- Revenue in the fourth quarter of 2013 increased 6.8% to $88.9 million, an increase of $5.7 million from the fourth quarter of 2012. Revenue for 2013 increased 12.8% to $350.4 million, an increase of $39.8 million from 2012.
- Average monthly rent for the consolidated communities increased 3.1% to $3,037 per occupied unit in the fourth quarter of 2013, an increase of $90 per occupied unit from the fourth quarter of 2012.
- Adjusted net income for the fourth quarter of 2013 was $1.2 million, or $0.04 per share, excluding non-recurring or non-economic items reconciled on the final page of this release. This compares to net loss of $2.4 million, or $0.08 per share, before adjusting for these non-recurring or non-economic items.
- Adjusted EBITDAR increased 1.8% to $29.7 million in the fourth quarter of 2013, excluding two continuing care retirement communities (“CCRC’s”) that are being re-positioned. Adjusted EBITDAR for 2013 increased 8.7% to $119.6 million.
- Adjusted Cash From Facility Operations (“CFFO”) increased 8.0% to $14.5 million, or $0.52 per share in the fourth quarter of 2013, excluding the two CCRC’s that are being re-positioned. This increase of $0.03 per share from the fourth quarter of 2012 includes tax savings from a cost segregation study of approximately $0.12 per share in the fourth quarter of 2013 compared to $0.09 per share in the fourth quarter of 2012. Adjusted CFFO increased 14.2% to $42.6 million, or $1.53 per share in 2013.
- The Company completed the acquisition of six senior living communities in the fourth quarter for a combined purchase price of approximately $96.7 million. In 2013, the Company completed the acquisition of 11 communities for a combined purchase price of $150.4 million. These 11 communities are expected to generate incremental annual Adjusted CFFO of approximately $0.20 per share.
Capital Senior Living Corporation Reports Fourth Quarter And Full Year 2013 Results
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