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Term Definition
25th Percentile The breakpoint between (a) the Middle Tier and the Bottom Tier and also (b) the first and second quartiles.
75th Percentile The breakpoint between (a) the Top Tier and the Middle Tier and also (b) the third and fourth quartiles.
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.
Bottom Tier The bottom quartile (i.e., first quartile) comprised of those properties below the 25th percentile.
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) CMS calculates a health inspection score based on points assigned to deficiencies identified in each active provider’s three most recent recertification health inspections, as well as on deficiency findings from the most recent three years of complaint inspections. Points are assigned to individual health deficiencies according to their scope and severity – more serious, widespread deficiencies receive more points, with additional points assigned for substandard quality of care. Deficiencies from Life Safety surveys are not included in the Five-Star rating calculations. Deficiencies from Federal Comparative Surveys are not reported on Nursing Home Compare or included in Five Star calculations, though the results of State Survey Agency determinations made during a Federal Oversight Survey are included. No points are assigned for the first revisit; points are assigned only for the second, third, and fourth revisits and are proportional to the health inspection score for the survey cycle. If a provider fails to correct deficiencies by the time of the first revisit, then these additional revisit points are assigned up to 85 percent of the health inspection score for the fourth revisit. CMS’ experience is that providers who fail to demonstrate restored compliance with safety and quality of care requirements during the first revisit have lower quality of care than other nursing homes. More revisits are associated with more serious quality problems. CMS calculates a total weighted health inspection score for each facility (including any repeat revisits). Note that a lower survey score corresponds to fewer deficiencies and revisits, and thus better performanceon the health inspection domain. CMS bases Five-Star quality ratings in the health inspection domain on the relative performance of facilities within a state. This approach helps control for variation among states.
CMS Five-Star Rating (Overall) CMS rates SNFs on a scale of one to five stars. The components of the Overall Five-Star Rating are health inspection, staffing, and quality measures. The method for determining the overall nursing home rating does not assign specific weights to the health inspection, staffing, and QM domains. The health inspection rating is the most important dimension in determining the overall rating, but, depending on the performance on the staffing and QM domains, the overall rating for a nursing home may be increased or decreased by up to two stars. If a nursing home has no health inspection rating, then no overall rating is assigned. If a nursing home has no health inspection rating because it is too new to have two standard surveys, then no ratings for any domain are displayed.
CMS Five-Star Rating (Quality Measure Long Stay) Most nursing homes will have three QM ratings: an overall QM rating, a long-stay QM rating, and a short-stay QM rating. For nursing homes that have only long-stay QMs, the overall QM rating is equal to their long-stay QM rating. Measures for Long-Stay residents (defined as residents who are in the nursing home for greater than 100 days) that are derived from MDS assessments are: percent of residents whose need for help with activities of daily living has increased; percent of residents whose ability to move independently worsened; percent of high-risk residents with pressure ulcers; percent of residents who have/had a catheter inserted and left in their bladder; percent of residents with a urinary tract infection; percent of residents who self-report moderate to severe pain; percent of residents experiencing one or more falls with major injury; percent of residents who received an antipsychotic medication. Measures for Long-Stay residents that are derived from claims data are: number of hospitalizations per 1,000 long-stay resident days; number of outpatient emergency department (ED) visits per 1,000 long-stay resident days.
CMS Five-Star Rating (Quality Measure Short Stay) Most nursing homes will have three QM ratings: an overall QM rating, a long-stay QM rating, and a short-stay QM rating. For nursing homes that have only short-stay QMs, the overall QM rating is equal to their short-stay QM rating. Measures for Short-Stay residents that are derived from MDS assessments are: percent of residents who made improvement in function; percent of SNF residents with pressure ulcers that are new or worsened; percent of residents who self-report moderate to severe pain; percent of residents who newly received an antipsychotic medication. Measures for Short-Stay residents that are derived from claims data are: percent of short-stay residents who were re-hospitalized after a nursing home admission; percent of short-stay residents who have had an outpatient emergency department (ED) visit; rate of successful return to home and community from a SNF.
CMS Five-Star Rating (Quality Measure) A set of quality measures (QMs) has been developed from Minimum Data Set (MDS) and Medicare claims data to describe the quality of care provided in nursing homes. These measures address a broad range of function and health status indicators. Most nursing homes will have three QM ratings – an overall QM rating, a long-stay QM rating, and a short-stay QM rating. For nursing homes that have only long-stay or only short-stay QMs, the overall QM rating is equal to their long-stay or short-stay QM rating. QM ratings are based on performance on a subset of 12 MDS-based QMs and five measures that are created using Medicare claims. These measures were selected for use in the rating system based on their validity and reliability, the extent to which nursing home practice may affect the measures, statistical performance, and the importance of the measures.
CMS Five-Star Rating (RN Staffing) Adjusted Registered Nurse (RN) staffing hours are used in calculating staffing stars for CMS Five-Star ratings. Five-Star staffing measures are derived from data submitted each quarter through the Payroll-Based Journal System (PBJ), along with daily resident census derived from Minimum Data Set, Version 3.0 (MDS 3.0) assessments, and are case-mix adjusted based on the distribution of MDS 3.0 assessments by Resource Utilization Groups, version IV (RUG-IV group).
CMS Five-Star Rating (Staffing) Adjusted Registered Nurse (RN), Licensed Practical Nurse (LPN), and Certified Nursing Assistant (CNA) staffing hours are used in calculating staffing stars for CMS Five-Star ratings. Five-Star staffing measures are derived from data submitted each quarter through the Payroll-Based Journal System (PBJ), along with daily resident census derived from Minimum Data Set, Version 3.0 (MDS 3.0) assessments, and are case-mix adjusted based on the distribution of MDS 3.0 assessments by Resource Utilization Groups, version IV (RUG-IV group).
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 homes that participate in the Medicare and/or Medicaid programs have an onsite recertification (standard) inspection conducted annually, on average. Inspections are unannounced and are conducted by a team of health care professionals who spend several days in the nursing home to assess whether the nursing home is in compliance with federal requirements. These inspections provide a comprehensive assessment of the nursing home, reviewing facility practice and policies in such areas as resident rights, quality of life, medication management, skin care, resident assessment, nursing home administration, environment, and kitchen/food services. Deficiencies may be cited during an inspection based on findings of non-compliance with CMS regulations.
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; Ann Arbor, MI; Chicago, IL; Cincinnati, OH; Cleveland, OH; Columbus, OH; Dayton, OH; Detroit, MI; Flint, MI; Grand Rapids, MI; Indianapolis, IN; Janesville, WI; Lansing, MI; Madison, WI; Milwaukee, WI; Monroe, MI; Racine, WI; Rockford, IL; Saginaw, MI; 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 Asheville, NC; Baltimore, MD; Burlington, NC; Charleston, SC; Charlotte, NC; Columbia, SC; Greensboro, NC; Greenville, SC; Lexington, KY; Louisville, KY; Raleigh, NC; Richmond, VA; Spartanburg, SC; Virginia Beach, VA; Washington, DC; Winston-Salem, NC.
Middle Tier The two middle quartiles (i.e., second and third quartiles) comprised of those properties between the 25th percentile and 75th percentiles.
Mountain (region) Includes Albuquerque, NM; Boise, ID; Boulder, CO; Colorado Springs, CO; Denver, CO; Las Vegas, NV; Ogden, UT; Phoenix, AZ; Provo, UT; 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; Gettysburg, PA; Harrisburg, PA; Hartford, CT; Lancaster, PA; Lebanon, PA; New Haven, CT; New York, NY; Norwich, CT; Philadelphia, PA; Pittsburgh, PA; Pittsfield, MA; Portland, ME; Providence, RI; Reading, PA; Rochester, NY; Scranton, PA; Springfield, MA; Syracuse, NY; Trenton, NJ; Utica, NY; Worcester, MA; York, PA.
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; Hanford, CA; Honolulu, HI; Longview, WA; Los Angeles, CA; Madera, CA; Merced, CA; Modesto, CA; Napa, CA; Porterville, CA; Portland, OR; Riverside, CA; Sacramento, CA; San Diego, CA; San Francisco, CA; San Jose, CA; Santa Rosa, CA; Seattle, WA; Spokane, WA; Stockton, CA; Vallejo, 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 PointRight Pro 30 is an all-cause, risk adjusted rehospitalization measure. It provides the rate at which all residents who enter skilled nursing facilities (SNFs) from acute care hospitals are subsequently rehospitalized during their SNF stay, within 30 days from their admission to the SNF. PointRight® Pro 30® is the only all-cause, risk adjusted rehospitalization measure validated by Brown University, adopted by the American Health Care Association, and endorsed by the National Quality Forum (NQF #2375). Facility’s case mix-adjusted rehospitalization rate, calculated by dividing the observed rate by the expected rate, then multiplying by the observed national average. The national average is calculated at the national level as the sum of all rehospitalizations divided by the sum of all admissions from hospitals during a calendar year. 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 PointRight Pro 30 is an all-cause, risk adjusted rehospitalization measure. It provides the rate at which all residents who enter skilled nursing facilities (SNFs) from acute care hospitals are subsequently rehospitalized during their SNF stay, within 30 days from their admission to the SNF. PointRight® Pro 30® is the only all-cause, risk adjusted rehospitalization measure validated by Brown University, adopted by the American Health Care Association, and endorsed by the National Quality Forum (NQF #2375). Facility’s actual, unadjusted rehospitalization rate, calculated by dividing the numerator by the denominator. The observed rate measures the rate at which residents admitted to the SNF from an acute care hospital are discharged to an acute care hospital within 30 days of admission to the SNF. Numerator = number of admissions from an acute care hospital who were rehospitalized within 30 days. Denominator = number of admissions from an acute care hospital.
PointRight® Pro Long Stay™ Hospitalization (Adjust The PointRight Pro Long Stay Hospitalization Measure is an MDS-based, risk adjusted measure of the rate of hospitalization of long-stay residents of skilled nursing facilities (SNFs) averaged across the year and weighted by the number of stays in each quarter. This measure is endorsed by the National Quality Forum (NQF #2827). To be considered long-stay, a resident must have a cumulative length of stay in the facility of more than 100 days as of the snapshot date. Risk adjustment based on clinical complexity allows for comparison across facilities with varying levels of resident acuity. This measure is all-payer.This measure excludes discharges from the SNF to LTACHs, IRFs, and psychiatric hospitals and excludes admissions to acute care hospitals that directly follow a discharge from the SNF to a setting other than an acute care hospital. Facility’s case mix-adjusted hospitalization rate, calculated by dividing the observed rate by the expected rate, then multiplying by the observed national average. The benchmark rate is the observed rate of (all) hospitalizations per quarter for long stay residents.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 The PointRight Pro Long Stay Hospitalization Measure is an MDS-based, risk adjusted measure of the rate of hospitalization of long-stay residents of skilled nursing facilities (SNFs) averaged across the year and weighted by the number of stays in each quarter. This measure is endorsed by the National Quality Forum (NQF #2827). To be considered long-stay, a resident must have a cumulative length of stay in the facility of more than 100 days as of the snapshot date. Risk adjustment based on clinical complexity allows for comparison across facilities with varying levels of resident acuity. This measure is all-payer.This measure excludes discharges from the SNF to LTACHs, IRFs, and psychiatric hospitals and excludes admissions to acute care hospitals that directly follow a discharge from the SNF to a setting other than an acute care hospital. Facility’s actual, unadjusted hospitalization rate, calculated by dividing the numerator by the denominator. The observed rate measures the rate at which long stay residents are discharged to an acute care hospital. The observed rate is calculated for each quarter and aggregated over four quarters. Numerator = the sum of quarterly numerators for four quarters (12-month period) where the quarterly numerator is the number of acute care hospitalizations of residents in the quarter. Denominator = the sum of the quarterly denominators for four quarters (12-month period) where the quarterly denominator is the number of long-stay residents for the quarter (cumulative length of stay as of the first day of the quarter is more than 100 days)
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.
Rate Tiers The quantitative classification of the market-rate seniors housing properties by property type (i.e., by majority independent living properties and by majority assisted living properties) based on each property’s property-level average market rate (AMR) which collectively within each metropolitan market are tiered by quartiles.
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; Naples, FL; Nashville, TN; Orlando, FL; Port St. Lucie, FL; Punta Gorda, FL; Sarasota, FL; Sebastian, FL; Sebring, FL; Tampa, FL; The Villages, FL.
Southwest (region) Includes Austin, TX; Baton Rouge, LA; Dallas, TX; El Paso, TX; Hammond, LA; 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.
Top Tier The top quartile (i.e., fourth quartile) comprised of those properties above the 75th percentile.
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.