American Retirement shifts focus to acquisitions.Nashville, Tennessee-based American Retirement Corporation announced in October that, due to a recent spike in construction costs and increasing availability of existing properties for sale at attractive prices, it is shifting its growth strategy from development to more acquisitions of existing communities. As part of this decision, the company put on hold several planned and early-stage construction projects and suspended all new freestanding free·stand·ing adj. Standing or operating independently of anything else: a freestanding bell tower; a freestanding maternity clinic. 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. development. Because the shift in strategy will reduce development fee revenues in the third quarter, the company said its 3Q99 EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. would be about $012 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared with consensus estimates of $0.22 to $0.23. Also affecting third quarter earnings are losses associated with a recently acquired community, two expansions, and operating variances experienced by four stabilized communities. |
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