Emeritus Corporation (NYSE: ESC), a national provider of senior living services, today announced its third quarter 2012 results.
Operating Summary for Third Quarter 2012 Compared to Third Quarter 2011
- Community and management fee revenue increased $5.9 million, or 1.8%, to $329.2 million
- Adjusted EBITDAR increased $1.8 million, or 2.0%, to $92.2 million
- CFFO per share, as adjusted, increased to $0.40 from $0.37
- Same community average monthly revenue per occupied unit increased 1.9% to $4,179
- Same community average occupancy increased 30 basis points to 87.4%
Granger Cobb, President and Chief Executive Officer commented, “This has been an exciting few months. As we expected and communicated earlier in the year, we have started to experience positive movement in both occupancy and rate. In addition, we secured a significant initial return on the recently announced transaction that will consolidate 142 previously managed communities, and an ongoing return over time as we operate those communities under lease agreements. Finally, we have enhanced our senior living service capabilities and synergies by expanding into the home health care business with the acquisition of Nurse on Call.”
2012 Third Quarter Consolidated Results
Total revenue in the third quarter of 2012 increased 1.8% to $381.1 million compared to the third quarter of 2011. Excluding the impact of reimbursed costs incurred on behalf of managed communities, community and management fee revenues increased $5.9 million, or 1.8%, to $329.2 million. The increase consisted of $6.8 million from improved rate and occupancy in our same community portfolio, partially offset by reductions resulting from community dispositions.
Total average monthly revenue per occupied unit for the consolidated portfolio increased 3.3% to $4,198 in the third quarter of 2012 from $4,065 in the third quarter of 2011. In the third quarter of 2012, total average occupancy for the consolidated portfolio increased 60 basis points to 87.1% compared to 86.5% in the third quarter of 2011. The increase was due to improved occupancy in the same community portfolio as well as dispositions of lower-occupancy communities.