NIC Seniors Housing Valuation Survey

Thank you for taking a few moments to answer the following questions regarding your thoughts about capitalization rates and transaction volume in seniors housing. The results of your feedback will be aggregated and shared at the upcoming NIC Conference in October. Please join us for the session entitled Seniors Housing Acquisitions and Valuations: You Can't Always Get What You Want at 2:00 pm on October 10th to see these results and hear other industry experts weigh in on this topic. Thank you again for your time.

Question Title

Please indicate the two factors that you believe have influenced cap rates the most significantly over the past year (since September 2012).

Increased/continued appetite from existing "traditional" investors within the sector

Increased acceptance of the asset class by institutional investors new to the sector

Interest rates

Scarcity of construction activity in recent years

Healthcare reform and/or regulation

Industry consolidation

Continued acquisition activity by REITs

Property demand by Baby Boomers

Question Title

Relative to the past 12 months, in which more than $12 Billion in seniors housing transactions took place, please indicate your outlook on the volume of industry-wide senior housing property sale transactions during the next 12 months (through September 2014).

	Reduced Transaction Volume	Stable Transaction Volume	Increased Transaction Volume
Majority Independent Living	Majority Independent Living Reduced Transaction Volume	Majority Independent Living Stable Transaction Volume	Majority Independent Living Increased Transaction Volume
Majority Assisted Living/Memory Care	Majority Assisted Living/Memory Care Reduced Transaction Volume	Majority Assisted Living/Memory Care Stable Transaction Volume	Majority Assisted Living/Memory Care Increased Transaction Volume

Question Title

For each seniors housing property type please indicate what you believe the change in capitalization rates will be over the next 12 months (through September 2014).

	Lower by > 100 bps	Lower by 50-100 bps	Lower by < 50 bps	Stable	Higher by < 50 bps	Higher by 50-100 bps	Higher by > 100 bps
Majority Independent Living	Majority Independent Living Lower by > 100 bps	Majority Independent Living Lower by 50-100 bps	Majority Independent Living Lower by < 50 bps	Majority Independent Living Stable	Majority Independent Living Higher by < 50 bps	Majority Independent Living Higher by 50-100 bps	Majority Independent Living Higher by > 100 bps
Majority Assisted Living/Memory Care	Majority Assisted Living/Memory Care Lower by > 100 bps	Majority Assisted Living/Memory Care Lower by 50-100 bps	Majority Assisted Living/Memory Care Lower by < 50 bps	Majority Assisted Living/Memory Care Stable	Majority Assisted Living/Memory Care Higher by < 50 bps	Majority Assisted Living/Memory Care Higher by 50-100 bps	Majority Assisted Living/Memory Care Higher by > 100 bps

Question Title

Please select two factors that will, in your opinion, have the greatest influence on cap rates over the next 12 months (through September 2014).

Increased/continued appetite from existing "traditional" investors within the sector

Increased acceptance of the asset class by institutional investors new to the sector

Interest rates

Scarcity of construction activity in recent years

Increased construction activity

Healthcare reform and/or regulation

Industry consolidation

Continued acquisition activity by REITs

Reduced acquisition activity by REITs

Property demand by Baby Boomers

Other (please specify)

Question Title

Please choose the description below which best fits your company.

Operator

Owner/Operator

Investor/Owner Only

Lender

Financial Intermediary

Appraisal Firm

Other (please specify)

Question Title

Which of the following best describes your current position?

President/CEO

Other Executive Level

Manager/Director

Other (please specify)

Question Title

How would you describe the size of the company you work for?

Small

Medium

Large