Location, Location, Location. 19 th Annual NIC Conference NIC MAP Data & Analysis Service

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1 Location, Location, Location 19 th Annual NIC Conference NIC MAP Data & Analysis Service

2 The Great Occupancy Decline 94% Occupancy Trends Majority Nursing Seniors Housing 93% 92% 91% 92.8% 91.0% 90% 89% 88% 89.4% 88.9% 87% 86% 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

3 The Great Occupancy Decline 95% 94% 93% 92% 91% 90% 89% 88% 87% 86% 85% Occupancy Trends Majority IL Majority AL 93.6% 91.5% 89.2% 88.3% 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

4 IL Occupancy Declines Become More Widespread 2Q08 to 2Q09 Majority IL - YOY Change in Occupancy by Metro (bps, 2Q08-2Q09) San Jose, CA Sacramento, CA Washington, DC Chicago, IL Atlanta, GA Baltimore, MD Kansas City, MO Phoenix, AZ Minneapolis, MN San Francisco, CA Riverside, CA Miami, FL Boston, MA Detroit, MI Dallas, TX San Diego, CA New York, NY MAP31 Las Vegas, NV Los Angeles, CA Seattle, WA Tampa, FL Orlando, FL Cincinnati, OH Philadelphia, PA St. Louis, MO Houston, TX San Antonio, TX Denver, CO Pittsburgh, PA Cleveland, OH Portland, OR Basis Points

5 AL Markets Less Affected, But Not Immune 2Q08 to 2Q09 Majority AL - Change in Occupancy by Metro (bps, 2Q08-2Q09) Basis Points Riverside, CA San Antonio, TX Orlando, FL Seattle, WA Denver, CO Phoenix, AZ New York, NY Houston, TX Portland, OR Dallas, TX Washington, DC Pittsburgh, PA Tampa, FL San Diego, CA San Francisco, CA MAP31 St. Louis, MO Miami, FL Boston, MA Minneapolis, MN Los Angeles, CA Atlanta, GA Cincinnati, OH Sacramento, CA Baltimore, MD Philadelphia, PA San Jose, CA Las Vegas, NV Cleveland, OH Kansas City, MO Chicago, IL Detroit, MI

6 Is it Supply or Demand? Year Rolling and Cumulative Supply vs. Demand - Majority IL ,266 Units Units Added to Supply (rolling cumulative) Units Absorpbed (rolling cumulative) , Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

7 Is it Supply or Demand? Year Rolling and Cumulative Supply vs. Demand - Majority AL 2, Units Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 Units Added to Supply (rolling cumulative) Units Absorpbed (rolling cumulative) ,

8 Is it Supply or Demand? Year Rolling and Cumulative Supply vs. Demand - Majority Nursing 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q Units/Beds , Units Added to Supply (rolling cumulative) Units Absorpbed (rolling cumulative) ,

9 Is IL Occupancy Related to Housing? 200 S&P/Case-Shiller National Home Price Index (SA) Majority IL Occupancy 94.0% % % ome Price Index H % 90.0% 89.0% % % 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 ; S&P Case Shiller Index

10 Jobs and AL Demand 1,000 Nonfarm Payroll Change Majority AL Occupancy 92.0% Change in Nu mber Employed, in Thousands ,000-1,500-2, % 90.0% 89.0% 88.0% 87.0% -2,500 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q % ; U.S. Bureau of Labor Statistics

11 Are Rents Inelastic in Seniors Housing? 50 Change in Occupancy vs. Change in Rent Growth - Majority IL YOY Occupancy Change (bps) YOY Rent Growth 6.0% 0 5.0% YOY Y Change (bps) % 3.0% 2.0% YO OY % Growth % % 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

12 Are Rents Inelastic in Seniors Housing? 100 Change in Occupancy vs. Change in Rent Growth - Majority AL YOY Occupancy Change (bps) YOY Rent Growth 8.0% YO OY Change (bps) % 6.0% 5.0% 4.0% 30% 3.0% 2.0% 1.0% YOY % Growth Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 0.0%

13 What Does the Future Hold? 4.5% 4.0% 3.5% 3.0% Seniors Housing Construction - Top 31 MSAs Units Started In Quarter Construction vs. Inventory 4.1% 3.9% 3.9% 3.8% 3.6% 3.6% 3.6% 3.3% 3.2% 2.5% 4,258 4, % 20% 2.0% 1.5% 1.0% 0.5% 3,193 2,896 2,455 2,191 1, Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

14 Top 100 Metro Markets Tracked by NIC MAP Akron, OH New Orleans, LA Colorado Springs, CO Fort Myers, FL Tampa, FL Madison, WI Boise, ID Portland, OR San Diego, CA Kansas City, MO Albany, NY New York, NY Columbia, SC Fresno, CA Toledo, OH McAllen, TX Boston, MA Poughkeepsie, NY San Francisco, CA Knoxville, TN Albuquerque, NM Ogden, UT Columbus, OH Grand Rapids, MI Tucson, AZ Melbourne, FL Bridgeport, CT Providence, RI San Jose, CA Lakeland, FL Allentown, PA Oklahoma City, OK Dallas, TX Greensboro, NC Tulsa, OK Memphis, TN Buffalo, NY Raleigh, NC Sarasota, FL Lancaster, PA Atlanta, GA Omaha, NE Dayton, OH Greenville, SC Virginia Beach, VA Miami, FL Charleston, SC Richmond, VA Scranton, PA Las Vegas, NV Augusta, GA Orlando, FL Daytona Beach, FL Harrisburg, PA Washington, DC Milwaukee, WI Austin, TX Minneapolis, MN Bakersfield, CA Modesto, CA Baltimore, MD Nashville, TN Baton Rouge, LA New Haven, CT Birmingham, AL Charlotte, NC Oxnard, CA Chattanooga, TN Philadelphia, PA Chicago, IL Phoenix, AZ Cincinnati, OH Pittsburgh, PA Cleveland, OH Portland, ME Riverside-San Bernardino, CA Denver, CO Rochester, NY Des Moines, IA Sacramento, CA Detroit, MI Salt Lake City, UT El Paso, TX San Antonio, TX Seattle, WA Hartford, CT Springfield, MA Houston, TX St. Louis, MO Indianapolis, IN Stockton, CA Jackson, MS Syracuse, NY Jacksonville, FL Little Rock, AR Wichita, KS Los Angeles, CA Worcester, MA Louisville, KY Youngstown, OH

Lower Income Journey to Work Market Share From American Community Survey

Lower Income Journey to Work Market Share From American Community Survey 2006-2010 Table 1: Overall National Data Table 2: Car, Truck or Van Table 3: Transit Table 4: Metrics Table 1 Work Trip Market Share: