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Term Definition
Absorption The change in the occupied units from the previous quarter.
Active adult communities Traditionally considered for-sale single-family homes, townhomes, cluster homes, mobile homes and condominiums with no specialized services, restricted to adults at least 55 years of age or older. Residents generally lead an independent lifestyle; properties are not equipped to provide increased care as the individual ages. May include amenities such as clubhouse, golf course and recreational spaces. Outdoor maintenance is normally included in the monthly homeowner's association or condominium fee.
Activities of daily living (ADLs) Activities related to the care for and moving of the body, including: walking, bathing, dressing, toileting, transferring, and eating. The ability to perform the Activities of Daily Living (ADLs) is used by seniors housing providers to determine a person’s eligibility for long-term care services.
Additional Markets Made up of 41 core-based statistical areas (CBSAs) in the United States that are not included in the NIC MAP 99 Primary and Secondary Markets. Data is available in these markets beginning in the first quarter of 2015. Data for additional markets is often aggregated.
All Markets Made up of 140 of the largest core-based statistical areas in the United States. Includes NIC MAP Primary, Secondary, and Additional Markets. Data for all markets is often aggregated.
Allocated An individual property's PPU is adjusted based on each property’s respective market pricing level. The allocation for office, flex/industrial and retail properties is based on square feet. For apartments, it is based on number of units. Allocated prices are not usually an accurate measure of an individual property's price, but are accurate for the entire portfolio and aggregated statistics.
Annual absorption The change in the occupied units from the previous year.
Annual inventory growth The change in inventory from the previous year.
Annual rent growth The annual growth rate of "Average Asking Rent" for properties reporting rent data in both the current quarter and the same quarter a year ago.
Appraised Based on the official evaluation of a lender (seen on refinancing).
Approximate Derived from reliable published reports attributed to industry sources or generally rumored in the marketplace. Approximately 15% of the prices are qualified as approximate.
Asking rate Street room rate and average of any care fees across all existing units as of the end of the month.
Asking rent growth (%) The annual growth rate of “Average Asking Rate” for properties reporting rental data in both the current quarter and the same quarter a year ago—a “same-store-rent” concept.
Assisted living (AL) units The part or section of a property that provides supportive care from trained employees to residents who are unable to live independently and require assistance with ADLs. Assisted living residences, not including memory care, typically have state licensure requirements for the delivery of assisted living services.
Average rent Asking private-room rent plus the average fee for care services. For nursing care, this represents the average per diem private-pay rate for private rooms. Average rent may also be referred to as AMR for independent living, assisted living, and memory care and ADR for nursing care.
Bandwidth Chart Bandwidth charts display a property's performance in relation to its comp set, "banded" by the minimum and maximum values within each quarter.
Campus Type The arrangement of the units and/or buildings of the property.
Capitalization rate (%) The average cap rate from closed transactions.
Care Segment Type Levels of care and services provided by the property. This can also be referred to as care segment. One unit of independent living, assisted living or memory care is equivalent to one nursing care bed.
CCRCs / LPCs Continuing care retirement communities (CCRCs) / life plan communities (LPCs): Age-restricted properties that offer at least independent living and nursing care, and may include a full continuum of care including assisted living, memory care, and other supportive services to residents all on one campus.
Close price The total sales transaction price. If joint venture interest sold, this price is based on the 100% grossed-up price.
CMS Five-Star Rating (Health Inspection) Health Inspection Five-Star score is based on the number, scope and severity of deficiencies identified during the three most recent annual inspection surveys, as well as substantiated findings from the most recent 36 months of complaint investigations. All deficieny findings are weighted by scope and severity. This measure also takes into account the number of revisits required to ensure that deficiencies identified during the health inspection survey have been corrected.
CMS Five-Star Rating (Overall) CMS rates SNFs on a scale of one to five stars. The components of the Five-Star Ratings are survey performance, staffing, and quality measures, with the former receiving the greatest weight.
CMS Five-Star Rating (Quality Measure) Quality Measure Five-Star ratings are based on performance of 16 of the 24 quality measures that are currently posted on the Nursing Home Compare web site, and are based on MDS 3.0 assessments as well as hospital and emergency department claims. These include nine long-stay measures and seven short-stay measures.
CMS Five-Star Rating (RN Staffing) RN Staffing Five-Star score is based on Registered Nurse (RN) hours per resident day. This measure is derived from the CMS Certification and Survey Provider Enhanced Reports (CASPER) system, and is case-mix adjusted using MDS data to calculate Resource Utilization Groups (RUGs), which include estimates of expected staffing. Cut points for staffing stars are set by CMS for the entire nation, staffing is not benchmarked by state although typical staffing levels do vary significantly by state.
CMS Five-Star Rating (Staffing) Staffing Five-Star score is based on total staffing hours (RN; Licensed Practical Nurse [LPN]; and Certified Nursing Assistant [CNA] hours per resident/patient day). These staffing measures are derived from the CMS Certification and Survey Provider Enhanced Reports (CASPER) system, and are case-mix adjusted using MDS data to calculate Resource Utilization Groups (RUGs), which include estimates of expected staffing. Cut points for staffing stars are set by CMS for the entire nation, staffing is not benchmarked by state although typical staffing levels do vary significantly by state.
Combined campus Properties offering at least two types of service, except where independent living and nursing care are jointly offered.
Community Type / Community by Plurality Community Type is a new categorization where each community is classified by its plurality care segment. Community types are mutually exclusive. CCRC/LPCs are communities where both Independent Living (IL) and Nursing Care (NC) are present. CCRC/LPCs are not included in other community types. Memory Care (MC) is considered a distinct care segment and not a subset of Assisted Living (AL).
Competitive set Properties specified by the user to be used in analysis.
Confirmed Information reported directly from a participant in the deal (the buyer, seller or broker) or from public records. Most prices are confirmed via two or more independent sources; however, RCA does not guarantee its accuracy. Approximately 75% of the prices are qualified as confirmed.
Construction vs. Inventory (%) The number of units under construction divided by the inventory currently in the market.
Contract type Within entrance fee communities, a legal agreement between a resident and a property outlining a payment structure for future care delivery.
Debt Coverage Ratio NOI divided by total debt service.
Debt Service Annual interest, principal, and other debt-related expenses such as mortgage insurance premiums and letter of credit fees, trustee or servicing fees.
Deficiency Nursing home surveys are conducted in accordance with survey protocols and Federal requirements to determine whether a citation of non-compliance is appropriate. Deficiencies are based on violations of the regulations, which are to be based on observations of the nursing home’s performance or practices.
Drive Time The trade area defined by car travel on existing roads and highways from a search point to a property.
Duals/Dual-Eligible Seniors eligible for both Medicare and Medicaid
East North Central (region) Includes Akron, OH; Chicago, IL; Cincinnati, OH; Cleveland, OH; Columbus, OH; Dayton, OH; Detroit, MI; Grand Rapids, MI; Indianapolis, IN; Madison, WI; Milwaukee, WI; Toledo, OH; Youngstown, OH.
EBITDAR Earnings before interest, taxes, depreciation, amortization and rent/restructuring costs, is the same calculation as EBITDA, with the exception that rents and/or restructuring costs are excluded from the expenses
EBITDARM A financial performance measure that stands for earnings before interest, taxes, depreciation, amortization, rent and management fees. EBITDARM is used in comparison to more common measures such as EBITDA when a company's rent and management fees represent a larger-than-normal percentage of operating costs
Entrance fee A type of seniors housing community that charges the resident a lump-sum amount of money at the beginning of the stay for the right to occupy the residence. This type of community generally charges an additional monthly fee.
Estimated Based on the offering price or market averages where no price information is available. Less than 5% of the prices are estimated.
Expansions An existing property that has open inventory and units under construction.
Freestanding A property offering only a single care segment (e.g., exclusively independent living)
Independent living (IL) units The part or section of a property that provides independent living services. As part of the monthly fee, access to meals and other services, such as housekeeping, transportation, and social and recreational activities, is provided to residents. Independent living does not provide assistance with ADLs or skilled nursing services.
Independent Living Communities Age-restricted multifamily rental properties with central dining facilities that provide residents with access to meals and other services such as housekeeping, transportation, and social or recreational activities. Such properties do not provide, in a majority of the units, assistance with ADLs, and there are no licensed skilled nursing beds in the property.
Index "My Property" divided by the "Competitive Set" for any given metric. If the index value exceeds 1.0, "My Property" has a higher value than the "Competitive Set".
Initial rate Room fee and any care fees as of the end of the month paid by residents who took occupancy during the current month.
In-place (Transactions) Cap rate is derived from the net income generated from current tenancy agreements.
In-place rate Room fee and any care fees as of the end of the month paid by residents who took occupancy prior to the current month.
Instrumental activities of daily living (IADLs) Activities that support daily living independently, including: cooking, housekeeping and laundry, driving and transportation, using the telephone or computer, shopping for groceries or clothing, managing money and keeping track of finances, and managing medication.
Inventory (units/beds) The number of independent living units, assisted living units, memory care units, and nursing care beds that are operational and available for residence. One unit of independent living, assisted living, or memory care is equivalent to one nursing care bed.
Inventory growth The amount of new inventory added within a calendar quarter minus any deletions that occur.
LPCs / CCRCs Life plan communities (LPCs) / Continuing care retirement communities (CCRCs): Age-restricted properties that offer at least independent living and nursing care, and may include a full continuum of care including assisted living, memory care, and other supportive services to residents all on one campus.
Majority assisted living (AL) Properties where assisted living units and/or memory care units comprised the largest share of inventory. Residents receive assistance with activities of daily living (ADLs). Twenty-four hour protective oversight is provided, but twenty-four hour medical care is not. The majority assisted living properties included in NIC MAP are only market-rate properties where 80 percent or more of the residents are 55 years or older.
Majority independent living (IL) Properties where independent living units comprise the largest share of inventory. Majority independent living properties typically include services such as communal dining, housekeeping, transportation, emergency call, and social programming services in the monthly fee.
Majority memory care (MC) Properties where memory care units comprise the largest share of inventory. Residents receive specialized support for dementia.
Majority nursing care (NC) Properties where nursing care beds comprise the largest share of inventory. A majority nursing care property is generally a licensed long-term health care and residential property that serves persons who require constant medical supervision and/or who require significant physical assistance in transferring, management of continence and use of medical devices. The NIC MAP database does not include properties that are limited to sub-acute, properties limited to inpatient-based, properties that are hospital-based, or properties that are predominantly rehabilitation facilities where people come for short-term stays for nursing care.
Market share The percent of occupied units "My Property" represents relative to the competitive market. The competitive market is the sum of the "Competitive Set" and "My Property".
Memory care (MC) units The part or section of a property that provides services to persons with Alzheimer’s disease or other forms of dementia. These are generally separate or secured areas, with specific programming for persons with memory impairment in addition to services provided for persons in assisted living.
Metropolitan market/metro market (CBSA) The U.S. Office of Management and Budget (OMB) defines a set of core-based statistical areas (CBSAs) throughout the country. CBSAs are delineated on the basis of a central urban area or urban cluster—a contiguous area of relatively high population density. CBSAs are composed of counties and county-equivalents. The terms metropolitan market/metro market are interchangable with CBSA.
Mid-Atlantic (region) Includes Baltimore, MD; Charleston, SC; Charlotte, NC; Columbia, SC; Greensboro, NC; Greenville, SC; Louisville, KY; Raleigh, NC; Richmond, VA; Virginia Beach, VA; Washington, DC.
Mountain (region) Includes Albuquerque, NM; Boise, ID; Colorado Springs, CO; Denver, CO; Las Vegas, NV; Ogden, UT; Phoenix, AZ; Salt Lake City, UT; Tuscon, AZ.
Move-Ins / Move-Outs Percent of existing inventory’s units that residents occupied/vacated during the current month.
Net Cash Flow NOI less debt service (or less facility and ground lease amounts, if the property is leased rather than debt-financed) and less capital replacement reserves to cover non-routine repairs and maintenance.
Net Operating Income (NOI) Total revenues minus total operating expenses; the latter defined as labor, marketing/advertising, repairs/maintenance, property taxes, insurance, raw food and/or outsourced dietary service expenses, utilities, management fees, property level operating expenses and corporate allocations. NOI is calculated before deductions for operating lease payments, ground lease payments, debt service, depreciation, amortization, income taxes, partnership expenses, capital expenditures, and replacement reserves above normal repair and maintenance. NOI is analogous to the quantity represented by the commonly used acronym EBITDAR (Earnings Before Interest, Taxes, Depreciation, Amortization, and Rent).
Northeast (region) Includes Albany, NY; Allentown, PA; Boston, MA; Bridgeport, CT; Buffalo, NY; Harrisburg, PA; Hartford, CT; Lancaster, PA; New Haven, CT; New York, NY; Philadelphia, PA; Pittsburgh, PA; Portland, ME; Providence, RI; Rochester, NY; Scranton, PA; Springfield, MA; Syracuse, NY; Worcester, MA.
NPRA/Reconciliation Net Payment Reconciliation Amount: The amount calculated by CMS in many value-based programs which determines whether or not a participating provider owes money to CMS or is owed savings from CMS
Nursing care (NC) beds/Skilled Nursing Beds The part or section of a property that provides only nursing care services. Residents receive 24-hour nursing and/or medical care. Properties offering nursing care are generally licensed for Medicaid and/or Medicare reimbursement.
Occupancy (%) The average unit occupancy of reporting properties.
Occupancy Rate Percent of existing inventory’s units that are occupied by residents as of the end of the month.
Occupied penetration (%) The number of occupied units/beds divided by the number of households, which is the number of age 75+ households unless otherwise noted
PACE (Program of All-Inclusive Care for the Elderl Program to provide community-based comprehensive healthcare for people over age 55 who need a nursing-home level of care, as certified by the resident's state. May be coordinated through Medicare, Medicaid, or both, depending on the program.
Pacific (region) Includes Bakersfield, CA; Fresno, CA; Los Angeles, CA; Modesto, CA; Portland, OR; Riverside, CA; Sacramento, CA; San Diego, CA; San Francisco, CA; San Jose, CA; Seattle, WA; Stockton, CA; Ventura, CA.
Patient Day Mix Actual patient days of each payor source divided by the total actual patients days.
Payment type The payment plan through which residence and services are paid.
Penetration (%) Inventory divided by the number of households, generally the number of age 75+ households, unless otherwise noted.
PointRight® Pro 30® Rehospitalization Rate (Adjust Uses logistic regression (a statistical method that can adjust for multiple clinical characteristics (e.g. age and gender) at the same time. To calculate a center’s risk-adjusted rehospitalization rate, their actual rehospitalization rate is divided by their expected rehospitalization rate and the result is multiplied by the national average. All nursing homes in a group are split into percentiles in descending order from best to worst. A lower percentile is better, and a higher percentile is worse.
PointRight® Pro 30® Rehospitalization Rate (Observ Calculated by dividing the number of individuals sent back to any acute care hospital within 30 days of admission to the center by the total number of admissions to the center from acute hospitals. No adjustment is made for any patient characteristics.
PointRight® Pro Long Stay™ Hospitalization (Adjust Adjusted using risk factors drawn from each resident's most recent MDS assessment prior to the start of the calendar quarter. The duration of the resident's stay is the most important risk factor, as residents who have been in a SNF for years without a hospitalization have a low hospitalization rate. All nursing homes in a group are split into percentiles in descending order from best to worst. A lower percentile is better, and a higher percentile is worse.
PointRight® Pro Long Stay™ Hospitalization (Observ Measures the proportion of long-stay residents present in the facility at the beginning of a calendar quarter who are discharged to an acute care hospital at least once during that quarter, aggregated over four quarters.
Price per unit For a property sales transaction, it is the close price divided by the unit/bed inventory count of the property. For a portfolio sales transaction, it is the close price divided by the unit/bed inventory count of the portfolio.
Pricing Qualifiers Pricing qualifiers pertain to the closed price for transactions. Each closed price is categorized by one of four qualifiers depending on the source of the information. Prices are qualified as to the reliability of each source. Estimates of some prices are made using industry and market averages. Prices of properties sold within a portfolio may be allocated pro rata (based on size) if individual pricing is not available. In either case, the estimates are excluded from any pricing analysis.
Primary Markets Made up of 31 of the largest core-based statistical areas (CBSAs) in the United States. Data is available in these markets beginning in 4Q2005. Data for primary markets is often aggregated.
Prior year (Transactions) Cap rate is derived from prior year or actual income at time of sale.
Pro forma (Transactions) Cap rate is derived from anticipated net operating income from first year of ownership.
Profit status A designation for how a property's owner/sponsor is chartered, either as a for-profit or not-for profit entity.
Property age The reported age of the property in years.
Property count The number of properties open for business.
Property type The building or buildings and grounds that house the residents, and common areas shared by the residents. Properties included in NIC MAP generally include at least 25 units/beds and are market-rate properties. Properties are listed as majority independent living, majority assisted living, or majority nursing care.
Protected Data are marked as “Protected” if there are an insufficient number of properties and/or unique stakeholders reporting data.
Quality Mix Actual Medicare, managed Medicare/other, and Private patient days divided by the total actual patient days.
Quoted (Transactions) The assumed cap rate a property has traded at. Usually derived from published reports referencing a local professional not directly involved in the property's trade, but knowledgable of factors affecting the price of a particular property.
Relative Performance Indicator (RPI) The sum of occupied inventory multiplied by "Average Rent" for each distinct independent living, assisted living, or memory care unit type divided by total inventory of that care segment.
Rental A type of seniors housing community that charges residents for their residence and services primarily on a lease basis.
Replacement Reserve An allowance for the periodic replacement of building and Furniture Fixtures & Equipment components. The replacement reserve is also known as "CapEx" (capital expenditures).
Reported Need to Upgrade (%) The percent of properties that have self-reported a need to upgrade. The rating scale used: needs no upgrade, needs some upgrades or needs some extensive upgrades. A property is considered in need of upgrade if the response is either “needs some upgrades” or “needs extensive upgrades.”
Revenue Mix Total revenue divided by actual patient days for each payor source.
Revenue per Patient Day (RPPD) Total revenue divided by actual patient days for each payor source.
RIDEA The REIT Investment Diversification and Empowerment Act of 2007, which amends Internal Revenue Code provisions relating to real estate investment trusts (REITs): • Treat passive foreign exchange gains attributable to overseas real estate investment as qualifying REIT income. • Increase from 20% to 25% the maximum value of a REIT’s total assets that may be represented by securities of one or more taxable REIT subsidiaries. • Revise safe harbor rules for the excise tax penalty on certain REIT sales activities. • Treat rental payments made by a health care property to a REIT as qualifying REIT income. • Treat income from, and interests in, foreign-qualifed REITs as qualifying REIT income and assets.
Sale-and-Leaseback This is a financial transaction in which one sells an asset and leases it back for the long term; therefore, one continues to be able to use the asset but no longer owns it. The transaction is generally done for fixed assets, such as real estate.
Secondary Markets Made up of 68 large core-based statistical areas (CBSAs) in the United States that are not included in the NIC MAP 31 Primary Markets. Data is available in these markets beginning in 1Q2008. Data for secondary markets is often aggregated.
Senior Apartments Market-rate units in age-restricted communities where at least 80% of the residents are 55 years of age or older. Although optional meal plans may be offered, the base monthly fee does not include meals in a common dining facility, and therefore, "senior apartments" are different from "independent living units."
Seniors housing (care segment type) The combination of independent living, assisted living, and memory care units.
Seniors Housing (community type) The combination of Independent Living Communities, Assisted Living Communities, and Memory Care Communities.
Seniors Housing (majority property type) The aggregate of majority independent living and majority assisted living properties
Skilled Mix Actual Medicare and managed Medicare/other days divided by total actual patient days.
Southeast (region) Includes Atlanta, GA; Augusta, GA; Birmingham, AL; Chattanooga, TN; Daytona Beach, FL; Fort Myers, FL; Jackson, MS; Jacksonville, FL; Knoxville, TN; Lakeland, FL; Melbourne, FL; Memphis, TN; Miami, FL; Nashville, TN; Orlando, FL; Sarasota, FL; Tampa, FL
Southwest (region) Includes Austin, TX; Baton Rouge, LA; Dallas, TX; El Paso, TX; Houston, TX; Little Rock, AR; McAllen, TX; New Orleans, LA; Oklahoma City, OK; San Antonio, TX; Tulsa, OK.
Spaces A general term that encompasses both units and beds within a property.
Stabilized occupancy Occupancy of properties that are (a) at least two years old, or (b) if less than two years old, properties that have achieved occupancy of at least 95.0% since their opening.
Street Talk The assumed price a particular property has traded at. This is usually derived from published reports referencing a local professional not directly involved in the property's trade, but knowledgeable of factors affecting the price of a particular property.
Total Revenues Base fees, acuity-based level of care fees, second-occupant fees, community (move-in) fees, interest income and miscellaneous income, plus net cash (if any), from entry fees received less entry fees refunded.
Trade Area The geographic area that defines a property search using a radius, polygon, or drive time.
Traffic Flow The level of traffic used to determine a drive time trade area. NIC MAP defines high traffic flow as Thursdays at 5 p.m., medium traffic flow as Wednesday at 1 p.m., and low traffic flow as Sunday at 8:30 a.m.
Triple Net Lease A triple net (NNN) lease is defined as a lease structure where the tenant is responsible for paying all operating expenses associated with a property
Type A (contract type) A contract between an independent living resident and an entrance fee CCRC that covers long-term care (assisted living or nursing care) without any substantial increase in the residents’ monthly payments.
Type B (contract type) A “modified” contract between an independent living resident and an entrance fee CCRC that covers a specified amount of long-term care (assisted living or nursing care) during a set period of time without a substantial increase in residents’ monthly payments, or at a discounted rate.
Type C (contract type) A fee-for-service contract between an independent living resident and an entrance fee CCRC. If nursing care is needed, it is paid at the daily rate.
Type D (contract type) A rental contract between an independent living resident and a property that offers no guaranteed access to health care services. There is no entrance fee, and monthly fees cover the cost of maintaining the unit
Under Construction Property Count The number of unique properties that have inventory under construction. This includes new development, as well as properties undergoing expansions.
Underwritten (Transactions) Cap rate is derived using owner-provided NOI divided by a current financial institution appraisal.
Unit Mix The percent of units of a specific type relative to the total number of units. For example, a property with 50 one-bedroom units and 100 two-bedroom units has a one-bedroom unit mix of 33.3%. This excludes "unknown" units.
Units Under Construction The amount of inventory that is under construction. Units are considered under construction once they break ground.
Walk Score A Walk Score measures how walkable a place is to live. Walkability is broadly defined as proximity to amenities as well as pedestrian friendliness, where pedestrian friendliness is defined by population density and road metrics such as block length and intersection density. Walk Scores are between 0-100. For additional information about Walk Scores, view the Walk Score page.
West North Central (region) Includes Des Moines, IA; Kansas City, MO; Minneapolis, MN; Omaha, NE; St. Louis, MO; Wichita, KS.