American Retirement Reports Third Quarter Results.Business Editors & Health/Medical Writers NASHVILLE Nashville, city (1990 pop. 487,969), state capital, coextensive with Davidson co., central Tenn., on the Cumberland River, in a fertile farm area; inc. as a city 1806, merged with Davidson co. 1963. , Tenn.--(BUSINESS WIRE)--Nov. 8, 2000 American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Retirement Corporation (NYSE NYSE See: New York Stock Exchange :ACR See riser card. ), a leading national provider of senior living housing and care, today reported growing revenues for the quarter ending September September: see month. 30, 2000. The Company's total revenues grew to a record $53.4 million for the quarter, an increase of over 20% in comparison to third quarter 1999 revenues of $44.4 million and nearly a 10% increase over the second quarter of 2000. Resident and health care revenues grew by almost 26% to an all-time all-time adj. Exceeding all others up to the present time: an all-time speed skating record. all-time Adjective Informal high $52.4 million from $41.6 million in the third quarter of 1999. For the nine months of 2000, revenue grew nearly 13% to $149.0 million from last year's $132.4 million. The strong revenue increases resulted primarily from occupancy Gaining or having physical possession of real property subject to, or in the absence of, legal right or title. In a fire insurance policy, for example, the term occupancy increases in pre-stable free-standing free-standing Managed care adjective Referring to a physically and, often, financially discrete entity–eg, a surgical center, that is separate from, but may be affiliated with, a hospital; FS facilities may provide ambulatory surgery, emergency or 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 (AL's), the full quarter effect of the Freedom Village at Brandywine Bran·dy·wine A creek of southeast Pennsylvania and northern Delaware. It was the site of a major defeat of the Continental Army on September 11, 1777, thus allowing British troops to enter Philadelphia on September 27. acquisition in May and increased occupancy at American Retirement's other senior living communities. Resident capacity at the Company's consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: communities and the number of occupied oc·cu·py tr.v. oc·cu·pied, oc·cu·py·ing, oc·cu·pies 1. To fill up (time or space): a lecture that occupied three hours. 2. To dwell or reside in. 3. units at those communities both increased by 19% from a year ago. During the quarter, the Company purchased third party interests in two previously managed assisted living communities at a cost of $4.2 million, adding 181 units to the consolidated portfolio. These acquisitions are related to the Company's initiative, announced in the first quarter, to accelerate its efforts to purchase the interests of third parties in certain AL projects that the Company currently manages. This brings the total of such transactions this year to 11, at a cost of $9.7 million, adding 862 units to the consolidated portfolio. The Company anticipates acquiring the third party interests of three more managed AL communities in the fourth quarter of 2000, leaving 12 managed AL communities that the Company may acquire in the future. Net Income Net operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. from consolidated communities (community revenues minus community expenses) was $15.4 million in the third quarter of 2000 versus $14.7 million in 1999. Management and development fees decreased by $1.7 million or 61% from third quarter 1999 to $1.1 million. Earnings before interest, taxes, depreciation, amortization and rents (EBITDAR Earnings Before Interest, Taxes, Depreciation, Amortization, and Restructuring Costs - EBITDAR An indicator of a company's financial performance calculated as: = Revenue - Expenses (excluding tax, interest, depreciation, amortization, and restructuring costs) ) were $11.8 million for the third quarter of 2000 versus $13.8 million for the corresponding prior year period. The Company experienced a loss for the quarter of $1.7 million or $.10 per share compared to third quarter 1999's net income of $2.1 million or $.12 per share. The primary cause of the loss was $2.7 million of pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta start-up Start-up The earliest stage of a new business venture. losses at pre-stable free-standing AL's. The eleven managed AL projects acquired during 2000, of which a number have or are about to be opened, reported $1.8 million of those pre-tax start-up losses. In addition, development fees and management fees decreased $1.7 million from the prior year as a result of the Company's decision last year to discontinue dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: its free-standing AL development program. Despite the reduced fees and start-up losses, the Company's after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. cash flow (net income plus depreciation and amortization) remained a positive $2.8 million or $.16 per share for the quarter and $10.8 million or $.63 per share for the first nine months of 2000. Operations The Company's 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 (CCRC's) and Congregate con·gre·gate tr. & intr.v. con·gre·gat·ed, con·gre·gat·ing, con·gre·gates To bring or come together in a group, crowd, or assembly. See Synonyms at gather. adj. 1. Gathered; assembled. 2. Care Communities increased revenue by almost 8% and net operating income by almost 5% during the third quarter versus the second quarter of 2000. While the addition of Freedom Village of Brandywine (a CCRC Noun 1. CCRC - an agency in the Department of Defense that is a national center for research on all aspects of injury control and casualty care Casualty Care Research Center ) in May contributed significantly to the increase, overall occupancy gains, including recently completed expansions, improved results as well. At the end of the quarter, occupancies for these communities reached 96% in independent living and 90% in assisted living. Importantly, the skilled nursing centers at these communities were at 82% overall occupancy; 90% excluding the three skilled nursing expansions that are in initial fill-up fill-up n. The act or an instance of filling up something, especially a gasoline tank: offered a free car wash with each fill-up. . During the third quarter, the Same Community Results showed an increase in occupancy from 93% to 95%, a revenue increase of 7% and EBITDAR increase of 4%. For the same period, Same Community Results, excluding entry fee communities, showed an increase in occupancy from 94% to 95%, a revenue increase of 8% and an EBITDAR increase of 7%. The Company's free-standing AL development is almost complete. During the quarter, the Company opened three free-standing AL's in its Senior Living Network markets, adding capacity for 309 residents to the total portfolio. Since the end of the quarter, three additional free-standing AL's have opened with 197 units. Two other AL's have been completed and will open when state licensure licensure (lī´s  nsh is received. This
leaves one AL under construction, which is expected to open in early
2001.Comments Commenting on the Company's results, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Bill Sheriff said, "We are progressing along our plan to complete, open and lease-up the free-standing AL's within our Senior Living Networks. Over the last 18 months, we have opened 18 AL communities, representing almost 70% of the total free-standing AL portfolio capacity in our Network markets. As a result of our acquisition of the pre-stable free-standing AL's, the Company is currently reporting losses. Of course, start-up losses result from the high fixed costs fixed costs, n.pl the costs that do not change to meet fluctuations in enrollment or in use of services (e.g., salaries, rent, business license fees, and depreciation). associated with opening new locations, but over the next several quarters these newly opened locations will make significant progress toward covering their fixed costs, and we expect to see improving bottom line results next year. We have all but one AL opened or near opening; we have the full AL management team, corporate and field, on board; and we have seen good net move-in activity the last three months." "During the last eighteen months, we have opened six expansions with 253 units. We continue to show that we can effectively expand our core communities as well as effect strong margins from all components of the care continuum Continuum (pl. -tinua or -tinuums) can refer to:
1 City (1990 pop. 50,618), Maricopa co., central Ariz., a suburb of Phoenix; settled 1897, inc. 1954. , despite some delays in unit sale closings, showed an 88% improvement over second quarter, and sales closed or scheduled to be closed during the fourth quarter already exceed any prior quarter this year." "As we have commented before, we continue to see pressure on operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. ," Mr. Sheriff continued. "First, labor costs, particularly in the health care field, are increasing faster than inflation. We have kept our labor expense under control such that Same Community labor costs as a percent of revenue for nine months was at 33.8% in 2000 versus 33.2% a year ago. The second challenge, which we discussed last quarter, stems from the unusually high cost of professional liability insurance. As we renewed re·new v. re·newed, re·new·ing, re·news v.tr. 1. To make new or as if new again; restore: renewed the antique chair. 2. our coverage, we were forced to significantly increase the risk retention or deductibles and the premiums that we must pay. For the third quarter, the Company paid about $250,000 in increased premiums and added $375,000 to our retention reserve. G&A rose because of the retention reserve portion of the insurance costs as well as increased operating costs operating costs npl → gastos mpl operacionales associated with the portfolio growth. However, at the same time, reductions associated with the completion of the AL development partially offset some of those increases. As a percentage of revenue (excluding the insurance retention reserve), G&A has decreased to 8.1% for the third quarter from 8.3% last year. We have been and will continue to work diligently dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d to contain these costs." Future Outlook Management believes that the Company will experience strong growth over the next several years. As the lease-up of pre-stable AL's continues, along with increased occupancy at several new expansions, revenue is expected to grow between 35% to 40% over the next year. While the purchase of interests of managed communities has added and may continue to add additional start-up losses to the consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge in the short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. , the Company expects to become profitable during the second half of 2001. The Company expects after-tax cash flow to remain strong throughout the period and to grow to over $30 million a year by 2002. For the fourth quarter of 2000, the Company expects the operating results of the core communities to continue to improve as a result of higher occupancy, including the further fill-up of expansions. The Company anticipates that management fees, especially from Freedom Square and Freedom Plaza Peoria, will increase. However, with the addition of several newly opened AL properties and the acquisition of additional managed AL's, start-up losses are expected to increase for the next two quarters, more than offsetting the improved results from occupancy gains of core communities. Therefore, management believes that the Company will incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. a loss per share in the range of $.12 to $.15 for the fourth quarter of 2000, resulting in a loss per share of $.22 to $.25 for the full year. The Company anticipates closing a sale/leaseback transaction on its Westlake Westlake, city (1990 pop. 27,018), Cuyahoga co., NE Ohio, a suburb of Cleveland; inc. as a city 1956. A growing city, its various manufactures include ink and plastics. Village community by the end of November November: see month. . The sale price is expected to be approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $25.5 million for an asset with a book value of approximately $12 million and the gain will be amortized over the life of the lease. The cash proceeds are expected to be over $5 million after the repayment Repayment The act of paying back a debt. Notes: Everyone has to repay their debts eventually. See also: Debt, Defeasance, Loan of debt, payment of current taxes and reinvestment Reinvestment Using dividends, interest and capital gains earned in an investment or mutual fund to purchase additional shares or units, rather than receiving the distributions in cash. 1. In terms of stocks, it is the reinvestment of dividends to purchase additional shares. in a Section 1031 tax-deferred tax-de·ferred adj. 1. Of or relating to an investment that is not liable to taxation until income is withdrawn or an appointed date is reached. 2. exchange transaction. The Company will continue to operate Westlake Village pursuant to a lease. Conference Call Information American Retirement Corporation will hold a conference call with Bill Sheriff, Chairman and Chief Executive Officer, and George Hicks George Hicks (13 May 1879 in – 19 July 1954) was a British trades unionist and Labour Party politician. Hicks was born in 1879 in Venham Dean, Hampshire. Along with fellow bricklayers Jack Fitzgerald and F. K. , Chief Financial Officer, to discuss the Company's third quarter 2000 financial results. The call will be held on Thursday Thursday: see week. , November 9, 2000 at 11:00 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy and parties may participate through the Company's website at www.arclp.com. Click on the broadcast icon to listen to the earnings call - RealPlayer A multimedia player from RealNetworks that plays RealAudio and RealVideo transmissions. Included is the technology (see RealJukebox) for organizing music files and creating MP3 files from audio CDs. is required to listen to this webcast. In addition, the call will be archived on the website (click on the broadcast icon). 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 Noun 1. Alzheimer's - a progressive form of presenile dementia that is similar to senile dementia except that it usually starts in the 40s or 50s; first symptoms are impaired memory which is followed by impaired thought and speech and finally complete helplessness care. The Company's strategy is to develop Senior Living Networks in major metropolitan regions. These networks are made up of large continuing care retirement communities and smaller free-standing assisted living residences located in the same markets. The Company believes that this hub and satellite approach produces management efficiencies and market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" by offering a range of senior living arrangements at various price levels. American Retirement Corporation currently operates 63 senior living communities in 15 states with an aggregate capacity for approximately 14,500 residents. The Company is currently developing or constructing three senior living communities and has expansion projects in progress at two of its existing communities, which in the aggregate will add capacity for approximately 416 residents. Approximately 95 percent of the Company's revenues come from private pay sources. This press release and statements made by or on behalf of American Retirement Corporation relating hereto here·to adv. To this document, matter, or proposition. hereto Adverb Formal or law to this place, matter, or document Adv. 1. , including, without limitation, the statements in the "Comments" and "Future Outlook" sections of this press release and all statements concerning the Company's future operations, acquisitions of third party interests in managed AL communities, and results of operations and profitability for future periods, may be deemed to constitute forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. may be affected by certain risks and uncertainties, including the Company's ability to improve the Company's results of operations and profitability, to increase occupancy at the Company's communities, and to purchase the leasehold An estate, interest, in real property held under a rental agreement by which the owner gives another the right to occupy or use land for a period of time. leasehold n. interests in managed AL communities, and the consequences thereof, and the risk factors described in American Retirement Corporation's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December December: see month. 31, 1999 under the caption "Risk Factors" and in American Retirement's other filings with the Securities and Exchange Commission. In light of the significant uncertainties inherent in the forward-looking statements included herein, 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 ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. to any forward-looking statements contained herein to reflect events and circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or occurring after the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" or to reflect the occurrence of unanticipated events.
AMERICAN RETIREMENT CORPORATION
CONSOLIDATED FINANCIAL STATEMENT DATA
Statement of Operations Data
Three Months Ended Increase (Decrease)
Sept. 30, Sept. 30, ------------------
2000 1999 $ %
--------------------------------------
(in thousands, except per share data)
Revenues:
Resident and health care $ 52,359 $ 41,590 $ 10,769 25.9%
Management services:
Freedom Square and Freedom
Plaza Peoria 293 715 (422) -59.0%
Managed with purchase rights 422 246 176 71.5%
Other 295 846 (551) -65.1%
-------- -------- -------- -------
Total management services 1,010 1,807 (797) -44.1%
Development services:
Company initiated
development projects -- 740 (740) -100.0%
Other 63 225 (162) -72.0%
-------- -------- -------- -------
Total development services 63 965 (902) -93.5%
-------- -------- -------- -------
Total revenues 53,432 44,362 9,070 20.4%
Expenses:
Community operating expense 36,936 26,871 10,065 37.5%
Lease expense:
Synthetic leases 1,753 961 792 82.4%
REIT leases 1,907 1,111 796 71.6%
Other 1,319 1,292 27 2.1%
-------- -------- -------- -------
Total lease expense, net 4,979 3,364 1,615 48.0%
General and administrative 4,722 3,686 1,036 28.1%
Depreciation and amortization 4,547 3,288 1,259 38.3%
-------- -------- -------- -------
Total operating expenses 51,184 37,209 13,975 37.6%
-------- -------- -------- -------
Operating income 2,248 7,153 (4,905) -68.6%
-------- -------- -------- -------
EBITDAR before other charges 11,774 13,805 (2,031) -14.7%
-------- -------- -------- -------
Other income (expense):
Interest expense (9,768) (6,572) 3,196 48.6%
Interest income 3,660 2,616 1,044 39.9%
Other 552 (188) (740) -393.6%
-------- -------- -------- -------
Other expense, net (5,556) (4,144) 1,412 34.1%
Income (loss) from
operations before income
taxes and minority interest (3,308) 3,009 (6,317) -209.9%
Income tax (benefit) expense (1,098) 1,143 (2,241) -196.1%
-------- -------- -------- -------
Net income (loss) before
minority interest (2,210) 1,866 (4,076) -13.9%
Minority interest in losses of
consolidated subsidiaries,
net of tax 468 213 255 119.7%
-------- -------- -------- -------
Net income (loss) $ (1,742) $ 2,079 $ (3,821) -183.8%
======== ======== ======== =======
EPS per diluted share $ (0.10) $ 0.12
======== ========
Cash EPS per diluted share (1) $ 0.16 $ 0.31
======== ========
Weighted average diluted shares 17,024 17,138
----------------------
(1) EPS from net income plus depreciation and amortization per
diluted share
Selected Balance Sheet Data Sept. 30, Dec. 31,
2000 1999
-------- --------
(in thousands)
Cash and cash equivalents $ 25,631 $ 21,881
Working capital 18,346 23,590
Land, buildings and equipment, net 486,757 431,560
Total assets 812,488 740,411
Long-term debt, including current portion 369,154 298,008
Refundable portion of life estate fees 44,305 43,386
Shareholders' equity 145,755 148,168
AMERICAN RETIREMENT CORPORATION
CONSOLIDATED FINANCIAL STATEMENT DATA
Statement of Operations Data
Nine Months Ended Increase (Decrease)
Sept. 30, Sept. 30, ------------------
2000 1999 $ %
--------------------------------------
(in thousands, except per share data)
-----------------------
Revenues:
Resident and health care $145,372 $122,213 $ 23,159 18.9%
Management services:
Freedom Square and Freedom
Plaza Peoria 548 2,760 (2,212) -80.1%
Managed with purchase rights 1,291 585 706 120.7%
Other 874 1,522 (648) -42.6%
-------- -------- -------- -------
Total management fees 2,713 4,867 (2,154) -44.3%
Development fees:
Company initiated
development projects 73 4,655 (4,582) -98.4%
Other 813 675 138 20.4%
-------- -------- -------- -------
Total development fees 886 5,330 (4,444) -83.4%
-------- -------- -------- -------
Total revenues 148,971 132,410 16,561 12.5%
Expenses:
Community operating expense 99,458 77,573 21,885 28.2%
Lease expense:
Synthetic leases 3,940 2,746 1,194 43.5%
REIT leases 4,733 3,071 1,662 54.1%
Other 3,924 3,700 224 6.1%
-------- -------- -------- -------
Total lease expense, net 12,597 9,517 3,080 32.4%
General and administrative 13,381 10,449 2,932 28.1%
Depreciation and amortization 12,589 9,993 2,596 26.0%
-------- -------- -------- -------
Total operating expenses 138,025 107,532 30,493 28.4%
-------- -------- -------- -------
Operating income 10,946 24,878 (13,932) -56.0%
-------- -------- -------- -------
EBITDAR before special
charges 36,132 44,388 (8,256) -18.6%
-------- -------- -------- -------
Other income (expense):
Interest expense (26,473) (16,759) (9,714) 58.0%
Interest income 11,173 5,941 5,232 88.1%
Gain on sale of land 265 -- 265 n/a
Other 138 (259) 397 -153.3%
-------- -------- -------- -------
Other expense, net (14,897) (11,077) (3,820) 34.5%
Income from operations
before income taxes,
minority interest and
extraordinary loss on
extinguishment of debt,
net of tax (3,951) 13,801 (17,752) -128.6%
Income tax (benefit) expense (1,334) 5,251 (6,585) -125.4%
-------- -------- -------- -------
Income from operations
before minority interest
and extraordinary loss on
extinguishment of debt,
net of tax (2,617) 8,550 (11,167) -130.6%
Minority interest in losses of
consolidated subsidiaries,
net of tax 967 348 619 177.9%
-------- -------- -------- -------
Income from operations
before extraordinary loss
on extinguishment of debt,
net of tax (1,650) 8,898 (10,548) -118.5%
Extraordinary loss on
extinguishment of debt,
net of tax 124 -- 124 n/a
-------- -------- -------- -------
Net income (loss) $ (1,774) $ 8,898 $(10,672) -119.9%
======== ======== ======== =======
EPS per diluted share (1) $ (0.10) $ 0.52
======== ========
Cash EPS per diluted share (2) $ 0.63 $ 1.10
======== ========
Weighted average diluted shares 17,102 17,136
----------------------
(1) From operations before extraordinary loss on extinguishment of
debt, net of tax
(2) EPS from operations plus depreciation and amortization per
diluted share (before extraordinary loss on extinguishment of
debt, net of tax)
AMERICAN RETIREMENT CORPORATION
SUPPLEMENTAL DATA
September 30, 2000
REVENUE
Revenue Composition: Q3:00 Q2:00
------------------------- -------------------------
Occupancy Occupancy
$000 % Rev % $000 % Rev %
-------- ------ --------- -------- ----- ---------
Independent Living $ 29,791 55.8% 96% $ 28,268 58.0% 95%
Assisted Living 10,380 19.4% 70% 8,834 18.1% 75%
Skilled Nursing 9,253 17.3% 85% 8,383 17.2% 88%
Ancillary Services 1,489 2.8% 1,458 3.0%
Entry Fee Income 1,446 2.7% 922 1.9%
-------- ------ -------- ------
Subtotal 52,359 98.0% 47,865 98.2%
Freedom Sq & Freedom
Peoria 293 0.5% 156 0.3%
Mgmt Fees - other 717 1.3% 741 1.5%
Develop. Fees 63 0.1% - 0.0%
-------- ------ -------- ------
Subtotal 1,073 2.0% 897 1.8%
-------- ------ -------- ------
Total Revenues $ 53,432 100.0% $ 48,762 100.0%
======== ====== ======== ======
Revenue By Source (000):
Private Pay $ 50,830 95.1% $ 46,516 95.4%
Medicare 2,224 4.2% 1,867 3.8%
Medicaid 378 0.7% 379 0.8%
-------- ------ -------- ------
Total $ 53,432 100.0% $ 48,762 100.0%
======== ====== ======== ======
PORTFOLIO
Total Operating Portfolio: Q3:00 Q2:00 Q3:99
------ ------ ------
Total
Locations 60 58 50
Resident Capacity 14,277 14,010 13,235
Occupancy 83% 83% 87%
CCRC
Locations 18 18 19
Resident Capacity 7,843 7,809 8,104
Congregate with AL
Locations 13 13 14
Resident Capacity 3,647 3,650 3,773
Freestanding AL
Locations 29 27 17
Resident Capacity 2,787 2,551 1,358
Consolidated Portfolio: Q3:00 Q2:00 Q3:99
------ ------ ------
Locations 38 36 29
Resident Capacity 9,244 8,922 7,759
Occupancy 87% 88% 91%
Managed Portfolio: Q3:00 Q2:00 Q3:99
------ ------ ------
Freedom Square/Freedom Plaza:
Locations 2 2 2
Resident Capacity 1,652 1,652 1,528
Occupancy 89% 89% 92%
Managed with Purchase Rights:
Locations 16 16 12
Resident Capacity 1,846 1,829 1,585
Occupancy 50% 45% 50%
AMERICAN RETIREMENT CORPORATION
SUPPLEMENTAL DATA
September 30, 2000
Development Portfolio: Q3:00 Q2:00 Q3:99
----- ----- -----
Expansions
Locations 2 3 6
Resident Capacity 111 145 222
Freestanding AL
Locations 6 9 20
Resident Capacity 510 821 1,810
Total Resident Capacity 621 966 2,032
Openings and Expansions: Q4:00 Q3:00 Q2:00
----- ----- -----
Locations 6 4 5
Capacity 464 345 402
Same Community Results
(Communities consolidated for five full quarters):
(000) Including Entry Excluding Entry
Fee Communities Fee Communities
--------------------------- ---------------------------
Q3 00 Q3 99 % Change Q3 00 Q3 99 % Change
-------- -------- -------- --------
Resident
& HC Revenue $ 36,246 $ 33,777 7.3% $ 30,706 $ 28,525 7.6%
Operating
Expenses 23,318 $ 21,392 9.0% 19,422 17,936 8.3%
Community
EBITDAR $ 12,928 $ 12,385 4.4% $ 11,284 $ 10,589 6.6%
EBITDAR Margin 35.7% 36.7% 36.7% 37.1%
Number Locations 21 21 19 19
Resident Capacity 6,103 6,061 5,106 5,064
Avg. Occupancy 95% 93% 95% 94%
Avg. Occupied
Units 5,112 5,017 1.9% 4,356 4,267 2.1%
Avg. Mo.
Revenue/unit $ 2,363 $ 2,244 5.3% $ 2,350 $ 2,228 5.5%
BALANCE SHEET
Synthetic Lease Assets (000): Q3:00 Q2:00 Q3:99
--------- --------- ---------
Land $ 15,289 $ 15,289 $ 18,393
Assets Limited As to Use:
(cash CD's collateralizing
Lessor Equity)
ARC as Lessee (1) 36,675 11,868 11,789
Special Purpose Entity
as Lessee (2) 21,815 29,332 37,507
Notes Receiveable
(Loans to Lessor)
ARC as Lessee (1) 22,149 1,965 9,878
Special Purpose
Entity as Lessee (2) 74,987 94,756 64,887
--------- --------- ---------
Total on ARC Balance Sheet $ 170,915 $ 153,210 $ 142,454
========= ========= =========
(1) Consolidated operations
(2) Managed communities
Debt (000):
Fixed:
Amount $ 278,559 $ 278,700 $ 273,666
Weighted Average Rate 6.93% 6.93% 6.82%
Variable:
Amount $ 228,575 $ 217,045 $ 136,930
Weighted Average Rate 8.76% 8.66% 7.22%
Total
Amount $ 507,134 $ 495,745 $ 410,596
Weighted Average Rate 7.75% 7.69% 6.95%
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