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Emeritus Announces Operating Results for First Quarter 2013



  Emeritus Announces Operating Results for First Quarter 2013

Business Wire

SEATTLE -- May 02, 2013

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

Operating Summary for First Quarter 2013 Compared to First Quarter 2012

  * Community and management fee revenue increased 43.5% to $463.5 million
  * Adjusted EBITDAR increased $34.2 million, or 38.3% to $123.5 million
  * Adjusted CFFO per share grew 10.3% to $0.43
  * Total Portfolio Same Community (as defined below) average monthly revenue
    per occupied unit increased 2.9% to $4,007
  * Total Portfolio Same Community average occupancy improved 30 basis points
    to 86.3%

Granger Cobb, President and Chief Executive Officer, commented, “We achieved
solid growth in our total portfolio of communities in the first quarter, with
improvements in occupancy and rate. We are very optimistic about the Emeritus
growth profile as we expect to benefit from ongoing operating improvements and
the embedded growth potential in our 482 communities, including the recently
consolidated “HCP-133” communities. We are also pleased with the early
integration of Nurse on Call home healthcare services into our Florida
communities and the opportunity that it will provide in the coming years.”

2013 First Quarter Consolidated Results

Community and management fee revenues increased $140.5 million, or 43.5%, to
$463.5 million in the first quarter of 2013, compared to $323.0 million in the
first quarter of 2012. The increase in revenues resulted primarily from the
Company’s lease and ownership acquisition of 142 communities in the fourth
quarter of 2012 and first quarter of 2013 that we previously managed for a
joint venture (the “Blackstone JV”). The increase in revenues was also
attributable to the Company’s fourth quarter 2012 acquisition of Nurse on
Call, Inc. Additionally, revenues for those consolidated communities that
Emeritus has continuously operated since January 1, 2012 (“Consolidated Same
Community”) increased $8.3 million in the first quarter of 2013, as a result
of improved rate per unit. As of March 31, 2013, the consolidated Emeritus
portfolio consisted of 466 communities, of which 323 communities are included
in the Company’s definition of Consolidated Same Community.

Total average monthly revenue per occupied unit for the consolidated portfolio
was $4,012 in the first quarter of 2013 compared to $4,115 in the first
quarter of 2012. The consolidated rate decrease was attributable to the
acquisition of the Blackstone JV communities, which have lower average rates
than the legacy Emeritus communities. In the first quarter of 2013, total
average occupancy for the consolidated portfolio was 86.4% compared to 86.6%
in the first quarter of 2012. As a result of the Blackstone JV transaction,
the Company added 133 leased communities and nine owned communities to its
consolidated portfolio in the fourth quarter of 2012 and the first quarter of
2013; all but five of these communities have been managed by Emeritus since
the second half of 2010. For all communities continuously under Emeritus
management since January 1, 2012 (“Total Portfolio Same Community”), monthly
revenue per occupied unit increased 2.9% from the first quarter of 2012 to
2013, and average occupancy improved by 30 basis points over the same period.

Community and ancillary operating expenses were $323.7 million in the first
quarter of 2013 compared to $213.5 million in the 2012 period. The increase
was due primarily to acquisition-related activities. Community operating
expenses in the Consolidated Same Community portfolio increased $8.4 million,
or 4.0%, due to increases in professional liability insurance, facility
maintenance, salaries and benefits, taxes and licenses, supplies, and other
expenses.

Community and ancillary operating income grew $34.5 million, or 33.1%, to
$139.0 million in the first quarter of 2013, compared to the first quarter of
2012. Community and ancillary operating income margin was 30.0% in the 2013
first quarter compared to 32.9% in the 2012 period. Total Portfolio Same
Community operating margin was 32.4% in the 2013 first quarter, compared to
32.7% in the 2012 period.

Excluding noncash stock-based compensation expenses, senior living general and
administrative expenses as a percent of total operated senior living community
revenue were 5.0% in the first quarter of 2013, compared to 4.8% in the first
quarter of 2012. The increase primarily reflects increases in employee
compensation and benefits as well as higher professional fees.

For the first quarter of 2013, Adjusted EBITDAR increased $34.2 million, or
38.3%, to $123.5 million, with the increase primarily driven by the increase
in community operating income. Adjusted CFFO per share increased 10.3% to
$0.43 per share, compared to $0.39 per share in the first quarter of 2012.

2013 First Quarter Financing Activities

In February 2013, Nurse On Call entered into a $50 million credit facility
with a syndicate of banks. The loan has a four-year term with an initial
interest rate equal to LIBOR plus 4.75%. Principal payments of $1.875 million
are due quarterly.

In March 2013, pursuant to an underwritten secondary public offering, certain
Emeritus shareholders completed the sale of 7,973,600 shares of the Company’s
common stock held by them. In connection with the underwriter’s exercise of
its over-allotment option, the Company sold 1,196,040 newly issued shares and
received net cash proceeds of $31.3 million.

During the 2013 first quarter, the Company prepaid approximately $43 million
of principal on notes payable to Health Care REIT, Inc. The weighted average
interest rate on the principal reductions was 9.1%. During the second quarter
of 2013, the Company intends to prepay $30 million of principal on notes
payable to Ventas, Inc., which bears interest at 8.8%.

2013 Guidance Update

The Company provides guidance for the Company’s existing portfolio and
excludes the impact from future acquisitions and dispositions.

The Company’s guidance for 2013 is as follows:

  * Community and management fee revenue in the range of $1.85 billion to
    $1.90 billion
  * Routine capital expenditures in the range of $28.0 million to $30.0
    million
  * Senior living general and administrative expenses as a percent of total
    senior living operated revenue of approximately 4.9%, excluding non-cash
    stock-based compensation expenses
  * Adjusted CFFO in the range of $2.10 to $2.20 per share

Webcast and Conference Call

The Company will host a webcast and conference call on Thursday, May 2, 2013,
at 5:00 P.M. Eastern Time to discuss its financial results for the first
quarter of 2013.

The conference call will be webcast live over the internet from the Company’s
web site at www.emeritus.com under the “Investors” section. The conference
call can also be accessed by dialing (877) 705-6003, or for international
participants (201) 493-6725. A replay of the conference call will be available
after 8:00 P.M. Eastern Time on Thursday, May 2, 2013, until midnight Eastern
Time on Thursday, May 9, 2013. The dial-in numbers for the replay are (877)
870-5176 or, for international participants, (858) 384-5517. To access the
telephonic replay, enter the conference ID 412664.

Non-GAAP Financial Measures

Adjusted EBITDA/EBITDAR and CFFO are financial measures of operating
performance that are not calculated in accordance with U.S. generally accepted
accounting principles (“GAAP”). The Company believes that these non-GAAP
measures are useful in identifying trends in day-to-day performance because
they exclude items that are of little or no significance to operations and
provide indicators to management of progress in achieving optimal operating
performance. In addition, these measures are used by many research analysts
and investors to evaluate the performance and the value of companies in the
senior living industry. The Company strongly urges you to review the
reconciliation of net loss to Adjusted EBITDA/EBITDAR and the reconciliation
of net cash provided by operating activities to CFFO, provided below, along
with the Company’s consolidated balance sheets, statements of operations, and
statements of cash flows. The Company defines Adjusted EBITDA/EBITDAR and CFFO
and provides other information about these non-GAAP measures in the Company’s
Quarterly Report on Form 10-Q for the three months ended March 31, 2013, to be
filed with the Securities and Exchange Commission.

The table below shows the reconciliation of net loss to Adjusted
EBITDA/EBITDAR for the three months ended March 31, 2013 and 2012 (in
thousands):

                                                 Three Months Ended
                                                 March 31,
                                                 2013            2012
Net loss                                         $   (39,665 )   $   (19,395 )
Depreciation and amortization                        45,218          32,570
Interest income                                      (110    )       (104    )
Interest expense                                     72,199          39,045
Net equity losses for unconsolidated joint           12              392
ventures
Income tax provision                                 1,106           272
Amortization of above/below market rents             1,246           1,754
Amortization of deferred gains                       (248    )       (269    )
Gain on early extinguishment of debt                 (493    )       –
Stock-based compensation                             3,331           2,845
Change in fair value of derivative financial         (5      )       211
instruments
Deferred revenue                                     2,088           (299    )
Deferred straight-line rent                          216             1,202
Impairment of long-lived assets                      –               2,135
Transaction costs                                    647             321
Self-insurance reserve adjustments                   7,482           397      
Adjusted EBITDA                                      93,024          61,077
Community lease expense, net                         30,502          28,215   
Adjusted EBITDAR                                 $   123,526     $   89,292   
 

The following table shows the reconciliation of net cash provided by operating
activities to CFFO, and CFFO as adjusted for transaction costs and
self-insurance reserves related to prior years (in thousands):

                                                   Three Months Ended
                                                   March 31,
                                                   2013           2012
Net cash provided by operating activities          $   27,761     $   26,192
Changes in operating assets and liabilities, net       (5,044 )       (1,264 )
Repayment of capital lease and financing               (6,001 )       (3,894 )
obligations
Recurring capital expenditures                         (5,661 )       (4,455 )
Distributions from unconsolidated joint ventures       177            26      
(1)
Cash From Facility Operations                          11,232         16,605
Transaction costs                                      647            306
Self-insurance reserve adjustments, prior years        7,482          397     
Adjusted Cash From Facility Operations             $   19,361     $   17,308  
                                                                   
CFFO per share                                     $   0.25       $   0.37
Adjusted CFFO per share                                0.43           0.39

(1) Excludes distributions resulting from the Blackstone JV transaction, the
sale of communities, and refinancing of debt.

Recurring capital expenditures are actual costs incurred to maintain the
Company’s communities for their intended business purpose and exclude
expenditures for community acquisitions, expenditures incurred in the months
immediately following acquisition (and specifically excludes the $30.0 million
capital commitment under the lease for the former Blackstone JV communities),
new construction and expansions, ROI-designated projects, computer hardware
and software, and vehicles.

For a more detailed understanding of Emeritus, please refer to the Company’s
Quarterly Report on Form 10-Q for the three months ended March 31, 2013, to be
filed with the SEC, or visit the Company’s web site at www.emeritus.com to
obtain copies.

About Emeritus

Emeritus Senior Living is the nation’s largest assisted living and memory care
provider, with the ability to serve nearly 50,000 residents. Over 30,000
employees support more than 480 communities throughout 45 states coast to
coast. Emeritus offers the spectrum of senior residential choices, care
options and life enrichment programs that fulfill individual needs and promote
purposeful living throughout the aging process. Its experts provide insights
on senior living, care, wellness, brain health, caregiving and family topics
at www.Emeritus.com, which also offers details on the organization’s services.
Emeritus’ common stock is traded on the New York Stock Exchange under the
symbol ESC.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of
1995: A number of the matters and subject areas discussed in this report that
are not historical or current facts deal with potential future circumstances,
operations, and prospects. The discussion of such matters and subject areas is
qualified by the inherent risks and uncertainties surrounding future
expectations generally, and also may materially differ from our actual future
experience as a result of such factors as: the effects of competition and
economic conditions on the occupancy levels in our communities; our ability
under current market conditions to maintain and increase our resident charges
without adversely affecting occupancy levels; successfully integrating home
health agency services into our senior living communities; uncertainties
regarding government-reimbursement programs for our services; increases in
interest costs as a result of refinancings; our ability to control community
operation expenses without adversely affecting the level of occupancy and the
level of resident charges; our ability to generate cash flow sufficient to
service our debt and other fixed payment requirements; our ability to find
sources of financing and capital on satisfactory terms to meet our cash
requirements to the extent that they are not met by operations, and
uncertainties related to professional liability and workers’ compensation
claims. We have attempted to identify, in context, certain of the factors that
we currently believe may cause actual future experience and results to differ
from our current expectations regarding the relevant matter or subject area.
These and other risks and uncertainties are detailed in our reports filed with
the Securities and Exchange Commission, including “Item 1A. Risk Factors” in
our Annual Report on Form 10-K for the year ended December 31, 2012 filed with
the SEC. The Company undertakes no obligation to update the information
provided herein.

EMERITUS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(In thousands, except share data)
 
ASSETS
                                                             
                                            March 31,          December 31,
                                            2013               2012
Current Assets:
Cash and cash equivalents                   $   113,524        $   59,795
Short-term investments                          5,898              4,910
Trade accounts receivable, net of               55,101             53,138
allowance of $7,871 and $7,179
Other receivables                               24,217             28,533
Tax, insurance, and maintenance escrows         23,470             23,813
Prepaid insurance expense                       23,314             24,297
Deferred tax asset                              28,299             33,781
Other prepaid expenses and current assets       12,794             12,185     
Total current assets                            286,617            240,452
Investments in unconsolidated joint             2,372              2,513
ventures
Property and equipment, net of
accumulated depreciation of $577,386 and        4,016,169          4,011,884
$533,710
Restricted deposits and escrows                 54,131             50,671
Goodwill                                        186,224            186,756
Other intangible assets, net of
accumulated amortization of $35,752 and         130,319            131,971
$47,547
Other assets, net                               33,839             36,503     
Total assets                                $   4,709,671      $   4,660,750  
                                                                
LIABILITIES, SHAREHOLDERS' EQUITY AND NONCONTROLLING INTEREST
                                                                
Current Liabilities:
Current portion of long-term debt           $   81,218         $   49,381
Current portion of capital lease and            27,369             25,736
financing obligations
Trade accounts payable                          26,611             14,244
Accrued employee compensation and               47,835             53,606
benefits
Accrued interest                                8,517              8,467
Accrued real estate taxes                       13,222             16,432
Accrued insurance liabilities                   44,715             44,867
Other accrued expenses                          32,083             30,291
Deferred revenue                                24,505             22,417
Unearned rental income                          26,808             30,552     
Total current liabilities                       332,883            295,993
Long-term debt obligations, less current        1,527,131          1,558,936
portion
Capital lease and financing obligations,        2,432,282          2,384,857
less current portion
Deferred gain on sale of communities            3,495              3,743
Deferred straight-line rent                     64,136             63,920
Other long-term liabilities                     127,944            128,472    
Total liabilities                               4,487,871          4,435,921  
Redeemable noncontrolling interest              6,417              10,105
Commitments and contingencies
Shareholders' Equity and Noncontrolling
Interest:
Preferred stock, $0.0001 par value.             –                  –
Authorized 20,000,000 shares, none issued
Common stock, $0.0001 par value.
Authorized 100,000,000 shares, issued and       5                  5
outstanding 47,364,944 and 45,814,988
shares
Additional paid-in capital                      879,874            839,511
Accumulated deficit                             (667,849  )        (628,093  )
Total Emeritus Corporation shareholders'        212,030            211,423
equity
Noncontrolling interest                         3,353              3,301      
Total shareholders' equity                      215,383            214,724    
Total liabilities, shareholders' equity,    $   4,709,671      $   4,660,750  
and noncontrolling interest
 

EMERITUS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(In thousands, except per share data)
 
                                                 Three Months Ended
                                                 March 31,
                                                 2013            2012
Revenues:
Community and ancillary services revenue         $   462,719     $   317,923
Management fees                                      785             5,056    
Community and management fee revenue                 463,504         322,979
Reimbursed costs incurred on behalf of managed       8,864           51,612   
communities
Total operating revenues                             472,368         374,591  
                                                                  
Expenses:
Community and ancillary operations                   323,741         213,473
General and administrative                           29,440          23,423
Transaction costs                                    647             306
Impairments of long-lived assets                     –               2,135
Depreciation and amortization                        45,218          32,570
Community leases                                     31,964          31,171
Costs incurred on behalf of managed                  8,864           51,612   
communities
Total operating expenses                             439,874         354,690  
Operating income from continuing operations          32,494          19,901   
                                                                  
Other income (expense):
Interest income                                      110             104
Interest expense                                     (72,199 )       (39,045 )
Change in fair value of derivative financial         5               (211    )
instruments
Net equity losses for unconsolidated joint           (12     )       (392    )
ventures
Other, net                                           1,043           520      
Net other expense                                    (71,053 )       (39,024 )
                                                                  
Loss from operations before income taxes             (38,559 )       (19,123 )
Provision for income taxes                           (1,106  )       (272    )
Net loss                                             (39,665 )       (19,395 )
Net (income) loss attributable to the                (91     )       14       
noncontrolling interests
Net loss attributable to Emeritus Corporation    $   (39,756 )   $   (19,381 )
common shareholders
                                                                  
Basic and diluted loss per common share
attributable to Emeritus Corporation common      $   (0.88   )   $   (0.43   )
shareholders
                                                                  
Weighted average common shares outstanding           45,417          44,582   
 

EMERITUS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(In thousands)
 
                                                 Three Months Ended March 31,
                                                 2013            2012
Cash flows from operating activities:
Net loss                                         $   (39,665 )   $   (19,395 )
Adjustments to reconcile net loss to net cash
provided by operating activities:
Depreciation and amortization                        45,218          32,570
Amortization of above/below market rents             1,246           1,754
Amortization of deferred gains                       (248    )       (269    )
Gain on early extinguishment of debt                 (493    )       –
Impairments of long-lived assets                     –               2,135
Amortization of loan fees                            790             845
Allowance for doubtful receivables                   2,172           2,308
Equity investment losses                             12              392
Stock-based compensation                             3,331           2,845
Change in fair value of derivative financial         (5      )       211
instruments
Deferred straight-line rent                          216             1,202
Deferred revenue                                     2,088           (299    )
Other                                                8,055           629
Change in other operating assets and                 5,044           1,264    
liabilities
Net cash provided by operating activities            27,761          26,192   
                                                                  
Cash flows from investing activities:
Acquisition of property and equipment                (15,907 )       (6,277  )
Other assets                                         (1,107  )       (11     )
Advances from (to) affiliates and other              1,273           (165    )
managed communities, net
Distributions from unconsolidated joint              14,926          (678    )
ventures, net
Net cash used in investing activities                (815    )       (7,131  )
                                                                  
Cash flows from financing activities:
Sale of stock, net                                   37,826          412
Distribution to redeemable noncontrolling            (3,726  )       –
interest
Increase in restricted deposits                      (525    )       (1,095  )
Debt issuance and other financing costs              (819    )       (180    )
Proceeds from long-term borrowings and               50,000          –
financings
Repayment of long-term borrowings and                (49,972 )       (7,969  )
financings
Repayment of capital lease and financing             (6,001  )       (3,894  )
obligations
Net cash provided by (used in) financing             26,783          (12,726 )
activities
                                                                  
Net increase in cash and cash equivalents            53,729          6,335
Cash and cash equivalents at the beginning of        59,795          43,670   
the period
Cash and cash equivalents at the end of the      $   113,524     $   50,005   
period
 

Emeritus Corporation
Cash Lease and Interest Expense
Three Months Ended March 31, 2013
(In thousands)
 
                                             Projected
                             Actual          Range
                             Q1-13           Q2-2013
Facility lease expense -     $   31,964      $   32,000      —   $   33,000
GAAP
Less:
Straight-line rents              (216    )       (200    )   —       (300    )
Above/below market rents         (1,246  )       (1,200  )   —       (1,300  )
Plus:
Capital lease interest           46,741          46,500      —       47,500
Capital lease interest -         (7,845  )       (8,000  )   —       (8,500  )
noncash
Capital lease principal          6,001           6,500       —       7,000    
Facility lease expense -     $   75,399      $   75,600      —   $   77,400   
CASH
                                                                  
Interest expense - GAAP      $   72,199      $   72,000      —   $   73,500
Less:
Capital lease interest           (46,741 )       (47,500 )   —       (47,500 )
Loan fee amortization and        (852    )       (500    )   —       (700    )
other
Interest expense - CASH      $   24,606      $   24,000      —   $   25,300   
                                                                  
                                                                  
Depreciation - owned         $   19,930      $   19,000      —   $   19,500
assets
Depreciation - capital           24,267          25,000      —       25,500
leases
Amortization - intangible        1,021           1,500       —       2,000    
assets
Total depreciation and       $   45,218      $   45,500      —   $   47,000   
amortization
 

EMERITUS CORPORATION
Consolidated Supplemental Financial Information
For the Quarters Ended
(unaudited)
 
(Dollars in thousands, except non-financial and per-unit data)
 
Non-Financial    Q1 2012         Q2 2012         Q3 2012         Q4 2012         Q1 2013
Data:
Average
consolidated         328.0           327.3           325.3           414.3           462.7
communities
Average
available            29,667          29,629          29,513          36,672          40,524
units
Average              25,694          25,603          25,719          31,842          35,007
occupied units
Average              86.6    %       86.4    %       87.1    %       86.8    %       86.4    %
occupancy
Average
monthly          $   4,115       $   4,140       $   4,189       $   4,077       $   4,012
revenue per
occupied unit
Calendar days        91              91              92              92              90
                                                                                  
Community and
ancillary
revenues:
Community        $   312,025     $   313,555     $   318,915     $   385,888     $   417,581
revenues
Move-in fees         5,816           5,816           5,753           5,503           5,503
Move-in              (617    )       (1,358  )       (1,434  )       (1,953  )       (1,722  )
incentives
Total
community            317,224         318,013         323,234         389,438         421,362
revenues
Ancillary            699             615             640             20,156          41,357   
revenues
Total
community and        317,923         318,628         323,874         409,594         462,719  
ancillary
revenues
                                                                                  
Community
operating
expenses:
Salaries and
wages -              98,236          97,850          99,334          119,305         127,713
regular and
overtime
Average daily
salary and       $   1,080       $   1,075       $   1,080       $   1,297       $   1,419
wages
Average daily
wages per        $   42.01       $   42.00       $   41.98       $   40.73       $   40.54
occupied unit
                                                                                  
Payroll taxes
and employee         34,813          33,185          32,132          36,854          45,523
benefits
Percent of
salaries and         35.4    %       33.9    %       32.3    %       30.9    %       35.6    %
wages
                                                                                  
Prior year
self-insurance       397             1,849           190             3,560           7,482
reserve
adjustments
                                                                                  
Utilities            13,532          12,141          14,805          15,328          18,595
Average
monthly cost         176             158             192             160             177
per occupied
unit
                                                                                  
Facility
maintenance          7,877           8,427           8,643           9,787           11,830
and repairs
Average
monthly cost         102             110             112             102             113
per occupied
unit
                                                                                  
All other
community            58,333          59,762          61,277          75,365          81,140
operating
expenses
Average
monthly cost         757             778             794             789             773
per occupied
unit
                                                                                  
Community
operating            213,188         213,214         216,381         260,199         292,283
expenses
Ancillary
operating            285             357             562             15,449          31,458   
expenses
Total
community and
ancillary            213,473         213,571         216,943         275,648         323,741  
operating
expenses
                                                                                  
Community
operating        $   104,036     $   104,799     $   106,853     $   129,239     $   129,079  
income
Consolidated
operating        $   104,450     $   105,057     $   106,931     $   133,946     $   138,978  
income
                                                                                  
Operating
income margin        32.8    %       33.0    %       33.1    %       33.2    %       30.6    %
- Communities
Operating
income margin        32.9    %       33.0    %       33.0    %       32.7    %       30.0    %
- Consolidated
 

EMERITUS CORPORATION
Selected Consolidated and Same Community Information
For the Quarters Ended
(unaudited)
(Community revenue and operating expense in thousands)
 
                Q1 2012         Q2 2012         Q3 2012         Q4 2012         Q1 2013
Consolidated:                                                                  
Average
consolidated        328.0           327.3           325.3           414.3           462.7
communities
Community and
ancillary       $   317,923     $   318,628     $   323,874     $   409,594     $   462,719
revenue
Community and
ancillary           213,473         213,571         216,943         275,648         323,741
operating
expense
Average             86.6    %       86.4    %       87.1    %       86.8    %       86.4    %
occupancy
Average
monthly         $   4,115       $   4,140       $   4,189       $   4,077       $   4,012
revenue per
unit
Operating           32.9    %       33.0    %       33.0    %       32.7    %       30.0    %
income margin
                                                                                 
Consolidated
Same
Community:
Average
consolidated        323.0           323.0           323.0           323.0           323.0
communities
Community       $   314,369     $   315,682     $   321,625     $   323,289     $   322,713
revenue
Community
operating           210,304         208,989         215,118         211,869         218,657
expense
Average             86.8    %       86.5    %       87.2    %       87.0    %       86.5    %
occupancy
Average
monthly         $   4,116       $   4,144       $   4,188       $   4,218       $   4,236
revenue per
unit
Operating           33.1    %       33.8    %       33.1    %       34.5    %       32.2    %
income margin
                                                                                 
Total
Portfolio
Same
Community:
Average
consolidated        477.0           477.0           477.0           477.0           477.0
communities
Community       $   420,603     $   422,685     $   430,674     $   433,681     $   434,225
revenue
Community
operating           282,953         282,302         290,055         285,705         293,589
expense
Average             86.0    %       86.0    %       86.7    %       86.6    %       86.3    %
occupancy
Average
monthly         $   3,895       $   3,915       $   3,958       $   3,987       $   4,007
revenue per
unit
Operating           32.7    %       33.2    %       32.7    %       34.1    %       32.4    %
income margin

Contact:

For Emeritus Corporation
Investor Relations
206-298-2909
or
Media:
Liz Brady, 646-277-1226
Liz.brady@icrinc.com
or
Sari Martin, 203-682-8345
Sari.martin@icrinc.com
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