Regent Assisted Living Loses $1.4M in Q2

Regent Assisted Living lost $1.4 million, or 34 cents a diluted common share, on revenue of $15.9 million during the second quarter ended June 30. For the same quarter in 1999, Regent reported a net loss of $1.7 million, or 40 cents a diluted share, on revenue of $13.0 million.

Earnings before interest, taxes, depreciation, amortization and rent (EDITDAR) totaled $3.38 million in the second quarter, compared to $2.19 million for the same period last year. Stabilized community revenues increased 54.6% to $6.8 million during the first quarter of 2000, from $4.4 million during the same period in 1999.

At August 14, 2000, Regent operated or managed a total of 31 communities with a capacity of 3,055 beds, a 12.7% increase over the 2,711 beds that the company had under operation and management at June 30, 1999. The company has more five communities under construction that will add 581 beds. The company anticipates commencing construction on at least one additional community during 2000.

Subsequent to the close of the second quarter, Regent completed two financing transactions totaling $16.8 million. In July, the company obtained an $8 million loan that will be used to construct and fund initial operations at the company’s 116-bed Salt Lake City, Utah community. In August, the company completed an $8.8 million permanent financing that it used to pay off $7.5 million in construction debt on its Vacaville, California community.