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Tellatin, Short, Hansen & Clark, Inc.

Seniors Housing and Healthcare Valuations, Market Studies and Consulting Services

"We are proud of our team of experienced and dependable professionals."

- Mark Hansen

Profile of Significant Engagements

Tellatin, Short & Hansen, Inc. has performed a large number of major portfolio assignments during the past 25 years for major financial services companies, healthcare property owners and litigation cases. We have listed below a selection of our significant projects.

2008

The principals of Tellatin, Short & Hansen were instrumental in developing the appraisal and market study guidelines that are currently used in the U.S. Department of Housing and Urban Development's healthcare property FHA-insured mortgage Lean program, which is currently the largest mortgage lender for skilled nursing and assisted living. Members of the firm have continued to work with HUD on an advisory capacity.

2006

Ventas, the nation's largest healthcare REIT hired our firm to consult and appraise 225 skilled nursing facilities and long-term acute care hospitals operated by Kindred for a rent reset process. Ventas carefully reviewed the qualifications of all healthcare appraisal firms before selecting Tellatin, Short & Hansen. Ms. Debra Cafaro, CEO and Chairperson of Ventas, and former president of NAREIT referred to Mr. Tellatin as the dean of appraiser's in their public announcement regarding their selection of their appraiser in the rent reset process.

2005

Performed a valuation on a $1.5 billion portfolio of seniors housing, skilled nursing facility and hospital loan assets for the buyers of a large commercial real estate loan portfolio, production and servicing entity.

Appraised a portfolio of 36 seniors housing facilities owned by a REIT and leased to various regional and national operators for a $250,000,000 financing transaction.

Prepared appraisal reports for a national bank involving a portfolio of 90 nursing facilities in 22 states; involved a single borrower and 25 tenants

2004

Prepared appraisal reports for Bank of America involving a portfolio of 38 nursing facilities and long-term acute care hospitals; involved a REIT as the borrower and five tenants

2003

Assisted a Wall Street firm in developing a bid for a healthcare loan portfolio in excess of $1.5 billion.

Prepared appraisal reports on five Ardent Healthcare acute care hospitals in three states for financing with BankOne acting as the lead bank.

Prepared appraisal reports for Bank of America involving a large acquisition/loan transaction of Marriott Senior Living properties being purchased by CNL and managed by Sunrise Senior Living.

Prepared appraisals of market rent for 43 nursing and assisted living facilities for the Delaware Federal Bankruptcy Court in Litchfield/GMACCM v. I.H.S. - the court awarded 100 percent of our market rent estimate.

Prepared appraisal reports on 31 SNF and long term acute care hospitals for GMACCM, Key Bank, SouthTrust and Washington Mutual.

2002 and 2001

Prepared appraisal reports for two major financing transactions involving Ventas/Kindred Healthcare for Merrill Lynch

1999

Consulted with an REIT in reviewing market rental values for over 250 nursing facilities and hospitals in their portfolio, focusing on the impact on Medicare PPS.

1998

Appraised for the largest creditor the bulk of nursing facilities of a public nursing facility company in bankruptcy.

1993

Appraised 85 nursing facilities for Morgan Guaranty Trust Company for the debt restructuring of The Hillhaven Corporation, the nation's second largest operator of nursing facilities.

1992

Consulted with Daiwa Securities on the successful purchase of a $250 million pool of nursing facility and retirement apartment mortgages from the RTC, and the subsequent public offering of commercial mortgage pass-through certificates.

Approved as a financial advisory to the RTC concerning the sale of nursing facility mortgages.

1990 and 1991

Appraised all 136 nursing facilities owned and operated by Health Care and Retirement Corporation of America (HCR) for Salomon Brothers in a $425 million transaction.

1988

Prepared appraisals on over 40 nursing facilities for Solomon Brothers for a REMIC transaction.

1985

Prepared the initial appraisals for the formation of Nationwide Health Care Properties, Inc., formerly Beverly Investment Properties, for Merrill Lynch's initial public offering.