San Juan Capistrano, CA-based Ensign Group reported a nearly 30% quarter-over-quarter increase in its per-share earnings, according to information discussed during the firm’s 2020 first-quarter earnings call Tuesday. Ensign’s adjusted earnings of 77 cents per share for the quarter are its highest in company history, the company reported.
Ensign also reported that although occupancy rates were at an all-time high in February, between mid-March and mid-April, combined same community and transitioning occupancy was down by 5.2% and skilled mix was down by 11.8% as a result of the COVID-19 pandemic. Between mid-April and early May, however, combined same community and transitioning occupancy was down by only 1.7% and skilled mix actually improved by 13.6%, according to the firm.
As a result of it’s record-breaking quarter, Ensign noted during the call that the company would be maintaining its 2020 guidance.
An additional article about Ensign’s first-quarter earnings call can be found on the website of McKnight’s Long-Term Care News.
In other earnings-related news:
- Murfreesboro, TN-based National Health Investors on Monday reported funds from operations of $57.7 million, or $1.36 per share, for the first quarter of 2020. The numbers represent an increase of 3.8% from the same period in the prior year. The real estate investment trust also posted revenue of $83.1 million in the period. Although the REIT noted a decrease in occupancy rates and increased labor and personal protective equipment costs as a result of the COVID-19 pandemic, several skilled nursing and senior housing operators also have been approved to receive government aid in the form of Paycheck Protection Program loans. Given the uncertainty surrounding the pandemic, NHI withdrew its 2020 guidance and said its board of directors will make a decision in mid-June about whether to distribute an annual dividend. Additional McKnight’s Senior Living coverage of NHI’s first-quarter earnings can be found here.