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Emeritus Announces Operating Results For Fourth Quarter And Full Year 2013

Stocks in this article: ESC

Emeritus Corporation (NYSE:ESC), a national provider of senior living services, today announced its fourth quarter and full year 2013 results.

Operating Summary 2013 Compared to 2012

  • Community, ancillary services and management fee revenue increased $541.7 million, or 39.0% to $1.9 billion
  • Adjusted EBITDAR increased $141.6 million, or 36.3%, to $531.4 million
  • Adjusted cash from facility operations (CFFO) per share increased 17.8% to $1.99
  • Total Portfolio Same Community (as defined below) average monthly revenue per occupied unit increased 2.0% to $4,027
  • Total Portfolio Same Community average occupancy increased 30 basis points to 86.8%

Operating Summary for the Fourth Quarter 2013 Compared to the Fourth Quarter 2012

  • Community, ancillary services and management fee revenue increased $101.2 million, or 24.6% to $513.3 million
  • Adjusted EBITDAR increased $29.8 million, or 25.6% to $146.0 million
  • Adjusted CFFO per share increased 32.5% to $0.53
  • Total Portfolio Same Community average monthly revenue per occupied unit increased 0.7% to $4,025
  • Total Portfolio Same Community average occupancy improved 30 basis points to 87.1%

Granger Cobb, President and Chief Executive Officer, commented, “Our focus on providing an enriching environment and excellent customer service to the seniors that are entrusted to our care has enabled us to post solid 2013 results. We grew same community occupancy and rate, and achieved adjusted CFFO per share growth of over 17%. We also expanded our home healthcare services to two new states while continuing to see demand for these services grow within our Florida communities.”

As of December 31, 2013, Emeritus operated 512 senior living communities:

  • 497 communities are in the consolidated portfolio (consisting of owned and leased communities);
  • 469 communities have been continuously operated (owned, leased, and managed) since January 1, 2012 (“Total Portfolio Same Community”) (information for this portfolio is included for certain comparative purposes but is not a subset of the Company’s historical consolidated results);
  • 319 consolidated communities have been continuously operated in our consolidated portfolio since January 1, 2012 (“Consolidated Same Community”); and
  • 15 communities are managed.

2013 Annual Consolidated Results

Community, ancillary services and management fee revenue increased $541.7 million, or 39.0%, to $1.9 billion in 2013, compared to $1.4 billion in the prior year. The increase in revenue was primarily due to the Company’s lease and ownership acquisition of 142 communities in the fourth quarter of 2012 and the first quarter of 2013 that the Company previously managed for a joint venture (the "Blackstone JV"). The increase was also attributable to the Company’s fourth quarter 2012 acquisition of Nurse on Call, Inc. (“NOC”), the largest Medicare-licensed provider of home healthcare services in Florida, as well as increased same community rates in the senior housing portfolios. Total average monthly revenue per occupied unit for the consolidated portfolio was $4,000 for 2013 compared to $4,127 for 2012; the rate decrease was due primarily to the acquisition of the Blackstone JV communities, which have lower average rates than the legacy Emeritus communities. Consolidated rates were also impacted by the September 2013 acquisition of the Merrill Gardens communities, which have a higher proportion of independent living units that generally have lower rates than assisted living units. Average occupancy for the consolidated portfolio grew 30 basis points to 87.1% in 2013 from 86.8% in 2012.

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