market value of $711 per life attest-
  ing to the value we have created.
  We have also acquired these prop-
  erties without balance sheet risk, 
  electing not to assume responsibil-
  ity for liabilities before our owner-
  ship starts. All of these properties 
  have been converted to our operat-
  ing system. Although not without 
  the occasional complication, we 
  have yet to experience a serious 
  setback in any of our acquisitions.  

  Technology has also made its con-
  tribution to our steady growth.
  1996 was, at least in one aspect,