Assisted Living Concepts Inc. (NYSE:ALC) announced it third quarter financial results that showed net income of $4.6 million in the third quarter of 2010 on revenues of $58.5 million for the quarter. During the same period last year, ALC had net income of $3.4 million on revenues of $57.2 million. During the quarter, the company increased its average private pay occupancy and saw a larger shift to private pay residents away from Medicaid residents and was able to pass along rate increases in its communities.
“During the third and early part of the fourth quarter, we completed another successful mortgage loan and acquired nine of our previously leased residences. We continue to believe that the ownership of our residences and the ability to put in place fixed rate financing without significant operational restrictions are important steps toward enhancing the value of our business model. As demonstrated by recent transactions, senior living real estate valuations appear to be on the rise and further emphasizes the inherent value of the ALC portfolio,” said Laurie Bebo, President and Chief Executive Officer.