Operational standpoint, the first quarter we produced the $0.5 million or $0.48 CFFO per share, did see an occupancy improvement of 60 basis points over the prior year. And the same community revenue grew by 1.6% despite the Medicare cuts, we experienced.You know, we are about 7 to 8 months into the integration of the Horizon Bay acquisition, which was the acquisition of the ninth largest senior housing manager in the company in terms of bringing our another 16,000 units under management. And we’ll talk a little bit more about the Program Max and the traction initiatives that we are undergoing there. When you look at Brookdale Senior Living and appreciate the platform that we have and I guess we’re operating 35 states, over 67,000 residents, so 47,000 or 48,000 associates. But we have very strong concentration in markets that are very attractive for the long-term, you know, senior markets. And that some of those markets were the markets that were maybe hit a little bit harder during the deep recession but long-term, our markets that are going to service very well. As Kevin mentioned, we do operate across the spectrum and we are the only operator who operates at scale across the continuum of products within the senior living field from retirement centers to free-standing assisted living memory care to rental CCRCs, entry fee CCRCs. We do not operate freestanding nursing homes. All the healthcare components are within a continuum of care setting. On the left hand side, those – the mix of the unit type and our consolidated financials 30% is retirement centers, the 46% of the freestanding memory care and freestanding assisted living is reported under our assisted living segment. And then the CCRCs are split close to half and half between the rental CCRCs and the entry fee CCRCs.
By actual level of care on the left hand side, you see that 9% of our units are the entry fee, independent living units. 36% of actual independent living units and different studies of retirement centers or CCRCs, rental assisted living memory care, the skill nursing. That’s in terms of what we have in total management, the bottom box shows what is in our consolidated, you know, financials.We are 80% private pay. Medicare is about 15%, Medicaid is 3%, private insurance, which is beginning to grow, is 2%. We developed in urban markets and some rural markets or secondary markets. But we have again, the concentrations and what we refer to as RM2 but major markets where we have some real concentrations and then markets where we have concentration and the full continuum of product offerings with markets and RM3s. Our ancillary services platform are now up to 42,500 units for therapy and over 37,000 for home health, with this is grown about 5,000 in each of those categories with the initial starting to roll out on Horizon Bay Acquisition. And on the top right, and again, breaking down the portfolio with the Horizon Bay, which brought in a lot of management, third party management, our third party owned and management business dynamics of 27%, 40% leased and then 33% owned. Looking at the fundamental demographics, some folks have pointed to the fact that the 80-plus population from 2010 to 2015 is nearly flat. But if you break that down in the way it really affects is that if you look at the 80-plus with incomes less than $50,000 that is decreasing 16.5%. While if you look at the 80-plus with incomes greater than $50,000 that is actually increasing by 34.6%, that’s our ultimate mark. And really while there is a lot of attention to Baby Boomers, the real generation that we’re beginning to serve and the front end of serving, which also was very significant in terms of basic fundamentals of our business, is called a silent generation. That’s the people who were born between 1925 and 1945. It is the wealthiest generation that our country has ever seen and probably will ever see. Read the rest of this transcript for free on seekingalpha.com