American Retirement Announces St. Petersburg Acquisition.NASHVILLE, Tenn.--(BUSINESS WIRE)--Aug. 18, 1999-- American Retirement Corporation (NYSE NYSE See: New York Stock Exchange :ACR See riser card. ), one of the largest providers of senior living and health care services, announced today that it had added an assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. residence in St. Petersburg, Florida St. Petersburg (often shortened to St. Pete) is a city in Pinellas County, Florida, United States. The city is known as a vacation destination for North American and European vacationers, as well as a politically important battleground in U.S. Presidential politics. to its Southwest Florida Southwest Florida is a region of Florida located along its gulf coast, south of the Tampa Bay area, west of Lake Okeechobee and mostly north of the Everglades. It consists of five coastal counties from Manatee County south to Collier County, although it sometimes is considered to network of senior residences. The 82 resident-capacity community, to be operated under the name "Homewood at Bay Pines," opened in 1993, and includes a 66 resident assisted living unit and a 16 resident Alzheimer's unit. In connection with the acquisition, the Company assumed an operating lease Operating Lease A lease contract that allows the use of an asset, but does not convey rights similar to ownership of the asset. Notes: An operating lease is not capitalized it is accounted for as a rental expense. that expires November 2007, and acquired an option to purchase the community. American Retirement currently has 6 communities with a resident capacity of 2,130 in its Senior Living Network in the Tampa/St. Petersburg area, offering independent living, assisted living, Alzheimer's care and skilled nursing. "This acquisition is representative of how we will continue to grow our Senior Living Networks," said Bill Sheriff, Chairman and Chief Executive Officer of American Retirement. "We have 28 new communities and 10 expansions currently being developed internally. From this development pipeline, we expect to open 3, 7, 7 and 6 residences over the next four quarters, respectively. In addition, we will continue to acquire already-built communities within our Networks and in other strategic locations. While we have slowed the number of new project starts in development, we expect continued growth through acquisitions and the maturity of our current development pipeline." American Retirement Corporation offers a broad range of care and services to seniors, including independent living, assisted living, skilled nursing and Alzheimer's care. The Company currently operates 49 senior living communities in 16 states with an aggregate capacity for approximately 13,100 residents. American Retirement is currently developing or constructing 28 senior living communities and expanding 10 of its existing communities, which in the aggregate will add capacity for approximately 3,700 residents. The Company's strategy is to develop senior living networks in major metropolitan regions. These networks are made up of large continuing care continuing care a professional convention that a veterinarian who is treating an animal is obliged to continue treating that case unless an arrangement is made with its custodian to transfer the care to another practitioner or to a specialist. retirement communities and free-standing assisted living residences located in the same markets. This press release and statements made by or on behalf of American Retirement Corporation may be deemed to constitute forward-looking information made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements may be affected by certain risks and uncertainties, including those described in American Retirement Corporation's filings with the Securities and Exchange Commission, those associated with developing and constructing new residences, and the risks and uncertainties of identifying suitable acquisition candidates and effecting those acquisitions. In light of those significant uncertainties, American Retirement Corporation's actual results could differ materially from such forward-looking statements. American Retirement Corporation does not undertake any obligation to publicly release any revisions to any forward-looking statements contained herein to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. |
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