A little bit about Five Star, we’re one of a largest publicly traded operators of senior living communities, actually one of the largest non-publicly traded as well. We’re the six largest operators of senior living communities based on units right now in the United States.

We operate almost 250 senior living communities, with about 27,500 units. We lease the majority of our properties from our formal parent Senior Living Properties Trust. We also own 31 of our own communities and then we got into the management business last year and I’ll explain a little bit about that in detail.

I think the pie charts here on the slide, really kind of help explain the Five Star’s story. The chart in the lower left shows our revenues by business unit. We are about 87% senior living and that’s broken down into independent and assisted living at 72% and skilled nursing at 15% and then our ancillary businesses, institutional pharmacies and inpatient rehabs make up about 13% of our total revenues.

The pie chart in the middle shows our revenue pay source, we are about 75% private pay, so majority of our funds are not coming from the government programs Medicaid and Medicare, they are coming from residents’ private recourses. And that’s really a hallmark of Five Star since we became public over 10 years ago. When we started off, we were about 80% government funded Medicaid and Medicare and we’ve really aggressively grown the company and the private pay side really switching that the characteristics of that slide completely around, the direction you’ll see us continue to move in as we move forward.

The pie chart on the right shows our geographic concentration by state. We operate in 30 states and no state makes up more than 10% of our total company revenues.

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