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Capital Senior Living Corporation Reports Third Quarter 2018 Results

DALLAS, Nov. 06, 2018 (GLOBE NEWSWIRE) -- Capital Senior Living Corporation (the “Company”) (CSU), one of the nation’s largest operators of senior housing communities, today announced operating and financial results for the third quarter 2018.

“Against a difficult industry environment, Capital Senior Living continues to navigate headwinds and address issues head-on,” said Lawrence A. Cohen, Chief Executive Officer of the Company. “We achieved modest growth in occupancy on a sequential basis and average monthly rent, but are disappointed to report decreases in other key financial metrics. We are executing broad-based operational and financial initiatives to further position the Company for long-term success.”

Operating and Financial Summary (all amounts in this operating and financial summary exclude two communities that are 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 third quarter of 2018, including all communities, was $115.7 million, a $1.7 million, or 1.4%, decrease from the third quarter of 2017. The third quarter of 2018 includes $0.5 million of revenue from the Company’s two communities impacted by Hurricane Harvey in late August 2017. Revenue for these two communities was $1.3 million in the third quarter of 2017.
     
    • Revenue for consolidated and same communities, which exclude two communities undergoing lease-up or significant renovation and conversion and the Company’s two communities impacted by Hurricane Harvey, was $113.6 million in the third quarter of 2018, a decrease of 0.8% as compared to the third quarter of 2017.
       
    • Occupancy for consolidated and same communities was 85.6% in the third quarter of 2018, an increase of 10 basis points from the second quarter of 2018 and a decrease of 130 basis points from the third quarter of 2017.
       
    • Average monthly rent for consolidated and same communities was $3,628, an increase of $21 per occupied unit, or 0.6%, as compared to the third quarter of 2017.
       
  • Income from operations, including all communities, was $1.7 million in the third quarter of 2018 compared to $4.5 million in the third quarter of 2017.
     
  • The Company’s Net Loss for the third quarter of 2018, including all communities, was $11.1 million.
     
    • Excluding items noted and reconciled on the final page of this release, the Company’s adjusted net loss was $6.6 million in the third quarter of 2018.
       
    • Adjusted EBITDAR was $36.1 million in the third quarter of 2018 compared to

$37.9 million in the third quarter of 2017. 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 $8.1 million in the third quarter of 2018 compared to $11.1 million in the third quarter of 2017.     

“We continue to find ways to reduce costs via our newly-implemented procurement system and the nationalization of contracts,” said Carey P. Hendrickson, Chief Financial Officer of the Company.  “In addition, the full installation of an integrated business information system will provide a higher level of data transparency and analysis throughout the organization.  We expect the implementation to be complete by year end.”

Mr. Hendrickson continued, “We expect market conditions to remain challenging. Consistent with our normal business practices, we continue to seek ways to strengthen our financial foundation and optimize our asset portfolio.  As part of this effort, we expect to close on a Master Credit Facility by late December to address our nearest-term fixed-debt maturities and raise cash proceeds of approximately $20 million.  Concurrently, we are planning to divest a limited number of assets for which we expect to generate strong value. We recognize the challenges ahead, and are focused on building a stronger Capital Senior Living for the benefit of our shareholders and all stakeholders.” 

Recent Investment Activity

  • The Company expects to close on a Master Credit Facility in the fourth quarter of 2018 or early in the first quarter of 2019 that will refinance the fixed-rate debt on 19 communities, including all of the Company’s 2021 maturities, which are the earliest maturities for the Company’s fixed-rate debt, and a majority of the Company’s 2022 and 2023 maturities. The refinance is expected to result in net proceeds of approximately $20 million. Closing of the Master Credit Facility is subject to customary conditions, including lender approval.
     
  • In the fourth quarter of 2018, the Company anticipates closing on a supplemental loan which is expected to result in approximately $2.3 million of net cash proceeds. The supplemental loan will be on terms similar to other supplemental loans closed by the Company. Closing of the anticipated new supplemental loan is subject to customary conditions, including lender approval.

Financial Results - Third Quarter

For the third quarter of 2018, the Company reported revenue of $115.7 million, compared to revenue of $117.3 million in the third quarter of 2017. Revenue for consolidated communities excluding the two communities undergoing significant renovation and conversion, and the two Houston communities impacted by Hurricane Harvey, was $113.6 million, a decrease of 0.8% in the third quarter of 2018 as compared to the third quarter of 2017.

Operating expenses for the third quarter of 2018 were $76.2 million, an increase of $1.6 million, or 2.1%, from the third quarter of 2017. Operating expenses include a $1.3 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 third quarter of 2018 based on an approximate average of the communities’ net income in the seven months of 2017 prior to the hurricane.

General and administrative expenses for the third quarter of 2018 were $5.6 million. This compares to general and administrative expenses of $5.4 million in the third quarter of 2017. Excluding transaction and conversion costs in both periods, general and administrative expenses decreased $0.4 million in the third quarter of 2018 as compared to the third quarter of 2017. As a percentage of revenues under management, general and administrative expenses, excluding transaction and conversion costs, were 4.0% in the third quarter of 2018 compared to 4.3% in the third quarter of 2017.

Income from operations for the third quarter of 2018 was $1.7 million. The Company recorded a net loss on a GAAP basis of $11.1 million in the third quarter of 2018.
Excluding items noted and reconciled on the final page of this release, the Company’s adjusted net loss was $6.6 million in the third 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). Three communities that were previously excluded from the Company’s Non- GAAP financial measures were added back to such measures beginning in the first quarter of 2018.

Adjusted EBITDAR for the third quarter of 2018 was $36.1 million as compared to $37.9 million in the third quarter of 2017. Adjusted CFFO was $8.1 million in the third quarter of 2018, as compared to $11.1 million in the third quarter of 2017.

Operating Activities

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

Same-community revenue in the third quarter of 2018 decreased 0.8% versus the third quarter of 2017.

Same-community operating expenses increased 3.2% from the third quarter of the prior year, excluding conversion costs in both periods. On the same basis, labor costs, including benefits, increased 2.8%, utilities decreased 1.5%, and food costs decreased 5.0%, all as compared to the third quarter of 2017. Same-community net operating income decreased 7.6% in the third quarter of 2018 as compared to the third quarter of 2017.

Capital expenditures for the third quarter of 2018 were $7.2 million.

Balance Sheet

The Company ended the quarter with $22.7 million of cash and cash equivalents, including restricted cash. As of September 30, 2018, the Company financed its owned communities with mortgages totaling $950.3 million at interest rates averaging 4.8%. All of the Company’s debt is at fixed interest rates, except for two bridge loans totaling approximately $76.3 million at September 30, 2018, one of which matures in the first quarter of 2020 and the other in the fourth quarter of 2021. The earliest maturity date for the Company’s fixed-rate debt is in 2021.

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.

Q3 2018 Conference Call Information

The Company will host a conference call with senior management to discuss the Company’s third quarter 2018 financial results. The call will be held on Tuesday, November 6, 2018, at 5:00 p.m. Eastern Time. The call-in number is 323-994-2093, confirmation code 9869850. A link to a simultaneous webcast of the teleconference will be available at www.capitalsenior.com through Windows Media Player or RealPlayer.

For the convenience of the Company’s shareholders and the public, the conference call will be recorded and available for replay starting November 6, 2018 at 8:00 p.m. Eastern Time, until November 15, 2018 at 8:00 p.m. Eastern Time. To access the conference call replay, call 719-457-0820, confirmation code 9869850.  The conference call will also be made available for playback via the Company’s corporate website, www.capitalsenior.com.

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 our management, research analysts and investors to value companies in the senior living industry. Because Adjusted EBITDAR excludes interest expense and rent expense, it allows our 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 on the last page of this release 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.

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 strategy is to provide value to residents by providing quality senior housing services at reasonable prices. The Company’s communities emphasize a continuum of care, which integrates independent living, assisted living, and memory care services, to provide residents the opportunity to age in place. The Company operates 129 senior housing communities in geographically concentrated regions with an aggregate capacity of approximately 16,500 residents.

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.

Contact Carey P. Hendrickson, Chief Financial Officer, at 972-770-5600 for more information.

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

    September 30,
2018
    December 31,
2017
 
ASSETS                
Current assets:                
Cash and cash equivalents   $ 9,245     $ 17,646  
Restricted cash     13,473       13,378  
Accounts receivable, net     12,129       12,307  
Property tax and insurance deposits     12,451       14,386  
Prepaid expenses and other     4,647       6,332  
Total current assets     51,945       64,049  
Property and equipment, net     1,070,951       1,099,786  
Other assets, net     16,817       18,836  
Total assets   $ 1,139,713     $ 1,182,671  
LIABILITIES AND SHAREHOLDERS’ EQUITY                
Current liabilities:                
Accounts payable   $ 9,006     $ 7,801  
Accrued expenses     37,678       40,751  
Current portion of notes payable, net of deferred loan costs     18,016       19,728  
Current portion of deferred income     14,342       13,840  
Current portion of capital lease and financing obligations     3,347       3,106  
Federal and state income taxes payable     299       383  
Customer deposits     1,298       1,394  
Total current liabilities     83,986       87,003  
Deferred income     8,621       10,033  
Capital lease and financing obligations, net of current portion     46,510       48,805  
Deferred taxes     1,941       1,941  
Other long-term liabilities     12,916       16,250  
Notes payable, net of deferred loan costs and current portion     926,008       938,206  
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 – 31,262 and 30,505 in 2018 and 2017, respectively
    318       310  
Additional paid-in capital     186,054       179,459  
Retained deficit     (123,211 )     (95,906 )
Treasury stock, at cost – 494 shares in 2018 and 2017     (3,430 )     (3,430 )
Total shareholders’ equity     59,731       80,433  
Total liabilities and shareholders’ equity   $ 1,139,713     $ 1,182,671  


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

    Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
    2018     2017     2018     2017  
                         
Revenues:                                
Resident revenue   $ 115,650     $ 117,318     $ 344,920     $ 350,026  
Expenses:                                
Operating expenses (exclusive of facility lease expense and depreciation and amortization expense shown below)     76,195       74,636       220,863       220,703  
General and administrative expenses     5,589       5,361       17,323       17,678  
Facility lease expense     14,077       13,943       42,515       42,498  
Loss on facility lease termination                       12,858  
Stock-based compensation expense     2,095       1,962       6,603       5,833  
Depreciation and amortization expense     15,998       16,903       46,891       50,862  
Total expenses     113,954       112,805       334,195       350,432  
Income (Loss) from operations     1,696       4,513       10,725       (406 )
Other income (expense):                                
Interest income     42       19       117       51  
Interest expense     (12,705 )     (12,531 )     (37,771 )     (36,940 )
Gain (Loss) on disposition of assets, net     7       (1 )     10       (126 )
Other income           1       2       6  
Loss before provision for income taxes     (10,960 )     (7,999 )     (26,917 )     (37,415 )
Provision for income taxes     (129 )     (133 )     (388 )     (394 )
Net loss   $ (11,089 )   $ (8,132 )   $ (27,305 )   $ (37,809 )
Per share data:                                
Basic net loss per share   $ (0.37 )   $ (0.28 )   $ (0.92 )   $ (1.28 )
Diluted net loss per share   $ (0.37 )   $ (0.28 )   $ (0.92 )   $ (1.28 )
Weighted average shares outstanding — basic     29,877       29,512       29,779       29,427  
Weighted average shares outstanding — diluted     29,877       29,512       29,779       29,427  
Comprehensive loss   $ (11,089 )   $ (8,132 )   $ (27,305 )   $ (37,809 )


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

  Nine Months Ended September 30,  
  2018     2017  
Operating Activities              
Net loss $ (27,305 )   $ (37,809 )
Adjustments to reconcile net loss to net cash provided by operating activities:              
Depreciation and amortization   46,891       50,862  
Amortization of deferred financing charges   1,281       1,216  
Amortization of deferred lease costs and lease intangibles   638       647  
Amortization of lease incentives   (1,426 )     (950 )
Deferred income   (712 )     (899 )
Lease incentives         5,159  
Loss on facility lease termination         12,858  
(Gain) Loss on disposition of assets, net   (10 )     126  
Provision for bad debts   2,254       1,355  
Stock-based compensation expense   6,603       5,833  
Changes in operating assets and liabilities:              
Accounts receivable   (2,076 )     (3,834 )
Property tax and insurance deposits   1,935       1,753  
Prepaid expenses and other   1,685       2,387  
Other assets   1,267       5,149  
Accounts payable   1,205       (1,076 )
Accrued expenses   (3,073 )     (2,400 )
Other liabilities   (1,908 )     3,649  
Federal and state income taxes receivable/payable   (84 )     (108 )
Deferred resident revenue   (198 )     (1,520 )
Customer deposits   (96 )     (117 )
Net cash provided by operating activities   26,871       42,281  
Investing Activities              
Capital expenditures   (17,954 )     (30,165 )
Cash paid for acquisitions         (85,000 )
Proceeds from disposition of assets   22       16  
Net cash used in investing activities   (17,932 )     (115,149 )
Financing Activities              
Proceeds from notes payable   1,740       66,584  
Repayments of notes payable   (16,844 )     (15,414 )
Cash payments for capital lease and financing obligations   (2,054 )     (2,117 )
Deferred financing charges paid   (87 )     (950 )
Net cash (used in) provided by financing activities   (17,245 )     48,103  
Decrease in cash and cash equivalents   (8,306 )     (24,765 )
Cash and cash equivalents and restricted cash at beginning of period   31,024       47,323  
Cash and cash equivalents and restricted cash at end of period $ 22,718     $ 22,558  
Supplemental Disclosures              
Cash paid during the period for:              
Interest $ 36,345     $ 35,108  
Income taxes $ 546     $ 534  
 
 
Capital Senior Living Corporation                      
Supplemental Information              
                           
              Average        
      Communities   Resident Capacity   Average Units
      Q3 18   Q3 17   Q3 18   Q3 17   Q3 18   Q3 17
Portfolio Data                      
I. Community Ownership / Management                    
Consolidated communities                      
  Owned 83   83   10,767   10,767   8,224     8,119
  Leased 46   46   5,756   5,756   4,413     4,414
  Total 129   129   16,523   16,523   12,637     12,533
                       
Independent living         6,879   6,879   5,007     5,158
Assisted living         9,644   9,644   7,630     7,375
  Total         16,523   16,523   12,637     12,533
                         
                       
II. Percentage of Operating Portfolio                      
Consolidated communities                      
  Owned 64.3   64.3   65.2   65.2   65.1 %   64.8
  Leased 35.7   35.7   34.8   34.8   34.9 %   35.2
  Total 100.0   100.0   100.0   100.0   100.0 %   100.0
                         
Independent living         41.6   41.6   39.6 %   41.2
Assisted living         58.4   58.4   60.4 %   58.8
  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      
    Q3 18   Q3 17
  I. Owned communities      
    Number of communities   79       79
    Resident capacity   10,248       10,248
    Unit capacity (1)   7,779       7,777
    Financial occupancy (2) 87.0 %   88.2
    Revenue (in millions) 71.6     72.2
    Operating expenses (in millions) (3) 48.1     46.5
    Operating margin (3) 33 %   36
    Average monthly rent   3,525       3,510
  II. Leased communities      
    Number of communities   46       46
    Resident capacity   5,756       5,756
    Unit capacity (1)   4,413       4,413
    Financial occupancy (2) 83.2 %   84.6
    Revenue (in millions) 42.0     42.4
    Operating expenses (in millions) (3) 25.7     24.9
    Operating margin (3) 39 %   41
    Average monthly rent   3,817       3,786
  III. Consolidated and Same communities (4)      
    Number of communities   125       125
    Resident capacity   16,004       16,004
    Unit capacity   12,192       12,190
    Financial occupancy (2) 85.6 %   86.9
    Revenue (in millions) 113.6     114.6
    Operating expenses (in millions) (3) 73.8     71.4
    Operating margin (3) 35 %   38
    Average monthly rent   3,628       3,607
  IV. General and Administrative expenses as a percent of Total Revenues under Management      
    Third quarter (5)
Year to Date (5)
4.0%
4.4%
  4.3%
4.6%
  V. Consolidated Mortgage Debt Information (in thousands, except interest rates)      
    (excludes insurance premium financing)      
    Total fixed rate mortgage debt   873,992       883,607
    Total variable rate mortgage debt   76,319       76,566
    Weighted average interest rate 4.78 %   4.66%
           
     
  (1 ) Due to conversion and refurbishment projects completed at certain communities, unit capacity is higher in Q3 18 than Q3 17 for same communities under management, 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.    




NON-GAAP RECONCILIATIONS 
(In thousands, except per share data) 
                 
    Three Months Ended September 30,    Nine Months Ended September 30,
      2018       2017       2018       2017  
Adjusted EBITDAR              
  Net loss $   (11,089 )   $   (8,132 )   $   (27,305 )   $   (37,809 )
  Depreciation and amortization expense     15,998         16,903         46,891         50,862  
  Stock-based compensation expense     2,095         1,962         6,603         5,833  
  Facility lease expense     14,077         13,943         42,515         42,498  
  Loss on facility lease termination     -          -          -          12,858  
  Provision for bad debts     800         380         2,254         1,355  
  Interest income     (42 )       (19 )       (117 )       (51 )
  Interest expense     12,705         12,531         37,771         36,940  
  Loss (Gain) on disposition of assets, net     (7 )       1         (10 )       126  
  Other income     -          (1 )       (2 )       (6 )
  Provision for income taxes     129         133         388         394  
  Casualty losses     337         704         766         1,727  
  Transaction and conversion costs     1,047         439         1,885         1,992  
  Employee benefit reserve adjustments     -          -          690         -   
  Communities excluded due to repositioning/lease-up     71         (927 )       95         (2,740 )
  Adjusted EBITDAR $   36,121     $   37,917     $   112,424     $   113,979  
 

Adjusted Revenues
             
  Total revenues $   115,650     $   117,318     $   344,920     $   350,026  
  Communities excluded due to repositioning/lease-up     (1,475 )       (5,820 )       (4,249 )       (15,161 )
  Adjusted revenues $   114,175     $   111,498     $   340,671     $   334,865  
 

Adjusted net loss and Adjusted net loss per share
             
  Net loss $   (11,089 )   $   (8,132 )   $   (27,305 )   $   (37,809 )
  Casualty losses     337         704         766         1,727  
  Transaction and conversion costs     1,078         517         1,959         2,554  
  Employee benefit reserve adjustments     -          -          690         -   
  Resident lease amortization     -          2,085         -          7,407  
  Loss on facility lease termination     -          -          -          12,859  
  Loss (Gain) on disposition of assets     (7 )       1         (10 )       126  
  Tax impact of Non-GAAP adjustments (25% in 2018 and 37% in 2017)     (352 )       (1,224 )       (679 )       (9,129 )
  Deferred tax asset valuation allowance     2,737         3,086         6,256         14,020  
  Communities excluded due to repositioning/lease-up     702         750         1,996         1,787  
  Adjusted net loss $   (6,594 )   $   (2,213 )   $   (16,327 )   $   (6,458 )
   

Diluted shares outstanding
  29,877       29,512       29,779       29,427  
  Adjusted net loss per share $   (0.22 )   $   (0.07 )   $   (0.55 )   $   (0.22 )
 

Adjusted CFFO
             
  Net loss $   (11,089 )   $   (8,132 )   $   (27,305 )   $   (37,809 )
  Non-cash charges, net     18,584         20,628         55,519         76,207  
  Lease incentives     -          (1,504 )       -          (5,159 )
  Recurring capital expenditures     (1,186 )       (1,186 )       (3,559 )       (3,559 )
  Casualty losses     337         735         766         1,759  
  Transaction and conversion costs     1,078         517         1,959         2,329  
  Employee benefit reserve adjustments     -          -          690         -   
  Communities excluded due to repositioning/lease-up     421         29         1,129         (203 )
  Adjusted CFFO $   8,145     $   11,087     $   29,199     $   33,565