Brookdale Senior Living Inc. (NYSE:BKD) saw first quarter revenue of $712.3 million, an increase of 4.3% from the first quarter of 2012.
Net income was $3.6 million for the first quarter of 2013 compared to a net loss of $10.5 million in the first quarter of 2012.
“We are encouraged by the trends we continue to see driving organic growth,” said Andy Smith, chief executive officer of Brookdale. “Pricing growth remained steady as revenue per unit for our senior housing business increased 2.8% versus the prior year period. We also made significant progress in controlling our cost growth, demonstrating our business model’s inherent leverage when occupancy and rate grow.”
Cash From Facility Operations (CFFO) was $69.9 million, or $0.57 per share, a 19.6% increase compared to CFFO of $58.5 million, or $0.48 per share, for the first quarter of 2012, excluding $2.1 million and $3.9 million of integration, transaction-related and electronic medical records (“EMR”) roll-out costs for the three months ended March 31, 2013 and 2012, respectively.
Adjusted EBITDA was $112.4 million, up 11.8% as compared to $100.5 million in the first quarter of 2012, excluding integration, transaction-related and EMR roll-out costs in both periods.
Average occupancy was 88.5%, up 70 basis points from a year ago, but down 20 basis points from the fourth quarter of 2012. As a result of the improved occupancy numbers, revenue from its consolidated senior housing portfolio was $564.2 million, up 4% from the first quarter of 2012.
“The company’s good first quarter results come from solid execution, a less volatile economy and, importantly, the investments we are making in our own assets,” said Mark Ohlendorf, co-president and CFO of Brookdale. “Upgrading, expanding and repositioning select communities in our portfolio remains our highest capital deployment priority and produces enhanced returns and CFFO. “
Written by John Yedinak