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Capital Senior Living Corporation Reports Fourth Quarter And Full Year 2012 Results; Fourth Quarter CFFO Increases 56% To $0.49 Per Share

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 fourth quarter and full year 2012. Company highlights for the fourth quarter and full year include:

Fourth Quarter Highlights

  • Adjusted Cash From Facility Operations (“CFFO”) increased 56.3% to $13.5 million, or $0.49 per share in the fourth quarter of 2012, an increase of $0.17 per share from the fourth quarter of 2011. Tax savings from a cost segregation study enhanced CFFO by approximately $0.09 per share in the quarter.
  • Adjusted EBITDAR increased 14.8% to $29.2 million in the fourth quarter of 2012, an increase of $3.8 million from the fourth quarter of 2011. EBITDAR margin was 35.1% in the fourth quarter of 2012.
  • Revenue increased 17.0% to $83.3 million in the fourth quarter of 2012, an increase of $12.1 million from the fourth quarter of 2011.
  • Average monthly rent for the consolidated communities increased 3.2% to $3,002 per occupied unit in the fourth quarter of 2012, an increase of $94 per occupied unit from the fourth quarter of 2011.
  • Same-community occupancies increased 180 basis points from the fourth quarter of 2011 and 80 basis points from the third quarter of 2012.
  • The Company completed the acquisition of 10 senior living communities in the fourth quarter for a combined purchase price of approximately $105.7 million, increasing the Company’s owned portfolio to 48 communities.
  • Subsequent to the end of the fourth quarter, the Company is completing the acquisition of an additional senior living community for a purchase price of approximately $6.7 million.

Full Year Highlights

  • Adjusted CFFO increased 45.8% to $37.3 million, or $1.37 per share in 2012, an increase of $0.42 per share from 2011.
  • Adjusted EBITDAR increased 19.1% to $110.0 million in 2012, an increase of $17.7 million from 2011. EBITDAR margin improved to 35.4% from 35.0% in the prior year.
  • Revenue increased 17.9% to $310.5 million in 2012, an increase of $47.0 million from 2011.
  • The Company completed the acquisition of 17 high quality senior living communities for a combined purchase price of $181.3 million. These 17 communities are expected to generate incremental annual CFFO of approximately $0.34 per share.

“We are very pleased to report continued occupancy growth and strong results from the successful implementation of our strategic plan that is focused on operations, marketing and accretive growth to enhance shareholder value,” said Lawrence A. Cohen, Chief Executive Officer of the Company. “CFFO of $1.37 per share was 46% higher and EBITDAR margin improved 40 basis points from the prior year. Fourth quarter same-community occupancies increased 180 basis points from the comparable quarter of the prior year and 80 basis points sequentially. We differentiate Capital Senior Living 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, limited new supply and an improving housing market. These strong fundamentals are further enhanced by our disciplined and strategic acquisition program that increases our ownership of high-quality senior living communities in geographically concentrated regions, generating meaningful increases in CFFO, earnings and real estate value.”

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