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Capital Senior Living Corporation (CSU) has successfully transferred its independent living community in Deer Park, Texas, to Fannie Mae, marking the first of 18 planned transitions aimed at enhancing liquidity and improving cash flow. This strategic move will eliminate underperforming operations, allowing the company to focus on its core portfolio. Anticipated outcomes include the extinguishment of $19.4 million in debt from the Deer Park facility and a total debt reduction of $217.7 million across all transitions, projecting an annual cash flow improvement of $10 million.
Capital Senior Living Corporation (CSU) announced the sale of a senior living community in Canton, Ohio for $18 million, closing on November 24, 2020. The company received $6.4 million in net cash proceeds and has been retained to manage the community, projecting an annual management fee of approximately $350,000. This sale aims to enhance the company's capital structure and expand its management platform, aligning with its SING strategy, which focuses on stabilizing and growing its portfolio of senior living properties.
Capital Senior Living Corporation (NYSE: CSU) announced its Q3 2020 financial results, reporting revenues of $96.3 million, a decline from $111.1 million in Q3 2019. Consolidated occupancy fell to 76.1%, down 520 bps year-over-year, largely due to COVID-19. The transfer of 18 underperforming communities to Fannie Mae is expected to reduce debt by $216.3 million and improve cash flow by $10 million annually. The company incurred $1.4 million in COVID-related expenses and recorded a net loss of $215 million. Adjusted EBITDAR stood at $15.7 million.
Capital Senior Living Corporation (NYSE:CSU) will hold a conference call on November 5, 2020, at 2:30 p.m. ET to discuss its third quarter 2020 financial results. The earnings announcement will be released before the market opens on the same day. Investors can join the call at 877-407-0989, with no passcode required, and access a simultaneous webcast via the company’s website. A replay of the call will be available until November 19, 2020, for those unable to attend.
Capital Senior Living Corporation (CSU) announced the resignation of Carey Hendrickson, Executive Vice President and CFO, effective November 6, 2020. The company is initiating a search for a successor with the assistance of an executive search firm. Tiffany Dutton, Vice President of Accounting and Financial Reporting, is set to take on additional roles within the finance department during this transition. Hendrickson expressed confidence in the company's strengthened operational and financial position, while CEO Kimberly Lody praised his contributions.
Capital Senior Living announced the launch of its Virtual Engagement Program (VEP) on September 18, 2020, to enhance communication for residents during and after the COVID-19 pandemic. The program will distribute tablets across their communities, allowing residents to connect with family through virtual meetings and live-streamed events. This initiative coincides with National Assisted Living Week, which runs from September 13-19, 2020. The program aims to improve social interaction for over 10,000 residents across 119 communities in 22 states.
Capital Senior Living Corporation (CSU) reported its Q2 2020 operating results, revealing a consolidated occupancy decline of 240 bps due to COVID-19 impacts. The company incurred $2.9 million in COVID-related expenses but managed to mitigate costs through other reductions. A net loss of $12.8 million was noted, down from $47.2 million in Q1 2020, aided by agreements with REIT partners. The company aims to restructure by transferring operations of 18 underperforming communities to Fannie Mae, reducing debt by $216.3 million and improving cash flow.
Capital Senior Living Corporation (NYSE: CSU) will host a conference call on August 6, 2020, at 10:30 a.m. ET to discuss its second quarter 2020 financial results. The earnings announcement will precede the call, released before market opening on the same day. Interested participants can access the call at 212-231-2914, with no passcode required, and a webcast will also be available on the company's website. A replay of the call will be accessible from August 6 to August 13, 2020, at 412-317-6671, passcode 21966938.
Capital Senior Living Corporation (NYSE: CSU) reported Q1 2020 financial results, revealing a revenue decline to $106.1 million, down from $114.2 million YOY. Operating expenses remained steady at $75.4 million. Key metrics showed a 310 basis point drop in total occupancy to 80.0%. The company reduced rent payments on underperforming communities by 25% and converted six to management agreements. A net loss of $48.4 million was recorded, alongside a non-cash impairment charge of $36.5 million. The COVID-19 impact continues to affect operations, leading to an anticipated decline in occupancy and revenue.
Capital Senior Living Corporation (NYSE: CSU) will host a conference call on May 21, 2020, at 10:00 a.m. ET to discuss its Q1 2020 financial results. The earnings announcement will be released before the market opens on the same day. Investors can join the call at 323-994-2082 using confirmation code 9553593, or listen via a webcast on the company's website. The recorded call will be available for replay from May 21, 2020, at 1:00 p.m. ET until May 29, 2020. Capital Senior Living operates over 125 communities serving more than 11,000 residents across 23 states.
