Capital Senior Living Corp. (CSU, Financial) filed Quarterly Report for the period ended 2010-06-30.
Capital Senior Living Corp. has a market cap of $141.6 million; its shares were traded at around $5.24 with a P/E ratio of 47.6 and P/S ratio of 0.8. Capital Senior Living Corp. had an annual average earning growth of 4% over the past 10 years.CSU is in the portfolios of Ron Baron of Baron Funds, Jim Simons of Renaissance Technologies LLC.
In January 2006, the Company and GE Healthcare formed Midwest I to acquire five senior housing communities from a third party. Midwest I was owned approximately 89% by GE Healthcare and 11% by the Company. The Company had contributed $2.7 million for its interest in Midwest I. Midwest I paid approximately $46.9 million for the five communities. The five communities currently comprise 293 assisted living units with a combined capacity of 391 residents. The Company accounted for its investment in Midwest I under the equity method of accounting and the Company recognized earnings in the equity of Midwest I of $0.1 million in each of the six month periods ended June 30, 2010 and 2009. In addition, the Company earned $0.2 million and $0.3 million in management fees on the Midwest I communities during the first six months ended June 30, 2010 and 2009, respectively.
In August 2006, the Company and GE Healthcare formed Midwest II to acquire three senior housing communities from a third party. Midwest II was owned approximately 85% by GE Healthcare and 15% by the Company. The Company had contributed $1.6 million for its interest in Midwest II. Midwest II paid approximately $38.2 million for the three communities. The three communities currently comprise 300 assisted living and memory care units with a combined capacity of 348 residents. The Company accounted for its investment in Midwest II under the equity method of accounting and the Company recognized earnings in the equity of Midwest II of $16,000 and 42,000 during the first six months ended June 30, 2010 and 2009, respectively. In addition, the Company earned $0.2 million and $0.3 million in management fees on the Midwest II communities during the first six months ended June 30, 2010 and 2009, respectively.
In May 2007, the Company and SHPIII formed SHPIII/CSL Miami to develop a senior housing community in Miamisburg, Ohio. Under the joint venture and related agreements, the Company earns development and management fees and may receive incentive distributions. The senior housing community currently consists of 101 independent living units and 45 assisted living units and opened in August 2008. The Company has contributed $0.8 million to SHPIII/CSL Miami for its 10% interest. The Company accounts for its investment in SHPIII/CSL Miami under the equity method of accounting and the Company recognized losses in the equity of SHPIII/CSL Miami of ($0.1) million in each of the six month periods ended June 30, 2010 and 2009. In addition, the Company earned $0.1 million in management fees from SHPIII/CSL Miami in each of the six month periods ended June 30, 2010 and 2009.
In November 2007, the Company and SHPIII formed SHPIII/CSL Richmond Heights to develop a senior housing community in Richmond Heights, Ohio. Under the joint venture and related agreements, the Company earns development and management fees and may receive incentive distributions. The senior housing community currently consists of 96 independent living units and 45 assisted living units and opened in April 2009. The Company has contributed $0.8 million to SHPIII/CSL Richmond Heights for its 10% interest. The Company accounts for its investment in SHPIII/CSL Richmond Heights under the equity method of accounting and the Company recognized a loss in the equity of SHPIII/CSL Richmond Heights of ($0.1) million and ($52,000) during the first six months ended June 30, 2010 and 2009, respectively. In addition, the Company earned $0.1 million and $37,500 in management fees on the SHPIII/CSL Richmond Heights community during the first six months ended June 30, 2010 and 2009, respectively. During the first six months of fiscal 2009, the Company earned $12,500 in pre-marketing fees from SHPIII/CSL Richmond Heights.
In December 2007, the Company and SHPIII formed SHPIII/CSL Levis Commons to develop a senior housing community near Toledo, Ohio. Under the joint venture and related agreements, the Company earns development and management fees and may receive incentive distributions. The senior housing community currently consists of 101 independent living units and 45 assisted living units and opened in April 2009. The Company has contributed $0.8 million to SHPIII/CSL Levis Commons for its 10% interest. The Company accounts for its investment in SHPIII/CSL Levis Commons under the equity method of accounting and the Company recognized a loss in the equity of SHPIII/CSL Levis Commons of ($0.1) million and ($52,000) during the first six months ended June 30, 2010 and 2009, respectively. In addition, the Company earned $0.1 million and $37,500 in management fees on the SHPIII/CSL Levis Commons community during the first six months ended June 30, 2010 and 2009, respectively. During the first six months of fiscal 2009, the Company earned $12,500 in pre-marketing fees from SHPIII/CSL Levis Commons.
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Capital Senior Living Corp. has a market cap of $141.6 million; its shares were traded at around $5.24 with a P/E ratio of 47.6 and P/S ratio of 0.8. Capital Senior Living Corp. had an annual average earning growth of 4% over the past 10 years.CSU is in the portfolios of Ron Baron of Baron Funds, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
subsidiary and was nonrecourse to the Company. The pay-off settlement was for $3.7 million, excluding amounts reserved and escrowed, with no further obligation to the Companys subsidiary and resulted in a gain to the Company of approximately $0.7 million. These principal repayments further reduced the Companys exposure to the volatility in the credit markets and enabled the Company to reduce interest expense by approximately $0.3 million or 4.7% during the first six months of fiscal 2010 when compared to the first six months of fiscal 2009.In January 2006, the Company and GE Healthcare formed Midwest I to acquire five senior housing communities from a third party. Midwest I was owned approximately 89% by GE Healthcare and 11% by the Company. The Company had contributed $2.7 million for its interest in Midwest I. Midwest I paid approximately $46.9 million for the five communities. The five communities currently comprise 293 assisted living units with a combined capacity of 391 residents. The Company accounted for its investment in Midwest I under the equity method of accounting and the Company recognized earnings in the equity of Midwest I of $0.1 million in each of the six month periods ended June 30, 2010 and 2009. In addition, the Company earned $0.2 million and $0.3 million in management fees on the Midwest I communities during the first six months ended June 30, 2010 and 2009, respectively.
In August 2006, the Company and GE Healthcare formed Midwest II to acquire three senior housing communities from a third party. Midwest II was owned approximately 85% by GE Healthcare and 15% by the Company. The Company had contributed $1.6 million for its interest in Midwest II. Midwest II paid approximately $38.2 million for the three communities. The three communities currently comprise 300 assisted living and memory care units with a combined capacity of 348 residents. The Company accounted for its investment in Midwest II under the equity method of accounting and the Company recognized earnings in the equity of Midwest II of $16,000 and 42,000 during the first six months ended June 30, 2010 and 2009, respectively. In addition, the Company earned $0.2 million and $0.3 million in management fees on the Midwest II communities during the first six months ended June 30, 2010 and 2009, respectively.
In May 2007, the Company and SHPIII formed SHPIII/CSL Miami to develop a senior housing community in Miamisburg, Ohio. Under the joint venture and related agreements, the Company earns development and management fees and may receive incentive distributions. The senior housing community currently consists of 101 independent living units and 45 assisted living units and opened in August 2008. The Company has contributed $0.8 million to SHPIII/CSL Miami for its 10% interest. The Company accounts for its investment in SHPIII/CSL Miami under the equity method of accounting and the Company recognized losses in the equity of SHPIII/CSL Miami of ($0.1) million in each of the six month periods ended June 30, 2010 and 2009. In addition, the Company earned $0.1 million in management fees from SHPIII/CSL Miami in each of the six month periods ended June 30, 2010 and 2009.
In November 2007, the Company and SHPIII formed SHPIII/CSL Richmond Heights to develop a senior housing community in Richmond Heights, Ohio. Under the joint venture and related agreements, the Company earns development and management fees and may receive incentive distributions. The senior housing community currently consists of 96 independent living units and 45 assisted living units and opened in April 2009. The Company has contributed $0.8 million to SHPIII/CSL Richmond Heights for its 10% interest. The Company accounts for its investment in SHPIII/CSL Richmond Heights under the equity method of accounting and the Company recognized a loss in the equity of SHPIII/CSL Richmond Heights of ($0.1) million and ($52,000) during the first six months ended June 30, 2010 and 2009, respectively. In addition, the Company earned $0.1 million and $37,500 in management fees on the SHPIII/CSL Richmond Heights community during the first six months ended June 30, 2010 and 2009, respectively. During the first six months of fiscal 2009, the Company earned $12,500 in pre-marketing fees from SHPIII/CSL Richmond Heights.
In December 2007, the Company and SHPIII formed SHPIII/CSL Levis Commons to develop a senior housing community near Toledo, Ohio. Under the joint venture and related agreements, the Company earns development and management fees and may receive incentive distributions. The senior housing community currently consists of 101 independent living units and 45 assisted living units and opened in April 2009. The Company has contributed $0.8 million to SHPIII/CSL Levis Commons for its 10% interest. The Company accounts for its investment in SHPIII/CSL Levis Commons under the equity method of accounting and the Company recognized a loss in the equity of SHPIII/CSL Levis Commons of ($0.1) million and ($52,000) during the first six months ended June 30, 2010 and 2009, respectively. In addition, the Company earned $0.1 million and $37,500 in management fees on the SHPIII/CSL Levis Commons community during the first six months ended June 30, 2010 and 2009, respectively. During the first six months of fiscal 2009, the Company earned $12,500 in pre-marketing fees from SHPIII/CSL Levis Commons.
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