8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported) May 10, 2005

Capital Senior Living Corporation

(Exact Name of Registrant as Specified in Its Charter)

Delaware

(State or Other Jurisdiction of Incorporation)

1-13445	75-2678809
(Commission File Number)	(IRS Employer Identification No.)
14160 Dallas Parkway
Suite 300
Dallas Texas	75254

(Address of Principal Executive Offices) (Zip Code)

(972) 770-5600

(Registrant’s Telephone Number, Including Area Code)

(Former Name or Former Address, if Changed Since Last Report)

     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

Slideshow Presentation

Supplemental Information

Item 7.01 Regulation FD Disclosure.

     Attached hereto as Exhibit 99.1 is a slideshow presentation of Capital Senior Living Corporation, a Delaware corporation (the “Company”), and attached hereto as Exhibit 99.2 is the Company’s Supplemental Information table. By filing this Current Report on Form 8-K, the Company does not acknowledge that disclosure of this information is required by Regulation FD or that the information was material or non-public before the disclosure. The Company assumes no obligation to update or supplement forward-looking statements in this slideshow that become untrue because of new information, subsequent events or otherwise.

Item 9.01 Financial Statements and Exhibits

     (a) Not applicable.

     (b) Not applicable.

     (c) Exhibits.

     The following exhibit to this current report on Form 8-K is not being filed but is being furnished pursuant to Item 7.01:

99.1	Capital Senior Living Corporation slideshow presentation
99.2	Capital Senior Living Corporation Supplemental Information

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: May 10, 2005	Capital Senior Living Corporation
	By:	/s/ Ralph A. Beattie
	Name:	Ralph A. Beattie
	Title:	Executive Vice President and
		Chief Financial Officer

EXHIBIT INDEX

Exhibit No. Exhibit Name

     The following exhibit to this current report on Form 8-K is not being filed but is being furnished pursuant to Item 7.01:

99.1	Capital Senior Living Corporation slideshow presentation
99.2	Capital Senior Living Corporation Supplemental Information

EX-99.1

Exhibit 99.1

Forward-Looking Statements The forward-looking statements in this presentation are subject to certain risks and uncertainties that could cause results to differ materially, including, but not without limitation to, the Company's ability to find suitable acquisition properties at favorable terms, financing, licensing, business conditions, risks of downturns in economic conditions generally, satisfaction of closing conditions such as those pertaining to licensures, availability of insurance at commercially reasonable rates and changes in accounting principles and interpretations. These and other risks are detailed in the Company's reports filed with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward- looking statements in this presentation that become untrue because of new information, subsequent events or otherwise.

Investment Highlights Strong demographic trends Highly fragmented industry with acquisition opportunities Established national platform High quality communities at affordable rates Predominately private pay with minimal federal regulation Financial leverage through joint venture partners Experienced management team with demonstrated ability to operate and develop

Source: U.S. Census Bureau Senior Living Industry Demographics Estimated Growth in Elderly Population 2000 - 2030 17.9 18.5 19.6 22.3 27.0 32.6 16.6 8.9 7.4 6.7 6.4 5.8 4.9 4.2 0 10 20 30 40 2000 2005 2010 2015 2020 2025 2030 Population Age 75+ Population Age 85+ Population (M)

Senior Housing Construction Total Units and Industry Occupancy Percentages Source: American Seniors Housing Association Seniors Housing Construction Report, 2004 NIC Key Financial Indicators 1997 1998 1999 2000 2001 2002 2003 2004 IL 9671 10206 13042 12415 9274 5077 6028 7216 AL 22380 32666 31273 14096 8005 3627 6147 6034 CCRC 10709 4991 17749 6244 5408 8225 7732 10302 Srs. Apt. 2823 2804 3815 2550 6277 4566 8789 8632

Senior Living Industry Seniors Housing Property Supply(20,920 properties) (1) Source: American Seniors Housing Association Seniors Housing Construction Report, 2004 Source: American Seniors Housing Association Seniors Housing Statistical Handbook Assisted Living - 35% Independent Living - 30% Seniors Apartments - 25% CCRC - 10% East 35 30 25 10 Seniors Housing Capitalized Market Value ($176,425,190,000) (2) AL IL Srs Apart. CCRC 39.6 57.3 15.9 63.6 $ in Billions AL IL Srs. Apart. CCRC

Source: Price Waterhouse LLP/National Investment Conference Effective Demand for Senior Living Senior Living Industry Beds (000s) Elderly Population With Income Over $15,000 2000 2005 2010 2015 2020 2025 2030 Independent Living 640 695 750 870 990 1190 1390 Skilled Nursing 670 720 770 865 960 1135 1310 Assisted Living 510 550 590 655 720 860 1000

Company History 1990 - Began senior living operations October 1997 - Completed IPO April 1998 - Formed Triad venture to develop communities January 2000 - Announced no new development of communities January 2002 - Announced joint venture with Blackstone July 2003 - Acquired Triads II - V January 2004 - Completed $34.5 million equity offering August 2004 - Completed acquisition of CGI Management November 2004 - Acquired Triad I and re-capitalized Spring Meadows

Overview of Communities Owns and/or operates 54 communities in 20 states Total resident capacity of approximately 8,700 residents Average resident capacity of 155 per community 84% of residents live independently and 16% require assistance with activities of daily living 95% of revenue from private pay sources

Interests in Communities Resident Capacity Resident Capacity Resident Capacity Resident Capacity Number of Communities IL AL SN Total Wholly Owned 29 4,245 416 170 4,831 JV Ownership/Mgmt. 10 1,506 361 -- 1,867 Management Only 15 1,562 408 -- 1,970 _______ ___________ _______ _______ ___________ Total 54 7,313 1,185 170 8,668

Status of Communities As of March 31, 2005 Stabilized Lease-up Renovations/ re-leasing Wholly Owned 23 5 1 JV Ownership/Management 8 2 -- Management Only 13 2 -- Total 44 9 1

Community Occupancy

The Capital Advantage: Independent Lifestyles

Resident Demographics at CSU Communities Average age of resident: 85 years Average age of resident moving in: 82 years Average stay period: 2-3 years Resident turnover is primarily attributed to death or need for higher care 80% of residents are women

The Capital Advantage: High-Quality Communities

The Capital Advantage: Established National Platform Wholly Owned (29) JV Ownership/Managed (10) Management Only (15) ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? Dallas Region David Beathard (31) Sally Vann (23) Midwest Region Mark West (19) Gary Fernandez (8) Western Region Lesley Tejada (27) Tina Tedford (17) Eastern Region Gary Vasquez (25) Sharon Wortsman (12) ? ? ? ? ? ? ? ? SW Region Greg Boemer (13) Lynda Warren (25) ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? Parenthetical indicates years of experience in industry ? ? ? ? ? ? ? ? ? District Manager Kevin Wilbur (8 )

The Capital Advantage: 155 Years of Management Experience James A. Stroud Chairman 20 Keith N. Johannessen President/COO 26 Glen H. Campbell VP Development 30 Industry Experience (Years) David W. Beathard VP Operations 31 Rob L. Goodpaster VP Marketing 28 Lawrence A. Cohen Vice-Chairman/CEO 20

The Capital Advantage: Proven Track Record Industry Averages CSU IL AL Occupancy1 90.0% 90.0% 88.0% Operating margins2, 3 47.0% 43.2% 39.1% Annual change in rents3 5.0 % 4.0% 5.0% 1. First Quarter 2005 CSU and Fourth Quarter 2004 NIC Key Financial Indicators 2. Before property taxes, insurance and management fees 3. CSU Fourth Quarter 2003 and from The State of Seniors Housing 2003 by the American Seniors Housing Association (ASHA) Stabilized Operating Results

Yearly Median Increases in Resident Revenue Source: ASHA The State of Seniors Housing 2004 Independent Living Independent Living Assisted Living Assisted Living Existing New Existing New Residents Residents Residents Residents 2003 2002 4% 4% 5% 5% 4% 5% 5% 5% 2001 4.5% 5% 5% 5.5% 2000 4% 5% 4% 4.5% 1999 4% 4% 3.5% 5% 1998 4% 4% 4% 5% 1997 3.5% 4% 3.5% 5% 1996 3.5% 4% 4% 5% 1995 4% 4% 4% 5% 1994 4% 4.5% 4% 4%

CGIM Transaction Capital assumed management of 14 communities, increasing resident capacity by approximately 1,800, 78% IL and 22% AL Capital has the exclusive right and option to purchase the seven owned communities for $41 million through February 2007 and thereafter for $42 million through August 2009 Capital paid $2.0 million in cash at closing in addition to the first of four installment payments of $250k. Additional installments of $300k, $400k and $650k are potentially due on the first, third and fifth anniversaries respectively, if third party management fees increase

2005 Strategic Initiatives Focus on improving occupancy and operating margins Increase ancillary services offered to residents Participate in acquisitions or co-investments Manage acquired and other communities Selectively develop for third parties

Operating Leverage from Achieving 93% Occupancy in Wholly-Owned Communities $2.6M3 $2.0M2 $39.7M 1 $5.1M3 $2.8M2 $55.1M 1 1. Annualized revenue as of March 2005 2. Effect of a 5% increase in average rents 3. Effect of achieving 93% average occupancy Mature Communities Waterford / Wellington Communities

Growth Strategies: Joint Ventures Ventures with Blackstone and Prudential have acquired ten senior housing communities with resident capacity of 1,900 Seeking additional acquisitions of senior housing communities Co-invest with joint venture partners to participate in economics: 5% - 10% CSU 95% - 90% Joint Venture Partners Earn management fees under long-term contracts and potential additional incentive payments

Joint Ventures: Benefits of Financial Leverage 75% Debt / 25% Equity 75% Debt / 25% Equity 70% Debt / 30% Equity 70% Debt / 30% Equity Cap Rate 9% 10% 9% 10% Interest Rate 6.0% 6.0% 6.0% 6.0% ROE 18.0% 22.0% 16.0% 19.3% ROE w/25 year amortization 12.6% 16.5% 11.8% 15.1%

Example of Joint Venture Economics Venture CSU Partner NOI $ 1,000,000 Cap Rate 9% Purchase Price $11,100,000 Debt $ 8,325,000 Equity $ 2,775,000 $277,500 $2,497,500 Revenues $ 3,000,000 Mgt. Fees (5%) $150,000 ROE (18%) $ 50,000 $ 450,000 Total First Year Return $200,000 $ 450,000 Total Return % 72% 18%

Income Statement Q1 Comparison (in millions, except per share) 2005 2004 Resident & Health Care Revenue $23.4 $22.1 Other Revenue 0.8 0.5 Total Revenues $24.2 $22.6 Operating Expenses 14.3 14.5 General & Administrative Expenses 4.2 4.0 Depreciation & Amortization 3.1 3.0 Total Expenses $21.6 $21.5 Income from Operations 2.6 1.1 Other Income/(Expense) (3.8) (3.8) Taxes & Minority Interests 0.4 0.7 Net Income Earnings Per Share Cash Earnings Per Share ($0.8) ($0.03) $0.09 ($2.0) ($0.09) $0.04

Balance Sheet As of March 31, 2005 (in millions) Cash and Securities $ 20.2 Current Liabilities $ 53.6 Other Current Assets 12.2 Long-Term Debt 218.1 Total Current Assets $ 32.4 Other Liabilities 8.1 Fixed Assets 378.5 Total Liabilities $279.8 Assets Held for Sale 1.0 Stockholders' Equity 148.8 Other Assets 16.7 Total Assets $428.6 Total Liabilities & Equity $428.6

EX-99.2

Exhibit 99.2

Capital Senior Living Corporation
Supplemental Information

	Communities						Resident Capacity
	Q1 05			Q1 04			Q1 05			Q1 04
Portfolio Data
I. Property Ownership / Management
Consolidated properties		29			31			4,831			4,831
Joint Venture properties (equity method)		10			10			1,867			1,867
Third party property managed		15			1			1,970			156
Total		54			42			8,668			6,854
Independent living								7,313			5,925
Assisted living								1,185			759
Skilled nursing								170			170
Total								8,668			6,854
II. Percentage of Operating Portfolio
Consolidated properties		53.7	%		73.8	%		55.7	%		70.5	%
Joint venture properties (equity method)		18.5	%		23.8	%		21.5	%		27.2	%
Third party property managed		27.8	%		2.4	%		22.7	%		2.3	%
Total		100.0	%		100.0	%		100.0	%		100.0	%
Independent living								84.4	%		86.4	%
Assisted living								13.7	%		11.1	%
Skilled nursing								2.0	%		2.5	%
Total								100.0	%		100.0	%
Selected Operating Results
I. Consolidated properties
Number of properties		29			31
Resident capacity		4,831			4,831
Number of units		4,321			4,321
Financial occupancy (1)		86.2	%		83.9	%
Revenue (in millions)		23.3			22.1
Operating expenses (in millions)		14.0			14.1
Operating margin		40	%		36	%
Average monthly rent		2,122			2,033
II. Waterford / Wellington properties
Number of properties (2)		17			17
Resident capacity / Units		2,426			2,426
Number of units		2,132			2,132
Financial occupancy (1)		87.3	%		83.2	%
Revenue (in millions)		9.9			9.1
Operating expenses (in millions)		5.9			6.0
Operating margin		40	%		34	%
Average monthly rent		1,777			1,712
III. Total Portfolio
Number of properties		54			42
Resident capacity / Units		8,668			6,854
Number of units		7,587			6,050
Financial occupancy (1)		84.0	%		82.0	%
Revenue (in millions)		40.4			31.8
Operating expenses (in millions)		23.1			19.6
Operating margin		43	%		38	%
Average monthly rent		2,138			2,139

MORE

Capital Senior Living Corporation
Supplemental Information

	Communities						Resident Capacity
	Q1 05			Q1 04			Q1 05	Q1 04
IV. General and Administrative Expenses (in thousands)
Corporate		2,293			2,000
Percentage of revenues under management		5.7	%		6.3	%
Property		1,882			2,036
V. Consolidated Debt Information (in thousands, except for interest rates) Excludes insurance premium financing
Fixed rate debt		42,537			68,851
Variable rate debt, with a floor		—			51,173
Variable rate debt, with a cap		184,336			35,384
Variable rate debt, no cap or floor		27,548			105,474
Total debt		254,421			260,882
Fixed rate debt — weighted average rate		8.0	%		7.8	%
Variable rate debt — weighted average rate		5.7	%		4.3	%
Total debt — weighted average rate		6.1	%		5.3	%

(1)	Financial occupancy represents actual days occupied divided by total number of available days during the quarter.
(2)	Excludes Canton and Towne Centre expansions which were each consolidated with their main campus in December 2004.

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