1Q15 PROPERTY ADVISOR REPORT TM. Date Printed: 4/9/ :28:19 AM

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1 TM Q5 205 National Investment Center for Seniors Housing & Care (NIC). All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision. This report is a part of the NIC MAP Data Service (NIC MAP). Distribution of this report or any part of this report without prior written consent or license by NIC is prohibited. For license information please contact NIC at National Investment Center for Seniors Housing & Care

2 Comp Set Characteristics Top 5 Operators Properties 9 Operator Properties Units Share Units Avg Age Metros Counties (WI),Lake (IL) (IL) Franciscan Sisters Of Chicago Service Corp (PID# 688) Brookdale Senior Living (Multiple) Five Star Senior Living (PID# 424) Slovak American Charitable Association (PID# 5500) % 2% % 0.3% Senior Lifestyle (PID# 3350) % Total Number of Operators: 7 Segment Data Q5 Occupancy Quarterly Change Annual Change Average Rent Q5 Annual Change RPI Q5 Independent Living % -20 bps -9 bps $2,24.7% $2,053 Assisted Living % -220 bps 749 bps $4, % $3,84 Memory Care 0 Nursing Care % -247 bps -539 bps $ % Unit Data Segment Unit Type Unit Mix Occupancy Average Rent Entrance Fee Independent Living Studio 36.7% Independent Living Bedroom % 82.6% $2,38 Independent Living 2 Bedroom 5 2.5% Assisted Living Studio 8 8.7% 92.8% $4,058 Assisted Living Bedroom 40.9% Assisted Living 2 Bedroom 6 0.3% Memory Care Studio 0 5.3% Nursing Care Beds, % 76.% $286 Occupancy By Unit Type Average Rent By Unit Type 2

3 Comp Set Properties # ID Name Age Address Metro County Property Type/ Campus Type Units Operator 07 Brookside Care Center Washington Rd,WI County, WI Clairidge House th St,WI RPH Corp 3 56 Clare Bridge of th St,WI Brookdale Senior Living Grande Prairie H & R Center 0330 Prairie Ridge Blvd Pleasant Prairie,WI 5358 Sava Senior Care Harmony Of th Ave,WI Harmony Living Centers HCR Manorcare Washington Rd,WI HCR ManorCare Hospitality Nursing & Rehabilitation Center nd Ave,WI Extendicare REIT Estates Living and Care Center th St,WI Platinum Health Care Meadowmere Southport Sheridan Rd,WI Five Star Senior Living 3

4 # ID Name Age Address Metro County Property Type/ Campus Type Units Operator Parkside Manor th St,WI Senior Lifestyle 5500 Rolling Hills Place & Rolling Hills Manor th St Zion,IL Lake (IL) 59 5 Slovak American Charitable Association Senior Lifestyle of Pleasant Prairie 965 Prairie Ridge Blvd Pleasant Prairie,WI 5358 Senior Lifestyle St Joseph s Villa & St Joseph's Home For The Aged th Ave,WI Carmelite Sisters Sterling House of 309 2th St,WI Brookdale Senior Living Terrace Nursing Care Sunset Ave Waukegan,IL Lake (IL) 5 TM Management The Grove at the Lake Elim Ave Zion,IL Lake (IL) 230 Legacy Healthcare Village Of Victory Lakes, The Victory Dr Lake Villa,IL Lake (IL) Majority IL Franciscan Sisters Of Chicago Service Corp Water Edge Health and Rehab Sheridan Rd,WI MGM Healthcare Wynwood of th Ave,WI Brookdale Senior Living 4

5 Segment Occupancy 5

6 Segment Average Rent Segment Relative Performance Indicator (RPI) 6

7 Closed Transactions Date 3/3/205 2/7/205 2/22/204 2/22/204 2/7/204 2/3/204 /26/204 /26/204 0/7/204 0//204 9/30/204 9/3/204 9/2/204 7/3/204 7/3/204 Property Name Wyndemere Parkshore Estates St Andrew Life Center Ballard Nursing Center Wood Glen Nursing & Rehab Center Lincolnwood Place Lakeview Nursing & Rehabilitation Center Mather Pavilion Spring Mill Health Services Bethany Terrace Nursing Center Highland Nursing and Rehab St Agnes Health Care Center Oakton Arms Emeritus at Joliet Emeritus at Joliet Courtyard Address 200 Wyndemere Cir Wheaton, IL S Kenwood Ave N Newark Ave Niles, IL Ballard Rd Des Plaines, IL North Ave West N McCormick Blvd Lincolnwood, IL W Diversey Pkwy Foster St Evanston, IL W 87th Ave Merrillville, IN Waukegan Rd Morton Grove, IL th St Highland, IN S. Wabash Oakton Pl Des Plaines, IL Executive Dr Joliet, IL Executive Dr Joliet, IL 6043 Metro Prop. Type/ Campus Type Majority IL FreeStanding Majority IL Majority IL Tot: Tot: Tot: 2 Tot: Tot: Tot: Tot: Tot: Tot: Tot: Tot: Tot: Tot: Tot: Tot: 38 Buyer/Seller Buyer: Bridge Investment Group Seller: Life Care Services Cushman & Wakefield Buyer: Parkshore Estates Nursing Realty Seller: Trust Buyer: Health & Home Management Seller: Presence Health Senior Living Investment Brokerage Buyer: Health & Home Management Seller: Presence Health Senior Living Investment Brokerage Buyer: Ventas Inc Seller: Platinum Health Care (OH/IN/IL/MO) Buyer: NorthStar Realty Finance Corp Seller: Griffin American Healthcare REIT II Buyer: Infinity Healthcare Management Seller: 735 West Diversey Building Buyer: Symphony Post Acute Network Seller: Mather Lifeways Cain Brothers & Co (NY) Buyer: Trilogy Healthcare Services Seller: Health Care REIT Buyer: Legacy Healthcare Financial Services (IL) Seller: Buyer: ROMA Healthcare (MO) Seller: Ide Management Group Senior Living Investment Brokerage Buyer: Legacy Health Services Seller: Trust Buyer: Generations Health Care Property of Des Plaines Seller: Trust Marcus & Millichap Co Buyer: Brookdale Senior Living Seller: Emeritus Corporation (WA - INACTIVE) Buyer: Brookdale Senior Living Seller: Emeritus Corporation (WA - INACTIVE) Close Price $44,547,000 $20,384,500 $9,500,000 $7,000,000 $8,700,000 $0,973,452 $,892,00 $6,770,000 $20,594,850 $8,237,940 Price Per Unit Year Built/ Renovated Built: 969 $03,8 995 Built: 975 $64,02 Built: 953 $45,024 Built: 972 $89,005 Built: 989 $90,338 Built: 992 $37,49 Built: 98 Built: 990 Built: 998 Built: 965 Built: 960 $49, Built: 983 Built: 988 $66,373 Built: 998 $26,788 Built: 999 $26,788 7

8 Date 7/3/204 6/2/204 5/2/204 5/5/204 4/4/204 4/4/204 Property Name Emeritus at Arborwood Winfield Woods HarborChase of Plainfield St James Manor & Villas Rittenhouse Senior Living Portage Rittenhouse Senior Living Address 430 Cleveland Rd E Granger, IN West 4 Liberty Road Winfield, IL S Van Dyke Rd Plainfield, IL E Richton Rd Crete, IL Sterling Creek Rd Portage, IN Vale Park Rd Valparaiso, IN Metro Prop. Type/ Campus Type Tot: Tot: Tot: Tot: Tot: Tot: 00 Buyer/Seller Buyer: Brookdale Senior Living Seller: Emeritus Corporation (WA - INACTIVE) Buyer: Winfield Woods Realty Seller: FNR Winfield Buyer: CNL Financial Group (CNL) Seller: South Bay Partners Ltd Buyer: Extended Care Clinical Seller: Trilogy Healthcare Services Senior Living Investment Brokerage Buyer: Rittenhouse Senior Living Seller: PSLC/VSLC Buyer: Rittenhouse Senior Living Seller: PSLC/VSLC Close Price $9,486,332 $4,860,000 $26,500,000 $5,069,766 $20,930,230 Price Per Unit Built: $75,673 Year Built/ Renovated Built: 97 $35,27 Built: 200 $25,447 Built: 984 Built: 200 $209,302 Built: $209,302 8

9 GLOSSARY/TERMS Average Rent Care Segment Type Seniors Housing Independent Living Units Assisted Living Units Memory Care Units Nursing Care Beds Close Price Competitive Set Index Occupancy Entrance Fee Price Per Unit Relative Performance Indicator (RPI) Unit Mix Asking private-room rent plus the average fee for care services. For nursing care, this represents the average per diem private-pay rate for private rooms. Average rent may also be referred to as AMR for independent living, assisted living, and memory care and ADR for nursing care. Levels of care and services provided by the property. This can also be referred to as care segment. One unit of independent living, assisted living or memory care is equivalent to one nursing care bed. The combination of independent living, assisted living, and memory care units. The part or section of the property that provides independent living services. The part or section of the property that provides assisted living services, not including memory care services. The part or section of the property that provides services to persons with Alzheimer s disease or other form of dementia. These are generally separate or secured areas, with specific programming for persons with memory impairment in addition to services provided for persons in assisted living. The part or section of a property that only provides nursing care services. The total sales transaction price. If joint venture interest sold, this price is based on the 00% grossed-up price. Properties specified by the user to be used in analysis. "My Property" divided by the "Competitive Set" for any given metric. If the index value exceeds.0, "My Property" has a higher value than the "Competitive Set". The number of independent living units, assisted living units, memory care units, and nursing care beds that are operational and available for residence. One unit of independent living, assisted living, or memory care is equivalent to one nursing bed. The average unit occupancy of reporting properties. A property that charges a lump sum amount of money paid by a resident at the beginning of their stay that provides the right to occupy the residence. Properties generally charge at least $20,000 for this lump sum payment. This type of property generally charges a monthly fee in addition. The close price divided by the inventory of the portfolio. Data are marked as if there are an insufficient number of properties and/or unique stakeholders reporting data. The sum of occupied inventory multiplied by "Average Rent" for each distinct independent living, assisted living, or memory care unit type divided by total inventory of that care segment. The percent of units of a specific type relative to the total number of units. For example, a property with 50 one-bedroom units and 00 two-bedroom units has a one-bedroom unit mix of 33.3%. This excludes "unknown" units. 9