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 2012. Company highlights for the first quarter include:
- Adjusted Cash From Facility Operations (“CFFO”) increased 13.2% to $6.5 million, or $0.24 per share in the first quarter of 2012, an increase of $0.03 per share from the first quarter of 2011.
- Adjusted EBITDAR increased 25.3% to $25.7 million in the first quarter of 2012, an increase of $5.2 million from the first quarter of 2011. EBITDAR margin improved to 35.6% from 34.3% in the first quarter of the prior year.
- Revenue increased 20.7% to $72.2 million in the first quarter of 2012, an increase of $12.4 million from the first quarter of 2011.
- Average monthly rent increased 6.0% to $2,942 per occupied unit in the first quarter of 2012, an increase of $166 per occupied unit from the first quarter of 2011.
- Same-community occupancies increased 110 basis points from the first quarter of 2011 and 20 basis points from the fourth quarter of 2011.
- The Company completed the acquisition of six senior living communities for a combined purchase price of $56.4 million.
- Subsequent to the end of the first quarter, the Company completed the acquisition of an additional senior living community for a purchase price of $19.2 million.
“We are very pleased to report continued occupancy growth and strong results for the first quarter, which is typically a challenging period,” said Lawrence A. Cohen, Chief Executive Officer of the Company. “Successful execution of our strategic plan is significantly enhancing shareholder value through a focus on operations, marketing and accretive growth. Same-community occupancies increased 110 basis points from the comparable quarter of the prior year and 20 basis points sequentially. EBITDAR margin increased by 130 basis points from the first quarter of 2011. We continue to enhance our geographic concentration by acquiring high quality senior living communities that generate meaningful increases in CFFO, earnings and net asset value. Since the first quarter of last year, we have added 17 communities to our consolidated total, increasing our ownership by approximately 1,700 units. As the value leader in providing quality seniors housing and care at reasonable prices, we are well positioned to make further gains as a substantially all private-pay business in an industry that benefits from need-driven demand and limited new supply.”