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Tellatin, Short, Hansen & Clark, Inc.

Seniors Housing and Healthcare Valuations, Market Studies and Consulting Services

Sterling E. Short, MAI

16759 Main Street, Suite 209
Wildwood, MO 63040
Office Phone (636) 530-0009
Cell Phone (314) 249-8093
Fax (636) 530-0046
Email: short@tellatin.com

Employment
Mr. Short joined Tellatin, Short & Hansen, Inc. in February 1989; he became a principal of the firm as of July 1998.

Previously, he was employed by Home Savings Association of Kansas City, F.A., where he participated in loan origination conducted on a national basis primarily on nursing facilities, apartments, motels and hotels, and shopping centers.

Experience
Mr. Short has been involved in the commercial real estate industry since 1987, and the appraisal sector since 1989. Real property appraised encompasses a range of property types such as nursing facilities, assisted living facilities, independent living facilities, industrial warehouse and distribution centers, freestanding retail facilities and shopping centers, apartments, office buildings, motels and hotels, vacant land, as well as other miscellaneous property types. Since 1993, the majority of his assignments have entailed nursing facilities and other types of seniors housing. Most healthcare and seniors housing assignments have included an in-depth market analysis. In total, Mr. Short has appraised over 2,000 seniors housing facilities. The appraisals have functioned as support for clients in financing, litigation support, bankruptcy proceedings, and internal review.

Mr. Short has been integral in developing much of the structure and content for the firm's market studies and appraisal reports. His Medicare and Medicaid reimbursement expertise has enabled the firm to boast an incomparable reputation as the leading appraisal firm in the nation specializing in seniors housing and care facilities. In 2002, Mr. Short and Mr. C. Mark Hansen developed the first complete and accurate methodology in the United States to measure the depth of demand for congregate care (independent living), assisted living and specialized assisted living housing. It is a saturation-rate-based methodology developed through a cross comparison of over 25 seniors housing markets throughout the United States. The methodology has been tested in numerous markets with exceptional success.

Education
In 1987, Mr. Short earned his undergraduate degree, a Bachelor of Arts in Accounting and English, from Westminster College in Fulton, Missouri.

Mr. Short is a member of the Appraisal Institute; he is designated as an MAI.

Mr. Short is currently licensed as a general real estate appraiser in Missouri, as well as numerous other states.

Authorship
Mr. Short co-authored "How Does a Nursing Facility Make Money? The Profit Source Model," an article originally published in the NIC '95 Review as a part of the National Investment Conference, which is "a non-profit educational forum, the proceeds from which are used to fund research and other efforts to stimulate capital formation in the senior living and long term care industries." The NIC's annual conferences attract the industry's leading participants -- operators, lenders, consultants, and other professionals. Tellatin, Short & Hansen, Inc. was honored to have this article recognized for its insightful discussion.

Mr. Short co-authored with James Tellatin and C. Mark Hansen, "Proprietary Earnings of Assisted Living and Nursing Facilities Under HUD Valuation Guidelines", published in the Winter 2005 Volume of the Appraisal Journal. These articles are available upon request.

Mr. Short also 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 states.