Emeritus Loss Narrows On Higher Revenue, Occupancy Rates During Q1 2009

May 17th, 2009 · No Comments

Senior housing provider Emeritus Corp. showed increases in revenue and higher occupancy rates during the first quarter which resulted in the company having a lower loss. During the first quarter of 2009, the Company opened a 38-unit Alzheimer’s and dementia care community, opened a 22-unit expansion, entered into a lease for an 83-unit assisted living community, and reclassified three communities comprised of 326 units to discontinued operations. As a result of these changes, the total consolidated operating portfolio consists of 264 communities with approximately 22,930 operating units as of March 31, 2009.

The company specifically showed:

Same Store Occupancy Increased Sequentially 10 Basis Points To 87.2%;

Total Revenues Increased 18.6% To $218.0 Million From The First Quarter 2008;

Operating Income From Continuing Operations Improved By $14.2 Million From The First Quarter 2008, And

Cash Flow From Operations (CFFO) Per Share Increased 50.0% To $0.27 From The First Quarter 2008

Mr. Granger Cobb, President and Co-CEO of Emeritus stated, “We are pleased with our first quarter progress as occupancy momentum developed as the quarter progressed. Due to the need-driven demand for our services, we are confident that we will continue to improve our operating performance and cash flow over the long term.”