As you can see from the photo at the bottom of the page here, we operate some high-end communities. The photo on the left is the shot of the community is the café that we operate at Minnesota, the middle shot of the property at the inside entrance of one of our communities that we operate in Naples and then the photo on the right is continuing care retirement community that we operate on the East Coast of Florida.

Five Star is a large national footprint. We operate properties in 30 states. Our independent and assisted living communities are organized in three divisions and each division has five regions. We also have one division at overseas our skilled nursing services.

Five Star’s capacity to take on additional communities without need to add additional resources, we did that in 2000 when we took on 40 communities, we plugged in an existing regions without really adding incrementally much overhead.

We’ve build a very scalable infrastructure in our home office, about Five Star to take on additional communities again without need additional resources in our home office, as you will see in a minute that Five Star’s general administrative cost of the lost among all our peers.

The senior living industry an exciting industry right now and have lot of potential for investors over the next several years. For us the senior living market is a large and fragmented market. The top 10 public and private operators controlled above 25% of the units in 2011. Five Star has been and will continue to be a consolidator in this fragmented market.

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