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Emeritus Announces Operating Results For Second Quarter 2012

Stocks in this article: ESC

Total average monthly revenue per occupied unit for the consolidated portfolio increased 2.2% to $4,148 in the second quarter of 2012 from $4,057 in the second 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 second quarter of 2012, total average occupancy for the consolidated portfolio increased 40 basis points to 86.4% compared to 86.0% in the second quarter of 2011. The increase was due to higher occupancy at acquired communities, as well as improved occupancy in the same community portfolio.

Community operating expenses increased $8.2 million to $213.6 million in the second quarter of 2012 compared to $205.4 million in the 2011 period. Approximately $8.3 million of the increase resulted from the acquisition of communities (net of dispositions) with the remaining difference due to same community expenses and unallocated community expenses, net.

Community operating income increased $8.7 million, or 9.0%, to $105.1 million in the second quarter of 2012 compared to $96.4 million in the second quarter of 2011. As a result of improved occupancy and rate, combined with effective expense controls, community operating margin improved to 33.0%, compared to 31.9% in the second quarter of 2011.

Excluding noncash stock-based compensation expenses, general and administrative expenses as a percent of total operated community revenue (which includes revenues of managed communities but excludes reimbursed costs of managed communities) was 4.8% in the second quarter of 2012, compared to 4.7% in the second quarter of 2011.

For the second quarter of 2012, Adjusted EBITDAR increased $5.5 million, or 6.4%, to $92.1 million, with the increase primarily driven by the increase in community operating income. For the quarter ended June 30, 2012, cash from facility operations (CFFO), as adjusted, increased to $20.3 million, or $0.46 per share, compared to $17.9 million, or $0.40 per share, in the second quarter of 2011.

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