I wouldn't say that that is proper English, though colloquially we will mash a subject and "is" into a contraction with an apostrophe and an "s":
Tom is at the store. = Tom's at the store. Europe is a continent, not a country. = Europe's a continent, not a country. This bread is really moldy. = This bread's really moldy.
I honestly would probably never write things out this way, but, as I said, in speech it is very common.