REITs, Lenders Put Support Behind NIC Initiative to Track Actual Rents, Leasing Activity

by Jeff Shaw

ANNAPOLIS, Md. — Some of the largest REITs and lenders in the seniors housing space have announced support for a new initiative to track actual rents in seniors housing communities, a project spearheaded by the National Investment Center for Seniors Housing & Care (NIC).

Based in Annapolis, NIC is a nonprofit agency that tracks data and analytics in the seniors housing industry.

REITs supporting the plan include HCP, LTC Properties, Omega Healthcare Investors, Sabra Health Care REIT, Senior Housing Properties Trust, Ventas and Welltower. Lenders include Capital One Healthcare, KeyBank Real Estate Capital, PNC Real Estate and Wells Fargo Senior Housing Finance. Argentum, the industry’s largest advocacy organization, also endorsed the initiative.

NIC will be 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 third quarter of 2016 and will provide in-place and move-in rents, which can vary from the asking rents that NIC has traditionally tracked. Also included are leasing activity velocities, which are measured by move-in and move-out rates.

Twenty-seven 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 Corp., Senior Resource Group, Silverado Senior Living, Spectrum Retirement Communities, Sunrise Senior Living, Vi Living and Vista Springs.

Currently, NIC is collecting data from operators with five or more properties. All data is kept confidential and reported only in the aggregate. 

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