|Over a month ago|
Capital Senior Living addresses NYSE continued listing criteria » 17:0004/1604/16/20
Capital Senior Living…
Capital Senior Living Corporation announced that on April 10, 2020, it received notice from the New York Stock Exchange that the company is no longer in compliance with NYSE continued listing standards set forth in Section 802.01B and Section 802.01C of the NYSE's Listed Company Manual due to the fact that the company's average global market capitalization over a consecutive 30 trading-day period was less than $50 million and, at the same time, its stockholders' equity was less than $50 million, and the average closing price of the company's common stock was less than $1.00 over a consecutive 30 trading-day period. The Notice has no immediate impact on the listing of the company's common stock, which will continue to be listed and traded on the NYSE during the cure period, subject to the company's continued compliance with the plan referenced below and other listing requirements of the NYSE. The Notice also does not affect the company's business operations or its reporting obligations with the Securities and Exchange Commission, and it does not conflict with or cause an event of default under any of the company's material debt or other agreements.
Capital Senior Living files $150M mixed securities shelf 17:1604/0904/09/20
Capital Senior Living reports Q4 revenue $108.7M, consensus $109.31M » 06:1503/3103/31/20
Reports Q4 adjusted CFFO…
Reports Q4 adjusted CFFO was ($1.4M) as compared to ($1.2M) in Q3. The Company ended the Q4 with $37.1M of cash and cash equivalents, including restricted cash. "During 2019, we put in place the operational discipline necessary to improve the business for the long term, and as a result, we are pleased to report that our operating performance stabilized in the Q4", said the company. "Specifically, we have improved the quality of our products and services, upgraded our management talent, improved our data and systems, and enhanced the efficiency and effectiveness of our operational processes. In addition, we have strengthened the Company's financial foundation through the sale of non-core communities and the accretive early terminations of our master leases with Healthpeak, Ventas and Welltower. All of these actions will improve our operating performance going forward, reduce our debt and lease liabilities, and significantly enhance our financial flexibility and resilience."
Capital Senior Living reschedules release date for Q4, FY19 results » 07:4703/1603/16/20
Capital Senior Living…
Capital Senior Living Corporation announced that it has filed a Form 12b-25 Notification of Late Filing with the Securities and Exchange Commission for an extension to file the Company's Annual Report on Form 10-K for the year ended December 31, 2019. The Company is also rescheduling its earnings release and conference call for Tuesday, March 31, 2020, at 10:00 a.m. Eastern Time. The Company's earnings announcement is scheduled to be released to news services before the market opens on Tuesday, March 31, 2020.
Capital Senior Living announces agreements with Ventas, Welltower » 07:2103/1603/16/20
CSU, VTR, WELL, PEAK
Capital Senior Living…
Capital Senior Living Corporation (CSU) announced that it has reached agreements with Ventas (VTR) and Welltower (WELL) for immediate rent reductions and the early terminations of its Master Leases. This follows the previously announced early termination of its Healthpeak (PEAK) master lease. Together, the early terminations and rent reductions are expected to improve the Company's cash flow by approximately $22M and reduce lease liabilities by approximately $253M. The agreement with Ventas provides for the early termination of its Master Lease covering seven communities. Commencing February 1, 2020 and for each month through December 31, 2020, the Company agrees to pay to Ventas rent of approximately $1M per month as compared to $1.3M that would otherwise be due and payable under the Master Lease. The Company agrees to release security deposits currently held by Ventas in order to fulfill the original contractual rent under its leases through December 31, 2020. The Company and Ventas agree that facilitating an orderly transition of the portfolio or converting the portfolio to management agreements is in both companies' best interests. The Company and Ventas are targeting a completion date of December 31, 2020. If there are remaining facilities that have not been transitioned or converted by December 31, 2020, the remaining communities will convert to management agreements. Following the transition or conversion to management agreements of all facilities, the Master Lease will be terminated. The agreement with Welltower provides for the early termination of three Master Leases covering twenty-four communities across 7 states with current occupancy of 78% and an average age of 15 years. Commencing February 1, 2020 and for each month through December 31, 2020, the Company agrees to pay to Welltower rent of approximately $2.2M per month as compared to $2.8M that would otherwise be due and payable under the three Welltower Leases. The Company agrees to release security deposits currently held by Welltower in order to fulfill the original contractual rent under its leases through December 31, 2020. The Company and Welltower agree that facilitating an orderly transition of the portfolio or converting the portfolio to management agreements is in both companies' best interests. The Company and Welltower are targeting a completion date of December 31, 2020. If there are remaining facilities that have not been transitioned or converted by December 31, 2020, the remaining communities will convert to management agreements. Following the transition or conversion to management agreements of all facilities, the Master Lease will be terminated. Effective February 1, 2020, the Company's master lease agreement related to the 2026 Communities has been terminated and converted to an interim management agreement under a RIDEA structure. Healthpeak has commenced the marketing of the 2026 Communities. The management agreements will terminate as each community is sold. Capital Senior Living agrees to release approximately $1.9M of security deposits held by Healthpeak.
|Over a quarter ago|
Capital Senior Living agrees to early termination of Healthpeak master leases » 16:1502/1102/11/20
Capital Senior Living…
Capital Senior Living announced the company has executed a binding agreement for early termination of its Healthpeak master lease scheduled to mature in April 2026. Effective February 1, the master lease, covering six communities, will convert to a RIDEA structure while Healthpeak markets those properties for sale. In November 2019, the company announced that it had reached an agreement with Healthpeak for the early termination of nine communities in its master lease scheduled to mature in October. Effective February 1, the company's master lease agreement related to the 2026 Communities will be terminated and converted to an interim management agreement under a RIDEA structure. Healthpeak will immediately market the 2026 Communities for sale. The management agreements will terminate as each community is sold. Capital Senior Living agrees to release approximately $1.9M of security deposits held by Healthpeak. When the 2020 Communities and 2026 Communities are fully transitioned, the company expects its cash position to improve by approximately $6M annually, and its lease liabilities will be reduced by approximately $33M. Upon completion of the sales of the 2020 and 2026 communities, Capital Senior Living will have no ongoing obligations with Healthpeak.
Capital Senior Living reports Q3 EPS (68c), consensus (35c) » 05:4811/0711/07/19
Reports Q3 revenue…
Reports Q3 revenue $111.1M, consensus $113.17M. "During the third quarter, we continued to transform Capital Senior Living by investing in our product, people and value proposition. While our third quarter results reflect these investments and lower revenue from longstanding negative occupancy trends, we firmly believe that we are exiting the trough period and our turnaround plan has taken hold as occupancy trends are now improving. We achieved 7% growth in sequential move-ins and, for the first time since mid-2018, move-ins are outpacing move-outs. We expect to build on these improvements as we continue executing our plan," said Kimberly Lody, President and CEO. "We also welcomed Brandon Ribar as our COO during the quarter. Brandon's impressive operational and financial track record in the senior housing and skilled nursing sectors will be instrumental to the continued execution of our turnaround plan. Our strategy is centered on establishing a foundation for long-term value creation. We are confident that the transformative changes to improve the quality of our people, processes and product have established the fundamentals necessary for improved performance in 2020 and beyond," Lody concluded.
Capital Senior Living appoints Brandon Ribar as COO » 06:0109/1009/10/19
Capital Senior Living…
Capital Senior Living announced the appointment of Brandon M. Ribar as COO. Ribar brings extensive experience in healthcare operations to the Company. For nearly 10 years, he held several key operational-focused roles of increasing responsibility at Golden Living, a $3B post-acute healthcare provider. In his most recent role as senior vice president, operations, Ribar was responsible for overseeing operations of 305 skilled nursing and assisted living centers across 21 states, encompassing 20,000 employees. He developed and executed key strategies to drive top- and bottom-line growth and stabilized operating performance.
Capital Senior Living initiated with an Underweight at Barclays » 06:1909/0309/03/19
Barclays analyst Steve…
Barclays analyst Steve Valiquette started Capital Senior Living with an Underweight rating and $3 price target. The company's asset portfolio may still be subject to less favorable supply/demand trends and population growth relative to national averages, Valiquette tells investors in a research note. Capital Senior Living may struggle with the "supply tsunami" through 2021, adds the analyst.
Capital Senior Living rises 12.7% » 12:0008/2608/26/19
Capital Senior Living is…
Capital Senior Living is up 12.7%, or 50c to $4.45.