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placement costs associated with the Company’s CEO and COO roles), general and administrative expenses decreased $0.1 million in the first quarter of 2019 versus the first quarter of 2018. As a percentage of revenues under management, general and administrative expenses, excluding transaction and conversion costs, were 5.1% in the first quarter of 2019, the same as in the first quarter of last year.
Income from operations for the first quarter of 2019 was $2.0 million. This compares with $5.4 million in the first quarter of 2018.
The Company’sNon-GAAP financial measures exclude two communities that are undergoing significant renovation and conversion (see“Non-GAAP Financial Measures” below).
Adjusted EBITDAR for the first quarter of 2019 was $34.3 million, compared with $37.9 million in the first quarter of 2018. Adjusted CFFO was $5.5 million in the first quarter of 2019 and $10.4 million in the first quarter of 2018. CFFO for the first quarter of 2019 includes a negative net impact of $0.5 million related to the Company’s adoption of the new lease accounting standard (“ASC 842”) effective January 1, 2019. There was no impact on Adjusted EBITDAR related to the adoption of the new lease standard.
Operating Activities
Same community results exclude two previously noted communities undergoinglease-up or significant renovation and conversion, as well as the two Houston communities impacted by Hurricane Harvey which are also inlease-up. Same-community results also exclude certain conversion costs.
Same-community revenue in the first quarter of 2019 decreased 1.2% versus the first quarter of 2018.
Same-community operating expenses increased 3.3% in the first quarter of 2019 versus the first quarter of 2018, excluding conversion costs in all periods. On the same basis, labor costs, including benefits, increased 2.4% in the first quarter, while food costs and utilities decreased 1.3% and 1.4%, respectively. Same-community net operating income decreased 8.5% in the first quarter of 2019 when compared with the same period a year ago.
Capital expenditures were $3.4 million for the first quarter of 2019.
Balance Sheet
The Company ended the first quarter with $35.2 million of cash and cash equivalents, including restricted cash. As of March 31, 2019, the Company financed its owned communities with mortgages totaling $978.0 million, at interest rates averaging 4.9%. The majority of the Company’s debt is at fixed interest rates excluding three bridge loans totaling approximately $80 million; two of which mature in 2020 and the other in 2021, and approximately $50 million of long-term variable rate debt under the Master Credit Facility. The earliest maturity date for the Company’s fixed-rate debt is in 2022.