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Emeritus Announces Operating Results For Fourth Quarter And Full Year 2012

Excluding noncash stock-based compensation expenses, senior living general and administrative expenses as a percent of total operated senior living community revenue was 5.0% in the fourth quarter of 2012, compared to 4.9% in the fourth quarter of 2011.

For the fourth quarter of 2012, Adjusted EBITDAR increased $27.7 million, or 31.3%, to $116.2 million, with the increase primarily driven by the increase in community operating income. CFFO per share, as adjusted, increased 25.0% to $0.40 per share, compared to $0.32 per share in the fourth quarter of 2011.

2013 Guidance Update

The Company provides guidance for the Company’s existing portfolio and excludes future acquisitions and dispositions.

The Company’s guidance for 2013 is as follows:

  • Community and management fee revenue in the range of $1.85 billion to $1.90 billion
  • Routine capital expenditures in the range of $28.0 million to $30.0 million
  • Senior living general and administrative expenses as a percent of total senior living operated revenue of approximately 4.9%, excluding non-cash stock-based compensation expenses
  • CFFO, as adjusted, in the range of $2.10 to $2.20 per share

In addition to annual guidance, the Company expects CFFO, as adjusted, in the first quarter of 2013 to be in the range of $0.41 to $0.45 per share.

Recent Developments

In February 2013, NOC borrowed $50.0 million to finance that company’s expansion and refinance certain existing indebtedness of Emeritus. The loan has a four-year term, and the interest rate is equal to LIBOR plus 4.75% initially, decreasing to 4.25% and 3.75% over the term, depending upon the ratio of the principal balance to NOC’s EBITDA. Principal reductions of $1.875 million are due quarterly.

Webcast and Conference Call

The Company will host a webcast and conference call on Thursday, February 28, 2013, at 5:00 P.M. Eastern Time to discuss its financial results for the fourth quarter of 2012.

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