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AlerisLife Inc. Announces First Quarter 2022 Results

AlerisLife Inc. (Nasdaq: ALR) today announced its financial results for the three months ended March 31, 2022.

First Quarter Summary of Financial Results:

  • Net loss for the first quarter of 2022 was $9.7 million, or $0.31 per diluted share, compared to net income of $3.3 million, or $0.10 per diluted share, for the first quarter of 2021.
  • Earnings before interest, taxes, depreciation and amortization, or EBITDA, for the first quarter of 2022 was $(5.5) million compared to $6.8 million for the first quarter of 2021. Adjusted EBITDA, as described further below, was $(5.3) million for the first quarter of 2022 compared to $6.9 million for the first quarter of 2021.
  • EBITDA and Adjusted EBITDA are non-GAAP financial measures. Reconciliations of net (loss) income determined in accordance with U.S. generally accepted accounting principles, or GAAP, to EBITDA and Adjusted EBITDA for the first quarter of 2022 and 2021 are presented later in this press release.
  • RevPAR for the comparable managed communities for the first quarter of 2022 was $3,027 compared to $2,946 for the first quarter of 2021, an increase of 2.7%. Compared to the sequential quarter, RevPAR for the comparable managed communities increased 4.4%. RevPAR for the comparable owned communities for the first quarter of 2022 was $2,443 compared to $2,421 for the first quarter of 2021, an increase of 0.9%. Compared to the sequential quarter, RevPAR for the comparable owned communities increased 4.0%.

Substantially all of ALR's business is conducted by its two segments: (i) its residential segment through its Five Star Senior Living, or Five Star, brand and (ii) its lifestyle services segment primarily through its brands Ageility Physical Therapy Solutions and Ageility Fitness, or collectively Ageility, and Windsong Home Health. The following tables present data on the owned and managed senior living communities that ALR operates through its Five Star brand, including comparable community data, as well as data on the rehabilitation clinics that ALR operates through its Ageility brand, including comparable outpatient clinic data.

Summary of Operational Results

 

 

 

As of and for the Three Months Ended

 

 

March 31, 2022

 

December 31, 2021

 

March 31, 2021

Residential Segment:

 

 

 

 

 

 

Five Star:

 

 

 

 

 

 

Number of living units (end of period)

 

 

 

 

 

 

Independent living

 

 

10,423

 

 

 

10,423

 

 

 

10,979

 

Assisted living

 

 

7,715

 

 

 

7,764

 

 

 

12,109

 

Memory care

 

 

1,861

 

 

 

1,872

 

 

 

3,220

 

Skilled nursing

 

 

 

 

 

46

 

 

 

2,957

 

Total living units

 

 

19,999

 

 

 

20,105

 

 

 

29,265

 

 

 

 

 

 

 

 

RevPAR

 

 

 

 

 

 

Owned (1)

 

$

2,443

 

 

$

2,349

 

 

$

2,479

 

Managed

 

$

3,027

 

 

$

2,919

 

 

$

3,213

 

Quarter End Occupancy

 

 

 

 

 

 

Owned and Leased (1)

 

 

72.1

%

 

 

72.7

%

 

 

68.2

%

Managed

 

 

74.6

%

 

 

74.8

%

 

 

70.2

%

 

 

 

 

 

 

 

Comparable Communities (2):

 

 

 

 

 

 

RevPAR

 

 

 

 

 

 

Owned

 

$

2,443

 

 

$

2,349

 

 

$

2,421

 

Managed

 

$

3,027

 

 

$

2,900

 

 

$

2,946

 

Quarter End Occupancy

 

 

 

 

 

 

Owned

 

 

72.1

%

 

 

72.7

%

 

 

69.0

%

Managed

 

 

74.6

%

 

 

75.2

%

 

 

73.2

%

Operating Margin (3)

 

 

 

 

 

 

Owned

 

 

(24.2

) %

 

 

(25.2

) %

 

 

(12.5

) %

Managed

 

 

5.9

%

 

 

3.5

%

 

 

8.8

%

 
 

 

 

As of and for the Three Months Ended

 

 

March 31, 2022

 

December 31, 2021

 

March 31, 2021

Lifestyle Services Segment:

 

 

 

 

 

 

Ageility:

 

 

 

 

 

 

Number of Clinics

 

 

 

 

 

 

Inpatient (4)

 

10

 

 

10

 

 

37

 

Outpatient

 

201

 

 

205

 

 

215

 

Number of Visits (in thousands)

 

 

 

 

 

 

Inpatient (4)

 

22

 

 

21

 

 

72

 

Outpatient

 

144

 

 

148

 

 

149

 

 

 

 

 

 

 

 

Comparable Outpatient Clinics (5):

 

 

 

 

 

 

Caseload as a % of census (6)

 

23.9

%

 

24.0

%

 

27.0

%

Operating margin (3)

 

2.7

%

 

9.4

%

 

14.9

%

___________________________

(1)

 

For the three months ended March 31, 2021, includes four leased communities with approximately 200 living units previously leased from HealthPeak Properties, Inc., or HealthPeak. The lease with HealthPeak was terminated on September 30, 2021.

(2)

Comparable communities includes financial data for 20 owned senior living communities and 120 managed senior living communities that ALR continuously owned or managed and operated through its Five Star brand since January 1, 2021, exclusive of 1,532 skilled nursing facility, or SNF, living units that have been closed and are in the process of being repositioned in 27 Continuing Care Retirement Communities, or CCRCs, that ALR will continue to manage.

(3)

Operating margin is defined as operating revenue less operating expenses divided by operating revenue in each case for the business segment. For the Residential segment, it is inclusive of 1,532 SNF living units, which have been closed and are in the process of being repositioned, in 27 former CCRCs that ALR continues to manage. It is exclusive of Provider Relief Funds from the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, and other government grants recognized as other operating income. In addition, it excludes restructuring expenses for the three months ended December 31, 2021 of $0.3 million for the comparable managed communities.

(4)

Subsequent to March 31, 2021, ALR closed 27 inpatient rehabilitation clinics.

(5)

Comparable outpatient clinics includes financial data for 185 outpatient rehabilitation clinics that ALR continuously operated since January 1, 2021.

(6)

Caseload as a percentage of census represents the number of Ageility customers divided by total census at the senior living communities where the Ageility outpatient rehabilitation clinics are located.

Term Loan

On January 27, 2022, ALR entered into a credit and security agreement, or the Credit Agreement, for a $95.0 million senior secured term loan, or the Loan, $63.0 million of which was funded upon the effectiveness of the Credit Agreement, including approximately $3.2 million in closing costs. The remaining proceeds include $12.0 million for capital improvements at ALR owned communities and an opportunity for another $20.0 million that is available to us upon achieving certain financial targets. The maturity date of the Loan is January 27, 2025. Subject to the payment of an extension fee and meeting certain other conditions, ALR may elect to extend the stated maturity date of the Loan for two, one-year periods. ALR is required to pay interest on outstanding amounts at an annual base rate of the Secured Overnight Financing Rate, or SOFR, plus a term SOFR adjustment of 11 basis points (subject to a minimum base rate of 50 basis points), plus 450 basis points.

Summary of Communities and Outpatient Rehabilitation Clinics

Presented below is a summary of the communities, units, average occupancy, quarter end occupancy, revenues and residential management fees for the Five Star senior living communities ALR manages for DHC, as of and for the three months ended March 31, 2022 (dollars in thousands):

 
 

 

 

Total

 

 

Communities

 

Units

 

Average

Occupancy

 

Quarter End

Occupancy

 

Community

Revenues (1)

 

Management

Fees

Independent and assisted living communities

 

120

 

17,899

 

74.1

%

 

74.6

%

 

$

162,552

 

$

8,932

Total

 

120

 

17,899

 

74.1

%

 

74.6

%

 

$

162,552

 

$

8,932

_______________________________________

(1)

 

Managed senior living communities' revenues do not represent ALR's revenues, and are included to provide supplemental information regarding the operating results of the Five Star senior living communities from which ALR earns residential management fees.

Presented below is a summary of the Ageility outpatient rehabilitation clinics ALR operated as of and for the three months ended March 31, 2022 (dollars in thousands):

 

 

As of and for the

Three Months Ended March 31, 2022

 

 

Number

of

Clinics

 

Total

Revenue

(1)(3)

 

Caseload

as a % of

census (5)

 

EBITDA

Margin (4)

Outpatient Clinics in Five Star Managed Communities, Owned by DHC

 

91

 

$

7,300

 

25.5

%

 

4.6

%

Outpatient Clinics at ALR Owned Communities

 

15

 

 

761

 

27.9

%

 

2.5

%

Outpatient Clinics at Other Communities (2)

 

95

 

 

3,985

 

21.6

%

 

0.6

%

Total Outpatient Clinics

 

201

 

$

12,046

 

23.8

%

 

3.2

%

_______________________________________

(1)

Excludes revenue of $1,916 earned during the three months ended March 31, 2022 for ten Ageility inpatient rehabilitation clinics.

(2)

Other communities includes outpatient rehabilitation clinics at senior living communities not owned or managed by ALR.

(3)

Total Ageility revenue excludes home health care services, which are part of the lifestyle services segment.

(4)

EBITDA Margin is a non-GAAP financial measure and represents rehabilitation clinics that are in service as of March 31, 2022. A reconciliation of EBITDA Margin is presented later in this press release.

(5)

Caseload as a percentage of census represents the number of Ageility customers divided by total census at the senior living communities where the Ageility outpatient rehabilitation clinics are located.

Conference Call Information:

At 1:00 p.m. Eastern Time on May 4, 2022, ALR's Interim President and Chief Executive Officer and Chief Financial Officer and Treasurer, Jeffrey Leer, will host a conference call to discuss ALR's first quarter 2022 financial results.

The conference call telephone number is (877) 329-4332. Participants calling from outside the United States and Canada should dial (412) 317-5436. No pass code is necessary to access the call from either number. Participants should dial in about 15 minutes prior to the scheduled start of the call. A replay of the conference call will be available through 11:59 p.m. Eastern Time on May 11, 2022. To hear the replay, dial (412) 317-0088. The replay pass code is 6043437.

A live audio webcast of the conference call will also be available in a listen-only mode on ALR’s website, www.alerislife.com. Participants wanting to access the webcast should visit ALR’s website about five minutes before the call. The archived webcast will be available for replay on ALR’s website following the call for about a week. The transcription, recording and retransmission in any way of ALR's first quarter ended March 31, 2022 financial results conference call are strictly prohibited without the prior written consent of ALR. ALR’s website is not incorporated as part of this press release.

About AlerisLife:

AlerisLife enriches and inspires the lives of its older adult customers across the United States by delivering an exceptional and enhanced resident experience to senior living and active adult residents, while also offering lifestyle services to the younger choice-based consumer. The Company is headquartered in Newton, Massachusetts. For more information, visit www.alerislife.com.

AlerisLife Inc.

Condensed Consolidated Statements of Operations

(amounts in thousands, except per share amounts)

(unaudited)

 

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

 

2021

 

REVENUES

 

 

 

 

Lifestyle services

 

$

14,139

 

 

$

19,553

 

Residential

 

 

15,386

 

 

 

17,057

 

Residential management fees

 

 

8,932

 

 

 

13,850

 

Total management and operating revenues

 

 

38,457

 

 

 

50,460

 

Reimbursed community-level costs incurred on behalf of managed communities

 

 

130,936

 

 

 

213,160

 

Other reimbursed expenses

 

 

3,750

 

 

 

5,480

 

Total revenues

 

 

173,143

 

 

 

269,100

 

 

 

 

 

 

Other operating income

 

 

42

 

 

 

7,793

 

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

Lifestyle services expenses

 

 

13,221

 

 

 

16,210

 

Residential wages and benefits

 

 

8,627

 

 

 

12,013

 

Other residential operating expenses

 

 

7,349

 

 

 

6,266

 

Community-level costs incurred on behalf of managed communities

 

 

130,936

 

 

 

213,160

 

General and administrative

 

 

18,192

 

 

 

22,641

 

Depreciation and amortization

 

 

3,163

 

 

 

2,940

 

Total operating expenses

 

 

181,488

 

 

 

273,230

 

 

 

 

 

 

Operating (loss) income

 

 

(8,303

)

 

 

3,663

 

 

 

 

 

 

Interest, dividend and other income

 

 

80

 

 

 

84

 

Interest and other expense

 

 

(1,032

)

 

 

(463

)

Unrealized (loss) gain on equity investments

 

 

(632

)

 

 

135

 

Realized (loss) gain on sale of debt and equity investments

 

 

(45

)

 

 

96

 

Gain on termination of lease

 

 

279

 

 

 

 

(Loss) income before income taxes

 

 

(9,653

)

 

 

3,515

 

Provision for income taxes

 

 

(77

)

 

 

(200

)

Net (loss) income

 

$

(9,730

)

 

$

3,315

 

 

 

 

 

 

Weighted average shares outstanding—basic

 

 

31,787

 

 

 

31,530

 

Weighted average shares outstanding—diluted

 

 

31,787

 

 

 

31,662

 

 

 

 

 

 

Net (loss) income per share—basic

 

$

(0.31

)

 

$

0.11

 

Net (loss) income per share—diluted

 

$

(0.31

)

 

$

0.10

 

AlerisLife Inc.

Reconciliation of Non-GAAP Financial Measures

(dollars in thousands)

(unaudited)

Non-GAAP financial measures are financial measures that are not determined in accordance with GAAP. ALR believes the non-GAAP financial measures presented in the tables below are meaningful supplemental disclosures because they may help investors better understand changes in ALR’s operating results and its ability to meet financial obligations or service debt, make capital expenditures and expand its business. These non-GAAP financial measures may also help investors make comparisons between ALR and other companies on both a GAAP and non-GAAP basis. ALR believes that EBITDA, Adjusted EBITDA and EBITDA Margin are meaningful financial measures that may help investors better understand its financial performance, including by allowing investors to compare ALR's performance between periods and to the performance of other companies. ALR management uses EBITDA, Adjusted EBITDA and EBITDA Margin to evaluate ALR’s financial performance and compare ALR’s performance over time and to the performance of other companies. ALR calculates EBITDA, Adjusted EBITDA and EBITDA Margin as shown below. These measures should not be considered as alternatives to net income (loss) or operating income (loss), as indicators of ALR’s operating performance or as measures of ALR’s liquidity. Also, EBITDA, Adjusted EBITDA and EBITDA Margin as presented may not be comparable to similarly titled amounts calculated by other companies.

ALR believes that net income (loss) is the most directly comparable financial measure, determined according to GAAP, to ALR’s presentation of EBITDA and Adjusted EBITDA. The following table presents the reconciliation of these non-GAAP financial measures to net income (loss) for the three months ended March 31, 2022 and 2021.

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

 

2021

 

Net (loss) income

 

$

(9,730

)

 

$

3,315

 

Add (less):

 

 

 

 

Interest and other expense

 

 

1,032

 

 

 

463

 

Interest, dividend and other income

 

 

(80

)

 

 

(84

)

Provision for income taxes

 

 

77

 

 

 

200

 

Depreciation and amortization

 

 

3,163

 

 

 

2,940

 

EBITDA

 

 

(5,538

)

 

 

6,834

 

Add (less):

 

 

 

 

Unrealized loss (gain) on equity investments

 

 

632

 

 

 

(135

)

Gain on termination of leases

 

 

(279

)

 

 

 

Net restructuring expenses (1)

 

 

(154

)

 

 

250

 

Adjusted EBITDA

 

$

(5,339

)

 

$

6,949

 

_______________________________________

(1)

 

Includes costs incurred related to the repositioning of ALR's residential service offerings and the restructuring for the three months ended March 31, 2022 and 2021, respectively, and are included in general and administrative expenses in the condensed consolidated statements of operations.

AlerisLife Inc.

Reconciliation of Non-GAAP Financial Measures

(dollars in thousands)

(unaudited)

ALR believes that net income (loss) is the most directly comparable financial measure, determined according to GAAP, to ALR’s presentation of EBITDA. The following table presents the reconciliation of these non-GAAP financial measures to net income for the three months ended March 31, 2022 for Ageility.

 

 

Three Months Ended March 31, 2022

 

 

Total

Lifestyle services:

 

 

Revenue

 

$

14,139

 

Less: Home health services

 

 

177

 

Less: Inpatient rehabilitation (1)

 

 

1,916

 

Total Ageility revenue (2)

 

$

12,046

 

 

 

 

Ageility:

 

 

Net Income

 

$

171

 

Add: Depreciation

 

 

97

 

EBITDA

 

$

268

 

EBITDA Margin (3)

 

 

2.2

%

_______________________________________

(1)

Revenue for ten Ageility inpatient rehabilitation clinics that currently remain operated by Ageility.

(2)

Total Ageility revenue includes revenue from outpatient rehabilitation clinics and fitness.

(3)

EBITDA Margin is defined by ALR as EBITDA for the period divided by total revenue for the period.

AlerisLife Inc.

Condensed Consolidated Balance Sheets

(dollars in thousands, except per share amounts)

(unaudited)

 

 

 

March 31,

 

December 31,

 

 

 

2022

 

 

 

2021

 

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

88,054

 

 

$

66,987

 

Restricted cash and cash equivalents

 

 

25,129

 

 

 

24,970

 

Accounts receivable, net

 

 

9,414

 

 

 

9,244

 

Due from related person

 

 

48,717

 

 

 

41,664

 

Debt and equity investments, of which $7,062 and $7,609 are restricted, respectively

 

 

17,835

 

 

 

19,535

 

Prepaid expenses and other current assets

 

 

22,479

 

 

 

24,433

 

Total current assets

 

 

211,628

 

 

 

186,833

 

 

 

 

 

 

Property and equipment, net

 

 

160,170

 

 

 

159,843

 

Operating lease right-of-use assets

 

 

6,123

 

 

 

9,197

 

Finance lease right-of-use assets

 

 

3,236

 

 

 

3,467

 

Restricted cash and cash equivalents

 

 

995

 

 

 

982

 

Restricted debt and equity investments

 

 

3,635

 

 

 

3,873

 

Other long-term assets

 

 

10,683

 

 

 

12,082

 

Total assets

 

$

396,470

 

 

$

376,277

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

11,868

 

 

$

37,516

 

Accrued expenses and other current liabilities

 

 

36,830

 

 

 

31,488

 

Accrued compensation and benefits

 

 

31,087

 

 

 

34,295

 

Accrued self-insurance obligations

 

 

28,950

 

 

 

31,739

 

Operating lease liabilities

 

 

476

 

 

 

699

 

Finance lease liabilities

 

 

889

 

 

 

872

 

Due to related persons

 

 

4,332

 

 

 

3,879

 

Current portion of debt

 

 

422

 

 

 

419

 

Total current liabilities

 

 

114,854

 

 

 

140,907

 

 

 

 

 

 

Long-term liabilities:

 

 

 

 

Accrued self-insurance obligations

 

 

34,050

 

 

 

34,744

 

Operating lease liabilities

 

 

6,190

 

 

 

9,366

 

Finance lease liabilities

 

 

2,821

 

 

 

3,050

 

Long-term debt

 

 

66,770

 

 

 

6,364

 

Other long-term liabilities

 

 

247

 

 

 

256

 

Total long-term liabilities

 

 

110,078

 

 

 

53,780

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

Common stock, par value $0.01: 75,000,000 shares authorized, 32,550,895 and 32,662,649 shares issued and outstanding, respectively

 

 

326

 

 

 

327

 

Additional paid-in-capital

 

 

461,468

 

 

 

461,298

 

Accumulated deficit

 

 

(290,794

)

 

 

(281,064

)

Accumulated other comprehensive income

 

 

538

 

 

 

1,029

 

Total shareholders’ equity

 

 

171,538

 

 

 

181,590

 

Total liabilities and shareholders' equity

 

$

396,470

 

 

$

 

376,277

 

 

 

 
 

AlerisLife Inc.

Residential Segment Data

(dollars in thousands, except per unit amounts)

(unaudited)

 

 

 

Three Months Ended

 

 

March 31,

 

December 31,

 

September 30,

 

June 30,

 

March 31,

 

 

 

2022

 

 

 

2021

 

 

 

2021

 

 

 

2021

 

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

Owned and Leased Senior Living Communities

 

 

 

 

 

 

 

 

 

 

Independent and assisted living communities:

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

15,386

 

 

$

14,883

 

 

$

16,320

 

 

$

16,378

 

 

$

17,057

 

Other operating income (1)

 

 

42

 

 

 

 

 

 

 

 

 

2

 

 

 

7,774

 

Operating expenses

 

 

19,371

 

 

 

18,574

 

 

 

17,895

 

 

 

21,012

 

 

 

20,414

 

Operating (loss) income

 

 

(3,943

)

 

 

(3,691

)

 

 

(1,575

)

 

 

(4,632

)

 

 

4,417

 

Operating margin

 

 

(25.6

) %

 

 

(24.8

) %

 

 

(9.7

) %

 

 

(28.3

) %

 

 

17.8

%

Number of communities (end of period)

 

 

20

 

 

 

20

 

 

 

20

 

 

 

24

 

 

 

24

 

Number of living units (end of period) (2)

 

 

2,100

 

 

 

2,100

 

 

 

2,099

 

 

 

2,251

 

 

 

2,302

 

Average occupancy

 

 

71.0

%

 

 

72.0

%

 

 

69.9

%

 

 

68.1

%

 

 

68.3

%

Quarter end occupancy

 

 

72.1

%

 

 

72.7

%

 

 

72.9

%

 

 

69.7

%

 

 

68.2

%

RevPAR (3)

 

$

2,443

 

 

$

2,349

 

 

$

2,411

 

 

$

2,425

 

 

$

2,479

 

RevPOR (4)

 

$

3,444

 

 

$

3,192

 

 

$

3,375

 

 

$

3,524

 

 

$

3,630

 

 

 

 

 

 

 

 

 

 

 

 

Managed Senior Living Communities (5):

 

 

 

 

 

 

 

 

 

 

Residential management fees

 

$

8,932

 

 

$

9,482

 

 

$

11,220

 

 

$

12,927

 

 

$

13,850

 

Community-level revenues

 

 

162,552

 

 

 

161,907

 

 

 

210,160

 

 

 

243,947

 

 

 

259,966

 

Other operating income (1)

 

 

199

 

 

 

602

 

 

 

786

 

 

 

16,564

 

 

 

1,617

 

Community-level expenses (6)

 

 

152,892

 

 

 

159,329

 

 

 

203,756

 

 

 

237,461

 

 

 

247,171

 

Community operating income

 

 

9,859

 

 

 

3,180

 

 

 

7,190

 

 

 

23,050

 

 

 

14,412

 

Community operating margin

 

 

6.1

%

 

 

2.0

%

 

 

3.4

%

 

 

8.8

%

 

 

5.5

%

Number of communities (end of period)

 

 

120

 

 

 

121

 

 

 

159

 

 

 

228

 

 

 

228

 

Number of living units (end of period) (2)

 

 

17,899

 

 

 

18,005

 

 

 

20,669

 

 

 

25,482

 

 

 

26,963

 

Average occupancy

 

 

74.1

%

 

 

73.7

%

 

 

72.2

%

 

 

69.5

%

 

 

69.5

%

Quarter end occupancy

 

 

74.6

%

 

 

74.8

%

 

 

73.8

%

 

 

71.3

%

 

 

70.2

%

RevPAR (3)

 

$

3,027

 

 

$

2,919

 

 

$

3,046

 

 

$

3,086

 

 

$

3,213

 

RevPOR (4)

 

$

4,084

 

 

$

3,875

 

 

$

4,129

 

 

$

4,389

 

 

$

4,623

 

_______________________________________

(1)

Other operating income represents income recognized for funds received under the CARES Act and other government grants.

(2) 

Includes living units categorized as in service. As a result, the number of living units may vary from period to period for reasons other than the acquisition or disposition of senior living communities.

(3)

RevPAR is defined by ALR as resident fee revenues for the corresponding portfolio for the period divided by the average number of available units for the period, divided by the number of months in the period. Data for the three months ended March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021 exclude income received by senior living communities under the CARES Act and other government grants.

(4)

RevPOR is defined by ALR as resident fee revenues for the corresponding portfolio for the period divided by the average number of occupied units for the period, divided by the number of months in the period. Data for the three months ended March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021 exclude income received by senior living communities under the CARES Act and other government grants.

(5) 

Managed senior living communities, other than ALR's residential management fees, represents financial data of senior living communities managed for DHC and does not represent financial results of ALR. Managed senior living communities' data is included to provide supplemental information regarding the operating results of the senior living communities from which ALR earns residential management fees.

(6)

The three months ended December 31, 2021, September 30, 2021 and June 30, 2021 includes restructuring expense of $966, $813 and $11,531, respectively.

AlerisLife Inc.

Comparable Communities Residential Segment Data

(dollars in thousands, except per unit amounts)

(unaudited)

 

 

 

Three Months Ended

 

 

March 31,

 

December 31,

 

September 30,

 

June 30,

 

March 31,

 

 

 

2022

 

 

 

2021

 

 

 

2021

 

 

 

2021

 

 

 

2021

 

Owned Senior Living Communities (2):

 

 

 

 

 

 

 

 

 

 

Number of communities (end of period)

 

 

20

 

 

 

20

 

 

 

20

 

 

 

20

 

 

 

20

 

Number of living units (end of period) (1)

 

 

2,100

 

 

 

2,100

 

 

 

2,099

 

 

 

2,099

 

 

 

2,099

 

Average occupancy

 

 

71.0

%

 

 

72.0

%

 

 

70.4

%

 

 

68.3

%

 

 

68.9

%

Quarter end occupancy

 

 

72.1

%

 

 

72.7

%

 

 

72.9

%

 

 

70.1

%

 

 

69.0

%

RevPAR (3)

 

$

2,443

 

 

$

2,349

 

 

$

2,354

 

 

$

2,357

 

 

$

2,421

 

RevPOR (4)

 

$

3,444

 

 

$

3,192

 

 

$

3,270

 

 

$

3,413

 

 

$

3,515

 

 

 

 

 

 

 

 

 

 

 

 

Managed Senior Living Communities (2)(5):

 

 

 

 

 

 

 

 

 

 

Number of communities (end of period)

 

 

120

 

 

 

120

 

 

 

120

 

 

 

120

 

 

 

120

 

Number of living units (end of period) (1)

 

 

17,899

 

 

 

17,899

 

 

 

17,899

 

 

 

17,898

 

 

 

17,906

 

Average occupancy

 

 

74.1

%

 

 

74.1

%

 

 

73.4

%

 

 

72.9

%

 

 

72.7

%

Quarter end occupancy

 

 

74.6

%

 

 

75.2

%

 

 

74.6

%

 

 

73.3

%

 

 

73.2

%

RevPAR (3)

 

$

3,027

 

 

$

2,900

 

 

$

2,941

 

 

$

2,961

 

 

$

2,946

 

RevPOR (4)

 

$

4,084

 

 

$

3,831

 

 

$

3,922

 

 

$

4,018

 

 

$

4,051

 

_______________________________________

(1) 

 

Includes living units categorized as in service. As a result, the number of living units may vary from period to period for reasons other than the acquisition or disposition of senior living communities.

(2) 

Includes data for Five Star senior living communities that ALR has continuously owned or managed since January 1, 2021. The summary of operations for comparable communities excludes 1,532 SNF living units that have been closed in 27 CCRCs which are in the process of being repositioned and which ALR will continue to manage for DHC.

(3)

RevPAR is defined by ALR as resident fee revenues for the corresponding portfolio for the period divided by the average number of available units for the period, divided by the number of months in the period. Data for the three months ended March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021 exclude income received by senior living communities under the CARES Act and other government grants.

(4) 

RevPOR is defined by ALR as resident fee revenues for the corresponding portfolio for the period divided by the average number of occupied units for the period, divided by the number of months in the period. Data for the three months ended March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021 exclude income received by senior living communities under the CARES Act and other government grants.

(5) 

Residential segment data for comparable managed senior living communities represents financial data of senior living communities managed for DHC and does not represent financial results of ALR. Managed senior living communities' data is included to provide supplemental information regarding the operating results of the senior living communities from which ALR earns residential management fees.

AlerisLife Inc.

Lifestyle Services Segment Data

(dollars in thousands)

(unaudited)

 

 

 

Three Months Ended

 

 

March 31,

 

December 31,

 

September 30,

 

June 30,

 

March 31,

 

 

 

2022

 

 

 

2021

 

 

 

2021

 

 

 

2021

 

 

 

2021

 

Lifestyle Services (1):

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

14,139

 

 

$

15,626

 

 

$

15,382

 

 

$

17,453

 

 

$

19,553

 

Outpatient

 

 

11,165

 

 

 

12,848

 

 

 

12,747

 

 

 

13,688

 

 

 

13,098

 

Fitness

 

 

881

 

 

 

890

 

 

 

853

 

 

 

827

 

 

 

733

 

Other

 

 

2,093

 

 

 

1,888

 

 

 

1,782

 

 

 

2,938

 

 

 

5,722

 

Other operating income (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19

 

Operating expenses (3)

 

 

13,334

 

 

 

14,045

 

 

 

13,348

 

 

 

17,517

 

 

 

16,338

 

Operating income (loss)

 

 

805

 

 

 

1,581

 

 

 

2,034

 

 

 

(64

)

 

 

3,234

 

Operating margin

 

 

5.7

%

 

 

10.1

%

 

 

13.2

%

 

 

(0.4

) %

 

 

16.5

%

Number of inpatient clinics (end of period)

 

 

10

 

 

 

10

 

 

 

10

 

 

 

10

 

 

 

37

 

Number of outpatient clinics (end of period)

 

 

201

 

 

 

205

 

 

 

223

 

 

 

218

 

 

 

215

 

Number of fitness locations (end of period)

 

 

73

 

 

 

60

 

 

 

61

 

 

 

43

 

 

 

42

 

_______________________________________

(1)

 

Includes Ageility rehabilitation clinics and fitness operations as well as home healthcare operations.

(2)

Other operating income represents income recognized for funds received under the CARES Act and other government grants.

(3)

The three months ended December 31, 2021, September 30, 2021 and June 30, 2021 includes restructuring expenses of $23, $(310) and $1,720, respectively

AlerisLife Inc.

Comparable Lifestyle Services Segment Data

(dollars in thousands)

(unaudited)

 

 

 

Three Months Ended

 

 

March 31,

 

December 31,

 

September 30,

 

June 30,

 

March 31,

 

 

 

2022

 

 

 

2021

 

 

 

2021

 

 

 

2021

 

 

 

2021

 

Lifestyle Services (1):

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

11,670

 

 

$

13,016

 

 

$

13,028

 

 

$

13,943

 

 

$

13,288

 

Outpatient

 

 

10,628

 

 

 

11,923

 

 

 

11,929

 

 

 

12,834

 

 

 

12,304

 

Fitness

 

 

864

 

 

 

859

 

 

 

825

 

 

 

801

 

 

 

703

 

Other

 

 

178

 

 

 

234

 

 

 

274

 

 

 

308

 

 

 

281

 

Other operating income (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19

 

Operating expenses

 

 

11,364

 

 

 

11,758

 

 

 

11,695

 

 

 

12,340

 

 

 

11,464

 

Operating income

 

 

306

 

 

 

1,258

 

 

 

1,333

 

 

 

1,603

 

 

 

1,843

 

Operating margin

 

 

2.6

%

 

 

9.7

%

 

 

10.2

%

 

 

11.5

%

 

 

13.8

%

Number of inpatient clinics (end of period)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of outpatient clinics (end of period)

 

 

185

 

 

 

185

 

 

 

185

 

 

 

185

 

 

 

185

 

Number of fitness locations (end of period)

 

 

69

 

 

 

52

 

 

 

58

 

 

 

40

 

 

 

40

 

_______________________________________

(1) 

 

Includes Ageility outpatient rehabilitation clinics and fitness operations as well as home healthcare operations that ALR has continuously operated since January 1, 2021.

(2) 

Other operating income represents income recognized for funds received under CARES Act and other government grants.

AlerisLife Inc.

Owned Senior Living Communities as of and for the Three Months Ended March 31, 2022

(dollars in thousands)

(unaudited)

 

No.

 

Community Name

 

State

 

Property

Type (1)

 

Living

Units

 

Residential

Revenues (4)

 

Gross Carrying

Value

 

Net Carrying

Value

 

Date Acquired

 

Most Recent

Renovation

1

 

Morningside of Decatur (2)

 

Alabama

 

AL

 

49

 

$

315

 

$

7,538

 

$

4,127

 

11/19/2004

 

2021

2

 

Morningside of Auburn (2)

 

Alabama

 

AL

 

42

 

 

342

 

 

2,153

 

 

1,036

 

11/19/2004

 

1997

3

 

The Palms of Fort Myers (2)

 

Florida

 

IL

 

218

 

 

1,813

 

 

7,280

 

 

3,870

 

4/1/2002

 

1988

4

 

Five Star Residences of Banta Pointe (3)

 

Indiana

 

AL

 

121

 

 

733

 

 

10,978

 

 

6,356

 

9/29/2011

 

2006

5

 

Five Star Residences of Fort Wayne (2)

 

Indiana

 

AL

 

154

 

 

958

 

 

9,176

 

 

5,720

 

9/29/2011

 

1998

6

 

Five Star Residences of Clearwater

 

Indiana

 

AL

 

88

 

 

351

 

 

14,254

 

 

8,993

 

6/1/2011

 

1999

7

 

Five Star Residences of Lafayette

 

Indiana

 

AL

 

109

 

 

582

 

 

11,795

 

 

7,547

 

6/1/2011

 

2000

8

 

Five Star Residences of Noblesville (2)

 

Indiana

 

AL

 

151

 

 

1,176

 

 

13,827

 

 

8,689

 

7/1/2011

 

2005

9

 

The Villa at Riverwood (2)

 

Missouri

 

IL

 

112

 

 

708

 

 

4,967

 

 

3,252

 

4/1/2002

 

1986

10

 

Voorhees Senior Living (2)

 

New Jersey

 

AL

 

104

 

 

924

 

 

19,814

 

 

13,429

 

7/1/2008

 

1999

11

 

Washington Township Senior Living

 

New Jersey

 

AL

 

93

 

 

775

 

 

26,358

 

 

17,326

 

7/1/2008

 

1998

12

 

Carriage House Senior Living (2)

 

North Carolina

 

AL

 

98

 

 

946

 

 

9,938

 

 

5,331

 

12/1/2008

 

1997

13

 

Forest Heights Senior Living (2)

 

North Carolina

 

AL

 

111

 

 

773

 

 

16,242

 

 

10,610

 

12/1/2008

 

1998

14

 

Fox Hollow Senior Living (2)

 

North Carolina

 

AL

 

77

 

 

1,137

 

 

25,691

 

 

17,223

 

7/1/2000

 

1999

15

 

Legacy Heights Senior Living (2)

 

North Carolina

 

AL

 

116

 

 

588

 

 

7,670

 

 

3,617

 

12/1/2008

 

1997

16

 

Morningside at Irving Park (2)

 

North Carolina

 

AL

 

91

 

 

796

 

 

3,800

 

 

1,610

 

11/19/2004

 

1997

17

 

The Devon Senior Living

 

Pennsylvania

 

AL

 

84

 

 

482

 

 

32,837

 

 

14,905

 

7/1/2008

 

1985

18

 

The Legacy of Anderson (2)

 

South Carolina

 

IL

 

101

 

 

613

 

 

11,080

 

 

6,429

 

12/1/2008

 

2003

19

 

Morningside of Springfield (2)

 

Tennessee

 

AL

 

54

 

 

526

 

 

18,784

 

 

11,679

 

11/19/2004

 

1984

20

 

Huntington Place

 

Wisconsin

 

AL

 

127

 

 

855

 

 

2,445

 

 

1,511

 

7/15/2010

 

1999

 

 

Total

 

 

 

 

 

2,100

 

$

15,393

 

$

256,627

 

$

153,260

 

 

 

 

_______________________________________

(1)

 

AL is primarily an assisted living community and IL is primarily an independent living community.

(2)

Encumbered property under ALR's $95,000 Loan.

(3)

Encumbered property under ALR's mortgage note having an aggregate principal amount outstanding of $6,877 as of March 31, 2022.

(4)

Excludes funds received under the CARES Act recognized as other operating income.

Warning Concerning Forward-Looking Statements

This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Also, whenever AlerisLife uses words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, "will", “may” and negatives or derivatives of these or similar expressions, ALR is making forward-looking statements. These forward-looking statements are based upon ALR’s present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by ALR’s forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond ALR's control.

The information contained in ALR’s filings with the Securities and Exchange Commission, or SEC, including under “Risk Factors” in ALR’s periodic reports, or incorporated therein, identifies other important factors that could cause ALR’s actual results to differ materially from those stated in or implied by ALR’s forward-looking statements. ALR’s filings with the SEC are available on the SEC’s website at www.sec.gov.

You should not place undue reliance upon forward-looking statements.

Except as required by law, ALR does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.

Contacts

Michael Kodesch, Director, Investor Relations

(617) 796-8245

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