transaction?
26 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Industry Overview
Valuation Overview
Market Analysis Income Approach
Sales Comparison Approach
Allocation of the Going Concern
Final Considerations
Seniors Housing Valuations & TrendsPRESENTATION OVERVIEW
27 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Quantifying Net Market DemandMARKET ANALYSIS
A Primary Market Area (PMA) can be identified by a radius, node(s), submarket(s), zip code(s), county(s) or township(s), or any variety of such defining terms.
We define a PMA as representing where approximately 80% of the residents currently occupying the subject resided prior to moving in to the subject property.
In analyzing a market, CBRE employs two quantitative methods, each independent of the other
1. Penetration Analysis• Competitive Supply / Age Qualified Households • Simple, yet allows for apples-to-apples comparison to other markets• Requires comparable local, regional, and national data-points to understanding of the extracted rate• The penetration must be considered with occupancy to properly understand full meaning• Used to determine market depth and impact of future supply on current market balance
2. Demand Coverage Analysis• Delineates PMA by age and income qualified population• Recognizes healthcare or ADL (Activities of Daily Living) requirements specific to each care level• Identifies Net Demand in terms of actual number of units by property type• Identifies impact of state subsidies and +/- net immigrations outside market norm• PMA specific
Dummy Factors, Apples-to-Apples, Accurate Inputs, Boots on the Ground
28 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Case Study – Proposed Memory Care AdditionMARKET ANALYSIS
The reported market statistics for the subject’s specific property type respective to the NIC MAP Primary Market Average, and the identified MSA for the subject are summarized as follows.
SENIORS HOUSING MARKET STATISTICSCategory Subject's PMA Subject MSA MAP Primary
Assisted Living
Stabilized/Average Occupancy 87.39% 92.20% 90.40%
Average Monthly Rent $4,726 $4,251 $4,304
Property Count 22 54 2,545
Inventory (Units) 1,746 4,686 200,044
Construction (Units) 90 526 10,750
Projected 3-Year Inventory Growth 5.15% 2.40% 2.10%
Penetration 10.30% 5.70% 4.80%
Source: NIC MAP
2014 2019
Assisted Living
Age Qualified Households (75+) 16,949 19,280
Total AL Supply 1,746 1,836
Indicated AL/MC Penetration Rate: 10.30% 9.52%
Compiled by CBRE
MARKET PENETRATION
29 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Case Study – Proposed Memory Care AdditionMARKET ANALYSIS
Penetration Rates Alone Have Multiple Meanings:
Low Penetration/ High Occupancy: Local population is accepting the subject’s product type, significant roomfor expansion, higher than typical ratio of residents emanating from outside the defined PMA. Expect strongoccupancy levels, stable rent growth, and healthy absorption for proposed properties. Most favorable.
Low Penetration/ Low Occupancy: Local population is either not accepting the subject property type or aretraveling outside the defined PMA to obtain their respective needs. Market opportunity does exist, but will likelyrequire additional marketing efforts in order to achieve a stabilized occupancy level.
High Penetration/ High Occupancy: Equally as attractive as low penetration with low occupancy. Competitivemarket, yet presumes the local population is generally receptive and well educated with the respective propertytype. Requires less marketing efforts in terms of product education, but may require more resources from anoverall competitive standpoint or the offering of something unique to the market, such as superior quality oraffordable rents. Prevalence of state subsidies are also common in this market (MA).
High Penetration/ Low Occupancy: This combination is the least favorable and depicts a saturated market.Decreasing rental rates, prevalence of concessions, and less than favorable occupancy can be expected.
30 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Case Study – Proposed Memory Care AdditionMARKET ANALYSIS
2014 AL
65 - 74 Population 30,453
75 - 84 Population 16,023
85+ Population 8,319
Age Qualified Population 54,795
2019 AL
65 - 74 Population 41,510
75 - 84 Population 18,789
85+ Population 8,819
Age Qualified Population 69,118
Source: Compiled by CBRE
DEMAND BY POPULATION SEGMENT
AL
Base Market Rent (Monthly) $3,050
Base Market Rent (Annual) $36,600
Allocated % of Annual Income 80.00%
Indicated Base Income Retuirement $45,750
Average Home Value $297,851
Estimated Equity @ 75% of Home Value $223,388
Rate of Return 4.00%
Home Equity Contribution $8,936
Adjusted Income Requirement $36,814
Concluded Base Income Requirement $35,000
Source: Compiled by CBRE
BASE INCOME REQUIREMENT
A demand coverage analysis can serve as a morecalculated way of understanding specific supply anddemand characteristics of a primary market area. Thismethod begins by identifying the age and incomequalified portion of the population. Whereas thepenetration analysis utilizes the 75+ population, thisanalysis utilizes the 65+ population.
Though it is not typical for people between the ages of65 to 74 to require ADL (Assistance with Activities ofDaily Living) services, this demographic is included inthis analysis. Hence, this analysis considers the 65 to85+ age cohort as age-qualified demand.
In order to understand the base income requirement,the minimum rent charged for each care level from acompetitive set should be utilized.
The base rent represents the lowest rent charged inthe market, respective of the subject’s property type,which is utilized to income-qualify the populationbased.
31 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Case Study – Proposed Memory Care AdditionMARKET ANALYSIS
2014 AL
Income Qualified 65 - 74 Population 11,943
65 - 74 Required Care Factor 3.20%
65 - 74 Age/ Care Qualified Demand 382
Income Qualified 75 - 84 Population 5,240
75 - 84 Required Care Factor 8.10%
75 - 84 Age/ Care Qualified Demand 424
Income Qualified 85+ Population 1,992
85+ Required Care Factor 18.80%
85+ Age/ Care Qualified Demand 375
Total Age/ Care Qualified Demand 1,181
AGE AND INCOME QUALIFIED DEMAND
2019 AL
Income Qualified 65 - 74 Population 16,218
65 - 74 Required Care Factor 3.20%
65 - 74 Age/ Care Qualified Demand 519
Income Qualified 75 - 84 Population 6,272
75 - 84 Required Care Factor 8.10%
75 - 84 Age/ Care Qualified Demand 508
Income Qualified 85+ Population 2,181
85+ Required Care Factor 18.80%
85+ Age/ Care Qualified Demand 410
Total Age/ Care Qualified Demand 1,437
Care Factor Source: U.S. Department of Health and Human Services
Compiled By: CBRE
The next step is delineating the income qualifiedportion of the age qualified population. As Claritasonly reports income levels by households, ahousehold to population factor must be applied.According to the Assisted Living Federation ofAmerica, 76.60% of the seniors population arewidowed, or living alone prior to moving in to anassisted living residence.
The final step in estimating demand is delineating thepercentage of the age and income population that willrequire care, respective of the subject property type.The U.S. Department of Health and Human Servicesreports the percentage of the population requiringcare levels respective of each type of seniors housingproperty type.
These factors have been applied to the previouslydetermined age and income qualified cohort asfollows:
32 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Case Study – Proposed Memory Care AdditionMARKET ANALYSIS
2014 AL
Total Demand 1,181
Frictional Vacancy 12.61%
Total Adjusted Demand 1,352
Total Supply 1,746
Net Surplus Demand (Units) -394
Market Balance Over Supply2019 AL
Total Demand 1,437
Frictional Vacancy 12.61%
Total Adjusted Demand 1,644
Total Supply 1,836
Net Surplus Demand (Units) -192
Market Balance Over Supply
Compiled By: CBRE
DEMAND COVERAGE
Once an adjustment for frictional vacancy is applied, the adjusted demand can be applied to the indicated supply. The difference between the adjusted demand and market supply yields the net surplus in demand. This calculation is summarized below.
33 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Case Study – Proposed Memory Care AdditionMARKET ANALYSIS
2014 2019
Total Demand - AL and MC 1,181 1,437
MC Utilization Ratio 42.00% 42.00%
Total Demand - MC 496 604
Frictional Vacancy 7.70% 7.70%
Total Adjusted Demand - MC 537 654
Total Supply - MC 269 359
Net Surplus Demand (Units) 268 295
Market Balance Under Supply Under Supply
Compiled By: CBRE
MEMORY CARE DEMAND COVERAGE
The above analysis only applies to the overall assisted living market. As a portion of the subject’s assisted living units will be utilized as memory care, specific demand characteristics relative to standard assisted living and memory care must be further understood.
34 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Case Study – Proposed Memory Care AdditionMARKET ANALYSIS
Market Conclusion ?
A penetration analysis and a demand coverage analysis were performed. Each analyses is independent of the other, witheach yielding similar conclusions. Based on this analysis, the overall assisted living market is considered to be highlycompetitive and slightly saturated. However, there does appear to be significant unmet demand for Memory Care.
This analysis does conclude that sufficient market demand does exist to support the proposed Memory Care addition. Asdetailed above, net demand actually increases with the addition of the subject and the other memory care property that iscurrently under construction.
The location of the subject with favorable economic and population trends, along with superior physical and operationalattributes, being located adjacent to an existing independent and assisted living community (Harvard Square) suggestthat the subject will capture the appropriate share of the market to obtain a stabilized occupancy level above, or at thehigh end, of current market indications for stabilized memory care properties.
35 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Industry Overview
Valuation Overview
Market Analysis
Income Approach Sales Comparison Approach
Allocation of the Going Concern
Flags and Considerations for Assessment Purposes
How to Appraise an Assisted Living ResidencePRESENTATION OVERVIEW
36 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
General OverviewINCOME APPROACH
The income capitalization approach reflects the subject’s income-producing capabilities.
The 'active management' component is viewed as adding incremental risk and complexity versus the conventionalcommercial real estate asset classes, which translates into higher return expectations by investors
- Property Management will “make or brake” market value
Market value appraisals involving not-for-profit or government, and poor operators should reflect the likely buyers’perspective, and in most cases, that would be from the perspective of for-profit entities, which may take a differentview of future operations
Proper rental comparables and operating expense comparables are essential in achieving accurate underwriting
- Per resident day is the most accurate unit of measure for underwriting purposes- % of EGI can have multiple meanings depending on property specific operating format and should only be used
as a secondary test of reasonableness
The direct capitalization method is the most commonly used in deriving an estimate of market value per this approach
The market derived capitalization rate is applied to the subject’s stabilized EBITA, which includes replacementreserves and management fees
- Management Fee – 3% to 7% of EGI- Replacement Reserves - $350 to $650 per unit, annum
37 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Revenue ProjectionsINCOME APPROACH
Assisted living revenue is typically derived from the following sources:
Base monthly rent- All inclusive or Base + LOC services- Typically includes meals and utilities- Primarily Private Pay- Some states offer Medicaid/ Affordable - GAFC and SSI in MA (flat rates)- Detailed rent roll is essential
Activity of Daily Living Services (ADLS)- Billed based on levels (LOC), or a la carte
Community Fee
Second Resident Fee
Other Income- Late fees, transportation, other add-on’s
OPERATING SUMMARY
Reporting Year
Units/ Beds Occ. AMR Res DaysAssisted Living 82 96% 5,473 28,733Memory Care 52 96% 6,402 18,221Total 134 96% $5,834 46,954
Total % EGI $/Unit $/RDIncome
Assisted Living Rent 5,385,900 54.3% $40,193 114.71Memory Care Rent 3,994,560 40.2% $29,810 85.07Level of Care Fees - 0.0% 0 0.00Second Resident Fees 185,242 1.9% 1,382 3.95Community Fees 219,974 2.2% 1,642 4.68Other Income $140,861 1.4% 1,051 3.00Effective Gross Income $9,926,536 100.0% $74,079 $211.41
CBRE Stabilized Estimate
38 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Operating Expense ProjectionsINCOME APPROACH
CBREOperating Expenses Stabilized 2014 Budg. 2014 T-12 2013 Actual 2012 Actual Min. Max. Avg.
Real Estate Taxes 11.04 11.24 10.97 11.74 25.02 7.42 10.09 8.91Property Insurance 1.89 1.83 1.96 1.95 5.82 1.40 6.65 3.45Electricity 5.04 5.30 4.78 5.04 14.74 4.60 6.24 5.16Natural Gas 2.54 1.69 3.38 1.56 3.75 1.35 1.68 1.51Water & Sewer 1.22 1.30 1.14 1.20 1.70 0.25 0.71 0.41Admin & General 6.02 5.67 4.36 6.02 17.77 3.30 8.54 6.08Bad Debt 0.25 0.51 0.00 0.26 0.67 0.00 0.01 0.00Admin Payroll 6.87 7.57 6.16 7.28 22.60 5.45 7.96 6.81Advertising 2.00 2.07 0.23 6.62 27.38 3.49 4.76 4.25Advertising Payroll 5.05 5.05 4.62 7.73 18.78 2.29 4.40 3.09Culinary Food 11.81 10.03 13.60 8.63 10.42 5.88 8.18 7.13Culinary Supplies 2.46 0.96 3.95 1.15 3.99 1.07 1.45 1.21Culinary Payroll 13.60 13.98 13.23 14.07 23.26 3.17 11.76 8.19Laundry & Housekeeping 0.16 0.13 0.16 0.10 0.21 0.47 0.81 0.61Laundry & Housekeeping Payroll 4.00 3.76 4.87 3.59 7.95 2.32 6.03 3.85Resident Care 0.50 0.05 0.94 0.99 0.98 0.19 0.50 0.40Bed Tax 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00Therapy Type A 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00Therapy Type B 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00Resident Care Payroll 9.00 7.25 6.22 6.20 12.43 8.32 12.01 10.17Maintenance 4.60 3.60 7.68 6.09 7.41 3.12 8.56 5.36Maintenance Payroll 5.50 6.47 5.40 6.11 13.05 1.40 2.32 1.76Program & Rec 3.25 3.28 4.04 3.72 7.69 0.35 2.21 1.02Program & Rec Payroll 4.50 4.43 3.57 4.20 11.21 2.64 12.48 8.55Employee Payroll 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00Payroll Taxes 4.50 4.44 5.13 4.56 9.28 3.34 5.06 4.41Benefits 6.25 5.72 8.51 4.73 13.42 3.52 9.91 6.22Other 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
SubTotal 112.05 106.33 114.90 113.54 259.53 104.84 112.41 109.37
Exp Ratio 58.67% 56.44% 61.05% 71.34% 145.01% 59.06% 62.88% 60.65%
Exp. CompsSubject Operations
39 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
INCOME APPROACHOPERATING SUMMARY
Reporting Period
Beds Occ. AMR Res Days Beds Occ. AMR Res Days Beds Occ. AMR Res DaysTotal 120 76% $6,111 33,384 120 87% $7,489 37,979 120 92% $8,074 40,150
Total % EGI $/Unit $/RD Total % EGI $/Unit $/RD Total % EGI $/Unit $/RDIncome
Skilled Nursing Private Pay $1,245,924 14.1% 10,383 $37.32 $1,635,200 15.0% 13,627 $43.06 $1,752,000 14.9% 14,600 $43.64Skilled Nursing Medicaid 4,094,967 46.4% 34,125 122.66 4,578,034 42.0% 38,150 120.54 4,439,147 37.8% 36,993 110.56Skilled Nursing Medicare 2,960,407 33.5% 24,670 88.68 3,749,280 34.4% 31,244 98.72 4,407,375 37.5% 36,728 109.77Skilled Nursing Insurance 497,965 5.6% 4,150 14.92 822,256 7.5% 6,852 21.65 1,027,694 8.7% 8,564 25.60Ancillary Charges 32,436 0.4% 270 0.97 124,885 1.1% 1,041 3.29 124,885 1.1% 1,041 3.11Effective Gross Income $8,831,699 100.0% $73,597 $264.55 $10,909,655 100.0% $90,914 $287.25 $11,751,102 100.0% $97,926 $292.68
ExpensesReal Estate Taxes $131,274 1.5% 1,094 $3.93 $137,822 1.3% 1,149 $3.63 $137,822 1.2% 1,149 $3.43Property Insurance 13,712 0.2% 114 0.41 13,772 0.1% 115 0.36 13,772 0.1% 115 0.34Utilities 237,055 2.7% 1,975 7.10 283,330 2.6% 2,361 7.46 283,330 2.4% 2,361 7.06Administrative & General 848,181 9.6% 7,068 25.41 1,330,361 12.2% 11,086 35.03 1,422,942 12.1% 11,858 35.44Advertising & Leasing - 0.0% 0 0.00 120,000 1.1% 1,000 3.16 120,000 1.0% 1,000 2.99Resident Care 4,141,173 46.9% 34,510 124.05 3,416,400 31.3% 28,470 89.95 3,613,500 30.8% 30,113 90.00Ancillary Services 518,596 5.9% 4,322 15.53 550,000 5.0% 4,583 14.48 600,000 5.1% 5,000 14.94Culinary Services 719,014 8.1% 5,992 21.54 607,360 5.6% 5,061 15.99 642,400 5.5% 5,353 16.00Laundry & Housekeeping 516,977 5.9% 4,308 15.49 379,600 3.5% 3,163 9.99 401,500 3.4% 3,346 10.00Repairs & Maintenance 138,760 1.6% 1,156 4.16 140,000 1.3% 1,167 3.69 150,000 1.3% 1,250 3.74Program & Recreation 123,616 1.4% 1,030 3.70 140,000 1.3% 1,167 3.69 140,000 1.2% 1,167 3.49Payroll Taxes & Benefits 780,541 8.8% 6,505 23.38 580,000 5.3% 4,833 15.27 625,000 5.3% 5,208 15.57Other 347,794 3.9% 2,898 10.42 350,000 3.2% 2,917 9.22 350,000 3.0% 2,917 8.72Operating Expenses $8,516,693 96.4% 70,972 $255.11 $8,048,645 73.8% $67,072 211.92 $8,500,266 72.3% 70,836 211.71
Net Operating Income $315,006 3.6% 2,625 $9.44 $2,861,010 26.2% 23,842 $75.33 $3,250,835 27.7% 27,090 $80.97
Management Fee ¹ - 0.0% - $0.00 545,483 5.0% 4,545.69 $14.36 584,928 5.0% 4,874 $14.57Reserves for Replacement 42,000 0.5% 350.00 1.26 42,000 0.4% 350.00 1.11 42,000 0.4% 350.00 1.05
Adjusted Operating Expenses 8,558,693 96.9% 71,322 $256.37 8,636,128 79.2% 71,968 $227.39 9,127,194 77.7% 76,060 $227.33
Adjusted Net Operating Income $273,006 3.1% 2,275 $8.18 $2,273,527 20.8% 18,946 $59.86 $2,623,908 22.3% 21,866 $65.35
Source: Property operating statements & buyer proforma
2012 Actual (Seller) Year 1 (Buyer) Year 2 Stabilized (Buyer)
40 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Case Study – Passive vs. Active ManagementINCOME APPROACH
Skilled Nursing Facility
120-bed, purpose built skilled nursing facility, developed in 1973, secondgeneration family owned and operated.
Good quality property in average condition. Excellent bones and design.
Buyer was regional owner-operator with properties MA, NY, NJ, and PA andlooking to expand their presence in New England.
Buyer contacted the seller directly. No broker on deal.
Above market operating expenses. Did not use part time staff - paid overtimeto full employees.
Below market occupancy and quality mix- recognized by seller.
Below market private pay rates – recognized by buyer.
Not maximizing Medicare utilization.
Favorable rated market by NIC MAP in high barrier to entry location in closeproximity to a number of hospitals.
Seller executed with buyer due to comfort level and trust.
Buyer’s short term goal to increase operating efficiencies. Invest anadditional $3mm and offer more sub acute rehab services.
Seller’s goal - retire.
Property SummaryYear Built 1973
Beds 120
Care Level SNF
Purchased $6,000,000
Date June 2013
2012 NOI $273,006
Buyer Y2 NOI $2,623,908
41 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Case Study – Revenue ProjectionsINCOME APPROACH
Occupancy Census Mix
Daily Private Pay Rates Effective Gross Income Per Resident Day
61% 60% 59% 57%
14% 11% 13% 13%
17% 21% 19% 22%
8% 8% 9% 8%
0%
20%
40%
60%
80%
100%
Subject Comps Buyer Current
Other
Medicare
Private
Medicaid
$270
$320
$278
$375
$363
$265
$100 $150 $200 $250 $300 $350 $400
Current
Buyer
NIC 31
NIC Metro
Comps
Subject
$265 $262$296 $273 $293 $293
$100
$150
$200
$250
$300
Subject Comp Min. Comp Max.Comp Avg. Buyer Current
85.00%
92.00%
91.40%
90.10%
91.00%
76.00%
20% 40% 60% 80% 100%
Current
Buyer
NIC 31
NIC Metro
Comps
Subject
“Subject “data points represent the seller’s 2012 Actual. “Current” represents the buyer’s October 2013 Actual
42 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Case Study – Expense Projections and NOIINCOME APPROACH
Operating Costs Per Resident Day (PRD) Expense Ratio (Before Mgt Fee & Reserves)
Profit Margin (Before Mgt Fee & Reserves) NOI PRD (Before Mgt Fee & Reserves)
16.00%
27.70%
8.60%
22.40%
17.80%
3.60%
0% 5% 10% 15% 20% 25% 30% 35%
Current
Buyer
Comp Min.
Comp Max.
Comp Avg.
Subject
$8
$32
$59
$36
$60$40
$0$10$20$30$40$50$60$70
Subject Comp Min.Comp Max.Comp Avg. Buyer Current
$253.12
$211.92
$228.06
$240.32
$204.39
$255.51
$100 $150 $200 $250 $300 $350
Current
Buyer
Comp Avg.
Comp Max.
Comp Min.
Subject
97%78% 81% 83% 72% 84%
0%
20%
40%
60%
80%
100%
Subject Comp Min.Comp Max.Comp Avg. Buyer Current
“Subject “data points represent the seller’s 2012 Actual. “Current” represents the buyer’s October 2013 Actual
43 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Case Study - ResultsINCOME APPROACH
At Purchase(June 2013)
Current (Oct 2013 Ann.) Buyer’s Stabilized
NOI $273,006 $1,108,218 $2,623,908
Purchase Price $6,000,000 $6,000,000 $6,000,000
CapEx & Cary --- --- $3,000,000
Total Cost --- $6,000,000 $9,000,000
Indicated Value @ NIC Average Cap Rate
N/A$50,000/ Bed
$8,500,000$71,000/ bed
$20,200,000$168k/ bed
Return on Cost 4.55% 18.47% 29.15%
The “current” data points detailed in the following table represents four months of property operations by the buyer.
44 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Case Study II - Cradle to Grave Value AddINCOME APPROACH
Senior Living Property by Lincoln Street Capital
130-unit, purpose built seniors property, developed in 1984, and operated asa “seniors apartment building” by a large, public REIT on a 3rd partymanagement contract basis.
ADL (activity of daily living) services were provided a la carte through a 3rd
party healthcare provider due to HUD regulations.
57-units subsidized by Project Based Section 8, with remaining 73-units notincome restricted (but rents were regulated by HUD).
Deed was encumbered by a Land Use Restriction Agreement governed byHUD restricting all rents and fees charged for meals and services to beapproved by HUD.
Property was acquired with free and clear title, LURA was terminated, ProjectBased S8 was Noticed for Termination.
2007 NOI: $267,000 with Weighted Average Revenues/OccupiedUnit/Month: $1,501 (Market Comps: $3,000+).
Located in high barrier market, top NIC MAP rated, with competitive marketoccupancy averaging 98%.
Rents were concluded to be 80-100% below market on an improved basis.HUD had not approved a rent increase since 1984.
Property SummaryYear Built 1984
Units 130
Care Level Independent Living
Purchased $5,250,000
Cap/ Carry $6,000,000
Sold $19,000,000
Return 20% IRR/ 37% Leverage
45 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Case Study II - ResultsINCOME APPROACH
$5.25mm ($40k/ Unit)
• 68% Occupied
• $267,000 NOI
• Rent Restricted
• $1,501 AMR
• Average Condition
• 3rd Party Management
$6mm in CapEx/ Carry
• New Management
• Replaced Management
• Stalled Housing Market
• Great Recession
$19mm ($146k/ Unit)
• Carlyle Group
• 79% Occupied
• $1.23mm NOI
• 73% Market Rent
• $2,508 AMR
• 20% IRR/ 37% Leverage
• ROC 11%
$2mm – 3mm CapEx
• Add AL and MC
• Reduce to 128 Units
• Replace Mgt.
• +$1.8mm Stabilized NOI
AcquisitionMarch 2008
Reposition Program2008 - 2013
SaleOctober 2013
Reposition Program2014 (Per OM)
“ Post-Closing: The Operator has far greater influence over the outcome of the investment than the Investor believes or market supports.
”Christopher Arruda, Lincoln Street Capital, Managing Member
46 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Summary of Operating MetricsINCOME APPROACH
IL AL CCRC SNFOccupancy (4Q13) 92% 91% 89% 87.6%
Average Length of Stay 29.2 Months 21.7 Months 71 Months 3.2 Months
Total Revenues PRD $72.07 $151.55 $137.12 $268.93
Operating Expenses PRD $44.39 $104.67 $95.51 $232.23
Operating Margin 38.4% 30.9% 30.3% 13.6%
Average FTE PRD 0.22 0.45 0.48 0.98
Debt Coverage Ratios 1.5 2.0 --- ---
ROI (Unleveraged) 6.5% 8.6% --- 14.8%
Change in OM (1994-2011) 29.37% 31.6% --- ---
Source: NIC MAP, American Seniors Housing Assoc., & Irving Levin Assoc., CBRE Healthcare Investor Survey
Per Resident Day (PRD) is the most accurate unit of measure when underwriting a seniors housing property type. Expense ratio, profit margin, and per unit indicators are all used as secondary measures.
47 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Industry Overview
Valuation Overview
Market Analysis
Income Approach
Sales Comparison Approach Allocation of the Going Concern
Final Considerations
How to Appraise an Assisted Living ResidencePRESENTATION OVERVIEW
48 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Summary of Methodologies and AnalysisSALES APPROACH
Sales Comparison
Regional/ national comp set is acceptable
Adjustments are mostly qualitative and challenging to support
Not utilized by market participants
Do not overlay NOI adjustments
NOI Analysis
Provides most realistic pricing utilized by market participants
Infers all physical property and locational differences
Utilizes regression analysis to estimate a per unit/ bed indication
EGIM Analysis
Easy to extract from market
Does not include operating expenses in pricing
Select EGIM for subject by analyzing expense ratio of subject respective of comparable set
49 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Sales ComparisonSALES APPROACH
SENIORS HOUSING SALES ADJUSTMENT GRID
Comparable Number 1 2 3 4 5 6 7 8
Transaction Type Sale Sale Sale Sale Sale Sale Sale SaleTransaction Date Feb-13 Jan-13 Feb-12 Jan-14 Oct-13 Sep-13 Feb-14 Nov-11
Year Built 2000 1999 2003 2009 2009 1999 2001 2009
No. Units 640 172 70 185 149 193 293 140Adjusted Sale Price 1 $289,999,831 $72,000,000 $32,500,000 $71,250,000 $59,000,000 $63,500,000 $104,500,000 $69,500,000Price Per Unit 1 $453,125 $418,605 $464,286 $385,135 $395,973 $329,016 $356,655 $496,429
Occupancy 92% 90% 95% 98% 95% 97% 98% 93%
NOI Per Unit $29,121 $27,218 $30,178 $25,810 $21,317 $20,234 $22,184 $33,508
OAR 6.43% 6.50% 6.50% 6.70% 5.38% 6.15% 6.22% 6.75%Adj. Price Per Unit $453,125 $418,605 $464,286 $385,135 $395,973 $329,016 $356,655 $496,429
Property Rights Conveyed 0% 0% 0% 0% 0% 0% 0% 0%Financing Terms 1 0% 0% 0% 0% 0% 0% 0% 0%
Conditions of Sale 0% 0% 0% 0% 0% 0% 0% 0%
Market Conditions (Time) 0% 0% 0% 0% 0% 0% 0% 3%Subtotal - Price Per Unit $453,125 $418,605 $464,286 $385,135 $395,973 $329,016 $356,655 $511,322
Location 0% 10% 0% 10% 10% 10% 10% 0%
Project Size 0% 0% 0% 0% 0% 0% 0% 0%
Age/Condition 10% 10% 10% 0% 0% 10% 10% 0%
Quality of Construction 0% 0% 0% 0% 0% 10% 0% 0%
Avg. Unit Size 0% 0% 0% 0% 0% 0% 0% 0%
Project Amenities 0% 0% 0% 0% 0% 10% 0% 0%
Parking 0% 0% 0% 0% 0% 0% 0% 0%
Other 0% 0% 0% 0% 0% 0% 0% 0%
Total Other Adjustments 10% 20% 10% 10% 10% 40% 20% 0%
Indicated Value Per Unit $498,438 $502,326 $510,715 $423,649 $435,570 $460,622 $427,986 $511,3221 Transaction amount adjusted for cash equivalency and/or deferred maintenance (where applicable)
Compiled by CBRE
50 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Net Operating Income AnalysisSALES APPROACH
NET OPERATING INCOME ANALYSIS
Compiled by CBRE
$396,517.13
$215,205
$265,205
$315,205
$365,205
$415,205
$465,205
$15,327 $20,327 $25,327 $30,327
Pri
ce p
er
Unit
NOI per Unit
Comparable Sales
Subject Indication
Trendline
51 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
EGIM AnalysisSALES APPROACH
EFFECTIVE GROSS INCOME MULTIPLIER ANALYSIS
Sale No. Occupancy OER EGIM
2 90% 48.61% 7.9
4 98% 56.19% 6.54
5 95% 64.25% 6.64
7 98% 59.88% 6.45
Subj. 96% 57.41% 6.65
Compiled by CBRE
52 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Single Asset TransactionsSALES APPROACH
Transaction Description
Village at Proprietors Green, Marshfield, MA• 149 units, IL and AL with MC, constructed in 2010• $59,000,000 or $396k per unit• Closed December 2013 to AEW Capital Management• 93% occupied yielding a 6.50% cap rate• Stabilized operations
Forge Hill and Inn at Robbins Brook, Franklin and Acton, MA• 193 units, AL with MC, constructed 1999 and 2002• $63,500,000 or $329k per unit• Closed November 2013 to Benchmark Senior Living JV with Health Care REIT• 93% occupied yielding a 6.15% cap rate, stabilized operations• Purchased by seller 2010 at $222k per unit, 8.00% cap (4.5% YoY)
Longwood Place, Reading, MA• 84 units, 63 AL and 21 MC, constructed in 1939 and converted to AL in 1990s• $16,620,000, $19,870,000 (adjusted) adjusted or $236k per unit• Closed March 2014 to regional developer/ owner/ operator. Seller was local operator• 97% occupied yielding a 9.17% cap rate based on proforma, per reposition• Reposition to add MC for operational value add strategy
53 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Single Asset TransactionsSALES APPROACH
Transaction Description
Standish Village at Lower Mills, Dorchester, MA• 85 units, 72 AL and 13 MC. Constructed in 1880, renovated with addition in 1994• $15,550,000, or $183K per unit• Closed Sept. 2013 to Healthcare REIT, operator (seller) remained in place• 98% occupied yielding a 8.40% cap rate on proforma• Sale/ Leaseback with RIDEA, high Medicaid (GAFC) mix, operational value add
Bristol Portfolio – Seven Properties• 880 AL and MC units, constructed between 2000 and 2006• $290,000,000+ above market financing, or adjusted $453k per unit• Closed Feb. 2013 to Engel Burman/ Harrison Street by Chartwell & Ingenia Communities• 95% occupied yielding a 6.89% cap rate• Portfolio was purchased from Engel Burman in 2007 for $290.5mm
CNL Healthcare Portfolio – 12 Properties• 2,186 IL, AL, MC units• Closed October 2013• $457.3mm or $210k per unit• Replace Management• Not stabilized at purchase
54 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Industry Overview
Valuation Overview
Market Analysis
Income Approach
Sales Comparison Approach
Allocation of the Going Concern Final Considerations
Seniors Housing Valuations & TrendsPRESENTATION OVERVIEW
55 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
MethodologiesALLOCATION OF THE GOING CONCERN
Cost Residual: The value of the business/intangibles are estimated by taking the market value of the subjectand deducting the estimated personal property, land and real estate property value. The remaining valuerepresents the contribution of the business/intangibles.
Pretty straight forward approach
Widely accepted and utilized in the appraisal industry
Utilizes estimates contained in the Cost Approach which is considered the less reliable indication of valueand often omitted due to various physical property attributes
Not utilized by market participants
Management Extraction: Business Enterprise Value is calculated based upon the capitalized value of themanagement fee. The total value of the going concern is calculated with NO deductions for management feesor reserves. The Concluded business value and FF&E are then deducted to get to the real estate onlyallocation.
Additional BEV is inherent in the operations, resulting in a possible omission of this allocation
Capitalization rates applied to the Management Fee are difficult to accurately extract from the market withthe applied rate considered to be highly subjective
Not utilized by market participants
56 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Methodologies – Lease Coverage AnalysisALLOCATION OF THE GOING CONCERN
Lease Coverage Analysis: A market derived lease coverage ratio is applied to the concluded net operating income forthe subject. The result is an indicated annual market lease payment for the subject. A net lease cap rate is applied to theestimated lease payment in order to obtain the value attributed to the real estate.
Lease Coverage Ratios and Net Lease Cap Rates are easily and accurately extracted from the market
Only arm’s length leases should be utilized – no RIDEA
Know where FF&E fits in. Part of Lease or owned separately by tenant
Market lease coverage rations will range from 1.10 to 1.30 for IL and AL, and 1.50 to 2.00 for SNFs
Net lease cap rates typically fall 200 to 300 bps below a going concern cap rate, all else equal
Higher the coverage, higher the spread (lower risk)
Utilized by market participants
57 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Methodologies – Lease Coverage AnalysisALLOCATION OF THE GOING CONCERN
As Is on
April 18, 2014
Concluded Stabilized NOI $4,325,432
Divided Lease Coverage Ratio 1.20
Inferred Market Lease Payment (Absolute Net) $3,604,527
Absolute Net Lease Cap Rate 5.75%
Inferred Leased Fee/ Real Property Value $62,687,420
Concluded Market Value of the Going Concern $69,200,000
FF&E $963,125
Inferred Leased Fee/ Real Property Value $62,687,420
Indicated Business Value $5,549,455
LEASE COVERAGE ANALYSIS
As Is on
April 18, 2014
Real Property $62,687,420
FF & E $963,125
Business Value $5,549,455
Market Value of the Going Concern $69,200,000
ALLOCATION OF THE GOING CONCERN
58 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Industry Overview
Valuation Overview
Market Analysis
Income Approach
Sales Comparison Approach
Allocation of the Going Concern
Final Considerations
How to Appraise an Assisted Living ResidencePRESENTATION OVERVIEW
59 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
FINAL CONSIDERATIONS
Understand the property specific operations and understand the market; understand where yourproperty fits in the market; current property trend lines may not be telling the whole story. There isno one size fits all.
Have boots on the ground and take the time to speak with the competition. The most sophisticatedanalysis is useless of your inputs are not accurate, well researched, and understood.
The appraisal should identify the assets being valued and distinguish the assets not being valuedwith the client in the development of the scope of work and in the report. This should reflect actionstaken by market participants.
Multiple entities often control the total assets of the business. Ownership structure must be fullyunderstood in order to fully understand value appropriate cash flows.
Market value appraisals involving not-for-profit entities or governmental entities should reflect thelikely buyers’ perspective, and in most cases, that would be from the perspective of for-profitentities, which may take a different view of future operations.
Comparable sales should be verified directly with source. Purchase price reported on deeds rarelyreflect the total consideration with only the allocated real estate value being reported.
60 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
FINAL CONSIDERATIONS
Only the specific sub-property type should be utilized for comparable purposes. Ie: don’t useindependent living sales to compare to memory care. This is even more critical SNF to assistedand independent living sales, and applies to all comparable purposes (sales, operations, rents,etc).
Standard commercial adjustments do not always apply and may in-fact be counterintuitive to whatwe are taught as general commercial appraisers. Ie: size adjustments, expense rations anindication of market operations.
Market participants do not contemplate the value by adding the value of the real estate to theseparate values of the tangible and intangible personal property; they focus on the overall valuewhich is derived by their expectations of cash flow and applied return requirement. In place cashflow is considered, but often adjusted by the buyer for pricing purposes. The magnitude of theadjustment will be reflected in the applied pricing rate.
=
61 HOW TO APPRAISE AN ASSISTED LIVING RESIDENCE | ZACH BOWYER, MAI
Seniors Housing Data ProvidersFINAL CONSIDERATIONS
NIC (National Investment Center for the Seniors Housing & Care Industry)
ASHA (American Seniors Housing Assoc.)
American Health Care Association
Irving Levin & Assoc.
- SeniorCare Investor
- Senior Housing News
- Annual SeniorCare Investor Report
CBRE Valuation & Advisory Services
- Please take full advantage of our platform
For more information regarding this presentation please contact:Zach Bowyer, MAIManaging Director & Seniors Housing Practice LeaderT +1 617 912 [email protected]
www.cbre.com