Emeritus Corporation (NYSE: ESC), a national provider of senior living services, today announced its second quarter 2013 results.
Operating Summary for Second Quarter 2013 Compared to Second Quarter 2012
- Community and management fee revenue increased 44.7% to $468.4 million
- Adjusted EBITDAR increased $37.9 million, or 41.2% to $130.0 million
- Adjusted CFFO per share grew 12.5% to $0.54
- Total Portfolio Same Community (as defined below) average occupancy improved 60 basis points to 86.6%
- Total Portfolio Same Community average monthly revenue per occupied unit increased 2.5% to $4,015
Granger Cobb, President and Chief Executive Officer, commented, “We were very pleased to see occupancy rebound with a 20-basis point sequential lift in our same store portfolio after the effects of a rough flu season in the first quarter. The continued integration of home healthcare services into our communities through our Nurse On Call subsidiary is making solid progress, and we look forward to on-boarding 38 high quality communities and benefitting from their operating teams’ experience later in the quarter. Finally, as we celebrate our 20 th anniversary, we would like to thank our more than 30,000 dedicated and compassionate employees who care for our 42,000 residents every day as though they were family.”
2013 Second Quarter Consolidated ResultsCommunity and management fee revenues increased $144.6 million, or 44.7% to $468.4 million in the second quarter of 2013, compared to $323.8 million in the second quarter of 2012. The increase in revenues resulted primarily from the Company’s lease and ownership acquisition of 142 communities in the fourth quarter of 2012 and first quarter of 2013 that the Company previously managed for a joint venture (the “Blackstone JV Transaction”). The increase in revenues was also attributable to the Company’s fourth quarter 2012 acquisition of Nurse on Call, Inc.