Brandunson.com has an article about Extendicare REIT reporting fourth quarter profits of $10.5 million. Revenue in the quarter totalled $469.7 million, up from $453 million.
Extendicare REIT, through its owned subsidiaries, operates 269 nursing and assisted living facilities in North America as well as medical specialty services.
For the full year, Extendicare earned $70.4 million or $1 per diluted share on $1.8 billion in revenue. That compared with a loss of $35.7 million or 53 cents per diluted share on $1.73 billion in revenue in 2006. Shares in Extendicare, which released its results after the close of markets, were down 18 cents at $11.30 on the Toronto Stock Exchange.
This shows that nursing homes are very profitable even during bad economic times. It also shows there is no need for ridiculous caps on damages.