1. 1

2. Housing Market Fundamentals & Trends in Seniors Housing National Review and Outlook Chuck Harry, Director of Research & Analysis, NIC Metropolitan Markets & Map 32-100 Mike Hargrave, Vice President – NIC MAP, NIC Sales Transactions Chuck Harry, Director of Research & Analysis, NIC 2

3. National Occupancies 3

4. Source: NIC MAP ® Data & Analysis Service, MBAA; REIS; STR Senior Housing vs. Others Year-over-Year Occupancy Trends (Basis Points) 2007Q1- 2011Q4 4

5. Source: NIC MAP ® Data & Analysis Service Seniors Housing Fundamentals 5

6. Recovery Varies by Metro Market Source: NIC MAP ® Data & Analysis Service 6

7. Seniors Housing Occupancy Trends 7

8. Independent Living Move-in Rates Source: NIC MAP ® Data & Analysis Service 8

9. Assisted Living Move-in Rates Source: NIC MAP ® Data & Analysis Service 9 9

10. Memory Care Move-in Rates Source: NIC MAP ® Data & Analysis Service 10

11. Inventory Growth Impacts MC Source: NIC MAP ® Data & Analysis Service 11

12. Source: NIC MAP ® Data & Analysis Service Occupancy by Property Type 12

13. Occupancy by Campus Type Source: NIC MAP ® Data & Analysis Service 13

14. Recovery by Property Type 14 Source: NIC MAP ® Data & Analysis Service

15. National Asking Rents 15

16. Senior Housing Rents Less Volatile Source: NIC MAP ® Data & Analysis Service; MBAA; REIS; STR Year-over-Year Asking Rent Growth Trends(%) 2007Q1- 2011Q1 16

17. Year-over-Year Rent Growth Trends Source: NIC MAP ® Data & Analysis Service 17

18. Properties Keeping Rents Steady 18 Source: NIC MAP ® Data & Analysis Service

19. Rent Growth vs. Core Inflation 19 Source: NIC MAP ® Data & Analysis Service

20. National Market Outlook 20

21. Construction Activity Still Tempered 21 Source: NIC MAP ® Data & Analysis Service

22. Absorption Outpacing Starts 22 Source: NIC MAP ® Data & Analysis Service

23. Recovery Likely to Continue in 2012 23 Source: NIC MAP ® Data & Analysis Service

24. Demand Outpacing Supply in 2012 24 Source: NIC MAP ® Data & Analysis Service

25. Metropolitan Markets 25

26. Source: NIC MAP ® Data & Analysis Service Dallas vs. MAP 31 Occupancy 26

27. Source: NIC MAP ® Data & Analysis Service Dallas Seniors Housing 27

28. Source: NIC MAP ® Data & Analysis Service San Antonio vs. MAP 31 Occupancy 28

29. Source: NIC MAP ® Data & Analysis Service San Antonio Seniors Housing 29

30. Source: NIC MAP ® Data & Analysis Service Chicago vs. MAP 31 Occupancy 30

31. Source: NIC MAP ® Data & Analysis Service Chicago Seniors Housing 31

32. Source: NIC MAP ® Data & Analysis Service Seattle vs. MAP 31 Occupancy 32

33. Source: NIC MAP ® Data & Analysis Service Seattle Seniors Housing 33

34. Source: NIC MAP ® Data & Analysis Service San Francisco vs. MAP 31 Occupancy 34

35. Source: NIC MAP ® Data & Analysis Service Los Angeles vs. MAP 31 Occupancy 35

36. Source: NIC MAP ® Data & Analysis Service Denver vs. MAP 31 Occupancy 36

37. Source: NIC MAP ® Data & Analysis Service Denver Seniors Housing 37

38. MAP 32-100 38

39. MAP32-100 Occupancy Settling? Source: NIC MAP ® Data & Analysis Service 39

40. MAP32-100 Rent Growth Trends 40 Source: NIC MAP ® Data & Analysis Service

41. Nashville Independent Living 41

42. Source: NIC MAP ® Data & Analysis Service Nashville Assisted Living 42

43. Sales Transactions 43

44. Transaction Activity Slowing in 1Q12 44 Source: NIC MAP ® Data & Analysis Service

45. REIT Transaction Activity Lacking 45 Source: NIC MAP ® Data & Analysis Service

46. Seniors Housing Pricing Softens 46 Source: NIC MAP ® Data & Analysis Service

47. Northeast Leads Pricing Recovery 47 Source: NIC MAP ® Data & Analysis Service

48. Top Ten Markets for Transactions 48 Source: NIC MAP ® Data & Analysis Service

49. Cap Rates Relatively Steady 49 Source: NIC MAP ® Data & Analysis Service

50. 50 © National Investment Center for the Seniors National Investment Center for the Seniors Housing & Care Industry 410.267.0504www.nic.orgwww.nicmap.org Chuck Harry, Director of Research & Analysis, NIC charry@nic.org Mike Hargrave, Vice President – NIC MAP, NIC mhargrave@nic.org