Capital Senior Living Corporation Reports Fourth Quarter and Fiscal 2004 Earnings.DALLAS Dallas, city (1990 pop. 1,006,877), seat of Dallas co., N Tex., on the Trinity River near the junction of its three forks; inc. 1871. The second largest Texas city, after Houston, and the eighth largest U.S. -- Capital Senior Living Corporation (NYSE NYSE See: New York Stock Exchange :CSU See DSU/CSU. 1. CSU - California State University. 2. CSU - Cleveland State University. 3. CSU - Channel Service Unit. ), one of the country's largest operators of senior living communities, announced today its operating results for the fourth quarter and fiscal year 2004. Company highlights for the 2004 fiscal year include: --Revenues of $93.3 million, an increase of $26.9 million or nearly 41% from the previous year --Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become (income from operations plus depreciation and amortization) of $18.7 million --Net loss of $6.8 million, or $0.27 per share --Cash earnings (net income plus depreciation and amortization) of $5.3 million, or $0.21 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share --Completed $34.5 million equity offering --Retired $21.8 million of debt --Acquired CGI CGI in full Common Gateway Interface. Specification by which a Web server passes data between itself and an application program. Typically, a Web user will make a request of the Web server, which in turn passes the request to a CGI application program. Management, Inc., adding 14 senior living communities to our portfolio of managed properties and increasing our capacity by approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 1,800 residents --Through our joint venture structure, acquired an interest in four Spring Meadows communities with capacity for approximately 700 residents --Acquired the seven communities in Triad I, completing the acquisition of the Triad entities --Refinanced approximately $128 million of debt, extending maturities and consolidating numerous loans with one lender LENDER, contracts. He from whom a thing is borrowed. 2. The contract of loan confers rights, and imposes duties on the lender. 1. The lender has the right to revoke the loan at his mere pleasure; 9 Cowen, R. 687; 8 Johns. Rep. 432; 1 T. R. 480; 2 Campb. Rep. --Average occupancy rate Noun 1. occupancy rate - the percentage of all rental units (as in hotels) are occupied or rented at a given time pct, per centum, percent, percentage - a proportion in relation to a whole (which is usually the amount per hundred) on stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. communities of 90% --Operating margins (before property taxes, insurance and management fees) of 45% in stabilized independent and assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. communities --Stabilized same community revenue increase of 3% versus the prior year --All community revenue increase of 7% versus the prior year The Company reported a fourth quarter 2004 loss of $1.8 million or $0.07 per share and a full year loss of $6.8 million or $0.27 per share. Excluding the effects of transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). incurred in the fourth quarter of 2004 in connection with the Spring Meadows transaction, the debt refinancing Refinancing An extension and/or increase in amount of existing debt. and first year costs associated with Sarbanes-Oxley compliance (which occurred later in the year than originally anticipated), the fourth quarter 2004 loss would have been approximately $0.04 per share. "2004 was a year of significant accomplishment for us," said James A. Stroud This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. , Chairman of the Company. "Along with 41 percent growth in revenues, we completed a number of corporate initiatives that have provided a foundation for future growth and improvements in cash flow." OPERATING AND FINANCIAL RESULTS Fourth Quarter Results For the fourth quarter of 2004, the Company reported revenues of $23.9 million, compared to revenues of $18.9 million in the fourth quarter of 2003, an increase of approximately 27 percent. Revenues in the fourth quarter of 2004 include approximately $3.7 million of revenues from seven communities in Triad I which have been consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: since December December: see month. 31, 2003 due to the adoption of FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). Interpretation No. 46 "Consolidation of Variable Interest Entities ("FIN fin, organ of locomotion characteristic of fish and consisting of thin tissue supported by cartilaginous or bony rays. In some fish, e.g., the eel, a single fin extends from the back, around the tail, and along the ventral surface. 46"). While these seven communities have been consolidated under FIN 46 throughout 2004, they became wholly owned properties in the fourth quarter with the acquisition of Triad I. All of the original 19 Triad communities have now been acquired by the Company. Total expenses for the fourth quarter of 2004 were $21.9 million compared to $18.7 million in the fourth quarter of 2003. Approximately $3.4 million of additional expense was a result of consolidating the seven communities in Triad I, including $0.5 million of additional depreciation expense. General and administrative expenses in the fourth quarter of 2004 included approximately $0.5 million of costs to comply with Section 404 of the Sarbanes-Oxley Act See SOX. . The costs to comply with this Act depressed Depressed A description of a market, security, or product that is experiencing weak demand and lowering prices. Notes: A depressed market, security, or product implies that prices and volume are low. There are many reasons for a depressed market, security, or product. quarterly earnings by approximately one cent per share. Adjusted EBITDA (defined as income from operations plus depreciation and amortization) for the fourth quarter of 2004 was approximately $5.1 million, compared to $2.8 million in the fourth quarter of 2003. Interest expense net of interest income was $4.0 million in the fourth quarter of 2004, compared to $3.1 million in the fourth quarter of 2003. The increase is primarily due to the consolidation of the Triad I debt under FIN 46 since December 31, 2003. Other income (expense) for the fourth quarter of 2004 includes a write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of approximately $0.2 million which resulted from a transaction involving the four Spring Meadows communities. The Company acquired from affiliates of Lehman Brothers Lehman Brothers Holdings Inc. (NYSE: LEH), founded in 1850, is a diversified, global financial services firm. It is a participant in investment banking, equity and fixed income sales, research and trading, investment management, private equity, and private banking. ("Lehman Lehman is a common Germanic surname derived from the German word Lehen, meaning fiefdom. It may refer to: Surnames
Relationship between two companies when one company owns substantial interest, but less than a majority of the voting stock of another company, or when two companies are both subsidiaries of a third company. See: Subsidiaries, parent company. of Prudential Prudential is the name of two different companies and buildings named after them: Companies:
Also in the fourth quarter of 2004, the Company completed the refinancing of 14 senior housing properties with GMAC GMAC General Motors Acceptance Corporation GMAC Graduate Management Admission Council GMAC Give Me A Call GMAC Genetic Manipulation Advisory Committee GMAC Genetic Modification Advisory Committee (Singapore) GMAC Give Me A Chance Commercial Mortgage Corporation ("GMAC"). The new loan facility refinanced eight properties previously financed by GMAC and six properties previously financed under three separate loan agreements with Key Corporate Capital ("Key"), Compass Bank and Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , which were prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. . The Company wrote off approximately $0.5
million of deferred loan costs on the debt which was refinanced.The Company's previous loan agreements with Key required interest rate swaps Interest Rate Swap A deal between banks or companies where borrowers switch floating-rate loans for fixed rate loans in another country. These can be either the same or different currencies. and treasury lock agreements. On December 30, 2004, the Company settled its interest rate swap agreements with Key by paying approximately $0.5 million and recognized a gain of approximately $1.4 million on this transaction. The treasury lock agreements were originally required by Key to hedge the risk that the costs of future issuance of debt may be adversely affected by changes in interest rates. The settlement amount of these treasury lock agreements has been reflected at fair value in the Company's balance sheet and the related gains or losses on these agreements (due to changing interest rates) were deferred in shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. as a component of other comprehensive income. As a result of refinancing the underlying debt, the treasury lock agreements no longer qualify as an interest rate hedge, resulting in the Company recording a loss of approximately $1.4 million in the fourth quarter of 2004. Gains and losses between now and the settlement date of January January: see month. 3, 2006 will be recognized in the income statement. Other income in the fourth quarter of 2003 included $3.4 million that resulted from the recognition of deferred income upon the liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy of the HCP HCP, n healthcare provider, a professional who specializes in treating and managing a person's general or specific health needs. partnership ("HCP"). During 2003, HCP sold its remaining community and subsequently has been dissolved dis·solve v. dis·solved, dis·solv·ing, dis·solves v.tr. 1. To cause to pass into solution: dissolve salt in water. 2. , with its remaining assets transferred to a liquidating trust. The Company reported a fourth quarter 2004 loss of $1.8 million, or $0.07 per share. Of the $0.07 per share loss, approximately $0.02 per share is related to the Spring Meadows transaction and the debt restructuring Debt Restructuring A method used by companies with outstanding debt obligations to alter the terms of the debt agreements in order to achieve some advantage. Notes: and derivative derivative: see calculus. derivative In mathematics, a fundamental concept of differential calculus representing the instantaneous rate of change of a function. costs. An additional $0.01 per share is the direct result of costs to comply with Section 404 of the Sarbanes-Oxley Act. Excluding the effect of these items, the Company would have reported a loss of approximately $0.04 per share in the fourth quarter of 2004, versus a loss of $0.05 per share in the third quarter of 2004. In the fourth quarter of 2003, the Company reported a profit of $0.4 million or $0.02 per share, due to the recognition of approximately $0.10 per share of deferred income upon the liquidation of the HCP partnership. Cash earnings (defined as net income plus depreciation and amortization) were $1.3 million, or $0.05 per diluted share, in the fourth quarter of 2004. 2004 Full Year Results For the year ended December 31, 2004, the Company reported revenues of $93.3 million, compared to $66.3 million in the prior year, an increase of approximately 41 percent. Adjusted EBITDA for 2004 was $18.7 million, versus $13.6 million in 2003, an increase of approximately 38 percent. The Company reported a net loss of $6.8 million or $0.27 per share in fiscal 2004, compared to a net profit of $5.0 million or $0.25 per share in 2003. Cash earnings in 2004 were $5.3 million, or $0.21 per diluted share. As of December 31, 2004, the Company had $19.5 million of cash and cash equivalents and $149.5 million in shareholders' equity, equivalent to approximately $5.81 per share of book value. "We completed a number of key strategic initiatives in 2004 which have both strengthened the Company and positioned us for growth in 2005," said Lawrence Lawrence. 1 City (1990 pop. 26,763), Marion co., central Ind., a residential suburb of Indianapolis, on the West Fork of the White River. It has light manufacturing. 2 City (1990 pop. 65,608), seat of Douglas co., NE Kans. A. Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , Chief Executive Officer. "Our long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. strategies have converged with improving industry fundamentals and we are excited about our prospects. We enter 2005 with a significantly improved capital structure, including reduced debt, and an expanded portfolio of properties to fuel our growth going forward." 2005 STRATEGIC INITIATIVES --Management is focused on incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. growth through improved occupancies of the Company's communities in lease-up and renovation status, while simultaneously si·mul·ta·ne·ous adj. 1. Happening, existing, or done at the same time. See Synonyms at contemporary. 2. Mathematics pursuing improved occupancy Gaining or having physical possession of real property subject to, or in the absence of, legal right or title. In a fire insurance policy, for example, the term occupancy and operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: in the Company's stabilized communities. --Management is focused on increasing the number of ancillary Subordinate; aiding. A legal proceeding that is not the primary dispute but which aids the judgment rendered in or the outcome of the main action. A descriptive term that denotes a legal claim, the existence of which is dependent upon or reasonably linked to a main claim. services offered to residents through the communities as well as third party providers. The goal is to provide a higher level of care for residents while increasing the Company's operating margins. --The Company seeks to participate in acquisitions or co-investments, as the current industry dynamics make acquisition an attractive avenue for growth, either directly or with a financial partner. The Company's national platform and strengthened balance sheet should enable the Company to participate in opportunistic opportunistic /op·por·tu·nis·tic/ (op?er-tldbomacn-is´tik) 1. denoting a microorganism which does not ordinarily cause disease but becomes pathogenic under certain circumstances. 2. , well-fitting acquisitions. --The Company's expertise in developing communities providing quality facilities that meet the unique needs of the senior population is well established, and the Company is looking to assist other entities, such as real-estate or financial investors, in selectively developing new senior living communities. 4Q04 CONFERENCE CALL INFORMATION The Company will host a conference call with senior management to discuss the Company's fourth quarter 2004 financial results. The call will be held on Wednesday Wednesday: see week. March 9, 2005 at 11:00 am Eastern Time. The call-in call-in adj. Being in a format such that listeners or viewers are invited to have their telephone conversations with the host or guests on a show broadcast to other listeners: a call-in radio show. n. number is 913-981-5509, confirmation code 164923. A link to a simultaneous webcast of the teleconference will be available at www.capitalsenior.com through Windows Media Player Digital jukebox software for Windows from Microsoft that plays a variety of audio, video and streaming formats including MP3, WMA, CD audio and MIDI. Starting with Version 6.2 in 1999, the Windows Media Rights Manager was added for securing copyrighted content. or RealPlayer A multimedia player from RealNetworks that plays RealAudio and RealVideo transmissions. Included is the technology (see RealJukebox) for organizing music files and creating MP3 files from audio CDs. . For the convenience of the Company's shareholders and the public, the conference call will be recorded and available for replay starting March 9, 2005 at 2:00 pm Eastern Time, until March 16, 2005 at 8:00 pm Eastern Time. To access the conference call replay, call 719-457-0820, confirmation code 164923. The conference call will also be made available for playback Playback could mean:
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 philosophy emphasizes a continuum Continuum (pl. -tinua or -tinuums) can refer to:
The Company currently operates 54 senior living communities in 20 states with an aggregate capacity of approximately 8,700 residents, including 39 senior living communities which the Company owns or in which the Company has an ownership interest, and 15 communities it manages for third parties. Two expansions, which were previously reported as separate wholly owned communities have been consolidated with their main campuses, reducing the total communities count by two. In the communities operated by the Company, 85 percent of residents live independently and 15 percent of residents require assistance with activities of daily living. This release contains certain financial information not derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ), including adjusted EBITDA, cash earnings and cash earnings per share. The Company believes this information is useful to investors and other interested parties. Such information should not be considered as a substitute for any measures derived in accordance with GAAP, and may not be comparable to other similarly titled measures of other companies. Reconciliation of this information to the most comparable GAAP measures is included as an attachment See attach a file. to this release. The forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. terms, financing, licensing, business conditions, risks of downturns in economic conditions generally, satisfaction of closing conditions such as those pertaining per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. to licensure licensure (lī´s  nsh , 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.
CAPITAL SENIOR LIVING CORPORATION
CONSOLIDATED BALANCE SHEETS
December 31,
-------------------
2004 2003
--------- ---------
(In thousands)
ASSETS
Current assets:
Cash and cash equivalents $19,515 $6,594
Restricted cash -- 7,187
Accounts receivable, net 2,073 1,295
Accounts receivable from affiliates 1,220 604
Federal and state income taxes receivable 2,572 994
Deferred taxes 642 385
Assets held for sale 1,008 --
Property tax and insurance deposits 2,731 1,855
Prepaid expenses and other 2,766 2,437
--------- ---------
Total current assets 32,527 21,351
Property and equipment, net 381,051 380,115
Deferred taxes 7,011 6,554
Notes receivable from affiliates -- 4,981
Investments in limited partnerships 3,202 1,762
Assets held for sale 1,026 2,391
Other assets, net 6,358 4,179
--------- ---------
Total assets $431,175 $421,333
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $2,162 $1,931
Accounts payable to affiliates 318 --
Accrued expenses 7,478 6,838
Current portion of notes payable 42,242 23,488
Customer deposits 1,936 1,929
--------- ---------
Total current liabilities 54,136 34,186
Deferred income 680 112
Deferred income from affiliates 125 102
Other long-term liabilities 6,909 6,736
Notes payable, net of current portion 219,526 255,549
Minority interest in consolidated partnership 252 281
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 -- 25,751 and
19,847 in 2004 and 2003, respectively 258 198
Additional paid-in capital 124,963 92,336
Retained earnings 24,326 31,833
--------- ---------
Total shareholders' equity 149,547 124,367
--------- ---------
Total liabilities and shareholders' equity $431,175 $421,333
========= =========
CAPITAL SENIOR LIVING CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except earnings per share)
Three Months Ended Year Ended
December 31, December 31,
------------------ ------------------
2004 2003 2004 2003
--------- -------- --------- --------
Revenues:
Resident and health care
revenue $22,975 $18,074 $90,544 $62,564
Unaffiliated management
services revenue 416 41 726 336
Affiliated management services
revenue 532 769 1,992 3,236
Affiliated development fees -- 26 -- 189
--------- -------- --------- --------
Total revenues 23,923 18,910 93,262 66,325
Expenses:
Operating expenses 14,128 12,331 57,801 40,208
General and administrative
expenses 4,705 3,726 16,523 12,343
Provision for bad debts 22 36 198 168
Depreciation and amortization 3,078 2,564 12,009 7,791
--------- -------- --------- --------
Total expenses 21,933 18,657 86,531 60,510
--------- -------- --------- --------
Income from operations 1,990 253 6,731 5,815
Other income (expense):
Interest income 104 416 572 4,278
Interest expense (4,112) (3,527) (15,769) (12,481)
(Loss) gain on sale of
properties (196) 148 (37) 6,751
Debt restructuring /
derivative costs:
Write-off of deferred loan
costs (542) -- (824) --
Gain on interest rate swap
agreement 1,435 -- 1,435 --
Loss on treasury lock
agreement (1,356) -- (1,356) --
Other income 66 3,474 182 3,616
--------- -------- --------- --------
(Loss) income before income
taxes and minority
interest in consolidated
partnership (2,611) 764 (9,066) 7,979
Benefit (provision) for income
taxes 849 (315) 2,270 (3,098)
--------- -------- --------- --------
(Loss) income before minority
interest in
consolidated partnership (1,762) 449 (6,796) 4,881
Minority interest in
consolidated partnership 2 (7) 38 109
--------- -------- --------- --------
Net (loss) income $(1,760) $442 $(6,758) $4,990
========= ======== ========= ========
Per share data:
Basic (loss) earnings per
share $(0.07) $0.02 $(0.27) $0.25
========= ======== ========= ========
Diluted (loss) earnings per
share $(0.07) $0.02 $(0.27) $0.25
========= ======== ========= ========
Weighted average shares
outstanding -- basic 25,744 19,847 25,213 19,784
========= ======== ========= ========
Weighted average shares
outstanding -- diluted 25,744 20,133 25,213 19,975
========= ======== ========= ========
CAPITAL SENIOR LIVING CORPORATION
RECONCILATION OF NON GAAP ITEMS
(in thousands, except per share amounts)
Three Months Ended Year Ended
December 31, December 31,
----------------------- -----------------------
2004 2003 2004 2003
----------- ----------- ----------- -----------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Cash earnings
reconciliation:
Net (loss) income $(1,760) $442 $(6,758) $4,990
Depreciation and
amortization 3,078 2,564 12,009 7,791
----------- ----------- ----------- -----------
Cash earnings $1,318 $3,006 $5,251 $12,781
=========== =========== =========== ===========
Cash earnings per
diluted share
reconciliation:
Net (loss) income
per diluted share $(0.07) $0.02 $(0.27) $0.25
Depreciation and
amortization per
diluted share 0.12 0.13 0.48 0.39
----------- ----------- ----------- -----------
Cash earnings per
diluted share $0.05 $0.15 $0.21 $0.64
=========== =========== =========== ===========
Adjusted EBITDA
reconciliation:
Income from
operations $1,990 $253 $6,731 $5,815
Depreciation and
amortization 3,078 2,564 12,009 7,791
----------- ----------- ----------- -----------
Adjusted EBITDA $5,068 $2,817 $18,740 $13,606
=========== =========== =========== ===========
Reconciliation of net
loss before Spring
Meadows transaction,
debt restructuring /
derivative costs and
Sarbanes/Oxley
compliance costs:
Net loss $(1,760)
Loss on Spring
Meadows
transactions (net
of tax) 133
Debt restructuring /
derivative costs
(net of tax) 369
Sarbanes/Oxley
compliance costs
(net of tax) 354
-----------
Adjusted net loss $(904)
===========
Reconciliation of net
loss per share before
Spring Meadows
transaction, debt
restructuring /
derivative costs and
Sarbanes/Oxley
compliance costs:
Net loss per share
Per share adjustment
for: $(0.07)
Loss on Spring
Meadows
transactions (net
of tax) 0.01
Debt restructuring
/ derivative
costs (net of
tax) 0.01
Sarbanes/Oxley
compliance costs
(net of tax) 0.01
-----------
Adjusted net
loss $(0.04)
===========
Reconciliation of
shareholders' equity
per outstanding
share:
Shareholders' equity $149,547
Common shares
outstanding at
December 31, 2004 25,751
-----------
Shareholders'
equity per
outstanding share $5.81
===========
Capital Senior Living Corporation
--------------------------------------
Supplemental Information
Communities Resident
Capacity
----------------- -------------
Q4 04 Q4 03 Q4 04 Q4 03
-------- -------- ------ ------
Portfolio Data
I. Property Ownership / Management
Consolidated properties 29 24 4,831 4,109
Joint Venture properties (equity
method) 10 17 1,867 2,745
Third party property managed 14 1 1,824 --
Third party property managed
(prelease) 1 -- 146 --
-------- -------- ------ ------
Total 54 42 8,668 6,854
Independent living 7,313 5,925
Assisted living 1,185 759
Skilled nursing 170 170
------ ------
Total 8,668 6,854
II. Percentage of Operating
Portfolio
Consolidated properties 53.7% 57.1% 55.7% 60.0%
Joint venture properties (Equity
Method) 18.5% 40.5% 21.5% 40.0%
Third Party property managed 25.9% 2.4% 21.0% 0.0%
Third party property managed
(prelease) 1.9% 0.0% 1.79% 0.0%
-------- -------- ------ ------
Total 100.0% 100.0% 100.0% 100.0%
Independent living 84.4% 86.4%
Assisted living 13.6% 11.1%
Skilled nursing 2.0% 2.5%
------ ------
Total 100.0% 100.0%
Selected Operating Results
I. Consolidated Properties
Number of properties 29 24
Resident capacity 4,831 3,953
Occupancy 85.9% 83.6%
Revenue (in millions) 22.9 21.7
Average monthly rent 2,053 2,017
Operating margin 37% 35%
II. Waterford / Wellington
properties
Number of properties 19 19
Resident capacity 2,548 2,548
Occupancy 86.4% 83.3%
Revenue (in millions) 10.5 9.7
Average monthly rent 1,812 1,751
Operating margin 37% 30%
III. Total Portfolio
Number of properties 54 42
Resident capacity 8,668 6,854
Occupancy 85.4% 82.3%
Revenue (in millions) 40.0 31.7
Average monthly rent 2,079 2,126
Operating margin 41% 37%
IV.General and Administrative
Expenses (in thousands)
Corporate 2,721 1,976
Property 2,006 1,786
-------- --------
Total 4,727 3,762
V. Consolidated Debt Information (in
thousands, except for interest
rates)
Excludes insurance premium
financing
Fixed rate debt 42,759 69,217
Variable rate debt with a floor -- 44,411
Variable rate debt, with a cap 184,585 35,657
Variable rate debt, no cap or
floor 28,595 127,532
-------- --------
Total debt 255,938 276,816
======== ========
Fixed rate debt - weighted average
rate 8.0% 7.8%
Variable rate debt - weighted
average rate 5.5% 4.7%
Total debt - weighted rate 5.9% 5.5%
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion