Capital Senior Living Suspends Development Activities in 2009

Capital Senior Living Corporation, one of the country’s largest operators of senior living communities, announced that it plans to suspend further development activities following the opening in the first half of 2009 of the two remaining communities under development. The Company believes that it is prudent to discontinue further development until general business conditions improve and will eliminate three related positions in its development area and will focus on occupancy increases, improvement in rental rates, expense management and growth in net operating income per unit; increasing levels of care through conversions; and other opportunities.

The press release discusses the 2 remaining projects and the costs incurred and revenues that have been recognized from the development of those properties. The company announced that one of its founders, Jim Stroud, is retiring but will continue to serve as non-executive chairman. The company is eliminating 3 positions associated with development of future projects and the current vice president will oversee the remaining properties and work on finding other opportunities for the company.

Looks like Capital Senior Living is hibernating for 2009. Maybe after the credit freeze thaws in late 2009, they’ll be back on the prowl.


For the full press release, click here.