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 second quarter of 2011. Company highlights for the second quarter include:
- Adjusted Cash From Facility Operations (“CFFO”) increased 14.7% to $5.2 million or $0.19 per share in the second quarter of 2011, an increase of $0.02 per share from the second quarter of 2010.
- Revenue increased 27.4% to $64.3 million in the second quarter of 2011, an increase of $13.8 million from the second quarter of 2010.
- Average monthly rent increased 10.9% to $2,893 per occupied unit in the second quarter of 2011, an increase of $284 per occupied unit from the second quarter of 2010.
- Consolidated average occupancy including 112 units converted to higher levels of care that are in lease-up increased to 83.9% in the second quarter of 2011, compared to 83.8% in the second quarter of 2010.
- Adjusted EBITDAR increased 35.2% to $22.6 million in the second quarter of 2011, an increase of $5.9 million from the second quarter of 2010. EBITDAR margin improved to 35.1% from 33.1% in the second quarter of the prior year.
- Subsequent to the end of the second quarter, the Company completed the acquisition of four senior living communities for a combined purchase price of approximately $53 million.
“The second quarter continued to trend positively as revenue, EBITDAR and CFFO all grew significantly,” said Lawrence A. Cohen, Chief Executive Officer of the Company. “We increased average rents by nearly 11 percent and the tight control of expenses contributed to growth in EBITDAR margin of 200 basis points and CFFO growth of nearly 15 percent. These results reflect the fundamental strength of our predominately private-pay business as we benefit from need-driven demand and limited new supply. I am encouraged by our strong occupancy gains in June and July, with second quarter ending occupancy growing by 90 basis points from the beginning of the quarter. We are also excited about our acquisitions, which increase our ownership of high-quality senior living communities, enhance our geographic concentration and generate meaningful increases in CFFO and earnings.”
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