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 third quarter of 2012. Company highlights for the third quarter include:
- Adjusted Cash From Facility Operations (“CFFO”) increased 51.6% to $8.9 million, or $0.33 per share in the third quarter of 2012, an increase of $0.11 per share from the third quarter of 2011.
- Adjusted EBITDAR increased 15.0% to $27.4 million in the third quarter of 2012, an increase of $3.6 million from the third quarter of 2011. EBITDAR margin improved to 35.1% from 34.9% in the third quarter of the prior year.
- Revenue increased 14.4% to $78.0 million in the third quarter of 2012, an increase of $9.8 million from the third quarter of 2011.
- Average monthly rent for the consolidated communities increased 2.1% to $2,984 per occupied unit in the third quarter of 2012, an increase of $60 per occupied unit from the third quarter of 2011.
- Same-community occupancies increased 180 basis points from the third quarter of 2011 and 80 basis points from the second quarter of 2012.
- Subsequent to the end of the third quarter, the Company completed the acquisition of eight additional senior living communities for a combined purchase price of approximately $72.9 million, increasing the Company’s owned portfolio from 38 to 46 communities.
“We are very pleased to report continued occupancy growth and strong operating and financial results for the third 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 180 basis points from the comparable quarter of the prior year and 80 basis points sequentially. EBITDAR margin increased by 20 basis points from the third quarter of 2011. We continue to enhance our geographic concentration by acquiring high quality senior living communities that generate meaningful increases in CFFO, earnings and owned real estate. So far this year, we have acquired 15 communities for a combined purchase price of $148.5 million, and we are conducting due diligence on additional communities that we expect to close by year-end. 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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