American Retirement Corporation Reaches Record Occupancy and Revenue Per Occupied Unit in December 2003.Business Editors NASHVILLE, Tenn.--(BUSINESS WIRE)--Jan. 29, 2004 American Retirement Corporation (NYSE NYSE See: New York Stock Exchange : ACR See riser card. ) a leading national provider of senior living housing and care, today announced that the Company hit a record occupancy for its community portfolio at the end of December. Additionally, the Company attained its highest average monthly revenue per occupied unit for that portfolio, which includes the Company's owned and leased communities. American Retirement's overall occupancy at the end of December 2003 was a record 11,088 occupied units or 92%, with its Retirement Centers (large retirement communities) ending at 95% and its Free-standing AL's (free-standing 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. communities) ending at 83%. For December 2002, the overall occupancy was 90%, Retirement Centers were 93% and AL's at 80%. The average revenue per occupied unit per month also reached record levels with the Retirement Centers achieving $3,112 in December, a 7.6% increase over December 2002, and the AL's producing $3,101, an 8.2% increase over December 2002. This was the first year that either segment had achieved over $3,000 per month. "We were pleased with the occupancy increases we produced in the second half of the year, particularly in the Retirement Centers. Our independent living units ended at a strong 96% occupancy and our Health Centers ended at 92%. The story for the AL portfolio was the 8.2% average monthly revenue per occupied unit increases - the first year we have been able to solidly increase rates, decrease discounts and replace residents that leave with higher paying residents. We also continue to have significant opportunities in ancillary Subordinate; aiding. A legal proceeding that is not the primary dispute but which aids the judgment rendered in or the outcome of the main action. A descriptive term that denotes a legal claim, the existence of which is dependent upon or reasonably linked to a main claim. services to increase revenue in both portfolios," said Bill Sheriff, Chairman, President and Chief Executive Officer of ARC. As announced yesterday, Bryan Richardson, Executive Vice President and CFO See Chief Financial Officer. , will make a presentation about the Company, including the above information, at the UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System Healthcare Services Conference, on Monday, February 2, 2004 at 12:30 p.m. Eastern Standard Time, in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . A live audio webcast of the presentation will be available to the public on February 2, 2004 through the American Retirement Corporation website: www.arclp.com. The presentation slides will available through the website after the presentation. COMPANY PROFILE American Retirement Corporation is a national senior living and health care services provider offering a broad range of care and services to seniors, including independent living, assisted living, skilled nursing and Alzheimer's care. Established in 1978, the Company believes that it is a leader in the operations and management of senior living communities, including independent living communities, 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, Free-standing AL's, and the development of specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. care programs for residents with Alzheimer's and other forms of dementia dementia (dĭmĕn`shə) [Lat.,=being out of the mind], progressive deterioration of intellectual faculties resulting in apathy, confusion, and stupor. In the 17th cent. . The Company's operating philosophy was inspired by the vision of its founders, Dr. Thomas F. Frist, Sr. and Jack C. Massey, to enhance the lives of seniors by providing the highest quality of care and services in well-operated communities designed to improve and protect the quality of life, independence, personal freedom, privacy, spirit, and dignity of its residents. The Company currently operates 65 senior living communities in 14 states, with an aggregate unit capacity of approximately 12,900 units and resident capacity of approximately 14,500. The Company owns 19 communities, leases 39 communities, and manages seven communities pursuant to management agreements. Approximately 88 percent of the Company's revenues come from private pay sources. |
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