Capital Senior Living Corporation (the “Company”) (NYSE:CSU),
one of the nation’s largest operators of senior housing
communities, today announced operating and financial results for
the third quarter 2016. Company highlights for the third 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. Note that following the Securities and Exchange
Commission's recent issuance of updated guidance on the use of
non-GAAP financial measures, the Company no longer presents
Adjusted CFFO on a per share basis.)
- Revenue in the third quarter of 2016,
including all communities, was $111.4 million, a $7.0 million, or
6.7%, increase from the third quarter of 2015.
- Revenue for consolidated communities,
which excludes the three communities undergoing repositioning,
lease-up or significant renovation and conversion, increased 7.3%
in the third quarter of 2016 as compared to the third quarter of
2015.
- Occupancy for the Company’s
consolidated communities was 88.4% in the third quarter of 2016,
which is even with the second quarter of 2016 and a decrease of 50
basis points from the third quarter of 2015. Same-community
occupancy was 88.6% for the third quarter of 2016, a 10 basis point
increase from the second quarter of 2016 and a 30 basis point
decrease from the third quarter of 2015.
- Average monthly rent for the Company’s
consolidated communities in the third quarter of 2016 was $3,489,
an increase of $106 per occupied unit, or 3.2%, as compared to the
third quarter of 2015. Same-community average monthly rent was
$3,458, an increase of $74 per occupied unit, or 2.2%, from the
third quarter of 2015.
- Income from operations, including all
communities, was $3.7 million in the third quarter of 2016.
- Adjusted EBITDAR was $38.0 million in
the third quarter of 2016, a 4.3% increase from the third quarter
of 2015. The Company’s Adjusted EBITDAR margin was 35.5% for the
third 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 third
quarter of 2016, including all communities, was $7.1 million, which
includes non-cash amortization of resident leases of $2.6 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 $0.7 million in the
third quarter of 2016.
- Adjusted Cash From Facility Operations
(“CFFO”) was $11.6 million in the third quarter of 2016 compared to
$12.0 million in the third quarter of 2015.
- The Company completed the acquisitions
of two communities during the third quarter and is scheduled to
close on an additional community this week. These three
acquisitions have a combined purchase price of approximately $74
million and are expected to generate incremental annual CFFO of
approximately $3.0 million. These acquisitions bring the Company’s
total acquisitions completed in 2016 to approximately $138.4
million.
- The Company announced today that it has
agreed to purchase four communities that it currently leases for a
total purchase price of approximately $85 million. This transaction
will result in incremental annual CFFO of approximately $1.9
million, releases the Company from certain lease obligations under
the lease related to these four communities, including annual rent
escalations, provides the Company greater flexibility related to
these communities and increases its percentage of assets owned
versus leased. The Company currently expects to close on this
transaction in January 2017.
“We made steady progress in the third quarter on important
operational and corporate objectives related to positioning the
Company for sustained solid growth, including the announcement of
the pending strategic purchase of four communities we currently
lease, as we look to continue to increase our real estate
ownership,” said Lawrence A. Cohen, Chief Executive Officer of the
Company. “The Company’s third quarter results were impacted by two
non-controllable items, attrition and healthcare claims. We
experienced very strong demand at our communities in the third
quarter of 2016, with same-community move-ins increasing 5.4% over
the third quarter of 2015; however, same-community attrition
increased an unusually high 9.5% during the quarter, which impacted
our occupancy and revenue. We also experienced an unusual spike in
healthcare claims in the third quarter, resulting in a significant
increase in the Company’s G&A expense.
“We continue to have a robust acquisition pipeline that allows
us to increase our ownership of high-quality senior housing
communities in geographically concentrated regions and generate
meaningful increases in our key performance metrics and real estate
value. We closed on the acquisitions of two communities during the
third quarter and on the acquisition of an additional community in
November. We are also pleased to announce the pending acquisition
of four communities that we currently lease, 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
Financial Results - Third
Quarter
For the third quarter of 2016, the Company reported revenue of
$111.4 million, compared to revenue of $104.4 million in the third
quarter of 2015, an increase of 6.7%, mostly due to the acquisition
of 11 communities during or since the third quarter of 2015.
Revenue for consolidated communities excluding the three
communities undergoing repositioning, lease-up or significant
renovation and conversion increased 7.3% in the third quarter of
2016 as compared to the third quarter of 2015. These increases were
achieved with fewer units available for lease in the third quarter
of 2016 than the third quarter of 2015, exclusive of acquisitions,
due to the disposition of one community in the third quarter of
2015 and conversion and refurbishment projects currently in
progress at certain communities.
Operating expenses for the third quarter of 2016 were $69.6
million, an increase of $6.0 million from the third quarter of
2015, also primarily due to the acquisitions of senior housing
communities made during or since the third quarter of 2015.
General and administrative expenses for the third quarter of
2016 were $5.7 million compared to $4.8 million in the third
quarter of 2015. Excluding transaction and conversion costs of
approximately $0.5 million from the third quarter of both 2016 and
2015, general and administrative expenses increased $1.0 million in
the third quarter of 2016 as compared to the third quarter of 2015,
primarily related to an unusual spike in healthcare claims in the
third quarter of 2016. As a percentage of revenues under
management, general and administrative expenses, excluding
transaction and conversion costs, were 4.7% in the third quarter of
2016.
Income from operations for the third quarter of 2016 was $3.7
million. The Company recorded a net loss on a GAAP basis of $7.1
million in the third 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 $0.7 million in the third
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 third quarter of 2016 was $38.0
million, an increase of $1.6 million, or 4.3%, from the third
quarter of 2015. The Adjusted EBITDAR margin for the third quarter
of 2016 was 35.5%. 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 $11.6 million in the third quarter of 2016, as
compared to $12.0 million in the third quarter of 2015.
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 third quarter of 2016 increased
1.4% versus the third quarter of 2015. Due to conversion and
refurbishment projects currently in progress at certain
communities, fewer units were available for rent in the third
quarter of this year than the third quarter of last year. With a
like number of units available in both years, same-community
revenue would have increased approximately 1.8% in the third
quarter of 2016 as compared to the third quarter of the prior
year.
Same-community expenses increased 1.7% from the third quarter of
the prior year, excluding conversion costs in both periods. On the
same basis, labor costs, including benefits, increased 2.5%, food
costs increased 0.7% and utilities increased 0.5%, all as compared
to the third quarter of 2015, and same-community net operating
income increased 0.8% in the third quarter of 2016 as compared to
the third quarter of 2015.
Capital expenditures for the third quarter of 2016 were $17.6
million, representing approximately $16.2 million of investment
spending and approximately $1.4 million of recurring capital
expenditures. If annualized, spending for recurring capital
expenditures was approximately $460 per unit.
Balance Sheet
The Company ended the quarter with $43.1 million of cash and
cash equivalents, including restricted cash. During the third
quarter of 2016, the Company received net cash proceeds of $9.3
million related to supplemental loans for three communities,
invested $11.8 million in the two communities acquired during the
third quarter, and spent $17.6 million on capital improvements. The
Company received reimbursements totaling $2.0 million in the third
quarter for capital improvements and expects to receive additional
reimbursements as the remaining projects are completed.
As of September 30, 2016, the Company financed its owned
communities with mortgages totaling $873.5 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 September 30, 2016, which matures in the third
quarter of 2018. 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.
Q3 2016 Conference Call
Information
The Company will host a conference call with senior management
to discuss the Company’s third quarter 2016 financial results. The
call will be held on Tuesday, November 1, 2016, at 5:00 p.m.
Eastern Time. The call-in number is 913-312-1481, confirmation code
2308411. 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 November 1, 2016 at 8:00 p.m. Eastern Time, until
November 10, 2016 at 8:00 p.m. Eastern Time. To access the
conference call replay, call 719-457-0820, confirmation code
2308411. The conference call will also be made available for
playback via the Company’s corporate website,
www.capitalsenior.com.
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. Following the SEC's recent issuance
of updated guidance on the use of non-GAAP financial measures, the
Company no longer presents Adjusted CFFO on a per share basis.
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 housing 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 129 senior housing communities in geographically
concentrated regions with an aggregate capacity of approximately
16,300 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)
September 30, December 31, 2016
2015 ASSETS Current assets: Cash
and cash equivalents $ 29,834 $ 56,087 Restricted cash 13,292
13,159 Accounts receivable, net 11,065 9,254 Property tax and
insurance deposits 13,209 14,398 Prepaid expenses and other
6,482 4,370 Total
current assets 73,882 97,268 Property and equipment, net 1,005,027
890,572 Other assets, net
29,590
31,193 Total assets
$
1,108,499 $ 1,019,033
LIABILITIES AND SHAREHOLDERS' EQUITY Current
liabilities: Accounts payable $ 2,309 $ 3,362 Accrued expenses
32,665 34,300 Current portion of notes payable, net of deferred
loan costs 17,454 13,634 Current portion of deferred income and
resident revenue 16,597 16,059 Current portion of capital lease and
financing obligations 1,211 1,257 Federal and state income taxes
payable 14 111 Customer deposits
1,570
1,819 Total current liabilities 71,820
70,542 Deferred income 12,685 13,992 Capital lease and financing
obligations, net of current portion 37,892 38,835 Other long-term
liabilities 13,058 4,969 Notes payable, net of deferred loan costs
and current portion 849,780 754,949 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 – 29,996 and 29,539 in 2016 and 2015,
respectively
305 299 Additional paid-in capital 167,435 159,920 Retained deficit
(41,046 ) (23,539 ) Treasury stock, at cost – 494 and 350 shares in
2016 and 2015, respectively
(3,430
) (934 ) Total
shareholders' equity
123,264
135,746 Total liabilities and shareholders'
equity
$ 1,108,499 $
1,019,033
CAPITAL SENIOR LIVING CORPORATION CONSOLIDATED STATEMENTS
OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (unaudited, in
thousands, except per share data)
Three Months
EndedSeptember 30,
Nine Months EndedSeptember
30,
2016 2015
2016 2015
Revenues: Resident revenue $ 111,436 $ 104,420 $ 331,643 $ 304,648
Expenses: Operating expenses (exclusive of facility lease expense
and depreciation and amortization expense shown below) 69,622
63,649 203,307 184,487 General and administrative expenses 5,749
4,751 16,969 15,482 Facility lease expense 15,500 15,321 46,150
45,875 Stock-based compensation expense 2,479 2,301 7,482 6,745
Depreciation and amortization expense
14,400
12,722 44,103
38,985 Total expenses
107,750 98,744
318,011 291,574
Income from operations 3,686 5,676 13,632 13,074 Other
income (expense): Interest income 15 12 50 36 Interest expense
(10,636 ) (8,994 ) (30,966 ) (26,022 ) Write-off of deferred loan
costs and prepayment premiums — (102 ) — (973 ) (Loss) Gain on
disposition of assets, net (16 ) 6,418 (53 ) 6,247 Other income
— —
233 1 (Loss) Income
before provision for income taxes (6,951 ) 3,010 (17,104 ) (7,637 )
Provision for income taxes
(126 )
(139 ) (403
) (697 ) Net (loss)
income
$ (7,077 )
$ 2,871 $
(17,507 ) $
(8,334 ) Per share data: Basic net (loss)
income per share
$ (0.24 )
$ 0.10 $
(0.61 ) $ (0.28
) Diluted net (loss) income per share
$
(0.24 ) $ 0.10
$ (0.61 )
$ (0.28 ) Weighted average
shares outstanding — basic
28,959
28,732 28,879
28,668 Weighted average shares outstanding —
diluted
28,959
28,733 28,879
28,668 Comprehensive (loss) income
$ (7,077 ) $
2,871 $ (17,507
) $ (8,334 )
CAPITAL SENIOR LIVING CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in
thousands)
Nine Months EndedSeptember
30,
2016 2015
Operating Activities Net loss $ (17,507 ) $ (8,334 )
Adjustments to reconcile net loss to net cash provided by operating
activities: Depreciation and amortization 44,103 38,985
Amortization of deferred financing charges 870 853 Amortization of
deferred lease costs and lease intangibles (129 ) 987 Deferred
income 15 (308 ) Lease incentives 5,858 — Write-off of deferred
loan costs and prepayment premiums — 973 Loss (Gain) on disposition
of assets, net 53 (6,247 ) Provision for bad debts 1,214 873
Stock-based compensation expense 7,482 6,745 Changes in operating
assets and liabilities: Accounts receivable (231 ) (3,240 )
Accounts receivable from affiliates — 2 Property tax and insurance
deposits 1,189 35 Prepaid expenses and other (2,112 ) 2,076 Other
assets (462 ) (324 ) Accounts payable (1,053 ) (1,853 ) Accrued
expenses (1,586 ) 2,683 Federal and state income taxes
receivable/payable (97 ) (356 ) Deferred resident revenue (784 )
(1,526 ) Customer deposits
(249 )
451 Net cash provided by operating
activities 36,574 32,475
Investing Activities Capital
expenditures (47,311 ) (23,665 ) Cash paid for acquisitions
(109,750 ) (124,460 ) Proceeds from disposition of assets
32 43,460 Net cash
used in investing activities (157,029 ) (104,665 )
Financing
Activities Proceeds from notes payable 112,492 150,034
Repayments of notes payable (12,881 ) (78,705 ) Increase in
restricted cash (133 ) (914 ) Cash payments for capital lease and
financing obligations (989 ) (697 ) Cash proceeds from the issuance
of common stock 66 42 Excess tax benefits on stock options
exercised (27 ) 7 Purchases of treasury stock (2,496 ) — Deferred
financing charges paid
(1,830 )
(2,099 ) Net cash provided by
financing activities
94,202
67,668 Decrease in cash and cash equivalents
(26,253 ) (4,522 ) Cash and cash equivalents at beginning of period
56,087 39,209
Cash and cash equivalents at end of period
$
29,834 $ 34,687
Supplemental Disclosures Cash paid during the period
for: Interest
$ 30,056
$ 24,707 Income taxes
$ 564 $
1,028 Non-cash transactions: Assumption of debt
related to disposition of assets (Sedgwick Sale Transaction)
$ — $
6,764
Capital Senior
Living Corporation Supplemental Information
Average Communities Resident Capacity
Average Units Q3 16 Q3 15 Q3 16 Q3
15 Q3 16 Q3 15 Portfolio Data I.
Community Ownership / Management Consolidated communities Owned
78 70 9,771 8,945 7,255 6,737 Leased 50 50 6,333
6,333 4,900 4,930 Total 128 120 16,104
15,278 12,155 11,667 Independent living 6,911 6,984 5,227
5,432 Assisted living 9,193 8,294 6,928 6,235
Total 16,104 15,278 12,155 11,667
II.
Percentage of Operating Portfolio Consolidated communities
Owned 60.9 % 58.3 % 60.7 % 58.5 % 59.7 % 57.7 % Leased 39.1 % 41.7
% 39.3 % 41.5 % 40.3 % 42.3 % Total 100.0 % 100.0 % 100.0 % 100.0 %
100.0 % 100.0 % Independent living 42.9 % 45.7 % 43.0 % 46.6
% Assisted living 57.1 % 54.3 % 57.0 % 53.4 % Total 100.0 % 100.0 %
100.0 % 100.0 %
Capital Senior Living
Corporation
Supplemental Information (excludes
communities being repositioned/leased up)
Selected Operating Results Q3 16 Q3 15 I.
Owned communities Number of communities 76 68 Resident capacity
9,226 8,400 Unit capacity (1) 6,853 6,337 Financial occupancy (2)
89.1 % 90.2 % Revenue (in millions) 62.4 55.9 Operating expenses
(in millions) (3) 39.2 34.5 Operating margin 37 % 38 % Average
monthly rent 3,406 3,261
II. Leased communities Number of
communities 49 49 Resident capacity 6,107 6,107 Unit capacity (1)
4,713 4,758 Financial occupancy (2) 87.3 % 87.0 % Revenue (in
millions) 44.6 44.1 Operating expenses (in millions) (3) 24.9 24.6
Operating margin 44 % 44 % Average monthly rent 3,612 3,551
III.
Consolidated communities Number of communities 125 117 Resident
capacity 15,333 14,507 Unit capacity (1) 11,566 11,095 Financial
occupancy (2) 88.4 % 88.9 % Revenue (in millions) 107.0 100.0
Operating expenses (in millions) (3) 64.1 59.1 Operating margin 40
% 41 % Average monthly rent 3,489 3,383
IV. Communities under
management Number of communities 125 117 Resident capacity
15,333 14,507 Unit capacity (1) 11,566 11,095 Financial occupancy
(2) 88.4 % 88.9 % Revenue (in millions) 107.0 100.0 Operating
expenses (in millions) (3) 64.1 59.1 Operating margin 40 % 41 %
Average monthly rent 3,489 3,383
V. Same communities under
management Number of communities 113 113 Resident capacity
14,077 14,077 Unit capacity (1) 10,832 10,881 Financial occupancy
(2) 88.6 % 88.9 % Revenue (in millions) 99.5 98.2 Operating
expenses (in millions) (3) 58.9 57.9 Operating margin 41 % 41 %
Average monthly rent 3,458 3,384
VI. General and Administrative
expenses as a percent of Total Revenues under Management Third
quarter (4) 4.7 % 4.1 % First nine months (4) 4.6 % 4.5 %
VII.
Consolidated Mortgage Debt Information (in thousands, except
interest rates) (excludes insurance premium and auto
financing) Total fixed rate mortgage debt 861,657 697,729 Total
variable rate mortgage debt 11,800 11,800 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 Q3 16 than Q3 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. (4) Excludes
transaction and conversion costs.
CAPITAL SENIOR
LIVING CORPORATION NON-GAAP RECONCILIATIONS (In
thousands, except per share data)
Three Months Ended September 30,
Nine Months Ended September 30, 2016
2015 2016 2015 Adjusted EBITDAR Income
from operations $ 3,686 $ 5,676 $ 13,633 $ 13,074 Depreciation and
amortization expense 14,400 12,722 44,103 38,985 Stock-based
compensation expense 2,479 2,301 7,482 6,745 Facility lease expense
15,500 15,321 46,150 45,875 Provision for bad debts 405 329 1,214
873 Casualty losses 634 306 1,069 827 Transaction and conversion
costs 1,663 543 3,063 2,007 Communities excluded due to
repositioning/lease up (779 ) (776 ) (2,434 )
(2,127 ) Adjusted EBITDAR $ 37,988 $ 36,422 $ 114,280
$ 106,259
Adjusted EBITDAR Margin
Adjusted EBITDAR $ 37,988 $ 36,422 $ 114,280 $ 106,259 Total
revenues $ 111,436 $ 104,420 $ 331,643 $ 304,648 Communities
excluded due to repositioning/lease up (4,399 ) (4,648 )
(13,198 ) (13,431 ) Adjusted revenues $ 107,037
$ 99,772 $ 318,445 $ 291,217
Adjusted EBITDAR margin 35.5 % 36.5 %
35.9 % 36.5 %
Adjusted net income and
Adjusted net income per share Net (loss) income $ (7,076 ) $
2,871 $ (17,507 ) $ (8,334 ) Casualty losses 634 306 1,069 827
Transaction and conversion costs 1,663 543 2,831 2,007 Resident
lease amortization 2,583 3,029 9,593 10,836 Write-off of deferred
loan costs and prepayment premium - 102 - 973 Loss (Gain) on
disposition of assets 16 (6,418 ) 53 (6,247 ) Tax impact of
Non-GAAP adjustments (37%) (1,812 ) 902 (5,012 ) (3,107 ) Deferred
tax asset valuation allowance 2,976 (1,306 ) 6,398 3,044 Tax impact
of 4 property sale - 1 - 292 Communities excluded due to
repositioning/lease up 334 289 994
995 Adjusted net (loss) income $ (682 ) $ 319
$ (1,581 ) $ 1,286 Diluted shares outstanding
28,959 28,733 28,879 28,670 Adjusted
net (loss) income per share $ (0.02 ) $ 0.01 $ (0.05 ) $
0.04
Adjusted CFFO
Net (loss) income $ (7,076 ) $ 2,871 $ (17,507 ) $ (8,334 )
Non-cash charges, net 19,597 9,466 59,466 42,861 Lease incentives
(1,968 ) - (5,858 ) - Recurring capital expenditures (1,155 )
(1,109 ) (3,451 ) (3,291 ) Casualty losses 634 306 1,069 827
Transaction and conversion costs 1,663 543 2,831 2,007 Tax impact
of 4 property sale - 1 - 292 Tax impact of Spring Meadows
Transaction (106 ) (106 ) (318 ) (318 ) Communities excluded due to
repositioning/lease up (1 ) (14 ) (92 ) 143
Adjusted CFFO $ 11,588 $ 11,958 $ 36,140
$ 34,187
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161101006758/en/
Capital Senior Living CorporationCarey Hendrickson,
1-972-770-5600Chief Financial Officer
Capital Senior Living (NYSE:CSU)
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