0001193125-15-276659.txt : 201508180001193125-15-276659.hdr.sgml : 2015081820150804163555ACCESSION NUMBER:0001193125-15-276659CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:31CONFORMED PERIOD OF REPORT:20150804ITEM INFORMATION:Results of Operations and Financial ConditionITEM INFORMATION:Regulation FD DisclosureITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20150804DATE AS OF CHANGE:20150804

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:CAPITAL SENIOR LIVING CORPCENTRAL INDEX KEY:0001043000STANDARD INDUSTRIAL CLASSIFICATION:SERVICES-NURSING & PERSONAL CARE FACILITIES [8050]IRS NUMBER:752678809STATE OF INCORPORATION:DEFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-13445FILM NUMBER:151026027

BUSINESS ADDRESS:STREET 1:14160 DALLAS PARKWAYSTREET 2:SUITE 300CITY:DALLASSTATE:TXZIP:75254BUSINESS PHONE:9727705600

MAIL ADDRESS:STREET 1:14160 DALLAS PARKWAYSTREET 2:SUITE 300CITY:DALLASSTATE:TXZIP:75254

8-K1d68827d8k.htm8-K

8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANTTO SECTION13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) August4, 2015

Capital Senior Living Corporation

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation)

1-1344575-2678809

(Commission

File Number)

(IRS Employer

Identification No.)

14160 Dallas Parkway

Suite 300

Dallas,Texas

75254

(Address of principal executive offices)(Zip Code)

(972) 770-5600

(Registrants telephone number, including area code)

Not applicable

(Formername or former address, if changed since last report)

Check theappropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item2.02Results of Operations and Financial Condition.

On August4, 2015, Capital SeniorLiving Corporation (the Company) announced its financial results for the second quarter ended June30, 2015 by issuing a press release. The full text of the press release issued in connection with the announcement is attached heretoas Exhibit 99.1.

The information being furnished under Item2.02, Item7.01, Exhibit 99.1 and Exhibit 99.2 shall not be deemedfiled for purposes of the Securities Exchange Act of 1934, as amended (the Exchange Act), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as may beexpressly set forth by specific reference in such a filing. The press release and the presentation referenced below contain, and may implicate, forward-looking statements regarding the Company and include cautionary statements identifying importantfactors that could cause actual results to differ materially from those anticipated.

In the press release and the presentation referencedbelow, the Companys management utilizes financial measures of operating performance, including adjusted EBITDAR, adjusted EBITDAR margin, adjusted net income and adjusted CFFO, that are not calculated in accordance with U.S. generally acceptedaccounting principles (GAAP). Non-GAAP financial measures may have material limitations in that they do not reflect all of the amounts associated with the Companys results of operations as determined in accordance with GAAP. As aresult, these non-GAAP financial measures should not be considered a substitute for, nor superior to, financial results and measures determined or calculated in accordance with GAAP. The Company believes that these non-GAAP measures are useful inidentifying trends in day-to-day performance because they exclude items that are of little or no significance to operations and provide indicators to management of progress in achieving optimal operating performance. In addition, these measures areused by many research analysts and investors to evaluate the performance and the value of companies in the senior living industry. The Company strongly urges you to review the reconciliation of net income from operations to adjusted EBITDAR andadjusted EBITDAR margin and the reconciliation of net loss to adjusted net income and adjusted CFFO, each of which is included at the end of the Companys press release, along with the Companys consolidated balance sheets, statements ofoperations, and statements of cash flows.

Item7.01Regulation FD Disclosure.

Attached hereto as Exhibit 99.2 is an updated slideshowpresentation of the Company.

By filing this Current Report on Form 8-K, the Company does not acknowledge that disclosure of thisinformation is required by Regulation FD or that the information was material or non-public before the disclosure. The Company assumes no obligation to update or supplement forward-looking statements in this presentation that become untrue becauseof new information, subsequent events or otherwise.

Item9.01Financial Statements and Exhibits.

(a)Not applicable.

(b)Not applicable.

(c)Not applicable.

(d)Exhibits.

*99.1Press Release dated August4, 2015.

*99.2Capital Senior Living Corporation Updated Slideshow Presentation.

*These exhibits to this Current Report on Form 8-K are not being filed but are being furnished pursuant to Item9.01.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf bythe undersigned hereunto duly authorized.

Date: August4, 2015

Capital Senior Living Corporation

By:/s/ Carey P. Hendrickson

Name:Carey P. Hendrickson

Title:

Senior Vice President and

Chief FinancialOfficer

EXHIBIT INDEX

*99.1Press Release dated August4, 2015.

*99.2Capital Senior Living Corporation Updated Slideshow Presentation.

*These exhibits to this Current Report on Form 8-K are not being filed but are being furnished pursuant to Item9.01.

EX-99.12d68827dex991.htmEX-99.1

EX-99.1

Exhibit 99.1

PRESS CONTACT:

CareyHendrickson,ChiefFinancialOfficer

Phone: 1-972-770-5600

FOR IMMEDIATE RELEASE

CAPITAL SENIOR LIVING CORPORATION

REPORTS SECOND QUARTER 2015 RESULTS

DALLAS (BUSINESS WIRE) August4, 2015 Capital Senior Living Corporation (the Company) (NYSE:CSU), one of thenations largest operators of senior living communities, today announced operating and financial results for the second quarter of 2015. Company highlights for the second quarter include:

Operating and Financial Summary (all amounts in this operating and financial summary exclude four communities that are undergoing repositioning,lease-up or significant renovation and conversion, unless otherwise noted; also, see Non-GAAP Financial Measures below)

Revenue in the second quarter of 2015, including all communities, was $101.6 million, an $8.2 million, or 8.7%, increase from the second quarter of 2014.

Occupancy for the Companys consolidated communities was 88.0% in the second quarter of 2015, an increase of 70 basis points from the second quarter of 2014 and 70 basis points from the first quarter of 2015.Same-community occupancy was 87.8% for the second quarter of 2015, a 40 basis point increase from the second quarter of 2014 and a 60 basis point increase from the first quarter of 2015.

Average monthly rent for the Companys consolidated communities in the second quarter of 2015 was $3,364, an increase of $207 per occupied unit, or 6.6%, as compared to the second quarter of 2014, and a 210 basispoint improvement from the first quarter of 2015. Same-community average monthly rent was $3,327, an increase of $81 per occupied unit, or 2.5%, from the second quarter of 2014, and a 120 basis point improvement from the first quarter of 2015.

Adjusted EBITDAR was $35.7 million in the second quarter of 2015, an 11.0% increase from the second quarter of 2014. The four communities undergoing repositioning, lease-up or significant renovation and conversiongenerated an additional $0.9 million of EBITDAR. The Companys Adjusted EBITDAR margin was 36.8% for the second quarter of 2015, a record-high second quarter margin for the Company and an increase of 120 basis points versus the second quarterof the prior year.

CAPITAL/Page 2

Adjusted Cash From Facility Operations (CFFO) was $11.7 million, or $0.41 per share, in the second quarter of 2015, a 22.3% increase versus the second quarter of the prior year. Beginning in 2015, theCompany no longer includes the change in prepaid resident rent as a component of Adjusted CFFO as it is a non-economic timing item. On a comparable basis, Adjusted CFFO was $9.6 million, or $0.34 per share in the second quarter of 2014.

The Companys Net Loss for the second quarter of 2015, including all communities, was $5.2 million, or $0.18 per share, due mostly to non-cash amortization of resident leases of $4.1 million associated withcommunities acquired by the Company in the previous 12 months. Adjusted Net Income was $0.2 million, or $0.01 per share, for the second quarter of 2015.

The Company completed the acquisition of three communities during the second quarter of 2015 for a combined purchase price of approximately $26.9 million. These communities are expected to generate incremental annualCFFO of approximately $0.05 per share.

The Company announced today that it closed on the acquisition of an additional community in late July for a purchase price of approximately $13.3 million. This community is expected to generate incremental annual CFFOof approximately $0.02 per share.

We are successfully executing on our strategic plan which resulted in significant growth during thesecond quarter in all of our key metrics, including revenue, occupancy, average monthly rent, NOI, Adjusted EBITDAR and Adjusted CFFO as compared to the prior year, said Lawrence A. Cohen, Chief Executive Officer of the Company. Oursame-community NOI grew 4.7%, our Adjusted CFFO increased 22.3% and we reported a record-high second quarter Adjusted EBITDAR margin of 36.8%. We were particularly pleased with the second quarter growth in our same-community occupancy, whichincreased 60 basis points from the first quarter of 2015 and 40 basis points from the second quarter of 2014. We continue to see limited new supply and construction in our local markets. Also, our conversions of independent living units to assistedliving and memory care units continue to show timely progress.

Complementing this growth is a robust pipeline that allows us to continue ourdisciplined and strategic acquisition program that increases our ownership of high-quality senior living communities in geographically concentrated regions and generates meaningful increases in CFFO, earnings and real estate value. We have closed onsix such communities so far this year, and we continue to pursue additional opportunities.

We believe that we are well positioned to makemeaningful gains in shareholder value as a substantially all private-pay business in an industry that benefits from need-driven demand, limited new supply in our local markets, a strong housing market and an improving economy.

CAPITAL/Page 3

Recent Investment Activity

In the second quarter of 2015, the Company completed acquisitions of three senior living communities for a combined purchase price of $26.9 million. These communities expand the Companys operations in Wisconsinand New York, and are comprised of 203 units offering independent living, assisted living and memory care services.

Combinedhighlights of the transactions include:

Increases annual Adjusted CFFO by approximately $1.3 million, or $0.05 per share.

Adds approximately $0.7 million to earnings, or $0.03 per share.

Increases annual revenue by approximately $8.1 million.

Average monthly rents for the communities are approximately $3,450.

The communities werefinanced with an aggregate of approximately $20.3 million of non-recourse 10-year mortgage debt at an average fixed interest rate of 4.68%.

In July 2015, the Company completed the acquisition of a senior living community for a purchase price of approximately $13.3 million. This community expands the Companys operations in Ohio, and is comprised of 68units offering independent living and assisted living services.

Highlights of the transaction include:

Increases annual Adjusted CFFO by approximately $0.5 million, or $0.02 per share.

Adds approximately $0.2 million to earnings, or $0.01 per share.

Increases annual revenue by approximately $2.5 million.

Average monthly rents for the communities are approximately $3,350.

The community was financedwith approximately $9.9 million of non-recourse 10-year mortgage debt at an average fixed rate of 4.25%.

The Company expects to close on the sale of its only community in Kansas in August for approximately $14.8 million. The transaction will be structured as a like-kind exchange with the net proceeds accretively reinvestedin another community the Company expects to purchase in August.

CAPITAL/Page 4

Subject to completion of due diligence and customary closing conditions, acquisitions of three communities totaling approximately $74.5 million are expected to close by the end of September 2015, which will bring theCompanys total acquisitions in 2015 to $163.4 million. The Company is conducting due diligence on additional acquisitions of high-quality senior living communities in states with extensive existing operations.

Financial ResultsSecond Quarter

For thesecond quarter of 2015, the Company reported revenue of $101.6 million, compared to revenue of $93.4 million in the second quarter of 2014, an increase of 8.7%. Resident and healthcare revenue increased from the second quarter of the prior year byapproximately $10.0 million, or 10.9%, mostly due to the acquisition of 12 communities during or after the second quarter of 2014. As expected, community reimbursement revenue and affiliated management revenue decreased approximately $1.8 million inthe second quarter of 2015 as compared to the second quarter of 2014. The acquisition of three Ohio communities in which the Company previously held a 10% interest as a joint venture on June30, 2014, resulted in the elimination of these tworevenue items as well as community reimbursement expense.

Operating expenses for the second quarter of 2015 were $60.7 million, an increase of $5.1million from the second quarter of 2014, primarily due to the acquisition of 12 communities during or after the second quarter of 2014.

General andadministrative expenses for the second quarter of 2015 were $5.7 million, which includes $0.8 million of transaction and other one-time costs. Excluding transaction and other one-time costs, general and administrative expenses increased $0.9 millionin the second quarter of 2015 as compared to the second quarter of 2014. As a percentage of revenues under management, general and administrative expenses, excluding transaction and other one-time costs, were 4.8% in the second quarter of 2015 ascompared to 4.2% in the second quarter of 2014.

The Companys Non-GAAP financial measures exclude four communities that are undergoingrepositioning, lease-up of higher-licensed units or significant renovation and conversion (see Non-GAAP Financial Measures below). Also, as previously noted, beginning in 2015, the Company no longer includes the change in prepaidresident rent as a component of Adjusted CFFO as it is a non-economic timing item.

Adjusted EBITDAR for the second quarter of 2015 was approximately$35.7 million, an increase of $3.5 million, or 11.0%, from the second quarter of 2014. This does not include EBITDAR of $0.9 million related to four communities undergoing repositioning, lease-up or significant renovation and conversion. TheAdjusted EBITDAR margin for the second quarter of 2015 was 36.8%, which is a record-high second quarter margin for the Company and an increase of 120 basis points from the second quarter 2014 margin of 35.6%.

CAPITAL/Page 5

The Company recorded a net loss of $5.2 million in the second quarter. Excluding non-recurring ornon-economic items reconciled on the final page of this release, the Companys adjusted net income was $0.2 million, or $0.01 per share, in the second quarter of 2015. Adjusted CFFO was $11.7 million, or $0.41 per share, in the second quarterof 2015, a 22.3% increase from the second quarter of the prior year. On a comparable basis, Adjusted CFFO was $9.6 million, or $0.34 per share, in the second quarter of 2014.

Operating Activities

Same-community resultsexclude the four communities previously noted that are undergoing repositioning, lease-up or significant renovation and conversion, and transaction and other one-time costs.

Same-community revenue in the second quarter of 2015 increased 2.1% versus the second quarter of 2014. Same-community expenses decreased 0.2% from the secondquarter of the prior year. Labor costs, including benefits, increased 0.6%, while food costs decreased 1.5% and utilities decreased 3.3% in the second quarter of 2015 as compared to the second quarter of the prior year. Same-community net operatingincome increased 4.7% in the second quarter of 2015 as compared to the second quarter of 2014.

Capital expenditures for the second quarter of 2014 were$8.0 million, representing approximately $6.6 million of investment spending and approximately $1.4 million of recurring capital expenditures. If annualized, spending for recurring capital expenditures was approximately $495 per unit.

Balance Sheet

The Company ended the quarter with$51.7 million of cash and cash equivalents, including restricted cash, a decrease of $11.7 million since March31, 2015. During the second quarter of 2015, the Company invested $6.6 million of cash as equity to complete the acquisitions ofthree communities and spent $8.0 million on capital improvements.

As of June30, 2015, the Company financed its owned communities with mortgagestotaling $679.8 million at interest rates averaging 4.6%. All of the Companys debt is at fixed interest rates, except for two bridge loans totaling approximately $20.3 million at June30, 2015, at variable rates averaging 4.3%. TheCompany expects to refinance one of the bridge loans that matures during the fourth quarter of 2015 with 10-year fixed-rate debt during the third quarter of 2015. Otherwise, the Company has no mortgage maturities before the second quarter of 2017.

CAPITAL/Page 6

The Companys cash on hand and cash flow from operations are expected to be sufficient for workingcapital, prudent reserves and the equity needed to fund the Companys acquisition program.

Q2 2015 Conference Call Information

The Company will host a conference call with senior management to discuss the Companys second quarter 2015 financial results. The call will be held onTuesday, August4, 2015, at 5:00 p.m. Eastern Time. The call-in number is 913-312-0653, confirmation code 2595372. A link to a simultaneous webcast of the teleconference will be available at www.capitalsenior.com through Windows MediaPlayer or RealPlayer.

For the convenience of the Companys shareholders and the public, the conference call will be recorded and available forreplay starting August4, 2015 at 8:00 p.m. Eastern Time, until August13, 2015 at 8:00 p.m. Eastern Time. To access the conference call replay, call 719-457-0820, confirmation code 2595372. The conference call will also be made availablefor playback via the Companys corporate website, www.capitalsenior.com, beginning August5, 2015.

Non-GAAP Financial Measures

Adjusted EBITDAR, Adjusted EBITDAR Margin, Adjusted Net Income and Adjusted CFFO are financial measures of operating performance that are notcalculated in accordance with U.S. generally accepted accounting principles (GAAP). Non-GAAP financial measures may have material limitations in that they do not reflect all of the amounts associated with our results of operations asdetermined in accordance with GAAP. As a result, these non-GAAP financial measures should not be considered a substitute for, nor superior to, financial results and measures determined or calculated in accordance with GAAP. The Company believes thatthese non-GAAP measures are useful in identifying trends in day-to-day performance because they exclude items that are of little or no significance to operations and provide indicators to management of progress in achieving optimal operatingperformance. In addition, these measures are used by many research analysts and investors to evaluate the performance and the value of companies in the senior living industry. The Company strongly urges you to review the reconciliation of net incomefrom operations to Adjusted EBITDAR and Adjusted EBITDAR Margin and the reconciliation of net loss to Adjusted Net Income and Adjusted CFFO, along with the Companys consolidated balance sheets, statements of operations, and statements of cashflows.

About the Company

Capital SeniorLiving Corporation is one of the nations largest operators of residential communities for senior adults. The Companys operating strategy is to provide value to residents by providing quality senior living services at reasonable

CAPITAL/Page 7

prices. The Companys communities emphasize a continuum of care, which integrates independent living, assisted living, and home care services, to provide residents the opportunity to age inplace. The Company operates 119 senior living communities in geographically concentrated regions with an aggregate capacity of approximately 15,200 residents.

Safe Harbor

The forward-looking statements inthis release are subject to certain risks and uncertainties that could cause results to differ materially, including, but not without limitation to, the Companys ability to find suitable acquisition properties at favorable terms, financing,refinancing, community sales, licensing, business conditions, risks of downturns in economic conditions generally, satisfaction of closing conditions such as those pertaining to licensure, availability of insurance at commercially reasonable rates,and changes in accounting principles and interpretations among others, and other risks and factors identified from time to time in our reports filed with the Securities and Exchange Commission.

For information about Capital Senior Living, visit www.capitalsenior.com.

Contact Carey P. Hendrickson, Chief Financial Officer, at 972-770-5600 for more information.

CAPITAL/Page 8

CAPITAL SENIOR LIVING CORPORATION

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

June30,
2015December31,
2014

(unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$39,403$39,209

Restricted cash

12,25112,241

Accounts receivable, net

7,4535,903

Accounts receivable from affiliates

35

Federal and state income taxes receivable

310

Deferred taxes

460

Assets held for sale

35,761

Property tax and insurance deposits

10,69812,198

Prepaid expenses and other

5,4186,797

Total current assets

75,536112,574

Property and equipment, net

811,052747,613

Other assets, net

35,38637,514

Total assets

$921,974$897,701

LIABILITIES AND SHAREHOLDERS EQUITY

Current liabilities:

Accounts payable

$2,055$2,540

Accounts payable to affiliates

7

Accrued expenses

29,93432,154

Notes payable of assets held for sale

15,076

Current portion of notes payable

23,02233,664

Current portion of deferred income and resident revenue

13,84414,603

Current portion of capital lease and financing obligations

1,0741,054

Federal and state income taxes payable

219

Customer deposits

1,4511,499

Total current liabilities

71,380100,816

Deferred income

14,99615,949

Capital lease and financing obligations, net of current portion

39,56340,016

Deferred taxes

460

Other long-term liabilities

1,3591,426

Notes payable, net of current portion

660,172597,860

Commitments and contingencies

Shareholders equity:

Preferred stock, $.01 par value:

Authorized shares 15,000; no shares issued or outstanding

Common stock, $.01 par value:

Authorized shares 65,000; issued and outstanding shares 29,502 and 29,097 in 2015 and 2014, respectively

299294

Additional paid-in capital

155,599151,069

Retained deficit

(20,460)(9,255)

Treasury stock, at cost 350 shares

(934)(934)

Total shareholders equity

134,504141,174

Total liabilities and shareholders equity

$921,974$897,701

See accompanying notes to unaudited consolidated financial statements.

CAPITAL/Page 9

CAPITAL SENIOR LIVING CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(unaudited, in thousands, except per share data)

Three Months Ended
June30,Six Months Ended
June30,

2015201420152014

Revenues:

Resident and healthcare revenue

$101,588$91,600$200,228$181,774

Affiliated management services revenue

207415

Community reimbursement revenue

1,6183,093

Total revenues

101,58893,425200,228185,282

Expenses:

Operating expenses (exclusive of facility lease expense and depreciation and amortization expense shown below)

60,70755,585120,838111,276

General and administrative expenses

5,7184,65110,7319,622

Facility lease expense

15,29814,88930,55429,683

Stock-based compensation expense

2,7172,7174,4444,077

Depreciation and amortization

13,46810,81626,26321,767

Community reimbursement expense

1,6183,093

Total expenses

97,90890,276192,830179,518

Income from operations

3,6803,1497,3985,764

Other income (expense):

Interest income

11162428

Interest expense

(8,673)(7,393)(17,028)(14,530)

Write-off of deferred loan costs and prepayment premiums

(6,979)(871)(6,979)

Joint venture equity investment valuation gain

1,5191,519

Loss on disposition of assets, net

(65)(14)(171)(10)

Equity in earnings of unconsolidated joint ventures, net

64105

Other income

9117

Loss before provision for income taxes

(5,047)(9,629)(10,647)(14,086)

Provision for income taxes

(119)(190)(558)(380)

Net loss

$(5,166)$(9,819)$(11,205)$(14,466)

Per share data:

Basic net loss per share

$(0.18)$(0.34)$(0.38)$(0.50)

Diluted net loss per share

$(0.18)$(0.34)$(0.38)$(0.50)

Weighted average shares outstanding basic

28,70528,29828,63628,222

Weighted average shares outstanding diluted

28,70528,29828,63628,222

Comprehensive loss

$(5,166)$(9,819)$(11,205)$(14,466)

CAPITAL/Page 10

CAPITAL SENIOR LIVING CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)

Six Months Ended
June30,

20152014

Operating Activities

Net loss

$(11,205)$(14,466)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization

26,26321,767

Amortization of deferred financing charges

582646

Amortization of deferred lease costs and lease intangibles

652615

Deferred income

(131)(109)

Write-off of deferred loan costs and prepayment premiums

8706,979

Joint venture equity investment valuation gain

(1,519)

Loss on disposition of assets, net

17110

Equity in earnings of unconsolidated joint ventures

(105)

Provision for bad debts

544372

Stock-based compensation expense

4,4444,077

Changes in operating assets and liabilities:

Accounts receivable

(2,090)(1,554)

Accounts receivable from affiliates

24

Property tax and insurance deposits

1,5001,931

Prepaid expenses and other

1,3792,143

Other assets

208(46)

Accounts payable

(492)(2,790)

Accrued expenses

(2,220)(2,726)

Federal and state income taxes receivable/payable

(529)(278)

Customer deposits

(48)136

Deferred resident revenue

(1,581)153

Net cash provided by operating activities

18,31915,240

Investing Activities

Capital expenditures

(13,540)(7,887)

Cash paid for acquisitions

(74,710)(98,180)

Proceeds from disposition of assets

35,8074

Proceeds from SHPIII/CSL Transaction

2,532

Distributions from unconsolidated joint ventures

102

Net cash used in investing activities

(52,443)(103,429)

Financing Activities

Proceeds from notes payable

102,332231,122

Repayments of notes payable

(66,315)(125,917)

Increase in restricted cash

(10)(12)

Cash payments for capital lease and financing obligations

(433)(391)

Cash proceeds from the issuance of common stock

42169

Excess tax benefits on stock option exercised

49(82)

Deferred financing charges paid

(1,347)(2,377)

Net cash provided by financing activities

34,318102,512

Increase in cash and cash equivalents

19414,323

Cash and cash equivalents at beginning of period

39,20913,611

Cash and cash equivalents at end of period

$39,403$27,934

Supplemental Disclosures

Cash paid during the period for:

Interest

$16,112$13,980

Income taxes

$1,020$695

CAPITAL/Page 11

Capital Senior Living Corporation

Supplemental Information

CommunitiesAverage
ResidentCapacityAverage Units

Q2 15Q2 14Q2 15Q2 14Q2 15Q2 14

Portfolio Data

I. Community Ownership / Management

Consolidated communities

Owned

68638,7448,3636,6086,626

Leased

50506,3336,3334,9075,000

Total

11811315,07714,69611,51511,626

Independent living

7,0907,5975,5126,191

Assisted living

7,9877,0996,0035,435

Total

15,07714,69611,51511,626

II. Percentage of Operating Portfolio

Consolidated communities

Owned

57.6%55.8%58.0%56.9%57.4%57.0%

Leased

42.4%44.2%42.0%43.1%42.6%43.0%

Total

100.0%100.0%100.0%100.0%100.0%100.0%

Independent living

47.0%51.7%47.9%53.3%

Assisted living

53.0%48.3%52.1%46.7%

Total

100.0%100.0%100.0%100.0%

CAPITAL/Page 12

Capital Senior Living Corporation

Supplemental Information (excludes communities being repositioned/leased up)

Selected Operating Results

Q2 15Q2 14

I. Owned communities

Number of communities

6560

Resident capacity

8,1357,103

Unit capacity

6,1595,700

Financial occupancy (1)

89.2%88.4%

Revenue (in millions)

53.143.8

Operating expenses (in millions) (2)

29.425.0

Operating margin

45%43%

Average monthly rent

3,2212,899

II. Leased communities

Number of communities

4949

Resident capacity

6,1076,107

Unit capacity

4,7664,839

Financial occupancy (1)

86.5%85.9%

Revenue (in millions)

44.043.3

Operating expenses (in millions) (2)

21.621.7

Operating margin

51%50%

Average monthly rent

3,5553,469

III. Consolidated communities

Number of communities

114109

Resident capacity

14,24213,210

Unit capacity

10,92510,540

Financial occupancy (1)

88.0%87.3%

Revenue (in millions)

97.187.1

Operating expenses (in millions) (2)

51.046.6

Operating margin

47%46%

Average monthly rent

3,3643,157

IV. Communities under management

Number of communities

114109

Resident capacity

14,24213,861

Unit capacity

10,92510,968

Financial occupancy (1)

88.0%87.3%

Revenue (in millions)

97.191.2

Operating expenses (in millions) (2)

51.048.9

Operating margin

47%46%

Average monthly rent

3,3643,177

V. Same communities under management

Number of communities

105105

Resident capacity

13,23913,239

Unit capacity

10,34110,421

Financial occupancy (1)

87.8%87.4%

Revenue (in millions)

90.688.7

Operating expenses (in millions) (2)

47.247.3

Operating margin

48%47%

Average monthly rent

3,3273,246

VI. General and Administrative expenses as a percent of Total Revenues under Management

Second Quarter (3)

4.8%4.2%

First six months (3)

4.7%4.5%

VII. Consolidated Mortgage Debt Information (in thousands, except interest rates) (excludes insurance premium and autofinancing)

Total fixed rate mortgage debt

659,485524,018

Total variable rate mortgage debt

20,27265,222

Weighted average interest rate

4.64%4.74%

(1)Financial occupancy represents actual days occupied divided by total number of available days during the month of the quarter.

(2)Excludes management fees, insurance and property taxes.

(3)Excludes transaction costs.

CAPITAL/Page 13

CAPITAL SENIOR LIVING CORPORATION

NON-GAAP RECONCILIATIONS

(In thousands, except per share data)

ThreeMonthsEndedJune30,SixMonthsEndedJune30,

2015201420152014

Adjusted EBITDAR

Net income from operations

$3,680$3,149$7,398$5,764

Depreciation and amortization expense

13,46810,81626,26321,767

Stock-based compensation expense

2,7172,7174,4444,077

Facility lease expense

15,29814,88930,55429,683

Provision for bad debts

280134544372

Casualty losses

260101521415

Transaction and conversion costs

8767541,4631,241

Communities being repositioned/leased up

(872)(401)(1,354)(401)

Adjusted EBITDAR

$35,707$32,159$69,833$62,918

Adjusted EBITDAR Margin

Adjusted EBITDAR

$35,707$32,159$69,833$62,918

Total revenues

$101,588$93,425$200,228$185,282

Communities being repositioned/leased up

(4,428)(2,995)(8,783)(6,012)

Adjusted revenues

$97,160$90,430$191,445$179,270

Adjusted EBITDAR margin

36.8%35.6%36.5%35.1%

Adjusted net income and net income per share

Net loss

$(5,166)$(9,819)$(11,205)$(14,466)

Casualty losses, net of tax

16464328261

Transaction and conversion costs, net of tax

552476922782

Resident lease amortization, net of tax

2,5821,9914,9194,196

Write-off of deferred loan costs and prepayment premium, net of tax

4,3975494,397

Joint venture equity investment valuation gain, net of tax

(957)(957)

Loss (Gain) on disposition of assets, net of tax

4191106

Deferred tax asset valuation allowance

1,8513,7034,3505,395

Tax impact of 4 property sale

9291

Communities being repositioned/leased up, net of tax

215153705604

Adjusted net income

$248$17$969$218

Adjusted net income per share

$0.01$0.00$0.03$0.01

Diluted shares outstanding

28,70728,30128,63828,228

Adjusted CFFO and Adjusted CFFO per share

Net loss

$(5,166)$(9,819)$(11,205)$(14,466)

Non-cash charges, net

17,06819,68933,39532,733

Recurring capital expenditures

(1,095)(1,036)(2,182)(2,065)

Casualty losses

260101521415

Transaction and conversion costs

8767541,4631,241

Tax impact of 4 property sale

9291

Tax impact of Spring Meadows Transaction

(106)(106)(212)(212)

Communities being repositioned/leased up, net of tax

(138)(10)152318

Adjusted CFFO

$11,708$9,573$22,223$17,964

Adjusted CFFO per share

$0.41$0.34$0.78$0.64

***

EX-99.23d68827dex992.htmEX-99.2

EX-99.2

CapitalSenior Living Company PresentationExhibit 99.2

2 Forward-Looking Statements The forward-looking statements in this presentation are subject to certain risks and uncertainties that could cause results to differ materially, including, but not without limitation to, theCompanys ability to complete the refinancing of certain of ourwholly owned communities, realize the anticipated savings related to suchfinancing, find suitable acquisition properties at favorable terms, financing, licensing, business conditions, risks of downturns in economic conditions generally, satisfaction of closing conditions such as those pertaining to licensures, availability of insurance atcommercially reasonable rates and changes in accounting principles andinterpretations among others, and other risks and factors identified fromtime to time in our reports filed with the Securities and Exchange Commission The Company assumes no obligation to update or supplement forward-looking statements in this presentation that become untrue because of new information, subsequent events orotherwise.

3 Non-GAAP Financial Measures Adjusted EBITDAR, Adjusted EBITDAR Margin, Adjusted Net Income and Adjusted CFFO are financial measures of operating performance that are not calculated in accordance with U.S.generally accepted accounting principles (GAAP).Non-GAAP financial measures may have material limitations in that they do not reflect all of the amounts associated with our results of operations asdetermined in accordance with GAAP. As a result, these non-GAAPfinancial measures should not be considered a substitute for, nor superiorto, financial results and measures determined or calculated in accordance with GAAP. The Company believes that these non-GAAP measures are useful in identifying trends in day-to-day performance because they exclude items that are of little or no significance tooperations and provide indicators to management of progress in achievingoptimal operating performance. In addition, these measures are used bymany research analysts and investors to evaluate the performance and the value of companies in the senior living industry. The Company strongly urges you to review the reconciliation of net income from operations to Adjusted EBITDAR and Adjusted EBITDAR Margin and thereconciliation of net loss to Adjusted Net Income and Adjusted CFFO, eachof which is included at the end of the Companys earnings releases,along with the Companys consolidated balance sheets, statements of operations, and statements of cash flows.

4 Company Highlights Value leader in geographically concentrated regions providing quality seniors housing and care at reasonable prices Well positioned to make meaningful gains in shareholder value Substantially all private pay with strong cash flow generation Industry benefits from need-driven demand, limited new supply and an improving housing market and economy Larger company economies of scale and proprietary systems that yield operating efficiencies in highly fragmented industry Executing on disciplined accretive growth initiatives through acquisitions, conversions to higher levels of care, renovations and refurbishments Solid balance sheet

5 Company Overview Capital Senior Living operates 119 communities in geographically concentrated regions with the capacity to serve 15,200 residents Number of residents by State Greater than 2,000 500 - 2,000 Less than 500 As of July 31, 2015 Resident Capacity By State

6 Resident Demographics at CSU Communities Average age of resident: 85 years Average age of resident moving in: 82 years Average stay period: 2-3 years Percent of female residents: 80% Resident turnover is primarily attributed to death or need for higher care

7 Independent Living 47% of Resident Capacity Average 109 units per IL community with large common areas and amenities Supportive services, wellness programs, social, recreational and educational events Average monthly rate of $2,576 100% private pay Average length of resident stay is 31 months The Capital Advantage: Senior Living Options

8 The Capital Advantage: Senior Living Options Assisted Living- 53% of Resident Capacity Average 68 units per community 79% of communities offer AL Assistance with activities of daily living including medication reminders, bathing, dressing and grooming Average monthly rate of $4,044 Substantially all private pay Average length of resident stay is 24 months

9 The Capital Advantage: Need Driven Demand U.S. population 75+ years old is estimated to be 12% of the population by 2030 compared to 6% in 2012 Only 1.3 million units serving a population of 18.9 million seniors Current 6.9% penetration rate implies demand growth of 40,000 units per year U.S. Seniors Population Trends (75+ years old) 15,000 17,500 20,000 22,500 25,000 27,500 30,000 32,500 35,000 2010 2015 2020 2025 2030 Source: 2010 Census Summary File 1 and U.S. Census Bureau, Population Division

10 The Capital Advantage: Limited New Supply Source: NIC MAP Trends Senior Housing All Markets

11 The Capital Advantage: Senior Housing Occupancy Trends Source: NIC MAP Trends All Markets Q2 15

12 The Capital Advantage: Competitive Strengths Value leader in geographically concentrated regions Experienced on-site, regional and corporate management Larger company economies of scale and proprietary systems that yield operating efficiencies in highly fragmented industry Solid reputation in industry and 95% resident satisfaction Straightforward private-pay business model Solid balance sheet Strong Board of Directors

13 The Capital Advantage: Strategy Focus on our core strengths Capitalize on competitive strengths within each of our regions to maximize the cash flow and value of our communities and our operations Capitalize on the fragmented nature of the senior living industry to strategically aggregate local and regional operators in geographically concentrated regions Increase levels of care through conversions to Assisted Living or Memory Care units Attract and retain the best talent in the senior living industry

14 2015 Business Plan Focused on operations, marketing and growth to enhance shareholder value through: Organic growth, including the conversion of units to higher levels of care and community renovations and refurbishment projects Proactive expense management Accretive acquisitions Utilization of technology

15 2015 Business Plan: Organic Growth Increase average rents Each 3% increase generates $11.8M of revenue Improve occupancies Each 1% generates $4.0M of revenue, $2.8M of EBITDAR and $0.06 per share of CFFO Convert units to higher levels of care Cash flow value enhancing renovations and refurbishments Continue to enhance sales and marketing initiatives

16 Conversions: Significant Increases in Occupancy, Revenue and CFFO Occupancy Prior to Conversions (1) IL AL Total Total Units 6,192 5,434 11,626 Occupied Units 5,287 4,869 10,156 Occupancy % 85.4% 89.6% 87.4% Planned IL to AL Conversions IL AL Vacant Units (225) 225 At 90% Stabilized Occupancy 203 Incremental Conversions (175) 175 (1) As of June 30, 2014 - excludes CCRCs , Autumn Glen, and Veranda Club Occupancy After Conversions IL AL Total Total Units 5,792 5,834 11,626 Occupied Units 5,112 5,247 10,359 Occupancy % 88.3% 89.9% 89.1% Annual Financial Impact Incremental CFFO: Approx. $0.20 per share

17 Significant Occupancy Improvement after Conversion Number of Units Converted Occupancy prior to Conversion Occupancy at end of Q2 15 Third Quarter 2014 Conversions Waterford at Edison Lakes 45 69.0% 92.2% Waterford at Mansfield 45 84.5% 94.0% Autumn Glen 49 56.3% 81.6% Summit Point 35 95.4% 94.0% Fourth Quarter 2014 Conversions Tesson Heights 65 77.7% 91.3% Waterford at Oakwood 32 84.4% 100.0%

18 The Waterford at Thousand Oaks - Renovations New Entry Hall New Dining Room Old Entry Hall Old Dining Room

19 The Waterford on Huebner - Renovations New Entry Hall New Dining Room Old Entry Hall Old Dining Room

20 Community Portfolio Growth: 2010 to Present 25 32 48 59 67 65 69 45 49 50 50 50 50 50 7 3 3 3 0 25 50 75 100 125 2010 2011 2012 2013 2014 Q1 15 Current Owned Leased Joint Venture 77 84 101 112 117 115 Owned % 32.5% 38.1% 47.5% 52.7% 57.3% 56.5% 58.0% 119

21 2015 Business Plan: External Growth Strategic acquisitions of high quality senior living communities to enhance geographic concentrations 16.2% cash on cash returns *Based on share count at time of transaction (in millions except number of communities) 2011 2012 2013 2014 Jan July 2015 Combined Purchase Price $83.4 $181.3 $150.4 $160.2 $88.0 $663.3 Communities 7 17 11 8 6 49 Units 551 1,367 881 819 478 4,096 Debt $59.3 $129.5 $112.3 $119.7 $65.7 $486.5 Equity $24.1 $51.8 $38.1 $40.5 $22.3 $176.8 First Year Revenue $21.3 $49.1 $35.1 $36.4 $19.5 $161.4 First Year EBITDAR $7.3 $19.1 $14.1 $15.0 $7.7 $63.2 First Year Cash Flow from Operations (CFFO) $3.4 $9.1 $5.8 $6.7 $3.7 $28.7 First Year CFFO pershare* $0.13 $0.34 $0.20 $0.23 $0.13 $1.03

22 Key Metrics: Consistent Significant Growth Revenue * Adjusted EBITDAR ($ In Millions) ($ In Millions) $197 $257 $305 $343 $380 2010 2011 2012 2013 2014 * Excludes community reimbursement revenue and management services revenue$69 $92 $110 $120 $133 2010 2011 2012 2013 2014 Adjusted EBITDAR Margin Adjusted CFFO per share 32.4% 35.0% 35.4% 34.9% 35.9% 2010 2011 2012 2013 2014 $0.64 $0.91 $1.08 $1.33 $1.44 2010* 2011* 2012* 2013* 2014* * Excludes prepaid resident rents and tax savings related to cost segregation studies of $0.25 in 2012 and $0.14 in 2013

23 Comparative Operating and Financial Metrics Q2 15 Q2 14 % Increase Total Revenues $ 101.6 $ 93.4 8.7% Adjusted EBITDAR $ 35.7 $ 32.2 11.0% % Margin 36.8% 35.6% Adjusted CFFO $ 11.7 $ 9.6 22.3% Adjusted CFFO Per Share $ 0.41 $ 0.34 Note: EBITDAR and CFFO are as adjusted in press releases.

24 Balance Sheet As of June 30, 2015 (in millions) ASSETS Cash and Securities $ 51.7 Other Current Assets 23.8 Total Current Assets 75.5 Fixed Assets 811.1 Other Assets 35.4 TOTAL ASSETS $ 922.0 LIABILITIES & EQUITY Current Liabilities $ 71.4 Long-Term Debt 660.2 Other Liabilities 55.9 Total Liabilities 787.5 Stockholders Equity 134.5 TOTAL LIABILITIES & EQUITY $ 922.0

25 Debt Overview : 100% Mortgage Debt Debt Maturities Weighted Average Interest Rate (In thousands) $627,624 $0 $0 $0 $43,660 $0 $8,472 $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 2021 & After 2020 2019 2018 2017 2016 2015 6.00% 5.79% 5.25% 5.25% 4.70% 4.64% 4.00% 4.50% 5.00% 5.50% 6.00% 6.50% 2010 2011 2012 2013 2014 2015 YTD Average duration of debt is 8 years, with approximately 92% of all debt maturing in 2021 and after Weighted Average Interest Rate has decreased 136 bps since 2010

26 Investment Highlights Value leader in geographically concentrated regions Substantially all private pay Need-driven demand,limited new supply and improving housing market and economy Experienced management team with demonstrated ability to operate, acquire and create shareholder value Accretive acquisitions in highly fragmented industry Value-enhancing conversions to higher levels of care, renovations and refurbishments Strong cash flow generation Solid balance sheet

CapitalSenior Living Company Presentation

GRAPHIC4g68827ex99_2s10gbgd.jpgGRAPHIC

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