Emeritus Corporation (NYSE: ESC), a national provider of senior living services, today announced its third quarter 2011 results.
Operating Summary for Third Quarter 2011 Compared to Third Quarter 2010
- Total revenues increased $73.3 million, or 29.3%, to $323.2 million
- Adjusted EBITDAR increased $20.5 million, or 29.4%, to $90.4 million
- CFFO, as adjusted, increased $4.2 million, or 34.6%, to $16.4 million
- Same community average monthly revenue per occupied unit improved by 0.6% to $3,833
- Same community average occupancy increased 20 basis points to 87.9%
- Same community operating margin for Q3 2011 was 34.3% compared to 34.4%
Granger Cobb, President and Chief Executive Officer stated, “Our results for the third quarter reflect steady demand as we posted a 50 basis point sequential quarter improvement in same community occupancy and a 20 basis point improvement from the third quarter of last year. As we move forward we will strive to achieve the optimal balance between rate and occupancy growth while maintaining our commitment to aligning operating cost increases with rate growth.”
2011 Third Quarter Consolidated Results
Total revenue in the third quarter of 2011 increased 29.3% to $323.2 million. The $73.3 million revenue increase consisted primarily of $1.7 million in the Company’s same community portfolio of 266 communities operated during both periods, $70.7 million from the acquisition of communities (net of dispositions), and $1.1million in management fees primarily from the August 2010 acquisition of communities through a joint venture structure.
Total average monthly revenue per occupied unit for the consolidated portfolio increased 6.2% to $4,065 in the third quarter of 2011 from $3,827 in the third quarter of 2010. This increase in rate was primarily due to the consolidated communities added in the fourth quarter of 2010 that had higher average rates.