Email Address:
  
  Password:
  
  

 

Brookdale Senior Living Inc.

 

 

 

 

 

 

Corporate Overview - selected financial information

 

 

 

 

 

 

As of September 30, 2010

 

 

 

 

 

 

 

Corporate Overview

Brookdale Senior Living Inc. ("BKD") is a leading owner and operator of senior living communities throughout the United States.  The Company is committed to providing an exceptional living experience through properties that are designed, purpose-built and operated to provide the highest-quality service, care and living accommodations for residents.  Currently the Company owns and operates independent living, assisted living, and dementia-care communities and continuing care retirement centers, with 562 communities in 35 states and the ability to serve approximately 52,000 residents.

 

Stock Listing

 

 

 

 

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

NYSE: BKD

 

 

 

 

 

 

 

 

 

 

Community Information

Ownership Type

 

Number of

Facilities

 

 

Number of

Units

 

 

Percentage of

Q3 2010

Revenues

 

 

Percentage of

Q3 2010

Facility

Operating

Income

 

 

Percentage of

YTD 2010

Revenues

 

 

Percentage of

YTD 2010

Facility

Operating

Income

 

Owned

 

 

190

 

 

 

20,621

 

 

 

43.0

%

 

 

41.6

%

 

 

43.2

%

 

 

42.0

%

Leased

 

 

355

 

 

 

27,430

 

 

 

56.8

%

 

 

57.7

%

 

 

56.5

%

 

 

57.3

%

Managed

 

 

19

 

 

 

3,786

 

 

 

0.2

%

 

 

0.7

%

 

 

0.3

%

 

 

0.7

%

    Total

 

 

564

 

 

 

51,837

 

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Type

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retirement Centers

 

 

80

 

 

 

14,829

 

 

 

23.9

%

 

 

28.6

%

 

 

24.1

%

 

 

28.3

%

Assisted Living

 

 

429

 

 

 

21,157

 

 

 

46.5

%

 

 

47.0

%

 

 

46.3

%

 

 

46.9

%

CCRCs

 

 

36

 

 

 

12,065

 

 

 

29.4

%

 

 

23.7

%

 

 

29.3

%

 

 

24.1

%

Managed

 

 

19

 

 

 

3,786

 

 

 

0.2

%

 

 

0.7

%

 

 

0.3

%

 

 

0.7

%

    Total

 

 

564

 

 

 

51,837

 

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

CFFO Per Share ($)

 

 

 

 

 

 

 

 

 

 

($ except where indicated)

 

FY 2009

 

 

FY 2010

 

 

 

 

Q1

 

 

 

Q2

 

 

 

Q3

 

 

 

Q4

 

 

Full Year (1)

 

 

 

Q1

 

 

 

Q2

 

 

 

Q3

 

Reported CFFO

 

$

0.49

 

 

$

0.50

 

 

$

0.41

 

 

$

0.39

 

 

$

1.79

 

 

$

0.46

 

 

$

0.48

 

 

$

0.50

 

Add: integration and transaction-related costs

 

 

-

 

 

 

-

 

 

 

0.02

 

 

 

0.03

 

 

 

0.05

 

 

 

-

 

 

 

-

 

 

 

-

 

Adjusted CFFO

 

$

0.49

 

 

$

0.50

 

 

$

0.43

 

 

$

0.42

 

 

$

1.84

 

 

$

0.46

 

 

$

0.48

 

 

$

0.50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares

 

 

101,738

 

 

 

106,042

 

 

 

118,455

 

 

 

118,653

 

 

 

 

 

 

 

119,315

 

 

 

119,721

 

 

 

120,404

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Annual CFFO for all periods is calculated as the sum of the quarterly amounts for the year.

 

 

Investor Relations

 

 

 

 

 

 

 

 

 

Ross Roadman

 

 

 

 

 

 

 

 

SVP, Investor Relations

 

 

 

 

 

 

 

 

Brookdale Senior Living Inc.

 

 

 

 

 

 

 

 

111 Westwood Place, Suite 400

 

 

 

 

 

 

 

 

Brentwood, TN 37027

 

 

 

 

 

 

 

 

Phone (615) 564-8104

 

 

 

 

 

 

 

 

rroadman@brookdaleliving.com

 

 

 

 

 

 

 

 

 

 

Note:  See accompanying third quarter earnings release for non-GAAP financial measure definitions and reconciliations.

 

 

 


 

 

 

Brookdale Senior Living Inc.

 

 

 

 

 

 

 

 

Operating Segment Information

 

 

 

 

 

 

 

 

As of September 30, 2010

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

The table below represents occupancy based on a consistent treatment of units across all product lines.

 

 

 

 

 

FY 2009

 

FY 2010

 

Q1

Q2

Q3

Q4

Full Year

 

Q1

Q2

Q3

 

 

 

 

 

 

 

 

 

 

Retirement Centers

 

 

 

 

 

 

 

 

 

Number of communities (period end)

                77

                  77

                77

                 80

                80

 

               80

             80

             80

Total average units (1)

         14,116

           14,117

         14,114

          14,203

         14,137

 

        14,737

      14,737

      14,734

Weighted average unit occupancy

87.4%

86.9%

87.3%

87.2%

87.2%

 

87.0%

87.1%

87.4%

Average monthly revenue per unit (2)

 $        3,331

 $          3,366

 $        3,361

 $         3,373

 $        3,358

 

 $       3,419

 $     3,434

 $     3,461

 

 

 

 

 

 

 

 

 

 

Assisted Living

 

 

 

 

 

 

 

 

 

Number of communities (period end)

              414

                413

              413

               430

              430

 

             429

           429

           429

Total average units (1)

         20,084

           20,073

         20,062

          20,600

         20,205

 

        21,152

      21,115

      21,114

Weighted average unit occupancy

86.2%

86.0%

87.0%

87.9%

86.8%

 

87.6%

88.0%

89.0%

Average monthly revenue per unit (2)

 $        4,412

 $          4,417

 $        4,376

 $         4,390

 $        4,398

 

 $       4,526

 $     4,571

 $     4,606

 

 

 

 

 

 

 

 

 

 

CCRCs

 

 

 

 

 

 

 

 

 

Number of communities (period end)

                35

                  35

                35

                 36

                36

 

               36

             36

             36

Total average units (1)

         10,632

           10,675

         10,816

          11,162

         10,821

 

        11,287

      11,276

      11,269

Weighted average unit occupancy

86.5%

85.7%

85.1%

83.7%

85.2%

 

84.0%

84.2%

84.4%

Average monthly revenue per unit (2)

 $        5,030

 $          5,153

 $        5,239

 $         5,249

 $        5,168

 

 $       5,421

 $     5,437

 $     5,509

 

 

 

 

 

 

 

 

 

 

Consolidated Totals

 

 

 

 

 

 

 

 

 

Number of communities (period end)

              526

                525

              525

               546

              546

 

             545

           545

           545

Total average units (1)

         44,832

           44,865

         44,992

          45,965

         45,163

 

        47,176

      47,128

      47,117

Weighted average unit occupancy

86.6%

86.2%

86.7%

86.7%

86.6%

 

86.6%

86.8%

87.4%

Average monthly revenue per unit (2)

 $        4,215

 $          4,258

 $        4,259

 $         4,275

 $        4,252

 

 $       4,386

 $     4,415

 $     4,457

 

 

 

 

 

 

 

 

 

 

Management Services

 

 

 

 

 

 

 

 

 

Number of communities (period end)

                22

                  21

                22

                 19

                19

 

               19

             19

             19

Total average units (1)

           4,348

             4,335

           4,431

            4,333

           4,362

 

          3,788

        3,682

        3,786

Weighted average occupancy

86.0%

84.2%

82.8%

83.8%

84.2%

 

83.4%

83.4%

83.7%

 

(1)

Total average units operated represent the average units operated during the period, excluding equity homes.

(2)

Average monthly revenue per unit represents the average of the total monthly revenues, excluding amortization of entrance fees, divided by average occupied units.

 

 

 


 

 

 

Brookdale Senior Living Inc.

 

 

 

 

 

 

Same Community, Capital Expenditure and ISC Information

 

 

 

 

As of September 30, 2010

 

 

 

 

 

 

 


Same Community Information

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

 

Twelve Months Ended September 30,

 

 

 

2010

 

 

2009

 

 

% Change

 

 

2010

 

 

2009

 

 

% Change

 

Revenue

 

$

495,014

 

 

$

477,322

 

 

 

3.7

%

 

$

1,947,333

 

 

$

1,889,248

 

 

 

3.1

%

Operating Expense

 

 

326,431

 

 

 

309,923

 

 

 

5.3

%

 

 

1,265,850

 

 

 

1,221,196

 

 

 

3.7

%

Facility Operating Income

 

$

168,583

 

 

$

167,399

 

 

 

0.7

%

 

$

681,483

 

 

$

668,052

 

 

 

2.0

%

Facility Operating Margin

 

 

34.1

%

 

 

35.1

%

 

 

-1.0

%

 

 

35.0

%

 

 

35.4

%

 

 

-0.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

# Communities

 

 

514

 

 

 

514

 

 

 

 

 

 

 

514

 

 

 

514

 

 

 

 

 

Avg. Period Occupancy

 

 

87.8

%

 

 

87.3

%

 

 

0.5

%

 

 

87.4

%

 

 

87.3

%

 

 

0.1

%

Avg. Mo. Revenue/unit

 

$

4,362

 

 

$

4,231

 

 

 

3.1

%

 

$

4,306

 

 

$

4,182

 

 

 

3.0

%

 

 

Schedule of Capital Expenditures

 

 

 

 

 

 

($ in 000s)

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

 

2010

 

 

2009

 

Type

 

 

 

 

 

 

Recurring

 

$

8,243

 

 

$

6,167

 

Reimbursements

 

 

(671

)

 

 

(671

)

    Net Recurring

 

 

7,572

 

 

 

5,496

 

Corporate (1)

 

 

4,932

 

 

 

2,832

 

EBITDA-enhancing (2)

 

 

9,052

 

 

 

2,803

 

 

 

 

 

 

 

 

 

 

Development (3)

 

 

2,867

 

 

 

12,771

 

Reimbursements (4)

 

 

(892

)

 

 

(15,222

)

    Net Development

 

 

1,975

 

 

 

(2,451

)

        Net Total Capital Expenditures (5)

 

$

23,531

 

 

$

8,680

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

(2) EBITDA-enhancing capital expenditures generally represent unusual or non-recurring capital items and/or major renovations.

(3) Development capital expenditures primarily relate to the facilty expansion and de novo development program.

(4) Development reimbursements are typically received after expenditures are actually made. Only includes cash reimbursements received during the period.

(5) Approximately $10.1 million and $8.7 million of expense was recognized during the three months ended September 30, 2010 and 2009, respectively,

for normal repairs and maintenance and capital spend under $1,500 per invoice, except for unit turnovers.

 

Information on Ancillary Services

 

 

 

 

 

 

Three Months Ended September 30,

 

 

 

2010

 

 

2009

 

Brookdale Units Served:

 

 

 

 

Therapy

 

 

 

 

 

 

    Legacy ARC

 

 

12,340

 

 

 

12,581

 

    Total

 

 

38,101

 

 

 

35,203

 

 

 

 

 

 

 

 

 

 

Home Health

 

 

 

 

 

 

 

 

    Legacy ARC

 

 

8,981

 

 

 

8,791

 

    Total

 

 

24,676

 

 

 

18,782

 

 

 

 

 

 

 

 

 

 

Avg. Mo. NOI/Occupied Unit

 

 

 

 

 

    Legacy ARC

 

$

317

 

 

$

275

 

    Total

 

$

264

 

 

$

206

 

 

 

 


 

 

Brookdale Senior Living Inc.

 

 

 

Capital Structure - sele


This is only a partial view of this document. We have millions of legal documents and clauses drafted by top law firms. learn more search for free browse for free learn more