Brookdale Senior Living Inc. (NYSE: BKD) announced its first quarter 2011 results that showed a net loss of $12.3 million upon quarterly revenues of $569.4 million. The revenue in Q1 2011 was up 4.6% compared to Q1 2010 based upon increases in occupancy and increases in average monthly revenue per unit. Average monthly revenue per unit was $4,609 in the first quarter, an increase of $223, or 5.1%, over the first quarter of 2010 whereas average occupancy for all consolidated communities for the first quarter of 2011 was 87.2%, an increase from 86.6% for the first quarter of 2010
“Our first quarter results were in line with our expectations. Despite bad weather, higher than normal resident attrition, a poor housing market, and federal budget uncertainty, we increased CFFO by 13.5% versus last year’s first quarter. Our same community senior housing revenue per unit growth increased to 3.5% and outpatient therapy and home health revenue grew by 16%. We continue to be comfortable with our projection metrics for the year with growth in revenue of 5% to 5.5% and expenses of 4% to 4.5%, such that CFFO per share will be in the $2.30 to $2.40 range,” Bill Sheriff, Brookdale’s CEO.
Cash From Facility Operations was $61.8 million for the first quarter of 2011, or $0.51 per share, an increase of $7.4 million, or 13.5%, from CFFO of $54.4 million, or $0.46 per share, for the first quarter of 2010.
Mark Ohlendorf, Co-President and CFO of Brookdale, commented, “During the first quarter, we continued to execute our strategy to use positive cash flow to delever the Company’s balance sheet, while simultaneously creating financial flexibility to pursue opportunities as they arise. During the quarter, we expanded our credit line, used cash to pay off debt and unencumber assets, and completed acquisitions using internally generated cash on hand. We have continued to strengthen our financial position with improving cash flow and are working aggressively to refinance our 2012 debt maturities in the near future.”