Emeritus Corporation (NYSE: ESC), a national provider of assisted living and memory care services to seniors, recently announced its first quarter 2010 results that showed an increase in revenues of 5.9% to $234.2 million, compared to $221.1 million in the 2009 first quarter and a net loss of $14.2 million or (.36) per share versus a net loss of $14.8 million in Q1 2009. According to Emeritus, the $13.1 million increase consisted of $7.6 million from improved rate and occupancy in its portfolio of 264 same communities that have continuously operated since January 1, 2009, and $5.5 million from the acquisition, development, and expansion of 16 communities since the beginning of 2009. Emeritus also anticipates that its joint venture with Blackstone Real Estate Advisors and Columbia Pacific Advisors to close on the acquisition of 149 communities currently operated by an affiliate of Sunwest Management if it selected as the winning bidder.
Other operating highlights for Q1 2010 include:
- Same Community average monthly revenue per occupied unit improved by 2.4% to $3,718.
- Total average occupancy increased 110 basis points to 87.2%.
- Same Community average occupancy increased 90 basis points to 87.3%.
- Operating income from continuing operations improved 20.4% to $12.5 million.
- Adjusted EBITDAR increased $1.8 million to $65.2 million.
- CFFO per share was $0.27 compared to $0.29 in the prior year quarter.
“The need-driven fundamentals of our business remain intact, and we continue to gain market share,” commented Granger Cobb, President and Co-Chief Executive Officer. “We also continue to successfully pursue external growth as we added nine communities to our consolidated portfolio during the first quarter, and our joint venture was selected as the lead bidder for the acquisition of 149 communities that we would manage if the joint venture successfully acquires these communities.”