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Capital Senior Living Corporation (the “Company”) (NYSE:CSU), one of the country’s largest operators of senior living communities, today announced operating results for the first quarter of 2011. Company highlights for the first quarter include:
Adjusted Cash From Facility Operations (“CFFO”) increased 48.0% to $5.8 million or $0.21 per share in the first quarter of 2011, an increase of $0.06 per share from the first quarter of 2010.
Revenue increased 24.9% to $59.8 million in the first quarter of 2011, an increase of $11.9 million from the first quarter of 2010.
Average monthly rent increased 8.8% to $2,776 per occupied unit in the first quarter of 2011, an increase of $224 per occupied unit from the first quarter of 2010.
Consolidated average occupancy increased 140 basis points to 84.8% in the first quarter of 2011 compared to the first quarter of 2010.
Adjusted EBITDAR increased 43.1% to $20.5 million in the first quarter of 2011, an increase of $6.2 million from the first quarter of 2010. EBITDAR margin improved to 34.3% from 29.9% in the first quarter of the prior year.
“We are pleased to report positive results for the first quarter, which is typically a challenging period,” said Lawrence A. Cohen, Chief Executive Officer of the Company. “We increased average rents by nearly nine percent and tightly controlled expenses. Our occupancy grew by 140 basis points, our EBITDAR margin increased 440 basis points and CFFO grew by 48%. These results reflect the fundamental strength of our business as we benefit from need-driven demand and virtually no new supply in an improving economy. We are also excited about our acquisition pipeline, which is expected to increase our ownership of high-quality senior living communities, enhance our geographic concentration, generate meaningful increases in CFFO and be immediately accretive to earnings.”