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Capital Senior Living Corporation Reports Second Quarter 2012 Results; CFFO Increases Nearly 55% Versus Prior Year

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 second quarter of 2012. Company highlights for the second quarter include:

  • Adjusted Cash From Facility Operations (“CFFO”) increased 54.4% to $8.1 million, or $0.29 per share in the second quarter of 2012, an increase of $0.10 per share from the second quarter of 2011.
  • Adjusted EBITDAR increased 22.8% to $27.7 million in the second quarter of 2012, an increase of $5.1 million from the second quarter of 2011. EBITDAR margin improved to 36.0% from 35.1% in the second quarter of the prior year.
  • Revenue increased 19.7% to $77.0 million in the second quarter of 2012, an increase of $12.7 million from the second quarter of 2011.
  • Average monthly rent increased 2.6% to $2,968 per occupied unit in the second quarter of 2012, an increase of $75 per occupied unit from the second quarter of 2011.
  • Same-community occupancies increased 160 basis points from the second quarter of 2011 and 20 basis points from the first quarter of 2012.
  • The Company completed the acquisition of a senior living community in Texas for a purchase price of $19.2 million.

“We are very pleased to report continued occupancy growth and strong operating and financial results for the second quarter,” 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 160 basis points from the comparable quarter of the prior year and 20 basis points sequentially. EBITDAR margin increased by 90 basis points from the second quarter of 2011 and 40 basis points from the previous quarter. 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. So far this year, we have acquired seven communities for a combined purchase price of $75.6 million, and we are conducting due diligence on communities that should enable us to meet or exceed this level of transactions in the second half of 2012, with comparable economic benefits. 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.”

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