By many measures, Five Star makes a strong case as a solid investment opportunity. We’ve got a national platform of senior living communities like I mentioned we operate 247 properties in 30 states, over 27,000 units. We generate annual revenues in excess of $1.3 billion and we employee about 25,000 people, there are about 150 people headquartered here in Newton, Massachusetts., five miles west on the Pike.

Our community is predominantly private pay, as I mentioned the majority of our revenues come from residents’ private resources, not government funded Medicaid and Medicare.

Demographics, they are clearly in our favor, demand is going to be strong and new supply have been extremely limited over the last several years and we expect that will continue at least into the next several years.

We are a great operator, over the last four years it has been a very difficult time to operate. Five Star has done a great job of being profitable through that entire time through the recession and beyond. We’ve done that by pushing rate and maintaining a very tight control on our costs. Paul Hoagland, our Chief Financial Officer will get into our cost structure in a little bit and you can see that we do a pretty good job operating on those metrics.

And last, my favorite point in the slide is the lower one, we’re aggressively growing our business. So Five Star is a consolidator in this fragmented market. 2011 was a very busy year for us. We took on almost 40 properties, about 5,000 units, the vast majority of them were private pay independent and assisted living units. And I think you will see us continue to be aggressive going forward into the future.

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