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 2013. Company highlights for the third quarter include:
- Adjusted Cash From Facility Operations (“CFFO”) was $8.9 million, or $0.32 per share in the third quarter of 2013, excluding two CCRCs that are being re-positioned.
- Adjusted EBITDAR increased 7.0% to $29.3 million in the third quarter of 2013, an increase of $1.9 million from the third quarter of 2012. Excluding two CCRCs being re-positioned, EBITDAR margin was 35.2% in the third quarter of 2013.
- Revenue increased 12.8% to $88.0 million in the third quarter of 2013, an increase of $10.0 million from the third quarter of 2012.
- Average monthly rent for the consolidated communities increased 3.8% to $3,023 per occupied unit in the third quarter of 2013, an increase of $111 per occupied unit from the third quarter of 2012.
- Same-community revenue grew 2.4%, same-community expenses increased 1.3% and same-community operating income increased 3.9% compared to the third quarter of 2012.
- The Company completed the acquisition of two senior living communities for a combined purchase price of approximately $21.6 million. Subsequent to the end of the third quarter, the Company completed the acquisition of two additional senior living communities for a combined purchase price of approximately $31.8 million.
“We are very pleased to report positive results for the third quarter as we continue our recovery from the effects of the flu season earlier this year,” said Lawrence A. Cohen, Chief Executive Officer of the Company. “Same store occupancy at the end of September was 70 basis points higher than occupancy at the end of June. This significant increase, along with a 20% increase in third quarter deposits, bodes well for fourth quarter financial results.
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