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Extendicare Inc. Q3-2019 Earnings, Price Target Update

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Extendicare Inc. (EXE) owns and operates 58 LTC centres and 10 retirement living communities, through its Extendicare and Esprit Lifestyle Communities divisions, and provide contract services to 53 LTC centres and retirement living communities for third parties and owns ParaMed, a provider of home health care nursing services. The ParaMed segment provides health care services from 35 locations across six provinces (29 in Ontario, 1 in British Columbia, 2 in Alberta, 1 in Manitoba, 1 in Nova Scotia, and 1 in Quebec).The Long Term Care segment contributes 57% of net operating income, Home Healthcare – 25% and the balance split between Retirement Living and providing management services to operators of seniors care facilities. In total, Extendicare operated or provided contract services to a network of 121 LTC centres and retirement living communities across four provinces in Canada, with capacity for 15,663 residents. The majority of these centres are in Ontario and Alberta, which accounted for 77% and 11% of residents served, respectively. There are nine LTC centres in Ontario that Extendicare operates under 25-year lease arrangements, with full ownership obtained at the end of the leases, which expire between 2026 and 2028. In addition they own land adjacent to their retirement residence at Lynde Creek in Whitby, Ontario, on which there is an enclave of 113 townhomes, known as Lynde Creek Village, that are leased to seniors under life leases.

During Oct-2019 The Barrieview, a 124-suite retirement living community in Barrie was opened, offering 78 independent living (IL) suites, 23 assisted living (AL) suites and 23 memory care (MC) suites. Development costs are estimated at $34.5M, occupancy is forecast at 95% by the end of 2020.

Extendicare and its predecessors have been in operation since 1968, providing care and services to seniors in North America. On Jul-1-2015, Extendicare completed the sale of substantially all of its U.S. business and senior care operations. This transaction was part of a strategy to exit from US operations where they encountered costly legal and regulatory issues. They now intend to focus only on Canada.

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