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National Investment Center

For the Seniors Housing & Care Industries

THE 1 3TH ANNUAL NIC CONFERENCE 7 0 5 M E LV I N AV E N U E · S U I T E 2 0 1 ANNAPOLIS, MD 21401-1534 W W W. N I C . O R G

Non-Profit U. S. Postage


Dulles, VA Permit #115

NIC thanks these sponsors for their invaluable support of this conference and the industry:

Sponsors of this Program:

Cohen & Steers Capital Advisors LLC Thursday Networking Luncheon & Plenary Address Cushman & Wakefield Conference "Networking" Mints Formation Capital, LLC Conference Badge Holders Freddie Mac Conference Bags GE Healthcare Financial Services 2003 Johns Hopkins/NIC Seniors Housing & Care Journal Award; Meet the Lenders & Investors Networking Reception GMAC Commercial Mortgage Corp. Continuous Beverage Service; Speaker Presentation Manual Guaranty Bank NIC Board of Directors Reception Healthcare Business Credit Corp. Room Keys Health Care REIT, Inc. Speaker Directory and Attendee Listing HealthTrust, LLC Thursday Networking Luncheon & Plenary Address Herbert J. Sims & Co., Inc./ Sims Capital Management LLC Reception Butler Trays Horizon Bay Senior Communities Final Program KeyBank Real Estate Capital Healthcare Group Wall Street Journal Delivery Love Funding Corp. Electronic Message Board Marsh USA Inc. Friday Networking Breakfast & Special Session Nationwide Health Properties, Inc. Thursday Continental Breakfast NIC Executive Circle CEO Roundtable Nixon Peabody LLP Electronic Message Board Prudential Huntoon Paige NIC On-Site Guide to Financiers Red Capital Group Networking Lounge Shattuck Hammond Partners LLC Thursday Afternoon Coffee & Networking Break The GMS Group, LLC Thursday Opening Plenary UltraBridge, Inc. Cyber Café Ventas, Inc. Meet the Lenders & Investors Networking Reception Research Sponsors: CBIZ Valuation Group, Inc. 2003 Lender Survey CBIZ Valuation Group, Inc. 2003 Equity Investor Survey Sustaining Research Sponsors: CNL Retirement Properties, Inc. Holiday Retirement Corp. Holliday Fenoglio Fowler L.P./Lend Lease Mortgage Capital Marcus & Millichap Stephen Gordet Associates Ziegler Capital Markets Group Association Sponsors: American Association of Homes and Services for the Aging/Continuing Care Accreditation Commission American Health Care Association /National Center for Assisted Living American Seniors Housing Association Assisted Living Federation of America National Association of Home Builders/ Seniors Housing Council Real Estate Lenders Association Risk Management Association Media Sponsors: Assisted Living Today Assisted Living Success Briefings on Assisted Living Commercial Mortgage Insight Contemporary Long Term Care Eli Research, Inc. Housing the Elderly Report Institutional Real Estate Investor Institutional Real Estate Letter Institutional Real Estate Newsline McKnight's Long Term Care News Modern Healthcare Multi-Housing News National Real Estate Investor Magazine Nursing Homes LTC Management Provider REITStreet Seniors Housing News The SeniorCare Investor

Achieve Healthcare Technologies

Preliminary Program

Fannie Mae

Preliminary Program

Event Sponsors:

AEW Capital Management, L.P Friday Coffee & Networking Break Alden Management Services, Inc. Conference Announcement Aon Risk Services, Inc. Conference Staging Capital Senior Living Corp. Thursday Morning Coffee & Networking Break CapitalSource Finance LLC Opening Reception Classic Residence by Hyatt/ KMF Senior Housing Investors, LLC Opening Reception

Interested in becoming a sponsor of the 13th Annual Conference? Call Elisa Infante at (410) 267-0504 or send an email to [email protected] for more information.






C A R E :


T H E 13 T H A N N U A L N I C C O N F E R E N C E OCTOBER 15-17, 2003 · WASHINGTON, DC


WHO SHOULD ATTEND: · Institutional Investors · Owners, Operators and Developers of Seniors Housing & Long Term Care Facilities and Senior Care Companies · Pension Fund Managers and Advisors · Real Estate Managers and Advisors · Lending Officers for Banks, Savings & Loans and Insurance Companies · Mortgage Brokers · Venture Capitalists · Investment Bankers · Other Debt and Equity Financiers · Securities Analysts and Research Professionals YOUR SINGLE FEE INCLUDES: · Pre-Conference Networking Service · Dedicated Networking Lounge · 10 Unique Educational Sessions · Conference Briefcase · Wednesday Evening Opening Reception · Thursday Continental Breakfast · Thursday Morning Plenary · Coffee & Networking Breaks · Thursday Networking Luncheon & Plenary Address · Financing Forum · Thursday Evening "Meet the Lenders & Investors Networking Reception" · Friday Networking Breakfast & Special Session PLUS, THESE EXCELLENT RESOURCES: · 2003 Johns Hopkins/NIC Seniors Housing & Care Journal · Speaker Directory and Attendee Listing · Highlights of NIC Research Studies · Speaker Presentation Manual · NIC On-Site Guide to Financiers · Information from key industry groups and publications representing seniors housing and long term care, finance, real estate and healthcare.

Savvy investors are turning today's climate into a cash crop. Over the past several years, the operating environment for seniors housing and care has been tough. Some investors and operators haven't made it. Some are struggling to survive. But others have discovered the secrets to flourishing and have achieved superior returns on their investments. Now more than ever, investors and providers in our industry, particularly in the long term care sector, must take extra measures to be successful. With the right tools and information, it's possible to sow new investments and reap the rewards of success. This October, the NIC conference will bring together leading financial, regulatory and operating experts who will discuss the state of our industry and share key strategies they've used to grow their investments. Learn how you can:

· Succeed in today's litigious and regulatory environment; · Avoid common industry pitfalls; · Develop a strong net operating income; · Cultivate a positive cash flow; · Raise your occupancy rates; and · Strengthen your return on investment.

NIC's Mission:

Founded in 1991, NIC facilitates efficient capital formation for the seniors housing and care industries through research, networking and providing business and financial information.

So come join more than 1,000 industry executives this October at the annual NIC Conference. With outstanding networking and deal-making opportunities, this conference is a MUST for all lenders, investors, owners, operators and developers in our field.


Save $250 when you register by September 17, 2003! Register online at or fax your registration form today to (410) 268-4620.



Tuesday, October 14 12:00­2:00 p.m. . . . . . . . . . .Executive Committee Meeting (invitation only) 2:30­5:00 p.m. . . . . . . . . . . .Board of Directors Meeting (invitation only) Wednesday, October 15 3:00­5:00 p.m. . . . . . . . . . . .Owner/Operator Advisory Board Meeting (invitation only) 4:00­8:30 p.m. . . . . . . . . . . .Registration Open 4:00­8:30 p.m. . . . . . . . . . . .Express Briefcase Pick-up Open 4:00­8:30 p.m. . . . . . . . . . . .NIC Bookstore & Cyber Café Open 5:00­6:30 p.m. . . . . . . . . . . .Board of Directors Reception (invitation only) 6:30­7:00 p.m. . . . . . . . . . . .New Attendee Reception with NIC Leadership (invitation only) 7:00­9:00 p.m. . . . . . . . . . . .Opening Kick-Off Reception Thursday, October 16 7:00 a.m.­6:00 p.m. . . . . . . .Registration Open 7:00 a.m. . . . . . . . . . . . . . . .Express Briefcase Pick-up Opens 7:00 a.m.­6:00 p.m. . . . . . . .Networking Lounge Open 7:00 a.m.­6:00 p.m. . . . . . . .NIC Bookstore & Cyber Café Open 7:00­8:00 a.m. . . . . . . . . . . .Continental Breakfast 8:00­9:45 a.m. . . . . . . . . . . .Opening Plenary Session 9:45­10:30 a.m. . . . . . . . . . .Coffee & Networking Break 10:30 a.m.­12:00 noon . . . . .Concurrent Breakout Sessions 12:00 noon­1:45 p.m. . . . . . .Networking Luncheon with Keynote Address 2:00­3:30 p.m. . . . . . . . . . . .Concurrent Breakout Sessions 3:30­4:15 p.m. . . . . . . . . . . .Coffee & Networking Break 4:15­5:30 p.m. . . . . . . . . . . .Financing Forum 5:30­7:30 p.m. . . . . . . . . . . .Meet the Lenders & Investors Networking Reception Friday, October 17 7:30 a.m. . . . . . . . . . . . . . . .Registration Opens 7:30 a.m.­1:00 p.m. . . . . . . .Networking Lounge Open 7:30 a.m.­1:00 p.m. . . . . . . .NIC Bookstore & Cyber Café Open 8:00­9:30 a.m. . . . . . . . . . . .Networking Breakfast with Special Session (buffet opens at 7:45 a.m.) 9:30­11:00 a.m. . . . . . . . . . .Concurrent Breakout Sessions 9:30­11:00 a.m. . . . . . . . . . .CEO Roundtable (invitation only) 11:00­11:30 a.m. . . . . . . . . .Coffee & Networking Break 11:30 a.m.­1:00 p.m. . . . . . .Concurrent Breakout Sessions 1:00 p.m. . . . . . . . . . . . . . . .Conference Adjourns


Pre-Registered Conference Attendees NIC (Sponsored by Love Funding Corp. and Nixon Peabody LLP) NIC Conference Meeting Request

National Investment Center

For the Seniors Housing & Care Industries

Bring a Group to the Conference & Save!

NIC is offering a group discount plan for companies that bring three or more people from the SAME FIRM*. The more people you bring, the more money you save! · 3+ from the same company = $75 off each registration · 6+ from the same company = $125 off each registration · 11+ from the same company = $200 off each registration For groups of 20 or more, please contact Amy Kling at (410) 267-0504.

*Each attendee must fill out a separate registration form. In order for the discount to be honored, multiple registrations must be submitted simultaneously via fax to (410) 268-4620 or by mail. Please note: Speaker registrations count toward the total number needed to qualify for a group discount, but speakers are not eligible for an actual discount.


This year, for the first time, NIC will help you schedule your networking appointments before the conference! All registrants will be able to access a list of other conference attendees, as well as their "masked" email links.* Simply register for the conference, log on to and click on "Annual Conference" to begin your pre-conference networking.

*No private information or actual email addresses will be disclosed. NIC cannot guarantee responses to email meeting requests.

NETWORKING LOUNGE ­ The Networking Lounge (sponsored by Red Capital Group) now has more intimate settings than ever to accommodate all of your networking needs. It will be available throughout the conference, providing a comfortable place for attendees to network and conduct business. The Lounge features continuous beverage service and free materials from media and industry sponsors. ELECTRONIC MESSAGE BOARD ­ The Electronic Message Board (sponsored by Love Funding Corp. & Nixon Peabody LLP) will be located outside of the networking lounge to simplify setting up on-site appointments with other conference attendees in a user-friendly, email-style format. NIC ON-SITE GUIDE TO FINANCIERS ­ "The Guide" (sponsored by Prudential Huntoon Paige) lists on-site contact information for all lenders, investors and

financial intermediaries who have registered for the conference (and submitted an information card) by September 17. Use this with the Electronic Message Board to facilitate meeting times and places.

CYBER CAFÉ ­ Enjoy your coffee break at the Cyber Café (sponsored by UltraBridge, Inc.), featuring online connections to NIC's updated and expanded Web site ­ Check out the most up-to-date information provided by NIC to the industry, including: · NIC Market Index Watch and Seniors Housing & Care Stock Market Performance Ticker; · NIC Key Financial Indicators of quarterly financial, valuation and operating benchmarks; · The Lender Locator, a searchable database of competitive lenders; · The NIC Insider, a free monthly email newsletter, featuring up-to-date

business and financial information; and · The NIC Executive Circle, where you'll learn how to tap into NIC's research resources for your company's own use, participate in quarterly conference calls with leaders in the industry, get discounts on NIC's conference and publications and more by signing up for this exclusive, subscriber-only resource.

THE NIC BOOKSTORE ­ Be sure to check out the on-site conference Bookstore for special conference discounts on seniors housing and care publications. NIC's most recent research ­ including the 2003 Lender Survey, the 2003 Equity Investor Survey and the Fitch/NIC Investment Analysis of Independent Living Communities ­ plus much more will be on sale here. Research questions? Friendly NIC staff will be available to answer them.

O C T O B E R 15 - 17 , 2 0 0 3 · M A R R I O T T WA R D M A N PA R K H O T E L · WA S H I N G T O N , D C

T H E 13 T H A N N U A L N I C C O N F E R E N C E



2003 NIC Board of Directors

Phillip M. Anderson, COO, CNL Retirement Properties, Inc. Kenneth R. Assiran, Managing Director, The GMS Group, LLC Thilo D. Best, President & CEO, Horizon Bay Senior Communities Raymond W. Braun, President & CFO, Health Care REIT, Inc. Sarah Sumner Duggan, Senior Vice President, GMAC Commercial Mortgage Corp. Daniel J. Hermann, Managing Director & Group Head, Senior Living Finance Group, Ziegler Capital Markets Group Jack Killough, Senior Director, Holliday Fenoglio Fowler, L.P. Robert G. Kramer, President, NIC Deborah Laycock, Managing Director, Senior Housing, Guaranty Bank Raymond J. Lewis, SVP & Chief Investment Officer, Ventas, Inc. Kevin J. McMeen, Senior Vice President, GE Healthcare Financial Services James J. Pieczynski, Director, CapitalSource Finance LLC John K. Powell, Vice President, Fannie Mae Randy Richardson, President, Classic Residence by Hyatt Margaret I. Scott, Director, Conventional Products, Freddie Mac Kathryn A. Sweeney, Principal, AEW Capital Management, L.P.

2003 NIC Owner/ Operator Advisory Board

Chair: Randy Richardson, President, Classic Residence by Hyatt Steven G. Bandstra, President & CEO, Community Centre Group Bruce Beardsley, SVP of Acquisitions, Harborside Healthcare Richard Brockman, President, Camden Nursing Facility Mark Burnham, SVP of Finance, Holiday Retirement Corp. Neil M. Chur, Sr., CEO, The Park Associates, Inc. Chris Coates, President & COO, American Retirement Corporation Granger Cobb, President & CEO, Summerville Senior Living Gene Curcio, CFO, Tandem Health Care Jon DeLuca, CFO, Horizon Bay Senior Communities Paul Dendy, CFO, LifeStyles, LLC Paul Diaz, President & COO, Kindred Healthcare Jeff Ferguson, President of Operations, Erickson Retirement Communities Thomas H. Grape, Chairman & CEO, Benchmark Assisted Living

Formation Capital, LLC Freddie Mac GE Healthcare Financial Services GMAC Commercial Mortgage Corp. Goldberg Kohn et al. Guaranty Bank Gulf South Medical Supply Harborside Healthcare Harden Healthcare Health Care REIT, Inc. Hearthstone Assisted Living Heavenrich & Company Inc. Holiday Retirement Corp. Home Quality Management Company Horizon Bay Senior Communities Houlihan Lokey Howard & Zukin Inova Health System Integrated Health Services Inc. Johnston Barton Proctor & Powell LLP

2003 Officers of the Board

Chair: Vice Chair: Secretary: Treasurer: President:

Thilo D. Best Sarah Sumner Duggan Kathryn A. Sweeney Raymond W. Braun Robert G. Kramer

Capital Senior Living Corp. CapitalSource Finance LLC Christopher Place Companies Classic Residence by Hyatt CNL Retirement Properties Inc. Community Centre Group Complete Healthcare Resources Inc. Conway Del Genio Gries & Co., LLC Covenant Retirement Communities CRSA Holdings Inc. Cullen Harrington & Co. David R. Bolton Inc. Dechert LLP Eden Capital, LLC Elant Inc. Health & Housing System Elmcroft Assisted Living Encore Senior Living, LLC Engel Burman Senior Housing EPOCH Senior Living Erickson Retirement Communities Fannie Mae

Kayda Johnson, COO, Senior Resource Group Joe Lin, CFO, Aegis Assisted Living Pat Mulloy, President & CEO, LifeTrust America, Inc. Ric Olson, CFO, Covenant Retirement Communities John Pascal, SVP & CIO, Brookdale Living Communities D. Keith Perry, President & CEO, Sears Methodist Retirement Systems, Inc. James "Piet" Pietrzak, President, Smith/Packett Med-Com Floyd A. Schlossberg, President, Alden Management Services, Inc. Richard Seibert, VP & Director of Corporate Marketing & Consulting, Life Care Services Dennis G. Sherman, President, Laurel Health Care Company Chris Slavin, President, Properties Division, Sunrise Senior Living Doug Spear, SVP & CFO, Merrill Gardens LLC Jim Stroud, Chairman, Capital Senior Living Corp. Peg Thompson, Executive Vice President, Thompson White & Assoc. Earl Wade, CEO, CRSA Management, LLC James T. Wang, CFO, Hearthstone Assisted Living

Thursday Opening Plenary Session 8:00­9:45 a.m.

Sponsored by The GMS Group, LLC

Maximizing Investor Returns in a Challenging Operating Environment Welcome: Robert G. Kramer, President, NIC Remarks: Kenneth R. Assiran, Managing Director, The GMS Group, LLC

Understanding the Present Environment

Thilo D. Best, President & CEO, Horizon Bay Senior Communities; NIC Board & Conference Chair

What is the financial health of today's seniors housing and care industry? In this fact-based overview, you'll learn about the state of the industry as revealed by NIC's most recent research and Key Financial Indicators. Plus, you'll learn about the Key Market Indicators initiative from NIC that will help you understand supply and demand at the local market level.

Strategies to Maximize Investor Returns Moderator: Raymond W. Braun, President & CFO, Health Care REIT, Inc. Speakers: Bill Colson, President & CEO, Holiday Retirement Corp. Paul Klaassen, Chairman & CEO, Sunrise Senior Living In this segment, you'll hear the strategies of two of the largest seniors housing operators for successfully maximizing returns throughout the business cycle. Bill Colson, President & CEO of Holiday Retirement Corp., will discuss his company's strategy as the country's largest, privately-held independent living operator. Paul Klaassen, Chairman & CEO of Sunrise Senior Living, will share his vision for assisted living and becoming the largest assisted living operator through the recent acquisition of Marriott Senior Living. At a time when many companies are struggling to get access to capital, don't miss your chance to hear from these respected ­ and successful ­ industry titans!

Executive Circle Member Companies

625 Management Company, LLC Aegis Assisted Living AEW Capital Management, L.P. Alden Management Services, Inc. AlixPartners, LLC American Retirement Corporation ASHA Avamere Health Services Balfour Senior Care Bank of Oklahoma N.A. Bank of the West Belmont Village Sr. Living Comm. Benchmark Assisted Living Best Practice Analytics Brookdale Living Communities Cambridge Realty Capital Cameron Corporation Capital Care Associates, LLC

KeyBank RE Capital HC Gp. Kisco Senior Living, LLC KMF Senior Housing Investors Laurel Health Care Co. Legg Mason Wood Walker Inc. Life Care Centers of America Inc. Life Care Services LLC LifeTrust America, Inc. Masonic Health System Moore Diversified Services Inc. National Cooperative Bank NJ Housing and Mortgage Finance New Rochelle Administrators Omega Healthcare Investors Inc. Otterbein Homes Physician WebLink Inc. Plante & Moran, LLC PricewaterhouseCoopers LLP ProMatura Group LLC Providence Mngmt. and Dev. Provident Group

Pruitt Corp. Recovery Care Red Capital Group Regional Assisted Living, LLC Retirement Community Specialists Inc. Senior Housing Properties Trust Shattuck Hammond Partners LLC Silverado Senior Living Sims Capital Management LLC Smith/Packett Med-Com Summerville Senior Living Tenco Inc. The Eby Group Inc. The GMS Group, LLC The Highlands at Pittsford The Shelter Group The Time Group UHS-Pruitt Corporation Ventas, Inc. Washington Mutual Bank Ziegler Capital Markets Group


Register online for the NIC Conference!

Just visit and click on "Annual Conference."


Thursday Networking Luncheon & Plenary Address 12:00 ­1:45 p.m.

Sponsored by HealthTrust, LLC and Cohen & Steers Capital Advisors LLC

Thilo D. Best Raymond W. Braun

Friday Networking Breakfast & Special Session 8:00­9:30 a.m.

Sponsored by Marsh USA Inc.

2003 Johns Hopkins/NIC Seniors Housing & Care Journal Awards The top three articles featured in the Journal will be awarded. The awards will be

presented by Anthony J. Mullen, Executive-in-Residence, JHU/NIC Seniors Housing & Care Program and Kevin McMeen, 2003 Award Sponsor, Senior Vice President, GE Healthcare Financial Services.

Opening Remarks: Ruth Kilduff, Senior Vice President, Marsh USA Inc. Welcome & Introduction of Speakers: Sarah Summer Duggan, Senior Vice President, GMAC Commercial Mortgage Corp.

Bill Colson

Paul Klaassen

Funding Long Term Care: The Role of Government Reimbursement

Welcome & Introduction of Speakers: Bradley Razook, Managing Director & President, Cohen & Steers Capital Advisors LLC Speakers: Thomas Scully, Administrator, Centers for Medicare & Medicaid Services (invited)

The Future Direction of Seniors Housing: Stand Alone or Continuum Models?

Moderator: Stephen M. Monroe, Editor, The SeniorCare Investor Speakers: Thomas H. Grape, Chairman & CEO, Benchmark Assisted Living

Thomas Scully

Charles H. Roadman II

Chris Hollister, President & CEO, Southern Assisted Living, Inc. Michael B. Lanahan, Chairman & CEO, Greystone Communities, Inc. Mark J. Schulte, Chairman & CEO, Brookdale Living Communities

In light of the past few years, investors and lenders may be asking "what's next?" in the seniors housing industry. Will stand-alone assisted living facilities become the model of choice to overcome the disruption caused by overbuilding and excessive leverage, thus resuming that sector's growth? Or will investors and consumers favor a different approach and look more favorably toward communities that offer a wider array of services in one place? Come listen to proponents of both sides tell their stories before making your decision.

Charles H. Roadman II, MD, CNA, President & CEO, American Health Care Association

Stephen M. Monroe Thomas H. Grape

Back by popular demand, Thomas Scully, point person for the Centers for Medicare & Medicaid Services, will provide updates on issues most affecting the skilled nursing sector, including government reimbursement, regulation and reporting. Come find out how the events of the past year have influenced his outlook and advice for the long term care sector. Also by popular request, Dr. Charles "Chip" Roadman will address the same issues from the operators' perspective. As president of the American Health Care Association, he'll discuss what needs to be done to provide more reimbursement stability and what actions operators, lenders and the federal government need to take. Come hear two different viewpoints from two candid and provocative speakers on issues currently facing the skilled nursing industry.

Chris Hollister

Michael B. Lanahan

Mark J. Schulte

NEW LOCATION for 2004!

Mark your calendar for the 14th Annual NIC Conference, October 6-8, 2004, Chicago Marriott Downtown, Chicago, IL.



Thursday Morning Breakout Sessions 10:30 a.m.­12:00 p.m. Three Concurrent Sessions

Seniors Housing 101: The Complete Guide to Underwriting Long Term Care

This session is a must for those who are considering first time investments in the seniors housing and care industry or those who are looking to refresh their underwriting skills. Learn the key terms, primary risks and unique lending and investment criteria from experienced underwriting specialists in this information-packed session. You'll also hear Bob Kramer, President of NIC, tell newcomers how to make the most of their conferencing experience.

The Art of Buying, Selling & Valuing Non-Stabilized Properties

Over the past two years, the acquisition market has been dominated by assisted living, independent properties and skilled nursing facilities that have either not reached stabilized occupancy or have fallen on tough financial times. While deals are getting done, there is a wide difference of opinion as to whether they are at bargain prices ­ or whether the facilities are not realizing cash flow for a reason, and thus, "buyer beware." Here's your chance to listen to experts who are active in the market and find out how they deal with the complex issues of investing in troubled properties.

NEW LOCATION for 2004!

Mark your calendar for the 14th Annual NIC Conference, October 6-8, 2004, Chicago Marriott Downtown, Chicago, IL.

Moderator: Arnold M. Whitman, CEO & Co-Chairman, Formation Capital, LLC


Moderator: Christopher E. Honn, Director, Fannie Mae


Speakers: END AT T Jeff Muchmore, Vice President, Real Estate, GE Healthcare Financial Services Scott A. Kavel, Vice President, Collateral Mortgage Capital Erik Lindenauer, Senior Investment Officer, CapitalSource Finance LLC

F M E !! T I EES

Speakers: Charles A. Bissell, MAI, CRE, Practice Leader, Seniors Housing and Health Care Specialty Practice, Integra Realty Resources DFW

David Rothschild, Senior Vice President, CB Richard Ellis Pat Mulloy, President & CEO, LifeTrust America, Inc.

Margin Enhancement Strategies through Effective Marketing Techniques

Operating margins continue to be squeezed in the long term care sector. In this session, a panel of industry experts will provide insights on margin enhancement through effective marketing to increase occupancy, the development of ancillary services and controlling costs. Don't miss this opportunity to improve your cash flow and facility valuation.

Moderator: Raymond W. Braun, President & CFO, Health Care REIT, Inc. Speakers: Dwayne Clark, President & CEO, Aegis Assisted Living, Inc. Dan Rexford, Managing Director, Sales & Marketing, Erickson Retirement Communities Terese DesJardin, Founder, Nurses2Go Norbert A. Bennett, CEO, Aurora Cares, LLC


O C T O B E R 15 - 17 , 2 0 0 3 · M A R R I O T T WA R D M A N PA R K H O T E L · WA S H I N G T O N , D C

T H E 13 T H A N N U A L N I C C O N F E R E N C E


Thursday Afternoon Breakout Sessions 2:00­3:30 p.m. Three Concurrent Sessions

Turnaround Workout Strategies for Struggling Properties

Sometimes, workout strategies are the only answer for properties facing difficulties. Turnaround approaches for non-performing loans secured by seniors housing require property-specific, tailored solutions, due to the operating business component and license/regulatory requirements. In this session, you'll hear how workouts are addressed from three different perspectives ­ the workout consultant representing the lender, the investor and the operator.

Medicaid Reimbursement Issues: A Topical Overview for 2003 and 2004

In this session, you'll hear a review of the Medicaid reimbursement trends in key nursing home states relative to state budgets and quality of care issues. Examples of both "good" states and "bad" states will be discussed, with consideration to the more populated or problematic states, such as those with the largest budget shortfalls relative to Medicaid expenditures. What does it really cost to offer quality care to the elderly...and who should pay?

Moderator/Speaker: Alan Plush, MAI, President, HealthTrust, LLC Speakers: Thomas M. Schuhmann, CPA, JD, Healthcare Reimbursement Expert, The Allegro Group

Thursday Afternoon Financing Forum

A critical factor in maximizing investor returns is financing. In today's challenging operating environment, the cost of financing has been one of the true bright spots ­ if you can meet the underwriting criteria. So, what is available from what kinds of lenders and on what terms? Come hear the director of HUD's multifamily program and experienced financiers from four prominent industry lenders ­ representing commercial banking, agency/DUS lenders, government programs and healthcare REITs ­ discuss the types, availability and requirements of financing that their institutions offer across the seniors housing and care continuum. The presentation will be followed by questions from the moderator and audience. Here's your chance to ask the pros about what kind of capital is right for you and your investors.

Moderator: Sarah Sumner Duggan, Senior Vice President, GMAC Commercial Mortgage Corp. Speakers: Alice Katz, President, The Vinca Group, LLC

Stanley W. Swindling, Jr., CPA, Moore Stephens Lovelace, P.A. Lambert van der Walde, Capital Markets Advisor, Centers for Medicare & Medicaid Services Mezzanine Financing: Filling the Equity Gap to Get Deals Done

Mezzanine financing, whether secured or unsecured, can be the bridge between the senior debt and equity that gets a deal done at an efficient cost of capital. Come hear industry experts in mezzanine financing provide their insights on how these deals are typically structured. They'll also explain what opportunities and risks are inherent in this layer of the capital structure.

Granger Cobb, President & CEO, Summerville Senior Living John A. Moore, Managing Principal & CFO, Lazard Freres Real Estate Investors, LLC

"There was a well diversified attendance. Networking opportunities were great. I enjoyed seeing my colleagues, making new contacts and obtaining valuable industry information."

Moderator: James J. Pieczynski, Director, CapitalSource Finance LLC Speakers: Casey N. Moore, Director, Seniors Housing Group, Red Capital Group

Moderator: Noah Levy, Principal, Prudential Real Estate Investors Speakers: Cathy Voreyer, Vice President, Berkshire Mortgage Finance

Sallie Moss, President, SSM, Inc.

R. Jeffrey Sands, Managing Director, Sims Capital Management LLC Steve M. McGee, Director of Originations, Ziegler Healthcare Capital, LLC

Angela G. Mago, Senior Vice President, KeyBank Real Estate Capital Healthcare Group Maureen E. Fuller, Vice President, GMAC Commercial Mortgage Corp. Raymond J. Lewis, SVP & Chief Investment Officer, Ventas, Inc. Michael McCullough, Director, Office of Multifamily Development, Department of Housing and Urban Development



Friday Early Morning Breakout Sessions 9:30­11:00 a.m. Two Concurrent Sessions

Equity Investing: How Equity Investors View Opportunities in the Marketplace

From development to new company investing to acquisitions...what situations do equity investors look for when making the decision to place capital into seniors housing and care? Come hear from several who are active in our industry. You'll learn firsthand about their yield requirements, motivations and strategies in evaluating new investment opportunities.

CCRC Development Trends That Spell Success

Though the construction rate of new campus CCRCs has slowed over the last five years, capital remains available for those communities developed by an experienced project team. Successful developments share similar components that enable them to avoid the common risks that can snare the inexperienced. This session will examine the current feasibility, capital structure, construction and development trends found in thriving, new campus CCRCs.

Moderator/Speaker: Daniel J. Hermann, Managing Director & Group Head, Senior Living Finance Group, Ziegler Capital Markets Group Speakers: Brian Schiff, Partner, BDO Seidman, LLP

Moderator: Kathryn A. Sweeney, Principal, AEW Capital Management, L.P. Speakers: Phillip M. Anderson, Chief Operating Officer, CNL Retirement Properties, Inc.

Alan B. Wells, Partner, KPMG LLP Bruce Cannon, Executive Vice President and CFO, CRSA Management, LLC

Timothy J. Fox, Senior Vice President, Starwood Capital Group Julie Rost, Investment Officer, CalPERS

CEO Roundtable

(invitation only)

Liability Insurance & Risk Management: What's Working & What's Not?

This special, invitation only session for senior corporate officers will include all participants in a roundtable discussion about what's working and what's not in responding to liability insurance, litigation and risk management pressures. To begin the session, corporate officers from several major long term care providers, including Gene Curcio of Tandem Health Care and Paul Diaz of Kindred Healthcare, Inc., will share from their companies' experiences. In addition, Andrew McCumber, with the Florida law firm of Quintairos, McCumber, Prieto, Wood, & Boyer, P.A., who has represented long term care providers in resident liability litigation, will comment on effective strategies for operators. Don't miss this candid, practical exchange!


Register online for the NIC Conference!

Just visit and click on "Annual Conference."


Friday Late Morning Breakout Sessions 11:30 a.m.­1:00 p.m. Two Concurrent Sessions

Time-Tested Absorption Strategies

If you're interested in improving facility absorption, you don't want to miss this session. A panel of seasoned operators will discuss their time-tested absorption strategies for independent living communities, assisted living properties and CCRCs. Panelists will explore specific situations, such as new development absorption, as well as talk about under-performing asset acquisitions and absorption strategies in stabilized communities.

Risk Management Strategies: Untangling the Web of Options to Mitigate Operating & Real Estate Risk

Confused by the myriad of choices available ­ or sometimes, not available ­ in insuring against risk for your senior living properties? In this session, industry experts will discuss several of the options available, such as captives, self insurance and terrorism coverage, as well as the legal aspects of risk management. Learn what owners and investors are most concerned about at this important session.

Moderator: Kathryn A. Sweeney, Principal, AEW Capital Management, L.P. Speakers: John J. Durso, Esq., Senior Partner, Michael Best & Friedrich

Moderator: David Schless, President, American Seniors Housing Association Speakers: Steve Benjamin, COO, Horizon Bay Management, LLC

Claire Skinner, VP, AEW Capital Management, L.P. John M. Atkinson, Managing Partner, Thilman & Filippini

Stephen Morton, COO, Southern Assisted Living, Inc. Richard Seibert, Director of Corporate Marketing, Vice President, Life Care Services, LLC

Save $250

when you register by September 17, 2003! Register online at or fax your registration form today to (410) 268-4620.

O C T O B E R 15 - 17 , 2 0 0 3 · M A R R I O T T WA R D M A N PA R K H O T E L · WA S H I N G T O N , D C

T H E 13 T H A N N U A L N I C C O N F E R E N C E



National Zoo Marriott Wardman Park Hotel

Marriott Wardman Park, NIC's Headquarters Hotel

The Marriott Wardman Park, Washington, DC, is the official headquarters hotel for the 13th Annual NIC Conference. Contact the Marriott Wardman Park directly at (202) 328-2983 and ask to reserve a room in the "NIC Room Block." The discounted room rates are:

Fly US Airways to DC or Baltimore

US Airways has been designated as the official carrier for attendees of the 13th Annual NIC Conference. US Airways has agreed to offer exclusive low fares for attendees including:

· A 5% discount off of First or Envoy Class and any published

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Ha m ps hi re






Av e

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Standard (Center or Park Tower) $210 per night, single or double occupancy Deluxe (Concierge Level or Wardman Tower): $250 per night, single or double occupancy

M St.

US Airways promotional round-trip fare.

· A 10% discount off unrestricted coach fares with 7-day advance

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reservations and ticketing (required).

· Plan ahead and receive an additional 5% discount by

ticketing 60 days or more prior to departure.

These discounts are valid, provided all rules and restrictions are met, and are applicable for travel from all points on US Airways' route system. To obtain these discounts or find out about exclusive negotiated rates for those who are unable to meet the restrictions of the promotional round-trip fares, please call US Airways' Group and Meeting Reservation Office toll-free at (877) 874-7687 from 8:00 a.m.­9:30 p.m. EST. Refer to Gold File #58652813. The above discounts are not combinable with other discounts or promotions, and are valid between October 12-26, 2003. Ronald Reagan Washington National Airport is the nearest airport servicing downtown Washington, DC. Dulles International Airport and Baltimore-Washington International are approximately 60-90 minutes away, depending on traffic.

Business District 23rd St. White House Constitution Ave. Independence Ave.


Ave k Yor ew N Union Pen n. A Station ve.

NIC Research Initiatives & Resources

Besides hosting this annual conference, NIC serves as a clearinghouse and initiator of research critical to the industry. This research is funded by proceeds from the annual conference. Through these efforts, NIC is developing benchmarks to help lenders, investors, operators and developers make informed decisions in the seniors housing and care industry. For a current listing of NIC's research and resources, visit our Web site, and click on "Publications."

The Mall 14th St. U.S. Capitol U.S. 395


U.S. 395

.P .W



U.S. Route 1




National Airport

NEW LOCATION for 2004!

Mark your calendar for the 14th Annual NIC Conference, October 6-8, 2004, Chicago Marriott Downtown, Chicago, IL.


Save $250 when you register by September 17, 2003! Register online at or fax your registration form today to (410) 268-4620.


IMPORTANT -- PLEASE READ: · Fill out one form completely and legibly for each attendee (type or print), and keep a copy for your records. · Photocopy this form for multiple use. · You must include payment with your registration. · After October 8, you must register on site. · Please call Amy Kling at (410) 267-0504 if you do not receive a confirmation letter within 10 business days. REMEMBER SEPTEMBER 17! · Early Bird Deadline -- save $250 on full registration fee! · Cancellation Deadline -- full refund less $195 processing fee.


a. A company check made payable to "NIC" is enclosed. Amount of check: $____________________________________________ b. Charge my credit card below (all charges processed online via our Verisign secure site): t American Express t Discover t MasterCard t Visa

Card Number___________________________________________________ Expiration Date__________________________________________________ Name on Card (please print)_________________________________________ Authorized Signature______________________________________________

Please check the area that best describes your company:

t Lender/Investor (act exclusively as principal) t Investment Bank/Financial Intermediary (act primarily as agent) t Owner/Operator of Senior Living Facilities (see below)

· Please indicate your PRIMARY product type: t Assisted Living t Independent Living t Skilled Nursing t CCRC · Is your company: t For Profit t Not for Profit

t Developer of Senior Living Facilities t Government Official/Academic t Service Provider/Other (please specify):________________________________

The Federal ID number for the National Investment Center for the Seniors Housing & Care Industries, Inc. is 52-1802714. NIC is a nonprofit, tax exempt, 501(c)3 corporation


If written notice of cancellation is received by September 17, you will receive a full refund less a $195 processing fee. Cancellations after September 17 are non-refundable. Substitutions are permitted. Fax cancellation letters and substitutions to Amy Kling at (410) 268-4620. All substitutions after October 8 must be made on site. NIC reserves the right to make changes to the program. Should circumstances beyond the control of NIC prevent NIC from holding the annual conference as scheduled, and such circumstances occur less than three weeks prior to the conference, registrations will be retained and applied toward the next scheduled NIC conference.


t I require vegetarian meals t I require kosher meals t I require accommodations for a disability


I will attend the special breakfast session, "The Future Direction of Seniors Housing: Stand Alone or Continuum Models?" from 8:00 a.m. - 9:30 a.m. on Friday, October 17. t Yes t No


Please print your name as you would like it to appear on your name badge.

t Mr. t Ms. t Other First Name ____________________________________ Last Name ____________________________________________________ Title ________________________________________________________ Company ______________________________________________________

(please abbreviate where possible)


Online: Visit and click on "Annual Conference" for the conference registration form.


· Early Bird (by September 17*): $1295 General Rate $995 Owner/Operator Rate** · After September 17: $1545 General Rate $1245 Owner/Operator Rate** · Speaker Rate (non-transferable): $600 t I am an NIC Executive Circle Member­please deduct my conference discount of $100 (subject to verification)

*In order to receive the Early Bird rate, your paid registration must be received on or before September 17. **This rate (subject to verification) is offered to those actively involved in the day-to-day management operations of a senior living facility and NOT offered to passive investors, passive owners or asset managers.

Address ______________________________________________________ ____________________________________________________________ City ________________________________________________________ State ________________________________ Zip ______________________ Phone ______________________________ Fax ______________________ Email ***(required) ______________________________________________ Web Address ____________________________________________________


By Fax: Amy Kling, (410) 268-4620 By Mail: Amy Kling, Conference Registrar, National Investment Center 705 Melvin Avenue, Suite 201 Annapolis, MD 21401


Would you like to receive NIC's free monthly e-newsletter? t Yes t No

***Confirmation letters are sent via email. NIC will keep your email address private, but may forward contacts to you to facilitate networking/meetings at the conference.

O C T O B E R 15 - 17 , 2 0 0 3 · M A R R I O T T WA R D M A N PA R K H O T E L · WA S H I N G T O N , D C

T H E 13 T H A N N U A L N I C C O N F E R E N C E




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