Emeritus 3Q loss grows 99 percent on higher costs

Emeritus' loss grew 99 percent, to $23.1 million, or 59 cents per share. That compares with a loss of $11.6 million, or 36 cents per share, a year ago. Revenue grew 43 percent to $193 million from $135.3 million, but that was offset by greater interest and community operations costs.

On average, analysts had expected a loss of 58 cents per share on $192.3 million in revenue, according to Thomson Reuters.

Emeritus said its average occupancy for the quarter was 86.6 percent, compared with 86.4 percent a year ago. Same facility average occupancy, or average occupancy at facilities the company has operated for at least one year, rose to 87.2 percent from 86.7 percent. Monthly revenue per unit grew 2.3 percent, to $3,449.

The company's community operations costs climbed to $123.7 million from $86.5 million, and interest expenses grew to $25.2 million from $18.4 million.

In aftermarket trading, Emeritus shares rose 66 cents, or 6.4 percent, to $11.04. The stock closed regular trading at $10.38.