The leading provider of timely and comprehensive performance data on the seniors housing and care industry

NIC MAP Data & Analysis Service

GET COMPLETE COVERAGE OF THESENIORS HOUSING AND CARE INDUSTRY

For 20 years the National Investment Center for the Seniors Housing & Care Industry (NIC) has served debt and equity investors, operators, developers, and others engaged in meeting the expanding housing and care needs of America’s seniors by providing deal-making, networking and educational events, and groundbreaking research studies on demand and supply issues.

NIC’s Mission: To advance the quality of seniors housing and care by facilitating informed investment decisions through best-in-class data, research, networking events, and professional education.

In 2004, NIC launched the NIC MAP Data & Analysis Service to create transparency for investors by offering credible, objective market-level data. Today, NIC MAP is the premier provider of data and analytics on independent living, assisted living, memory care, nursing care, and CCRC properties within America’s largest metro markets.

For your mission-critical business decisions, use NIC MAP’s powerful web-based suite of tools and reports to:

• Quickly identify markets that present opportunities

• Stay ahead of industry trends with leading analytics

• Measure your properties’ position and performance in the market

• Access local performance benchmarks that help drive the decision-making process in underwriting

• Obtain useful, standardized market-level metrics for use in feasibility studies

Tap into comprehensive data that’s updated quarterly. Evaluate the 100 largest metro markets representing over 60% of the 75+ population and examine current information from over 12,300 seniors housing and nursing care properties across the country.

HOW INDUSTRY LEADERS ARE USING NIC MAP TO STRENGTHEN THEIR DECISION-MAKING AND DRIVE REVENUE

“NIC MAP’s data and analysis have provided MBK Senior Living valuable insights into our industry’s performance, as well as validation of our property performance (i.e., rental rates, absorption, and occupancy trends) relative to our key competitors in the markets NIC MAP covers.”

— Terry Howard, President, MBK Senior Living

Operators – Use our benchmarking data and tools to accurately track market conditions and manage performance against competitors.

Lenders, Investors, and Potential Investors* – Determine which markets have an abundance of investment opportunities and which appear to be overweighted in terms of risk. Obtain market data to analyze trends and gauge how competitors are performing against properties in their portfolios.

Market Researchers and Consultants – Perform due diligence more effi ciently with access to localized trends and metrics.

Analysts – Strengthen their analysis with access to customized metrics and property characteristics. Quickly gain valuable insight on overall industry performance.

Developers – Assess development opportunities and determine which markets are best positioned for future growth.

*If you don’t already invest in seniors housing and care, use NIC MAP’s data as a measure for current and long-term trends in the industry.

VALIDATE YOUR STRATEGY

Get the evidence you need to substantiate your next move or get an understanding of basic industry performance and trends with metrics on:

• Construction

• Inventory Growth

• Absorption

• Revenue

• Occupancy

• Rent Growth

• Supply/Demand

Data is available for independent living, assisted living, and nursing care property types, as well as CCRCs.

“NIC MAP is an integral part of our business. We use it extensively in underwriting and are very pleased with the results.”

— Charles J. Herman, Jr., Executive Vice President and Chief Investment Offi cer, Health Care REIT

TAKE A SNAPSHOT OF THE INDUSTRY

NIC MAP Construction Monitor – Get a written analytical report providing detailed information on construction activity for the quarter, for each property type.

CONSTRUCTION MONITOR®

FACILITATING INFORMED INVESTMENT DECISIONS IN SENIORS HOUSINGTHROUGH EXCELLENCE IN DATA AND ANALYSIS

AN ANALYSIS OF 1Q10 NIC MAP® DATA

Copyright © 2010 NIC CONSTRUCTION MONITOR® 1Q10 3

CONSTRUCTION STATISTICAL SUMMARY 1Q10

Construction activity in seniors housing has declined 56.8% since peaking in 1Q08. In 1Q10, there were 8,897 units under construction in seniors housing, representing 1.8% of existing inventory. The construction pipeline will continue to decline throughout this year, with 6,095 units, or 68.5%, of the units currently under construction scheduled to open by the end of this year.

Construction starts continue to remain at low levels in seniors housing. During 1Q10, construction began on 870 units in seniors housing properties, which is down slightly from the starts during the previous two quarters. In the past year, construction began on 3,886 units within seniors housing properties, down 73.6% from 1Q08 when construction starts totaled 14,700 units during the previous twelve months. The current trailing twelve month construction starts total is on par with that of last quarter, possibly indicating a bottoming in construction starts.

*Trailing Twelve Months

Properties Under Construction 78 48 30 24

Units/Beds Under Construction 8,897 6,475 2,422 3,058

Independent Living Units 5,064 4,787 277 0

Assisted Living Units 2,363 975 1,388 117

Memory Care Units 1,016 259 757 28

Nursing Care Beds 454 454 0 2,913

Units/Beds Started in Quarter 870 773 97 0

Construction vs. Inventory 1.8% 2.0% 1.4% 0.5%

Majority Nursing CareProperty Type

Seniors Housing

AggregateMajority Independent

LivingMajority Assisted Living

0

2,000

4,000

6,000

8,000

10,000

12,000

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q

2008 2009 2010

Number of TTM* ConstructionStarts by Property Type (Units)

Majority IL Majority AL Majority NC

3,093 3,088 4,184 4,335 2,773 1,245 1,716 842 374 1,385 1,257 870

3.7% 4.0% 4.1% 4.3% 4.3% 4.0%3.6% 3.6%

2.7% 2.4%2.0% 1.8%

2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q

2007 2008 2009 2010

Seniors Housing Construction

Units Started Construction vs. Inventory

To track the market or to make a well-informed decision, just consult any of the reports listed below. Quick and easy to access online, they do not require a subscription and provide valuable, easy-to-use information to guide you on the right road to success.

“As an investment broker exclusively dedicated to the seniors housing industry, NIC MAP provides Vant·Age Pointe with valuable regional and national data, trends, and benchmarks that greatly assist us with our underwriting of seniors housing assets. NIC MAP data also provides us with a greater understanding of local market areas and the competitive position of specifi c communities relative to their respective market area.”

— Lisa Widmier, Managing PartnerVant·Age Pointe Capital Management & Advisory, Inc.

REPORTS

NIC MAP Inventory and Construction Reports – Produced for each of the 31 largest metro markets (primary markets), these detailed supply directories list which properties are located in that particular market — along with the property address, phone number, year opened, primary payment type, primary contract type, corporate owner, and unit breakdown.

NIC MAP Metro Market Reports – Get an overview of each metro market’s performance. Produced for each of the 100 largest metro

markets, each report contains detailed information on occupancy, rent, inventory, and construction for each property type.

NIC MAP Monitor – Use this summary report for comprehensive and detailed analysis of seniors housing data and trends at the national level for each property type.

THE MAP MONITOR®

FACILITATING INFORMED INVESTMENT DECISIONS IN SENIORS HOUSINGTHROUGH EXCELLENCE IN DATA AND ANALYSIS

AN ANALYSIS OF 1Q10 NIC MAP® DATAOOFFF 111QQ10 NIC MAP® DATA

Copyright © 2010 NIC THE MAP MONITOR® 1Q10 3

EXECUTIVE SUMMARYINDUSTRY SNAPSHOT—MAP31

KEY METRICS

PROPERTY INFORMATION

All Occupancy 88.0% 87.9% 88.1% 89.0%

YoY Rent Growth 1.5% 1.5% 1.4% 3.3%

Quarterly Absorption 248 -147 389 245

Quarterly Inventory Growth 2,099 1,124 975 -926

Units/Beds Under Construction 8,897 6,475 2,422 3,058

Construction vs. Inventory 1.8% 2.0% 1.4% 0.5%

Inventory 496,235 322,225 174,010 568,999

Penetration 10.4% 6.8% 3.7% 12.0%

Majority Nursing CareProperty Type Aggregate

Majority Independent

Living

Majority Assisted

Living

Seniors Housing

Property Count 3,726 1,465 2,261 3,979

Inventory 496,235 322,225 174,010 568,999

Independent Living Units 253,061 244,326 8,735 11,784

Assisted Living Units 164,755 36,292 128,463 17,031

Memory Care Units 37,598 5,989 31,609 2,745

Nursing Care Beds 40,821 35,618 5,203 537,439

Property Type Majority Nursing CareMajority Independent

Living

Majority Assisted

LivingAggregate

Seniors Housing

DISTRIBUTION OF QUARTERLY OCCUPANCY CHANGES FOR SENIORS HOUSING PROPERTIES

0%

25%

50%

75%

100%

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q

2006 2007 2008 2009 2010

Percent Reporting Decrease Percent Reporting No Change Percent Reporting Increase

Benchmark performance at the local market level with NIC MAP Metro Market Reports.

“At Brecht Associates, NIC MAP gives us the tools to identify standards and benchmarks in the markets within which we work. By having regional and national trends at our fi ngertips, we are able to put our local market fi ndings into a more meaningful context.”

— Susan B. Brecht, President, Brecht Associates, Inc.

WEB-BASED TOOLSOnly subscribers can access our premier online tools through the subscriber portal. Instant and customized for your needs, our user-friendly system allows you to search, pull, and manipulate the exact data you need for the metro areas to which you subscribe.

Check out the quarterly NIC MAP Webcasts for the latest insights on the seniors housing and care industry. NIC MAP Trends – Evaluate trend data for the 31

largest metro markets (primary markets) since 4Q05. Trends may be sorted by property type or metric and may be viewed online, graphed, or exported to Excel.

DATA MONITORING/PERFORMANCE TOOLS

“Pathway has been a champion of NIC MAP for years. The outstanding online tools help us better identify target markets, research competition, and provide the much-needed backup data sought by the investment community for potential development and acquisition opportunities. And thanks to NIC MAP’s quarterly subscriber webcasts, we are able to stay abreast of industry trends and adjust our business plan accordingly.”

— Aaron D’Costa, Vice President of Marketing and Business Development, Pathway Senior Living

NIC MAP Rankings allows subscribers to compare seniors housing performance across metro areas for any of the key metrics tracked.

ANALYSIS TOOLS

NIC MAP Analyst – Drill down on specifi c metrics and property characteristics with customized fi lters for geography, property type, campus type, and metrics to create a customized report.

NIC MAP Local – Search for properties within the 100 largest metro markets. Select and view detailed property reports and fi nd comparable properties for any facility in our database. You can also compare performance to county (submarket) and metro benchmarks.

With MAP Local you can search for seniors housing and care properties located in the 100 metro markets.

With MAP Local you can view detailed property records for any of the 12,300 properties in our database.

View historical performance at the metro level with NIC MAP Trends.

“NIC MAP data is an integral part of NHP’s asset management, desktop valuation, and underwriting analysis. Access to this database of valuable market information is essential to our business, and the seniors housing and care industry continues to reap the benefi ts from having such a great benchmarking tool.” — Derrick Pete, Vice President Corporate Development, Nationwide Health Properties

NIC MAP Rankings – Rank performance across metro markets for the current quarter. Data can be exported to Excel.

NIC MAP Portfolios – New! View all of the properties in your portfolio and index their performance versus a custom competitive group.

QUARTERLY REPORT PRICING:

Starting at $249:

• Metro Market Reports

• Inventory and Construction Reports

• NIC MAP Construction Monitor

• NIC MAP Monitor

ANNUAL SUBSCRIPTION PRICING:

Packages start at $3,000 per year.

Prices vary based upon metro market and product coverage, and subscriptions can be customized to meet your needs. Take advantage of payment plans structured annually, semiannually or quarterly.

LOCATION, LOCATION, LOCATION PRICINGLocations. They mean everything. Use our data to navigate over 60% of the 75+ population and over 12,300 seniors housing and nursing care properties across the country.

Knowledge is power. Access invaluable research and analytics by purchasing data through quarterly reports or an annual subscription.

Tap into comprehensive data that’s updated quarterly. Evaluate the 100 largest metro markets representing over 60% of the 75+ population and examine current information from over 12,300 seniors housing and nursing care properties across the country.

THE NIC ROAD MAP: OUR STORY

NIC was founded in 1991 as a 501(c)(3) educational forum to advance the quality of seniors housing and care by facilitating informed investment decisions. As an objective third party, NIC is the leading resource on fi nancial and investment issues for this sector and promotes market understanding through research and analytics, as well as open dialogue among leaders from the capital markets and industry providers.

With the growth of the 75+ population projected to outpace growth of the overall US population by more than three to one over the next 40 years, the demand for seniors housing and care and for the capital to fuel its growth will increase exponentially. In order to attract investors and stimulate capital fl ow through increased transparency, NIC MAP provides accessible, accurate, and timely market performance data and analysis for investment decision makers.

Akron, OH Chattanooga, TN Hartford, CT Modesto, CA Sarasota, FL

Albany, NY Colorado Springs, CO Indianapolis, IN Nashville, TN Scranton, PA

Albuquerque, NM Columbia, SC Jackson, MS New Haven, CT Springfi eld, MA

Allentown, PA Columbus, OH Jacksonville, FL New Orleans, LA Stockton, CA

Augusta, GA Dayton, OH Knoxville, TN Ogden, UT Syracuse, NY

Austin, TX Daytona Beach, FL Lakeland, FL Oklahoma City, OK Toledo, OH

Bakersfi eld, CA Des Moines, IA Lancaster, PA Omaha, NE Tucson, AZ

Baton Rouge, LA El Paso, TX Little Rock, AR Portland, ME Tulsa, OK

Birmingham, AL Fort Myers, FL Louisville, KY Poughkeepsie, NY Ventura, CA

Boise, ID Fresno, CA Madison, WI Providence, RI Virginia Beach, VA

Bridgeport, CT Grand Rapids, MI McAllen, TX Raleigh, NC Wichita, KS

Buffalo, NY Greensboro, NC Melbourne, FL Richmond, VA Worcester, MA

Charleston, SC Greenville, SC Memphis, TN Rochester, NY Youngstown, OH

Charlotte, NC Harrisburg, PA Milwaukee, WI Salt Lake City, UT

Secondary Markets

The leading provider of timely and comprehensive performance data on the seniors housing and care industry

1997 Annapolis Exchange Parkway, Suite 110Annapolis, MD 21401Phone: (410) 267-0504Fax: (410) 268-4620 Email: mail@nicmap.org www.nicmap.org

GET STARTEDWith NIC MAP, you’ll see the entire seniors housing and care industry from your chosen vantage point. You’ll learn the smartest, most effective way to analyze the industry. However you are involved in seniors housing and nursing care — whether you are investing, developing, managing, performing due diligence or valuation analysis, underwriting, or consulting — we’ve got the reports and the tools to give you the best view.

Schedule a free demo of NIC MAP today at www.nicmap.org.

We also invite you to sign up to receive the latest industry insights with NIC MAP Market Signals email alerts and the most current NIC MAP Key Metrics. Both are complimentary resources for you.