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

emeritus 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.”