Emeritus Corporation (NYSE: ESC), a national provider of senior living services, today announced its fourth quarter and full year 2012 results.
Operating Summary for the Full Year 2012 Compared to the Full Year 2011
- Community and management fee revenue increased $133.3 million, or 10.6%, to $1.39 billion
- Adjusted EBITDAR increased $43.3 million, or 12.5%, to $389.8 million
- CFFO per share, as adjusted, increased 13.4% to $1.69
- Total Portfolio Same Community (as defined below) average monthly revenue per occupied unit increased 1.5% to $3,924
- Total Portfolio Same Community average occupancy increased 100 basis points to 86.4%
- Total Portfolio Same Community operating margin increased 100 basis points to 32.2%
Operating Summary for Fourth Quarter 2012 Compared to Fourth Quarter 2011
- Community and management fee revenue increased $88.0 million, or 27.1%, to $412.1 million
- Adjusted EBITDAR increased $27.7 million, or 31.3%, to $116.2 million
- CFFO per share, as adjusted, increased 25.0% to $0.40
- Total Portfolio Same Community average monthly revenue per occupied unit increased 3.0% to $3,972
- Total Portfolio Same Community average occupancy increased 50 basis points to 86.7%
- Total Portfolio Same Community operating margin increased 240 basis points to 33.7%
Granger Cobb, President and Chief Executive Officer commented, “2012 was a year of significant accomplishments for Emeritus – we experienced progressive rate growth throughout the year, which drove compelling CFFO growth of over 13%. In addition, we invested to a greater degree in capital improvements to our communities and leadership training throughout the organization. These investments combined with the significant strategic transactions completed in the fourth quarter have positioned us for even stronger growth in the future as evidenced by our expectation to double our CFFO growth rate in 2013.”
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