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 3, 2016

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)

Not applicable

(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):

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

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

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

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

Item 2.02 Results of Operations and Financial Condition.

On May 3, 2016, Capital Senior Living Corporation (the “Company”) announced its financial results for the first quarter ended March 31, 2016 by issuing a press release. The full text of the press release issued in connection with the announcement is attached hereto as Exhibit 99.1.

The information being furnished under Item 2.02, Item 7.01, Exhibit 99.1 and Exhibit 99.2 shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such a filing. The press release and the presentation referenced below contain, and may implicate, forward-looking statements regarding the Company and include cautionary statements identifying important factors that could cause actual results to differ materially from those anticipated.

In the press release and the presentation referenced below, the Company’s management utilizes financial measures of operating performance, including adjusted EBITDAR, adjusted EBITDAR margin, adjusted net income and adjusted CFFO, that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). Non-GAAP financial measures may have material limitations in that they do not reflect all of the amounts associated with the Company’s results of operations as determined in accordance with GAAP. As a result, these non-GAAP financial measures should not be considered a substitute for, nor superior to, financial results and measures determined or calculated in accordance with GAAP. The Company believes that these non-GAAP measures are useful in identifying trends in day-to-day performance because they exclude items that are of little or no significance to operations and provide indicators to management of progress in achieving optimal operating performance. In addition, these measures are used by many research analysts and investors to evaluate the performance and the value of companies in the senior living industry. The Company strongly urges you to review the reconciliation of net income from operations to adjusted EBITDAR and adjusted EBITDAR margin and the reconciliation of net loss to adjusted net income and adjusted CFFO, each of which is included at the end of the Company’s press release, along with the Company’s consolidated balance sheets, statements of operations, and statements of cash flows.

Item 7.01 Regulation FD Disclosure.

Attached hereto as Exhibit 99.2 is an updated slideshow presentation of the Company.

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 presentation 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) Not applicable.

(d) Exhibits.

*99.1	Press Release dated May 3, 2016.
*99.2	Capital Senior Living Corporation Updated Slideshow Presentation.

* These exhibits to this Current Report on Form 8-K are not being filed but are being furnished pursuant to Item 9.01.

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 3, 2016	Capital Senior Living Corporation
	By:	/s/ Carey P. Hendrickson
	Name:	Carey P. Hendrickson
	Title:	Senior Vice President and Chief Financial Officer

EXHIBIT INDEX

*99.1	Press Release dated May 3, 2016.
*99.2	Capital Senior Living Corporation Updated Slideshow Presentation.

* These exhibits to this Current Report on Form 8-K are not being filed but are being furnished pursuant to Item 9.01.

EX-99.1

Exhibit 99.1

PRESS CONTACT:
Carey Hendrickson, Chief Financial Officer Phone: 1-972-770-5600

FOR IMMEDIATE RELEASE    

CAPITAL SENIOR LIVING CORPORATION

REPORTS FIRST QUARTER 2016 RESULTS

DALLAS – (BUSINESS WIRE) – May 3, 2016 – Capital Senior Living Corporation (the “Company”) (NYSE:CSU), one of the nation’s largest operators of senior living communities, today announced operating and financial results for the first quarter 2016. Company highlights for the first quarter include:

Operating and Financial Summary (all amounts in this operating and financial summary exclude three communities that are undergoing repositioning, lease-up or significant renovation and conversion, unless otherwise noted; also, see Non-GAAP Financial Measures below)

• Revenue in the first quarter of 2016, including all communities, was $109.2 million, a $10.5 million, or 10.7%, increase from the first quarter of 2015.

• Occupancy for the Company’s consolidated communities was 88.6% in the first quarter of 2016, an increase of 130 basis points from the first quarter of 2015 and a decrease of 60 basis points from the fourth quarter of 2015. Same-community occupancy was 88.5% for the first quarter of 2016, a 110 basis point increase from the first quarter of 2015 and a 40 basis point decrease from the fourth quarter of 2015.

• Average monthly rent for the Company’s consolidated communities in the first quarter of 2016 was $3,443, an increase of $150 per occupied unit, or 4.6%, as compared to the first quarter of 2015. Same-community average monthly rent was $3,399, an increase of $76 per occupied unit, or 2.3%, from the first quarter of 2015.

• Adjusted EBITDAR was $37.3 million in the first quarter of 2016, a 9.3% increase from the first quarter of 2015. The three communities undergoing repositioning, lease-up or significant renovation and conversion generated an additional $0.8 million of EBITDAR. The Company’s Adjusted EBITDAR margin was 35.6% for the first quarter of 2016.

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• Adjusted Cash From Facility Operations (“CFFO”) was $11.7 million, or $0.41 per share, in the first quarter of 2016 compared to $10.5 million, or $0.37 per share, in the first quarter of 2015, an increase of 11.0%.

• The Company’s Net Loss for the first quarter of 2016, including all communities, was $6.0 million, or $0.21 per share, due mostly to non-cash amortization of resident leases of $3.5 million associated with communities acquired by the Company in the previous 12 months. Adjusted Net Loss was $0.8 million, or $0.03 per share, for the first quarter of 2016.

• As previously disclosed, the Company closed on the acquisition of five communities during the first quarter of 2016 for a combined purchase price of approximately $64.4 million. These communities expand the Company’s operations in Wisconsin and Florida, and are expected to generate incremental annual CFFO of approximately $0.11 per share.

• Subject to completion of due diligence and customary closing conditions, acquisitions of three additional communities totaling approximately $74 million are expected to close during the second quarter of 2016, which will bring the Company’s total acquisitions in 2016 to approximately $138.4 million.

“We continue to demonstrate the advantages of our clear and differentiated strategy to drive superior shareholder value as we successfully execute on our multiple avenues of growth,” said Lawrence A. Cohen, Chief Executive Officer of the Company. “Our focused execution produced growth in all of our key metrics in the first quarter as compared to the prior year, including revenue, occupancy, average monthly rent, NOI, Adjusted EBITDAR and Adjusted CFFO. Our conversions of independent living units to assisted living and memory care units also continue to show timely progress.

“Complementing this growth is a robust acquisition pipeline that allows us to increase our ownership of high-quality senior living communities in geographically concentrated regions and generates meaningful increases in CFFO, earnings and real estate value. We expect to close on the acquisition of three communities during the second quarter of 2016, and we continue to pursue additional opportunities.

“We believe that we are well positioned to create long-term shareholder value as a larger company with scale, competitive advantages and a substantially all private-pay business model in a highly-fragmented industry that benefits from long-term demographics, need-driven demand, limited competitive new supply in our local markets, a strong housing market and a growing economy.”

Recent Investment Activity

• As noted above and previously disclosed, the Company completed acquisitions of five senior living communities in the first quarter of 2016 for a combined purchase price of approximately $64.4 million. These communities expand the Company’s operations in Wisconsin and Florida, and are composed of 317 units offering assisted living services.

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Combined highlights of the transactions include:

• Increases annual Adjusted CFFO by approximately $2.9 million, or $0.10 per share.

• Adds approximately $1.5 million to earnings, or $0.05 per share.

• Increases annual revenue by approximately $14.5 million.

• Average monthly rents for the communities are approximately $3,850.

The communities were financed with an aggregate of approximately $46.3 million of non-recourse 10-year mortgage debt at an average fixed interest rate of 4.4%.

• As noted above, acquisitions of three additional communities totaling approximately $74 million are expected to close by the end of the second quarter of 2016, subject to completion of due diligence and customary closing conditions, which will bring the Company’s total acquisitions in the first half of 2016 to approximately $138.4 million.

• The Company has a strong pipeline of near- to medium-term targets. With a strong reputation among sellers, the Company sources the majority of its acquisitions off-market and at attractive terms.

• Also as previously disclosed, the Company repurchased 144,315 shares at a weighted average price per share of $17.29, totaling approximately $2.5 million, during the first quarter of 2016. The Company has approximately $6.5 million remaining under its share repurchase authorization.

Financial Results - First Quarter

For the first quarter of 2016, the Company reported revenue of $109.2 million, compared to revenue of $98.6 million in the first quarter of 2015, an increase of 10.7%. Excluding the revenue of the five communities the Company sold during or since the first quarter of 2015 from all appropriate periods, revenues increased $12.0 million, or 12.3%, in the first quarter of 2016 as compared to the first quarter of 2015, mostly due to the acquisition of 14 communities during 2015 and the first quarter of 2016.

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Operating expenses for the first quarter of 2016 were $66.5 million, an increase of $6.4 million from the first quarter of 2015, also primarily due to the acquisitions made during 2015 and the first quarter of 2016.

Revenue for consolidated communities excluding the three communities undergoing repositioning, lease-up or significant renovation and conversion increased 10.7% in the first quarter of 2016 as compared to the first quarter of 2015.

Net operating income for these communities increased 11.7% in the first quarter of 2016 as compared to the first quarter of 2015. These increases were achieved with fewer units available for lease in the first quarter of 2016 than the first quarter of 2015, exclusive of acquisitions, due to conversion and refurbishment projects currently in progress at certain communities.

General and administrative expenses for the first quarter of 2016 were $6.2 million, which includes $0.9 million of transaction and other one-time costs. Excluding transaction and other one-time costs from both periods, general and administrative expenses increased $0.8 million in the first quarter of 2016 as compared to the first quarter of 2015, $0.7 million of which was due to higher medical claims expense. As a percentage of revenues under management, general and administrative expenses, excluding transaction and other one-time costs, were 4.9% in the first quarter of 2016.

The Company’s Non-GAAP financial measures exclude three communities that are undergoing repositioning, lease-up of higher-licensed units or significant renovation and conversion (see “Non-GAAP Financial Measures” below).

Adjusted EBITDAR for the first quarter of 2016 was approximately $37.3 million, an increase of $3.2 million, or 9.3%, from the first quarter of 2015. This does not include EBITDAR of $0.8 million related to three communities undergoing repositioning, lease-up or significant renovation and conversion. The Adjusted EBITDAR margin for the first quarter of 2016 was 35.6%.

Adjusted CFFO was $11.7 million, or $0.41 per share, in the first quarter of 2016, an 11.0% increase from $10.5 million, or $0.37 per share, in the first quarter of the prior year.

The Company recorded a net loss of $6.0 million, or $0.21 per share, in the first quarter of 2016. Excluding non-recurring or non-economic items reconciled on the final page of this release, the Company’s adjusted net loss was $0.8 million, or $0.03 per share, in the first quarter of 2016.

CAPITAL/Page 5

Operating Activities

Same-community results exclude the three communities previously noted that are undergoing repositioning, lease-up or significant renovation and conversion, and transaction and other one-time costs.

Same-community revenue in the first quarter of 2016 increased 2.3% versus the first quarter of 2015. Due to conversion and refurbishment projects currently in progress at certain communities, fewer units were available for rent in the first quarter of this year than the first quarter of last year. With a like number of units available in both years, same-community revenue would have increased approximately 3.5% in the first quarter of 2016 as compared to the first quarter of the prior year.

Same-community expenses increased 1.4% from the first quarter of the prior year. Labor costs, including benefits, increased 2.8% and food costs increased 0.9%, while utilities decreased 9.0%, all as compared to the first quarter of 2015. Same-community net operating income increased 3.7% in the first quarter of 2016 as compared to the first quarter of 2015. With a like number of units available in both years, same-community net operating income would have increased approximately 5.8% from the first quarter of the prior year.

Capital expenditures for the first quarter of 2016 were $13.8 million, representing approximately $12.5 million of investment spending and approximately $1.3 million of recurring capital expenditures. If annualized, spending for recurring capital expenditures was approximately $430 per unit.

Balance Sheet

The Company ended the quarter with $45.0 million of cash and cash equivalents, including restricted cash, a decrease of $24.2 million since December 31, 2015. During the first quarter of 2016, the Company invested $18.1 million of cash as equity to complete the acquisition of three communities and spent $13.8 million on capital improvements, which includes $2.3 million related to lease incentives for certain tenant leasehold improvements for which the Company expects to be reimbursed by its lessors. The Company received reimbursements totaling $0.9 million in the first quarter for capital improvements and expects to receive additional reimbursements as the remaining projects are completed.

As of March 31, 2016, the Company financed its owned communities with mortgages totaling $818.3 million at interest rates averaging 4.6%. All of the Company’s debt is at fixed interest rates, except for one bridge loan totaling approximately $11.8 million at March 31, 2016, which matures in the third quarter of 2017. The earliest maturity date for the Company’s fixed-rate debt is in 2021.

CAPITAL/Page 6

The Company’s cash on hand and cash flow from operations are expected to be sufficient for working capital, prudent reserves, share repurchases and the equity needed to fund the Company’s acquisition, conversion and renovation programs.

Q1 2016 Conference Call Information

The Company will host a conference call with senior management to discuss the Company’s first quarter 2016 financial results. The call will be held on Tuesday, May 3, 2016 at 5:00 p.m. Eastern Time. The call-in number is 913-312-1427, confirmation code 9231614. A link to a simultaneous webcast of the teleconference will be available at www.capitalsenior.com through Windows Media Player or RealPlayer.

For the convenience of the Company’s shareholders and the public, the conference call will be recorded and available for replay starting May 3, 2016 at 8:00 p.m. Eastern Time, until May 12, 2016 at 8:00 p.m. Eastern Time. To access the conference call replay, call 719-457-0820, confirmation code 9231614. The conference call will also be made available for playback via the Company’s corporate website, www.capitalsenior.com, beginning May 4, 2016.

Non-GAAP Financial Measures

Adjusted EBITDAR, Adjusted EBITDAR Margin, Adjusted Net Income and Adjusted CFFO are financial measures of operating performance that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). Non-GAAP financial measures may have material limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. As a result, these non-GAAP financial measures should not be considered a substitute for, nor superior to, financial results and measures determined or calculated in accordance with GAAP. The Company believes that these non-GAAP measures are useful in identifying trends in day-to-day performance because they exclude items that are of little or no significance to operations and provide indicators to management of progress in achieving optimal operating performance. In addition, these measures are used by many research analysts and investors to evaluate the performance and the value of companies in the senior living industry. The Company strongly urges you to review the reconciliation of net income from operations to Adjusted EBITDAR and Adjusted EBITDAR Margin and the reconciliation of net loss to Adjusted Net Income and Adjusted CFFO, along with the Company’s consolidated balance sheets, statements of operations, and statements of cash flows.

About the Company

Capital Senior Living Corporation is one of the nation’s largest operators of residential communities for senior adults. The Company’s operating strategy is to provide value to residents by providing quality senior living services at reasonable prices. The Company’s communities emphasize a continuum of care, which integrates independent living, assisted living, and home care services, to provide residents the opportunity to age in place. The Company operates 126 senior living communities in geographically concentrated regions with an aggregate capacity of approximately 15,800 residents.

CAPITAL/Page 7

Safe Harbor

The forward-looking statements in this release 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, refinancing, community sales, licensing, business conditions, risks of downturns in economic conditions generally, satisfaction of closing conditions such as those pertaining to licensure, availability of insurance at commercially reasonable rates, and changes in accounting principles and interpretations among others, and other risks and factors identified from time to time in our reports filed with the Securities and Exchange Commission.

For information about Capital Senior Living, visit www.capitalsenior.com.

Contact Carey P. Hendrickson, Chief Financial Officer, at 972-770-5600 for more information.

CAPITAL/Page 8

CAPITAL SENIOR LIVING CORPORATION

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

	March 31,			December 31,
	2016			2015
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	31,808		$	56,087
Restricted cash		13,163			13,159
Accounts receivable, net		10,118			9,254
Property tax and insurance deposits		9,967			14,398
Prepaid expenses and other		3,398			4,370
Total current assets		68,454			97,268
Property and equipment, net		953,352			890,572
Other assets, net		31,295			31,193
Total assets	$	1,053,101		$	1,019,033
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	1,575		$	3,362
Accrued expenses		32,962			34,300
Current portion of notes payable, net of deferred loan costs		13,480			13,634
Current portion of deferred income and resident revenue		15,628			16,059
Current portion of capital lease and financing obligations		1,201			1,257
Federal and state income taxes payable		289			111
Customer deposits		1,788			1,819
Total current liabilities		66,923			70,542
Deferred income		13,645			13,992
Capital lease and financing obligations, net of current portion		38,603			38,835
Other long-term liabilities		7,484			4,969
Notes payable, net of deferred loan costs and current portion		796,662			754,949
Commitments and contingencies
Shareholders’ equity:
Preferred stock, $.01 par value:
Authorized shares — 15,000; no shares issued or outstanding		—			—
Common stock, $.01 par value:
Authorized shares — 65,000; issued and outstanding shares 29,940 and 29,539 in 2016 and 2015, respectively		304			299
Additional paid-in capital		162,433			159,920
Retained deficit		(29,523	)		(23,539	)
Treasury stock, at cost – 494 and 350 shares in 2016 and 2015, respectively		(3,430	)		(934	)
Total shareholders’ equity		129,784			135,746
Total liabilities and shareholders’ equity	$	1,053,101		$	1,019,033

See accompanying notes to unaudited consolidated financial statements.

CAPITAL/Page 9

CAPITAL SENIOR LIVING CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(unaudited, in thousands, except per share data)

	Three Months Ended March 31,
	2016			2015
Revenues:
Resident revenue	$	109,173		$	98,640
Expenses:
Operating expenses (exclusive of facility lease expense and depreciation and amortization expense shown below)		66,523			60,131
General and administrative expenses		6,248			5,013
Facility lease expense		15,205			15,256
Stock-based compensation expense		2,513			1,727
Depreciation and amortization expense		14,531			12,795
Total expenses		105,020			94,922
Income from operations		4,153			3,718
Other income (expense):
Interest income		16			13
Interest expense		(9,985	)		(8,355	)
Write-off of deferred loan costs and prepayment premiums		—			(871	)
Loss on disposition of assets, net		(31	)		(106	)
Other income		—			1
Loss before provision for income taxes		(5,847	)		(5,600	)
Provision for income taxes		(137	)		(439	)
Net loss	$	(5,984	)	$	(6,039	)
Per share data:
Basic net loss per share	$	(0.21	)	$	(0.21	)
Diluted net loss per share	$	(0.21	)	$	(0.21	)
Weighted average shares outstanding — basic		28,751			28,565
Weighted average shares outstanding — diluted		28,751			28,565
Comprehensive loss	$	(5,984	)	$	(6,039	)

CAPITAL/Page 10

CAPITAL SENIOR LIVING CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)

	Three Months Ended March 31,
	2016			2015
Operating Activities
Net loss	$	(5,984	)	$	(6,039	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		14,531			12,795
Amortization of deferred financing charges		278			306
Amortization of deferred lease costs and lease intangibles		(225	)		316
Deferred income		82			(58	)
Lease incentives		868			—
Write-off of deferred loan costs and prepayment penalties		—			871
Loss on disposition of assets, net		31			106
Provision for bad debts		487			264
Stock based compensation expense		2,513			1,727
Changes in operating assets and liabilities:
Accounts receivable		476			(1,001	)
Accounts receivable from affiliates		—			2
Property tax and insurance deposits		4,431			3,896
Prepaid expenses and other		972			1,860
Other assets		1,081			(226	)
Accounts payable		(1,787	)		1,744
Accrued expenses		(1,301	)		(3,599	)
Federal and state income taxes payable		178			307
Deferred resident revenue		(860	)		(496	)
Customer deposits		(31	)		10
Net cash provided by operating activities		15,740			12,785
Investing Activities
Capital expenditures		(13,767	)		(5,503	)
Cash paid for acquisitions		(64,750	)		(47,810	)
Proceeds from disposition of assets		—			35,672
Net cash used in investing activities		(78,517	)		(17,641	)
Financing Activities
Proceeds from notes payable		46,300			80,488
Repayments of notes payable		(4,457	)		(62,847	)
Increase in restricted cash		(4	)		(5	)
Cash payments for capital lease obligations		(288	)		(172	)
Cash proceeds from the issuance of common stock		5			8
Excess tax benefits on stock options		—			111
Purchases of treasury stock		(2,496	)		—
Deferred financing charges paid		(562	)		(863	)
Net cash provided by financing activities		38,498			16,720
(Decrease) Increase in cash and cash equivalents		(24,279	)		11,864
Cash and cash equivalents at beginning of period		56,087			39,209
Cash and cash equivalents at end of period	$	31,808		$	51,073
Supplemental Disclosures
Cash paid during the period for:
Interest	$	9,551		$	7,930
Income taxes	$	23		$	18

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Capital Senior Living Corporation    

Supplemental Information    

							Average
	Communities						Resident Capacity						Average Units
	Q1 16			Q1 15			Q1 16			Q1 15			Q1 16			Q1 15
Portfolio Data
I. Community Ownership / Management
Consolidated communities
Owned		76			65			9,436			8,500			7,114			6,542
Leased		50			50			6,333			6,333			4,912			4,983
Total		126			115			15,769			14,833			12,026			11,525
Independent living								6,792			6,993			5,312			5,695
Assisted living								8,977			7,840			6,714			5,830
Total								15,769			14,833			12,026			11,525
II. Percentage of Operating Portfolio
Consolidated communities
Owned		60.3	%		56.5	%		59.8	%		57.3	%		59.2	%		56.8	%
Leased		39.7	%		43.5	%		40.2	%		42.7	%		40.8	%		43.2	%
Total		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Independent living								43.1	%		47.1	%		44.2	%		49.4	%
Assisted living								56.9	%		52.9	%		55.8	%		50.6	%
Total								100.0	%		100.0	%		100.0	%		100.0	%

CAPITAL/Page 12

Capital Senior Living Corporation

Supplemental Information (excludes communities being repositioned/leased up)

Selected Operating Results	Q1 16			Q1 15
I. Owned communities
Number of communities		74			63
Resident capacity		8,891			7,955
Unit capacity (1)		6,712			6,124
Financial occupancy (2)		89.7	%		88.8	%
Revenue (in millions)		60.6			50.9
Operating expenses (in millions) (3)		37.6			32.3
Operating margin		38	%		37	%
Average monthly rent		3,356			3,124
II. Leased communities
Number of communities		49			49
Resident capacity		6,107			6,107
Unit capacity (1)		4,726			4,842
Financial occupancy (2)		86.9	%		85.3	%
Revenue (in millions)		44.0			43.6
Operating expenses (in millions) (3)		24.7			24.3
Operating margin		44	%		44	%
Average monthly rent		3,571			3,515
III. Consolidated communities
Number of communities		123			112
Resident capacity		14,998			14,062
Unit capacity (1)		11,438			10,966
Financial occupancy (2)		88.6	%		87.3	%
Revenue (in millions)		104.6			94.5
Operating expenses (in millions) (3)		62.3			56.6
Operating margin		40	%		40	%
Average monthly rent		3,443			3,293
IV. Communities under management
Number of communities		123			112
Resident capacity		14,998			14,062
Unit capacity (1)		11,438			10,966
Financial occupancy (2)		88.6	%		87.3	%
Revenue (in millions)		104.6			94.5
Operating expenses (in millions) (3)		62.3			56.6
Operating margin		40	%		40	%
Average monthly rent		3,443			3,293
V. Same communities under management
Number of communities		108			108
Resident capacity		13,527			13,527
Unit capacity (1)		10,448			10,568
Financial occupancy (2)		88.5	%		87.4	%
Revenue (in millions)		94.3			92.1
Operating expenses (in millions) (3)		55.7			54.9
Operating margin		41	%		40	%
Average monthly rent		3,399			3,323
VI. General and Administrative expenses as a percent of Total Revenues under Management
First quarter (4)		4.9	%		4.6	%
VII. Consolidated Mortgage Debt Information (in thousands, except interest rates) (excludes insurance premium and auto financing)
Total fixed rate mortgage debt		806,522			641,676
Total variable rate mortgage debt		11,800			20,272
Weighted average interest rate		4.6	%		4.6	%

(1) Due to conversion and refurbishment projects currently in progress at certain communities, unit capacity is lower in Q1 16 than Q1 15 for same communities under management, which affects all groupings of communities.

(2) Financial occupancy represents actual days occupied divided by total number of available days during the month of the quarter.

(3) Excludes management fees. (Note: Previous “Supplemental Information” reports also excluded insurance and property taxes.)

(4) Excludes transaction and conversion costs.

CAPITAL/Page 13

CAPITAL SENIOR LIVING CORPORATION

NON-GAAP RECONCILIATIONS

(In thousands, except per share data)

	Three Months Ended March 31,
	2016			2015
Adjusted EBITDAR
Net income from operations	$	4,153		$	3,718
Depreciation and amortization expense		14,531			12,795
Stock-based compensation expense		2,513			1,727
Facility lease expense		15,205			15,256
Provision for bad debts		487			264
Casualty losses		265			261
Transaction and conversion costs		985			587
Communities being repositioned/leased up		(823	)		(482	)
Adjusted EBITDAR	$	37,316		$	34,126
Adjusted EBITDAR Margin
Adjusted EBITDAR	$	37,316		$	34,126
Total revenues	$	109,173		$	98,640
Communities being repositioned/leased up		(4,449	)		(4,356	)
Adjusted revenues	$	104,724		$	94,284
Adjusted EBITDAR margin		35.6	%		36.2	%
Adjusted net loss and net loss per share
Net loss	$	(5,984	)	$	(6,039	)
Casualty losses, net of tax		167			164
Transaction and conversion costs, net of tax		621			370
Resident lease amortization, net of tax		2,211			2,337
Write-off of deferred loan costs and prepayment premium, net of tax		—			549
Loss on disposition of assets, net of tax		20			69
Deferred tax asset valuation allowance		1,891			2,499
Tax impact of 4 property sale		—			282
Communities being repositioned/leased up, net of tax		290			490
Adjusted net (loss) income	$	(784	)	$	721
Diluted shares outstanding		28,751			28,568
Adjusted net (loss) income per share	$	(0.03	)	$	0.03
Adjusted CFFO and Adjusted CFFO per share
Net loss	$	(5,984	)	$	(6,039	)
Non-cash charges, net		18,565			16,327
Lease incentives		(868	)		—
Recurring capital expenditures		(1,140	)		(1,087	)
Casualty losses		265			261
Transaction and conversion costs		985			587
Tax impact of 4 property sale		—			282
Tax impact of Spring Meadows Transaction		(106	)		(106	)
Communities being repositioned/leased up, net of tax		(42	)		290
Adjusted CFFO	$	11,675		$	10,515
Basic shares outstanding		28,751			28,565
Adjusted CFFO per share	$	0.41		$	0.37

***

EX-99.2

Capital Senior Living Executing a Clear, Differentiated Strategy to Drive Superior Shareholder Value Exhibit 99.2

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 complete the refinancing of certain of our wholly owned communities, realize the anticipated savings related to such financing, 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 among others, and other risks and factors identified from time to time in our 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.

Non-GAAP Financial Measures Adjusted EBITDAR, Adjusted EBITDAR Margin, Adjusted Net Income and Adjusted CFFO are financial measures of operating performance that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). Non-GAAP financial measures may have material limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. As a result, these non-GAAP financial measures should not be considered a substitute for, nor superior to, financial results and measures determined or calculated in accordance with GAAP. The Company believes that these non-GAAP measures are useful in identifying trends in day-to-day performance because they exclude items that are of little or no significance to operations and provide indicators to management of progress in achieving optimal operating performance. In addition, these measures are used by many research analysts and investors to evaluate the performance and the value of companies in the senior living industry. The Company strongly urges you to review the reconciliation of net income from operations to Adjusted EBITDAR and Adjusted EBITDAR Margin and the reconciliation of net loss to Adjusted Net Income and Adjusted CFFO, each of which is included at the end of the Company’s earnings releases, along with the Company’s consolidated balance sheets, statements of operations, and statements of cash flows.

Table of Contents Executive Summary Key Investment Highlights Attractive Positioning in the Senior Living Market Compelling Strategy to Drive Shareholder Value Accomplished Leadership Team Focused on Execution Track Record of Strong Growth and Uniquely Positioned for Continued Success Conclusion

Executive Summary Long-term demographics, need-driven demand, limited competitive new supply and an improving housing market and economy Highly fragmented industry with significant opportunities for a scale player Operating in metro areas with supportive supply and demand dynamics; protected by barriers to entry Straight forward private-pay business model with highest percentage of wholly-owned locations and a track record for increasing occupancy and pricing Increase levels of care through conversion to Assisted Living or Memory Care units Capitalize on market fragmentation to strategically aggregate local and regional operators in geographically concentrated regions Senior management team with an average of 20+ years experience in the industry and a track record of driving shareholder value Operating team with an average of 32 years senior housing experience Highly engaged and independent Board with experience leading public companies in the healthcare and real estate industries As a group, directors and officers are among the top beneficial owners of CSU stock and are well aligned with our shareholders Attractive Positioning in the Senior Living Market 1 Compelling Strategy to Drive Shareholder Value 2 Accomplished Leadership Team Focused on Execution 3 Well positioned with the right strategy and leadership team

CSU Has Outperformed a Broad Peer Group, Including Through Recent Market Dislocation Source: FactSet as of April 29, 2016. Note: GEN data begins 5/15/2007 and SEM data begins 9/25/2009. (1)A part of Post-Acute Index. CSU S&P500 HLS SEM KND BKD FVE GEN Stock Price Performance

Attractive Positioning in the Senior Living Market 1

The Senior Living Market Offers Attractive Long Term Fundamentals... U.S. population 75+ years old is expected to increase from ~6% of total current population to 12% by 2030 Current penetration rate implies demand growth of ~40K units per annum 75% of the Independent Living market and 63% of the Assisted Living market is comprised of small players operating at a cost structure disadvantage (Population in thousands) 75% Expected Growth from 2014 to 2030 Top 10 Remaining Market Top 25 Clear opportunity for scale players to capture a disproportionate share of growth through organic initiatives and accretive acquisitions Source: 2010 Consensus Summary File 1, U.S. Census Bureau, Population Division , IBISWorld and Wall Street Research. U.S. Seniors Population Trends (75+ years old) Independent Living Companies Assisted Living Companies

Observations …and a Highly Constructive Current Operating Environment Estimated 70% of Americans who reach age 65 will need some form of long-term care in their lives for an average of three years Occupancy across the industry continues to strengthen while rents are near 7-year highs Source: Wall Street research and NIC data. Occupancy Across the Industry Strengthening Senior Housing Rent Growth Nearing 7 Year Highs Senior Housing IL AL Occupancy Rate YoY Rent Growth

Best-In-Class Shareholder Returns and Premium Valuation Last Five Years Total Shareholder Returns AEV / 2016E EBITDAR CSU has delivered a total shareholder return of +116% over the last five years, significantly exceeding returns of the S&P 500 (+69%) and key peers (which delivered negative returns over the same time period) Despite the fact that only ~50% include acquisitions, Wall Street Analysts expect CSU to deliver leading EBITDAR growth over the coming two years CSU +116% S&P 500 +69% BKD (32%) FVE (71%) Post-Acute Index 9.3% 4.8% 1.4% 7.2% ’15A – ‘17E EBITDAR CAGR Source: Company filings and FactSet as of April 29, 2016. Note: Adjusted EV assumes 10x rent expense. Total shareholder return represents stock price appreciation plus dividend reinvestment. (1)Represents market cap weighted average of HLS, GEN, KND and SEM; pro forma for recently announced acquisitions and divestitures. (1)

Compelling Strategy to Drive Shareholder Value 2

CSU Benefits from Multiple Avenues for Growth Core Organic Growth Conversions Accretive Acquisitions Occupancy improvement where opportunity exists Increasing average rents through level of care charges, markets rents and in-house rent increases Proactive expense management Cash flow enhancing renovations and refurbishments Conversion of selected units to higher levels of care—Assisted Living and Memory Care units Drives notable occupancy, revenue and NOI improvement, and significant impact on CFFO per share The Company has achieved significant cost synergies and first year cash-on-cash returns in excess of 16% on recent acquisitions With a strong reputation among sellers, CSU sources the majority of acquisitions off market and at attractive terms Strong pipeline of near- to medium-term targets No need to access public capital markets

Core Organic Growth Driven by Occupancy, Pricing Improvements and Cost Containment Increasing Occupancy and Average Monthly Rent Trends Rent Management Initiatives Expense Management Initiatives Focus on occupancy improvement through marketing and price initiatives at communities with occupancy below 90% Increase average rent through level of care charges, market rents and in-house rent increases: Effective Sep 1, 2015, increased market rents by 3% on all communities with occupancies 93% or greater Increased market level of care charges by 10% on Sep 1, 2015 and in house on Oct 1, 2015 Effective Jan 1, 2016, increased market rents by 3% on all communities; in-house rents increased by 3% on resident one-year anniversary dates The Company maintains best-in-class operating margins of ~41% Selected initiatives include: Group Purchasing Program discounts through Premier GPO, including US Food program (average savings of 16.5% for past 4.5 years) Fixed discounted electricity rates of $0.05 per KWH through 2019 in Ohio and 2020 in Texas Spenddown sheet tied to reduction in expenses based on occupancy and billing compared to budget Average Rent Occupancy %

Conversions Drive Significant Occupancy Improvements and CFFO per Share Accretion History of Driving Significant Occupancy Improvements Through Accretive Conversions Have Completed 500 Conversions and Identified 200 Incremental Units for Conversion Occupancy CFFO per Share Accretion Pre-Conversion 1Q 2016 400 Units Completed by 2Q 2015 100 Units Completed by 4Q 2015 200 Units To Be Converted During 2016 400 units completed by 2Q 2015 CFFO Accretion Due to Conversions (1)Based on 2Q 2014 LTM CFFO per Share of $1.40. (1) Revenue + 13.0% NOI + 17.2% (1Q16 vs. 1Q15) +7.1 %-age pts

Track Record of Executing Highly Accretive Acquisitions and a Robust Pipeline for the Future Year 1 Cash-On-Cash Returns With a positive reputation among sellers and ability to offer certainty of closing, CSU is able to source the majority of its acquisitions on a bilateral basis Pipeline allows for ~$150 million of highly accretive acquisitions per annum over the near- to medium-term Over the past ~5 years, CSU has capitalized on the fragmented nature of the market to complete the acquisitions of 57 communities for a total of ~$803 million Due to attractive terms and significant synergies, the Company has realized an average first year cash-on-cash return of approximately 16% 2011 – 2015 Acquisitions by Type (1)Represents January 2011 to 2016 YTD. (1) Total Purchase Price ($mm) $83.4 $181.3 $150.4 $160.2 $162.5 $64.4 Communities 7 17 11 8 9 5 Units 551 1,367 881 819 791 317

Transformation: Wholly-Owned Portfolio Growth Owned % 32.5% 60.3% 77 Total Properties 126 Total Properties As of May 3, 2016

Accomplished Leadership Team Focused on Execution 3

CSU’s Experienced and Accomplished Management Team has Delivered the Company’s Leading Results… Larry Cohen Chief Executive Officer Served as CEO since May 1999 and CFO from November 1996 to May 1999 From 1991 to 1996, Mr. Cohen was President and CEO of Paine Webber Properties Inc. Founding member and Chairman of the American Seniors Housing Association A licensed attorney and CPA, Mr. Cohen received an LL.M. in Taxation from NYU School of Law, a JD from St. John’s University School of Law, and a BBA in Accounting from The George Washington University Name / Title Biography Keith Johannessen President and Chief Operating Officer Served as President since 1994 and COO since 1999. Previously served as EVP from 1993 to 1994 Joined Life Care Services Corp. in 1978 and then Oxford Retirement Services, Inc. as EVP Served on the State of the Industry and Model Assisted Living Regulations Committees of the American Seniors Housing Association Carey Hendrickson Senior Vice President and Chief Financial Officer Joined the Company as SVP and CFO in May 2014 Previously served at Belo Corp in various executive positions including as SVP/CFO and Treasurer Mr. Hendrickson graduated cum laude with a BBA in Accounting from Baylor University. He is an honors graduate of the University of Texas at Arlington, where he earned his MBA David Brickman Senior Vice President, Secretary and General Counsel Has served as VP and General Counsel since 1992 and has served as Secretary since 2007 From 1989 to 1992, David served as in-house counsel with LifeCo Travel Management Co. David has also earned an MBA and a Masters in Health Administration. He currently serves on the Board of Advisors for the Southern Methodist University Corporate Counsel Symposium David has either practiced law or performed in-house counsel functions for 28 years

Highly Qualified and Engaged Board of Directors With Unmatched Industry Experience CSU has best-in-class Board composition Board Member Affiliation Notable Experience Lawrence A. Cohen CEO and Vice Chairman · CEO and Vice Chairman of Capital Senior Living · Founding member and Chairman of the American Seniors Housing Association Keith N. Johannessen COO and President · COO and President of Capital Senior Living · Experience in operational aspects of senior housing for 37 years Philip A. Brooks Independent Director · Principal Investor and Managing Partner of Select Living, LLC · O ver 20 years experience in the real estate finance industry Kimberly S. Lody Independent Director · President of GN ReSound · Over 20 years of sales and marketing experience in the U.S. healthcare industry E. Rodney Hornbake Independent Director · Managing Partner of Essex Internal Medicine · S erves as a Medical Director at Senior Whole Health, LLC and is a Board - certified Internist Jill M. Krueger Independent Director · CEO and President of Symbria · R esponsible for the oversight of five rehabilitative and fitness companies serving seniors Ronald A. Malone Independent Director · Former Chairman and CEO of Gentiva · 30 years experience leading healthcare and human capital orgs James A. Moore Chairman / Independent Director · Chairman of CSU and Board Member of Atlantic Shores · O ver 40 years of industry experience and conducted over 1,800 senior living consulting engagements Michael W. Reid Independent Director · Partner at Herald Square Properties · 34 years of investment banking and real estate experience

Track Record of Strong Growth and Uniquely Positioned for Continued Success

Strategy and Execution Have Delivered Strong Growth Revenue (1) Adjusted EBITDAR ($ In Millions) ($ In Millions) Adjusted EBITDAR Margin Adjusted CFFO per Share (2) 20.7% CAGR 15.8% CAGR 15.9% CAGR Excludes community reimbursement revenue and management services revenue. (2)Excludes prepaid resident rent and tax savings related to cost segregation studies of $0.25 in 2012 and $0.14 in 2013.

Healthy Balance Sheet to Support Future Initiatives Assets Cash and Securities $ 45.0 Other Current Assets 23.5 Total Current Assets 68.5 Fixed Assets 953.4 Other Assets 31.2 Total Assets $ 1,053.1 Liabilities & Equity Current Liabilities $ 66.9 Long-Term Debt 796.7 Other Liabilities 59.7 Total Liabilities 923.3 Stockholders’ Equity 129.8 Total Liabilities & Equity $ 1,053.1 As of March 31, 2016 (in millions)

Debt Maturities Weighted Average Interest Rate CSU has ample financial capacity to pursue all initiatives contemplated under its growth strategy No near term debt maturities Acquisitions typically financed at 75% LTV Renewed $10 million share repurchase authorization underscores commitment to shareholder value creation and offers another avenue to deploy capital Average duration of debt is 8.1 years, with approximately 99% of all debt maturing in 2021 and after (In thousands) Weighted Average Interest Rate has decreased 140 bps since 2010 CSU’s debt is compromised solely of mortgage debt at highly attractive rates and coverages Availability of Attractive Financing for Growth Initiatives

Strategy Poised to Deliver ~50% EBITDAR Growth and 20%+ Annual CFFO per Share Growth CAGR: 20%+ Note: This chart illustrates the potential financial impact of successful execution of our strategic plan; it is not intended as financial guidance. Please see Capital Senior Living’s disclosure related to forward-looking statements. Defined path to grow EBITDAR by approximately 50%, or $75 million, through 2018 CFFO per Share

Conclusion

CSU has a Clear and Differentiated Strategy to Drive Industry-Leading Growth and Superior Shareholder Value Long-term demographics, need-driven demand, limited competitive new supply and an improving housing market and economy Highly fragmented industry with significant opportunities for a scale player Operating in metro areas with supportive supply and demand dynamics; protected by barriers to entry Straight forward private-pay business model with highest percentage of wholly-owned locations and a track record for increasing occupancy and pricing Increase levels of care through conversion to Assisted Living or Memory Care units Capitalize on market fragmentation to strategically aggregate local and regional operators in geographically concentrated regions Senior management team with an average of 20+ years experience in the industry and a track record of driving shareholder value Operating team with an average of 32 years senior housing experience Highly engaged and independent Board with experience leading public companies in the healthcare and real estate industries As a group, directors and officers are among the top beneficial owners of CSU stock and are well aligned with our shareholders Attractive Positioning in the Senior Living Market 1 Compelling Strategy to Drive Shareholder Value 2 Accomplished Leadership Team Focused on Execution 3 Well positioned with the right strategy and leadership team