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NIC MAP™ Glossary 31 MSAs - The aggregate of the data collected from the 31 largest metropolitan statistical areas in the Continental U.S. as ranked by the U.S. Census Bureau’s Table 3a, “Population In Metropolitan and Micropolitan Statistical Areas Ranked By 2000 Population for the United States and Puerto Rico PHC-T-29,” released 12-30-03. Affordability Index - The ratio of the median of the monthly fee for each type of service divided by the median monthly household income for the age 75+ households in the MSA. For example, if the median monthly fee for independent living is $2,300 per month and the average monthly household income of 75+ households is $2,500, then the ratio of $22,300 ÷ $2,500 is 0.92. Or, in other words, the median fee for independent living in the MSA is 92 percent of the average monthly income of the 75+ households in the MSA. Adjusted Affordability Index - The ratio of REVPOR (mean revenue per occupied unit) multiplied by 12 and divided by the sum of the median household income of the 75+ household and the estimate of the annual proceeds from investment from the sale of the median priced home (93 percent of sale value) that is invested at 4.5 percent annual rate of return. Absorption (Change in Occupied Units) – The number of occupied units (or beds) in the MSA in the current quarter relative to the number of units (or beds) that were occupied in a previous period. A positive number signifies an increase and a negative number signifies a decrease in the number of units (or beds) that are occupied. Age of Property – The age of the property reported in years calculated by subtracting the date the property was opened from the date of the end of the current quarter. The age of the property is based on the original date the property was opened, unless the date is available for a service sector (independent living, assisted living, dementia care and/or nursing care) added after the original date the property was opened. In this instance the date of the service sector was opened is used for the service sector only. If the assisted living facility has opening data later than the property opening data, the assisted living date determines the age of the service type (AL) in the report. Annual Percentage Growth - The increase or decrease between one year and the next expressed in percent relative to the preceding year. Growth of 1.5 percent is 1.5 percent larger than the preceding year. Assisted Living (AL) - A service-enriched multi-family residential property that typically has studio, one or two-bedroom apartments. Residents receive personal care services such as assistance with bathing, dressing, eating, walking and toileting. Twenty-four hour protective oversight is provided, but 24-hour medical care is not. Other services may include three meals and two snacks per day, medication management, emergency response, transportation and social, wellness and recreational programming. The "assisted living" properties included in NIC MAP™ are only those that are market-rate properties where 80 percent or more of the residents are 55 years of age and older and where fewer than 20 percent are younger than 55 years of age and are living at the assisted living residence because of a physical, mental or psychiatric disability. Average Revenue Per
Occupied Unit – The total weighted average of the revenues
of occupied units in the market. Bed - A bed in an apartment or room. Usually used when quantifying the capacity of assisted living, special care properties for persons with Alzheimer's disease or other forms of dementia, and skilled nursing. Many properties have two beds in an apartment or unit, but they consider the unit occupied if only one bed is occupied. Skilled nursing, however, computes occupancy based on the number of beds. Chain or Group
- Designation of a property as to whether it is the only property owned
(single property) or it is part of a group of two or more Combined Property
- A property that offers two or more levels of care, but that does not
include both independent living and nursing care Concessions – In 1Q05 this is defined as discounts offered to prospects on the base rents or fees if equal to one month’s rent or more. [Note: in quarters prior to 1Q05 this was defined as discounts on rents or fees that have a minimum annual savings of $1,000 designed to motivate buyers to purchase.] Continuing Care Retirement Community (CCRC) - A community that offers several levels of service or assistance, including at a minimum: independent living and nursing care. Usually either or both assisted living and dementia care are also offered. Properties with a multi-year development schedule that will add nursing care services in the future are classified as CCRCs even though they may only offer independent living services at present. Count - The frequency or number of times an item occurs. For example, the total count of independent living units is the sum of all of the units. Current or Current Quarter - The most recent quarter for which data have been collected. Demand – The amount of seniors housing product occupied within the MSA. Dementia Care or Alzheimer's Care in Assisted Living (ALZ) - An assisted living property that serves persons with Alzheimer's disease or some other form of dementia. Some, but not all, have secured areas to monitor the whereabouts of residents. Services include specific programming for persons with memory impairment and all services typically provided to assisted living residents. Amenities specific to Alzheimer's care properties include secure and safe outdoor areas, wander management systems, and memory stimulation areas. Entrance Fee - A lump sum amount of money paid by a resident at the beginning of his/her residency that provides the right to occupy the residence. When there is an entrance fee, the resident often pays a lower monthly service fee than the resident who rents the unit on a monthly basis. Properties included in NIC MAP™ were designated as Entrance Fee properties if they charge a minimum of $20,000 for the lump sum up-front fee. Entrance fees may range from $20,000 to more than $1,000,000. For-Profit – A seniors housing property owned by an institution, corporation, or other legal entity, which is organized for the profit or benefit of its shareholders or other owners. Free-Standing - A property that offers one type of service (level of care.) For example, a free-standing independent living community would only offer independent living services and would not offer assisted living or nursing care services. Home Price Appreciation
Index - The relative difference in the price of the homes in
the MSA between the previous quarter and the same quarter the previous
year. The currency of these data lag by one quarter, and thus are not
for the current quarter, but the quarter before it. Price appreciation
measurements are based on identifying specific homes, comparing per sale
price to the last time these homes sold, then Household - The persons occupying a residence. Typically, households are used when quantifying demand for independent living and assisted living because each resident in the household usually moves together to the property. Population is used when quantifying demand for dementia care and/or nursing care because only the person within the household who requires care usually moves to the property. Increase in Supply (Change in Total Units) – The number of units (or beds) in the MSA in the current quarter relative to the number of units (or beds) in a previous period expressed as a percent of the previous period. A positive number signifies an increase in the total number of units (or beds) and a negative number signifies a decrease. Independent Living (IL) - A market-rate, service-enriched residential property that typically has various types of residences such as: studio apartments; one, two or three-bedroom apartments; or attached or detached single family homes. The property typically includes services such as communal dining, housekeeping, transportation, emergency call, and social programming services in the monthly fee. Property amenities often include a common living area, dining room, library, convenience store, beauty/barber shop, fitness center, arts and crafts center and multipurpose room. Licensed Bed - A bed, or number of beds, that have been "approved" by the licensing agency. Many properties have more licensed beds than operational beds. Market Rate - Units and/or beds that are priced without restriction other than what the market will bear. Mean - The arithmetic average: the sum of items in a series divided by the number of such items. Median - The middle score in a set of ordered scores. Median Potential Monthly/Per Diem Revenue Per Unit - The median of the average total amount of asking revenue per unit. If you have 99 freestanding independent living units (33 studios at $900 per month, 33 one-bedroom at $1,000 per month, and 33 two-bedroom at $1,100 per month), the weighted average asking rent is $1,000 (per-diem rent is $33). The median potential revenue per unit is $1,000 (per-diem rent is $33). Median Monthly Revenue
- The middle revenue. If all of the revenues were ordered sequentially
from the highest to the lowest, the median Median Realized Monthly/Per-Diem Revenue Per Unit - The median of the weighted average of the monthly/per-diem revenues from the number of units/beds expressed as a revenue rate per available unit. For example, if you have 100 available units that should rent for $1,000 per month ($33 per diem), even if only 80 percent are occupied, the median revenue per available unit is $800 per month ($26 per diem). Median Monthly/Per-Diem Revenue Per Occupied Unit - The median of the weighted average of the monthly/per-diem revenues for the number of occupied units/beds. For example, if you have 100 units that should rent for $1,000 per month ($33 per diem), even if only 80 percent are occupied, the median realized revenue per occupied unit is $1,000 per month ($33 per diem). Metro Market – see Metropolitan Statistical Area. Metropolitan Statistical Area (MSA) - A geographic area defined by the U.S. Census Bureau that encompasses the territory around a major city. The territory included in the MSAs are the counties that encompass the city. Each NIC MAP™ MSA report lists the counties included in the report. Net Monthly Move-In Rate – The median value (for the properties represented in the MSA) of the occupied number of units of each property divided by the total number of months the property has been open. This is calculated for properties that have been opened fewer than 24 months. Not-for-Profit – A property owned by all church-related and other entities that are corporations organized and operated under a policy by which no trustee or other person shares in the profits or losses of the enterprise. Nursing Care (NC) - A licensed long-term healthcare 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 specific devices. The NIC MAPJ database does not include properties that are limited to sub-acute care, predominantly rehabilitation facilities where people come for short-term stays for nursing care, intermediate care properties, hospitals including rehab units/facilities/hospitals (certified as acute care hospitals and reimbursed under rehab Prospective Payment System (PPS) – the payment system for Medicare-covered services) and long-term acute care hospitals (certified as acute care hospitals and reimbursed under LTAC hospitals’ PPS). Occupancy - The percentage of units or operational beds that are occupied by a resident at the conclusion of a given reporting period. Operational Bed - A bed that is “set-up”: intended to be filled by a resident. Penetration Rate - The percentage of a type of unit or occupied unit (bed or apartment) relative to either the number of households or population in a given age cohort. Usually the penetration rate is expressed in the NIC MAP report relative to the 65+ or 75+ households; or, to the 65+ or 75+ population in a given market. Profit Status - Designation as to whether the property is owned by a for-profit or a not-for-profit entity. Property - The building or buildings and grounds that house the residents, and common areas shared by the residents. Properties included in NIC MAP™ are those that have at least 25 units (apartments in independent living or operational beds in assisted living, dementia care or nursing care). Properties that only offer subsidized housing are not included in the NIC MAP™ census. Property Segment – The part or section of a property that provides a single type of service such as independent living, assisted living, dementia care or nursing care. Protected - Data that are not reported because data are available for fewer than four (4) properties. Private Unit or Bed – An apartment or room occupied by an individual, or by two related individuals. Quartiles - Division of the data into four groups of equal size. Relative Difference in Percent - The difference expressed in percent between the MSA and the U.S., or the difference between the MSA and the aggregate data for the 31 MSAs. If the number is positive, the metric for the MSA is larger than that of the U.S. or the aggregate of the 31 MSAs. If the difference is negative, the metric for the MSA is smaller than that for the same metric in the U.S. or the aggregate of the 31 MSAs. Rental -
A property that charges the residents for their residence and services
primarily on a leased basis. As opposed to an Entrance Fee Revenue - Includes the scheduled base rent and fees for care and services, but does not include miscellaneous charges for beauty/barber shop sales, extra meals, etc. Nursing care revenue data is only for private pay beds. Revenue per Occupied Unit – The average revenue collected for the occupied units or beds. Semi-Private Bed – An apartment or room that is occupied by two (and sometimes more) individuals who are unrelated. Each are usually charged a fee that is usually less than the private unit fee. Size of Property - The properties are categorized by the total number of units (or beds, in the case of Alzheimer’s care and Nursing care properties). The Market Area Profiles™ include properties with 25 or more units (or beds, in the case of Dementia care or Nursing care). Stabilized Property - A property that has been operational (open) for 24 or more months, regardless of the level of occupancy attained. Supply – The seniors housing product available within the MSA. Top Price Tier – A category used to identify properties that are among the top quartile (top 25 percent) relative to the price charged. Eight separate sets of top price tiers, based on the weighted average monthly fee, have been calculated for each of the following classes of properties:
Type of Property - In this report, type of property is determined by the services offered by the property. A free-standing property offers only one type of service. A combined property offers two or more services, but does not provide both independent and nursing care. A Continuing Care Retirement Community (CCRC) offers a minimum of independent living and nursing care services. Many CCRCs offer the full continuum of independent living, assisted living, dementia care, and nursing care. Type of Service - In this report, type of service refers to the level or levels of care provided by the property: independent living, assisted living, dementia care, and/or nursing care. Type of Unit - In this report, type of unit refers to the classification of the residence as a studio (or alcove) apartment; one bedroom, two-bedroom, or three-bedroom apartment; or single-family home (townhome, cottage, garden home, patio home, etc.). Type A Contract - A contract between an independent living resident and a property that offers a continuum of care that covers long term care (assisted living or nursing care) without any substantial increase in the residents' monthly payments. Type B Contract - A “modified” contract between an independent living resident and a property that offers a continuum of care 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 indefinitely. Type C Contract - A fee-for-service contract between an independent living resident and a property that offers a continuum of care that does not include long-term care (assisted living or nursing care.) If such care is needed it is paid at the per diem rate. Unit - A term used to indicate the apartment, room, or individual residence. Units Under Construction Compared toTotal Units – The total number of units (or beds) under construction as a proportion of total existing units (or beds) in a category. Upgrade – A rating of the quality of the buildings of a property compared to other properties providing the same type of service. The rating scale used: needs no upgrading, needs some upgrading, or needs extensive upgrading.
About the NIC MAP Seniors Housing Census Products Included: NIC MAP covers market rate seniors housing properties with 25 or more units and/or operational beds that offer independent living, assisted living, dementia care for assisted living residents, and/or nursing care services.
NIC MAP covers the 100 largest metropolitan statistical areas in the United States: Click here for a list of markets covered. Data Provided (Individual property data is confidential. Properties are not identified) Property Data Type of units Geography included Identification and Qualification of Properties in the Database Hundreds of sources were used to compile the database. More than 2,400 files containing over 600,000 individual property entries were compiled to create a database of 34,000+ potential seniors housing properties in the 31 largest MSAs. These 34,000+ properties were contacted to verify that they: are an age-qualified residential property that offers independent living, assisted living, dementia care and/or nursing care; have 25 or more units and/or operational beds; and, are market rate (not subsidized). Frequency of Data Updates Data are collected quarterly. Data Collection The ProMatura Group is responsible
for data collection, analysis and the report. Surveyors contact owners,
managers and operators to obtain data on a property by property basis.
ProMatura subjects all data to a set of quality assurance and validation
processes including automated exception reports. Properties are contacted
when discrepancies are identified. |
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