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Capital Senior Living Corporation Reports 2019 First Quarter Results

Operational Initiatives Unveiled During First Quarter Start to Take Hold; Early Indicators Show Signs of Operational Stabilization

DALLAS, May 09, 2019 (GLOBE NEWSWIRE) -- Capital Senior Living Corporation (the “Company”) (CSU), one of the nation’s largest operators of senior housing communities, announced today operating and financial results for the first quarter ended March 31, 2019.

“While there is still much work to do as we continue to execute our Stabilize, Invest, Nurture and Grow strategy, we are encouraged by the emerging signs of operational stability indicated by our first quarter results.  In what is typically the most challenging quarter of the year, our consolidated occupancy, NOI and NOI margin remained consistent with the fourth quarter of 2018, suggesting that our recent initiatives are taking hold and our operations are stabilizing.  During the first quarter, we took several steps to improve our operational execution. We changed our structure and personnel in operations, sales and marketing; implemented several elements of our people strategy; expanded our centralized purchasing platform; and, implemented new processes to improve our data insights, analytics, and operational execution. I am pleased to see that these changes have been embraced by our community teams and have created a clear focus on our collective path forward,” said Kimberly S. Lody, President and Chief Executive Officer. 

“We are fully committed to taking the necessary steps to continue improving the Company’s execution, operations and financial performance.  Since joining the Company in early January, I have visited more than 30 of our communities across the U.S., interacting with both residents and employees to see how we can improve the quality of our care and operations.  Based on these firsthand observations of our community leadership teams, real estate and the resident-centric care and services we provide, I believe – now more than ever – that we have a solid foundation upon which we can build an excellent future,” Lody added.

“While we expect market conditions to remain challenging throughout 2019, we are confident that we will continue making progress towards improving the consistency and predictability of our operating results. We look forward to emerging as a stronger Capital Senior Living for the benefit of our shareholders and all stakeholders,” Lody concluded. 

Operating and Financial Summary (all amounts in this operating and financial summary exclude two communities undergoing 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):

• Revenue in the first quarter of 2019, including all communities, was $114.2 million, a $0.5 million, or 0.4%, decrease, from the first quarter of 2018.  

  • Revenue for same communities, which excludes two communities undergoing lease-up or significant renovation and conversion and the Company’s two communities impacted by Hurricane Harvey, was $111.9 million in the first quarter of 2019, a decrease of 1.2%, versus the first quarter of 2018.

  • Occupancy for all communities was 83.1%, a decline of 10 basis points from the fourth quarter of 2018, and a decrease of 270 basis points from the first quarter of 2018 due in part to the re-opening of our two communities impacted by Hurricane Harvey in the third quarter of 2018.  Occupancy for same communities was 84.4% in the first quarter of 2019, a decrease of 10 basis points from the fourth quarter of 2018, and a decrease of 170 basis points, when compared with the first quarter of 2018.

  • Average monthly rent for all communities was $3,615, an increase of $23, or 0.6%, from the first quarter of 2018. Average monthly rent for same communities was $3,619, an increase of $27 per occupied unit, or 0.8%, from the first quarter of 2018.  Average monthly rent decreased 0.9% for all communities and 0.8% for same communities in the first quarter of 2019 when compared with the fourth quarter of 2018. 

• Income from operations, including all communities, was $2.0 million in the first quarter of 2019, versus $5.4 million in the first quarter of 2018.  

• The Company’s Net Loss for the first quarter of 2019, including all communities, was $13.0 million.  This includes a $2.3 million impairment charge related to an asset held for sale at March 31, 2019.

  • Excluding items noted and reconciled on the final page of this release, the Company’s adjusted net loss was $5.9 million in the first quarter of 2019.

  • Adjusted EBITDAR was $34.3 million in the first quarter of 2019 compared with $37.9 million in comparable period last year.  Adjusted EBITDAR is a financial valuation measure, rather than a financial performance measure, used by management and others to evaluate the value of companies in the senior living industry.

  • Adjusted Cash from Facility Operations (“CFFO”) was $5.5 million in the first quarter of 2019, compared with $10.4 million in the first quarter of 2018.  CFFO for the first quarter of 2019 includes a negative net impact of $0.5 million related to the Company’s adoption of the new lease accounting standard (“ASC 842”), effective January 1, 2019.  There was no impact on Adjusted EBITDAR related to the adoption of the new lease standard.

Recent Investment Activity

On May 1, the Company closed on the sale of its community in Kokomo, Indiana, at a price of $5.0 million.  The transaction resulted in approximately $1.4 million in net cash proceeds.  The community had a negative CFFO contribution of approximately $0.2 million in 2018.  The community was classified as held for sale on the Company’s balance sheet at March 31, 2019, and an impairment charge of $2.3 million was recorded in the first quarter of 2019. The Company is marketing a limited number of additional assets for potential divestiture. Some are under purchase and sale agreements, which are in the final phases of due diligence with anticipated closings within the next 90 days.  These assets are expected to generate strong value and meaningful net cash proceeds for the Company.  

Carey P. Hendrickson, the Company’s Chief Financial Officer, said: “Consistent with our normal business practices, the sale of Kokomo and the expected divestiture of additional communities, including the communities currently engaged in the due diligence process, are expected to strengthen our financial foundation and optimize our asset portfolio.”

Financial Results - First Quarter

For the first quarter of 2019, the Company reported revenue of $114.2 million, compared with revenue of $114.6 million in the first quarter of 2018. Revenue for consolidated communities excluding the two communities undergoing significant renovation and conversion, was $112.9 million, a decrease of 0.4%, in the first quarter of 2019 when compared with the first quarter of 2018.

Operating expenses for the first quarter of 2019 were $75.4 million, an increase of $3.7 million, or 5.2%, from the first quarter of 2018. Operating expenses in the first quarter of 2019 included a $1.2 million business interruption insurance credit related to the Company’s two Houston communities impacted by Hurricane Harvey to offset the lost revenues and continuing expenses, and to restore the communities’ net income for the first quarter of 2019 based on an approximate average of the communities’ net income in the seven months of 2017 prior to the hurricane.  The business interruption credit was $1.6 million in the comparable period a year ago.

General and administrative expenses for the first quarter of 2019 were $7.6 million versus $6.0 million in the first quarter of 2018. Excluding transaction and conversion costs in both periods (including approximately $1.2 million related to separation and placement costs associated with the Company’s CEO and COO roles), general and administrative expenses decreased $0.1 million in the first quarter of 2019 versus the first quarter of 2018.  As a percentage of revenues under management, general and administrative expenses, excluding transaction and conversion costs, were 5.1% in the first quarter of 2019, the same as in the first quarter of last year.

Income from operations for the first quarter of 2019 was $2.0 million.  This compares with $5.4 million in the first quarter of 2018.

The Company’s Non-GAAP financial measures exclude two communities that are undergoing significant renovation and conversion (see “Non-GAAP Financial Measures” below).

Adjusted EBITDAR for the first quarter of 2019 was $34.3 million, compared with $37.9 million in the first quarter of 2018. Adjusted CFFO was $5.5 million in the first quarter of 2019 and $10.4 million in the first quarter of 2018.  CFFO for the first quarter of 2019 includes a negative net impact of $0.5 million related to the Company’s adoption of the new lease accounting standard (“ASC 842”) effective January 1, 2019.  There was no impact on Adjusted EBITDAR related to the adoption of the new lease standard.

Operating Activities

Same community results exclude two previously noted communities undergoing lease-up or significant renovation and conversion, as well as the two Houston communities impacted by Hurricane Harvey which are also in lease-up. Same-community results also exclude certain conversion costs.

Same-community revenue in the first quarter of 2019 decreased 1.2% versus the first quarter of 2018.

Same-community operating expenses increased 3.3% in the first quarter of 2019 versus the first quarter of 2018, excluding conversion costs in all periods. On the same basis, labor costs, including benefits, increased 2.4% in the first quarter, while food costs and utilities decreased 1.3% and 1.4%, respectively.  Same-community net operating income decreased 8.5% in the first quarter of 2019 when compared with the same period a year ago.

Capital expenditures were $3.4 million for the first quarter of 2019.

Balance Sheet

The Company ended the first quarter with $35.2 million of cash and cash equivalents, including restricted cash. As of March 31, 2019, the Company financed its owned communities with mortgages totaling $978.0 million, at interest rates averaging 4.9%. The majority of the Company’s debt is at fixed interest rates excluding three bridge loans totaling approximately $80 million; two of which mature in 2020 and the other in 2021, and approximately $50 million of long-term variable rate debt under the Master Credit Facility. The earliest maturity date for the Company’s fixed-rate debt is in 2022.

The Company’s cash on hand and cash flow from operations are expected to be sufficient for working capital and to fund the Company’s capital expenditures.

Q1 2019 Conference Call Information

The Company will host a conference call with senior management to discuss the Company’s 2019 first quarter financial results on Thursday, May 9, 2019, at 10:00 a.m. Eastern Time. To participate, dial 323-794-2423, and use confirmation code 7027397. A link to a simultaneous webcast of the teleconference will be available at www.capitalsenior.com.

For the convenience of the Company’s shareholders and the public, the conference call will be recorded and available for replay starting May 9, 2019 at 11:00 a.m. Eastern Time, until May 17, 2019 at 11:00 a.m. Eastern Time.  To access the conference call replay, call 719-457-0820, and use confirmation code 7027397.  The conference call will also be made available for playback via the Company’s corporate website at https://www.capitalsenior.com/investor-relations/conference-calls/.

Non-GAAP Financial Measures of Operating Performance

Adjusted EBITDAR is a financial valuation measure and Adjusted Net Income/(Loss) and Adjusted CFFO are financial performance measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). Non-GAAP financial measures may have material limitations in that they do not reflect all of the costs associated with our results of operations as determined in accordance with GAAP. As a result, these non-GAAP financial measures should not be considered a substitute for, nor superior to, financial results and measures determined or calculated in accordance with GAAP.

Adjusted EBITDAR is a valuation measure commonly used by Company management, research analysts and investors to value companies in the senior living industry. Since Adjusted EBITDAR excludes interest expense and rent expense, it allows Company management, research analysts and investors to compare the enterprise values of different companies without regard to differences in capital structures and leasing arrangements.

The Company believes that Adjusted Net Income/(Loss) and Adjusted CFFO are useful as performance measures in identifying trends in day-to-day operations because they exclude the costs associated with acquisitions and conversions and other items that do not ordinarily reflect the ongoing operating results of our primary business.  Adjusted Net Income/(Loss) and Adjusted CFFO provide indicators to management of progress in achieving both consolidated and individual business unit operating performance and are used by research analysts and investors to evaluate the performance of companies in the senior living industry.

The Company strongly urges you to review the reconciliation of net loss to Adjusted EBITDAR and the reconciliation of net income/(loss) to Adjusted Net Income/(Loss) and Adjusted CFFO, along with the Company’s consolidated balance sheets, statements of operations, and statements of cash flows. This is included on the last page of this press release.

About the Company

Dallas-based Capital Senior Living Corporation is one of the nation’s largest operators of independent living, assisted living and memory care communities for senior adults. The Company’s 129 communities are home to nearly 12,000 residents across 23 states and provide compassionate, resident-centric service and care as well as engaging programming.  Capital Senior Living offers seniors the freedom and opportunity to successfully, comfortably and happily age in place.  For more information, visit www.capitalsenior.com or connect with the Company on Facebook.

Safe Harbor

The forward-looking statements in this release are subject to certain risks and uncertainties that could cause the Company’s actual results and financial condition to differ materially, including, but not limited to, the Company’s ability to generate sufficient cash flow to satisfy its debt and lease obligations and to fund the Company’s capital improvement projects to expand, redevelop, and/or reposition its senior living communities; the Company’s ability to obtain additional capital on terms acceptable to it; the Company’s ability to extend or refinance its existing debt as such debt matures; the Company’s compliance with its debt and lease agreements; the Company’s ability to complete acquisitions and dispositions upon favorable terms or at all; the risk of oversupply and increased competition in the markets which the Company operates; the risk of increased competition for skilled workers due to wage pressure and changes in regulatory requirements; the departure of the Company’s key officers and personnel; the cost and difficulty of complying with applicable licensure, legislative oversight, or regulatory changes; the risks associated with a decline in economic conditions generally; the adequacy and continued availability of the Company’s insurance policies and the Company’s ability to recover any losses it sustains under such policies; changes in accounting principles and interpretations; and the other risks and factors identified from time to time in the Company’s reports filed with the Securities and Exchange Commission.

For information about Capital Senior Living, visit www.capitalsenior.com.

Investor Contact Carey P. Hendrickson, Chief Financial Officer, at 972-770-5600 or chendrickson@capitalsenior.com.

Press Contact Susan J. Turkell at 303-766-4343 or sturkell@capitalsenior.com.

CAPITAL SENIOR LIVING CORPORATION
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except per share data)

    March 31,
2019
    December 31,
2018
 
ASSETS                
Current assets:                
Cash and cash equivalents   $ 22,185     $ 31,309  
Restricted cash     13,032       13,011  
Accounts receivable, net     10,469       10,581  
Federal and state income taxes receivable     152       152  
Assets held for sale     4,850        
Property tax and insurance deposits     8,587       13,173  
Prepaid expenses and other     3,666       5,232  
Total current assets     62,941       73,458  
Property and equipment, net     1,023,707       1,059,049  
Operating lease right-of-use assets, net     246,430        
Deferred taxes, net     152       152  
Other assets, net     10,279       16,485  
Total assets   $ 1,343,509     $ 1,149,144  
LIABILITIES AND SHAREHOLDERS EQUITY                
Current liabilities:                
Accounts payable   $ 2,201     $ 9,095  
Accrued expenses     38,206       41,880  
Current portion of notes payable, net of deferred loan costs     17,044       14,342  
Current portion of deferred income     5,051       14,892  
Current portion of capital lease and financing obligations     1,672       3,113  
Current portion of operating lease liabilities     44,623        
Federal and state income taxes payable     559       406  
Customer deposits     1,319       1,302  
Total current liabilities     110,675       85,030  
Deferred income           8,151  
Capital lease and financing obligations, net of current portion     11,003       45,647  
Operating lease liabilities, net of current portion     235,231        
Other long-term liabilities           15,643  
Notes payable, net of deferred loan costs and current portion     952,661       959,408  
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 – 31,123 and 31,273 in 2019 and 2018, respectively
    316       318  
Additional paid-in capital     186,903       187,879  
Retained deficit     (149,850 )     (149,502 )
Treasury stock, at cost – 494 shares in 2019 and 2018     (3,430 )     (3,430 )
Total shareholders’ equity     33,939       35,265  
Total liabilities and shareholders’ equity   $ 1,343,509     $ 1,149,144  
                 

CAPITAL SENIOR LIVING CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(unaudited, in thousands, except per share data)

    Three Months Ended
March 31,
 
    2019     2018  
Revenues:                
Resident revenue   $ 114,176     $ 114,643  
Expenses:                
Operating expenses (exclusive of facility lease expense and depreciation and amortization expense shown below)     75,405       71,700  
General and administrative expenses     7,570       6,022  
Facility lease expense     14,235       14,214  
Stock-based compensation expense     (978 )     1,949  
Depreciation and amortization expense     15,974       15,372  
Total expenses     112,206       109,257  
Income from operations     1,970       5,386  
Other income (expense):                
Interest income     57       37  
Interest expense     (12,564 )     (12,451 )
Write-down of assets held for sale     (2,340 )      
Gain on disposition of assets, net           3  
Other income     23       1  
Loss before provision for income taxes     (12,854 )     (7,024 )
Provision for income taxes     (130 )     (132 )
Net loss   $ (12,984 )   $ (7,156 )
Per share data:                
Basic net loss per share   $ (0.43 )   $ (0.24 )
Diluted net loss per share   $ (0.43 )   $ (0.24 )
Weighted average shares outstanding — basic     30,102       29,627  
Weighted average shares outstanding — diluted     30,102       29,627  
Comprehensive loss   $ (12,984 )   $ (7,156 )
                 

CAPITAL SENIOR LIVING CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)


 
  Three Months Ended March 31,  
    2019     2018  
Operating Activities                
Net loss   $ (12,984 )   $ (7,156 )
Adjustments to reconcile net loss to net cash provided by operating activities:                
Depreciation and amortization     15,974       15,372  
Amortization of deferred financing charges     432       428  
Amortization of deferred lease costs and lease intangibles           212  
Amortization of lease incentives           (433 )
Deferred income     (41 )     (61 )
Operating lease expense adjustment     (702 )      
Write-down of assets held for sale     2,340        
Gain on disposition of assets, net           (3 )
Provision for bad debts     805       459  
Stock-based compensation expense     (978 )     1,949  
Changes in operating assets and liabilities:                
Accounts receivable     (695 )     (1,746 )
Property tax and insurance deposits     4,586       5,025  
Prepaid expenses and other     487       208  
Other assets     482       508  
Accounts payable     (6,894 )     (4,257 )
Accrued expenses     (3,674 )     (6,705 )
Other liabilities           526  
Federal and state income taxes receivable/payable     153       190  
Deferred resident revenue     (453 )     (12 )
Customer deposits     17       (62 )
Net cash (used in) provided by operating activities     (1,145 )     4,442  
Investing Activities                
Capital expenditures     (3,353 )     (5,616 )
Proceeds from disposition of assets           3  
Net cash used in investing activities     (3,353 )     (5,613 )
Financing Activities                
Proceeds from notes payable            
Repayments of notes payable     (4,333 )     (5,723 )
Cash payments for capital lease and financing obligations     (129 )     (763 )
Deferred financing charges paid     (143 )     (42 )
Net cash used in financing activities     (4,605 )     (6,528 )
Decrease in cash and cash equivalents     (9,103 )     (7,699 )
Cash and cash equivalents and restricted cash at beginning of period     44,320       31,024  
Cash and cash equivalents and restricted cash at end of period   $ 35,217     $ 23,325  
Supplemental Disclosures                
Cash paid during the period for:                
Interest   $ 11,167     $ 11,897  
Income taxes   $ 7     $ 15  
                 


Capital Senior Living Corporation
Supplemental Information
                                               
                    Average
               
    Communities
    Resident Capacity
    Average Units
    Q1 19
    Q1 18
    Q1 19
    Q1 18
    Q1 19
    Q1 18
Portfolio Data                                              
I. Community Ownership / Management                                              
Consolidated communities                                              
Owned   83       83       10,767       10,767       8,249       7,978  
Leased   46       46       5,756       5,756       4,415       4,414  
Total   129       129       16,523       16,523       12,664       12,392  
                                               
Independent living                   6,879       6,879       4,965       4,911  
Assisted living                   9,644       9,644       7,699       7,481  
Total                   16,523       16,523       12,664       12,392  
                                               
                                               
II. Percentage of Operating Portfolio                                              
Consolidated communities                                              
Owned   64.3 %     64.3 %     65.2 %     65.2 %     65.1 %     64.4 %
Leased   35.7 %     35.7 %     34.8 %     34.8 %     34.9 %     35.6 %
Total   100.0 %     100.0 %     100.0 %     100.0 %     100.0 %     100.0 %
                                               
Independent living                   41.6 %     41.6 %     39.2 %     39.6 %
Assisted living                   58.4 %     58.4 %     60.8 %     60.4 %
Total                   100.0 %     100.0 %     100.0 %     100.0 %
                                               



Capital Senior Living Corporation
       
Supplemental Information (excludes two communities being repositioned/leased up and two communities impacted by Hurricane Harvey)
Selected Operating Results        
      Q1 19   Q1 18
  I. Owned communities        
    Number of communities   79   79
    Resident capacity   10,248   10,248
    Unit capacity (1)   7,805   7,791
    Financial occupancy (2)   86.1%   87.6%
    Revenue (in millions)   70.9   71.7
    Operating expenses (in millions) (3)   47.6   46.0
    Operating margin (3)   33%   36%
    Average monthly rent   3,519   3,501
  II. Leased communities        
    Number of communities   46   46
    Resident capacity   5,756   5,756
    Unit capacity   4,414   4,414
    Financial occupancy (2)   81.3%   83.5%
    Revenue (in millions)   41.0   41.6
    Operating expenses (in millions) (3)   25.0   24.3
    Operating margin (3)   39%   42%
    Average monthly rent   3,804   3,760
  III. Consolidated and Same communities (4)        
    Number of communities   125   125
    Resident capacity   16,004   16,004
    Unit capacity (1)   12,219   12,204
    Financial occupancy (2)   84.4%   86.1%
    Revenue (in millions)   111.9   113.3
    Operating expenses (in millions) (3)   72.6   70.3
    Operating margin (3)   35%   38%
    Average monthly rent   3,619   3,592
  IV. General and Administrative expenses as a percent of Total Revenues under Management        
    First quarter (5)   5.1%   5.1%
  V. Consolidated Mortgage Debt Information (in thousands, except interest rates)      
    (excludes insurance premium financing)      
    Total fixed rate mortgage debt   848,925   882,317
    Total variable rate mortgage debt   129,949   76,442
    Weighted average interest rate   4.88%   4.74%
             
     
  (1 ) Due to conversion and refurbishment projects completed at certain communities, unit capacity is higher in Q1 19 than Q1 18 for owned communities and same communities, which affects all groupings of communities.
  (2 ) Financial occupancy represents actual days occupied divided by total number of available days during the quarter.
  (3 ) Excludes management fees, provision for bad debts and transaction and conversion costs.    
  (4 ) Since the Company has not completed any new acquisitions of communities, other than the four communities which were acquired during the first quarter of fiscal 2017 that were previously leased and already included in the Company’s consolidated operating results, consolidated and same communities are equivalent for the comparable periods and no longer require separate reporting by the Company.
  (5 ) Excludes transaction and conversion costs.    


CAPITAL SENIOR LIVING CORPORATION
NON-GAAP RECONCILIATIONS
(In thousands, except per share data)
         
    Three Months Ended March 31, 
    2019   2018
Adjusted EBITDAR      
  Net loss $ (12,984 )   $ (7,156 )
  Depreciation and amortization expense   15,974       15,372  
  Stock-based compensation expense   (978 )     1,949  
  Facility lease expense   14,235       14,214  
  Provision for bad debts   805       459  
  Interest income   (57 )     (37 )
  Interest expense   12,564       12,451  
  Write down of assets held for sale   2,340       -  
  Gain on disposition of assets, net   -       (3 )
  Other income   (23 )     (1 )
  Provision for income taxes   130       132  
  Casualty losses   268       214  
  Transaction and conversion costs   276       249  
  Employee placement and separation costs   1,717       -  
  Communities excluded due to repositioning/lease-up   55       62  
  Adjusted EBITDAR $ 34,322     $ 37,905  
         
Adjusted Revenues      
  Total revenues $ 114,176     $ 114,643  
  Communities excluded due to repositioning/lease-up   (1,289 )     (1,354 )
  Adjusted revenues $ 112,887     $ 113,289  
         
Adjusted net loss and Adjusted net loss per share      
  Net loss $ (12,984 )   $ (7,156 )
  Casualty losses   268       214  
  Transaction and conversion costs   294       262  
  Employee placement and separation costs   1,717       -  
  Write down of assets held for sale   2,340       -  
  Gain on disposition of assets   -       (3 )
  Tax impact of Non-GAAP adjustments (25%)   (1,155 )     (118 )
  Deferred tax asset valuation allowance   2,901       1,409  
  Communities excluded due to repositioning/lease-up   683       672  
  Adjusted net loss $ (5,936 )   $ (4,720 )
         
  Diluted shares outstanding   30,102       29,627  
  Adjusted net loss per share $ (0.20 )   $ (0.16 )
         
Adjusted CFFO      
  Net loss $ (12,984 )   $ (7,156 )
  Non-cash charges, net   17,830       17,923  
  Operating lease payment adjustment to normalize lease commitments   (910 )     -  
  Recurring capital expenditures   (1,148 )     (1,186 )
  Casualty losses   268       214  
  Transaction and conversion costs   294       262  
  Employee placement and separation costs   1,717       -  
                 
  Communities excluded due to repositioning/lease-up   438       389  
  Adjusted CFFO $ 5,505     $ 10,446  
                 

Investor Contact:
Carey Hendrickson, Chief Financial Officer
Phone: 1-972-770-5600
chendrickson@capitalsenior.com

Press Contact:
Susan J. Turkell, 303-766-4343,
sturkell@capitalsenior.com