Brookdale Senior Living Inc. - FORM 8-K - EX-99.2 - SUPPLEMENTAL INFORMATION

Attached files

file	filename
8-K - FORM 8-K - Brookdale Senior Living Inc.	form8-k.htm
EX-99.1 - PRESS RELEASE - Brookdale Senior Living Inc.	exhibit99_1.htm

Brookdale Senior Living Inc.
Corporate Overview - selected financial information
As of September 30, 2012

Corporate Overview

Brookdale Senior Living Inc. ("BKD") is a leading owner and operator of senior living communities throughout the United States. The Company is committed to providing an exceptional living experience through properties that are designed, purpose-built and operated to provide the highest-quality service, care and living accommodations for residents. As of September 30, 2012, the Company operates independent living, assisted living, and dementia-care communities and continuing care retirement centers, with 648 communities in 35 states and the ability to serve approximately 67,000 residents. Through its Innovative Senior Care program, the Company also offers a range of outpatient therapy, home health and hospice services, primarily to residents of its communities.

Stock Listing
Common Stock
NYSE: BKD

Community Information

Ownership Type	Number of Facilities	Number of Units	Percentage of Q3 2012 Resident and Management Fees	Percentage of Q3 2012 Facility Operating Income	Percentage of YTD 2012 Resident and Management Fees	Percentage of YTD 2012 Facility Operating Income
Owned	210	22,172	40.4%	37.9%	40.3%	38.4%
Leased	341	26,679	49.1%	52.5%	49.3%	52.0%
Innovative Senior Care ("ISC")	N/A	N/A	9.3%	5.9%	9.2%	6.0%
Managed	97	18,097	1.2%	3.7%	1.2%	3.6%
Total	648	66,948	100.0%	100.0%	100.0%	100.0%

Operating Type - By Segment
Retirement Centers	76	14,533	20.6%	25.1%	20.6%	25.2%
Assisted Living	434	21,698	41.4%	45.2%	41.5%	44.3%
CCRCs - Rental	27	6,748	15.8%	12.4%	15.7%	13.0%
CCRCs - Entry Fee	14	5,872	11.7%	7.7%	11.8%	7.9%
Innovative Senior Care ("ISC")	N/A	N/A	9.3%	5.9%	9.2%	6.0%
Managed	97	18,097	1.2%	3.7%	1.2%	3.6%
Total	648	66,948	100.0%	100.0%	100.0%	100.0%


CFFO Per Share

($ except where indicated)	FY 2011										FY 2012
		Q1		Q2		Q3		Q4	Full Year⁽¹⁾			Q1		Q2		Q3
Reported CFFO	$	0.51	$	0.51	$	0.49	$	0.47	$	1.98	$	0.45	$	0.51	$	0.50
Add: integration, transaction-related and EMR roll-out costs		-		0.01		0.05		0.07	$	0.13		0.03		0.06		0.04
Adjusted CFFO	$	0.51	$	0.52	$	0.54	$	0.54	$	2.11	$	0.48	$	0.57	$	0.54

Weighted average shares (000's)		120,792		121,280		121,616		120,951				121,145		121,708		122,493
Period end outstanding shares (excluding unvested restricted shares) (000's)		120,835		121,973		120,911		121,133				121,197		122,474		122,575

^{(1) Full year CFFO for all periods is calculated as the sum of the quarterly amounts for the year.}


Investor Relations
Ross Roadman
SVP, Investor Relations
Brookdale Senior Living Inc.
111 Westwood Place, Suite 400
Brentwood, TN 37027
Phone (615) 564-8104
rroadman@brookdaleliving.com

Note: See accompanying third quarter earnings release for non-GAAP financial measure definitions and reconciliations.

Brookdale Senior Living Inc.
Segment Operating Information
As of September 30, 2012

Senior Housing Operating Information

	FY 2011															FY 2012
		Q1			Q2			Q3			Q4		Full Year				Q1			Q2			Q3
Retirement Centers
Number of communities (period end)		75			74			76			76			76			76			76			76
Total average units(1)		14,104			14,050			14,131			14,468			14,188			14,452			14,451			14,445
Weighted average unit occupancy		87.3	%		87.3	%		88.4	%		88.9	%		88.0	%		88.8	%		88.8	%		89.1	%
Senior Housing average monthly revenue per unit(2)	$	3,129		$	3,150		$	3,186		$	3,185		$	3,163		$	3,235		$	3,268		$	3,275

Assisted Living
Number of communities (period end)		428			428			433			434			434			434			434			434
Total average units(1)		21,295			21,145			21,265			21,589			21,323			21,635			21,637			21,652
Weighted average unit occupancy		88.2	%		87.4	%		88.4	%		88.7	%		88.2	%		88.5	%		88.6	%		89.1	%
Senior Housing average monthly revenue per unit(2)	$	4,280		$	4,288		$	4,274		$	4,260		$	4,275		$	4,379		$	4,390		$	4,393

CCRCs - Rental
Number of communities (period end)		22			22			26			26			26			26			27			27
Total average units(1)		6,073			6,071			6,243			6,624			6,253			6,626			6,659			6,691
Weighted average unit occupancy		87.2	%		86.3	%		86.3	%		86.3	%		86.5	%		86.5	%		85.8	%		85.8	%
Senior Housing average monthly revenue per unit(2)	$	5,681		$	5,643		$	5,672		$	5,464		$	5,612		$	5,536		$	5,561		$	5,619

CCRCs - Entry Fee
Number of communities (period end)		14			14			14			14			14			14			14			14
Total average units(1)		5,138			5,141			5,152			5,161			5,148			5,171			5,199			5,221
Weighted average unit occupancy		83.1	%		82.3	%		82.2	%		83.2	%		82.7	%		83.7	%		83.4	%		83.4	%
Senior Housing average monthly revenue per unit(2)	$	5,079		$	5,106		$	5,124		$	4,902		$	5,052		$	5,055		$	4,963		$	4,975

Senior Housing Totals
Number of communities (period end)		539			538			549			550			550			550			551			551
Total average units(1)		46,610			46,407			46,791			47,842			46,912			47,884			47,946			48,009
Weighted average unit occupancy		87.2	%		86.6	%		87.4	%		87.8	%		87.3	%		87.8	%		87.7	%		88.0	%
Senior Housing average monthly revenue per unit(2)	$	4,198		$	4,203		$	4,214		$	4,160		$	4,193		$	4,257		$	4,266		$	4,279

Management Services - Total
Number of communities (period end)		19			19			98			97			97			96			96			97
Total average units(1)		3,784			3,785			8,649			18,328			8,636			18,253			18,144			18,081
Weighted average occupancy		84.7	%		84.8	%		84.3	%		84.4	%		84.5	%		84.3	%		84.0	%		84.3	%
Average monthly revenue per unit(2)	$	3,778		$	3,836		$	3,484		$	3,344		$	3,480		$	3,373		$	3,369		$	3,386

Innovative Senior Care Operating Information

	FY 2011					FY 2012
		Q1	Q2	Q3	Q4		Q1	Q2	Q3
Innovative Senior Care
Brookdale units served:
Outpatient Therapy consolidated		35,428	35,535	35,761	36,212		35,909	36,844	38,016
Home Health consolidated		27,277	28,129	28,347	28,924		32,655	31,944	32,650
Outpatient Therapy non-consolidated		6,038	6,045	6,022	6,050		9,685	9,861	12,540
Home Health non-consolidated		3,088	2,987	2,975	2,976		4,735	10,667	12,597
Total Brookdale units served:
Outpatient Therapy		41,466	41,580	41,783	42,262		45,594	46,705	50,556
Home Health		30,365	31,116	31,322	31,900		37,390	42,611	45,247

Outpatient Therapy treatment codes		818,122	823,539	848,205	859,988		907,816	957,364	939,241
Home Health average census		3,147	3,316	3,379	3,479		3,448	3,554	3,651

⁽¹⁾	Total average units operated represent the average units operated during the period, excluding equity homes.
⁽²⁾	Average monthly revenue per unit represents the average of the total monthly revenues, excluding amortization of entrance fees, divided by average occupied units.

Brookdale Senior Living Inc.
Senior Housing Data by Ownership Type
As of September 30, 2012

Senior Housing Operating Information

	FY 2011															FY 2012
		Q1			Q2			Q3			Q4		Full Year				Q1			Q2			Q3

Owned Properties
Number of communities (period end)		201			200			199			200			200			209			210			210
Total average units(1)		20,212			20,012			19,912			19,939			20,019			21,281			21,350			21,425
Weighted average unit occupancy		86.6	%		86.0	%		86.5	%		87.0	%		86.5	%		87.2	%		87.4	%		87.6	%
Senior Housing average monthly revenue per unit(2)	$	4,347		$	4,359		$	4,376		$	4,318		$	4,340		$	4,302		$	4,297		$	4,318

Leased Properties with Bargain Purchase Options
Number of communities (period end)		18			18			18			18			18			18			18			18
Total average units(1)		3,263			3,261			3,261			3,264			3,262			3,263			3,263			3,261
Weighted average unit occupancy		88.5	%		88.2	%		88.6	%		88.0	%		88.3	%		88.4	%		87.6	%		88.0	%
Senior Housing average monthly revenue per unit(2)	$	3,856		$	3,834		$	3,845		$	3,797		$	3,833		$	3,878		$	3,874		$	3,903

Leased Properties with Fair Market Value Purchase Options
Number of communities (period end)		86			86			86			86			86			77			77			77
Total average units(1)		5,226			5,226			5,226			5,224			5,225			3,929			3,927			3,927
Weighted average unit occupancy		89.0	%		88.8	%		89.8	%		91.3	%		89.7	%		91.1	%		91.2	%		92.0	%
Senior Housing average monthly revenue per unit(2)	$	3,874		$	3,872		$	3,872		$	3,835		$	3,863		$	4,384		$	4,423		$	4,482

Leased Properties without Purchase Options
Number of communities (period end)		234			234			246			246			246			246			246			246
Total average units(1)		17,909			17,908			18,392			19,415			18,406			19,411			19,406			19,396
Weighted average unit occupancy		87.2	%		86.5	%		87.6	%		87.7	%		87.3	%		87.6	%		87.3	%		87.6	%
Senior Housing average monthly revenue per unit(2)	$	4,189		$	4,197		$	4,209		$	4,158		$	4,188		$	4,241		$	4,264		$	4,256

Senior Housing Totals
Number of communities (period end)		539			538			549			550			550			550			551			551
Total average units(1)		46,610			46,407			46,791			47,842			46,912			47,884			47,946			48,009
Weighted average unit occupancy		87.2	%		86.6	%		87.4	%		87.8	%		87.3	%		87.8	%		87.7	%		88.0	%
Senior Housing average monthly revenue per unit(2)	$	4,198		$	4,203		$	4,214		$	4,160		$	4,193		$	4,257		$	4,266		$	4,279

⁽¹⁾	Total average units operated represent the average units operated during the period, excluding equity homes.
⁽²⁾	Average monthly revenue per unit represents the average of the total monthly revenues, excluding amortization of entrance fees, divided by average occupied units.

Brookdale Senior Living Inc.
Segment Financial Data
As of September 30, 2012

Financial Data
($ in 000s)

Retirement Centers	FY 2011													FY 2012
			Q1		Q2		Q3		Q4		Full Year					Q1		Q2		Q3		YTD
Revenue			115,529		115,916		119,548		122,849			473,842				124,512		125,813		126,401			376,726
Expenses			66,952		66,992		69,601		71,858			275,403				73,521		73,138		75,679			222,338
Segment Operating Income			48,577		48,924		49,947		50,991			198,439				50,991		52,675		50,722			154,388
Segment Operating Margin			42.0	%	42.2	%	41.8	%	41.5	%		41.9	%			41.0	%	41.9	%	40.1	%		41.0	%

Assisted Living		FY 2011													FY 2012
			Q1		Q2		Q3		Q4		Full Year					Q1		Q2		Q3		YTD
Revenue			241,228		237,665		241,037		244,655			964,585				251,352		252,399		254,179			757,930
Expenses			155,553		151,618		158,933		158,553			624,657				160,789		162,233		163,017			486,039
Segment Operating Income			85,675		86,047		82,104		86,102			339,928				90,563		90,166		91,162			271,891
Segment Operating Margin			35.5	%	36.2	%	34.1	%	35.2	%		35.2	%			36.0	%	35.7	%	35.9	%		35.9	%

CCRCs - Rental		FY 2011													FY 2012
			Q1		Q2		Q3		Q4		Full Year					Q1		Q2		Q3		YTD
Revenue			90,198		88,618		91,628		93,651			364,095				95,112		95,258		96,681			287,051
Expenses			60,249		58,863		62,671		65,463			247,246				67,093		68,494		71,581			207,168
Segment Operating Income			29,949		29,755		28,957		28,188			116,849				28,019		26,764		25,100			79,883
Segment Operating Margin			33.2	%	33.6	%	31.6	%	30.1	%		32.1	%			29.5	%	28.1	%	26.0	%		27.8	%

CCRCs - Entry Fee		FY 2011													FY 2012
			Q1		Q2		Q3		Q4		Full Year					Q1		Q2		Q3		YTD
Revenue			70,843		71,390		71,571		69,651			283,455				72,056		71,195		71,750			215,001
Expenses			53,052		53,403		53,232		53,783			213,470				54,914		55,341		56,249			166,504
Segment Operating Income			17,791		17,987		18,339		15,868			69,985				17,142		15,854		15,501			48,497
Segment Operating Margin			25.1	%	25.2	%	25.6	%	22.8	%		24.7	%			23.8	%	22.3	%	21.6	%		22.6	%

Bridge to Cash Basis for CCRCs - Entry Fee segment
Revenue			70,843		71,390		71,571		69,651			283,455				72,056		71,195		71,750			215,001
Less: revenue amortization (non-cash)			(5,762	)	(6,604	)	(6,499	)	(6,536	)		(25,401	)			(6,403	)	(6,647	)	(6,796	)		(19,846	)
Add: net entrance fees (cash)			7,511		8,128		12,544		14,052			42,235				6,887		14,265		19,108			40,260
Adjusted revenue			72,592		72,914		77,616		77,167			300,289				72,540		78,813		84,062			235,415
Expenses			53,052		53,403		53,232		53,783			213,470				54,914		55,341		56,249			166,504
Adjusted Segment Operating Income			19,540		19,511		24,384		23,384			86,819				17,626		23,472		27,813			68,911
Adjusted Segment Operating Margin			26.9	%	26.8	%	31.4	%	30.3	%		28.9	%			24.3	%	29.8	%	33.1	%		29.3	%


Total Senior Housing		FY 2011													FY 2012
(GAAP Basis)			Q1		Q2		Q3		Q4		Full Year					Q1		Q2		Q3		YTD
Revenue			517,798		513,589		523,784		530,806			2,085,977				543,032		544,665		549,011			1,636,708
Expenses			335,806		330,876		344,437		349,657			1,360,776				356,317		359,206		366,526			1,082,049
Operating Income			181,992		182,713		179,347		181,149			725,201				186,715		185,459		182,485			554,659
Operating Margin			35.1	%	35.6	%	34.2	%	34.1	%		34.8	%			34.4	%	34.1	%	33.2	%		33.9	%
G&A Allocation (1)			22,568		21,489		20,598		18,991			83,646				22,751		20,876		21,402			65,029
G&A Allocation as a % of revenue			4.4	%	4.2	%	3.9	%	3.6	%		4.0	%			4.2	%	3.8	%	3.9	%		4.0	%
Adjusted Operating Income			159,424		161,224		158,749		162,158			641,555				163,964		164,583		161,083			489,630
Adjusted Operating Margin			30.8	%	31.4	%	30.3	%	30.5	%		30.8	%			30.2	%	30.2	%	29.3	%		29.9	%

Brookdale Senior Living Inc.
Segment Financial Data
As of September 30, 2012

Financial Data (continued)
($ in 000s)

Innovative Senior Care ("ISC")	FY 2011												FY 2012
		Q1		Q2		Q3		Q4		Full Year				Q1		Q2		Q3		YTD
Revenue		50,237		50,334		51,375		53,834			205,780			53,854		57,722		56,856			168,432
Expenses		35,148		35,366		36,977		40,304			147,795			42,452		44,309		44,941			131,702
Segment Operating Income		15,089		14,968		14,398		13,530			57,985			11,402		13,413		11,915			36,730
Segment Operating Margin		30.0	%	29.7	%	28.0	%	25.1	%		28.2	%		21.2	%	23.2	%	21.0	%		21.8	%
G&A Allocation (1)		5,377		5,610		4,912		4,301			20,200			5,954		5,453		5,467			16,874
G&A Allocation as a % of revenue		10.7	%	11.1	%	9.6	%	8.0	%		9.8	%		11.1	%	9.4	%	9.6	%		10.0	%
Adjusted Segment Operating Income		9,712		9,358		9,486		9,229			37,785			5,448		7,960		6,448			19,856
Adjusted Segment Operating Margin		19.3	%	18.6	%	18.5	%	17.1	%		18.4	%		10.1	%	13.8	%	11.3	%		11.8	%

Total Senior Housing and ISC	FY 2011												FY 2012
(GAAP Basis)		Q1		Q2		Q3		Q4		Full Year				Q1		Q2		Q3		YTD
Revenue		568,035		563,923		575,159		584,640			2,291,757			596,886		602,387		605,867			1,805,140
Expenses		370,954		366,242		381,414		389,961			1,508,571			398,769		403,515		411,467			1,213,751
Operating Income		197,081		197,681		193,745		194,679			783,186			198,117		198,872		194,400			591,389
Operating Margin		34.7	%	35.1	%	33.7	%	33.3	%		34.2	%		33.2	%	33.0	%	32.1	%		32.8	%
G&A Allocation (1)		27,945		27,099		25,510		23,292			103,846			28,705		26,329		26,869			81,903
G&A Allocation as a % of revenue		4.9	%	4.8	%	4.4	%	4.0	%		4.5	%		4.8	%	4.4	%	4.4	%		4.5	%
Adjusted Operating Income		169,136		170,582		168,235		171,387			679,340			169,412		172,543		167,531			509,486
Adjusted Operating Margin		29.8	%	30.2	%	29.3	%	29.3	%		29.6	%		28.4	%	28.6	%	27.7	%		28.2	%

Management Services	FY 2011												FY 2012
		Q1		Q2		Q3		Q4		Full Year				Q1		Q2		Q3		YTD
Revenue (Management Fees)		1,405		1,505		3,336		7,349			13,595			7,444		7,499		7,407			22,350
Expenses (G&A Allocation) (1)		1,058		1,133		2,512		5,534			10,237			5,929		5,325		5,644			16,898
Segment Operating Income		347		372		824		1,815			3,358			1,515		2,174		1,763			5,452
Segment Operating Margin		24.7	%	24.7	%	24.7	%	24.7	%		24.7	%		20.4	%	29.0	%	23.8	%		24.4	%

Total Senior Housing, ISC and Management Services	FY 2011												FY 2012
(GAAP Basis)		Q1		Q2		Q3		Q4		Full Year				Q1		Q2		Q3		YTD
Revenue		569,440		565,428		578,495		591,989			2,305,352			604,330		609,886		613,274			1,827,490
Expenses		370,954		366,242		381,414		389,961			1,508,571			398,769		403,515		411,467			1,213,751
Operating Income		198,486		199,186		197,081		202,028			796,781			205,561		206,371		201,807			613,739
Operating Margin		34.9	%	35.2	%	34.1	%	34.1	%		34.6	%		34.0	%	33.8	%	32.9	%		33.6	%
G&A Allocation (1)		29,003		28,232		28,022		28,826			114,083			34,634		31,654		32,513			98,801
G&A Allocation as a % of revenue		5.1	%	5.0	%	4.8	%	4.9	%		4.9	%		5.7	%	5.2	%	5.3	%		5.4	%
Adjusted Operating Income		169,483		170,954		169,059		173,202			682,698			170,927		174,717		169,294			514,938
Adjusted Operating Margin		29.8	%	30.2	%	29.2	%	29.3	%		29.6	%		28.3	%	28.6	%	27.6	%		28.2	%

(1) Excludes non-cash stock-based compensation expense and integration, transaction-related and EMR roll-out costs.

Brookdale Senior Living Inc.
Senior Housing Data by Ownership Type
As of September 30, 2012

Financial Data
($ in 000s)

Owned Properties	FY 2011												FY 2012
		Q1		Q2		Q3		Q4		Full Year				Q1		Q2		Q3		YTD
Revenue		231,894		228,970		230,159		228,401			919,424			243,601		245,019		247,772			736,392
Expenses		154,474		151,506		155,689		154,670			616,339			163,822		165,862		171,356			501,040
Segment Operating Income		77,420		77,464		74,470		73,731			303,085			79,779		79,157		76,416			235,352
Segment Operating Margin		33.4	%	33.8	%	32.4	%	32.3	%		33.0	%		32.7	%	32.3	%	30.8	%		32.0	%

Bridge to Cash Basis for CCRCs - Entry Fee
Revenue		231,894		228,970		230,159		228,401			919,424			243,601		245,019		247,772			736,392
Less: revenue amortization (non-cash)		(3,629	)	(4,018	)	(4,054	)	(4,154	)		(15,855	)		(3,991	)	(4,507	)	(4,593	)		(13,091	)
Add: net entrance fees (cash)		6,791		5,010		10,383		12,297			34,481			5,802		10,487		14,234			30,523
Adjusted revenue		235,056		229,962		236,488		236,544			938,050			245,412		250,999		257,413			753,824
Expenses		154,474		151,506		155,689		154,670			616,339			163,822		165,862		171,356			501,040
Adjusted Segment Operating Income		80,582		78,456		80,799		81,874			321,711			81,590		85,137		86,057			252,784
Adjusted Segment Operating Margin		34.3	%	34.1	%	34.2	%	34.6	%		34.3	%		33.2	%	33.9	%	33.4	%		33.5	%

Leased Properties with Bargain Purchase Options	FY 2011												FY 2012
		Q1		Q2		Q3		Q4		Full Year				Q1		Q2		Q3		YTD
Revenue		34,936		35,126		35,261		34,629			139,952			35,432		34,891		35,400			105,723
Expenses		22,662		22,662		22,897		22,871			91,092			23,287		23,433		24,264			70,984
Segment Operating Income		12,274		12,464		12,364		11,758			48,860			12,145		11,458		11,136			34,739
Segment Operating Margin		35.1	%	35.5	%	35.1	%	34.0	%		34.9	%		34.3	%	32.8	%	31.5	%		32.9	%

Leased Properties with Fair Market Value Purchase Options	FY 2011												FY 2012
		Q1		Q2		Q3		Q4		Full Year				Q1		Q2		Q3		YTD
Revenue		54,067		53,882		54,519		54,889			217,357			47,104		47,534		48,560			143,198
Expenses		35,281		34,435		35,941		35,687			141,344			29,974		30,192		28,999			89,165
Segment Operating Income		18,786		19,447		18,578		19,202			76,013			17,130		17,342		19,561			54,033
Segment Operating Margin		34.7	%	36.1	%	34.1	%	35.0	%		35.0	%		36.4	%	36.5	%	40.3	%		37.7	%

Leased Properties without Purchase Options	FY 2011												FY 2012
		Q1		Q2		Q3		Q4		Full Year				Q1		Q2		Q3		YTD
Revenue		196,901		195,611		203,845		212,887			809,244			216,895		217,221		217,279			651,395
Expenses		123,389		122,273		129,910		136,429			512,001			139,234		139,719		141,907			420,860
Segment Operating Income		73,512		73,338		73,935		76,458			297,243			77,661		77,502		75,372			230,535
Segment Operating Margin		37.3	%	37.5	%	36.3	%	35.9	%		36.7	%		35.8	%	35.7	%	34.7	%		35.4	%

Total Senior Housing	FY 2011												FY 2012
(GAAP Basis)		Q1		Q2		Q3		Q4		Full Year				Q1		Q2		Q3		YTD
Revenue		517,798		513,589		523,784		530,806			2,085,977			543,032		544,665		549,011			1,636,708
Expenses		335,806		330,876		344,437		349,657			1,360,776			356,317		359,206		366,526			1,082,049
Operating Income		181,992		182,713		179,347		181,149			725,201			186,715		185,459		182,485			554,659
Operating Margin		35.1	%	35.6	%	34.2	%	34.1	%		34.8	%		34.4	%	34.1	%	33.2	%		33.9	%

Brookdale Senior Living Inc.
Same Community and Capital Expenditure Information
As of September 30, 2012

Same Community Information

($ in 000s, except Avg. Mo. Revenue/Unit)	Senior Housing									Senior Housing
	Three Months Ended September 30,									Twelve Months Ended September 30,
	2012			2011			% Change			2012			2011			% Change
Revenue	$	518,887		$	508,593			2.0	%	$	2,053,540		$	2,013,364			2.0	%
Operating Expense		349,523			338,675			3.2	%		1,371,788			1,320,339			3.9	%
Facility Operating Income	$	169,364		$	169,918			-0.3	%	$	681,752		$	693,025			-1.6	%
Facility Operating Margin		32.6	%		33.4	%		-0.8	%		33.2	%		34.4	%		-1.2	%

# Communities		535			535						535			535
Avg. Period Occupancy		88.1	%		87.5	%		0.6	%		88.0	%		87.2	%		0.8	%
Avg. Mo. Revenue/Unit	$	4,271		$	4,217			1.3	%	$	4,233		$	4,186			1.1	%


($ in 000s)	Innovative Senior Care									Innovative Senior Care
	Three Months Ended September 30,									Twelve Months Ended September 30,
		2012			2011		% Change				2012			2011		% Change
Revenue	$	33,741		$	36,333			-7.1	%	$	142,886		$	146,447			-2.4	%
Operating Expense		26,422			25,753			2.6	%		108,545			99,983			8.6	%
Facility Operating Income	$	7,319		$	10,580			-30.8	%	$	34,341		$	46,464			-26.1	%
Facility Operating Margin		21.7	%		29.1	%		-7.4	%		24.0	%		31.7	%		-7.7	%

# Units served (1)		28,030			28,030						28,030			28,030


(1) Units are included in same store calculation where either the therapy or home health, whichever came later, has stabilized or produced revenue for twenty-four months.

Schedule of Capital Expenditures

($ in 000s)

	Three Months Ended September 30,
Type		2012			2011
Recurring	$	11,975		$	9,500
Reimbursements		(500	)		(825	)
Net Recurring		11,475			8,675
Corporate (2)		6,711			8,291
EBITDA-enhancing / Major Projects (3)		27,641			14,842
Program Max / Development, net (4)		10,700			14,026
Net Total Capital Expenditures (5)	$	56,527		$	45,834

(2) Corporate includes home health acquisitions, capital expenditures for information technology systems and equipment and expenditures supporting the expansion of our support platform and ancillary services programs.
(3) Includes EBITDA-enhancing projects (primarily community renovations and apartment upgrades) and other major building
infrastructure projects.
(4) Includes community expansions and major repositioning or upgrade projects. Also includes de novo community developments.
Amounts shown are amounts invested, net of third party lender or lessor funding received of $2.4 million for the three months ended
September 30, 2012.
(5) Approximately $11.2 million and $10.0 million of expense was recognized during the three months ended September 30, 2012 and 2011,
respectively, for normal repairs and maintenance and capital spend under $1,500 per invoice, except for unit turnovers.

Brookdale Senior Living Inc.

Capital Structure - selected financial information

As of September 30, 2012

($ in 000s)

Debt Maturities and Scheduled Principal Repayments

	Initial Maturities
	Mortgage		weighted			Line of		weighted			Mort. Debt		weighted			Capital		weighted			Total
	Debt (1)		rate (2)			Credit		rate (2)			& Line		rate (2)			Leases		rate (2)			Debt

2012	$	8,689		3.50	%	$	-		-		$	8,689		3.50	%	$	6,874		8.38	%	$	15,563
2013		512,484		3.53	%		-		-			512,484		3.53	%		29,864		8.40	%		542,348
2014		149,943		5.70	%		-		-			149,943		5.70	%		31,682		8.44	%		181,625
2015		39,193		5.62	%		-		-			39,193		5.62	%		33,762		8.49	%		72,955
2016		34,495		5.15	%		80,000		6.50	%		114,495		6.09	%		30,588		8.62	%		145,083
Thereafter		1,398,019		4.17	%		-		-			1,398,019		4.17	%		219,718		8.62	%		1,617,737
Total	$	2,142,823		4.16	%	$	80,000		6.50	%	$	2,222,823		4.25	%	$	352,488		8.57	%	$	2,575,311

	Final Maturities (3)
	Mortgage		weighted			Line of		weighted			Mort. Debt		weighted			Capital		weighted			Total
	Debt (1)		rate (2)			Credit		rate (2)			& Line		rate (2)			Leases		rate (2)			Debt

2012	$	8,689		3.50	%	$	-		-		$	8,689		3.50	%	$	6,874		8.38	%	$	15,563
2013		306,491		3.03	%		-		-			306,491		3.03	%		29,864		8.40	%		336,355
2014		10,888		4.75	%		-		-			10,888		4.75	%		31,682		8.44	%		42,570
2015		180,518		5.76	%		-		-			180,518		5.76	%		33,762		8.49	%		214,280
2016		35,887		5.08	%		80,000		6.50	%		115,887		6.06	%		30,588		8.62	%		146,475
Thereafter		1,600,350		4.18	%		-		-			1,600,350		4.18	%		219,718		8.62	%		1,820,068
Total	$	2,142,823		4.16	%	$	80,000		6.50	%	$	2,222,823		4.25	%	$	352,488		8.57	%	$	2,575,311

Coverage Ratios

	Nine months ended September 30, 2012
							Interest/Cash Lease
	Units		FOI		Adj. FOI **		Payments		Coverage
Owned communities		22,172		244,174		198,192		73,691		2.7	x
Leased communities *		26,679		343,450		287,171		243,500		1.2	x

* The leased communities include the capital leases.

** Adjusted for 5% management fee and capital expenditures @ $350/unit.

Debt Amortization

	Nine months ended September 30,
	2012		2011
Scheduled debt amortization	$	34,275	$	12,722
Lease financing debt amortization - FMV or no purchase option (4)		8,987		7,765
Lease financing debt amortization - bargain purchase option		10,592		9,242
Total debt amortization	$	53,854	$	29,729

Line Availability

($000s)	06/30/11		09/30/11		12/31/11		03/31/12		06/30/12		09/30/12

Total line commitment	$	230,000	$	230,000	$	230,000	$	230,000	$	230,000	$	230,000

Line availability (7)	$	172,105	$	162,057	$	194,165	$	199,786	$	201,659	$	189,978
Ending line balance		-		35,000		65,000		85,000		75,000		80,000
Available to draw	$	172,105	$	127,057	$	129,165	$	114,786	$	126,659	$	109,978
Cash and cash equivalents		40,126		39,195		30,836		42,113		38,676		42,504
Total liquidity (available to draw + cash)	$	212,231	$	166,252	$	160,001	$	156,899	$	165,335	$	152,482

Total letters of credit outstanding	$	72,051	$	71,785	$	78,104	$	77,754	$	78,324	$	78,127

Leverage Ratios

				Annualized
	Balance			Leverage
Debt (1)	$	2,142,823
Capital leases		352,488
Total Debt	$	2,495,311			6.1	x

Plus: Line of credit (cash borrowings)		80,000
Less: Unrestricted cash		(42,504	)
Less: Cash held as collateral against existing debt		(3,650	)
Subtotal	$	2,529,157			6.2	x

2012 YTD annualized Adjusted EBITDA	$	410,588

Annual cash lease expense multiplied by 8		2,252,747
Total adjusted debt	$	4,781,904			6.9	x

2012 YTD annualized Adjusted EBITDAR	$	692,181

Debt Structure

			weighted
	Balance		rate (2)
Fixed rate debt (1)	$	1,470,137		4.94	%
Variable rate debt (1)		672,686		2.37	%
Capital leases		352,488		8.57	%
Line of credit (cash borrowings)		80,000		6.50	%
Total debt	$	2,575,311

	Balance		% of total
Variable rate debt with interest rate swaps (1) (5)	$	27,473		4.1	%
Variable rate debt with interest rate caps (1) (6)		407,631		60.6	%
Variable rate debt - unhedged (1)		237,582		35.3	%
Total variable rate debt (1)	$	672,686		100.0	%

(1) Includes mortgage debt, bond and discount mortgage backed security financing and convertible notes, but excludes capital leases and line of credit.

(2) Pertaining to variable rate debt, reflects a) market rates for stated reporting period and b) applicable swap rates / cap rates for hedged debt.

(3) Assumes extension options are exercised.

(4) Payments are included in CFFO.

(5) Weighted swap rate for stated reporting period is 5.49%.

(6) Weighted cap rate for stated reporting period of 5.49% is materially above current market rates, therefore caps have no impact on consolidated interest expense for given period.

(7) The actual amount available to borrow under the line may vary from time to time as it is based on borrowing base calculations related to the value and performance of the communities securing the facility.

Brookdale Senior Living Inc.
Selected Data - 2011 Convertible Debt Issuance
As of September 30, 2012
($ in 000's)

Issuance Proceeds:
Face Amount of Notes	316,250
Total Issuance Costs	(7,949)	See detail below.
Purchase of Hedge	(77,007)	The net cost of the bond hedge is $31,941.
Sale of Warrants	45,066	This net amount will reduce equity resulting from the issuance.
Net Cash Proceeds	276,360

Issuance Costs:
Notes Payable	5,944
Equity Component	2,005
	7,949

Initial GAAP Recording:
Cash Proceeds	276,360
Deferred Financing Costs	5,944
	282,304

Notes Payable	237,444		Face amount discounted using effective 7.5% interest rate.
Paid In Capital	44,860		See detail below.
	282,304

Change In Equity:
Imbedded Conversion Option	78,806
Purchase of Hedge	(77,007)
Sale of Warrants	45,066
Equity Issuance Costs	(2,005)
	44,860

Balance Sheet Balances			Interest Expense Amounts
	Notes	Deferred	Period	GAAP	Cash
As of	Liability	Fin. Costs	Ending	Interest	Interest
Closing	237,444	5,944
31-Dec-2011	241,899	5,519	6 Mo. 12/2011	9,214	4,759
31-Dec-2012	251,314	4,670	Year 12/2012	18,112	8,697
31-Dec-2013	261,445	3,821	Year 12/2013	18,828	8,697
31-Dec-2014	272,347	2,972	Year 12/2014	19,599	8,697
31-Dec-2015	284,079	2,123	Year 12/2015	20,429	8,697
31-Dec-2016	296,704	1,274	Year 12/2016	21,322	8,697
31-Dec-2017	310,290	424	Year 12/2017	22,283	8,697
15-Jun-2018	316,250	-	6 Mo. 6/2018	9,946	3,986

Brookdale Senior Living Inc.
CFFO Reconciliation
As of September 30, 2012

CFFO Calculation
($ in 000s)
	Three Months Ended September 30,
	2012			2011

Net cash provided by operating activities (includes non-refundable entrance fees)	$	79,431		$	54,650
Changes in operating assets and liabilities (eliminates cash flow effect)		(10,731	)		16,617
Add: Refundable entrance fees received		12,206			7,204
Less: First generation entrance fees received		-			(2,293	)
Less: Entrance fee refunds disbursed		(6,024	)		(5,475	)
Less: Recurring capital expenditures, net		(11,475	)		(8,675	)
Less: Lease financing debt amortization with fair market value or no purchase options		(3,066	)		(2,645	)
Less: Distributions from unconsolidated ventures from cumulative share of net earnings		(420	)		-
Add: CFFO from unconsolidated ventures		1,559			738
Cash From Facility Operations	$	61,480		$	60,121

Add: Integration, transaction-related and EMR roll-out costs		4,624			5,468
Adjusted Cash From Facility Operations	$	66,104		$	65,589

Revenue Reconciliation (1)

($ in 000s except average monthly revenue per quarter)	FY 2011															FY 2012
		Q1			Q2			Q3			Q4		Full Year				Q1			Q2			Q3
Revenue reconciliation excl. entrance fee amortization
Average monthly revenue per quarter		4,198			4,203			4,214			4,160			4,193			4,257			4,266			4,279
Average monthly units (excluding equity homes) available		46,625			46,430			46,817			47,846			46,910			47,858			47,935			47,998
Average occupancy for the quarter		87.2	%		86.6	%		87.4	%		87.8	%		87.3	%		87.8	%		87.7	%		88.0	%
Senior Housing Resident fee revenue	$	512,036		$	506,985		$	517,285		$	524,270		$	2,060,576		$	536,629		$	538,018		$	542,215

Add: ISC segment revenue		50,237			50,334			51,375			53,834			205,780			53,854			57,722		$	56,856
Add: management fee revenue		1,405			1,505			3,336			7,349			13,595			7,444			7,499			7,407
Total revenues excluding entrance fee amortization	$	563,678		$	558,824		$	571,996		$	585,453		$	2,279,951		$	597,927		$	603,239		$	606,478

CFFO Reconciliation to the Income Statement


Resident and management fee revenue	$	569,440		$	565,428		$	578,495		$	591,989		$	2,305,352		$	604,330		$	609,886		$	613,274
Less: Entrance fee amortization		(5,762	)		(6,604	)		(6,499	)		(6,536	)		(25,401	)		(6,403	)		(6,647	)		(6,796	)
Adjusted revenues		563,678			558,824			571,996			585,453			2,279,951			597,927			603,239			606,478

Less: Facility operating expenses		(370,954	)		(366,242	)		(381,414	)		(389,961	)		(1,508,571	)		(398,769	)		(403,515	)		(411,467	)

Less: G&A including non-cash stock-based compensation expense		(33,543	)		(33,681	)		(38,711	)		(42,392	)		(148,327	)		(44,973	)		(46,071	)		(43,158	)
Add: G&A non-cash stock-based compensation expense		4,540			4,555			5,221			5,540			19,856			6,435			6,729			6,021
Net G&A		(29,003	)		(29,126	)		(33,490	)		(36,852	)		(128,471	)		(38,538	)		(39,342	)		(37,137	)

Less: Facility lease expense		(66,315	)		(66,065	)		(68,314	)		(74,164	)		(274,858	)		(71,445	)		(70,628	)		(71,167	)
Add: Straight-line lease expense		1,726			1,456			1,834			3,592			8,608			1,642			1,564			2,118
Less: Amortization of deferred gain		(1,093	)		(1,093	)		(1,094	)		(1,093	)		(4,373	)		(1,093	)		(1,093	)		(1,093	)
Net lease expense		(65,682	)		(65,702	)		(67,574	)		(71,665	)		(270,623	)		(70,896	)		(70,157	)		(70,142	)

Add: Entrance fee receipts		9,712			12,454			15,726			17,480			55,372			14,989			19,694			25,132
Less: Entrance fee disbursements		(4,930	)		(6,481	)		(5,475	)		(8,107	)		(24,993	)		(8,102	)		(5,429	)		(6,024	)
Net entrance fees		4,782			5,973			10,251			9,373			30,379			6,887			14,265			19,108

Adjusted EBITDA		102,821			103,727			99,769			96,348			402,665			96,611			104,490			106,840

Less: Recurring capital expenditures, net		(7,057	)		(9,268	)		(8,675	)		(8,661	)		(33,661	)		(8,064	)		(8,599	)		(11,475	)
Less: Interest expense, net		(30,936	)		(29,900	)		(29,262	)		(31,237	)		(121,335	)		(31,198	)		(31,739	)		(31,586	)
Less: Lease financing debt amortization with fair market value or no purchase options		(2,533	)		(2,587	)		(2,645	)		(2,700	)		(10,465	)		(2,929	)		(2,993	)		(3,066	)
Less: Distributions from unconsolidated ventures from cumulative share of net earnings		-			-			-			(582	)		(582	)		(206	)		(809	)		(420	)
Add: CFFO from unconsolidated ventures		641			661			738			1,249			3,289			1,228			1,310			1,559
Less: Other		(1,185	)		(1,328	)		196			2,329			12			(856	)		(181	)		(372	)

Reported CFFO	$	61,751		$	61,305		$	60,121		$	56,746		$	239,923		$	54,586		$	61,479		$	61,480

Add: integration, transaction-related and EMR roll-out costs		-			894			5,468			8,026			14,388			3,904			7,688			4,624
Adjusted CFFO	$	61,751		$	62,199		$	65,589		$	64,772		$	254,311		$	58,490		$	69,167		$	66,104

CFFO Per Share


($ except where indicated)	FY 2011										FY 2012
		Q1		Q2		Q3		Q4	Full Year(2)			Q1		Q2		Q3
Reported CFFO	$	0.51	$	0.51	$	0.49	$	0.47	$	1.98	$	0.45	$	0.51	$	0.50
Add: integration, transaction-related and EMR roll-out costs		-		0.01		0.05		0.07		0.13		0.03		0.06		0.04
Adjusted CFFO	$	0.51	$	0.52	$	0.54	$	0.54	$	2.11	$	0.48	$	0.57	$	0.54

Shares used in calculation of CFFO (000's)		120,792		121,280		121,616		120,951				121,145		121,708		122,493

(1) Revenue excludes reimbursed costs incurred on behalf of managed communities.

(2) Full year CFFO for all periods is calculated as the sum of the quarterly amounts for the year.

Note: CFFO is a measurement of liquidity that is not calculated in accordance with GAAP and should not be considered in isolation as a substitute for any GAAP financial measure. CFFO is not a measure of financial performance under GAAP. We strongly urge you to review the reconciliation of CFFO to GAAP net cash provided by operating activities, along with our consolidated financial statements, included in the accompanying earnings release.

Brookdale Senior Living Inc.

Quarterly Entry Fee Information

As of September 30, 2012

Cash Basis ($ in 000's except average resale and refund)
	Q1 11		Q2 11		Q3 11		Q4 11		Q1 12		Q2 12		Q3 12
# Closings	53		73		88		85		94		106		147
# of Refunds	69		72		73		75		92		62		66

Resale Receipts:
Proceeds from non-refundable entrance fees (1)(2)	4,918		8,305		9,360		8,387		7,000		10,377		12,926
Proceeds from refundable entrance fees (2)(3)	4,794		4,149		6,366		9,093		7,989		9,317		12,206
Total Cash Proceeds (2)	9,712		12,454		15,726		17,480		14,989		19,694		25,132
Refunds of entrance fees (4)(5)	(4,930	)	(6,481	)	(5,475	)	(8,107	)	(8,102	)	(5,429	)	(6,024	)
Net Resale Cash Flow (excluding first generation entrance fees, net)	4,782		5,973		10,251		9,373		6,887		14,265		19,108
First generation entrance fees, net (6)	2,729		2,155		2,293		4,679		-		-		-
Net Resale Cash Flow (as reported)	7,511		8,128		12,544		14,052		6,887		14,265		19,108

My Choice proceeds included in refundable resale receipts above	1,144		1,591		2,264		3,994		2,363		3,602		2,466

Average Resale $ (excluding My Choice and first generation proceeds)	161,660		148,808		152,977		158,659		134,319		151,811		154,190
Average Refund $ (excluding My Choice and first generation refunds)	(70,058	)	(81,681	)	(71,863	)	(98,040	)	(84,283	)	(77,500	)	(87,273	)

Value of Unsold Inventory ($ in 000's except average resale price)
Gross Value @ Average Resale Price of $155,000							101,990
Refund Attachments							(10,664)
Net Cash Value							91,326

Income Statement Impact ($ in 000's)
On BKD's income statement, non-refundable entrance fees are amortized into revenue based on the unamortized balance per contract divided by the actuarial life of the resident. The following are the non-cash amortized non-refundable entrance fees for each quarter:

	Q1 11	Q2 11	Q3 11	Q4 11	Q1 12	Q2 12	Q3 12
Amortization of entrance fees (incl. gains on terminations) (7)	(5,204)	(6,022)	(5,890)	(5,869)	(6,403)	(6,647)	(6,796)

Principles of Entry Fee Accounting
Certain of BKD's communities have residency agreements which require the resident to pay an upfront fee prior to occupying the community and in return for a reduced monthly service fee and certain healthcare benefits. BKD has a number of options for residents that give a choice of the amount of refundability of the upfront fee, the amount of entry fee for the unit and the amount of health care benefit in the community's various levels of care. The non-refundable portion of the entrance fee is recorded as deferred revenue and amortized over the estimated stay of the resident based on an actuarial valuation. The refundable portion of a resident's entrance fee is generally refundable within a certain time period following contract termination or in certain agreements, upon the resale of a comparable unit or 12 months after the resident vacates the unit and is not amortized.

Notes:
(1) From Statement of Cash Flows (Operating Activities section) with line description: Proceeds from deferred entrance fee revenue.
(2) Excludes first generation entrance fees received, net (Note 6).
(3) From Statement of Cash Flows (Financing Activities section) with line description: Proceeds from refundable entrance fees (which includes My Choice proceeds).
(4) From Statement of Cash Flows (Financing Activities section) with line description: Refunds of entrance fees.
(5) Excludes first generation entrance fee refunds ($0.8 million for the three months ended December 31, 2011). (Note 6)
(6) First generation entrance fees, net represents initial entrance fees received from the sale of units at a recently opened entrance fee CCRC prior to stabilization, less first generation entrance fee refunds not replaced by second generation entrance fee receipts. We determine the stabilization date of recently opened entrance fee communities to be the first day of the first full fiscal quarter occurring two years subsequent to the community's opening date for occupancy of all levels of care on the campus. Stabilization was achieved at a recently opened entrance fee CCRC in Q1 2012.
(7) Excludes first generation entrance fee amortization prior to stabilization (Note 6).

Brookdale Senior Living Inc.

Quarterly Cash Flow Statements

As of September 30, 2012

($ in 000s)

Cash Flow Statements

		Q1 2011			Q2 2011			Q3 2011			Q4 2011		FY 2011				Q1 2012			Q2 2012			Q3 2012
Cash Flows from Operating Activities
Net loss	$	(12,305	)	$	(33,959	)	$	(7,036	)	$	(14,875	)	$	(68,175	)	$	(10,338	)	$	(18,810	)	$	(12,010	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Loss on extinguishment of debt		2,894			15,254			715			-			18,863			221			-			-
Depreciation and amortization		74,486			72,587			68,381			66,479			281,933			67,817			68,147			67,419
Asset impairment		14,846			-			-			2,046			16,892			1,083			7,246			-
Equity in (earnings) loss of unconsolidated ventures		(266	)		(146	)		117			(1,137	)		(1,432	)		(99	)		61			249
Distributions from unconsolidated ventures from cumulative share of net earnings		-			-			700			582			1,282			206			809			420
Amortization of deferred gain		(1,093	)		(1,093	)		(1,094	)		(1,093	)		(4,373	)		(1,093	)		(1,093	)		(1,093	)
Amortization of entrance fees		(5,762	)		(6,604	)		(6,499	)		(6,536	)		(25,401	)		(6,403	)		(6,647	)		(6,796	)
Proceeds from deferred entrance fee revenue		6,361			9,299			10,815			11,903			38,378			7,000			10,377			12,926
Deferred income tax (benefit) provision		(11,841	)		11,841			-			943			943			(4	)		(37	)		-
Change in deferred lease liability		1,726			1,456			1,824			3,602			8,608			1,642			1,564			2,118
Change in fair value of derivatives and amortization		8			2,635			1,508			(273	)		3,878			233			278			(140	)
(Gain) loss on sale of assets		(1,315	)		-			135			-			(1,180	)		114			58			73
(Gain) loss on acquisition		-			-			(3,520	)		1,538			(1,982	)		636			-			-
Gain on facility lease termination		-			-			-			-			-			(2,780	)		-			-
Lessor cash reimbursement for tenant incentive		-			-			-			1,251			1,251			-			-			-
Non-cash stock-based compensation		4,540			4,555			5,221			5,540			19,856			6,435			6,729			6,021
Other		-			-			-			-			-			-			-			(487	)
Changes in operating assets and liabilities:
Accounts receivable, net		(105	)		1,728			(3,998	)		(2,992	)		(5,367	)		(5,317	)		(3,484	)		709
Prepaid expenses and other assets, net		460			1,477			(11,425	)		(13,446	)		(22,934	)		(1,681	)		7,622			(2,793	)
Accounts payable and accrued expenses		8,453			(7,136	)		1,509			10,895			13,721			(23,705	)		14,410			17,352
Tenant refundable fees and security deposits		310			(287	)		(1,964	)		(245	)		(2,186	)		(442	)		(675	)		(439	)
Deferred revenue		11,269			(6,921	)		(739	)		(7,757	)		(4,148	)		12,168			(3,701	)		(4,098	)
Net cash provided by operating activities		92,666			64,686			54,650			56,425			268,427			45,693			82,854			79,431
Cash Flows from Investing Activities
Decrease (increase) in lease security deposits and lease acquisition deposits, net		941			(1,313	)		(1,219	)		(1,497	)		(3,088	)		(2,217	)		(4,119	)		(431	)
Decrease (increase) in cash and escrow deposits — restricted		54,455			3,841			(2,052	)		(68	)		56,176			8,442			(3,038	)		(7,806	)
Purchase of marketable securities — restricted		(26,409	)		(6,315	)		-			-			(32,724	)		(761	)		(341	)		(351	)
Sale of marketable securities — restricted		809			608			(2	)		16			1,431			-			-			-
Additions to property, plant and equipment and leasehold intangibles, net of related payables		(28,589	)		(39,340	)		(46,659	)		(45,543	)		(160,131	)		(41,533	)		(50,433	)		(59,415	)
Acquisition of assets, net of related payables and cash received		(51,330	)		(3,178	)		(89	)		(34,085	)		(88,682	)		(104,984	)		(4,975	)		(1,349	)
Purchase of Horizon Bay Realty, L.L.C., net of cash acquired		-			-			5,516			-			5,516			-			-			-
Payment on (issuance of) notes receivable, net		403			-			1,271			(190	)		1,484			(439	)		-			(152	)
Investment in unconsolidated ventures		-			-			(13,711	)		(279	)		(13,990	)		-			(571	)		-
Distributions received from unconsolidated ventures		60			56			40			50			206			100			84			72
Net proceeds from sale of assets		23,147			5,885			1,785			-			30,817			-			325			-
Other		(164	)		(304	)		(353	)		(93	)		(914	)		-			-			487
Net cash (used in) provided by investing activities		(26,677	)		(40,060	)		(55,473	)		(81,689	)		(203,899	)		(141,392	)		(63,068	)		(68,945	)
Cash Flows from Financing Activities
Proceeds from debt		28,000			2,417			447,108			5,144			482,669			175,838			17,178			591
Repayment of debt and capital lease obligations		(134,550	)		(283,626	)		(461,397	)		(18,992	)		(898,565	)		(86,068	)		(32,585	)		(18,304	)
Proceeds from line of credit		40,000			15,000			65,000			105,000			225,000			130,000			75,000			75,000
Repayment of line of credit		(40,000	)		(15,000	)		(30,000	)		(75,000	)		(160,000	)		(110,000	)		(85,000	)		(70,000	)
Proceeds from issuance of convertible notes, net		-			308,335			(102	)		(21	)		308,212			-			-			-
Issuance of warrants		-			45,066			-			-			45,066			-			-			-
Purchase of bond hedge		-			(77,007	)		-			-			(77,007	)		-			-			-
Payment of financing costs, net of related payables		(2,575	)		(910	)		(4,685	)		(542	)		(8,712	)		(2,378	)		(336	)		(96	)
Other		(184	)		(148	)		(122	)		(833	)		(1,287	)		(86	)		(178	)		(31	)
Refundable entrance fees:
Proceeds from refundable entrance fees		6,080			5,310			7,204			11,017			29,611			7,989			9,317			12,206
Refunds of entrance fees		(4,930	)		(6,481	)		(5,475	)		(8,868	)		(25,754	)		(8,102	)		(5,429	)		(6,024	)
Cash portion of loss on extinguishment of debt		(2,861	)		(14,153	)		(26	)		-			(17,040	)		(118	)		-			-
Recouponing and payment of swap termination		(64	)		(35	)		-			-			(99	)		(99	)		(1,190	)		-
Purchase of treasury stock		-			-			(17,613	)		-			(17,613	)		-			-			-
Net cash provided by (used in) financing activities		(111,084	)		(21,232	)		(108	)		16,905			(115,519	)		106,976			(23,223	)		(6,658	)
Net (decrease) increase in cash and cash equivalents		(45,095	)		3,394			(931	)		(8,359	)		(50,991	)		11,277			(3,437	)		3,828
Cash and cash equivalents at beginning of period		81,827			36,732			40,126			39,195			81,827			30,836			42,113			38,676
Cash and cash equivalents at end of period	$	36,732		$	40,126		$	39,195		$	30,836		$	30,836		$	42,113		$	38,676		$	42,504

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Brookdale Senior Living Inc. Reports