Community operating expenses decreased $6.5 million to $216.9 million in the third quarter of 2012 compared to $223.4 million in the 2011 period. The improvement was primarily due to an $8.5 million expense recorded in the 2011 period to increase the Company’s self-insurance reserves for prior years’ claims exposure, as well as reductions resulting from community dispositions. The overall expense decrease was partially offset by community operating expenses in the same community portfolio, which increased 2.5%, or $4.9 million.Community operating income increased $12.1 million, or 12.8%, to $106.9 million in the third quarter of 2012 from $94.8 million in the third quarter of 2011. Community operating margin was 33.0% in the third quarter, compared to 29.8% in the prior-year period. Excluding the 2011 self-insurance adjustment referred to above, community operating income increased $3.5 million, or 3.4%, and community operating margin improved to 33.0%, compared to 32.5% in the third quarter of 2011. These increases are the result of improved occupancy and rate, combined with effective expense controls.
Emeritus Announces Operating Results For Third Quarter 2012
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