YARDI VOYAGER for Senior Housing

Transcription

1 201050

2 Our Yardi Voyager implementation was rapid and smooth, and our accounting, billing, and marketing systems now work together seamlessly. All resident information, from initial contact to care and billing, is centralized. Jesse Achenbach President Providence Place Retirement Community George M. Leader (Chairman) and Jesse Achenbach (President) Providence Place Retirement Community YARDI VOYAGER for Senior Housing Yardi Voyager software is the solution chosen by senior housing provider Providence Place Retirement Community. Voyager integrates accounting, billing, clinical assessments, care management, and marketing in a single database so the company can work efficiently and strategically. Providence Place is able to view real-time portfolio data on a dashboard, and obtain reports with a few simple mouse clicks. And because Voyager eliminates redundant data entry and accelerates workflows, Providence Place focuses their energy where it counts: increasing services to their residents. Find out more about what Yardi Voyager can do for your business. Visit or call (800)

3 CONTENTS p. A4 Top Owners Listing p. A6 Top Managers Listing p. A8 ASHA Overview and Industry Assessment p. A15 Portfolio Profile p. A16 Executive Committee p. A16 Executive Board p. A21 Advisory Committee Listing p. A23 Associate Members Listing p. A30 About ASHA p. A32 ASHA Staff Bios p. A34 ASHA Meetings PICTURED ON COVER: Emeritus at Port Orange of Port Orange, FL, courtesy of Emeritus Senior Living This special section of National Real Estate Investor features the American Seniors Housing Association s (ASHA) 17th annual compilation of the nation s largest seniors housing owners and managers. To ensure the accuracy of the 2010 ASHA 50, ASHA assembled a list of prospective ranked companies from every available source. A senior officer from each firm was asked to provide current holdings as of June 1, Data was also used from outside sources deemed reliable, such as public filings. Companies listed in the ASHA 50 are not required to be members of ASHA, although most firms that appear in this year s rankings are ASHA members. For purposes of this survey, seniors housing units include independent living units and assisted living units, as well as skilled nursing beds that are part of a larger retirement living complex (such as a CCRC), and include rental, entrance fee, condominium, and cooperative units designed and operated exclusively for adults ages 55 years and over. Units where residents receive Section 8 or equivalent rental subsidies, single-family homes, hotel rooms, stand-alone skilled nursing beds, or mobile home units and pads are not included. Additionally, the ASHA 50 rankings do not include properties where more than 30% of the units are licensed for skilled nursing. Respondents were requested not to report properties owned indirectly through ownership of shares in another company and were instructed not to include properties leased from other owners for purposes of calculating the ASHA 50 owners list. The ASHA 50 was compiled and analyzed by Krystalle Campo and David Schless of ASHA, who express their appreciation to the industry leaders for their participation in this annual effort. Valuable assistance was provided by summer intern Duncan Hardock of Colby College, Waterville, Maine. In addition to the ASHA 50 rankings and analysis of the results, this section includes a listing of the leadership, members and employees of the American Seniors Housing Association. For those readers interested in more information about the activities and resources of the American Seniors Housing Association, please visit our website at: or call (202) NREI August/September 2010 A3

4 2010 ASHA 50 ASHA 50 OWNERS 50 LARGEST U.S. SENIORS HOUSING OWNERS AS OF JULY 1, RANK COMPANY HEADQUARTERS CEO PROPERTIES UNITS 1 HCP, Inc. Long Beach, CA James Flaherty, III ,029 2 Holiday Retirement Salem, OR Jack Callison ,512 3 Boston Capital Boston, MA Jack Manning ,862 4 Nationwide Health Properties, Inc. Newport Beach, CA Douglas Pasquale ,759 5 Ventas Healthcare Properties, Inc. Debra Cafaro ,147 6 Brookdale Senior Living, Inc. Brentwood, TN W.E. Sheriff ,258 7 Senior Housing Properties Trust Newton, MA David Hegarty ,375 8 Health Care REIT, Inc. Toledo, OH George Chapman ,519 9 Emeritus Senior Living Seattle, WA Dan Baty/Granger Cobb , The Evangelical Lutheran Good Samaritan Society Sioux Falls, SD David Horazdovsky 47 12, Atria Senior Living Group Louisville, KY John Moore , Blackstone Group New York, NY Stephen Schwarzman , Assisted Living Concepts, Inc. Menomonee Falls, WI Laurie Bebo 211 9, Senior Lifestyle Corporation John Cobb 67 9, MCA Housing Partners Gardena, CA Michael Costa 94 8, ACTS Retirement-Life Communities, Inc. West Point, PA Marvin Mashner 19 7, Chartwell Seniors Housing REIT Mississauga, ON Brent Binions 49 7, Merrill Gardens LLC Seattle, WA William Pettit, Jr. 50 6, Presbyterian Homes & Services Roseville, MN Daniel Lindh 36 6, Erickson Living Management LLC Catonsville, MD Jim Davis 8 6, Vi (formerly, Classic Residence by Hyatt) Penny Pritzker 18 5, NRF Healthcare LLC (formerly, Wakefield Capital) Bethesda, MD Donald Tomasso 94 5, First Centrum, LLC Sterling, VA Mark Weshinskey 80 5, USA Properties Fund, Inc. Roseville, CA Geoffrey Brown 38 5, Walton Street Capital LLC Neil Bluhm 37 5,510 A4 NREI August/September 2010

5 ASHA RANK COMPANY HEADQUARTERS CEO PROPERTIES UNITS 26 The Shelter Group Baltimore, MD Marilynn Duker 49 5, Covenant Retirement Communities, Inc. Skokie, IL Rick Fisk 14 4, Capital Senior Living Corporation Dallas, TX Lawrence Cohen 32 4, Herbert J. Sims Investments LLC Southport, CT William Sims 36 4, Bonaventure Senior Living Salem, OR Kelley Hamilton 36 4, Senior Care, Inc. Louisville, KY Pat Mulloy 53 4, LTC Properties, Inc. Westlake Village, CA Wendy Simpson 88 4, Benchmark Assisted Living Wellesley, MA Thomas Grape 44 4, Lytle Enterprises Bellevue, WA Charles & Karen Lytle 25 3, Lifespace Communities, Inc. Des Moines, IA Scott Harrison 11 3, Westminster Communities of Florida Orlando, FL James Emerson 9 3, The GPT Group Wellesley, MA Kathryn Sweeney 34 3, American House Senior Living Residences Bloomfield Hills, MI J. Robert Gillette 29 3, Cornerstone Affiliates Pleasanton, CA David Ferguson 11 2, Kisco Senior Living LLC Carlsbad, CA Andrew Kohlberg 18 2, Asbury Communities, Inc. Germantown, MD Edwin Thomas, III 6 2, Ohio Presbyterian Retirement Services Columbus, OH David Kaasa 11 2, Vintage Senior Living Newport Beach, CA Eric Davidson/Brian Flornes 20 2, Life Care Services LLC Des Moines, IA Edward Kenny 13 2, Christian Homes, Inc. Lincoln, IL Tim Phillippe 14 2, The Kendal Corporation Kennett Square, PA John Diffey 13 2, Retirement Housing Foundation Long Beach, CA Dr. Laverne Joseph 14 2, Pacific Retirement Services, Inc. Medford, OR Brian McLemore 8 2, Belmont Village Senior Living Houston, TX Patricia Will 18 2, Justus Rental Properties Indianapolis, IN Walter Justus NREI August/September 2010 A5

6 2010 ASHA 50 ASHA 50 MANAGERS 50 LARGEST U.S. SENIORS HOUSING MANAGERS AS OF JULY 1, RANK COMPANY HEADQUARTERS CEO PROPERTIES UNITS 1 Brookdale Senior Living, Inc. Brentwood, TN W.E. Sheriff ,877 2 Professional Community Management Lake Forest, CA Donny Disbro 27 34,408 3 Holiday Retirement Salem, OR Jack Callison ,563 4 Sunrise Senior Living, Inc. McLean, VA Mark Ordan ,094 5 Life Care Services LLC Des Moines, IA Edward Kenny 98 27,540 6 Emeritus Senior Living Seattle, WA Dan Baty/Granger Cobb ,517 7 Erickson Living Management LLC Catonsville, MD Jim Davis 19 20,963 8 Five Star Quality Care, Inc. Newton, MA Bruce Mackey, Jr ,638 9 Horizon Bay Retirement Living Tampa, FL Thilo Best 89 15, Atria Senior Living Group Louisville, KY John Moore , The Evangelical Lutheran Good Samaritan Society Sioux Falls, SD David Horazdovsky 47 12, Senior Lifestyle Corporation John Cobb 73 9, Assisted Living Concepts, Inc. Menomonee Falls, WI Laurie Bebo 211 9, Capital Senior Living Corporation Dallas, TX Lawrence Cohen 66 8, Senior Resource Group Solano Beach, CA Michael Grust 64 7, Merrill Gardens LLC Seattle, WA William Pettit, Jr. 56 7, ACTS Retirement-Life Communities, Inc. West Point, PA Marvin Mashner 19 7, Presbyterian Homes & Services Roseville, MN Daniel Lindh 39 6, Vi (formerly, Classic Residence by Hyatt) Penny Pritzker 19 6, One Eighty Seattle, WA Dan Madsen 38 6, Watermark Retirement Communities Tucson, AZ David Barnes 24 5, The Shelter Group Baltimore, MD Marilynn Duker 51 5, USA Properties Fund, Inc. Roseville, CA Geoffrey Brown 37 5, First Centrum LLC Sterling, VA Mark Weshinskey 48 4, Covenant Retirement Communities, Inc. Skokie, IL Rick Fisk 14 4,755 A6 NREI August/September 2010

7 ASHA RANK COMPANY HEADQUARTERS CEO PROPERTIES UNITS 26 Hawthorn Retirement Group LLC Vancouver, WA Barton Colson 38 4, Bonaventure Senior Living Salem, OR Kelley Hamilton 36 4, Senior Care, Inc. Louisville, KY Pat Mulloy 53 4, Benchmark Assisted Living Wellesley, MA Thomas Grape 44 4, Hearthstone Senior Services Houston, TX Timothy Hekker 32 3, Greystar Real Estate Partners Charleston, SC Bob Faith 16 3, Lifespace Communities, Inc. Des Moines, IA Scott Harrison 11 3, Cornerstone Affiliates Pleasanton, CA David Ferguson 18 3, Good Neighbor Care Eugene, OR Lonnie Gienger 52 3, American House Senior Living Residences Bloomfield Hills, MI J. Robert Gillette 31 3, Christian Homes, Inc. Lincoln, IL Timothy Phillippe 16 3, National Church Residences Columbus, OH Thomas Slemmer 34 3, Westminster Communities of Florida Orlando, FL James Emerson 9 3, Aegis Senior Living Redmond, WA Dwayne Clark 35 3, Vintage Senior Living Newport Beach, CA Eric Davidson/Brian Flornes 21 2, Kisco Senior Living LLC Carlsbad, CA Andrew Kohlberg 18 2, Asbury Communities, Inc. Germantown, MD Edwin Thomas, III 6 2, Integral Senior Living LLC Carlsbad, CA Sue Farrow 32 2, Ohio Presbyterian Retirement Services Columbus, OH David Kaasa 11 2, Belmont Village Senior Living Houston, TX Patricia Will 20 2, Western Seniors Housing Irvine, CA Vicki Clark 21 2, The Kendal Corporation Kennett Square, PA John Diffey 13 2, Retirement Housing Foundation Long Beach, CA Dr. Laverne Joseph 14 2, Pacific Retirement Services, Inc. Medford, OR Brian McLemore 8 2, Front Porch Communities & Services Burbank, CA Gary Wheeler 14 2,550 NREI August/September 2010 A7

8 Emeritus at St Augustine of St. Augustine, FL courtesy of Emeritus Senior Living SENIORS HOUSING INDUSTRY FORGES AHEAD IN CHALLENGING TIMES OVERVIEW It is fair to say that the past couple of years have been challenging for most owners and managers of market rate seniors housing. But despite the worst economic downturn since the Great Depression, the seniors housing sector has performed solidly, raising its profile among investor groups traditionally inclined toward more established real estate property types. Industry data suggests that need-driven seniors housing, such as assisted living and memory care, has fared somewhat better during ASHA 50 PROFILE 2009 Portfolio Size: No. of Units Owned 421,277 No. of Units Managed 464,053 Minimum Entry Threshold: No. of Units Owned 2,472 No. of Units Managed 2,550 A8 NREI August/September 2010

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10 ASHA 50 CHART ONE: seniors housing units owned by Largest 10 & Largest 25 firms: 1996 to , , , , , , ,000 50,000 0 Largest 10 Largest the economic downturn than more discretionary-driven housing, such as independent living. With modest construction activity taking place and limited transactional activity recorded over the past 12 months, the ASHA 50 rankings will look familiar to industry insiders. For more detailed industry operating metrics, construction trend analysis, and other timely resources about private pay seniors housing, please visit the secure, convenient, and redesigned ASHA bookstore at The Advantages of a Longer View. [ EXPERIENCE ] Focus, foresight and perspective. It's all yours with HealthComps, an industry leading database filled with years of operational data. When the stakes are high, look no further. Our experience will get you there. SERVICES Valuation, Consulting, Feasibility, Litigation, Tax, Transaction Support HealthTrust.com BIRMINGHAM BOSTON LOS ANGELES PORTLAND SARASOTA A10 NREI August/September 2010

11 Commitment to healthcare. It s what sets GE Capital apart. Throughout the healthcare industry, people are working tirelessly to deliver compassionate care and improve the quality of life for seniors. With in-depth industry experience and expertise, GE Capital, Healthcare Financial Services has customized financing solutions to help organizations like yours finance over 6,000 senior housing and skilled nursing facilities across the U.S. We have also pledged $2 billion through 2015 to finance access to IT and health innovation for rural and underserved areas. That s one of the commitments GE is making to bring better health to more people... we call it healthymagination. Contact Brian Beckwith at or visit to find out more. Plus, take our online poll to see instant results on what is being said about today s critical healthcare issues General Electric Capital Corporation. All rights reserved. All transactions subject to credit approval by GE.

12 ASHA 50 ASHA 50 SURVEY HIGHLIGHTS Ownership The total number of units owned by the 50 largest seniors housing owners (421,277 units) declined approximately 4% from the previous year s ASHA 50 rankings. More significant decreases from 2009 to 2010 are also noted when examining the holdings of the largest 10 and 25 owners, respectively (-10%) and (-7%). Publicly traded companies represented just under one-quarter of the largest 50 owners, but accounted for over 40 percent (186,401 units) of the total units reported. The largest publicly traded owners include: HCP, Inc. (31,029 units), A12 NREI August/September 2010 Nationwide Health Properties (23,759 units), Ventas Healthcare Properties (22,147 units), Brookdale Senior Living (20,258 units), Senior Housing Properties Trust (19,375 units), Health Care REIT (17,519 units), and Emeritus Senior Living (15,181 units). For the first time, HCP, Inc. moved into the top slot as the largest owner, with 31,029 units owned in 257 properties. Holiday Retirement, which had been the largest owner for nearly the entire 17-year history of the ASHA 50, is now the second largest owner, with 30,512 units in 256 properties. Among the largest owners, Emeritus Senior Living had the greatest percentage increase (13.7%) in units owned between 2009 and INDEPENDENT, ASSISTED LIVING & MEMORY CARE As a leader in creating nurturing senior living communities, our mission is to help our residents thrive in mind, body and spirit through the dedication of our staff and the excellence of our programs. (800) 990-HOME vintagesenior.com 2010 (adding 2,086 units). Other owners posting notable increases in units owned over last year include: Assisted Living Concepts (2,849 units added), Lytle Enterprises (751 units added), and Bonaventure Senior Living (660 units added). Non-publicly traded, for-profit companies that own more than 7,500 units of seniors housing include: Holiday Retirement (30,512 units), Boston Capital (29,862 units), Atria Senior Living Group (12,488 units), Senior Lifestyle Corporation (9,016 units), and MCA Housing Partners (8,759 units). The Evangelical Lutheran Good Samaritan Society is the largest not-for-profit ASHA 50 owner with 12,664 units in 47 properties, followed by ACTS Retirement- Life Communities (7,204 units in 19 properties), and Presbyterian Homes & Services (6,510 units in 36 properties). Blackstone Group, with its winning bid for 149 seniors housing properties previously controlled by Sunwest Management, became the nation s 12th largest seniors housing owner (12,488 units). The minimum threshold for ranking on the 2010 ASHA 50 list for owners was 2,472 units. Managers The total number of units managed by the 50 largest managers increased two percent from 2009 to 2010, from 456,029 units to 464,053 units. Despite the overall increase in total units managed, the management portfolios of the largest 10 managers actually declined by one percent from Publicly traded companies represented 12% of the top ASHA 50 managers, but accounted for near- A12 NREI August/September 2010

13 ASHA 50 CHART TWO: SENIORS HOUSING UNITS MANAGED BY LARGEST 10 & LARGEST 25 FIRMS: 1996 TO , , , , , , ,000 50,000 0 Largest 10 Largest ly one-third (146,782 units) of the reported units managed. The largest publicly traded managers include: Brookdale Senior Living, Inc. (51,877 units), Sunrise Senior Living, Inc. (31,094 units), Emeritus Senior Living (27,517 units), Five Star Quality Care (18,638 units), Assisted Living Concepts (9,280 units), and Capital Senior Living Corporation (8,376 units). For the second consecutive year, Brookdale Senior Living was the largest manager, with 51,877 units At Dixon Hughes, Senior Housing and Care extends well beyond traditional accounting and advisory services. With over 40 professionals and more than 200 years of collective experience in the industry, we understand our clients business priorities and challenges and we are well prepared to address their needs. Dixon Hughes played an integral part in our repositioning and strategic long-range planning. Their staff achieved this with a professionalism and knowledge that will ensure our project will be a success for decades. John E. Webb, Executive Director The Trezevant Episcopal Home muscle + efficiency Certified Public Accountants and Advisors dixon-hughes.com/seniorliving NREI August/September 2010 A13

14 ASHA 50 in 564 properties. Sunrise Senior Living, which was the second largest manager in 2009, dropped to fourth place with a managed portfolio of 31,094 units. Holiday Retirement remains the third largest owner (32,563 units), and Life Care Services moved up one and is now the fifth largest manager with 27,540 units in 98 communities. Senior Resource Group posted the greatest percentage increase in units managed between 2009 and 2010 (25%), adding nearly 2,000 units to its managed portfolio. Other managers posting notable increases in managed units include: Aegis Senior Living (685 units added), Hawthorn Retirement Group (895 units added), and Christian Homes, Inc. (601 units added). Non-publicly traded, for-profit companies that manage more than 7,500 units include: Professional Community Management (34,408 units), Holiday Retirement (32,563 units), Life Care Services (27,540 units), Erickson Living Management (20,963 units), Horizon Bay Retirement Living (15,549 units), Atria Senior Living Group (14,441 units), Senior Lifestyle Corporation (9,500 units), Senior Resource Group (7,962 units), and Merrill Gardens (7,681 units). The Evangelical Lutheran Good Samaritan Society is the largest notfor-profit manager, with a managed portfolio comprised of 12,664 units in 47 properties. Other large notfor-profit managers include: ACTS- Retirement-Life Communities (7,204 units), Presbyterian Homes & Services (6,821 units), and Covenant Retirement Communities (4,755 units). The minimum threshold for inclusion on the 2010 ASHA 50 list for managers was 2,550 units Tired of Being 'Brokered'? Healthcare Realty Brokerage takes a different approach to the confidential sale of senior housing, long-term care, and medical office properties nationwide. The hallmark of our exclusive representation services is a commitment to putting the client's interests ahead of our own. We work collaboratively with for-profit and nonprofit owners to understand your investment objectives and craft an exit strategy to maximize the value of your real estate and operating assets. Are you thinking of selling a nursing home, assisted or independent living facility, CCRC, or MOB? If so, please contact us for a complimentary Opinion of Value analysis. "Grant and his company's expertise was the crucial ingredient which allowed us to secure the greatest value for our property." -Ron Haney, Cascade Health Services A14 NREI August/September 2010 Healthcare Realty Brokerage, Inc. Grant Edwards Managing Director 130 S. Bemiston Ave., Ste. 410 Clayton, MO P: F: grant@hcrbrokerage.com

15 2010 ASHA PORTFOLIO PROFILE LARGEST POSITIVE MOVEMENT Owners Assisted Living Concepts, Inc Rank Rank 20 Positions Moved 7 % increase in # of units owned 30.70% Owners/Units Median Portfolio Size 5,485 Mean Portfolio Size 8,426 Portfolio Size of Largest Owner 31,029 Portfolio Size of Owner Ranked # 50 2,472 Managers/Units Median Portfolio Size 4,586 Mean Portfolio Size 8,861 Portfolio Size of Largest Manager 51,877 Portfolio Size of Manager Ranked # 50 2,550 Lytle Enterprises 2010 Rank Rank 36 Positions Moved 2 % increase in # of units owned 19.56% Bonaventure Senior Living 2010 Rank Rank 34 Positions Moved 4 % increase in # of units owned 15.81% In challenging times, investors turn to partners they can trust companies with a history of success and a vision for the future. Emeritus Senior Living 2010 Rank Rank 11 Positions Moved 2 % increase in # of units owned 13.74% Managers Senior Resource Group, LLC 2010 Rank Rank 20 Positions Moved 5 % increase in # of units managed 24.92% Aegis Senior Living 2010 Rank Rank 50 Positions Moved 12 % increase in # of units managed 22.07% Hawthorn Retirement Group LLC 2010 Rank Rank 32 Positions Moved 6 % increase in # of units managed 20.27% Seeing opportunities Looking toward tomorrow, Senior Lifestyle is pursuing new acquisition, development and management opportunities. Sharing success As we grow, we re working to deliver high-quality outcomes for our residents, their families and our investors. Christian Homes, Inc Rank Rank 45 Positions Moved 9 % increase in # of units managed 18.28% To learn more, visit or call Jerry Frumm or Pat Lee at NREI September 2008 A15

16 ASHA EXECUTIVE COMMITTEE Edward R. Kenny Chairman Life Care Services LLC Des Moines, IA Former Chairmen William H. Elliott ( ) Jeffrey L. Beck ( ) William D. Pettit, Jr. Vice Chairman Merrill Gardens, LLC Seattle, WA Christopher J. Coates ( ) Philip Downey ( ) John P. Rijos. Treasurer & Secretary Brookdale Senior Living, Inc. Mark J. Schulte ( ) William B. Kaplan ( ) David Schless President American Seniors Housing Association Washington, DC Noah R. Levy ( ) William F. Thomas ( ) Patricia G. Will ( ) EXECUTIVE BOARD David A. Reeve Advent Group Bellevue, WA David R. Ford AegisLiving Washington, DC Douglas S. Schiffer Allegro Senior Living, LLC Atlanta, GA Julie Harding Atria Senior Living Group Louisville, KY Robert T. Halpin, Jr. Aureus Group, LLC Dallas, TX Marc Thompson Bank of the West Walnut Creek, CA Stephen Morton Bell Senior Living Greensboro, NC Patricia G. Will Belmont Village Senior Living Houston, TX Thomas H. Grape Benchmark Assisted Living Wellesley, MA William P. Kauffman Berkadia Commercial Mortgage Joe Eby Bickford Senior Living Olathe, KS Brenda J. Bacon Brandywine Senior Living Mount Laurel, NJ David D. Carliner Brightview Senior Living, LLC Baltimore, MD W.E. Sheriff Brookdale Senior Living, Inc. Brentwood, TN Kenneth R. Assiran Capital Health Group, LLC Media, PA Lawrence A. Cohen Capital Senior Living Corporation New York, NY Aron Will CBRE Capital Markets Houston, TX Matthew F. Whitlock CBRE Seniors Housing Salem, MA Kathryn Burton-Gray CIT Healthcare Irvine, CA Douglas Korey Contemporary Healthcare Capital, LLC Shrewsbury, NJ A16 NREI August/September 2010

17 EXECUTIVE BOARDASHA Karen M. Anderson Cordia Senior Living Charleston, MA Gary D. Staats The Covenant Group Fort Worth, TX Peter E. Pickette CS Capital Advisors, LLC New York, NY Scott Stewart CSH, LLC Washington, DC Richard J. Hutchinson Discovery Management Group Winslow, ME Susan V. Kayser Duane Morris, LLP New York, NY Melanie Werdel Emeritus Senior Living Seattle, WA Elmo Robinson, Jr. E-Quest Management, LLC Friendswood, TX Christopher E. Honn Fannie Mae Bruce J. Mackey, Jr. Five Star Quality Care, Inc. Newton, MA Arnold M. Whitman Formation Capital, LLC Alpharetta, GA Luke Classen Franklin Park Management San Antonio, TX Steven Schmidt Freddie Mac Brian Beckwith GE Capital, Healthcare Financial Services Kristin Gannon Goldman Sachs & Co. San Francisco, CA Kathryn A. Sweeney The GPT Group Wellesley, MA Eugene W. Grace Grace Management, Inc. Minneapolis, MN Richard A. Thomas Grandbridge Real Estate Capital, LLC Atlanta, GA Peg S. Larson Greystone Financial Group Atlanta, GA Paul A. Gordon Hanson Bridgett, LLP San Francisco, CA Patrick F. Kennedy Harvest Development/Hawthorn Retirement Group, LLC Seattle, WA Paul Gallagher HCP, Inc. Long Beach, CA Charles J. Herman, Jr. Health Care REIT, Inc. Toledo, OH Alan C. Plush HealthTrust, LLC Sarasota, FL Timothy P. Hekker Hearthstone Senior Services The Woodlands, TX William B. Sims Herbert J. Sims & Co., Inc. Southport, CT Jack R. Callison, Jr. Holiday Retirement Salem, OR Thilo D. Best Horizon Bay Retirement Living Tampa, FL Patrick M. Hurst Houlihan Lokey Rod Turner HTG Consultants, LLC New Castle, DE NREI August/September 2010 A17

18 ASHA EXECUTIVE BOARD E. Andrew Isakson Isakson Living Atlanta, GA Angela G. Mago KeyBank Real Estate Capital Cleveland, OH Andrew S. Kohlberg Kisco Senior Living, LLC Carlsbad, CA Daniel J. Biron Lancaster Pollard Columbus, OH John A. Moore Lazard Freres Real Estate Investors New York, NY Enriching Lives. It s about people. A beautiful community is just the first step. It is the people inside who make it a beautiful place. Senior Care is dedicated to enriching the lives of each resident, patient and employee by responding to their unique needs and their universal desire for dignity and respect. Honored as the Business First Emerging Business of the Year and as one of the Best Places to Work in Kentucky, Senior Care serves nearly 6000 residents in 70 independent, assisted living, dementia care and skilled nursing and rehabilitation communities in 15 states. Phillip M. Anderson, Jr. Legacy Healthcare Advisors, LLC Orlando, FL Leonard Lucas Love Funding Corporation Boston, MA Terry Howard MBK Senior Living Irvine, CA Donald D. Bradley Nationwide Health Properties, Inc. Newport Beach, CA Timothy Buchanan Legend Senior Living Wichita, KS Wendy Simpson LTC Properties, Inc. Westlake Village, CA Kevin McMeen MidCap Financial, LLC Gordon P. Mickelson NorthMarq Capital Centennial, CO A Passion to Serve. A Commitment to Care Ormsby Station Road, Suite 101, Louisville, KY Donald C. Tomasso NRF Healthcare Bethesda, MD Kevin Filter Oak Grove Capital Saint Paul, MN A18 NREI August/September 2010

19 EXECUTIVE BOARDASHA Joseph G. Lin Oakmont Senior Living, LLC Santa Rosa, CA Dan B. Madsen One Eighty Seattle, WA Jerome E. Finis Pathway Senior Living, LLC Des Plaines, IL Sean Huntsman PNC Real Estate Bend, OR Jay L. Hicks Prime Care Properties, LLC Indianapolis, IN Margaret A. Wylde ProMatura Group, LLC Oxford, MS James F. Sherman Red Capital Group Columbus, OH Sharon Grambow Roskamp Sun Health Management & Development Surprise, AZ David Reis Senior Care Development, LLC Harrison, NY Noah R. Levy Prudential Real Estate Investors Parsippany, NJ Jeff Dickerson Ridge Care, Inc. Kernersville, NC James T. Hands Salem Equity Dallas, TX Pat Mulloy Senior Care, Inc. Louisville, KY CaPiTalize STrengTh Capital Senior Living, Inc. is one of the largest operators of retirement communities in the nation. With more than 66 communities in 23 states and a capacity of 10,000 residents, our team is poised to meet the ever-increasing need for a large, well-capitalized and results-oriented senior housing company: Management of Independent Living, Assisted Living, and CCRCs Marketing Development Acquisition of Senior Housing Properties Call today for more information. Mel Gamzon Senior Housing Investment Advisors Fort Lauderdale, FL David J. Hegarty Senior Housing Properties Trust Newton, MA Dallas Parkway, Suite 300 Dallas, Texas NREI August/September 2010 A19

20 ASHA EXECUTIVE BOARD William B. Kaplan Senior Lifestyle Corporation Donald O. Thompson, Jr. Senior Living Communities, LLC Charlotte, NC Michael S. Grust Senior Resource Group, LLC Solana Beach, CA Robert D. Thomas Senior Star Living Tulsa, OK William F. Thomas Senior Star Living Tulsa, OK Bradley Fuqua SeniorHousingNet, part of Move Scottsdale, AZ Philip J. Camp Shattuck Hammond Partners New York, NY Steven L. Vick Signature Senior Living Irving, TX Loren B. Shook Silverado Senior Living San Juan Capistrano, CA Jeffrey D. Kraus Spectrum Retirement Communities, LLC Denver, CO Scott Cousino Stifel, Nicolaus & Company, Inc. Baltimore, MD James A. Stroud Stroud Properties, Inc. Dallas, TX Julie Pangelinan Sunrise Senior Living, Inc. McLean, VA Randall J. Bufford Trilogy Health Services, LLC Louisville, KY Gilbert Till URBEK Seattle, WA Marcus Lussier Valuation & Information Group Culver City, CA Lisa Widmier VantAge Pointe Capital Management & Advisory, Inc. Del Mar, CA Raymond J. Lewis Ventas Healthcare Properties, Inc. Randal J. Richardson Vi Eric Davidson Vintage Senior Living Newport Beach, CA Edward P. Nordberg, Jr. Wakefield Capital Chevy Chase, MD Douglas W. Bath Walker & Dunlop Bethesda, MD Brian Landrum Walton Street Capital, LLC Gregory Baecher Warburg Pincus New York, NY David Barnes Watermark Retirement Communities Tucson, AZ Not pictured: Brent Binions Jim Davis Chartwell Seniors Housing REIT Erickson Living Mississauga, ON Catonsville, MD Bryan Schnurr Weitz Senior Living Des Moines, IA Catherine Voreyer Wells Fargo Bank Irvine, CA William T. Mulligan Ziegler Capital Markets Group Milwaukee, WI A20 NREI August/September 2010

21 2010 ADVISORY COMMITTEE AMERICAN SENIORS HOUSING ASSOCIATION A.L. Wizard - Realpage Rose Lochmann San Diego, CA CoastWood Seniors Housing Partners Daniel A. Decker Pebble Beach, CA Irwin Partners Architects Gregory R. Irwin Costa Mesa, CA National Multi Housing Council Douglas M. Bibby Washington, DC AEW Capital Management, L.P. Anthony C. Crooks Boston, MA Continuing Life Communities Richard D. Aschenbrenner Carlsbad, CA JEA Senior Living Jerry Erwin Vancouver, WA National Real Estate Advisors Kathryn A. Barnes Washington, DC American House Senior Living Residences Robert W. Gillette Bloomfield Hills, MI ARA National Seniors Housing Group Jeffrey Pritchard Dallas, TX Arcapita Inc. C. MacLaine Kenan Atlanta, GA Artegan Ronnie Cook Vancouver, WA Covenant Retirement Communities Rick K. Fisk Skokie, IL Deutsche Bank Berkshire Mortgage Christopher P. Fenton Lenox, MA Direct Supply, Inc. W. Bradford Klitsch Milwaukee, WI Era Living Eli J. Almo Seattle, WA KMF Senior Housing Investors, LLC Philip L. Van Syckle Lifespace Communities, Inc. Scott Harrison Des Moines, IA Lincoln Healthcare Information Scott Brown Norwalk, CT Marcus & Millichap Gary R. Lucas San Francisco, CA New Perspective Senior Living Ryan Novaczyk Minneapolis, MN One on One David A. Smith Saint Louis, MO Paradigm Senior Living Lee E. Cory Portland, OR Perkins + Will Architects Paul E. Donaldson Dallas, TX Principle Valuation, LLC The Asbury Group Marketing Meredith Boyle Germantown, MD Front Porch Gary Wheeler Burbank, CA Masterpiece Living, LLC Lawrence L. Landry Palm Beach Gardens, FL Timothy H. Baker Prudential Mortgage Aurora Consulting Services, Ltd. Terri R. Sherman Highland Mills, NY Harbor Retirement Associates, LLC Timothy S. Smick Vero Beach, FL Mather LifeWays Mary G. Leary Evanston, IL Capital Company Thomas Goodsite Atlanta, GA Senior Living Investment Avante Group Inc. Dean Dickmann Hollywood, FL Haris & Company Lee D. Haris San Francisco, CA Moore Diversified Services, Inc. James A. Moore Fort Worth, TX Brokerage, Inc. Grant A. Kief Glen Ellyn, IL Baybridge Seniors Housing Inc. Robert Ian Ezer Toronto, ON Integra Realty Resources Charles A. Bissell Dallas, TX Morrison Senior Dining Kevin Svagdis Atlanta, GA Senior Services of America LLC D. Lee Field Tacoma, WA Bovis Lend Lease, Inc. John R. Nicolay Charlotte, NC Integrated Development Group LLC Matthew K. Phillips Northbrook, IL Moving Station Patricia Saulig Seniors for Living Douglas Johnson New York, NY NREI August/September 2010 A21

22 2010 ADVISORY COMMITTEE AMERICAN SENIORS HOUSING ASSOCIATION The Shuster Companies Jason Shuster St. Paul, MN Sodexo Senior Services William S. Cephus Plano, TX Stanley Healthcare Solutions Chris Beekman Lincoln, NE Top Rock, LLC Ralph J. Nagel Denver, CO SilverCrest Properties, LLC Michael F. Gould St. Louis Park, MN Southern California Presbyterian Homes John H. Cochrane, III Glendale, CA THOMCO Monica Clark Kennesaw, GA Ungaretti & Harris John J. Durso Virtual Care Provider, Inc. Matthew Rehmann Milwaukee, WI Volunteers of America Michael King Alexandria, VA The Walsh Group Eric Larsen STILL LEADING. RED is consistently a leading Fannie Mae DUS lender and Fannie Mae s largest Seniors Housing DUS lender by loans outstanding The Nation s #1 FHA Multifamily & Health Care Lender (FY2010-Midyear Rankings) The Nation s #1 FHA Health Care LEAN Lender and 2nd Most Active FHA Multifamily & Health Care Lender (Overall Activity) (FY2009) STILL PROVIDING. Over $300 million in Seniors Housing Finance provided in 2009 STILL INNOVATING. First multi-site Section 232/223(f ) acquisition loan financed through FHA LEAN RED same capabilities and expertise, same commitment to customers, excellence and innovation, now with more flexibility, more solutions and more room to be creative. RED S SENIOR HOUSING SPECIALISTS JAMES F. SHERMAN CHRISTIAN R. MAUGER DONALD L. HUSI CASEY N. MOORE JEFFREY C. RINGWALD SCOTT L. MOORE Waltonwood Senior Living Earl C. Parker Cary, NC Westmont Living, Inc. Andrew S. Plant La Jolla, CA Willis John M. Atkinson Yardi Systems, Inc. Laura Atallah Goleta, CA zumbrunnen, Inc John H. zumbrunnen Atlanta, GA 2010 RED CAPITAL GROUP (6/15/10) MEJ A22 NREI August/September 2010

23 2010 ASSOCIATE MEMBERS AMERICAN SENIORS HOUSING ASSOCIATION 12 Oaks Senior Living Richard K. Blaylock Dallas, TX AGM Financial Services, Inc. Tamera S. Gundersen Baltimore, MD Alden Realty Services, Inc. Randi Schlossberg-Schullo All Seniors Care Living Centres Ltd. Lily Goodman Toronto, ON Allegro Residences Francois Courtois Montreal, PQ Altus Group Stephen Hiscox Toronto, ON Ambrose Capital Group, Inc. Donald Ambrose San Diego, CA Americare Clay Crosson Sikeston, MO The Arbor Company Ellison Thomas Atlanta, GA Arnall Golden Gregory LLP Hedy S. Rubinger Atlanta, GA Atlantic Shores Cooperative Association Eden B. Jones Virginia Beach, VA B'nai B'rith International Mark D. Olshan Washington, DC Bank of America Merrill Lynch Gray W. Hampton New York, NY Barrington Venture Holding Company LLC Thomas S. Herb Barrington, IL The Blackstone Group David Roth New York, NY Brecht Associates, Inc. Susan B. Brecht Philadelphia, PA Bridgewood Property Company James D. Gray Houston, TX Cambridge Realty Capital Companies Jeffrey A. Davis CapitalSource Steven L. Gilleland Atlanta, GA Carefree Senior Living Ken L. Templeton Las Vegas, NV Caring Communities Shared Services G. James Caldwell Libertyville, IL Carlton Senior Living LLC Philip B. Scott Martinez, CA Chancellor Health Partners, Inc. Benjamin J. Byers Columbus, OH Christopher Place Senior Communities, LLC Charles Maulbetsch Ann Arbor, MI CHRISTUS Health Linda McClung Irving, TX CLW Realty Group, Inc. Allen McMurtry, Jr. Tampa, FL Columbia DuBrin Realty Advisors, LLC L. Robin DuBrin Seattle, WA Commonwealth Assisted Living Richard Brewer Charlottesville, VA Cornerstone Affiliates David B. Ferguson Pleasanton, CA Cubellis Architects Richard P. Mann Curry Architecture Kristin Newland Salem, OR Cushman & Wakefield, Inc. Alina Schoepfer Stamford, CT CWCapital Brenda Bailey Vancouver, WA Dial Communities, Inc. Joel M. Katleman San Antonio, TX Dixon Hughes Keith Seeloff Atlanta, GA Dougherty Mortgage LLC Jonathan P. Banyard Minneapolis, MN DPR Construction, Inc. Scott Carriveau Newport Beach, CA Drucker & Falk, LLC Robert C. Lippard Raleigh, NC Elder Care Alliance Jesse Jantzen Oakland, CA Eldercare Management Services Mark W. Lierman Saint Charles, MO Elderlife Financial Services Elias P. Papasavvas Bethesda, MD Encore Senior Living, LLC Peter Muhlbach Milwaukie, OR The Erickson School / UMBC Kevin D. Heffner Catonsville, MD Essex Corporation Kent Braasch Omaha, NE The Evangelical Lutheran Good Samaritan Society Dustin Scholz Sioux Falls, SD Executive Capacity, LLC Jill Haselman Scituate, MA Farmington Centers, Inc. Peary Wood Portland, OR Balfour Senior Living, LLC Michael K. Schonbrun Louisville, CO Christenson Advisors, LLC Jonathan A. Boba Dominion Partners, LLC John Gorecki Birmingham, AL Foley & Lardner LLP Michael A. Okaty Orlando, FL NREI August/September 2010 A23

24 2010 ASSOCIATE MEMBERS AMERICAN SENIORS HOUSING ASSOCIATION FPL Advisory Group William J. Ferguson Franciscan Sisters of Chicago Service Corporation Stephen J. Bardoczi Homewood, IL Greenbrier Development, LLC Mike Gilliam Dallas, TX Greystar Real Estate Partners Kristopher L. Woolley Phoenix, AZ HHHunt Properties James R. King Blacksburg, VA Highgate Senior Living Marjorie Todd Bellevue, WA Immanuel Health Systems Eric N. Gurley Omaha, NE Integral Senior Living Management Group Sue Farrow Carlsbad, CA Fremont Realty Capital Max G. Newland New York, NY Gencare, Inc. Leon Grundstein Seattle, WA Gypsy Hill Place, LLC David E. Taibl Staunton, VA Hamilton Insurance Agency Jackie Moyer Fairfax, VA Holladay Corporation Frances Manderscheid Washington, DC Hollenbach Development W. James Hollenbach Boyertown, PA Investment Property Associates William J. Fettis Grand Haven, MI Irving Levin Associates, Inc. Stephen M. Monroe Norwalk, CT Generations, LLC Chip Gabriel Portland, OR GlynnDevins Advertising & Marketing James T. Glynn Shawnee Mission, KS Health Care Group W. Major Chance San Diego, CA Heffernan Insurance Brokers M. Brant Watson Walnut Creek, CA The Hollinger Group Brad E. Hollinger Mechanicsburg, PA Howard & Associates Evelyn R. Howard Bethesda, MD Jacobs Chase Frick Kleinkopf & Kelley Kevin H. Kelley Denver, CO Javelin Capital Partners, LLC Kurt Read Dallas, TX Professional Services Since 1994 Development Management Marketing Feasibility Areas of Expertise: Senior Apartments Congregate Living Assisted Living CCRC s Alzheimer s Care Call Today For a Complimentary Initial Assessment and Consultation info@psliving.com

25 2010 ASSOCIATE MEMBERS AMERICAN SENIORS HOUSING ASSOCIATION John L. Wortham & Son, LP David B. Martin Houston, TX JP Morgan Jean M. Anderson New York, NY Justus Rental Properties Inc. Scott M. Jeske Indianapolis, IN Kandu Capital, LLC Bradley E. Dubin Birmingham, MI Kaplan Development Group Glenn Kaplan Woodbury, NY Maple Knoll Communities Kenneth W. Huff Cincinnati, OH Martino & Binzer, Inc. David Martino Farmington, CT Metroplex-Active Life Group Sheldon L. Baskin Milestone Retirement Communities, LLC Paul W. Dendy Vancouver, WA Moore Stephens Lovelace, P.A. Ronald R. Shuck Clearwater, FL Morgan Stanley Andrew Bauman New York, NY Breaking new ground, one community at a time. Koelsch Senior Communities Aaron Koelsch Olympia, WA Lane Powell PC Barbara J. Duffy Seattle, WA Lewis & Clark LTC RRG, Inc. Nadeene Wood-Clater Atlanta, GA Lockton Companies of Colorado Derek Cady Denver, CO M&T Bank Sharon O'Brien Baltimore, MD M&T Realty Capital Corporation Robert J. Ryan Rockville, MD M3 Capital Partners Thaddeus R. Wilson continuing care retirement communities independent living assisted living Horizon Bay at Hyde Park, our flagship community, offers 136 independent and assisted living apartments. Opens January 2011 in Tampa, Florida. Horizon Bay Retirement Living is covering new territory in the growing seniors housing industry. We re diversifying across the entire spectrum of care -- independent living, assisted living, memory care, skilled nursing and for-profit continuing care retirement communities. Characterized by a sharp focus on opportunity and a culture centered on best practices, Horizon Bay consistently has exceeded our investors expectations. With an exciting national growth plan for 2011, Horizon Bay will break new ground and reach even greater heights. Your story continues here... skilled nursing memory care The Mann Group, Inc. Charles H. Mann, III Atlanta, GA NREI August/September 2010 A25

26 2010 ASSOCIATE MEMBERS AMERICAN SENIORS HOUSING ASSOCIATION Mosaic Management Cynthia Senke Madison, WI Murtha Cullina LLP Martha Everett Meng New Haven, CT National Investment Center Robert G. Kramer Annapolis, MD Nigro Group, LLC Frank J. Nigro, III Albany, NY Nixon Peabody LLP Allen A. Lynch, II Boston, MA NorSouth Companies David H. Dixon Atlanta, GA Pacific Retirement Services, Inc. Jill Collins Medford, OR Parc Communities Roy Dickson Atlanta, GA Primrose Retirement Communities Brian Morgan Aberdeen, SD Propel Insurance Michael Ferreira Tacoma, WA Providence Life Services Richard Schutt Tinley Park, IL Ray Stone, Inc. David W. Crump Sacramento, CA REDMARK Economics for Real Estate Development and Market Research Harvey Singer Annapolis, MD REES Associates, Inc. Ken Baker Atlanta, GA Resort Lifestyle Communities Breck Collingsworth Lincoln, NE Retirement Companies of America, LLC Charles S. Trammell Memphis, TN Retirement Housing Foundation Dr. Laverne R. Joseph Long Beach, CA Revenue Leverge, LLC Jack McCarthy Holliston, MA A26 NREI August/September 2010

27 2010 ASSOCIATE MEMBERS AMERICAN SENIORS HOUSING ASSOCIATION Rittenhouse Senior Living Edward T. Yarish King Of Prussia, PA Riverwood Retirement Management, Inc. Jerry C. Jaques Orange City, FL St. Barnabas Health System James D. Turco Gibsonia, PA St. Therese Southwest Michael Pagh Minneapolis, MN Stanley Shorten Real Estate Group Thomas E. Stanley Bothell, WA Stonegate Senior Care John F. Taylor Lewisville, TX Stratford Companies Wendy Horn Indianapolis, IN Symphony Senior Living, Inc. Lisa M. Brush Port Huron, MI Roskamp & Patterson Management Company Steven Roskamp Sarasota, FL Senior Living Residences, LLC Robert F. Larkin Boston, MA Senior Living Valuation Services, Inc. Michael G. Boehm San Francisco, CA Business has changed. But not what makes it work. Senior Services, LLC William D. Bell The Seniors Group Michael Girard Allen, TX SL Residential, Inc. Greg Sadick Irvine, CA SpawGlass Construction Corp. John English Houston, TX Spectrum Properties, LC Brian E. Bergersen Dallas, TX Spring Hills Senior Communities Alexander C. Markowits Edison, NJ Senior Living Construction Education Recreation Transportation Banking Manufacturing General Business Personal Insurance A partner who s there for you is more important than ever. One with the know-how to help you reach your goals? Even better. At Propel, our brokers have decades of experience in the industries they work with: construction, banking, recreation, senior living and more. Which is why so many of the region s top companies choose us to help make their ideas fly. Ready for a partnership that can really take you places? Call us. We re here for you. Springpoint Senior Living Gary T. Puma Princeton, NJ NREI August/September 2010 A27

28 2010 ASSOCIATE MEMBERS AMERICAN SENIORS HOUSING ASSOCIATION Unified Property Group Steve Falcone Brighton, MI United Adult Ministries Douglas Kurtz Flushing, NY UPMC Senior Communities Deborah S. Brodine Pittsburgh, PA USA Properties Fund, Inc. Geoffrey C. Brown Roseville, CA Van Dyk Health Care Robert Van Dyk Ridgewood, NJ The Vinca Group, LLC Alice Katz Owings Mills, MD Waller, Lansden, Dortch & Davis, LLP Jeffrey A. Calk Nashville, TN WDG Architecture, PLLC David Banta Washington, DC Weis Builders, Inc. Peter Worthington Minneapolis, MN Western Seniors Housing, Inc. Anthony Sandoval Irvine, CA Westminster Communities of Florida James F. Emerson Orlando, FL Willowcreek Management, LLC F. Fee Stubblefield, Jr. Mcminnville, OR Windsor Healthcare Equities, LLC Leigh T. Howe Hanover, MD A28 NREI August/September 2010

29 What if your community could reach its full potential? Today s what if can be tomorrow s reality. We believe a senior living community must be managed with an eye toward the future. Not only do we believe this, it s how we do business. Greystone is a leader in managing, marketing and developing senior living communities, with more than three decades of experience. We drive success through service excellence and teamwork. We apply best practices to deliver beyond day-to-day operations. We proactively assess outcomes to achieve performance over the long term. We understand your business. So not only can we help you manage, we ll help you manage for the future. Call Mark Andrews, President, at to learn more. To realize the full potential of your community, start with Greystone. Building Relationships management planning finance development marketing 222 West Las CoLinas BouLevard, suite 2100 irving, texas

30 ABOUT ASHA The American Seniors Housing Association (ASHA) was created in 1991 by a number of leading seniors housing providers seeking an effective voice on Capitol Hill. Today, ASHA s membership has grown to nearly 350 companies that develop, operate, and finance the entire spectrum of seniors housing. ASHA s membership owns and/or manages more than 600,000 units of senior apartments, independent living, assisted living, and continuing care retirement communities. Annual Meeting Keynote Speaker: George F. Will Over the years, ASHA s members have come to rely on the Association for its expertise in three key areas: Federal advocacy Seniors housing research Networking and exchange of strategic business information Federal Advocacy A hallmark of ASHA is its strong David Schless, ASHA and Senator Bill Nelson (D-FL) commitment to federal advocacy on behalf of the seniors housing industry. ASHA advocates on a range of issues impacting seniors housing, including capital formation, tax policy, federal oversight, legal reform, housing policy, and employment policy. ASHA brings a seasoned and highly respected government affairs team to represent the industry on Capitol Hill. Our federal advocacy efforts are supported by the Seniors Housing Political Action Committee (SH PAC), one of the fastest growing federal PACs in the health care and real estate sectors. The SH PAC gives the industry a strong and unified voice on Capitol Hill by providing support to federal candidates who are responsive to our issues and influential on matters of vital concern. ASHA s federal advocacy program is guided by the following CORE principles: Consumer Driven Ensure that the needs and preferences of seniors housing consumers continues to be met through regulatory oversight at the state and local level, where it is most effective. Owner/Operator Driven Promote a favorable business climate that supports quality, competition, innovation, and long-term investment in seniors housing. Resident Service Driven Support research and national initiatives that enable residents of seniors housing to receive state-of-the-art services and age with dignity in the setting of their choice. Employee Driven Ensure that employees of seniors housing providers have full access to competitive wages and benefits and a work environment that fosters job satisfaction and professional growth. Seniors Housing Research ASHA is widely recognized for its long standing leadership in advancing research to support seniors housing professionals. From in-depth statistical analyses to succinct executive summaries on topical issues, ASHA s authoritative research efforts have played a significant role in advancing the seniors housing business for lenders and investors as well as developers, owners and operators. Annual Research Publications Each year, ASHA and its research partners produce a range of research reports that cover financial and operational performance, construction trends, executive compensation, state regulation, liability insurance, health benefits, workers compensation, and rankings of the largest owners and managers of seniors housing 1. Special Issue Briefs/Legal Notes ASHA distributes several special issue briefs specifically tailored to provide busy executives with concise information on emerging legal, tax, financial, health, and real estate issues impacting seniors housing. Major Research Projects ASHA periodically commissions major research projects focused on unique aspects of the seniors housing market. Last year, the Association published the results of a major study of individuals who had recently moved into seniors housing communities. ASHA is now using insights gleaned from that landmark research to develop tools to improve the likelihood of leasing success with prospective residents. A30 NREI September 2010