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Tellatin, Short, Hansen & Clark, Inc.

Seniors Housing and Healthcare Valuations, Market Studies and Consulting Services

James K. Tellatin, MAI

16759 Main Street, Suite 209
Wildwood, MO 63040
Office Phone (636) 530-0009
Cell Phone (314) 283-0067
Fax (636) 530-0046
Email: jim@tellatin.com

Employment
Mr. Tellatin is the founding principal in Tellatin, Short & Hansen, Inc. He started the firm in 1984. Previously, Mr. Tellatin held the following positions: Director of Appraisal Services, Turley Martin Company; Senior Appraiser, Marshall and Stevens Inc.; Staff Appraiser, Doane Agricultural Service Inc.

Experience
Mr. Tellatin has specialized in the appraisal and consulting of real estate since 1977. Mr. Tellatin has experience in virtually all types of real estate in 49 states, Puerto Rico and Canada. Since 1984, Mr. Tellatin has devoted the vast majority of his professional time to seniors housing and health care facilities, and he has appraised more than 7,500 seniors housing and healthcare property types: acute care, long-term acute care, rehabilitation and psychiatric hospitals; skilled nursing facilities; assisted living facilities, independent living facilities, and continuing care retirement communities. While singularly focus on healthcare and senior housing property valuation work, earlier in his 35-plus-year career he developed a well rounded appraisal prospective, having appraised numerous types of light and heavy industrial, offices, retail, hotel, multifamily residential, agricultural, governmental, educational, and major league professional sports stadiums and live performance venue properties. In 1992, he consulted with the government of Hungary on the valuation of state-owned real estate asset dispositions. Most appraisal assignments have also featured an in-depth market analysis. Mr. Tellatin has consulted with numerous groups relative to the development of seniors housing and care facilities. He is a managing member in Santé Partners, a developer, owner and operator of rehabilitation and skilled nursing facilities in Arizona and Washington. Mr. Tellatin, along with the other partners of the firm were instrumental in the development of the HUD - Lean appraisal and market study guidelines and collectively, they continue to be a policy advisors to for the valuation portion of the HUD healthcare mortgage insurance program.

Education
Mr. Tellatin earned a Bachelor of Science degree in Geography from Missouri State University, Springfield, Missouri, in 1976. In addition, he studied abroad in France and Switzerland. Mr. Tellatin is a member of the Appraisal Institute; he holds the MAI designation. He is also certified as a general real estate appraiser in numerous states.

Court Testimony
Mr. Tellatin has prepared reports for numerous courts and boards. Since 2000, Mr. Tellatin has testified in the following cases: Gorley v. Usery (Federal Bankruptcy Court, Springfield Missouri, two nursing homes); Federal Bankruptcy Court, Pittsburgh, Pennsylvania --Chase Bank vs. Trade Around the World - nursing home bankruptcy relief of stay); Federal Bankruptcy Court, San Francisco, California - Cotter Health Services, Inc., v. Wasatch et al, United States District Court (Northern Division) No. C98-3242 VRW, 2001; Federal Bankruptcy Court, Wilmington, Delaware, Litchfield Development, et al v. Integrated Health Services, Inc. - market rent during period of debtors occupancy of 43 rejected leased properties, 2003; Los Angeles County Court, Kenneth Kahan v. Cary Buchman, (Case No. BC 299126), August 2005 - reasonableness of skilled nursing facility management and administration expenses; Omega Healthcare Investors, Inc. v. Res-Care Health services, et al, (Case No. IP 99-0862-CL/ Y) US District Court, Southern District of Indiana) - represented plaintiff (Omega) in a property value damage case resulting from the tenant abandoning the property; State of Wisconsin Circuit Court Kenosha County, Case No. 10-CV-1551, AHC Purchaser Inc., c/o Brookdale Senior Living Inc., Plaintiff. Village of Pleasant Prairie, Defendant - property tax assessment appeal.

Professional Recognitions
Mr. Tellatin is a past Chair of the Missouri Health Facilities Review Committee, a governor-appointment to the state organization that grants certificates of need for hospitals, nursing facilities and assisted living facilities. He is the author of The Appraisal of Nursing Facilities, a text book published by the Appraisal Institute in 2009.He developed The Appraisal of Nursing Facilities seminar for the Appraisal Institute and has instructed this seminar in 14 states, all in which he has been approved by the respective state appraisal licensing agencies. In addition, he developed the on-line version of this seminar and it was the first online seminar ever offered by the Appraisal Institute; he is the sole instructor and it has been attended by appraisers and other professionals from nearly every state in the U.S., and a number of appraisers from other countries. He has also lectured and instructed governmental, financial and professional association groups on healthcare valuation issues throughout the nation including national conferences for the NIC (National Investment Center for Long-term Care Financing) in Washington, D.C., RMA (Robert Morris Associates) in Philadelphia, IAAO (International Association of Assessing Officers) in Nashville, Dallas and Milwaukee, the World Research Group in Chicago, New York and San Francisco, and Western HUD Lender Symposium, in Las Vegas. He has also authored and co-authored articles on healthcare valuation topics published in The Appraisal Journal, Valuation Insight and Perspectives, and the National Investment Center for Long Term Care Financing. Moreover, he has co-authored a 600-page document for a private client addressing reimbursement, licensure, certificate of need and state financial conditions for nursing and assisted living facilities for 31 U.S. states. He has served as a member of the Board of Directors of New Chapter, Inc., a Vermont-based, international food supplement company, prior to its sales to Proctor and Gamble. He was selected as the appraiser for Ventas in a rent reset for a multi-billion dollar group of nursing facilities and hospital assets operated by Kindred Healthcare.