I just took a look at the Q4/2010-year end results as just released by SRZ. No complaints whatsoever. Although revenues are down from the restructuring efforts, income from on-going operations zoomed ahead very nicely as did occupancy rates for the Q4/2010. In a nutshell, I was very pleased with the report. As things stand at this jucnture, it positions SRZ for further upside progress as we go through fiscal year 2011.
Cheers and good investing,
was that you, RT? lol...lunch...
Last comment on this report...it is nice to hear a company talk about going on the offensive, when just last year investors had SRZ's neck on the chopping block...as values for property have risen, I know they will be diligent when working JV or full acquisition deals; however, if they continue to divest of property, they will also reap the rewards of the prices communities are selling for. Best of luck to them; I can rest comfortably now, having heard direction from mgt. It was interesting how SN seems intent, through their questions, on becoming more committed to its following of this company's journey and short-term possibilities...imo, they will offer a positive note or opinion in the near future.
in the face of baby boomer population bubble...solid mgmt/admin can cultivate growth. less than 100% occupancy will be an obsolete concept.
SRZ's problem will be keeping up with growing demand.
nice problem to have.
btw good 4th qtr report.
balance sheet progress is particularly impressive, as several items from 2009 now non-existent and many others greatly reduced - wow...we are sure to see improved pps over long term as overall value of company is better understood by investment community; just referred good friend to Sunrise ALF to begin career in long term care...no better place to be trained. Good luck to all...
my observations were much the same, and anticipated, and I am excited they are able to grow occupancy in these times (88.3% is exceptional imo), that debt has been butchered thru asset sales, revised mgt agreements and JVs, there is cash on hand. I also am impressed at the structure of the JV deal that gives SRZ the OPTION to purchase the facilities down the road; not a commitment, but an OPTION. This makes the restructuring of the balance sheet all the more important, as with 88% occupancy growth will need to come from multiple sources: 1) Ordan's identified overhead reduction efforts from managing fewer ALFs; 2) rate increases which show up as improved year-over-year rev growth; 3) increase in occup from 88% to 90+%; and, 4) new acquisitions, using owned ALFs as collateral. I agree that things are rosy for SRZ. 1Q11 & 2Q11 should show vast improvements in operations for continuing ops, on a year-over-year basis, and there is upside on the acquisition front. IMO, smart growth will continue to come from creative purchase decisions by Ordan & Co.