Brookdale Senior Living Inc. (NYSE: BKD) announced its financial and operating results for the first quarter of 2010 that shows total revenue for the first quarter was $544.4 million, an increase of $46.5 million, or 9.3%, from the first quarter of 2009. The increase in revenue was primarily driven by an increase in average monthly revenue per unit, including growing revenues from ancillary services, and an increase in capacity through expansions and acquisitions, while occupancy was flat with the first quarter of 2009. Some of the operating highlights include:
- Average monthly revenue per unit was $4,386 in the first quarter, an increase of $171, or 4.1%, over the first quarter of 2009.
- Average occupancy for all consolidated communities for the first quarter of 2010 was 86.6%, flat with the first quarter of 2009 and 0.1% lower than the fourth quarter of 2009.
- Excluding expansions and acquisitions from the fourth quarter of 2009 and first quarter of 2010, average occupancy for the first quarter was 86.8%, compared to 87.0% for the fourth quarter of 2009.
For the quarter ended March 31, 2010, Facility Operating Income was $182.0 million, an increase of $9.0 million from the first quarter of 2009, and Adjusted EBITDA was $96.3 million, a $10.4 million increase over the first quarter of 2009. Cash From Facility Operations was $54.4 million for the first quarter of 2010, or $0.46 per share, and CFFO was $50.2 million for the first quarter of 2009, or $0.49 per share. Net loss for the first quarter of 2010 was $(14.3) million, or $(0.12) per diluted common share. The loss for the quarter includes non-cash items for depreciation and amortization, non-cash stock-based compensation expense and straight-line lease expense, net of deferred gain amortization.
Bill Sheriff, Brookdale’s CEO, said, "We are very pleased with our first quarter results, which were in line with our expectations. We are starting to see some improving economic signs, although still seeing the impact of the deep recession on our customers. In fact, we ended April at our highest occupancy of the year. Our sales inquiries during the first quarter increased over 9% from the prior year same period and, in our entry fee communities, increased 31% versus the first quarter of 2009. The number of entry fee unit closings was up 40% versus the prior year period. We also saw a decrease in the use of incentives for new residents during the first quarter compared to the fourth quarter."