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.
|
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Corporate
Overview - selected financial information
|
|
|
As
of December 31, 2009
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Corporate
Overview
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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. Currently the Company owns and operates independent
living, assisted living, and dementia-care communities and continuing care
retirement centers, with 565 communities in 35 states and the ability to
serve approximately 53,600
residents.
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Stock
Listing
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Common
Stock
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||||||||||
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NYSE:
BKD
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Community
Information
|
||||||||||
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Ownership Type
|
Number
of Facilities
|
Number
of Units/Beds
|
Percentage
of Q4 2009 Revenues
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Percentage
of Q4 2009 Facility Operating Income
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Percentage
of YTD 2009 Revenues
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Percentage
of
YTD
2009 Facility
Operating
Income
|
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|||||||||||||||||||||||||||||||||
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Owned
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187 | 20,746 | 41.3 | % | 39.0 | % | 40.0 | % | 38.5 | % | ||||||||||||||||||||||||||||||
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Leased
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359 | 29,092 | 58.4 | % | 60.0 | % | 59.7 | % | 60.6 | % | ||||||||||||||||||||||||||||||
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Managed
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19 | 3,788 | 0.3 | % | 1.0 | % | 0.3 | % | 0.9 | % | ||||||||||||||||||||||||||||||
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Total
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565 | 53,626 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||||||||||||||||
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Operating Type
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||||||||||||||||||||||||||||||||||||||||
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Retirement
Centers
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80 | 14,867 | 24.2 | % | 29.8 | % | 24.6 | % | 29.7 | % | ||||||||||||||||||||||||||||||
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Assisted
Living
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430 | 22,954 | 46.1 | % | 43.8 | % | 45.8 | % | 45.0 | % | ||||||||||||||||||||||||||||||
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CCRCs
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36 | 12,017 | 29.4 | % | 25.4 | % | 29.3 | % | 24.4 | % | ||||||||||||||||||||||||||||||
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Managed
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19 | 3,788 | 0.3 | % | 1.0 | % | 0.3 | % | 0.9 | % | ||||||||||||||||||||||||||||||
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Total
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565 | 53,626 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||||||||||||||||
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CFFO
Per Share ($)
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||||||||||||||||||||||||||||||||||||||||
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($
except where indicated)
|
FY
2008
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FY
2009
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||||||||||||||||||||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 |
Full
Year(1)
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Q1 | Q2 | Q3 | Q4 |
Full
Year(1)
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|||||||||||||||||||||||||||||||
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Reported
CFFO
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$ | 0.38 | $ | 0.36 | $ | 0.22 | $ | 0.32 | $ | 1.28 | $ | 0.49 | $ | 0.50 | $ | 0.41 | $ | 0.39 | $ | 1.79 | ||||||||||||||||||||
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Add: hurricane
costs
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- | - | 0.04 | 0.01 | 0.05 | - | - | - | - | - | ||||||||||||||||||||||||||||||
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Add: non-recurring,
acquisition, integration and system costs
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0.03 | 0.10 | 0.04 | 0.02 | 0.19 | - | - | 0.02 | 0.03 | 0.05 | ||||||||||||||||||||||||||||||
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Adjusted
CFFO
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$ | 0.41 | $ | 0.46 | $ | 0.30 | $ | 0.35 | $ | 1.52 | $ | 0.49 | $ | 0.50 | $ | 0.43 | $ | 0.42 | $ | 1.84 | ||||||||||||||||||||
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Weighted
Average Shares
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101,995 | 101,856 | 101,398 | 101,424 | 101,738 | 106,042 | 118,455 | 118,653 | ||||||||||||||||||||||||||||||||
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(1)
Annual CFFO for all periods is calculated as the sum of the
quarterly amounts for the year.
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Investor
Relations
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||||||||||||||||||||||||||||||||||||||||
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Ross
Roadman
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SVP,
Investor Relations
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Brookdale
Senior Living Inc.
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111
Westwood Place, Suite 200
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Brentwood,
TN 37027
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Phone
(615) 564-8104
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rroadman@brookdaleliving.com
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Note: See
accompanying fourth quarter earnings release for non-GAAP financial
measure definitions and reconciliations.
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Brookdale
Senior Living Inc.
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Operating
Segment Info
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As
of December 31, 2009
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Selected
Segment Operating and Other Data as Reported in the
10K
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FY
2008
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FY
2009
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Q1 | Q2 | Q3 | Q4 |
Full
Year
|
Q1 | Q2 | Q3 | Q4 |
Full
Year
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||||||||||||||||||||||||||||||
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Retirement
Centers
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Number
of communities (period end)
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79 | 79 | 79 | 77 | 77 | 77 | 77 | 77 | 80 | 80 | ||||||||||||||||||||||||||||||
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Total
units/beds
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14,746 | 14,692 | 14,688 | 14,229 | 14,229 | 14,236 | 14,236 | 14,233 | 14,867 | 14,867 | ||||||||||||||||||||||||||||||
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Total
units/beds excluding equity homes
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14,651 | 14,597 | 14,593 | 14,134 | 14,134 | 14,141 | 14,141 | 14,138 | 14,772 | 14,772 | ||||||||||||||||||||||||||||||
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Weighted
average occupancy
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90.5 | % | 89.5 | % | 90.5 | % | 90.1 | % | 90.3 | % | 88.8 | % | 88.6 | % | 89.0 | % | 88.8 | % | 88.8 | % | ||||||||||||||||||||
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Average
monthly revenue per unit/bed
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$ | 3,132 | $ | 3,168 | $ | 3,176 | $ | 3,219 | $ | 3,171 | $ | 3,272 | $ | 3,296 | $ | 3,292 | $ | 3,278 | $ | 3,285 | ||||||||||||||||||||
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Assisted
Living
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Number
of communities (period end)
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417 | 418 | 418 | 417 | 417 | 414 | 413 | 413 | 430 | 430 | ||||||||||||||||||||||||||||||
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Total
units/beds
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21,907 | 22,021 | 22,081 | 22,043 | 22,043 | 21,830 | 21,829 | 21,826 | 22,954 | 22,954 | ||||||||||||||||||||||||||||||
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Total
units/beds excluding equity homes
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21,907 | 22,021 | 22,081 | 22,043 | 22,043 | 21,830 | 21,829 | 21,826 | 22,911 | 22,911 | ||||||||||||||||||||||||||||||
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Weighted
average occupancy
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89.9 | % | 89.0 | % | 90.3 | % | 90.6 | % | 89.9 | % | 89.6 | % | 89.6 | % | 90.7 | % | 91.3 | % | 90.3 | % | ||||||||||||||||||||
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Average
monthly revenue per unit/bed
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$ | 3,754 | $ | 3,765 | $ | 3,737 | $ | 3,752 | $ | 3,752 | $ | 3,905 | $ | 3,900 | $ | 3,861 | $ | 3,895 | $ | 3,890 | ||||||||||||||||||||
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CCRCs
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||||||||||||||||||||||||||||||||||||||||
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Number
of communities (period end)
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32 | 32 | 32 | 32 | 32 | 35 | 35 | 35 | 36 | 36 | ||||||||||||||||||||||||||||||
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Total
units/beds
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10,798 | 10,838 | 10,871 | 11,183 | 11,183 | 11,474 | 11,470 | 11,777 | 12,017 | 12,017 | ||||||||||||||||||||||||||||||
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Total
units/beds excluding equity homes
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9,998 | 10,038 | 10,076 | 10,392 | 10,392 | 10,679 | 10,675 | 10,982 | 11,222 | 11,222 | ||||||||||||||||||||||||||||||
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Weighted
average occupancy
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89.4 | % | 88.1 | % | 87.4 | % | 87.2 | % | 87.9 | % | 86.7 | % | 86.2 | % | 85.7 | % | 84.3 | % | 85.7 | % | ||||||||||||||||||||
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Average
monthly revenue per unit/bed
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$ | 4,699 | $ | 4,767 | $ | 4,810 | $ | 4,864 | $ | 4,759 | $ | 5,017 | $ | 5,128 | $ | 5,200 | $ | 5,210 | $ | 5,139 | ||||||||||||||||||||
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Consolidated
Totals
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||||||||||||||||||||||||||||||||||||||||
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Number
of communities (period end)
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528 | 529 | 529 | 526 | 526 | 526 | 525 | 525 | 546 | 546 | ||||||||||||||||||||||||||||||
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Total
units/beds
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47,451 | 47,551 | 47,640 | 47,455 | 47,455 | 47,540 | 47,535 | 47,836 | 49,838 | 49,838 | ||||||||||||||||||||||||||||||
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Total
units/beds excluding equity homes
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46,556 | 46,656 | 46,750 | 46,569 | 46,569 | 46,650 | 46,645 | 46,946 | 48,905 | 48,905 | ||||||||||||||||||||||||||||||
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Weighted
average occupancy
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90.0 | % | 88.9 | % | 89.7 | % | 89.7 | % | 89.6 | % | 88.7 | % | 88.5 | % | 89.0 | % | 88.9 | % | 88.8 | % | ||||||||||||||||||||
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Average
monthly revenue per unit/bed
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$ | 3,759 | $ | 3,791 | $ | 3,786 | $ | 3,830 | $ | 3,791 | $ | 3,961 | $ | 3,990 | $ | 3,987 | $ | 4,001 | $ | 3,985 | ||||||||||||||||||||
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Management
Services
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||||||||||||||||||||||||||||||||||||||||
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Number
of communities (period end)
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22 | 21 | 21 | 22 | 22 | 22 | 21 | 22 | 19 | 19 | ||||||||||||||||||||||||||||||
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Total
units/beds
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4,406 | 4,296 | 4,293 | 4,349 | 4,349 | 4,348 | 4,309 | 4,432 | 3,788 | 3,788 | ||||||||||||||||||||||||||||||
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Weighted
average occupancy
|
83.4 | % | 83.7 | % | 85.3 | % | 87.4 | % | 84.9 | % | 86.3 | % | 84.6 | % | 83.9 | % | 84.4 | % | 84.8 | % | ||||||||||||||||||||
|
Average
Occupancy and Rates based on Average Occupied Units in the
Period
|
||||||||||||||||
|
The
table below represents occupancy based on a consistent treatment of units
across all product lines. The table above is a combination of
both units and beds.
|
|
FY
2008
|
FY
2009
|
|||||||||||||||||||||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 |
Full
Year
|
Q1 | Q2 | Q3 | Q4 |
Full
Year
|
|||||||||||||||||||||||||||||||
|
Retirement
Centers
|
||||||||||||||||||||||||||||||||||||||||
|
Number
of communities (period end)
|
79 | 79 | 79 | 77 | 77 | 77 | 77 | 77 | 80 | 80 | ||||||||||||||||||||||||||||||
|
Total
average units
|
14,614 | 14,568 | 14,549 | 14,105 | 14,459 | 14,116 | 14,117 | 14,114 | 14,203 | 14,137 | ||||||||||||||||||||||||||||||
|
Weighted
average unit occupancy
|
89.3 | % | 88.3 | % | 88.9 | % | 88.8 | % | 88.8 | % | 87.4 | % | 86.9 | % | 87.3 | % | 87.2 | % | 87.2 | % | ||||||||||||||||||||
|
Average
monthly revenue per unit
|
$ | 3,181 | $ | 3,216 | $ | 3,246 | $ | 3,271 | $ | 3,228 | $ | 3,331 | $ | 3,366 | $ | 3,361 | $ | 3,373 | $ | 3,358 | ||||||||||||||||||||
|
Assisted
Living
|
||||||||||||||||||||||||||||||||||||||||
|
Number
of communities (period end)
|
417 | 418 | 418 | 417 | 417 | 414 | 413 | 413 | 430 | 430 | ||||||||||||||||||||||||||||||
|
Total
average units
|
20,160 | 20,170 | 20,308 | 20,316 | 20,239 | 20,084 | 20,073 | 20,062 | 20,600 | 20,205 | ||||||||||||||||||||||||||||||
|
Weighted
average unit occupancy
|
86.7 | % | 85.7 | % | 86.7 | % | 87.4 | % | 86.6 | % | 86.2 | % | 86.0 | % | 87.0 | % | 87.9 | % | 86.8 | % | ||||||||||||||||||||
|
Average
monthly revenue per unit
|
$ | 4,229 | $ | 4,244 | $ | 4,222 | $ | 4,228 | $ | 4,231 | $ | 4,412 | $ | 4,417 | $ | 4,376 | $ | 4,390 | $ | 4,398 | ||||||||||||||||||||
|
CCRCs
|
||||||||||||||||||||||||||||||||||||||||
|
Number
of communities (period end)
|
32 | 32 | 32 | 32 | 32 | 35 | 35 | 35 | 36 | 36 | ||||||||||||||||||||||||||||||
|
Total
average units
|
9,989 | 10,038 | 10,076 | 10,372 | 10,119 | 10,632 | 10,675 | 10,816 | 11,162 | 10,821 | ||||||||||||||||||||||||||||||
|
Weighted
average unit occupancy
|
89.4 | % | 87.9 | % | 87.1 | % | 86.8 | % | 87.8 | % | 86.5 | % | 85.7 | % | 85.1 | % | 83.7 | % | 85.2 | % | ||||||||||||||||||||
|
Average
monthly revenue per unit
|
$ | 4,701 | $ | 4,779 | $ | 4,829 | $ | 4,887 | $ | 4,799 | $ | 5,030 | $ | 5,153 | $ | 5,239 | $ | 5,249 | $ | 5,168 | ||||||||||||||||||||
|
Consolidated
Totals
|
||||||||||||||||||||||||||||||||||||||||
|
Number
of communities (period end)
|
528 | 529 | 529 | 526 | 526 | 526 | 525 | 525 | 546 | 546 | ||||||||||||||||||||||||||||||
|
Total
average units
|
44,763 | 44,776 | 44,933 | 44,793 | 44,817 | 44,832 | 44,865 | 44,992 | 45,965 | 45,163 | ||||||||||||||||||||||||||||||
|
Weighted
average unit occupancy
|
88.1 | % | 87.1 | % | 87.5 | % | 87.7 | % | 87.6 | % | 86.6 | % | 86.2 | % | 86.7 | % | 86.7 | % | 86.6 | % | ||||||||||||||||||||
|
Average
monthly revenue per unit
|
$ | 3,989 | $ | 4,026 | $ | 4,036 | $ | 4,073 | $ | 4,031 | $ | 4,215 | $ | 4,258 | $ | 4,259 | $ | 4,275 | $ | 4,252 | ||||||||||||||||||||
|
Brookdale
Senior Living Inc.
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|
Same
Community, Capital Expenditure and ISC Information
|
||||||||||||||||||||||||
|
As
of December 31, 2009
|
||||||||||||||||||||||||
|
Same
Community Information
|
||||||||||||||||||||||||
|
($
in 000s, except Avg. Mo. Revenue/unit)
|
||||||||||||||||||||||||
|
Three
Months Ended December 31,
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Twelve
Months Ended December 31,
|
|||||||||||||||||||||||
|
2009
|
2008
(1)
|
%
Change
|
2009
|
2008
(1)
|
%
Change
|
|||||||||||||||||||
|
Revenue
|
$ | 474,918 | $ | 460,789 | 3.1 | % | $ | 1,892,290 | $ | 1,817,984 | 4.1 | % | ||||||||||||
|
Operating
Expense
|
310,792 | 305,739 | 1.7 | % | 1,217,457 | 1,191,844 | 2.1 | % | ||||||||||||||||
|
Facility
Operating Income
|
$ | 164,126 | $ | 155,050 | 5.9 | % | $ | 674,833 | $ | 626,140 | 7.8 | % | ||||||||||||
|
Facility
Operating Margin
|
34.6 | % | 33.6 | % | 0.9 | % | 35.7 | % | 34.4 | % | 1.2 | % | ||||||||||||
|
#
Communities
|
514 | 514 | 514 | 514 | ||||||||||||||||||||
|
Avg.
Period Occupancy
|
89.5 | % | 90.2 | % | -0.7 | % | 89.3 | % | 89.9 | % | -0.6 | % | ||||||||||||
|
Avg.
Mo. Revenue/unit
|
$ | 3,953 | $ | 3,807 | 3.8 | % | $ | 3,949 | $ | 3,765 | 4.9 | % | ||||||||||||
|
(1)
Excludes $601 and $1,257 of expenses related to hurricane and
named-tropical storms for the three months and twelve months ended
December 31, 2008
|
||||||||||||||||||||||||
|
Schedule
of Capital Expenditures
|
||||||||
|
($
in 000s)
|
||||||||
|
Three
Months Ended December 31,
|
||||||||
|
2009
|
2008
|
|||||||
|
Type
|
||||||||
|
Recurring
|
$ | 8,155 | $ | 7,984 | ||||
|
Reimbursements
|
(671 | ) | (288 | ) | ||||
|
Net
Recurring
|
7,484 | 7,696 | ||||||
|
Corporate
(1)
|
2,106 | 1,227 | ||||||
|
EBITDA-enhancing
(2)
|
8,126 | 10,032 | ||||||
|
Development
(3)
|
11,559 | 35,606 | ||||||
|
Reimbursements
(4)
|
(12,152 | ) | (38,794 | ) | ||||
|
Net
Development
|
(593 | ) | (3,188 | ) | ||||
|
Net
Total Capital Expenditures
|
$ | 17,123 | $ | 15,767 | ||||
|
(1) Corporate
primarily includes capital expenditures for information technology systems
and equipment
|
||||||||
|
(2) EBITDA-enhancing
capital expenditures generally represent unusual or non-recurring capital
items and/or major renovations
|
||||||||
|
(3) Development
capital expenditures primarily relate to the facilty expansion and de novo
development program
|
||||||||
|
(4) Development
reimbursements are typically received after expenditures are actually
made. Only includes cash reimbursements received during the
period
|
||||||||
|
Information
on Ancillary Services
|
||||||||
|
Three
Months Ended December 31,
|
||||||||
|
2009
|
2008
|
|||||||
|
Brookdale
Units Served:
|
||||||||
|
Therapy
|
||||||||
|
Legacy
ARC
|
12,472 | 12,536 | ||||||
|
Total
|
35,690 | 33,456 | ||||||
|
Home
Health
|
||||||||
|
Legacy
ARC
|
8,570 | 7,593 | ||||||
|
Total
|
20,159 | 14,028 | ||||||
|
Avg.
Mo. NOI/Occupied Unit
|
||||||||
|
Legacy
ARC
|
$ | 295 | $ | 222 | ||||
|
Total
|
$ | 229 | $ | 146 | ||||
|
Brookdale
Senior Living Inc.
|
||||||
|
Capital
Structure - selected financial information
|
||||||
|
As
of December 31, 2009
|
||||||
|
($
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
|
|||||||||||||||||||||||||||
|
2010
|
145,644 | 2.47 | % | - | 145,644 | 2.47 | % | 20,541 | 8.34 | % | 166,185 | ||||||||||||||||||||||||
|
2011
|
285,131 | 6.97 | % | - | 285,131 | 6.97 | % | 23,636 | 8.35 | % | 308,767 | ||||||||||||||||||||||||
|
2012
|
883,010 | 3.49 | % | - | 883,010 | 3.49 | % | 25,950 | 8.36 | % | 908,960 | ||||||||||||||||||||||||
|
2013
|
641,387 | 4.70 | % | - | 641,387 | 4.70 | % | 25,596 | 8.46 | % | 666,983 | ||||||||||||||||||||||||
|
2014
|
141,820 | 5.86 | % | - | 141,820 | 5.86 | % | 29,079 | 8.47 | % | 170,899 | ||||||||||||||||||||||||
|
Thereafter
|
176,799 | 3.70 | % | - | 176,799 | 3.70 | % | 226,933 | 8.93 | % | 403,732 | ||||||||||||||||||||||||
|
Total
|
2,273,791 | 4.37 | % | - | 2,273,791 | 4.37 | % | 351,735 | 8.74 | % | 2,625,526 | ||||||||||||||||||||||||
|
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
|
|||||||||||||||||||||||||||
|
2010
|
19,644 | 5.32 | % | - | 19,644 | 5.32 | % | 20,541 | 8.34 | % | 40,185 | ||||||||||||||||||||||||
|
2011
|
287,274 | 4.00 | % | - | 287,274 | 4.00 | % | 23,636 | 8.35 | % | 310,910 | ||||||||||||||||||||||||
|
2012
|
884,761 | 3.50 | % | - | 884,761 | 3.50 | % | 24,482 | 8.41 | % | 909,243 | ||||||||||||||||||||||||
|
2013
|
638,143 | 5.35 | % | - | 638,143 | 5.35 | % | 25,596 | 8.46 | % | 663,739 | ||||||||||||||||||||||||
|
2014
|
1,820 | 7.19 | % | - | 1,820 | 7.19 | % | 29,079 | 8.47 | % | 30,899 | ||||||||||||||||||||||||
|
Thereafter
|
442,149 | 4.86 | % | - | 442,149 | 4.86 | % | 228,401 | 8.92 | % | 670,550 | ||||||||||||||||||||||||
|
Total
|
2,273,791 | 4.37 | % | - | 2,273,791 | 4.37 | % | 351,735 | 8.74 | % | 2,625,526 | ||||||||||||||||||||||||
|
Coverage
Ratios
|
||||||||||||||||||||||||||||||||||||
|
Twelve
months ended December 31, 2009
|
||||||||||||||||||||||||||||||||||||
|
Interest/Cash
Lease
|
||||||||||||||||||||||||||||||||||||
|
Units
|
FOI
|
Adj.
FOI **
|
Payments
|
Coverage
|
||||||||||||||||||||||||||||||||
|
Owned
Communities
|
20,746 | 276,602 | 228,846 | 99,653 | 2.3 | x | ||||||||||||||||||||||||||||||
|
Leased
Communities *
|
29,092 | 435,427 | 364,922 | 289,806 | 1.3 | x | ||||||||||||||||||||||||||||||
|
* The
leased communities include the capital leases.
|
||||||||||||||||||||||||||||||||||||
|
** Adjusted
for 5% management fee and capital expenditures @
$350/unit.
|
||||||||||||||||||||||||||||||||||||
|
Debt
Amortization
|
||||||||||||||||||||||||||||||||||||
| Twelve months ended December 31, | ||||||||||||||||||||||||||||||||||||
|
|
2008 | 2009 | ||||||||||||||||||||||||||||||||||
|
Scheduled
Debt Amortization
|
1,981 | 4,249 | ||||||||||||||||||||||||||||||||||
|
Lease
Financing Debt Amortization - FMV or no Purchase Option
(4)
|
6,691 | 7,195 | ||||||||||||||||||||||||||||||||||
|
Lease
Financing Debt Amortization - Bargain Purchase Option
|
10,366 | 10,646 | ||||||||||||||||||||||||||||||||||
|
Total
Debt Amortization
|
19,038 | 22,090 | ||||||||||||||||||||||||||||||||||
|
Line
Availability
|
||||||||||||||||||||||||||||||||||||
|
($000s)
|
Dec-08
|
Mar-09
|
Jun-09
|
Sep-09
|
Dec-09
|
|||||||||||||||||||||||||||||||
|
Revolver
Balance
|
159,453 | 155,000 | - | - | - | |||||||||||||||||||||||||||||||
|
Letters
of Credit Outstanding (7)
|
107,261 | 20,759 | 23,562 | 23,657 | 17,347 | |||||||||||||||||||||||||||||||
|
Ending
Line Balance
|
266,714 | 175,759 | 23,562 | 23,657 | 17,347 | |||||||||||||||||||||||||||||||
|
Cash
and cash equivalents
|
53,973 | 52,507 | 95,611 | 159,313 | 66,370 | |||||||||||||||||||||||||||||||
|
Total
Line Capacity
|
220,000 | 75,000 | 75,000 | 75,000 | ||||||||||||||||||||||||||||||||
|
Total
Liquidity (Line Availability + Cash)
|
96,748 | 147,049 | 210,656 | 124,023 | ||||||||||||||||||||||||||||||||
|
Letters
of credit outstanding on line (7)
|
107,261 | 20,759 | 23,562 | 23,657 | 17,347 | |||||||||||||||||||||||||||||||
|
Other
letters of credit
|
42,475 | 48,475 | 48,475 | 48,475 | 48,770 | |||||||||||||||||||||||||||||||
|
Total
letters of credit outstanding (7)
|
149,736 | 69,234 | 72,037 | 72,132 | 66,117 | |||||||||||||||||||||||||||||||
|
Leverage
Ratios
|
|||||||||||
|
Annualized
|
|||||||||||
|
Balance
|
Leverage
|
||||||||||
|
Mortgage
Debt (1)
|
2,273,791
|
||||||||||
|
Capital
Leases
|
351,735
|
||||||||||
|
Total
Property-Level Debt
|
2,625,526
|
7.0x
|
|||||||||
|
Plus:
Line of Credit (cash borrowings)
|
-
|
||||||||||
|
Less:
Unrestricted Cash
|
(66,370)
|
||||||||||
|
Less:
Cash held as collateral against existing debt
|
(28,492)
|
||||||||||
|
Total
Debt
|
2,530,664
|
6.7x
|
|||||||||
|
2009
Adjusted EBITDA
|
348,555
|
||||||||||
|
11
mos of acquisitions EBITDA (8)
|
27,125
|
||||||||||
|
Proforma
2009 Adjusted EBITDA
|
375,680
|
||||||||||
|
Annualized
Cash Lease Expense multiplied by 8
|
2,084,720
|
||||||||||
|
Total
Adjusted Debt
|
4,615,384
|
7.3x
|
|||||||||
|
2009
Adjusted EBITDAR
|
636,270
|
||||||||||
|
Debt
Structure
|
|||||||||||
|
weighted
|
|||||||||||
|
Balance
|
rate
(2)
|
||||||||||
|
Fixed
Rate Mortgage Debt
|
999,539
|
6.03%
|
|||||||||
|
Variable
Rate Mortgage Debt (1)
|
1,274,252
|
3.06%
|
|||||||||
|
Capital
Leases
|
351,735
|
8.74%
|
|||||||||
|
Line
of Credit (cash borrowings)
|
-
|
||||||||||
|
Total
Debt
|
2,625,526
|
||||||||||
|
Balance
|
%
of total
|
||||||||||
|
Variable
Rate debt with Interest Rate Swaps (5)
|
351,840
|
27.6%
|
|||||||||
|
Variable
Rate debt with Interest Rate Caps (1) (6)
|
811,365
|
63.7%
|
|||||||||
|
Variable
Rate debt - Unhedged
|
111,047
|
8.7%
|
|||||||||
|
Total
Variable Rate Mortgage Debt
|
1,274,252
|
100.0%
|
|||||||||
|
(1)
Also includes both bond and discount mortgage backed security
financing.
|
||||||||||||||||||||
|
(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 3.74%.
|
||||||||||||||||||||
|
(6)
Weighted cap rate for stated reporting period of 5.94% is materially above
current market rates, therefore caps have no impact on consolidated
interest expense for given period.
|
||||||||||||||||||||
|
(7)
December 2008 includes $32.2 million of duplicative letters of credit that
were returned during the first quarter of 2009.
|
||||||||||||||||||||
|
(8)
Represents actual EBITDA on current year acquisitions from January 1, 2009
to the date of acquisition when actual results are
consolidated.
|
||||||||||||||||||||
|
Brookdale
Senior Living Inc.
|
|
CFFO
Reconciliation
|
|
As
of December 31, 2009
|
|
($
in 000s)
|
|
CFFO
Calculation
|
||||||||
| Three Months Ended December 31, | ||||||||
|
2009
|
2008
|
|||||||
|
Net
cash provided by operating activities (includes non-refundable entrance
fees)
|
$ | 51,248 | $ | 29,413 | ||||
|
Less:
Changes in operating assets and liabilities (eliminates cash flow
effect)
|
11,753 | 12,562 | ||||||
|
Add:
Refundable entrance fees received
|
13,354 | 4,686 | ||||||
|
Less:
Entrance fee refunds disbursed
|
(6,074 | ) | (4,819 | ) | ||||
|
Less: First
generation entrance fees
|
(15,047 | ) | - | |||||
|
Less:
Recurring capital expenditures, net
|
(7,484 | ) | (7,696 | ) | ||||
|
Less:
Lease financing debt amortization with fair market value or no purchase
options
|
(1,824 | ) | (1,716 | ) | ||||
|
Acquisition,
transaction, integration, system and hurricane costs
|
3,554 | 3,469 | ||||||
|
Cash
From Facility Operations
|
$ | 49,480 | $ | 35,899 | ||||
|
Revenue
Reconciliation
|
||||||||||||||||||||||||||||||||||||||||
|
FY
2008
|
FY
2009
|
|||||||||||||||||||||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 |
Full
Year
|
Q1 | Q2 | Q3 | Q4 |
Full
Year
|
|||||||||||||||||||||||||||||||
|
Revenue
reconciliation excl. entrance fee amortization
|
||||||||||||||||||||||||||||||||||||||||
|
Average
monthly revenue per quarter
|
3,759 | 3,791 | 3,786 | 3,830 | 3,791 | 3,961 | 3,990 | 3,987 | 4,001 | 3,985 | ||||||||||||||||||||||||||||||
|
Average
monthly units (excluding equity homes) available
|
46,520 | 46,566 | 46,725 | 46,576 | 46,603 | 46,595 | 46,654 | 46,792 | 47,910 | 46,990 | ||||||||||||||||||||||||||||||
|
Average
occupancy for the quarter
|
90.0 | % | 88.9 | % | 89.7 | % | 89.7 | % | 89.6 | % | 88.7 | % | 88.5 | % | 89.0 | % | 88.9 | % | 88.8 | % | ||||||||||||||||||||
|
Resident
fee revenue
|
$ | 472,144 | $ | 470,808 | $ | 476,043 | $ | 480,040 | $ | 1,899,035 | $ | 491,119 | $ | 494,227 | $ | 498,114 | $ | 511,228 | $ | 1,994,688 | ||||||||||||||||||||
|
Add: management
fee revenue
|
1,813 | 2,264 | 1,527 | 1,390 | 6,994 | 1,717 | 1,298 | 1,987 | 1,717 | 6,719 | ||||||||||||||||||||||||||||||
|
Total
revenues excluding entrance fee amortization
|
$ | 473,957 | $ | 473,072 | $ | 477,570 | $ | 481,430 | $ | 1,906,029 | $ | 492,836 | $ | 495,525 | $ | 500,101 | $ | 512,945 | $ | 2,001,407 | ||||||||||||||||||||
|
CFFO
Reconciliation to the Income Statement
|
||||||||||||||||||||||||||||||||||||||||
|
Resident
fee revenue
|
$ | 480,648 | $ | 478,201 | $ | 482,277 | $ | 486,928 | $ | 1,928,054 | $ | 497,946 | $ | 500,757 | $ | 505,843 | $ | 518,522 | $ | 2,023,068 | ||||||||||||||||||||
|
Less: Entrance
fee amortization
|
(6,691 | ) | (5,129 | ) | (4,707 | ) | (5,498 | ) | (22,025 | ) | (5,110 | ) | (5,232 | ) | (5,742 | ) | (5,577 | ) | (21,661 | ) | ||||||||||||||||||||
|
Adjusted
revenues
|
473,957 | 473,072 | 477,570 | 481,430 | 1,906,029 | 492,836 | 495,525 | 500,101 | 512,945 | 2,001,407 | ||||||||||||||||||||||||||||||
|
Less: Facility
operating expenses
|
(305,059 | ) | (306,526 | ) | (326,214 | ) | (323,782 | ) | (1,261,581 | ) | (318,112 | ) | (316,586 | ) | (328,939 | ) | (340,683 | ) | (1,304,320 | ) | ||||||||||||||||||||
|
Add:
Loss on sale of communites, net
|
- | - | - | - | - | - | - | - | 2,043 | 2,043 | ||||||||||||||||||||||||||||||
|
Add:
Change in future service obligation
|
- | - | - | - | - | - | - | - | (2,342 | ) | (2,342 | ) | ||||||||||||||||||||||||||||
| (305,059 | ) | (306,526 | ) | (326,214 | ) | (323,782 | ) | (1,261,581 | ) | (318,112 | ) | (316,586 | ) | (328,939 | ) | (340,982 | ) | (1,304,619 | ) | |||||||||||||||||||||
|
Less: G&A
excluding non-cash stock expense
|
(36,388 | ) | (40,297 | ) | (32,948 | ) | (31,286 | ) | (140,919 | ) | (33,707 | ) | (31,721 | ) | (34,720 | ) | (34,716 | ) | (134,864 | ) | ||||||||||||||||||||
|
Add: G&A
non-cash stock expense
|
8,010 | 8,621 | 6,737 | 5,569 | 28,937 | 6,809 | 6,871 | 7,869 | 5,386 | 26,935 | ||||||||||||||||||||||||||||||
|
Net
G&A
|
(28,378 | ) | (31,676 | ) | (26,211 | ) | (25,717 | ) | (111,982 | ) | (26,898 | ) | (24,850 | ) | (26,851 | ) | (29,330 | ) | (107,929 | ) | ||||||||||||||||||||
|
Less: Facility
lease expense
|
(67,812 | ) | (67,199 | ) | (67,017 | ) | (67,441 | ) | (269,469 | ) | (67,741 | ) | (68,434 | ) | (68,036 | ) | (67,885 | ) | (272,096 | ) | ||||||||||||||||||||
|
Add: Straight-line
lease expense
|
5,751 | 5,215 | 4,709 | 4,910 | 20,585 | 4,248 | 4,032 | 3,793 | 3,778 | 15,851 | ||||||||||||||||||||||||||||||
|
Less: Amortization
of deferred gain
|
(1,085 | ) | (1,086 | ) | (1,086 | ) | (1,085 | ) | (4,342 | ) | (1,086 | ) | (1,085 | ) | (1,088 | ) | (1,086 | ) | (4,345 | ) | ||||||||||||||||||||
|
Net
lease expense
|
(63,146 | ) | (63,070 | ) | (63,394 | ) | (63,616 | ) | (253,226 | ) | (64,579 | ) | (65,487 | ) | (65,331 | ) | (65,193 | ) | (260,590 | ) | ||||||||||||||||||||
|
Entrance
fee receipts
|
6,272 | 12,597 | 11,526 | 12,077 | 42,472 | 8,510 | 9,816 | 11,305 | 13,571 | 43,202 | ||||||||||||||||||||||||||||||
|
Entrance
fee disbursements
|
(3,632 | ) | (4,843 | ) | (5,856 | ) | (4,819 | ) | (19,150 | ) | (5,836 | ) | (6,357 | ) | (4,649 | ) | (6,074 | ) | (22,916 | ) | ||||||||||||||||||||
|
Net
entrance fees
|
2,640 | 7,754 | 5,670 | 7,258 | 23,322 | 2,674 | 3,459 | 6,656 | 7,497 | 20,286 | ||||||||||||||||||||||||||||||
|
Adjusted
EBITDA
|
80,014 | 79,554 | 67,421 | 75,573 | 302,562 | 85,921 | 92,061 | 85,636 | 84,937 | 348,555 | ||||||||||||||||||||||||||||||
|
Less: Recurring
capital expenditures, net
|
(6,037 | ) | (6,614 | ) | (6,965 | ) | (7,696 | ) | (27,312 | ) | (2,655 | ) | (3,888 | ) | (5,495 | ) | (7,484 | ) | (19,522 | ) | ||||||||||||||||||||
|
Less: Interest
expense, net
|
(34,245 | ) | (34,264 | ) | (36,216 | ) | (35,046 | ) | (139,771 | ) | (32,001 | ) | (33,122 | ) | (29,951 | ) | (31,441 | ) | (126,515 | ) | ||||||||||||||||||||
|
Less: Lease
financing debt amortization with fair market value or no purchase
options
|
(1,625 | ) | (1,662 | ) | (1,688 | ) | (1,716 | ) | (6,691 | ) | (1,780 | ) | (1,798 | ) | (1,793 | ) | (1,824 | ) | (7,195 | ) | ||||||||||||||||||||
|
Less: Other
|
478 | (341 | ) | (96 | ) | 1,315 | 1,356 | 706 | (733 | ) | (202 | ) | 1,738 | 1,509 | ||||||||||||||||||||||||||
|
Reported
CFFO
|
$ | 38,585 | $ | 36,673 | $ | 22,456 | $ | 32,430 | $ | 130,144 | $ | 50,191 | $ | 52,520 | $ | 48,195 | $ | 45,926 | $ | 196,832 | ||||||||||||||||||||
|
Add: hurricane
costs
|
- | - | 3,613 | 1,187 | 4,800 | - | - | - | - | - | ||||||||||||||||||||||||||||||
|
Add: non-recurring,
acquisition, integration and system costs
|
2,880 | 10,447 | 3,902 | 2,282 | 19,511 | - | - | 2,200 | 3,554 | 5,754 | ||||||||||||||||||||||||||||||
|
Adjusted
CFFO
|
$ | 41,465 | $ | 47,120 | $ | 29,971 | $ | 35,899 | $ | 154,455 | $ | 50,191 | $ | 52,520 | $ | 50,395 | $ | 49,480 | $ | 202,586 | ||||||||||||||||||||
|
CFFO
Per Share ($)
|
||||||||||||||||||||||||||||||||||||||||
|
($
except where indicated)
|
FY
2008
|
FY 2009 | ||||||||||||||||||||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 |
Full
Year(1)
|
Q1 | Q2 | Q3 | Q4 |
Full
Year(1)
|
|||||||||||||||||||||||||||||||
|
Reported
CFFO
|
$ | 0.38 | $ | 0.36 | $ | 0.22 | $ | 0.32 | $ | 1.28 | $ | 0.49 | $ | 0.50 | $ | 0.41 | $ | 0.39 | $ | 1.79 | ||||||||||||||||||||
|
Add: hurricane
costs
|
- | - | 0.04 | 0.01 | 0.05 | - | - | - | - | - | ||||||||||||||||||||||||||||||
|
Add: non-recurring,
acquisition, integration and system costs
|
0.03 | 0.10 | 0.04 | 0.02 | 0.19 | - | - | 0.02 | 0.03 | 0.05 | ||||||||||||||||||||||||||||||
|
Adjusted
CFFO
|
$ | 0.41 | $ | 0.46 | $ | 0.30 | $ | 0.35 | $ | 1.52 | $ | 0.49 | $ | 0.50 | $ | 0.43 | $ | 0.42 | $ | 1.84 | ||||||||||||||||||||
|
Shares
used in calculation of CFFO (000's)
|
101,995 | 101,856 | 101,398 | 101,424 | 101,738 | 106,042 | 118,455 | 118,653 | ||||||||||||||||||||||||||||||||
|
(1)
Annual 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 condensed consolidated financial statements, included in
the accompanying earnings release.
|
||||||||||||||||||||||||||||||||||||||||
|
Brookdale
Senior Living Inc.
|
|||
|
Quarterly
Entry Fee Information
|
|
As
of December 31, 2009
|
| Q1 07 | Q2 07 | Q3 07 | Q4 07 | Q1 08 | Q2 08 | Q3 08 | Q4 08 | Q1 09 | Q2 09 | Q3 09 | Q4 09 | |||||||||||||||||||||||||||||||||||||
|
Ending
# EF Vacant Units
|
372 | 406 | 379 | 429 | 434 | 416 | 448 | 447 | 475 | 474 | 536 | 548 | ||||||||||||||||||||||||||||||||||||
|
#
Closings
|
51 | 60 | 70 | 60 | 40 | 78 | 67 | 65 | 48 | 62 | 70 | 80 | ||||||||||||||||||||||||||||||||||||
|
#
of Refunds
|
88 | 65 | 75 | 83 | 47 | 69 | 95 | 67 | 67 | 86 | 67 | 84 | ||||||||||||||||||||||||||||||||||||
|
Cash Basis ($000's)
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Resale
Receipts:
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Proceeds
from non-refundable entrance fees (1)(2)
|
3,916 | 4,726 | 5,673 | 5,015 | 2,780 | 5,177 | 7,253 | 7,391 | 4,872 | 5,718 | 8,429 | 8,648 | ||||||||||||||||||||||||||||||||||||
|
Proceeds
from refundable entrance fees (2)(3)
|
4,258 | 4,064 | 8,696 | 8,901 | 3,492 | 7,420 | 4,273 | 4,686 | 3,638 | 4,098 | 2,876 | 4,923 | ||||||||||||||||||||||||||||||||||||
|
Total
Cash Proceeds
|
8,174 | 8,790 | 14,369 | 13,916 | 6,272 | 12,597 | 11,526 | 12,077 | 8,510 | 9,816 | 11,305 | 13,571 | ||||||||||||||||||||||||||||||||||||
|
Refunds
of entrance fees (4)
|
(6,315 | ) | (4,089 | ) | (5,084 | ) | (4,069 | ) | (3,632 | ) | (4,843 | ) | (5,856 | ) | (4,819 | ) | (5,836 | ) | (6,357 | ) | (4,649 | ) | (6,074 | ) | ||||||||||||||||||||||||
|
Net
Resale Cash Flow
|
1,859 | 4,701 | 9,285 | 9,847 | 2,640 | 7,754 | 5,670 | 7,258 | 2,674 | 3,459 | 6,656 | 7,497 | ||||||||||||||||||||||||||||||||||||
|
Average
Resale $ (excluding My Choice proceeds)
|
160,275 | 143,300 | 153,486 | 153,033 | 145,850 | 151,244 | 163,134 | 178,969 | 165,042 | 158,065 | 159,786 | 165,138 | ||||||||||||||||||||||||||||||||||||
|
Average
Refund $ (excluding My Choice refunds)
|
(71,761 | ) | (62,908 | ) | (67,787 | ) | (49,024 | ) | (74,723 | ) | (67,754 | ) | (61,642 | ) | (71,925 | ) | (87,104 | ) | (68,930 | ) | (68,851 | ) | (66,881 | ) | ||||||||||||||||||||||||
|
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
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
(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
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Value of Unsold Inventory ($ in
000's)
|
||||
|
Gross
Value @ Average Resale Price of $170,000 (2)
|
93,160 | |||
|
Refund
Attachments
|
(10,355 | ) | ||
|
Net
Cash Value
|
82,805 | |||
|
Income Statement Impact ($ 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 07 | Q2 07 | Q3 07 | Q4 07 | Q1 08 | Q2 08 | Q3 08 | Q4 08 | Q1 09 | Q2 09 | Q3 09 | Q4 09 | |||||||||||||||||||||||||||||||||||||
|
Amortization
of entrance fees (incl. gains on terminations) (5)
|
(4,259 | ) | (4,641 | ) | (5,322 | ) | (5,019 | ) | (6,691 | ) | (5,129 | ) | (4,707 | ) | (5,498 | ) | (5,110 | ) | (5,232 | ) | (5,692 | ) | (5,361 | ) | ||||||||||||||||||||||||
|
(5)
Excludes first generation entrance fee amortization
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
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.
|
||||
|
Brookdale
Senior Living Inc.
|
||
|
Quarterly
Entry Fee Information
|
||
|
As
of December 31, 2009
|
||
|
American
Retirement Corporation ("ARC"), acquired in 2006, was active in the
entrance fee CCRC business for many years and operated seven such
communities. Prior to the ARC acquisition, BKD acquired three
entrance fee CCRC's from a non-profit, the National Benevolent
Association, which were in bankruptcy. BKD has been
repositioning those communities by upgrading/renovating, expanding the
campus or levels of care offered and changing the form of contract to
include such items as life care and health
benefits.
|
||
|
Quarterly Entrance Fee
Amortization
|
||||||||||||||||||||||||||||||||
|
($
in 000's)
|
||||||||||||||||||||||||||||||||
|
|
Q1 08 | Q2 08 | Q3 08 | Q4 08 | Q1 09 | Q2 09 | Q3 09 | Q4 09 | ||||||||||||||||||||||||
|
Original ARC
|
||||||||||||||||||||||||||||||||
|
Occupancy
|
91 | % | 89 | % | 88 | % | 89 | % | 88 | % | 87 | % | 86 | % | 86 | % | ||||||||||||||||
|
Ending
# EF Vacant Units
|
181 | 222 | 249 | 243 | 271 | 259 | 328 | 348 | ||||||||||||||||||||||||
|
#
EF Closings
|
29 | 46 | 52 | 48 | 29 | 33 | 37 | 61 | ||||||||||||||||||||||||
|
#
of EF Refunds
|
27 | 44 | 58 | 45 | 41 | 70 | 38 | 60 | ||||||||||||||||||||||||
|
EF
Resale Receipts
|
4,906 | 8,729 | 9,699 | 8,739 | 5,344 | 5,579 | 6,051 | 11,051 | ||||||||||||||||||||||||
|
EF
Refunds Paid
|
(1,823 | ) | (2,795 | ) | (4,320 | ) | (3,644 | ) | (3,855 | ) | (5,190 | ) | (2,838 | ) | (4,265 | ) | ||||||||||||||||
|
Net
Resale Cash Flow
|
3,083 | 5,934 | 5,379 | 5,095 | 1,489 | 389 | 3,213 | 6,786 | ||||||||||||||||||||||||
|
Average
EF Resale $ (excluding My Choice proceeds)
|
$ | 154 | $ | 177 | $ | 175 | $ | 175 | $ | 166 | $ | 169 | $ | 164 | $ | 177 | ||||||||||||||||
|
Average
EF Refund $ (excluding My Choice refunds)
|
$ | (63 | ) | $ | (62 | ) | $ | (74 | ) | $ | (81 | ) | $ | (94 | ) | $ | (71 | ) | $ | (74 | ) | $ | (63 | ) | ||||||||
|
Total NBA Communities
|
||||||||||||||||||||||||||||||||
|
Occupancy
|
76 | % | 75 | % | 75 | % | 76 | % | 76 | % | 76 | % | 77 | % | 76 | % | ||||||||||||||||
|
Ending
# EF Vacant Units
|
207 | 194 | 199 | 204 | 204 | 215 | 208 | 200 | ||||||||||||||||||||||||
|
#
EF Closings
|
11 | 32 | 15 | 17 | 19 | 29 | 33 | 19 | ||||||||||||||||||||||||
|
#
of EF Refunds (1)
|
20 | 25 | 37 | 22 | 26 | 16 | 29 | 24 | ||||||||||||||||||||||||
|
EF
Resale Receipts
|
1,366 | 3,868 | 1,827 | 3,338 | 3,166 | 4,237 | 5,254 | 2,520 | ||||||||||||||||||||||||
|
EF
Refunds Paid (1)
|
(1,809 | ) | (2,048 | ) | (1,536 | ) | (1,175 | ) | (1,981 | ) | (1,167 | ) | (1,811 | ) | (1,809 | ) | ||||||||||||||||
|
Net
Resale Cash Flow
|
(443 | ) | 1,820 | 291 | 2,163 | 1,185 | 3,070 | 3,443 | 711 | |||||||||||||||||||||||
|
Average
EF Resale $ (excluding My Choice proceeds)
|
$ | 124 | $ | 114 | $ | 122 | $ | 189 | $ | 163 | $ | 146 | $ | 156 | $ | 126 | ||||||||||||||||
|
Average
EF Refund $ (excluding My Choice refunds)
|
$ | (90 | ) | $ | (77 | ) | $ | (42 | ) | $ | (53 | ) | $ | (76 | ) | $ | (61 | ) | $ | (62 | ) | $ | (75 | ) | ||||||||
|
Total Consolidated EF Communities
(2)
|
||||||||||||||||||||||||||||||||
|
Occupancy
|
87 | % | 86 | % | 85 | % | 85 | % | 85 | % | 84 | % | 84 | % | 83 | % | ||||||||||||||||
|
Ending
# EF Vacant Units
|
388 | 416 | 448 | 447 | 475 | 474 | 536 | 548 | ||||||||||||||||||||||||
|
#
EF Closings
|
40 | 78 | 67 | 65 | 48 | 62 | 70 | 80 | ||||||||||||||||||||||||
|
#
of EF Refunds
|
47 | 69 | 95 | 67 | 67 | 86 | 67 | 84 | ||||||||||||||||||||||||
|
EF
Resale Receipts
|
6,272 | 12,597 | 11,526 | 12,077 | 8,510 | 9,816 | 11,305 | 13,571 | ||||||||||||||||||||||||
|
EF
Refunds Paid
|
(3,632 | ) | (4,843 | ) | (5,856 | ) | (4,819 | ) | (5,836 | ) | (6,357 | ) | (4,649 | ) | (6,074 | ) | ||||||||||||||||
|
Net
Resale Cash Flow
|
2,640 | 7,754 | 5,670 | 7,258 | 2,674 | 3,459 | 6,656 | 7,497 | ||||||||||||||||||||||||
|
Average
EF Resale $ (excluding My Choice proceeds)
|
$ | 146 | $ | 151 | $ | 163 | $ | 179 | $ | 165 | $ | 158 | $ | 160 | $ | 165 | ||||||||||||||||
|
Average
EF Refund $ (excluding My Choice refunds)
|
$ | (75 | ) | $ | (68 | ) | $ | (62 | ) | $ | (72 | ) | $ | (87 | ) | $ | (69 | ) | $ | (69 | ) | $ | (67 | ) | ||||||||
|
(1)
Includes certain refunds accelerated for repositioning of the
community
|
||||||||||||||||||||||||||||||||
|
(2)
Excludes all first generation entrance fee data and
receipts.
|
||||||||||||||||||||||||||||||||
|
Brookdale
Senior Living Inc.
|
|
Quarterly
Cash Flow Statements
|
|
As
of December 31, 2009
|
|
($
in 000s)
|
|
Cash
Flow Statements
|
||||||||||||||||||||||||||||||||||||||||
| Q1 2008 | Q2 2008 | Q3 2008 | Q4 2008 |
FY
2008
|
Q1 2009 | Q2 2009 | Q3 2009 | Q4 2009 |
YTD
2009
|
|||||||||||||||||||||||||||||||
|
Cash
Flows from Operating Activities
|
||||||||||||||||||||||||||||||||||||||||
|
Net
loss
|
$ | (55,093 | ) | $ | (3,485 | ) | $ | (35,877 | ) | $ | (278,786 | ) | $ | (373,241 | ) | $ | (13,636 | ) | $ | (10,530 | ) | $ | (21,290 | ) | $ | (20,799 | ) | $ | (66,255 | ) | ||||||||||
|
Adjustments
to reconcile net loss to net cash provided by operating
activities:
|
||||||||||||||||||||||||||||||||||||||||
|
Non-cash
portion of loss on extinguishment of debt
|
2,821 | 231 | - | - | 3,052 | - | 1,740 | 1,178 | (1,626 | ) | 1,292 | |||||||||||||||||||||||||||||
|
Depreciation
and amortization
|
73,497 | 71,255 | 70,070 | 71,087 | 285,909 | 69,675 | 70,652 | 69,150 | 71,963 | 281,440 | ||||||||||||||||||||||||||||||
|
Goodwill
and asset impairment
|
- | - | - | 220,026 | 220,026 | - | - | - | 10,073 | 10,073 | ||||||||||||||||||||||||||||||
|
Gain
on sale of assets
|
- | - | - | (2,131 | ) | (2,131 | ) | (4,455 | ) | 103 | - | 2,111 | (2,241 | ) | ||||||||||||||||||||||||||
|
Equity
in (earnings) loss of unconsolidated ventures
|
173 | 935 | (358 | ) | 111 | 861 | (595 | ) | (581 | ) | (42 | ) | 778 | (440 | ) | |||||||||||||||||||||||||
|
Distributions
from unconsolidated ventures from cumulative share of net
earnings
|
190 | 1,182 | 546 | 1,834 | 3,752 | 11 | - | 444 | (50 | ) | 405 | |||||||||||||||||||||||||||||
|
Amortization
of deferred gain
|
(1,085 | ) | (1,086 | ) | (1,086 | ) | (1,085 | ) | (4,342 | ) | (1,086 | ) | (1,085 | ) | (1,088 | ) | (1,086 | ) | (4,345 | ) | ||||||||||||||||||||
|
Amortization
of entrance fees
|
(6,691 | ) | (5,129 | ) | (4,707 | ) | (5,498 | ) | (22,025 | ) | (5,110 | ) | (5,232 | ) | (5,742 | ) | (5,577 | ) | (21,661 | ) | ||||||||||||||||||||
|
Proceeds
from deferred entrance fee revenue
|
2,780 | 5,177 | 7,253 | 7,391 | 22,601 | 4,872 | 5,718 | 12,635 | 15,264 | 38,489 | ||||||||||||||||||||||||||||||
|
Deferred
income tax benefit
|
(30,662 | ) | (3,532 | ) | (23,049 | ) | (32,255 | ) | (89,498 | ) | (8,194 | ) | (3,323 | ) | (7,923 | ) | (12,244 | ) | (31,684 | ) | ||||||||||||||||||||
|
Change
in deferred lease liability
|
5,751 | 5,215 | 4,709 | 4,910 | 20,585 | 4,248 | 4,032 | 3,793 | 3,778 | 15,851 | ||||||||||||||||||||||||||||||
|
Change
in fair value of derivatives and amortization
|
45,633 | (36,743 | ) | 8,454 | 50,802 | 68,146 | 4,285 | (7,900 | ) | 2,478 | (2,628 | ) | (3,765 | ) | ||||||||||||||||||||||||||
|
Change
in future service obligation
|
- | - | - | - | - | - | - | - | (2,342 | ) | (2,342 | ) | ||||||||||||||||||||||||||||
|
Non-cash
stock-based compensation
|
8,010 | 8,621 | 6,737 | 5,569 | 28,937 | 6,809 | 6,871 | 7,869 | 5,386 | 26,935 | ||||||||||||||||||||||||||||||
|
Changes
in operating assets and liabilities:
|
||||||||||||||||||||||||||||||||||||||||
|
Accounts
receivable, net
|
(6,392 | ) | (2,067 | ) | (9,706 | ) | (6,985 | ) | (25,150 | ) | (3,118 | ) | 79 | 14,273 | 550 | 11,784 | ||||||||||||||||||||||||
|
Prepaid
expenses and other assets, net
|
2,515 | 12,164 | (9,037 | ) | (18,306 | ) | (12,664 | ) | (4,602 | ) | (4,623 | ) | (11,859 | ) | (7,342 | ) | (28,426 | ) | ||||||||||||||||||||||
|
Accounts
payable and accrued expenses
|
(5,083 | ) | (11,080 | ) | 19,214 | 12,377 | 15,428 | 4,966 | 6,847 | 17,744 | (8,270 | ) | 21,287 | |||||||||||||||||||||||||||
|
Tenant
refundable fees and security deposits
|
1,184 | 184 | (1,807 | ) | (854 | ) | (1,293 | ) | (370 | ) | (11,706 | ) | (2,221 | ) | (2,473 | ) | (16,770 | ) | ||||||||||||||||||||||
|
Deferred
revenue
|
3,081 | (5,747 | ) | (726 | ) | 1,206 | (2,186 | ) | 15,057 | (6,747 | ) | (6,499 | ) | 5,782 | 7,593 | |||||||||||||||||||||||||
|
Net
cash provided by operating activities
|
40,629 | 36,095 | 30,630 | 29,413 | 136,767 | 68,757 | 44,315 | 72,900 | 51,248 | 237,220 | ||||||||||||||||||||||||||||||
|
Cash
Flows from Investing Activities
|
||||||||||||||||||||||||||||||||||||||||
|
Decrease
in lease security deposits and lease acquisition deposits,
net
|
1,763 | 109 | 544 | 1,065 | 3,481 | 1,480 | - | 591 | 370 | 2,441 | ||||||||||||||||||||||||||||||
|
Increase
in cash and escrow deposits — restricted
|
(20,663 | ) | 16,830 | (3,962 | ) | (13,965 | ) | (21,760 | ) | (57,897 | ) | 4,030 | (827 | ) | (9,846 | ) | (64,540 | ) | ||||||||||||||||||||||
|
Net
proceeds from sale of assets
|
- | - | - | 2,935 | 2,935 | - | 210 | - | 14,731 | 14,941 | ||||||||||||||||||||||||||||||
|
Distributions
received from unconsolidated ventures
|
- | 154 | 146 | 3,616 | 3,916 | 525 | 265 | 179 | 92 | 1,061 | ||||||||||||||||||||||||||||||
|
Additions
to property, plant, and equipment and leasehold
intangibles,
|
||||||||||||||||||||||||||||||||||||||||
|
net
of related payables
|
(46,213 | ) | (41,455 | ) | (46,511 | ) | (54,849 | ) | (189,028 | ) | (33,491 | ) | (29,443 | ) | (24,573 | ) | (29,946 | ) | (117,453 | ) | ||||||||||||||||||||
|
Acquisition
of assets, net of related payables and cash received
|
(745 | ) | (462 | ) | (3,898 | ) | (1,626 | ) | (6,731 | ) | - | (190 | ) | (1,037 | ) | (202,910 | ) | (204,137 | ) | |||||||||||||||||||||
|
Payment
on (issuance of) notes receivable, net
|
10,112 | 29,549 | - | (299 | ) | 39,362 | (36 | ) | (759 | ) | 205 | 82 | (508 | ) | ||||||||||||||||||||||||||
|
Investment
in unconsolidated ventures
|
(356 | ) | (137 | ) | (670 | ) | (1,616 | ) | (2,779 | ) | (1,106 | ) | - | (140 | ) | - | (1,246 | ) | ||||||||||||||||||||||
|
Proceeds
from sale leaseback transaction
|
- | - | - | - | - | 9,166 | - | - | - | 9,166 | ||||||||||||||||||||||||||||||
|
Proceeds
from sale of unconsolidated venture
|
- | - | 4,165 | - | 4,165 | 8,843 | (12 | ) | - | 12 | 8,843 | |||||||||||||||||||||||||||||
|
Net
cash (used in) provided by investing activities
|
(56,102 | ) | 4,588 | (50,186 | ) | (64,739 | ) | (166,439 | ) | (72,516 | ) | (25,899 | ) | (25,602 | ) | (227,415 | ) | (351,432 | ) | |||||||||||||||||||||
|
Cash
Flows from Financing Activities
|
||||||||||||||||||||||||||||||||||||||||
|
Proceeds
from debt
|
288,479 | 155,868 | 23,422 | 43,575 | 511,344 | 26,521 | 23,998 | 17,467 | 89,053 | 157,039 | ||||||||||||||||||||||||||||||
|
Repayment
of debt and capital lease obligations
|
(181,327 | ) | (42,865 | ) | (5,018 | ) | (26,279 | ) | (255,489 | ) | (10,403 | ) | (5,330 | ) | (5,461 | ) | (11,393 | ) | (32,587 | ) | ||||||||||||||||||||
|
Proceeds
from line of credit
|
125,000 | 45,000 | 94,757 | 74,696 | 339,453 | 60,446 | - | - | - | 60,446 | ||||||||||||||||||||||||||||||
|
Repayment
of line of credit
|
(120,000 | ) | (198,000 | ) | (60,000 | ) | - | (378,000 | ) | (64,899 | ) | (155,000 | ) | - | - | (219,899 | ) | |||||||||||||||||||||||
|
Payment
of dividends
|
(51,897 | ) | (25,955 | ) | (25,844 | ) | (25,759 | ) | (129,455 | ) | - | - | - | - | - | |||||||||||||||||||||||||
|
Payment
of financing costs, net of related payables
|
(853 | ) | (12,571 | ) | (296 | ) | (572 | ) | (14,292 | ) | (6,895 | ) | (432 | ) | 69 | (1,442 | ) | (8,700 | ) | |||||||||||||||||||||
|
Proceeds
from public equity offering, net
|
- | - | - | - | - | - | 163,908 | (81 | ) | (56 | ) | 163,771 | ||||||||||||||||||||||||||||
|
Cash
portion of loss on extinguishment of debt
|
(812 | ) | (231 | ) | (197 | ) | - | (1,240 | ) | - | - | - | - | - | ||||||||||||||||||||||||||
|
Other
|
(403 | ) | (400 | ) | (1,075 | ) | (1,096 | ) | (2,974 | ) | (279 | ) | (197 | ) | (237 | ) | (218 | ) | (931 | ) | ||||||||||||||||||||
|
Refundable
entrance fees:
|
||||||||||||||||||||||||||||||||||||||||
|
Proceeds
from refundable entrance fees
|
3,492 | 7,420 | 4,273 | 4,686 | 19,871 | 3,638 | 4,098 | 9,296 | 13,354 | 30,386 | ||||||||||||||||||||||||||||||
|
Refunds
of entrance fees
|
(3,632 | ) | (4,843 | ) | (5,856 | ) | (4,819 | ) | (19,150 | ) | (5,836 | ) | (6,357 | ) | (4,649 | ) | (6,074 | ) | (22,916 | ) | ||||||||||||||||||||
|
Recouponing
and payment of swap termination
|
(23,942 | ) | (3,180 | ) | - | (31,018 | ) | (58,140 | ) | - | - | - | - | - | ||||||||||||||||||||||||||
|
Purchase
of treasury stock
|
- | (20,020 | ) | (9,167 | ) | - | (29,187 | ) | - | - | - | - | - | |||||||||||||||||||||||||||
|
Net
cash provided by (used in) financing activities
|
34,105 | (99,777 | ) | 14,999 | 33,414 | (17,259 | ) | 2,293 | 24,688 | 16,404 | 83,224 | 126,609 | ||||||||||||||||||||||||||||
|
Net
increase (decrease) in cash and cash equivalents
|
18,632 | (59,094 | ) | (4,557 | ) | (1,912 | ) | (46,931 | ) | (1,466 | ) | 43,104 | 63,702 | (92,943 | ) | 12,397 | ||||||||||||||||||||||||
|
Cash
and cash equivalents at beginning of period
|
100,904 | 119,536 | 60,442 | 55,885 | 100,904 | 53,973 | 52,507 | 95,611 | 159,313 | 53,973 | ||||||||||||||||||||||||||||||
|
Cash
and cash equivalents at end of period
|
$ | 119,536 | $ | 60,442 | $ | 55,885 | $ | 53,973 | $ | 53,973 | $ | 52,507 | $ | 95,611 | $ | 159,313 | $ | 66,370 | $ | 66,370 | ||||||||||||||||||||