Thomas Lott
Long/short equity, deep value, special situations, hedge fund manager

Lots Of Real Estate Value At Assisted Living Concepts

An investment in Assisted Living (NYSE:ALC) is a simple real estate play based on the company's owned assisted living facilities. This summer, after the former CEO was abruptly terminated, as well as an acquisition of leased facilities to quash a lawsuit, ALC's stock was punished severely. From a high of almost $19 a share in May 2012, ALC has fallen over 50% to today's $9.27 level.

At these prices, investors are able to purchase owned assisted living units at a price of $50,000 per unit, well below virtually any individual sales price, new build cost, or comp trading level on the Street. Not to mention the fact that an investor also gets the operating businesses (the leased facilities)...

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