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Brookdale Senior Living Inc. Corporate Overview - selected financial information As of

Tuesday, December 16, 2014 1 min read
Key Takeaway: Brookdale Senior Living Inc. Corporate Overview - selected financial information As of September 30, 2014 Common Stock NYSE: BKD Ownership Type Number of Communities Number of Units Percentage of Q3 2014 Resident and Management Fees Percentage of Q3 2014 Facilit

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Brookdale Senior Living Inc.
Corporate Overview - selected financial information
As of September 30, 2014
Common Stock
NYSE: BKD
Ownership Type Number of Communities Number of Units Percentage of Q3 2014 Resident and Management Fees Percentage of Q3 2014 Facility Operating Income Percentage of YTD 2014 Resident and Management Fees Percentage of YTD 2014 Facility Operating Income
Owned 403 35,171 38.2% 37.0% 40.5% 39.6%
Leased 583 48,081 50.8% 54.3% 48.6% 51.6%
Brookdale Ancillary Services N/A N/A 9.9% 5.5% 9.8% 5.6%
Managed 161 27,883 1.1% 3.2% 1.1% 3.2%
Total 1,147 111,135 100.0% 100.0% 100.0% 100.0%
Operating Type - By Segment
Retirement Centers 100 17,762 16.0% 20.4% 18.4% 23.1%
Assisted Living 841 55,304 53.5% 57.2% 46.9% 50.8%
CCRCs - Rental 45 10,186 14.9% 10.5% 14.9% 11.1%
CCRCs - Entry Fee (1) - - 4.6% 3.2% 8.9% 6.2%
Brookdale Ancillary Services N/A N/A 9.9% 5.5% 9.8% 5.6%
Management Services 161 27,883 1.1% 3.2% 1.1% 3.2%
Total 1,147 111,135 100.0% 100.0% 100.0% 100.0%
($ except where indicated) FY 2013 FY 2014
Q1 Q2 Q3 Q4 Full Year (3) Q1 Q2 Q3
Reported CFFO $ 0.55 $ 0.58 $ 0.57 $ 0.68 $ 2.38 $ 0.54 $ 0.61 $ 0.14
Add: integration, transaction and EMR roll-out costs (2) 0.02 0.03 0.04 0.03 0.12 0.10 0.10 0.49
Adjusted CFFO $ 0.57 $ 0.61 $ 0.61 $ 0.71 $ 2.50 $ 0.64 $ 0.71 $ 0.63
Weighted average shares (000's) 122,823 123,405 124,128 124,308 124,478 125,058 159,003
Period end outstanding shares (excluding unvested restricted shares) (000's) 123,040 124,061 124,285 124,354 124,816 125,408 183,410
(1) In connection with the creation of the Entry Fee CCRC venture between the Company and HCP on August 29, 2014, the Company contributed to the venture all but two of the communities in the CCRCs - Entry Fee segment. Financial and operating data for the two communities not contributed to the venture is included in the CCRCs - Entry Fee segment for the six months ended June 30, 2014 and the CCRCs - Rental segment for the three month period ended September 30, 2014. The financial data and operating information of the communities contributed to the venture is included in the CCRC - Entry Fee segment for the time periods prior to being contributed.
(2) Integration and EMR roll-out costs include third party expenses directly related to the integration of Emeritus as well as internal costs such as labor reflecting time spent by Company personnel on integration and transaction activity. Transaction costs include third party costs directly related to the acquisition of Emeritus and the completion of the transactions contemplated by the Master Agreement with HCP and include fees such as lender costs, legal, banking, accounting and consulting.
(3) Full year CFFO for all periods is calculated as the sum of the quarterly amounts for the year.
Ross Roadman
SVP, Investor Relations
Brookdale Senior Living Inc.
111 Westwood Place, Suite 400
Brentwood, TN 37027
Phone (615) 564-8104
rroadman@brookdaleliving.com
Brookdale Senior Living Inc.
Segment Financial Data
As of September 30, 2014
($ in 000s, except Senior Housing average monthly revenue per unit)
Retirement Centers FY 2013 FY 2014 (1)
Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 YTD Q3P (3)
Revenue 128,922 130,170 133,272 133,920 526,284 132,349 133,441 155,227 421,017 164,557
Expenses 75,588 75,993 76,452 75,969 304,002 76,119 76,550 88,022 240,691 93,382
Segment Operating Income 53,334 54,177 56,820 57,951 222,282 56,230 56,891 67,205 180,326 71,175
Segment Operating Margin 41.4 % 41.6 % 42.6 % 43.3 % 42.2 % 42.5 % 42.6 % 43.3 % 42.8 % 43.3 %
Number of communities (period end) 76 76 76 76 76 74 74 100 - 100
Total average units(4) 14,429 14,429 14,444 14,454 14,439 14,161 14,162 16,594 - 17,667
Weighted average unit occupancy 89.5 % 89.4 % 90.2 % 90.1 % 89.8 % 89.3 % 88.9 % 89.8 % - 90.0 %
Senior Housing average monthly revenue per unit(5) $ 3,328 $ 3,362 $ 3,408 $ 3,426 $ 3,381 $ 3,490 $ 3,532 $ 3,472 - $ 3,450
Assisted Living FY 2013 FY 2014 (1)
Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 YTD Q3P (3)
Revenue 260,615 260,497 262,524 268,232 1,051,868 277,431 277,230 516,640 1,071,301 620,328
Expenses 164,330 164,316 165,774 167,770 662,190 172,439 172,984 328,486 673,909 394,399
Segment Operating Income 96,285 96,181 96,750 100,462 389,678 104,992 104,246 188,154 397,392 225,929
Segment Operating Margin 36.9 % 36.9 % 36.9 % 37.5 % 37.0 % 37.8 % 37.6 % 36.4 % 37.1 % 36.4 %
Number of communities (period end) 431 432 432 438 438 440 440 841 - 841
Total average units(4) 21,556 21,499 21,513 22,149 21,679 22,435 22,463 45,260 - 55,245
Weighted average unit occupancy 89.1 % 89.4 % 90.0 % 90.1 % 89.7 % 89.6 % 89.0 % 88.8 % - 88.9 %
Senior Housing average monthly revenue per unit(5) $ 4,523 $ 4,519 $ 4,518 $ 4,480 $ 4,510 $ 4,599 $ 4,622 $ 4,286 - $ 4,214
CCRCs - Rental FY 2013 FY 2014
Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 (2) YTD Q3P (3)
Revenue 100,327 97,562 100,076 99,010 396,975 97,944 98,212 144,074 340,230 147,539
Expenses 71,250 71,995 73,063 71,641 287,949 71,114 72,519 109,582 253,215 111,673
Segment Operating Income 29,077 25,567 27,013 27,369 109,026 26,830 25,693 34,492 87,015 35,866
Segment Operating Margin 29.0 % 26.2 % 27.0 % 27.6 % 27.5 % 27.4 % 26.2 % 23.9 % 25.6 % 24.3 %
Number of communities (period end) 27 27 27 26 26 26 26 45 - 45
Total average units(4) 6,687 6,684 6,687 6,617 6,669 6,457 6,469 9,783 - 10,130
Weighted average unit occupancy 87.6 % 86.2 % 86.7 % 86.8 % 86.8 % 86.6 % 85.9 % 85.1 % - 85.4 %
Senior Housing average monthly revenue per unit(5) $ 5,709 $ 5,649 $ 5,759 $ 5,742 $ 5,715 $ 5,839 $ 5,894 $ 5,740 - $ 5,640
CCRCs - Entry Fee FY 2013 FY 2014
Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 (2) YTD Q3P (3)
Revenue 74,308 74,016 74,110 75,322 297,756 79,169 79,100 44,145 202,414 -
Expenses 54,737 56,244 55,892 54,490 221,363 59,534 60,733 33,714 153,981 -
Segment Operating Income 19,571 17,772 18,218 20,832 76,393 19,635 18,367 10,431 48,433 -
Segment Operating Margin 26.3 % 24.0 % 24.6 % 27.7 % 25.7 % 24.8 % 23.2 % 23.6 % 23.9 %
Bridge to Cash Basis for CCRCs - Entry Fee segment
Revenue 74,308 74,016 74,110 75,322 297,756 79,169 79,100 44,145 202,414 -
Less: revenue amortization (non-cash) (7,133 ) (7,032 ) (7,013 ) (7,831 ) (29,009 ) (7,202 ) (7,547 ) (4,930 ) (19,679 ) -
Add: net entrance fees (cash) 7,553 16,422 11,370 21,661 57,006 6,513 16,711 (576 ) 22,648 -
Adjusted revenue 74,728 83,406 78,467 89,152 325,753 78,480 88,264 38,639 205,383 -
Expenses 54,737 56,244 55,892 54,490 221,363 59,534 60,733 33,714 153,981 -
Adjusted Segment Operating Income 19,991 27,162 22,575 34,662 104,390 18,946 27,531 4,925 51,402 -
Adjusted Segment Operating Margin 26.8 % 32.6 % 28.8 % 38.9 % 32.0 % 24.1 % 31.2 % 12.7 % 25.0 %
Number of communities (period end) 14 14 14 14 14 15 15 - - -
Total average units(4) 5,281 5,295 5,308 5,329 5,303 5,527 5,534 2,954 - -
Weighted average unit occupancy 84.6 % 83.8 % 84.1 % 84.3 % 84.2 % 84.7 % 84.7 % 87.0 % - -
Senior Housing average monthly revenue per unit(5) $ 5,011 $ 5,025 $ 4,994 $ 5,023 $ 5,013 $ 5,124 $ 5,091 $ 5,085 - -
Total Senior Housing FY 2013 FY 2014
Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 (2) YTD Q3P (3)
Revenue 564,172 562,245 569,982 576,484 2,272,883 586,893 587,983 860,086 2,034,962 932,424
Expenses 365,905 368,548 371,181 369,870 1,475,504 379,206 382,786 559,804 1,321,796 599,454
Operating Income 198,267 193,697 198,801 206,614 797,379 207,687 205,197 300,282 713,166 332,970
Operating Margin 35.1 % 34.5 % 34.9 % 35.8 % 35.1 % 35.4 % 34.9 % 34.9 % 35.0 % 35.7 %
G&A Allocation (6) 25,526 23,224 22,647 24,658 96,055 24,396 22,589 33,912 80,897
Adjusted Operating Income 172,741 170,473 176,154 181,956 701,324 183,291 182,608 266,370 632,269
Adjusted Operating Margin 30.6 % 30.3 % 30.9 % 31.6 % 30.9 % 31.2 % 31.1 % 31.0 % 31.1 %
Number of communities (period end) 548 549 549 554 554 555 555 986 - 986
Total average units(4) 47,953 47,907 47,952 48,549 48,090 48,580 48,628 74,591 - 83,042
Weighted average unit occupancy 88.5 % 88.3 % 89.0 % 89.0 % 88.7 % 88.6 % 88.1 % 88.5 % - 88.7 %
Senior Housing average monthly revenue per unit(5) $ 4,375 $ 4,373 $ 4,397 $ 4,387 $ 4,383 $ 4,491 $ 4,518 $ 4,315 - $ 4,217
Brookdale Senior Living Inc.
Segment Financial Data
As of September 30, 2014
Financial Data and Operating Information (continued)
($ in 000s, except Senior Housing average monthly revenue per unit)
Brookdale Ancillary Services FY 2013 FY 2014
Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 YTD Q3P (3)
Revenue 60,198 58,693 61,162 62,097 242,150 63,417 65,534 95,426 224,377 110,677
Expenses 47,098 47,479 49,398 52,466 196,441 50,664 52,629 77,280 180,573 89,397
Segment Operating Income 13,100 11,214 11,764 9,631 45,709 12,753 12,905 18,146 43,804 21,280
Segment Operating Margin 21.8 % 19.1 % 19.2 % 15.5 % 18.9 % 20.1 % 19.7 % 19.0 % 19.5 % 19.2 %
G&A Allocation (6) 6,055 6,005 5,516 5,806 23,382 5,642 5,908 5,709 17,259
Adjusted Segment Operating Income 7,045 5,209 6,248 3,825 22,327 7,111 6,997 12,437 26,545
Adjusted Segment Operating Margin 11.7 % 8.9 % 10.2 % 6.2 % 9.2 % 11.2 % 10.7 % 13.0 % 11.8 %
Brookdale units served:
Outpatient Therapy consolidated 38,017 38,075 38,253 38,308 - 37,974 38,328 37,899 -
Home Health consolidated 32,389 32,864 33,940 33,894 - 34,518 35,061 44,297 -
Outpatient Therapy non-consolidated 13,502 14,177 14,733 14,017 - 14,138 13,942 18,716 -
Home Health non-consolidated 13,326 13,232 13,601 12,884 - 12,819 12,336 16,133 -
Total Brookdale units served:
Outpatient Therapy 51,519 52,252 52,986 52,325 - 52,112 52,270 56,615 -
Home Health 45,715 46,096 47,541 46,778 - 47,337 47,397 60,430 -
Outpatient Therapy treatment codes 821,308 840,076 818,758 844,987 - 812,632 798,754 762,993 -
Home Health average census 4,289 4,366 4,574 4,762 - 5,084 5,257 10,314 -
Total Senior Housing and Brookdale Ancillary Services FY 2013 FY 2014
Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 (2) YTD Q3P (3)
Revenue 624,370 620,938 631,144 638,581 2,515,033 650,310 653,517 955,512 2,259,339 1,043,101
Expenses 413,003 416,027 420,579 422,336 1,671,945 429,870 435,415 637,084 1,502,369 688,851
Operating Income 211,367 204,911 210,565 216,245 843,088 220,440 218,102 318,428 756,970 354,250
Operating Margin 33.9 % 33.0 % 33.4 % 33.9 % 33.5 % 33.9 % 33.4 % 33.3 % 33.5 % 34.0 %
G&A Allocation (6) 31,581 29,229 28,163 30,464 119,437 30,038 28,497 39,621 98,156
Adjusted Operating Income 179,786 175,682 182,402 185,781 723,651 190,402 189,605 278,807 658,814
Adjusted Operating Margin 28.8 % 28.3 % 28.9 % 29.1 % 28.8 % 29.3 % 29.0 % 29.2 % 29.2 %
Management Services FY 2013 FY 2014
Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 YTD Q3P (3)
Revenue (Management Fees) 7,609 7,744 7,622 8,150 31,125 7,402 7,489 10,428 25,319 15,816
Expenses (G&A Allocation) (6) 6,031 6,192 6,106 6,334 24,663 6,116 5,649 7,453 19,218
Segment Operating Income 1,578 1,552 1,516 1,816 6,462 1,286 1,840 2,975 6,101
Segment Operating Margin 20.7 % 20.0 % 19.9 % 22.3 % 20.8 % 17.4 % 24.6 % 28.5 % 24.1 %
Number of communities (period end) 101 101 102 95 95 92 92 161 - 161
Total average units(4) 18,114 18,310 18,291 17,618 18,083 17,140 16,978 21,352 - 27,640
Weighted average occupancy 84.9 % 84.9 % 85.7 % 86.1 % 85.4 % 86.3 % 86.8 % 85.8 % - 85.6 %
Senior Housing average monthly revenue per unit(5) $ 3,460 $ 3,505 $ 3,499 $ 3,588 $ 3,512 $ 3,706 $ 3,701 $ 3,966 - $ 4,204
Total Senior Housing, Brookdale Ancillary and Management Services FY 2013 FY 2014
Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 (2) YTD Q3P (3)
Revenue 631,979 628,682 638,766 646,731 2,546,158 657,712 661,006 965,940 2,284,658 1,058,917
Expenses 413,003 416,027 420,579 422,336 1,671,945 429,870 435,415 637,084 1,502,369 688,851
Operating Income 218,976 212,655 218,187 224,395 874,213 227,842 225,591 328,856 782,289 370,066
Operating Margin 34.6 % 33.8 % 34.2 % 34.7 % 34.3 % 34.6 % 34.1 % 34.0 % 34.2 % 34.9 %
G&A Allocation (6) 37,612 35,421 34,269 36,798 144,100 36,154 34,146 47,074 117,374
Adjusted Operating Income 181,364 177,234 183,918 187,597 730,113 191,688 191,445 281,782 664,915
Adjusted Operating Margin 28.7 % 28.2 % 28.8 % 29.0 % 28.7 % 29.1 % 29.0 % 29.2 % 29.1 %
(1) During the nine months ended September 30, 2014, two communities were moved from the Retirement Centers segment to the Assisted Living segment to more accurately reflect the underlying product offering of the communities. The movement did not change the Company's reportable segments, but it did impact the operating information reported within the Retirement Centers and Assisted Living segments. Revenue and expenses for the three and nine months ended September 30, 2013 have not been recast.
(2) In connection with the creation of the Entry Fee CCRC venture between the Company and HCP on August 29, 2014, the Company contributed to the venture all but two of the communities in the CCRCs - Entry Fee segment. Financial and operating data for the two communities not contributed to the venture is included in the CCRCs - Entry Fee segment for the six months ended June 30, 2014 and the CCRCs - Rental segment for the three month period ended September 30, 2014. The financial data and operating information of the communities contributed to the venture is included in the CCRC - Entry Fee segment for the time periods prior to being contributed.
(3) Q3 2014 Pro Forma information gives effect to the acquisition of Emeritus (which closed July 31, 2014) and the HCP Transactions (which closed August 29, 2014) as if they both had occurred on July 1, 2014. Additionally, the pro forma information excludes results from the 49 HCP-owned communities that were leased by Emeritus, which were contributed to a RIDEA venture with HCP, and results from the Entry Fee CCRC communities that were contributed to the Entry Fee CCRC venture with HCP. Additional information on the Company's interest in these ventures and the pro forma impact to the on-going Company is on page 8 "CFFO from Unconsolidated Ventures Reconciliation".
(4) Senior Housing total average units operated represent the average units operated during the period, excluding equity homes.
(5) Average monthly revenue per unit represents the average of the total monthly revenues, excluding amortization of entrance fees and Brookdale Ancillary Services segment revenue, divided by average occupied units.
(6) Excludes non-cash stock-based compensation expense and integration, transaction and EMR roll-out costs.
Brookdale Senior Living Inc.
Senior Housing Data by Ownership Type
As of September 30, 2014
Financial Data
($ in 000s, except Senior Housing average monthly revenue per unit)
Owned Properties FY 2013 FY 2014
Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 YTD Q3P (1)
Revenue 266,322 265,139 267,922 273,439 1,072,822 277,700 277,748 369,078 924,526 387,061
Expenses 175,672 176,623 178,382 178,941 709,618 182,706 184,773 247,359 614,838 253,988
Segment Operating Income 90,650 88,516 89,540 94,498 363,204 94,994 92,975 121,719 309,688 133,073
Segment Operating Margin 34.0 % 33.4 % 33.4 % 34.6 % 33.9 % 34.2 % 33.5 % 33.0 % 33.5 % 34.4 %
Bridge to Cash Basis for Entrance Fees
Revenue 266,322 265,139 267,922 273,439 1,072,822 277,700 277,748 369,078 924,526 387,061
Less: revenue amortization (non-cash) (4,664 ) (4,821 ) (4,660 ) (5,404 ) (19,549 ) (4,635 ) (4,933 ) (3,878 ) (13,446 ) (108 )
Add: net entrance fees (cash) 5,449 10,936 8,014 13,694 38,093 4,079 11,710 (399 ) 15,390 850
Adjusted revenue 267,107 271,254 271,276 281,729 1,091,366 277,144 284,525 364,801 926,470 387,803
Expenses 175,672 176,623 178,382 178,941 709,618 182,706 184,773 247,359 614,838 253,988
Adjusted Segment Operating Income 91,435 94,631 92,894 102,788 381,748 94,438 99,752 117,442 311,632 133,815
Adjusted Segment Operating Margin 34.2 % 34.9 % 34.2 % 36.5 % 35.0 % 34.1 % 35.1 % 32.2 % 33.6 % 34.5 %
Number of communities (period end) 219 220 220 225 - 226 226 403 - 403
Total average units(2) 22,243 22,153 22,190 22,754 - 22,775 22,799 32,079 - 34,906
Weighted average unit occupancy 88.8 % 88.7 % 89.1 % 89.2 % - 88.5 % 88.0 % 88.2 % - 88.2 %
Senior Housing average monthly revenue per unit(3) $ 4,416 $ 4,416 $ 4,438 $ 4,402 - $ 4,516 $ 4,532 $ 4,302 - $ 4,187
Leased Properties with Purchase Options FY 2013 FY 2014
Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 YTD Q3P (1)
Revenue 75,096 74,504 75,902 76,651 302,153 77,863 77,418 87,008 242,289 87,418
Expenses 47,706 48,319 48,458 48,811 193,294 49,497 49,719 57,026 156,242 56,782
Segment Operating Income 27,390 26,185 27,444 27,840 108,859 28,366 27,699 29,982 86,047 30,636
Segment Operating Margin 36.5 % 35.1 % 36.2 % 36.3 % 36.0 % 36.4 % 35.8 % 34.5 % 35.5 % 35.0 %
Number of communities (period end) 83 83 84 84 - 84 84 111 - 111
Total average units(2) 6,313 6,309 6,357 6,381 - 6,391 6,391 7,347 - 7,602
Weighted average unit occupancy 89.6 % 89.4 % 89.8 % 89.8 % - 89.0 % 88.4 % 88.6 % - 88.3 %
Senior Housing average monthly revenue per unit(3) $ 4,313 $ 4,298 $ 4,318 $ 4,348 - $ 4,447 $ 4,440 $ 4,394 - $ 4,342
Leased Properties without Purchase Options FY 2013 FY 2014
Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 YTD Q3P (1)
Revenue 222,754 222,602 226,158 226,394 897,908 231,330 232,817 404,000 868,147 457,945
Expenses 142,527 143,606 144,341 142,118 572,592 147,003 148,294 255,419 550,716 288,684
Segment Operating Income 80,227 78,996 81,817 84,276 325,316 84,327 84,523 148,581 317,431 169,261
Segment Operating Margin 36.0 % 35.5 % 36.2 % 37.2 % 36.2 % 36.5 % 36.3 % 36.8 % 36.6 % 37.0 %
Number of communities (period end) 246 246 245 245 - 245 245 472 - 472
Total average units(2) 19,397 19,445 19,405 19,414 - 19,414 19,438 35,165 - 40,534
Weighted average unit occupancy 87.9 % 87.6 % 88.5 % 88.6 % - 88.2 % 87.9 % 88.6 % - 89.1 %
Senior Housing average monthly revenue per unit(3) $ 4,344 $ 4,348 $ 4,381 $ 4,377 - $ 4,491 $ 4,533 $ 4,314 - $ 4,218
Total Senior Housing FY 2013 FY 2014
Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 YTD Q3P (1)
Revenue 564,172 562,245 569,982 576,484 2,272,883 586,893 587,983 860,086 2,034,962 932,424
Expenses 365,905 368,548 371,181 369,870 1,475,504 379,206 382,786 559,804 1,321,796 599,454
Operating Income 198,267 193,697 198,801 206,614 797,379 207,687 205,197 300,282 713,166 332,970
Operating Margin 35.1 % 34.5 % 34.9 % 35.8 % 35.1 % 35.4 % 34.9 % 34.9 % 35.0 % 35.7 %
Number of communities (period end) 548 549 549 554 - 555 555 986 - 986
Total average units(2) 47,953 47,907 47,952 48,549 - 48,580 48,628 74,591 - 83,042
Weighted average unit occupancy 88.5 % 88.3 % 89.0 % 89.0 % - 88.6 % 88.1 % 88.5 % - 88.7 %
Senior Housing average monthly revenue per unit(3) $ 4,375 $ 4,373 $ 4,397 $ 4,387 - $ 4,491 $ 4,518 $ 4,317 - $ 4,217
(1) Q3 2014 Pro Forma information gives effect to the acquisition of Emeritus (which closed July 31, 2014) and the HCP Transactions (which closed August 29, 2014) as if they both had occurred on July 1, 2014. Additionally, the pro forma information excludes results from the 49 HCP-owned communities that were leased by Emeritus, which were contributed to a RIDEA venture with HCP, and results from the Entry Fee CCRC communities that were contributed to the Entry Fee CCRC venture with HCP. Additional information on the Company's interest in these ventures and the pro forma impact to the on-going Company is on page 8 "CFFO from Unconsolidated Ventures Reconciliation".
(2) Senior Housing total average units operated represent the average units operated during the period, excluding equity homes.
(3) Average monthly revenue per unit represents the average of the total monthly revenues, excluding amortization of entrance fees and Brookdale Ancillary Services segment revenue, divided by average occupied units.
Brookdale Senior Living Inc.
Same Community and Capital Expenditure Information
As of September 30, 2014
($ in 000s, except Avg. Mo. Revenue/Unit) Legacy Brookdale Senior Housing Legacy Brookdale Senior Housing
Three Months Ended September 30, Twelve Months Ended September 30,
2014 2013 % Change 2014 2013 % Change
Revenue $ 476,035 $ 464,095 2.6 % $ 1,883,654 $ 1,832,424 2.8 %
Operating Expense 307,629 299,742 2.6 % 1,205,056 1,192,080 1.1 %
Facility Operating Income $ 168,406 $ 164,353 2.5 % $ 678,598 $ 640,344 6.0 %
Facility Operating Margin 35.4 % 35.4 % - 36.0 % 34.9 % 1.1 %
# Communities 508 508 508 508
Avg. Period Occupancy 88.7 % 89.4 % -0.7 % 88.9 % 89.1 % -0.2 %
Avg. Mo. Revenue/Unit $ 4,529 $ 4,380 3.4 % $ 4,471 $ 4,339 3.0 %
Legacy Emeritus Senior Housing Legacy Emeritus Senior Housing
Three Months Ended September 30, Twelve Months Ended September 30,
2014 2013 % Change 2014 2013 % Change
Revenue $ 360,762 $ 357,014 1.0 % $ 1,432,574 $ 1,411,883 1.5 %
Operating Expense 232,065 236,301 -1.8 % 938,101 921,678 1.8 %
Facility Operating Income $ 128,697 $ 120,713 6.6 % $ 494,473 $ 490,205 0.9 %
Facility Operating Margin 35.7 % 33.8 % 1.9 % 34.5 % 34.7 % -0.2 %
# Communities 403 403 398 398
Avg. Period Occupancy 88.4 % 88.4 % - 88.4 % 88.1 % 0.3 %
Avg. Mo. Revenue/Unit $ 3,970 $ 3,932 1.0 % $ 3,944 $ 3,900 1.1 %
Combined Brookdale and Emeritus Senior Housing Combined Brookdale and Emeritus Senior Housing
Three Months Ended September 30, Twelve Months Ended September 30,
2014 2013 % Change 2014 2013 % Change
Revenue $ 836,797 $ 821,109 1.9 % $ 3,316,228 $ 3,244,307 2.2 %
Operating Expense 539,694 536,043 0.7 % 2,143,157 2,113,758 1.4 %
Facility Operating Income $ 297,103 $ 285,066 4.2 % $ 1,173,071 $ 1,130,549 3.8 %
Facility Operating Margin 35.5 % 34.7 % 0.8 % 35.4 % 34.8 % 0.6 %
# Communities 911 911 906 906
Avg. Period Occupancy 88.6 % 88.9 % -0.3 % 88.6 % 88.6 % -
Avg. Mo. Revenue/Unit $ 4,270 $ 4,173 2.3 % $ 4,227 $ 4,137 2.2 %
Schedule of Capital Expenditures
($ in 000s)
Three Months Ended September 30,
Type 2014 2013
Recurring $ 13,199 $ 12,127
Corporate (1) 10,163 4,135
EBITDA-enhancing / Major Projects (2) 25,462 28,940
Program Max / Development, net (3) 21,870 12,666
Net Total Capital Expenditures (4) $ 70,694 $ 57,868
(1) Corporate includes capital expenditures for information technology systems and equipment and expenditures supporting the expansion of our support platform and ancillary services programs.
(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 lessor funding received of $8.4 million and $3.4 million for the three months ended September 30, 2014 and 2013, respectively.
(4) Approximately $14.5 million and $10.5 million of expense was recognized during the three months ended September 30, 2014 and 2013, respectively, for normal repairs and maintenance and capital spend under $1,500 per invoice, except for unit turnovers.
Brookdale Senior Living Inc.
Capital Structure - selected financial information
As of September 30, 2014
($ in 000s)
Maturities
Mortgage weighted Line of weighted Capital weighted Total
Debt (1) rate (2) Credit rate (2) Leases rate (2) Debt
2014 $ 301,612 5.34 % $ - $ 12,589 7.80 % $ 314,201
2015 163,947 4.60 % - 56,235 7.92 % 220,182
2016 67,814 5.04 % - 144,578 5.66 % 212,392
2017 554,798 5.88 % - 101,580 8.13 % 656,378
2018 1,296,418 4.60 % - 95,060 8.20 % 1,391,478
Thereafter 1,343,475 4.23 % - 2,276,923 8.57 % 3,620,398
Total $ 3,728,064 4.73 % $ - $ 2,686,965 8.37 % $ 6,415,029
Nine months ended September 30, 2014
Interest/Cash Lease
Units FOI Adj. FOI ** Payments Coverage
Owned communities 35,171 $ 323,873 $ 264,665 $ 85,898 3.1 x
Leased communities * 48,081 $ 419,917 $ 347,547 $ 299,386 1.2 x
* The leased communities include the capital leases.
** Adjusted for 5% management fee and capital expenditures @ $350/unit.
Nine months ended September 30,
2014 2013
Scheduled debt amortization $ 42,563 $ 37,096
Lease financing debt amortization - FMV or no purchase option (3) 18,590 10,332
Lease financing debt amortization - bargain purchase option 12,376 12,586
Total debt amortization $ 73,529 $ 60,014
($000s) 09/30/13 12/31/13 03/31/14 06/30/14 09/30/14
Total line commitment $ 250,000 $ 250,000 $ 250,000 $ 250,000 $ 250,000
Line availability (5) $ 238,565 $ 250,000 $ 250,000 $ 250,000 $ 202,860
Ending line balance 45,000 30,000 25,000 12,000 -
Available to draw $ 193,565 $ 220,000 $ 225,000 $ 238,000 $ 202,860
Cash and cash equivalents 42,690 58,511 45,701 50,934 238,324
Total liquidity (available to draw + cash) $ 236,255 $ 278,511 $ 270,701 $ 288,934 $ 441,184
Total letters of credit outstanding $ 71,762 $ 72,464 $ 71,675 $ 71,650 $ 74,488
Annualized
Leverage
September 2014 annualized Adjusted EBITDAR $ 1,325,292
Less: cash lease expense (379,968 )
September 2014 annualized Adjusted EBITDA 945,324
Less: cash capital lease payments (241,536 )
Sept 2014 annualized Adj EBITDA after capital lease payments 703,788
Debt 3,728,064 5.3 x
Line of credit -
Less: unrestricted cash (238,324 )
Less: cash held as collateral against existing debt (18,232 )
Total net debt 3,471,508 4.9 x
Plus: capital leases 2,686,965
Total net debt after capital leases 6,158,473 6.5 x
September 2014 annualized cash lease expense multiplied by 8 3,039,744
Total adjusted net debt $ 9,198,217 6.9 x
Weighted
Balance rate (2)
Fixed rate debt (1) $ 2,556,096 5.35 %
Variable rate debt (1) 1,171,968 3.37 %
Capital leases 2,686,965 8.37 %
Line of credit (cash borrowings) -
Total debt $ 6,415,029
Balance % of total
Variable rate debt with interest rate caps (1) (4) $ 831,883 71.0 %
Variable rate debt - unhedged (1) 340,085 29.0 %
Total variable rate debt (1) $ 1,171,968 100.0 %
(1) Includes mortgage debt 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) Payments are included in CFFO.
(4) Weighted cap rate for stated reporting period of 4.69% is materially above current market rates, therefore caps have no impact on consolidated interest expense for given period.
(5) 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.
(6) September 2014 information includes the actual results of the Company subsequent to the acquisition of Emeritus (which closed July 31, 2014) and the HCP Transactions (which closed August 29, 2014).
Brookdale Senior Living Inc.
CFFO Reconciliation
As of September 30, 2014
Three Months Ended September 30,
2014 2013
Net cash provided by operating activities (includes non-refundable entrance fees) $ 12,634 $ 104,247
Changes in operating assets and liabilities (eliminates cash flow effect) 29,620 (21,464 )
Add: Refundable entrance fees received 3,388 9,875
Less: Entrance fee refunds disbursed (7,668 ) (7,728 )
Less: Recurring capital expenditures, net (13,199 ) (12,127 )
Less: Lease financing debt amortization with fair market value or no purchase options (10,710 ) (3,518 )
Less: Distributions from unconsolidated ventures from cumulative share of net earnings (595 ) (648 )
Add: CFFO from unconsolidated ventures 9,435 1,922
Cash From Facility Operations $ 22,905 $ 70,559
Add: Integration, transaction and EMR roll-out costs 76,649 4,661
Adjusted Cash From Facility Operations $ 99,554 $ 75,220
Revenue Reconciliation (1)
($ in 000s except average monthly revenue per quarter)
FY 2013 FY 2014 Q3 CFFO Distribution
Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Owned Other (3) Transaction/ Integration
Revenue reconciliation excl. entrance fee amortization
Average monthly revenue per quarter 4,375 4,373 4,397 4,387 4,383 4,491 4,518 4,317 4,302 4,351 -
Average monthly units (excluding equity homes) available 47,956 47,929 47,953 48,548 48,097 48,562 48,608 74,538 32,079 42,459 -
Average occupancy for the quarter 88.5 % 88.3 % 89.0 % 89.0 % 88.7 % 88.6 % 88.1 % 88.5 % 88.2 % 88.6 %
Senior Housing resident fee revenue $ 557,039 $ 555,213 $ 562,969 $ 568,653 $ 2,243,874 $ 579,691 $ 580,436 $ 854,329 $ 365,200 $ 489,129 $ -
Add: Brookdale Ancillary Services segment revenue 60,198 58,693 61,162 62,097 242,150 63,417 65,534 95,426 - 95,426 -
Add: management fee revenue 7,609 7,744 7,622 8,150 31,125 7,402 7,489 10,428 - 10,428 -
Total revenues excluding entrance fee amortization $ 624,846 $ 621,650 $ 631,753 $ 638,900 $ 2,517,149 $ 650,510 $ 653,459 $ 960,183 $ 365,200 $ 594,983 $ -
CFFO Reconciliation to the Income Statement
Resident and management fee revenue $ 631,979 $ 628,682 $ 638,766 $ 646,731 $ 2,546,158 $ 657,712 $ 661,006 $ 965,940 $ 369,078 $ 596,862 $ -
Less: Entrance fee amortization (7,133 ) (7,032 ) (7,013 ) (7,831 ) (29,009 ) (7,202 ) (7,547 ) (5,757 ) (3,878 ) (1,879 ) -
Adjusted revenues 624,846 621,650 631,753 638,900 2,517,149 650,510 653,459 960,183 365,200 594,983 -
Less: Facility operating expenses (413,003 ) (416,027 ) (420,579 ) (422,336 ) (1,671,945 ) (429,870 ) (435,415 ) (637,084 ) (247,359 ) (389,725 ) -
Add: Change in future service obligation - - - (1,917 ) (1,917 ) - - - - - -
Adjusted facility operating expenses (413,003 ) (416,027 ) (420,579 ) (424,253 ) (1,673,862 ) (429,870 ) (435,415 ) (637,084 ) (247,359 ) (389,725 ) -
Less: G&A including non-cash stock-based compensation expense (4) (46,611 ) (46,035 ) (45,824 ) (46,078 ) (184,548 ) (44,665 ) (47,008 ) (90,020 ) (20,993 ) (33,950 ) (35,077 )
Less: Transaction costs - - - - - (10,844 ) (6,808 ) (41,572 ) - - (41,572 )
Add: G&A non-cash stock-based compensation expense 6,894 6,988 6,894 5,202 25,978 7,572 7,729 7,869 3,935 3,935 -
Net G&A (39,717 ) (39,047 ) (38,930 ) (40,876 ) (158,570 ) (47,937 ) (46,087 ) (123,723 ) (17,059 ) (30,016 ) (76,649 )
Less: Facility lease expense (69,019 ) (68,777 ) (69,232 ) (69,701 ) (276,729 ) (69,869 ) (70,030 ) (91,462 ) - (91,462 ) -
Add: Straight-line lease expense 748 684 818 347 2,597 (223 ) (217 ) 2,840 - 2,840 -
Add: Amortization of (above) below market lease, net - - - - - - - (1,377 ) - (1,377 ) -
Less: Amortization of deferred gain (1,093 ) (1,093 ) (1,093 ) (1,093 ) (4,372 ) (1,093 ) (1,093 ) (1,093 ) - (1,093 ) -
Net lease expense (69,364 ) (69,186 ) (69,507 ) (70,447 ) (278,504 ) (71,185 ) (71,340 ) (91,092 ) - (91,092 ) -
Add: Entrance fee receipts 16,873 23,878 19,098 32,482 92,331 14,959 25,924 9,576 6,274 3,302 -
Less: Entrance fee disbursements (9,320 ) (7,456 ) (7,728 ) (10,821 ) (35,325 ) (8,446 ) (9,213 ) (7,668 ) (5,769 ) (1,899 ) -
Net entrance fees 7,553 16,422 11,370 21,661 57,006 6,513 16,711 1,908 505 1,403 -
Adjusted EBITDA 110,315 113,812 114,107 124,985 463,219 108,031 117,328 110,192 101,288 85,554 (76,649 )
Less: Recurring capital expenditures, net (9,324 ) (10,664 ) (12,127 ) (10,786 ) (42,901 ) (9,369 ) (11,841 ) (13,199 ) (5,654 ) (7,545 ) -
Less: Interest expense, net (30,668 ) (29,591 ) (29,170 ) (30,557 ) (119,986 ) (29,677 ) (29,372 ) (73,030 ) (38,060 ) (34,970 ) -
Less: Lease financing debt amortization with fair market value or no purchase options (3,371 ) (3,444 ) (3,518 ) (3,594 ) (13,927 ) (3,897 ) (3,983 ) (10,710 ) - (10,710 ) -
Add: CFFO from unconsolidated ventures 1,958 2,099 1,922 1,825 7,804 2,241 1,996 9,435 - 9,435 -
Less: Other (1,068 ) (1,060 ) (655 ) 2,597 (186 ) 133 2,528 217 - 217 -
Reported CFFO $ 67,842 $ 71,152 $ 70,559 $ 84,470 $ 294,023 $ 67,462 $ 76,656 $ 22,905 $ 57,574 $ 41,981 $ (76,649 )
Add: integration, transaction and EMR roll-out costs 2,105 3,626 4,661 4,078 14,470 11,783 11,941 76,649 - - 76,649
Adjusted CFFO $ 69,947 $ 74,778 $ 75,220 $ 88,548 $ 308,493 $ 79,245 $ 88,597 $ 99,554 $ 57,574 $ 41,981 $ -
CFFO Per Share
($ except where indicated)
FY 2013 FY 2014 Q3 Distribution
Q1 Q2 Q3 Q4 Full Year(2) Q1 Q2 Q3 Owned Other Transaction/ Integration
Reported CFFO $ 0.55 $ 0.58 $ 0.57 $ 0.68 $ 2.38 $ 0.54 $ 0.61 $ 0.14 $ 0.36 $ 0.27 $ (0.49 )
Add: integration, transaction and EMR roll-out costs 0.02 0.03 0.04 0.03 0.12 0.10 0.10 0.49 - - 0.49
Adjusted CFFO $ 0.57 $ 0.61 $ 0.61 $ 0.71 $ 2.50 $ 0.64 $ 0.71 $ 0.63 $ 0.36 $ 0.27 $ -
Shares used in calculation of CFFO (000's) 122,823 123,405 124,128 124,308 124,478 125,058 159,003 159,003 159,003 159,003
(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.
(3) Other includes operations from leased communities, ancillary services, and JV and managed properties
(4) G&A is allocated as a % of revenue after integration and transaction costs have been removed
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.
CFFO from Unconsolidated Ventures
As of September 30, 2014
($ in 000s) Entrance Fee Ventures Senior Housing Rental Ventures
FY 2014 FY 2014
Q3 Q3P (1) Q3 Q3P (1)
Resident revenue $ 33,257 $ 82,720 $ 80,862 $ 118,541
Less: Entrance fee amortization (638 ) (284 ) - -
Adjusted revenues 32,619 82,436 80,862 118,541
Less: Facility operating expenses (25,040 ) (63,286 ) (51,698 ) (78,634 )
Add: Change in future service obligation - - - -
Adjusted facility operating expenses (25,040 ) (63,286 ) (51,698 ) (78,634 )
Less: G&A including non-cash stock-based compensation expense (6,015 ) (4,935 ) (3,925 ) (3,963 )
Add: G&A non-cash stock-based compensation expense - - - -
Net G&A (6,015 ) (4,935 ) (3,925 ) (3,963 )
Add: Entrance fee receipts 16,112 24,702 - -
Less: Entrance fee disbursements (4,780 ) (13,997 ) - -
Net entrance fees 11,332 10,705 - -
Adjusted EBITDA 12,896 24,920 25,239 35,944
Less: Recurring capital expenditures, net (193 ) (341 ) (974 ) (1,086 )
Less: Interest expense, net (1,161 ) (1,586 ) (15,648 ) (26,117 )
Reported Cash From Facility Operations for Unconsolidated Ventures $ 11,542 $ 22,993 $ 8,617 $ 8,741
Add: integration, transaction and EMR roll-out costs 4,088 - 738 -
Adjusted Cash From Facility Operations for Unconsolidated Ventures $ 15,630 $ 22,993 $ 9,355 $ 8,741
Brookdale Weighted Average Ownership % 51.7 % 51.0 % 14.5 % 14.4 %
CFFO from Unconsolidated Ventures $ 8,081 $ 11,727 $ 1,354 $ 1,263
Leverage Ratio for Unconsolidated Ventures
Debt as of September 30, 2014 $ 203,621 $ 1,435,689
Annualized Adjusted EBITDA 99,680 143,776
Annualized Leverage 2.0 x 10.0 x
($ in 000s) FY 2014
Type Q3
Recurring $ 1,167
EBITDA-enhancing / Major Projects 5,247
Program Max / Development, net 2,758
Net Total Capital Expenditures $ 9,172
Brookdale Senior Living Inc.
Cash Lease and Interest Expense
As of September 30, 2014
($ in 000s) FY 2014
Q3 Q3P (1)
Facility Lease Payments
Facility lease expense 91,462 100,035
Less: Straight-line lease expense and amortization, net (1,463 ) (6,135 )
Add: Amortization of deferred gain 1,093 1,093
Cash lease payments - Operating Leases 91,092 94,993
Supplemental breakout:
Communities with purchase options 5,590 6,237
Communities without purchase options 85,502 88,756
91,092 94,993
Capital Lease Interest 40,916 56,073
Capital Lease Interest - noncash (5,947 ) (8,270 )
Capital lease principal (2) 10,710 10,987
Net lease payments - Capital and Financing Leases 45,679 58,790
Supplemental breakout:
Communities with purchase options 13,571 15,129
Communities without purchase options 32,108 43,661
45,679 58,790
Total net lease payments 136,771 153,783
Interest Expense
Property level debt interest expense 36,278 43,312
Convertible debt interest expense 2,174 2,174
Total debt interest payments 38,452 45,486
Less: Interest income (392 ) (395 )
Interest expense, net 38,060 45,091
(1) Q3 2014 Pro Forma information gives effect to the acquisition of Emeritus (which closed July 31, 2014) and the HCP Transactions (which closed August 29, 2014) as if they both had occurred on July 1, 2014. Additionally, the pro forma information excludes results from the 49 HCP-owned communities that were leased by Emeritus, which were contributed to a RIDEA venture with HCP, and results from the Entry Fee CCRC communities that were contributed to the Entry Fee CCRC venture with HCP. Additional information on the Company's interest in these ventures and the pro forma impact to the on-going Company is on page 8 "CFFO from Unconsolidated Ventures Reconciliation".
(2) Includes lease financing debt amortization on communities with FMV or no purchase option. Payments are included in CFFO.
Brookdale Senior Living Inc.
Quarterly Cash Flow Statements
As of September 30, 2014
($ in 000s)
Q1 2013 Q2 2013 Q3 2013 Q4 2013 FY 2013 Q1 2014 Q2 2014 Q3 2014
Cash Flows from Operating Activities
Net income (loss) $ 3,558 $ (5,200 ) $ (967 ) $ (975 ) $ (3,584 ) $ (2,299 ) $ (3,295 ) $ (37,036 )
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Loss on extinguishment of debt - 893 53 319 1,265 - 3,197 569
Depreciation and amortization, net 69,228 71,602 72,744 72,237 285,811 74,334 75,166 178,810
Asset impairment - 2,154 504 10,233 12,891 - - -
Equity in (earnings) loss of unconsolidated ventures (115 ) (445 ) (431 ) (493 ) (1,484 ) (636 ) (1,523 ) 1,246
Distributions from unconsolidated ventures from cumulative share of net earnings 668 773 648 602 2,691 245 370 595
Amortization of deferred gain (1,093 ) (1,093 ) (1,093 ) (1,093 ) (4,372 ) (1,093 ) (1,093 ) (1,093 )
Amortization of entrance fees (7,133 ) (7,032 ) (7,013 ) (7,831 ) (29,009 ) (7,202 ) (7,547 ) (5,757 )
Proceeds from deferred entrance fee revenue 9,237 12,124 9,223 13,607 44,191 9,035 14,906 6,188
Deferred income tax (benefit) provision - - - (183 ) (183 ) 598 (5 ) (116,757 )
Change in deferred lease liability 748 684 818 347 2,597 (223 ) (217 ) 2,840
Change in fair value of derivatives (135 ) (1,836 ) 1,377 (386 ) (980 ) 847 1,322 10
(Gain) loss on sale of assets (926 ) 24 26 (96 ) (972 ) 76 39 200
Change in future service obligation - - - (1,917 ) (1,917 ) - - -
Non-cash stock-based compensation 6,894 6,988 6,894 5,202 25,978 7,572 7,729 7,869
Non-cash interest expense on financing leases - - - - - - - 5,947
Amortization of (above) below market rents, net - - - - - - - (1,377 )
Changes in operating assets and liabilities:
Accounts receivable, net (9,064 ) 1,736 (2,154 ) 4,033 (5,449 ) (2,499 ) 3,914 23,671
Prepaid expenses and other assets, net 9,140 (12,679 ) 734 10,288 7,483 (5,816 ) (8,369 ) (53,861 )
Accounts payable and accrued expenses (10,871 ) 12,926 18,540 13,242 33,837 (27,561 ) 14,245 6,222
Tenant refundable fees and security deposits (335 ) (258 ) (235 ) 36 (792 ) (615 ) 138 (674 )
Deferred revenue (5,316 ) (1,018 ) 4,579 (126 ) (1,881 ) 7,933 (7,459 ) (4,978 )
Net cash provided by operating activities 64,485 80,343 104,247 117,046 366,121 52,696 91,518 12,634
Cash Flows from Investing Activities
(Increase) decrease in lease security deposits and lease acquisition deposits, net (1,952 ) (1,066 ) 972 (5 ) (2,051 ) 7 (73 ) 3,326
Decrease (increase) in cash and escrow deposits - restricted 826 2,195 (537 ) 8,242 10,726 6,627 (6,039 ) 14,052
Additions to property, plant and equipment and leasehold intangibles, net (51,614 ) (48,677 ) (61,231 ) (96,005 ) (257,527 ) (59,717 ) (73,712 ) (79,104 )
Acquisition of assets, net of related payables and cash received (2 ) (4,833 ) (2,559 ) (27,292 ) (34,686 ) (515 ) - (39,303 )
Acquisition of Emeritus Corporation, cash acquired - - - - - - - 28,429
(Issuance of) payment on notes receivable, net (17 ) (47 ) 159 73 168 76 2,564 73
Investment in unconsolidated ventures (5,843 ) (2,149 ) (9,180 ) - (17,172 ) - - (25,532 )
Distributions received from unconsolidated ventures - - 100 1,500 1,600 - 2,643 9,414
Proceeds from sale of assets, net 440 7,114 - 26,582 34,136 - - -
Net cash used in investing activities (58,162 ) (47,463 ) (72,276 ) (86,905 ) (264,806 ) (53,522 ) (74,617 ) (88,645 )
Cash Flows from Financing Activities
Proceeds from debt 8,955 418,667 170,230 65,082 662,934 20,516 159,638 46,356
Repayment of debt and capital and financing lease obligations (17,707 ) (470,825 ) (163,209 ) (72,392 ) (724,133 ) (22,401 ) (159,412 ) (92,568 )
Proceeds from line of credit 105,000 85,000 130,000 105,000 425,000 70,000 12,000 160,000
Repayment of line of credit (140,000 ) (60,000 ) (155,000 ) (120,000 ) (475,000 ) (75,000 ) (25,000 ) (172,000 )
Proceeds from public equity offering, net - - - - - - - 330,405
Payment of financing costs, net of related payables (2,200 ) (5,695 ) (3,299 ) (382 ) (11,576 ) (2,905 ) 2,087 (202 )
Refundable entrance fees:
Proceeds from refundable entrance fees 7,636 11,754 9,875 18,875 48,140 5,924 11,018 3,388
Refunds of entrance fees (9,320 ) (7,456 ) (7,728 ) (10,821 ) (35,325 ) (8,446 ) (9,213 ) (7,668 )
Cash portion of loss on extinguishment of debt, net - (453 ) (49 ) - (502 ) - (3,180 ) (921 )
Payment on lease termination - - - - - - - (3,875 )
Purchase of derivatives - (1,489 ) (1,374 ) - (2,863 ) - - -
Other 315 321 327 318 1,281 328 394 486
Net cash (used in) provided by financing activities (47,321 ) (30,176 ) (20,227 ) (14,320 ) (112,044 ) (11,984 ) (11,668 ) 263,401
Net (decrease) increase in cash and cash equivalents (40,998 ) 2,704 11,744 15,821 (10,729 ) (12,810 ) 5,233 187,390
Cash and cash equivalents at beginning of period 69,240 28,242 30,946 42,690 69,240 58,511 45,701 50,934
Cash and cash equivalents at end of period $ 28,242 $ 30,946 $ 42,690 $ 58,511 $ 58,511 $ 45,701 $ 50,934 $ 238,324
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Last updated: Dec 16, 2014