Brookdale Targets Growth in Q1, Acquires Two Home Health Agencies
Brookdale Senior Living (NYSE: BKD) is gearing up growth, including a foray into home health care services. Contributing to the company’s financial performance in the first quarter of 2012 was its acquisition of two home health agencies for an aggregate purchase price of $3.7 million, Brookdale reported Wednesday.
Brookdale announced cash from facility operations of $58.5 million during the quarter, or $0.48 per share, with $683.5 million in total revenue, an increase of $96.6 million, or 16.5%, from the first quarter of 2011.
The company saw average occupancy at 87.8%, a 60 basis point increase from 87.2% in the first quarter of 2011 and flat with the previous quarter.
At the end of the quarter, Brookdale’s home health agencies were serving approximately 32,600 units across the total consolidated Brookdale portfolio, up from approximately 27,000 units served a year ago. Outpatient therapy and home health services produced $110 of monthly Facility Operating Income per occupied unit in the first quarter across all units served, down from $156 per month a year ago, driven primarily by reimbursement rate reductions and the start-up of new operations in Horizon Bay communities, the company stated in a press release.
Written by Elizabeth Ecker