marketing analysis for senior community
I need you to write a marketing analysis for senior community which is like a summary or a foundation for the marketing plan. it should be around 10 pages long and i will provide all the information of the senior community and the outline and an example. you will have less then 48 hours to do it.
you will need marketing and senior nursing background
it is due before 4 PM PST, 03.05.2021 and i will need it at least one hour before the deadline
Outline for Marketing Plan
Highlighted in yeller are the components for the Midterm
1. Executive Summary
2. Mission, Vision, Values of your organization
3. Overview of Community
4. Current financial situation
5. Demographic Analysis
6. Customer Profile
7. Competitive Analysis
8. SWOT
9. Goals
10. Strategy
11. Tactics
12. Implementation
13. Performance Evaluation
>Compitive Ana ysis Analysis Imagine Senior Living LLC
Park
Living
Brookdale Senior Living Aventine Senior Living units/Licenses
MC 80 Type B
290 Haebner Rd San Antonio TX
2000 1 mile 2mile 2mile 2.5mile Occupancy Occupancy Occupancy Occupancy Occupancy Occupancy AL MC Total AL Total AL MC Total AL MC Total AL MC Total AL Total MC Total 94% Base Room Rate Pricing (Include SQFT) Base Room Rate Pricing (Include SQFT) Base Room Rate Pricing (Include SQFT) Base Room Rate Pricing (Include SQFT) Base Room Rate Pricing (Include SQFT) (286-335)
0
e
3200 Levels of Care Levels of Care Levels of Care Levels of Care Levels of Care Levels of Care 250 250 included 500 included 650 650 750 950 850 850 1150 1200 1200 1450 Additional Fees Additional Fees Additional Fees Additional Fees Additional Fees Additional Fees $2,000 $1,500 500 AL / 800 MC $1,000 850 5
165 AL / 175 MC 165 AL / 175 MC Services Services Services Services Services Services /on call
40 hour week director/on call 40 hour week director/on call 40 hour week director/on call 40 hour week director/on call 40 hour week director/on call 40 hour week director/on call 40 hour week director/on call 40 hour week director/on call 40 hour week director/on call 40 hour week director/on call 40 hour week director/on call yes no yes yes yes Care givers Care givers Care givers Care givers Care givers Care givers no no no no yes no no yes yes yes yes no yes yes yes yes yes yes yes yes yes yes yes no yes yes yes yes yes yes yes yes yes yes yes 40 hour week director 40 hour week director 40 hour week director 40 hour week director 40 hour week director 40 hour week director 40 hour week director 3 meals and snacks 3 meals and snacks 3 meals and snacks 3 meals and snacks 3 meals and snacks and Kitchenets
Kitchens Kitchenets Kitchenets Kitchenets Alz Training No No Current Community Competitor #2 Physical Plant/Décor 15 100% 15 100% MC AL MC -4500
3800-4800 3000-3500 5 $1,000 Deposit/Holding Fee Laundry No No No NO NO ALZ and Dementia Training Care staff, do all ADL care, prepare meals, assist in activities, medication assitance, ect. No nurse on site, all residents are under the care of Hospice or Home Health Care. AL/MC 1.5 miles Physical Plant/Décor 100% AL MC AL MC Extra Large Private Studio Apt Semi Private 1BR Included 6 Deposit/Holding Fee Pets/Fee/weight Kitchens and Kitchenets No > Income Statement 1 December 2019
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $13.93 $88.07 $0.00 $0.00 $0.00 $0.00 -$838.25 -$91.40 -$126.75 $0.00 $0.00 $0.00 $13.93 $88.07 $0.00 $0.00 $0.00 $0.00 -$954.40 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2,250.00 $0.00 $0.00 $0.00 $0.00 $140,129.78 $136,413.32 $137,678.40 $136,396.62 $126,981.36 $141,255.80 $144,730.62 $146,857.03 $152,268.59 $133,997.42 $0.00 $0.00 $0.00 $0.00 $0.00 $1,800.00 $1,800.00 $840.00 $0.00 $0.00 $0.00 $0.00 $300.00 $320.00 $310.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $8,087.00 $1,800.00 $0.00 $1,000.00 $0.00 $0.00 $6,250.00 $1,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $625.00 $204.00 $204.00 $204.00 $204.00 $0.00 $0.00 $54.00 $0.00 $0.00 $450.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $347.00 $347.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $800.00 $800.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1,695.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 -$9,618.12 -$250.00 -$250.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 -$9,868.12 -$9,868.12 -$9,868.12 -$7,489.80 -$10,959.12 -$14,498.27 -$14,735.87 -$5,833.87 $4,995.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $13,432.37 $5,995.00 $4,995.00 $4,995.00 $3,439.18 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $32,856.55 $4,995.00 $4,995.00 $3,439.18 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $171,018.26 $167,081.56 $174,604.23 $175,621.79 $129,258.42 $189,425.52 $173,002.50 $169,016.25 $171,807.21 $158,032.70 $171,018.26 $166,916.50 $170,487.96 $167,081.56 $174,604.23 $175,621.79 $129,258.42 $2,016,272.90 $861.74 $861.11 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $6,661.43 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 / Benefits
$0.00 $0.00 $68.26 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1,129.58 $1,129.58 $1,129.58 $1,129.58 $1,129.58 $1,129.58 $1,129.58 $1,129.58 $1,129.58 $1,129.58 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $141.73 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $31.17 $0.00 $70.00 $87.50 $105.00 $100.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $48.49 $0.00 $0.00 $0.00 $0.00 $0.00 $10.42 $0.00 $0.00 $0.00 $0.00 $0.00 $82.23 $82.23 $82.23 $82.23 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $103.86 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 – Admin
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $336.43 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $425.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 – AL
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $5,474.61 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $68.30 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 -$40.65 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $295.66 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $380.77 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $105.00 $0.00 $100.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $789.22 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1,208.41 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $50.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $206.48 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $557.56 $181.13 $0.00 $87.93 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $486.24 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $465.36 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $100.00 $100.00 $100.00 $100.00 $100.00 $79.50 $79.50 $79.50 $0.00 $0.00 $0.00 $0.00 $0.00 $887.10 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $368.05 – Dining
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $267.00 – Dining
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 -$406.81 $1.35 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $114.64 $0.00 $0.00 $0.00 $2,735.04 $0.00 $81.75 $87.20 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $344.11 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $129.33 $162.20 $555.70 $245.94 -$48.34 $0.00 $0.00 $0.00 $0.00 $0.00 $16.79 $1.39 $1.35 $1.39 $1.75 $0.00 $0.36 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $57.35 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $368.05 $0.00 $368.05 $0.00 $0.00 $97.00 $97.00 $97.00 $97.00 $97.00 $0.00 $0.00 $97.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $45.84 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $930.95 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $150.00 $486.90 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2,318.73 $2,318.73 $2,805.87 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1,881.36 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $40.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $97.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $663.49 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $631.40 $0.00 $0.00 $0.00 $0.00 $411.88 $0.00 $0.00 $0.00 $0.00 $114.66 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2,546.05 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $37.35 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4,163.24 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1,900.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $10,227.08 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $100.00 $0.00 $0.00 $0.00 $0.00 $0.00 $100.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $84.50 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $579.57 $579.57 $579.57 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $176.19 $0.00 $0.00 $0.00 $0.00 $5,735.98 $0.00 $966.87 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $100.66 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $71.60 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $988.38 $988.38 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $200.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $228.11 $234.44 $0.00 $0.00 $195.31 $0.00 $0.00 $0.00 $50.00 $0.00 $0.00 $0.00 $0.00 $0.00 $8.93 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $5,988.00 $0.00 $0.00 $0.00 $125.00 $0.00 $129.08 $0.00 $132.65 $209.82 $162.82 $168.00 $234.48 $360.00 $4.73 $0.00 $1,526.58 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $17.32 $0.00 $10.42 $0.00 $0.00 $0.00 $74.11 $0.00 $0.00 $0.00 $0.00 $60.00 $115.00 $125.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $16.34 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.38 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2,342.80 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $178.62 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $179.25 $90.00 $142.77 $45.00 $235.55 $123.85 $135.58 $126.15 $49.55 $37.13 , Insurance and Other
$264.13 $264.13 $264.13 $264.13 $264.13 $264.13 $264.13 $264.13 $264.13 $2,287.28 $8,455.71 $8,455.71 $8,455.71 $9,294.99 $9,294.99 $9,294.99 $3,153.56 $3,153.56 $3,153.56 $3,153.56 $3,153.56 $3,153.56 $3,153.56 $3,153.56 $3,153.56 $1,080.34 $1,080.34 $1,080.34 $1,080.34 $1,080.34 $1,080.34 $1,080.34 $1,080.34 $1,080.34 $1,080.34 $6,785.31 $12,953.74 $12,953.74 $12,953.74 $13,793.02 $13,793.02 $13,793.02 s
$12,000.00 $7,500.00 $8,301.77 $7,000.00 $9,379.00 -$8,466.44 $9,019.00 $667.56 $8,281.24 $8,888.43 $12,000.00 $15,966.44 $16,771.80 $95,308.80 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $17,637.32 $0.00 $0.00 $0.00 $0.00 $51.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $17,688.32 $87.88 $0.00 $0.00 $0.00 $0.00 $546.40 $546.40 $546.40 $546.40 $546.40 $546.40 $546.40 $0.00 $0.00 $0.00 $12,000.00 $5,271.88 $4,105.20 $4,105.20 -$25,357.34 -$38,481.58 -$49,927.75 -$56,710.92 -$20,353.91 -$36,405.44 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 -$22,851.63 -$22,851.63 -$22,851.63 -$22,851.63 -$22,851.63 -$22,851.63 -$22,851.63 -$22,851.63 -$22,851.63 -$22,851.63 -$18,559.12 -$18,559.12 -$18,559.12 -$18,559.12 -$18,559.12 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 -$8,277.23 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 -$1,051.29 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 -$17.17 $0.00 $0.00 $0.00 -$41,410.75 -$22,851.63 -$25,031.07 -$41,434.23 -$41,410.75 -$44,163.25 -$49,687.98 -$134,206.37 -$29,244.07 -$22,868.80 -$22,851.63 -$23,902.92 Add-Backs $6,392.44 $6,392.44 $8,277.23 $8,277.23 $17.17 $17.17 -$50,388.41 -$80,157.33 -$91,012.31 -$98,145.15 -$61,764.66 -$80,568.69 Juecan
Zhao (Ruby) GERO 502 October 4, 2020 Juecan Zhao (Ruby) GERO 502 Mission Statement “Our residents are our family and it means so much to us to make them happy with life.” As children, they are willing to choose a senior living facility with a good living environment and excellent management services for their parents; as elderly people, they all want to entrust their later life to a quiet, comfortable, and happy place. Through complete supporting facilities and caring service equipment, Ashley Place let the elderly residents not only enjoy high-end services, but also feel the warmth of home. What the community brings to the elderly is a sense of security and happiness in life. Ashley Place hopes that through their efforts, they can help children to fulfill filial piety, contribute to the development of society, and share worries for the nation and the government. Vision Statement The Ashley Place will innovate the service concept for the elderly, lead the new life of the elderly, and become the leader of the elderly care industry. They hope that they can let the elderly spend their twilight years in a harmonious and warm environment, and let them live a happy life, a longevity life, and age gracefully. The Ashley Place takes the needs of the elderly as aspirations and the satisfaction of the elderly as the goal, make unremitting efforts to improve the quality of life of the elderly, and strive for a life-long struggle for a harmonious aging. Organization Values A person’s life has to go through different periods from infancy to the elderly. To respect the elderly is to respect the laws of life and social development. The elderlies are the precious wealth of the society. They work hard and selflessly in different jobs and contribute to the construction of the nation. Without the contributions of old people in the past, there would be no present. Peace and love are two essential values of the Ashley Place. Life is short. The employees in the Ashley Place hope to pass on the faith of love and peace to the residents in the community through their warm and thoughtful service. They treat residents as family members and do their best to care and support all the elderly in the community. Property Description The Ashley Place is an assisted living facility located in Lodi, California, which covers an area of 2.03 acres, with a community building area of 37,227 square feet, where is adjacent to an independent skilled nursing facility. The community is facilitated with 73 units and 145 beds, including 39 studio units, 32 one-bedroom units and one half-room unit, in which all units are equipped with private toilets and showers. The community is a single-story building with a parking lot located on the south side of the facility. The dining area, kitchen and social hall are located beside the corridor of the main entrance, adjacent to the administrative office and staff lounge. The western section of the building is a wing consisting of 17 units connected by a corridor, with renovation to include a small kitchen, the western wing could potentially be converted and secured to provide memory care services. (See Floor Plan in next page) Basic Services The Ashley Place provides round-the-clock service, and the staff is awake 24 hours a day to meet the daily needs of residents and respond to emergencies. They provide living assistance and can take care of elderly people with limited mobility to complete daily tasks, including bathing, cooking and cleaning the room. The community provides a wealth of convenient facilities and services, and they also provide residents with delicious meals every day. Ashley Place encourages the elderly to participate in sports and exercises and maintain social contact with their peers to keep a healthy lifestyle. Recreational activities in the community include re-education, health and wellness programs, and handicraft projects. There are also convenient facilities such as beauty salons, libraries, laundry rooms, living rooms, and convenience stores. Additional Services The Ashley Place provides different levels of care for residents in the community, so that the elderly will not affect their living experience in the community because of their own physiological problems. In addition to daily auxiliary services, the community can provide standby assistance for residents in need, such as helping them to complete the transfer from bed to wheelchair. For diabetic patients, monitoring insulin levels is an important task, and AP staff can help residents complete this task. From https://www.senioradvice.com/providers/view/the-ashley-place-lodi-ca Looking at the assets with determined cash flow, the EBITDAR of Ashley Place in 2017 was $274,629, an increase of $13,477 compared to 2016, and the profit margin was 15%, which was an increase of 1% compared to 2016. The occupancy rate of Lodi’s community (AL/MC) reached 97.0%, which is 25.8% higher than Ashley Place’s 2017A occupancy rate of 72.1% and 4.9% higher than Stockton MSA’s 90.8%. In addition, the average rent for the AL/MC community in Lodi is $3,690, which is $145 lower than the average rent of Stockton MSA of $3,835, and $903 lower than the average rent of Stockton MSA, and the average rent of the Ashley Place in 2017 is $2,932, is lower than the average level of the local market in Lodi and even in California. The operating expenses of the Ashley Place are very high. In 2017, for example, operating expenses accounted for 85% of total revenue. Specifically, their expenditures are mainly used for employee salaries, dietary and basic utilities, which account for 34.6%, 12.7%, and 7.9% of total expenses respectively. Among them, employee wages are divided into variable wages and salaries, including the wages of all hourly workers in all departments and the fixed administrative wages and salaries composed of administrative staff’s wages. It is worth mentioning that the facility owner currently acts as the primary administrator. In addition, property, plant, and maintenance expenses include all other supply expense categories, which are mainly room cleaning and laundry. Population Analysis (Age segmentation) Lodi is also very active in the local elderly population statistics. Within a 5-mile radius around the Ashley Place, there are 5,921 residents over 75 years old, accounting for 7.3% of the total population, and there are 2,025 residents over 85 years of age, 2.5% of the population within a five-mile radius. In addition, there are a large number of adult children’s demographic information within a five-mile radius around the community, to be specific, 24.0% of the population within this distance are between 45 and 64 years old (19,556 residents). By 2022, the population of 65 and over within five miles of Ashley Place is expected to grow by 14.7%, in other words 2.7% per year; the population of 75 and over is expected to grow by 9.5%, which represents an annual growth rate of 1.8%. Income Status The median home value within a five-mile radius of Ashley Place is $296,165, and it is expected to increase to $332,176 in 2022. Within a five-mile radius of the community, the average annual income of all residents is $54,762. Among them, the average income of adult children (between the ages of 45-54) is $69,724, which is expected to increase to $76,626 in five years. Within this distance, the average annual income of 65 to 74-year-olds is $55,752, which is expected to increase to $60,298 in 2022. Judy Lee: Woman over 70 years old with Alzheimer’s disease. Judy is 74 years old and lives in Lodi. She raised three children with her husband, two sons and one daughter. Judy’s husband passed away more than 20 years ago. She has no job, so after the death of her husband, she has been living with her eldest son and helping him take care of his daughter (Judy’s granddaughter). Judy and her family realized that her memory began to decline a few years ago, and sometimes even forgot to turn off the tap; according to the specialist’ diagnosis, Judy was suffering from Alzheimer’s disease. Judy’s children are very good and filial to her, but they are busy with work every day and do not have much time to take care of her. At the beginning of her disease, her son invited a housekeeper for Judy to take care of her daily life including cooking meals. However, as Judy’s condition continued to deteriorate, she could not recognize the people around her ever her children. Her family is more and more aware that the home care provided by a caregiver is starting to appear unprofessional or incompetent, and it can no longer reassure children at work. Judy’s children hope to find a community that provides memory care near their home so that they can visit their mother during the weekend. Currently, there are only 30 units for memory care in Lodi, and they are all fully occupied. Therefore, when the Ashley Place makes the conversion of 17 units to memory care, it will become Judy’s first choice.
In Lodi, the Ashley Place has four main competitors, who are Brookdale Kettleman Lane, Brookdale Lodi, Arbor Place Residential Care, and River Fountains of Lodi, among them, Brookdale Kettleman Lane and Brookdale Lodi are from the same national operator Brookdale Senior Living. When pulsing the seniors housing in the Stockton area, there are also The Commons on Thornton, Wagner Heights Residential Care, Brookdale Stockton, and Rio Las Palmas. The focus of this analysis is on four facilities in the same area Lodi with the Ashley Place.
The Ashley Place is the earliest senior housing facility established in Lodi, which was established in 1976 and is operated by the local operator. One year later, a regional facility River Fountains of Lodi was established, while the other three are all running with national operator. Currently, the occupancy rate of the Ashley Place is the lowest in the local area, at only 72%. Of the five senior housing facilities, the only one Brookdale Kettleman Lane provides memory care service, others are assisted living facilities including the Ashley Place. Obviously, the rent of memory care facility is much higher than that of assisted living. The five properties in Lodi are operated by four operators. In terms of operators’ comp share, the 104 units of the two properties operated by Brookdale Senior Living accounted for 31.2%, and the River Fountains of Lodi operated by Individual has 80 units, accounting for 24%. The 76-unit Arbor Place Residential Care operated by Covenant Care and the 73-unit The Ashley Place operated by Ilgenfritz accounted for 22.8% and 21.9%, respectively.
Strengths
Weaknesses
The oldest one with the longest operating time, has been generally recognized by local residents. It’s just a local brand, while the competitors are national brand or regional brand which are more likely to attract new customers. Have the lowest price under similar living conditions. Only has assisted living facilities, which is less competitive in the market. Amenities and services are rich in content, beautiful environment surrounded by greenery. There are very few parking spaces for visitors here, which may cause trouble for family visits. The profit margin has increased year by year. No memory care services and activities. Abundant infrastructure and entertainment activities. The building is old because of the long opening years. Each unit has private toilet and shower. Only one building restricts activities.
Opportunities
Threats
The 17 units in the west wing can be converted into memory care, which can enhance competitiveness. With high capital investment and slow return, it may face challenges in turnover. Cooperate with surrounding churches and medical institutions. The market is fierce and even cruel. There is a big gap in the memory care market in Lodi. The professionalism of the new memory care service may be questioned. Cooperate with USC and other universities to carry out research and care for residents with dementia. Competitors also have the possibility of converting to memory care and have more resources. San Antonio TX Assisted Living Facility Project All data, design, timeline and materials are subject to update and change Aug, 2020 Presented by Atlantis Senior Living 1 Summary Atlantis Senior Living 2 Primary Market of the Target Facility Castle Hills Atlantis Senior Living Satellite Location Atlantis Senior Living Competition Analysis C Assisted Living & Memory Care providers Atlantis Senior Living Target Facility Background Confidential Atlantis Senior Living Target Facility Condition Atlantis Senior Living Capital and Operational Improvements Atlantis Senior Living Operational Cash Flows Atlantis Senior Living Investment Structure Atlantis Senior Living Cash Flow Distributions Atlantis Senior Living Exit Sale and Returns Upon exit by the end of year 5 (if COVID impact lasts 1 year after taking over), the market value of the facility will exceed $ 6.5 million with a target value of $ 9 million or higher. Source：1. The Senior Care Acquisition Report 2020 Atlantis Senior Living Management Teams Atlantis Senior Living Estimated Timelines Atlantis Senior Living Risks and Mitigation Lease up risk Operating License delay Legal risks Property loss risks Exit sale risks Atlantis Senior Living V E N T U R A H I L L S S E N I O R L I V I N G T H E B A N K O F S A N A N T O N I O APPRAISAL REPORT V A L U A T I O N & A D V I S O R Y S E R V I C E S Seniors Housing & Healthcare Daniel Partida RE: Appraisal of: Dear Mr. Partida: Daniel Partida The buyer will place its affiliated operator, Atlantis Senior Living, as management of the subject post Daniel Partida Based on the analysis contained in the following report, the market value(s) of the subject is concluded Allocation of the Going Concern The report, in its entirety, including all assumptions and limiting conditions, is an integral part of, and Daniel Partida It has been a pleasure to assist you in this assignment. If you have any questions concerning the CBRE, Inc. – VALUATION & ADVISORY SERVICES Andy Kepchar, MAI Malcolm Coleman, MAI, AI-GRS, MRICS Certification Certification Andy Kepchar, MAI Malcolm Coleman, MAI, AI-GRS, MRICS Subject Photographs Subject Photographs AERIAL VIEW Source: Google Maps FRONT VIEW Subject Photographs Front Entrance Side View View of AL Building Under Renovation Rear View Excess Land Retaining Wall Subject Photographs Vacant Building on Excess Land Vacant Building on Excess Land Typical Hallway Dining Room Coffee Area Kitchen Subject Photographs Private Dining/Meeting Room Common Area Typical AL Unit Typical Resident Unit Bathroom Street Scene Facing Southeast Street Scene Facing Northwest Executive Summary Executive Summary © 2020 CBRE, Inc. Executive Summary VALUATION SUMMARY Total Rev. Unit Allocation of the Going Concern © 2020 CBRE, Inc. Executive Summary Extraordinary Assumptions • In response to the COVID-19 Pandemic, in an effort to protect the resident population within the Hypothetical Conditions 1 The Appraisal Foundation, USPAP, 2020-2021 Table of Contents Table of Contents Introduction Introduction Ownership and Property History Introduction Senior Living. Given our As Is value conclusion, the purchase price is below market value as the seller Purpose of the Appraisal 3 Interagency Appraisal and Evaluation Guidelines; December 10, 2010, Federal Register, Volume 75 Number 237, Page Introduction Intended Use of Report 4 Appraisal Institute, The Appraisal of Real Estate, 14th ed. (Chicago: Appraisal Institute, 2013), 50. Introduction Type and Extent of the Data Researched © 2020 CBRE, Inc. Introduction Seniors Housing Industry Overview http://www.nic.org/research/classifications.aspx http://www.nic.org/research/classifications.aspx Introduction trained employees to residents who are unable to live independently and require assistance with Shelter Activities © 2020 CBRE, Inc. Introduction Asset Components The seniors housing and care business model is more involved making property operations an Introduction Exposure/Marketing Time As will be discussed within the Market Analysis section, Current Market Conditions – COVID-19 © 2020 CBRE, Inc. Area & Neighborhood Analysis Area Analysis The dynamic nature of economic relationships within a market area has a direct bearing on real Area & Neighborhood Analysis Regional Overview © 2020 CBRE, Inc. Area & Neighborhood Analysis INCOME © 2020 CBRE, Inc. Area & Neighborhood Analysis Neighborhood Analysis Location Area & Neighborhood Analysis Land Use & Growth Patterns Access Area & Neighborhood Analysis Demographics Area & Neighborhood Conclusion © 2020 CBRE, Inc. Market Analysis 8 Market Analysis © 2020 CBRE, Inc. http://www.nic.org/overview/default.aspx Market Analysis 9 National Seniors Housing Overview Net absorption was negative in the second quarter of 2020 due to a near-halt by many operators on 5 NIC MAP® Data Service, Q2 2020 Market Analysis 10 National Assisted Living Overview Absorption was negative in the second quarter of 2020. The number of occupied units decreased by 6 NIC MAP® Data Service, Q2 2020 Market Analysis 11 National Owners & Operators Rank Company Headquarters Properties Units Demand Influences Market Analysis 12 0% Market Analysis 13 sentiment just before the COVID-19 outbreak in the U.S. The historical capitalization rate trends per Capitalization rates for all segments of the seniors housing industry have compressed since H1 2014. Market Analysis 14 Capitalization Rate & Price Per Unit Trends Market Analysis 15 Current Market Condition Considerations – COVID Impact While the overall national occupancy trends show significant declines, reductions in census levels have Market Analysis 16 level of care. As shown, the trough in positive occupancy rate trends was mostly between late April Market Summary – COVID Impact Market Analysis 17 • Equity funds have record-levels of committed capital that must be deployed in the near term; © 2020 CBRE, Inc. Market Analysis 18 Submarket Trends © 2020 CBRE, Inc. Market Analysis 19 Primary Market Area Performance Summary CBRE researched all current and proposed supply within the subject’s primary market area. Market Analysis 20 Future Supply Market Analysis 21 Subject’s Market Trends Penetration Analysis Market Analysis 22 Supply Barriers to Entry Market Analysis 23 Market Occupancy Demand Analysis Market Analysis 24 SENIOR POPULATION BY AGE Considering 85+ is the average resident population age at senior living communities, it can be Market Analysis 25 ESTIMATED HOUSEHOLD INCOME BY AGE Market Analysis 26 Penetration Analysis Conclusion Penetration rates alone can have multiple meanings. To properly understand market penetration, • Low Penetration/ Low Occupancy: Age and income qualified seniors are either not accepting the • High Penetration/ High Occupancy: While this combination can indicate a competitive market, it • High Penetration/ Low Occupancy: This combination is the least favorable and most likely depicts The subject’s primary market area is defined by comparing the PMA occupancy and penetration © 2020 CBRE, Inc. Market Analysis 27 Property Type Penetration Occupancy Penetration Occupancy Penetration Occupancy Market Analysis Conclusion Market Analysis 28 CLASSIFICATION: Assisted Living Facilities – Type B Facility Market Analysis 29 Management Overview Considering the location of the subject and conclusions stated in the market analysis, lease-up is The subject has not been efficiently managed since it’s sale in late 2018, and has trailed the market in Market Analysis 30 OCCUPANCY CONCLUSIONS The vacancy estimate above represents physical occupancy based on resident days while the weighted Based on the market analysis, the subject’s PMA shows positive indicated demand. Additionally, in our Site Analysis ALTA SURVEY © 2020 CBRE, Inc. Site Analysis FLOOD MAP © 2020 CBRE, Inc. Site Analysis Site Analysis The excess land acreage was provided to us by the buyer. Per a representative of the buyer: “the size Site Analysis Adjacent Properties Improvement Analysis FLOOR PLANS © 2020 CBRE, Inc. Improvement Analysis © 2020 CBRE, Inc. Improvement Analysis © 2020 CBRE, Inc. Improvement Analysis Improvement Analysis Layout of Improvements Improvement Analysis ASSISTED LIVING UNIT MIX MEMORY CARE UNIT MIX Conformity In comparison, the subject’s improvements are generally considered to conform to overall design Improvement Analysis Roof Cover: Pitched roofing system consisting of built-up assemblies with a shingle Improvement Analysis Project Amenities • Elevator Access to all Areas Parking and Drives Improvement Analysis Environmental Issues In addition to the cost to complete, a profit (entrepreneurial incentive) line item, based on a The overall life expectancy is based upon our on-site observations and a comparative analysis of Improvement Analysis Conclusion © 2020 CBRE, Inc. Zoning ZONING MAP Subject Zoning Zoning It is recommended that local planning and zoning personnel be contacted regarding more specific Tax and Assessment Data Tax and Assessment Data As the subject is currently owned by a non-profit, it is tax exempt and does pay a small amount in Tax and Assessment Data AD VALOREM TAX COMPARABLES Highest and Best Use Highest and Best Use Highest and Best Use Conclusion: Highest and Best Use As If Vacant Appraisal Methodology Appraisal Methodology Excess Land Value Excess Land Value SUMMARY OF COMPARABLE LAND SALES (EXCESS LAND) © 2020 CBRE, Inc. Excess Land Value The sales utilized represent the best data available for comparison with the subject. These sales were Excess Land Value Land Sale Four © 2020 CBRE, Inc. Excess Land Value Conclusion Two buildings totaling 14,924 square feet are located on the excess land that were previously used as © 2020 CBRE, Inc. Insurable Value (Replacement Cost) Insurable Value (Replacement Cost) 7 Marshall & Swift/Boeckh, LLC, Marshall Valuation Service, (Los Angeles: Marshall & Swift/Boeckh, LLC, 2010), Sec 3, p 2. Insurable Value (Replacement Cost) INSURABLE VALUE (REPLACEMENT COST) CONCLUSION © 2020 CBRE, Inc. Sales Comparison Approach Sales Comparison Approach SUMMARY OF COMPARABLE SALES © 2020 CBRE, Inc. Sales Comparison Approach Given the finite amount of properties in this sector, single-asset arm’s length transfers remain limited Sales Comparison Approach and superior condition of the improvements and received a downward adjustment for this Sales Comparison Approach Improved Sale Five Sales Comparison Approach COMPARABLE SALES ADJUSTMENT GRID Price Per Unit Comparison Sales Comparison Approach Effective Gross Income Multiplier Analysis For seniors housing assets, there is typically an inverse relationship between the EGIM and OER. Sales Comparison Approach SALES COMPARISON APPROACH The cost to complete allocation has been discussed previously in this report. The lease-up discount Income Capitalization Approach Income Capitalization Approach Comp. Property Name Year LOC Community Second © 2020 CBRE, Inc. Income Capitalization Approach Comparable properties have been surveyed to identify the occupancy and rental trends within the Income Capitalization Approach Rent Comparable Four Income Capitalization Approach Operating Summary © 2020 CBRE, Inc. Income Capitalization Approach Subject Rental Information The following chart summarizes the subject’s rental rate structure, including care plan type, second Operating Revenue Analysis Income Capitalization Approach Assisted Living SUMMARY OF COMPARABLE RENTALS The subject’s quoted rental rates are within the adjusted range indicated by the rent comparables. Income Capitalization Approach Rent Adjustments The rent roll analysis serves as a crosscheck to the estimate of market rent for the subject. The The variation between the total annual rent reflected in the rent roll analysis and the market rent Income Capitalization Approach Revenue Monthly Rent Annual Rent Annual Concessions Level of care fees for the subject range from $100 to $900 with level of care fees in the market Income Capitalization Approach Second Resident Fees Second resident fees currently charged in the market range from $400 to $1,500 per month, with The market indicated range of $1,500 to $2,000 and the subject’s community fee is quoted at Income Capitalization Approach The recent The State of Seniors Housing 2018 report notes median, annual resident turnover rates as Other income includes guest meals, medication fees, pet fees, and salon revenue. © 2020 CBRE, Inc. Income Capitalization Approach As mentioned, the above vacancy estimate represents weighted average economic vacancy based on Effective Gross Income The following table summarizes the projected gross rental and effective gross rental revenue for the Occupancy The subject’s effective gross income is detailed below which includes all revenue sources detailed in The CBRE Stabilized estimate is slightly below management’s stabilized projections given the lower Income Capitalization Approach Operating Expense Analysis CBRE’s analysis and estimates of stabilized operating expenses for the subject is presented in the Income Capitalization Approach payroll expenses, have increased in recent months, the increase is not anticipated to be permanent. Income Capitalization Approach Real Estate Taxes Our conclusion is based on the analysis and discussion as presented within the Taxes and Assessment Insurance is a property specific expense and, therefore, we have placed primary weight on the Income Capitalization Approach Utilities Like insurance expenses, utilities are a highly, property specific expense and we have placed primary © 2020 CBRE, Inc. Income Capitalization Approach Marketing The historic periods display marketing costs well above market levels, and it appears that line items © 2020 CBRE, Inc. Income Capitalization Approach As discussed, Seniors Housing operators have reported increasing in staffing costs, mostly nursing Income Capitalization Approach Culinary Services Laundry & Housekeeping © 2020 CBRE, Inc. Income Capitalization Approach Repairs & Maintenance Programming © 2020 CBRE, Inc. Income Capitalization Approach Payroll Taxes & Benefits As a check of reasonableness, payroll taxes and benefits typically ranges between 15% and 25% of © 2020 CBRE, Inc. Income Capitalization Approach Management’s payroll expenses are above the range of comparable set given the higher staffing The CBRE estimate is slightly above the range of the expense comparables and is slightly above the Income Capitalization Approach Reserves for Replacement The CBRE Stabilized operating expense is slightly above the total operating expenses indicated by the As the revenue, occupancy, and individual operating expense line items are supported by the Income Capitalization Approach In addition to the above analysis, we have incorporated consideration for the indicated operating © 2020 CBRE, Inc. Income Capitalization Approach Direct Capitalization Comparable 5 was not given weight given the sale occurred with the community operated at below Income Capitalization Approach Published Investor Surveys Band of Investment Income Capitalization Approach • Most lenders are on “pause” due to the inability to price risk, a change from the ample COVID-19 Capitalization Rate Considerations Income Capitalization Approach markets professionals active in the Seniors Housing and Care sector. If the COVID-19 Pandemic In reviewing the Capitalization Rate sources as discussed, the overall rates are stable since the Income Capitalization Approach Direct Capitalization Summary © 2020 CBRE, Inc. Income Capitalization Approach Discounted Cash Flow Analysis (DCF) General Assumptions Income Capitalization Approach SUMMARY OF GROWTH RATES Leasing Assumptions Income Capitalization Approach DISCOUNT RATES The discount rate selected is above the average discount rate for assisted living per the RealtyRates As shown by the CBRE Seniors Housing Investor Survey trialing data, a vast majority of market Income Capitalization Approach that utilize this range (25 – 100 bps) has been between 77.00% and 93.44% during the trailing survey Income Capitalization Approach © 2020 CBRE, Inc. Income Capitalization Approach Cost to Achieve Stabilized Operations Note that annual escalations are not applied as this is a lump-sum deduction applied to ‘stabilized’ Income Capitalization Approach LEASE UP DISCOUNT SCHEDULE © 2020 CBRE, Inc. Income Capitalization Approach LEASE UP DISCOUNT SCHEDULE, Cont’d. Income Capitalization Approach Conclusion of Income Capitalization Approach Direct capitalization is typically utilized in estimating a market value for stabilized properties, the © 2020 CBRE, Inc. Reconciliation of Value Reconciliation of Value In the sales comparison approach, the subject is compared to similar properties that have been sold © 2020 CBRE, Inc. Allocation of the Going Concern Allocation of the Going Concern Allocation of the Going Concern Property / Portfolio Type Units State NOI/Unit Lease Date Rent/Unit LCR For additional support for lease coverage ratios, the following dataset is comprised of lease coverage Allocation of the Going Concern Property / Portfolio Type Units Period Ending: LCR As part of the recent CBRE Seniors Housing Investor Survey (H1 2020), market participants were As shown, lease coverage ratios for seniors housing assets range from 1.06 to 2.59, with a majority Allocation of the Going Concern The next step is estimating an absolute net lease capitalization rate. The results of the 2019 CBRE Absolute net transactions for seniors housing and similar (medical) net leased properties are © 2020 CBRE, Inc. Allocation of the Going Concern Net leased transactions typically yield a capitalization rate ranging from 50 to 500 basis points below Furniture, Fixtures and Equipment Allocation of the Going Concern Property Type # of Units $/ Unit Given the degree of construction and quality associated with the subject property, combined with its Notably, for the subject As Stabilized, the property would have undergone an absorption period. Allocation of the Going Concern Allocation of the Going Concern Conclusion © 2020 CBRE, Inc. Assumptions and Limiting Conditions Assumptions and Limiting Conditions Assumptions and Limiting Conditions Unless otherwise expressly noted in the Report, no issues regarding the foregoing were brought to CBRE’s attention, and Assumptions and Limiting Conditions 15. The Report shall not be duplicated or provided to any unintended users in whole or in part without the written consent of Addenda ADDENDA Addenda ADDENDUM A ���� ����� � ���� ����� � ���� ����� � ���� ����� � ���� ����� � ���� ������ ���� ������ ���� ������ ���� ������ ���� ������ ���� ������ ���� ������ ���� ������ ��������� ��������� ��������� �$ �% ��������� �$ �% Addenda ADDENDUM B Date 8/17/2020 94.8% 94.8% 94.8% 94.8% 94.8% 94.8% 94.8% 94.8% 94.8% 94.8% 94.8% 94.8% Occ % Holiday Pay Housekeeping $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $836 Jun-20 May-20 Apr-20 Mar-20 Feb-20 Jan-20 YTD Employee Uniforms – Admin $0.00 $79.83 $70.73 $79.64 $69.64 $98.52 $398.36 Holiday Pay – Housekeeping -$16.29 $244.30 $0.00 $0.00 $0.00 $200.48 $428.49 Salaries & Wages MS LPN $3,581.18 $3,977.14 $0.00 $0.00 $0.00 $0.00 $7,558.32 Total Comprehensive Income -$32,487.12 -$61,958.08 -$65,941.63 -$80,760.82 -$88,095.73 -$50,388.41 -$379,631.79 Income Statement Dishwasher Chemicals $276.50 $227.20 $195.62 $93.20 $491.44 $493.58 $250.58 $910.47 $0.00 $608.14 $222.04 $129.53 $3,898.30 Transportation -B- Operating Expenses © 2020 CBRE, Inc. © 2020 CBRE, Inc. © 2020 CBRE, Inc. © 2020 CBRE, Inc. © 2020 CBRE, Inc. © 2020 CBRE, Inc. © 2020 CBRE, Inc. © 2020 CBRE, Inc. © 2020 CBRE, Inc. © 2020 CBRE, Inc. © 2020 CBRE, Inc. © 2020 CBRE, Inc. © 2020 CBRE, Inc. © 2020 CBRE, Inc. © 2020 CBRE, Inc. © 2020 CBRE, Inc. © 2020 CBRE, Inc. © 2020 CBRE, Inc. © 2020 CBRE, Inc. © 2020 CBRE, Inc. © 2020 CBRE, Inc. © 2020 CBRE, Inc. © 2020 CBRE, Inc. © 2020 CBRE, Inc. © 2020 CBRE, Inc. © 2020 CBRE, Inc. © 2020 CBRE, Inc. © 2020 CBRE, Inc. © 2020 CBRE, Inc. © 2020 CBRE, Inc. © 2020 CBRE, Inc. Imagine Senior Living CAP-X Request Addenda ADDENDUM C © 2020 CBRE, Inc. Addenda ADDENDUM D ��������� ��� ��������� ��� ��������� ��� ��������� ��� ��������� ��� ��������� ��� ��������� ���
2
l
AL
MC
Competitor
Current Community
Competitor #
1
Competitor #2
Competitor #
3
Competitor #
4
Competitor #
5
Competitor #
6
Date Completed:
7-Apr-
20
Competitor
The Gardens of Castle Hills
Brookdale Alamo Heights
Brookdale Oakwell
The Etta of Shava
no
The William
AL/MC
The Villa De San Antonio
Arden Courts
Owner
Eagle Senior Living
Brookdale Senior Living
Aventine Senior Living
Kisco Senior Living
.
Type/
Total
AL
CCRC – AL 46
AL 52 MC 26
AL/MC
100
AL/MC 112
AL 61
MC 64
Address
1207 Jackson Keller Rd, San Antonio TX 78213
855 E. Basse Rd San Antonio TX 78209
3360 Oakwell Court San Antonio TX 78218
4046 DeZavle Rd San Antonio TX 78219
9203 Cinnamon Hill San Antonio TX 78240
8103 Worth Hollow Dr San Antonio TX 78240
15
Distance/ Miles from Imagine SL
Ventura Hills
3.5
6.7
6.6
6.9
7.7
6.2
Age of building
2000
Market Location/Miles
1 mile
2mile
2.5mile
Physical Plant/Décor
Curb Appeal/First Impression
Any Recent Renovations
Occupancy
Assisted Living/Memory Care
Total Community Occupied
52%
94%
97%
Base Room Rate
Base Room Rate Pricing (Include SQFT)
AL MC AL AL MC AL MC AL MC AL MC
Small Private Studio Apt
2595 (340-435)
1945
2
900
2
70
Medium Private Studio Apt
3
800
4470 (363)
Large Private Studio Apt
2295
2800-3095
6125
EXL Private Studio/ALCOVE
2895 (485)
1 Bedroom Apt/ 1 Bedroom Delux
3095 (560)
5150 (315-370)
3200
3295-3
400
4000
2200-2800
3540-3900 (602-641)
3100
2 Bedroom Apt
3
600
4240(700)
Companion/semi private
4150 (570)
1895
3375 (363)
Semi Private
Levels of Care
AL MC AL AL MC AL MC AL MC AL MC
All Inclusive
included
Included
1 100
250
500
395
2
300
650
750
950
775
3 600
850
1150
1100
4 900
1200
1450
1400
5
6
Meds – incont care
Additional Fees
Community Fee
2000 MC /1750 AL
$1,500
$2,000
$1,200
$2,500
Deposit/Holding Fee
Motorize Wheel Chair Fee
Second Person fee
$1,000
$500
500 AL / 800 MC
1000 AL / 2000MC
$850
Pets/Fee/weight
Laundry
Smoking Deposit
Appliances stainless steal
Updated Apartment
Extra house keeping
Bed making daily
clothing ironing
Deep cleaning/drawers, closet
ER pick up or transportation
Car Port, garage
Pendants
Respite
150 AL 175 MC
$
16
165 AL / 175 MC
$175
$200
Services
RN on
staff
40 hour week director
40 hour week director/on call
LVN on
Staff
Med Aids/Care Givers
yes
LVNs on each shift
Dedicated dining room staff
Care givers
Community showers
Showers in rooms
Bus transportation for activities/outings
Secure courtyards/ walking paths
Housekeeping/Laundry
Activity Director/Assistant
Meals offered/included/Snacks
3 meals and snacks
2 meals
Full Kitchens/kitchenets
Kitchenets
Kitchens
N/A
Specialized dementia technologies
In touch computer life stations
Pathways
No
Alz Training
Sales Director was very nice and informative with discovery question, offering information about the community and speaking highly of surrounding areas to shop and highlights. Because of the Covid-19 virus, I was not able to visit the community. However, the sales director sent by email serval photos of the community, a virtual tour of the community, floor plans of apartments, layout of the community, pricing and a activity calendar. She was positive about the community, residents have easy access to the common area, a certified chef and Wednesday home made cinnamon rolls are made, activities has something always going on to keep residents interested day to day. They have two nurse to support the wellness needs. When I first called, I could not understand the concierge. I was put on hold 3 different times until I was told the sales director was in a meeting and she will call you back. I did get a call back one hour later.
AL and Skill Nursing/Rehab. Called and left a message for the sales director to call me. I had to call the sales director back. She seem to be bothered and gave me the basic information. The community does have openings. Because the skill nursing is attached the community is able to transition their residents into skill..
Sales Director was professional and helpful with information on community. I was encouraged to do a virtual tour with face time. They community stays full as they only have three openings at this time.
Sales Director was engaging and professional. Listen to my needs
Sales Director sent virtual tour and information and pricing on community. She was professional ask a lot of questions and was interested in my needs through the process.
Community stays full per sales director. Executive director, business director, and wellness director all having a nursing back ground. The community raves on their food and activities. I was assured, if I asked a resident what they liked about the community they would say, food and activities.
4 themed houses, laundry in each house, staffed with caregivers, their is an LVN on each shift, secured continuous walking path outside. Wellness Center
Outdoor Courtyard with garden areas and Furnished apts offered. Neurologist/physician visit community 2-3 times per week. Arden Courts in Granbury is also knowen to take in psych residents and mixing with their ALZ/Dementia. They do have openings. l
Small AL and MC
Competitor Analysis Imagine Senior Living LLC
Competitor #1
Date Completed: 7-Apr-20 7-Apr-20 7-Apr-20
Competitor
Parkway Assisted Living
Pipestone Place Assited Living
Carol Anns Home – Chamber
Owner
Parkway Senior Living
Pipestone Senior Living
Carol Anns Home Senior Living
Type/Total units/Licenses
AL 16
AL/MC 15
AL/MC 15
Address
4331 Parkway Dr San Antonio TX
2104 Pipestone Dr San Antonio TX
8005 Chambers Rd San Antonio TX
Distance/ Miles from Imagine SL 6.7
8 miles
4 miles
Age of building
2006
Market Location/Miles
Curb Appeal/First Impression
Any Recent Renovations Occupancy Occupancy Occupancy
Assisted Living/Memory Care AL Total AL MC Total AL MC Total
Total Community Occupied 16
100%
Base Room Rate Base Room Rate Pricing (Include SQFT) Base Room Rate Pricing (Include SQFT)
AL MC
AL/IL
Small Private Studio Apt
Medium Private Studio Apt
4500
3500
6000
Large Private Studio Apt
3800-4800
Extra Large Private Studio Apt
1 Bedroom Apt/ 1 Bedroom Delux
2 Bedroom Apt
Companion/semi private 3500
2500-3500
3000-3500
Semi Private 1BR
Levels of Care Levels of Care Levels of Care
AL MC AL MC
All Inclusive Included Included Included Included Included
1
2
3
4
6
Meds – incont care Additional Fees Additional Fees Additional Fees
Community Fee $500
$800
Motorize Wheel Chair Fee Second Person fee
Pets/Fee/weight
Smoking Deposit
Appliances stainless steal
Updated Apartment
Extra house keeping
Bed making daily
clothing ironing
Deep cleaning/drawers, closet
ER pick up or transportation
Car Port, garage
Pendants Respite
Services Services Services
RN on staff
LVN on Staff
NO
Med Aids/Care Givers yes yes yes
Dedicated dining room staff yes yes yes
Community showers no no no
Showers in rooms no no no
Bus transportation for activities/outings yes yes yes
Secure courtyards/ walking paths yes yes yes
Housekeeping/Laundry yes yes yes
Activity Director/Assistant Staff staff staff
Meals offered/included/Snacks 3 meals and snacks 3 meals and snacks 3 meals and snacks
Full Kitchens/kitchenets NO NO NO
Specialized dementia technologies
ALZ and Dementia Training
Care staff, do all ADL care, prepare meals, assist in activities, medication assitance, ect. No nurse on site, all residents are under the care of Hospice or Home Health Care.
Care staff, do all ADL care, prepare meals, assist in activities, medication assitance, ect. No nurse on site, all residents are under the care of Hospice or Home Health Care. Two other location 7/8 miles from Ventura, 16/8 apt and they stay 100% full at 4500 rates. (Hilton Head & Wayward home)
Resort Style Communities
Competitor Analysis Imagine Senior Living LLC Competitor #1 Competitor #2
Date Completed: 7-Apr-20 7-Apr-20
Competitor
Adonte Senior Living
Franklin Park Alamo Heights
Owner
Sagora
Franklin Park Senior Living
Type/Total units/Licenses
AL/MC /IL
Address
2702 Cembalo Blvd San Antonio TX
230 W Sunset Rd San Antonio TX
Distance/ Miles from Imagine SL
3.8
3.3
Age of building
2011
Market Location/Miles
1.5 miles
Curb Appeal/First Impression
Any Recent Renovations Occupancy Occupancy
Assisted Living/Memory Care AL MC Total AL MC Total
Total Community Occupied 70 20 100%
98%
Base Room Rate Pricing (Include SQFT) Base Room Rate Pricing (Include SQFT)
Small Private Studio Apt
3770
6235(337-340)
Medium Private Studio Apt
Large Private Studio Apt
5400
1 Bedroom Apt/ 1 Bedroom Delux
4663
4524-4732
2 Bedroom Apt
5132
5195
6443
Companion/semi private
Levels of Care Levels of Care
AL MC
All Inclusive
Point sytem
Point Sytem
1 included included 400
2 400 400 600
3 400 400 800
4 400 400 1200
5
1600
Meds – incont care Additional Fees Additional Fees
Community Fee
$3,500
$3,000
Motorize Wheel Chair Fee Second Person fee
850 AL / 1500 MC
Laundry
Smoking Deposit
Appliances stainless steal
Updated Apartment
Extra house keeping
Bed making daily
clothing ironing
Deep cleaning/drawers, closet
ER pick up or transportation
Car Port, garage
Pendants Respite
165 AL/ MC 250
Services Services
RN on staff 40 hour week director/on call 40 hour week director/on call
LVN on Staff 40 hour week director/on call 40 hour week director/on call
Med Aids/Care Givers yes yes
Dedicated dining room staff yes yes
Community showers no no
Showers in rooms yes yes
Bus transportation for activities/outings yes yes
Secure courtyards/ walking paths yes yes
Housekeeping/Laundry yes yes
Activity Director/Assistant 40 hour week director 40 hour week director
Meals offered/included/Snacks 3 meals and snacks 3 meals and snacks
Full Kitchens/kitchenets
Kitchens and Kitchenets
Specialized dementia technologies
Sagora Pathways, Personalized Life Skills Stations, Dining With GRACE
Large luxury campus community
Large luxury campus community,
Income Statement
Ventura Hills
For the month ended
3
2 3
Jan-20
Dec-19
Nov-19
Oct-19
Sep-19
Aug-19
Jul-19
Jun-19
May-19
Apr-19
Mar-19
Feb-19
Total
Revenue
Operating Revenue
Other Income
Employee Meals
$0.00
$13.93
$88.07
$102.00
Late Fee AL
Total Other Income
-$838.25
-$91.40
-$126.75
-$954.40
Total Operating Revenue
Room & Board AL
*Room & Board – AL
Respite Care AL
$2,250.00
$4,500.00
Room & Board AL
$140,129.78
$136,413.32
$137,678.40
$136,396.62
$126,981.36
$141,255.80
$142,149.70
$143,232.10
$144,730.62
$146,857.03
$152,268.59
$133,997.42
$1,682,090.74
Total *Room & Board – AL
$144,399.70
$145,482.10
$1,686,590.74
Additional Services – AL
Additional Care Services AL
$54.00
$17,105.38
$26,544.59
$29,157.06
$32,077.40
$36,700.67
-$2,357.86
$139,281.24
Additional Resident AL
$1,000.00
$800.00
$1,800.00
$104.92
$1,938.36
$840.00
$181.50
$11,104.78
Additonal Meals / Tray Svc AL
$300.00
$310.00
$320.00
$50.00
$280.00
$2,190.00
Beauty Salon Contra AL
-$62.00
-$364.00
-$577.00
-$313.00
-$507.75
-$618.00
–
$425.00
-$2,866.75
Beauty Salon AL
$10,331.50
$9,420.00
$10,093.50
$9,897.00
$494.00
$533.00
$985.00
$477.00
$42,231.00
Care Level 1 AL
$2,636.93
$3,159.00
$3,821.17
$4,912.00
$4,666.10
$3,612.00
$3,271.23
$26,078.43
Care Level 2 AL
$8,087.00
$8,025.00
$8,107.91
$9,077.81
$8,568.00
$49,952.72
Care Level 3 AL
$2,361.29
$72.79
$732.05
$623.85
$835.33
$6,425.31
Community Fees AL
$6,250.00
$3,500.00
$2,000.00
$4,000.00
$750.00
$24,750.00
Guest Meals AL
$240.00
$132.00
$180.00
$216.00
$100.00
$130.00
$10.00
$1,008.00
Guest Suite AL
$625.00
Housekeeping AL
$204.00
$279.00
$73.00
$1,426.00
Medication Fee AL
$7,985.62
$9,229.65
$9,871.96
$11,300.63
$10,650.49
$13,800.33
$12,458.00
$450.00
$60.00
$76,256.68
Miscellaneous Resident Charge (AL)
-$2,767.99
-$3,674.12
$1.00
-$6,441.11
Pendant Fee AL
$359.10
$383.77
$510.00
$348.00
$499.53
$347.00
$549.00
$403.07
$378.40
$4,471.87
Pet Fee AL
$1,600.00
Rate Lock Fees AL
$1,695.00
Total Additional Services – AL
$19,865.95
$26,528.33
$36,793.42
$40,260.59
$37,480.28
$39,630.58
$32,370.99
$32,407.59
$33,310.06
$42,245.47
$38,089.07
$1,094.87
$380,077.20
Concessions – AL
Concession – Rent AL
-$9,868.12
-$7,489.80
-$10,959.12
-$14,498.27
-$14,735.87
-$57,551.18
Concessions – Additional Resident AL
–
$200.00
-$9,573.82
-$9,595.00
-$9,618.12
-$38,605.06
Concessions – Care Services AL
-$3,795.00
-$4,254.68
-$750.00
-$250.00
-$9,549.68
Concessions – Rent AL
$7,235.87
$5,183.93
-$5,833.87
$6,585.93
Total Concessions – AL
$3,240.87
$929.25
-$10,323.82
-$9,845.00
-$99,119.99
Total Room & Board AL
$163,236.60
$163,870.90
$164,148.00
$166,812.21
$154,593.52
$171,018.26
$166,902.57
$170,399.89
$167,081.56
$174,604.23
$175,621.79
$129,258.42
$1,967,547.95
Room & Board MC
*Room & Board – MC
Room & Board MC
$13,432.37
$5,995.00
$4,995.00
$3,439.18
$32,856.55
Total *Room & Board – MC
Total Room & Board MC
$27,027.17
$9,223.00
$49,679.35
Total Revenue
$189,425.52
$173,002.50
$169,016.25
$171,807.21
$158,032.70
$166,916.50
$170,487.96
$2,016,272.90
Gross Profit
Operating Expenses
Administration -A- Payroll
Business Office Director
$2,310.02
$4,611.41
$4,457.42
$4,613.27
$4,457.52
$4,426.13
$3,506.71
$4,597.68
$4,002.83
$4,539.13
$6,566.61
$1,104.52
$49,193.25
Employee Benefits- Admin
$277.11
$904.84
$833.30
$861.74
$833.95
$487.96
$833.64
$861.11
$833.34
$138.89
$8,588.73
Employee Recruiting – Admin
$238.00
$7,800.00
$8,038.00
Employee Uniforms – Admin
$98.52
$190.12
$235.87
$395.27
$363.32
$299.95
$485.92
$16.69
$755.61
$71.01
$2,912.28
Employment Screenings – Admin
$395.90
$486.90
$690.52
$1,871.89
$198.00
$288.52
$416.57
$405.44
$498.82
$988.26
$495.00
$6,735.82
Executive Director
$12,175.01
$8,076.92
$12,115.38
$10,099.16
$6,660.90
$6,761.42
$6,661.43
$6,760.90
$6,810.90
$6,661.42
$89,444.87
Executive Director Bonus
$1,700.00
$150.00
$1,850.00
Executive Director
Taxes
$1,955.84
$819.91
$1,309.23
$1,459.31
$976.16
$802.42
$792.14
$803.63
$808.55
$791.46
$889.24
$11,407.89
Holiday Pay – Admin
$247.88
$395.08
$321.48
$68.26
$298.52
$49.24
$341.61
$1,790.33
Overtime – Admin
$131.78
$13.95
$34.57
$79.83
$35.77
$3.20
$35.33
$1.14
$335.57
Payroll Service Fee
$2,431.66
$2,597.82
$2,662.16
$2,666.95
$2,386.29
$2,691.41
$2,899.30
$2,813.91
$2,868.49
$2,790.76
$3,746.19
$1,579.48
$32,134.42
Payroll Taxes – Admin
$611.02
$690.77
$518.48
$544.15
$518.93
$545.00
$548.23
$548.20
$1,805.87
$3,589.02
$1,075.51
$187.10
$11,182.28
PTO/Sick Leave Wages – Admin
$819.57
$807.27
$290.48
$277.22
$291.51
$583.20
$1,182.09
$47.68
$614.99
$91.30
$397.37
$91.32
$5,494.00
Receptionist/Concierge
$1,791.31
$1,980.55
$1,708.22
$2,222.53
$1,966.14
$2,032.47
$2,144.52
$2,185.79
$2,172.11
$2,077.47
$3,084.99
$546.67
$23,912.77
Salaries & Wages – Hourly – Admin
Workers Comp – Admin
$2,452.83
$1,129.58
$14,878.21
Total Administration -A- Payroll
$25,698.45
$22,501.05
$26,226.37
$25,981.67
$21,187.24
$20,225.59
$20,838.72
$20,793.47
$22,437.08
$23,661.11
$33,497.96
$4,849.71
$267,898.42
Administration -B- Operating Expenses
Bad Debt Other
$141.73
Bank Fees
$31.17
Cell Phones Directors/Managers
$105.00
$70.00
$87.50
$140.00
$35.00
$128.94
$928.94
Computer Software Maintenace
$1,159.96
$1,075.02
$706.94
$1,032.38
$1,054.20
$3,280.27
$137.84
$768.48
$874.20
$982.54
$1,726.14
$1,109.90
$13,907.87
Copier Lease
$1,704.07
$1,321.31
$1,897.91
$954.70
$1,466.90
$451.62
$519.35
$514.32
$617.72
$726.15
$1,330.89
$664.71
$12,169.65
Copier Maintenance & Overages
$186.40
$749.91
$947.92
$787.38
$2,161.13
$4,832.74
Dues & Subscriptions – Admin
$1,040.03
$1,084.29
$1,117.49
$1,125.90
$1,319.91
$1,324.47
$316.13
$1,892.39
$5.00
$106.92
$9,332.53
Employee Appreciation – Admin
$67.57
$89.18
$24.67
$11.44
$29.60
$324.20
$82.18
$212.82
$841.66
Flowers – Admin
$48.49
Food-Admin
$10.42
Interest / Finance Charges
$76.77
$216.34
$82.23
$704.26
Internet
$103.86
IT Email Services
$144.54
$176.13
$320.67
Licenses & Permits Admin
$709.25
$372.49
$1,081.74
Management Company Travel
$454.32
$4,715.67
$3,851.63
$3,461.48
$1,694.42
$2,360.09
$12,000.00
$5,271.88
$33,809.49
Meals & Entertainment – Admin
$442.38
$352.47
$199.45
$344.56
$130.06
$1,468.92
Office Supplies
$38.11
$114.53
$633.94
$301.68
$735.27
$558.68
$877.64
$1,281.97
$676.51
$632.29
$5,850.62
Postage & Delivery
$105.14
$64.27
$164.06
$44.28
$247.61
$196.23
$249.27
$178.84
$486.35
$230.34
$175.29
$473.96
$2,615.64
Postage Meter – Lease Equip
$391.28
$32.00
$290.59
$713.87
Professional Fees Accounting
-$2,844.67
$336.43
$350.93
$1,820.88
Professional Fees Other
$525.00
-$87.08
$437.92
Resident Relations
$49.77
$86.59
$86.02
$16.17
$238.55
Training and Meetings – Admin
$4,105.20
$4,530.20
Total Administration -B- Operating Expenses
$3,980.75
$7,701.31
$8,133.73
$8,310.19
$6,235.91
$3,285.11
$6,035.05
$3,880.58
$7,013.70
$10,352.60
$18,967.84
$10,224.17
$94,120.94
Assisted Living -A- Payroll
Bonuses – AL
-$32.14
$82.14
$1,476.79
$1,148.21
$71.43
$203.57
$2,950.00
Employee Benefits Other – AL
$429.11
$656.80
$483.22
$497.18
$486.95
-$107.93
$470.50
$676.75
$1,174.44
$1,062.24
$2,338.12
$610.22
$8,777.60
Employee Medical
Insurance
$5,474.61
Employee Recruiting – AL
$68.30
Employment Screenings – AL
$21.58
$35.84
$20.10
$98.09
$31.94
$23.31
$56.29
$79.54
$82.12
$448.81
Health Services Director – AL
$5,051.50
$6,389.40
$576.92
-$1,368.55
$4,680.09
$4,663.20
$4,882.83
$5,034.88
$5,017.99
$4,088.74
$4,440.11
$1,790.61
$45,247.72
Holiday Pay – AL
$3,315.15
$3,976.32
$2,120.42
$548.92
$548.93
$2,133.89
$351.96
$1,827.29
$14,822.88
Overtime – AL
$4,462.74
$4,410.28
$5,912.54
$8,226.31
$6,568.87
$3,408.36
$4,013.03
$3,214.03
$3,372.76
$2,851.42
$8,789.35
$983.85
$56,213.54
Payroll Taxes – AL
$4,934.65
$4,966.10
$4,334.74
$3,835.40
$3,332.15
$3,537.52
$4,060.80
$4,678.00
$3,992.34
$2,464.54
$6,152.82
$3,056.43
$49,345.49
PTO/Sick Leave Wages – AL
$1,166.79
$1,092.86
$332.51
$976.05
$1,067.99
$1,182.22
$470.21
$1,837.03
$1,147.95
$796.10
$1,222.57
-$13,430.91
-$2,138.63
Retirement Employee Matching – AL
-$40.65
Salaries & Wages AL CNA/Res Assistant
$14,654.02
$16,247.52
$20,227.02
$16,334.90
$17,984.23
$20,948.53
$20,352.24
$22,706.13
$23,140.85
$20,619.35
$27,333.54
$4,491.15
$225,039.48
Salaries & Wages AL LPN
$2,936.37
$4,651.23
$5,048.78
$1,243.54
$2,952.44
$1,752.34
$18,584.70
Salaries & Wages AL Med Tech
$13,462.75
$14,418.72
$13,969.32
$18,424.09
$8,042.61
$8,302.91
$10,263.29
$13,125.08
$9,084.53
$7,236.05
$12,442.57
$2,735.04
$131,506.96
Workers Comp – AL
$295.66
Total Assisted Living -A- Payroll
$50,434.66
$56,845.07
$53,025.57
$48,234.87
$42,793.95
$42,515.68
$48,146.89
$52,828.36
$48,837.69
$39,271.99
$65,875.09
$7,786.65
$556,596.47
Assisted Living -B- Operating Expenses
Consultants – AL
$380.77
Contract Labor – AL
$8,494.05
$9,217.92
$20,377.88
$18,394.84
$30,830.85
$4,386.33
$91,701.87
Dues & Subscriptions – AL
$93.95
$298.95
EMAR
$789.22
$1,578.44
Equipment Lease – AL
$1,208.41
Hazardous Waste Disposal – AL
$110.00
-$282.13
-$122.13
Licenses & Permits AL
Medical Supplies
$265.72
$557.56
$181.13
$202.60
$6.50
$1,213.51
Mileage – AL
$206.48
Supplies – Medical/ Charged to Residents AL
$120.64
$1.88
$122.52
Wellness Supplies
$362.25
$87.93
$232.76
$167.19
$150.82
$1,312.33
$417.98
$55.11
$2,786.37
Total Assisted Living -B- Operating Expenses
$496.36
$9,058.90
$9,663.66
$20,545.07
$19,439.88
$33,363.17
$4,906.19
$1,075.34
$99,375.19
Dining -A- Payroll
Cooks
$8,012.61
$8,771.56
$9,911.03
$8,098.68
$8,141.08
$7,625.18
$7,808.64
$8,033.81
$8,509.29
$8,808.61
$13,489.72
$2,784.80
$99,995.01
Dining Room Waitstaff
$486.24
Director of Dining Service
$4,253.20
$4,260.90
$4,113.95
$5,544.89
$5,366.01
$5,366.02
$4,042.41
$4,775.76
$5,291.52
$5,209.71
$7,328.33
$868.29
$56,420.99
Employee Benefits Other – Dining
$966.37
$1,932.53
$2,069.74
$1,868.45
$2,866.20
$1,428.30
$2,602.83
$2,550.72
$2,669.10
$2,584.83
$2,670.41
$430.71
$24,640.19
Employee Uniforms – Dining
$465.36
Employment Screenings – Dining
$2.20
$2.18
$15.57
$13.69
$1.10
$13.12
$15.62
$8.02
$17.31
$88.81
Holiday Pay – Dining
$1,308.46
$1,157.51
$733.80
$201.04
$201.05
$779.00
$116.13
$730.76
$5,227.75
Overtime – Dining
$66.81
$507.04
$307.54
$33.32
$44.86
$135.93
$582.11
$36.73
$149.85
$1,864.19
Payroll Taxes – Dining
$1,528.24
$1,483.87
$1,357.76
$1,212.45
$1,170.62
$1,264.69
$1,386.50
$1,291.82
$1,177.17
$941.64
$2,324.29
$418.48
$15,557.53
PTO/Sick Leave Wages – Dining
$408.26
$1,738.58
$1,646.27
$659.20
$247.20
$965.95
$2,455.68
$1,377.17
$167.37
$975.27
$255.67
$10,896.62
Utility Workers
$83.48
$1,314.15
$1,548.36
$1,103.35
$4,049.34
Total Dining -A- Payroll
$16,479.34
$19,430.61
$19,914.93
$17,904.40
$18,299.69
$18,199.76
$20,681.40
$19,400.31
$18,967.97
$17,766.20
$26,937.87
$5,709.55
$219,692.03
Dining -B- Operating Expenses
China
$82.39
$139.83
$490.28
$198.70
$458.55
$1,369.75
Contract Services – Menu
$77.52
$79.50
$150.94
$141.98
$1,188.44
Dishwasher Chemicals
$276.50
$227.20
$195.62
$93.20
$491.44
$493.58
$250.58
$910.47
$608.14
$222.04
$129.53
$3,898.30
Dishwasher Lease
$8,140.92
$667.27
$887.10
$312.88
$10,895.27
Grease Trap Cleaning
$843.25
$1,093.25
$1,255.73
$3,192.23
Kitchen Equipment R&M
$148.29
$97.44
$245.73
Kitchen Hood Service
$368.05
Kitchen Supplies
$394.25
$588.08
$101.60
$379.80
$329.39
$590.55
$477.48
$408.93
$71.44
$401.23
$542.76
$14.37
$4,299.88
Operating Supplies
$7.62
$184.51
$24.87
$217.00
Paper & Plastic Supplies – Dining
$205.97
$186.00
$113.53
$64.73
$40.07
$144.39
$425.21
$145.92
$242.50
$353.37
$1,921.69
Raw Food
$9,042.96
$9,399.45
$19,894.40
$10,656.24
$9,032.58
$12,043.78
$19,440.90
$18,974.36
$26,806.77
$31,868.95
-$14,057.63
$6,958.54
$160,061.30
Supplies – Cleaning – Dining
$415.68
$377.34
$915.64
$1,392.30
$358.20
$1,066.30
$480.71
$5,006.17
Training and Meetings – Dining
$267.00
Vendor Rebates
-$406.81
Total Dining -B- Operating Expenses
$19,039.61
$11,439.13
$20,587.51
$12,802.90
$10,332.06
$14,405.29
$24,216.42
$22,439.27
$27,156.41
$35,088.48
-$12,316.77
$7,592.26
$192,782.57
Housekeeping -A- Payroll
Employee Benefits Other – Housekeeping
-$2.05
$3.94
$1.35
$1.39
$1.21
$2.79
$3.04
$2.49
$1.69
$1.75
$0.28
$19.23
Employee Uniforms – Housekeeping
$207.74
$89.92
$51.70
$349.36
Employment Screenings – Housekeeping
$0.38
$0.36
$2.53
$2.64
$0.18
$1.25
$0.23
$1.90
$4.13
$13.60
Holiday Pay – Housekeeping
$200.48
$155.29
$87.20
$114.64
$209.35
$33.08
$220.68
$1,135.36
Housekeepers
$1,821.84
$2,325.67
$2,626.94
$2,508.92
$2,585.11
$3,200.55
$3,159.12
$3,218.20
$3,271.60
$3,863.27
$901.54
$32,217.80
Payroll Taxes – Housekeeping
$199.81
$296.27
$203.36
$207.20
$203.83
$240.11
$344.11
$364.37
$330.28
$230.86
$440.09
$74.53
$3,134.82
PTO/Sick Leave Wages – Housekeeping
$81.75
$245.25
$40.87
$225.68
$155.67
$261.60
$238.05
$1,417.82
Total Housekeeping -A- Payroll
$2,428.20
$3,272.65
$2,955.28
$2,971.62
$2,869.61
$3,166.93
$3,913.72
$3,821.44
$3,860.75
$3,508.28
$4,543.16
$976.35
$38,287.99
Housekeeping -B- Operating Expenses
Cleaning Supplies – Housekeeping
$399.11
$610.27
$38.91
$236.13
$94.30
$300.61
$762.06
$245.94
$578.09
-$48.34
$3,217.08
Laundry Supplies
$324.36
$301.54
$150.78
$413.47
$1,190.15
Operating Supplies – Housekeeping
$1,026.43
$638.65
$429.45
$162.20
$555.70
$3,156.54
Paper & Plastic Supplies – Housekeeping
$129.33
Total Housekeeping -B- Operating Expenses
$840.40
$928.35
$299.18
$1,262.56
$1,163.82
$880.84
$1,106.17
$991.56
$8,388.38
Maintenance & Repair -A- Payroll
Director of Engineering
$3,124.92
$3,401.16
$3,616.18
$4,138.84
$3,912.82
$4,378.97
$4,089.60
$3,318.86
$4,073.14
$4,011.43
$6,028.29
$685.71
$44,779.92
Employee Appreciation – Maintenance
$16.79
Employee Benefits Other – Maintenance
$9.97
$27.59
$37.02
$0.77
$1.53
$5.20
$7.20
$1.16
$96.32
Employment Screenings – Maintenance
$0.94
$0.88
$6.34
$29.74
$0.44
$2.01
$11.96
$10.20
$62.87
Engineering Tech
$735.69
$3,382.86
$2,342.72
$2,525.13
$2,349.70
$1,870.55
$1,413.89
$1,293.66
$3,271.48
$3,463.81
$3,150.61
$914.25
$26,714.35
Holiday Pay – Maintenance
$358.14
$357.26
$289.56
$84.37
$84.38
$178.29
$40.56
$349.00
$1,741.56
Overtime – Maintenance
$4.44
$119.50
$109.69
$8.48
$242.11
Payroll Taxes – Maintenance
$633.82
$613.68
$575.37
$605.94
$585.36
$552.96
$458.86
$448.90
$629.84
$485.14
$1,022.35
$181.99
$6,794.21
PTO/Sick Leave Wages – Maintenance
$277.02
$824.28
$423.77
$240.14
$324.89
$377.28
$150.91
$776.91
$240.53
$366.72
$4,002.45
Total Maintenance & Repair -A- Payroll
$5,140.50
$8,607.71
$7,290.96
$7,541.18
$7,275.28
$7,265.35
$6,294.95
$5,885.22
$8,697.20
$8,085.47
$10,583.65
$1,783.11
$84,450.58
Maintenance & Repair -B- Operating Expenses
Building Repairs
$622.35
$125.83
$534.71
$1,687.61
$9,107.37
$1,307.20
$863.88
$924.37
$15,173.32
Chemicals – Maintenance
$57.35
Common Area Cleaning & Repairs
$71.21
$197.42
$268.63
Contract Labor – Maintenance
$389.70
$1,041.33
$551.14
$2,718.27
Dues & Subscriptions – Maintenance
$194.00
$97.00
$873.00
Electrical Repair
$45.84
Emergency Alert / Pendants
$1,505.87
$1,841.83
$3,347.70
Exterminating Contract
$1,455.21
$771.20
$811.88
-$150.00
$2,888.29
Fire Alarm & Fire Sprinkler R&M/Contractsvs
$3,006.87
$1,633.07
$2,749.96
$3,136.00
$2,350.50
$2,825.51
$6,104.10
$1,445.71
$4,475.60
$27,727.32
Fire Extinguisher
$930.95
Furniture & Equip Non CapX – Maintenance
$306.81
$64.94
$521.75
General Maintenance Supplies
$717.44
$484.31
$948.34
$2,004.36
$1,322.29
$459.00
$1,067.00
$1,521.84
$709.29
$209.23
$551.00
$10,481.00
General R&M
$123.75
$98.03
$300.41
$495.13
$1,755.17
$350.73
$3,123.22
Generator Service
$1,269.80
$1,409.89
$948.42
$3,628.11
Grounds Contract
$176.73
$2,142.00
$2,318.73
$2,484.35
$2,805.87
$2,498.15
$2,878.94
$7,760.47
-$1,359.00
$29,149.57
HVAC Repair
$780.19
$2,262.38
$1,437.26
$2,158.32
$3,693.09
$2,493.14
$876.72
$13,701.10
HVAC Supplies
$1,881.36
Landscaping Other (Irrigation)
$779.40
$222.93
$1,002.33
Landscaping Seasonal Plants
$76.51
$101.28
$177.79
Licenses & Permits Maintenance
$40.00
Light Bulbs/Electrical Supplies
$214.43
$114.84
$301.35
$164.23
$163.17
$158.08
$169.89
$512.20
$2,383.07
$1,235.98
$5,417.24
Maintenace Equipment Repair
$8.93
$228.18
$237.11
Other Maintenance
$37.35
$421.75
$556.10
Painting R&M
$663.49
Plumbing R&M
$2,200.00
$1,755.00
$4,220.00
$385.00
$2,940.00
$11,500.00
Plumbing Supplies
$693.00
$3,600.00
$166.27
$4,459.27
Turnover Suites
–
$631.40
Water Softner System – Supplies
$479.14
$635.63
$1,172.26
$404.42
$546.13
$531.21
$464.08
$530.35
$367.14
$411.88
$644.43
$6,598.55
Total Maintenance & Repair -B- Operating Expenses
$11,838.35
$6,773.47
$10,019.80
$16,503.13
$7,556.03
$10,549.13
$9,742.23
$17,472.16
$26,852.39
$19,037.41
$12,279.89
$1,186.63
$149,810.62
Marketing -A- Payroll
Employee Benefits Other – Marketing
-$267.13
$302.80
$271.10
$504.63
$488.37
$291.68
$503.25
$489.63
$508.66
$492.26
$508.67
$82.04
$4,175.96
Employment Screenings – Marketing
$0.82
$0.62
$4.31
$6.09
$0.60
$9.99
$0.41
$3.09
$6.97
$32.90
Holiday Pay – Marketing
$163.59
$205.09
$184.34
$114.66
$388.66
$29.90
$1,200.90
Marketing Director
$3,886.56
$3,396.53
$4,081.39
$4,081.72
$4,950.06
$5,081.73
$3,370.71
$4,423.73
$4,311.74
$4,825.14
$6,427.00
$731.57
$49,567.88
Move-In Coordinator
$2,546.05
Overtime – Marketing
$98.49
$11.70
$110.19
Payroll Taxes – Marketing
$411.87
$440.34
$275.38
$391.78
$918.87
$761.69
$666.52
$453.47
$271.97
$263.72
$683.94
$117.10
$5,656.65
PTO/Sick Leave Wages – Marketing
$293.10
$628.58
-$225.09
$1,040.94
$539.84
$13.17
$2,290.54
Sales Counselor – Marketing
-$440.91
$67.55
$6,514.26
$3,311.56
$3,072.18
$1,036.83
$359.68
$13,921.15
Total Marketing -A- Payroll
$4,488.81
$4,973.96
$4,150.52
$6,092.71
$12,986.22
$9,660.41
$8,562.85
$6,447.14
$5,095.46
$5,588.09
$7,619.61
$3,836.44
$79,502.22
Marketing -B- Operating Expenses
Advertising
$416.00
$225.00
$995.00
$258.98
$1,894.98
Collateral
$768.14
$168.79
$1,865.75
$1,212.97
$4,015.65
Community Outreach
$260.90
$178.62
$244.33
$451.25
$1,172.45
Consultants – Marketing
$4,163.24
Contract Labor – Marketing
$1,900.00
Digital Media
$10,227.08
Direct Mail
$140.66
$2,015.80
$975.00
$7,631.25
$10,762.71
Dues & Subscriptions – Marketing
E-Mail Marketing
Event Outreach Flyers
$84.50
Events
$133.93
$134.51
$223.93
$114.71
$607.08
Furniture & Equip Non CapX – Marketing
$2,526.65
$203.56
$82.25
$2,812.46
Leads/CRM
$5,169.95
$579.57
$896.57
$597.00
$436.00
$554.15
$1,130.40
$218.75
$11,321.10
Lunch & Learn VA Seminar
$39.65
$388.60
$428.25
Marketing Plan Development
$176.19
Move-In / Resident Gifts
$23.37
$30.44
$53.81
Paid Placement Search Marketing
$1,249.86
$5,735.95
$5,735.98
$6,110.92
$6,601.60
$6,298.63
$966.87
$3,093.13
$42,495.79
Premiums/Giveaways
$100.66
Print AD Development / Updates
Prospect Gifts/Meals
$71.60
Public Relations
$199.92
$19.98
$104.71
$21.65
$346.26
Referral Fees
$2,800.00
$5,950.00
$600.00
$8,000.00
$2,500.00
$19,850.00
Social Media Marketing & Oversight
$987.29
$988.38
$988.37
$1,454.00
$1,363.48
$635.37
$2,041.62
$666.62
$11,101.89
Supplies – Marketing
$41.44
$7.57
$880.00
$412.98
$1,341.99
Traditional Media
$510.13
$718.31
$622.29
$1,022.76
$112.53
$187.55
$195.00
$3,568.57
Travel – Marketing
$1,760.63
$259.60
$488.57
$2,508.80
Travel Meals – Marketing
$228.11
Website Hosting
$234.44
$224.62
$342.15
$913.83
$798.00
$223.18
$4,282.81
$195.31
$7,644.09
Total Marketing -B- Operating Expenses
$11,383.11
$8,323.83
$11,295.08
$9,029.19
$14,685.67
$11,331.96
$12,168.41
$15,611.49
$13,019.50
$13,823.30
$2,956.79
$15,777.01
$139,405.34
Memory Care -A- Payroll
Bonuses – MC
$25.00
$551.79
$198.21
$825.00
Employee Benefits Other – MC
-$203.96
$214.73
$9.44
$11.60
$14.42
$5.21
$12.20
$34.45
$313.88
$466.31
$1,128.21
$223.92
$2,230.41
Employment Screenings – MC
$1.84
$11.02
$11.38
$8.18
$27.20
$24.90
$6.11
$20.78
$120.34
Holiday Pay – MC
$1,095.50
$1,383.76
$934.87
$349.95
$349.96
$554.40
$72.87
$392.84
$5,134.15
Overtime – MC
$909.30
$465.19
$431.73
$1,224.61
$788.27
$1,207.60
$1,664.67
$777.09
$472.72
$555.25
$1,569.28
$311.81
$10,377.52
Payroll Taxes – MC
$1,123.07
$1,355.88
$1,120.68
$1,249.31
$968.15
$1,294.00
$1,472.87
$1,120.56
$898.18
$742.39
$1,390.06
$296.81
$13,031.96
PTO/Sick Leave Wages – MC
$240.16
$1,179.84
$259.01
$1,175.69
$258.73
$594.50
$162.40
$126.71
$300.28
$656.73
$201.74
$5,155.79
Salaries & Wages MC CNA/Res Assistant
$3,610.18
$3,614.80
$6,261.40
$6,412.15
$5,254.73
$5,811.45
$5,857.50
$4,631.02
$4,888.60
$7,584.26
$7,662.85
$1,320.79
$62,909.73
Salaries & Wages MC Med Tech
$4,106.74
$7,607.67
$4,510.24
$4,851.29
$3,934.20
$5,815.69
$6,255.34
$5,044.90
$4,026.56
$2,151.45
$3,072.58
$931.49
$52,308.15
Salary & Wages – MC
$5,988.00
Total Memory Care -A- Payroll
$10,882.83
$15,830.80
$13,538.39
$14,986.03
$11,568.45
$15,111.59
$16,395.97
$12,066.40
$11,125.60
$11,820.72
$15,479.71
$9,274.56
$158,081.05
Memory Care -B- Operating Expenses
Wellness Supplies MC
$125.00
$129.08
$132.65
$209.82
$162.82
$168.00
$234.48
$360.00
$4.73
$1,526.58
Total Memory Care -B- Operating Expenses
Resident Services -A- Payroll
Activities Aid – Lifestyles
$1,382.77
$2,017.99
$1,978.36
$2,118.72
$1,784.51
$1,704.02
$1,960.73
$1,856.76
$1,813.25
$1,973.71
$2,652.21
$412.28
$21,655.31
Director / Manager – Lifestyles
-$156.32
$5,923.22
$6,386.94
$6,002.67
$6,445.95
$6,442.74
$5,901.88
$6,621.42
$5,345.72
$6,261.20
$9,218.13
$1,647.36
$66,040.91
Employee Appreciation – Lifestyles
$17.32
Employee Benefits Other – Lifestlyes
$516.51
$1,837.68
$2,469.05
$2,551.36
$2,469.08
$1,429.90
$2,551.37
$2,427.28
$2,465.03
$2,385.51
$2,305.12
$362.82
$23,770.71
Employment Screenings – Lifestyles
$0.42
$1.18
$8.37
$8.77
$0.66
$3.25
$0.59
$4.81
$38.47
Holiday Pay – Lifestyles
-$697.33
$1,143.21
$458.59
$74.11
$426.54
$43.26
$135.85
$1,658.34
Payroll Taxes – Lifestyles
-$87.62
$1,322.71
$670.81
$696.47
$660.22
$688.18
$690.91
$713.53
$653.40
$597.52
$1,334.64
$226.25
$8,167.02
PTO/Sick Leave Wages – Lifestlyes
$1,231.07
$999.85
-$55.23
$982.91
$325.84
$775.08
$718.93
$171.97
$1,543.14
$263.37
$568.73
$49.03
$7,574.69
Total Resident Services -A- Payroll
$3,069.79
$13,245.84
$11,916.89
$12,360.90
$11,759.71
$11,114.69
$12,253.61
$11,852.13
$11,961.20
$11,491.73
$16,078.83
$2,697.74
$129,803.06
Resident Services -B- Operating Expenses
Contract Entertainment
$233.40
$115.00
$648.40
Decorations
$57.98
$102.44
$160.42
Food – Lifestyles
$4.48
$27.79
$91.34
$116.78
$240.39
MC Program Engagement
$16.34
Office Supplies $0.00
$236.95
$91.66
$328.61
Operating Supplies
$57.60
$187.69
$43.59
$361.41
$136.64
$145.40
$32.35
$45.47
$29.23
$234.61
$1,273.99
Resident Activities/Entertainment
$80.00
$139.74
$160.00
$220.00
$288.94
$671.91
$770.62
$275.76
$168.01
$2,774.98
Special Events (Non Marketing)
$30.16
$483.26
$1.07
$514.49
Total Resident Services -B- Operating Expenses
$291.00
$444.22
$183.59
$254.74
$728.07
$261.64
$369.88
$349.08
$838.88
$1,474.21
$379.27
$402.62
$5,977.20
Transportation -A- Payroll
Drivers
$587.97
$934.06
$1,153.43
$1,142.97
$1,011.59
$1,705.05
$260.42
$6,795.49
Employment Screenings – Transportation
$0.07
$0.68
$1.47
$2.60
Payroll Taxes – Transportation
$63.09
$100.22
$123.77
$105.50
$65.69
$182.95
$17.62
$658.84
Total Transportation -A- Payroll
$651.06
$1,034.66
$1,277.27
$1,249.15
$1,078.75
$1,888.00
$278.04
$7,456.93
Transportation -B- Operating Expenses
Vehicle Fuel
$90.00
$142.77
$45.00
$235.55
$123.85
$135.58
$126.15
$116.35
$116.85
$49.55
$120.65
$1,302.30
Vehicle Lease – Bus & Van
$2,342.80
Vehicle Maintenance
$163.03
$37.13
$378.78
Vehicle Tag
$179.25
Total Transportation -B- Operating Expenses
$2,622.18
$295.47
$299.90
$4,203.13
Utilities
Insurance $0.00 $0.00
Insurance – Auto
$159.83
$264.13
-$901.87
$1,899.26
Insurance – General/Professional Liability
$3,568.40
$2,287.28
$8,455.71
$9,294.99
$2,979.65
$82,125.41
Insurance – Property
$3,782.12
$3,153.56
$3,250.77
$38,568.49
Insurance – Umbrella/Excess
$1,666.84
$1,080.34
$13,550.58
Total Insurance
$9,177.19
$6,785.31
$12,953.74
$13,793.02
$6,408.89
$136,143.74
Management Fee
Management Fee
$7,500.00
$8,301.77
$7,000.00
$9,379.00
-$8,466.44
$9,019.00
$667.56
$8,281.24
$8,888.43
$15,966.44
$16,771.80
$95,308.80
Total Management Fees
Taxes
Taxes Real Estate
$17,637.32
$51.00
$17,688.32
Total Taxes
Utilities
Cable TV
$87.88
$89.34
$92.06
$263.64
$1,127.86
$985.17
$1,974.48
$4,708.31
Electricity
$5,596.90
$5,844.17
$6,476.33
$8,594.56
-$9,111.89
$7,707.22
$15,487.49
$7,891.50
$7,970.92
$7,479.41
$5,838.30
-$181.57
$69,593.34
Gas
$427.46
$419.14
$389.65
$278.80
$233.00
$78.53
$206.16
$627.93
$218.66
$375.25
$476.13
-$155.29
$3,575.42
Telephone & Internet Communications
$535.45
$3,911.15
$961.70
$5,595.90
$910.35
$2,402.37
$542.98
$3,446.23
$3,058.90
$1,466.55
$2,310.46
$614.32
$25,756.36
Trash Removal
$546.40
$1,092.80
$5,464.00
Water & Sewer
$6,567.10
$4,569.93
$6,802.26
$6,606.03
$2,300.70
$5,607.08
$3,508.12
$6,188.02
$5,000.00
$4,309.47
$4,039.88
-$122.83
$55,375.76
Total Utilities
$13,761.19
$15,378.67
$15,265.68
$21,713.75
-$4,857.80
$16,341.60
$20,291.15
$18,700.08
$17,341.28
$14,758.54
$13,649.94
$2,129.11
$164,473.19
Total Utilities, Insurance and Other
$48,075.70
$30,465.75
$29,050.99
$44,046.49
-$370.50
$38,365.34
$33,912.45
$40,774.34
$40,022.73
$40,551.56
$43,409.40
$25,309.80
$413,614.05
Total Operating Expenses
$214,782.86
$211,484.08
$218,944.00
$228,518.13
$178,386.61
$207,423.70
$235,626.01
$258,396.11
$267,661.24
$276,618.56
$254,382.68
$98,748.77
$2,650,972.75
Operating Income / (Loss)
-$25,357.34
-$38,481.58
-$49,927.75
-$56,710.92
-$20,353.91
-$36,405.44
-$68,709.51
-$87,908.15
-$100,579.68
-$102,014.33
-$78,760.89
$30,509.65
-$634,699.85
Add-Backs
Management Company Travel Expense During Transition
$17,271.88
Travel Expense for Department Head Training in Birmingham
<- Executive director and other facility personnel flew to Birmingham for on-site training at manager's corporate office
IT Transition Expenses (computer setup, etc.)
-$262.16
$368.48
$474.20
$582.54
$1,326.14
$709.90
$3,199.10
<- Stabilized IT expenses are $400 per month
One-time Marketing Expenses (website setup, initial mailing, etc.)
$4,668.41
$8,111.49
$5,519.50
$6,323.30
-$4,543.21
$8,277.01
$28,356.50
<- Projected stabilized marketing expenses through year-end 2019 are $7,500 per month. This adjustment eliminates one-time marketing expenses such as web-site development, initial direct mailing, collateral development, etc.
Total $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$4,406.25
$8,479.97
$5,993.70
$11,011.04
$8,782.93
$14,258.79
$52,932.68
NOI (Excluding Transition Costs)
-$64,303.26
-$79,428.18
-$94,585.98
-$91,003.29
-$69,977.96
$44,768.44
-$581,767.17
Other Income and Expense
Unrealized Gain / (Loss)
Non-Operating Income/Expenses
Depreciation and Amortization
-$8,475.90
-$22,851.63
-$259,843.83
Interest Expense
-$16,557.81
-$18,559.12
-$111,354.74
-$239,267.27
<- monthly interest expense is $18,559. There was a true-up in June for the first 6 months of the year
Legal Expense (Acquisition & Licensing)
-$590.95
-$501.67
-$2,752.50
–
$6,392.44
-$10,237.56
<- one-time legal fees related to acquisition and licensing
Marketing Cost – Start Up
Professional Fees – Property Tax Exemption Application
–
$8,277.23
<- one-time fees related to property tax exemption application
Owner Other Expense
-$1,051.29
Start Up Cost
–
$17.17
Vendor Rebates
$593.59
$392.19
$478.19
$1,463.97
Total Non-Operating Income/Expenses
-$25,031.07
-$41,410.75
-$41,018.56
-$41,434.23
-$44,163.25
-$49,687.98
-$134,206.37
-$29,244.07
-$22,868.80
-$23,902.92
-$517,230.38
Total Other Income and Expense
-$41,675.75
-$41,084.56
-$517,561.38
Net Income / (Loss) before Tax
-$50,388.41
-$80,157.33
-$91,012.31
-$98,145.15
-$61,764.66
-$80,568.69
-$118,397.49
-$222,114.52
-$129,823.75
-$124,883.13
-$101,612.52
$6,606.73
-$1,152,261.23
One-time Legal Expenses Related to Acquisition & Licensing
One-time Professional Fees Related to Prop. Tax Exemption App.
Other Start-Up Costs
Total $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $8,277.23 $0.00 $6,392.44 $17.17
$14,686.84
Net Income / (Loss) Excluding Transition Costs
-$105,714.01
-$213,634.55
-$117,437.61
-$113,854.92
-$92,829.59
$20,865.52
-$1,084,641.71
October 4, 2020 Mission, Vision & Values
Overview of Community
Current financial situation
Demographic Analysis
Customer Profile
Competitive Analysis
SWOT Analysis
Project: Assisted Living and Memory Care Facility
Location: In the city of Castle Hills, enclaved by San Antonia Texas, second-most populous city in both Texas and the Southern United States, also the 7th most populous city in the US. Local market has strong unmet demands for such types of facilities.
Total investment is estimated at USD 4 million, including bank loans estimated at USD 2 million and equity investment of USD 2 million.
The investment will be used to acquire an operating assisted living and memory care facility which is not well run by a new non-profit organization and to improve its operating results.
The facility is on a 6.76 acre campus (plus an excess land of 5 acres) with total building area around 89,140 sq ft. It has 97 units, including 80 units for Assisted Living in 2 buildings and another 17 units for Memory Care in a separate building. The facility provides need-based care services to seniors providing residence, food, and activities both indoor and outdoor.
Occupancy as of end of June 2020 was 52 units (55 residents).
The acquisition is estimated to close in October 2020. In parallel to operational improvement, limited capital improvement and asset refreshing will be gradually carried out and completed in 1 year.
With conservative estimate including planning for 1-year of COVID impact, the new operation will be stabilized and sold in 5 years.
2
Confidential
8 minutes drive from San Antonio International Airport, bordering Uptown San Antonio, and enclaved by the second largest city by population in Texas and in southern U.S., Castle Hills is a small city with primarily single family residences.
The Project’s Primary Market Area (PMA) is within 4 miles radius from the facility. Within this PMA, in 2018, age 75+ comprises 7.6% of population (17,078) and age 85+ comprises 2.5% of population (6,285), both higher than national and state average senior concentrations.1
The primary land use in the area is single-family residential and the area is approximately 95% developed which presents a physical entry barrier to a new competitor.
The PMA is experiencing population growth and has below average income levels. The area is considered to be in a stage of growth. Between 2018 and 2023, the market area is forecast to experience growth in demand for seniors housing at an average rate relative to the nation as a whole.1
Confidential
3
Source： 1. JLL Appraisal in 2018
Located in an established residential area, which is mostly single-family residences and 95% developed.
Confidential
4
Target
The PMA had an undersupply of 469 beds of assisted living and 203 beds of memory care in 2019 per JLL’s analysis and there had been no new supply since.
Confidential
5
Although there are many assisted living facilities scattered in San Antonio area, the Target facility is the only non-residential home assisted living facility located in the city of Castle Hills and there are a small number of providers within the PMA, of which some are CCRCs which have very different customer base.
Competitors (excluding the Target) in the PMA and surrounding areas had a weighted average occupancies of 92% for ALs and 94% for MCs in 2018 per JLL. Recent competitive analysis by management companies show occupancies of high 90s to 100% with wait list. High occupancies from competitors confirm the high unmet demand in the market.
The Target facility is surrounded by residential neighborhood and there are 3 hospitals 10-minute drive away, including one transitional care hospital, which can be the feeders to the Target facility.
C
C
H
H
H
＊
H
Target Facility
Hospital
C
CCRC
Target Facility Background
Built in 2000
97 Units including 80 Assisted Living units and 17 secured Memory Care units located in 3 buildings with a total building area of 89,140 sq ft on one campus.
The campus includes a main site on 6.76 acres of land and an excess land of 5 acres.
Currently owned and operated by a recently formed not-for-profit organization, who bought the facility as a part of a portfolio from Brookdale Senior Living in late 2018.
This is the only facility that the seller owns and manages in the state of Texas and they have not been given much attention to it. The facility does not have a dedicated web presence.
6
The facility had 52 units occupied with 55 residents as of end of June, at a unit occupancy rate of 53.6%.
The not-for-profit organization must sell the facility quickly due to limitation in the organization’s charter, therefore is willing to accept low purchase price.
The property was appraised at $9.62 million as-is excluding the excess land in 2018 by JLL.
The property’s tax assessment value is $6.85 million.
Our purchase price is $2.75 million.
Confidential
7
Upon acquisition, the facility will be managed by Imagine Senior Living, which is a co-GP of the Project. Imagine Senior Living is planning the following capital and operational improvements to the facility based on preliminary findings. As they make in-depth due diligence, the improvement plan will be refined.
Capital Improvements
Basically, in good condition, it will require new lighting, paint, some carpet, apartment make-ready, landscaping, signage, parking lot restriping, and some furniture.
Ventura Hills must be turned into a community that is more like a Country Estate than a set of facilities.
Clean, age-appropriate colors with professional design and craftsmanship that represent the area and culture of the location.
A well-maintained comfortable setting with outdoor space and exceptional landscaping. Bird feeders and lounge chairs as symbols of a life of leisure.
Operational Improvements
Revenue generation:
Implementing strategic marketing plan, lead generation, follow up and closing sales with a dedicated website and a strategic social media campaign with planned postings and updates to improve marketing and sales.
Creating a Sales Culture.
Creating one of its kind healthcare programs including a sustained Memory Care program.
Introducing Ancillary Program.
Cost savings:
Cultural change to reduce employee turnover.
Renegotiated vendor contracts to generate costing savings.
Confidential
8
Operational Revenues
Operational revenues will include resident monthly rents, level of care fees, move-in fees, and other misc. income
The Seller’s 2020 Revenues have been between $171K and $189K per month through June 2020 and the Seller has maintained the revenues during COVID.
We anticipate that COVID may continue for a year and the revenues for the first year since taking over will be moderately increased to $195K.
After COVID, we anticipate the revenue growth will be significant. At even the local current average market occupancy rate of 84%, the monthly revenue will be around $290K.
Occupancy
We anticipate the occupancy will exceed 70% within one year after COVID, exceed 80% about 20 months after COVID.
The management company’s occupancy target will be over 92%.
Operational Expenses
Labor expenses account for about 60% of total operating expenses (excluding debt services). The management company will staff according to the level of cares. The management company has identified areas for improvements.
The management company will charge a market level management fee (5% of gross revenues) with incentive bonus for achieving high performance targets.
Overall, the management company must deliver at the minimum Net Operating Income of $600,000 and 18% margin in the 3rd year, which are very modest in the industry. However, the management company is expected to generate above 25% margin two years after COVID or $800,000+ annual NOI. A detailed management budget will be submitted by the management company and approved by us within 100 days after taking over.
Confidential
9
Total Investment
Acquisition price and closing costs including Asset Manager’s acquisition fee: $ 3 million
Capital Improvement investment: $ 0.4 million
Working capital plus year 1 interest reserve: $ 0.6 million
Total Investment: $ 4 million
Loans
Acquisition Loan anticipated: $2 million
We are speaking with various lenders for the best overall loan terms
Equity Investment
Total equity: $ 2 million
Asset Manager & Facility Manager (Class B Investor) 20%
Limited Investors (Class A Investor) 80%
If upon closing, the actual equity required is significantly less than initially subscribed by investors, excess of the initial capital contribution may be returned proportionally to all investors shortly after closing.
10
Confidential
Asset Manager & Facility Manager (Class B)
Limited Investors (Class A)
Special Purpose Entity
(Limited Liability Company)
Owns real estate of the facility
Receives operational revenue and pays expenses
20%
80%
Facility Management Company
“New Name”
Assisted Living and Memory Care Facility
Manages the facility through a Facility Management Contract
Employs staff
Investment Cash Flows
Net Operating Income (EBITDA) after paying debt services (interest and principal) and reserving for working capital will be available for distributions, subject to loan restrictions.
Asset Management Expenses
Asset Manager will charge 2% of Initial Equity Contribution by Limited Investors annually as Asset Management Fee
Professional expenses such as tax, audit, and legal related to investors will be deducted at cost (estimated $10,00 a year)
Distributions
> During the holding period:
An annual 9% preferred return will first either be paid (if there is sufficient new cash flow) or accrued pari passu to all Class A and Class B investors.
Excess distributable cash flows above the 9% preferred return will be distributed 20% to Asset Manager (Class B) as Asset Manager’s Promote / Carrie, and 80% to all Class A and Class B investors pari passu.
> Upon exit sale, net proceeds from the sale of the asset after paying back loan balance will be distributed in the following order, to the extend of the available cash
All Class A and Class B investors will first receive any accrued and unpaid Preferred Return, pari passu
All Class A and Class B investors will then receive return of its investment, pari passu
Excess cash will be distributed 20% to Asset Manager and Facility Manager (Class B) as their Promote / Carrie, then 80% to all Class A and Class B investors pari passu.
11
Confidential
After the facility reaches stabilized financial performance, it can be sold on the market.
This is our preferred exit strategy. There is an active market for cash flowing senior housing with buyers including REITs, PE funds, and other institutional investors.
Conservatively, we anticipate that the facility will have a strong trailing 12-month performance starting the 4th year when we can put the facility on the market.
Alternatively, investors may achieve partial capital refund and cash out through refinance
with a fixed term commercial loan provided by commercial banks or FNMA or with a HUD insured loan at a low and fixed interest rate for 30-35 years.
After refinance cash out, investors will continue to enjoy cash flows from the facility.
Economics
Cash yields during the holding period (including 1-year COVID impact) assuming no refinance
Market capitalization rate in 2019 had reached a record low, pushing asset price to record high1. Even at 9% exit cap rate, which would be the worst annual average for B Class AL/MC since first tracked in 2012, its market value will exceed $9 million at our expected $800K+ EBITDA level. At $ 600K minimum EBITDA, the market value will exceed $6.5 million.
At $9 million, our facility’s price per unit would be only $ 93K, still below historical average for B Class properties.
Limited investors’ exit multiple over investment will be 2x in the conservative Base Scenario. We target our exit multiple of over 3x.
Investor IRR upon Exit is conservatively estimated to be 20%+. Significant higher yields and exit IRR are targeted.
Confidential
12
Limited Investors Cash on Equity Yield
Year 1 2 3 4 5
In Conservative Base Scenario 0% 0% 15%+ 15%+ 15%+
Note: The cash yields and IRR estimates are subject to change without notice.
Asset Manager:
Atlantis Senior Living
Experienced with senior housing portfolio purchase and asset management for institutional investors.
Experienced in buying, developing, and turning around standalone facilities for individual investors.
One of the first to introduce U.S. senior housing operational models to Chinese insurance companies and regulators.
Managing Partner having over 20 years successful track record in managing and turning around senior living facilities in the U.S.
A licensed Nursing Home Administrator, Licensed Assisted Living Administrator, Licensed Preceptor within California which means he has the state authorization to train future Nursing Home Administrators. Teaching senior living facility management at University of Southern California.
Facility Management:
Imagine Senior Living (https://imagineseniorlivingllc.com/)
Also will be an owner of the Property entity;
Providing facility management through a Management Contract with the Property entity with performance requirements and incentives;
Key leaders with years of hands-on operational and marketing experience at major senior living management companies both locally and regionally and with successful marketing, operation improvements and turned-around track records.
13
Confidential
8/2020 Imagine signed the Asset Purchase and Sale Agreement (APSA) with the seller and Atlantis Signed the Collaboration Agreement with Imagine to jointly own the property.
Site visit and starting 45-day Due Diligence, including obtaining 3rd party appraisals, Property Condition Reports, Survey, Zoning Report, Phase I Environmental Report, Title Research and Title Insurance
Investors subscription start
Secure lenders and obtain loan term sheets
9/2020 Imagine obtain operating license
10/1/2020 Transaction and loan close simultaneously upon satisfaction of DD result
10/2020 Start capital improvement
Start marketing and operating improvement
2/2021 Imagine to provide detailed operating budget to be approved by Atlantis
Mid 2025 Start exit sale
2026 Complete exit
14
Confidential
Risks
COVID-19 risk
Operating expense overrun
Mitigation
Nationwide, COVID-19 had temporarily stalled new residents moving in at assisted living facilities. However, we have seen demands picking up again as many families are not able to taking care of their seniors at home.
Both our other facilities and the seller have been maintaining the occupancy during COVID-19.
However, we are still budgeting for 12 months additional COVID-19 impact in our baseline forecast.
Current owner has been able to maintain its occupancy even without any recognizable internet presence and marketing effort.
The local facility management company has a strong marketing focus and track records.
Target lease up budget for management is higher than baseline forecast with strong performance based incentives.
Local market has strong demand for Independent Living as well, which could be a back up plan if the assisted living demand doesn’t fill up the facility.
Special consultant will be hired to apply for operating license during Due Diligence period with an estimated approval before acquisition closing.
Interim management contract can be amended if need with current owner to allow continuous operation licensure while under our operational supervision and to allow immediate capital improvement and marketing.
Liability insurance will be purchased upon Closing to cover potential legal liabilities
All staff is employed under the Facility Management so minimize operational risk.
Property insurance will be purchased upon Closing to cover most property damage losses
Management is incentivized to increase margin. Baseline assumptions are already at the lower end of the industry margin range.
Our total investment per unit is less than 1/2 or 1/3 of the average per unit sold price of ALF sales in the region, so there is significant room for upside.
In case the market condition is not good for sale, we can refinance with a permanent loan to achieve partial cash out while investors can continue to enjoy cash yield.
Confidential
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1 2 0 7 J A C K S O N K E L L E R R O A D
S A N A N T O N I O , T E X A S 7 8 2 1 3
C B R E G R O U P , I N C . F I L E : 2 0 – 9 0 1 M A – 0 5 7 4 – 1
CBRE VALUATION & ADVISORY SERVICES
© 2020 CBRE, Inc.
www.cbre.com/shvas
Date of Report: October 2, 2020
Credit Analyst II
THE BANK OF SAN ANTONIO
1900 NW Loop 410
San Antonio, TX 78213
Ventura Hills Senior Living
1207 Jackson Keller Road,
San Antonio, Texas 78213
CBRE File: 20-901MA-0574-1
At your request and authorization, CBRE, Inc. has prepared an appraisal of the market value of the
referenced property. This analysis is presented in the following appraisal report.
The subject, identified as Ventura Hills Senior Living, is an existing assisted living residence located at
1207 Jackson Keller Road, San Antonio, Bexar County, Texas. The 73,917 square foot improvements
are situated on a 6.14-acre site. The improvements were constructed in 1999 and have a total of 97
physical units with a unit mix of 80 assisted living unit and 17 memory care units. The subject has a
total operating capacity of 97 revenue units (beds), while the licensed capacity is 160 Type A assisted
living beds and 31 Type B assisted living beds. As the subject’s operating capacity falls below the
licensed capacity, any licensed capacity that exceeds the operating capacity may be utilized for
second persons or additional companion units. As will be discussed within this report, revenue units
are based on the operating capacity.
The subject also contains approximately 5.62 acres of excess land. Two buildings totaling 14,924
square feet are located on the excess land that were previously used as office space and dormitory-
type housing, but are in poor condition and are not usable. These buildings are not being utilized
currently and have no contributory value.
The subject is currently owned by Eagle Senior Living and operated by its internal management arm,
Greenbrier Senior Living. Eagle Senior Living is a non-profit community that purchased the subject in
December 2018 as part of a 17-property portfolio of former Brookdale Senior Living properties. The
purchase price of all 17 assets was reported to be $224,500,000; however, an allocated purchase
price to the subject was not available. The subject is the only property in Texas that is owned and
operated by Eagle Senior Living, and has been operated at a loss since the time of sale. As Eagle
Senior Living is a non-profit provider, they have been required by its board to dispose of the subject.
The subject was listed for sale by JLL at $2,750,000, which is the agreed purchase price per the sale
agreement dated July 28, 2020 between the buyer, Imagine Senior Living, LLC and the seller, Eagle
Senior Living. Given our As Is value conclusion, the purchase price is below market value as the seller
was motivated and in need of selling expeditiously.
© 2020 CBRE, Inc.
Date of Report: October 2, 2020
Page 2
sale. The principle of Atlantis Senior Living, James and Suzanne Denny, are experienced operators of
seniors housing communities. Notably, market value is predicated on competent management.
In August 2020, following the signing of the purchase agreement, one of the subject’s buildings, a
two-story structure that houses 34 assisted living units, suffered extensive water damage from a leak in
the water suppression system. According to the buyer, the total dollar amount of the damage is
unknown, but it could range between $1,200,000 to $1,400,000, depending on what the final
insurance claim will be. The work to completely rehab the building is already underway and insurance
is covering all costs for the damage. It is an extraordinary assumption that the insurance claim will
cover all damage associated, and that the subject will receive all necessary approvals and permits to
operate the building as an assisted living community. Also, per the scope of this assignment, it is a
hypothetical condition that all repairs have been made as of the effective date.
The buyer also plans to renovate and upgrade the other buildings, including upgrading the lighting,
PTAC units, flooring, signage, landscaping, and upgrading the phone and security system. The total
capex for these upgrades, which are above and beyond the repairs associated with the water damage,
total $300,313 according to the buyer. We have assumed a 10% profit on the cost to complete,
bringing the total cost to complete to $330,344. This total cost has been deducted from the As
Complete value to arrive at the As Is value conclusion.
The subject has not been efficiently managed by the current owner/operator, and has operated with
an occupancy level well below market levels. Since February 2019, the earliest reporting period
available following the sale in late 2018, the overall occupancy has averaged 51.0%.
As of the effective date of this report, the nation, region, and market area are impacted by the
outbreak of the Novel Coronavirus (COVID-19/COVID), declared by the World Health Organization
as a “Global Pandemic” on March 11, 2020. In consideration of the effects of COVID-19 on the
subject’s operations, as part of this assignment, we reviewed and analyzed census activity since March
2020, as well as adjustments to operating expenses and capital markets assumptions. Furthermore, as
discussed throughout this report, projections for the projected term (i.e. near, mid, or long-term) of
impact on the subject’s operations was incorporated within the conclusions. The following bullets
summarize notable operating datapoints at the subject since March 2020:
Operation Trend Summary:
• The subject has not been impacted in its census by COVID, as occupancy fluctuated between
53.0% and 55.0% between March and August 2020
• As of the effective date, the occupancy was 51.5%
• Operating expenses were elevated in recent months based on increased payroll, PPE costs,
and sanitation; however, the operator was unable to break out the exact increases
• Both changes in occupancy and expenses have been more fully discussed within the body of
this report.
The subject is operating below stabilized levels with an occupancy of 52% at the time of inspection.
Based on a construction period of 2 months, our As Complete date of value is November 22, 2020.
Additionally, we have projected a stabilized occupancy of 90.0%, after an estimated absorption
period of 24 months, resulting in an As Stabilized date of value of November 22, 2022. Note that
while the As Complete and As Stabilized value scenarios are based on prospective dates, the value
conclusions are stated in current dollar figures.
© 2020 CBRE, Inc.
Date of Report: October 2, 2020
Page 3
as follows:
MARKET VALUE CONCLUSION
Appraisal Premise Interest Appraised Date of Value Value Conclusion
As Is – Going Concern Fee Simple Estate September 22, 2020 $4,960,000
As Stabilized – Going Concern Fee Simple Estate November 22, 2022 $7,000,000
Excess Land Value Fee Simple Estate September 22, 2020 $1,600,000
Compiled by CBRE
The allocation of the going concern has been estimated as follows:
As Is As Complete As Stabilized
September 22, 2020 November 22, 2020 November 22, 2022
Real Estate $4,414,000 $4,662,363 $5,180,406
FF & E $546,000 $546,000 $546,000
Business Value $0 $81,637 $1,273,594
Market Value of the Going Concern $4,960,000 $5,290,000 $7,000,000
Compiled by CBRE
ALLOCATION OF THE GOING CONCERN
inseparable from, this letter.
The following appraisal sets forth the most pertinent data gathered, the techniques employed, and the
reasoning leading to the opinion of value. The analyses, opinions and conclusions were developed
based on, and this report has been prepared in conformance with, the guidelines and
recommendations set forth in the Uniform Standards of Professional Appraisal Practice (USPAP), and
the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice
of the Appraisal Institute. It also conforms to Title XI Regulations and the Financial Institutions Reform,
Recovery, and Enforcement Act of 1989 (FIRREA) updated in 1994 and further updated by the
Interagency Appraisal and Evaluation Guidelines promulgated in 2010.
The intended use and user of our report are specifically identified in our report as agreed upon in our
contract for services and/or reliance language found in the report. As a condition to being granted
the status of an intended user, any intended user who has not entered into a written agreement with
CBRE in connection with its use of our report agrees to be bound by the terms and conditions of the
agreement between CBRE and the client who ordered the report. No other use or user of the report is
permitted by any other party for any other purpose. Dissemination of this report by any party to any
non-intended users does not extend reliance to any such party, and CBRE will not be responsible for
any unauthorized use of or reliance upon the report, its conclusions or contents (or any portion
thereof).
© 2020 CBRE, Inc.
Date of Report: October 2, 2020
Page 4
analysis, or if CBRE, Inc. can be of further service, please contact us.
Respectfully submitted,
Vice President Managing Director
Cert. Gen. Appraiser Lic. #1380208G Cert. Gen. Appraiser Lic. #1335110G
Phone: 210 253 6005 Phone: 210 580 8083
Email: Andy.Kepchar@cbre.com Email: Malcolm.Coleman@cbre.com
© 2020 CBRE, Inc.
i
We certify to the best of our knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting
conditions and are our personal, impartial and unbiased professional analyses, opinions, and conclusions.
3. We have no present or prospective interest in or bias with respect to the property that is the subject of this
report and have no personal interest in or bias with respect to the parties involved with this assignment.
4. Our engagement in this assignment was not contingent upon developing or reporting predetermined results.
5. Our compensation for completing this assignment is not contingent upon the development or reporting of a
predetermined value or direction in value that favors the cause of the client, the amount of the value
opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the
intended use of this appraisal.
6. Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity
with the Uniform Standards of Professional Appraisal Practice, as well as the requirements of the State of
Texas.
7. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in
conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal
Practice of the Appraisal Institute.
8. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly
authorized representatives.
9. As of the date of this report, Andy Kepchar, MAI and Malcolm Coleman, MAI, AI-GRS, MRICS have
completed the continuing education program of the Appraisal Institute for Designated Members.
10. Andy Kepchar, MAI has and Malcolm Coleman, MAI, AI-GRS, MRICS has not made a personal
inspection of the property that is the subject of this report.
11. No one provided significant real property appraisal assistance to the persons signing this report.
12. Valuation & Advisory Services operates as an independent economic entity within CBRE, Inc. Although
employees of other CBRE, Inc. divisions may be contacted as a part of our routine market research
investigations, absolute client confidentiality and privacy were maintained at all times with regard to this
assignment without conflict of interest.
13. Andy Kepchar, MAI and Malcolm Coleman, MAI, AI-GRS, MRICS have not provided any services, as an
appraiser or in any other capacity, regarding the property that is the subject of this report within the three-
year period immediately preceding agreement to perform this assignment.
Cert. Gen. Appraiser Lic. #1380208G Cert. Gen. Appraiser Lic. #1335110G
© 2020 CBRE, Inc.
ii
Subject
Excess Land
© 2020 CBRE, Inc.
iii
© 2020 CBRE, Inc.
iv
© 2020 CBRE, Inc.
v
© 2020 CBRE, Inc.
vi
Property Name Ventura Hills Senior Living
Management Company Eagle Senior Living
Location
Assessor’s Parcel Number 348290
Property Rights Appraised Fee Simple Estate
Highest and Best Use
As If Vacant Seniors Housing
As Improved Seniors Housing
Land Area (Improved) 6.14 AC
Excess Land Area 5.62 AC
Improvements
Property Type Assisted Living Residence (ALR)
Number of Buildings 5
Number of Stories 2
Gross Building Area 73,917 SF
Year Built 1999
Condition Average
Total Units 97
Total Beds 97
Total Revenue Units 97
Estimated Exposure / Marketing Time 10 Months / 10 to 15 Months
Financial Indicators
Current Occupancy 51.5%
Stabilized Occupancy 90.0%
Estimated Lease-up Period 24 Months
Overall Capitalization Rate 7.75%
Discount Rate 9.75%
Terminal Capitalization Rate 8.25%
Stabilized Operating Data Total Rev. Unit Per RD
Effective Gross Income $3,502,576 $36,109 $109.92
Operating Expenses $2,960,577 $30,521 $92.91
Net Operating Income $542,000 $5,588 $17.01
Expense Ratio 84.53%
1207 Jackson Keller Road, San Antonio,
Bexar County, Texas 78213
vii
Market Value As Is On September 22, 2020
Excess Land Value $1,520,000
Market Value As Is On September 22, 2020
Sales Comparison Approach $5,250,000 $54,124
Income Capitalization Approach $4,960,000 $51,134
Market Value As Complete On November 22, 2020
Sales Comparison Approach $5,580,000 $57,526
Income Capitalization Approach $5,290,000 $54,536
Market Value As Stabilized On November 22, 2022
Sales Comparison Approach $7,300,000 $75,258
Income Capitalization Approach $7,000,000 $72,165
Insurable Value (Replacement Cost) $6,600,000 $68,041
CONCLUDED MARKET VALUE
Appraisal Premise Interest Appraised Value
As Is – Going Concern Fee Simple Estate $4,960,000
As Complete – Going Concern Fee Simple Estate $5,290,000
As Stabilized – Going Concern Fee Simple Estate $7,000,000
Excess Land Value Fee Simple Estate $1,520,000
Compiled by CBRE
September 22, 2020
November 22, 2020
November 22, 2022
Date of Value
September 22, 2020
The allocation of the going concern has been estimated as follows:
As Is As Complete As Stabilized
September 22, 2020 November 22, 2020 November 22, 2022
Real Estate $4,414,000 $4,662,363 $5,180,406
FF & E $546,000 $546,000 $546,000
Business Value $0 $81,637 $1,273,594
Market Value of the Going Concern $4,960,000 $5,290,000 $7,000,000
Compiled by CBRE
ALLOCATION OF THE GOING CONCERN
viii
An extraordinary assumption is defined as “an assignment-specific assumption as of the effective date
regarding uncertain information used in an analysis which, if found to be false, could alter the
appraiser’s opinions or conclusions.” 1
• Under the As Complete and As Stabilized scenarios, our analysis makes the extraordinary
assumption that the proposed renovations will be completed of similar quality and within the
development timeline and budget, similar to the description within this report. The use of this
extraordinary assumption may have affected the assignment results.
subject property, and with the Client permission, the CBRE inspection included an exterior only
physical inspection of the subject property. The interior description of the subject is based on
resources as described within the Improvements Analysis section of this report, and it is considered
to sufficiently describe the subject in which to result in credible assignment conclusions. As such,
we make the extraordinary assumption that the interior of the subject improvements is of similar
condition and quality to the description within this report, and that there are not items of
significant deferred maintenance. The use of this extraordinary assumption may have affected the
assignment results.
A hypothetical condition is defined as “a condition, directly related to a specific assignment, which is
contrary to what is known by the appraiser to exist on the effective date of the assignment results but is
used for the purposes of analysis.” 2
• It is a hypothetical condition that all renovations from the water damage have been made as of
the effective date.
2 The Appraisal Foundation, USPAP, 2020-2021
© 2020 CBRE, Inc.
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Certification ……………………………………………………………………………………………………………….. i
Subject Photographs ……………………………………………………………………………………………………. ii
Executive Summary …………………………………………………………………………………………………….. vi
Table of Contents ………………………………………………………………………………………………………. ix
Introduction ………………………………………………………………………………………………………………. 1
Seniors Housing Industry Overview …………………………………………………………………………………. 5
Area Analysis …………………………………………………………………………………………………………….. 2
Neighborhood Analysis ……………………………………………………………………………………………….. 5
Market Analysis …………………………………………………………………………………………………………. 8
Site Analysis ……………………………………………………………………………………………………………. 33
Improvement Analysis ………………………………………………………………………………………………… 38
Zoning …………………………………………………………………………………………………………………… 45
Tax and Assessment Data …………………………………………………………………………………………… 46
Highest and Best Use ………………………………………………………………………………………………… 48
Appraisal Methodology ……………………………………………………………………………………………… 50
Excess Land Value …………………………………………………………………………………………………….. 51
Insurable Value (Replacement Cost) ………………………………………………………………………………. 55
Sales Comparison Approach ……………………………………………………………………………………….. 57
Income Capitalization Approach ………………………………………………………………………………….. 64
Cost to Achieve Stabilized Operations …………………………………………………………………………… 97
Reconciliation of Value …………………………………………………………………………………………….. 101
Allocation of the Going Concern ………………………………………………………………………………… 102
Assumptions and Limiting Conditions …………………………………………………………………………… 109
Addenda
A Comparable Data Sheets
B Operating Data
C Legal Description
D Senior Life Report
E Client Contract Information
F Appraiser Qualifications
G CBRE Specialty Practice Brochure
© 2020 CBRE, Inc.
1
Property Identification
• Community Name: Ventura Hills Senior Living
• Community Use: Assisted Living Residence (ALR)
• Physical Address: 1207 Jackson Keller Road, San Antonio, Bexar County, Texas
Primary Unit of Measure
The breakdown of the subject property as it relates to the set-up of units, beds, and most appropriate
unit of measurement (revenue units) is shown below. Throughout this report, the term “unit” is
intended to represent the “revenue unit” unless otherwise noted.
Units Beds
Unit of
Measure
Revenue
Units
Assisted Living 80 80 Beds 80
Memory Care 17 17 Beds 17
Total 97 97 97
PRIMARY UNIT OF MEASURE
The following table summarizes the subject’s ownership history.
OWNERSHIP SUMMARY
Current Owner: American Eagle Castle Hills LLC
Date Purchased: December 20, 2018
Purchase Price: N/Av. – Portfolio Sale, See Comments
Legal Reference: 20180248750
Pending Sale: Yes
Three-year Ownership Change, Listing, or Offer: See Comments
Compiled by CBRE
The subject is currently owned by Eagle Senior Living and operated by its internal management arm,
Greenbrier Senior Living. Eagle Senior Living is a non-profit community that purchased the subject in
December 2018 as part of a 17-property portfolio of former Brookdale Senior Living properties. The
purchase price of all 17 assets was reported to be $224,500,000; however, an allocated purchase
price to the subject was not available. The subject is the only property in Texas that is owned and
operated by Eagle Senior Living, and has been operated at a loss since the time of sale. As Eagle
Senior Living is a non-profit provider, they have been required by its board to dispose of the subject.
The subject was listed for sale by JLL at $2,750,000, which is the agreed purchase price per the sale
agreement dated July 28, 2020 between the buyer, Imagine Senior Living, LLC and the seller, Eagle
© 2020 CBRE, Inc.
2
was motivated and in need of selling expeditiously.
We are not aware of any other sales during the prior three years or listing for sales regarding the
subject.
Premise of the Appraisal
The following table illustrates the various dates associated with the valuation of the subject, the
valuation premise(s) and the rights appraised for each premise/date:
PREMISE OF THE APPRAISAL
Item Date Interest Appraised
Date of Report: October 2, 2020
Date of Inspection: September 22, 2020
Dates of Value
As Is – Going Concern September 22, 2020 Fee Simple Estate
As Stabilized – Going Concern November 22, 2022 Fee Simple Estate
Compiled by CBRE
The purpose of this appraisal is to estimate the market value of the subject property.
Definition of Value
The current economic definition of market value agreed upon by agencies that regulate federal
financial institutions in the U.S. (and used herein) is as follows:
The most probable price which a property should bring in a competitive and open market under all
conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and
assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of
a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:
1. buyer and seller are typically motivated;
2. both parties are well informed or well advised, and acting in what they consider their own best
interests;
3. a reasonable time is allowed for exposure in the open market;
4. payment is made in terms of cash in U.S. dollars or in terms of financial arrangements
comparable thereto; and
5. the price represents the normal consideration for the property sold unaffected by special or
creative financing or sales concessions granted by anyone associated with the sale. 3
77472.
© 2020 CBRE, Inc.
3
This appraisal is to be used for a new loan, and no other use is permitted.
Intended User of Report
This appraisal is to be used by The Bank of San Antonio, and no other user may rely on our report
unless as specifically indicated in the report.
Intended Users – the intended user is the person (or entity) who the appraiser intends will
use the results of the appraisal. The client may provide the appraiser with information
about other potential users of the appraisal, but the appraiser ultimately determines who
the appropriate users are given the appraisal problem to be solved. Identifying the
intended users is necessary so that the appraiser can report the opinions and conclusions
developed in the appraisal in a manner that is clear and understandable to the intended
users. Parties who receive or might receive a copy of the appraisal are not necessarily
intended users. The appraiser’s responsibility is to the intended users identified in the
report, not to all readers of the appraisal report. 4
Scope of Work
The scope of the assignment relates to the extent and manner in which research is conducted, data is
gathered and analysis is applied. CBRE, Inc. completed the following steps for this assignment:
• Client
• Intended use
• Intended user
• Type of opinion
• Effective date of opinion
• Relevant characteristics about the subject
• Assignment conditions
Extent to Which the Property was Inspected
In response to the COVID-19 Pandemic, in an effort to protect the resident population within the
subject property, and with the Client permission, the CBRE inspection included an exterior only
physical inspection of the subject property. The interior description of the subject is based on resources
as described within the Improvements Analysis section of this report, and it is considered to provide a
description of the subject interior in which to sufficiently provide credible assignment conclusions. The
buyer provided photos of the interior of the subject’s improvements.
This inspection sample was considered an adequate representation of the subject property and is the
basis for our findings.
© 2020 CBRE, Inc.
4
CBRE, Inc. reviewed the micro and macro market environments with respect to physical and economic
factors relevant to the valuation process. This process included interviews with regional and local
market participants, available published data, and other various resources. CBRE, Inc. also conducted
regional and local research with respect to the following:
• applicable tax data
• zoning requirements
• flood zone status
• demographics
• income and expense data
• comparable data
Type and Extent of Analysis Applied
CBRE, Inc. analyzed the data gathered through the use of appropriate and accepted appraisal
methodology to arrive at a probable value indication via each applicable approach to value. The
steps required to complete each approach are discussed in the methodology section.
Data Resources Utilized in the Analysis
DATA SOURCES
Item Source(s):
Site Data
Size: ALTA Survey
Improved Data
Gross Size/GBA: Bexar County Appraisal District
Total Rev. Units & Mix: Rent Roll
Area Breakdown/Use: Floor Plans
No. Bldgs.: Site Plan and Physical Inspection
Parking Spaces: Site Plan
YOC: Bexar County Appraisal District
Economic Data
Deferred Maintenance: Provided by Buyer
Building Costs: N/A
Income Data: Subject Financials and Market Extracted Data
Expense Data: Subject Financials and Market Extracted Data
Other
Licensure Requirements: ASHA State Regulatory Handbook/ State Regulatory Agency
Compiled by CBRE
5
The seniors housing and care industry provides accommodation, an array of services, and healthcare
options to the senior population. The level of services and variety of options available to the seniors
housing marketplace continues to evolve as the needs, preferences and demands of seniors and their
families change.
Seniors housing and care properties are divided into four primary categories: independent living (“IL”),
assisted living (“AL”), memory care (“MC”) and nursing care (“NC”). Seniors housing and care also
include continuing care retirement communities (“CCRCs”), which typically offer all care levels noted
on a single campus.
Property Types by Services Provided
The following classifications have been endorsed by LeadingAge; American Health Care Association
(AHCA); American Seniors Housing Association (ASHA); Argentum; and the National Investment
Center for the Seniors Housing & Care Industry, Inc. (NIC).
Senior Apartments (55+) and Active Adult Communities: Senior apartments or 55+ communities
include for-sale single-family homes, townhomes, mobile homes, condominiums, or rental apartments
with no specialized services. These properties are restricted to adults at least 55 years of age or older
who generally lead independent lifestyles. These communities may include amenities such as a
clubhouse, golf course and recreational spaces. Outdoor maintenance is normally included in the
homeowner’s association or condominium fee. These properties do not have a commercial kitchen and
generally do not provide meals or other services to residents.
Active adult communities are multifamily properties catering to the more lifestyle focused senior.
Amenities, building design, and services offered are similar to independent living. However, services
are afforded at the request of the resident. While these properties do not have commercial kitchens,
they may have the build-out to fit a commercial kitchen. Meals, activities, and transportation are not
included in the monthly rent, but can be arranged through the on-site concierge. Activities of daily
living (ADL) services may also be provided through third-party home care providers.
Independent Living Communities (ILC): Independent living communities are typically offered as rental
properties that provide residents access to meals and other services such as housekeeping, linen
service, transportation, beauty salon/ barber shop, and social or recreational activities, as part of their
monthly fees. Such properties do not provide assistance with ADLs, such as supervision of medication,
bathing, dressing, toileting, etc. Residents of independent units may have some home health care
services provided by in-house staff or an outside agency. Licensure requirements typically do not apply.
Assisted Living Residences (ALR): Assisted living residences are state regulated properties that provide
similar services and amenities as independent living communities and provide supportive care from
© 2020 CBRE, Inc.
6
activities of daily living including management of medications, bathing, dressing, toileting, ambulating
and eating. Many assisted living properties include wings or floors dedicated to residents with
Alzheimer’s or other forms of dementia.
An assisted living property can also specialize exclusively in memory care. These properties are
identified as a memory care residence and have 24-hour support with more structured activities to
ensure safety and quality of life by trained staff members. Most of these living environments are fully
secured with locked areas and allow access to outdoor walking paths or gardens. A memory care
residence is a subset of assisted living.
Nursing Care: Nursing care properties are also referred to as skilled nursing facilities (SNF) with the
most need driven demand segment. These properties are the most care intensive and highly regulated
segment of the seniors housing and healthcare sector. Most individuals require 24-hour nursing and
medical care. In most cases, these properties are licensed for Medicaid and Medicare reimbursement.
Nursing care properties fall into two categories; Long Term Care and Post-Acute Care. Medicaid
typically is the largest payor source of long-term care properties while Medicare is the largest payor
source for post-acute care properties.
Continuing Care Retirement Community (CCRCs): Continuing care retirement communities (also
referred to as life-care communities) provide independent living, assisted living, and skilled nursing
options on a single campus, typically within different buildings. This arrangement allows older adults to
remain in the same community with the same provider, even if their future care needs change (age-in-
place). Modern CCRCs tend to target an independent living customer seeking hospitality style
amenities and services with the security of knowing that future care needs will be met. Resident
payment plans vary and include entrance fee, condo/coop and rental programs.
Transport,
Laundry
Meals
Basic Care
Services
ADL Care
Services
Specialized
MC
Long-Term
Chonic Care
55+
IL
AL
MC
NC
Source: NIC Investment Guide
Real Estate Component Services Component
Real Estate Component Services Component
Real Estate Component
Real Estate Component Services Component
Real Estate Component Services Component
7
Seniors housing and care properties are encumbered by businesses that require a specific mix of
tangible and intangible assets to operate effectively. The tangible or real property assets, including the
land, improvements, furniture, fixtures and equipment, are obvious components of a seniors housing
and care property. Unlike other forms of income producing commercial real estate, a meaningful
component of value relates to intangible assets. The intangible components are summarized below.
Tangible Assets Intangible Assets
Furniture, Fixtures & Equipment Operating Policies & Procedures
Building Envelope Brand
HVAC & Mechanical Systems Assembled Workforce
Elevator(s) Market Relationships
Land License*
*Federal, state, and local
ASSET COMPONENTS
essential component of value. This ‘active management’ component is correctly viewed by the market
as adding incremental risk and complexity versus the conventional commercial real estate asset
classes, which translates into higher return expectations by investors.
© 2020 CBRE, Inc.
1
Appraisal guidelines require a reasonable time-period estimate in which the subject could be brought
to market and sold. This timeframe can either be examined historically or prospectively. In a historical
analysis, this is referred to as exposure time. Exposure time always precedes the date of value, with the
underlying premise being the time a property would have been on the market prior to the date of
value, such that it would sell at its appraised value as of the valuation date. On a prospective basis,
the term marketing time is most often used. The marketing time is a function of price, time, and use. It
is not an isolated estimate of time alone.
In consideration of these factors, we have analyzed exposure periods for comparable sales included
within the CBRE VIEW database, as well as exposure/ marketing time information via the CBRE, Inc.
National Investor Survey. The following table summarizes information derived from these sources.
EXPOSURE/MARKETING TIME INFORMATION
Exposure/Mktg. (Months)
Investment Type Range Average
CBRE Seniors Housing & Care
Core Assets 8.0 – 10.0 9.0
Non-Core Assets 10.0 – 15.0 12.0
CBRE Exposure Time Estimate
CBRE Marketing Time Estimate
Source: CBRE Investor Survey
10 to 15 Months
10 Months
subsection, of this report, the current impact of the COVID-19 is extending marketing efforts. Current
headwinds on marketing of seniors housing assets include limited access community, reducing the
ability for property tours and collection of on-site due diligence. Current sentiment from market
participants is that these conditions will extend marketing periods by an estimated 60 to 90 days.
2
estate values and the long-term quality of a real estate investment. The value of a property is not
based on the price paid for it in the past or the cost of its creation, but on what buyers and sellers
perceive it will provide in the future. Consequently, the attitude of the market toward a property within
a specific neighborhood or market area reflects the probable future trend of that area.
© 2020 CBRE, Inc.
3
POPULATION
The subject is located in the San Antonio-New Braunfels, TX Metropolitan Statistical Area. Key
information about the area is provided in the following tables.
The area has a population of 2,570,955 and
a median age of 36, with the largest
population group in the 20-29 age range and
the smallest population in 80+ age range.
Population has increased by 428,447 since
2010, reflecting an annual increase of 1.8%.
Population is projected to increase by 217,335
by 2025, reflecting 1.6% annual population
growth.
2,142,508
2,570,955
2,788,290
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
2010 2020 2025
POPULATION BY YEAR
0
100,000
200,000
300,000
400,000
0-9 10-19 20-29 30-39 40-49 50-59 60-69 70-79 80+
AREA POPULATION BY AGE
Source: Esri
Source: Esri
4
EDUCATION
EMPLOYMENT
The area includes a total of 1,140,347 employees and has a 9.7% unemployment rate. The
top three industries within the area are Health Care/Social Assistance, Retail Trade and
Educational Services, which represent a combined total of 35% of the population.
The area features an average household
income of $80,440 and a median household
income of $57,259. Over the next five years,
median household income is expected to
increase by 6.3%, or $723 per annum.
A total of 29.3% of individuals over the age of
24 have a college degree, with 18.5% holding
a bachelor’s degree and 10.8% holding a
graduate degree.
$57,259
$60,874
$55,000
$56,000
$57,000
$58,000
$59,000
$60,000
$61,000
$62,000
2020 2025
MEDIAN INCOME BY YEAR
18.5%
10.8%
70.7%
POPULATION BY DEGREE
Bachelor’s Degree
Graduate Degree
Other
0% 2% 4% 6% 8% 10% 12% 14% 16%
Other Services (excl Publ Adm)
Public Administration
Manufacturing
Finance/Insurance
Prof/Scientific/Tech Services
Accommodation/Food Services
Construction
Educational Services
Retail Trade
Health Care/Social Assistance
Source: Esri
Source: Esri
Source: Esri
5
The subject is located within the Castle Hills area of San Antonio and is considered a suburban
location. Although the subject is located within the city of Castle Hills, a city entirely surrounded by
San Antonio, the subject has a San Antonio address. Specifically, the subject site is located along the
north side of Jackson Keller Road between Herwick Drive and Palm Circle.
Boundaries
The neighborhood boundaries are detailed as follows:
North: Interstate Highway 410
South: Basse Road
East: McCollough Avenue
West: West Avenue
© 2020 CBRE, Inc.
6
Immediate uses surrounding the subject are primarily residential uses along secondary roadways with
pockets of commercial development along primary roadways. The Castle Hills area is a mature
neighborhood located within north-central San Antonio and has limited areas of vacant land. The
majority of the development with the neighborhood is 20+ years old with mostly single-family
residential neighborhoods to the north and south of the subject. Most of the commercial development
in the neighborhood is located along Jackson Keller Road, West Road, and Basse Road. There are
several large-scale multifamily apartment complexes proximate to the subject along Jackson Keller
Road, with retail development located to the north near Interstate Highway 410. In addition, the LEE
high school campus is located just west of the subject.
Proximity to Healthcare Providers
The following table summarizes the area hospitals and their respective distance from the subject:
Hospital
Miles From
Subject Beds
Texsan Heart Hospital 2.40 45
Kindred Hospital-San Antonio 2.95 53
Methodist Hospital 3.74 602
Methodist Children’s Hospital 3.74 150
Texas Specialty Hospital 3.84 66
St Luke’s Baptist Hospital 3.92 269
Source: U.S. Hospital Finder
HOSPITAL SUMMARY
Primary neighborhood access is provided as follows:
Collector Streets: Herwick Drive
Arterial Roadways: Jackson Keller Road, Blanco Road, West Avenue
Interstates/Highways: Interstate Highway 410, US Highway 281
Other: VIA, San Antonio International Airport
© 2020 CBRE, Inc.
7
Selected neighborhood demographics are shown in the following table:
SELECTED NEIGHBORHOOD DEMOGRAPHICS
Ventura Hills Senior Living
1207 Jackson Keller Road
Population
2025 Total Population 59,466 225,212 503,297
2020 Total Population 58,621 219,805 486,369
2010 Total Population 57,755 213,160 461,240
2000 Total Population 57,245 212,886 456,965
Annual Growth 2020 – 2025 0.29% 0.49% 0.69%
Annual Growth 2010 – 2020 0.15% 0.31% 0.53%
Annual Growth 2000 – 2010 0.09% 0.01% 0.09%
Households
2025 Total Households 22,340 92,957 204,924
2020 Total Households 22,057 90,681 197,274
2010 Total Households 21,881 88,080 186,198
2000 Total Households 22,452 88,017 180,991
Annual Growth 2020 – 2025 0.26% 0.50% 0.76%
Annual Growth 2010 – 2020 0.08% 0.29% 0.58%
Annual Growth 2000 – 2010 -0.26% 0.01% 0.28%
Income
2020 Median Household Income $42,947 $44,006 $44,490
2020 Average Household Income $58,515 $68,094 $67,627
2020 Per Capita Income $21,959 $28,334 $27,702
2020 Pop 25+ College Graduates 8,553 48,437 108,312
Age 25+ Percent College Graduates – 2020 21.8% 32.5% 33.0%
Source: CBRE Fast Reports & ESRI
2 Miles 4 Miles 6 Miles
The immediate neighborhood is supportive of the subject’s use as seniors housing. The neighborhood
contains healthcare providers that are supportive of the subject. Access to area highways, employment
centers, and shopping is good. Development has not been occurring within the subject’s
neighborhood, as the neighborhood is generally fully developed. Any recent development would be
infill. The neighborhood is in a stage of balance having a favorable impact on the subject property.
The market analysis forms a basis for assessing market area boundaries, supply and demand factors,
and indications of financial feasibility. Primary data sources utilized for this analysis include National
Investment Center for The Seniors Housing & Care Industry (NIC), American Seniors Housing
Association (ASHA), and CBRE primary research. In analyzing the subject’s market as well as the
overall supply and demand fundamentals that impact the subject’s occupancy, the following steps
have been taken:
• Seniors Housing Market Overview
• Analyse Market and Submarket Trends
• Delineate and Analyse the Subject’s Primary Market Area
• Conduct a Penetration Analysis
• Conclusion
The subject is considered a Class C investment, Assisted Living Residence as defined earlier in this
report.
Seniors Housing Market Overview
The following discussion illustrates some general observations regarding the overall fundamentals of
the subject’s property type within the seniors housing sector. NIC MAP serves as a primary resource to
lenders, investors, developers and operators of seniors housing and care properties. NIC MAP reports
industry specific data for 100+ metro markets in the continental United States.
This data is tracked and reported by “Primary” and “Secondary” Metro Market averages, and by
individual markets. Key metrics and property information as tracked by NIC, and summarized below:
Care Level Aggregate Majority IL Majority AL Majority NC
Occupancy 84.9% 87.4% 82.1% 80.2%
Annual Rent Growth 2.1% 2.1% 2.0% 2.4%
Quarterly Absorption -15,078 -7,129 -7,939 -37,403
Quarterly Inventory Growth 3,389 1,197 2,192 -78
Units/Beds Under Construction 40,150 19,587 20,563 2,681
Construction vs. Inventory 6.2% 5.8% 6.6% 0.5%
Inventory 648,358 337,927 310,431 576,393
Care Level Aggregate Majority IL Majority AL Majority NC
Property Count 5,102 1,433 3,669 4,094
Inventory By Care Segment 648,358 337,927 310,431 576,393
Independent Living Units 266,898 248,876 18,022 11,165
Assisted Living Units 251,010 43,398 207,612 18,445
Memory Care Units 89,540 12,396 77,144 3,790
Nursing Care Beds 40,910 33,257 7,653 542,993
Source: NIC MAP® Data Service, Q2 2020
SENIORS HOUSING KEY METRICS Q2 2020
SENIORS HOUSING PROPERTIES BY CARE TYPE
“The effects of the COVID-19 pandemic on the seniors housing sector fully appeared in second
quarter data. Indeed, seniors housing occupancy fell to an all-time low of 84.9% in the second
quarter of 2020, a decrease of 280 basis points from the first quarter and from a year ago. As of the
second quarter, occupancy was 530 basis points below its most recent peak of 90.2% in the fourth
quarter of 2014.
SENIORS HOUSING SUPPLY-DEMAND TRENDS
accepting new residents and as the pace of move-outs accelerated for some operators due to the
need for higher care or possibly death. The number of occupied units decreased by 15,078, which
represented an absorption rate of -2.7% during the quarter, down 330 basis points from the prior
quarter’s pace. Annual absorption was -0.5%, down 350 basis points from the prior quarter’s pace
and from a year ago.
The pace of inventory growth slowed during the second quarter increased by 3,389 units, which
represented a quarterly growth rate of 0.5%, down 40 basis points from the prior quarter and down
50 basis points from a year ago. Inventory increased by 2.8% in the past year, down 50 basis points
from the prior quarter and down 40 basis points from a year ago.
Overall construction activity was down during the second quarter of 2020. During the quarter, there
were 40,150 units under construction, down 5.6% from the prior quarter. Construction represented
6.2% of existing inventory, down 40 basis points from the prior quarter.
The pace of annual rent growth decelerated during the second quarter of 2020. During the second
quarter, annual rent growth was 2.1%, down 50 basis points from the prior quarter and down 100
basis points from a year ago. The average asking rent for seniors housing was $4,308 as of the
second quarter.”5
© 2020 CBRE, Inc.
“Assisted living occupancy decreased 320 basis points from the first quarter of 2020 to a time-series
low of 82.1% in the second quarter. Occupancy is now 680 basis points below its recent high of
88.9% reached during the fourth quarter of 2014. The fall back in occupancy was largely due to the
COVID-19 pandemic as operators intentionally stopped move-ins to control the spread of the virus
and move-outs accelerated.
MAJORITY ASSISTED LIVING SUPPLY-DEMAND TRENDS
7,939 units, which represented an absorption rate of -3.0% during the quarter, down 360 basis points
from the prior quarter’s pace and down 410 basis points from a year ago. Annual absorption was –
0.2%, down 420 basis points from the prior quarter and down 440 basis points from a year ago.
The pace of inventory growth slowed during the second quarter of 2020. Inventory grew by 2,192
units, which represented a quarterly growth rate of 0.7%, down 30 basis points from the prior quarter.
Inventory increased by 3.3% in the past year, down 40 basis points from the prior quarter and down
110 basis points from a year ago.
Construction activity was down during the second quarter of 2020. In the second quarter, there were
20,563 units under construction, down 7.2% from the prior quarter. Construction represented 6.6% of
existing inventory, down 60 basis points from the prior quarter.
The pace of annual rent growth slowed during the second quarter of 2020. During the second
quarter, annual rent growth was 2.0%, down 60 basis points from the prior quarter and down 50
basis points from a year ago. The average asking rent for assisted living was $5,263 as of the second
quarter.”6
© 2020 CBRE, Inc.
Beyond offering residential space to the tenants of a seniors housing and care property (the “real
estate component”), the seniors housing landlord typically provides its residents an integrated service
offering to address the varied needs of the property’s population of seniors (the “services component”).
The implementation and management of these services correlates directly to the underlying value of
the real estate. The top ten seniors housing owners and management are summarized as follows:
Rank Company Headquarters Properties Units
1 Brookdale Senior Living Brentwood, TN 786 65,864
2 Welltower, Inc. Toledo, OH 645 65,141
3 Ventas, Inc. Chicago, IL 673 58,080
4 Boston Capital Boston, MA 431 32,985
5 HCP Inc. Irvine, CA 281 31,911
6 Senior Housing Property Trust Newton, MA 274 31,840
7 Colony Capital Los Angeles, CA 224 19,621
8 New Senior Investment Group New York, NY 133 15,513
9 The Evangelical Lutheran Sioux Falls, SD 81 13,927
10 Senior Lifestyle Chicago, IL 143 13,718
Source: American Seniors Housing Association
TOP 10 SENIORS HOUSING OWNERS
1 Brookdale Senior Living Brentwood, TN 994 96,026
2 LCS Des Moines, IA 130 33,883
3 Holiday Retirement Winter Park, FL 263 31,862
4 Five Star Senior Living, Inc. Newton, MA 252 29,185
5 Sunrise Senior Living, Inc. McLean, VA 260 26,982
6 Erickson Living Catonsville, MD 19 22,726
7 Atria Senior Living, Inc. Louisville, KY 179 21,512
8 Senior Lifestyle Chicago, IL 195 19,949
9 Capital Senior Living Corp. Dallas, TX 129 16,523
10 The Evangelical Lutheran Sioux Falls, SD 81 13,927
Source: American Seniors Housing Association
TOP 10 SENIORS HOUSING OPERATORS
Demand for seniors housing is primarily driven by people over the age 75. As of 2010, approximately
5% of the US population, or roughly 19.0 million individuals, were aged 75 years or older. The
percentage of seniors in this age group will continue to grow at a steady pace though 2020, at which
point, the percentage of seniors in the age group is projected to grow at a much more significant rate
due to the aging of the baby boomers. According to projections provided by the United States Census
Bureau, the population age 65 and older is expected to more than double between 2012 and 2060.
© 2020 CBRE, Inc.
2%
4%
6%
8%
10%
12%
14%
0
10
20
30
40
50
60
1980A 1990A 2000A 2010A 2015F 2020F 2025F 2030F 2035F 2040F 2045F 2050F 2055F 2060F
%
o
f To
ta
l Po
p
u
la
tio
n
7
5
+
P
o
p
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(
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ill
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Population 75+ % of Total Population
Baby boomers are defined as persons born between 1946 and 1964. As of 2012, this generation
accounted for approximate 76.4 million people, or about one-quarter of the U.S. population. The
baby boomers began turning 65 in 2011. By 2029, the remainder will reach age 65 accounting for
more than 20 percent of the U.S. population.
40.3
56.4
74.1
82.3 88.0
98.2
5.5 6.7 9.1
14.6 19.0 19.7
0
20
40
60
80
100
120
2010A 2020F 2030F 2040F 2050F 2060F
Po
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ill
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n
s)
Population 65+ Population 85+
By 2050, the 65-plus age group is estimated to equal 88.0 million, nearly double its current
population (48.6 million). The projected growth in this age group will present many challenges to
policy makers and programs by having a significant impact on families, businesses, healthcare
providers and, most notably, the demand for senior housing.
National Capitalization Rate Trends
For H1 2020, the CBRE Valuation & Advisory Seniors Housing and Healthcare practice group
published the eighth edition of the U.S. Seniors Housing & Care Investor Survey. Since first publication
in 2014, the CBRE Seniors Housing & Care Investor Survey methodology has been consistent,
resulting in a long legacy of data continuity.
Notably, this survey was conducted through February 2020, just before the economy was impacted by
the COVID-19 pandemic. At the time, survey respondents had only a limited perception of the
potential adverse impact of the pandemic; COVID-19 will be more fully addressed later in this Market
Analysis section. Nevertheless, the results of this survey provide a solid benchmark of investor
© 2020 CBRE, Inc.
this survey are shown within the following graphs.
HISTORICAL CAPITALIZATION RATE TRENDS
Assisted living had the most significant change of nearly 1 percentage point (86 bps). Cap rates for
continuing care retirement/life plan communities (CCRC/LPCs) fell by 73 bps, while those for
independent living fell by 60 bps and for memory care by 56 bps. Skilled nursing capitalization rates
had the flattest trendline, with compression of only 23 bps over the reporting periods.
Historical data reflected generally downward movement through H2 2017, with a short-lived uptick in
H1 2018 and H1 2019. The H1 2020 survey reflects a reversal and an across-the-board
compression.
© 2020 CBRE, Inc.
Historically, capitalization rates for seniors housing properties have fallen above multifamily assets, all
else being equal, accounting for significant operational differences. In recent periods, seniors housing
transactions continue to maintain a considerable spread above traditional multifamily capitalization
rates. As of Q1 2020, capitalization rate indications show a spread of 66 bps during the trailing four
quarterly periods, and 39 bps during the most recent quarter.
CAPITALIZATION RATE AND PRICING TRENDS
Source: NIC and RCA Data Compiled by CBRE
© 2020 CBRE, Inc.
As discussed, the outbreak of the Novel Coronavirus (COVID-19/COVID), declared by the World
Health Organization as a “Global Pandemic” on March 11, 2020, is causing heightened uncertainty
in both local and global market conditions. This pandemic has caused fluidity in the seniors housing
market conditions and resulted in reduced current, empirical market data as to potential impacts to
the seniors housing industry.
National Occupancy Trends – COVID Impact
A primary impact of COVID-19 within the seniors housing industry has been on occupancy levels. As
of Q2 2020, the NIC released the updated occupancy trends for each care level. On a national
basis, this data shows downward trending median occupancy levels for each care type, at -150 bps
for IL, -300 bps for AL, -250 bps for MC, and -670 bps for SNF (NC).
SENIORS HOUSING & CARE MEDIAN OCCUPANCY TRENDS
Source: NIC MAP Q2 2020
82%
83%
84%
85%
86%
87%
88%
89%
90%
91%
92%
93%
94%
95%
96%
Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2 2016 Q2 2017 Q2 2018 Q2 2019 Q2 2020
Independent Living Assisted Living Memory Care Skilled Nursing
I L -150 bps
AL -3 00 bps
MC -250 bps
N C -670 bps
fluctuated significantly by location, including regional geography and pockets considered as ‘COVID-
19 Hotspots’ as well as operator response to COVID-19 on the community level.
For further occupancy trends since March 2020, NIC reports a majority of occupancy decline was
reported to have occurred in April 2020, with reducing rates of census attrition during May and June.
The chart on the following page includes reported ‘re-absorption’ in seniors housing communities by
© 2020 CBRE, Inc.
and early May 2020, with significant improvements in reported census re-absorption accelerating in
June 2020. These increases occupancy continued into August 2020 for both assisted living and
skilled nursing. However, during the August 2020 reporting period, respondents reported somewhat
of a deceleration in the re-absorption of independent living and memory care communities. Impacts
of COVID-19 on the subject’s local and regional level are discussed within the ‘Market Occupancy’
subsection of this report.
Source: NIC Executive Survey Insights
Current Occupancy Levels vs. One Month Prior (Month Over Month)
SHARE OF ORGANIZATIONS REPORTING INCREASED OCCUPANCY RATES
0%
5%
10%
15%
20%
25%
30%
35%
40%
Throughout this ongoing pandemic, the CBRE U.S. Seniors Housing valuation practice group has
been in continuous contact with numerous market participants, working to discern any perceived
and/or quantifiable impact of COVID-19 on the seniors housing market, in real-time. Our discussions
include potential near-, mid-, and long-term influences on seniors housing community operations,
capital markets, and investor sentiment. These discussions consist of a broad range of market
participants active in seniors housing, inclusive of capital markets, private capital investors,
institutional fund managers, developers, community operators, and brokers. The following bullets
summarize the market discussions:
• Market participants on the investment side do not expect the economic recession to persist.
They opine marginal decreases in values on a quarter-over-quarter basis could be possible
but expect this to be a short-term adjustment.
© 2020 CBRE, Inc.
however, they are in a ‘wait-and-see’ mode, assessing investment opportunities.
• Current market activity is showing capitalization rate fluctuations mostly range from 0 to 50
bps over pre-COVID levels for stabilized/near-stabilized communities.
• Capital markets have sizable liquidity and historically low interest rates; however, deployment
of capital is somewhat constrained given the continually changing market landscape.
• Challenges in completing due diligence have continued to impact capital markets, lenders,
and investors.
• Brokers indicate investors are starting to come back into the market and are getting a comfort
level with virtual due diligence, although at a tepid pace.
• Brokers report that, while buyers show continued demand, access to properties has been
limited to protect residents from potential spreading of COVID-19, marketing of communities
will likely be extended, mostly estimated in the 60 to 90 day range. Both the buy and sell side
believe this will be short-lived and they can wait it out.
• Operators that closed community access, permitting only essential services to enter, have
started to open to prospective residents in many cases. The impact of community closers
adversely impacted community census levels on aggregate.
• For skilled nursing, operators have provided somewhat mixed reports as to census; non-
essential operations at hospitals have started in select locations, and these hospital discharges
have started to positively impact skilled nursing census levels.
• While cases of COVID-19 have been reported in seniors housing communities, barrowing a
few exceptions, operators report quarantine efforts have been effective, with limited
advancement to the remaining resident population.
• Developers are currently planning to move forward on their projects that are ready to break
ground, in most scenarios. However, there could be near term disruptions in supply chains
and construction starts could be delayed due to shelter-in-place restrictions, requiring an
adjustment to budgets in next 60 days as the impact from those factors comes into focus.
• Construction lending is difficult under the current conditions. It should be noted that
construction lenders are actively assessing risk for the property type on a daily basis as market
data becomes available.
Overall, market participants suggest that markets are incorporating consideration for COVID-19,
working to assess potential impact on the seniors housing sector. While a majority of market
participants indicated that they do not expect significant price adjustments in the near term, the
consensus is that it is too early to quantifiably opine as the impact of this pandemic. Again, please
note that these statements are as of the date of the effective date of this report; however, given the
recent rate of change in market conditions, these comments are subject to change in the near term.
The National Investment Center for the Seniors Housing and Care Industry (NIC) tracks and reports
various operational and statistical data through their NIC MAP database. NIC MAP covers 140
Metropolitan Areas across the United States with the San Antonio, TX Metro being the most
comparable to the subject’s market. Performance trends and attributes of the subject’s metro market
are summarized as follows:
Period
#
Properties
# Rev.
Units
All
Properties Stabilized Absorption
Inventory
Growth
#
Properties
# Rev.
Units
YoY Rent
Growth
4Q2009 30 1,960 91.60% 91.60% -0.50% 0 0 0 0.40%
4Q2010 30 1,959 90.00% 90.00% -1.80% 0 1 32 0.30%
4Q2011 30 1,959 90.20% 90.20% 0.20% 0 1 32 2.70%
4Q2012 32 2,016 87.30% 88.20% -0.40% 17 3 179 4.20%
1Q2013 32 2,015 88.60% 89.20% 1.80% -1 4 195 4.10%
2Q2013 32 2,015 87.80% 88.10% 0.50% 0 6 311 3.80%
3Q2013 32 2,014 89.10% 89.10% 0.40% -1 6 311 4.70%
4Q2013 34 2,130 87.40% 90.30% 5.80% 116 4 192 3.10%
1Q2014 35 2,149 86.30% 89.30% 3.80% 19 3 176 3.10%
2Q2014 37 2,257 83.40% 89.60% 6.40% 108 3 207 1.10%
3Q2014 37 2,257 83.10% 88.60% 4.50% 0 5 325 0.30%
4Q2014 37 2,260 82.60% 87.40% 0.20% 3 7 466 1.50%
1Q2015 37 2,252 81.90% 85.80% -0.60% -8 8 526 1.20%
2Q2015 38 2,273 80.20% 84.70% -3.10% 21 10 639 2.40%
3Q2015 38 2,274 81.10% 84.60% -1.70% 1 12 786 -1.30%
4Q2015 41 2,516 75.60% 85.40% 2.00% 242 10 629 -0.50%
1Q2016 44 2,680 72.90% 84.20% 5.90% 164 7 465 1.70%
2Q2016 45 2,743 72.90% 80.90% 9.60% 63 7 440 1.40%
3Q2016 45 2,743 74.60% 80.60% 11.00% 0 8 456 2.90%
4Q2016 49 3,009 70.30% 81.40% 11.20% 266 5 202 1.90%
1Q2017 49 3,009 71.80% 81.10% 10.70% 0 5 202 -1.30%
2Q2017 49 3,025 72.50% 79.00% 9.70% 16 4 186 0.50%
3Q2017 51 3,164 71.00% 78.70% 9.70% 139 2 47 0.60%
4Q2017 51 3,164 73.10% 77.80% 9.40% 0 2 47 0.20%
1Q2018 52 3,211 73.30% 77.90% 8.90% 47 0 0 1.80%
2Q2018 52 3,211 74.40% 78.60% 8.90% 0 0 0 1.70%
3Q2018 52 3,211 74.70% 76.70% 6.90% 0 0 0 5.70%
4Q2018 52 3,211 75.50% 76.00% 4.80% 0 0 0 6.70%
1Q2019 52 3,211 76.10% 76.40% 3.80% 0 0 0 6.30%
2Q2019 52 3,212 77.40% 77.70% 4.20% 1 0 0 4.00%
3Q2019 52 3,211 79.80% 79.80% 6.80% -1 0 0 2.20%
4Q2019 52 3,188 79.50% 79.50% 4.60% -23 2 136 3.00%
1Q2020 52 3,256 79.10% 79.10% 5.40% 68 3 152 -1.90%
2Q2020 52 3,199 76.50% 76.50% -1.70% -57 3 152 0.80%
Source: NIC MAP; Majority AL, for San Antonio, TX
ASSISTED LIVING METRO TRENDS
The first step in analyzing the competitive market for the subject is delineating the subject’s primary
market area (PMA). A PMA can be defined by a radius, node(s), submarket(s), zip code(s), county(s) or
township(s), or any variety of such defining terms. This cohort represents where approximately 70% to
80% of the residents currently occupying the subject resided prior to moving in to the subject property.
Based on discussions with property management as well as marketing directors at comparable
properties to the subject, the subject’s primary market area is outlined in the following map.
Comparables 1 through 5 were profiled as rent comparables and are included in the competitive
supply. Comparable 6 was not profiled as a rent comparable, but is located within the PMA and has
been included in the competitive supply.
© 2020 CBRE, Inc.
Future supply is one of the greatest potential impacts on a market’s balance. Hence, any properties
under construction or proposed for construction within the subject’s PMA must be identified. To do so,
data obtained by CBRE Econometric Advisers (Pipeline Reports) was researched and inquiries to local
planning and zoning approval offices were conducted. There are no proposed assisted living
communities within the PMA.
Direct Competitors
In addition to the above PMA analysis, the following comparable properties have been surveyed to
identify the occupancy and rental trends within the subject’s immediate market area. Only properties
offering similar services were identified as direct competition to the subject. Note communities within
as well as surrounding the subject PMA were considered, with the most comparable properties
included; these comparables will be further discussed within the Income Capitalization Approach
section of this report. The comparable data is summarized in the following table:
SUMMARY OF COMPARABLE COMMUNITY RENTALS
Comp.
No. Name
Occupancy
Trends
Miles from
Subject Base Rate AL Base Rate MC
1 The Forum at Lincoln Heights Stable 2.4 $4,299 – $5,195 $5,626
2 Brookdale Alamo Heights Stable 2.5 $2,295 – $4,100
3 Franklin Park – Alamo Heights Stable 2.5 $3,625 – $4,995 $5,995 – $6,195
4 Adante Senior Living Stable 3.0 $3,850 – $4,950 $5,400
5 The Village at Incarnate Word Stable 3.7 $3,205 – $5,211 $4,422 – $6,207
Subject $2,595 – $3,095 $4,150 – $5,150
Source: CBRE VIEW Database
© 2020 CBRE, Inc.
Submarket Summary
The following table summarizes key market statistics identified by CBRE for the subject’s PMA, NIC
MAP metro market, and NIC MAP Primary or Secondary market average.
SENIORS HOUSING MARKET STATISTICS
Category Subject’s PMA San Antonio, TX MAP Primary
Assisted Living
Average Occupancy 83.0% 76.5% 85.3%
Average Monthly Rent $4,723 $4,125 $5,364
Property Count 7 52 4,389
Inventory (Rev. Units) 551 3,199 269,455
Construction (Rev. Units) 0 152 17,229
Construction vs. Inventory 0.00% 4.80% 8.60%
Penetration 5.06% 4.20% 4.50%
Source: NIC MAP
A penetration analysis can be performed to determine the overall market depth, as well as the
potential impact of any future supply within the subject’s defined market area. Penetration is defined
as the competitive inventory (including the subject) divided by the number of age-qualified
households. There are several methodologies in calculating penetration. Though somewhat simplistic,
this method is the most widely recognized respective to the subject’s property type. Most importantly, it
represents the methodology employed by the National Investment Center for the Seniors Housing &
Care Industry, therefore allowing for accurate benchmarking against other markets.
This analysis begins by identifying current and proposed competitive supply within the subject’s defined
PMA. The supply estimate is then applied to demand generators relative to the age qualified
demographics of the PMA.
© 2020 CBRE, Inc.
The following table summarizes all competitive and proposed properties located within the subject’s
PMA:
Property AL MC AL MC
Subject 80 17 80 17
The Forum at Lincoln Heights * 30 28 30 28
Brookdale Alamo Heights * 96 – 96 –
Franklin Park – Alamo Heights * 64 40 64 40
Adante Senior Living * 60 20 60 20
The Village at Incarnate Word * 50 24 50 24
The Meadows Assisted Living 42 42 –
Total Supply 422 129 422 129
* Property utilized as a rent comparable.
Source: CBRE VIEW Database
20252020
COMPETITIVE SUPPLY SUMMARY
Interest rates and other financing terms remain very attractive with construction levels at all-time highs.
Increased construction costs and declining occupancy levels has caused developers to take pause.
Nevertheless, all-in development costs remain well below acquisition costs of an existing property.
Hence, new development remains an attractive and feasible option for investors.
Investors and underwriters are aware of the potential for overbuilding. Underwriting requirements and
levels of due diligence are increasing. Most lenders and investors are requiring extensive market
research and a successful track record of developing and-or operating seniors housing properties to
move forward.
Licensure requirements relative to the subject’s property type are present in Texas. As further detailed
later in this report, there is no moratorium on new licensure. Only the operational and staffing
requirements must be met for a property to be granted a license to operate. The availability of land for
development is also limited within the subject’s general location, further restricting new development.
© 2020 CBRE, Inc.
Occupancy trends for the subject’s MSA as well as the NIC MAP Primary and Secondary Metro
Markets have been summarized. To best understand market performance within the subject’s PMA,
current occupancy for all competing properties have been gathered.
Property AL MC
Subject 45% 82%
The Forum at Lincoln Heights 80% 79%
Brookdale Alamo Heights 82%
Franklin Park – Alamo Heights 91% 100%
Adante Senior Living 100% 95%
The Village at Incarnate Word 98% 96%
The Meadows Assisted Living 80%
Estimated Occupied Supply 340 118
Average Occupancy 80.5% 91.5%
Avg. for Stabilized Properties 88.8% 92.9%
Source: CBRE VIEW Database
COMPETITIVE OCCUPANCY SUMMARY
Demand for seniors housing and care properties can be clearly defined by specific age cohorts,
healthcare requirements, and income levels. Future demand can be estimated by understanding
population shifts or trends relative to this defined population segment.
This section of the market analysis begins by identifying the age-qualified segment of the population.
Various methodologies suggest that consideration should be given to the “adult child” influence,
which typically result in an in-migration to the PMA as the adult child will typically bring their
respective parent to a property close to their home. However, in accounting for an “adult child”
factor, out-migration must also be considered for similar reasoning.
Considering that various markets can behave differently based on locational attributes, climates, local
economies, and overall population behaviors, this analysis assumes that the typical in-migration will
net out the typical out-migration. This also allows for accurate benchmarking in comparing the
subject’s market to the various data-points presented.
Population by Age Cohorts
According to the National Study of Long Term Care Providers published by the Centers for Disease
Control and Prevention (CDC) and National Center for Health Statistics (NCHS), conducted in 2016
and published February 2018, the average age of residents living in residential care communities (IL,
AL, MC) is 86.9 years. The following table illustrates the population and projected household changes
for the subject’s primary market area.
© 2020 CBRE, Inc.
Ventura Hills Senior Living
1207 Jackson Keller Road
2020 Population
Total Population 58,621 219,805 486,369
Age 65 – 74 5,124 19,773 42,924
Age 75 – 84 2,955 11,096 23,295
Age 85+ 1,516 6,129 12,025
2025 Population
Total Population 59,466 225,212 503,297
Age 65 – 74 5,729 21,696 47,330
Age 75 – 84 3,497 13,708 29,361
Age 85+ 1,543 6,372 12,710
% Change
Total Population 1.44% 2.46% 3.48%
Age 65 – 74 11.81% 9.73% 10.26%
Age 75 – 84 18.34% 23.54% 26.04%
Age 85+ 1.78% 3.96% 5.70%
Source: CBRE Fast Reports & ESRI
2 Miles 4 Miles 6 Miles
assumed that residents enter these communities at earlier ages as well as later ages. Therefore, this
analysis considers the 75 to 84 and the 85+ age cohort as age-qualified demand.
Income Distributions
Income available for expenditure on housing and other consumer items is a primary factor in
determining income qualified demand. The following table illustrates estimated household income
distributions for the subject’s primary market area.
© 2020 CBRE, Inc.
2020 Households 65-74 Years 75 – 84 Years 85+ Years
– Income Less than $15,000 1,961 1,311 724
– Income $15,000 to $24,999 1,528 1,358 750
– Income $25,000 to $34,999 1,446 949 524
– Income $35,000 to $49,999 2,172 1,153 637
– Income $50,000 to $74,999 2,170 966 533
– Income $75,000 to $99,999 1,232 453 250
– Income $100,000 to $149,999 1,026 417 231
– Income $150,000 to $199,999 376 193 107
– Income $200,000 and Over 535 209 116
Total Households 12,447 7,009 3,872
Average Household Income $65,739 $54,130 n/a
Median Household Income $42,603 $33,469 n/a
Estimated Average Housing Value $276,923 $276,923 $276,923
2025 Households 65-74 Years 75 – 84 Years 85+ Years
– Income Less than $15,000 2,019 1,617 752
– Income $15,000 to $24,999 1,530 1,565 727
– Income $25,000 to $34,999 1,536 1,137 529
– Income $35,000 to $49,999 2,294 1,390 646
– Income $50,000 to $74,999 2,502 1,225 570
– Income $75,000 to $99,999 1,394 591 275
– Income $100,000 to $149,999 1,139 548 255
– Income $150,000 to $199,999 408 248 115
– Income $200,000 and Over 618 275 128
Total Households 13,439 8,597 3,996
Average Household Income $70,519 $58,128 n/a
Median Household Income $44,582 $34,758 n/a
Estimated Average Housing Value $304,998 $304,998 $304,998
Source: CBRE Fast Reports & ESRI
The immediate area surrounding the subject is projected to experience growth relative to households,
population, and income levels over the next five-year period. Foregoing any changes in competitive
supply, these trends do indicate a favorable demand outlook.
© 2020 CBRE, Inc.
Applying the competitive supply indications to the total demand indications yields the following
penetrations rates:
2020 2025
Assisted Living
Age Qualified Households (75+) 10,881 12,593
Total Supply 551 551
Indicated Penetration Rate: 5.06% 4.38%
Compiled by CBRE
MARKET PENETRATION
market occupancy must also be considered. The various market types are summarized as follows:
• Low Penetration/ High Occupancy: This combination is the most favorable. The high occupancy
indicates that the local population is accepting the subject’s product type with significant room for
expansion. This combination also suggests a higher than typical ratio of residents emanating from
outside the defined PMA, or above market net in-migration. This market suggests strong
occupancy, stable rent growth, and healthy absorption for proposed properties.
property type or are traveling outside the defined PMA to obtain their respective needs, due to
unsatisfactory product within the PMA. This combination suggests that market opportunity does
exist, but will likely require additional marketing efforts to achieve a favorable stabilized
occupancy level.
does presume that the local population is well educated with the property type and generally
receptive to the services provided. Markets displaying this combination require less marketing
efforts in terms of product education, but may require more resources from a competitive market
position standpoint, such as superior quality or affordable rents.
a saturated market. Decreasing rental rates, prevalence of concessions, and less than favorable
occupancy can be expected when this combination is displayed.
metrics to the respective NIC MAP market metrics as summarized below.
Assisted Living 4.2% 76.5% 5.1% 83.0% High High
Assisted Living 4.2% 76.5% 4.4% 83.0% High High
Source: Compiled from Various Sources
PENETRATION ANALYSIS CONCLUSION
Future Market Rating (Five Years)
Current Market Rating
NIC MSA Subject PMA CBRE Market Rating
To determine market demand, CBRE employed a penetration analysis. These conclusions are further
supported by discussions with local marketing directors at comparable properties within and around
the subject’s defined market area.
Assisted Living Penetration
The independent living penetration analysis yields high penetration with high market occupancy
indicating a balanced market. While this combination can indicate a competitive market, it does
presume that the local population is well educated with the property type and generally receptive to
the services provided. Markets displaying this combination require less marketing efforts in terms of
product education, but may require more resources from a competitive market position standpoint,
such as superior quality or affordable rents. Penetration is expected to decrease over the next five
years, indicating demand is anticipated to outpace competitive supply. Hence, occupancy and-or
rental rates are expected to remain generally constant over the next five-year period.
Supply and Demand Conclusion
The subject’s market is balanced with the subject required to capture its proportionate share of market
demand to obtain the estimated stabilized levels. The subject offers an overall quality and amenity
package in line with the demands of the location population offered.
The location of the subject with favorable economic and population trends, along with physical and
operational attributes that meet the needs of the local population suggest that the subject will capture
the appropriate share of the market to obtain a stabilized occupancy level consistent with current
market indications for stabilized properties. The subject has not been efficiently managed and would
benefit from managerial oversight at the property level.
Subject Analysis
Licensure Requirements
Licensure requirements specific to the subject’s use are summarized below. CBRE does not represent
to be legal experts regarding the subject’s adherence to the respective state guidelines. According to
the state regulatory agency, the subject’s license is current and in good standing.
© 2020 CBRE, Inc.
REGULATORY REFERENCES: Texas Administrative Code, Title 40, Part 1, Chapter 92
MINIMUM SIZE (UNITS): 4+
MANDATORY SERVICES:
ADL Care Yes
Transportation None
Laundry Yes
Activities /Recreation Yes
Arranging Health Related Services None
Housekeeping None
Medications Management Yes
Monitoring Yes
Other 3+ meals/day
PERMITTED SERVICES:
Assistance with Medications Yes
Administer Medications By licensed staff (see notes)
Intermittent Nursing None
Other Limited SN services permitted; temporary SN services for minor illness or injury.
REGULATED SUBJECTS:
Admission Agreements Yes
Resident Funds Limited
Care Plan Yes
Medication Storage Yes
Dietary Requirements Yes
Other None
ADMINISTRATOR:
Education/ exam High school or equivalent (more if larger facility)
Continuing Education 12 hrs/yr
Availability 40 hrs/wk
Other (Qualifications, etc.) 24 hr training
STAFFING LEVELS
Staff; Resident Ratio None
Required Hours Night shift staff immediately available/awake
Licensed None
Other Qualifications Direct care: 6 hrs ed./yr (1 hr behavior mgmt; 1 hr fall prevention)
MANDATORY DISCHARGE
Ongoing Nursing Care Yes
Danger to Self/Others Yes
Unable to Evacuate Type A Facilities
Restraints None
Beyond Capabilities Yes
Other None
PHYSICAL PLANT
Maximum Occupancy/Unit 4
Size of Unit (single occupancy) Type A: 80 SF; Type B: 100 SF
Size of Unit (multiple occupancy) Type A: 60 SF/bed; Type B: 80 SF/bed
Toilet 1:6 residents
Bath or Shower 1:10 residents
Other Effective January 6, 2014, 2000 NFPA was implimented
CERTIFICATE OF NEED No
LICENSING AGENCY Health and Human Services Commission
MEDICAID WAIVER/ STATE PLAN Yes
NOTES May request resident to remain at facility if appropriate/condition has changed
Source: American Seniors Housing Assoc., State Regulatory Handbook
STATE REGULATORY OVERVIEW
© 2020 CBRE, Inc.
The buyer will place its affiliated operator, Atlantis Senior Living, as management of the subject post
sale. The principle of Atlantis Senior Living, James and Suzanne Denny, are experienced operators of
seniors housing communities. The analysis and conclusions within this report assume competent
management and market operations.
Absorption
The following table outlines average monthly move-ins for each property type as reported by NIC.
MOVE-IN RATES
Property Type
Average Monthly Move-
ins less Move-outs
Independent Living 6.1
Assisted Living 4.8
SNF 14.3
CCRC 13.5
Source: NIC
expected to fall below the market averages presented above. The analysis concludes 24 months for a
lease-up period, which averages 1.6 units per month.
Stabilized Occupancy Estimate
The physical occupancy for the subject is detailed in the following chart:
PHYSICAL OCCUPANCY
Year
2019 Actual 51%
2020 YTD Ann. 54%
Year 2 Stabilized 95%
Year 2 As Stabilized 95%
CBRE Stabilized Estimate 90%
Compiled by CBRE
terms of occupancy. The subject would benefit from managerial oversite on the property levels, and
following a 24-month estimated lease up, a stabilized occupancy at levels consistent with other
stabilized competitive properties in the market is considered achievable.
CBRE’s conclusion of stabilized occupancy for the subject is illustrated in the following table. This
estimate considers physical and economic market factors.
© 2020 CBRE, Inc.
AL MC
NIC MAP – Primary/ Secondary Markets 85.3% 85.3%
NIC MAP – Subject MSA 76.5% 76.5%
Primary Market Area (All Properties) 80.5% 91.5%
Primary Market Area (Stabilized Only) 88.8% 92.9%
Subject’s Current Occupancy 45.0% 82.4%
CBRE Estimated Stabilized Occupancy 90.0% 90.0%
Lease-up Period 24 Months 24 Months
Compiled by CBRE
average vacancy represents economic vacancy based on potential gross income (PGI) attributable to
each component. Any disparity between the two figures is due to the differing levels of rent for the
subject’s care levels.
The concluded occupancy was applied to the subject’s unit mix to derive a weighted average
economic vacancy, as detailed below:
WEIGHTED AVERAGE ECONOMIC VACANCY
Care Level % of Total PGI Vacancy
Assisted Living 73.9% x 10.0% = 7.4%
Memory Care 26.1% x 10.0% = 2.6%
Indicated Weighted Average Vacancy (Rounded) 10.0%
Compiled by CBRE
discussions with representatives at nearby, direct competitors, occupancies are reported to be in line
or above the MSA as a whole, with the exception of the subject. The CBRE stabilized occupancy
conclusion places primary weight on the market data.
Conclusion
The subject benefits from its location within the market. The improvements are well designed for their
respective use and offer amenities that are commensurate with the demands of the local population.
The data presented throughout the market analysis indicates that operating levels projected for the
subject are achievable. The subject’s census has not been negatively impacted by COVID, and it can
reasonably be estimated that there could be pent up demand following COVID.
© 2020 CBRE, Inc.
31
32
33
The following chart summarizes the salient characteristics of the subject site.
SITE SUMMARY
Physical Description
Gross Site Area 11.76 Acres 512,410 Sq. Ft.
Net Site Area 6.14 Acres 267,603 Sq. Ft.
Primary Road Frontage Jackson Keller Road
Excess Land Area 5.62 Acres
Surplus Land Area None
Shape
Topography
Zoning District
Flood Map Panel No. & Date 48029C0245G 29-Sep-10
Flood Zone Zone X (Unshaded)
Comparative Analysis
Access
Visibility
Functional Utility
Traffic Volume
Adequacy of Utilities
Landscaping
Drainage
Utilities Adequacy
Water Yes
Sewer Yes
Natural Gas Yes
Electricity Yes
Telephone Yes
Mass Transit Yes
Other Yes No Unknown
Detrimental Easements X
Encroachments X
Deed Restrictions X
Reciprocal Parking Rights X
Common Ingress/Egress X
Source: Various sources compiled by CBRE
Provided
Irregular
Moderate Slope
C
Good
Adequate
Adequate
Good
SAWS
Provider
Assumed adequate
Adequate
Assumed adequate
VIA
SAWS
CPS
CPS
of the vacant land is an estimate based on the 2018 appraisal plus the estimated size of the land from
google earth on the main campus side behind the buildings.”
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The adjacent land uses are summarized as follows:
North: Single-Family Residential
South: Single-Family Residential
East: Single-Family Residential
West: High School
The adjacent properties are conforming to the neighborhood and are complementary to the specific
use of the subject.
Flood Zone
According to flood hazard maps published by the Federal Emergency Management Agency (FEMA),
the site is within Zone X (Unshaded). FEMA defines the subject’s respective zone flood zone(s) as
follows:
Zones C and X (unshaded) are flood insurance rate zones used for areas outside the 0.2-
percent-annual-chance floodplain. No Base Flood Elevations (BFEs) or depths are shown in
this zone, and insurance purchase is not required.
Conclusion
The site is well located and affords good access and visibility from roadway frontage. The size of the
site is typical for the area and use, and there are no known detrimental uses in the immediate vicinity.
There are no known factors that are considered to prevent the site from development to its highest and
best use, as if vacant, or adverse to the existing use of the site.
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36
37
38
In response to the COVID-19 Pandemic, in an effort to protect the resident population within the
subject property, and with the Client permission, the CBRE inspection included an exterior only
physical inspection of the subject property. The interior description of the subject is based on the
following resources:
• Interior photographs (listed below) as provided by buyer:
o Entry/lobby, common areas, dining areas, commercial kitchen, activity room, and a
sample of resident rooms.
• Individual unit floor plans and a community floor plan was provided by the buyer.
• Condition and Quality: The opinion of the subject condition and quality is based on the
observation of the provided photographs and floor plans.
Notably, the provided interior resources are considered to provide a description of the subject interior
in which to sufficiently provide credible assignment conclusions. As such, we make the extraordinary
assumption that the interior of the subject improvements is of similar condition and quality to the
description within this report.
The following chart shows a summary of the improvements.
SUMMARY OF IMPROVEMENTS
Breakdown by Care Level GBA NRA Units Beds Year Built Condition
Assisted Living 62,047 SF 35,065 SF 80 80 1999 Average
Memory Care 11,870 SF 7,523 SF 17 17 1999 Average
Total/ Average: 73,917 SF 42,588 SF 97 97 1999 Average
Fully Sprinklered Yes
Construction Class
Site Coverage
Land-to-Building Ratio
Floor Area Ratio (FAR)
Development Density
Functional Utility
Source: Compiled by CBRE
D – Wood frame, floor and structure; considered combustible
Typical for the subject’s specific use
13.8%
3.62 : 1
0.28
15.8 Rev. Units/Acre
The improvements consist of three rectangularly shaped buildings. The two assisted living buildings
are two stories each and contain lobby area with office and reception areas. One assisted living
building contains the main commercial kitchen and dining area, while the other contains more
common space such as beauty shop, snack area, activity room, living room, and sun room. The one-
story memory care building contains a central common dining/activity space located adjacent to a
warming kitchen. A summary of the unit mix is included below:
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Unit Type
No.
Beds
No.
Units
Revenue
Units
Percent of
Total
Unit Size (SF)
Range
Studio 66 66 66 68.0% 340 – 485
1 Bedroom 14 14 14 14.4% 560
Total/Average: 80 80 80 82.5% 438
Source: Various sources compiled by CBRE
Unit Type
No.
Beds
No.
Units
Revenue
Units
Percent of
Total
Unit Size (SF)
Range
Studio 17 17 17 17.5% 315 – 570
Total/Average: 17 17 17 17.5% 443
Source: Various sources compiled by CBRE
The State of Seniors Housing Survey published by ASHA (American Seniors Housing Association)
reports the following design trends for the subject property type:
Average AL AL/MC Subject
Total Rev. Units
Lower Quartile 30 51 —
Average 59 89 97
Upper Quartile 106 135 —
GBA (SF) 36,550 61,570 73,917
Common Area (SF) 16,776 46% 30,016 49% 31,330 42%
Average Unit Size (SF) 392 382 439
Source: State of Seniors Housing Annual Report
CONFORMITY OF IMPROVEMENTS
trends for similar property types.
Description of Improvements
Construction Class: D – Wood frame, floor and structure; considered combustible.
The construction components are assumed to be in working
condition and adequate for the building.
Foundation: The foundations are assumed to be of adequate load-bearing capacity
to support the improvements.
Ground Floor: Concrete slab on compacted fill.
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cover.
Flooring: The common areas have commercial grade carpeting with laminate or
ceramic tile flooring. The commercial kitchen has a quarry tile floor. The
resident units have carpet in the living and bedroom areas with sheet
vinyl tile in the bathrooms.
Exterior Walls: The exterior walls consist of stone veneer and stucco with decorative
trim. The building contains double-pane aluminum frame windows.
HVAC: All common areas contain central cooling and heating while resident
rooms have PTAC units.
Plumbing: The plumbing system is assumed to be adequate for the existing use and
in compliance with local law and building codes.
Electrical: The electrical system is assumed to be in good working order and
adequate for the building.
Security: Resident call systems in all the resident living areas and bathrooms, as
well as emergency back-up lighting system.
Utilities
The subject operations indicate that management is responsible for all utilities including electricity,
water and sewer costs. The individual units are separately wired for phone and cable services with the
tenants paying these costs.
Fire Protection
The subject property is wet sprinklered. It is assumed the improvements have adequate fire alarm
systems, fire exits, fire extinguishers, fire escapes and other fire protection measures to meet local fire
marshal requirements. CBRE, Inc. is not qualified to determine adequate levels of safety & fire
protection, whereby it is recommended that the client/reader review available permits, etc. prior to
making a business decision.
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Property and unit amenities for the subject property are summarized below:
• Community Dining Room
• Private Dining Room
• Other Dining Venues (Bistro)
• Game Room
• Arts & Craft Room
• Library/Computer Center
• Hair Salon
• Media Room
• Laundry Facilities
• Wellness Center
• Resident Storage
• Mail Room
• Outside Patios/Walking Areas
• Enclosed Courtyard in Memory Care
The following are the individual living unit amenities and features are being offered at the subject:
• 24-Hour Emergency Response System
• Individual Air Controls
• Window Treatments
• Private Baths
• Showers with a Seat and Grab Bars and/or
Tub/Shower Combination
• Kitchenettes (AL units)
• Ample Closet Space
• Basic Cable Television Access
The subject appears to feature adequate surface parking, including reserved handicap spaces. All
parking spaces and vehicle drives are asphalt paved and considered to be in good condition.
Landscaping
Landscaping is in good condition and well maintained.
Functional Utility
The floor plans are considered to feature functional layouts and the layout of the overall project is
considered functional in utility.
ADA Compliance
The client/reader’s attention is directed to the specific limiting conditions regarding ADA compliance.
Furniture, Fixtures and Equipment
Additional personal property including all common area furniture, as well as all equipment required to
operate the subject property are typically included in the sale of a seniors housing property. These
items are in good condition.
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CBRE, Inc. is not qualified to detect the existence of any potentially hazardous materials such as lead
paint, asbestos, urea formaldehyde foam insulation, or other potentially hazardous construction
materials on or in the improvements. The existence of such substances may affect the value of the
property. This analysis assumes that any hazardous materials that may cause a loss in value do not
affect the subject.
Cost to Complete (Capital Expenditures)
During this assignment we were provided a budget for the cost to complete a renovation of the
subject, as recapitulated within the following chart.
SUMMARY OF COST TO COMPLETE
Planned CapEx $300,313
Subtotal $300,313
Plus: Profit @ 10% $30,031
Total Cost to Complete $330,344
Source: Buyet
percentage of cost, has been added to account for the time, effort, and cost of capital associated with
undertaking this project. This cost to complete estimate will be deducted from each approach to
conclude the As Is value for the subject.
Economic Age and Life
CBRE, Inc.’s estimate of the subject improvements effective age and remaining economic life is
depicted in the following chart:
ECONOMIC AGE AND LIFE
Actual Age 21 Years
Effective Age 15 Years
MVS Expected Life 55 Years
Remaining Economic Life 40 Years
Accrued Physical Incurable Depreciation 27.3%
Compiled by CBRE
typical life expectancies reported for buildings of similar construction as published by Marshall and
Swift, LLC, in the Marshall Valuation Service cost guide. While CBRE, Inc. did not observe anything to
suggest a different economic life, a capital improvement program could extend the life expectancy.
© 2020 CBRE, Inc.
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The improvements are considered to be functional in design and consistent with current design trends
for the subject’s respective property type. These improvements are expected to maximize the highest
and best use of the site.
44
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The following chart summarizes the subject’s zoning requirements.
ZONING SUMMARY
Current Zoning C
Legally Conforming Yes
Uses Permitted Zone C, Low Rise Apartment District, allows for single-
family and multifamily housing including seniors housing.
Ability to be Restored Without Permit Yes
Zoning Change Not likely
Source: Planning & Zoning Dept.
information that might be applicable to the subject.
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The subject’s market value, assessed value, and taxes are summarized below, and do not include any
furniture, fixtures and equipment.
AD VALOREM TAX INFORMATION
Assessor’s Market Value 2020 CBRE Year 1
348290 $6,865,380
Subtotal $6,865,380 $6,865,380
Assessed Value @ 100% 100%
Total Assessed Value $6,865,380 $6,865,380
General Tax Rate (per $100 A.V.) 2.529500 2.529500
Total Taxes $173,660 $173,660
Source: Assessor’s Office
Payment in Lieu of Taxes (PILOT) taxes. In 2019, current ownership paid $17,637 in PILOT taxes. As
the subject will be owned and operated by a for-profit, we have estimated taxes based on the full
assessment of the subject per the Bexar County Assessor, and the most recent tax rate given the
subject’s location.
Ad valorem taxing authorities having jurisdiction over the subject include Bexar County, San Antonio
River Authority, Alamo Community College, University Health System, City of Castle Hills, and
Northeast ISD. In Texas, real property is assessed at either 100% of market value or at a rate that is
equal and uniform to the property’s most comparable competitors. The effective date of the appraisal
is January 1 of the assessment year, with ad valorem taxes paid in arrears in January for the previous
year. Property owners are notified of the proposed values in May of that tax year, and property
owners have the right to protest the value with the Appraisal Review Board by June 2, or 30 days after
receiving notice of the proposed property value. There are no delinquent property taxes encumbering
the subject.
Tax Comparables
CBRE, Inc. has reviewed the real estate tax information for comparable properties in the subject’s
respective taxing district. The following table summarizes the comparables employed for this analysis:
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Tax Comparable The Forum at Lincoln Heights Brookdale Alamo Heights Franklin Park – Alamo Heights CBRE Stabilized
Address 311 West Nottingham Drive 855 E Basse Road 230 West Sunset Road Estimate
County Bexar County Bexar County Bexar
City/ Town San Antonio San Antonio San Antonio
Year Built 1989 1998 2016 1999
No. Rev. Units 258 142 221 97
Tax Year 2020 2020 2020 2020
Total Assessed Value $21,200,000 $6,600,000 $40,500,000 $6,865,380
AV Per Rev. Unit $82,171 $46,479 $183,258 $70,777
Source: Assessor
Conclusion
The total taxes for the subject have been estimated as $173,660 for the base year of our analysis,
based upon an assessed value of $6,865,380 or $70,777 per unit. This is within the range of the tax
comparables and is considered reasonable given the current full assessment for the subject per Bexar
County.
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In appraisal practice, the concept of highest and best use represents the premise upon which value is
based. The four criteria the highest and best use must meet are:
• legally permissible;
• physically possible;
• financially feasible; and
• maximally productive.
The highest and best use analysis of the subject is discussed on the following pages.
As If Vacant
Legally Permissible
The legally permissible uses were discussed in the Site Analysis and Zoning Sections.
Physically Possible
The subject is adequately served by utilities, and has an adequate shape and size, sufficient access,
etc., to be a separately developable site. There are no known physical reasons why the subject site
would not support any legally probable development (i.e. it appears adequate for development).
Existing structures on similar sites provide additional evidence for the physical possibility of
development.
Financially Feasible
Potential uses of the site include various multifamily and seniors housing uses as previously detailed in
the zoning analysis. The determination of financial feasibility is dependent primarily on the relationship
of supply and demand for the legally probable land uses versus the cost to create the uses. As
discussed in the market analysis of this report, the subject’s seniors housing market is generally
stabilized. Development of new seniors housing properties has occurred in the past few years. These
factors indicate that it would be financially feasible to complete a new seniors housing project if the
site acquisition cost was low enough to provide an adequate developer’s profit.
Maximally Productive
The final test of highest and best use of the site as if vacant is that the use be maximally productive,
yielding the highest return to the land. In relation to the various uses permitted, the subject’s location
is most viable for seniors housing. Surrounding uses are complementary in nature. Hence, in the case
of the subject as if vacant, the analysis has indicated that a new seniors’ housing project would be
most appropriate.
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Based on the information presented above and contained in the market and neighborhood analysis,
the highest and best use of the subject as if vacant would be the development of a seniors housing
project in the near term. More specifically, the subject would be developed at a density that would
maximize the allowable unit or bed count under current zoning code. Our analysis of the subject and
its respective market characteristics indicate the most likely buyer, as if vacant, would be an investor
(land speculation) or a developer.
As Improved
Legally Permissible
The site has been improved with a seniors’ housing development that is a legal, conforming use.
Physically Possible
The layout and positioning of the improvements are considered functional for seniors housing use.
While it would be physically possible for a wide variety of uses, based on the legal restrictions and the
design of the improvements, the continued use of the property for seniors housing users would be the
most functional use.
Financially Feasible
The financial feasibility of a seniors housing community is based on the amount of rent which can be
generated, less operating expenses required to generate that income; if a residual amount exists, then
the land is being put to a productive use. Based upon the income capitalization approach conclusion,
the subject is producing a positive net cash flow and continued utilization of the improvements for
seniors housing purposes is considered financially feasible.
Maximally Productive
The maximally profitable use of the subject as improved should conform to neighborhood trends and
be consistent with existing land uses. Although several uses may generate sufficient revenue to satisfy
the required rate of return on investment and provide a return on the land, the single use that
produces the highest price or value is typically the highest and best use. As shown in the applicable
valuation sections, buildings that are similar to the subject have been acquired or continue to be used
by seniors housing owners/tenants. These comparables would indicate that the maximally productive
use of the property is consistent with the existing use as a seniors housing community.
Conclusion: Highest and Best Use As Improved
The highest and best use of the property as improved, is consistent with the existing use as a seniors
housing development.
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In appraisal practice, an approach to value is included or omitted based on its applicability to the
property type being valued and the quality and quantity of information available.
Cost Approach
The cost approach is based on the proposition that the informed purchaser would pay no more for the
subject than the cost to produce a substitute property with equivalent utility. This approach is
particularly applicable when the property being appraised involves relatively new improvements that
represent the highest and best use of the land, or when it is improved with relatively unique or
specialized improvements for which there exist few sales or leases of comparable properties.
Sales Comparison Approach
The sales comparison approach utilizes sales of comparable properties, adjusted for differences, to
indicate a value for the subject. Valuation is typically accomplished using physical units of comparison
such as price per square foot, price per unit, price per floor, etc., or economic units of comparison
such as gross rent multiplier. Adjustments are applied to the physical units of comparison derived from
the comparable sale. The unit of comparison chosen for the subject is then used to yield a total value.
Income Capitalization Approach
The income capitalization approach reflects the subject’s income-producing capabilities. This
approach is based on the assumption that value is created by the expectation of benefits to be derived
in the future. Specifically estimated is the amount an investor would be willing to pay to receive an
income stream plus reversion value from a property over a period of time. The two common valuation
techniques associated with the income capitalization approach are direct capitalization and the
discounted cash flow (DCF) analysis.
Methodology Applicable to the Subject
In valuing the subject, the sales comparison and income capitalization approaches are applicable and
have been utilized. The cost approach is not applicable in the estimation of market value due to the
age of the improvements. It is further recognized that the cost approach is not utilized by market
participants in estimating market value.
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The following map and table summarize the comparable data used in the valuation of the subject site.
A detailed description of each transaction is included in the addenda.
Actual Sale Adjusted Sale Size Size Price
No. Property Location Type Date Price Price 1 (Acres) (SF) Per SF
1 9999 USAA Boulevard, San
Antonio, Texas
Sale Apr-18 $5,311,136 $5,311,136 15.24 663,637 $8.00
2 13803 Red Maple Wood, San
Antonio, Texas
Sale Nov-18 $404,890 $404,890 1.33 57,856 $7.00
3 2726, 2727, & 2742 Danbury
Street, San Antonio, Texas
Sale Mar-19 $2,000,000 $2,000,000 5.65 246,027 $8.13
4 3611 West Loop 410, San
Antonio, Texas
Sale Jul-20 $550,000 $550,000 1.25 54,450 $10.10
Subject 1207 Jackson Keller Road,
San Antonio, Texas
— — — — 5.62 244,807 —
1 Transaction amount adjusted for cash equivalency and/or development costs (where applicable)
Compiled by CBRE
Transaction
52
chosen based upon use, condition and quality, date of transaction, and location. Considering the size
of the seniors housing market, comparable sales outside the subject’s direct market were selected.
CBRE did attempt to select comparables located in markets with similar economic attributes as the
subject.
Discussion/Analysis of Land Sales
Land Sale One
The upward market conditions (time) adjustment reflects the improved market conditions since date of
sale. The upward adjustment for size reflects this comparable’s inferior feature with respect to its
larger size resulting in a lower price point due to the economies of scale gained with larger purchases.
The adjustment for location was warranted due to the property’s location in a high barrier market with
favorable income levels and demographic growth. Therefore, a downward adjustment was judged
proper for this comparable. Overall, this comparable was deemed superior in comparison to the
subject and a downward net adjustment was warranted to the sales price indicator.
Land Sale Two
The upward market conditions (time) adjustment reflects the improved market conditions since the
date of sale. The downward adjustment for size reflects this comparable’s superior feature with respect
to its smaller size resulting in a higher price point due to the economies of scale lost with smaller
purchases. In terms of corner, this comparable was judged superior due to superior visibility and
access and received a downward adjustment for this characteristic. The adjustment for location was
warranted due to the property’s location in a high barrier market with favorable income levels and
demographic growth. Therefore, a downward adjustment was judged proper for this comparable.
Overall, this comparable was deemed superior in comparison to the subject and a downward net
adjustment was warranted to the sales price indicator.
Land Sale Three
The upward market conditions (time) adjustment reflects the improved market conditions since the
date of sale. A downward adjustment was applied to this comparable for its superior frontage
attribute when compared to the subject, based upon the location on a major thoroughfare with high
traffic count and visibility. Overall, this comparable was deemed superior in comparison to the
subject and a downward net adjustment was warranted to the sales price indicator.
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The downward adjustment for size reflects this comparable’s superior feature with respect to its smaller
size resulting in a higher price point due to the economies of scale lost with smaller purchases. In
terms of corner, this comparable was judged superior due to superior visibility and access and
received a downward adjustment for this characteristic. A downward adjustment was applied to this
comparable for its superior frontage attribute when compared to the subject, based upon the location
on a major thoroughfare with high traffic count and visibility. Overall, this comparable was deemed
superior in comparison to the subject and a downward net adjustment was warranted to the sales
price indicator.
Summary of Adjustments
Based on our comparative analysis, the following chart summarizes the adjustments warranted to each
comparable.
LAND SALES ADJUSTMENT GRID (EXCESS LAND)
Comparable Number 1 2 3 4 Subject
Transaction Type Sale Sale Sale Sale —
Transaction Date Apr-18 Nov-18 Mar-19 Jul-20 —
Actual Sale Price $5,311,136 $404,890 $2,000,000 $550,000 —
Adjusted Sale Price 1 $5,311,136 $404,890 $2,000,000 $550,000 —
Size (Acres) 15.24 1.33 5.65 1.25 5.62
Size (SF) 663,637 57,856 246,027 54,450 244,807
Price ($ PSF) $8.00 $7.00 $8.13 $10.10
Property Rights Conveyed 0% 0% 0% 0%
Financing Terms 1 0% 0% 0% 0%
Conditions of Sale 0% 0% 0% 0%
Market Conditions 5% 5% 5% 0%
Subtotal $8.40 $7.35 $8.54 $10.10
Size 5% -10% 0% -10%
Shape 0% 0% 0% 0%
Corner 0% -10% 0% -10%
Frontage 0% 0% -10% -10%
Topography 0% 0% 0% 0%
Location -10% -10% 0% 0%
Zoning/Density 0% 0% 0% 0%
Utilities 0% 0% 0% 0%
Highest & Best Use 0% 0% 0% 0%
Total Other Adjustments -5% -30% -10% -30%
Value Indication for Subject $7.98 $5.14 $7.68 $7.07
1 Transaction amount adjusted for cash equivalency and/or development costs (where applicable)
Compiled by CBRE
54
The comparables indicate an unadjusted range of $7.00 to $10.10 per SF with an adjusted range of
$5.14 to $7.98 per SF. The adjusted average indication of $6.97 per SF represents an approximate –
16.11% difference from the unadjusted average.
The comparables are generally similar in terms of location and use. Hence, a price per SF indication
consistent with the overall average of the range is most appropriate for the subject. The following
table presents the valuation conclusion:
CONCLUDED EXCESS LAND VALUE
$ PSF Subject SF Total
$5.14 x 244,807 = $1,258,309
$7.98 x 244,807 = $1,953,561
Indicated Value: $1,600,000
$ PSF $6.54
Less: Demolition Costs ($82,082)
Indicated Value $1,517,918
Indicated Value (Rounded) $1,520,000
(Rounded $ PSF) $6.21
Compiled by CBRE
office space and dormitory-type housing, but are in poor condition and are not usable. These
buildings are not being utilized currently and have no contributory value. Demolition costs have been
estimated at $5.50 per SF per MVS, resulting estimated demolition costs of $82,082.
55
Insurable value is defined as follows:
1. the value of an asset or asset group that is covered by an insurance policy; can be
estimated by deducting costs of noninsurable items (e.g., land value) from market value.
2. value used by insurance companies as the basis for insurance. Often considered to be
replacement or reproduction cost plus allowances for debris removal or demolition less
deterioration and noninsurable items. Sometimes cash value or market value, but often
entirely a cost concept. 7
3. a type of value for insurance purposes. 8
CBRE, Inc. has followed traditional appraisal standards to develop a reasonable calculation based
upon industry practices and industry-accepted publications such as the Marshall Valuation Service.
The methodology employed is a derivation of the cost approach and is not reliable for insurable value
estimates. Actual construction costs and related estimates can vary greatly from this estimate.
The insurable value estimate presented herein is intended to reflect the value of the destructible
portions of the subject, based on the replacement of physical items that are subject to loss from
hazards (excluding indestructible items such as basement excavation, foundation, site work, land value
and indirect costs). In the case of the subject, this estimate is based upon the base building costs
(direct costs) as obtained via the Marshall Valuation Service handbook, with appropriate deductions.
This analysis should not be relied upon to determine proper insurance coverage, as only consultants
considered experts in cost estimation and insurance underwriting are qualified to provide an insurable
value. It is provided to aid the client/reader/user as part of their overall decision-making process, and
no representations or warranties are made by CBRE, Inc. regarding the accuracy of this estimate. It is
strongly recommended that other sources be utilized to develop any estimate of insurable value.
8 Appraisal Institute, The Dictionary of Real Estate Appraisal, 5th ed. (Chicago: Appraisal Institute, 2010), 102.
© 2020 CBRE, Inc.
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Primary Building Type: Height per Story: 9′
Effective Age: Number of Buildings: 3
Condition: Gross Building Area: 73,917 SF
Number of Revenue Units Average Unit Size: 439 SF
Number of Stories: Average Floor Area: #VALUE!
MVS Sec/Page 0 0 0 Sec 12 / Pg 20 Sec 12 / Pg 20
Quality/Bldg. Class 0 0 0 Average / D Average / D
Building Component 0 0 0 Memory Care Assisted Living
Component Sq. Ft. 0 SF 0 SF 0 SF 11,870 SF 62,047 SF
Base Square Foot Cost $0.00 $0.00 $0.00 $123.00 $123.00
Square Foot Refinements
Heating and Cooling $0.00 $0.00 $0.00 In Base In Base
Sprinklers $0.00 $0.00 $0.00 $3.20 $2.55
Elevator Deduction $0.00 $0.00 $0.00 ($1.47) $0.00
Subtotal $0.00 $0.00 $0.00 $124.73 $125.55
Height and Size Refinements
Number of Stories Multiplier 0.00 0.00 0.00 1.00 1.00
Height per Story Multiplier 0.00 0.00 0.00 1.00 1.00
Floor Area Multiplier 0.00 0.00 0.00 1.02 0.98
Subtotal $0.00 $0.00 $0.00 $127.22 $123.04
Cost Multipliers
Current Cost Multiplier 0.00 0.00 0.00 0.98 0.98
Local Multiplier 0.00 0.00 0.00 0.82 0.82
Final Square Foot Cost $0.00 $0.00 $0.00 $102.24 $98.87
Base Component Cost $0 $0 $0 $1,213,561 $6,134,844
Base Building Cost (via Marshall Valuation Service cost data) $7,348,405
Insurable Exclusions 10.00% of Total Building Cost ($734,841)
Insurable Value (Replacement Cost) Indication $6,613,565
Rounded $6,600,000
Value Per Rev. Unit $68,041
Compiled by CBRE
1 and 2
97
Assisted Living Residence
15 YRS
Average
57
The following map and table summarize the comparable data used in the valuation of the subject. A
detailed description of each transaction is included in the addenda.
Year Year No. Actual Sale Adjusted Price Per NOI Per
No. Name Type Date Built Renovated Rev.
U i
Price Sale Price 1 Rev. Unit 1 Occ. Rev. Unit OAR
1 Grandview of Westover Hills,
San Antonio, Texas
Sale Mar-19 2014 99 $5,600,000 $5,980,000 $60,404 49% $6,060 10.03%
2 The Village at Valley Creek,
Denton, Texas
Sale Apr-19 2009 46 $5,350,000 $5,350,000 $116,304 57% $8,648 7.44%
3 Courtyard Estates of Peoria,
Peoria, Illinois
Sale Jul-19 1970 2011 100 $8,200,000 $8,200,000 $82,000 91% $5,858 7.14%
4 Brookdale Wellington and
Bethany,
Wellington, Kansas
Sale Nov-19 1993 2016 52 $4,400,000 $4,400,000 $84,615 87% $8,866 10.48%
5 Cadence Aurora,
Aurora, Colorado
Sale Aug-20 1999 99 $10,500,000 $10,500,000 $106,061 55% $5,049 4.76%
Subj.
Pro
Forma
Ventura Hills Senior Living,
San Antonio, Texas
— — 1999 97 — — — 90% $5,588 —
1 Transaction amount adjusted for cash equivalency and/or deferred maintenance (where applicable)
Compiled by CBRE
Transaction
58
relative to other property types. Recognizing the impact of a property’s operating attributes on pricing,
it is appropriate to utilize comparable properties exemplifying similar operational margins to
accurately interpret pricing metrics employed by market participants. To do so, a more regional
search was performed with comparables chosen based on care level provided, operating metrics at
time of sale, and condition of the property. The sales utilized represent the best data available for
comparison with the subject.
Analysis of Improved Sales
Improved Sale One
Grandview of Westover Hills is an assisted living and memory care community situated in a suburban
location. The improvements were constructed in 2014 and are in good condition. This community has
an overall census of 49% at the time of sale. The buyer purchased the property based on an
operational value-add strategy. At sale, the property was operated by Senior Care Centers, who filled
for bankruptcy in late 2018. The community was inefficiently managed and the seller, a national REIT,
wished to exit the market. The buyer placed Silverpoint Senior Living to operate the property post
acquisition. The stabilized data was provided via the buyer and includes market-level management
and reserve. The community was purchased based on a blended cap rate and purchase price per
unit. The buyer spent $380,000 in capex post sale to update the building and replace HVAC units.
The downward market conditions (time) adjustment reflects the declining market conditions since the
date of sale. In terms of age/condition, this comparable was judged superior due to its newer year of
construction superior condition of the improvements and received a downward adjustment for this
characteristic. Overall, this comparable was deemed superior in comparison to the subject and a
downward net adjustment was warranted to the sales price indicator.
Improved Sale Two
This comparable represents the sale of a 40-unit, 46-bed stand alone memory care facility located
along Brinker Road in Denton, Texas. The residence was built on a 3.67-acre site in 2009 as an
Autumn Leaves brand property. The operator struggled to maintain stabilized occupancy due to new
supply in the surrounding areas. According to a representative of the owner, the property was sold for
a transaction price of $5,350,000, or $116,304 per revenue unit. The price implies an OAR of
7.44% based on trailing income in place at 70% average occupancy. Net operating income is down
from approximately $1,000,000 annually in 2014 and 2015.
The downward market conditions (time) adjustment reflects the declining market conditions since the
date of sale. The downward adjustment for location reflects this comparable’s superior feature with
respect to the location in a high barrier market with favorable income levels and demographic growth.
In terms of age/condition, this comparable was judged superior due to its newer year of construction
© 2020 CBRE, Inc.
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characteristic. Overall, this comparable was deemed superior in comparison to the subject and a
downward net adjustment was warranted to the sales price indicator.
Improved Sale Three
This comparable represents the sale of Courtyard Estates of Peoria, a 100-bed assisted living
residence located in Peoria, Illinois. According to the buyer, the actual purchase price was $8.2
million or approximately $82,000 per unit. Based on the buyer’s pro forma, this is reflective of a
9.98% capitalization rate. The OAR based on T-12 income in place was 7.14%. The asset purchase
agreement was signed April 2, 2019 by and between Peoria 23, LLC “Buyer” and Petersen Health
Systems, INC “Seller.” This supportive living community was openly marketed by a national brokerage
firm.
The downward market conditions (time) adjustment reflects the declining market conditions since the
date of sale. Overall, this comparable was deemed superior in comparison to the subject and a
downward net adjustment was warranted to the sales price indicator.
Improved Sale Four
This comparable represents the sale of two assisted living communities. Brookdale Wellington is
located in Wellington, KS, operates with 26 units, and was built in 1994 with a renovation in 2016.
Brookdale Bethany is located in Bethany, OK, operates with 26 units, and was built in 1993 with a
renovation in 2016. Both buildings are similar in style and are in good condition. The properties are
located in a suburban areas with good visibility and access with favorable access to healthcare
providers. Amenities and services offered are consistent with the competitive markets. The properties
sold for a total of $4,400,000 on November 13, 2019, or $84,615 per revenue unit. Occupancy at
the time of sale was 87% with the buyer purchasing the property based on an operational value-add.
Midwest Health assumed management of the property post acquisition, and re-branded the
communities as Homestead of Wellington and Bethany. Pricing was based on a net operating income
of $461,041, or $8,866 per revenue unit, for an overall capitalization rate 10.48% and EGIM of
1.84. The analysis is based on trailing 12 operations and include market level management fees and
replacement reserves
The downward market conditions (time) adjustment reflects the declining market conditions since the
date of sale. Overall, this comparable was deemed superior in comparison to the subject and a
downward net adjustment was warranted to the sales price indicator.
© 2020 CBRE, Inc.
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Cadence Aurora is an assisted living and memory care community situated in a suburban location.
The improvements were constructed in 1999 and are in good condition. This community has an
overall census of 55% at the time of sale. The buyer purchased the property based on an operational
value-add strategy. The property was formerly operated by Brookdale, with Cadence taking over
operations post sale and rebranding at Cadence Aurora. The community was operating at below
stabilized occupancy levels at the time of sale, and the buyer sees potential upside operationally.
The downward adjustment for location reflects this comparable’s superior feature with respect to the
location in a high barrier market with favorable income levels and demographic growth. Overall, this
comparable was deemed superior in comparison to the subject and a downward net adjustment was
warranted to the sales price indicator.
Consideration for COVID-19
As discussed within the Market Analysis section, the COVID-19 pandemic has impacted the seniors
housing market, with reported value diminution of between 0% and 10%, from pre-COVID levels for
stabilized/near stabilized assets. Each comparable sold prior to any quantifiable adverse impact from
the pandemic and, thus, an adjustment to each comparable is warranted. In consideration of
increases in the cost of capital, expectant near-term fluctuations in cashflows, and an overall increase
in risk perception, we have applied a downward adjustment of 5% for market conditions to each
comparable. This results in a downward adjustment of 5.0% to Comparables 1 through 4 and no
adjustment to Comparable 5 given it is a post-COVID sale.
Summary of Adjustments
The sales comparison approach utilizes sales of comparable properties, adjusted for differences, to
indicate a value for the subject. Valuation is typically accomplished using physical units of comparison
such as price per square foot, price per unit, price per floor, etc., or economic units of comparison
such as gross rent multiplier. Adjustments are applied to the physical units of comparison derived from
the comparable sales. The unit of comparison chosen for the subject is then used to yield a total
value. Economic units of comparison are not adjusted, but rather analyzed as to relevant differences,
with the final estimate derived based on the general comparisons. Based on a comparative analysis,
the following chart summarizes the adjustments warranted to each comparable.
© 2020 CBRE, Inc.
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Comparable Number 1 2 3 4 5
Subj.
Pro
Transaction Type Sale Sale Sale Sale Sale —
Transaction Date Mar-19 Apr-19 Jul-19 Nov-19 Aug-20 —
Year Built 2014 2009 1970 1993 1999 1999
Year Renovated 2011 2016
No. Units 99 46 100 52 99 97
Adjusted Sale Price 1 $5,980,000 $5,350,000 $8,200,000 $4,400,000 $10,500,000 —
Price Per Rev. Unit 1 $60,404 $116,304 $82,000 $84,615 $106,061 —
Occupancy 49% 57% 91% 87% 55% 90%
NOI Per Rev. Unit $6,060 $8,648 $5,858 $8,866 $5,049 $5,588
OAR 10.03% 7.44% 7.14% 10.48% 4.76% —
Adj. Price Per Rev. Unit $60,404 $116,304 $82,000 $84,615 $106,061
Property Rights Conveyed 0% 0% 0% 0% 0%
Financing Terms 1 0% 0% 0% 0% 0%
Conditions of Sale 0% 0% 0% 0% 0%
Market Conditions (Time) -5% -5% -5% -5% 0%
Subtotal – Price Per Rev. Unit $57,384 $110,489 $77,900 $80,385 $106,061
Location 0% -5% 0% 0% -15%
Project Size 0% 0% 0% 0% 0%
Age/Condition -5% -15% 0% 0% 0%
Quality of Construction 0% 0% 0% 0% 0%
Avg. Unit Size 0% 0% 0% 0% 0%
Project Amenities 0% 0% 0% 0% 0%
Parking 0% 0% 0% 0% 0%
Other 0% 0% 0% 0% 0%
Total Other Adjustments -5% -20% 0% 0% -15%
Indicated Value Per Rev. Unit $54,515 $88,391 $77,900 $80,385 $90,152
1 Transaction amount adjusted for cash equivalency and/or deferred maintenance (where applicable)
Compiled by CBRE
After applied gross adjustments of -10.00% to 25.00%, the adjusted average of all comparables
representing an approximate -14.83% difference over the unadjusted average. The adjusted indicated
value range for the sales is from $54,515 to $90,152 per unit, with an average of $78,268 per unit.
Comparables 1, 3, and 5 were the most representative of the subject in terms of operating
performance, while Comparables 1 and 3 best represent the subject in terms of location.
© 2020 CBRE, Inc.
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As the above analysis is heavily dependent on the net operating income of a property, the EGIM can
be applied to a property’s gross income and is therefore less dependent upon an accurate estimation
of net operating income.
The EGIM analysis compares the subject’s income characteristics with those of the comparable
properties and develops a multiplier that is appropriate for the subject. Based on our analysis, we
have concluded to an appropriate EGIM as follows:
EFFECTIVE GROSS INCOME MULTIPLIER ANALYSIS
Sale No. Occupancy OER EGIM
5 55% 83.26% 3.52
3 91% 81.44% 2.60
2 57% 80.91% 2.57
4 87% 80.75% 1.84
1 49% 70.00% 2.99
Subj. 90% 84.53% 2.00
Compiled by CBRE
However, these sales are not directly following this inverse relationship. Given the range of OER and
EGIM for the comparable sales, CBRE has selected and EGIM toward the lower end of the range.
Sales Comparison Approach Conclusion
In completing this analysis, CBRE contacted various market participants that include specialty brokers
and national investors of well-known seniors housing investment funds. These participants all indicated
that in pricing the subject property, primary weight would be placed on the in-place cash flow with the
applied risk based on the amount of historical operations supporting the respective cash flows. It was
further indicated that comparable sales would be utilized as a secondary measure. These participants
advised that when selecting comparable sales for the subject, a regional search should be employed
to appropriately account for comparable operations respective to the subject property.
The following table presents the estimated value for the subject as indicated by the sales comparison
approach. The average of the two indications (paired sales and EGIM) was utilized.
© 2020 CBRE, Inc.
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Paired Sales
Total Rev. Units X Value Per Rev. Unit = Value
97 X $78,268 = $7,592,036
EGIM
EGI X ANALYSIS = Value
$3,502,576 X 2.00 = $7,005,153
VALUE CONCLUSION
Indicated Stabilized Value $7,298,595
Rounded $7,300,000
Lease-Up Discount -$1,715,000
Indicated As Complete Value $5,583,595
Rounded $5,580,000
Estimated Cost to Complete -$330,344
Indicated As Is Value $5,253,250
Rounded $5,250,000
Value Per Rev. Unit $54,124
Compiled by CBRE
applied above is detailed at the conclusion of the income approach.
© 2020 CBRE, Inc.
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The following map and table summarize the comparable data used in the valuation of the subject. A
description of each comparable property survey is included in the addenda.
No. and Location Built Total AL MC Overall AL MC AL MC $/Month Fee Res. Fee
1 1989 258 30 28 82% 80% 79% $4,299 $5,626 $330 $1,500 $400
$5,195 $880 $800
2 1998 142 96 80% 82% $2,295 $250 $1,500 $500
$4,100 $1,200
3 2016 221 64 40 88% 91% 100% $3,625 $5,995 $400 $2,000 $750
$4,995 $6,195 $1,200 $1,500
4 2011 230 60 20 100% 100% 95% $3,850 $5,400 $250 $1,500 $575
$4,950 $2,000 $2,000 $900
5 1988 293 50 24 96% 98% 96% $3,205 $4,422 $1,500
$5,211 $6,207
Subject 1999 97 80 17 52% 45% 82% $2,595 $4,150 $100 $1,750 $1,000
$3,095 $5,150 $900 $2,000
Source: CBRE VIEW Database
Census Base Rent ($/Month)
Ventura Hills Senior Living
1207 Jackson Keller Road,
San Antonio, Texas
SUMMARY OF COMPARABLE RENTALS
Rev. Units
The Forum at Lincoln Heights
311 West Nottingham Drive,
San Antonio, Texas
Brookdale Alamo Heights
855 E Basse Road,
San Antonio, Texas
Franklin Park – Alamo Heights
230 West Sunset Road,
San Antonio, Texas
Adante Senior Living
2739 Cembalo Boulevard,
San Antonio, Texas
The Village at Incarnate Word
4707 Broadway Street,
San Antonio, Texas
65
subject’s immediate market area. Competitive properties were identified within the subject’s defined
primary market area whereas comparable properties located outside the defined PMA were
supplemented as needed.
Analysis of Rent Comparables
Rent Comparable One
This comparable is a good quality independent, assisted, and memory care community with a 50-bed
skilled nursing facility. The improvements were constructed in 1989 and are in good condition, as the
campus was renovated in 2016. The property is located in a suburban area and affords good visibility
and access with favorable access to healthcare providers. Amenities and services offered are
consistent to the local market. The property is managed by Five Star Senior Living, a national operator
of seniors housing communities. Occupancy was reported average for the property. Assisted living
and memory care rents are based on an a base plus level-of-care structure with levels of care ranging
from $330 to $880. Management is also charging a community fee of $1,500 and a second
resident fee of $400 to $800. The community is well-established and has a good reputation.
Rent Comparable Two
This comparable is a good quality assisted living community with an attached skilled nursing facility.
The improvements were constructed in 1998 and are in good condition. The property is located in a
suburban area and affords excellent visibility and access with favorable access to healthcare
providers. Amenities and services offered are consistent to the local market. The property is managed
by Brookdale Senior Living, a national operator of seniors housing communities. Occupancy was
reported average for the property. Assisted living rents are based on a base plus level-of-care structure
with levels of care ranging from $250to $1,200. Management is also charging a community fee of
$1,500 and a second resident fee of $500.
Rent Comparable Three
This comparable is an excellent quality independent and assisted living community. The improvements
were constructed in 2016 and are in excellent condition. The property is located in a suburban area
and affords good visibility and access with favorable access to healthcare providers. Amenities and
services offered are superior to the local market. The property is managed by Franklin Park, a local
operator of seniors housing communities. Assisted living rents are based on a base plus level-of-care
structure with levels of care ranging from $400 to $1,200. Memory care rents are based on an all-
inclusive structure. Management is also charging a community fee of $2,000 and a second resident
fee of $850 for IL, $750 for AL, and $1,500 for MC.
© 2020 CBRE, Inc.
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This comparable is an excellent quality independent and assisted living community. The improvements
were constructed in 2011 and are in good condition. The property is located in a suburban area and
affords excellent visibility and access with favorable access to healthcare providers. Amenities and
services offered are superior to the local market. The property is managed by Sagora Senior Living, a
national operator of seniors housing communities. Occupancy was reported average for the property.
Management reported a wait list with strong demand. Assisted living rents are based on a base plus
level-of-care structure with levels of care ranging from $400 to $2,000. Memory care rents are based
on an all-inclusive less incontinence fees. Management is also charging a community fee of $1,500
to $2,000 and a second resident fee of $900 for AL and $575-$900 for IL. The facility was renovated
in 2017 and has a strong reputation in the community.
Rent Comparable Five
This comparable is a rental CCRC that offers independent living, assisted living, memory care, and a
skilled nursing facility located in a suburban area. Amenities and services offered are consistent with
the local market. The property is managed by The Village of the Incarnate Word, a local non-profit
operator. Management reported a wait list with strong demand for all care levels. Assisted living and
memory care rents are based on an all-inclusive structure. This community has a strong reputation
and typically operates near fully capacity.
© 2020 CBRE, Inc.
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As shown in the following table, we were provided the trailing calendar year reporting period for 2019 (2019 reporting period is the 12
months ending January 2020) as well as the year-to-date operating data (July) which has been annualized for valuation purposes. Additionally,
we were provided the buyers pro forma through stabilization. Note that during the absorption periods, the budget utilizes annual revenue
escalations of 3.0% and annual expense escalations of 3.0%; as such, we have included the subject’s budgeted ‘Stabilized’ operating period
(Year 2), as well as trended these figures to today’s dollars, or ‘As Stabilized’, for comparison purposes. Please note that the revenue breakout
between assisted living and memory care was not provided for the historic reporting periods nor in the pro forma provided by the buyer.
68
The following table shows the subject’s unit mix and quoted rental rates.
SUBJECT RENTAL INFORMATION
No. No. Unit Revenue Rev. Unit Quoted
Type Units Beds Size (SF) Units Occ. $/Rev. Unit
Assisted Living
Studio 66 66 340 – 485 66 45% $2,595 – $2,895
1 Bedroom 14 14 560 14 43% $3,095
Memory Care
Studio 17 17 315 – 570 17 82% $4,150 – $5,150
Total/Average: 97 97 439 97 52%
Compiled by CBRE
resident (person) fee, and community fee:
SUBJECT RENTAL STRUCTURE
Care Level Care Plan Type Second Resident Fee Community Fee
Assisted Living Levels Yes Yes
Memory Care All-Inclusive No Yes
Source: Property Management
Market Rent Estimate
In order to estimate the market rates, the subject unit types have been compared with similar units and
care levels. While independent living rents are typically all inclusive, assisted living and memory care
units are often rented under various rental structures. These structures range from all inclusive, base
rent plus additional charges for activity of daily living (ADL) services charged by level, or base rent plus
additional charges for ADL services charged a la carte. In order to get an accurate understanding of
the subject market position, the comparable rents have been adjusted accordingly.
Subsidized Rents
All units within the subject property are private pay.
© 2020 CBRE, Inc.
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SUMMARY OF COMPARABLE RENTALS
ASSISTED LIVING STUDIO UNITS
Comparable Base $/Mo. Plan Type ADL $/Mo. Adj. $/Mo.
Brookdale Alamo Heights $2,295 – $2,985 Levels $250 – $1,200 $2,545 – $4,185
Subject (Quoted Rent) $2,595 – $2,895 Levels $100 – $900 $2,695 – $3,795
Subject (Concluded Mkt.) $2,650 Levels $500 $3,150
The Village at Incarnate Word $3,205 – $4,380 All-Inclusive $3,205 – $4,380
Franklin Park – Alamo Heights $3,625 Levels $400 – $1,200 $4,025 – $4,825
Adante Senior Living $3,850 Levels $400 – $2,000 $4,250 – $5,850
The Forum at Lincoln Heights $4,299 – $5,195 Levels $330 – $880 $4,629 – $6,075
Compiled by CBRE
ASSISTED LIVING 1 BEDROOM UNITS
Comparable Base $/Mo. Plan Type ADL $/Mo. Adj. $/Mo.
Subject (Quoted Rent) $3,095 Levels $100 – $900 $3,195 – $3,995
Subject (Concluded Mkt.) $3,200 Levels $500 $3,700
Brookdale Alamo Heights $3,200 – $4,100 Levels $250 – $1,200 $3,450 – $5,300
The Village at Incarnate Word $4,066 – $5,148 All-Inclusive $4,066 – $5,148
Adante Senior Living $4,150 – $4,250 Levels $400 – $2,000 $4,550 – $6,250
Franklin Park – Alamo Heights $4,350 – $4,550 Levels $400 – $1,200 $4,750 – $5,750
Compiled by CBRE
Recognizing the subject’s quality and location in relation to the comparables, it is appropriate that the
subject’s rent fall at the lower end of the range.
Memory Care
SUMMARY OF COMPARABLE RENTALS
MEMORY CARE STUDIO UNITS
Comparable Base $/Mo. Plan Type ADL $/Mo. Adj. $/Mo.
Subject (Quoted Rent) $4,150 – $5,150 All-Inclusive $4,150 – $5,150
Subject (Concluded Mkt.) $4,575 All-Inclusive $4,575
Adante Senior Living $5,400 Levels $250 – $500 $5,650 – $5,900
The Forum at Lincoln Heights $5,626 Levels $330 – $880 $5,956 – $6,506
Franklin Park – Alamo Heights $5,995 All-Inclusive $5,995
The Village at Incarnate Word $6,207 All-Inclusive $6,207
Compiled by CBRE
The subject’s quoted rental rates are below the adjusted range indicated by the rent comparables.
Recognizing the subject’s quality and location in relation to the comparables, it is appropriate that the
subject’s rent fall below the range. The comparables are all either newer memory care communities
(Adante, The Forum, Franklin Park) or offer a higher acuity memory care component (The Village at
Incarnate Word). The concluded rents have been cross checked with the actual rents received per the
most recent rent roll.
© 2020 CBRE, Inc.
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Rent adjustments can be necessary to account for differences in rental rates applicable to different
units within similar floor plans due to items such as location within the property and care provided.
However, this analysis utilizes the weighted average rental rates, considering this variance. Thus, no
rent adjustments are required.
Rent Roll Analysis
The subject’s rent roll has been analyzed and is summarized below.
Subject Asking
Most
Recent Avg.
T-6 Mo.
Avg. Min. Max. LOC Avg. Avg.
T-6 Mo.
Avg. Min. Max.
Assisted Living
Studio $2,595 – $2,895 8/19/2020 $2,621 $2,595 $1,495 $4,248 $519 $2,863 $2,862 $1,495 $4,248
1 Bedroom $3,095 7/23/2020 $3,186 $3,095 $2,195 $4,149 $250 $3,269 $3,095 $2,195 $4,149
Memory Care
Studio $4,150 – $5,150 7/23/2020 $4,337 $4,576 $3,100 $5,574 #DIV/0! $4,337 $4,576 $3,100 $5,574
Source: Property Rent Roll
RENT ROLL ANALYSIS
Total Revenue CollectedBase Contract Rent Collected
collections shown on the rent roll include rent premiums and/or discounts.
LOSS TO LEASE ANALYSIS
Total Total
Revenue Component Monthly Rent Annual Rent
50 Occupied Rev. Units at Contract Rates $158,446 $1,901,352
47 Vacant Rev. Units at Market Rates $134,725 $1,616,700
97 Total Rev. Units @ Contract Rent $293,171 $3,518,052
97 Total Rev. Units @ Market Rent $297,475 $3,569,700
Indicated Loss-to-Lease 1.4%
Compiled by CBRE
conclusion is due to older leases that do not reflect recent increases in rental rates.
Potential Rental Income Conclusion
Within this analysis, potential rental income is estimated based upon the forward-looking market
rental rates over the next twelve months. This method of calculating rental income is most prevalent in
the local market and is consistent with the method used to derive overall capitalization rates from the
comparable sales data.
Market Rent Conclusions
The following chart shows the market rent conclusions for the subject:
© 2020 CBRE, Inc.
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Unit Type Units $/Rev. Unit PRI $/Rev. Unit Total
Assisted Living
Studio 66 $2,650 $174,900 $31,800 $2,098,800
1 Bedroom 14 $3,200 $44,800 $38,400 $537,600
Memory Care
Studio 17 $4,575 $77,775 $54,900 $933,300
97 $3,067 $297,475 $36,801 $3,569,700
Compiled by CBRE
MARKET RENT CONCLUSIONS
Based on our analysis of the subject’s rent roll, discussions with subject management, and discussions
with marketing directors at comparable properties, concessions were reported to be prevalent in the
local market. Typical concessions range from waiving the community fee or offering one-month’s free
rent. These concessions were considered in concluding a market rent for each of the subject’s unit
types.
Level of Care Income
A summary of level of care fees collected by the subject as well as CBRE’s stabilized projections are
presented below:
LEVEL OF CARE FEES
Year Total $/Rev. Unit $/ RD
2019 Actual $212,188 $2,188 $11.86
2020 YTD Ann. $103,099 $1,063 $5.43
Year 2 Stabilized $226,395 $2,334 $6.75
Year 2 As Stabilized $219,801 $2,266 $6.55
CBRE Stabilized Estimate $216,000 $2,227 $6.78
Compiled by CBRE
ranging from $250 to $2,000, supporting management’s level of care charges. In review of the
subject’s rent roll, these fees are being collected. CBRE concluded to an average level of care fee of
$500 per month for assisted living.
According to the 2016 National Health Interview Survey published by the U.S. Department of Health
and Human Services, 64% of assisted living residents require assistance with at least one ADL.
However, the pricing at the subject is such that approximately 50% of the assisted living residents are
charged at least one level of care. The annual revenue indicated in the table above was derived by
applying the concluded level of care fees to the respective units, then adjusting for the ADL utilization
(50%) and vacancy.
© 2020 CBRE, Inc.
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Second resident fees are prevalent in the market, whereby couples are charged for double occupancy.
The subject’s second resident revenue for this source is summarized below.
SECOND RESIDENT FEES
Year Total $/Rev. Unit $/ RD
2019 Actual -$27,500 -$284 -$1.54
2020 YTD Ann. $31,586 $326 $1.66
Year 2 Stabilized $31,680 $327 $0.94
Year 2 As Stabilized $30,757 $317 $0.92
CBRE Stabilized Estimate $30,240 $312 $0.95
Compiled by CBRE
management charging a second resident fee $1,000 of per month. Given concessions on second
resident fees are typical we have concluded at a second resident fee of $700.
Standard double occupancy typically ranges from 1.05 to 1.20; this range generally varies by acuity,
with an inverse relationship between community acuity and double occupancy prevalence. By applying
the concluded second resident fee of $700 for the subject to an average double occupancy ratio of
1.05, and adjusting for vacancy, an annual revenue for this source is indicated, as reported in the
table above.
Community Fee
It is common for seniors housing properties to charge a one-time community fee at move-in. Property
management is charging a community fee for all residents. The subject’s community fee collections for
this source reported below:
COMMUNITY FEES
Year Total $/Rev. Unit $/ RD
2019 Actual $24,750 $255 $1.38
2020 YTD Ann. $47,630 $491 $2.51
Year 2 Stabilized $28,000 $289 $0.83
Year 2 As Stabilized $27,184 $280 $0.81
CBRE Stabilized Estimate $24,488 $252 $0.77
Compiled by CBRE
$1,750 to $2,000. Since full or partial waiver of community fees is typically the first and most
common form of concession to be offered, we have considered the current level of concessions in the
market within our community fee projection, which we estimate a reasonable average community fee
at the subject is $500.
© 2020 CBRE, Inc.
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follows:
• 37.4% for independent living
• 41.7% for independent and assisted living
• 54.1% for assisted living facilities
• 56.1% for facilities with assisted living and memory care
• 21.5% for all CCRCs (excluding skilled nursing beds)
Given the subject’s use, we have utilized an annual turnover ratio of 56.1%, or 49 unit rollovers per
year (occupied beds x 56.1%) based on CBRE’s stabilized estimate. The annual revenue for this
source can be estimated by applying the indicated unit turnover to the estimated community fee as
indicated in the table above.
Other Income
Other income includes ancillary services such as guest meals, late fees, medication management, and
other add on services. A summary of the other income fees collected by the subject as well as CBRE’s
stabilized projections are presented below:
OTHER INCOME
Year Total $/Rev. Unit $/ RD
2019 Actual $121,241 $1,250 $6.78
2020 YTD Ann. $79,838 $823 $4.21
Year 2 Stabilized $19,782 $204 $0.59
Year 2 As Stabilized $19,206 $198 $0.57
CBRE Stabilized Estimate $19,119 $197 $0.60
Compiled by CBRE
Vacancy
The subject’s estimated stabilized occupancy rate was previously discussed in the market analysis. The
concluded occupancy was applied to the subject’s unit mix in order to derive a weighted average
vacancy, as detailed below:
WEIGHTED AVERAGE ECONOMIC VACANCY
Care Level % of Total PGI Vacancy
Assisted Living 73.9% x 10.0% = 7.4%
Memory Care 26.1% x 10.0% = 2.6%
Indicated Weighted Average Vacancy (Rounded) 10.0%
Compiled by CBRE
74
potential gross income (PGI) attributable to each component while the below vacancy indications are
based on physical occupancy calculated on a resident day basis. Any disparity between the two figures
is due to the differing levels of rent for the subject’s care levels. The subject’s average vacancy is
detailed as follows:
VACANCY
Year
2019 Actual 49.5%
2020 YTD Ann. 46.4%
Year 2 Stabilized 5.2%
Year 2 As Stabilized 5.2%
CBRE Stabilized Estimate 10.0%
Compiled by CBRE
subject:
Care Level / Payor Annual AMR PRD (Rounded) Annual % of Total PRD
Assisted Living $2,636,400 $2,746 $74.46 90% $2,372,760 74% 74.46
Memory Care $933,300 $4,575 $26.36 90% $839,970 26% 26.36
Total / Average $3,569,700 $3,067 $100.82 90% $3,212,730 100.82
Source: Compiled by CBRE
CONCLUDED RENTAL REVENUE SUMMARY
Potential Gross Rental Income Net Rental Income
this analysis.
EFFECTIVE GROSS INCOME
Year Total $/Rev. Unit % Change
2019 Actual $2,015,984 $20,783 —
2020 YTD Ann. $2,169,072 $22,362 8%
Year 2 Stabilized $3,767,206 $38,837 74%
Year 2 As Stabilized $3,657,481 $37,706 -3%
CBRE Stabilized Estimate $3,502,576 $36,109 -4%
Compiled by CBRE
estimated occupancy level. As detailed throughout this report, market data was extracted and utilized
in determining these estimates. Overall, the concluded effective gross income estimated by CBRE
being well supported by market extracted indications.
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Expense Comparables
The following chart summarizes expenses obtained from recognized industry publications and/or
comparable properties.
EXPENSE COMPARABLES
Comparable
Expense Year
GBA (SF)
Year Built
Unit Type: Rev. Units Res. Days Rev. Units Res. Days Rev. Units Res. Days
Assisted Living 91 24,917 179 47,465 43 14,800
Memory Care 0 0 43 13,457 13 4,570
Total 91 24,917 222 60,922 56 19,370
Effective Gross Income $27,920 $101.97 $24,230 $88.29 $39,740 $114.89
Expenses %/ EGI $/Rev. Unit $/RD %/ EGI $/Rev. Unit $/RD %/ EGI $/Rev. Unit $/RD
Real Estate Taxes 3.25% $908 $3.32 4.23% $1,026 $3.74 1.50% $598 $1.73
Property Insurance 2.01% 561 2.05 3.98% 965 3.52 1.38% $549 1.59
Utilities 5.23% 1,461 5.34 5.33% 1,291 4.71 3.00% $1,191 3.44
Administrative & General 23.12% 6,455 23.57 10.25% 2,483 9.05 12.56% $4,991 14.43
Marketing 5.87% 1,639 5.98 5.18% 1,255 4.57 4.87% $1,935 5.59
Resident Care 14.08% 3,932 14.36 21.08% 5,107 18.61 15.53% $6,173 17.85
Culinary Services 11.74% 3,277 11.97 12.81% 3,104 11.31 10.85% $4,311 12.46
Laundry & Housekeeping 2.71% 757 2.76 2.64% 640 2.33 1.27% $505 1.46
Repairs & Maintenance 4.86% 1,356 4.95 7.14% 1,731 6.31 3.01% $1,195 3.45
Programming 2.16% 602 2.20 2.52% 612 2.23 2.04% $810 2.34
Payroll Taxes & Benefits 8.83% 2,464 9.00 8.13% 1,970 7.18 6.72% $2,670 7.72
Operating Expenses 83.85% $23,412 $85.50 83.31% $20,186 $73.56 62.72% $24,927 $72.07
Management Fees (as % of EGI) 0.0% 0.0% 5.0%
Full Time Employee/ RD 0.45
² The median total differs from the sum of the individual amounts.
Source: CBRE VIEW Database
1974 1990 2000
50,054 125,097 33,833
2017 Actual 2017 Actual 2018 Actual
1 2 3
following section. Operating financials for the subject as provided by property management were
considered. The property financials were juxtaposed with the market extracted operating expense data
summarized above. In analyzing operating data relative to the subject’s property type, the “per
resident day” indicator is considered the most accurate indicator.
COVID-19 Operating Expense Considerations
Expense levels have been impacted by COVID-19 for seniors housing properties. Though the level of
the impact varies by region and property type, expenses have increased since early March 2020. The
following discussion is based on conversations with market participants as well as in review of
hundreds of property operations.
Staffing expenses increased since early March from surge pay, hazard pay, temporary staffing, and
other stipends, although the impact on the overall operations have been offset by several factors. In
our discussions with operators, there is generally a consensus that while certain expenses, particularly
© 2020 CBRE, Inc.
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Some operators are reporting that the increase in payroll expenses has fallen back to pre-COVID
levels, while other operators report that payroll expenses remain elevated. The consensus among
operators is that elevated payroll expenses levels are not expected to be permanent. While staffing
expenses have increased since early March 2020, from surge pay, hazard pay, temporary staffing,
and other stipends, the impact on the overall operations have been offset by several factors. Some
operators report that the existing staffing has crossed departments, filling various new needs, and that,
while payroll increases are common for certain staff, the overall effect is a net zero on total payroll
costs. The Payroll Protection Program has also offset increased expenses for operators that have
qualified. The PPP loans are reported to be a net-positive by some operators. Operators report that
increased monthly payroll expenses are budgeted at between $50 and $200/unit, with an expected
time horizon ranging from 0 to 12 months, not expected to be significant long term.
Operators report that expenses levels for PPE, testing kits, and sanitation have increased since March
2020. Reported figures vary by property type and region, but these costs are mostly reported to range
from $50 to $300 per unit on a monthly basis. Notably, these increased operational expenses, have
outpaced any offset from declines in census levels, resulting in elevated expenses on a per resident
day basis. These elevated expenses are generally expected to extend into the mid-term, or through the
end of 2020. Investors and operators also report that property and liability insurance expenses are
expected to increase through 2020. Additionally, dietary costs are elevated for some operators given
increased meat costs caused by disruptions in supply chain. Operators also report that food delivery
to individual resident units has elevated dietary supply costs.
Long-term expectations for changes in operating expenses are not currently quantifiable. Potentially,
however, elevated PPE and sanitation costs in the longer term are not likely to have significant impacts
on overall operations. Potential increased regulatory requirements on a State or Federal level as well
as elevated liability insurance, for example, pose a potential risk for increased expenses into
perpetuity. However, in our discussions with market participants, this potential threat is not
quantifiable, and not currently included within investment underwriting. The general consensus among
market participants is that short-term elevated expenses are not expected to remain long-term,
particularly for high-quality, experienced operators.
© 2020 CBRE, Inc.
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The real estate taxes for the subject were previously discussed. The subject’s expense is detailed as
follows:
REAL ESTATE TAXES
Year Total $/Rev. Unit $/ RD
2019 Actual $17,688 $182 $0.99
2020 YTD Ann. $56,797 $586 $2.99
Year 2 Stabilized $90,804 $936 $2.71
Year 2 As Stabilized $88,159 $909 $2.63
Expense Comparable 1 N/A $908 $3.32
Expense Comparable 2 N/A $1,026 $3.74
Expense Comparable 3 N/A $598 $1.73
CBRE Stabilized Estimate $173,660 $1,790 $5.45
Compiled by CBRE
Data section. Note that this line item includes real property tax only, with the subject’s personal
property tax included under the Administrative & General expense line item.
Property Insurance
Property insurance expenses typically include fire and extended coverage and owner’s liability
coverage. The subject’s expense is detailed as follows:
PROPERTY INSURANCE
Year Total $/Rev. Unit $/ RD
2019 Actual $120,694 $1,244 $6.75
2020 YTD Ann. $88,449 $912 $4.66
Year 2 Stabilized $61,146 $630 $1.82
Year 2 As Stabilized $59,365 $612 $1.77
Expense Comparable 1 N/A $561 $2.05
Expense Comparable 2 N/A $965 $3.52
Expense Comparable 3 N/A $549 $1.59
CBRE Stabilized Estimate $76,475 $788 $2.40
Compiled by CBRE
reported figures for our conclusion. The CBRE Estimate concludes above the buyers pro forma, as
property insurance is a line item expected to increase post COVID. The historic operating periods
rolled in other line items into property insurance such as benefits and umbrella insurance.
© 2020 CBRE, Inc.
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Utility expenses include electricity, natural gas, water and sewer. The subject’s expense is detailed as
follows:
UTILITIES
Year Total $/Rev. Unit $/ RD
2019 Actual $128,545 $1,325 $7.19
2020 YTD Ann. $145,304 $1,498 $7.66
Year 2 Stabilized $160,968 $1,659 $4.80
Year 2 As Stabilized $156,280 $1,611 $4.66
Expense Comparable 1 N/A $1,461 $5.34
Expense Comparable 2 N/A $1,291 $4.71
Expense Comparable 3 N/A $1,191 $3.44
CBRE Stabilized Estimate $146,577 $1,511 $4.60
Compiled by CBRE
weight on the reported figures for our conclusion.
Administrative & General
Administrative expenses typically include legal costs, accounting, telephone, supplies, furniture,
temporary help and items that are not provided by off-site management. The subject’s expense is
detailed as follows:
ADMINISTRATIVE & GENERAL
Year Total $/Rev. Unit $/ RD
2019 Actual $313,602 $3,233 $17.53
2020 YTD Ann. $358,881 $3,700 $18.91
Year 2 Stabilized $416,107 $4,290 $12.40
Year 2 As Stabilized $403,988 $4,165 $12.04
Expense Comparable 1 N/A $6,455 $23.57
Expense Comparable 2 N/A $2,483 $9.05
Expense Comparable 3 N/A $4,991 $14.43
CBRE Stabilized Estimate $382,374 $3,942 $12.00
Compiled by CBRE
79
Marketing expenses typically include all costs associated with the promotion of the subject, including
advertisements in local publications, trade publications, yellow pages, et cetera. The subject’s expense
is detailed as follows:
MARKETING
Year Total $/Rev. Unit $/ RD
2019 Actual $208,614 $2,151 $11.66
2020 YTD Ann. $196,631 $2,027 $10.36
Year 2 Stabilized $102,354 $1,055 $3.05
Year 2 As Stabilized $99,373 $1,024 $2.96
Expense Comparable 1 N/A $1,639 $5.98
Expense Comparable 2 N/A $1,255 $4.57
Expense Comparable 3 N/A $1,935 $5.59
CBRE Stabilized Estimate $95,594 $986 $3.00
Compiled by CBRE
‘referral fees’ and ‘Leads’ totaled over $100,000 in 2020. The CBRE Estimate concludes at a similar
level to the buyer pro forma.
Resident Care
One of the more costly items involved in operating the subject property is resident care services. In
addition to departmental employees, this category includes supplies and drugs, as well as medical
and therapy fees necessary for operation. The nurse’s aides are on duty 24 hours a day during all
shifts, and also perform light housekeeping duties, serve meals, and provide personal care assistance
to the residents. The subject’s expense is detailed as follows:
RESIDENT CARE
Year Total $/Rev. Unit $/ RD
2019 Actual $735,827 $7,586 $41.14
2020 YTD Ann. $776,953 $8,010 $40.94
Year 2 Stabilized $1,028,396 $10,602 $30.64
Year 2 As Stabilized $998,442 $10,293 $29.75
Expense Comparable 1 N/A $3,932 $14.36
Expense Comparable 2 N/A $5,107 $18.61
Expense Comparable 3 N/A $6,173 $17.85
CBRE Stabilized Estimate $946,376 $9,756 $29.70
Compiled by CBRE
80
care payroll, since early March 2020. These elevated expenses include surge pay, hazard pay,
temporary staffing, and other stipends. Examples of resident care staffing increases are as follows:
• A regional operator with 2,500+/- units estimates an additional $120/unit/month on for
hourly workers were spent since March and have budgeted payroll increases through June.
• A regional operator with 2,000+/- units has spent an additional $75/unit/month on payroll
related expenses. This increase is temporary and is not included in the budget.
• Regional operator with 1,500+/- units have paid roughly $100/unit/month in staffing
incentives through May 2020. They estimate that all payroll expenses will be covered by PPP
and it will ultimately benefit their bottom line.
Operators report that increased monthly payroll expenses are budgeted at between $50 and
$200/unit, with an expected time horizon ranging from 0 to 12 months, not expected to be significant
long term.
In addition to the elevated payroll, the operators report that expenses levels for PPE and testing kits
have increased since March. These expenses mostly fall under Examples of supply increases from
COVID-19 are as follows:
• A regional skilled nursing operator with approximately 1,000 beds estimates
$50/resident/month has been spent on additional supplies.
• A regional seniors housing operator with 1,500+/- units estimates $125/unit/month has been
spent on PPE and testing kits since March.
• A regional operator showed a line item for PPE costs, supplies, and equipment in April 2020
at $45/resident/month.
It should be noted that overall increases have occurred while occupancy has declined at most
communities. These costs are generally assumed to go past the near term, and have been budgeted
through 2020 for most operators. It is unclear given the uncertainly of the pandemic if these increased
costs will be permanent. While there may be future legislative impacts from the state or federal level, it
is not currently known if this is a certainty.
The CBRE Estimate concludes at a similar level to the buyer pro forma and above the comparables
given the higher staffing required as a result of the layout of the subject (3 separate buildings).
© 2020 CBRE, Inc.
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Another significant departmental expense in the operation of a seniors housing property is the dietary
department, which provides food service for the residents, guests, and employees. High quality food
and service is a priority consideration in properties such as the subject. The subject’s expense is
detailed as follows:
CULINARY SERVICES
Year Total $/Rev. Unit $/ RD
2019 Actual $371,464 $3,830 $20.77
2020 YTD Ann. $308,872 $3,184 $16.27
Year 2 Stabilized $415,787 $4,286 $12.39
Year 2 As Stabilized $403,676 $4,162 $12.03
Expense Comparable 1 N/A $3,277 $11.97
Expense Comparable 2 N/A $3,104 $11.31
Expense Comparable 3 N/A $4,311 $12.46
CBRE Stabilized Estimate $385,560 $3,975 $12.10
Compiled by CBRE
Housekeeping and Laundry expenses include the cost of supplies and miscellaneous expenses,
uniforms, and linens. The subject’s expense is detailed as follows:
LAUNDRY & HOUSEKEEPING
Year Total $/Rev. Unit $/ RD
2019 Actual $42,464 $438 $2.37
2020 YTD Ann. $46,575 $480 $2.45
Year 2 Stabilized $43,631 $450 $1.30
Year 2 As Stabilized $42,361 $437 $1.26
Expense Comparable 1 N/A $757 $2.76
Expense Comparable 2 N/A $640 $2.33
Expense Comparable 3 N/A $505 $1.46
CBRE Stabilized Estimate $41,424 $427 $1.30
Compiled by CBRE
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Repairs and maintenance expenses typically include all outside maintenance service contracts and the
cost of maintenance and repairs supplies. Landscaping and security expenses typically include all
outside landscaping and grounds maintenance service contracts and the cost of landscaping supplies,
as well as security services. Trash related expenses are also included in this line item. The subject’s
expense is detailed as follows:
REPAIRS & MAINTENANCE
Year Total $/Rev. Unit $/ RD
2019 Actual $232,029 $2,392 $12.97
2020 YTD Ann. $202,602 $2,089 $10.67
Year 2 Stabilized $195,029 $2,011 $5.81
Year 2 As Stabilized $189,348 $1,952 $5.64
Expense Comparable 1 N/A $1,356 $4.95
Expense Comparable 2 N/A $1,731 $6.31
Expense Comparable 3 N/A $1,195 $3.45
CBRE Stabilized Estimate $178,441 $1,840 $5.60
Compiled by CBRE
Programming includes all expenses associated with resident activities, social services, and scheduled
transportation.
PROGRAMMING
Year Total $/Rev. Unit $/ RD
2019 Actual $122,072 $1,258 $6.83
2020 YTD Ann. $59,746 $616 $3.15
Year 2 Stabilized $98,066 $1,011 $2.92
Year 2 As Stabilized $95,209 $982 $2.84
Expense Comparable 1 N/A $602 $2.20
Expense Comparable 2 N/A $612 $2.23
Expense Comparable 3 N/A $810 $2.34
CBRE Stabilized Estimate $89,221 $920 $2.80
Compiled by CBRE
83
Payroll expenses typically include all payroll and payroll-related items for all directly employed
administrative personnel. Not included are the salaries or fees for off-site management firm personnel
and services. The subject’s expense is detailed as follows:
PAYROLL TAXES & BENEFITS
Year Total $/Rev. Unit $/ RD
2019 Actual $223,227 $2,301 $12.48
2020 YTD Ann. $236,344 $2,437 $12.45
Year 2 Stabilized $256,279 $2,642 $7.64
Year 2 As Stabilized $248,815 $2,565 $7.41
Expense Comparable 1 N/A $2,464 $9.00
Expense Comparable 2 N/A $1,970 $7.18
Expense Comparable 3 N/A $2,670 $7.72
CBRE Stabilized Estimate $235,797 $2,431 $7.40
Compiled by CBRE
the Total Employee Payroll for similar facilities and our conclusion, which falls around 14.9% of the
total payroll expenses, is supported by this range.
Payroll Allocation Summary
As noted, the detailed operating summary and conclusions for each department does include payroll
expenses. The following table summarizes the subject’s payroll expenses, the CBRE stabilized estimate,
and juxtaposes this information with the comparable set. The following payroll expenses have already
been included in each departmental expense estimate.
PRD PRD PRD PRD Min. Max. Avg.
Administration $5.42 $8.31 $8.06 $8.00 $4.54 $17.79 $9.68
Advertising 3.08 1.90 1.84 1.80 1.32 3.42 2.11
Culinary 9.27 5.03 4.88 4.90 6.15 6.42 6.29
Laundry & Housekeeping 2.02 1.12 1.09 1.10 1.28 2.37 1.74
Resident Care 39.17 30.28 29.40 29.40 14.25 18.12 16.63
Maintenance 4.12 2.63 2.55 2.50 0.84 1.45 1.20
Programming 2.47 2.16 2.10 2.10 0.96 1.99 1.51
Total Employee Payroll $65.54 $51.43 49.93 $49.80 $34.74 $43.95 $39.16
Payroll Taxes 7.25 4.41 4.28 4.20 2.78 4.23 3.39
Benefits 5.20 3.22 3.13 3.20 4.40 4.77 4.58
Total $77.99 $59.06 $57.34 $57.20 $41.92 $52.95 $47.12
Source: Compiled by CBRE
2020 YTD Ann. Year 2 Stabilized Year 2 As Stabilize Expense Comps.(PRD)
PAYROLL SUMMARY
CBRE Estimate
84
model in the resident care department.
Operating Expenses
Total operating expense, exclusive of management fees and reserves, are summarized below along
with the respective comparable data:
OPERATING EXPENSES
Year Total $/Rev. Unit $/ RD
2019 Actual $2,516,226 $25,940 $140.69
2020 YTD Ann. $2,477,154 $25,538 $130.51
Year 2 Stabilized $2,868,567 $29,573 $85.47
Year 2 As Stabilized $2,785,016 $28,712 $82.98
Expense Comparable 1 N/A $23,412 $85.50
Expense Comparable 2 N/A $20,186 $73.56
Expense Comparable 3 N/A $24,927 $72.07
CBRE Stabilized Estimate $2,751,498 $28,366 $86.35
Compiled by CBRE
buyer pro forma, as the buyer pro forma estimated a lower real estate tax and lower property
insurance estimate with a higher overall occupancy. Overall, the CBRE Stabilized Estimate is
considered to be well supported by the comparable data presented as well as reported operating
trends reported for the subject property.
As an additional check of reasonableness, we looked to the implied expense ratios, prior to
adjustments for management and reserves. The comparables provide an expense ratio range of
62.7% to 83.9%. Overall, the subject’s indicated expense ratio, of 78.6%, falls within the comparable
range as well as is consistent with the subject’s reporting periods, providing further support for the
operating expenses conclusion.
Management Fee
Management expenses are typically negotiated as a percentage of collected revenues (i.e., effective
gross income). As reported in the 2018 SOSH report, management fees currently charged in the
market range from 3.5% to 6.5% depending upon a wide assortment of attributes ranging from size,
location, etc. When considering the subject’s operations and physical features, we conclude an
appropriate management expense is 5.00%.
© 2020 CBRE, Inc.
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Reserves for replacement have been estimated based on market parameters with an indicated range
of $250 to $550 per unit for comparable properties. Based on discussions with market participants
conducting property condition assessments, a wide range of reserves are reported. Mr. Sorenson, a
Senior Managing Director with CBRE assessment services reported that the average level of reserves
required based on his detailed review of hundreds of properties is approximately $350 per revenue
unit. A reserve replacement of $350 per unit has been applied to CBRE’s pro forma.
Total Operating Expense Conclusion
The concluded operating expenses inclusive of management fees and replacement reserves are
summarized as follows:
ADJUSTED OPERATING EXPENSES
Year Total $/ RD % Change
2019 Actual $2,679,295 $149.81 —
2020 YTD Ann. $2,615,191 $137.79 -2%
Year 2 Stabilized $3,090,877 $92.09 18%
Year 2 As Stabilized $3,001,840 $89.44 -3%
CBRE Stabilized Estimate $2,960,577 $92.91 -1%
Compiled by CBRE
buyer pro forma on a per resident day basis proforma. It is well supported by the market
comparables.
Net Operating Income Conclusion
The subject’s net operating income is detailed as follows:
ADJUSTED NET OPERATING INCOME
Year Total $/ RD % Change
2019 Actual -$663,311 -$37.09 —
2020 YTD Ann. -$446,119 -$23.50 -33%
Year 2 Stabilized $676,329 $20.15 -252%
Year 2 As Stabilized $655,641 $19.53 -3%
CBRE Stabilized Estimate $542,000 $17.01 -17%
Compiled by CBRE
historical and market data, the corresponding net operating income is considered to be well
supported.
© 2020 CBRE, Inc.
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margin, based on the net operating income (EBITDAR) as a test of reasonableness. As shown within
the following table, on a national basis, operating margins for AL/MC are reported to range between
15.3% and 39.9% with a median of 28.7% Overall, the CBRE revenue and expense conclusion have
a corresponding operating margin of 15.5%; this indication is at the lower end of the range of the
market data which is considered reasonable given the concluded rents are at the lower end of the
market given the age and amenity package at the subject.
For Profit Communities Only IL IL/AL IL/AL/MC AL (no MC) AL/MC CCRC
Lower Quartile 26.8% 16.7% 18.1% 13.8% 15.3% 7.6%
Median 39.1% 33.0% 33.2% 29.3% 28.7% 24.7%
Upper Quartile 48.8% 45.2% 43.0% 41.0% 39.9% 44.5%
Source: ASHA, 2018 State of Seniors Housing Report
OPERATING MARGINS BY COMMUNITY TYPE (EBITDAR/TOTAL REVENUES)
Note: Properties are ranked by operating margin. Each quartile represents the weighted average of all properties falling in that
rank while the median reflects the average of the 5th and 6th deciles.
87
Direct capitalization is a method used to convert a single year’s estimated stabilized net operating
income into a value indication. The following subsections represent different techniques for deriving
an overall capitalization rate for direct capitalization.
Comparable Sales
The overall capitalization rates (OARs) confirmed for the comparable sales analyzed in the sales
comparison approach are as follows:
COMPARABLE CAPITALIZATION RATES
Sale Sale Price
Sale Date $/Rev. Unit Occupancy OAR
1 Mar-19 $60,404 49% 10.03%
2 Apr-19 $116,304 57% 7.44%
3 Jul-19 $82,000 91% 7.14%
4 Nov-19 $84,615 87% 10.48%
5 Aug-20 $106,061 55% 4.76%
Indicated OAR: 90% 7.14%-10.48%
Source: CBRE VIEW Database
stabilized occupancy and the buyer purchasing on the upside potential.
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The results of the most recent investor surveys are summarized in the following chart.
OVERALL CAPITALIZATION RATES
Investment Type OAR Range Average
NIC
Seniors Housing — – — 7.80%
Realty Rates Investor Survey
Assisted Living — – — 8.24%
CBRE Seniors Housing Investor Survey
Standard Assisted Living
Class B: Core Locations 6.00% – 10.00% 7.23%
Class B: Non-Core Locations 6.00% – 11.00% 7.72%
Class C: Core Locations 7.00% – 11.00% 8.74%
Class C: Non-Core Locations 7.00% – 12.00% 8.98%
Assisted Living/ Memory Care
Class B: Core Locations 6.00% – 10.00% 7.59%
Class B: Non-Core Locations 6.00% – 11.00% 7.85%
Class C: Core Locations 7.00% – 11.00% 8.85%
Class C: Non-Core Locations 7.00% – 12.00% 9.00%
Indicated OAR: 7.25%-8.50%
Source: CBRE, RealtyRates.com, NIC
The band of investment technique has been utilized as a crosscheck to the foregoing techniques. The
Mortgage Interest Rate and the Equity Dividend Rate (EDR) are based upon current market yields for
similar investments. With consideration of impacts from the COVID-19 pandemic, the following
changes have been noted to the lending environment since March 2020:
• Max Loan-to-Values have decreased by 5% to 10%
• Minimum DSCR requirements have increased by around 10%
• Interbank lending rates have decreased, but the floating rates have expanded by 50 to
100 bps, netting to an increase of 25 to 75 bps
• Agency lenders (Fannie/Freddie) are still active; however, these agencies have significantly
increased up-front reserves, increasing the cost of borrowed capital
• Life companies have reduced exposure to seniors housing lending, while conventional
lending via commercial banks has become more selective in their lending. Debt funds and
CMBS are less active.
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liquidity in the market pre-COVID
Noting the above post-COVID lending environment, the following Band of Investment analysis is
summarized within the following chart:
BAND OF INVESTMENT
Mortgage Interest Rate 3.75%
Mortgage Term (Amortization Period) 30 Years
Mortgage Ratio (Loan-to-Value) 70%
Mortgage Constant (monthly payments) 0.05557
Equity Dividend Rate (EDR) 13%
Mortgage Requirement 70% x 0.05557 = 0.03890
Equity Requirement 30% x 0.13000 = 0.03900
100% 0.07790
Indicated OAR: 7.80%
Compiled by: CBRE
As discussed within the Market Analysis section of this report, market participants opine capitalization
rate fluctuations include a range of no change (or 0 bps) up to an increase of up to 100 bps on the
buy side; notably, transactional data is not currently available to support an adjustment. The factors
that have been identified as impacting these rates are as follows:
• In the valuation model, near through long-term impacts on census levels have been
incorporated and, thus, are not included within the capitalization rate conclusion.
• Similar to occupancy levels, a majority of elevated operating expenses have been
incorporated within the cash flow conclusions. However, long-term elevated expenses,
including potential increased regulatory requirements and/or liability insurance, etc. is not
quantifiable, and has been considered in the selection of the overall capitalization rate
selection.
• Disruptions in capital markets, with increased borrowing costs, as discussed
• Overall increased perception of risk due to market uncertainty
Capitalization rate fluctuations can vary based on location (core versus non-core, COIVD ‘Hot Spot’,
etc.) and asset class (A, B or C), with best-in-class properties falling at the lower end of the range, and
value-add properties falling at the high end. These fluctuations track with the 0% to 10% value
diminution identified and described with the Sales Comparison section of this report.
Limited transactional data is currently available to support an adjustment and market expectations are
based on hundreds of interviews conducted with buyers, sellers, operators, brokers, and capital
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continues to impact the overall economy beyond the near term, capitalization rates may be adversely
impacted. Notably, overall market sentiment is that, in the long term, the expectation is for overall
capitalization rates to return to pre-COVID-19 levels, as the perception of risk is reduced due to
improvement in market clarity.
Capitalization Rate Conclusion
The following chart summarizes the OAR conclusions.
OVERALL CAPITALIZATION RATE – CONCLUSION
Source Indicated OAR
Comparable Sales 7.14%-10.48%
National Investor Survey 7.25%-8.50%
Band of Investment 7.80%
CBRE Estimate 7.75%
Compiled by: CBRE
transaction dates of the Comparable Sales and the publication dates of National Investor Surveys. The
Band of Investment compared the current cost of borrowing against the pre-pandemic environment,
indicating a minimal increase. To incorporate consideration for current market conditions, we have
loaded the capitalization rate conclusion by 25 bps. The capitalization rate was increased based the
subject being a Class B/C property in a non-core market, for which market participants are indicating
a cap rate spread of 25 bps for cost of capital, as detailed in the preceding sections. The subject’s
Strengths/Opportunities and Weaknesses/Threats (SWOT) are considered, and outlined within the
following bullets:
Strengths/ Opportunities
• Good location near medical center
• Lack of new construction of similar facilities in the local market
• Positive growth in age 75+ population and households
• Operations have had limited impact from COVID
Weaknesses/ Threats
• Lease up risk
• Older product
• Strained reputation in the market given management turnover
• Poor historic operating performance
© 2020 CBRE, Inc.
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A summary of the direct capitalization at stabilized occupancy is illustrated in the following chart.
DIRECT CAPITALIZATION SUMMARY
Income Total
Potential Rent Income $3,569,700
Vacancy 10.00% (356,970)
Net Rental Income 3,212,730
Level of Care Fees $216,000
Second Resident Fees 30,240
Community Fees 24,488
Other Income 19,119
Effective Gross Income 3,502,576
Expenses
Real Estate Taxes $173,660
Property Insurance 76,475
Utilities 146,577
Administrative & General 382,374
Marketing 95,594
Resident Care 946,376
Culinary Services 385,560
Laundry & Housekeeping 41,424
Repairs & Maintenance 178,441
Programming 89,221
Payroll Taxes & Benefits 235,797
Management Fee 175,129
Reserves for Replacement 33,950
Operating Expenses $2,960,577
Operating Expense Ratio 84.53%
Net Operating Income $542,000
OAR / 7.75%
Indicated Stabilized Value $6,993,544
Rounded $6,990,000
Lease-Up Discount ($1,715,000)
Indicated As Complete Value $5,278,544
Rounded $5,280,000
Estimated Cost to Complete ($330,344)
Indicated As Is Value $4,948,200
Rounded $4,950,000
Compiled by CBRE
92
The DCF assumptions concluded for the subject are summarized as follows:
SUMMARY OF DISCOUNTED CASH FLOW ASSUMPTIONS
General Assumptions
Start Date Sep-20
Terms of Analysis 10 Years
Software Excel
Growth Rate Assumptions
Income Growth 2.50%
Expense Growth 2.50%
Inflation (CPI) 2.50%
Real Estate Tax Growth 2.00%
Market Rates – Year 1
Average Rent ($/Rev. Unit/Yr.) $36,801
Total Operating Expenses ($/Rev. Unit/Yr.) $30,521
Occupancy Assumptions
Current Occupancy 51.55%
Stabilized Occupancy 90.00%
Estimated Lease-up Period 24 Months
Financial Assumptions
Discount Rate 9.75%
Terminal Capitalization Rate 8.25%
Other Assumptions
Cost of Sale 2.50%
Capital Expenses (Deferred Maintenance) $330,344
Compiled by CBRE
The DCF analysis utilizes a projection period of 10 Years. This is consistent with current investor
assumptions.
Growth Rate Assumptions
The inflation and growth rates for the DCF analysis have been estimated by analyzing the expectations
typically used by buyers and sellers in the local marketplace. Published investor surveys, an analysis of
the Consumer Price Index (CPI), as well as CBRE, Inc.’s survey of brokers and investors active in the
local market form the foundation for the selection of the appropriate growth rates. The compilation is
shown in the following chart.
© 2020 CBRE, Inc.
93
Investment Type Min Max Average
U.S. Bureau of Labor Statistics (CPI-U) – As of December 2019
10.4-Year Snapshot Average 1.77%
PwC Survey (4Q 2019)
Apartment (National) – Proforma Rent Change 0.00% 4.00% 2.76%
Apartment (National) – Proforma Expense Change 0.00% 3.00% 2.71%
Senior Living Valuation Services Survey (2019)
Seniors Housing Annual Growth Rate – Revenues 2.00% 5.00% 3.00%
Seniors Housing Annual Growth Rate – Expenses 2.00% 4.00% 3.00%
Seniors Housing Annual Growth Rate – General Inflation 1.00% 3.00% 2.50%
Market Participants:
Current Seniors Housing Investor / Developer Proformas 2.50% 4.50% 3.00%
Source: Compiled by CBRE
The previously concluded pro forma income and expenses have been utilized as the basis for Year 1
of the holding period. All subsequent years vary according to the growth rate assumptions applied to
the Year 1 estimate.
Occupancy Assumptions
The occupancy rate over the holding period is based on the subject’s estimated stabilized occupancy
rate and estimated lease-up period to achieve a stabilized occupancy position.
Vacancy, Credit Loss and Absorption
Please refer to the market analysis of this report for a detailed discussion of these elements.
Discount Rate Analysis
The results of the most recent investor surveys are summarized in the following chart.
© 2020 CBRE, Inc.
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Investment Type Rate Range Average
RealtyRates Investor Survey – Assisted Living
New Development 6.68% – 15.77% 10.48%
Acquisitions 5.81% – 13.72% 9.12%
Recapitalizations 6.61% – 15.61% 10.38%
Senior Housing Investment Survey
Assisted Living 8.30% – 16.00% 11.20%
Assisted Living/ Memory Care 8.30% – 17.00% 11.50%
CBRE Estimate 9.75%
Source: Senior Living Valuation Services & RealtyRates.com
Investor Survey and within the rate range according to the Senior Housing Investment Survey, though
below the average.
Terminal Capitalization Rate
The reversionary value of the subject is based on an assumed sale at the end of the holding period
based on capitalizing the Year 11 NOI at a terminal capitalization rate. Typically, market participants
utilize a terminal capitalization rate that falls above the going-in capitalization rate (OAR); this practice
is a result of the uncertainty of future economic conditions and the natural aging of the property. The
following chart includes the reported basis point (bps) spread between the going-in capitalization rate
and the terminal capitalization rate, as reported by the CBRE Seniors Housing Investor Survey.
Spreads Between Going-In Cap Rates and Reversion Capitalization Rates
Source: CBRE Investor Survey Historical Results.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
H2 2015 H1 2016 H1 2017 H1 2018 H1 2019 H1 2020
0 – 25 bps 25 – 50 bps 50 – 75 bps 75 – 100 bps 100 – 125 bps
participants utilize a terminal rate spread 25 and 100 bps; the summed percentage of respondents
© 2020 CBRE, Inc.
95
periods. For the subject, we have concluded a load factor of 50 basis points to be appropriate.
Discounted Cash Flow Conclusion
The DCF schedule(s) and value conclusions are depicted on the following page:
© 2020 CBRE, Inc.
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97
As the majority of this report analyzes the subject As Stabilized per the proposed completion. The
respective cost to stabilize the property upon completion must be considered in order to estimate the
As Complete value. This analysis utilizes assumptions developed in the market analysis and income
capitalization approach and will be deducted as a line item from each approach in order to render an
As Complete value estimate.
As the lease up adjustment in this analysis will be used to calculate the As Complete scenario, the
lease-up calculation represents a lease-up period of 24 months, which averages 1.6 units per month,
required to stabilize the subject. During this period, the subject will incur rent loss on vacant units. The
rent loss due to vacancy is straight-lined to stabilize per the concluded absorption rate.
Variable expenses make up a considerable amount of a property’s operating expenses, with one of
the larger variable expenses being staffing. However, as a property nears stabilization, a community is
typically operating at nearly full staffing operating capacity. At the subject’s current occupancy, any
variation in expenses would be expected to be off-set by any increased marketing efforts. Additionally,
we have included a 10.00% profit line item to account for the entrepreneurial incentive.
LEASE UP DISCOUNT
Indicated Lease-Up Discount
Rounded
Compiled by CBRE
$1,714,761
$1,715,000
value conclusions. Additionally, this analysis includes negative cashflows. Thus, a discount rate has
not been applied. This methodology is summarized as follows:
© 2020 CBRE, Inc.
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Month 1 2 3 4 5 6 7 8 9 10 11 12
AS-STABILIZED
Potential Rental Income $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475
Loss to Lease $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Concessions $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Adjusted Rental Income $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475
Vacancy (%) 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
Vacancys ($) ($29,748) ($29,748) ($29,748) ($29,748) ($29,748) ($29,748) ($29,748) ($29,748) ($29,748) ($29,748) ($29,748) ($29,748)
Net Rental Income $267,728 $267,728 $267,728 $267,728 $267,728 $267,728 $267,728 $267,728 $267,728 $267,728 $267,728 $267,728
Other Income $24,154 $24,154 $24,154 $24,154 $24,154 $24,154 $24,154 $24,154 $24,154 $24,154 $24,154 $24,154
Effective Gross Income $291,881 $291,881 $291,881 $291,881 $291,881 $291,881 $291,881 $291,881 $291,881 $291,881 $291,881 $291,881
Total Expenses ($246,715) ($246,715) ($246,715) ($246,715) ($246,715) ($246,715) ($246,715) ($246,715) ($246,715) ($246,715) ($246,715) ($246,715)
Net Operating Income $45,167 $45,167 $45,167 $45,167 $45,167 $45,167 $45,167 $45,167 $45,167 $45,167 $45,167 $45,167
AS-IS
Potential Rental Income $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475
Loss to Lease (Above Market) 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Concessions During Lease Up 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Adjusted Rental Income $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475
Vacancy (%) 48.5% 46.9% 45.2% 43.6% 42.0% 40.4% 38.8% 37.2% 35.6% 34.0% 32.4% 30.8%
Vacancys ($) ($144,137) ($139,371) ($134,605) ($129,839) ($125,072) ($120,306) ($115,540) ($110,774) ($106,007) ($101,241) ($96,475) ($91,709)
Net Rental Income $153,338 $158,104 $162,870 $167,636 $172,403 $177,169 $181,935 $186,701 $191,468 $196,234 $201,000 $205,766
Other Income $13,834 $14,264 $14,694 $15,124 $15,554 $15,984 $16,414 $16,844 $17,274 $17,704 $18,134 $18,564
Effective Gross Income $167,171 $172,368 $177,564 $182,760 $187,956 $193,153 $198,349 $203,545 $208,741 $213,938 $219,134 $224,330
Total Expenses (0% Variable) ($246,715) ($246,715) ($246,715) ($246,715) ($246,715) ($246,715) ($246,715) ($246,715) ($246,715) ($246,715) ($246,715) ($246,715)
Net Operating Income ($79,543) ($74,347) ($69,151) ($63,955) ($58,758) ($53,562) ($48,366) ($43,170) ($37,973) ($32,777) ($27,581) ($22,385)
NOI Differential $124,710 $119,514 $114,317 $109,121 $103,925 $98,729 $93,532 $88,336 $83,140 $77,944 $72,747 $67,551
Sub-Total $124,710 $119,514 $114,317 $109,121 $103,925 $98,729 $93,532 $88,336 $83,140 $77,944 $72,747 $67,551
Plus: Profit @ 10.00% $12,471 $11,951 $11,432 $10,912 $10,392 $9,873 $9,353 $8,834 $8,314 $7,794 $7,275 $6,755
Total Lease-Up Cost $137,181 $131,465 $125,749 $120,033 $114,317 $108,602 $102,886 $97,170 $91,454 $85,738 $80,022 $74,306
99
Month 13 14 15 16 17 18 19 20 21 22 23 24
AS-STABILIZED
Potential Rental Income $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475
Loss to Lease $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Concessions $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Adjusted Rental Income $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475
Vacancy (%) 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
Vacancys ($) ($29,748) ($29,748) ($29,748) ($29,748) ($29,748) ($29,748) ($29,748) ($29,748) ($29,748) ($29,748) ($29,748) ($29,748)
Net Rental Income $267,728 $267,728 $267,728 $267,728 $267,728 $267,728 $267,728 $267,728 $267,728 $267,728 $267,728 $267,728
Other Income $24,154 $24,154 $24,154 $24,154 $24,154 $24,154 $24,154 $24,154 $24,154 $24,154 $24,154 $24,154
Effective Gross Income $291,881 $291,881 $291,881 $291,881 $291,881 $291,881 $291,881 $291,881 $291,881 $291,881 $291,881 $291,881
Total Expenses ($246,715) ($246,715) ($246,715) ($246,715) ($246,715) ($246,715) ($246,715) ($246,715) ($246,715) ($246,715) ($246,715) ($246,715)
Net Operating Income $45,167 $45,167 $45,167 $45,167 $45,167 $45,167 $45,167 $45,167 $45,167 $45,167 $45,167 $45,167
AS-IS
Potential Rental Income $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475
Loss to Lease (Above Market) 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Concessions During Lease Up 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Adjusted Rental Income $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475 $297,475
Vacancy (%) 29.2% 27.6% 26.0% 24.4% 22.8% 21.2% 19.6% 18.0% 16.4% 14.8% 13.2% 11.6%
Vacancys ($) ($86,942) ($82,176) ($77,410) ($72,644) ($67,877) ($63,111) ($58,345) ($53,579) ($48,812) ($44,046) ($39,280) ($34,514)
Net Rental Income $210,533 $215,299 $220,065 $224,831 $229,598 $234,364 $239,130 $243,896 $248,663 $253,429 $258,195 $262,961
Other Income $18,994 $19,424 $19,854 $20,284 $20,714 $21,144 $21,574 $22,004 $22,434 $22,864 $23,294 $23,724
Effective Gross Income $229,526 $234,723 $239,919 $245,115 $250,311 $255,508 $260,704 $265,900 $271,096 $276,293 $281,489 $286,685
Total Expenses (0% Variable) ($246,715) ($246,715) ($246,715) ($246,715) ($246,715) ($246,715) ($246,715) ($246,715) ($246,715) ($246,715) ($246,715) ($246,715)
Net Operating Income ($17,188) ($11,992) ($6,796) ($1,600) $3,597 $8,793 $13,989 $19,185 $24,382 $29,578 $34,774 $39,970
NOI Differential $62,355 $57,159 $51,962 $46,766 $41,570 $36,374 $31,177 $25,981 $20,785 $15,589 $10,392 $5,196
Sub-Total $62,355 $57,159 $51,962 $46,766 $41,570 $36,374 $31,177 $25,981 $20,785 $15,589 $10,392 $5,196
Plus: Profit @ 10.00% $6,235 $5,716 $5,196 $4,677 $4,157 $3,637 $3,118 $2,598 $2,078 $1,559 $1,039 $520
Total Lease-Up Cost $68,590 $62,875 $57,159 $51,443 $45,727 $40,011 $34,295 $28,579 $22,863 $17,148 $11,432 $5,716
© 2020 CBRE, Inc.
100
The conclusions via the valuation methods employed for this approach are as follows:
As Is As Complete As Stabilized
September 22, 2020 November 22, 2020 November 22, 2022
Direct Capitalization Method $4,950,000 $5,280,000 $6,990,000
Discounted Cash Flow Analysis $4,960,000 $5,290,000 $7,010,000
Reconciled Value $4,960,000 $5,290,000 $7,000,000
Compiled by CBRE
INCOME CAPITALIZATION APPROACH VALUES
discounted cash flow analysis recognizes the changes in cash flows over the holding period of an
asset. In this case, equal emphasis has been placed on both indications in concluding a market value
for the subject. This methodology is considered to best reflect the actions of buyers and sellers
currently active in this market.
101
The value indications from the approaches to value are summarized as follows:
As Is As Complete As Stabilized
September 22, 2020 November 22, 2020 November 22, 2022
Sales Comparison Approach $5,250,000 $5,580,000 $7,300,000
Income Capitalization Approach $4,960,000 $5,290,000 $7,000,000
Reconciled Value $4,960,000 $5,290,000 $7,000,000
Compiled by CBRE
SUMMARY OF VALUE CONCLUSIONS
recently or for which listing prices or offers are known. The sales used in this analysis are considered
comparable to the subject, and the required adjustments were based on reasonable and well-
supported rationale. In addition, market participants are currently analyzing purchase prices on
investment properties as they relate to available substitutes in the market. Therefore, the sales
comparison approach is considered to provide a reliable value indication but has been given
secondary emphasis in the final value reconciliation.
The income capitalization approach is applicable to the subject since it is an income producing
property leased in the open market. Market participants are primarily analyzing properties based on
their income generating capability. Therefore, the income capitalization approach is considered a
reasonable and substantiated value indicator and has been given primary emphasis in the final value
estimate.
Based on the foregoing, the market value of the subject has been concluded as follows:
MARKET VALUE CONCLUSION
Appraisal Premise Interest Appraised Date of Value Value Conclusion
As Is – Going Concern Fee Simple Estate September 22, 2020 $4,960,000
As Stabilized – Going Concern Fee Simple Estate November 22, 2022 $7,000,000
Excess Land Value Fee Simple Estate September 22, 2020 $1,600,000
Compiled by CBRE
Under the As Complete and As Stabilized scenarios, these values represent prospective values which
are based on forward-looking projections that are based on current market indications and typical
underwriting witnessed by market participants as of the effective date. It is noted that the COVID-19
pandemic is causing heightened uncertainty in both local and global market conditions. Any
significant change in future market conditions that are inconsistent with the assumptions made herein
could impact the opinions of market value.
102
This “going concern” value of the fee simple in the subject property includes value attributable to
furniture, fixtures, and equipment (FF&E), business operation, and the real property. According to the
Uniform Standards of Professional Appraisal Practice, Standards Rule 1-2(e), it is necessary to “identify
and consider the effect on value of any personal property, trade fixtures or intangible items that are
not real property but are included in the appraisal.” The subject property contains elements of all three
types of values: real property, intangible items (or business value), and personal property. Hence, the
going-concern or business value must be separated from the real estate value. In doing so, this
analysis employs the lease coverage method.
Lease Coverage Analysis
A lease coverage ratio (LCR) analysis can be utilized to allocate the going concern of the fee simple
interest. To calculate the real estate value component, a market derived lease coverage ratio is
applied to the concluded net operating income for the subject. The result is an indicated annual
market lease payment for the subject. Market participants utilize this method to value the real
property. REITs and other buyers of seniors housing properties also utilize this methodology to
determine market rent. Hence, this method is considered to best reflect actions taken by actual market
participants in allocating business value for the subject’s property type.
For lease coverage rate selection support, we have included the following datasets. The following
chart includes lease coverage ratios as derived by seniors housing community lease transactions:
© 2020 CBRE, Inc.
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Oakmont of Chino Hills AL/MC 123 CA $23,593 Jul-14 $19,106 1.23
HealthLease Properties AL/NC 365 Multiple $14,041 Apr-14 $11,233 1.25
Sun City West MC 48 AZ $30,000 Apr-14 $23,077 1.30
Arbors of Winthrop AL 90 MA $23,076 May-14 $17,778 1.30
Olympia Manor NC 28 CA $16,179 Aug-14 $10,786 1.50
Holiday Portfolio IL 2,850 Multiple $13,779 Sep-14 $10,614 1.30
CareTrust REIT AL, MC 90 ID $14,847 Oct-14 $11,333 1.31
Prelude at Woodbury MC 30 MN $26,000 Jan-15 $20,000 1.30
Transitional Care Portfolio TCF 678 MD $40,165 Jun-15 $30,199 1.33
Liberty Healthcare Corp. IL/AL/NC 1,200 OH $19,583 Nov-15 $14,294 1.37
GA SNF NC 105 GA $10,679 Jan-15 $7,628 1.40
Infinity Portfolio SNF 702 TN & KY $13,394 Aug-16 $10,256 1.31
Priority Mgt. Portfolio AL/NC 568 TX $22,711 Dec-16 $15,141 1.50
West Texas SNF Portfolio SNF 519 TX $9,776 Sep-17 $6,901 1.42
Central Wisconsin SC Portfolio IL/AL/SNF 215 WI $8,691 Mar-18 $8,199 1.06
Pinnacle Senior Housing AL/MC 75 TX $22,265 Jul-18 $15,475 1.44
Colorado Springs SNF SNF 80 CO $25,116 Jul-18 $19,101 1.31
Colorado Grand SNF SNF 80 CO $36,054 Jul-18 $19,867 1.81
Arizona SNF SNF 96 AZ $30,562 Jul-18 $18,273 1.67
Missouri SNF Portfolio SNF 1,112 MO $12,520 Sep-18 $6,861 1.82
Michigan ALF Portfolio AL 162 MI $28,593 Dec-18 $23,679 1.21
St. James Place AL 22 GA $5,727 Jul-19 $4,091 1.40
Tarzana & Valley View AL 81 CA $24,586 Oct-19 $15,460 1.59
Family Initiative Residences IL/AL 38 GA $9,032 Oct-19 $6,947 1.30
Max: 1.82
Mean: 1.39
Min: 1.06
Source: Compiled by CBRE
SENIORS HOUSING LEASE COVERAGE RATIOS
ratios as recently reported by REITs for portfolios of assets:
© 2020 CBRE, Inc.
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WellTower REIT Seniors Portfolio IL/AL 1,656 Sep-19 1.21
WellTower REIT SNF Portfolio SNF 1,882 Sep-19 1.54
NHI REIT – Holiday Portfolio IL 2,925 Nov-18 1.25
NHI REIT – Seniors Housing Portfolio IL/AL/SNF — Dec-19 1.08
NHI REIT – Skilled Nursing Portfolio SNF — Dec-19 2.59
Sabra Health Care REIT SNF Portfolio SNF 33,879 Sep-19 1.24
Sabra Health Care REIT SH Portfolio IL/AL/MC 4,011 Sep-19 1.07
Ventas REIT SH Portfolio IL/AL/SNF 42,801 Sep-19 1.17
Omega REIT Core Assets SNF 6,590 Jun-19 1.30
Total Dataset Range / Mean: Max: 2.59
Mean: 1.38
Min: 1.07
Source: Compiled by CBRE
SENIORS HOUSING REIT PORTFOLIO LEASE COVERAGE RATIOS
asked to opine as to lease coverage ratio expectations for each acuity level. The following dataset
includes the indicated range, based on a vast majority of respondent indications; i.e. 79.5% or more
of respondents provided a lease coverage ratio expectation that falls within the indicated range.
Property Type / Care Level % of Respondents Indicated Range
Active Adult 79.5% 1.00 – 1.30
Independent Living 87.7% 1.10 – 1.50
Assisted Living 91.0% 1.20 – 1.60
Memory Care 86.2% 1.20 – 1.60
Skilled Nursing 80.0% 1.30 – 1.90
CCRC / LPC 82.9% 1.20 – 1.60
Max: 1.90
Min: 1.00
CBRE INVESTOR SURVEY LEASE COVERAGE RATIOS
Source: CBRE H1 2020 Investor Survey Results.
of ratios ranging from 1.10 to 1.90. In consideration of the subject’s acuity level, for purposes of this
analysis, a coverage ratio of 1.55 was used. The inferred rent is assumed to be on an absolute net
basis with no expenses to the lessor. Furthermore, the market rent is based upon a long-term lease of
20+ years, which is common. These terms are common for this property type.
© 2020 CBRE, Inc.
105
Healthcare Real Estate Investor & Developer Survey are summarized as follows, relative to
capitalization rates for absolute net leased healthcare properties:
summarized below:
Property / Portfolio Type Units State Lease Date
Sale Price
Per Unit
Fee Simple
Cap Rate
Leased Fee
Cap Rate
Basis Point
Spread
ILC Portfolio IL 3,138 Multiple Oct-13 $251,753 7.25% 6.20% 105
Confidential Transaction AL 120 WI Nov-13 $168,333 9.30% 7.75% 155
HealthLease Properties AL/NC 365 Multiple Apr-14 $135,342 10.37% 8.30% 207
Sun City West MC 48 AZ Apr-14 $333,333 9.00% 6.92% 208
Oakmont of Chino Hills AL/MC 123 CA Jun-14 $390,244 6.05% 4.90% 115
Holiday Portfolio IL 2,850 Multiple Sep-14 $192,982 7.14% 5.50% 164
CareTrust REIT AL, MC 90 ID Oct-14 $133,333 11.14% 8.50% 264
Prelude at Woodbury MC 30 MN Jan-15 $240,000 10.83% 8.33% 250
GA SNF NC 105 GA Apr-15 $79,048 13.51% 9.65% 386
Transitional Care Portfolio TCF 678 MD Jun-15 $345,133 11.64% 8.75% 289
Liberty Healthcare Corp. IL/AL/NC 1,200 OH Nov-15 $147,500 13.28% 9.69% 359
Infinity Portfolio SNF 702 TN & KY Aug-16 $105,257 12.72% 9.74% 298
Priority Mgt.Portfolio AL/NC 568 TX Dec-16 $168,838 13.45% 8.97% 448
West Texas Skilled Nursing SNF 519 TX Sep-17 $76,676 12.75% 9.00% 375
Central Wisconsin SC Portfolio IL/AL/SNF 215 WI Mar-18 $105,116 8.27% 7.80% 47
Pinnacle Senior Housing AL/MC 75 TX Jul-18 $260,000 8.56% 5.95% 261
Colorado Springs SNF SNF 80 CO Jul-18 $263,750 9.52% 7.24% 228
Arizona SNF SNF 96 AZ Jul-18 $241,042 12.68% 7.58% 510
Michigan ALF Portfolio AL 162 MI Dec-18 $345,679 8.27% 6.85% 142
Tarzana & Valley View AL 81 CA Oct-19 $283,951 8.66% 5.44% 321
Family Initiative Residences IL/AL 38 GA Oct-19 $81,579 11.07% 8.52% 255
Min: 47
Max: 510
Mean: 257
Source: Compiled by CBRE
SENIORS HOUSING NET LEASE TRANSACTIONS
106
the fee simple cap rate. Note that for the subject As Complete, the property will be undergoing an
absorption period; thus, we have increased the capitalization rate for this scenario to account for
perceived risk associated with a lease-up period.
The final step is applying the concluded lease coverage ratio and absolute net capitalization rate to
the estimated NOI for the subject. By capitalizing the indicated annual lease payment, a leased fee
value or value allocation of the real estate only is determined. The business value is the difference in
the going concern and the inferred leased fee or real property value, as summarized below.
As Is As Complete As Stabilized
September 22, 2020 November 22, 2020 November 22, 2022
Concluded Stabilized NOI $542,000 $542,000 $542,000
Divided Lease Coverage Ratio 1.55 1.55 1.55
Cash Flow to the Real Estate $349,677 $349,677 $349,677
Real Estate Only Cap Rate 7.75% 7.50% 6.75%
Indicated Real Estate Value $4,511,964 $4,662,363 $5,180,406
Concluded Market Value of the Going Concern $4,960,000 $5,290,000 $7,000,000
FF&E $546,000 $546,000 $546,000
Inferred Real Estate Value $4,511,964 $4,662,363 $5,180,406
Indicated Business Value -$97,964 $81,637 $1,273,594
Compiled by CBRE
LEASE COVERAGE ANALYSIS
Furniture, fixtures and equipment (FF&E) costs have been estimated in order to allocate the going
concern. In estimating costs for FF&E, numerous developers have been consulted as well as property
owners. The following table outlines budgeted FF&E in new construction.
© 2020 CBRE, Inc.
107
AL/MC 68 $5,926
AL/MC 67 $7,458
AL/MC 104 $9,832
AL/MC 78 $9,615
AL/MC 70 $12,857
AL/MC 86 $7,558
AL/MC 101 $8,510
AL/MC 85 $10,659
AL/MC 52 $7,596
AL/MC 92 $9,674
AL/MC 99 $8,692
AL/MC 88 $9,545
AL/MC 106 $8,019
AL/MC 120 $8,333
Weighted Average: — $8,903
Source: Compiled by CBRE
FF&E COST SUMMARY
size, an FF&E cost estimate of $7,500 per unit, or $728,000 (rounded) is considered reasonable the
subject. Depreciation is applied below.
Based on our physical inspection of the property, the following depreciation was applied to the FF &
E, for the concluded contributory value detailed below.
Cost New per Unit $7,500 $728,000
Percentage of Units furnished with FF&E 100%
Cost New of FF&E $728,000
Effective Age 2 Years
MVS Expected Life 8 Years
Remaining Economic Life 6 Years
Less: Incurable Physical Deterioration 25.0%
Contributory Value of FF&E $546,000
Compiled by CBRE
FF&E VALUE ESTIMATE
However, depreciation does not typically occur in a linear fashion, and the subject would not be fully
occupied during the absorption period. Therefore, the FF&E is expected to have incurred a limited
amount of depreciation, and none is applied to the FF&E under the As Stabilized scenario.
© 2020 CBRE, Inc.
108
By utilizing the concluded business value detailed above, an allocation of the going concern has been
estimated as follows:
As Is As Complete As Stabilized
September 22, 2020 November 22, 2020 November 22, 2022
Real Estate $4,414,000 $4,662,363 $5,180,406
FF & E $546,000 $546,000 $546,000
Business Value $0 $81,637 $1,273,594
Market Value of the Going Concern $4,960,000 $5,290,000 $7,000,000
Compiled by CBRE
ALLOCATION OF THE GOING CONCERN
109
1. CBRE, Inc. through its appraiser (collectively, “CBRE”) has inspected through reasonable observation the subject
property. However, it is not possible or reasonably practicable to personally inspect conditions beneath the soil and the
entire interior and exterior of the improvements on the subject property. Therefore, no representation is made as to such
matters.
2. The report, including its conclusions and any portion of such report (the “Report”), is as of the date set forth in the letter
of transmittal and based upon the information, market, economic, and property conditions and projected levels of
operation existing as of such date. The dollar amount of any conclusion as to value in the Report is based upon the
purchasing power of the U.S. Dollar on such date. The Report is subject to change as a result of fluctuations in any of
the foregoing. CBRE has no obligation to revise the Report to reflect any such fluctuations or other events or conditions
which occur subsequent to such date.
3. Unless otherwise expressly noted in the Report, CBRE has assumed that:
(i) Title to the subject property is clear and marketable and that there are no recorded or unrecorded matters or
exceptions to title that would adversely affect marketability or value. CBRE has not examined title records (including
without limitation liens, encumbrances, easements, deed restrictions, and other conditions that may affect the title or
use of the subject property) and makes no representations regarding title or its limitations on the use of the subject
property. Insurance against financial loss that may arise out of defects in title should be sought from a qualified title
insurance company.
(ii) Existing improvements on the subject property conform to applicable local, state, and federal building codes and
ordinances, are structurally sound and seismically safe, and have been built and repaired in a workmanlike manner
according to standard practices; all building systems (mechanical/electrical, HVAC, elevator, plumbing, etc.) are in
good working order with no major deferred maintenance or repair required; and the roof and exterior are in good
condition and free from intrusion by the elements. CBRE has not retained independent structural, mechanical,
electrical, or civil engineers in connection with this appraisal and, therefore, makes no representations relative to the
condition of improvements. CBRE appraisers are not engineers and are not qualified to judge matters of an
engineering nature, and furthermore structural problems or building system problems may not be visible. It is
expressly assumed that any purchaser would, as a precondition to closing a sale, obtain a satisfactory engineering
report relative to the structural integrity of the property and the integrity of building systems.
(iii) Any proposed improvements, on or off-site, as well as any alterations or repairs considered will be completed in a
workmanlike manner according to standard practices.
(iv) Hazardous materials are not present on the subject property. CBRE is not qualified to detect such substances. The
presence of substances such as asbestos, urea formaldehyde foam insulation, contaminated groundwater, mold, or
other potentially hazardous materials may affect the value of the property.
(v) No mineral deposit or subsurface rights of value exist with respect to the subject property, whether gas, liquid, or
solid, and no air or development rights of value may be transferred. CBRE has not considered any rights associated
with extraction or exploration of any resources, unless otherwise expressly noted in the Report.
(vi) There are no contemplated public initiatives, governmental development controls, rent controls, or changes in the
present zoning ordinances or regulations governing use, density, or shape that would significantly affect the value of
the subject property.
(vii) All required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any
local, state, nor national government or private entity or organization have been or can be readily obtained or
renewed for any use on which the Report is based.
(viii) The subject property is managed and operated in a prudent and competent manner, neither inefficiently or super-
efficiently.
(ix) The subject property and its use, management, and operation are in full compliance with all applicable federal, state,
and local regulations, laws, and restrictions, including without limitation environmental laws, seismic hazards, flight
patterns, decibel levels/noise envelopes, fire hazards, hillside ordinances, density, allowable uses, building codes,
permits, and licenses.
(x) The subject property is in full compliance with the Americans with Disabilities Act (ADA). CBRE is not qualified to
assess the subject property’s compliance with the ADA, notwithstanding any discussion of possible readily achievable
barrier removal construction items in the Report.
(xi) All information regarding the areas and dimensions of the subject property furnished to CBRE are correct, and no
encroachments exist. CBRE has neither undertaken any survey of the boundaries of the subject property nor reviewed
or confirmed the accuracy of any legal description of the subject property.
© 2020 CBRE, Inc.
110
CBRE has no knowledge of any such facts affecting the subject property. If any information inconsistent with any of the
foregoing assumptions is discovered, such information could have a substantial negative impact on the Report.
Accordingly, if any such information is subsequently made known to CBRE, CBRE reserves the right to amend the Report,
which may include the conclusions of the Report. CBRE assumes no responsibility for any conditions regarding the
foregoing, or for any expertise or knowledge required to discover them. Any user of the Report is urged to retain an
expert in the applicable field(s) for information regarding such conditions.
4. CBRE has assumed that all documents, data and information furnished by or behalf of the client, property owner, or
owner’s representative are accurate and correct, unless otherwise expressly noted in the Report. Such data and
information include, without limitation, numerical street addresses, lot and block numbers, Assessor’s Parcel Numbers,
land dimensions, square footage area of the land, dimensions of the improvements, gross building areas, net rentable
areas, usable areas, unit count, room count, rent schedules, income data, historical operating expenses, budgets, and
related data. Any error in any of the above could have a substantial impact on the Report. Accordingly, if any such
errors are subsequently made known to CBRE, CBRE reserves the right to amend the Report, which may include the
conclusions of the Report. The client and intended user should carefully review all assumptions, data, relevant
calculations, and conclusions of the Report and should immediately notify CBRE of any questions or errors within 30
days after the date of delivery of the Report.
5. CBRE assumes no responsibility (including any obligation to procure the same) for any documents, data or information
not provided to CBRE, including without limitation any termite inspection, survey or occupancy permit.
6. All furnishings, equipment and business operations have been disregarded with only real property being considered in
the Report, except as otherwise expressly stated and typically considered part of real property.
7. Any cash flows included in the analysis are forecasts of estimated future operating characteristics based upon the
information and assumptions contained within the Report. Any projections of income, expenses and economic
conditions utilized in the Report, including such cash flows, should be considered as only estimates of the expectations
of future income and expenses as of the date of the Report and not predictions of the future. Actual results are affected
by a number of factors outside the control of CBRE, including without limitation fluctuating economic, market, and
property conditions. Actual results may ultimately differ from these projections, and CBRE does not warrant any such
projections.
8. The Report contains professional opinions and is expressly not intended to serve as any warranty, assurance or
guarantee of any particular value of the subject property. Other appraisers may reach different conclusions as to the
value of the subject property. Furthermore, market value is highly related to exposure time, promotion effort, terms,
motivation, and conclusions surrounding the offering of the subject property. The Report is for the sole purpose of
providing the intended user with CBRE’s independent professional opinion of the value of the subject property as of the
date of the Report. Accordingly, CBRE shall not be liable for any losses that arise from any investment or lending
decisions based upon the Report that the client, intended user, or any buyer, seller, investor, or lending institution may
undertake related to the subject property, and CBRE has not been compensated to assume any of these risks. Nothing
contained in the Report shall be construed as any direct or indirect recommendation of CBRE to buy, sell, hold, or
finance the subject property.
9. No opinion is expressed on matters which may require legal expertise or specialized investigation or knowledge beyond
that customarily employed by real estate appraisers. Any user of the Report is advised to retain experts in areas that fall
outside the scope of the real estate appraisal profession for such matters.
10. CBRE assumes no responsibility for any costs or consequences arising due to the need, or the lack of need, for flood
hazard insurance. An agent for the Federal Flood Insurance Program should be contacted to determine the actual need
for Flood Hazard Insurance.
11. Acceptance or use of the Report constitutes full acceptance of these Assumptions and Limiting Conditions and any
special assumptions set forth in the Report. It is the responsibility of the user of the Report to read in full, comprehend
and thus become aware of all such assumptions and limiting conditions. CBRE assumes no responsibility for any
situation arising out of the user’s failure to become familiar with and understand the same.
12. The Report applies to the property as a whole only, and any pro ration or division of the title into fractional interests will
invalidate such conclusions, unless the Report expressly assumes such pro ration or division of interests.
13. The allocations of the total value estimate in the Report between land and improvements apply only to the existing use
of the subject property. The allocations of values for each of the land and improvements are not intended to be used
with any other property or appraisal and are not valid for any such use.
14. The maps, plats, sketches, graphs, photographs, and exhibits included in this Report are for illustration purposes only
and shall be utilized only to assist in visualizing matters discussed in the Report. No such items shall be removed,
reproduced, or used apart from the Report.
© 2020 CBRE, Inc.
111
CBRE, which consent CBRE may withhold in its sole discretion. Exempt from this restriction is duplication for the internal
use of the intended user and its attorneys, accountants, or advisors for the sole benefit of the intended user. Also exempt
from this restriction is transmission of the Report pursuant to any requirement of any court, governmental authority, or
regulatory agency having jurisdiction over the intended user, provided that the Report and its contents shall not be
published, in whole or in part, in any public document without the written consent of CBRE, which consent CBRE may
withhold in its sole discretion. Finally, the Report shall not be made available to the public or otherwise used in any
offering of the property or any security, as defined by applicable law. Any unintended user who may possess the Report
is advised that it shall not rely upon the Report or its conclusions and that it should rely on its own appraisers, advisors
and other consultants for any decision in connection with the subject property. CBRE shall have no liability or
responsibility to any such unintended user.
© 2020 CBRE, Inc.
© 2020 CBRE, Inc.
Comparable Data Sheets
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Operating Data/Sale Contract/Repair Budget
© 2020 CBRE, Inc.
Property Ventura Hills 1 1 1 1 0 0 0 0 0 0 0 0 Increase
Occupancy 92 93 94 94 94 94 94 94 94 94 94 94 0
Census 95 96 97 97 97 97 97 97 97 97 97 97 0
RPU $3,341 $3,337 $3,359 $3,359 $3,348 $3,348 $3,348 $3,348 $3,348 $3,348 $3,348 $3,348
INCOME Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Total
Apartment Rent 4% increase $281,554 $284,349 $289,544 $289,544 $289,544 $289,544 $289,544 $289,544 $289,544 $289,544 $289,544 $289,544 $3,461,349
Second Person $2,640 $2,640 $2,640 $2,640 $2,640 $2,640 $2,640 $2,640 $2,640 $2,640 $2,640 $2,640 $31,680
Level of Care $18,525 $18,720 $18,915 $18,915 $18,915 $18,915 $18,915 $18,915 $18,915 $18,915 $18,915 $18,915 $226,395
Guest Apt Rent $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Guest Meals $375 $375 $375 $375 $375 $375 $375 $375 $375 $375 $375 $375 $4,500
Pendant Fee $612 $619 $625 $625 $625 $625 $625 $625 $625 $625 $625 $625 $7,482
Laundry $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Activities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Maintenance $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Housekeeping $325 $325 $325 $325 $325 $325 $325 $325 $325 $325 $325 $325 $3,900
Late Fees $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Community Fee $3,000 $3,000 $3,000 $3,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $28,000
Pet Fee $325 $325 $325 $325 $325 $325 $325 $325 $325 $325 $325 $325 $3,900
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Revenue $307,357 $310,353 $315,750 $315,750 $314,750 $314,750 $314,750 $314,750 $314,750 $314,750 $314,750 $314,750 $3,767,206
EXPENSES
Operations Expenses
Administrative Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Total
Admin ED $7,532 $7,532 $7,532 $7,532 $7,532 $7,532 $7,532 $7,532 $7,532 $7,532 $7,532 $7,532 $90,389
Assisted ED $4,597 $4,597 $4,597 $4,597 $4,597 $4,597 $4,597 $4,597 $4,597 $4,597 $4,597 $4,597 $55,167
Business Office Staf $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Reception $3,556 $3,556 $3,556 $3,556 $3,556 $3,556 $3,556 $3,556 $3,556 $3,556 $3,556 $3,556 $42,671
Payroll Taxes-Total $1,412 $1,412 $1,412 $1,412 $1,412 $1,412 $1,412 $1,412 $1,412 $1,412 $1,412 $1,412 $16,940
PTO-Admin $133 $133 $133 $133 $133 $133 $133 $133 $133 $133 $133 $133 $1,600
Holiday Pay-Admin $84 $84 $84 $84 $84 $84 $84 $84 $84 $84 $84 $84 $1,003
Overtime $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Payroll Administration $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $8,400
Travel $80 $80 $80 $80 $80 $80 $80 $80 $80 $80 $80 $80 $960
Training/ Conference $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Uniforms $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Incentive Bonus $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Pre Employment Cost $77 $77 $77 $77 $77 $77 $77 $77 $77 $77 $77 $77 $927
Office Supplies $180 $180 $180 $180 $180 $180 $180 $180 $180 $180 $180 $180 $2,163
Business Leases $990 $990 $990 $990 $990 $990 $990 $990 $990 $990 $990 $990 $11,878
Computer Expenses $371 $371 $371 $371 $371 $371 $371 $371 $371 $371 $371 $371 $4,456
Postage $53 $53 $53 $53 $53 $53 $53 $53 $53 $53 $53 $53 $637
Security $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Legal $159 $159 $159 $159 $159 $159 $159 $159 $159 $159 $159 $159 $1,910
Bad Debt Write Off 1% $3,074 $3,104 $3,157 $3,157 $3,147 $3,147 $3,147 $3,147 $3,147 $3,147 $3,147 $3,147 $37,672
Bank Fees $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $2,400
License and Fees $175 $175 $175 $175 $175 $175 $175 $175 $175 $175 $175 $175 $2,100
Dues and Subscriptions $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $6,000
Accounting and Audit $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $8,400
HR Fee $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $8,400
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Administrative $25,274 $25,304 $25,357 $25,357 $25,347 $25,347 $25,347 $25,347 $25,347 $25,347 $25,347 $25,347 $304,072
Health Care
Wellness Directors $6,631 $6,631 $6,631 $6,631 $6,631 $6,631 $6,631 $6,631 $6,631 $6,631 $6,631 $6,631 $79,568
Care Staff $79,830 $79,830 $79,830 $79,830 $79,830 $79,830 $79,830 $79,830 $79,830 $79,830 $79,830 $79,830 $957,960
Pay Tax Clinical $7,781 $7,781 $7,781 $7,781 $7,781 $7,781 $7,781 $7,781 $7,781 $7,781 $7,781 $7,781 $93,377
PTO-Clinical $2,994 $2,994 $2,994 $2,994 $2,994 $2,994 $2,994 $2,994 $2,994 $2,994 $2,994 $2,994 $35,923
Holiday Pay-Clinical $1,876 $1,876 $1,876 $1,876 $1,876 $1,876 $1,876 $1,876 $1,876 $1,876 $1,876 $1,876 $22,512
Overtime $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Supplies $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $12,000
RN Consult $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Health Care $100,112 $100,112 $100,112 $100,112 $100,112 $100,112 $100,112 $100,112 $100,112 $100,112 $100,112 $100,112 $1,201,341
Marketing Expenses
Marketing Team $5,305 $5,305 $5,305 $5,305 $5,305 $5,305 $5,305 $5,305 $5,305 $5,305 $5,305 $5,305 $63,654
Payroll taxes-Marketing $477 $477 $477 $477 $477 $477 $477 $477 $477 $477 $477 $477 $5,729
Marketing PTO $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Holiday Pay $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Commissions $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Referral Fees $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Website Advertising $2,200 $2,200 $2,200 $2,200 $2,200 $2,200 $2,200 $2,200 $2,200 $2,200 $2,200 $2,200 $26,400
Advertising $350 $350 $350 $350 $350 $350 $350 $350 $350 $350 $350 $350 $4,200
Supplies $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $1,800
Special Events $525 $525 $525 $525 $525 $525 $525 $525 $525 $525 $525 $525 $6,300
Travel Expense $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Guest Meals $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Marketing $9,007 $9,007 $9,007 $9,007 $9,007 $9,007 $9,007 $9,007 $9,007 $9,007 $9,007 $9,007 $108,083
Environmental
Maintenance Director $4,869 $4,869 $4,869 $4,869 $4,869 $4,869 $4,869 $4,869 $4,869 $4,869 $4,869 $4,869 $58,422
Maintenance Staff $2,060 $2,060 $2,060 $2,060 $2,060 $2,060 $2,060 $2,060 $2,060 $2,060 $2,060 $2,060 $24,720
Payroll Taxes-Environmental $624 $624 $624 $624 $624 $624 $624 $624 $624 $624 $624 $624 $7,483
PTO-Environmental $260 $260 $260 $260 $260 $260 $260 $260 $260 $260 $260 $260 $3,118
Holiday Pay-Environmental $163 $163 $163 $163 $163 $163 $163 $163 $163 $163 $163 $163 $1,954
Overtime-Environmental $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Repairs Maintenance $1,545 $1,545 $1,545 $1,545 $1,545 $1,545 $1,545 $1,545 $1,545 $1,545 $1,545 $1,545 $18,540
Outside Contract $438 $438 $438 $438 $438 $438 $438 $438 $438 $438 $438 $438 $5,253
Fire Inspection/Repairs $2,781 $2,781 $2,781 $2,781 $2,781 $2,781 $2,781 $2,781 $2,781 $2,781 $2,781 $2,781 $33,372
Alarm System $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Elevator $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Land Scaping $2,558 $2,558 $2,558 $2,558 $2,558 $2,558 $2,558 $2,558 $2,558 $2,558 $2,558 $2,558 $30,694
Pest Control $478 $478 $478 $478 $478 $478 $478 $478 $478 $478 $478 $478 $5,742
Maintenance Supplies $820 $820 $820 $820 $820 $820 $820 $820 $820 $820 $820 $820 $9,841
Minor Equipment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Environmental $16,595 $16,595 $16,595 $16,595 $16,595 $16,595 $16,595 $16,595 $16,595 $16,595 $16,595 $16,595 $199,138
Dining Services Expenses
Dining Services Director $5,928 $5,928 $5,928 $5,928 $5,928 $5,928 $5,928 $5,928 $5,928 $5,928 $5,928 $5,928 $71,142
Dining Services Chefs $8,128 $8,128 $8,128 $8,128 $8,128 $8,128 $8,128 $8,128 $8,128 $8,128 $8,128 $8,128 $97,531
Dishwasher $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Dining Services Staff $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Payroll Taxes-Dietary $1,265 $1,265 $1,265 $1,265 $1,265 $1,265 $1,265 $1,265 $1,265 $1,265 $1,265 $1,265 $15,181
PTO Dining Services $527 $527 $527 $527 $527 $527 $527 $527 $527 $527 $527 $527 $6,325
Holiday Pay Dining Services $330 $330 $330 $330 $330 $330 $330 $330 $330 $330 $330 $330 $3,964
Overtime Dining Services $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Raw Food Purchases $6.25 $18,050 $18,240 $18,430 $18,430 $18,430 $18,430 $18,430 $18,430 $18,430 $18,430 $18,430 $18,430 $220,590
Bar Supplies/Liquor $25 $25 $25 $25 $25 $25 $25 $25 $25 $25 $25 $25 $300
Supplies/Chemicals $451 $451 $451 $451 $451 $451 $451 $451 $451 $451 $451 $451 $5,411
Non-Food Supplies $412 $412 $412 $412 $412 $412 $412 $412 $412 $412 $412 $412 $4,944
Uniforms Dining Services $30 $30 $30 $30 $30 $30 $30 $30 $30 $30 $30 $30 $360
Dishes/Utensils $60 $60 $60 $60 $60 $60 $60 $60 $60 $60 $60 $60 $720
Equipment $375 $375 $375 $375 $375 $375 $375 $375 $375 $375 $375 $375 $4,500
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Dietary Expenses $35,581 $35,771 $35,961 $35,961 $35,961 $35,961 $35,961 $35,961 $35,961 $35,961 $35,961 $35,961 $430,967
Laundry and Housekeeping
Housekeeping Supervisor $2,965 $2,965 $2,965 $2,965 $2,965 $2,965 $2,965 $2,965 $2,965 $2,965 $2,965 $2,965 $35,578
Housekeeping Staff $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Payroll Taxes Housekeep $267 $267 $267 $267 $267 $267 $267 $267 $267 $267 $267 $267 $3,202
PTO Housekeeping $111 $111 $111 $111 $111 $111 $111 $111 $111 $111 $111 $111 $1,334
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Overtime Housekeeping $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Uniforms Housekeeping $10 $10 $10 $10 $10 $10 $10 $10 $10 $10 $10 $10 $124
Supplies Housekeeping $450 $450 $450 $450 $450 $450 $450 $450 $450 $450 $450 $450 $5,400
Equipment-Laundry $30 $30 $30 $30 $30 $30 $30 $30 $30 $30 $30 $30 $360
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Housekeeping $3,903 $3,903 $3,903 $3,903 $3,903 $3,903 $3,903 $3,903 $3,903 $3,903 $3,903 $3,903 $46,833
Activities
Activities Directors $5,699 $5,699 $5,699 $5,699 $5,699 $5,699 $5,699 $5,699 $5,699 $5,699 $5,699 $5,699 $68,394
Activity Team $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Memory Care Director $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
M/C Activity Team $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Payroll Tax Activities $513 $513 $513 $513 $513 $513 $513 $513 $513 $513 $513 $513 $6,155
PTO Activities $214 $214 $214 $214 $214 $214 $214 $214 $214 $214 $214 $214 $2,565
Holiday Pay Activities $134 $134 $134 $134 $134 $134 $134 $134 $134 $134 $134 $134 $1,607
Overtime Activities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Community Events $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $6,000
Uniforms Activities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Resident Relations $75 $75 $75 $75 $75 $75 $75 $75 $75 $75 $75 $75 $900
Contracted Services Activities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Vehicle Lease $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $12,000
Vehicle Expense/Fuel $100 $100 $100 $100 $100 $100 $100 $100 $100 $100 $100 $100 $1,200
Supplies Activities $450 $450 $450 $450 $450 $450 $450 $450 $450 $450 $450 $450 $5,400
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Activities Expense $8,685 $8,685 $8,685 $8,685 $8,685 $8,685 $8,685 $8,685 $8,685 $8,685 $8,685 $8,685 $104,221
Utilities
Electricity $6,079 $6,079 $6,079 $6,079 $6,079 $6,079 $6,079 $6,079 $6,079 $6,079 $6,079 $6,079 $72,947
Water, Trash, and Sewer $6,949 $6,949 $6,949 $6,949 $6,949 $6,949 $6,949 $6,949 $6,949 $6,949 $6,949 $6,949 $83,387
Gas $386 $386 $386 $386 $386 $386 $386 $386 $386 $386 $386 $386 $4,634
Telephone $2,748 $2,748 $2,748 $2,748 $2,748 $2,748 $2,748 $2,748 $2,748 $2,748 $2,748 $2,748 $32,973
Cable and Internet $972 $972 $972 $972 $972 $972 $972 $972 $972 $972 $972 $972 $11,661
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Utilities $17,134 $17,134 $17,134 $17,134 $17,134 $17,134 $17,134 $17,134 $17,134 $17,134 $17,134 $17,134 $205,602
Taxes and Insurance
Property Tax Expense $7,567 $7,567 $7,567 $7,567 $7,567 $7,567 $7,567 $7,567 $7,567 $7,567 $7,567 $7,567 $90,804
Insurance-WC, Liability $2,747 $2,747 $2,747 $2,747 $2,747 $2,747 $2,747 $2,747 $2,747 $2,747 $2,747 $2,747 $32,960
Insurance-Property $2,349 $2,349 $2,349 $2,349 $2,349 $2,349 $2,349 $2,349 $2,349 $2,349 $2,349 $2,349 $28,186
Health Insurance $9,018 $9,018 $9,018 $9,018 $9,018 $9,018 $9,018 $9,018 $9,018 $9,018 $9,018 $9,018 $108,212
Tax Reserve, Personal, Property $398 $398 $398 $398 $398 $398 $398 $398 $398 $398 $398 $398 $4,774
Insurance – Auto $281 $281 $281 $281 $281 $281 $281 $281 $281 $281 $281 $281 $3,374
Total Taxes and Insurance $22,359 $22,359 $22,359 $22,359 $22,359 $22,359 $22,359 $22,359 $22,359 $22,359 $22,359 $22,359 $268,309
Total Expenses $238,649 $238,869 $239,113 $239,113 $239,103 $239,103 $239,103 $239,103 $239,103 $239,103 $239,103 $239,103 $2,868,567
Net Operating Income $68,708 $71,484 $76,637 $76,637 $75,647 $75,647 $75,647 $75,647 $75,647 $75,647 $75,647 $75,647 $898,639
NOI % 22.4% 23.0% 24.3% 24.3% 24.0% 24.0% 24.0% 24.0% 24.0% 24.0% 24.0% 24.0% 23.9%
NON-OPERATING EXPENSE
Operator
Mangment Fee 5% $15,368 $15,518 $15,787 $15,787 $15,737 $15,737 $15,737 $15,737 $15,737 $15,737 $15,737 $15,737 $188,360
Lease Payment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Operator Expense $15,368 $15,518 $15,787 $15,787 $15,737 $15,737 $15,737 $15,737 $15,737 $15,737 $15,737 $15,737 $188,360
Partnership
Inter Company Loan $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
SBA Company Loan 2 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Loan Payment Operation $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Loan Payments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
CAP-X Fund $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $300,000
Cash Reserves $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Partnership $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $300,000
Total Non-Operating Expense $40,368 $40,518 $40,787 $40,787 $40,737 $40,737 $40,737 $40,737 $40,737 $40,737 $40,737 $40,737 $488,360
Total Income-Total Expenses $28,340 $30,967 $35,849 $35,849 $34,909 $34,909 $34,909 $34,909 $34,909 $34,909 $34,909 $34,909 $410,279
Profit Loss $28,340 $30,967 $35,849 $35,849 $34,909 $34,909 $34,909 $34,909 $34,909 $34,909 $34,909 $34,909 $410,279
Cash Flow $28,340 $59,306 $95,156 $131,005 $165,914 $200,823 $235,733 $270,642 $305,551 $340,460 $375,369 $410,279
© 2020 CBRE, Inc.
Revenue
Operating Revenue
Other Income
Beauty Salon Rental $0.00 $0.00 $0.00 -$297.00 -$522.50 -$838.25 -$1,657.75
Physical Therapy Space Rental $208.00 $208.00 $208.00 $208.00 $416.00 $0.00 $1,248.00
Total Other Income $208.00 $208.00 $208.00 -$89.00 -$106.50 -$838.25 -$409.75
Total Operating Revenue $208.00 $208.00 $208.00 -$89.00 -$106.50 -$838.25 -$409.75
Room & Board AL
*Room & Board – AL
Room & Board AL $83,237.78 $147,625.24 $87,113.94 $153,224.37 $143,834.73 $140,129.78 $755,165.84
Total *Room & Board – AL $83,237.78 $147,625.24 $87,113.94 $153,224.37 $143,834.73 $140,129.78 $755,165.84
Additional Services – AL
Additional Resident AL $2,950.00 $2,950.00 $2,950.00 $2,949.96 $2,950.00 $1,000.00 $15,749.96
Additonal Meals / Tray Svc AL $0.00 $0.00 $0.00 -$246.80 $620.00 $0.00 $373.20
Beauty Salon AL $0.00 $0.00 $0.00 $995.00 $1,405.50 $0.00 $2,400.50
Care Level 1 AL $775.30 $1,241.33 $571.34 -$234.42 $1,823.00 $2,636.93 $6,813.48
Care Level 2 AL $4,951.00 $8,581.93 $4,999.33 $8,374.20 $9,010.69 $8,087.00 $44,004.15
Care Level 3 AL $1,550.00 $987.10 $820.00 $600.00 -$2,280.00 $2,361.29 $4,038.39
Community Fees AL $1,750.00 $0.00 $3,500.00 $875.00 $8,750.00 $0.00 $14,875.00
Guest Meals AL $0.00 $0.00 $0.00 $228.00 $1,440.00 $0.00 $1,668.00
Housekeeping AL $204.00 $204.00 $204.00 $204.00 $204.00 $204.00 $1,224.00
Medication Fee AL $3,668.67 $7,069.00 $3,842.00 $7,700.90 $7,719.00 $7,985.62 $37,985.19
Miscellaneous Resident Charge (AL) -$1,974.12 -$2,561.63 -$2,474.12 -$2,489.12 -$2,489.12 -$2,767.99 -$14,756.10
Pendant Fee AL $662.50 $403.00 $346.00 $346.00 $471.66 $359.10 $2,588.26
Pet Fee AL $0.00 $0.00 $0.00 $425.00 $0.00 $0.00 $425.00
Total Additional Services – AL $14,537.35 $18,874.73 $14,758.55 $19,727.72 $29,624.73 $19,865.95 $117,389.03
Concessions – AL
Concessions – Additional Resident AL -$1,310.00 -$1,310.00 -$1,310.00 -$1,309.96 -$1,310.00 -$200.00 -$6,749.96
Concessions – Care Services AL -$3,145.00 -$3,395.00 -$3,145.00 -$3,395.00 -$1,951.90 -$3,795.00 -$18,826.90
Concessions – Community Fee AL -$1,750.00 $0.00 -$1,750.00 $0.00 $0.00 $0.00 -$3,500.00
Concessions – Rent AL $8,900.00 $6,038.49 $7,170.75 -$6,226.21 $5,708.39 $7,235.87 $28,827.29
Total Concessions – AL $2,695.00 $1,333.49 $965.75 -$10,931.17 $2,446.49 $3,240.87 -$249.57
Total Room & Board AL $100,470.13 $167,833.46 $102,838.24 $162,020.92 $175,905.95 $163,236.60 $872,305.30
Room & Board MC
*Room & Board – MC
Room & Board MC $67,714.99 $6,150.00 $68,459.25 $3,543.35 $4,939.59 $13,432.37 $164,239.55
Total *Room & Board – MC $67,714.99 $6,150.00 $68,459.25 $3,543.35 $4,939.59 $13,432.37 $164,239.55
Additional Services – MC
Additional Care Services MC $0.00 $0.00 -$1,434.48 $1,108.62 $380.17 $525.00 $579.31
Beauty Salon MC $0.00 $0.00 $0.00 $88.00 $34.00 $0.00 $122.00
Care Level 1 MC $1,647.00 $1,097.00 $1,747.00 $1,097.00 $1,097.00 $336.06 $7,021.06
Care Level 2 MC $3,689.00 $0.00 $3,689.00 -$551.17 $643.03 $888.00 $8,357.86
Community Fees MC $2,000.00 $0.00 $0.00 $2,000.00 $0.00 $7,500.00 $11,500.00
Guest Meals MC $0.00 $0.00 $0.00 $12.00 $132.00 $0.00 $144.00
Medication Fee MC $3,400.33 $0.00 $3,400.33 $0.00 $0.00 $0.00 $6,800.66
Miscellaneous Resident charge MC -$15.00 $0.00 -$15.00 $0.00 $0.00 $0.00 -$30.00
Pet Fee MC $0.00 $0.00 $0.00 $0.00 $0.00 $1,274.74 $1,274.74
Total Additional Services – MC $10,721.33 $1,097.00 $7,386.85 $3,754.45 $2,286.20 $10,523.80 $35,769.63
Concessions – MC
Concessions – Care Level MC -$250.00 $0.00 -$250.00 $0.00 $0.00 $0.00 -$500.00
Concessions – Community Fees MC $0.00 $0.00 $0.00 $0.00 $0.00 $875.00 $875.00
Concessions – Rent MC $610.98 $1,995.00 $431.00 $1,932.00 $2,119.92 $2,196.00 $9,284.90
Total Concessions – MC $360.98 $1,995.00 $181.00 $1,932.00 $2,119.92 $3,071.00 $9,659.90
Total Room & Board MC $78,797.30 $9,242.00 $76,027.10 $9,229.80 $9,345.71 $27,027.17 $209,669.08
Total Revenue $179,475.43 $177,283.46 $179,073.34 $171,161.72 $185,145.16 $189,425.52 $1,081,564.63
Gross Profit $179,475.43 $177,283.46 $179,073.34 $171,161.72 $185,145.16 $189,425.52 $1,081,564.63
Operating Expenses
Administration -A- Payroll
Business Office Director $3,653.50 $4,202.30 $4,675.60 $4,834.33 $4,131.39 $2,310.02 $23,807.14
Employee Benefits- Admin $725.30 $861.04 $1,098.55 $1,452.32 $972.14 $277.11 $5,386.46
Income Statement
Ventura Hills
For the month ended 30 June 2020
© 2020 CBRE, Inc.
Employment Screenings – Admin $147.10 $82.22 $1,015.30 $795.00 $912.00 $395.90 $3,347.52
Executive Director $7,101.09 $7,101.69 $7,101.09 $7,101.69 $7,908.18 $12,175.01 $48,488.75
Executive Director Taxes / Benefits $1,535.42 $1,534.88 $1,535.43 $1,541.39 $1,704.44 $1,955.84 $9,807.40
Holiday Pay – Admin -$33.45 $501.69 $0.00 $0.00 $0.00 $247.88 $716.12
Overtime – Admin $141.34 $266.87 $904.60 $367.49 $269.06 $131.78 $2,081.14
Payroll Service Fee $1,808.11 $2,291.87 $2,352.87 $2,390.55 $2,999.40 $2,431.66 $14,274.46
Payroll Taxes – Admin $614.81 $704.96 $1,105.46 $1,044.25 $776.80 $611.02 $4,857.30
PTO/Sick Leave Wages – Admin $715.65 $612.64 $1,024.55 $74.28 $1,569.20 $819.57 $4,815.89
Receptionist/Concierge $1,786.38 $2,068.96 $4,379.24 $7,493.43 $2,388.74 $1,791.31 $19,908.06
Workers Comp – Admin $2,452.83 $2,452.83 $2,452.83 $2,452.83 $2,452.83 $2,452.83 $14,716.98
Total Administration -A- Payroll $20,648.08 $22,761.78 $27,716.25 $29,627.20 $26,153.82 $25,698.45 $152,605.58
Administration -B- Operating Expenses
Bank Fees $253.92 $0.00 $0.00 $0.00 $0.00 $0.00 $253.92
Cell Phones Directors/Managers $65.00 $80.00 $135.00 $105.00 $105.00 $0.00 $490.00
Computer Software Maintenace $867.70 $1,003.75 $758.34 $939.10 $746.45 $1,159.96 $5,475.30
Copier Lease $1,056.15 $540.05 $722.66 $569.08 $1,006.81 $1,704.07 $5,598.82
Dues & Subscriptions – Admin $957.25 $958.59 $1,086.95 $2,535.55 $5,663.10 $0.00 $11,201.44
Employee Appreciation – Admin $67.93 $293.34 $116.60 $15.81 $0.00 $0.00 $493.68
Equipment & Furniture Lease – Admin $0.00 $0.00 $0.00 $0.00 $472.90 $0.00 $472.90
Food-Admin $0.00 $0.00 $43.05 $0.00 $0.00 $0.00 $43.05
Interest / Finance Charges $96.80 $1,105.71 $0.00 $0.00 $110.79 $76.77 $1,390.07
Management Company Travel $0.00 $0.00 $0.00 $1,307.58 $0.00 $454.32 $1,761.90
Meals & Entertainment – Admin $0.00 $0.00 $0.00 $0.00 $165.54 $442.38 $607.92
Office Equipment Repair $0.00 $19.47 $0.00 $0.00 $0.00 $0.00 $19.47
Office Supplies – Admin $221.98 $357.34 $237.97 $87.74 $150.92 $38.11 $1,094.06
Postage & Delivery $346.09 $23.50 $1.26 $166.49 $55.55 $105.14 $698.03
Training and Meetings – Admin $881.57 $543.55 $2,955.16 $0.00 $0.00 $0.00 $4,380.28
Total Administration -B- Operating Expe $4,814.39 $4,925.30 $6,056.99 $5,726.35 $8,477.06 $3,980.75 $33,980.84
Assisted Living -A- Payroll
Bonuses – AL $100.00 $271.43 $1,028.57 $0.00 $0.00 $0.00 $1,400.00
Employee Benefits Other – AL $2,054.25 $1,386.74 $128.69 $848.07 $3,479.87 $429.11 $8,326.73
Employee Uniforms – AL $64.27 $348.44 $0.00 $175.94 $0.00 $0.00 $588.65
Employment Screenings – AL $14.83 $144.13 $31.45 $0.00 $38.55 $21.58 $250.54
Health Services Director – AL $4,986.28 $5,975.28 -$1,236.26 $4,409.34 $7,211.55 $5,051.50 $26,397.69
Holiday Pay – AL -$93.62 $1,404.23 $0.00 $0.00 $0.00 $3,315.15 $4,625.76
Overtime – AL $2,950.39 $2,948.13 $6,609.57 $6,938.57 $6,823.11 $4,462.74 $30,732.51
Payroll Taxes – AL $2,867.94 $3,639.89 $4,617.45 $4,218.46 $5,430.70 $4,934.65 $25,709.09
PTO/Sick Leave Wages – AL $903.87 $779.07 $417.49 $3,417.32 $966.84 $1,166.79 $7,651.38
Salaries & Wages AL CNA/Res Assistant $15,688.84 $16,332.94 $14,465.59 $14,701.92 $17,682.56 $14,654.02 $93,525.87
Salaries & Wages AL LPN $3,702.86 $4,525.61 $6,254.12 -$960.00 $4,800.00 $2,936.37 $21,258.96
Salaries & Wages AL Med Tech $3,947.35 $5,976.50 $17,556.77 $17,812.65 $18,074.06 $13,462.75 $76,830.08
Total Assisted Living -A- Payroll $37,187.26 $43,732.39 $49,873.44 $51,562.27 $64,507.24 $50,434.66 $297,297.26
Assisted Living -B- Operating Expenses
Contract Labor – AL $0.00 $0.00 $0.00 $0.00 $9,649.59 $0.00 $9,649.59
Hazardous Waste Disposal – AL $110.00 $0.00 $0.00 $0.00 $0.00 $110.00 $220.00
Medical Supplies $183.94 $0.00 $92.38 $1,601.76 $260.77 $265.72 $2,404.57
Mileage – AL $0.00 $0.00 $0.00 $0.00 $54.42 $0.00 $54.42
Supplies – Medical/ Charged to Residents A $0.00 $0.00 $0.00 $0.00 $0.00 $120.64 $120.64
Training and Meetings – AL $0.00 $380.08 $2,280.50 $0.00 $0.00 $0.00 $2,660.58
Total Assisted Living -B- Operating Expe $293.94 $380.08 $2,372.88 $1,601.76 $9,964.78 $496.36 $15,109.80
Dining -A- Payroll
Cooks $7,448.20 $7,925.37 $8,590.23 $9,796.53 $11,103.34 $8,012.61 $52,876.28
Director of Dining Service $4,716.37 $5,625.36 $5,366.02 $5,294.47 $5,509.12 $4,253.20 $30,764.54
Employee Benefits Other – Dining $1,059.20 $1,706.85 $2,017.06 $2,097.93 $2,416.28 $966.37 $10,263.69
Employment Screenings – Dining $2.91 $18.90 $10.25 $0.00 $0.00 $2.20 $34.26
Holiday Pay – Dining -$27.36 $410.46 $0.00 $0.00 $0.00 $1,308.46 $1,691.56
Overtime – Dining $21.92 $439.42 $292.34 $33.73 $25.92 $0.00 $813.33
Payroll Taxes – Dining $953.60 $1,199.18 $1,177.43 $1,447.24 $1,715.17 $1,528.24 $8,020.86
PTO/Sick Leave Wages – Dining $306.30 $1,107.32 $315.11 $250.41 $858.85 $408.26 $3,246.25
Total Dining -A- Payroll $14,481.14 $18,432.86 $17,768.44 $18,920.31 $21,628.68 $16,479.34 $107,710.77
Dining -B- Operating Expenses
Contract Services – Menu $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $600.00
Dishwasher Chemicals $238.71 $50.30 $90.42 $230.16 $132.94 $276.50 $1,019.03
Dishwasher Lease $889.79 $1,779.58 $0.00 $667.27 $889.79 $8,140.92 $12,367.35
Grease Trap Cleaning $0.00 $1,093.25 $0.00 $0.00 $0.00 $843.25 $1,936.50
Kitchen Supplies $489.84 $71.44 $300.65 $237.55 $71.44 $394.25 $1,565.17
Paper & Forms-Dining $104.66 $0.00 $90.58 $57.84 $0.00 $35.76 $288.84
Paper & Plastic Supplies – Dining $68.16 $108.65 $184.46 $252.52 $120.64 $205.97 $940.40
Raw Food $7,710.20 $8,277.01 $8,253.81 $9,759.53 $5,589.72 $9,042.96 $48,633.23
Training and Meetings – Dining $0.00 $0.00 $0.00 $80.70 $0.00 $0.00 $80.70
Vendor Rebates – Dining $0.00 -$736.34 $0.00 -$382.18 $0.00 $0.00 -$1,118.52
Total Dining -B- Operating Expenses $9,601.36 $10,743.89 $9,019.92 $11,003.39 $6,904.53 $19,039.61 $66,312.70
Housekeeping -A- Payroll
Employee Benefits Other – Housekeeping $2.43 $2.79 $2.63 $3.10 $1.45 -$2.05 $10.35
Employee Uniforms – Housekeeping $0.00 $0.00 $0.00 $0.00 $153.39 $207.74 $361.13
Employment Screenings – Housekeeping $0.75 $4.06 $2.35 $0.00 $0.00 $0.38 $7.54
© 2020 CBRE, Inc.
Housekeepers $2,571.88 $3,040.12 $3,466.53 $3,026.78 $3,731.92 $1,821.84 $17,659.07
Overtime – Housekeeping $0.00 $0.00 $61.53 $0.00 $21.58 $0.00 $83.11
Payroll Taxes – Housekeeping $254.92 $331.18 $351.86 $367.38 $400.88 $199.81 $1,906.03
PTO/Sick Leave Wages – Housekeeping $503.32 $196.51 -$172.13 $413.11 $0.00 $0.00 $940.81
Total Housekeeping -A- Payroll $3,317.01 $3,818.96 $3,712.77 $3,810.37 $4,309.22 $2,428.20 $21,396.53
Housekeeping -B- Operating Expenses
Chemicals – Housekeeping $223.56 $862.82 $747.67 $441.17 $176.14 $441.29 $2,892.65
Cleaning Supplies – Housekeeping $314.04 $0.00 $0.00 $370.97 $135.59 $399.11 $1,219.71
Total Housekeeping -B- Operating Expen $537.60 $862.82 $747.67 $812.14 $311.73 $840.40 $4,112.36
Maintenance & Repair -A- Payroll
Director of Engineering $3,248.91 $3,729.19 $4,068.21 $3,587.93 $4,944.00 $3,124.92 $22,703.16
Employee Benefits Other – Maintenance $19.54 $27.72 $26.83 $27.72 $31.30 $9.97 $143.08
Employment Screenings – Maintenance $1.35 $7.91 $4.73 $0.00 $0.00 $0.94 $14.93
Engineering Tech $1,597.83 $1,992.38 $2,456.50 $2,487.76 $2,652.83 $735.69 $11,922.99
Holiday Pay – Maintenance -$6.51 $97.64 $0.00 $0.00 $0.00 $358.14 $449.27
Payroll Taxes – Maintenance $507.51 $494.89 $514.75 $582.56 $773.75 $633.82 $3,507.28
PTO/Sick Leave Wages – Maintenance $1,793.83 $649.78 $169.51 $847.29 $168.75 $277.02 $3,906.18
Total Maintenance & Repair -A- Payroll $7,162.46 $6,999.51 $7,240.53 $7,533.26 $8,570.63 $5,140.50 $42,646.89
Maintenance & Repair -B- Operating Expenses
Building Repairs $2,934.65 $2,927.16 $0.00 $0.00 $0.00 $0.00 $5,861.81
Chemicals – Maintenance $0.00 $413.47 $0.00 $0.00 $0.00 $0.00 $413.47
Consultants – Maintenance $0.00 $243.26 $0.00 $0.00 $0.00 $0.00 $243.26
Contract Labor – Maintenance $0.00 $0.00 $0.00 $0.00 $389.70 $0.00 $389.70
Dues & Subscriptions – Maintenance $214.00 $107.00 $0.00 $214.00 $107.00 $0.00 $642.00
Equipment Lease Maintenance $0.00 $0.00 $0.00 $0.00 $0.00 $2,318.73 $2,318.73
Exterminating Contract $187.44 $325.13 $368.55 $187.44 $187.44 $1,455.21 $2,711.21
Fire Alarm & Fire Sprinkler R&M/Contractsv $1,906.80 $1,505.87 $1,505.87 $4,200.21 $4,484.01 $3,006.87 $16,609.63
General Maintenance Supplies -$60.97 $392.05 $713.74 $863.34 $1,178.34 $717.44 $3,803.94
Generator Service $0.00 $301.75 $0.00 $0.00 $2,320.39 $1,269.80 $3,891.94
Grounds Contract $2,481.12 $2,509.79 $2,318.73 $2,318.73 $2,427.31 $176.73 $12,232.41
Hurricane Supplies $0.00 $0.00 $0.00 $0.00 $125.00 $0.00 $125.00
Licenses & Permits Maintenance $0.00 $0.00 $1,037.34 $0.00 $0.00 $0.00 $1,037.34
Light Bulbs/Electrical Supplies $0.00 $169.67 $170.19 $196.78 $221.70 $214.43 $972.77
Mileage – Maintenance $0.00 $0.00 $0.00 $0.00 $12.18 $0.00 $12.18
Plumbing R&M $0.00 $0.00 $0.00 $0.00 $0.00 $2,200.00 $2,200.00
Plumbing Supplies $155.86 $0.00 $0.00 $0.00 $0.00 $0.00 $155.86
Roof Repair $0.00 $0.00 $133.19 $0.00 $0.00 $0.00 $133.19
Water Softner System – Supplies $501.39 $419.34 $493.93 $449.16 $456.62 $479.14 $2,799.58
Total Maintenance & Repair -B- Operatin $8,320.29 $9,314.49 $6,741.54 $8,429.66 $11,909.69 $11,838.35 $56,554.02
Marketing -A- Payroll
Employee Benefits Other – Marketing $0.00 $0.00 $15.29 $93.43 $29.73 -$267.13 -$128.68
Employment Screenings – Marketing $8.32 $1.76 $3.73 $0.00 $0.00 $0.82 $14.63
Holiday Pay – Marketing $0.00 $0.00 $0.00 $0.00 $0.00 $163.59 $163.59
Marketing Director $4,450.54 $3,151.45 $2,845.76 $6,080.78 $5,178.89 $3,886.56 $25,593.98
Overtime – Marketing $0.00 $0.00 $0.00 $91.01 $0.00 $0.00 $91.01
Payroll Taxes – Marketing $473.02 $340.08 $278.14 $566.93 $524.00 $411.87 $2,594.04
PTO/Sick Leave Wages – Marketing $0.00 $131.67 $790.01 $829.51 $829.52 $293.10 $2,873.81
Sales Counselor – Marketing $116.83 $0.00 $0.00 $267.50 $0.00 $0.00 $384.33
Total Marketing -A- Payroll $5,048.71 $3,624.96 $3,932.93 $7,929.16 $6,562.14 $4,488.81 $31,586.71
Marketing -B- Operating Expenses
Agency Fees $181.92 $373.60 $414.95 $346.03 $224.59 $428.08 $1,969.17
Collateral $92.50 $0.00 $0.00 $0.00 $0.00 $768.14 $860.64
Community Outreach $159.79 $0.00 $0.00 $87.57 $2.17 $0.00 $249.53
Direct Mail $0.00 $0.00 $0.00 $0.00 $0.00 $140.66 $140.66
Dues & Subscriptions – Marketing $0.00 $0.00 $477.00 $0.00 $0.00 $0.00 $477.00
Events $0.00 $0.00 $0.00 $0.00 $0.00 $133.93 $133.93
Leads/CRM $3,653.49 $3,494.07 $212.77 $5,717.65 $5,432.52 $5,169.95 $23,680.45
Paid Placement Search Marketing $640.85 $987.29 $987.29 $987.29 $987.29 $1,249.86 $5,839.87
Referral Fees $3,195.00 $0.00 $2,327.50 $5,465.00 $14,485.00 $0.00 $25,472.50
Social Media Marketing & Oversight $640.85 $987.28 $1,087.29 $987.28 $987.29 $987.29 $5,677.28
Traditional Media $0.00 $0.00 $0.00 $0.00 $510.13 $510.13 $1,020.26
Travel – Marketing $0.00 $0.00 $0.00 $0.00 $0.00 $1,760.63 $1,760.63
Travel Meals – Marketing $0.00 $0.00 $0.00 $251.05 $0.00 $0.00 $251.05
Website Hosting $234.44 $234.44 $234.44 $234.44 $234.44 $234.44 $1,406.64
Total Marketing -B- Operating Expenses $8,798.84 $6,076.68 $5,741.24 $14,076.31 $22,863.43 $11,383.11 $68,939.61
Memory Care -A- Payroll
Bonuses – MC $0.00 $328.57 $221.43 $0.00 $0.00 $0.00 $550.00
Employee Benefits Other – MC $1,228.58 $1,470.32 $2,763.85 $1,637.49 $27.73 -$203.96 $6,924.01
Employment Screenings – MC $19.46 $30.12 $16.95 $0.00 $0.00 $1.84 $68.37
Holiday Pay – MC -$88.65 $1,329.68 $0.00 $0.00 $0.00 $1,095.50 $2,336.53
Memory Care Manager $0.00 $412.09 $8,241.77 $0.00 $0.00 $0.00 $8,653.86
Overtime – MC $3,335.77 $6,620.57 $2,370.64 $2,129.06 $1,935.49 $909.30 $17,300.83
Payroll Taxes – MC $1,694.22 $2,518.13 $1,810.75 $1,665.42 $1,634.92 $1,123.07 $10,446.51
PTO/Sick Leave Wages – MC $208.68 $493.75 -$347.04 $1,903.03 $225.00 $240.16 $2,723.58
Salaries & Wages MC CNA/Res Assistant $5,044.06 $6,651.29 $4,360.44 $4,064.88 $3,302.45 $3,610.18 $27,033.30
Salaries & Wages MC Med Tech $7,928.19 $8,573.60 $7,601.48 $4,081.64 $9,845.66 $4,106.74 $42,137.31
© 2020 CBRE, Inc.
Total Memory Care -A- Payroll $22,951.49 $32,405.26 $27,040.27 $15,481.52 $16,971.25 $10,882.83 $125,732.62
Memory Care -B- Operating Expenses
Training and Meetings – MC $1,270.29 $190.93 $0.00 $0.00 $0.00 $0.00 $1,461.22
Wellness Supplies MC $0.00 $0.00 $0.00 $0.00 $0.00 $125.00 $125.00
Total Memory Care -B- Operating Expens $1,270.29 $190.93 $0.00 $0.00 $0.00 $125.00 $1,586.22
Resident Services -A- Payroll
Activities Aid – Lifestyles $4,727.77 $5,122.04 $2,571.43 $2,671.39 $2,957.25 $1,382.77 $19,432.65
Director / Manager – Lifestyles $0.00 $182.86 $1,097.14 $0.00 $0.00 -$156.32 $1,123.68
Employee Benefits Other – Lifestlyes $1.84 $1.40 $1.80 $0.00 $0.00 $516.51 $521.55
Employment Screenings – Lifestyles $1.17 $7.25 $4.13 $0.00 $23.00 $0.42 $35.97
Holiday Pay – Lifestyles -$14.23 $213.43 $0.00 $0.00 $0.00 -$697.33 -$498.13
Overtime – Lifestyles $249.89 $299.93 $340.31 $205.50 $65.25 $22.05 $1,182.93
Payroll Taxes – Lifestyles $379.70 $451.03 $385.15 $307.24 $322.80 -$87.62 $1,758.30
PTO/Sick Leave Wages – Lifestlyes $0.00 $0.00 $0.00 $0.00 $0.00 $1,231.07 $1,231.07
Salaries & Wages – Lifestyles $0.00 $0.00 $0.00 $0.00 $0.00 $858.24 $858.24
Total Resident Services -A- Payroll $5,346.14 $6,277.94 $4,399.96 $3,184.13 $3,368.30 $3,069.79 $25,646.26
Resident Services -B- Operating Expenses
Contract Entertainment $157.42 $0.00 $296.98 $80.00 $80.00 $233.40 $847.80
Decorations $0.00 $0.00 $0.00 $0.00 $112.34 $0.00 $112.34
Office Supplies $0.00 $0.00 $0.00 $0.00 -$23.57 $0.00 -$23.57
Operating Supplies $322.86 $144.36 $196.83 $227.81 -$275.63 $57.60 $673.83
Total Resident Services -B- Operating Ex $480.28 $144.36 $493.81 $307.81 -$106.86 $291.00 $1,610.40
Transportation -B- Operating Expenses
Vehicle Fuel $40.00 $40.00 $0.00 $85.00 $185.00 $90.00 $440.00
Vehicle Lease – Bus & Van $0.00 $0.00 $1,287.76 $1,287.76 $0.00 $0.00 $2,575.52
Vehicle Maintenance $0.00 $1,614.10 $0.00 $0.00 $72.97 $0.00 $1,687.07
Vehicle Tag $0.00 $0.00 $0.00 $0.00 $147.79 $0.00 $147.79
Total Transportation -B- Operating Expe $40.00 $1,654.10 $1,287.76 $1,372.76 $405.76 $90.00 $4,850.38
Utilities, Insurance and Other
Insurance
Insurance – Auto $159.83 $159.83 $159.83 $159.83 $159.83 $159.83 $958.98
Insurance – General/Professional Liability $3,568.40 $3,568.40 $3,568.40 $3,568.40 $3,568.40 $3,568.40 $21,410.40
Insurance – Property $3,782.12 $3,782.12 $3,782.12 $3,782.12 $3,782.12 $3,782.12 $22,692.72
Insurance – Umbrella/Excess $1,666.84 $1,666.84 $1,666.84 $1,666.84 $1,666.84 $1,666.84 $10,001.04
Total Insurance $9,177.19 $9,177.19 $9,177.19 $9,177.19 $9,177.19 $9,177.19 $55,063.14
Management Fees
Management Fee $9,006.00 $7,700.00 $10,624.00 $8,309.00 $7,000.00 $7,500.00 $50,139.00
Total Management Fees $9,006.00 $7,700.00 $10,624.00 $8,309.00 $7,000.00 $7,500.00 $50,139.00
Taxes
Taxes Real Estate $0.00 $2,743.50 $2,743.50 $2,743.50 $2,453.00 $17,637.32 $28,320.82
Total Taxes $0.00 $2,743.50 $2,743.50 $2,743.50 $2,453.00 $17,637.32 $28,320.82
Utilities
Cable TV $916.25 $916.25 $916.25 $916.25 $996.22 $87.88 $4,749.10
Electricity $5,929.11 $5,729.29 $5,393.26 $5,582.53 $6,145.28 $5,596.90 $34,376.37
Gas $258.65 $267.24 $233.59 $381.74 $614.25 $427.46 $2,182.93
Telephone & Internet Communications $2,633.49 $4,441.67 $3,161.89 $2,097.94 $2,671.57 $535.45 $15,542.01
Trash Removal $605.50 $1,150.40 $607.35 $614.11 $1,004.89 $546.40 $4,528.65
Water & Sewer $5,749.64 $7,087.73 $6,031.65 $5,114.20 $5,343.38 $6,567.10 $35,893.70
Total Utilities $16,092.64 $19,592.58 $16,343.99 $14,706.77 $16,775.59 $13,761.19 $97,272.76
Total Utilities, Insurance and Other $34,275.83 $39,213.27 $38,888.68 $34,936.46 $35,405.78 $48,075.70 $230,795.72
Total Operating Expenses $184,575.11 $211,559.58 $213,035.08 $216,314.86 $248,207.18 $214,782.86 $1,288,474.67
Operating Income / (Loss) -$5,099.68 -$34,276.12 -$33,961.74 -$45,153.14 -$63,062.02 -$25,357.34 -$206,910.04
Other Income and Expense
Non-Operating Income/Expenses
Amortization Expense -$3,158.04 -$3,158.04 -$3,158.04 -$3,158.04 -$3,158.04 -$3,158.04 -$18,948.24
Depreciation Expense -$5,317.86 -$5,317.86 -$5,317.86 -$5,317.86 -$5,317.86 -$5,317.86 -$31,907.16
Extraordinary Loss -$2,353.73 -$1,864.63 -$5,175.62 -$10,573.97 $0.00 $0.00 -$19,967.95
Interest Expense -$16,557.81 -$16,736.93 -$18,328.37 -$16,557.81 -$16,557.81 -$16,557.81 -$101,296.54
Legal Expense $0.00 -$604.50 $0.00 $0.00 $0.00 -$590.95 -$1,195.45
Vendor Rebates $0.00 $0.00 $0.00 $0.00 $0.00 $593.59 $593.59
Total Non-Operating Income/Expenses -$27,387.44 -$27,681.96 -$31,979.89 -$35,607.68 -$25,033.71 -$25,031.07 -$172,721.75
Total Other Income and Expense -$27,387.44 -$27,681.96 -$31,979.89 -$35,607.68 -$25,033.71 -$25,031.07 -$172,721.75
Net Income / (Loss) before Tax -$32,487.12 -$61,958.08 -$65,941.63 -$80,760.82 -$88,095.73 -$50,388.41 -$379,631.79
Net Income -$32,487.12 -$61,958.08 -$65,941.63 -$80,760.82 -$88,095.73 -$50,388.41 -$379,631.79
© 2020 CBRE, Inc.
© 2020 CBRE, Inc.
Ventura Hills
For the month ended 31 December 2019
2 3
Jan-20 Dec-19 Nov-19 Oct-19 Sep-19 Aug-19 Jul-19 Jun-19 May-19 Apr-19 Mar-19 Feb-19 Total
Revenue
Operating Revenue
Other Income
Employee Meals $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $13.93 $88.07 $0.00 $0.00 $0.00 $0.00 $102.00
Late Fee AL $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Total Other Income -$838.25 -$91.40 -$126.75 $0.00 $0.00 $0.00 $13.93 $88.07 $0.00 $0.00 $0.00 $0.00 -$954.40
Total Operating Revenue -$838.25 -$91.40 -$126.75 $0.00 $0.00 $0.00 $13.93 $88.07 $0.00 $0.00 $0.00 $0.00 -$954.40
Room & Board AL
*Room & Board – AL
Respite Care AL $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2,250.00 $2,250.00 $0.00 $0.00 $0.00 $0.00 $4,500.00
Room & Board AL $140,129.78 $136,413.32 $137,678.40 $136,396.62 $126,981.36 $141,255.80 $142,149.70 $143,232.10 $144,730.62 $146,857.03 $152,268.59 $133,997.42 $1,682,090.74
Total *Room & Board – AL $140,129.78 $136,413.32 $137,678.40 $136,396.62 $126,981.36 $141,255.80 $144,399.70 $145,482.10 $144,730.62 $146,857.03 $152,268.59 $133,997.42 $1,686,590.74
Additional Services – AL
Additional Care Services AL $0.00 $0.00 $54.00 $0.00 $0.00 $0.00 $17,105.38 $26,544.59 $29,157.06 $32,077.40 $36,700.67 -$2,357.86 $139,281.24
Additional Resident AL $1,000.00 $800.00 $1,800.00 $1,800.00 $1,800.00 $104.92 $1,938.36 $840.00 $840.00 $0.00 $0.00 $181.50 $11,104.78
Additonal Meals / Tray Svc AL $0.00 $0.00 $300.00 $300.00 $310.00 $320.00 $320.00 $310.00 $50.00 $280.00 $0.00 $0.00 $2,190.00
Beauty Salon Contra AL $0.00 $0.00 -$62.00 -$364.00 -$577.00 -$313.00 -$507.75 -$618.00 -$425.00 $0.00 $0.00 $0.00 -$2,866.75
Beauty Salon AL $0.00 $0.00 $10,331.50 $9,420.00 $10,093.50 $9,897.00 $494.00 $533.00 $985.00 $477.00 $0.00 $0.00 $42,231.00
Care Level 1 AL $2,636.93 $3,159.00 $3,821.17 $4,912.00 $4,666.10 $3,612.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3,271.23 $26,078.43
Care Level 2 AL $8,087.00 $8,087.00 $8,025.00 $8,107.91 $9,077.81 $8,568.00 $49,952.72
Care Level 3 AL $2,361.29 $1,800.00 $72.79 $732.05 $623.85 $835.33 $6,425.31
Community Fees AL $0.00 $6,250.00 $1,000.00 $3,500.00 $0.00 $2,000.00 $0.00 $4,000.00 $750.00 $6,250.00 $1,000.00 $0.00 $24,750.00
Guest Meals AL $0.00 $0.00 $240.00 $0.00 $132.00 $180.00 $216.00 $0.00 $100.00 $130.00 $10.00 $0.00 $1,008.00
Guest Suite AL $0.00 $0.00 $625.00 $0.00 $0.00 $625.00
Housekeeping AL $204.00 $204.00 $204.00 $204.00 $204.00 $279.00 $0.00 $0.00 $54.00 $73.00 $0.00 $0.00 $1,426.00
Medication Fee AL $7,985.62 $9,229.65 $9,871.96 $11,300.63 $10,650.49 $13,800.33 $12,458.00 $450.00 $450.00 $60.00 $0.00 $0.00 $76,256.68
Miscellaneous Resident Charge (AL) -$2,767.99 -$3,674.12 $0.00 $0.00 $0.00 $0.00 $0.00 $1.00 $0.00 $0.00 $0.00 $0.00 -$6,441.11
Pendant Fee AL $359.10 $383.77 $510.00 $348.00 $499.53 $347.00 $347.00 $347.00 $549.00 $403.07 $378.40 $0.00 $4,471.87
Pet Fee AL $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $800.00 $800.00 $0.00 $0.00 $1,600.00
Rate Lock Fees AL $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1,695.00 $0.00 $0.00 $1,695.00
Total Additional Services – AL $19,865.95 $26,528.33 $36,793.42 $40,260.59 $37,480.28 $39,630.58 $32,370.99 $32,407.59 $33,310.06 $42,245.47 $38,089.07 $1,094.87 $380,077.20
Concessions – AL
Concession – Rent AL $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 -$9,868.12 -$7,489.80 -$10,959.12 -$14,498.27 -$14,735.87 $0.00 -$57,551.18
Concessions – Additional Resident AL -$200.00 $0.00 -$9,573.82 -$9,595.00 -$9,618.12 -$9,618.12 -$38,605.06
Concessions – Care Services AL -$3,795.00 -$4,254.68 -$750.00 -$250.00 -$250.00 -$250.00 -$9,549.68
Concessions – Rent AL $7,235.87 $5,183.93 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 -$5,833.87 $6,585.93
Total Concessions – AL $3,240.87 $929.25 -$10,323.82 -$9,845.00 -$9,868.12 -$9,868.12 -$9,868.12 -$7,489.80 -$10,959.12 -$14,498.27 -$14,735.87 -$5,833.87 -$99,119.99
Total Room & Board AL $163,236.60 $163,870.90 $164,148.00 $166,812.21 $154,593.52 $171,018.26 $166,902.57 $170,399.89 $167,081.56 $174,604.23 $175,621.79 $129,258.42 $1,967,547.95
Room & Board MC
*Room & Board – MC
Room & Board MC $13,432.37 $5,995.00 $4,995.00 $4,995.00 $3,439.18 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $32,856.55
Total *Room & Board – MC $13,432.37 $5,995.00 $4,995.00 $4,995.00 $3,439.18 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $32,856.55
Total Room & Board MC $27,027.17 $9,223.00 $4,995.00 $4,995.00 $3,439.18 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $49,679.35
Total Revenue $189,425.52 $173,002.50 $169,016.25 $171,807.21 $158,032.70 $171,018.26 $166,916.50 $170,487.96 $167,081.56 $174,604.23 $175,621.79 $129,258.42 $2,016,272.90
Gross Profit $189,425.52 $173,002.50 $169,016.25 $171,807.21 $158,032.70 $171,018.26 $166,916.50 $170,487.96 $167,081.56 $174,604.23 $175,621.79 $129,258.42 $2,016,272.90
Operating Expenses
Administration -A- Payroll
Business Office Director $2,310.02 $4,611.41 $4,457.42 $4,613.27 $4,457.52 $4,426.13 $3,506.71 $4,597.68 $4,002.83 $4,539.13 $6,566.61 $1,104.52 $49,193.25
Employee Benefits- Admin $277.11 $904.84 $833.30 $861.74 $833.95 $487.96 $861.74 $833.64 $861.11 $833.34 $861.11 $138.89 $8,588.73
Employee Recruiting – Admin $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $238.00 $0.00 $0.00 $7,800.00 $0.00 $8,038.00
Employee Uniforms – Admin $98.52 $0.00 $190.12 $235.87 $0.00 $395.27 $363.32 $299.95 $485.92 $16.69 $755.61 $71.01 $2,912.28
Employment Screenings – Admin $395.90 $486.90 $690.52 $1,871.89 $198.00 $288.52 $416.57 $405.44 $498.82 $988.26 $495.00 $0.00 $6,735.82
Executive Director $12,175.01 $8,076.92 $12,115.38 $10,099.16 $6,660.90 $6,761.42 $6,661.43 $6,760.90 $6,661.43 $6,810.90 $6,661.42 $0.00 $89,444.87
Executive Director Bonus $0.00 $0.00 $0.00 $0.00 $1,700.00 $0.00 $0.00 $0.00 $150.00 $0.00 $0.00 $0.00 $1,850.00
Executive Director Taxes / Benefits $1,955.84 $819.91 $1,309.23 $1,459.31 $976.16 $802.42 $792.14 $803.63 $808.55 $791.46 $889.24 $0.00 $11,407.89
Holiday Pay – Admin $247.88 $395.08 $321.48 $0.00 $68.26 $68.26 $298.52 $49.24 $341.61 $0.00 $0.00 $0.00 $1,790.33
Overtime – Admin $131.78 $0.00 $0.00 $0.00 $0.00 $13.95 $34.57 $79.83 $35.77 $3.20 $35.33 $1.14 $335.57
Payroll Service Fee $2,431.66 $2,597.82 $2,662.16 $2,666.95 $2,386.29 $2,691.41 $2,899.30 $2,813.91 $2,868.49 $2,790.76 $3,746.19 $1,579.48 $32,134.42
Payroll Taxes – Admin $611.02 $690.77 $518.48 $544.15 $518.93 $545.00 $548.23 $548.20 $1,805.87 $3,589.02 $1,075.51 $187.10 $11,182.28
PTO/Sick Leave Wages – Admin $819.57 $807.27 $290.48 $277.22 $291.51 $583.20 $1,182.09 $47.68 $614.99 $91.30 $397.37 $91.32 $5,494.00
Receptionist/Concierge $1,791.31 $1,980.55 $1,708.22 $2,222.53 $1,966.14 $2,032.47 $2,144.52 $2,185.79 $2,172.11 $2,077.47 $3,084.99 $546.67 $23,912.77
Salaries & Wages – Hourly – Admin $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Workers Comp – Admin $2,452.83 $1,129.58 $1,129.58 $1,129.58 $1,129.58 $1,129.58 $1,129.58 $1,129.58 $1,129.58 $1,129.58 $1,129.58 $1,129.58 $14,878.21
Total Administration -A- Payroll $25,698.45 $22,501.05 $26,226.37 $25,981.67 $21,187.24 $20,225.59 $20,838.72 $20,793.47 $22,437.08 $23,661.11 $33,497.96 $4,849.71 $267,898.42
Administration -B- Operating Expenses
Bad Debt Other $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $141.73 $141.73
Bank Fees $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $31.17 $0.00 $31.17
Cell Phones Directors/Managers $0.00 $105.00 $70.00 $70.00 $87.50 $87.50 $140.00 $105.00 $35.00 $128.94 $100.00 $0.00 $928.94
Computer Software Maintenace $1,159.96 $1,075.02 $706.94 $1,032.38 $1,054.20 $3,280.27 $137.84 $768.48 $874.20 $982.54 $1,726.14 $1,109.90 $13,907.87
Copier Lease $1,704.07 $1,321.31 $1,897.91 $954.70 $1,466.90 $451.62 $519.35 $514.32 $617.72 $726.15 $1,330.89 $664.71 $12,169.65
Copier Maintenance & Overages $0.00 $0.00 $0.00 $186.40 $0.00 $0.00 $749.91 $0.00 $947.92 $787.38 $2,161.13 $0.00 $4,832.74
Dues & Subscriptions – Admin $0.00 $0.00 $1,040.03 $1,084.29 $1,117.49 $1,125.90 $1,319.91 $1,324.47 $316.13 $1,892.39 $5.00 $106.92 $9,332.53
Employee Appreciation – Admin $0.00 $67.57 $89.18 $24.67 $0.00 $11.44 $0.00 $29.60 $324.20 $0.00 $82.18 $212.82 $841.66
Flowers – Admin $0.00 $0.00 $0.00 $48.49 $0.00 $0.00 $48.49
Food-Admin $0.00 $0.00 $0.00 $0.00 $0.00 $10.42 $10.42
Interest / Finance Charges $76.77 $0.00 $0.00 $0.00 $216.34 $0.00 $0.00 $82.23 $82.23 $82.23 $82.23 $82.23 $704.26
Internet $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $103.86 $103.86
IT Email Services $0.00 $0.00 $0.00 $0.00 $0.00 $144.54 $0.00 $0.00 $0.00 $0.00 $0.00 $176.13 $320.67
Licenses & Permits Admin $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $709.25 $372.49 $0.00 $0.00 $1,081.74
Management Company Travel $454.32 $4,715.67 $3,851.63 $3,461.48 $1,694.42 $0.00 $2,360.09 $0.00 $0.00 $0.00 $12,000.00 $5,271.88 $33,809.49
Meals & Entertainment – Admin $442.38 $352.47 $199.45 $344.56 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $130.06 $1,468.92
Office Supplies – Admin $38.11 $0.00 $114.53 $633.94 $301.68 $735.27 $558.68 $877.64 $1,281.97 $676.51 $632.29 $0.00 $5,850.62
Postage & Delivery $105.14 $64.27 $164.06 $44.28 $247.61 $196.23 $249.27 $178.84 $486.35 $230.34 $175.29 $473.96 $2,615.64
Postage Meter – Lease Equip $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $391.28 $32.00 $290.59 $0.00 $713.87
Professional Fees Accounting $0.00 $0.00 $0.00 $0.00 $0.00 -$2,844.67 $0.00 $0.00 $336.43 $336.43 $350.93 $1,820.88 $0.00
Professional Fees Other $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $525.00 $0.00 $0.00 -$87.08 $437.92
Resident Relations $0.00 $0.00 $0.00 $0.00 $49.77 $86.59 $0.00 $0.00 $86.02 $0.00 $0.00 $16.17 $238.55
Training and Meetings – Admin $0.00 $0.00 $0.00 $425.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4,105.20 $0.00 $0.00 $4,530.20
Total Administration -B- Operating Expenses $3,980.75 $7,701.31 $8,133.73 $8,310.19 $6,235.91 $3,285.11 $6,035.05 $3,880.58 $7,013.70 $10,352.60 $18,967.84 $10,224.17 $94,120.94
Assisted Living -A- Payroll
Bonuses – AL $0.00 $0.00 $0.00 -$32.14 $82.14 $0.00 $1,476.79 $1,148.21 $0.00 $71.43 $203.57 $0.00 $2,950.00
Employee Benefits Other – AL $429.11 $656.80 $483.22 $497.18 $486.95 -$107.93 $470.50 $676.75 $1,174.44 $1,062.24 $2,338.12 $610.22 $8,777.60
Employee Medical Insurance – AL $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $5,474.61 $5,474.61
Employee Recruiting – AL $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $68.30 $68.30
Employment Screenings – AL $21.58 $35.84 $20.10 $98.09 $0.00 $31.94 $23.31 $56.29 $79.54 $82.12 $0.00 $0.00 $448.81
Health Services Director – AL $5,051.50 $6,389.40 $576.92 -$1,368.55 $4,680.09 $4,663.20 $4,882.83 $5,034.88 $5,017.99 $4,088.74 $4,440.11 $1,790.61 $45,247.72
Holiday Pay – AL $3,315.15 $3,976.32 $2,120.42 $0.00 $548.92 $548.93 $2,133.89 $351.96 $1,827.29 $0.00 $0.00 $0.00 $14,822.88
Overtime – AL $4,462.74 $4,410.28 $5,912.54 $8,226.31 $6,568.87 $3,408.36 $4,013.03 $3,214.03 $3,372.76 $2,851.42 $8,789.35 $983.85 $56,213.54
Payroll Taxes – AL $4,934.65 $4,966.10 $4,334.74 $3,835.40 $3,332.15 $3,537.52 $4,060.80 $4,678.00 $3,992.34 $2,464.54 $6,152.82 $3,056.43 $49,345.49
PTO/Sick Leave Wages – AL $1,166.79 $1,092.86 $332.51 $976.05 $1,067.99 $1,182.22 $470.21 $1,837.03 $1,147.95 $796.10 $1,222.57 -$13,430.91 -$2,138.63
Retirement Employee Matching – AL $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 -$40.65 -$40.65
Salaries & Wages AL CNA/Res Assistant $14,654.02 $16,247.52 $20,227.02 $16,334.90 $17,984.23 $20,948.53 $20,352.24 $22,706.13 $23,140.85 $20,619.35 $27,333.54 $4,491.15 $225,039.48
Salaries & Wages AL LPN $2,936.37 $4,651.23 $5,048.78 $1,243.54 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2,952.44 $1,752.34 $18,584.70
Salaries & Wages AL Med Tech $13,462.75 $14,418.72 $13,969.32 $18,424.09 $8,042.61 $8,302.91 $10,263.29 $13,125.08 $9,084.53 $7,236.05 $12,442.57 $2,735.04 $131,506.96
Workers Comp – AL $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $295.66 $295.66
Total Assisted Living -A- Payroll $50,434.66 $56,845.07 $53,025.57 $48,234.87 $42,793.95 $42,515.68 $48,146.89 $52,828.36 $48,837.69 $39,271.99 $65,875.09 $7,786.65 $556,596.47
Assisted Living -B- Operating Expenses
Consultants – AL $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $380.77 $0.00 $0.00 $380.77
Contract Labor – AL $0.00 $0.00 $0.00 $0.00 $8,494.05 $0.00 $9,217.92 $20,377.88 $18,394.84 $30,830.85 $4,386.33 $0.00 $91,701.87
Dues & Subscriptions – AL $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $105.00 $0.00 $100.00 $93.95 $298.95
EMAR $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $789.22 $789.22 $0.00 $0.00 $1,578.44
Equipment Lease – AL $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1,208.41 $1,208.41
Hazardous Waste Disposal – AL $110.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $50.00 $0.00 -$282.13 -$122.13
Licenses & Permits AL $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Medical Supplies $265.72 $557.56 $181.13 $0.00 $202.60 $0.00 $6.50 $0.00 $0.00 $0.00 $0.00 $0.00 $1,213.51
Mileage – AL $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $206.48 $0.00 $0.00 $0.00 $0.00 $0.00 $206.48
Supplies – Medical/ Charged to Residents AL $120.64 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.88 $0.00 $122.52
Wellness Supplies $0.00 $0.00 $0.00 $0.00 $362.25 $87.93 $232.76 $167.19 $150.82 $1,312.33 $417.98 $55.11 $2,786.37
Total Assisted Living -B- Operating Expenses $496.36 $557.56 $181.13 $0.00 $9,058.90 $87.93 $9,663.66 $20,545.07 $19,439.88 $33,363.17 $4,906.19 $1,075.34 $99,375.19
Dining -A- Payroll
Cooks $8,012.61 $8,771.56 $9,911.03 $8,098.68 $8,141.08 $7,625.18 $7,808.64 $8,033.81 $8,509.29 $8,808.61 $13,489.72 $2,784.80 $99,995.01
Dining Room Waitstaff $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $486.24 $486.24
Director of Dining Service $4,253.20 $4,260.90 $4,113.95 $5,544.89 $5,366.01 $5,366.02 $4,042.41 $4,775.76 $5,291.52 $5,209.71 $7,328.33 $868.29 $56,420.99
Employee Benefits Other – Dining $966.37 $1,932.53 $2,069.74 $1,868.45 $2,866.20 $1,428.30 $2,602.83 $2,550.72 $2,669.10 $2,584.83 $2,670.41 $430.71 $24,640.19
Employee Uniforms – Dining $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $465.36 $465.36
Employment Screenings – Dining $2.20 $2.18 $15.57 $13.69 $0.00 $1.10 $13.12 $15.62 $8.02 $17.31 $0.00 $0.00 $88.81
Holiday Pay – Dining $1,308.46 $1,157.51 $733.80 $0.00 $201.04 $201.05 $779.00 $116.13 $730.76 $0.00 $0.00 $0.00 $5,227.75
Overtime – Dining $0.00 $0.00 $66.81 $507.04 $307.54 $33.32 $44.86 $135.93 $582.11 $36.73 $149.85 $0.00 $1,864.19
Payroll Taxes – Dining $1,528.24 $1,483.87 $1,357.76 $1,212.45 $1,170.62 $1,264.69 $1,386.50 $1,291.82 $1,177.17 $941.64 $2,324.29 $418.48 $15,557.53
PTO/Sick Leave Wages – Dining $408.26 $1,738.58 $1,646.27 $659.20 $247.20 $965.95 $2,455.68 $1,377.17 $0.00 $167.37 $975.27 $255.67 $10,896.62
Utility Workers $0.00 $83.48 $0.00 $0.00 $0.00 $1,314.15 $1,548.36 $1,103.35 $0.00 $0.00 $0.00 $0.00 $4,049.34
Total Dining -A- Payroll $16,479.34 $19,430.61 $19,914.93 $17,904.40 $18,299.69 $18,199.76 $20,681.40 $19,400.31 $18,967.97 $17,766.20 $26,937.87 $5,709.55 $219,692.03
Dining -B- Operating Expenses
China $0.00 $0.00 $82.39 $0.00 $0.00 $139.83 $0.00 $490.28 $198.70 $458.55 $0.00 $0.00 $1,369.75
Contract Services – Menu $100.00 $100.00 $100.00 $100.00 $100.00 $77.52 $79.50 $79.50 $79.50 $150.94 $141.98 $79.50 $1,188.44
© 2020 CBRE, Inc.
Dishwasher Lease $8,140.92 $667.27 $0.00 $0.00 $0.00 $0.00 $887.10 $887.10 $0.00 $0.00 $0.00 $312.88 $10,895.27
Grease Trap Cleaning $843.25 $0.00 $0.00 $1,093.25 $0.00 $0.00 $1,255.73 $0.00 $0.00 $0.00 $0.00 $0.00 $3,192.23
Kitchen Equipment R&M $0.00 $148.29 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $97.44 $245.73
Kitchen Hood Service $0.00 $0.00 $0.00 $0.00 $368.05 $0.00 $368.05
Kitchen Supplies $394.25 $588.08 $101.60 $379.80 $329.39 $590.55 $477.48 $408.93 $71.44 $401.23 $542.76 $14.37 $4,299.88
Operating Supplies – Dining $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $7.62 $184.51 $0.00 $24.87 $0.00 $0.00 $217.00
Paper & Plastic Supplies – Dining $205.97 $186.00 $113.53 $64.73 $40.07 $144.39 $425.21 $145.92 $0.00 $242.50 $353.37 $0.00 $1,921.69
Raw Food $9,042.96 $9,399.45 $19,894.40 $10,656.24 $9,032.58 $12,043.78 $19,440.90 $18,974.36 $26,806.77 $31,868.95 -$14,057.63 $6,958.54 $160,061.30
Supplies – Cleaning – Dining $0.00 $0.00 $0.00 $415.68 $377.34 $915.64 $1,392.30 $358.20 $0.00 $1,066.30 $480.71 $0.00 $5,006.17
Training and Meetings – Dining $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $267.00 $0.00 $0.00 $267.00
Vendor Rebates – Dining $0.00 $0.00 $0.00 $0.00 -$406.81 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 -$406.81
Total Dining -B- Operating Expenses $19,039.61 $11,439.13 $20,587.51 $12,802.90 $10,332.06 $14,405.29 $24,216.42 $22,439.27 $27,156.41 $35,088.48 -$12,316.77 $7,592.26 $192,782.57
Housekeeping -A- Payroll
Employee Benefits Other – Housekeeping -$2.05 $3.94 $1.35 $1.39 $1.35 $1.21 $2.79 $3.04 $2.49 $1.69 $1.75 $0.28 $19.23
Employee Uniforms – Housekeeping $207.74 $0.00 $89.92 $51.70 $0.00 $0.00 $349.36
Employment Screenings – Housekeeping $0.38 $0.36 $2.53 $2.64 $0.00 $0.18 $1.25 $0.23 $1.90 $4.13 $0.00 $0.00 $13.60
Holiday Pay – Housekeeping $200.48 $155.29 $87.20 $0.00 $114.64 $114.64 $209.35 $33.08 $220.68 $0.00 $0.00 $0.00 $1,135.36
Housekeepers $1,821.84 $2,735.04 $2,325.67 $2,626.94 $2,508.92 $2,585.11 $3,200.55 $3,159.12 $3,218.20 $3,271.60 $3,863.27 $901.54 $32,217.80
Payroll Taxes – Housekeeping $199.81 $296.27 $203.36 $207.20 $203.83 $240.11 $344.11 $364.37 $330.28 $230.86 $440.09 $74.53 $3,134.82
PTO/Sick Leave Wages – Housekeeping $0.00 $81.75 $245.25 $81.75 $40.87 $225.68 $155.67 $261.60 $87.20 $0.00 $238.05 $0.00 $1,417.82
Total Housekeeping -A- Payroll $2,428.20 $3,272.65 $2,955.28 $2,971.62 $2,869.61 $3,166.93 $3,913.72 $3,821.44 $3,860.75 $3,508.28 $4,543.16 $976.35 $38,287.99
Housekeeping -B- Operating Expenses
Cleaning Supplies – Housekeeping $399.11 $610.27 $38.91 $236.13 $94.30 $300.61 $762.06 $0.00 $0.00 $245.94 $578.09 -$48.34 $3,217.08
Laundry Supplies $0.00 $0.00 $324.36 $0.00 $301.54 $150.78 $0.00 $0.00 $0.00 $0.00 $413.47 $0.00 $1,190.15
Operating Supplies – Housekeeping $0.00 $0.00 $0.00 $1,026.43 $638.65 $429.45 $344.11 $162.20 $555.70 $0.00 $0.00 $0.00 $3,156.54
Paper & Plastic Supplies – Housekeeping $0.00 $0.00 $0.00 $0.00 $129.33 $0.00 $129.33
Total Housekeeping -B- Operating Expenses $840.40 $928.35 $299.18 $1,262.56 $1,163.82 $880.84 $1,106.17 $162.20 $555.70 $245.94 $991.56 -$48.34 $8,388.38
Maintenance & Repair -A- Payroll
Director of Engineering $3,124.92 $3,401.16 $3,616.18 $4,138.84 $3,912.82 $4,378.97 $4,089.60 $3,318.86 $4,073.14 $4,011.43 $6,028.29 $685.71 $44,779.92
Employee Appreciation – Maintenance $0.00 $0.00 $0.00 $0.00 $16.79 $0.00 $16.79
Employee Benefits Other – Maintenance $9.97 $27.59 $37.02 $1.39 $1.35 $0.77 $1.39 $1.53 $1.75 $5.20 $7.20 $1.16 $96.32
Employment Screenings – Maintenance $0.94 $0.88 $6.34 $29.74 $0.00 $0.44 $2.01 $0.36 $11.96 $10.20 $0.00 $0.00 $62.87
Engineering Tech $735.69 $3,382.86 $2,342.72 $2,525.13 $2,349.70 $1,870.55 $1,413.89 $1,293.66 $3,271.48 $3,463.81 $3,150.61 $914.25 $26,714.35
Holiday Pay – Maintenance $358.14 $357.26 $289.56 $0.00 $84.37 $84.38 $178.29 $40.56 $349.00 $0.00 $0.00 $0.00 $1,741.56
Overtime – Maintenance $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4.44 $119.50 $109.69 $8.48 $0.00 $242.11
Payroll Taxes – Maintenance $633.82 $613.68 $575.37 $605.94 $585.36 $552.96 $458.86 $448.90 $629.84 $485.14 $1,022.35 $181.99 $6,794.21
PTO/Sick Leave Wages – Maintenance $277.02 $824.28 $423.77 $240.14 $324.89 $377.28 $150.91 $776.91 $240.53 $0.00 $366.72 $0.00 $4,002.45
Total Maintenance & Repair -A- Payroll $5,140.50 $8,607.71 $7,290.96 $7,541.18 $7,275.28 $7,265.35 $6,294.95 $5,885.22 $8,697.20 $8,085.47 $10,583.65 $1,783.11 $84,450.58
Maintenance & Repair -B- Operating Expenses
Building Repairs $0.00 $0.00 $622.35 $125.83 $534.71 $0.00 $0.00 $1,687.61 $9,107.37 $1,307.20 $863.88 $924.37 $15,173.32
Chemicals – Maintenance $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $57.35 $0.00 $57.35
Common Area Cleaning & Repairs $0.00 $0.00 $0.00 $71.21 $0.00 $0.00 $0.00 $0.00 $0.00 $197.42 $0.00 $0.00 $268.63
Contract Labor – Maintenance $0.00 $389.70 $0.00 $1,041.33 $0.00 $0.00 $0.00 $0.00 $368.05 $551.14 $0.00 $368.05 $2,718.27
Dues & Subscriptions – Maintenance $0.00 $194.00 $97.00 $0.00 $97.00 $97.00 $97.00 $97.00 $97.00 $0.00 $0.00 $97.00 $873.00
Electrical Repair $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $45.84 $45.84
Emergency Alert / Pendants $0.00 $0.00 $0.00 $0.00 $1,505.87 $1,841.83 $3,347.70
Exterminating Contract $1,455.21 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $771.20 $811.88 $0.00 -$150.00 $2,888.29
Fire Alarm & Fire Sprinkler R&M/Contractsvs $3,006.87 $1,633.07 $2,749.96 $3,136.00 $0.00 $2,350.50 $2,825.51 $6,104.10 $1,445.71 $4,475.60 $0.00 $0.00 $27,727.32
Fire Extinguisher $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $930.95 $0.00 $0.00 $930.95
Furniture & Equip Non CapX – Maintenance $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $306.81 $150.00 $64.94 $521.75
General Maintenance Supplies $717.44 $486.90 $484.31 $948.34 $2,004.36 $1,322.29 $459.00 $1,067.00 $1,521.84 $709.29 $209.23 $551.00 $10,481.00
General R&M $0.00 $123.75 $0.00 $98.03 $0.00 $0.00 $300.41 $495.13 $1,755.17 $350.73 $0.00 $0.00 $3,123.22
Generator Service $1,269.80 $0.00 $0.00 $1,409.89 $0.00 $0.00 $0.00 $948.42 $0.00 $0.00 $0.00 $0.00 $3,628.11
Grounds Contract $176.73 $2,142.00 $2,318.73 $2,484.35 $2,318.73 $2,805.87 $2,498.15 $2,878.94 $2,318.73 $2,805.87 $7,760.47 -$1,359.00 $29,149.57
HVAC Repair $0.00 $0.00 $780.19 $2,262.38 $0.00 $1,437.26 $0.00 $2,158.32 $3,693.09 $2,493.14 $876.72 $0.00 $13,701.10
HVAC Supplies $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1,881.36 $0.00 $0.00 $0.00 $0.00 $1,881.36
Landscaping Other (Irrigation) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $779.40 $222.93 $0.00 $1,002.33
Landscaping Seasonal Plants $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $76.51 $0.00 $101.28 $0.00 $0.00 $177.79
Licenses & Permits Maintenance $0.00 $0.00 $40.00 $0.00 $0.00 $40.00
Light Bulbs/Electrical Supplies $214.43 $114.84 $0.00 $301.35 $164.23 $163.17 $158.08 $169.89 $512.20 $2,383.07 $1,235.98 $0.00 $5,417.24
Maintenace Equipment Repair $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $8.93 $0.00 $0.00 $228.18 $0.00 $237.11
Other Maintenance $0.00 $37.35 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $421.75 $97.00 $0.00 $556.10
Painting R&M $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $663.49 $0.00 $0.00 $0.00 $663.49
Plumbing R&M $2,200.00 $0.00 $1,755.00 $4,220.00 $385.00 $0.00 $2,940.00 $0.00 $0.00 $0.00 $0.00 $0.00 $11,500.00
Plumbing Supplies $0.00 $693.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3,600.00 $0.00 $166.27 $0.00 $4,459.27
Turnover Suites $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 -$631.40 $631.40 $0.00 $0.00 $0.00 $0.00
Water Softner System – Supplies $479.14 $635.63 $1,172.26 $404.42 $546.13 $531.21 $464.08 $530.35 $367.14 $411.88 $411.88 $644.43 $6,598.55
Total Maintenance & Repair -B- Operating Expenses $11,838.35 $6,773.47 $10,019.80 $16,503.13 $7,556.03 $10,549.13 $9,742.23 $17,472.16 $26,852.39 $19,037.41 $12,279.89 $1,186.63 $149,810.62
Marketing -A- Payroll
Employee Benefits Other – Marketing -$267.13 $302.80 $271.10 $504.63 $488.37 $291.68 $503.25 $489.63 $508.66 $492.26 $508.67 $82.04 $4,175.96
Employment Screenings – Marketing $0.82 $0.62 $4.31 $6.09 $0.00 $0.60 $9.99 $0.41 $3.09 $6.97 $0.00 $0.00 $32.90
Holiday Pay – Marketing $163.59 $205.09 $184.34 $0.00 $114.66 $114.66 $388.66 $29.90 $0.00 $0.00 $0.00 $0.00 $1,200.90
Marketing Director $3,886.56 $3,396.53 $4,081.39 $4,081.72 $4,950.06 $5,081.73 $3,370.71 $4,423.73 $4,311.74 $4,825.14 $6,427.00 $731.57 $49,567.88
Move-In Coordinator $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2,546.05 $2,546.05
Overtime – Marketing $0.00 $0.00 $0.00 $0.00 $0.00 $98.49 $11.70 $0.00 $0.00 $0.00 $0.00 $0.00 $110.19
Payroll Taxes – Marketing $411.87 $440.34 $275.38 $391.78 $918.87 $761.69 $666.52 $453.47 $271.97 $263.72 $683.94 $117.10 $5,656.65
PTO/Sick Leave Wages – Marketing $293.10 $628.58 -$225.09 $1,040.94 $0.00 $0.00 $539.84 $13.17 $0.00 $0.00 $0.00 $0.00 $2,290.54
Sales Counselor – Marketing $0.00 $0.00 -$440.91 $67.55 $6,514.26 $3,311.56 $3,072.18 $1,036.83 $0.00 $0.00 $0.00 $359.68 $13,921.15
Total Marketing -A- Payroll $4,488.81 $4,973.96 $4,150.52 $6,092.71 $12,986.22 $9,660.41 $8,562.85 $6,447.14 $5,095.46 $5,588.09 $7,619.61 $3,836.44 $79,502.22
Marketing -B- Operating Expenses
Advertising $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $416.00 $225.00 $0.00 $0.00 $995.00 $258.98 $1,894.98
Collateral $768.14 $0.00 $0.00 $0.00 $0.00 $0.00 $168.79 $0.00 $1,865.75 $0.00 $0.00 $1,212.97 $4,015.65
Community Outreach $0.00 $37.35 $0.00 $0.00 $0.00 $260.90 $178.62 $244.33 $451.25 $0.00 $0.00 $0.00 $1,172.45
Consultants – Marketing $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4,163.24 $0.00 $0.00 $0.00 $0.00 $4,163.24
Contract Labor – Marketing $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1,900.00 $0.00 $0.00 $0.00 $1,900.00
Digital Media $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $10,227.08 $0.00 $0.00 $0.00 $0.00 $10,227.08
Direct Mail $140.66 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2,015.80 $975.00 $0.00 $7,631.25 $10,762.71
Dues & Subscriptions – Marketing $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $100.00 $0.00 $0.00 $0.00 $0.00 $0.00 $100.00
E-Mail Marketing $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Event Outreach Flyers $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $84.50 $0.00 $0.00 $0.00 $0.00 $0.00 $84.50
Events $133.93 $0.00 $134.51 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $223.93 $114.71 $0.00 $607.08
Furniture & Equip Non CapX – Marketing $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2,526.65 $203.56 $0.00 $82.25 $0.00 $0.00 $2,812.46
Leads/CRM $5,169.95 $579.57 $579.57 $896.57 $579.57 $597.00 $579.57 $436.00 $0.00 $554.15 $1,130.40 $218.75 $11,321.10
Lunch & Learn VA Seminar $0.00 $39.65 $0.00 $0.00 $0.00 $388.60 $428.25
Marketing Plan Development $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $176.19 $0.00 $0.00 $176.19
Move-In / Resident Gifts $0.00 $0.00 $0.00 $23.37 $30.44 $0.00 $53.81
Paid Placement Search Marketing $1,249.86 $5,735.95 $5,735.98 $5,735.98 $6,110.92 $6,601.60 $6,298.63 $0.00 $966.87 $966.87 $0.00 $3,093.13 $42,495.79
Premiums/Giveaways $0.00 $0.00 $0.00 $0.00 $0.00 $100.66 $100.66
Print AD Development / Updates $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Prospect Gifts/Meals $0.00 $0.00 $0.00 $0.00 $0.00 $71.60 $71.60
Public Relations $0.00 $0.00 $199.92 $19.98 $0.00 $0.00 $0.00 $104.71 $21.65 $0.00 $0.00 $0.00 $346.26
Referral Fees $0.00 $0.00 $2,800.00 $0.00 $5,950.00 $600.00 $0.00 $0.00 $0.00 $8,000.00 $0.00 $2,500.00 $19,850.00
Social Media Marketing & Oversight $987.29 $988.38 $988.37 $988.38 $988.38 $1,454.00 $1,363.48 $0.00 $635.37 $2,041.62 $0.00 $666.62 $11,101.89
Supplies – Marketing $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $41.44 $7.57 $880.00 $412.98 $0.00 $0.00 $1,341.99
Traditional Media $510.13 $718.31 $622.29 $1,022.76 $112.53 $200.00 $187.55 $0.00 $0.00 $195.00 $0.00 $0.00 $3,568.57
Travel – Marketing $1,760.63 $0.00 $0.00 $0.00 $0.00 $259.60 $0.00 $0.00 $0.00 $0.00 $488.57 $0.00 $2,508.80
Travel Meals – Marketing $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $228.11 $0.00 $228.11
Website Hosting $234.44 $224.62 $234.44 $342.15 $913.83 $798.00 $223.18 $0.00 $4,282.81 $195.31 $0.00 $195.31 $7,644.09
Total Marketing -B- Operating Expenses $11,383.11 $8,323.83 $11,295.08 $9,029.19 $14,685.67 $11,331.96 $12,168.41 $15,611.49 $13,019.50 $13,823.30 $2,956.79 $15,777.01 $139,405.34
Memory Care -A- Payroll
Bonuses – MC $0.00 $0.00 $0.00 $50.00 $0.00 $25.00 $551.79 $198.21 $0.00 $0.00 $0.00 $0.00 $825.00
Employee Benefits Other – MC -$203.96 $214.73 $9.44 $11.60 $14.42 $5.21 $12.20 $34.45 $313.88 $466.31 $1,128.21 $223.92 $2,230.41
Employment Screenings – MC $1.84 $8.93 $11.02 $11.38 $0.00 $8.18 $27.20 $24.90 $6.11 $20.78 $0.00 $0.00 $120.34
Holiday Pay – MC $1,095.50 $1,383.76 $934.87 $0.00 $349.95 $349.96 $554.40 $72.87 $392.84 $0.00 $0.00 $0.00 $5,134.15
Overtime – MC $909.30 $465.19 $431.73 $1,224.61 $788.27 $1,207.60 $1,664.67 $777.09 $472.72 $555.25 $1,569.28 $311.81 $10,377.52
Payroll Taxes – MC $1,123.07 $1,355.88 $1,120.68 $1,249.31 $968.15 $1,294.00 $1,472.87 $1,120.56 $898.18 $742.39 $1,390.06 $296.81 $13,031.96
PTO/Sick Leave Wages – MC $240.16 $1,179.84 $259.01 $1,175.69 $258.73 $594.50 $0.00 $162.40 $126.71 $300.28 $656.73 $201.74 $5,155.79
Salaries & Wages MC CNA/Res Assistant $3,610.18 $3,614.80 $6,261.40 $6,412.15 $5,254.73 $5,811.45 $5,857.50 $4,631.02 $4,888.60 $7,584.26 $7,662.85 $1,320.79 $62,909.73
Salaries & Wages MC Med Tech $4,106.74 $7,607.67 $4,510.24 $4,851.29 $3,934.20 $5,815.69 $6,255.34 $5,044.90 $4,026.56 $2,151.45 $3,072.58 $931.49 $52,308.15
Salary & Wages – MC $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $5,988.00 $5,988.00
Total Memory Care -A- Payroll $10,882.83 $15,830.80 $13,538.39 $14,986.03 $11,568.45 $15,111.59 $16,395.97 $12,066.40 $11,125.60 $11,820.72 $15,479.71 $9,274.56 $158,081.05
Memory Care -B- Operating Expenses
Wellness Supplies MC $125.00 $0.00 $129.08 $0.00 $132.65 $209.82 $162.82 $168.00 $234.48 $360.00 $4.73 $0.00 $1,526.58
Total Memory Care -B- Operating Expenses $125.00 $0.00 $129.08 $0.00 $132.65 $209.82 $162.82 $168.00 $234.48 $360.00 $4.73 $0.00 $1,526.58
Resident Services -A- Payroll
Activities Aid – Lifestyles $1,382.77 $2,017.99 $1,978.36 $2,118.72 $1,784.51 $1,704.02 $1,960.73 $1,856.76 $1,813.25 $1,973.71 $2,652.21 $412.28 $21,655.31
Director / Manager – Lifestyles -$156.32 $5,923.22 $6,386.94 $6,002.67 $6,445.95 $6,442.74 $5,901.88 $6,621.42 $5,345.72 $6,261.20 $9,218.13 $1,647.36 $66,040.91
Employee Appreciation – Lifestyles $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $17.32 $0.00 $0.00 $0.00 $0.00 $17.32
Employee Benefits Other – Lifestlyes $516.51 $1,837.68 $2,469.05 $2,551.36 $2,469.08 $1,429.90 $2,551.37 $2,427.28 $2,465.03 $2,385.51 $2,305.12 $362.82 $23,770.71
Employment Screenings – Lifestyles $0.42 $1.18 $8.37 $8.77 $0.00 $0.66 $3.25 $0.59 $4.81 $10.42 $0.00 $0.00 $38.47
Holiday Pay – Lifestyles -$697.33 $1,143.21 $458.59 $0.00 $74.11 $74.11 $426.54 $43.26 $135.85 $0.00 $0.00 $0.00 $1,658.34
Payroll Taxes – Lifestyles -$87.62 $1,322.71 $670.81 $696.47 $660.22 $688.18 $690.91 $713.53 $653.40 $597.52 $1,334.64 $226.25 $8,167.02
PTO/Sick Leave Wages – Lifestlyes $1,231.07 $999.85 -$55.23 $982.91 $325.84 $775.08 $718.93 $171.97 $1,543.14 $263.37 $568.73 $49.03 $7,574.69
Total Resident Services -A- Payroll $3,069.79 $13,245.84 $11,916.89 $12,360.90 $11,759.71 $11,114.69 $12,253.61 $11,852.13 $11,961.20 $11,491.73 $16,078.83 $2,697.74 $129,803.06
Resident Services -B- Operating Expenses
Contract Entertainment $233.40 $0.00 $60.00 $115.00 $115.00 $125.00 $648.40
Decorations $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $57.98 $102.44 $0.00 $160.42
Food – Lifestyles $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4.48 $27.79 $91.34 $116.78 $0.00 $0.00 $240.39
MC Program Engagement $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $16.34 $0.00 $0.00 $16.34
Office Supplies $0.00 $236.95 $0.00 $0.00 $91.66 $0.00 $328.61
Operating Supplies $57.60 $187.69 $43.59 $0.00 $361.41 $136.64 $145.40 $32.35 $45.47 $29.23 $0.00 $234.61 $1,273.99
Resident Activities/Entertainment $0.00 $0.00 $80.00 $139.74 $160.00 $0.00 $220.00 $288.94 $671.91 $770.62 $275.76 $168.01 $2,774.98
Special Events (Non Marketing) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $30.16 $483.26 $1.07 $0.00 $514.49
Total Resident Services -B- Operating Expenses $291.00 $444.22 $183.59 $254.74 $728.07 $261.64 $369.88 $349.08 $838.88 $1,474.21 $379.27 $402.62 $5,977.20
Transportation -A- Payroll
Drivers $0.00 $0.00 $0.00 $0.00 $0.00 $587.97 $934.06 $1,153.43 $1,142.97 $1,011.59 $1,705.05 $260.42 $6,795.49
Employment Screenings – Transportation $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.38 $0.07 $0.68 $1.47 $0.00 $0.00 $2.60
Payroll Taxes – Transportation $0.00 $0.00 $0.00 $0.00 $0.00 $63.09 $100.22 $123.77 $105.50 $65.69 $182.95 $17.62 $658.84
Total Transportation -A- Payroll $0.00 $0.00 $0.00 $0.00 $0.00 $651.06 $1,034.66 $1,277.27 $1,249.15 $1,078.75 $1,888.00 $278.04 $7,456.93
© 2020 CBRE, Inc.
Vehicle Fuel $90.00 $142.77 $45.00 $235.55 $123.85 $135.58 $126.15 $116.35 $116.85 $49.55 $120.65 $0.00 $1,302.30
Vehicle Lease – Bus & Van $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2,342.80 $0.00 $0.00 $0.00 $0.00 $2,342.80
Vehicle Maintenance $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $163.03 $178.62 $0.00 $0.00 $37.13 $378.78
Vehicle Tag $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $179.25 $0.00 $179.25
Total Transportation -B- Operating Expenses $90.00 $142.77 $45.00 $235.55 $123.85 $135.58 $126.15 $2,622.18 $295.47 $49.55 $299.90 $37.13 $4,203.13
Utilities, Insurance and Other
Insurance $0.00 $0.00
Insurance – Auto $159.83 $264.13 $264.13 $264.13 $264.13 $264.13 $264.13 $264.13 $264.13 $264.13 $264.13 -$901.87 $1,899.26
Insurance – General/Professional Liability $3,568.40 $2,287.28 $2,287.28 $8,455.71 $8,455.71 $8,455.71 $8,455.71 $9,294.99 $9,294.99 $9,294.99 $9,294.99 $2,979.65 $82,125.41
Insurance – Property $3,782.12 $3,153.56 $3,153.56 $3,153.56 $3,153.56 $3,153.56 $3,153.56 $3,153.56 $3,153.56 $3,153.56 $3,153.56 $3,250.77 $38,568.49
Insurance – Umbrella/Excess $1,666.84 $1,080.34 $1,080.34 $1,080.34 $1,080.34 $1,080.34 $1,080.34 $1,080.34 $1,080.34 $1,080.34 $1,080.34 $1,080.34 $13,550.58
Total Insurance $9,177.19 $6,785.31 $6,785.31 $12,953.74 $12,953.74 $12,953.74 $12,953.74 $13,793.02 $13,793.02 $13,793.02 $13,793.02 $6,408.89 $136,143.74
Management Fees
Management Fee $7,500.00 $8,301.77 $7,000.00 $9,379.00 -$8,466.44 $9,019.00 $667.56 $8,281.24 $8,888.43 $12,000.00 $15,966.44 $16,771.80 $95,308.80
Total Management Fees $7,500.00 $8,301.77 $7,000.00 $9,379.00 -$8,466.44 $9,019.00 $667.56 $8,281.24 $8,888.43 $12,000.00 $15,966.44 $16,771.80 $95,308.80
Taxes
Taxes Real Estate $17,637.32 $0.00 $0.00 $0.00 $0.00 $51.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $17,688.32
Total Taxes $17,637.32 $0.00 $0.00 $0.00 $0.00 $51.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $17,688.32
Utilities
Cable TV $87.88 $87.88 $89.34 $92.06 $263.64 $0.00 $0.00 $0.00 $0.00 $1,127.86 $985.17 $1,974.48 $4,708.31
Electricity $5,596.90 $5,844.17 $6,476.33 $8,594.56 -$9,111.89 $7,707.22 $15,487.49 $7,891.50 $7,970.92 $7,479.41 $5,838.30 -$181.57 $69,593.34
Gas $427.46 $419.14 $389.65 $278.80 $233.00 $78.53 $206.16 $627.93 $218.66 $375.25 $476.13 -$155.29 $3,575.42
Telephone & Internet Communications $535.45 $3,911.15 $961.70 $5,595.90 $910.35 $2,402.37 $542.98 $3,446.23 $3,058.90 $1,466.55 $2,310.46 $614.32 $25,756.36
Trash Removal $546.40 $546.40 $546.40 $546.40 $546.40 $546.40 $546.40 $546.40 $1,092.80 $0.00 $0.00 $0.00 $5,464.00
Water & Sewer $6,567.10 $4,569.93 $6,802.26 $6,606.03 $2,300.70 $5,607.08 $3,508.12 $6,188.02 $5,000.00 $4,309.47 $4,039.88 -$122.83 $55,375.76
Total Utilities $13,761.19 $15,378.67 $15,265.68 $21,713.75 -$4,857.80 $16,341.60 $20,291.15 $18,700.08 $17,341.28 $14,758.54 $13,649.94 $2,129.11 $164,473.19
Total Utilities, Insurance and Other $48,075.70 $30,465.75 $29,050.99 $44,046.49 -$370.50 $38,365.34 $33,912.45 $40,774.34 $40,022.73 $40,551.56 $43,409.40 $25,309.80 $413,614.05
Total Operating Expenses $214,782.86 $211,484.08 $218,944.00 $228,518.13 $178,386.61 $207,423.70 $235,626.01 $258,396.11 $267,661.24 $276,618.56 $254,382.68 $98,748.77 $2,650,972.75
Operating Income / (Loss) -$25,357.34 -$38,481.58 -$49,927.75 -$56,710.92 -$20,353.91 -$36,405.44 -$68,709.51 -$87,908.15 -$100,579.68 -$102,014.33 -$78,760.89 $30,509.65 -$634,699.85
Add-Backs
Management Company Travel Expense During Transition $12,000.00 $5,271.88 $17,271.88
Travel Expense for Department Head Training in Birmingham $4,105.20 $4,105.20
IT Transition Expenses (computer setup, etc.) -$262.16 $368.48 $474.20 $582.54 $1,326.14 $709.90 $3,199.10
One-time Marketing Expenses (website setup, initial mailing, etc.) $4,668.41 $8,111.49 $5,519.50 $6,323.30 -$4,543.21 $8,277.01 $28,356.50
Total $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4,406.25 $8,479.97 $5,993.70 $11,011.04 $8,782.93 $14,258.79 $52,932.68
NOI (Excluding Transition Costs) -$25,357.34 -$38,481.58 -$49,927.75 -$56,710.92 -$20,353.91 -$36,405.44 -$64,303.26 -$79,428.18 -$94,585.98 -$91,003.29 -$69,977.96 $44,768.44 -$581,767.17
Other Income and Expense
Unrealized Gain / (Loss) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Non-Operating Income/Expenses
Depreciation and Amortization -$8,475.90 -$22,851.63 -$22,851.63 -$22,851.63 -$22,851.63 -$22,851.63 -$22,851.63 -$22,851.63 -$22,851.63 -$22,851.63 -$22,851.63 -$22,851.63 -$259,843.83
Interest Expense -$16,557.81 -$18,559.12 -$18,559.12 -$18,559.12 -$18,559.12 -$18,559.12 -$18,559.12 -$111,354.74 $0.00 $0.00 $0.00 $0.00 -$239,267.27
Legal Expense (Acquisition & Licensing) -$590.95 -$501.67 $0.00 -$2,752.50 $0.00 $0.00 -$6,392.44 $0.00 $0.00 $0.00 -$10,237.56
Marketing Cost – Start Up $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Professional Fees – Property Tax Exemption Application $0.00 $0.00 $0.00 $0.00 -$8,277.23 $0.00 $0.00 $0.00 $0.00 $0.00 -$8,277.23
Owner Other Expense $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 -$1,051.29 -$1,051.29
Start Up Cost $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 -$17.17 $0.00 $0.00 -$17.17
Vendor Rebates $593.59 $0.00 $392.19 $478.19 $0.00 $0.00 $1,463.97
Total Non-Operating Income/Expenses -$25,031.07 -$41,410.75 -$41,018.56 -$41,434.23 -$41,410.75 -$44,163.25 -$49,687.98 -$134,206.37 -$29,244.07 -$22,868.80 -$22,851.63 -$23,902.92 -$517,230.38
Total Other Income and Expense -$25,031.07 -$41,675.75 -$41,084.56 -$41,434.23 -$41,410.75 -$44,163.25 -$49,687.98 -$134,206.37 -$29,244.07 -$22,868.80 -$22,851.63 -$23,902.92 -$517,561.38
Net Income / (Loss) before Tax -$50,388.41 -$80,157.33 -$91,012.31 -$98,145.15 -$61,764.66 -$80,568.69 -$118,397.49 -$222,114.52 -$129,823.75 -$124,883.13 -$101,612.52 $6,606.73 -$1,152,261.23
Add-Backs
One-time Legal Expenses Related to Acquisition & Licensing $6,392.44 $6,392.44
One-time Professional Fees Related to Prop. Tax Exemption App. $8,277.23 $8,277.23
Other Start-Up Costs $17.17 $17.17
Total $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $8,277.23 $0.00 $6,392.44 $17.17 $14,686.84
Net Income / (Loss) Excluding Transition Costs -$50,388.41 -$80,157.33 -$91,012.31 -$98,145.15 -$61,764.66 -$80,568.69 -$105,714.01 -$213,634.55 -$117,437.61 -$113,854.92 -$92,829.59 $20,865.52 -$1,084,641.71
© 2020 CBRE, Inc.
Quantity Each Total
Paint General Areas 1 50,000$ 50,000$
Lighting Package all 3 building 1 60,000$ 60,000$
Parking Lot pot holes 4 2,000$ 8,000$
Parking Lot restriped 1 15,000$ 15,000$
P-Tac Units 20 800$ 16,000$
Apartment and Office Door Handles 110 25$ 2,750$
Apartment Rent Ready 10 1,500$ 15,000$
Apartment Flooring 20 1,500$ 30,000$
Dumpster fence repair paint 3 500$ 1,500$
Signage change all signs 1 7,500$ 7,500$
Carpet repair entry way 1 5,000$ 5,000$
Landscaping 1 25,000$ 25,000$
Apartment Refrigerators 15 150$ 2,250$
Apartment Microwaves 15 65$ 975$
Computers 16 750$ 12,000$
Phone system (internet) 2 5,000$ 10,000$
Camera System 3 3,000$ 9,000$
Steam Table 1 4,500$ 4,500$
Commercial microwave 2 800$ 1,600$
Washing Machine 1 800$ 800$
Print Website & On Line Marketing 1 20,000$ 20,000$
Contingency 53,438$
Total 300,313$
© 2020 CBRE, Inc.
Legal Description
© 2020 CBRE, Inc.
Senior Life Report
© 2020 CBRE, Inc.
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