Thank you, Brandon.
position, COVID-XX in months, resulted that quarter weeks our the hard the to we and do operations in of will financial and the in first the us put long-term path certainly work the improvements coming not first metrics and sight significant our quarter by our with want in key a of provide took growth While lose in creation. our in value impact results team we to XXXX to or actions improve
the noted, key Kim metrics a As our of basis. in first sequential on quarter improved many
operating net quarter $X.X in XXXX first increased of income Our fourth quarter the XXXX. the million over of
quarter $XXX,XXX fourth increased excluding adjusted Our million adjusted $XXX,XXX sequentially increased COVID-XX of the the approximately COVID-XX quarter the EBITDA of XXXX over expenses over $X.X and excluding XXXX XXXX. in first expenses, of quarter fourth those of CFFO
until agreements release and respective we our Very through security And of of the meaningful reached our December with deposits credit XX, the payments our all leases of importantly, in we all REITs. the will partners termination reductions letters REIT existing XXXX rent time. see with the early for at of by our that of our three latest
are March transformation by When eliminated XXXX balance XX, an XX, approximately and related at flow annual cash $XXX $XX a of million by This will XXXX. step of December basis. terminations liabilities on our which to lease Capital approximately Living. is December million lease be will The in our the major improve sheet, Senior will at were on all $XX.X reduced forward XX, the complete, million
reviewed of Because recorded $XX.X timeframe those the and $XX.X non-cash lease maturity of a by lingering million of of most recoverability of near-term, associated the equipment our of were carrying related lease to a we due release and the assets right-of-use prior on COVID-XX in million property, to gain communities transaction our five leases assets of to in our the these charge we for right-of-use to a the We obligation value shorter years, transaction. a on in six a shortened on recorded the communities. to plant, due non-cash part these the and impact communities related impairment
non-cash Another loss communities. We X. and the right-of-use six these these with lease outcome agreements, million agreements liabilities, XXXX. $X.X healthy maturity six due assets assets, of converted fixed associated to management to was and XXXX in term related the lease lease a recorded were The effective communities of were transaction formerly communities dates original to March for this the write-off
We only of resulting on CFFO non-core quarter We amount The recorded XXXX a also net million. a first $X.X expenditures. the dispose proceeds a loss $X.X cash minimal of negative community and produced of in cash in transaction. in after that community contributed million non-cash capital
first first decline in was of of of of the in lower to the million were XX.X% at X.X% our assets with million, a quarter was XXXX, Looking points quarter first for our XXXX. the on the $XXX.X quarter, total $XXX.X from offset reported related results, a revenues XXX the quarter to the Financial occupancy all due in dispositions to compares first first quarter by a since first partially which that basis communities $X.X increase million of rest consolidated levels, basis and conversions difference which quarter was XXXX. of in rate. occupancy
Our XXXX first operating same quarter XXXX. they in quarter $XX.X million, is in were the expenses the of of the as were which first
first revenues were since of disposed converted included six Xst that expenses to $X.X the time, totaled of just and that formerly million. to year, the communities like the on communities The management lease four related the agreements we've this that of operating March quarter and that XXXX,
quarter any in XXXX. interruption not $X.X had the though, credits by credits, in Harvey, also first of business were the interruption related of communities did We to that first we million impacted the quarter had Hurricane XXXX that we have and business in
and expenses $X.X quarter for were XXXX. the to which general first of quarter compares million of in $X.X XXXX the Our administrative first million,
revenues revenues as quarter Excluding in quarter first claims $XXX,XXX expense which G&A XXXX, XXXX, G&A to is of XXXX, of transaction than a first the as costs expense lower in quarter our the from the in both to the years, X.X% first lower decreased of of percentage compared of the due slightly expense. first was quarter healthcare X.X% XXXX.
$XX.X EBITDAR million $X.X and was in COVID-XX excluding expenses. was adjusted CFFO in first Our quarter the XXXX XXXX, was million, first million, COVID-XX $XX.X excluding the expenses. of and million was quarter $X.X Adjusted
EBITDAR first of as earlier, compared adjusted quarter XXXX in CFFO the I and As noted both improved quarter to XXXX. the adjusted fourth
first occupancy of Looking community same XX.X% at the same quarter in was as first X.X% our Same XXXX. compare decreased revenues results, to community XXXX. the community of quarter
XXXX, XXXX. of $X,XXX we’ve average monthly This the rent Our average in rent to since to year-over-year increased compared increased the X.X% first quarter is second of first of shown first the quarter quarter as XXXX. community that in the same
see we So happy were to that.
expenses Same community first quarter quarter X.X% the XXXX of the compared as to XXXX. in of first only increased
costs costs XXXX. year. Our last the increased And our employee the contract unusually low including compared first in as due X% costs mostly labor labor total to quarter of increased X.X%, of quarter labor, labor first to
Our food costs by utilities decreased X.X%. X% decreased and our
quarter sequential XXXX of basis from and also first the by the fourth $X.X increased of same in as operations management operating on to earlier, cost XXXX quarter excellent our team. our As the I noted Kim income community million net mentioned, a
sequential basis compared XXXX our X.X% decreased $X.X contracts million in with bad most including of service and repairs to debt a in quarter maintenance, XXXX or expenses, the and categories fourth On of community expense. labor, quarter and first promotion, advertising food, as the same decreases
available million cash. cash, sheet, the with at including balance ended quarter $XX.X we the Looking restricted
We was expenditures spent first in cash $X.X March million $XX.X Our million quarter. XX, the capital balance at XXXX. on
of and at XX, at that debt then bridge of balance master at $XX our The our of mortgage term the fixed debt variable weighted totaled interest for XXXX a except Our long X.X%. interest was million Fannie $XXX debt at under $XX.X rate March facility million approximately loans million is credit three average XX, rate rates March Mae. majority with
slightly in Our our better XXXX expectations, quarter financial or continued our the in and progress was on we performance first than transformation. made line with
the short-term. has COVID-XX changed course, Of onset our the perspective of of
declined visits significantly leads, as resident typical April moving to activity noted. compared Brandon and new Our levels, in
community April, first basis of March month quarter for excluding XX.X% of in occupancy, sold XXX to non-core the so we from the month decrease. consolidated that point XX.X% the for Our decreased the
Revenue from on decreased to $XXX,XXX April. approximately basis the March same
are it's still further Brandon April our occupancy than to ins better that, trending May outs and resulting revenue moving deterioration of move impacts both noted due early, expect still the While and from we move and of COVID-XX. fewer
for for testing On the in Brandon expense increases protection in-room well residents related as increases supplies certain labor and to and as side, and in disinfecting noted, costs, goods also as and we've employees. required cost, communities, had paper specialized of cleaning primarily personal equipment dining,
supplies, expenditures, other suspended expense, reduced may were certain impact To of we’ve non-critical In non-essential sustain. on projects. and costs difficult COVID-related be most spending all offset that to mitigate able we the the but capital April, the expenditure and COVID-XX items, to travel discretionary we of
XXXX, payroll employer we approximately The of CARES the from are the This Act, to December only program is taxes with that other available portion by us of deferral the December half payroll defer program. taxes XXXX, governmental $X the payroll April allow will which under deferred will accumulate to One the XXXX. will tax which be through us payroll utilizing, is in we half of due deferral December program to million. the estimate due by
April period. twelve-month X, into short-term the with forbearance also XXXX, which of forbearance certain will over end of repayment lenders the following debt entered We've agreements some forbearance our period a effective of require of the
duration continue address by additional required COVID-XX and actions. uncertainty and expenses, our as our a unknown XXXX we earnings recognize a about We've on the issue. our already position concern to going well impact our to evaluating stated concern, to ability going in actions as the taken pandemic conditions improve we're liquidity us operating release, that as created the Lastly, of and revenues
operating three that XXXX. in on capital of and quarter in spending including first continue profitability discretionary improvements. we've our the We've to our as resulted of execute And XXXX, implemented discussed quarter will operational reduced We practice additional turnaround year improved we continue today to which plan lower turnaround expect in we initiated plan reductions, first the spending incremental spending. produce to results
opportunity As December certain in communities benefit will operating net to took rent described, the first beginning with payments exit leases, of we to provide rent results which eliminate all cash XXXX. quarter through we've payments We're evaluating and will underperforming the measures sell XXXX, proceeds. XXXX reduced could that January our
term mentioned, we and forbearance lenders. the with from we're agreements utilizing our we've debt payment entered short payroll certain possible April evaluating other December, employer through into Act As to debt the deferral of Cares payroll delay I of capital taxes portion of And are and program tax options.
actions of positive taken, quarter. in expect flow the As second already we a result the cash we've to generate
quarter we long-term environment the path a provide current challenging, months remain the While of year first in our the XX improve we've steps growth and and to value is position this financial the creation. over past confident specifically taken will and
that We're that and work well a challenge emerge working we quality high product we consistent continuing from serve crisis. us the COVID-XX will current diligently the portfolio. and will build across hard the we've are a its done And have know to company to do to as
back over Now, to turn I'll it Kim.