Dear Real Estate Financier and Developer,

This special issue represents an important collaboration between National Real Estate Investor (NREI) and The National Investment Conference for the Senior Living and Long Term Care Industries (NIC). As market demand thrives and dollars continue to flow into the seniors housing category at record pace, the need for reliable financial data and investment benchmarks becomes crucial. With this in mind, it is our pleasure to provide this supplement that contains invaluable information, resources and contacts you can access.

The main component of this issue is the NIC Lender and Investor Directory, which lists the major financiers active in today's senior living and long term care industry. An indispensable resource for developers and facility owners/operators seeking capital, it includes each company's contact information, the types and volume of financing they provide, and key statistics about lending rates, fees, and related criteria.

It's natural that NREI and NIC would team to bring you this resource. National Real Estate Investor has been covering the emerging seniors housing field for years. In fact, it was one of the first publications to recognize seniors housing as a major commercial property type along with residential, hotel, industrial, retail and office properties. Most recently, the publication has expanded its coverage of seniors housing to a separate, quarterly supplement called Continuum.

A nonprofit organization founded in 1991, NIC has served as the recognized "information bridge" between lenders, investors, owners/operators and others interested in meeting the housing and healthcare needs of America's aging population. Each year, the NIC Conference in October attracts more than 1,300 executive-level decision makers from both the financial and development sectors, bringing them together in productive exchange. Proceeds from the conference are used to support NIC's mission: to provide research and resources that support efficient capital formation in the senior living and long term care industry. This directory is an example of such efforts and you'll read about other groundbreaking NIC research inside.

We are excited to bring you the 1998 NIC Seniors Housing Lender & Investor Directory in partnership with NREI. Moreover, we are committed to bringing you this information on an annual basis. We hope that you find it informative and useful in seeking funding for seniors housing properties. We also welcome your questions and suggestions. Please feel free to contact us at (410) 267-0504. Or visit our website at www.NICinfo.org.

Sincerely,

Robert G. Kramer, Executive Director National Investment Conference for the Senior Living and Long Term Care Industries

R. Bruce Andrews President & CEO Nationwide Health Properties Inc.

Raymond Anthony Managing Director Nomura Asset Capital

Rick Anthony Senior Vice President SouthTrust Capital Funding

John W. Dark Principal Prudential Real Estate Investors

Geoffrey Dohrmann Chairman & CEO Institutional Real Estate Inc.

Sarah Sumner Duggan Sr. Vice President GMAC Commercial Mortgage Corp.

Robert T. Eramian President Consulco LLP

Abraham D. Gosman Chairman & CEO Meditrust

Al Holbrook President EdenCare Senior Living Services

Robert G. Kramer President Kramer-Crosby Inc.

Raymond J. Lewis Senior Vice President, Product Mgr. Heller Financial Inc.

Anthony J. Mullen Managing Partner Traditions of America

Penny Pritzker President Penguin Group LP President Classic Residence by Hyatt

Peter Sidoti Managing Director Schroders

Julia Smith Senior Vice President NationsBank

Ron Tinsley National Director Coopers & Lybrand L.L.P.

Arnold M. Whitman President PRN Mortgage Capital L.L.C.