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Capital Senior Living Corporation Reports Fourth Quarter And Full Year 2011 Results; Fourth Quarter CFFO Increases 50% To $0.31 Per Share

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 fourth quarter and full year 2011. Company highlights for the fourth quarter and full year include:

Fourth Quarter Highlights

  • Adjusted Cash From Facility Operations (“CFFO”) was $8.4 million, or $0.31 per share in the fourth quarter of 2011, an increase of 50.3%, or $0.10 per share from the fourth quarter of 2010. Adjusted CFFO would have been $6.6 million, or $0.24 per share in the fourth quarter of 2011 without tax savings resulting from bonus depreciation described below.
  • Adjusted EBITDAR increased 21.6% to $25.4 million in the fourth quarter of 2011, an increase of $4.5 million from the fourth quarter of 2010. EBITDAR margin improved to 35.7% from 34.9% in the fourth quarter of the prior year.
  • Revenue increased 18.8% to $71.2 million in the fourth quarter of 2011, an increase of $11.2 million from the fourth quarter of 2010.
  • Average monthly rent increased 5.5% to $2,908 per occupied unit in the fourth quarter of 2011, an increase of $152 per occupied unit from the fourth quarter of 2010.
  • Consolidated average occupancy was 85.6% in the fourth quarter of 2011, a 50 basis point increase from the fourth quarter of 2010 with approximately 1,200 additional consolidated units in the current period. Sequentially, consolidated average occupancy was up 90 basis points from the third quarter of 2011.
  • The Company completed the acquisition of three senior living communities for a combined purchase price of $30 million.
  • Subsequent to the end of the fourth quarter, the Company completed the acquisition of an additional senior living community for a purchase price of approximately $7 million.

Full Year Highlights

  • Adjusted CFFO was $25.1 million, or $0.93 per share in 2011, an increase of 46.5% or $0.29 per share from 2010. Adjusted CFFO would have been $23.3 million, or $0.86 per share in 2011 without tax savings resulting from bonus depreciation described below.
  • Adjusted EBITDAR increased 34.6% to $92.3 million in 2011, an increase of $23.7 million from 2010. EBITDAR margin improved to 35.0% from 32.4% in the prior year.
  • Revenue increased 24.3% to $263.5 million in 2011, an increase of $51.6 million from 2010.
  • Sold partnership interests in the four Spring Meadows communities to Health Care REIT (“HCN”) in a $141.0 million transaction, resulting in sales proceeds, including incentive distributions, of approximately $17.0 million and incremental annual CFFO of approximately $0.03 per share from leasing the communities from HCN upon closing the sale.
  • Completed the purchase of seven high quality senior living communities for a combined purchase price of $83.4 million. These seven communities are expected to generate incremental annual CFFO of approximately $0.13 per share.

“We are very pleased to report continued occupancy growth and strong results from the implementation of our strategic plan that is focused on operations, marketing and accretive growth to enhance shareholder value,” said Lawrence A. Cohen, Chief Executive Officer of the Company. “Successful execution of this plan yielded strong results for 2011. Year-over-year revenue increased 24% while EBITDAR grew nearly 35%. Average monthly rents ended the year 5.5% higher than the year before and EBITDAR margin improved 2.6 percentage points to 35% for 2011. CFFO in the fourth quarter of 2011 of $0.31 per share was 50% higher than the fourth quarter of 2010. We differentiate Capital Senior Living as the value leader in providing quality seniors housing and care at reasonable prices. We are well positioned, as a substantially all private-pay business in an industry that benefits from need-driven demand and limited new supply. These fundamentals are further enhanced by our robust acquisition program that increases our ownership of high-quality senior living communities in geographically concentrated regions, generating meaningful increases in CFFO, earnings, and net asset value.”

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