Capital Senior Living Corporation (the “Company”) (NYSE:CSU),
one of the nation’s largest operators of senior living communities,
today announced operating and financial results for the second
quarter 2016. Company highlights for the second quarter
include:
Operating and Financial
Summary (all amounts in this operating and financial
summary exclude three communities that are undergoing
repositioning, lease-up or significant renovation and conversion,
unless otherwise noted; also, see Non-GAAP Financial
Measures below and reconciliation of Non-GAAP measures to the
most directly comparable GAAP measure on the final page of this
release)
- Revenue in the second quarter of 2016,
including all communities, was $111.0 million, a $9.4 million, or
9.3%, increase from the second quarter of 2015.
- Occupancy for the Company’s
consolidated communities was 88.4% in the second quarter of 2016,
an increase of 40 basis points from the second quarter of 2015 and
a decrease of 10 basis points from the first quarter of 2016.
Same-community occupancy was 88.6% for the second quarter of 2016,
a 50 basis point increase from the second quarter of 2015 and a 10
basis point increase from the first quarter of 2016.
- Average monthly rent for the Company’s
consolidated communities in the second quarter of 2016 was $3,473,
an increase of $110 per occupied unit, or 3.3%, as compared to the
second quarter of 2015. Same-community average monthly rent was
$3,426, an increase of $54 per occupied unit, or 1.6%, from the
second quarter of 2015.
- Income from operations, including all
communities, was $5.8 million, a $2.1 million, or 57.4%, increase
from the second quarter of 2015, due to the Company’s acquisitions
of senior living communities made during or since the second
quarter of 2015 and increases in the Company’s same-community
revenues and occupancies.
- Adjusted EBITDAR was $39.0 million in
the second quarter of 2016, a 9.2% increase from the second quarter
of 2015. The Company’s Adjusted EBITDAR margin was 36.5% for the
second quarter of 2016. The three communities undergoing
repositioning, lease-up or significant renovation and conversion,
not included in Adjusted EBITDAR, generated an additional $0.8
million of EBITDAR.
- The Company’s Net Loss for the second
quarter of 2016, including all communities, was $4.4 million, or
$0.15 per share, due mostly to non-cash amortization of resident
leases of $3.5 million associated with communities acquired by the
Company in the previous 12 months. Excluding non-recurring or
non-economic items, the Company’s adjusted net loss was $0.1
million in the second quarter of 2016.
- Adjusted Cash From Facility Operations
(“CFFO”) was $12.9 million, or $0.45 per share, in the second
quarter of 2016 compared to $11.7 million, or $0.41 per share, in
the second quarter of 2015, an increase of 10.0%.
- The Company previously announced the
expected acquisition of three communities for $74 million, subject
to completion of due diligence and customary closing conditions.
One of the communities to be purchased for approximately $18
million is currently expected to close in August 2016, and the
other two communities totaling approximately $56 million are
expected to close late in the third quarter or early in the fourth
quarter. Once completed, this will bring the Company’s total
acquisitions in 2016 to approximately $138.4 million.
“The Company once again achieved solid growth in our key
performance metrics despite the heavy rain and flooding in Texas
and the Midwest that impacted our traffic in May and early June.
Our performance continues to demonstrate the advantages of our
clear and differentiated strategy to drive superior shareholder
value by successfully executing on our multiple avenues of growth,”
said Lawrence A. Cohen, Chief Executive Officer of the Company. “We
achieved a record number of move-ins in the last week of June and
expect momentum in our occupancy to continue to build in the second
half of the year, as the third and fourth quarters are seasonally
our quarters of greatest occupancy growth.
“Complementing our growth is a robust acquisition pipeline that
allows us to increase our ownership of high-quality senior living
communities in geographically concentrated regions and generate
meaningful increases in our key performance metrics and real estate
value. We currently expect to close on the acquisition of three
communities during the second half of 2016, and we continue to
pursue additional opportunities.
“We believe that we are well positioned to create long-term
shareholder value as a larger company with scale, competitive
advantages and a substantially all private-pay business model in a
highly fragmented industry that benefits from long-term
demographics, need-driven demand, limited competitive new supply in
our local markets, a strong housing market and a growing
economy.”
Recent Investment
Activity
- During the second quarter of 2016, the
Company completed supplemental loans on seven communities that
resulted in $16.9 million in net cash proceeds, which recognizes
the significant value that has been created in these communities
since the date of their primary loan in July 2014. These loans have
an interest rate of 4.98% and mature coterminous with the original
loans in July 2024. Also, the Company completed a supplemental loan
on a community that resulted in net cash proceeds of $2.6 million.
The loan has a 4.25% interest rate and matures coterminous with the
original loan in September 2025.
- As noted above, acquisitions of three
communities totaling approximately $74 million are expected to
close in the third and fourth quarters of 2016, subject to
completion of due diligence and customary closing conditions. This
will bring the Company’s total acquisitions in 2016 to
approximately $138.4 million.
- The Company has a strong pipeline of
near- to medium-term targets. With a strong reputation among
sellers, the Company sources the majority of its acquisitions
off-market and at attractive terms.
Financial Results - Second
Quarter
For the second quarter of 2016, the Company reported revenue of
$111.0 million, compared to revenue of $101.6 million in the second
quarter of 2015, an increase of 9.3%. Excluding the revenue of the
community the Company sold in the third quarter of 2015, revenues
increased $10.0 million, or 10.4%, in the second quarter of 2016 as
compared to the second quarter of 2015, mostly due to the
acquisition of 12 communities during or since the second quarter of
2015. Revenue for consolidated communities excluding the three
communities undergoing repositioning, lease-up or significant
renovation and conversion increased 9.4% in the second quarter of
2016 as compared to the second quarter of 2015. These increases
were achieved with fewer units available for lease in the second
quarter of 2016 than the second quarter of 2015, exclusive of
acquisitions, due to conversion and refurbishment projects
currently in progress at certain communities.
Operating expenses for the second quarter of 2016 were $67.2
million, an increase of $6.5 million from the second quarter of
2015, also primarily due to the acquisitions of senior living
communities made during or since the second quarter of 2015.
General and administrative expenses for the second quarter of
2016 were $5.0 million compared to $5.7 million in the second
quarter of 2015. Excluding transaction and conversion costs of $0.4
million from the second quarter of 2016 and $0.8 million from the
second quarter of 2015, general and administrative expenses
decreased $0.4 million in the second quarter of 2016 as compared to
the second quarter of 2015. As a percentage of revenues under
management, general and administrative expenses, excluding
transaction and conversion costs, were 4.1% in the second quarter
of 2016 as compared to 4.8% in the second quarter of 2015.
Income from operations for the second quarter of 2016 was $5.8
million, an increase of $2.1 million, or 57.4%, from the second
quarter of 2015. This increase is primarily attributable to the
Company’s acquisitions of senior living communities made during or
since the second quarter of 2015 and increases in the Company’s
same-community revenues and occupancies.
The Company recorded a net loss on a GAAP basis of $4.4 million,
or $0.15 per share, in the second quarter of 2016. Excluding
non-recurring or non-economic items reconciled on the final page of
this release, the Company’s adjusted net loss was $0.1 million in
the second quarter of 2016.
The Company’s Non-GAAP financial measures exclude three
communities that are undergoing repositioning, lease-up of
higher-licensed units or significant renovation and conversion (see
“Non-GAAP Financial Measures” below).
Adjusted EBITDAR for the second quarter of 2016 was $39.0
million, an increase of $3.3 million, or 9.2%, from the second
quarter of 2015. The Adjusted EBITDAR margin for the second quarter
of 2016 was 36.5%. The three communities undergoing repositioning,
lease-up or significant renovation and conversion, not included in
Adjusted EBITDAR, generated an additional $0.8 million of
EBITDAR.
Adjusted CFFO was $12.9 million, or $0.45 per share, in the
second quarter of 2016, a 10.0% increase from $11.7 million, or
$0.41 per share, in the second quarter of the prior year.
Operating Activities
Same-community results exclude the three communities previously
noted that are undergoing repositioning, lease-up or significant
renovation and conversion, and transaction and other one-time
costs.
Same-community revenue in the second quarter of 2016 increased
1.8% versus the second quarter of 2015. Due to conversion and
refurbishment projects currently in progress at certain
communities, fewer units were available for rent in the second
quarter of this year than the second quarter of last year. With a
like number of units available in both years, same-community
revenue would have increased approximately 2.2% in the second
quarter of 2016 as compared to the second quarter of the prior
year.
Same-community expenses increased 1.7% from the second quarter
of the prior year, excluding a one-time workers compensation credit
of $0.4 million from the second quarter of 2015. On the same basis,
labor costs, including benefits, increased 2.1%, food costs
increased 0.6% and utilities increased 0.9%, all as compared to the
second quarter of 2015, and same-community net operating income
increased 1.9% in the second quarter of 2016 as compared to the
second quarter of 2015. With a like number of units available in
both years, same-community net operating income would have
increased approximately 2.6% from the second quarter of the prior
year.
Capital expenditures for the second quarter of 2016 were $16.0
million, representing approximately $14.7 million of investment
spending and approximately $1.3 million of recurring capital
expenditures. If annualized, spending for recurring capital
expenditures was approximately $425 per unit.
Balance Sheet
The Company ended the quarter with $57.7 million of cash and
cash equivalents, including restricted cash, an increase of $12.7
million since March 31, 2016. During the second quarter of 2016,
the Company received net cash proceeds of $19.5 million related to
supplemental loans for eight communities and spent $16.0 million on
capital improvements, which includes $3.1 million related to lease
incentives for certain tenant leasehold improvements for which the
Company expects to be reimbursed by its lessors. The Company
received reimbursements totaling $3.0 million in the second quarter
for capital improvements and expects to receive additional
reimbursements as the remaining projects are completed.
As of June 30, 2016, the Company financed its owned communities
with mortgages totaling $834.4 million at interest rates averaging
4.6%. All of the Company’s debt is at fixed interest rates, except
for one bridge loan totaling approximately $11.8 million at June
30, 2016, which matures in the third quarter of 2017. The earliest
maturity date for the Company’s fixed-rate debt is in 2021.
The Company’s cash on hand and cash flow from operations are
expected to be sufficient for working capital, prudent reserves and
the equity needed to fund the Company’s acquisition, conversion and
renovation programs.
Q2 2016 Conference Call
Information
The Company will host a conference call with senior management
to discuss the Company’s second quarter 2016 financial results. The
call will be held on Tuesday, August 2, 2016, at 5:00 p.m. Eastern
Time. The call-in number is 913-312-1446, confirmation code
7836246. A link to a simultaneous webcast of the teleconference
will be available at www.capitalsenior.com through Windows Media Player
or RealPlayer.
For the convenience of the Company’s shareholders and the
public, the conference call will be recorded and available for
replay starting August 2, 2016 at 8:00 p.m. Eastern Time, until
August 11, 2016 at 8:00 p.m. Eastern Time. To access the conference
call replay, call 719-457-0820, confirmation code 7836246. The
conference call will also be made available for playback via the
Company’s corporate website, www.capitalsenior.com, beginning
August 3, 2016.
Non-GAAP Financial Measures of
Operating Performance
Adjusted EBITDAR, Adjusted EBITDAR Margin, Adjusted Net Income
and Adjusted CFFO are financial measures of operating performance
that are not calculated in accordance with U.S. generally accepted
accounting principles (“GAAP”). Non-GAAP financial measures of
operating performance may have material limitations in that they do
not reflect all of the amounts associated with our results of
operations as determined in accordance with GAAP. As a result, these non-GAAP financial measures of
operating performance should not be considered a substitute for,
nor superior to, financial results and measures determined or
calculated in accordance with GAAP. The Company believes
that these non-GAAP performance measures are useful as they are
performance measures used by management in identifying trends in
day-to-day performance because they exclude the costs associated
with acquisitions and conversions and items that do not reflect the
ordinary performance of our operations and provide indicators to
management of progress in achieving both consolidated and business
unit operating performance. In addition, these measures are used by
many research analysts and investors to evaluate the performance
and the value of companies in the senior living industry. The
Company strongly urges you to review on the last page of this
release the reconciliation of income from operations to Adjusted
EBITDAR and Adjusted EBITDAR Margin and the reconciliation of net
loss to Adjusted Net Income and Adjusted CFFO, along with the
Company’s consolidated balance sheets, statements of operations,
and statements of cash flows.
About the Company
Capital Senior Living Corporation is one of the nation’s largest
operators of residential communities for senior adults. The
Company’s operating strategy is to provide value to residents by
providing quality senior living services at reasonable prices. The
Company’s communities emphasize a continuum of care, which
integrates independent living, assisted living, and home care
services, to provide residents the opportunity to age in place. The
Company operates 126 senior living communities in geographically
concentrated regions with an aggregate capacity of approximately
15,800 residents.
Safe Harbor
The forward-looking statements in this release are subject to
certain risks and uncertainties that could cause results to differ
materially, including, but not without limitation to, the Company’s
ability to find suitable acquisition properties at favorable terms,
financing, refinancing, community sales, licensing, business
conditions, risks of downturns in economic conditions generally,
satisfaction of closing conditions such as those pertaining to
licensure, availability of insurance at commercially reasonable
rates, and changes in accounting principles and interpretations
among others, and other risks and factors identified from time to
time in our reports filed with the Securities and Exchange
Commission.
For information about Capital Senior Living, visit
www.capitalsenior.com.
CAPITAL SENIOR LIVING
CORPORATION CONSOLIDATED BALANCE SHEETS (unaudited,
in thousands, except per share data) June 30,
December 31, 2016
2015 ASSETS Current assets: Cash
and cash equivalents $ 44,486 $ 56,087 Restricted cash 13,167
13,159 Accounts receivable, net 10,427 9,254 Federal and state
income taxes receivable 95 — Property tax and insurance deposits
11,472 14,398 Prepaid expenses and other
5,386
4,370 Total current assets 85,033
97,268 Property and equipment, net 958,123 890,572 Other assets,
net
28,737 31,193
Total assets
$ 1,071,893
$ 1,019,033 LIABILITIES
AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable
$ 1,148 $ 3,362 Accrued expenses 32,559 34,300 Current portion of
notes payable, net of deferred loan costs 17,082 13,634 Current
portion of deferred income and resident revenue 15,794 16,059
Current portion of capital lease and financing obligations 1,214
1,257 Federal and state income taxes payable — 111 Customer
deposits
1,698 1,819
Total current liabilities 69,495 70,542 Deferred income
13,165 13,992 Capital lease and financing obligations, net of
current portion 38,295 38,835 Other long-term liabilities 10,372
4,969 Notes payable, net of deferred loan costs and current portion
812,704 754,949 Commitments and contingencies Shareholders' equity:
Preferred stock, $.01 par value: Authorized shares – 15,000; no
shares issued or outstanding — — Common stock, $.01 par value:
Authorized shares – 65,000; issued and
outstanding shares – 29,998 and 29,539 in 2016 and 2015,
respectively
305 299 Additional paid-in capital 164,956 159,920 Retained deficit
(33,969 ) (23,539 ) Treasury stock, at cost – 494 and 350 shares in
2016 and 2015, respectively
(3,430
) (934 ) Total
shareholders' equity
127,862
135,746 Total liabilities and shareholders'
equity
$ 1,071,893 $
1,019,033
CAPITAL SENIOR LIVING CORPORATION CONSOLIDATED STATEMENTS
OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited, in
thousands, except per share data)
Three Months EndedJune
30,
Six Months EndedJune
30,
2016 2015
2016 2015
Revenues: Resident revenue $ 111,034 $ 101,588 $ 220,207 $ 200,228
Expenses: Operating expenses (exclusive of facility lease expense
and depreciation and amortization expense shown below) 67,162
60,707 133,685 120,838 General and administrative expenses 4,972
5,718 11,220 10,731 Facility lease expense 15,445 15,298 30,650
30,554 Stock-based compensation expense 2,490 2,717 5,003 4,444
Depreciation and amortization
15,172
13,468 29,703
26,263 Total expenses
105,241 97,908
210,261 192,830
Income from operations 5,793 3,680 9,946 7,398 Other income
(expense): Interest income 19 11 35 24 Interest expense (10,345 )
(8,673 ) (20,330 ) (17,028 ) Write-off of deferred loan costs and
prepayment premiums — — — (871 ) Loss on disposition of assets, net
(6 ) (65 ) (37 ) (171 ) Other income
233
— 233
1 Loss before provision for income taxes (4,306
) (5,047 ) (10,153 ) (10,647 ) Provision for income taxes
(140 ) (119
) (277 )
(558 ) Net loss
$
(4,446 ) $
(5,166 ) $
(10,430 ) $
(11,205 ) Per share data: Basic net loss
per share
$ (0.15 )
$ (0.18 ) $
(0.36 ) $ (0.38
) Diluted net loss per share
$
(0.15 ) $ (0.18
) $ (0.36 )
$ (0.38 ) Weighted average
shares outstanding — basic
28,926
28,705 28,838
28,636 Weighted average shares outstanding —
diluted
28,926
28,705 28,838
28,636 Comprehensive loss
$
(4,446 ) $
(5,166 ) $
(10,430 ) $
(11,205 ) CAPITAL
SENIOR LIVING CORPORATION CONSOLIDATED STATEMENTS OF CASH
FLOWS (unaudited, in thousands)
Six Months EndedJune
30,
2016 2015
Operating Activities Net loss $ (10,430 ) $ (11,205 )
Adjustments to reconcile net loss to net cash provided by operating
activities: Depreciation and amortization 29,703 26,263
Amortization of deferred financing charges 567 582 Amortization of
deferred lease costs and lease intangibles (184 ) 651 Deferred
income 44 (131 ) Lease incentives 3,890 — Write-off of deferred
loan costs and prepayment premiums — 871 Loss on disposition of
assets, net 37 171 Provision for bad debts 809 544 Stock-based
compensation expense 5,003 4,444 Changes in operating assets and
liabilities: Accounts receivable (94 ) (2,090 ) Accounts receivable
from affiliates — 2 Property tax and insurance deposits 2,926 1,500
Prepaid expenses and other (1,016 ) 1,379 Other assets (566 ) 208
Accounts payable (2,214 ) (492 ) Accrued expenses (1,704 ) (2,220 )
Federal and state income taxes receivable/payable (206 ) (529 )
Deferred resident revenue (1,136 ) (1,581 ) Customer deposits
(121 ) (48
) Net cash provided by operating activities 25,308
18,319
Investing Activities Capital expenditures (29,747 )
(13,540 ) Cash paid for acquisitions (64,750 ) (74,710 ) Proceeds
from disposition of assets
—
35,807 Net cash used in investing activities
(94,497 ) (52,443 )
Financing Activities Proceeds from notes
payable 69,892 102,332 Repayments of notes payable (8,183 ) (66,315
) Increase in restricted cash (8 ) (10 ) Cash payments for capital
lease and financing obligations (583 ) (433 ) Cash proceeds from
the issuance of common stock 66 42 Excess tax benefits on stock
options exercised (27 ) 49 Purchases of treasury stock (2,496 ) —
Deferred financing charges paid
(1,073
) (1,347 ) Net cash
provided by financing activities
57,588
34,318 (Decrease) Increase in cash and
cash equivalents (11,601 ) 194 Cash and cash equivalents at
beginning of period
56,087
39,209 Cash and cash equivalents at end of
period
$ 44,486 $
39,403 Supplemental Disclosures Cash
paid during the period for: Interest
$
19,627 $ 16,112
Income taxes
$ 546
$ 1,020
Capital Senior Living Corporation Supplemental
Information Average Communities
Resident Capacity Average Units Q2 16 Q2
15 Q2 16 Q2 15 Q2 16 Q2 15
Portfolio Data I. Community Ownership / Management
Consolidated communities Owned 76 68 9,436 8,744 7,251 6,608 Leased
50 50 6,333 6,333 4,918 4,907
Total 126 118 15,769 15,077 12,169 11,515 Independent
living 6,792 7,090 5,294 5,512 Assisted living 8,977 7,987
6,875 6,003 Total 15,769 15,077 12,169 11,515
II. Percentage of Operating Portfolio
Consolidated communities Owned 60.3 % 57.6 % 59.8 % 58.0 % 59.6 %
57.4 % Leased 39.7 % 42.4 % 40.2 % 42.0 % 40.4 % 42.6 % Total 100.0
% 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Independent living
43.1 % 47.0 % 43.5 % 47.9 % Assisted living 56.9 % 53.0 % 56.5 %
52.1 % Total 100.0 % 100.0 % 100.0 % 100.0 %
Capital Senior Living
Corporation
Supplemental Information (excludes communities being
repositioned/leased up) Selected Operating Results Q2
16 Q2 15 I. Owned communities Number of
communities 74 66 Resident capacity 8,891 8,199 Unit capacity (1)
6,845 6,208 Financial occupancy (2) 89.2 % 89.1 % Revenue (in
millions) 62.2 53.4 Operating expenses (in millions) (3) 38.5 33.1
Operating margin 38 % 38 % Average monthly rent 3,397 3,220
II.
Leased communities Number of communities 49 49 Resident
capacity 6,107 6,107 Unit capacity (1) 4,731 4,766 Financial
occupancy (2) 87.3 % 86.5 % Revenue (in millions) 44.4 44.0
Operating expenses (in millions) (3) 24.6 24.0 Operating margin 45
% 45 % Average monthly rent 3,584 3,555
III. Consolidated
communities Number of communities 123 115 Resident capacity
14,998 14,306 Unit capacity (1) 11,576 10,974 Financial occupancy
(2) 88.4 % 88.0 % Revenue (in millions) 106.6 97.4 Operating
expenses (in millions) (3) 63.1 57.1 Operating margin 41 % 41 %
Average monthly rent 3,473 3,363
IV. Communities under
management Number of communities 123 115 Resident capacity
14,998 14,306 Unit capacity (1) 11,576 10,974 Financial occupancy
(2) 88.4 % 88.0 % Revenue (in millions) 106.6 97.4 Operating
expenses (in millions) (3) 63.1 57.1 Operating margin 41 % 41 %
Average monthly rent 3,473 3,363
V. Same communities under
management Number of communities 110 110 Resident capacity
13,833 13,833 Unit capacity (1) 10,662 10,700 Financial occupancy
(2) 88.6 % 88.1 % Revenue (in millions) 97.1 95.4 Operating
expenses (in millions) (3) 56.7 55.7 Operating margin 42 % 42 %
Average monthly rent 3,426 3,372
VI. General and Administrative
expenses as a percent of Total Revenues under Management Second
quarter (4) 4.1 % 4.8 % Year to date (4) 4.5 % 4.7 %
VII.
Consolidated Mortgage Debt Information (in thousands, except
interest rates) (excludes insurance premium and auto
financing) Total fixed rate mortgage debt 822,615 659,485 Total
variable rate mortgage debt 11,800 20,272 Weighted average interest
rate 4.6 % 4.6 % (1) Due
to conversion and refurbishment projects currently in progress at
certain communities, unit capacity is lower in Q2 16 than Q2 15 for
same communities under management, which affects all groupings of
communities. (2) Financial occupancy represents actual days
occupied divided by total number of available days during the month
of the quarter. (3) Excludes management fees, provision for bad
debts and transaction and conversion costs. Q2 15 excludes a $0.4
million one-time workers compensation credit. (4) Excludes
transaction and conversion costs.
CAPITAL SENIOR
LIVING CORPORATION NON-GAAP RECONCILIATIONS (In
thousands, except per share data)
Three Months Ended June 30,
Six Months Ended June 30, 2016 2015
2016 2015 Adjusted EBITDAR Income from
operations $ 5,793 $ 3,680 $ 9,946 $ 7,398 Depreciation and
amortization expense 15,172 13,468 29,703 26,263 Stock-based
compensation expense 2,490 2,717 5,003 4,444 Facility lease expense
15,445 15,298 30,650 30,554 Provision for bad debts 322 280 809 544
Casualty losses 170 260 435 521 Transaction and conversion costs
416 876 1,400 1,463 Communities excluded due to repositioning/lease
up (831 ) (872 ) (1,655 ) (1,354 )
Adjusted EBITDAR $ 38,977 $ 35,707 $ 76,291 $
69,833
Adjusted EBITDAR Margin Adjusted
EBITDAR $ 38,977 $ 35,707 $ 76,291 $ 69,833 Total revenues $
111,034 $ 101,588 $ 220,207 $ 200,228 Communities excluded due to
repositioning/lease up (4,350 ) (4,428 )
(8,799 ) (8,783 ) Adjusted revenues $ 106,684 $
97,160 $ 211,408 $ 191,445
Adjusted EBITDAR margin 36.5 % 36.8 %
36.1 % 36.5 %
Adjusted net income and
Adjusted net income per share Net loss $ (4,446 ) $ (5,166 ) $
(10,430 ) $ (11,205 ) Casualty losses 170 260 435 521 Transaction
and conversion costs 184 876 1,168 1,463 Resident lease
amortization 3,500 4,098 7,009 7,808 Write-off of deferred loan
costs and prepayment premium - - - 871 Loss (Gain) on disposition
of assets 6 65 37 171 Tax impact of Non-GAAP adjustments (37%)
(1,428 ) (1,961 ) (3,200 ) (4,009 ) Deferred tax asset valuation
allowance 1,532 1,851 3,423 4,350 Tax impact of 4 property sale - 9
- 291 Communities excluded due to repositioning/lease up 369
215 659 705
Adjusted net (loss) income $ (113 ) $ 247 $ (899 ) $ 966
Diluted shares outstanding 28,926 28,707 28,838
28,638 Adjusted net (loss) income per
share $ (0.00 ) $ 0.01 $ (0.03 ) $ 0.03
Adjusted CFFO and Adjusted CFFO per share Net loss $ (4,446
) $ (5,166 ) $ (10,430 ) $ (11,205 ) Basic shares outstanding
28,926 28,705 28,838
28,636 Basic net loss per share $ (0.15 ) $ (0.18 ) $
(0.36 ) $ (0.38 ) Net loss $ (4,446 ) $ (5,166 ) $ (10,430 )
$ (11,205 ) Non-cash charges, net 21,304 17,068 39,869 33,395 Lease
incentives (3,022 ) (3,890 ) Recurring capital expenditures (1,155
) (1,095 ) (2,295 ) (2,182 ) Casualty losses 170 260 435 521
Transaction and conversion costs 184 876 1,168 1,463 Tax impact of
4 property sale - 9 - 291 Tax impact of Spring Meadows Transaction
(106 ) (106 ) (212 ) (212 ) Communities excluded due to
repositioning/lease up (49 ) (138 ) (91 )
152 Adjusted CFFO $ 12,880 $ 11,708 $
24,554 $ 22,223 Adjusted
CFFO per share $ 0.45 $ 0.41 $ 0.85 $ 0.78
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version on businesswire.com: http://www.businesswire.com/news/home/20160802006436/en/
Capital Senior Living CorporationCarey Hendrickson,
1-972-770-5600Chief Financial Officer
Capital Senior Living (NYSE:CSU)
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