Community operating expenses increased $14.4 million to $213.5 million in the first quarter of 2012 compared to $199.0 million in the 2011 period. Approximately $14.3 million of the increase resulted from the acquisition of communities since the first quarter of 2011 (net of dispositions); community operating expenses for our 296 same communities decreased by $0.1 million between the periods, with the remaining difference resulting from corporate expenses not allocated to communities.
Community operating income increased $8.8 million, or 9.2%, to $104.5 million in the first quarter of 2012 compared to $95.7 million in the first quarter of 2011. As a result of continuing expense controls, community operating margin improved to 32.9%, compared to 32.5% in the first quarter of 2011.
Excluding non-cash stock-based compensation expenses, general and administrative expenses as a percent of total operated community revenue, which includes revenues of managed communities, decreased to 4.9% in the first quarter of 2012, compared to 5.1% in the first quarter of 2011. General and administrative expenses in the first quarter of 2012 increased by less than 1.0% from the prior-year quarter.
For the first quarter of 2012, Adjusted EBITDAR increased $8.3 million, or 10.3%, to $89.3 million, with the increase primarily driven by the $8.8 million increase in community operating income. For the quarter ended March, 31, 2012, cash from facility operations (CFFO), as adjusted, increased to $17.0 million, or $0.38 per share, compared to $14.6 million, or $0.33 per share, in the first quarter of 2011.2012 First Quarter Same Community Results As of March 31, 2012, the consolidated Emeritus portfolio consisted of 328 communities, of which 296 communities are included in the Company’s definition of same communities. Total same community revenue increased $0.4 million to $289.6 million in the first quarter of 2012, due primarily to occupancy improvements. Average occupancy increased 20 basis points to 86.7% in the first quarter of 2012 from 86.5% in the prior-year period. Average monthly revenue per occupied unit was $4,104 in the first quarter of 2012, essentially unchanged from the corresponding period in 2011.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV