Capital Senior Living Corporation (the “Company”) (NYSE:CSU), one of the country’s largest operators of senior living communities, today announced operating and financial results for the fourth quarter and full year 2013. Company highlights for the fourth quarter and full year include:
Operating and Financial Summary (see Non-GAAP Financial Measures below)
- 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.
“We are pleased to report positive results for the fourth quarter as we continue to recover from high levels of attrition in 2013,” said Lawrence A. Cohen, Chief Executive Officer of the Company. “We are focused on reducing attrition and increasing occupancy by converting approximately 360 vacant independent living units to assisted living and memory care units. Once these converted units are stabilized, we expect overall occupancy to increase by approximately 300 basis points, approaching 90%.