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 |
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Brookdale Senior Living Inc.
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Corporate Overview - selected financial information
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As of December 31, 2011
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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. As of December 31, 2011, 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 over 67,000 residents.
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Stock Listing
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Common Stock
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NYSE: BKD
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Community Information
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Ownership Type
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Number of
Facilities
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Number of Units
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Percentage of
Q4 2011
Revenues
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Percentage of
Q4 2011 Facility
Operating
Income
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Percentage of
YTD 2011
Revenues
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Percentage of
YTD 2011
Facility
Operating
Income
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Owned
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200 | 20,807 | 37.1 | % | 39.0 | % | 40.8 | % | 41.2 | % | ||||||||||||||
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Leased
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350 | 27,998 | 49.9 | % | 57.4 | % | 52.4 | % | 57.1 | % | ||||||||||||||
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Managed
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97 | 18,302 | 13.0 | % | 3.6 | % | 6.8 | % | 1.7 | % | ||||||||||||||
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Total
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647 | 67,107 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||
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Operating Type
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Retirement Centers
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76 | 14,563 | 20.4 | % | 27.2 | % | 21.4 | % | 26.7 | % | ||||||||||||||
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Assisted Living
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434 | 21,673 | 40.2 | % | 45.7 | % | 43.2 | % | 46.2 | % | ||||||||||||||
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CCRCs
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40 | 12,569 | 26.4 | % | 23.5 | % | 28.6 | % | 25.4 | % | ||||||||||||||
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Managed
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97 | 18,302 | 13.0 | % | 3.6 | % | 6.8 | % | 1.7 | % | ||||||||||||||
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Total
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647 | 67,107 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||
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CFFO Per Share
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($ except where indicated)
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FY 2010 |
FY 2011
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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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Reported CFFO
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$ | 0.46 | $ | 0.48 | $ | 0.50 | $ | 0.58 | $ | 2.02 | $ | 0.51 | $ | 0.51 | $ | 0.49 | $ | 0.47 | $ | 1.98 | ||||||||||||||||||||
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Add: integration and transaction-related costs
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- | - | - | - | - | - | 0.01 | 0.05 | 0.07 | $ | 0.13 | |||||||||||||||||||||||||||||
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Adjusted CFFO
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$ | 0.46 | $ | 0.48 | $ | 0.50 | $ | 0.58 | $ | 2.02 | $ | 0.51 | $ | 0.52 | $ | 0.54 | $ | 0.54 | $ | 2.11 | ||||||||||||||||||||
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Weighted average shares (000's)
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119,315 | 119,721 | 120,404 | 120,580 | 120,792 | 121,280 | 121,616 | 120,951 | ||||||||||||||||||||||||||||||||
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Period end outstanding shares (excluding unvested restricted shares) (000's)
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119,367 | 120,256 | 120,545 | 120,777 | 120,835 | 121,973 | 120,911 | 121,133 | ||||||||||||||||||||||||||||||||
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(1) Full year 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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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 400
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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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Page 1
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Brookdale Senior Living Inc.
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Operating Segment Information
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As of December 31, 2011
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Average Occupancy and Rates based on Average Occupied Units in the Period
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FY 2010
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FY 2011
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| Q1 | Q2 | Q3 | Q4 |
Full Year
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Q1 | Q2 | Q3 | Q4 |
Full Year
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Retirement Centers
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Number of communities (period end)
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80 | 80 | 80 | 78 | 78 | 75 | 74 | 76 | 76 | 76 | ||||||||||||||||||||||||||||||
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Total average units(1)
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14,737 | 14,737 | 14,734 | 14,594 | 14,700 | 14,104 | 14,050 | 14,131 | 14,468 | 14,188 | ||||||||||||||||||||||||||||||
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Weighted average unit occupancy
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87.0 | % | 87.1 | % | 87.4 | % | 87.4 | % | 87.2 | % | 87.3 | % | 87.3 | % | 88.4 | % | 88.9 | % | 88.0 | % | ||||||||||||||||||||
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Average monthly revenue per unit(2)
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$ | 3,419 | $ | 3,434 | $ | 3,461 | $ | 3,467 | $ | 3,445 | $ | 3,482 | $ | 3,501 | $ | 3,524 | $ | 3,544 | $ | 3,513 | ||||||||||||||||||||
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Assisted Living
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Number of communities (period end)
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429 | 429 | 429 | 427 | 427 | 428 | 428 | 433 | 434 | 434 | ||||||||||||||||||||||||||||||
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Total average units(1)
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21,152 | 21,115 | 21,114 | 21,056 | 21,109 | 21,295 | 21,145 | 21,265 | 21,589 | 21,323 | ||||||||||||||||||||||||||||||
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Weighted average unit occupancy
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87.6 | % | 88.0 | % | 89.0 | % | 89.0 | % | 88.4 | % | 88.2 | % | 87.4 | % | 88.4 | % | 88.7 | % | 88.2 | % | ||||||||||||||||||||
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Average monthly revenue per unit(2)
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$ | 4,526 | $ | 4,571 | $ | 4,606 | $ | 4,589 | $ | 4,573 | $ | 4,705 | $ | 4,722 | $ | 4,717 | $ | 4,703 | $ | 4,712 | ||||||||||||||||||||
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CCRCs
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Number of communities (period end)
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36 | 36 | 36 | 35 | 35 | 36 | 36 | 40 | 40 | 40 | ||||||||||||||||||||||||||||||
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Total average units(1)
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11,287 | 11,276 | 11,269 | 11,264 | 11,274 | 11,211 | 11,212 | 11,395 | 11,785 | 11,401 | ||||||||||||||||||||||||||||||
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Weighted average unit occupancy
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84.0 | % | 84.2 | % | 84.4 | % | 84.7 | % | 84.3 | % | 85.3 | % | 84.4 | % | 84.4 | % | 84.9 | % | 84.8 | % | ||||||||||||||||||||
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Average monthly revenue per unit(2)
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$ | 5,421 | $ | 5,437 | $ | 5,509 | $ | 5,699 | $ | 5,517 | $ | 5,873 | $ | 5,874 | $ | 5,906 | $ | 5,705 | $ | 5,838 | ||||||||||||||||||||
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Consolidated Totals
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Number of communities (period end)
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545 | 545 | 545 | 540 | 540 | 539 | 538 | 549 | 550 | 550 | ||||||||||||||||||||||||||||||
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Total average units(1)
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47,176 | 47,128 | 47,117 | 46,914 | 47,083 | 46,610 | 46,407 | 46,791 | 47,842 | 46,912 | ||||||||||||||||||||||||||||||
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Weighted average unit occupancy
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86.6 | % | 86.8 | % | 87.4 | % | 87.5 | % | 87.1 | % | 87.2 | % | 86.6 | % | 87.4 | % | 87.8 | % | 87.3 | % | ||||||||||||||||||||
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Average monthly revenue per unit(2)
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$ | 4,386 | $ | 4,415 | $ | 4,457 | $ | 4,498 | $ | 4,439 | $ | 4,609 | $ | 4,620 | $ | 4,632 | $ | 4,587 | $ | 4,612 | ||||||||||||||||||||
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Management Services
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Number of communities (period end)
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19 | 19 | 19 | 19 | 19 | 19 | 19 | 98 | 97 | 97 | ||||||||||||||||||||||||||||||
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Total average units(1)
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3,788 | 3,788 | 3,786 | 3,786 | 3,787 | 3,784 | 3,785 | 8,649 | 18,328 | 8,636 | ||||||||||||||||||||||||||||||
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Weighted average occupancy
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83.4 | % | 83.5 | % | 83.7 | % | 84.5 | % | 83.8 | % | 84.7 | % | 84.8 | % | 84.3 | % | 84.4 | % | 84.5 | % | ||||||||||||||||||||
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Average monthly revenue per unit(2)
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$ | 3,630 | $ | 3,609 | $ | 3,651 | $ | 3,762 | $ | 3,663 | $ | 3,778 | $ | 3,836 | $ | 3,484 | $ | 3,344 | $ | 3,480 | ||||||||||||||||||||
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(1)
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Total average units operated represent the average units operated during the period, excluding equity homes.
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(2)
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Average monthly revenue per unit represents the average of the total monthly revenues, excluding amortization of entrance fees, divided by average occupied units.
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Page 2
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Brookdale Senior Living Inc.
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Same Community, Capital Expenditure and ISC Information
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As of December 31, 2011
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Same Community Information
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($ in 000s, except Avg. Mo. Revenue/Unit)
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Three Months Ended December 31,
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Years Ended December 31,
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2011
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2010
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% Change
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2011
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2010
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% Change
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Revenue
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$ | 542,046 | $ | 531,187 | 2.0 | % | $ | 2,165,788 | $ | 2,099,931 | 3.1 | % | ||||||||||||
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Operating Expense
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363,037 | 343,296 | 5.8 | % | 1,433,611 | 1,368,789 | 4.7 | % | ||||||||||||||||
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Facility Operating Income
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$ | 179,009 | $ | 187,891 | -4.7 | % | $ | 732,177 | $ | 731,142 | 0.1 | % | ||||||||||||
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Facility Operating Margin
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33.0 | % | 35.4 | % | -2.3 | % | 33.8 | % | 34.8 | % | -1.0 | % | ||||||||||||
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# Communities
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531 | 531 | 531 | 531 | ||||||||||||||||||||
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Avg. Period Occupancy
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88.0 | % | 87.8 | % | 0.2 | % | 87.4 | % | 87.6 | % | -0.2 | % | ||||||||||||
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Avg. Mo. Revenue/Unit
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$ | 4,548 | $ | 4,470 | 1.7 | % | $ | 4,574 | $ | 4,427 | 3.3 | % | ||||||||||||
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Schedule of Capital Expenditures
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($ in 000s)
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Three Months Ended December 31,
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2011
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2010
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Type
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Recurring
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$ | 9,486 | $ | 7,057 | ||||
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Reimbursements
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(825 | ) | (671 | ) | ||||
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Net Recurring
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8,661 | 6,386 | ||||||
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Corporate (1)
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10,490 | 4,795 | ||||||
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EBITDA-enhancing / Major Projects (2)
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14,629 | 10,696 | ||||||
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Program Max / Development, net (3)
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10,446 | 423 | ||||||
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Net Total Capital Expenditures (4)
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$ | 44,226 | $ | 22,300 | ||||
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(1) 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.
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(2) Includes EBITDA-enhancing projects (primarily community renovations and apartment upgrades) and other major building infrastructure projects.
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(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 $0.5 million and $0.1 million for the three months ended December 31, 2011 and 2010, respectively.
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(4) Approximately $9.9 million and $10.0 million of expense was recognized during the three months ended December 31, 2011 and 2010, respectively, for normal repairs and maintenance and capital spend under $1,500 per invoice, except for unit turnovers.
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Information on Ancillary Services
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Three Months Ended December 31,
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2011
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2010
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Brookdale Units Served:
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Therapy
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36,212 | 34,691 | ||||||
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Home Health
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28,924 | 26,449 | ||||||
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Avg. Mo. NOI/Occupied Unit Served:
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Outpatient Therapy and Home Health Only
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For the three months ended March 31, 2011
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$ | 156 | ||||||
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For the three months ended June 30, 2011
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$ | 154 | ||||||
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For the three months ended September 30, 2011
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$ | 149 | ||||||
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For the three months ended December 31, 2011
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$ | 136 | ||||||
Page 3
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Brookdale Senior Living Inc.
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Capital Structure - selected financial information
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As of December 31, 2011
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($ in 000s)
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Debt Maturities and Scheduled Principal Repayments
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Initial Maturities
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Mortgage
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weighted
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Line of
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weighted
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Mort. Debt
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weighted
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Capital
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weighted
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Total
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Debt (1)
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rate (2)
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Credit
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rate (2)
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& Line
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rate (2)
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Leases
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rate (2)
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Debt
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2012
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$ | 21,853 | 4.11 | % | $ | - | - | $ | 21,853 | 4.11 | % | $ | 25,801 | 8.39 | % | $ | 47,654 | |||||||||||||||||||
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2013
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571,531 | 3.87 | % | - | - | 571,531 | 3.87 | % | 29,199 | 8.40 | % | 600,730 | ||||||||||||||||||||||||
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2014
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146,560 | 5.74 | % | - | - | 146,560 | 5.74 | % | 30,991 | 8.44 | % | 177,551 | ||||||||||||||||||||||||
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2015
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36,032 | 5.74 | % | - | - | 36,032 | 5.74 | % | 32,888 | 8.48 | % | 68,920 | ||||||||||||||||||||||||
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2016
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31,071 | 5.25 | % | 65,000 | 6.50 | % | 96,071 | 6.10 | % | 30,308 | 8.60 | % | 126,379 | |||||||||||||||||||||||
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Thereafter
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1,243,383 | 4.27 | % | - | - | 1,243,383 | 4.27 | % | 199,008 | 8.72 | % | 1,442,391 | ||||||||||||||||||||||||
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Total
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$ | 2,050,430 | 4.30 | % | $ | 65,000 | 6.50 | % | $ | 2,115,430 | 4.37 | % | $ | 348,195 | 8.61 | % | $ | 2,463,625 | ||||||||||||||||||
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Final Maturities (3)
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Mortgage
|
weighted
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Line of
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weighted
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Mort. Debt
|
weighted
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Capital
|
weighted
|
Total
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Debt (1)
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rate (2)
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Credit
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rate (2)
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& Line
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rate (2)
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Leases
|
rate (2)
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Debt
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2012
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$ | 21,853 | 4.11 | % | $ | - | - | $ | 21,853 | 4.11 | % | $ | 25,801 | 8.39 | % | $ | 47,654 | |||||||||||||||||||
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2013
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365,471 | 3.65 | % | - | - | 365,471 | 3.65 | % | 29,199 | 8.40 | % | 394,670 | ||||||||||||||||||||||||
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2014
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7,505 | 4.88 | % | - | - | 7,505 | 4.88 | % | 30,991 | 8.44 | % | 38,496 | ||||||||||||||||||||||||
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2015
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177,357 | 5.79 | % | - | - | 177,357 | 5.79 | % | 32,888 | 8.48 | % | 210,245 | ||||||||||||||||||||||||
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2016
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32,462 | 5.17 | % | 65,000 | 6.50 | % | 97,462 | 6.06 | % | 30,308 | 8.60 | % | 127,770 | |||||||||||||||||||||||
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Thereafter
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1,445,782 | 4.26 | % | - | - | 1,445,782 | 4.26 | % | 199,008 | 8.72 | % | 1,644,790 | ||||||||||||||||||||||||
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Total
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$ | 2,050,430 | 4.30 | % | $ | 65,000 | 6.50 | % | $ | 2,115,430 | 4.37 | % | $ | 348,195 | 8.61 | % | $ | 2,463,625 | ||||||||||||||||||
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Coverage Ratios
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Twelve months ended December 31, 2011
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| Interest/Cash
Lease
|
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Units
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FOI
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Adj. FOI **
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Payments
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Coverage
|
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Owned communities
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20,807 | 328,296 | 270,840 | 93,229 | 2.9 | x | ||||||||||||||
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Leased communities *
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27,998 | 454,891 | 380,677 | 302,239 | 1.3 | x | ||||||||||||||
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* The leased communities include the capital leases.
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** Adjusted for 5% management fee and capital expenditures @ $350/unit.
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Debt Amortization
|
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|
Year ended December 31,
|
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2011
|
2010
|
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Scheduled debt amortization
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$ | 20,796 | $ | 9,202 | ||||
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Lease financing debt amortization - FMV or no purchase option (4)
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10,465 | 8,972 | ||||||
| Lease financing debt amortization - bargain purchase option | 12,460 | 11,350 | ||||||
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Total debt amortization
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$ | 43,721 | $ | 29,524 | ||||
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Line Availability
|
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($000s)
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09/30/10
|
12/31/10
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03/31/11
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06/30/11
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09/30/11
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12/31/11
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Total line commitment
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$ | 120,000 | $ | 120,000 | $ | 230,000 | $ | 230,000 | $ | 230,000 | $ | 230,000 | ||||||||||||
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Line availability (7)
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$ | 117,881 | $ | 113,025 | $ | 182,053 | $ | 172,105 | $ | 162,057 | $ | 194,165 | ||||||||||||
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Ending line balance
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- | - | - | - | 35,000 | 65,000 | ||||||||||||||||||
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Available to draw
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$ | 117,881 | $ | 113,025 | $ | 182,053 | $ | 172,105 | $ | 127,057 | $ | 129,165 | ||||||||||||
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Cash and cash equivalents
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68,961 | 81,827 | 36,732 | 40,126 | 39,195 | 30,836 | ||||||||||||||||||
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Total liquidity (available to draw + cash)
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$ | 186,842 | $ | 194,852 | $ | 218,785 | $ | 212,231 | $ | 166,252 | $ | 160,001 | ||||||||||||
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Total letters of credit outstanding
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$ | 72,690 | $ | 72,012 | $ | 71,878 | $ | 72,051 | $ | 71,785 | $ | 78,104 | ||||||||||||
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Leverage Ratios
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Annualized
|
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Balance
|
Leverage
|
|||||||
|
Debt (1)
|
$ | 2,050,430 | ||||||
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Capital leases
|
348,195 | |||||||
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Total Debt
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$ | 2,398,625 | 6.0 | x | ||||
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Plus: Line of credit (cash borrowings)
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65,000 | |||||||
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Less: Unrestricted cash
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(30,836 | ) | ||||||
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Less: Cash held as collateral against existing debt
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(3,975 | ) | ||||||
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Subtotal
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$ | 2,428,814 | 6.0 | x | ||||
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2011 YTD Adjusted EBITDA
|
$ | 402,665 | ||||||
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Annual cash lease expense multiplied by 8
|
2,164,984 | |||||||
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Total adjusted debt
|
$ | 4,593,798 | 6.8 | x | ||||
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2011 YTD Adjusted EBITDAR
|
$ | 673,288 | ||||||
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Debt Structure
|
||||||||
|
weighted
|
||||||||
|
Balance
|
rate (2)
|
|||||||
|
Fixed rate debt (1)
|
$ | 1,413,676 | 4.99 | % | ||||
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Variable rate debt (1)
|
636,754 | 2.52 | % | |||||
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Capital leases
|
348,195 | 8.61 | % | |||||
|
Line of credit (cash borrowings)
|
65,000 | 6.50 | % | |||||
|
Total debt
|
$ | 2,463,625 | ||||||
|
Balance
|
% of total
|
|||||||
|
Variable rate debt with interest rate swaps (1) (5)
|
$ | 176,357 | 27.7 | % | ||||
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Variable rate debt with interest rate caps (1) (6)
|
243,534 | 38.2 | % | |||||
|
Variable rate debt - unhedged (1)
|
216,863 | 34.1 | % | |||||
|
Total variable rate debt (1)
|
$ | 636,754 | 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 1.59%.
|
|
(6) Weighted cap rate for stated reporting period of 5.74% 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.
|
Page 4
|
Brookdale Senior Living Inc.
|
|
Selected Data - 2011 Convertible Debt Issuance
|
|
As of December 31, 2011
|
|
($ 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 | ||||||||||||
Page 5
|
Brookdale Senior Living Inc.
|
|
CFFO Reconciliation
|
|
As of December 31, 2011
|
|
CFFO Calculation
|
|
($ in 000s)
|
||||||||
|
Three Months Ended December 31,
|
||||||||
|
2011
|
2010
|
|||||||
|
Net cash provided by operating activities (includes non-refundable entrance fees)
|
$ | 56,425 | $ | 49,089 | ||||
|
Changes in operating assets and liabilities (eliminates cash flow effect)
|
13,545 | 27,851 | ||||||
|
Add: Refundable entrance fees received
|
11,017 | 9,117 | ||||||
|
Less: First generation entrance fees received
|
(5,440 | ) | (4,060 | ) | ||||
|
Less: Entrance fee refunds disbursed
|
(8,107 | ) | (4,954 | ) | ||||
|
Less: Recurring capital expenditures, net
|
(8,661 | ) | (6,386 | ) | ||||
|
Less: Lease financing debt amortization with fair market value or no purchase options
|
(2,700 | ) | (2,313 | ) | ||||
|
Less: Facilitiy lease termination gain
|
- | (8 | ) | |||||
|
Less: Distributions from unconsolidated ventures from cumulative share of net earnings
|
(582 | ) | (775 | ) | ||||
|
Add: CFFO from unconsolidated ventures
|
1,249 | 2,050 | ||||||
|
Cash From Facility Operations
|
$ | 56,746 | $ | 69,611 | ||||
|
Add: Integration and transaction-related costs
|
8,026 | - | ||||||
|
Adjusted Cash From Facility Operations
|
$ | 64,772 | $ | 69,611 | ||||
|
Revenue Reconciliation (1)
|
||||||||||||||||||||||||||||||||||||||||
| ($ in 000s except average monthly revenue per quarter) | ||||||||||||||||||||||||||||||||||||||||
|
FY 2010
|
FY 2011
|
|||||||||||||||||||||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 |
Full Year
|
Q1 | Q2 | Q3 | Q4 |
Full Year
|
|||||||||||||||||||||||||||||||
| Revenue reconciliation excl. entrance fee amortization | ||||||||||||||||||||||||||||||||||||||||
|
Average monthly revenue per quarter
|
4,386 | 4,415 | 4,457 | 4,498 | 4,439 | 4,609 | 4,620 | 4,632 | 4,587 | 4,612 | ||||||||||||||||||||||||||||||
|
Average monthly units (excluding equity homes) available
|
47,179 | 47,119 | 47,106 | 46,897 | 47,057 | 46,634 | 46,433 | 46,822 | 47,848 | 46,908 | ||||||||||||||||||||||||||||||
|
Average occupancy for the quarter
|
86.6 | % | 86.8 | % | 87.4 | % | 87.5 | % | 87.1 | % | 87.2 | % | 86.6 | % | 87.4 | % | 87.8 | % | 87.3 | % | ||||||||||||||||||||
|
Resident fee revenue
|
$ | 537,290 | $ | 541,773 | $ | 550,491 | $ | 553,722 | $ | 2,183,276 | $ | 562,273 | $ | 557,319 | $ | 568,660 | $ | 578,104 | $ | 2,266,356 | ||||||||||||||||||||
|
Add: management fee revenue
|
1,395 | 1,412 | 1,339 | 1,445 | 5,591 | 1,405 | 1,505 | 3,336 | 7,349 | 13,595 | ||||||||||||||||||||||||||||||
|
Total revenues excluding entrance fee amortization
|
$ | 538,685 | $ | 543,185 | $ | 551,830 | $ | 555,167 | $ | 2,188,867 | $ | 563,678 | $ | 558,824 | $ | 571,996 | $ | 585,453 | $ | 2,279,951 | ||||||||||||||||||||
|
CFFO Reconciliation to the Income Statement
|
||||||||||||||||||||||||||||||||||||||||
|
Resident and management fee revenue
|
$ | 544,424 | $ | 548,972 | $ | 558,464 | $ | 561,404 | $ | 2,213,264 | $ | 569,440 | $ | 565,428 | $ | 578,495 | $ | 591,989 | $ | 2,305,352 | ||||||||||||||||||||
|
Less: Entrance fee amortization
|
(5,739 | ) | (5,787 | ) | (6,634 | ) | (6,237 | ) | (24,397 | ) | (5,762 | ) | (6,604 | ) | (6,499 | ) | (6,536 | ) | (25,401 | ) | ||||||||||||||||||||
|
Adjusted revenues
|
538,685 | 543,185 | 551,830 | 555,167 | 2,188,867 | 563,678 | 558,824 | 571,996 | 585,453 | 2,279,951 | ||||||||||||||||||||||||||||||
|
Less: Facility operating expenses
|
(355,324 | ) | (353,051 | ) | (368,936 | ) | (357,321 | ) | (1,434,632 | ) | (370,954 | ) | (366,242 | ) | (381,414 | ) | (389,961 | ) | (1,508,571 | ) | ||||||||||||||||||||
|
Add: Gain on sale of communities, 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 | ) | (366,242 | ) | (381,414 | ) | (389,961 | ) | (1,508,571 | ) | |||||||||||||||||||||
|
Less: G&A including non-cash stock-based compensation expense
|
(31,952 | ) | (31,834 | ) | (33,231 | ) | (34,692 | ) | (131,709 | ) | (33,543 | ) | (33,681 | ) | (38,711 | ) | (42,392 | ) | (148,327 | ) | ||||||||||||||||||||
|
Add: G&A non-cash stock-based compensation expense
|
4,871 | 5,105 | 5,823 | 4,960 | 20,759 | 4,540 | 4,555 | 5,221 | 5,540 | 19,856 | ||||||||||||||||||||||||||||||
|
Net G&A
|
(27,081 | ) | (26,729 | ) | (27,408 | ) | (29,732 | ) | (110,950 | ) | (29,003 | ) | (29,126 | ) | (33,490 | ) | (36,852 | ) | (128,471 | ) | ||||||||||||||||||||
|
Less: Facility lease expense
|
(68,249 | ) | (67,175 | ) | (72,706 | ) | (67,383 | ) | (275,513 | ) | (66,315 | ) | (66,065 | ) | (68,314 | ) | (74,164 | ) | (274,858 | ) | ||||||||||||||||||||
|
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 | 1,456 | 1,834 | 3,592 | 8,608 | ||||||||||||||||||||||||||||||
|
Less: Amortization of deferred gain
|
(1,086 | ) | (1,086 | ) | (1,086 | ) | (1,085 | ) | (4,343 | ) | (1,093 | ) | (1,093 | ) | (1,094 | ) | (1,093 | ) | (4,373 | ) | ||||||||||||||||||||
|
Net lease expense
|
(66,199 | ) | (66,100 | ) | (66,364 | ) | (66,064 | ) | (264,727 | ) | (65,682 | ) | (65,702 | ) | (67,574 | ) | (71,665 | ) | (270,623 | ) | ||||||||||||||||||||
|
Add: Entrance fee receipts
|
12,021 | 9,377 | 19,133 | 14,827 | 55,358 | 9,712 | 12,454 | 15,726 | 17,480 | 55,372 | ||||||||||||||||||||||||||||||
|
Less: Entrance fee disbursements
|
(5,762 | ) | (5,360 | ) | (4,984 | ) | (4,954 | ) | (21,060 | ) | (4,930 | ) | (6,481 | ) | (5,475 | ) | (8,107 | ) | (24,993 | ) | ||||||||||||||||||||
|
Net entrance fees
|
6,259 | 4,017 | 14,149 | 9,873 | 34,298 | 4,782 | 5,973 | 10,251 | 9,373 | 30,379 | ||||||||||||||||||||||||||||||
|
Adjusted EBITDA
|
96,340 | 100,258 | 103,271 | 108,625 | 408,494 | 102,821 | 103,727 | 99,769 | 96,348 | 402,665 | ||||||||||||||||||||||||||||||
|
Less: Recurring capital expenditures, net
|
(6,441 | ) | (7,570 | ) | (7,572 | ) | (6,386 | ) | (27,969 | ) | (7,057 | ) | (9,268 | ) | (8,675 | ) | (8,661 | ) | (33,661 | ) | ||||||||||||||||||||
|
Less: Interest expense, net
|
(32,653 | ) | (33,450 | ) | (32,916 | ) | (31,384 | ) | (130,403 | ) | (30,936 | ) | (29,900 | ) | (29,262 | ) | (31,237 | ) | (121,335 | ) | ||||||||||||||||||||
|
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 | ) | (2,587 | ) | (2,645 | ) | (2,700 | ) | (10,465 | ) | ||||||||||||||||||||
|
Less: Distributions from unconsolidated ventures from cumulative share of net earnings
|
- | - | - | (775 | ) | (775 | ) | - | - | - | (582 | ) | (582 | ) | ||||||||||||||||||||||||||
|
Add: CFFO from unconsolidated ventures
|
- | - | - | 2,050 | 2,050 | 641 | 661 | 738 | 1,249 | 3,289 | ||||||||||||||||||||||||||||||
|
Less: Other
|
(678 | ) | (39 | ) | (830 | ) | (206 | ) | (1,753 | ) | (1,185 | ) | (1,328 | ) | 196 | 2,329 | 12 | |||||||||||||||||||||||
|
Reported CFFO
|
$ | 54,397 | $ | 56,978 | $ | 59,686 | $ | 69,611 | $ | 240,672 | $ | 61,751 | $ | 61,305 | $ | 60,121 | $ | 56,746 | $ | 239,923 | ||||||||||||||||||||
|
Add: integration and transaction-related costs
|
- | - | - | - | - | - | 894 | 5,468 | 8,026 | 14,388 | ||||||||||||||||||||||||||||||
|
Adjusted CFFO
|
$ | 54,397 | $ | 56,978 | $ | 59,686 | $ | 69,611 | $ | 240,672 | $ | 61,751 | $ | 62,199 | $ | 65,589 | $ | 64,772 | $ | 254,311 | ||||||||||||||||||||
|
CFFO Per Share
|
||||||||||||||||||||||||||||||||||||||||
|
($ except where indicated)
|
FY 2010
|
FY 2011
|
||||||||||||||||||||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 |
Full Year(2)
|
Q1 | Q2 | Q3 | Q4 |
Full Year(2)
|
|||||||||||||||||||||||||||||||
|
Reported CFFO
|
$ | 0.46 | $ | 0.48 | $ | 0.50 | $ | 0.58 | $ | 2.02 | $ | 0.51 | $ | 0.51 | $ | 0.49 | $ | 0.47 | $ | 1.98 | ||||||||||||||||||||
|
Add: integration and transaction-related costs
|
- | - | - | - | - | - | 0.01 | 0.05 | 0.07 | $ | 0.13 | |||||||||||||||||||||||||||||
|
Adjusted CFFO
|
$ | 0.46 | $ | 0.48 | $ | 0.50 | $ | 0.58 | $ | 2.02 | $ | 0.51 | $ | 0.52 | $ | 0.54 | $ | 0.54 | $ | 2.11 | ||||||||||||||||||||
|
Shares used in calculation of CFFO (000's)
|
119,315 | 119,721 | 120,404 | 120,580 | 120,792 | 121,280 | 121,616 | 120,951 | ||||||||||||||||||||||||||||||||
|
(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.
|
Page 6
|
Brookdale Senior Living Inc.
|
|
Quarterly Entry Fee Information
|
|
As of December 31, 2011
|
|
Q1 10
|
Q2 10
|
Q3 10
|
Q4 10
|
Q1 11
|
Q2 11
|
Q3 11
|
Q4 11
|
|
|
Occupancy
|
81.8%
|
81.3%
|
81.3%
|
82.0%
|
82.6%
|
82.3%
|
82.0%
|
82.9%
|
|
Ending # EF Vacant Units
|
547
|
569
|
594
|
588
|
594
|
620
|
621
|
616
|
|
# Closings
|
67
|
59
|
87
|
73
|
53
|
73
|
88
|
85
|
|
# of Refunds
|
80
|
67
|
81
|
82
|
69
|
72
|
73
|
75
|
|
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
|
8,305
|
9,360
|
8,387
|
|
Proceeds from refundable entrance fees (2)(3)
|
5,138
|
3,811
|
11,035
|
8,118
|
4,794
|
4,149
|
6,366
|
9,093
|
|
Total Cash Proceeds
|
12,021
|
9,377
|
19,133
|
14,827
|
9,712
|
12,454
|
15,726
|
17,480
|
|
Refunds of entrance fees (4)(5)
|
(5,762)
|
(5,360)
|
(4,984)
|
(4,954)
|
(4,930)
|
(6,481)
|
(5,475)
|
(8,107)
|
|
Net Resale Cash Flow
|
6,259
|
4,017
|
14,149
|
9,873
|
4,782
|
5,973
|
10,251
|
9,373
|
|
My Choice proceeds included in refundable resale receipts above
|
132
|
206
|
6,463
|
3,789
|
1,144
|
1,591
|
2,264
|
3,994
|
|
Average Resale $ (excluding My Choice proceeds)
|
177,448
|
155,441
|
145,632
|
151,205
|
161,660
|
148,808
|
152,977
|
158,659
|
|
Average Refund $ (excluding My Choice refunds)
|
(68,375)
|
(78,209)
|
(61,383)
|
(55,378)
|
(70,058)
|
(81,681)
|
(71,863)
|
(98,040)
|
|
Value of Unsold Inventory ($ in 000's except average resale price)
|
||||||||
|
Gross Value @ Average Resale Price of $155,000 (2)
|
104,720
|
|||||||
|
Refund Attachments
|
(11,308)
|
|||||||
|
Net Cash Value
|
93,412
|
|||||||
|
Income Statement Impact ($ 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
|
Q2 11
|
Q3 11
|
Q4 11
|
|
|
Amortization of entrance fees (incl. gains on terminations) (6)
|
(5,426)
|
(5,404)
|
(6,173)
|
(5,765)
|
(5,204)
|
(6,022)
|
(5,890)
|
(5,869)
|
|
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 from the sale of units at a recently opened entrance fee CCRC.
|
||||||||
|
(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 not replaced by second generation entrance fee receipts at a recently opened entrance fee CCRC ($0.8 million for the three months ended December 31, 2011).
|
||||||||
|
(6) Excludes first generation entrance fee amortization.
|
||||||||
Page 7
|
Brookdale Senior Living Inc.
|
|
Quarterly Cash Flow Statements
|
|
As of December 31, 2011
|
|
($ in 000s)
|
|
Cash Flow Statements
|
||||||||||||||||||||||||||||||||||||||||
| Q1 2010 | Q2 2010 | Q3 2010 | Q4 2010 |
FY 2010
|
Q1 2011 | Q2 2011 | Q3 2011 | Q4 2011 |
FY 2011
|
|||||||||||||||||||||||||||||||
|
Cash Flows from Operating Activities
|
||||||||||||||||||||||||||||||||||||||||
|
Net loss
|
$ | (14,295 | ) | $ | (9,557 | ) | $ | (16,913 | ) | $ | (8,136 | ) | $ | (48,901 | ) | $ | (12,305 | ) | $ | (33,959 | ) | $ | (7,036 | ) | $ | (14,875 | ) | (68,175 | ) | |||||||||||
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||||||||||||||||||||||||||||||||
|
Loss on extinguishment of debt
|
19 | 682 | 856 | - | 1,557 | 2,894 | 15,254 | 715 | - | 18,863 | ||||||||||||||||||||||||||||||
|
Depreciation and amortization
|
75,657 | 75,578 | 77,195 | 72,874 | 301,304 | 74,486 | 72,587 | 68,381 | 66,479 | 281,933 | ||||||||||||||||||||||||||||||
|
Asset impairment
|
- | - | - | 13,075 | 13,075 | 14,846 | - | - | 2,046 | 16,892 | ||||||||||||||||||||||||||||||
|
Loss (gain) on sale of assets and unconsolidated ventures
|
144 | - | 1,404 | (4,057 | ) | (2,509 | ) | (1,315 | ) | - | 135 | - | (1,180 | ) | ||||||||||||||||||||||||||
|
Equity in (earnings) loss of unconsolidated ventures
|
(397 | ) | (119 | ) | (272 | ) | 620 | (168 | ) | (266 | ) | (146 | ) | 117 | (1,137 | ) | (1,432 | ) | ||||||||||||||||||||||
|
Distributions from unconsolidated ventures from cumulative share of net earnings
|
- | 375 | - | 400 | 775 | - | - | 700 | 582 | 1,282 | ||||||||||||||||||||||||||||||
|
Amortization of deferred gain
|
(1,086 | ) | (1,086 | ) | (1,086 | ) | (1,085 | ) | (4,343 | ) | (1,093 | ) | (1,093 | ) | (1,094 | ) | (1,093 | ) | (4,373 | ) | ||||||||||||||||||||
|
Amortization of entrance fees
|
(5,739 | ) | (5,787 | ) | (6,634 | ) | (6,237 | ) | (24,397 | ) | (5,762 | ) | (6,604 | ) | (6,499 | ) | (6,536 | ) | (25,401 | ) | ||||||||||||||||||||
|
Proceeds from deferred entrance fee revenue
|
9,550 | 8,354 | 9,812 | 9,770 | 37,486 | 6,361 | 9,299 | 10,815 | 11,903 | 38,378 | ||||||||||||||||||||||||||||||
|
Deferred income tax (benefit) provision
|
(8,200 | ) | (5,743 | ) | (12,601 | ) | (6,751 | ) | (33,295 | ) | (11,841 | ) | 11,841 | - | 943 | 943 | ||||||||||||||||||||||||
|
Change in deferred lease liability
|
3,136 | 2,161 | 2,812 | 2,412 | 10,521 | 1,726 | 1,456 | 1,824 | 3,602 | 8,608 | ||||||||||||||||||||||||||||||
|
Change in fair value of derivatives and amortization
|
2,640 | 2,207 | 176 | (905 | ) | 4,118 | 8 | 2,635 | 1,508 | (273 | ) | 3,878 | ||||||||||||||||||||||||||||
|
(Gain) loss on acquisition
|
- | - | - | - | - | - | - | (3,520 | ) | 1,538 | (1,982 | ) | ||||||||||||||||||||||||||||
|
Lessor cash reimbursement for tenant incentive
|
- | - | - | - | - | - | - | - | 1,251 | 1,251 | ||||||||||||||||||||||||||||||
|
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 | 4,555 | 5,221 | 5,540 | 19,856 | ||||||||||||||||||||||||||||||
|
Changes in operating assets and liabilities:
|
||||||||||||||||||||||||||||||||||||||||
|
Accounts receivable, net
|
(5,242 | ) | 4,367 | (5,605 | ) | (1,476 | ) | (7,956 | ) | (105 | ) | 1,728 | (3,998 | ) | (2,992 | ) | (5,367 | ) | ||||||||||||||||||||||
|
Prepaid expenses and other assets, net
|
(9,171 | ) | (5,160 | ) | (1,008 | ) | (6,711 | ) | (22,050 | ) | 460 | 1,477 | (11,425 | ) | (13,446 | ) | (22,934 | ) | ||||||||||||||||||||||
|
Accounts payable and accrued expenses
|
(11,825 | ) | 2,035 | 15,511 | (17,496 | ) | (11,775 | ) | 8,453 | (7,136 | ) | 1,509 | 10,895 | 13,721 | ||||||||||||||||||||||||||
|
Tenant refundable fees and security deposits
|
(1,298 | ) | (971 | ) | (451 | ) | (438 | ) | (3,158 | ) | 310 | (287 | ) | (1,964 | ) | (245 | ) | (2,186 | ) | |||||||||||||||||||||
|
Deferred revenue
|
8,365 | (3,735 | ) | (4,635 | ) | (1,730 | ) | (1,735 | ) | 11,269 | (6,921 | ) | (739 | ) | (7,757 | ) | (4,148 | ) | ||||||||||||||||||||||
|
Net cash provided by operating activities
|
47,129 | 67,642 | 64,384 | 49,089 | 228,244 | 92,666 | 64,686 | 54,650 | 56,425 | 268,427 | ||||||||||||||||||||||||||||||
|
Cash Flows from Investing Activities
|
||||||||||||||||||||||||||||||||||||||||
|
Decrease (increase) in lease security deposits and lease acquisition deposits, net
|
801 | - | 1,266 | (4,242 | ) | (2,175 | ) | 941 | (1,313 | ) | (1,219 | ) | (1,497 | ) | (3,088 | ) | ||||||||||||||||||||||||
|
(Increase) decrease in cash and escrow deposits — restricted
|
(30,556 | ) | (5,804 | ) | 33,793 | 7,272 | 4,705 | 54,455 | 3,841 | (2,052 | ) | (68 | ) | 56,176 | ||||||||||||||||||||||||||
|
Net proceeds from the sale of assets
|
1,487 | - | - | 10,592 | 12,079 | 23,147 | 5,885 | 1,785 | - | 30,817 | ||||||||||||||||||||||||||||||
|
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 | ) | (39,340 | ) | (46,659 | ) | (45,543 | ) | (160,131 | ) | ||||||||||||||||||||
|
Purchase of marketable securities — restricted
|
- | - | - | - | - | (26,409 | ) | (6,315 | ) | - | - | (32,724 | ) | |||||||||||||||||||||||||||
|
Sale of marketable securities — restricted
|
- | - | - | - | - | 809 | 608 | (2 | ) | 16 | 1,431 | |||||||||||||||||||||||||||||
|
Acquisition of assets, net of related payables and cash received
|
- | (21,809 | ) | (4,307 | ) | (31,832 | ) | (57,948 | ) | (51,330 | ) | (3,178 | ) | (89 | ) | (34,085 | ) | (88,682 | ) | |||||||||||||||||||||
|
Purchase of Horizon Bay Realty, L.L.C., net of cash acquired
|
- | - | - | - | - | - | - | 5,516 | - | 5,516 | ||||||||||||||||||||||||||||||
|
Payment on (issuance of) notes receivable, net
|
512 | (343 | ) | 844 | 66 | 1,079 | 403 | - | 1,271 | (190 | ) | 1,484 | ||||||||||||||||||||||||||||
|
Investment in unconsolidated ventures
|
(848 | ) | (205 | ) | 394 | (1 | ) | (660 | ) | - | - | (13,711 | ) | (279 | ) | (13,990 | ) | |||||||||||||||||||||||
|
Distributions received from unconsolidated ventures
|
47 | - | 30 | 20 | 97 | 60 | 56 | 40 | 50 | 206 | ||||||||||||||||||||||||||||||
|
Proceeds from sale of unconsolidated venture
|
- | - | 675 | - | 675 | - | - | - | - | - | ||||||||||||||||||||||||||||||
|
Other
|
(316 | ) | - | (322 | ) | (38 | ) | (676 | ) | (164 | ) | (304 | ) | (353 | ) | (93 | ) | (914 | ) | |||||||||||||||||||||
|
Net cash (used in) provided by investing activities
|
(51,975 | ) | (50,569 | ) | 7,279 | (41,240 | ) | (136,505 | ) | (26,677 | ) | (40,060 | ) | (55,473 | ) | (81,689 | ) | (203,899 | ) | |||||||||||||||||||||
|
Cash Flows from Financing Activities
|
||||||||||||||||||||||||||||||||||||||||
|
Proceeds from debt
|
49,108 | 119,576 | 213,392 | 32,719 | 414,795 | 28,000 | 2,417 | 447,108 | 5,144 | 482,669 | ||||||||||||||||||||||||||||||
|
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 | ) | ||||||||||||||||||||||||||||
|
Repayment of debt and capital lease obligations
|
(58,923 | ) | (134,031 | ) | (251,986 | ) | (31,587 | ) | (476,527 | ) | (134,550 | ) | (283,626 | ) | (461,397 | ) | (18,992 | ) | (898,565 | ) | ||||||||||||||||||||
|
Proceeds from line of credit
|
45,000 | 15,000 | - | - | 60,000 | 40,000 | 15,000 | 65,000 | 105,000 | 225,000 | ||||||||||||||||||||||||||||||
|
Repayment of line of credit
|
(30,000 | ) | (30,000 | ) | - | - | (60,000 | ) | (40,000 | ) | (15,000 | ) | (30,000 | ) | (75,000 | ) | (160,000 | ) | ||||||||||||||||||||||
|
Payment of financing costs, net of related payables
|
(2,776 | ) | (3,268 | ) | (2,392 | ) | (105 | ) | (8,541 | ) | (2,575 | ) | (910 | ) | (4,685 | ) | (542 | ) | (8,712 | ) | ||||||||||||||||||||
|
Other
|
(181 | ) | 137 | (546 | ) | (173 | ) | (763 | ) | (184 | ) | (148 | ) | (122 | ) | (833 | ) | (1,287 | ) | |||||||||||||||||||||
|
Refundable entrance fees:
|
||||||||||||||||||||||||||||||||||||||||
|
Proceeds from refundable entrance fees
|
8,442 | 6,619 | 12,242 | 9,117 | 36,420 | 6,080 | 5,310 | 7,204 | 11,017 | 29,611 | ||||||||||||||||||||||||||||||
|
Refunds of entrance fees
|
(5,762 | ) | (5,360 | ) | (4,984 | ) | (4,954 | ) | (21,060 | ) | (4,930 | ) | (6,481 | ) | (5,475 | ) | (8,868 | ) | (25,754 | ) | ||||||||||||||||||||
|
Cash portion of loss on extinguishment of debt
|
(179 | ) | - | - | - | (179 | ) | (2,861 | ) | (14,153 | ) | (26 | ) | - | (17,040 | ) | ||||||||||||||||||||||||
|
Recouponing and payment of swap termination
|
(640 | ) | (14 | ) | (19,773 | ) | - | (20,427 | ) | (64 | ) | (35 | ) | - | - | (99 | ) | |||||||||||||||||||||||
|
Purchase of treasury stock
|
- | - | - | - | - | - | - | (17,613 | ) | - | (17,613 | ) | ||||||||||||||||||||||||||||
|
Net cash provided by (used in) financing activities
|
4,089 | (31,341 | ) | (54,047 | ) | 5,017 | (76,282 | ) | (111,084 | ) | (21,232 | ) | (108 | ) | 16,905 | (115,519 | ) | |||||||||||||||||||||||
|
Net (decrease) increase in cash and cash equivalents
|
(757 | ) | (14,268 | ) | 17,616 | 12,866 | 15,457 | (45,095 | ) | 3,394 | (931 | ) | (8,359 | ) | (50,991 | ) | ||||||||||||||||||||||||
|
Cash and cash equivalents at beginning of period
|
66,370 | 65,613 | 51,345 | 68,961 | 66,370 | 81,827 | 36,732 | 40,126 | 39,195 | 81,827 | ||||||||||||||||||||||||||||||
|
Cash and cash equivalents at end of period
|
$ | 65,613 | $ | 51,345 | $ | 68,961 | $ | 81,827 | $ | 81,827 | $ | 36,732 | $ | 40,126 | $ | 39,195 | $ | 30,836 | $ | 30,836 | ||||||||||||||||||||
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