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News & Events

3/17/2014
New role is a first for both NIC and the seniors housing and care industry

FOR IMMEDIATE RELEASE: March 17, 2014
Contact: Biba Aidoo, (410) 267-0504 or baidoo@nic.org

Annapolis, Md. – Beth Burnham Mace has become NIC’s and the seniors housing and care industry’s first-ever Chief Economist. In this new position, which she began March 10, Mace also serves as Director of Capital Markets Outreach. Her economic forecasting experience spans more than 25 years.

Prior to joining NIC, Mace was a Director with AEW Capital Management in AEW’s Research Group. She worked with the firm’s Direct Investment Group to provide primary research support to its core and value-added investment strategies and supported the group in underwriting, asset and portfolio management decisions.

In addition to Mace assisting NIC with its mission to facilitate informed investment decisions in the seniors housing and care industry through outreach to the capital markets, she will collaborate with NIC’s research and analytics team in the development of data products, the shaping of analytics, and advancing NIC’s research initiatives.

“She will leverage not only NIC’s various data time series but also numerous economic, demographic and financial data series to provide insights into the market dynamics of seniors housing and care,” said Chuck Harry, managing director and director of research and analytics with NIC.

As a member of NIC’s Board of Directors and chair of NIC’s Research Committee and as one of the organization’s most active volunteer leaders, Mace is already familiar with NIC and plans to capitalize on her previous accomplishments. In these roles, Mace helped developed NIC MAP’s seniors housing and care property type definitions, led NCREIF’s initiative for seniors housing investment performance indices, and initiated NIC’s strategic alliance with Real Capital Analytics (RCA) for the reporting of property sales transactions data.

In her position of Chief Economist and Director, Capital Markets Outreach, Mace will serve as a member of NIC’s Senior Management Team and will report to the President.

“I am very excited to be joining the NIC staff,” said Mace. “I look forward to helping improve transparency in the sector and seeing senior housing become one of the more traditional commercial real estate investment property types for both equity and debt providers in the years ahead.”

Mace is a graduate of Mount Holyoke College (B.A.) and the University of California (M.S.).

About the National Investment Center for the Seniors Housing and Care Industry
The National Investment Center for the Seniors Housing & Care Industry (NIC) is a 501(c)(3) organization whose mission is to facilitate informed investment in the seniors housing and care industry. NIC's NIC MAP® Data and Analysis Service tracks more than 12,600 properties on a quarterly basis in the 100 largest metropolitan markets. Proceeds from its national conference and other events are used to fund data and research on issues of importance to lenders, investors, providers, developers, and others interested in meeting the housing and care needs of America’s seniors. For more information, visit www.NIC.org or call (410) 267-0504. 
1/10/2014

NIC MAP® Data Shows occupancy up 2.8 percentage points above its cyclical low

FOR IMMEDIATE RELEASE: Friday, January 10, 2014
Contact: Biba Aidoo, (410) 267-0504 or baidoo@nic.org

ANNAPOLIS, Md. – Overall, the average occupancy rate for seniors housing properties in the fourth quarter of 2013 was 89.7%, an increase of 0.4 percentage points from the prior quarter and a 0.7 percentage point increase from a year earlier. As of the fourth quarter of 2013, occupancy was 2.8 percentage points above its cyclical low of 86.9% during the first quarter of 2010.

The occupancy rate for independent living properties and assisted living properties averaged 90.0% and 89.2%, respectively, during the fourth quarter of 2013. When compared to the prior quarter, independent living occupancy increased by 0.5 percentage points, while assisted living occupancy increased by 0.1 percentage points. The occupancy rate for independent living is now 3.2 percentage points above its cyclical low, while the occupancy of assisted living is 2.5 percentage points above its respective cyclical low.

During the fourth quarter of 2013, the rate of seniors housing’s annual asking rent growth was unchanged at 1.6%, and was 0.5 percentage points below its pace one year earlier during the fourth quarter of 2012.

“While seniors housing rent growth overall remained stable during the quarter, rent growth for independent living strengthened, while assisted living rent growth slowed,” says Chuck Harry, NIC’s managing director and director of research and analytics. ”Annual rent growth in independent living properties accelerated by 20 basis points, while the pace of annual rent growth in assisted living properties slowed by 30 basis points.”

Seniors housing annual absorption was 2.2% as of the fourth quarter of 2013, compared to 2.0% during the third quarter of 2013 and 2.3% during the fourth quarter of 2012.

In the fourth quarter of 2013, the seniors housing annual inventory growth rate was 1.4%, which is near where it has oscillated since the fourth quarter of 2011. Current construction as a share of existing inventory for seniors housing was 2.9%, which is 0.3 percentage points below that of the previous quarter.

“While construction activity during the fourth quarter moderated slightly, in part due to a modest decline in the construction starts, it is far too soon to say if this is a trend or a one-quarter aberration,” says Harry.

The nursing care occupancy rate was 87.9% in the fourth quarter of 2013, an increase of 0.3 percentage points from the third quarter of 2013.

Nursing care annual inventory growth was -0.1% in the fourth quarter of 2013, continuing the established trend of slightly declining inventory growth. Private pay rents for the sector grew 2.9% year-over-year this quarter, which is 0.1 percentage points above the pace of the prior quarter.     


About NIC
The National Investment Center for the Seniors Housing & Care Industry (NIC) is a 501(c)(3) organization whose mission is to facilitate informed investment in the industry. NIC's NIC MAP® Data and Analysis Service tracks more than 12,600 properties on a quarterly basis in the 100 largest metropolitan markets. Proceeds from NIC’s national conference and other events are used to fund data and research on issues of importance to lenders, investors, providers, developers, and others interested in meeting the housing and care needs of America's seniors. For more information, visit www.NIC.org or call (410) 267-0504.     

9/3/2013
As of the second quarter of 2013, Minneapolis’s seniors housing occupancy was 91.6%, up 20 basis points from a year ago. The Minneapolis metropolitan market has maintained a high occupancy rate despite recent openings of several new properties. In the past year, six new properties have opened, adding 461 units to Minneapolis’s inventory. In addition, several existing properties underwent expansions, bringing net inventory growth to 703 units, or 3.8%, in the past year.

FIGURE 1
Minneapolis Seniors Housing Supply-Demand 1Q06 - 2Q13

Inventory growth is likely to continue in Minneapolis, as its construction pipeline remains active. As of the second quarter of 2013, there were seven new seniors housing properties under construction in Minneapolis and another six properties undergoing expansions. The new properties will add 757 units to Minneapolis’s inventory, while the expansions account for an additional 200 units. Overall, Minneapolis’s construction activity as of second quarter 2013 represents 5.0% of the market’s existing inventory.