Brookdale Senior Living Inc. (NYSE: BKD) announced financial and operating results for the second quarter of 2010 that showed an increase in revenue of 9.6% compared to Q2 2009 to $549 million for second quarter 2010. Brookdale’s Cash From Facility Operations ("CFFO") was $57.0 million, or $0.48 per share, in the second quarter, versus $52.5 million, or $0.50 per share, for the second quarter of 2009. The company’s average occupancy increased by 20 basis points to 86.8% compared to Q1 2010 and a full 60 basis points versus second quarter 2009 and the average monthly revenue per unit was $4,415 in the second quarter, an increase of $157, or 3.7%, over the second quarter of 2009. The net loss for Q2 2010 was $(9.6) milion or a loss of .08 per share.
Brookdale’s facility operating expenses increased by $36.5 million and was attributed to its growth of ancillary services, salaries and wages and expenses associated with expansions and acquisitions. During the second quarter, the Brookdale acquired three home health agencies for an aggregate purchase price of approximately $2.0 million and a fourth agency was acquired on the first day of the third quarter providing the potential to serve in aggregate over 2,200 units.
"We had solid results in the second quarter, particularly given the increased challenges of the macro-economic environment. We built occupancy every month and ended with all segments increasing for the quarter. We continue to have positive, but modest, senior housing revenue per unit increases, and ancillary service revenue continues to experience strong growth. During the second quarter, we made three home health agency acquisitions and have an active pipeline of pending agency acquisitions and start-up agencies which we expect to operate before the end of the year. We have had a good start to the third quarter with an increase in occupancy in July, the completion of two additional home health agency acquisitions and an improvement in our entry fee sales activity," said Bill Sheriff, Brookdale’s CEO.