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

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Brookdale Senior Living Inc. Reports

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

Brookdale Senior Living Inc.
Corporate Overview - selected financial information
As of March 31, 2011

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 March 31, 2011, the Company owns and operates independent living, assisted living, and dementia-care communities and continuing care retirement centers, with 558 communities in 33 states and the ability to serve over 51,000 residents.

Stock Listing

Common Stock
NYSE: BKD

Community Information

Ownership Type	Number of Facilities	Number of Units	Percentage of Q1 2011 Revenues	Percentage of Q1 2011 Facility Operating Income
Owned	201	20,885	44.4%	42.5%
Leased	338	26,493	55.4%	56.8%
Managed	19	3,784	0.2%	0.7%
Total	558	51,162	100.0%	100.0%

Operating Type
Retirement Centers	75	14,199	22.6%	26.3%
Assisted Living	428	21,177	46.6%	46.9%
CCRCs	36	12,002	30.6%	26.1%
Managed	19	3,784	0.2%	0.7%
Total	558	51,162	100.0%	100.0%

CFFO Per Share ($)

($ except where indicated)	FY 2010										FY 2011
		Q1		Q2		Q3		Q4	Full Year(1)			Q1
Reported CFFO	$	0.46	$	0.48	$	0.50	$	0.58	$	2.02	$	0.51

Weighted Average Shares		119,315		119,721		120,404		120,580				120,792

(1) Annual 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 first quarter earnings release for non-GAAP financial measure definitions and reconciliations.

Brookdale Senior Living Inc.
Operating Segment Information
As of March 31, 2011

Average Occupancy and Rates based on Average Occupied Units in the Period

	FY 2010															FY 2011
		Q1			Q2			Q3			Q4		Full Year				Q1

Retirement Centers
Number of communities (period end)		80			80			80			78			78			75
Total average units(1)		14,737			14,737			14,734			14,594			14,700			14,104
Weighted average unit occupancy		87.0	%		87.1	%		87.4	%		87.4	%		87.2	%		87.3	%
Average monthly revenue per unit(2)	$	3,419		$	3,434		$	3,461		$	3,467		$	3,445		$	3,482

Assisted Living
Number of communities (period end)		429			429			429			427			427			428
Total average units(1)		21,152			21,115			21,114			21,056			21,109			21,295
Weighted average unit occupancy		87.6	%		88.0	%		89.0	%		89.0	%		88.4	%		88.2	%
Average monthly revenue per unit(2)	$	4,526		$	4,571		$	4,606		$	4,589		$	4,573		$	4,705

CCRCs
Number of communities (period end)		36			36			36			35			35			36
Total average units(1)		11,287			11,276			11,269			11,264			11,274			11,211
Weighted average unit occupancy		84.0	%		84.2	%		84.4	%		84.7	%		84.3	%		85.3	%
Average monthly revenue per unit(2)	$	5,421		$	5,437		$	5,509		$	5,699		$	5,517		$	5,873

Consolidated Totals
Number of communities (period end)		545			545			545			540			540			539
Total average units(1)		47,176			47,128			47,117			46,914			47,083			46,610
Weighted average unit occupancy		86.6	%		86.8	%		87.4	%		87.5	%		87.1	%		87.2	%
Average monthly revenue per unit(2)	$	4,386		$	4,415		$	4,457		$	4,498		$	4,439		$	4,609

Management Services
Number of communities (period end)		19			19			19			19			19			19
Total average units(1)		3,788			3,788			3,786			3,786			3,787			3,784
Weighted average occupancy		83.4	%		83.5	%		83.7	%		84.5	%		83.8	%		84.7	%

(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.
Same Community, Capital Expenditure and ISC Information
As of March 31, 2011

Same Community Information

($ in 000s, except Avg. Mo. Revenue/Unit)

	Three Months Ended March 31,
	2011			2010			% Change
Revenue	$	543,765		$	520,107			4.5	%
Operating Expense		356,957			340,013			5.0	%
Facility Operating Income	$	186,808		$	180,094			3.7	%
Facility Operating Margin		34.4	%		34.6	%		-0.2	%

# Communities		534			534
Avg. Period Occupancy		87.4	%		87.3	%		0.1	%
Avg. Mo. Revenue/Unit	$	4,565		$	4,370			4.5	%

Schedule of Capital Expenditures
($ in 000s)

	Three Months Ended March 31,
	2011			2010
Type
Recurring	$	7,882		$	7,112
Reimbursements		(825	)		(671	)
Net Recurring		7,057			6,441
Corporate (1)		4,798			2,664
EBITDA-enhancing / Major Projects (2)		14,286			6,158
Program Max / Development, net (3)		1,623			1,662
Net Total Capital Expenditures (4)	$	27,764		$	16,925

Information on Ancillary Services

	Three Months Ended March 31,
	2011		2010
Brookdale Units Served:
Therapy		38,435		37,226
Home Health		27,277		22,007

Avg. Mo. NOI/Occupied Unit:
Total, including Skilled Nursing	$	233	$	244
Outpatient Therapy and Home Health Only	$	156	$	154

Brookdale Senior Living Inc.
Capital Structure - selected financial information
As of March 31, 2011
($ 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

2011	$	12,784		5.58	%	$	-		$	12,784		5.58	%	$	17,321		8.37	%	$	30,105
2012		642,211		2.45	%		-			642,211		2.45	%		27,239		8.34	%		669,450
2013		668,308		4.15	%		-			668,308		4.15	%		29,154		8.40	%		697,462
2014		148,916		5.86	%		-			148,916		5.86	%		30,968		8.44	%		179,884
2015		38,581		6.25	%		-			38,581		6.25	%		32,889		8.48	%		71,470
Thereafter		587,897		5.28	%		-			587,897		5.28	%		228,019		8.71	%		815,916
Total	$	2,098,697		4.12	%	$	-		$	2,098,697		4.12	%	$	365,590		8.60	%	$	2,464,287

	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

2011	$	12,784		5.58	%	$	-		$	12,784		5.58	%	$	17,321		8.37	%	$	30,105
2012		642,211		2.45	%		-			642,211		2.45	%		25,772		8.39	%		667,983
2013		542,958		3.86	%		-			542,958		3.86	%		29,154		8.40	%		572,112
2014		8,916		6.22	%		-			8,916		6.22	%		30,968		8.44	%		39,884
2015		178,581		5.93	%		-			178,581		5.93	%		32,889		8.48	%		211,470
Thereafter		713,247		5.30	%		-			713,247		5.30	%		229,486		8.70	%		942,733
Total	$	2,098,697		4.12	%	$	-		$	2,098,697		4.12	%	$	365,590		8.60	%	$	2,464,287

Coverage Ratios

	Three months ended March 31, 2011
							Interest/Cash Lease
	Units		FOI		Adj. FOI **		Payments		Coverage
Owned Communities		20,885	$	84,339	$	69,873	$	23,553		3.0	x
Leased Communities *		26,493	$	112,741	$	94,660	$	73,690		1.3	x

* The leased communities include the capital leases.
** Adjusted for 5% management fee and capital expenditures @ $350/unit.

Debt Amortization

	Three months ended March 31,
	2011		2010
Scheduled Debt Amortization	$	3,787	$	1,719
Lease Financing Debt Amortization - FMV or no Purchase Option (4)		2,533		2,171
Lease Financing Debt Amortization - Bargain Purchase Option		3,054		2,781
Total Debt Amortization	$	9,374	$	6,671

Line Availability

($000s)		03/31/10		06/30/10		09/30/10		12/31/10		03/31/11


Ending Line Balance	$	15,000	$	-	$	-	$	-	$	-

Cash and cash equivalents		65,613		51,345		68,961		81,827		36,732

Total Line Capacity (7)		100,000		120,000		120,000		120,000		230,000
Total Liquidity (Line Capacity + Cash)	$	150,613	$	171,345	$	188,961	$	201,827	$	266,732


Total letters of credit outstanding	$	66,874	$	69,222	$	72,690	$	72,012	$	71,878

Leverage Ratios

				Annualized
	Balance			Leverage
Mortgage Debt (1)	$	2,098,697
Capital Leases		365,590
Total Property-Level Debt	$	2,464,287			6.0	x

Plus: Line of Credit (cash borrowings)		-
Less: Unrestricted Cash		(36,732	)
Less: Cash held as collateral against existing debt		(4,285	)
Total Debt	$	2,423,270			5.9	x

2011 YTD annualized Adjusted EBITDA	$	411,284

Annual Cash Lease Expense multiplied by 8		2,101,824
Total Adjusted Debt	$	4,525,094			6.7	x

2011 YTD annualized Adjusted EBITDAR	$	674,012

Debt Structure

			weighted
	Balance		rate (2)
Fixed Rate Mortgage Debt	$	1,149,667		5.88	%
Variable Rate Mortgage Debt (1)		949,030		1.98	%
Capital Leases		365,590		8.60	%
Line of Credit (cash borrowings)		-		0.00	%
Total Debt	$	2,464,287

	Balance		% of total
Variable Rate debt with Interest Rate Swaps (5)	$	150,000		15.8	%
Variable Rate debt with Interest Rate Caps (1) (6)		799,029		84.2	%
Variable Rate debt - Unhedged		-		0.0	%
Total Variable Rate Mortgage Debt	$	949,030		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 0.87%.

(6) Weighted cap rate for stated reporting period of 5.92% is materially above current market rates, therefore caps have no impact on consolidated interest expense for given period.

(7) The availability 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.

CFFO Reconciliation

As of March 31, 2011

CFFO Calculation

($ in 000s)

	Three Months Ended March 31,
	2011			2010

Net cash provided by operating activities (includes non-refundable entrance fees)	$	92,666		$	47,129
Changes in operating assets and liabilities (eliminates cash flow effect)		(20,387	)		19,171
Add: Refundable entrance fees received		6,080			8,442
Less: Entrance fee refunds disbursed		(4,930	)		(5,762	)
Less: First generation entrance fees received		(2,729	)		(5,971	)
Less: Recurring capital expenditures, net		(7,057	)		(6,441	)
Less: Lease financing debt amortization with fair market value or no purchase options		(2,533	)		(2,171	)
Add: Cash From Facility Operations from unconsolidated ventures		641			-

Cash From Facility Operations

61,751

54,397

Revenue Reconciliation

($ in 000s except average monthly revenue per quarter)	FY 2010															FY 2011
		Q1			Q2			Q3			Q4		Full Year				Q1
Revenue reconciliation excl. entrance fee amortization
Average monthly revenue per quarter		4,386			4,415			4,457			4,498			4,439			4,609
Average monthly units (excluding equity homes) available		47,179			47,119			47,106			46,897			47,057			11,659
Average occupancy for the quarter		86.6	%		86.8	%		87.4	%		87.5	%		87.1	%		87.2	%
Resident fee revenue	$	537,290		$	541,773		$	550,491		$	553,722		$	2,183,276		$	562,273

Add: management fee revenue		1,395			1,412			1,339			1,445			5,591			1,405
Total revenues excluding entrance fee amortization	$	538,685		$	543,185		$	551,830		$	555,167		$	2,188,867		$	563,678

CFFO Reconciliation to the Income Statement

Resident fee revenue	$	544,424		$	548,972		$	558,464		$	561,404		$	2,213,264		$	569,440
Less: Entrance fee amortization		(5,739	)		(5,787	)		(6,634	)		(6,237	)		(24,397	)		(5,762	)
Adjusted revenues		538,685			543,185			551,830			555,167			2,188,867			563,678

Less: Facility operating expenses		(355,324	)		(353,051	)		(368,936	)		(357,321	)		(1,434,632	)		(370,954	)
Add: Loss (gain) on sale of communites, net		-			-			-			(3,298	)		(3,298	)		-
Add: Change in future service obligation		-			(1,064	)		-			-			(1,064	)		-
		(355,324	)		(354,115	)		(368,936	)		(360,619	)		(1,438,994	)		(370,954	)

Less: G&A including non-cash stock expense		(31,952	)		(31,834	)		(33,231	)		(34,692	)		(131,709	)		(33,543	)
Add: G&A non-cash stock expense		4,871			5,105			5,823			4,960			20,759			4,540
Net G&A		(27,081	)		(26,729	)		(27,408	)		(29,732	)		(110,950	)		(29,003	)

Less: Facility lease expense		(68,249	)		(67,175	)		(72,706	)		(67,383	)		(275,513	)		(66,315	)
Add: Facility lease termination expense (gain)		-			-			4,616			(8	)		4,608			-
Add: Straight-line lease expense		3,136			2,161			2,812			2,412			10,521			1,726
Less: Amortization of deferred gain		(1,086	)		(1,086	)		(1,086	)		(1,085	)		(4,343	)		(1,093	)
Net lease expense		(66,199	)		(66,100	)		(66,364	)		(66,064	)		(264,727	)		(65,682	)

Add: Entrance fee receipts		12,021			9,377			19,133			14,827			55,358			9,712
Less: Entrance fee disbursements		(5,762	)		(5,360	)		(4,984	)		(4,954	)		(21,060	)		(4,930	)
Net entrance fees		6,259			4,017			14,149			9,873			34,298			4,782

Adjusted EBITDA		96,340			100,258			103,271			108,625			408,494			102,821

Less: Recurring capital expenditures, net		(6,441	)		(7,570	)		(7,572	)		(6,386	)		(27,969	)		(7,057	)
Less: Interest expense, net		(32,653	)		(33,450	)		(32,916	)		(31,384	)		(130,403	)		(30,936	)
Less: Lease financing debt amortization with fair market value or no purchase options		(2,171	)		(2,221	)		(2,267	)		(2,313	)		(8,972	)		(2,533	)
Less: Distributions from unconsolidated ventures from cumulative share of net earnings		-			-			-			(775	)		(775	)		-
Add: Cash From Facility Operations from unconsolidated ventures		-			-			-			2,050			2,050			641
Less: Other		(678	)		(39	)		(830	)		(206	)		(1,753	)		(1,185	)

Reported CFFO	$	54,397		$	56,978		$	59,686		$	69,611		$	240,672		$	61,751

CFFO Per Share ($)

($ except where indicated)	FY 2010										FY 2011
		Q1		Q2		Q3		Q4	Full Year(1)			Q1
Reported CFFO	$	0.46	$	0.48	$	0.50	$	0.58	$	2.02	$	0.51

Shares used in calculation of CFFO (000's)		119,315		119,721		120,404		120,580				120,792

(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 consolidated financial statements, included in the accompanying earnings release.

Brookdale Senior Living Inc.

Quarterly Entry Fee Information

As of March 31, 2011

	Q1 10		Q2 10		Q3 10		Q4 10		Q1 11
Occupancy	81.8	%	81.3	%	81.3	%	82.0	%	82.6	%
Ending # EF Vacant Units	547		569		594		588		594
# Closings	67		59		87		73		53
# of Refunds	80		67		81		82		69


Cash Basis ($ in 000's except average resale and refund)
Resale Receipts:
Proceeds from non-refundable entrance fees (1)(2)	6,883		5,566		8,098		6,709		4,918
Proceeds from refundable entrance fees (2)(3)	5,138		3,811		11,035		8,118		4,794
Total Cash Proceeds	12,021		9,377		19,133		14,827		9,712
Refunds of entrance fees (4)	(5,762	)	(5,360	)	(4,984	)	(4,954	)	(4,930	)
Net Resale Cash Flow	6,259		4,017		14,149		9,873		4,782

My Choice proceeds included in refundable resale receipts above	132		206		6,463		3,789		1,144

Average Resale $ (excluding My Choice proceeds)	177,448		155,441		145,632		151,205		161,660
Average Refund $ (excluding My Choice refunds)	(68,375	)	(78,209	)	(61,383	)	(55,378	)	(70,058	)

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 except average resale price)
Gross Value @ Average Resale Price of $170,000 (2)	100,980
Refund Attachments	(11,593	)
Net Cash Value	89,387

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 10		Q2 10		Q3 10		Q4 10		Q1 11
Amortization of entrance fees (incl. gains on terminations) (5)	(5,426	)	(5,404	)	(6,173	)	(5,765	)	(5,204	)

(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 Cash Flow Statements

As of March 31, 2011

($ in 000s)

Cash Flow Statements


		Q1 2010			Q2 2010			Q3 2010			Q4 2010		FY 2010				Q1 2011
Cash Flows from Operating Activities
Net loss	$	(14,295	)	$	(9,557	)	$	(16,913	)	$	(8,136	)	$	(48,901	)	$	(12,305	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Loss on extinguishment of debt		19			682			856			-			1,557			2,894
Depreciation and amortization		75,657			75,578			77,195			72,874			301,304			74,486
Asset impairment		-			-			-			13,075			13,075			14,846
Equity in (earnings) loss of unconsolidated ventures		(397	)		(119	)		(272	)		620			(168	)		(266	)
Distributions from unconsolidated ventures from cumulative share of net earnings		-			375			-			400			775			-
Amortization of deferred gain		(1,086	)		(1,086	)		(1,086	)		(1,085	)		(4,343	)		(1,093	)
Amortization of entrance fees		(5,739	)		(5,787	)		(6,634	)		(6,237	)		(24,397	)		(5,762	)
Proceeds from deferred entrance fee revenue		9,550			8,354			9,812			9,770			37,486			6,361
Deferred income tax benefit		(8,200	)		(5,743	)		(12,601	)		(6,751	)		(33,295	)		(11,841	)
Change in deferred lease liability		3,136			2,161			2,812			2,412			10,521			1,726
Change in fair value of derivatives and amortization		2,640			2,207			176			(905	)		4,118			8
Loss (gain) on sale of assets		144			-			1,404			(4,057	)		(2,509	)		(1,315	)
Change in future service obligation		-			(1,064	)		-			-			(1,064	)		-
Non-cash stock-based compensation		4,871			5,105			5,823			4,960			20,759			4,540
Changes in operating assets and liabilities:
Accounts receivable, net		(5,242	)		4,367			(5,605	)		(1,476	)		(7,956	)		(105	)
Prepaid expenses and other assets, net		(9,171	)		(5,160	)		(1,008	)		(6,711	)		(22,050	)		460
Accounts payable and accrued expenses		(11,825	)		2,035			15,511			(17,496	)		(11,775	)		8,453
Tenant refundable fees and security deposits		(1,298	)		(971	)		(451	)		(438	)		(3,158	)		310
Deferred revenue		8,365			(3,735	)		(4,635	)		(1,730	)		(1,735	)		11,269
Net cash provided by operating activities		47,129			67,642			64,384			49,089			228,244			92,666
Cash Flows from Investing Activities
Decrease (increase) in lease security deposits and lease acquisition deposits, net		801			-			1,266			(4,242	)		(2,175	)		941
(Increase) decrease in cash and escrow deposits — restricted		(30,556	)		(5,804	)		33,793			7,272			4,705			54,455
Purchase of marketable securities — restricted		-			-			-			-			-			(26,409	)
Sale of marketable securities — restricted		-			-			-			-			-			809
Additions to property, plant, and equipment and leasehold intangibles, net of related payables		(23,102	)		(22,408	)		(25,094	)		(23,077	)		(93,681	)		(28,589	)
Acquisition of assets, net of related payables and cash received		-			(21,809	)		(4,307	)		(31,832	)		(57,948	)		(51,330	)
Payment on (issuance of) notes receivable, net		512			(343	)		844			66			1,079			403
Investment in unconsolidated ventures		(848	)		(205	)		394			(1	)		(660	)		-
Distributions received from unconsolidated ventures		47			-			30			20			97			60
Proceeds from sale of unconsolidated venture		-			-			675			-			675			-
Proceeds from sale of assets		1,487			-			-			10,592			12,079			23,147
Other		(316	)		-			(322	)		(38	)		(676	)		(164	)
Net cash (used in) provided by investing activities		(51,975	)		(50,569	)		7,279			(41,240	)		(136,505	)		(26,677	)
Cash Flows from Financing Activities
Proceeds from debt		49,108			119,576			213,392			32,719			414,795			28,000
Repayment of debt and capital lease obligations		(58,923	)		(134,031	)		(251,986	)		(31,587	)		(476,527	)		(134,550	)
Proceeds from line of credit		45,000			15,000			-			-			60,000			40,000
Repayment of line of credit		(30,000	)		(30,000	)		-			-			(60,000	)		(40,000	)
Payment of financing costs, net of related payables		(2,776	)		(3,268	)		(2,392	)		(105	)		(8,541	)		(2,575	)
Other		(181	)		137			(546	)		(173	)		(763	)		(184	)
Refundable entrance fees:
Proceeds from refundable entrance fees		8,442			6,619			12,242			9,117			36,420			6,080
Refunds of entrance fees		(5,762	)		(5,360	)		(4,984	)		(4,954	)		(21,060	)		(4,930	)
Cash portion of loss on extinguishment of debt		(179	)		-			-			-			(179	)		(2,861	)
Recouponing and payment of swap termination		(640	)		(14	)		(19,773	)		-			(20,427	)		(64	)
Net cash provided by (used in) financing activities		4,089			(31,341	)		(54,047	)		5,017			(76,282	)		(111,084	)
Net (decrease) increase in cash and cash equivalents		(757	)		(14,268	)		17,616			12,866			15,457			(45,095	)
Cash and cash equivalents at beginning of period		66,370			65,613			51,345			68,961			66,370			81,827
Cash and cash equivalents at end of period	$	65,613		$	51,345		$	68,961		$	81,827		$	81,827		$	36,732

(1) Corporate primarily includes capital expenditures for information technology systems and equipment.

(2) Includes EBITDA-enhancing projects (primarily community renovations and apartment upgrades) and other major building infrastructure projects.

(3) 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 $5.5 million for the three months ended March 31, 2010. No lender or lessor funding was received for the three months ended March 31, 2011.

(4) Approximately $9.5 million and $7.4 million of expense was recognized during the three months ended March 31, 2011 and 2010, respectively, for normal repairs and maintenance and capital spend under $1,500 per invoice, except for unit turnovers.