TheNIC Investment Guideis the definitive resource for anyone involved in or looking to enter the seniors housing and care property sector.It provides the most current and reliable industry data to help investigate the opportunities and risks of investing in seniors housing and care properties.TheNIC Investment Guideincludes a comprehensive introduction and defines the investment characteristics of the sector, including: Pricing and volume metrics on closed sales transactions for the past four years An introduction to the industry's investment characteristics, performance and leading players Comparison of seniors housing property investment and performance characteristics to other types of commercial real estate Offering real value to new investors as well as those already active in the space, TheNIC Investment Guideserves as a primer for understanding the seniors housing and care sector.

Cover Page -- Introduction -- Section 1: Executive Summary -- 1.1 Seniors Housing and Care Properties -- 1.2 Seniors Population -- 1.3 Performance Comparisons -- 1.4 Property Ownership and Large Operators -- Section 2: Emerging Trends and Observations -- 2.1 Demand and Consumer Decision Making -- 2.2 Supply and Development -- 2.3 Design and Service Strategies -- 2.4 Capital Availability and Pricing -- Section 3: Independent Living -- 3.1 Resident Population -- 3.2 Supply -- 3.3 Industry Operating Structure -- 3.4 Operating Economics -- 3.5 Current Trends -- Section 4: Assisted Living -- 4.1 Resident Population -- 4.2 Supply -- 4.3 Industry Operating Structures -- 4.4 Operating Economics -- 4.5 Current Trends -- Section 5: Memory Care -- 5.1 Resident Population -- 5.2 Supply -- 5.3 Industry Operating Structures -- 5.4 Operating Economics -- Section 6: Nursing Care -- 6.1 Resident Population -- 6.2 Supply and Demand -- 6.3 Market Size, Ownership, and Operation of Nursing Care Properties -- 6.4 Reimbursement -- 6.5 Rental Rates -- 6.6 Net Operating Income -- 6.7 Replacement Reserves/Capital Expenditure Requirements -- 6.8 Capital Availability -- 6.9 Investment Trend -- Section 7: Continuing Care Retirement Communities -- 7.1 Resident Population -- 7.2 Supply -- 7.3 Industry Operating Structures -- 7.4 Operating Economics -- 7.5 Current Trends -- Section 8: Development -- 8.1 Land -- 8.2 Building Costs -- 8.3 Professional Fees -- 8.4 Lease-up Reserves -- Section 9: Capital Sources -- 9.1 Debt Capital -- 9.2 Equity -- 9.3 REITs -- 9.4 Investment Strategies -- Section 10: Valuations, Returns and Loan Performance -- 10.1 Asset Valuations -- 10.2 Comparative Performance -- 10.3 Performance Summary -- Appendix A: Glossary -- Appendix B: Factors Affecting Demand -- B.1 Elderly -- B.2 Adult Children -- Appendix C: Needs Assessment and Pricing. C.1 Needs Assessment -- C.2 Pricing Models -- Appendix D: Entrance Fee CCRCs -- D.1 Payment Arrangements -- D.2 Occupancy -- D.3 Supply -- Appendix E: Alternative Housing and Services -- E.1 Home- and Community-Based Services -- E.2 Institutional -- Appendix F: Development Considerations -- F.1 Lease-up Trends -- F.2 Market Feasibility -- F.3 Furniture, Fixtures and Equipment (FFE) -- F.4 Municipal Fees -- F.5 Professional Fees -- Appendix G: Underwriting Criteria and Financing Terms -- G.1 Fannie Mae and Freddie Mac -- G.2 HUD -- G.3 Commercial Banks -- G.4 Commercial Finance Companies -- G.5 Life Companies -- G.6 Tax-Exempt -- G.7 REITs -- Appendix H: General Legal Requirements -- H.1 Independent Living Properties -- H.2 Assisted Living Properties -- H.3 Nursing Care Properties -- H.4 Memory Care Properties -- H.5 Continuing Care Retirement Communities -- Appendix I: Medicare and Medicaid -- I.1 Medicare -- I.2 Medicaid -- Appendix J: Health Care Reform -- Appendix K: Risks and Mitigating Factors -- Appendix L: About NIC MAP -- Appendix M: Data Sources.