25th percentile

The breakpoint between (a) the middle tier and the bottom tier and also (b) the first and second quartiles.

75th percentile

The breakpoint between (a) the top tier and the middle tier and also (b) the third and fourth quartiles.

Activities of daily living (ADLs)

Activities related to the care for and moving of the body, including: walking, bathing, dressing, toileting, transferring, and eating. The ability to perform the Activities of daily living (ADLs) is used by senior housing providers to determine a person’s eligibility for long-term care services.

Additional markets

Made up of 41 core-based statistical areas (CBSAs) in the United States that are not included in the NIC MAP 99 primary and secondary markets. Data is available in these markets beginning in the first quarter of 2015. Data for additional markets is often aggregated.

All markets

Made up of 140 of the largest core-based statistical areas in the United States. Includes NIC MAP primary, secondary, and additional Markets. Data for all markets is often aggregated.

Allocated

An individual property's PPU is adjusted based on each property’s respective market pricing level. The allocation for office, flex/industrial and retail properties is based on square feet. For apartments, it is based on the number of units. Allocated prices are not usually an accurate measure of an individual property's price but are accurate for the entire portfolio and aggregated statistics.

Amortization

Amortization is a systematic and methodical approach to gradually satisfying a loan obligation over a predetermined duration through a series of regular and uniform payments. These payments encompass two distinct components: one portion is aimed specifically at reducing the principal amount owed, while the other is allocated to covering the accumulated interest. As the process of amortization unfolds, the loan's outstanding balance steadily diminishes, ultimately culminating in the complete repayment of the amount owed by the conclusion of the agreed-upon loan term. A vital element in the amortization process is the presence of an amortization schedule. This schedule is crucial as it furnishes a comprehensive breakdown of each payment made. It delineates and specifies the precise apportionment of funds, explicitly indicating the exact allocation towards both the principal and the interest component for each payment made throughout the loan's duration. It is worth noting that the specific distribution of these amounts is not static but rather exhibits variability, contingent upon the remaining balance of the loan and the prevailing interest rate at any given time.

Annual absorption

Annual absorption refers to the rate at which available space in a specific real estate market, such as commercial properties or housing units, is leased, rented, or purchased by tenants or buyers over a year.

Annual inventory growth

The change in inventory from the previous year.

Annual rent growth

The annual growth rate of "Average Asking Rent" for properties reporting rent data in both the current quarter and the same quarter a year ago.

Appraised

Based on the official evaluation of a lender (seen on refinancing).

Approximate

Derived from reliable published reports attributed to industry sources or generally rumored in the marketplace. Approximately 15% of the prices are qualified as approximate.

Asking rate

Street room rate and average of any care fees across all existing units as of the end of the month.

Asking rent growth (%)

The annual growth rate of “average asking rate” for properties reporting rental data in both the current quarter and the same quarter a year ago—a “same-store-rent” concept.

Assisted living (AL) units

The part or section of a property that provides supportive care from trained employees to residents who are unable to live independently and require assistance with ADLs. Assisted living residences, not including memory care, typically have state licensure requirements for the delivery of assisted living services.

Active adult communities

Traditionally considered for-sale single-family homes, townhomes, cluster homes, mobile homes and condominiums with no specialized services, restricted to adults at least 55 years of age or older. Residents generally lead an independent lifestyle; properties are not equipped to provide increased care as the individual ages. May include amenities such as a clubhouse, golf course, and recreational spaces. Outdoor maintenance is normally included in the monthly homeowner's association or condominium fee.

Absorption

The change in the occupied units from the previous quarter.

Average rent

Asking private-room rent plus the average fee for care services. For nursing care, this represents the average per diem private-pay rate for private rooms. Average rent may also be referred to as average market rate (AMR) for independent living, assisted living, and memory care and average daily rate (ADR) for nursing care.

Bandwidth chart

Bandwidth charts display a property's performance in relation to its comp set, "banded" by the minimum and maximum values within each quarter.

Bill of sale

A bill of sale is a document that transfers an interest, right, and title in personal property or goods from one party, the grantor, to another party, the grantee.

Borrower

This refers to the type of borrowing structure. For example, single-purpose entities (SPEs) represent a prevalent framework employed within commercial mortgage lending, especially in the domain of commercial mortgage-backed securities (CMBS) transactions. These entities, established for specific purposes, assume the responsibility of holding ownership for designated properties or facilitating particular types of financing. By instituting an SPE, borrowers can effectively isolate the risks inherent in individual properties or transactions from their broader assets and liabilities. This segregation of risk helps minimize the potential for default, providing investors participating in CMBS transactions with enhanced predictability and security.

Bottom tier

The bottom quartile (i.e., first quartile) comprised of those properties below the 25th percentile.

Buyer’s business plan

A buyer’s business plan is created by the developer of the deal and should: (a) show estimated returns (high end, middle and low end), (b) include development and/or operating budgets, (c) show key third parties that are or will be retained, and (d) include the community concepts. 

Campus type

The arrangement of the units and/or buildings of the property.

Capitalization rate (%)

The average cap rate from closed transactions.

Care segment type

Levels of care and services provided by the property. This can also be referred to as care segment. One unit of independent living, assisted living, or memory care is equivalent to one nursing care bed.

Carry guaranty

A carry guaranty is a guaranty of payment of the property’s operating expenses, such as real property taxes and insurance. 

CCRCs/LPCs

Continuing care retirement communities (CCRCs)/life plan communities (LPCs) are age-restricted properties that offer at least independent living and nursing care. They may also include a full continuum of care including assisted living, memory care, and other supportive services to residents all on one campus.

Close price

The total sales transaction price. If joint venture interest sold, this price is based on the 100% grossed-up price.

CMS Five-Star Rating (Health Inspection)

Centers for Medicare & Medicaid Services (CMS) calculates a health inspection score based on points assigned to deficiencies identified in each active provider’s three most recent recertification health inspections, as well as on deficiency findings from the most recent three years of complaint inspections. Points are assigned to individual health deficiencies according to their scope and severity—more serious, widespread deficiencies receive more points, with additional points assigned for substandard quality of care. Deficiencies from Life Safety surveys are not included in the Five-Star Rating calculations. Deficiencies from Federal Comparative Surveys are not reported on Nursing Home Compare or included in Five-Star calculations, though the results of State Survey Agency determinations made during a Federal Oversight Survey are included. No points are assigned for the first revisit; points are assigned only for the second, third, and fourth revisits and are proportional to the health inspection score for the survey cycle. If a provider fails to correct deficiencies by the time of the first revisit, then these additional revisit points are assigned up to 85% of the health inspection score for the fourth revisit. CMS’ experience is that providers who fail to demonstrate restored compliance with safety and quality of care requirements during the first revisit have lower quality of care than other nursing homes. More revisits are associated with more serious quality problems. CMS calculates a total weighted health inspection score for each facility (including any repeat revisits). Note that a lower survey score corresponds to fewer deficiencies and revisits, and thus better performance on the health inspection domain. CMS bases Five-Star quality ratings in the health inspection domain on the relative performance of facilities within a state. This approach helps control for variation among states.

CMS Five-Star Rating (Overall)

Centers for Medicare & Medicaid Services (CMS) rates skilled nursing facilities (SNFs) on a scale of one to five stars. The components of the overall Five-Star Rating are health inspection, staffing, and quality measures. The method for determining the overall nursing home rating does not assign specific weights to the health inspection, staffing, and quality measure (QM) domains. The health inspection rating is the most important dimension in determining the overall rating, but, depending on the performance on the staffing and QM domains, the overall rating for a nursing home may be increased or decreased by up to two stars. If a nursing home has no health inspection rating, then no overall rating is assigned. If a nursing home has no health inspection rating because it is too new to have two standard surveys, then no ratings for any domain are displayed.

CMS Five-Star Rating (Quality Measure)

A set of quality measures (QMs) has been developed from Minimum Data Set (MDS) and Medicare claims data to describe the quality of care provided in nursing homes. These measures address a broad range of function and health status indicators. Most nursing homes will have three QM ratings—an overall QM rating, a long-stay QM rating, and a short-stay QM rating. For nursing homes that have only long-stay or only short-stay QMs, the overall QM rating is equal to their long-stay or short-stay QM rating. QM ratings are based on performance on a subset of 12 MDS-based QMs and five measures that are created using Medicare claims. These measures were selected for use in the rating system based on their validity and reliability, the extent to which nursing home practice may affect the measures, statistical performance, and the importance of the measures.

CMS Five-Star Rating (Quality Measure Long Stay)

Most nursing homes will have three QM ratings: an overall QM rating, a long-stay QM rating, and a short-stay QM rating. For nursing homes that have only long-stay QMs, the overall QM rating is equal to their long-stay QM rating. Measures for long-stay residents (defined as residents who are in the nursing home for greater than 100 days) that are derived from MDS assessments are: percent of residents whose need for help with activities of daily living has increased; percent of residents whose ability to move independently has worsened; percent of high-risk residents with pressure ulcers; percent of residents who have/had a catheter inserted and left in their bladder; percent of residents with a urinary tract infection; percent of residents who self-report moderate to severe pain; percent of residents experiencing one or more falls with major injury; percent of residents who received an antipsychotic medication. Measures for long-stay residents that are derived from claims data are: number of hospitalizations per 1,000 long-stay resident days; number of outpatient emergency department (ED) visits per 1,000 long-stay resident days.

CMS Five-Star Rating (Quality Measure Short Stay)

Most nursing homes will have three QM ratings: an overall QM rating, a long-stay QM rating, and a short-stay QM rating. For nursing homes that have only short-stay QMs, the overall QM rating is equal to their short-stay QM rating. Measures for short-stay residents that are derived from MDS assessments are: percent of residents who made improvement in function; percent of SNF residents with pressure ulcers that are new or worsened; percent of residents who self-report moderate to severe pain; percent of residents who newly received an antipsychotic medication. Measures for short-stay residents that are derived from claims data are: percent of short-stay residents who were re-hospitalized after a nursing home admission; percent of short-stay residents who have had an outpatient emergency department (ED) visit; rate of successful return to home and community from a SNF.

CMS Five-Star Rating (Staffing)

Adjusted registered nurse (RN), licensed practical nurse (LPN), and certified nursing assistant (CNA) staffing hours are used in calculating staffing stars for Centers for Medicare & Medicaid Services (CMS) Five-Star ratings. Five-Star staffing measures are derived from data submitted each quarter through the Payroll-Based Journal System (PBJ), along with daily resident census derived from Minimum Data Set, Version 3.0 (MDS 3.0) assessments, and are case-mix adjusted based on the distribution of MDS 3.0 assessments by Resource Utilization Groups, version IV (RUG-IV group).

CMS Five-Star Rating (RN Staffing)

Adjusted registered nurse (RN) staffing hours are used in calculating staffing stars for Centers for Medicare & Medicaid Services (CMS) Five-Star ratings. Five-Star staffing measures are derived from data submitted each quarter through the Payroll-Based Journal System (PBJ), along with daily resident census derived from Minimum Data Set, Version 3.0 (MDS 3.0) assessments, and are case-mix adjusted based on the distribution of MDS 3.0 assessments by Resource Utilization Groups, version IV (RUG-IV group).

Capital Call

Capital call is when capital is needed under a joint venture agreement. A capital call is required in two general cases: (a) when cash is needed in accordance with the business plan, or (b) when cash is needed because of unanticipated deficits during construction or operations.

Collateral

In the realm of financial transactions, collateral assumes a crucial role by encompassing assets that are pledged as a protective measure to secure a loan or any other form of financial commitment. It is customary for the property being acquired or refinanced to serve as the designated collateral. In the event of the borrower failing to meet their payment obligations, the lender retains the legal right to initiate foreclosure proceedings on the property and to subsequently sell it to recoup the outstanding debt. The quality and value of the collateral asset provides the lender with a sense of reassurance and security, mitigating the potential risks associated with the loan. Leveraging collateral enables lenders to minimize their exposure to financial loss and safeguard their interests in the unfortunate event of default, and also empowers them to offer loans with more favorable terms based on an assessment of the borrower’s creditworthiness and the value of the pledged assets.

Covenants

A covenant is an agreement or contract between two parties.

Closing conditions

Closing conditions are essentially two lists embedded in the PSA—one list of the buyer’s conditions and one list of the seller’s conditions. Each condition must be satisfied (or waived by the party having the benefit of the condition) in order for the closing to proceed. 

Closing costs

Closing costs are fees and charges due from either the buyer or the seller at the closing of a real estate transaction, in excess of the purchase price of the property.

Combined campus

Properties offering at least two types of service, except where independent living and nursing care are jointly offered.

Commitment letter

A commitment letter implies a greater level of commitment on the part of the lender, and generally states that if nothing about the project or the borrower changes between now and closing, and the borrower meets all the requirements set forth in the commitment letter by a certain date, then the lender is willing to fund the loan.

Competitive set

Properties specified by the user to be used in analysis.

Completion guaranty

A completion guaranty is generally required in all construction loans because the property does not achieve its full value until the project construction is completed and the property is operational and the project is producing income.

Community type / community by plurality

Community type is a new categorization where each community is classified by its plurality care segment. Community types are mutually exclusive. CCRC/LPCs are communities where both independent living (IL) and nursing care (NC) are present. CCRC/LPCs are not included in other community types. Memory care (MC) is considered a distinct care segment and not a subset of assisted living (AL).

Construction fees

In the lending context, a lender will often charge the borrower a fee for its oversight, and/or its consultant’s oversight, of the construction progress.

Construction loan

A construction loan is a short-term loan secured by a mortgage (along with other collateral) to a borrower, made on a conditional draw basis, to enable the borrower to pay for the construction and development of the subject project.

Construction vs. inventory (%)

The number of units under construction divided by the inventory currently in the market.

Confirmed

Information reported directly from a participant in the deal (the buyer, seller, or broker) or from public records. Most prices are confirmed via two or more independent sources; however, Resident Care Assistant (RCA) does not guarantee its accuracy. Approximately 75% of the prices are qualified as confirmed.

Contract type

Within entrance fee communities, a legal agreement between a resident and a property outlining a payment structure for future care delivery.

Debt coverage ratio

Net Operating Income (NOI) divided by total debt service.

Debt service

Annual interest, principal, and other debt-related expenses such as mortgage insurance premiums and letter of credit fees, trustee or servicing fees.

Default

Default refers to a failure to fulfill a legal obligation or duty.

Deficiency

Nursing homes that participate in the Medicare and/or Medicaid programs have an onsite recertification (standard) inspection conducted annually, on average. Inspections are unannounced and are conducted by a team of health care professionals who spend several days in the nursing home to assess whether the nursing home is in compliance with federal requirements. These inspections provide a comprehensive assessment of the nursing home, reviewing facility practice and policies in such areas as resident rights, quality of life, medication management, skin care, resident assessment, nursing home administration, environment, and kitchen/food services. Deficiencies may be cited during an inspection based on findings of non-compliance with CMS regulations.

Deed

A deed is an instrument that transfers, affirms, or confirms an interest, right, and title in real property from one party, the grantor, to another party, the grantee.

Developer

In many senior housing transactions, the developer is the party who entitles and constructs the project, and who often serves as the managing member or general partner of the venture with a minority equity interest.

Developer fees

The fees due from the owner to the developer, a portion of which may be deferred until completion.

Development agreement

The development agreement governs the role of the developer and its goal of constructing the applicable project on budget and in accordance with the plans and specifications. 

Development right

Development rights are unused rights granted to a developer which allow certain improvements to real property within the limitations imposed by state or local law.

Deposit account

A deposit account is a bank account that pays interest but that imposes the requirement of notice (or a penalty in terms of interest) before withdrawal can be effected.

Deposits

Deposits usually require the borrower to deposit funds up front against its obligations to pay fees and costs associated with the loan transaction.

Due diligence

Due diligence is the use of reasonable care that a prudent person or business is expected to take before entering into an agreement or contract with another party or an act with a certain standard of care.

Drive time

The trade area defined by car travel on existing roads and highways from a search point to a property.

Duals/dual-eligible

Seniors eligible for both Medicare and Medicaid.

EBITDAR

Earnings before interest, taxes, depreciation, amortization and rent/restructuring costs, is the same calculation as EBITDA, with the exception that rents and/or restructuring costs are excluded from the expenses.

EBITDARM

A financial performance measure that stands for earnings before interest, taxes, depreciation, amortization, rent, and management fees. EBITDARM is used in comparison to more common measures such as EBITDA when a company's rent and management fees represent a larger-than-normal percentage of operating costs.

East North Central (region)

Includes Akron, OH; Ann Arbor, MI; Chicago, IL; Cincinnati, OH; Cleveland, OH; Columbus, OH; Dayton, OH; Detroit, MI; Flint, MI; Grand Rapids, MI; Indianapolis, IN; Janesville, WI; Lansing, MI; Madison, WI; Milwaukee, WI; Monroe, MI; Racine, WI; Rockford, IL; Saginaw, MI; Toledo, OH; Youngstown, OH.

Easements

Easements are a right of access over real property for a particular use.

Entrance fee

A type of senior housing community that charges the resident a lump-sum amount of money at the beginning of the stay for the right to occupy the residence. This type of community generally charges an additional monthly fee.

Equity LOI

An equity LOI is a written statement detailing the most important preliminary understandings of potential venture partners regarding the project equity, development, and management agreements.

Equity provider

The investment member/partner of the borrower.

Escrows

An escrow account represents a specialized financial arrangement that is established between the borrower and the lender. This account serves as a segregated repository, designated for the purpose of securely holding funds earmarked for specific expenses tied to the property that serves as collateral for the mortgage. These expenses usually include property taxes, insurance premiums, and a selected range of other costs directly associated with the property. When these expenses, such as property taxes or insurance premiums, come due, the lender employs the funds available in the escrow account to settle the required payments in a timely and seamless manner. From the borrower's perspective, this financial mechanism serves as a steadfast guarantee, reinforcing their commitment to meeting their financial obligations. In essence, the escrow account serves as a safeguard, ensuring that the borrower diligently adheres to their responsibilities, thereby fostering financial stability and minimizing the risks associated with neglecting these essential obligations. For the lender, an escrow account functions as a vital source of reassurance and security. The escrow allows the lender to significantly diminish the inherent risk of default that may arise due to the inadvertent neglect or delayed payment of these crucial expenses. The establishment of an escrow account fosters an environment of mutual trust and proactive financial management, instilling confidence in the timely fulfillment of the borrower's financial responsibilities tied to the property.

Estimated

Based on the offering price or market averages where no price information is available. Less than 5% of the prices are estimated.

Expansion

An existing property that has open inventory and units under construction.

Expiration

An expiration is usually included in the term sheet and can be known as a “good through” date, following which date the lender is no longer under any obligation to proceed, even conditionally.

Exit fee

An exit fee is a way for a lender to increase the yield on a loan, whether to compensate the lender for increased risk, or to back-load the origination costs, or for any number of other business or economic reasons. Often a lender will waive or reduce this fee in consideration of making the take-out loan.

Extension

An extension refers to the lender allotting extra time to make a payment after the original term’s expiration.

Fee interest

Ownership of real property.

Feasibility period

The feasibility period, also known as the diligence period, is the time period within which a potential investor or buyer can investigate the property to determine the viability of the potential transaction and project.

FIRPTA certificate

FIRPTA is the acronym for the Foreign Investment in Real Property Act and is used to notify the Internal Revenue Service whether a person selling real estate is a foreign person.

Financial covenants

Financial covenants are conditions, restrictions, or tests that a borrower must fulfill or follow to prove their creditworthiness to the lender.

Financial statements

Financial statements are statements of one's status with regard to money or wealth.

Freestanding

A property offering only a single care segment (e.g., exclusively independent living).

Ground lease

A lease on unimproved real property, with a lessee having the right to develop and use any improvements it constructs thereon.

Guaranties

A guaranty document is a contract between two parties where one party agrees to pay a debt or perform a duty in the event that the original party (i.e., the borrower) fails to do so.

Guarantor

Guarantors are principals and/or entities affiliated with the borrower who agree to pay and/or perform certain of the borrower’s obligation if the borrower defaults. 

HVCRE equity requirement

Under federal regulations, high volatility commercial real estate loans require that the lending bank maintain additional capital to offset the risk represented by the loan and will require certain covenants in the loan agreement with respect to equity distributions and related matters. 

Index

"My Property" divided by the "Competitive Set" for any given metric. If the index value exceeds 1.0, "My Property" has a higher value than the "Competitive Set."

Independent living communities

Age-restricted multifamily rental properties with central dining facilities that provide residents with access to meals and other services such as housekeeping, transportation, and social or recreational activities. Such properties do not provide, in a majority of the units, assistance with ADLs, and there are no licensed skilled nursing beds in the property.

Independent living (IL) units

The part or section of a property that provides independent living services. As part of the monthly fee, access to meals and other services, such as housekeeping, transportation, and social and recreational activities, is provided to residents. Independent living does not provide assistance with ADLs or skilled nursing services.

In-place (transactions)

Cap rate is derived from the net income generated from current tenancy agreements.

In-place rate

Room fee and any care fees as of the end of the month paid by residents who took occupancy prior to the current month.

Initial rate

Room fee and any care fees as of the end of the month paid by residents who took occupancy during the current month.

Instrumental activities of daily living (IADLs)

Activities that support daily living independently, including cooking, housekeeping and laundry, driving and transportation, using the telephone or computer, shopping for groceries or clothing, managing money and keeping track of finances, and managing medication.

Interest rate

The interest rate is the predetermined percentage given by the lender as compensation for the privilege of borrowing funds. This interest rate is applied to the principal amount of the loan and is commonly repaid over the course of the loan term, functioning as an integral element within the regular payments made by the borrower. It is worth noting that the interest rate can manifest in one of two forms: fixed or variable, each carrying its own distinct implications and ramifications.  For example, a variable rate generally includes a spread over a certain interest rate benchmark like treasury bonds or the Secured Overnight Financing Rate (SOFR). 

The interest rate assumes a crucial role in shaping the overall cost incurred throughout the duration of the loan. Lower interest rates typically correspond with reduced monthly payments, thereby offering a certain degree of immediate affordability. Conversely, higher interest rates tend to result in elevated monthly payments, which may pose challenges in terms of immediate affordability. 

The selection of the interest rate holds substantial influence over the financial dynamics of the loan, profoundly impacting the affordability for the borrower and ultimately shaping the overall expenditure involved. Consequently, careful consideration and evaluation of the interest rate become imperative when navigating the mortgage lending landscape.

Interest-only period

A specific time frame during which the borrower is only required to pay the interest portion of the loan, without making any principal payments. Typically, this period is set at the beginning of the loan term and can last for a predetermined number of months or years. The primary advantage of an interest-only period is that it allows borrowers to have lower monthly payments during the initial stage of the mortgage. This can be particularly appealing to borrowers who are looking for temporary relief or expect their financial performance to improve in the future. By paying only the interest, borrowers can free up cash flow for other purposes such as investments or addressing immediate financial needs.

Inventory (units/beds)

The number of independent living units, assisted living units, memory care units, and nursing care beds that are operational and available for residents. One unit of independent living, assisted living, or memory care is equivalent to one nursing care bed.

Inventory growth

The amount of new inventory added within a calendar quarter minus any deletions that occur.

Joint venture

A joint venture, often called a JV, is an arrangement between one or more investors who provide the majority of the equity and a general partner who manages the venture, typically within a partnership or limited liability company which directly or indirectly owns the underlying assets.

Joint venture operating agreement

If the JV formed is a limited liability company, the joint venture operating agreement is the definitive agreement that delineates the respective rights and obligations of the company members, at least one of whom will be the managing member.

Land acquisition

Land acquisition is the process whereby a state authority or the government acquires the land of a private owner.

Lease

A lease is a legal and binding contract that sets forth the terms of rental agreements in real and personal property. The contract stipulates the duties of each party to effect and maintain the agreement and is enforceable by each party.

Lease structure

The separation of the ownership of real property from an interest for the use of the real property.

Lender

Lender means, generally, the secured creditor or creditors named in the debt obligation and document creating the lien.

Lease abstract

A lease abstract is a concise summary of the key terms of a lengthy lease agreement.

Lease structure

The separation of the ownership of real property from an interest for the use of the real property.

Lessor/landlord

Also commonly referred to as landlord, a lessor is an entity or person that owns the land and leases to a lessee under the terms of a lease.

Lessee

Also commonly referred to as tenant, a lessee is an entity or person who occupies real property or the like from another under the terms of a lease.

Letter of intent (LOI)

An LOI, sometimes called a term sheet, is a written statement detailing the most important preliminary understanding of parties who plan to enter into one or more legally binding agreements.

License

A license is created when one party that fully retains ownership gives another party permission—often conditional and limited—to use property for a particular purpose.

LPCs / CCRCs

Life plan communities (LPCs)/continuing care retirement communities (CCRCs) are age-restricted properties that offer at least independent living and nursing care. They may include a full continuum of care including assisted living, memory care, and other supportive services to residents all on one campus.

Loan balancing

Loan balancing in the context of property refers to the process of bringing a mortgage loan back into balance by funding the current and next due costs to ensure that the outstanding unpaid balance owed with respect to the loan is paid off.

Loan documents

Loan documents come in all shapes and sizes, depending on the type of loan, property, project, capital or investment structure, the creditworthiness of the borrower, the lender’s underwriting or institutional requirements, the relative bargaining positions of the parties, and even which law firm is representing the lender. The key loan documents are typically the loan agreement, the promissory note, the guaranty, the environmental indemnity, and the security instruments.

Loan fees

Loan fees charged by the lender to the borrower can take the form of origination fees or commitment fees or the like, often based on a percentage of the maximum loan amount.

Majority assisted living (AL)

Properties where assisted living units and/or memory care units comprised the largest share of inventory. Residents receive assistance with activities of daily living (ADLs). Twenty-four hour protective oversight is provided, but twenty-four hour medical care is not. The majority of assisted living properties included in NIC MAP are only market-rate properties where 80% or more of the residents are 55 years or older.

Majority independent living (IL)

Properties where independent living units comprise the largest share of inventory. Majority independent living properties typically include services such as communal dining, housekeeping, transportation, emergency calls, and social programming services in the monthly fee.

Majority memory care (MC)

Properties where memory care units comprise the largest share of inventory. Residents receive specialized support for dementia.

Majority nursing care (NC)

Properties where nursing care beds comprise the largest share of inventory. A majority nursing care property is generally a licensed long-term health care and residential property that serves persons who require constant medical supervision and/or who require significant physical assistance in transferring, management of continence, and use of medical devices. The NIC MAP database does not include properties that are limited to sub-acute, properties limited to inpatient-based, properties that are hospital-based, or properties that are predominantly rehabilitation facilities where people come for short-term stays for nursing care.

Management agreement

The management agreement governs the role of the property manager, its responsibilities to the property owner and facility residents, and its compensation.

Market share

The percentage of occupied units "My Property" represents relative to the competitive market. The competitive market is the sum of the "Competitive Set" and "My Property".

Master lease

A master lease is an agreement in which a lessee leases an income-producing property and then subleases it to a sublessee (new tenant/lessee) to benefit from the rental income.

Maximum LTV

The concept of maximum loan-to-value (LTV) pertains to the uppermost LTV ratio that a lender is willing to approve when granting a loan. Within the domain of mortgage lending, the loan-to-value ratio serves as a gauge of the loan amount in relation to the appraised value of the property. As the loan-to-value ratio escalates, the loan amount expands relative to the value of the property itself. The precise maximum loan-to-value ratio is contingent upon a multitude of factors, including the specific type of loan, the policies adhered to by the lender, and other pertinent considerations. Generally speaking, a higher loan-to-value ratio signifies an increased level of risk assumed by the lender, which in turn can prompt the imposition of higher interest rates or the imposition of more stringent underwriting prerequisites.

Memory care (MC) units

The part or section of a property that provides services to persons with Alzheimer’s disease or other forms of dementia. These are generally separate or secured areas, with specific programming for persons with memory impairment in addition to services provided for persons in assisted living.

Metropolitan market/metro market (CBSA)

The U.S. Office of Management and Budget (OMB) defines a set of core-based statistical areas (CBSAs) throughout the country. CBSAs are delineated on the basis of a central urban area or urban cluster—a contiguous area of relatively high population density. CBSAs are composed of counties and county-equivalents. The terms metropolitan market/metro market are interchangeable with CBSA.

Mid-Atlantic (region)

Includes Asheville, NC; Baltimore, MD; Burlington, NC; Charleston, SC; Charlotte, NC; Columbia, SC; Greensboro, NC; Greenville, SC; Lexington, KY; Louisville, KY; Raleigh, NC; Richmond, VA; Spartanburg, SC; Virginia Beach, VA; Washington, DC; Winston-Salem, NC.

Middle tier

The two middle quartiles (i.e., second and third quartiles) comprised of those properties between the 25th percentile and 75th percentiles.

Mini-perm loan

A mini-perm loan is a shorter term financing (with a maturity of typically three to five years) for a property that is not yet (or not fully) revenue producing or stabilized, and therefore does not yet qualify for a longer-term permanent financing product. It is sometimes combined with a construction loan or made as a stand-alone “bridge” loan.

Minimum DSCR

Minimum debt service coverage ratio (DSCR) refers to the minimum acceptable DSCR established for a particular loan or financial arrangement. Lenders and various entities frequently employ the DSCR as a measure to assess the borrower's financial stability and creditworthiness. When the DSCR falls below one, it indicates that the borrower's incoming cash flow is inadequate to fulfill its debt obligations. Conversely, a DSCR above one signifies that the borrower generates a surplus of cash flow. The specific minimum DSCR requirement is subject to variation, taking into account factors such as the lender’s criteria, the type of loan, as well as additional considerations such as the borrower’s credit history and income.

Minimum loan amount

This refers to the minimum amount that a capital partner is willing to provide to the borrower.

Move-ins/move-outs

Percent of existing inventory’s units that residents occupied/vacated during the current month.

Mountain (region)

Includes Albuquerque, NM; Boise, ID; Boulder, CO; Colorado Springs, CO; Denver, CO; Las Vegas, NV; Ogden, UT; Phoenix, AZ; Provo, UT; Salt Lake City, UT; Tuscon, AZ.

Manager

The manager is who will be in charge of day-to-day leasing and operations of the facility once it is up and running. 

Net cash flow

NOI less debt service (or less facility and ground lease amounts, if the property is leased rather than debt-financed) and less capital replacement reserves to cover non-routine repairs and maintenance.

Net operating income (NOI)

Total revenues minus total operating expenses; the latter defined as labor, marketing/advertising, repairs/maintenance, property taxes, insurance, raw food and/or outsourced dietary service expenses, utilities, management fees, property level operating expenses, and corporate allocations. NOI is calculated before deductions for operating lease payments, ground lease payments, debt service, depreciation, amortization, income taxes, partnership expenses, capital expenditures, and replacement reserves above normal repair and maintenance. NOI is analogous to the quantity represented by the commonly used acronym EBITDAR (earnings before interest, taxes, depreciation, amortization, and rent).

Northeast (region)

Includes Albany, NY; Allentown, PA; Boston, MA; Bridgeport, CT; Buffalo, NY; Gettysburg, PA; Harrisburg, PA; Hartford, CT; Lancaster, PA; Lebanon, PA; New Haven, CT; New York, NY; Norwich, CT; Philadelphia, PA; Pittsburgh, PA; Pittsfield, MA; Portland, ME; Providence, RI; Reading, PA; Rochester, NY; Scranton, PA; Springfield, MA; Syracuse, NY; Trenton, NJ; Utica, NY; Worcester, MA; York, PA.

NPRA/reconciliation

Net payment reconciliation amount: The amount calculated by CMS in many value-based programs which determines whether or not a participating provider owes money to CMS or is owed savings from CMS.

Nursing care (NC) beds/skilled nursing beds

The part or section of a property that provides only nursing care services. Residents receive 24-hour nursing and/or medical care. Properties offering nursing care are generally licensed for Medicaid and/or Medicare reimbursement.

Occupancy (%)

The average unit occupancy of reporting properties.

Occupancy rate

Percent of existing inventory’s units that are occupied by residents as of the end of the month.

Occupied penetration (%)

The number of occupied units/beds divided by the number of households, which is the number of age 75+ households unless otherwise noted.

Operating company/property company

An operating company/property company (“PropCo/OpCo”) structure whereby a property company owns all the real estate and assets associated with generating rent revenue, and leases it to an operating company that uses those assets to generate revenue from residents.

PACE (Program of All-Inclusive Care for the Elderly)

Program to provide community-based comprehensive healthcare for people over age 55 who need a nursing-home level of care, as certified by the resident's state. May be coordinated through Medicare, Medicaid, or both, depending on the program.

Pacific (region)

Includes Bakersfield, CA; Fresno, CA; Hanford, CA; Honolulu, HI; Longview, WA; Los Angeles, CA; Madera, CA; Merced, CA; Modesto, CA; Napa, CA; Porterville, CA; Portland, OR; Riverside, CA; Sacramento, CA; San Diego, CA; San Francisco, CA; San Jose, CA; Santa Rosa, CA; Seattle, WA; Spokane, WA; Stockton, CA; Vallejo, CA; Ventura, CA.

Payment and performance bond

Often required by a lender, a payment and performance bond is an insurance contract procured by the borrower under which the issuer insures the completion of the project according to the project’s construction agreement, and insures that subcontractors will be paid for work they perform.

Payment guaranty

With a payment guaranty, the guarantor is required to guaranty the payment of all or part of the loan.

Patient day mix

Actual patient days of each payor source divided by the total actual patient days.

Payment type

The payment plan through which residence and services are paid.

Penetration (%)

Inventory divided by the number of households, generally the number of age 75+ households, unless otherwise noted.

PointRight® Pro 30® Rehospitalization Rate (Adjust)

PointRight® Pro 30® is an all-cause, risk adjusted rehospitalization measure. It provides the rate at which all residents who enter skilled nursing facilities (SNFs) from acute care hospitals are subsequently rehospitalized during their SNF stay, within 30 days from their admission to the SNF. 

PointRight® Pro 30® is the only all-cause, risk adjusted rehospitalization measure validated by Brown University, adopted by the American Health Care Association, and endorsed by the National Quality Forum (NQF #2375). 

Facility’s case mix-adjusted rehospitalization rate, calculated by dividing the observed rate by the expected rate, then multiplying by the observed national average. The national average is calculated at the national level as the sum of all rehospitalizations divided by the sum of all admissions from hospitals during a calendar year. 

All nursing homes in a group are split into percentiles in descending order from best to worst. A lower percentile is better, and a higher percentile is worse.

PointRight® Pro 30® Rehospitalization Rate (Observ)

PointRight® Pro 30® is an all-cause, risk adjusted rehospitalization measure. It provides the rate at which all residents who enter skilled nursing facilities (SNFs) from acute care hospitals are subsequently rehospitalized during their SNF stay, within 30 days from their admission to the SNF. 

PointRight® Pro 30® is the only all-cause, risk adjusted rehospitalization measure validated by Brown University, adopted by the American Health Care Association, and endorsed by the National Quality Forum (NQF #2375). 

Facility’s actual, unadjusted rehospitalization rate, calculated by dividing the numerator by the denominator. The observed rate measures the rate at which residents admitted to the SNF from an acute care hospital are discharged to an acute care hospital within 30 days of admission to the SNF. 

Numerator = number of admissions from an acute care hospital who were rehospitalized within 30 days. Denominator = number of admissions from an acute care hospital.

PointRight® Pro Long Stay™ Hospitalization (Adjust)

The PointRight® Pro Long Stay™ Hospitalization Measure is an MDS-based, risk adjusted measure of the rate of hospitalization of long-stay residents of skilled nursing facilities (SNFs) averaged across the year and weighted by the number of stays in each quarter. This measure is endorsed by the National Quality Forum (NQF #2827). 

To be considered long-stay, a resident must have a cumulative length of stay in the facility of more than 100 days as of the snapshot date. Risk adjustment based on clinical complexity allows for comparison across facilities with varying levels of resident acuity. This measure is all-payer. This measure excludes discharges from the SNF to LTACHs, IRFs, and psychiatric hospitals and excludes admissions to acute care hospitals that directly follow a discharge from the SNF to a setting other than an acute care hospital. 

Facility’s case mix-adjusted hospitalization rate, calculated by dividing the observed rate by the expected rate, then multiplying by the observed national average. The benchmark rate is the observed rate of (all) hospitalizations per quarter for long stay residents. 

All nursing homes in a group are split into percentiles in descending order from best to worst. A lower percentile is better, and a higher percentile is worse.

PointRight® Pro Long Stay™ Hospitalization (Observ)

The PointRight® Pro Long Stay™ Hospitalization Measure is an MDS-based, risk adjusted measure of the rate of hospitalization of long-stay residents of skilled nursing facilities (SNFs) averaged across the year and weighted by the number of stays in each quarter. This measure is endorsed by the National Quality Forum (NQF #2827). 

To be considered long-stay, a resident must have a cumulative length of stay in the facility of more than 100 days as of the snapshot date. Risk adjustment based on clinical complexity allows for comparison across facilities with varying levels of resident acuity. This measure is all-payer. This measure excludes discharges from the SNF to LTACHs, IRFs, and psychiatric hospitals and excludes admissions to acute care hospitals that directly follow a discharge from the SNF to a setting other than an acute care hospital. 

Facility’s actual, unadjusted hospitalization rate, calculated by dividing the numerator by the denominator. The observed rate measures the rate at which long stay residents are discharged to an acute care hospital. The observed rate is calculated for each quarter and aggregated over four quarters. 

Numerator = the sum of quarterly numerators for four quarters (12-month period) where the quarterly numerator is the number of acute care hospitalizations of residents in the quarter. Denominator = the sum of the quarterly denominators for four quarters (12-month period) where the quarterly denominator is the number of long-stay residents for the quarter (cumulative length of stay as of the first day of the quarter is more than 100 days).

Pop-off drainage easement

A type of easement usually granted to a government authority to access a certain portion of real property for water management purposes.

Prepayment

Prepayment refers to paying off an expense or debt obligation before the due date.

Primary markets

Made up of 31 of the largest core-based statistical areas (CBSAs) in the United States. Data is available in these markets beginning in 4Q2005. Data for primary markets is often aggregated.

Prior year (transactions)

Cap rate is derived from prior year or actual income at time of sale.

Pro forma (transactions)

Cap rate is derived from anticipated net operating income from the first year of ownership.

Profit status

A designation for how a property's owner/sponsor is chartered, either as a for-profit or not-for-profit entity.

Property age

The reported age of the property in years.

Property count

The number of properties open for business.

Property type

The building or buildings and grounds that house the residents, and common areas shared by the residents. Properties included in NIC MAP generally include at least 25 units/beds and are market-rate properties. Properties are listed as majority independent living, majority assisted living, or majority nursing care.

Price per unit

For a property sales transaction, it is the close price divided by the unit/bed inventory count of the property. For a portfolio sales transaction, it is the close price divided by the unit/bed inventory count of the portfolio.

Pricing qualifiers

Pricing qualifiers pertain to the closed price for transactions. Each closed price is categorized by one of four qualifiers depending on the source of the information. Prices are qualified as to the reliability of each source. Estimates of some prices are made using industry and market averages. Prices of properties sold within a portfolio may be allocated pro rata (based on size) if individual pricing is not available. In either case, the estimates are excluded from any pricing analysis.

Prorations and apportionments

Prorations and apportionments are a division of property and operating costs and expenses between the buyer and seller.

Protected

Data are marked as “Protected” if there are an insufficient number of properties and/or unique stakeholders reporting data.

Purchase and sale agreement (PSA)

The PSA is a legally binding contract and an organized collection of hundreds of agreements, called covenants.

Quality mix

Actual Medicare, managed Medicare/other, and private patient days divided by the total actual patient days.

Quoted (transactions)

The assumed cap rate a property has traded at. Usually derived from published reports referencing a local professional not directly involved in the property's trade, but knowledgeable of factors affecting the price of a particular property.

Rental

A type of senior housing community that charges residents for their residence and services primarily on a lease basis.

Recapitalization

In the context of senior housing equity, a “recap” typically occurs when one or more investors exit the venture owning the asset(s), and a new venture is formed with a new investor(s) providing replacement capital.

Reported need to upgrade (%)

The percent of properties that have self-reported a need to upgrade. The rating scale used: needs no upgrade, needs some upgrades, or needs some extensive upgrades. A property is considered in need of upgrade if the response is either “needs some upgrades” or “needs extensive upgrades.”

Recourse guaranty

With a recourse guaranty, the guarantors are personally liable for repaying any outstanding balance on the loan, in addition to the collateral itself. If the collateral securing a loan needs to be liquidated but is insufficient to cover the total amount owed on the loan, then “recourse” enables the lender to go after the guarantors personally to cover this deficiency.

Relative performance indicator (RPI)

The sum of occupied inventory multiplied by "average rent" for each distinct independent living, assisted living, or memory care unit type divided by total inventory of that care segment.

Repayment

The concept of "prepayment" is making partial or complete payments towards the principal amount of a loan prior to its designated maturity date. However, certain mortgage agreements may incorporate a provision known as a "prepayment penalty." This penalty represents a fee imposed by the lender in response to the borrower's early repayment of the loan. Its purpose is to enable the lender to recoup the interest payments that would have otherwise been received had the loan remained in place for its original duration.

Representations and warranties

A representation and warranty is a statement of a fact relevant to the transaction which is usually not discoverable during the diligence phase.

Replacement reserve

An allowance for the periodic replacement of building and furniture fixtures and equipment components. The replacement reserve is also known as "CapEx" (capital expenditures).

Reserves

Reserves refer to funds that are set aside by the borrower in a designated account to cater to specific types of expenses associated with the property, serving as collateral for the mortgage. The purpose of these reserves, as mandated by the lender, is to ensure the borrower possesses the financial capacity to fulfill their obligations tied to the property in question. The specific types and amounts of reserves demanded may vary depending on the unique terms of the loan and the nature of the property being financed.

Reserves encompass a diverse array of categories, contingent upon the loan agreement’s particulars and the characteristics of the property. For instance, replacement reserves typically account for significant capital expenditures that may arise over time, such as the need to replace a roof or an HVAC system. Operating reserves may be mandated to cover ongoing maintenance and repair costs. Additionally, lenders may require borrowers to maintain certain levels of cash reserves or establish escrow accounts specifically designated for taxes and insurance.

The precise nature and magnitude of the reserves required are explicitly outlined in the loan documents and vary based on a multitude of factors, including the borrower’s financial robustness, the type of property being financed, and the loan-to-value ratio. Lenders take into consideration the borrower's financial strength as a crucial determinant in assessing the reserve requirements. Furthermore, the property type and its associated risks are carefully evaluated to determine the appropriate level of reserves to mitigate potential financial challenges that may arise.

Revenue mix

Total revenue divided by actual patient days for each payor source.

Revenue per patient day (RPPD)

Total revenue divided by actual patient days for each payor source.

RIDEA

The REIT Investment Diversification and Empowerment Act of 2007, which amends Internal Revenue Code provisions relating to real estate investment trusts (REITs): 

• Treat passive foreign exchange gains attributable to overseas real estate investment as qualifying REIT income. 
• Increase from 20% to 25% the maximum value of a REIT’s total assets that may be represented by securities of one or more taxable REIT subsidiaries. 
• Revise safe harbor rules for the excise tax penalty on certain REIT sales activities. 
• Treat rental payments made by a health care property to a REIT as qualifying REIT income. 
• Treat income from, and interests in, foreign-qualified REITs as qualifying REIT income and assets.

Rate tiers

The quantitative classification of the market-rate senior housing properties by property type (i.e., by majority independent living properties and by majority assisted living properties) based on each property’s property-level average market rate (AMR) which collectively within each metropolitan market are tiered by quartiles.

Sale-and-leaseback

This is a financial transaction in which one sells an asset and leases it back for the long term; therefore, one continues to be able to use the asset but no longer owns it. The transaction is generally done for fixed assets, such as real estate.

Sale/leaseback

A sale/leaseback is an arrangement in which the company that sells an asset can lease back that same asset from the purchaser.

Secondary markets

Made up of 68 large core-based statistical areas (CBSAs) in the United States that are not included in the NIC MAP 31 Primary Markets. Data is available in these markets beginning in 1Q2008. Data for secondary markets is often aggregated.

Security

Security generally refers to the collateral such as a first mortgage on the subject property that a lender will receive from a borrower in consideration of making the loan and for protection in the event that the borrower defaults.

Senior housing (care segment type)

The combination of independent living, assisted living, and memory care units.

Senior housing (community type)

The combination of independent living communities, assisted living communities, and memory care communities.

Senior housing (majority property type)

The aggregate of majority independent living and majority assisted living properties.

Senior apartments

Market-rate units in age-restricted communities where at least 80% of the residents are 55 years of age or older. Although optional meal plans may be offered, the base monthly fee does not include meals in a common dining facility, and therefore, senior apartments are different from independent living units.

Settlement statement

A settlement statement, also known as a closing statement, is a legal document that sets forth all costs owed by or credits due to the seller and the buyer respectively to close the transaction.

Skilled mix

Actual Medicare and managed Medicare/other days divided by total actual patient days.

Southeast (region)

Includes Atlanta, GA; Augusta, GA; Birmingham, AL; Chattanooga, TN; Daytona Beach, FL; Fort Myers, FL; Jackson, MS; Jacksonville, FL; Knoxville, TN; Lakeland, FL; Melbourne, FL; Memphis, TN; Miami, FL; Naples, FL; Nashville, TN; Orlando, FL; Port St. Lucie, FL; Punta Gorda, FL; Sarasota, FL; Sebastian, FL; Sebring, FL; Tampa, FL; The Villages, FL.

Southwest (region)

Includes Austin, TX; Baton Rouge, LA; Dallas, TX; El Paso, TX; Hammond, LA; Houston, TX; Little Rock, AR; McAllen, TX; New Orleans, LA; Oklahoma City, OK; San Antonio, TX; Tulsa, OK.

Spaces

A general term that encompasses both units and beds within a property.

Sponsors

Sponsors can be either individuals or entities that extend financial support to facilitate a specific loan or transaction. A sponsor's role can take various forms and may involve providing essential contributions to enhance the viability and success of the financing/project. Sponsors play a significant role in the financial landscape by providing critical support and resources that facilitate various loan transactions. Their involvement can range from direct financial contributions to serving as guarantors or investors, with the ultimate goal of promoting economic growth, fostering accessibility, and empowering borrowers to achieve their financial objectives.

Stabilized occupancy

Occupancy of properties that are (a) at least two years old, or (b) if less than two years old, properties that have achieved occupancy of at least 95% since their opening.

Street talk

The assumed price a particular property has traded at. This is usually derived from published reports referencing a local professional not directly involved in the property's trade, but knowledgeable of factors affecting the price of a particular property.

Tax and insurance escrow

A tax and insurance escrow is used to ensure that the taxes and insurance on the project get paid. A lender will often require, or simply reserve the right to require, that a portion of the loan proceeds (or the borrower’s own funds) be set aside to pay for these critical expenses.

Term

The term is the time until the loan matures and must be fully repaid by the borrower.

Term sheet

In the lending context, a term sheet will generally describe what financing the lender is willing to provide, and some essential loan terms, as well as the borrower’s obligations in the loan origination process, but it is usually expressly stated to be non-binding. 

Title affidavits

An affidavit of title is commonly required by a title insurance company whereby a seller of real estate affirms certain facts about the status of the title to the property on the title company’s form.

Top tier

The top quartile (i.e., fourth quartile) comprised of those properties above the 75th percentile.

Total revenues

Base fees, acuity-based level of care fees, second-occupant fees, community (move-in) fees, interest income and miscellaneous income, plus net cash (if any), from entry fees received less entry fees refunded.

Trade area

The geographic area that defines a property search using a radius, polygon, or drive time.

Traffic flow

The level of traffic used to determine a drive time trade area. NIC MAP defines high traffic flow as Thursdays at 5 PM, medium traffic flow as Wednesday at 1:00 PM., and low traffic flow as Sunday at 8:30 AM.

Transaction costs

The borrower’s fees and costs in connection with obtaining the loan and set forth on the closing statement.

Transaction type

The transaction type refers to the purpose of the financing. For example, some lenders may only underwrite refinancing while others may lend money for new construction.

Triple net lease

A triple net (NNN) lease is defined as a lease structure where the tenant is responsible for paying all operating expenses associated with a property.

Type A (contract type)

A contract between an independent living resident and an entrance fee CCRC that covers long-term care (assisted living or nursing care) without any substantial increase in the residents’ monthly payments.

Type B (contract type)

A “modified” contract between an independent living resident and an entrance fee CCRC that covers a specified amount of long-term care (assisted living or nursing care) during a set period of time without a substantial increase in residents’ monthly payments, or at a discounted rate.

Type C (contract type)

A fee-for-service contract between an independent living resident and an entrance fee CCRC. If nursing care is needed, it is paid at the daily rate.

Type D (contract type)

A rental contract between an independent living resident and a property that offers no guaranteed access to health care services. There is no entrance fee, and monthly fees cover the cost of maintaining the unit.

Under construction property count

The number of unique properties that have inventory under construction. This includes new development, as well as properties undergoing expansions.

Underwritten (transactions)

Cap rate is derived using owner-provided NOI divided by a current financial institution appraisal.

Unit mix

The percent of units of a specific type relative to the total number of units. For example, a property with 50 one-bedroom units and 100 two-bedroom units has a one-bedroom unit mix of 33.3%. This excludes "unknown" units.

Units under construction

The amount of inventory that is under construction. Units are considered under construction once they break ground.

Walk Score

A Walk Score measures how walkable a place is to live. Walkability is broadly defined as proximity to amenities as well as pedestrian friendliness, where pedestrian friendliness is defined by population density and road metrics such as block length and intersection density. Walk Scores are between 0-100. For additional information about Walk Scores, view the Walk Score page.

Waterfall

The term “waterfall” indicates that certain partners or members get a priority in the distribution over others depending on the type or tier of distribution used.

West North Central (region)

Includes Des Moines, IA; Kansas City, MO; Minneapolis, MN; Omaha, NE; St. Louis, MO; Wichita, KS.