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American Retirement Corporation Announces Construction Start of Philadelphia Community Healthcare Expansion

Posted on: Tuesday, 12 July 2005, 09:01 CDT

American Retirement Corporation (NYSE: ACR), a leading national provider of senior living housing and care, announced that it has commenced construction on a 57-unit expansion to the healthcare center at its Freedom Village at Brandywine community near Philadelphia. The $11 million to $11.5 million project will add upscale living units for 63 new assisted living residents and reconfigure the healthcare center to enhance other service offerings for dementia care and skilled nursing.

Freedom Village at Brandywine is an entry-fee continuing care retirement community that includes 292 independent living units as well as assisted living, Alzheimer's and skilled nursing units. The community, which opened in 1998, is currently 95% occupied. The expansion is necessary to meet the demand for additional healthcare units and is consistent with the original development plan to support the increased service needs of the community residents. The expansion is being built by Warfel Construction Company of Lancaster, Pennsylvania and is expected to open for occupancy in June 2006.

Company Profile

American Retirement Corporation is a national senior living and health care services provider offering a broad range of care and services to seniors, including independent living, assisted living, skilled nursing and Alzheimer's care. Established in 1978, the Company believes that it is a leader in the operation and management of senior living communities, including independent living communities, continuing care retirement communities, free-standing assisted living communities, and the development of specialized care programs for residents with Alzheimer's and other forms of dementia. The Company's operating philosophy is to enhance the lives of seniors by striving to provide the highest quality of care and services in well-operated communities designed to improve and protect the quality of life, independence, personal freedom, privacy, spirit, and dignity of its residents. The Company currently operates 67 senior living communities in 14 states, with an aggregate unit capacity of approximately 13,300 units and resident capacity of approximately 14,900. The Company owns 17 communities, leases 44 communities, and manages six communities pursuant to management agreements.

Source: Business Wire

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