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:
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.”