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Seniors Housing and Care
An aggregated property category containing independent living units and/or assisted living units and/or nursing care units.
PROPERTY SUBTYPES
The communities tracked by RCA are comprised of either of two subtypes: Seniors Housing or Nursing Care.
Seniors Housing properties are those communities in which the plurality of its units are either Independent Living (IL) or Assisted Living (AL) units, i.e. "Majority IL" or Majority AL" properties.
Nursing Care properties are those communities in which the plurality of its units are Nursing Care beds, i.e. "Majority Nursing Care (NC)" properties.
MAJORITY UNIT TYPE (FEATURE):
For a Seniors Housing and Care property, its "Majority Subtype" denotes the type of unit that comprises the plurality of the units in that community.
Definitions provided below are from the National Investment Center for the Seniors Housing and Care Industry.
- Majority Independent Living (IL): A property that has a plurality (but not necessarily a majority) of independent living service units. Majority IL properties typically include services such as communal dining, housekeeping, transportation, emergency call, and social programming services in the monthly fee.
- Majority Assisted Living (AL): A property that has a plurality of assisted living and/or memory care service units. Residents receive personal care services such as assistance with bathing, dressing, eating, walking, and toileting. Twenty-four-hour protective oversight is provided, but 24-hour medical care is not. The assisted living properties included in NIC's database are only those market rate properties where 80% or more of the residents are age 55 or older.
- Majority Nursing Care (NC): A property that has a plurality of nursing care beds. A Majority NC property is generally a licensed long-term health care and residential property that serves persons who require constant medical supervision and/or who require significant physical assistance in transferring, management of continence, and use of medical devices. The NIC database does not include properties that are limited to sub-acute, properties limited to inpatient-based, properties that are hospital-based, or properties that are predominantly rehabilitation facilities where people come for short-term stays of nursing care.
CARE SEGMENT TYPES: Levels of care and services provided by the property. This can also be referred to as segment or service type units/beds. One unit of IL, AL, or MC is counted as equivalent to one NC bed. - Independent Living (IL): The part or section of a property that provides independent living services. As part of the monthly fee, access to meals and other services such as housekeeping, linen service transportation, and social and recreational activities are provided to residents. Independent living does not provide assistance with activities of daily living (ADLs).
- Assisted Living (AL): The part or section of a property that provides assisted living services and is regulated by the state. The same services are provided as in independent living, but also provided is supportive care from trained employees to residents who are unable to live independently and require assistance with ADLs.
- Memory Care (MC): The part or section of a property that provides services to persons with Alzheimer's disease or other forms of dementia. These are generally separate or secured areas/wings, with specific programming for persons with memory impairment in addition to services provided for persons in assisted living.
- Nursing Care (NC): The part or section of a property that provides only nursing care services. Residents receive 24-hour nursing and/or medical care. Properties offering nursing care are generally licensed for Medicaid and/or Medicare reimbursement.
CAMPUS TYPES: The arrangement of the units and/or buildings of the property. - Combined Campus: A property offering at least two types of services, but where Independent Living and Nursing Care are not jointly offered, e.g. a combined AL and NC property.
- Continuing Care Retirement Community (CCRC): CCRCs must include Independent Living units and Nursing Care beds, but usually offer Assisted Living and Memory Care as well. There are two payment types for these properties, rental and entrance fee. Properties with a multi-year development schedule that will add nursing care services in the future are classified as CCRCs, even though they may only offer Independent Living services at present.
- Freestanding: A property offering a single type of service, e.g. exclusively independent living services.
PRIMARY PAYMENT TYPE: The payment plan by which residents pay for services.
- Entrance Fee: A property that charges a lump sum amount of money paid by residents 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.
- Rental: A property that charges the residents for their residence and services primarily on a lease basis but does not charge an upfront entrance fee.
PROFIT / NON-PROFIT: A property feature which denotes whether the community is for profit or not for profit.
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This site and the reports herein represent the most comprehensive data set of investment activity compiled for the commercial real estate industry. While no information in this highly fragmented market is perfect or all encompassing, Real Capital Analytics (RCA) has established rigid data collection and classification methodology including sourcing requirements and procedures to ensure information is accurate and timely.
RCA has attempted to conform wherever possible to the proposed standards and definitions of the Data Consortium (sponsored by NCREIF, PREA, NAREIM) and the Appraisal Institute. Any known deviations from these standards are noted.