NIC’s Third Quarter Numbers

NIC has come out with its third quarter occupancy, construction, asking rates and absorption stats, and we have to admit, we were disappointed with the numbers, especially on occupancy. Assisted living occupancy was basically flat with the second quarter amid hopes that there might be some acceleration. Independent living rose by just 10 basis points from the second quarter and was flat with a year ago. Asking rents were at their highest in years, but the numbers do not factor in the discounting which remains prevalent in many markets. Now, with Hurricane Matthew about to hit the southeast coast, and communities in Florida, Georgia and the Carolinas already beginning to evacuate residents to interior locations, it does not bode well for the start of the fourth quarter for providers in these markets. Apparently, Brookdale Senior Living has up to 4,000 units in these threat areas. Say good-bye to visits and move-ins if the damage is what some forecasters have predicted. Very unfortunate for all involved, and we wish everyone in the storm’s path a safe few days.

 

 

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