What a difference a day can make. After Brookdale Senior Living’s meltdown in the market, when it ended Tuesday with a 7.1% drop in value on trading volume that was eight times the normal level, Capital Senior Living reported much more optimistic numbers. Occupancy was up 70 basis points from both the first quarter this year and the second quarter last year. June occupancy alone was up 40 basis points sequentially and was continuing to increase in July and August with some of their best move-in and deposit weeks ever. Its 2013 acquisitions are at 93% occupancy, and both the 2014 and 2015 acquisitions are at 95% occupancy. Apparently, they saw this coming with their activity in late March. One thing that is helping them is that their monthly rates are much lower than anything new in their markets, although they have not seen much development in many of those markets. It was nice to hear some good news on the occupancy front this summer. And how did investors react? In the first hour of trading the shares were up 8%.
