Emeritus Corporation (NYSE: ESC), a national provider of assisted living and memory care services to seniors, announced its fourth quarter and full year 2009 results that showed a smaller net loss in 2009 of $(53.9) million compared to $(104.8) million in 2008. Emeritus saw its average monthly revenue per occupied unit improved by 6.8% to $3,648 for the year, and by 4.1% to $3,684 for the fourth quarter and its average occupancy increased 20 basis points to 86.7% for the year, and increased 70 basis points to 87.1% for the fourth quarter. The small net loss attributable to the decrease in depreciation and amortization of $41.6 million and other charges associated with its discontinued operations and impairment charges.
Granger Cobb, President and Co-Chief Executive Officer, stated, “In 2009, we improved occupancy, revenue per unit, and cash flows despite a difficult economy, underscoring the need-driven fundamentals of our business. As we enter this year, we are energized by the meaningful opportunities to drive further improvements in operating results throughout our existing portfolio, as well as through select acquisitions.”
Emeritus Q4 2009 Earnings Release
