Emeritus Corporation (NYSE: ESC), a national provider of senior living services, today announced its fourth quarter and full year 2011 results.
Operating Summary for the Full Year 2011 Compared to the Full Year 2010
- Total revenues increased $247.7 million, or 24.6%, to $1.255 billion
- Adjusted EBITDAR increased $60.9 million, or 21.3%, to $346.4 million
- CFFO, as adjusted, increased $10.4 million, or 19.4%, to $64.0 million
- Same community average monthly revenue per occupied unit improved by 1.2% to $3,829
- Same community average occupancy increased 10 basis points to 87.8%
- Same community operating margin was 34.2% compared to 35.2%
Operating Summary for Fourth Quarter 2011 Compared to Fourth Quarter 2010
- Total revenues increased $40.4 million, or 14.2%, to $324.1 million
- Adjusted EBITDAR increased $7.7 million, or 9.5%, to $88.5 million
- CFFO, as adjusted, was $15.1 million compared to $16.3 million in the prior year period
- Same community average monthly revenue per occupied unit improved by 0.6% to $3,831
- Same community average occupancy increased 30 basis points to 88.0%
- Same community operating margin for Q4 2011 was 34.0% compared to 35.8%
Granger Cobb, President and Chief Executive Officer commented, “In 2011, we continued to increase our key cash flow metrics, despite persistent economic headwinds. We are well-positioned with our current cost structure and controls, as well as our nationwide footprint, to grow margin as we benefit from favorable supply/demand characteristics and a shift to increased utilization of post-acute services.”2011 Annual Consolidated Results Total operating revenues increased by $247.7 million, or 24.6%, to $1.255 billion for the year ended December 31, 2011, compared to $1.007 billion in 2010. The total revenue increase consisted primarily of $225.7 million from the acquisition of communities (net of dispositions), $12.0 million, or an increase of 1.3%, from the Company’s portfolio of 262 communities operated during both periods, and $9.2 million from an increase in management fees primarily from the addition of the Sunwest Joint Venture communities in August 2010.