AlerisLife Inc. (Nasdaq: ALR) today announced its financial
results for the three months ended March 31, 2022.
First Quarter Summary of Financial Results:
- Net loss for the first quarter of 2022 was $9.7 million, or
$0.31 per diluted share, compared to net income of $3.3 million, or
$0.10 per diluted share, for the first quarter of 2021.
- Earnings before interest, taxes, depreciation and amortization,
or EBITDA, for the first quarter of 2022 was $(5.5) million
compared to $6.8 million for the first quarter of 2021. Adjusted
EBITDA, as described further below, was $(5.3) million for the
first quarter of 2022 compared to $6.9 million for the first
quarter of 2021.
- EBITDA and Adjusted EBITDA are non-GAAP financial measures.
Reconciliations of net (loss) income determined in accordance with
U.S. generally accepted accounting principles, or GAAP, to EBITDA
and Adjusted EBITDA for the first quarter of 2022 and 2021 are
presented later in this press release.
- RevPAR for the comparable managed communities for the first
quarter of 2022 was $3,027 compared to $2,946 for the first quarter
of 2021, an increase of 2.7%. Compared to the sequential quarter,
RevPAR for the comparable managed communities increased 4.4%.
RevPAR for the comparable owned communities for the first quarter
of 2022 was $2,443 compared to $2,421 for the first quarter of
2021, an increase of 0.9%. Compared to the sequential quarter,
RevPAR for the comparable owned communities increased 4.0%.
Substantially all of ALR's business is conducted by its two
segments: (i) its residential segment through its Five Star Senior
Living, or Five Star, brand and (ii) its lifestyle services segment
primarily through its brands Ageility Physical Therapy Solutions
and Ageility Fitness, or collectively Ageility, and Windsong Home
Health. The following tables present data on the owned and managed
senior living communities that ALR operates through its Five Star
brand, including comparable community data, as well as data on the
rehabilitation clinics that ALR operates through its Ageility
brand, including comparable outpatient clinic data.
Summary of Operational Results
As of and for the Three Months
Ended
March 31, 2022
December 31, 2021
March 31, 2021
Residential Segment:
Five Star:
Number of living units (end of
period)
Independent living
10,423
10,423
10,979
Assisted living
7,715
7,764
12,109
Memory care
1,861
1,872
3,220
Skilled nursing
—
46
2,957
Total living units
19,999
20,105
29,265
RevPAR
Owned (1)
$
2,443
$
2,349
$
2,479
Managed
$
3,027
$
2,919
$
3,213
Quarter End Occupancy
Owned and Leased (1)
72.1
%
72.7
%
68.2
%
Managed
74.6
%
74.8
%
70.2
%
Comparable Communities (2):
RevPAR
Owned
$
2,443
$
2,349
$
2,421
Managed
$
3,027
$
2,900
$
2,946
Quarter End Occupancy
Owned
72.1
%
72.7
%
69.0
%
Managed
74.6
%
75.2
%
73.2
%
Operating Margin (3)
Owned
(24.2
) %
(25.2
) %
(12.5
) %
Managed
5.9
%
3.5
%
8.8
%
As of and for the Three Months
Ended
March 31, 2022
December 31, 2021
March 31, 2021
Lifestyle Services Segment:
Ageility:
Number of Clinics
Inpatient (4)
10
10
37
Outpatient
201
205
215
Number of Visits (in thousands)
Inpatient (4)
22
21
72
Outpatient
144
148
149
Comparable Outpatient Clinics
(5):
Caseload as a % of census (6)
23.9
%
24.0
%
27.0
%
Operating margin (3)
2.7
%
9.4
%
14.9
%
___________________________
(1)
For the three months ended March 31, 2021,
includes four leased communities with approximately 200 living
units previously leased from HealthPeak Properties, Inc., or
HealthPeak. The lease with HealthPeak was terminated on September
30, 2021.
(2)
Comparable communities includes financial
data for 20 owned senior living communities and 120 managed senior
living communities that ALR continuously owned or managed and
operated through its Five Star brand since January 1, 2021,
exclusive of 1,532 skilled nursing facility, or SNF, living units
that have been closed and are in the process of being repositioned
in 27 Continuing Care Retirement Communities, or CCRCs, that ALR
will continue to manage.
(3)
Operating margin is defined as operating
revenue less operating expenses divided by operating revenue in
each case for the business segment. For the Residential segment, it
is inclusive of 1,532 SNF living units, which have been closed and
are in the process of being repositioned, in 27 former CCRCs that
ALR continues to manage. It is exclusive of Provider Relief Funds
from the Coronavirus Aid, Relief, and Economic Security Act, or the
CARES Act, and other government grants recognized as other
operating income. In addition, it excludes restructuring expenses
for the three months ended December 31, 2021 of $0.3 million for
the comparable managed communities.
(4)
Subsequent to March 31, 2021, ALR closed
27 inpatient rehabilitation clinics.
(5)
Comparable outpatient clinics includes
financial data for 185 outpatient rehabilitation clinics that ALR
continuously operated since January 1, 2021.
(6)
Caseload as a percentage of census
represents the number of Ageility customers divided by total census
at the senior living communities where the Ageility outpatient
rehabilitation clinics are located.
Term Loan
On January 27, 2022, ALR entered into a credit and security
agreement, or the Credit Agreement, for a $95.0 million senior
secured term loan, or the Loan, $63.0 million of which was funded
upon the effectiveness of the Credit Agreement, including
approximately $3.2 million in closing costs. The remaining proceeds
include $12.0 million for capital improvements at ALR owned
communities and an opportunity for another $20.0 million that is
available to us upon achieving certain financial targets. The
maturity date of the Loan is January 27, 2025. Subject to the
payment of an extension fee and meeting certain other conditions,
ALR may elect to extend the stated maturity date of the Loan for
two, one-year periods. ALR is required to pay interest on
outstanding amounts at an annual base rate of the Secured Overnight
Financing Rate, or SOFR, plus a term SOFR adjustment of 11 basis
points (subject to a minimum base rate of 50 basis points), plus
450 basis points.
Summary of Communities and Outpatient Rehabilitation
Clinics
Presented below is a summary of the communities, units, average
occupancy, quarter end occupancy, revenues and residential
management fees for the Five Star senior living communities ALR
manages for DHC, as of and for the three months ended March 31,
2022 (dollars in thousands):
Total
Communities
Units
Average Occupancy
Quarter End Occupancy
Community Revenues (1)
Management Fees
Independent and assisted living
communities
120
17,899
74.1
%
74.6
%
$
162,552
$
8,932
Total
120
17,899
74.1
%
74.6
%
$
162,552
$
8,932
_______________________________________
(1)
Managed senior living communities'
revenues do not represent ALR's revenues, and are included to
provide supplemental information regarding the operating results of
the Five Star senior living communities from which ALR earns
residential management fees.
Presented below is a summary of the Ageility outpatient
rehabilitation clinics ALR operated as of and for the three months
ended March 31, 2022 (dollars in thousands):
As of and for the Three Months
Ended March 31, 2022
Number of Clinics
Total Revenue (1)(3)
Caseload as a % of census
(5)
EBITDA Margin (4)
Outpatient Clinics in Five Star Managed
Communities, Owned by DHC
91
$
7,300
25.5
%
4.6
%
Outpatient Clinics at ALR Owned
Communities
15
761
27.9
%
2.5
%
Outpatient Clinics at Other Communities
(2)
95
3,985
21.6
%
0.6
%
Total Outpatient Clinics
201
$
12,046
23.8
%
3.2
%
_______________________________________
(1)
Excludes revenue of $1,916 earned during
the three months ended March 31, 2022 for ten Ageility inpatient
rehabilitation clinics.
(2)
Other communities includes outpatient
rehabilitation clinics at senior living communities not owned or
managed by ALR.
(3)
Total Ageility revenue excludes home
health care services, which are part of the lifestyle services
segment.
(4)
EBITDA Margin is a non-GAAP financial
measure and represents rehabilitation clinics that are in service
as of March 31, 2022. A reconciliation of EBITDA Margin is
presented later in this press release.
(5)
Caseload as a percentage of census
represents the number of Ageility customers divided by total census
at the senior living communities where the Ageility outpatient
rehabilitation clinics are located.
Conference Call Information:
At 1:00 p.m. Eastern Time on May 4, 2022, ALR's Interim
President and Chief Executive Officer and Chief Financial Officer
and Treasurer, Jeffrey Leer, will host a conference call to discuss
ALR's first quarter 2022 financial results.
The conference call telephone number is (877) 329-4332.
Participants calling from outside the United States and Canada
should dial (412) 317-5436. No pass code is necessary to access the
call from either number. Participants should dial in about 15
minutes prior to the scheduled start of the call. A replay of the
conference call will be available through 11:59 p.m. Eastern Time
on May 11, 2022. To hear the replay, dial (412) 317-0088. The
replay pass code is 6043437.
A live audio webcast of the conference call will also be
available in a listen-only mode on ALR’s website,
www.alerislife.com. Participants wanting to access the webcast
should visit ALR’s website about five minutes before the call. The
archived webcast will be available for replay on ALR’s website
following the call for about a week. The transcription,
recording and retransmission in any way of ALR's first
quarter ended March 31, 2022 financial results
conference call are strictly prohibited without the
prior written consent of ALR. ALR’s website is not incorporated
as part of this press release.
About AlerisLife:
AlerisLife enriches and inspires the lives of its older adult
customers across the United States by delivering an exceptional and
enhanced resident experience to senior living and active adult
residents, while also offering lifestyle services to the younger
choice-based consumer. The Company is headquartered in Newton,
Massachusetts. For more information, visit www.alerislife.com.
AlerisLife Inc.
Condensed Consolidated
Statements of Operations
(amounts in thousands, except
per share amounts)
(unaudited)
Three Months Ended March
31,
2022
2021
REVENUES
Lifestyle services
$
14,139
$
19,553
Residential
15,386
17,057
Residential management fees
8,932
13,850
Total management and operating
revenues
38,457
50,460
Reimbursed community-level costs incurred
on behalf of managed communities
130,936
213,160
Other reimbursed expenses
3,750
5,480
Total revenues
173,143
269,100
Other operating income
42
7,793
OPERATING EXPENSES
Lifestyle services expenses
13,221
16,210
Residential wages and benefits
8,627
12,013
Other residential operating expenses
7,349
6,266
Community-level costs incurred on behalf
of managed communities
130,936
213,160
General and administrative
18,192
22,641
Depreciation and amortization
3,163
2,940
Total operating expenses
181,488
273,230
Operating (loss) income
(8,303
)
3,663
Interest, dividend and other income
80
84
Interest and other expense
(1,032
)
(463
)
Unrealized (loss) gain on equity
investments
(632
)
135
Realized (loss) gain on sale of debt and
equity investments
(45
)
96
Gain on termination of lease
279
—
(Loss) income before income taxes
(9,653
)
3,515
Provision for income taxes
(77
)
(200
)
Net (loss) income
$
(9,730
)
$
3,315
Weighted average shares
outstanding—basic
31,787
31,530
Weighted average shares
outstanding—diluted
31,787
31,662
Net (loss) income per share—basic
$
(0.31
)
$
0.11
Net (loss) income per share—diluted
$
(0.31
)
$
0.10
AlerisLife Inc. Reconciliation of Non-GAAP
Financial Measures (dollars in thousands) (unaudited)
Non-GAAP financial measures are financial measures that are not
determined in accordance with GAAP. ALR believes the non-GAAP
financial measures presented in the tables below are meaningful
supplemental disclosures because they may help investors better
understand changes in ALR’s operating results and its ability to
meet financial obligations or service debt, make capital
expenditures and expand its business. These non-GAAP financial
measures may also help investors make comparisons between ALR and
other companies on both a GAAP and non-GAAP basis. ALR believes
that EBITDA, Adjusted EBITDA and EBITDA Margin are meaningful
financial measures that may help investors better understand its
financial performance, including by allowing investors to compare
ALR's performance between periods and to the performance of other
companies. ALR management uses EBITDA, Adjusted EBITDA and EBITDA
Margin to evaluate ALR’s financial performance and compare ALR’s
performance over time and to the performance of other companies.
ALR calculates EBITDA, Adjusted EBITDA and EBITDA Margin as shown
below. These measures should not be considered as alternatives to
net income (loss) or operating income (loss), as indicators of
ALR’s operating performance or as measures of ALR’s liquidity.
Also, EBITDA, Adjusted EBITDA and EBITDA Margin as presented may
not be comparable to similarly titled amounts calculated by other
companies.
ALR believes that net income (loss) is the most directly
comparable financial measure, determined according to GAAP, to
ALR’s presentation of EBITDA and Adjusted EBITDA. The following
table presents the reconciliation of these non-GAAP financial
measures to net income (loss) for the three months ended March 31,
2022 and 2021.
Three Months Ended March
31,
2022
2021
Net (loss) income
$
(9,730
)
$
3,315
Add (less):
Interest and other expense
1,032
463
Interest, dividend and other income
(80
)
(84
)
Provision for income taxes
77
200
Depreciation and amortization
3,163
2,940
EBITDA
(5,538
)
6,834
Add (less):
Unrealized loss (gain) on equity
investments
632
(135
)
Gain on termination of leases
(279
)
—
Net restructuring expenses (1)
(154
)
250
Adjusted EBITDA
$
(5,339
)
$
6,949
_______________________________________
(1)
Includes costs incurred related to the
repositioning of ALR's residential service offerings and the
restructuring for the three months ended March 31, 2022 and 2021,
respectively, and are included in general and administrative
expenses in the condensed consolidated statements of
operations.
AlerisLife Inc. Reconciliation of Non-GAAP
Financial Measures (dollars in thousands) (unaudited)
ALR believes that net income (loss) is the most directly
comparable financial measure, determined according to GAAP, to
ALR’s presentation of EBITDA. The following table presents the
reconciliation of these non-GAAP financial measures to net income
for the three months ended March 31, 2022 for Ageility.
Three Months Ended March 31,
2022
Total
Lifestyle
services:
Revenue
$
14,139
Less: Home health services
177
Less: Inpatient rehabilitation (1)
1,916
Total Ageility revenue (2)
$
12,046
Ageility:
Net Income
$
171
Add: Depreciation
97
EBITDA
$
268
EBITDA Margin (3)
2.2
%
_______________________________________
(1)
Revenue for ten Ageility inpatient
rehabilitation clinics that currently remain operated by
Ageility.
(2)
Total Ageility revenue includes revenue
from outpatient rehabilitation clinics and fitness.
(3)
EBITDA Margin is defined by ALR as EBITDA
for the period divided by total revenue for the period.
AlerisLife Inc.
Condensed Consolidated Balance
Sheets
(dollars in thousands, except
per share amounts)
(unaudited)
March 31,
December 31,
2022
2021
ASSETS
Current assets:
Cash and cash equivalents
$
88,054
$
66,987
Restricted cash and cash equivalents
25,129
24,970
Accounts receivable, net
9,414
9,244
Due from related person
48,717
41,664
Debt and equity investments, of which
$7,062 and $7,609 are restricted, respectively
17,835
19,535
Prepaid expenses and other current
assets
22,479
24,433
Total current assets
211,628
186,833
Property and equipment, net
160,170
159,843
Operating lease right-of-use assets
6,123
9,197
Finance lease right-of-use assets
3,236
3,467
Restricted cash and cash equivalents
995
982
Restricted debt and equity investments
3,635
3,873
Other long-term assets
10,683
12,082
Total assets
$
396,470
$
376,277
LIABILITIES AND SHAREHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
11,868
$
37,516
Accrued expenses and other current
liabilities
36,830
31,488
Accrued compensation and benefits
31,087
34,295
Accrued self-insurance obligations
28,950
31,739
Operating lease liabilities
476
699
Finance lease liabilities
889
872
Due to related persons
4,332
3,879
Current portion of debt
422
419
Total current liabilities
114,854
140,907
Long-term liabilities:
Accrued self-insurance obligations
34,050
34,744
Operating lease liabilities
6,190
9,366
Finance lease liabilities
2,821
3,050
Long-term debt
66,770
6,364
Other long-term liabilities
247
256
Total long-term liabilities
110,078
53,780
Commitments and contingencies
Shareholders’ equity:
Common stock, par value $0.01: 75,000,000
shares authorized, 32,550,895 and 32,662,649 shares issued and
outstanding, respectively
326
327
Additional paid-in-capital
461,468
461,298
Accumulated deficit
(290,794
)
(281,064
)
Accumulated other comprehensive income
538
1,029
Total shareholders’ equity
171,538
181,590
Total liabilities and shareholders'
equity
$
396,470
$
376,277
AlerisLife Inc.
Residential Segment
Data
(dollars in thousands, except
per unit amounts)
(unaudited)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2022
2021
2021
2021
2021
Owned and Leased
Senior Living Communities
Independent and assisted living
communities:
Revenues
$
15,386
$
14,883
$
16,320
$
16,378
$
17,057
Other operating income (1)
42
—
—
2
7,774
Operating expenses
19,371
18,574
17,895
21,012
20,414
Operating (loss) income
(3,943
)
(3,691
)
(1,575
)
(4,632
)
4,417
Operating margin
(25.6
) %
(24.8
) %
(9.7
) %
(28.3
) %
17.8
%
Number of communities (end of period)
20
20
20
24
24
Number of living units (end of period)
(2)
2,100
2,100
2,099
2,251
2,302
Average occupancy
71.0
%
72.0
%
69.9
%
68.1
%
68.3
%
Quarter end occupancy
72.1
%
72.7
%
72.9
%
69.7
%
68.2
%
RevPAR (3)
$
2,443
$
2,349
$
2,411
$
2,425
$
2,479
RevPOR (4)
$
3,444
$
3,192
$
3,375
$
3,524
$
3,630
Managed Senior
Living Communities (5):
Residential management fees
$
8,932
$
9,482
$
11,220
$
12,927
$
13,850
Community-level revenues
162,552
161,907
210,160
243,947
259,966
Other operating income (1)
199
602
786
16,564
1,617
Community-level expenses (6)
152,892
159,329
203,756
237,461
247,171
Community operating income
9,859
3,180
7,190
23,050
14,412
Community operating margin
6.1
%
2.0
%
3.4
%
8.8
%
5.5
%
Number of communities (end of period)
120
121
159
228
228
Number of living units (end of period)
(2)
17,899
18,005
20,669
25,482
26,963
Average occupancy
74.1
%
73.7
%
72.2
%
69.5
%
69.5
%
Quarter end occupancy
74.6
%
74.8
%
73.8
%
71.3
%
70.2
%
RevPAR (3)
$
3,027
$
2,919
$
3,046
$
3,086
$
3,213
RevPOR (4)
$
4,084
$
3,875
$
4,129
$
4,389
$
4,623
_______________________________________
(1)
Other operating income represents income
recognized for funds received under the CARES Act and other
government grants.
(2)
Includes living units categorized as in
service. As a result, the number of living units may vary from
period to period for reasons other than the acquisition or
disposition of senior living communities.
(3)
RevPAR is defined by ALR as resident fee
revenues for the corresponding portfolio for the period divided by
the average number of available units for the period, divided by
the number of months in the period. Data for the three months ended
March 31, 2022, December 31, 2021, September 30, 2021, June 30,
2021 and March 31, 2021 exclude income received by senior living
communities under the CARES Act and other government grants.
(4)
RevPOR is defined by ALR as resident fee
revenues for the corresponding portfolio for the period divided by
the average number of occupied units for the period, divided by the
number of months in the period. Data for the three months ended
March 31, 2022, December 31, 2021, September 30, 2021, June 30,
2021 and March 31, 2021 exclude income received by senior living
communities under the CARES Act and other government grants.
(5)
Managed senior living communities, other
than ALR's residential management fees, represents financial data
of senior living communities managed for DHC and does not represent
financial results of ALR. Managed senior living communities' data
is included to provide supplemental information regarding the
operating results of the senior living communities from which ALR
earns residential management fees.
(6)
The three months ended December 31, 2021,
September 30, 2021 and June 30, 2021 includes restructuring expense
of $966, $813 and $11,531, respectively.
AlerisLife Inc.
Comparable Communities
Residential Segment Data
(dollars in thousands, except
per unit amounts)
(unaudited)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2022
2021
2021
2021
2021
Owned Senior
Living Communities (2):
Number of communities (end of period)
20
20
20
20
20
Number of living units (end of period)
(1)
2,100
2,100
2,099
2,099
2,099
Average occupancy
71.0
%
72.0
%
70.4
%
68.3
%
68.9
%
Quarter end occupancy
72.1
%
72.7
%
72.9
%
70.1
%
69.0
%
RevPAR (3)
$
2,443
$
2,349
$
2,354
$
2,357
$
2,421
RevPOR (4)
$
3,444
$
3,192
$
3,270
$
3,413
$
3,515
Managed Senior
Living Communities (2)(5):
Number of communities (end of period)
120
120
120
120
120
Number of living units (end of period)
(1)
17,899
17,899
17,899
17,898
17,906
Average occupancy
74.1
%
74.1
%
73.4
%
72.9
%
72.7
%
Quarter end occupancy
74.6
%
75.2
%
74.6
%
73.3
%
73.2
%
RevPAR (3)
$
3,027
$
2,900
$
2,941
$
2,961
$
2,946
RevPOR (4)
$
4,084
$
3,831
$
3,922
$
4,018
$
4,051
_______________________________________
(1)
Includes living units categorized as in
service. As a result, the number of living units may vary from
period to period for reasons other than the acquisition or
disposition of senior living communities.
(2)
Includes data for Five Star senior living
communities that ALR has continuously owned or managed since
January 1, 2021. The summary of operations for comparable
communities excludes 1,532 SNF living units that have been closed
in 27 CCRCs which are in the process of being repositioned and
which ALR will continue to manage for DHC.
(3)
RevPAR is defined by ALR as resident fee
revenues for the corresponding portfolio for the period divided by
the average number of available units for the period, divided by
the number of months in the period. Data for the three months ended
March 31, 2022, December 31, 2021, September 30, 2021, June 30,
2021 and March 31, 2021 exclude income received by senior living
communities under the CARES Act and other government grants.
(4)
RevPOR is defined by ALR as resident fee
revenues for the corresponding portfolio for the period divided by
the average number of occupied units for the period, divided by the
number of months in the period. Data for the three months ended
March 31, 2022, December 31, 2021, September 30, 2021, June 30,
2021 and March 31, 2021 exclude income received by senior living
communities under the CARES Act and other government grants.
(5)
Residential segment data for comparable
managed senior living communities represents financial data of
senior living communities managed for DHC and does not represent
financial results of ALR. Managed senior living communities' data
is included to provide supplemental information regarding the
operating results of the senior living communities from which ALR
earns residential management fees.
AlerisLife Inc.
Lifestyle Services Segment
Data
(dollars in thousands)
(unaudited)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2022
2021
2021
2021
2021
Lifestyle
Services (1):
Revenues
$
14,139
$
15,626
$
15,382
$
17,453
$
19,553
Outpatient
11,165
12,848
12,747
13,688
13,098
Fitness
881
890
853
827
733
Other
2,093
1,888
1,782
2,938
5,722
Other operating income (2)
—
—
—
—
19
Operating expenses (3)
13,334
14,045
13,348
17,517
16,338
Operating income (loss)
805
1,581
2,034
(64
)
3,234
Operating margin
5.7
%
10.1
%
13.2
%
(0.4
) %
16.5
%
Number of inpatient clinics (end of
period)
10
10
10
10
37
Number of outpatient clinics (end of
period)
201
205
223
218
215
Number of fitness locations (end of
period)
73
60
61
43
42
_______________________________________
(1)
Includes Ageility rehabilitation clinics
and fitness operations as well as home healthcare operations.
(2)
Other operating income represents income
recognized for funds received under the CARES Act and other
government grants.
(3)
The three months ended December 31, 2021,
September 30, 2021 and June 30, 2021 includes restructuring
expenses of $23, $(310) and $1,720, respectively
AlerisLife Inc.
Comparable Lifestyle Services
Segment Data
(dollars in thousands)
(unaudited)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2022
2021
2021
2021
2021
Lifestyle
Services (1):
Revenues
$
11,670
$
13,016
$
13,028
$
13,943
$
13,288
Outpatient
10,628
11,923
11,929
12,834
12,304
Fitness
864
859
825
801
703
Other
178
234
274
308
281
Other operating income (2)
—
—
—
—
19
Operating expenses
11,364
11,758
11,695
12,340
11,464
Operating income
306
1,258
1,333
1,603
1,843
Operating margin
2.6
%
9.7
%
10.2
%
11.5
%
13.8
%
Number of inpatient clinics (end of
period)
—
—
—
—
—
Number of outpatient clinics (end of
period)
185
185
185
185
185
Number of fitness locations (end of
period)
69
52
58
40
40
_______________________________________
(1)
Includes Ageility outpatient
rehabilitation clinics and fitness operations as well as home
healthcare operations that ALR has continuously operated since
January 1, 2021.
(2)
Other operating income represents income
recognized for funds received under CARES Act and other government
grants.
AlerisLife Inc.
Owned Senior Living
Communities as of and for the Three Months Ended March 31,
2022
(dollars in thousands)
(unaudited)
No.
Community Name
State
Property Type (1)
Living Units
Residential Revenues
(4)
Gross Carrying Value
Net Carrying Value
Date Acquired
Most Recent Renovation
1
Morningside of Decatur (2)
Alabama
AL
49
$
315
$
7,538
$
4,127
11/19/2004
2021
2
Morningside of Auburn (2)
Alabama
AL
42
342
2,153
1,036
11/19/2004
1997
3
The Palms of Fort Myers (2)
Florida
IL
218
1,813
7,280
3,870
4/1/2002
1988
4
Five Star Residences of Banta Pointe
(3)
Indiana
AL
121
733
10,978
6,356
9/29/2011
2006
5
Five Star Residences of Fort Wayne (2)
Indiana
AL
154
958
9,176
5,720
9/29/2011
1998
6
Five Star Residences of Clearwater
Indiana
AL
88
351
14,254
8,993
6/1/2011
1999
7
Five Star Residences of Lafayette
Indiana
AL
109
582
11,795
7,547
6/1/2011
2000
8
Five Star Residences of Noblesville
(2)
Indiana
AL
151
1,176
13,827
8,689
7/1/2011
2005
9
The Villa at Riverwood (2)
Missouri
IL
112
708
4,967
3,252
4/1/2002
1986
10
Voorhees Senior Living (2)
New Jersey
AL
104
924
19,814
13,429
7/1/2008
1999
11
Washington Township Senior Living
New Jersey
AL
93
775
26,358
17,326
7/1/2008
1998
12
Carriage House Senior Living (2)
North Carolina
AL
98
946
9,938
5,331
12/1/2008
1997
13
Forest Heights Senior Living (2)
North Carolina
AL
111
773
16,242
10,610
12/1/2008
1998
14
Fox Hollow Senior Living (2)
North Carolina
AL
77
1,137
25,691
17,223
7/1/2000
1999
15
Legacy Heights Senior Living (2)
North Carolina
AL
116
588
7,670
3,617
12/1/2008
1997
16
Morningside at Irving Park (2)
North Carolina
AL
91
796
3,800
1,610
11/19/2004
1997
17
The Devon Senior Living
Pennsylvania
AL
84
482
32,837
14,905
7/1/2008
1985
18
The Legacy of Anderson (2)
South Carolina
IL
101
613
11,080
6,429
12/1/2008
2003
19
Morningside of Springfield (2)
Tennessee
AL
54
526
18,784
11,679
11/19/2004
1984
20
Huntington Place
Wisconsin
AL
127
855
2,445
1,511
7/15/2010
1999
Total
2,100
$
15,393
$
256,627
$
153,260
_______________________________________
(1)
AL is primarily an assisted living
community and IL is primarily an independent living community.
(2)
Encumbered property under ALR's $95,000
Loan.
(3)
Encumbered property under ALR's mortgage
note having an aggregate principal amount outstanding of $6,877 as
of March 31, 2022.
(4)
Excludes funds received under the CARES
Act recognized as other operating income.
Warning Concerning Forward-Looking
Statements
This press release contains statements that constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 and other securities laws.
Also, whenever AlerisLife uses words such as “believe”, “expect”,
“anticipate”, “intend”, “plan”, “estimate”, "will", “may” and
negatives or derivatives of these or similar expressions, ALR is
making forward-looking statements. These forward-looking statements
are based upon ALR’s present intent, beliefs or expectations, but
forward-looking statements are not guaranteed to occur and may not
occur. Actual results may differ materially from those contained in
or implied by ALR’s forward-looking statements. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors, some of which are beyond ALR's control.
The information contained in ALR’s filings with the Securities
and Exchange Commission, or SEC, including under “Risk Factors” in
ALR’s periodic reports, or incorporated therein, identifies other
important factors that could cause ALR’s actual results to differ
materially from those stated in or implied by ALR’s forward-looking
statements. ALR’s filings with the SEC are available on the SEC’s
website at www.sec.gov.
You should not place undue reliance upon forward-looking
statements.
Except as required by law, ALR does not intend to update or
change any forward-looking statements as a result of new
information, future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220503006179/en/
Michael Kodesch, Director, Investor Relations (617) 796-8245
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