No. of Recommendations: 1
From the Q1 release:

The average occupancy of our recently acquired six retirement communities was 61.2% in the 2016 first quarter, compared to 64.1% in the 2015 fourth quarter, reflecting the impact of the two new retirement communities that opened in February 2016.

With new facilities coming on line, it's difficult to pin-down the significance of this number. However, here is a reference point from Q4 occupancies:

The company acquired a facility in Port Hope, Ont., in October that has 64 suites but is only 39-per-cent occupied. In December, facilities in Tillsonburg, Ont., Saskatoon and Regina will be added, and they are 60-per-cent, 90-per-cent and 72-per-cent occupied, respectively.

It seems that they may have excess capacity into 2017. However, related revenue has increased. So, they must be filling.

The average daily revenue rate was $144.86 in the 2016 first quarter compared to $131.41 in the 2015 fourth quarter.

Maybe this will accelerate once the snowbirds return for summer.

Going back to the Q4, 2015 article:

The analyst [Yashwant Sankpal, Canadian Imperial Bank of Commerce] upped his 12- to 18-month target price on the stock from $8.70 to $9.40 which is inline with his net asset value for the company of $9.40 per share.

EXE closed at CD9.50 yesterday; now down to CD9.10.
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