OAKVILLE, ON, April 11, 2013 /CNW/ - A partnership between the Ontario Retirement Communities Association (ORCA) and ProMatura Group LLC, a long-time U.S. partner with the NIC MAP seniors housing data and analysis service, is set to create Ontario's first data collection and reporting program for the retirement community sector in Ontario.
The data collection and reporting program addresses an unmet need for information about operating costs, market indicators, consumer trends and other data relevant to operators and developers of retirement home properties, as well as to investors. Once fully established in 2014, the program will provide reliable and timely information essential to healthy operational performance and growth in a sector poised to face increasing demand from a rapidly aging population.
The database is now in development. Data collection will begin in early 2014, with the first reports scheduled to be available by mid-year.
"In the coming decade the retirement home sector will see significant growth as population aging accelerates," says Laurie Johnston, CEO of ORCA. "Presently there is limited data available to retirement home owners, operators, investors and developers to use in their decision making either at the day-to-day operational level or in defining future development opportunities. This initiative is meant to solve this limitation and equip the sector with powerful information on which to make the best decisions."
The ORCA Data Collaborative will enable the retirement community sector to:
- quickly identify markets that present opportunities;
- stay ahead of industry trends;
- measure a property's position and performance relative to the market;
- access local performance benchmarks; and
- obtain useful, standardized market level metrics for ongoing research.
"We are honored to have the opportunity to work with ORCA in this initiative," says Margaret Wylde, CEO, ProMatura Group, LLC. "One of the most exciting aspects is that ORCA has decided to include operational and financial measures. In a single data set we will have an incredible wealth of information to allow analysis of property, market, operations and financial attributes that predict success."
ProMatura, founded in 1984, brings a decade's worth of experience with NIC MAP, collecting market specific data for development and investment purposes. Since 2003, ProMatura has worked with NIC MAP, which is now the premier provider of data and analytics on independent living, assisted living, memory care, skilled nursing and continuing care retirement communities in the United States.
"We are very pleased to be working with such an experienced and knowledgeable partner as ProMatura," adds Ms. Johnston. "As we move forward with the development of the database, we know that excitement and anticipation about what this initiative will bring to the sector will continue to build."
Information to be collected once the database is established
Once established, the ORCA Data Collaborative will collect information related to market analysis and operations. Examples of market-related data include:
- type of residence
- size of residence, including square footage
- type of ownership
- property age - as of opening date
- last major renovation, date and description
- types of marketing incentives used
- number and type of units by service level (independent living, independent supportive living, assisted living and memory care)occupancy levels (quarterly data) including rent roll and actual rent versus rack rate
- annual turnover rate
Examples of operational data include:
- wages and benefits by function
- overall staffing levels/ratios
- a la carte services, with pricing by service line
- service expense breakdowns
- operational financial information
- food and food service costs
- gross margins - dollars and percentages
- NOI per available suite
Founders Club creates the momentum to build the program in Ontario
The development of this program has been a long-term vision of the association and has been made possible thanks to the generous support of members of our Data Collaborative Founders Club, a group of visionary operators and sponsors who believe in the value of this initiative and the benefits it will bring to the sector. Founders Club members as of April 9, 2013:
Platinum Sponsor: RBC Capital Markets
Gold Sponsor: MNP LLP
Silver Sponsor: CPWC Seniors Housing Group
Bronze Sponsors: Altus Group Ltd, Bogart, Robertson & Chu, Borden Ladner Gervais LLP, CBRE, Gardiner Roberts, Goodmans LLP, IC Funding Financial Corp, RHC Design Build, , Stikeman Elliott, Torkin Manes LLP, Yardi Systems, Brookfield Financial.
Operator Members: Alavida Lifestyles, Amica Mature Lifestyles, Baybridge Senior Living, Chartwell Retirement Residences, Delmanor Seniors Communities Inc., Greenwood Retirement Communities, Heritage Place Retirement Residence, Lord Dufferin Centre, Revera Inc, Regal Lifestyle Communities, The Royale Group of Retirement Residences, Responsive Management Inc., Riverstone Retirement Communities, Schlegel Villages Inc., Seasons Retirement Communities, Sifton Properties, Specialty Care Inc., Steeves & Rozema Group, St. Jacob's Place, Sunrise Senior Living, Williamsburg Senior Living.
About ProMatura Group LLC
ProMatura Group, LLC (www.promatura.com) is a full-service global market research firm that has helped clients make decisions based on statistically valid research for more than 29 years. With offices in the U.S. and the U.K., ProMatura has served clients in Mexico, all provinces of Canada, Europe, Asia, and all 50 U.S. states. ProMatura offers an array of age-qualified market analyses, consumer research, development planning and wide-spectrum consultation for developers and builders, financial institutions, operators, marketing and sales, manufacturers, and municipal, state and regional planners.
The Ontario Retirement Communities Association (ORCA) is a voluntary non-profit association that represents operators of retirement residences in Ontario. For 35 years, ORCA set the standard for operational excellence through its accreditation program and continues to influence quality throughout the sector by developing tools and education to support operational excellence and leadership in retirement living. ORCA now represents more than 80 per cent of the sector with members providing accommodations and services to more than 41,000 seniors.
SOURCE: Ontario Retirement Communities Association
For further information:
Todd Leach, ORCA
905-403-0500 Ext. 227, [email protected]