This expanded reporting shows the increasing professionalism and sophistication of the seniors housing operators who are able and ready to report the data in a standard file format with standard field definitions
Annapolis, Md (PRWEB) February 10, 2016
NIC announced today that a majority of the nation’s largest health care real estate investment trusts (REITs)—HCP, LTC Properties, Omega Healthcare Investors, Sabra Health Care REIT, Senior Housing Properties Trust, Ventas, and Welltower—and major lenders Capital One Healthcare, KeyBank Real Estate Capital, PNC Real Estate, and Wells Fargo Senior Housing Finance have endorsed a new NIC data initiative to track and report aggregated data on seniors housing actual rents using a standard file format with standard field definitions. NIC is the first to collect and report on this data, which provides critical information operators and investors seek for benchmarking, strategic planning efforts, and day-to-day business operations.
The expanded reporting is expected to launch in the market in the third quarter of 2016 and will provide NIC MAP® Data Service (NIC MAP) subscribers with actual rents—the in-place and move-in rents, which can vary from the asking rents that NIC MAP has traditionally tracked. Also included are leasing activity velocities, which are measured by move-in and move-out rates. The operators included in the current sample data collection for the initial data release are larger, professionally managed, and investment-grade operators.
“This expanded reporting shows the increasing professionalism and sophistication of the seniors housing operators who are able and ready to report the data in a standard file format with standard field definitions,” said John Cobb, executive vice president and chief investment officer of Ventas, who has championed the initiative among capital providers.
In addition to support from the large REITs and lenders, the data initiative is endorsed by the board of directors for Argentum, as well as software provider MatrixCare, which is making software changes that allow clients to generate reports in the NIC format. NIC is also working with other software providers to incorporate the NIC reporting format.
Twenty-seven rental operators currently supply the actual rent and leasing data on over 3,000 properties. Operators currently participating are: Aegis Senior Living, Atria Senior Living, Belmont Senior Living, Benchmark Senior Living, Brandywine Senior Living, Brightview Senior Living, Brookdale Senior Living, Elmcroft Senior Living, Enlivant, Five Star Senior Living, Gardant Management Solutions, Harbor Retirement Associates, Holiday Retirement, Kisco Senior Living, Leisure Care, Legend Senior Living, Life Care Services, MBK Senior Living, Pathway Senior Living, Principal Senior Living Group, Senior Lifestyle, Senior Resource Group, Silverado Senior Living, Spectrum Retirement Communities, Sunrise Senior Living, Vi Living, and Vista Springs.
“Providing this level of data increases transparency into seniors housing and care, which should attract more capital, thereby lowering the cost of capital,” said Scott Estes, executive vice president and chief financial officer for Welltower. “We hope more operators will join NIC in this initiative so we can put the right information in the hands of industry decision makers.”
Currently NIC is collecting data from operators with five or more properties. All data is kept confidential and reported only in the aggregate. For more information about participating, contact Brian Connolly at email@example.com or (443) 837-2420.
The National Investment Center for Seniors Housing & Care (NIC) is a 501(c)(3) organization whose mission is to advance the quality and availability of seniors housing and care options for America’s elders. NIC provides research, education, and increased transparency that facilitate leadership development, quality outcomes, and informed investment decisions with respect to seniors housing and care. Since 1991, NIC has been the leading source of research, data and analytics for owners, operators, developers, capital providers, researchers, academics, public policy analysts and others interested in meeting the housing and care needs of America’s seniors. For more information, call (410) 267-0504.
Contact: Biba Aidoo, (410) 267-0504 or baidoo(at)nic(dot)org