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Actual results may differ materially from those projected in any forward-looking statements. Additional information concerning factors that could cause those differences is contained in our filings with the SEC. Investors are cautioned not to place undue reliance upon any forward-looking statements.And now, I would like to turn the call over to Bruce Mackey. Bruce Mackey Great. Thank you, Tim and thank you everyone for joining us today on our 2012 first quarter earnings call. For the quarter ended March 31, 2012 we reported our 13th consecutive quarter of profitability with net income from continuing operations of $0.02 per basic share and diluted share. Included in our results for the quarter were $500,000 of non-recurring legal expenses which Paul will discuss during his prepared remarks. Total company revenues were up 12.5% to $346 million and EBITDA was approximately $9 million. 87% of our total company revenues come from our senior living business and 75% of those revenues are derived from residents, private resources. In the beginning of April we announced that we had closed on a new $150 million revolving credit facility, secured by 15 of our owned communities with 1549 units. Drawings under the facility will be an interest at LIBOR plus a spread of 250 basis points. This is in addition to the current $35 million credit facility we have that matures early next year. The benefit of this new facility is twofold, first, it provides us with much greater financial flexibility and second, it signals to the market and investors the quality of our balance sheet and the value of our owned communities. These 15 communities which were valued by a third party appraiser at $230 million are worth significantly more on a per unit basis than what we pay for them. We own an additional 12 senior living communities with 840 units that are unencumbered by debt. The credit facility is led by Citibank and RBC and has nine participating institutions.
Upon closing, we borrowed $47.5 million for the new facility for two purposes. First, to help repay in full the $38 million bridge loan we had outstanding with senior living properties trust and second to purchase $12.4 million of our convertible senior notes. We purchased these notes at a 3% discount to par and will recognize this gain in the second quarter. We used approximately $3 million of our cash on hand as well.Compared to last year, our asset pipeline has been relatively slow. As we haven’t seen many opportunities that fit our acquisition strategy which to remind you is focused on stabilized, well run, private pay senior living communities in areas where we have a geographic strength of operations. We will continue to be judicious in our approach to acquisitions and expect to see more opportunities throughout the rest of the year. With that being said, we don’t have much new acquisition activity to report now. But let me briefly update you on where we stand in terms of previously announced activity. In February, we began to manage a 92-unit senior living community in Alabama which was disclosed on our last earnings call. In March, we began to manage a 252-unit senior living community in South Carolina, which is the last community we have left to manage as part of the large well senior living portfolio. We had two additional communities that we expect to manage during the year. The first, which we have previously disclosed is the last we [ph] senior living community out of the eight we are currently managing with 310 units located in New York that we expect to even begin managing during the second half of the year. The second is an 87-unit senior living community located in Missouri that we expect to begin to manage on behalf of senior housing by the end of the second quarter.
Now I will review some highlights on the quarter. Total senior living occupancy was up slightly on a year-over-year basis but down on a sequential basis. Total senior living occupancy was 85.9%, up 30 basis points from last year but down 30 basis points from last quarter. Overall, same-store occupancy at 85.6% was flat with last year and down 30 basis points from last quarter.Read the rest of this transcript for free on seekingalpha.com