-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, N4cHw0+qrQwai0FNkBq/9/e2U9d8jcHIXgI0ZayqkGeiPXcj73nTWer+1pYE7vkh ik3iYew+aS5YDtegsdudvg== 0000893877-97-000318.txt : 19970520 0000893877-97-000318.hdr.sgml : 19970520 ACCESSION NUMBER: 0000893877-97-000318 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970515 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: REGENT ASSISTED LIVING INC CENTRAL INDEX KEY: 0001000693 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-SKILLED NURSING CARE FACILITIES [8051] IRS NUMBER: 931171049 STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 000-27108 FILM NUMBER: 97608595 BUSINESS ADDRESS: STREET 1: 2260 US BANCORP TOWER STREET 2: 111 SW FIFTH AVE CITY: PORTLAND STATE: OR ZIP: 97204 BUSINESS PHONE: 5032274000 MAIL ADDRESS: STREET 1: 2260 US BANCORP TOWER STREET 2: 111 SW FIFTH AVE CITY: PORTLAND STATE: OR ZIP: 97204 10QSB 1 FORM 10-QSB - -------------------------------------------------------------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20459 FORM 10-QSB X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) --- OF THE SECURITIES EXCHANGE ACT OF 1994 For the Quarterly period ending March 31, 1997 __ TRANSITION REPORT PURSUANT TO SECTION 12 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1994 For the Transition period from ____ to ____ Commission file number 0-27108 REGENT ASSISTED LIVING, INC. (Exact name of registrant as specified in its charter) OREGON 93-1171049 (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) Suite 1000 121 SW Morrison St. Portland, Oregon 97204 (Address of principal executive offices) 503-227-4000 (Registrant's telephone number, including area code) Indicated by check mark whether Registrant (1) has filed all reports to be filed by section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- --- Shares of Registrant's Common Stock, No par value, outstanding at May 1, 1997 - 4,633,000 - -------------------------------------------------------------------------------- REGENT ASSISTED LIVING, INC. FORM 10-QSB March 31, 1997 INDEX Page ---- PART I - FINANCIAL INFORMATION Item 1. Financial Statements Condensed Consolidated Balance Sheets as of December 31, 1996 and March 31, 1997 ...........................................................3 Condensed Consolidated Statements of Operations for the three months ended March 31, 1996 and 1997 ................................................4 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 1996 and 1997 ................................................5 Notes to Condensed Consolidated Financial Statements .........................6 Item 2. Management's Discussion and Analysis or Plan of Operation ...........9 Page 2 PART I - FINANCIAL INFORMATION ITEM 1 - FINANCIAL STATEMENTS
REGENT ASSISTED LIVING, INC. CONDENSED CONSOLIDATED BALANCE SHEETS March 31, December 31, 1997 1996 (Unaudited) ----------- ----------- ASSETS Current assets: Cash and cash equivalents $8,650,817 $6,481,215 Investments 2,939,448 Accounts receivable 173,976 156,661 Prepaid expenses 101,148 97,187 Construction advances receivable 1,125,315 241,694 ----------- ----------- Total current assets 12,990,704 6,976,757 Property and equipment, net 17,383,668 23,504,673 Investment in joint venture 263,579 283,741 Restricted cash 1,646,485 2,278,520 Deferred income tax benefit 304,300 271,200 Other assets 588,948 535,933 ----------- ----------- Total assets $33,177,684 $33,850,824 =========== =========== LIABILITIES Current liabilities: Current portion of long-term debt $150,950 $154,714 Accounts payable and other accrued expenses 2,348,369 2,653,553 Accrued payroll 335,155 323,702 Accrued interest 57,530 57,285 ----------- ----------- Total current liabilities 2,892,004 3,189,254 Long-term debt 9,753,846 10,497,973 Other liabilities 474,423 422,069 ----------- ----------- Total liabilities 13,120,273 14,109,296 ----------- ----------- SHAREHOLDERS' EQUITY Preferred stock, no par value, 5,000,000 shares authorized; 1,666,667 shares issued and outstanding 9,349,841 9,349,841 Common stock, no par value, 25,000,000 shares authorized; 4,633,000 shares issued and outstanding 10,808,703 10,808,703 Accumulated deficit (101,133) (417,016) ----------- ----------- Total shareholders' equity 20,057,411 19,741,528 ----------- ----------- Total liabilities and shareholders' equity $33,177,684 $33,850,824 =========== =========== The accompanying notes are an integral part of these condensed consolidated financial statements.
Page 3
REGENT ASSISTED LIVING, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended Three Months Ended March 31, 1996 March 31, 1997 ------------------ ------------------ Revenues: Rental and service $3,228,130 $3,336,347 Management fee 44,394 43,922 ----------- ----------- Total revenues 3,272,524 3,380,269 ----------- ----------- Operating expenses: Residence operating expenses 1,968,689 2,136,277 General and administrative 472,613 712,204 Lease expense 689,312 706,200 Depreciation and amortization 58,714 68,785 ----------- ----------- Total operating expenses 3,189,328 3,623,466 ----------- ----------- Operating income (loss) 83,196 (243,197) Interest income 116,862 148,779 Interest expense, net (128,779) (101,228) Other income, net 4,490 5,263 ----------- ----------- Income (loss) before income taxes 75,769 (190,383) Income tax (provision) benefit (28,792) 24,500 ----------- ----------- Net income (loss) $46,977 ($165,883) =========== =========== Earnings (loss) per common share $0.01 ($0.07) =========== =========== Weighted average common shares outstanding 4,633,000 4,633,000 =========== =========== The accompanying notes are an integral part of these condensed consolidated financial statements.
Page 4
REGENT ASSISTED LIVING, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Three Months Ended Three Months Ended March 31, 1996 March 31, 1997 ------------------ ------------------ Cash flows from operating activities: Net income (loss) $46,977 ($165,883) Adjustments to reconcile net income (loss) to net cash used in operating activities: Depreciation and amortization 58,714 68,785 Changes in other assets and liabilities: Accounts receivable 18,915 17,315 Prepaid expenses (47,510) 3,961 Restricted cash 76,364 Deferred income taxes 33,100 Other assets (18,843) 51,301 Accounts payable and other accrued expenses (215,790) (152,928) Other liabilities (77,854) (52,354) ----------- ----------- Net cash used in operating activities (159,027) (196,703) ----------- ----------- Cash flows from investing activities: Purchase of property and equipment (1,933,492) (6,188,076) Increase in construction related accounts payable 1,072,803 Maturity of investments, net 1,952,542 2,939,448 Investment in joint venture (20,162) Deposits to replacement reserve account (16,200) ----------- ----------- Net cash provided by (used in) investing activities 19,050 (2,212,187) ----------- ----------- Cash flows from financing activities: Construction advances 883,621 Restricted cash for financing arrangements (615,835) Proceeds from issuance of long-term debt 784,018 Payments on long-term debt (24,401) (36,127) Preferred stock issuance costs (600,159) Preferred stock dividends (176,230) ----------- ----------- Net cash provided by (used in) financing activities (24,401) 239,288 ----------- ----------- Net decrease in cash and cash equivalents (164,378) (2,169,602) Cash and cash equivalents, beginning of period 7,585,952 8,650,817 ----------- ----------- Cash and cash equivalents, end of period $7,421,574 $6,481,215 =========== =========== The accompanying notes are an integral part of these condensed consolidated financial statements.
Page 5 REGENT ASSISTED LIVING, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1. Operations and Summary of Significant Accounting Policies: The Company Regent Assisted Living, Inc. (the Company) is an owner, operator, and developer of private-pay assisted living communities. Assisted living is part of a spectrum of long-term care services that provide a combination of housing, personal services and health care designed to respond to elderly individuals who require assistance with activities of daily living in a manner that promotes maximum independence. On December 26, 1995, the Company sold 1,400,000 shares of common stock to the public at a price of $7.50 per share in an initial public offering (the Offering). Concurrently, the Company sold an additional 233,000 shares at a price of $7.50 per share to Mr. Bowen. The Company realized net proceeds of $10,756,563 from these transactions. On December 16, 1996, the Company completed the sale of 1,283,785 shares of Series A Preferred Stock and 382,882 shares of Series B Preferred Stock for the aggregate price of $10,000,000. The results of operations for the three months ended March 31, 1996 and 1997 reflect the operations of three assisted living communities (Regency Park, Sterling Park and Sunshine Villa) and the property management services provided to one community (Park Place). As of May 1, 1997, an additional 21 assisted living and special needs communities are in various stages of development. The Company also provides management and administrative services for Bowen Property Management Co., Bowen Financial Services Corp., Bowen Development Company and Bowen Condominium Marketing, Inc. (collectively, the Bowen Companies), all of which are Oregon corporations and are wholly owned by Mr. Bowen. These services are provided pursuant to the terms of an Administrative Services Agreement described in Note 3. Basis of Presentation The condensed consolidated financial statements include the accounts of the Company and its majority owned subsidiary. All significant inter-company accounts and transactions have been eliminated in consolidation. Page 6 REGENT ASSISTED LIVING, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, Continued 1. Operations and Summary of Significant Accounting Policies, Continued: The accompanying unaudited condensed consolidated financial statements as of March 31, 1997, and for the three month periods ended March 31, 1996 and 1997 have been prepared in conformity with generally accepted accounting principles. The financial information as of December 31, 1996, is derived from the Company's Form 10-KSB for the year ended December 31, 1996. Certain information or disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the accompanying condensed consolidated financial statements include all adjustments necessary (which are of a normal and recurring nature) for the fair presentation of the results of the interim periods presented. The accompanying condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements for the year ended December 31, 1996, included in the Company's Form 10-KSB for the year ended December 31, 1996. Operating results for the three months ended March 31, 1997, are not necessarily indicative of the results that may be expected for the entire fiscal year ending December 31, 1997, or any portion thereof. 2. Property and Equipment: Property and equipment are stated at cost and consist of the following:
December 31, March 31, 1996 1997 ------------ ------------ Land $ 1,100,000 $ 1,100,000 Buildings and improvements 6,520,556 6,602,685 Furniture and equipment 530,540 582,859 Construction in progress 9,456,006 15,509,634 ------------ ------------ 17,607,102 23,795,178 Less accumulated depreciation 223,434 290,505 ------------ ------------ Total property and equipment, net $ 17,383,668 $ 23,504,673 ============ ============ Land, buildings and certain furniture and equipment serve as collateral for long-term debt.
Page 7 REGENT ASSISTED LIVING, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, Continued 3. Administrative Services Agreement: The Company has entered into an agreement with the Bowen Companies, all of which are Oregon corporations controlled by Mr. Bowen, whereby the Company will provide each of the Bowen Companies executive assistance, accounting and financial management services, legal and administrative assistance, insurance, management information services, and other management services as required by the Bowen Companies. Under the terms of the agreement, the Company will be reimbursed at its cost on a monthly basis for all services provided. 4. Earnings (Loss) Per Common Share: The computation of fully diluted earnings (loss) per share for each of the periods was antidilutive; as such, no presentation of fully diluted earnings (loss) per share has been included in the condensed consolidated statements of operations. Earnings (loss) attributable to common stock includes a deduction of preferred stock dividends declared, which totaled $150,000 for the three month period ended March 31, 1997. Page 8 ITEM 2. Management's Discussion and Analysis or Plan of Operation. Overview The Company The Company reported a net loss of $165,883, or $.07 per share, on revenue of $3,380,269 for the quarter ended March 31, 1997. The Company operated three communities pursuant to long-term leases and managed a fourth community during the three month period ending March 31, 1997. The Company leases Regency Park, a 140-bed assisted living community in Portland, Oregon, Sterling Park, a 192- bed community in Redmond, Washington, and Sunshine Villa, a 126-bed community located in Santa Cruz, California for total operations of 458 beds. The Company also manages Park Place, a 112- bed community in Portland, Oregon from which the Company derives a management fee. As of May 1, 1997, the Company had commenced management of a 70-bed community in Citrus Heights California from which the Company will derive a management fee, and the Company has placed under contract a 48-bed community in Boise, Idaho which it intends to purchase. Also as of May 1, 1997, the Company has commenced construction on the following twelve new communities: Expected Projected Quarter Leased Or Location No. of Beds Opening Owned -------- ----------- ------- ----- Boise, Idaho 136 2nd-97 Leased Folsom, California 123 3rd-97 Owned San Antonio, Texas 133 3rd-97 Leased Roseville, California 108 4th-97 Owned Clovis, California 129 4th-97 Leased Rio Rancho, New Mexico 114 4th-97 Owned* Bakersfield, California 131 4th-97 Owned Eugene, Oregon 125 4th-97 Owned Vacaville, California 127 4th-97 Owned Tucson, Arizona 136 1st-98 Owned Henderson, Nevada 134 1st-98 Owned Austin, Texas 136 1st-98 Owned * The Company's community in Rio Rancho will be owned by a limited liability company in which the Company has a 90 percent interest. The Company will manage the community. Page 9 An additional nine new communities were under varying stages of development as of May 1, 1997. If all 21 communities are developed and the Boise community is acquired, total operations of the Company will increase by approximately 2,260 beds to a total of 2,900 beds. Also, with the intent of securing additional sites on which to build new communities, the Company is currently engaged in negotiations to acquire several additional sites and is pursuing joint venture opportunities with parties who control parcels of land in strategic markets. All costs associated with the development of these communities have been capitalized as "Construction in Progress" as disclosed in Note 2 to the condensed consolidated financial statements. Operating results for the three month period ended March 31, 1997, are not necessarily indicative of future financial performance as the Company intends to expand its operating base of communities. Three Months Ended March 31, 1997 Compared to Three Months Ended March 31, 1996 Revenues. For the three month period ended March 31, 1997, revenues were $3,380,269 compared to $3,272,524 in the three month period ended March 31, 1996. The Company operated three communities and managed a fourth in both quarters. The increase in revenue of $107,745 or 3.3 percent, is due primarily to the Company's continuing focus on increasing occupancies and accurately assessing the services provided to residents. Overall occupancy at all three of the Company's communities increased to an average of 98.5 percent for the three month period ended March 31, 1997, whereas it was 95.7 percent for the same period in 1996. Residence Operating Expenses. Residence operating expenses were $2,136,277 for the three month period ended March 31, 1997, and $1,968,689 for the same period in 1996. The increase of $167,588 is due primarily to the combined impact of slightly higher than expected operating costs for 1997 with lower than expected operating costs for 1996. In addition, the current period includes $30,300 of start-up costs for the Company's new 136-bed Boise community. Residence operating expenses, after adjustment for the start-up costs, totaled 63.1 percent and 61.0 percent of rental and service revenues for the three month periods ended March 31, 1997 and 1996, respectively. General and Administrative Expenses. General and administrative expenses were $712,204 for the three month period ended March 31, 1997, compared to $472,613 for the three month period ended March 31, 1996. The increase of $239,591 is due primarily to the increase in development activities by the Company, including payroll and related costs primarily resulting from staffing increases related to the implementation of the Company's strategy for rapid growth. Lease Expense. Lease expense for the Company's leased communities was $706,200 for the three month period ended March 31, 1997, and was $689,312 for the same period for 1996. Depreciation and Amortization. Depreciation and amortization expense was $68,785 for the three month period ended March 31, 1997, compared to $58,714 for the three month period ended March 31, 1996. Page 10 Interest Income. Interest income increased in the three month period ended March 31, 1997, to $148,779, from $116,862 for the same period in 1996. The increase in interest income is due to the Company's investment of the net proceeds from its sale of preferred stock in December, 1996, whereas interest income for the first quarter of 1996 resulted from the investment of the Company's net proceeds of its initial public offering. All investments of cash and cash equivalents are in high quality, short term securities placed with institutions with high credit ratings. Interest Expense. Interest expense decreased in the three month period ended March 31, 1997, to $101,228, from $128,379 for the three month period ended March 31, 1996. The Company capitalized $113,421 of interest charges incurred during the three months ended March 31, 1997. The capitalized interest offset substantially higher interest costs incurred by the Company in the current period arising from an increased borrowing in connection with the Sunshine Villa sale/leaseback financing. Net Income (loss). Net operating results decreased to a loss of $165,883 during the three month period ended March 31, 1997, from net income of $46,977 for the same period in 1996. The decrease in net results is primarily due to an increase in general and administrative expenses (as discussed above) and a decrease in residence operating profits (operating income before general and administrative expense, less interest expense) of $59,251, offset by an increase in interest income of $31,917. Liquidity and Capital Resources At March 31, 1997, the Company had approximately $3.8 million of working capital compared to approximately $10.1 million at December 31, 1996, a decrease of $6.3 million primarily related to expenditures for development activities. Net cash used in operating activities totaled $196,703 for the three month period ended March 31, 1997, which resulted primarily from a net loss of $165,883. Net cash used in investing activities totaled $2,212,187 for the three month period ended March 31, 1997, comprised of $5,115,273 used in development activities offset by $2,939,448 provided from the maturity of investments. During the period, the Company incurred construction costs in Folsom, California; Roseville, California; Rio Rancho, New Mexico; Bakersfield, California; and conducted preliminary development activities related to fourteen sites located in California, Oregon, Washington, Texas, Nevada, and Arizona. At March 31, 1997, the aggregate purchase price for the Company's binding options related to eight parcels of land was approximately $6,558,000. The Company has paid initial deposits relating to these sites and has also completed the demographic analysis and other preliminary due diligence for purposes of developing assisted living communities at these sites. Page 11 Net cash provided by financing activities totaled $239,288 during the three month period ended March 31, 1997, consisting of construction financing proceeds totaling $1,667,639, offset by increases in restricted cash of $615,835, payment of preferred stock issuance costs of $600,159 and payment of preferred stock dividends of $176,230. During the remainder of 1997, the Company intends to utilize current working capital resources to develop and construct assisted living communities. The Company intends to finance a substantial portion of the cost of developing each new community through additional sale/leaseback transactions with real estate investment trusts, as well as conventional financing with commercial banks, pension funds, and other financial institutions. The Company has completed four transactions with a real estate investment trust pursuant to which the Company sold its Sunshine Villa community and obtained approximately $23.4 million of lease financing for its Boise, San Antonio and Clovis communities. As of the end of the first quarter of 1997, the Company had completed the following construction loans:
Amount Community Lender ------ --------- ------ $ 6,850,000 Folsom, California US National Bank of Oregon $ 5,935,000 Kenmore, Washington US National Bank of Oregon $ 7,200,000 Bakersfield, California Guaranty Federal Bank, FSB $ 7,700,000 Austin, Texas Guaranty Federal Bank, FSB
During April 1996 the Company closed the following construction loans:
Amount Community Lender ------ --------- ------ $ 6,450,000 Roseville, California Key Bank of Oregon $ 6,255,000 Eugene, Oregon Wells Fargo
The Company has also received commitments or expressions of intent to provide the following construction financing:
Amount Community Lender ------ --------- ------ $ 7,375,000 Rio Rancho, New Mexico Guaranty Federal Bank, FSB $ 7,115,000 Tucson, Arizona Bank United of Texas, FSB $ 6,930,000 Henderson, Nevada Bank United of Texas, FSB $ 7,600,000 Vacaville, California US National Bank of Oregon $ 15,000,000 Multiple locations * US National Bank of Oregon * This loan facility will be for the construction of up to five Regent Court stand-alone special needs communities.
Page 12 As of May 1, 1997, the Company has closed or received commitments or expressions of intent for approximately $108,000,000 in sale/leaseback or construction financing. Each of the pending financing transactions is subject to a number of conditions, including the negotiation and execution of definitive documents and the satisfactory completion of due diligence on the related properties, and there is no assurance that any of these financing transactions will be completed on the terms proposed, or at all. The Company anticipates capital expenditures for 1997 will include additional land acquisition costs, architectural fees, and other development costs related to at least 19 assisted living communities and construction costs related to at least seventeen new assisted living communities. The Company currently estimates that its plan to develop at least 15 additional assisted living communities and five Regent Court stand alone special needs communities by July 1, 1998, including the communities described above that are under development, will likely require additional financing prior to construction of the five Regent Court communities. Such additional financing is in addition to the financing described in the preceding paragraphs. Such financing may take the form of debt or equity, including a public or private debt or equity offering by either the Company or with respect solely to one or more new communities, or conventional bank financing, or the use of sale/leaseback financing from real estate investment trusts. The amount of such additional financing will be dependent upon the amount of security deposits required under, and other terms of, the sale/leaseback financing arrangements the Company expects to negotiate, the performance of the Company's newly developed communities and existing properties, and the extent to which the Company engages in development activities for projects in addition to these 21 communities. If the Company is unable to obtain additional required financing, or if such financing is not available on acceptable terms, the Company believes that its plan to develop 21 new communities by the end of 1998 would likely be delayed or curtailed. Page 13 Forward-Looking Statements The information set forth in this report in the sections entitled "Overview" and "Liquidity and Capital Resources" regarding the Company's acquisition of sites for development, the Company's development, construction, financing and opening of new assisted living communities, and the Company's plans to develop, construct and operate new Regent Court communities constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and is subject to the safe harbor created by that section. The development of additional assisted living communities will involve a number of risks including, without limitation, the risk that the Company will be unable to locate suitable sites, risks relating to the inability to obtain, or delays in obtaining, necessary zoning, land use, building, occupancy and other required governmental permits and authorizations, risks that financing may not be available on satisfactory terms, environmental risks, risks that construction costs may exceed original estimates, risks that construction and lease-up may not be completed on schedule, and risks relating to the competitive environment for development. The foregoing risks could cause the Company to significantly delay or curtail its planned growth and could cause one or more of the Company's new communities to not be profitable. Additional factors that could cause results to differ materially from those projected in the forward-looking statements include, without limitation, the ability of the Company to raise additional financing upon terms acceptable to the Company, increases in the costs associated with new construction, competition, and acceptance of the Company's prototype community in new geographic markets. The Company's growth strategy is subject to the risk that occupancy rates at newly-developed communities may not be achieved or sustained at expected levels, in which case, the Company will experience greater than anticipated operating losses in connection with the opening of new communities and the Company's need for additional financing to meet its growth plans will likely increase. Furthermore, the Company's growth will place increasing pressure on the Company's management controls and require the Company to locate, train, assimilate, and retain additional community managers and support staff. There is no assurance that the Company will be able to manage this growth successfully. SIGNATURE In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. REGENT ASSISTED LIVING, INC. By: STEVEN L. GISH Date: May 14, 1997 --------------------------------------- Steven L. Gish Chief Financial Officer Page 14 EXHIBIT INDEX Sequential Ex. No. Description Page No. - ------- ----------- -------- 27 Financial Data Schedule EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONDENSED BALANCE SHEET OF REGENT ASSISTED LIVING, INC. AS OF MARCH 31, 1997, AND THE RELATED STATEMENT OF OPERATIONS FOR THE THREE MONTHS IN THE PERIOD ENDED MARCH 31, 1997, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 6,481,215 0 425,355 27,000 0 6,976,757 23,795,178 290,505 33,850,824 3,189,254 10,497,973 0 9,349,841 10,808,703 (417,016) 33,850,824 3,336,347 3,380,269 2,136,277 3,623,466 0 0 101,228 (190,383) (24,500) (165,883) 0 0 0 (165,883) (.07) (.07)
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