The Company’s same community operating expenses decreased to $193.5 million in the first quarter of 2012 compared to $193.6 million in the prior-year period, as the Company continued to benefit from cost controls implemented in 2011. Operating expenses reflected a 0.2% decrease in salary and wages as well as decreases in health insurance and other employee benefits and utilities; these decreases were partially offset by increases in professional liability insurance and certain other expense categories. On a per-resident-day basis, same community salaries and wages decreased by 1.9%.
Same community operating income increased by $0.5 million to $96.1 million in the first quarter of 2012 and community operating income margin increased from 33.0% to 33.2% as compared to the first quarter of 2011.
2012 Guidance Update
The Company provides guidance for the Company’s existing portfolio and excludes future acquisitions.The Company’s guidance for 2012 is as follows:
- Consolidated revenue in the range of $1.3 billion to $1.325 billion
- Routine capital expenditures in the range of $24.0 million to $26.0 million
- General and administrative expenses as a percent of total operated revenue of approximately 4.8%, excluding non-cash stock-based compensation expenses
- CFFO, as adjusted, in the range of $1.60 to $1.70 per share
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