Brookdale Senior Living Inc. - FORM 8-K - EX-99.2 - SUPPLEMENTAL INFORMATION - February 11, 2013

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Brookdale Senior Living Inc.
 
 
 
 
 
 
 
 
Corporate Overview - selected financial information
 
 
 
 
 
 
 
 
As of December 31, 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 December 31, 2012, the Company operates independent living, assisted living, and dementia-care communities and continuing care retirement centers, with 647 communities in 36 states and the ability to serve approximately 66,700 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
Q4 2012
Resident and
Management
Fees
    
 
 
Percentage of
Q4 2012 Facility
Operating
Income
    
 
 
Percentage of FY
2012 Resident
and Management
Fees
    
 
 
Percentage of FY
2012 Facility
Operating
Income
  
Owned
    
221
      
23,029
      
42.3
%
    
41.9
%
    
40.8
%
    
39.2
%
Leased
    
329
      
25,707
      
47.2
%
    
48.4
%
    
48.7
%
    
51.1
%
Innovative Senior Care ("ISC")
    
N/A
 
    
N/A
 
    
9.1
%
    
5.5
%
    
9.2
%
    
5.9
%
Managed
    
97
      
17,998
      
1.4
%
    
4.2
%
    
1.3
%
    
3.8
%
    Total
    
647
      
66,734
      
100.0
%
    
100.0
%
    
100.0
%
    
100.0
%
 
                                                
Operating Type - By Segment
                                                
Retirement Centers
    
76
      
14,528
      
20.6
%
    
25.5
%
    
20.6
%
    
25.2
%
Assisted Living
    
433
      
21,594
      
41.3
%
    
44.6
%
    
41.4
%
    
44.4
%
CCRCs - Rental
    
27
      
6,748
      
15.9
%
    
13.1
%
    
15.8
%
    
13.0
%
CCRCs - Entry Fee
    
14
      
5,866
      
11.7
%
    
7.1
%
    
11.7
%
    
7.7
%
Innovative Senior Care ("ISC")
    
N/A
 
    
N/A
 
    
9.1
%
    
5.5
%
    
9.2
%
    
5.9
%
Managed
    
97
      
17,998
      
1.4
%
    
4.2
%
    
1.3
%
    
3.8
%
    Total
    
647
      
66,734
      
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
      
Q4
    
Full Year(1)
  
Reported CFFO
  
$
0.51
    
$
0.51
    
$
0.49
    
$
0.47
    
$
1.98
    
$
0.45
    
$
0.51
    
$
0.50
    
$
0.50
    
$
1.96
  
Add: integration, transaction-related and EMR roll-out costs
    
-
      
0.01
      
0.05
      
0.07
      
0.13
      
0.03
      
0.06
      
0.04
      
0.06
      
0.19
  
Adjusted CFFO
  
$
0.51
    
$
0.52
    
$
0.54
    
$
0.54
    
$
2.11
    
$
0.48
    
$
0.57
    
$
0.54
    
$
0.56
    
$
2.15
  
 
                                                                                
Weighted average shares (000's)
    
120,792
      
121,280
      
121,616
      
120,951
              
121,145
      
121,708
      
122,493
      
122,608
          
Period end outstanding shares (excluding unvested restricted shares) (000's)
    
120,835
      
121,973
      
120,911
      
121,133
              
121,197
      
122,474
      
122,575
      
122,738
          
 
(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 fourth quarter earnings release for non-GAAP financial measure definitions and reconciliations.
 
 
 
 
 
 
Brookdale Senior Living Inc.
 
 
 
 
 
 
 
 
Segment Operating Information
 
 
 
 
 
 
 
 
As of December 31, 2012
 
 
 
 
 
 
 
 
 
Senior Housing Operating Information
 
 
  
FY 2011
    
FY 2012
  
 
    
Q1
      
Q2
      
Q3
      
Q4
    
Full Year
      
Q1
      
Q2
      
Q3
      
Q4
    
Full Year
  
Retirement Centers
                                  
                                   
 
Number of communities (period end)
    
75
      
74
      
76
      
76
      
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
      
14,433
      
14,445
  
Weighted average unit occupancy
    
87.3
%
    
87.3
%
    
88.4
%
    
88.9
%
    
88.0
%
    
88.8
%
    
88.8
%
    
89.1
%
    
89.7
%
    
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
    
$
3,276
    
$
3,263
  
 
                                                                                
Assisted Living
                                                                                
Number of communities (period end)
    
428
      
428
      
433
      
434
      
434
      
434
      
434
      
434
      
433
      
433
  
Total average units(1)
    
21,295
      
21,145
      
21,265
      
21,589
      
21,323
      
21,635
      
21,637
      
21,652
      
21,577
      
21,625
  
Weighted average unit occupancy
    
88.2
%
    
87.4
%
    
88.4
%
    
88.7
%
    
88.2
%
    
88.5
%
    
88.6
%
    
89.1
%
    
89.7
%
    
88.9
%
Senior Housing average monthly revenue per unit(2)
  
$
4,280
    
$
4,288
    
$
4,274
    
$
4,260
    
$
4,275
    
$
4,379
    
$
4,390
    
$
4,393
    
$
4,401
    
$
4,390
  
 
                                                                                
CCRCs - Rental
                                                                                
Number of communities (period end)
    
22
      
22
      
26
      
26
      
26
      
26
      
27
      
27
      
27
      
27
  
Total average units(1)
    
6,073
      
6,071
      
6,243
      
6,624
      
6,253
      
6,626
      
6,659
      
6,691
      
6,691
      
6,667
  
Weighted average unit occupancy
    
87.2
%
    
86.3
%
    
86.3
%
    
86.3
%
    
86.5
%
    
86.5
%
    
85.8
%
    
85.8
%
    
87.0
%
    
86.3
%
Senior Housing average monthly revenue per unit(2)
  
$
5,681
    
$
5,643
    
$
5,672
    
$
5,464
    
$
5,612
    
$
5,536
    
$
5,561
    
$
5,619
    
$
5,639
    
$
5,588
  
 
                                                                                
CCRCs - Entry Fee
                                                                                
Number of communities (period end)
    
14
      
14
      
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
      
5,249
      
5,210
  
Weighted average unit occupancy
    
83.1
%
    
82.3
%
    
82.2
%
    
83.2
%
    
82.7
%
    
83.7
%
    
83.4
%
    
83.4
%
    
84.1
%
    
83.7
%
Senior Housing average monthly revenue per unit(2)
  
$
5,079
    
$
5,106
    
$
5,124
    
$
4,902
    
$
5,052
    
$
5,055
    
$
4,963
    
$
4,975
    
$
4,921
    
$
4,978
  
 
                                                                                
Senior Housing Totals
                                                                                
Number of communities (period end)
    
539
      
538
      
549
      
550
      
550
      
550
      
551
      
551
      
550
      
550
  
Total average units(1)
    
46,610
      
46,407
      
46,791
      
47,842
      
46,912
      
47,884
      
47,946
      
48,009
      
47,950
      
47,947
  
Weighted average unit occupancy
    
87.2
%
    
86.6
%
    
87.4
%
    
87.8
%
    
87.3
%
    
87.8
%
    
87.7
%
    
88.0
%
    
88.7
%
    
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
    
$
4,282
    
$
4,271
  
 
                                                                                
Management Services - Total
                                                                                
Number of communities (period end)
    
19
      
19
      
98
      
97
      
97
      
96
      
96
      
97
      
97
      
97
  
Total average units(1)
    
3,784
      
3,785
      
8,649
      
18,328
      
8,636
      
18,253
      
18,144
      
18,081
      
18,141
      
18,155
  
Weighted average occupancy
    
84.7
%
    
84.8
%
    
84.3
%
    
84.4
%
    
84.5
%
    
84.3
%
    
84.0
%
    
84.3
%
    
85.4
%
    
84.5
%
Average monthly revenue per unit(2)
  
$
3,778
    
$
3,836
    
$
3,484
    
$
3,344
    
$
3,480
    
$
3,373
    
$
3,369
    
$
3,386
    
$
3,399
    
$
3,382
  
 
 
Innovative Senior Care Operating Information
 
 
FY 2011
 
 
FY 2012
 
Q1
Q2
Q3
Q4
 
 
Q1
Q2
Q3
Q4
Innovative Senior Care
 
 
 
 
 
 
 
 
 
 
Brookdale units served:
 
 
 
 
 
 
 
 
 
 
Outpatient Therapy consolidated
        35,428
          35,535
        35,761
         36,212
 
 
       35,909
     36,844
     38,016
     37,961
Home Health consolidated
        27,277
          28,129
        28,347
         28,924
 
 
       32,655
     31,944
     32,650
     32,242
Outpatient Therapy non-consolidated
          6,038
            6,045
          6,022
           6,050
 
 
         9,685
       9,861
     12,540
     13,448
Home Health non-consolidated
          3,088
            2,987
          2,975
           2,976
 
 
         4,735
     10,667
     12,597
     13,569
Total Brookdale units served:
 
 
 
 
 
 
 
 
 
 
Outpatient Therapy
        41,466
          41,580
        41,783
         42,262
 
 
       45,594
     46,705
     50,556
     51,409
Home Health
        30,365
          31,116
        31,322
         31,900
 
 
       37,390
     42,611
     45,247
     45,811
 
 
 
 
 
 
 
 
 
 
 
Outpatient Therapy treatment codes
818,122
823,539
848,205
859,988
 
 
907,816
957,364
939,241
762,233
Home Health average census
3,147
3,316
3,379
3,479
 
 
3,448
3,554
3,651
4,187
 
(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 December 31, 2012
 
 
 
 
 
 
 
 
Senior Housing Operating Information
 
 
 
 
 
 
 
 
 
 
 
  
FY 2011
    
FY 2012
  
 
    
Q1
      
Q2
      
Q3
      
Q4
      
Q1
      
Q2
      
Q3
      
Q4 (1)
 
 
                                                                
Owned Properties
                                                                
Number of communities (period end)
    
201
      
200
      
199
      
200
      
209
      
210
      
210
      
221
  
Total average units(2)
    
20,212
      
20,012
      
19,912
      
19,939
      
21,281
      
21,350
      
21,425
      
22,243
  
Weighted average unit occupancy
    
86.6
%
    
86.0
%
    
86.5
%
    
87.0
%
    
87.2
%
    
87.4
%
    
87.6
%
    
89.0
%
Senior Housing average monthly revenue per unit(3)
  
$
4,347
    
$
4,359
    
$
4,376
    
$
4,318
    
$
4,302
    
$
4,297
    
$
4,318
    
$
4,323
  
 
                                                                
Leased Properties with Bargain Purchase Options
                                                                
Number of communities (period end)
    
18
      
18
      
18
      
18
      
18
      
18
      
18
      
9
  
Total average units(2)
    
3,263
      
3,261
      
3,261
      
3,264
      
3,263
      
3,263
      
3,261
      
2,948
  
Weighted average unit occupancy
    
88.5
%
    
88.2
%
    
88.6
%
    
88.0
%
    
88.4
%
    
87.6
%
    
88.0
%
    
88.3
%
Senior Housing average monthly revenue per unit(3)
  
$
3,856
    
$
3,834
    
$
3,845
    
$
3,797
    
$
3,878
    
$
3,874
    
$
3,903
    
$
3,802
  
 
                                                                
Leased Properties with Fair Market Value Purchase Options
                                                                
Number of communities (period end)
    
86
      
86
      
86
      
86
      
77
      
77
      
77
      
74
  
Total average units(2)
    
5,226
      
5,226
      
5,226
      
5,224
      
3,929
      
3,927
      
3,927
      
3,364
  
Weighted average unit occupancy
    
89.0
%
    
88.8
%
    
89.8
%
    
91.3
%
    
91.1
%
    
91.2
%
    
92.0
%
    
91.8
%
Senior Housing average monthly revenue per unit(3)
  
$
3,874
    
$
3,872
    
$
3,872
    
$
3,835
    
$
4,384
    
$
4,423
    
$
4,482
    
$
4,549
  
 
                                                                
Leased Properties without Purchase Options
                                                                
Number of communities (period end)
    
234
      
234
      
246
      
246
      
246
      
246
      
246
      
246
  
Total average units(2)
    
17,909
      
17,908
      
18,392
      
19,415
      
19,411
      
19,406
      
19,396
      
19,395
  
Weighted average unit occupancy
    
87.2
%
    
86.5
%
    
87.6
%
    
87.7
%
    
87.6
%
    
87.3
%
    
87.6
%
    
87.9
%
Senior Housing average monthly revenue per unit(3)
  
$
4,189
    
$
4,197
    
$
4,209
    
$
4,158
    
$
4,241
    
$
4,264
    
$
4,256
    
$
4,256
  
 
                                                                
Senior Housing Totals
                                                                
Number of communities (period end)
    
539
      
538
      
549
      
550
      
550
      
551
      
551
      
550
  
Total average units(2)
    
46,610
      
46,407
      
46,791
      
47,842
      
47,884
      
47,946
      
48,009
      
47,950
  
Weighted average unit occupancy
    
87.2
%
    
86.6
%
    
87.4
%
    
87.8
%
    
87.8
%
    
87.7
%
    
88.0
%
    
88.7
%
Senior Housing average monthly revenue per unit(3)
  
$
4,198
    
$
4,203
    
$
4,214
    
$
4,160
    
$
4,257
    
$
4,266
    
$
4,279
    
$
4,282
  
 
 
(1)
During the three months ended December 31, 2012, the Company acquired the underlying real estate interest in 12 communities that the Company previously leased.  The results of operations of the previously leased communities are included within Owned Properties beginning in the fourth quarter of FY 2012.  Prior quarters have not been recast.
(2)
Total average units operated represent the average units operated during the period, excluding equity homes.
 
 
 
 
 
(3)
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 December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Data
 
 
 
 
 
 
 
 
 
 
 
($ in 000s)
 
 
 
 
 
 
 
 
 
 
 
 
FY 2011
 
FY 2012
Retirement Centers
Q1     
Q2     
Q3      
Q4      
Full Year   
 
Q1     
Q2      
Q3      
Q4      
Full Year  
Revenue
       115,529
    115,916
    119,548
    122,849
     473,842
 
    124,512
    125,813
   126,401
   127,176
     503,902
Expenses
         66,952
      66,992
      69,601
      71,858
     275,403
 
      73,521
      73,138
     75,679
     75,979
     298,317
Segment Operating Income
         48,577
      48,924
      49,947
      50,991
     198,439
 
      50,991
      52,675
     50,722
     51,197
     205,585
Segment Operating Margin
42.0%
42.2%
41.8%
41.5%
41.9%
 
41.0%
41.9%
40.1%
40.3%
40.8%
 
 
 
 
 
 
 
 
 
 
 
 
 
FY 2011
 
FY 2012
Assisted Living
Q1     
Q2     
Q3     
Q4     
Full Year  
 
Q1     
Q2     
Q3     
Q4     
Full Year  
Revenue
       241,228
    237,665
    241,037
    244,655
     964,585
 
    251,352
    252,399
   254,179
   255,407
  1,013,337
Expenses
       155,553
    151,618
    158,933
    158,553
     624,657
 
    160,789
    162,233
   163,017
   166,114
     652,153
Segment Operating Income
         85,675
      86,047
      82,104
      86,102
     339,928
 
      90,563
      90,166
     91,162
     89,293
     361,184
Segment Operating Margin
35.5%
36.2%
34.1%
35.2%
35.2%
 
36.0%
35.7%
35.9%
35.0%
35.6%
 
 
 
 
 
 
 
 
 
 
 
 
 
FY 2011
 
FY 2012
CCRCs - Rental
Q1     
Q2     
Q3     
Q4     
Full Year  
 
Q1     
Q2     
Q3     
Q4     
Full Year  
Revenue
         90,198
      88,618
      91,628
      93,651
     364,095
 
      95,112
      95,258
     96,681
     98,428
     385,479
Expenses
         60,249
      58,863
      62,671
      65,463
     247,246
 
      67,093
      68,494
     71,581
     72,248
     279,416
Segment Operating Income
         29,949
      29,755
      28,957
      28,188
     116,849
 
      28,019
      26,764
     25,100
     26,180
     106,063
Segment Operating Margin
33.2%
33.6%
31.6%
30.1%
32.1%
 
29.5%
28.1%
26.0%
26.6%
27.5%
 
 
 
 
 
 
 
 
 
 
 
 
 
FY 2011
 
FY 2012
CCRCs - Entry Fee
Q1     
Q2     
Q3     
Q4     
Full Year  
 
Q1     
Q2     
Q3     
Q4     
Full Year  
Revenue
         70,843
      71,390
      71,571
      69,651
     283,455
 
      72,056
      71,195
     71,750
     72,047
     287,048
Expenses
         53,052
      53,403
      53,232
      53,783
     213,470
 
      54,914
      55,341
     56,249
     57,792
     224,296
Segment Operating Income
         17,791
      17,987
      18,339
      15,868
       69,985
 
      17,142
      15,854
     15,501
     14,255
       62,752
Segment Operating Margin
25.1%
25.2%
25.6%
22.8%
24.7%
 
23.8%
22.3%
21.6%
19.8%
21.9%
 
 
 
 
 
 
 
 
 
 
 
 
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
     72,047
     287,048
Less: revenue amortization (non-cash)
         (5,762)
      (6,604)
      (6,499)
      (6,536)
      (25,401)
 
      (6,403)
      (6,647)
      (6,796)
      (6,863)
     (26,709)
Add: net entrance fees (cash)
           7,511
        8,128
      12,544
      14,052
       42,235
 
        6,887
      14,265
     19,108
     15,089
       55,349
Adjusted revenue
         72,592
      72,914
      77,616
      77,167
     300,289
 
      72,540
      78,813
     84,062
     80,273
     315,688
Expenses
         53,052
      53,403
      53,232
      53,783
     213,470
 
      54,914
      55,341
     56,249
     57,792
     224,296
Adjusted Segment Operating Income
         19,540
      19,511
      24,384
      23,384
       86,819
 
      17,626
      23,472
     27,813
     22,481
       91,392
Adjusted Segment Operating Margin
26.9%
26.8%
31.4%
30.3%
28.9%
 
24.3%
29.8%
33.1%
28.0%
29.0%
 
Total Senior Housing
FY 2011
 
FY 2012
(GAAP Basis)
Q1     
Q2     
Q3     
Q4     
Full Year  
 
Q1     
Q2     
Q3     
Q4     
Full Year  
Revenue
       517,798
    513,589
    523,784
    530,806
  2,085,977
 
    543,032
    544,665
   549,011
   553,058
  2,189,766
Expenses
       335,806
    330,876
    344,437
    349,657
  1,360,776
 
    356,317
    359,206
   366,526
   372,133
  1,454,182
Operating Income
       181,992
    182,713
    179,347
    181,149
     725,201
 
    186,715
    185,459
   182,485
   180,925
     735,584
Operating Margin
35.1%
35.6%
34.2%
34.1%
34.8%
 
34.4%
34.1%
33.2%
32.7%
33.6%
G&A Allocation (1)
         22,568
      21,489
      20,598
      18,991
       83,646
 
      22,751
      20,876
     21,402
     20,374
       85,403
G&A Allocation as a % of revenue
4.4%
4.2%
3.9%
3.6%
4.0%
 
4.2%
3.8%
3.9%
3.7%
3.9%
Adjusted Operating Income
       159,424
    161,224
    158,749
    162,158
     641,555
 
    163,964
    164,583
   161,083
   160,551
     650,181
Adjusted Operating Margin
30.8%
31.4%
30.3%
30.5%
30.8%
 
30.2%
30.2%
29.3%
29.0%
29.7%
 
 
 
Brookdale Senior Living Inc.
 
 
 
 
 
 
 
 
 
 
 
 
Segment Financial Data
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Data (continued)
 
 
 
 
 
 
 
 
 
 
 
($ in 000s)
 
 
 
 
 
 
 
 
 
 
 
 
 
FY 2011
 
FY 2012
Innovative Senior Care ("ISC")
Q1     
Q2     
Q3     
Q4     
Full Year  
 
Q1     
Q2     
Q3     
Q4     
Full Year  
Revenue
         50,237
      50,334
      51,375
      53,834
     205,780
 
      53,854
      57,722
     56,856
     56,085
     224,517
Expenses
         35,148
      35,366
      36,977
      40,304
     147,795
 
      42,452
      44,309
     44,941
     45,035
     176,737
Segment Operating Income
         15,089
      14,968
      14,398
      13,530
       57,985
 
      11,402
      13,413
     11,915
     11,050
       47,780
Segment Operating Margin
30.0%
29.7%
28.0%
25.1%
28.2%
 
21.2%
23.2%
21.0%
19.7%
21.3%
G&A Allocation (1)
           5,377
        5,610
        4,912
        4,301
       20,200
 
        5,954
        5,453
       5,467
       5,358
       22,232
G&A Allocation as a % of revenue
10.7%
11.1%
9.6%
8.0%
9.8%
 
11.1%
9.4%
9.6%
9.6%
9.9%
Adjusted Segment Operating Income
           9,712
        9,358
        9,486
        9,229
       37,785
 
        5,448
        7,960
       6,448
       5,692
       25,548
Adjusted Segment Operating Margin
19.3%
18.6%
18.5%
17.1%
18.4%
 
10.1%
13.8%
11.3%
10.1%
11.4%
 
Total Senior Housing and ISC
FY 2011
 
FY 2012
(GAAP Basis)
Q1     
Q2     
Q3     
Q4     
Full Year  
 
Q1     
Q2     
Q3     
Q4     
Full Year  
Revenue
       568,035
    563,923
    575,159
    584,640
  2,291,757
 
    596,886
    602,387
   605,867
   609,143
  2,414,283
Expenses
       370,954
    366,242
    381,414
    389,961
  1,508,571
 
    398,769
    403,515
   411,467
   417,168
  1,630,919
Operating Income
       197,081
    197,681
    193,745
    194,679
     783,186
 
    198,117
    198,872
   194,400
   191,975
     783,364
Operating Margin
34.7%
35.1%
33.7%
33.3%
34.2%
 
33.2%
33.0%
32.1%
31.5%
32.4%
G&A Allocation (1)
         27,945
      27,099
      25,510
      23,292
     103,846
 
      28,705
      26,329
     26,869
     25,732
     107,635
G&A Allocation as a % of revenue
4.9%
4.8%
4.4%
4.0%
4.5%
 
4.8%
4.4%
4.4%
4.2%
4.5%
Adjusted Operating Income
       169,136
    170,582
    168,235
    171,387
     679,340
 
    169,412
    172,543
   167,531
   166,243
     675,729
Adjusted Operating Margin
29.8%
30.2%
29.3%
29.3%
29.6%
 
28.4%
28.6%
27.7%
27.3%
28.0%
 
 
FY 2011
 
FY 2012
Management Services
Q1     
Q2     
Q3     
Q4     
Full Year  
 
Q1     
Q2     
Q3     
Q4     
Full Year  
Revenue (Management Fees)
           1,405
        1,505
        3,336
        7,349
       13,595
 
        7,444
        7,499
       7,407
       8,436
       30,786
Expenses (G&A Allocation) (1)
           1,058
        1,133
        2,512
        5,534
       10,237
 
        5,929
        5,325
       5,644
       5,311
       22,209
Segment Operating Income
              347
           372
           824
        1,815
         3,358
 
        1,515
        2,174
       1,763
       3,125
         8,577
Segment Operating Margin
24.7%
24.7%
24.7%
24.7%
24.7%
 
20.4%
29.0%
23.8%
37.0%
27.9%
 
Total Senior Housing, ISC and Management Services
FY 2011
 
FY 2012
(GAAP Basis)
Q1     
Q2     
Q3     
Q4     
Full Year  
 
Q1     
Q2     
Q3     
Q4     
Full Year  
Revenue
       569,440
    565,428
    578,495
    591,989
  2,305,352
 
    604,330
    609,886
   613,274
   617,579
  2,445,069
Expenses
       370,954
    366,242
    381,414
    389,961
  1,508,571
 
    398,769
    403,515
   411,467
   417,168
  1,630,919
Operating Income
       198,486
    199,186
    197,081
    202,028
     796,781
 
    205,561
    206,371
   201,807
   200,411
     814,150
Operating Margin
34.9%
35.2%
34.1%
34.1%
34.6%
 
34.0%
33.8%
32.9%
32.5%
33.3%
G&A Allocation (1)
         29,003
      28,232
      28,022
      28,826
     114,083
 
      34,634
      31,654
     32,513
     31,043
     129,844
G&A Allocation as a % of revenue
5.1%
5.0%
4.8%
4.9%
4.9%
 
5.7%
5.2%
5.3%
5.0%
5.3%
Adjusted Operating Income
       169,483
    170,954
    169,059
    173,202
     682,698
 
    170,927
    174,717
   169,294
   169,368
     684,306
Adjusted Operating Margin
29.8%
30.2%
29.2%
29.3%
29.6%
 
28.3%
28.6%
27.6%
27.4%
28.0%
 
(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 December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Data
 
 
 
 
 
 
 
 
 
 
 
($ in 000s)
 
 
 
 
 
 
 
 
 
 
 
 
Owned Properties
FY 2011
 
FY 2012
 
Q1
Q2
Q3
Q4
Full Year
 
Q1
Q2
Q3
Q4 (1)
Full Year
Revenue
            231,894
            228,970
            230,159
            228,401
            919,424
 
            243,601
            245,019
           247,772
            261,278
           997,670
Expenses
            154,474
              151,506
            155,689
            154,670
            616,339
 
            163,822
            165,862
             171,356
            177,350
           678,390
Segment Operating Income
              77,420
               77,464
              74,470
               73,731
           303,085
 
              79,779
               79,157
               76,416
              83,928
            319,280
Segment Operating Margin
33.4%
33.8%
32.4%
32.3%
33.0%
 
32.7%
32.3%
30.8%
32.1%
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
            261,278
           997,670
Less: revenue amortization (non-cash)
               (3,629)
                 (4,018)
               (4,054)
                (4,154)
             (15,855)
 
                (3,991)
               (4,507)
               (4,593)
               (4,563)
             (17,654)
Add: net entrance fees (cash)
                  6,791
                   5,010
               10,383
               12,297
               34,481
 
                 5,802
               10,487
               14,234
                 11,481
              42,004
Adjusted revenue
           235,056
            229,962
           236,488
           236,544
           938,050
 
            245,412
           250,999
            257,413
            268,196
       1,022,020
Expenses
            154,474
              151,506
            155,689
            154,670
            616,339
 
            163,822
            165,862
             171,356
            177,350
           678,390
Adjusted Segment Operating Income
              80,582
               78,456
              80,799
               81,874
              321,711
 
               81,590
               85,137
              86,057
              90,846
           343,630
Adjusted Segment Operating Margin
34.3%
34.1%
34.2%
34.6%
34.3%
 
33.2%
33.9%
33.4%
33.9%
33.6%
 
 
 
 
 
 
 
 
 
 
 
 
Leased Properties with Bargain Purchase Options
 
FY 2011
 
 
FY 2012
 
Q1
Q2
Q3
Q4
Full Year
 
Q1
Q2
Q3
Q4
Full Year
Revenue
              34,936
                35,126
               35,261
              34,629
            139,952
 
              35,432
               34,891
              35,400
               31,532
            137,255
Expenses
              22,662
               22,662
              22,897
               22,871
               91,092
 
              23,287
              23,433
              24,264
               21,334
               92,318
Segment Operating Income
               12,274
                12,464
               12,364
                11,758
              48,860
 
                12,145
                11,458
                 11,136
                10,198
              44,937
Segment Operating Margin
35.1%
35.5%
35.1%
34.0%
34.9%
 
34.3%
32.8%
31.5%
32.3%
32.7%
 
 
 
 
 
 
 
 
 
 
 
 
Leased Properties with Fair Market Value Purchase Options
 
FY 2011
 
 
FY 2012
 
Q1
Q2
Q3
Q4
Full Year
 
Q1
Q2
Q3
Q4
Full Year
Revenue
              54,067
               53,882
               54,519
              54,889
            217,357
 
               47,104
              47,534
              48,560
               42,140
            185,338
Expenses
               35,281
               34,435
               35,941
              35,687
             141,344
 
              29,974
               30,192
              28,999
              27,443
             116,608
Segment Operating Income
               18,786
                19,447
               18,578
               19,202
               76,013
 
                17,130
               17,342
                19,561
               14,697
              68,730
Segment Operating Margin
34.7%
36.1%
34.1%
35.0%
35.0%
 
36.4%
36.5%
40.3%
34.9%
37.1%
 
 
 
 
 
 
 
 
 
 
 
 
Leased Properties without Purchase Options
 
FY 2011
 
 
FY 2012
 
Q1
Q2
Q3
Q4
Full Year
 
Q1
Q2
Q3
Q4
Full Year
Revenue
             196,901
               195,611
           203,845
            212,887
           809,244
 
            216,895
             217,221
            217,279
             218,108
           869,503
Expenses
            123,389
             122,273
             129,910
            136,429
             512,001
 
            139,234
             139,719
             141,907
            146,006
           566,866
Segment Operating Income
               73,512
               73,338
              73,935
              76,458
           297,243
 
               77,661
              77,502
              75,372
               72,102
           302,637
Segment Operating Margin
37.3%
37.5%
36.3%
35.9%
36.7%
 
35.8%
35.7%
34.7%
33.1%
34.8%
 
Total Senior Housing
FY 2011
 
FY 2012
(GAAP Basis)
Q1
Q2
Q3
Q4
Full Year
 
Q1
Q2
Q3
Q4
Full Year
Revenue
            517,798
             513,589
           523,784
           530,806
      2,085,977
 
           543,032
           544,665
             549,011
           553,058
       2,189,766
Expenses
           335,806
            330,876
           344,437
           349,657
       1,360,776
 
            356,317
           359,206
           366,526
            372,133
        1,454,182
Operating Income
             181,992
              182,713
            179,347
              181,149
            725,201
 
             186,715
            185,459
            182,485
            180,925
           735,584
Operating Margin
35.1%
35.6%
34.2%
34.1%
34.8%
 
34.4%
34.1%
33.2%
32.7%
33.6%
 
(1)  During the three months ended December 31, 2012, the Company acquired the underlying real estate interest in 12 communities that the Company previously leased.  The results of operations of the previously leased communities are included within Owned Properties beginning in the fourth quarter of FY 2012.  Prior quarters have not been recast.
 
 
Brookdale Senior Living Inc.
 
 
 
 
 
 
Same Community and Capital Expenditure Information
 
 
 
 
 
 
As of December 31, 2012
 
 
 
 
 
 
 
Same Community Information
($ in 000s, except Avg. Mo. Revenue/Unit)
 
 
  
   Senior Housing		    
   Senior Housing		  
 
  
Three Months Ended December 31,
    
Year Ended December 31,
  
 
  
2012
    
2011
    
% Change
    
2012
    
2011
    
% Change
  
Revenue
  
$
538,179
    
$
517,936
      
3.9
%
  
$
2,021,562
    
$
1,973,314
      
2.4
%
Operating Expense
    
363,500
      
344,823
      
5.4
%
    
1,348,892
      
1,296,064
      
4.1
%
Facility Operating Income
  
$
174,679
    
$
173,113
      
0.9
%
  
$
672,670
    
$
677,250
      
-0.7
%
Facility Operating Margin
    
32.5
%
    
33.4
%
    
-0.9
%
    
33.3
%
    
34.3
%
    
-1.0
%
 
                                                
# Communities
    
546
      
546
              
531
      
531
          
Avg. Period Occupancy
    
88.8
%
    
87.8
%
    
1.0
%
    
88.1
%
    
87.4
%
    
0.7
%
Avg. Mo. Revenue/Unit
  
$
4,273
    
$
4,157
      
2.8
%
  
$
4,239
    
$
4,172
      
1.6
%
 
                                                
 
                                                
 
    Innovative Senior Care      Innovative Senior Care  
 
  
Three Months Ended December 31,
    
Year Ended December 31,
  
 
    
2012
      
2011
    
% Change
      
2012
      
2011
    
% Change
  
Revenue
  
$
29,825
    
$
35,173
      
-15.2
%
  
$
107,488
    
$
115,918
      
-7.3
%
Operating Expense
    
23,806
      
26,599
      
-10.5
%
    
82,523
      
82,149
      
0.5
%
Facility Operating Income
  
$
6,019
    
$
8,574
      
-29.8
%
  
$
24,965
    
$
33,769
      
-26.1
%
Facility Operating Margin
    
20.2
%
    
24.4
%
    
-4.2
%
    
23.2
%
    
29.1
%
    
-5.9
%
 
                                                
# Units served (1)
    
26,282
      
26,282
              
21,656
      
21,656
          
 
(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 December 31,
  
Type
  
2012
    
2011
  
Recurring
  
$
10,668
    
$
9,486
  
Reimbursements
    
(500
)
    
(825
)
    Net Recurring
    
10,168
      
8,661
  
Corporate (2)
    
7,377
      
10,490
  
EBITDA-enhancing / Major Projects (3)
    
22,979
      
14,629
  
Program Max / Development, net (4)
    
12,328
      
10,446
  
        Net Total Capital Expenditures (5)
  
$
52,852
    
$
44,226
  
 
(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 $3.7 million and $0.5 million for the three months ended December 31, 2012 and 2011, respectively.
(5)  Approximately $11.6 million and $9.9 million of expense was recognized during the three months ended December 31, 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 December 31, 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
  
 
  
   
   
   
   
   
   
   
   
 
2013
  
$
479,456
      
3.31
%
  
$
-
      
-
    
$
479,456
      
3.31
%
  
$
30,087
      
8.28
%
  
$
509,543
  
2014
    
159,777
      
5.50
%
    
-
      
-
      
159,777
      
5.50
%
    
33,307
      
8.26
%
    
193,084
  
2015
    
42,676
      
5.44
%
    
-
      
-
      
42,676
      
5.44
%
    
32,765
      
8.33
%
    
75,441
  
2016
    
38,590
      
4.99
%
    
80,000
      
6.50
%
    
118,590
      
6.01
%
    
29,101
      
8.41
%
    
147,691
  
2017
    
326,464
      
5.17
%
    
-
      
-
      
326,464
      
5.17
%
    
47,047
      
9.10
%
    
373,511
  
Thereafter
    
1,232,661
      
3.72
%
    
-
      
-
      
1,232,661
      
3.72
%
    
147,438
      
7.72
%
    
1,380,099
  
Total
  
$
2,279,624
      
4.02
%
  
$
80,000
      
6.50
%
  
$
2,359,624
      
4.10
%
  
$
319,745
      
8.16
%
  
$
2,679,369
  
 
                                                                        
 
  
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
  
 
                                                                        
2013
  
$
273,908
      
2.60
%
  
$
-
      
-
    
$
273,908
      
2.60
%
  
$
30,087
      
8.28
%
  
$
303,995
  
2014
    
21,156
      
3.90
%
    
-
      
-
      
21,156
      
3.90
%
    
31,839
      
8.30
%
    
52,995
  
2015
    
184,110
      
5.72
%
    
-
      
-
      
184,110
      
5.72
%
    
32,765
      
8.33
%
    
216,875
  
2016
    
40,081
      
4.92
%
    
80,000
      
6.50
%
    
120,081
      
5.97
%
    
29,101
      
8.41
%
    
149,182
  
2017
    
328,016
      
5.15
%
    
-
      
-
      
328,016
      
5.15
%
    
47,047
      
9.10
%
    
375,063
  
Thereafter
    
1,432,353
      
3.79
%
    
-
      
-
      
1,432,353
      
3.79
%
    
148,906
      
7.72
%
    
1,581,259
  
Total
  
$
2,279,624
      
4.02
%
  
$
80,000
      
6.50
%
  
$
2,359,624
      
4.10
%
  
$
319,745
      
8.16
%
  
$
2,679,369
  
 
 
Coverage Ratios
 
 
Twelve months ended December 31, 2012
 
 
 
 
 
 
Interest/Cash Lease
Units
 
FOI
Adj. FOI **
Payments
Coverage
Owned communities
23,029
 
    341,282
       277,266
 
                         98,183  
2.8x
Leased communities *
25,707
 
    439,561
       367,061
 
                       324,268  
 
1.1x
 
*  The leased communities include the capital leases.
 
 
 
 
 
 
 
**  Adjusted for 5% management fee and capital expenditures @ $350/unit.
 
 
 
 
 
 
Debt Amortization
 
 
  
Year ended December 31,
  
 
  
2012
    
2011
  
Scheduled debt amortization
  
$
44,866
    
$
20,796
  
Lease financing debt amortization - FMV or no purchase option (4)
    
12,120
      
10,465
  
Lease financing debt amortization - bargain purchase option
    
14,470
      
12,460
  
    Total debt amortization
  
$
71,456
    
$
43,721
  
 
Line Availability
 
($000s)
  
09/30/11
    
12/31/11
    
03/31/12
    
06/30/12
    
09/30/12
    
12/31/12
  
 
  
   
   
   
   
   
 
Total line commitment
  
$
230,000
    
$
230,000
    
$
230,000
    
$
230,000
    
$
230,000
    
$
230,000
  
 
                                                
Line availability (7)
  
$
162,057
    
$
194,165
    
$
199,786
    
$
201,659
    
$
189,978
    
$
191,436
  
Ending line balance
    
35,000
      
65,000
      
85,000
      
75,000
      
80,000
      
80,000
  
Available to draw
  
$
127,057
    
$
129,165
    
$
114,786
    
$
126,659
    
$
109,978
    
$
111,436
  
Cash and cash equivalents
    
39,195
      
30,836
      
42,113
      
38,676
      
42,504
      
69,240
  
Total liquidity (available to draw + cash)
  
$
166,252
    
$
160,001
    
$
156,899
    
$
165,335
    
$
152,482
    
$
180,676
  
 
                                                
Total letters of credit outstanding
  
$
71,785
    
$
78,104
    
$
77,754
    
$
78,324
    
$
78,127
    
$
78,112
  
 
 
Leverage Ratios
 
 
 
 
 
 
 
 
 
 
 
  
   
Annualized
  
 
  
Balance
    
Leverage
  
Debt (1)
  
$
2,279,624
    
 
Capital leases
    
319,745
    
 
   Total Debt
  
$
2,599,369
      
6.3
x
 
                
Plus: Line of credit (cash borrowings)
    
80,000
          
Less: Unrestricted cash
    
(69,240
)
        
Less: Cash held as collateral against existing debt
    
(3,538
)
        
   Subtotal
  
$
2,606,591
      
6.4
x
 
                
2012 Adjusted EBITDA
  
$
409,940
          
 
                
Annual cash lease expense multiplied by 8
    
2,253,832
          
   Total adjusted debt
  
$
4,860,423
      
7.0
x
 
                
2012 Adjusted EBITDAR
  
$
691,669
          
 
 
Debt Structure
 
 
 
 
 
 
 
 
 
 
 
  
   
Weighted
  
 
  
Balance
    
rate (2)
  
Fixed rate debt (1)
  
$
1,438,082
      
4.90
%
Variable rate debt (1)
    
841,542
      
2.45
%
Capital leases
    
319,745
      
8.16
%
Line of credit (cash borrowings)
    
80,000
      
6.50
%
   Total debt
  
$
2,679,369
          
 
                
 
  
Balance
    
% of total
  
Variable rate debt with interest rate swaps (1) (5)
  
$
27,373
      
3.3
%
Variable rate debt with interest rate caps (1) (6)
    
577,627
      
68.6
%
Variable rate debt - unhedged (1)
    
236,542
      
28.1
%
Total variable rate debt (1)
  
$
841,542
      
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 5.43% 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 December 31, 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 December 31, 2012
 
CFFO Calculation
 
 
 
 
 
($ in 000s)
 
 
  
Three Months Ended December 31,
  
 
  
2012
    
2011
  
 
  
   
 
Net cash provided by operating activities (includes non-refundable entrance fees)
  
$
82,991
    
$
56,425
  
Changes in operating assets and liabilities (eliminates cash flow effect)
    
(14,772
)
    
13,545
  
Add: Refundable entrance fees received
    
13,088
      
11,017
  
Less: First generation entrance fees received
    
-
      
(5,440
)
Less: Entrance fee refunds disbursed
    
(7,801
)
    
(8,107
)
Less: Recurring capital expenditures, net
    
(10,168
)
    
(8,661
)
Less: Lease financing debt amortization with fair market value or no purchase options
    
(3,132
)
    
(2,700
)
Less: Distributions from unconsolidated ventures from cumulative share of net earnings
    
(72
)
    
(582
)
Add: CFFO from unconsolidated ventures
    
1,279
      
1,249
  
Cash From Facility Operations
  
$
61,413
    
$
56,746
  
 
                
Add: Integration, transaction-related and EMR roll-out costs
    
7,249
      
8,026
  
Adjusted Cash From Facility Operations
  
$
68,662
    
$
64,772
  
 
 
 
Revenue Reconciliation (1)
 
($ in 000s except average monthly revenue per quarter)
  
FY 2011
    
FY 2012
  
 
    
Q1
      
Q2
      
Q3
      
Q4
    
Full Year
      
Q1
      
Q2
      
Q3
      
Q4
    
Full Year
  
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
      
4,282
      
4,271
  
Average monthly units (excluding equity homes) available
    
46,625
      
46,430
      
46,817
      
47,846
      
46,910
      
47,858
      
47,935
      
47,998
      
47,935
      
47,959
  
Average occupancy for the quarter
    
87.2
%
    
86.6
%
    
87.4
%
    
87.8
%
    
87.3
%
    
87.8
%
    
87.7
%
    
88.0
%
    
88.7
%
    
88.0
%
Senior Housing Resident fee revenue
  
$
512,036
    
$
506,985
    
$
517,285
    
$
524,270
    
$
2,060,576
    
$
536,629
    
$
538,018
    
$
542,215
    
$
546,195
    
$
2,163,057
  
 
                                                                                
Add:  ISC segment revenue
    
50,237
      
50,334
      
51,375
      
53,834
      
205,780
      
53,854
      
57,722
    
 
56,856
    
 
56,085
    
 
224,517
  
Add:  management fee revenue
    
1,405
      
1,505
      
3,336
      
7,349
      
13,595
      
7,444
      
7,499
      
7,407
      
8,436
      
30,786
  
Total revenues excluding entrance fee amortization
  
$
563,678
    
$
558,824
    
$
571,996
    
$
585,453
    
$
2,279,951
    
$
597,927
    
$
603,239
    
$
606,478
    
$
610,716
    
$
2,418,360
  
 
 
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
    
$
617,579
    
$
2,445,069
  
Less: Entrance fee amortization
    
(5,762
)
    
(6,604
)
    
(6,499
)
    
(6,536
)
    
(25,401
)
    
(6,403
)
    
(6,647
)
    
(6,796
)
    
(6,863
)
  
 
(26,709
)
Adjusted revenues
    
563,678
      
558,824
      
571,996
      
585,453
      
2,279,951
      
597,927
      
603,239
      
606,478
      
610,716
      
2,418,360
  
 
                                                                                
Less: Facility operating expenses
    
(370,954
)
    
(366,242
)
    
(381,414
)
    
(389,961
)
    
(1,508,571
)
    
(398,769
)
    
(403,515
)
    
(411,467
)
    
(417,168
)
    
(1,630,919
)
Add:  Change in future service obligation
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
      
2,188
      
2,188
  
 
    
(370,954
)
    
(366,242
)
    
(381,414
)
    
(389,961
)
    
(1,508,571
)
    
(398,769
)
    
(403,515
)
    
(411,467
)
    
(414,980
)
    
(1,628,731
)
 
                                                                                
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
)
    
(44,627
)
    
(178,829
)
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
      
6,335
      
25,520
  
Net G&A
    
(29,003
)
    
(29,126
)
    
(33,490
)
    
(36,852
)
    
(128,471
)
    
(38,538
)
    
(39,342
)
    
(37,137
)
    
(38,292
)
    
(153,309
)
 
                                                                                
Less: Facility lease expense
    
(66,315
)
    
(66,065
)
    
(68,314
)
    
(74,164
)
    
(274,858
)
    
(71,445
)
    
(70,628
)
    
(71,167
)
    
(70,785
)
    
(284,025
)
Add:  Straight-line lease expense
    
1,726
      
1,456
      
1,834
      
3,592
      
8,608
      
1,642
      
1,564
      
2,118
      
1,344
      
6,668
  
Less: Amortization of deferred gain
    
(1,093
)
    
(1,093
)
    
(1,094
)
    
(1,093
)
    
(4,373
)
    
(1,093
)
    
(1,093
)
    
(1,093
)
    
(1,093
)
    
(4,372
)
Net lease expense
    
(65,682
)
    
(65,702
)
    
(67,574
)
    
(71,665
)
    
(270,623
)
    
(70,896
)
    
(70,157
)
    
(70,142
)
    
(70,534
)
    
(281,729
)
 
                                                                                
Add:  Entrance fee receipts
    
9,712
      
12,454
      
15,726
      
17,480
      
55,372
      
14,989
      
19,694
      
25,132
      
22,890
      
82,705
  
Less: Entrance fee disbursements
    
(4,930
)
    
(6,481
)
    
(5,475
)
    
(8,107
)
    
(24,993
)
    
(8,102
)
    
(5,429
)
    
(6,024
)
    
(7,801
)
    
(27,356
)
Net entrance fees
    
4,782
      
5,973
      
10,251
      
9,373
      
30,379
      
6,887
      
14,265
      
19,108
      
15,089
      
55,349
  
 
                                                                                
Adjusted EBITDA
    
102,821
      
103,727
      
99,769
      
96,348
      
402,665
      
96,611
      
104,490
      
106,840
      
101,999
      
409,940
  
 
                                                                                
Less: Recurring capital expenditures, net
    
(7,057
)
    
(9,268
)
    
(8,675
)
    
(8,661
)
    
(33,661
)
    
(8,064
)
    
(8,599
)
    
(11,475
)
    
(10,168
)
    
(38,306
)
Less: Interest expense, net
    
(30,936
)
    
(29,900
)
    
(29,262
)
    
(31,237
)
    
(121,335
)
    
(31,198
)
    
(31,739
)
    
(31,586
)
    
(29,803
)
    
(124,326
)
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
)
    
(3,132
)
    
(12,120
)
Less: Distributions from unconsolidated ventures from cumulative share of net earnings
    
-
      
-
      
-
      
(582
)
    
(582
)
    
(206
)
    
(809
)
    
(420
)
    
(72
)
    
(1,507
)
Add:  CFFO from unconsolidated ventures
    
641
      
661
      
738
      
1,249
      
3,289
      
1,228
      
1,310
      
1,559
      
1,279
      
5,376
  
Less: Other
    
(1,185
)
    
(1,328
)
    
196
      
2,329
      
12
      
(856
)
    
(181
)
    
(372
)
    
1,310
      
(99
)
 
                                                                                
Reported CFFO
  
$
61,751
    
$
61,305
    
$
60,121
    
$
56,746
    
$
239,923
    
$
54,586
    
$
61,479
    
$
61,480
    
$
61,413
    
$
238,958
  
 
                                                                                
Add:  integration, transaction-related and EMR roll-out costs
    
-
      
894
      
5,468
      
8,026
      
14,388
      
3,904
      
7,688
      
4,624
      
7,249
      
23,465
  
Adjusted CFFO
  
$
61,751
    
$
62,199
    
$
65,589
    
$
64,772
    
$
254,311
    
$
58,490
    
$
69,167
    
$
66,104
    
$
68,662
    
$
262,423
  
 
 
 
CFFO Per Share
 
($ except where indicated)
  
FY 2011
    
FY 2012
  
 
    
Q1
      
Q2
      
Q3
      
Q4
    
Full Year(2)
      
Q1
      
Q2
      
Q3
      
Q4
    
Full Year(2)
  
Reported CFFO
  
$
0.51
    
$
0.51
    
$
0.49
    
$
0.47
    
$
1.98
    
$
0.45
    
$
0.51
    
$
0.50
    
$
0.50
    
$
1.96
  
Add:  integration, transaction-related and EMR roll-out costs
    
-
      
0.01
      
0.05
      
0.07
      
0.13
      
0.03
      
0.06
      
0.04
      
0.06
      
0.19
  
Adjusted CFFO
  
$
0.51
    
$
0.52
    
$
0.54
    
$
0.54
    
$
2.11
    
$
0.48
    
$
0.57
    
$
0.54
    
$
0.56
    
$
2.15
  
 
                                                                                
Shares used in calculation of CFFO (000's)
    
120,792
      
121,280
      
121,616
      
120,951
              
121,145
      
121,708
      
122,493
      
122,608
          
 
 
(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 December 31, 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   
Q4 12   
# Closings
                   53
                   73
                   88
                   85
                   94
                 106
                 147
                 121
# of Refunds
                   69
                   72
                   73
                   75
                   92
                   62
                   66
                   79
 
 
 
 
 
 
 
 
 
Resale Receipts:
 
 
 
 
 
 
 
 
    Proceeds from non-refundable entrance fees (1)(2)
              4,918
              8,305
              9,360
              8,387
              7,000
            10,377
            12,926
              9,802
    Proceeds from refundable entrance fees (2)(3)
              4,794
              4,149
              6,366
              9,093
              7,989
              9,317
            12,206
            13,088
      Total Cash Proceeds (2)
              9,712
            12,454
            15,726
            17,480
            14,989
            19,694
            25,132
            22,890
Refunds of entrance fees (4)(5)
            (4,930)
            (6,481)
            (5,475)
            (8,107)
            (8,102)
            (5,429)
            (6,024)
            (7,801)
Net Resale Cash Flow (excluding first generation entrance fees, net)
              4,782
              5,973
            10,251
              9,373
              6,887
            14,265
            19,108
            15,089
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
            15,089
 
 
 
 
 
 
 
 
 
My Choice proceeds included in refundable resale receipts above
              1,144
              1,591
              2,264
              3,994
              2,363
              3,602
              2,466
              4,881
 
 
 
 
 
 
 
 
 
Average Resale $ (excluding My Choice and first generation proceeds)
          161,660
          148,808
          152,977
          158,659
          134,319
          151,811
          154,190
          148,835
Average Refund $ (excluding My Choice and first generation refunds)
          (70,058)
          (81,681)
          (71,863)
          (98,040)
          (84,283)
          (77,500)
          (87,273)
          (95,025)
 
Value of Unsold Inventory ($ in 000's except average resale price)
Gross Value @ Average Resale Price of $155,000
 
 
 
 
 
 
 
            99,200
Refund Attachments
 
 
 
 
 
 
 
          (10,593)
Net Cash Value
 
 
 
 
 
 
 
            88,607
 
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
Q4 12
Amortization of entrance fees (incl. gains on terminations) (7)
            (5,204)
            (6,022)
            (5,890)
            (5,869)
            (6,403)
            (6,647)
            (6,796)
            (6,863)
 
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 December 31, 2012
($ in 000s)
 
Cash Flow Statements
 
 
    
Q1 2011
      
Q2 2011
      
Q3 2011
      
Q4 2011
    
FY 2011
      
Q1 2012
      
Q2 2012
      
Q3 2012
      
Q4 2012
    
FY 2012
  
Cash Flows from Operating Activities
                                  
                                   
 
Net loss
  
$
(12,305
)
  
$
(33,959
)
  
$
(7,036
)
  
$
(14,875
)
  
$
(68,175
)
  
$
(10,338
)
  
$
(18,810
)
  
$
(12,010
)
  
$
(24,487
)
    
(65,645
)
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
      
-
      
-
      
-
      
221
  
Depreciation and amortization
    
74,486
      
72,587
      
68,381
      
66,479
      
281,933
      
67,817
      
68,147
      
67,419
      
66,979
      
270,362
  
Asset impairment
    
14,846
      
-
      
-
      
2,046
      
16,892
      
1,083
      
7,246
      
-
      
19,348
      
27,677
  
Equity in (earnings) loss of unconsolidated ventures
    
(266
)
    
(146
)
    
117
      
(1,137
)
    
(1,432
)
    
(99
)
    
61
      
249
      
3,277
      
3,488
  
Distributions from unconsolidated ventures from cumulative share of net earnings
    
-
      
-
      
700
      
582
      
1,282
      
206
      
809
      
420
      
72
      
1,507
  
Amortization of deferred gain
    
(1,093
)
    
(1,093
)
    
(1,094
)
    
(1,093
)
    
(4,373
)
    
(1,093
)
    
(1,093
)
    
(1,093
)
    
(1,093
)
    
(4,372
)
Amortization of entrance fees
    
(5,762
)
    
(6,604
)
    
(6,499
)
    
(6,536
)
    
(25,401
)
    
(6,403
)
    
(6,647
)
    
(6,796
)
    
(6,863
)
    
(26,709
)
Proceeds from deferred entrance fee revenue
    
6,361
      
9,299
      
10,815
      
11,903
      
38,378
      
7,000
      
10,377
      
12,926
      
9,802
      
40,105
  
Deferred income tax (benefit) provision
    
 
(11,841
 
)
    
 
11,841
      
 
-
      
 
943
      
 
943
      
 
(4
 
)
    
 
(37
 
)
    
 
-
      
 
41
      
 
-
  
Change in deferred lease liability
    
1,726
      
1,456
      
1,824
      
3,602
      
8,608
      
1,642
      
1,564
      
2,118
      
1,344
      
6,668
  
Change in fair value of derivatives and amortization
    
8
      
2,635
      
1,508
      
(273
)
    
3,878
      
233
      
278
      
(140
)
    
(7
)
    
364
  
(Gain) loss on sale of assets
    
(1,315
)
    
-
      
135
      
-
      
(1,180
)
    
114
      
58
      
73
      
87
      
332
  
(Gain) loss on acquisition
    
-
      
-
      
(3,520
)
    
1,538
      
(1,982
)
    
636
      
-
      
-
      
-
      
636
  
Gain on facility lease termination
    
-
      
-
      
-
      
-
      
-
      
(2,780
)
    
-
      
-
      
(8,804
)
    
(11,584
)
Lessor cash reimbursement for tenant incentive
    
 
-
      
 
-
      
 
-
      
 
1,251
      
 
1,251
      
 
-
      
 
-
      
 
-
      
 
-
      
 
-
  
Change in future service obligation
    
 
-
      
 
-
      
 
-
      
 
-
      
 
-
      
 
-
      
 
-
      
 
-
      
 
2,188
      
 
2,188
  
Non-cash stock-based compensation
    
 
4,540
      
 
4,555
      
 
5,221
      
 
5,540
      
 
19,856
      
 
6,435
      
 
6,729
      
 
6,021
      
 
6,335
      
 
25,520
  
Other
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
(487
)
    
-
      
(487
)
Changes in operating assets and liabilities:
                                                                                
Accounts receivable, net
    
(105
)
    
1,728
      
(3,998
)
    
(2,992
)
    
(5,367
)
    
(5,317
)
    
(3,484
)
    
709
      
4,677
      
(3,415
)
Prepaid expenses and other assets, net
    
 
460
      
 
1,477
      
 
(11,425
 
)
    
 
(13,446
 
)
    
 
(22,934
 
)
    
 
(1,681
 
)
    
 
7,622
      
 
(2,793
 
)
    
 
5,539
      
 
8,687
  
Accounts payable and accrued expenses
    
 
8,453
      
 
(7,136
 
)
    
 
1,509
      
 
10,895
      
 
13,721
      
 
(23,705
 
)
    
 
14,410
      
 
17,352
      
 
(3,203
 
)
    
 
4,854
  
Tenant refundable fees and security deposits
    
310
      
(287
)
    
(1,964
)
    
(245
)
    
(2,186
)
    
(442
)
    
(675
)
    
(439
)
    
9
      
(1,547
)
Deferred revenue
    
11,269
      
(6,921
)
    
(739
)
    
(7,757
)
    
(4,148
)
    
12,168
      
(3,701
)
    
(4,098
)
    
7,750
      
12,119
  
Net cash provided by operating activities
    
 
92,666
      
 
64,686
      
 
54,650
      
 
56,425
      
 
268,427
      
 
45,693
      
 
82,854
      
 
79,431
      
 
82,991
      
 
290,969
  
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
 
 
)
    
 
 
(1,232
 
 
)
    
 
 
(7,999
 
 
)
Decrease (increase) in cash and escrow deposits — restricted
    
 
54,455
      
 
3,841
      
 
(2,052
 
)
    
 
(68
 
)
    
 
56,176
      
 
8,442
      
 
(3,038
 
)
    
 
(7,806
 
)
    
 
(2,408
 
)
    
 
(4,810
 
)
Purchase of marketable securities — restricted
    
 
(26,409
 
)
    
 
(6,315
 
)
    
 
-
      
 
-
      
 
(32,724
 
)
    
 
(761
 
)
    
 
(341
 
)
    
 
(351
 
)
    
 
(104
 
)
    
 
(1,557
 
)
Sale of marketable securities — restricted
    
 
809
      
 
608
      
 
(2
 
)
    
 
16
      
 
1,431
      
 
-
      
 
-
      
 
-
      
 
35,124
      
 
35,124
  
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
 
 
 
)
    
 
 
 
(57,031
 
 
 
)
    
 
 
 
(208,412
 
 
 
)
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
 
 
)
    
 
 
(161,215
 
 
)
    
 
 
(272,523
 
 
)
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
 
)
    
 
722
      
 
131
  
Investment in unconsolidated ventures
    
 
-
      
 
-
      
 
(13,711
 
)
    
 
(279
 
)
    
 
(13,990
 
)
    
 
-
      
 
(571
 
)
    
 
-
      
 
(4,797
 
)
    
 
(5,368
 
)
Distributions received from unconsolidated ventures
    
 
60
      
 
56
      
 
40
      
 
50
      
 
206
      
 
100
      
 
84
      
 
72
      
 
94
      
 
350
  
Proceeds from sale of assets, net
    
23,147
      
5,885
      
1,785
      
-
      
30,817
      
-
      
325
      
-
      
8,918
      
9,243
  
Other
    
(164
)
    
(304
)
    
(353
)
    
(93
)
    
(914
)
    
-
      
-
      
487
      
-
      
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
 
)
    
 
(181,929
 
)
    
 
(455,334
 
)
Cash Flows from Financing Activities
                                                                                
Proceeds from debt
    
28,000
      
2,417
      
447,108
      
5,144
      
482,669
      
175,838
      
17,178
      
591
      
178,684
      
372,291
  
Repayment of debt and capital lease obligations
    
(134,550
 
)
    
 
(283,626
 
)
    
 
(461,397
 
)
    
 
(18,992
 
)
    
 
(898,565
 
)
    
 
(86,068
 
)
    
 
(32,585
 
)
    
 
(18,304
 
)
    
 
(54,878
 
)
    
 
(191,835
 
)
Proceeds from line of credit
    
40,000
      
15,000
      
65,000
      
105,000
      
225,000
      
130,000
      
75,000
      
75,000
      
95,000
      
375,000
  
Repayment of line of credit
    
(40,000
)
    
(15,000
)
    
(30,000
)
    
(75,000
)
    
(160,000
)
    
(110,000
)
    
(85,000
)
    
(70,000
)
    
(95,000
)
    
(360,000
)
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
 
)
    
 
(2,753
 
)
    
 
(5,563
 
)
Other
    
(184
)
    
(148
)
    
(122
)
    
(833
)
    
(1,287
)
    
(86
)
    
(178
)
    
(31
)
    
(47
)
    
(342
)
Refundable entrance fees:
                                                                                
   Proceeds from refundable entrance fees
    
 
6,080
      
 
5,310
      
 
7,204
      
 
11,017
      
 
29,611
      
 
7,989
      
 
9,317
      
 
12,206
      
 
13,088
      
 
42,600
  
   Refunds of entrance fees
    
(4,930
)
    
(6,481
)
    
(5,475
)
    
(8,868
)
    
(25,754
)
    
(8,102
)
    
(5,429
)
    
(6,024
)
    
(7,801
)
    
(27,356
)
Cash portion of loss on extinguishment of debt
    
 
(2,861
 
)
    
 
(14,153
 
)
    
 
(26
 
)
    
 
-
      
 
(17,040
 
)
    
 
(118
 
)
    
 
-
      
 
-
      
 
-
      
(118
)
Recouponing and payment of swap termination
    
 
(64
 
)
    
 
(35
 
)
    
 
-
      
 
-
      
 
(99
 
)
    
 
(99
 
)
    
 
(1,190
 
)
    
 
-
      
 
(619
 
)
    
 
(1,908
 
)
Purchase of treasury stock
    
-
      
-
      
(17,613
)
    
-
      
(17,613
)
    
-
 
    
-
      
-
      
-
      
-
  
   Net cash (used in) provided by financing activities
    
 
(111,084
 
)
    
 
(21,232
 
)
    
 
(108
 
)
    
 
16,905
      
 
(115,519
 
)
    
 
106,976
      
 
(23,223
 
)
    
 
(6,658
 
)
    
 
125,674
      
 
202,769
  
            Net (decrease) increase in cash and cash equivalents
    
 
 
(45,095
 
 
)
    
 
 
3,394
      
 
 
(931
 
 
)
    
 
 
(8,359
 
 
)
    
 
 
(50,991
 
 
)
    
 
 
11,277
      
 
 
(3,437
 
 
)
    
 
 
3,828
      
 
 
26,736
      
 
 
38,404
  
            Cash and cash equivalents at beginning of period
    
 
81,827
      
36,732
      
40,126
      
39,195
      
81,827
      
30,836
      
42,113
      
38,676
      
42,504
      
30,836
  
            Cash and cash equivalents at end of period
  
 
 
$
 
 
36,732
    
 
 
$
 
 
40,126
    
 
 
$
 
 
39,195
    
 
 
$
 
30,836
    
 
 
$
 
 
30,836
    
 
 
$
 
 
42,113
    
 
 
$
 
 
38,676
    
 
 
$
 
 
42,504
    
 
 
$
 
 
69,240
    
 
 
$
 
 
69,240
  
 
 
 
 

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