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•		As you may be aware, ALC was listed on the New York Stock Exchange on November 10^th, 2006 with the ticker symbol ALC.

•		The Company itself was acquired by Extendicare in February of 2005 with 177 residences, to which Extendicare added an additional 29. So the Company today is a pure-play, owner/operator of US assisted living residences.

•		We have a market cap of approximately $832 million and an enterprise value of just over $922 million.

•		ALC is a leading provider of assisted living care services in the United States — ranking 5^th in total unit size with 8,302 units.

•		Our properties are located in small mid-market suburban bedroom communities with a typical population of 10,000 to 40,000.

•		Our residents are likely to have a net worth in the range of $100,000 to $500,000.

•		I’d like to provide you with a little background on the assisted living industry.

•		Assisted living grew out of a need to bridge the gap between seniors remaining in their own home or moving into a higher acuity nursing home.

•		Acuity levels within nursing homes have increased significantly over the past 15 years due to the in house population living longer with more complex medical issues and hospitals managing to a shorter length of stay. As a result, Nursing facilities, now manage a much higher acuity patient mix than ever before, and seem like overkill for the needs of many seniors at home today.

		That’s where assisted living fits into their world. At a reasonable cost, assisted living provides the services that assure peace of mind while offering the private accommodations that meet expectations. There is nothing given up in terms of privacy and comfort; while there is much that is gained in terms of available assistance and life enrichment.

•		The industry’s primary competition is with home health care and independent senior living facilities.

•		Looking at the US industry as a whole, there are currently 36,000 licensed facilities with 900,000 people living in those facilities.

•		Within the Assisted Living Industry there are two essential business models...either social or wellness.

•		As the name describes, the wellness model places a greater emphasis on care vs. a social model, which tend to be more club like and independent.

•		Our community programs follow the wellness model. Key team members have a great deal of expertise with senior living and care delivery services.

•		Assisted living facilities generally provide a variety of light care and service options to their residents. This includes:

•		24 hour supervision and assistance;

•		Tailored personal services (such as running errands);

•		A variety of social activities, life enrichment and transportation as required; And,

•		Health related services;

•		All in an environment designed to maximize a resident’s dignity, autonomy, privacy, independence and safety.

•		These two pie charts indicate, by percentage, where new residents come from and also, where residents of assisted living facilities go next.

•		On the inflow side, the majority of residents come from private homes, followed equally by skilled nursing facilities, hospitals, and other assisted living facilities.

•		On the outflow side, 33 per cent of residents leave as their acuity increases and they require the heavier care more easily provided by a skilled facility. 28 per cent pass away and the balance move between other assisted living facilities or require hospital care.

•		To offer a little more color on the kinds of activities of daily living typically provided, you can skim this list we arranged into four categories, each with several examples.

•		Typically, any of these services will be customized to meet an individual’s needs in a way that best balances a caring, supportive environment and promotion of a resident’s dignity and independence.

•		Another issue that is impacting the growth of our industry lies in the changing family dynamics in the US today.

•		Due to the rapid growth in two income families over the past couple decades, the immediate family has ceased to be the primary source of care for the elderly. The inability of a family to personally provide care and assistance due to time limitations is sometimes offset by the ability to provide financial support for services from a third party.

•		In addition, an increased number of seniors are more able to afford the cost of assisted living, in large part due to the rising value of real estate which enables a senior to sell his or her home and use the proceeds to fund assisted living expenses.

•		ALC’s portfolio is relatively new, many of the buildings were constructed between 1995 and 2000.

•		Our communities are designed to appeal to the practical needs of seniors and the expectations of family members. When constructed, the original ALC residences employed a cookie-cutter design, so that all the residences are based on the same template. This has made planned additions simple and efficient. We have a one level design built in a rectangular perimeter around a safe and enjoyable court yard. There are several common areas for life enrichment programming, socialization and resident initiated activities. The average residence size is 40 units, with a mix of studio and one bedroom apartments, each with a private bathroom.

•		Operating in smaller markets is beneficial for us because it naturally offers less competition, less interest for future entry and it’s less likely for large, national providers to be there.

•		Another differentiating factor between ALC and its peers is the ownership position we have with our buildings. We own 152 of our residences and another 5 have bargain purchase options. This represents over 75% of our total portfolio of 207 residences.

•		We are big believers in the merits of direct ownership as it provides us with greater flexibility over the portfolio. It enables us to take better care of the residences, expand in markets where we see demand and, if warranted, exit markets.

•		ALC’s portfolio offers investors the benefits of a geographically diverse portfolio without reliance on a particular state or region. Our operations are not in some of the more litigious states and we are able to share best practices from one area to another. Our residences are clustered into regions in order to leverage regional team talent and expertise — thus creating efficiencies for items like training and communication. Additionally, proactive management and consistent oversight help to ensure a solid platform for standardized systems and operating philosophies.

•		Our occupancy percentage in fourth quarter 2006 is just over 86%. This affords us significant internal growth opportunities as we target increased occupancy in existing residences.

•		One of the reasons for the lower than average occupancy is the fact that ALC, when purchased by Extendicare, had less than 88% occupancy and in 2005 and early 2006, we made a conscious decision to find more appropriate placement for individuals whose care was outside of our scope of programming and services.

•		The fourth quarter 2006 breakdown of revenues by payer source is 79.5% private pay and 20.5% funded by Medicaid. On an occupancy basis, 72% of our residents are private pay. Improvement in this mix will result in revenue growth as well as margin expansion.

•		The reason for the high Medicaid percentage stems back to a previous mission or philosophy for part of the company to work with low income and Medicaid recipients. It is important to note the buildings with Medicaid residents are in private pay markets and are the same attractive facilities as our 100% private pay buildings.

•		We have recently accelerated our exit form Medicaid contracts in part due to a decision by the state of Texas to enter its Medicaid recipients into a managed care system. In addition, we are no longer required to retain existing residents in several of the states we operate in that will roll over from private pay into the Medicaid system.

•		We have solid EBITDAR margins of 30.2% in the fourth quarter of 2006 on a pro forma basis.

•		We have a strong balance sheet allowing for growth through additions to existing residences, new construction and acquisitions.

•		One of the keys to our success will be our ability to build the company brand and establish ALC as a provider of choice for residents who value wellness, quality of care and customer service.

•		We are doing this through corporate, regional and residence level programs designed to help us monitor and improve service delivery. This will assist us in building a quality reputation through our current residents and their families.

•		We have already launched a sales campaign targeting referral sources for residents. Building trust with these key influencers to recommend ALC is valuable to us.

•		We are exploring third party relationships to bring new ancillary healthcare and life enrichment programs to our communities. These partnerships will enhance our service offerings, benefit our residents and not add costs to our operation.

•		Additionally, we are developing new collateral pieces to support our positioning. Our website will be updated with the same branding and we will have additional functionality to better attract and educate consumers about ALC.

•		On February 28, 2007 we announced our 400 unit expansion, adding 20 units onto 20 of our existing buildings.

•		With respect to internal growth, we currently have two additions under construction, which will add 46 units to our portfolio, to be completed in 2007.

•		As a result of our significant ownership position, we have land available to add new units to approximately 40 of our existing owned buildings in markets where we see demand.

•		We also expect to expand ALC externally with acquisitions. Our strong balance sheet and credit facility will support our efforts in this area.

•		We are focusing on markets where we already operate and new markets with a low risk of litigation issues.

•		The opportunities for Assisted Living Concepts, both internal and external, are very exciting for us. We are confident in our ability to execute these strategies to grow the company and enhance shareholder value. I will now turn things over to John to review our financial information.

On a pro forma basis, revenues have increased from $54.4 million in the fourth quarter of 2005 to $58.1 million in the fourth quarter of 2006, or 6.8%. Increased revenue over the period reflects increased rates of approximately 5.7% for private pay residents and 1.8% for Medicaid residents. In the fourth quarter of 2006 our Medicaid residents averaged $64.13 per day while private pay residents averaged approximately $96.54 per day. Occupancy rates over these periods increased slightly despite the transition towards a higher private pay mix.

On a pro forma basis, EBITDA increased from $12.4 million in the fourth quarter of 2005 to $13.8 million in the fourth quarter of 2006. In the fourth quarter of 2006 we benefited from favorable experience in our self-insurance programs which in turn were offset by additional G&A expenses related to the expansion of the management team, informational system contractual expenses and accounting related services and other service charges from Extendicare.

1.		To summarize, ALC has a relatively new portfolio of assets;

2.		We offer investors a high proportion of direct residence ownership;

3.		We are very focused on our target markets in suburban and rural population centers;

4.		We have a prudent internal and external growth strategy; and,

5.		We have come to market in a very strong financial position and expect to aggressively participate in the ongoing consolidation within the North American senior care industry.

•		We intend to release first quarter earnings after the close of market on May 3, 2007 and conduct a conference call on May 4, 2007, 10:00 AM eastern. Dial in information regarding this call can be found on our website at alcco.com.

•		We would now be pleased to answer any questions.

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o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230 .425)

o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



	By:	/s/ John Buono

		John Buono
		Senior Vice President, Chief Financial Officer & Treasurer


Nevada (State or Other Jurisdiction of Incorporation)		001-13498 (Commission File Number)		93-1148702 (IRS Employer Identification No.)


	Item 7.01 Regulation FD Disclosure
	Item 9.01 Financial Statements and Exhibits
SIGNATURE


99.1		Investor slides presented at the 2007 Global Healthcare Conference in Miami, Florida on March 21, 2007

•		If we examine who makes up the population of a typical assisted living residence, you would find that 69% of the residents are female, vs. 31% male. In addition, they are generally:

•		Aged between 75 and 85 years old;

•		Are reasonably mobile;

•		And require assistance with a couple of activities of daily living.

•		This branding strategy directly supports ALC’s intention to drive internal revenue growth by improving private pay occupancy and rates.

•		We will work to further improve our margins through this top line growth while maintaining control over labor and other costs.