Emeritus Corporation (NYSE: ESC), a national provider of senior living services, today announced its first quarter 2012 results.
Operating Summary for First Quarter 2012 Compared to First Quarter 2011
- Total revenues increased $22.8 million, or 7.6%, to $323.0 million
- Adjusted EBITDAR increased $8.3 million, or 10.3%, to $89.3 million
- CFFO per share, as adjusted, increased 15.2% to $0.38
- Same community average monthly revenue per occupied unit was steady at $4,104
- Same community average occupancy increased 20 basis points to 86.7%
- Same community operating margin increased to 33.2% from to 33.0%
Granger Cobb, President and Chief Executive Officer commented, “We achieved improvements in our community operating margins and cash flow measures consistent with plan, and we expect continued improvement as rate initiatives gain traction throughout the year.”
2012 First Quarter Consolidated ResultsTotal revenue in the first quarter of 2012 increased 7.6% to $323.0 million. The $22.8 million revenue increase is due primarily to the acquisition of communities (net of dispositions), including 24 communities that the Company acquired in June 2011, which it had previously managed on behalf of a joint venture with an affiliate of Blackstone Real Estate Advisors. Total average monthly revenue per occupied unit for the consolidated portfolio increased 1.6% to $4,124 in the first quarter of 2012 from $4,059 in the first quarter of 2011. This increase in rate was partially due to the 24 communities added in June 2011 that had higher average rates. In the first quarter of 2012, total average occupancy for the consolidated portfolio was 86.6% compared to 86.0% in the first quarter of 2011, a 60-basis point improvement. The increase was due to higher occupancy at acquired communities, as well as improved occupancy in the same community portfolio.