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Brookdale
Senior Living Inc.
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Corporate
Overview - selected financial information
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As of
September 30, 2010
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Corporate
Overview
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Brookdale
Senior Living Inc. ("BKD") is a leading owner and operator of
senior living communities throughout the United
States. The Company is committed to providing an
exceptional living experience through properties that are designed,
purpose-built and operated to provide the highest-quality service,
care and living accommodations for residents. Currently
the Company owns and operates independent living, assisted living,
and dementia-care communities and continuing care retirement
centers, with 562 communities in 35 states and the ability to serve
approximately 52,000 residents.
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Stock
Listing
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Common
Stock
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NYSE:
BKD
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Number of
Facilities
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Number of
Units
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Percentage of
Q3 2010
Revenues
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Percentage of
Q3 2010
Facility
Operating
Income
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Percentage of
YTD 2010
Revenues
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Percentage of
YTD 2010
Facility
Operating
Income
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Owned
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190
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20,621
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43.0
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%
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41.6
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%
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43.2
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%
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42.0
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%
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Leased
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355
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27,430
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56.8
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%
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57.7
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%
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56.5
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%
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57.3
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%
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Managed
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19
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3,786
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0.2
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%
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0.7
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%
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0.3
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%
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0.7
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%
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Total
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564
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51,837
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100.0
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%
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100.0
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%
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100.0
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%
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100.0
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%
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Retirement
Centers
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80
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14,829
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23.9
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%
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28.6
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%
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24.1
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%
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28.3
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%
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Assisted
Living
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429
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21,157
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46.5
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%
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47.0
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%
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46.3
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%
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46.9
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%
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CCRCs
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36
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12,065
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29.4
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%
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23.7
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%
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29.3
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%
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24.1
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%
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Managed
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19
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3,786
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0.2
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%
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0.7
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%
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0.3
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%
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0.7
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%
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Total
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564
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51,837
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100.0
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%
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100.0
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%
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100.0
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%
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100.0
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%
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($ except where
indicated)
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FY 2009
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FY 2010
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Q1
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Q2
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Q3
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Q4
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Full Year
(1)
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Q1
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Q2
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Q3
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Reported
CFFO
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$
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0.49
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$
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0.50
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$
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0.41
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$
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0.39
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$
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1.79
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$
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0.46
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$
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0.48
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$
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0.50
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Add: integration and transaction-related
costs
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-
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-
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0.02
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0.03
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0.05
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-
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-
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-
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Adjusted
CFFO
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$
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0.49
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$
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0.50
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$
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0.43
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$
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0.42
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$
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1.84
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$
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0.46
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$
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0.48
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$
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0.50
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Weighted
Average Shares
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101,738
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106,042
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118,455
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118,653
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119,315
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119,721
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120,404
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(1)
Annual CFFO for all periods is
calculated as the sum of the quarterly amounts for the
year.
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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 third quarter
earnings release for non-GAAP financial measure definitions and
reconciliations.
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Brookdale
Senior Living Inc.
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Operating
Segment Information
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As of
September 30, 2010
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Average
Occupancy and Rates based on Average Occupied Units in the
Period
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The table below
represents occupancy based on a consistent treatment of units
across all product lines.
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FY 2009
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FY 2010
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Q1
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Q2
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Q3
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Q4
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Full Year
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Q1
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Q2
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Q3
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Retirement
Centers
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Number of
communities (period end)
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77
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77
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77
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80
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80
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80
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80
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80
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Total average
units (1)
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14,116
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14,117
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14,114
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14,203
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14,137
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14,737
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14,737
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14,734
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Weighted
average unit occupancy
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87.4%
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86.9%
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87.3%
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87.2%
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87.2%
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87.0%
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87.1%
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87.4%
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Average monthly
revenue per unit (2)
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$ 3,331
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$ 3,366
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$ 3,361
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$ 3,373
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$ 3,358
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$ 3,419
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$ 3,434
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$ 3,461
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Assisted
Living
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Number of
communities (period end)
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414
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413
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413
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430
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430
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429
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429
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429
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Total average
units (1)
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20,084
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20,073
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20,062
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20,600
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20,205
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21,152
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21,115
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21,114
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Weighted
average unit occupancy
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86.2%
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86.0%
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87.0%
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87.9%
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86.8%
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87.6%
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88.0%
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89.0%
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Average monthly
revenue per unit (2)
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$ 4,412
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$ 4,417
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$ 4,376
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$ 4,390
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$ 4,398
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$ 4,526
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$ 4,571
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$ 4,606
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CCRCs
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Number of
communities (period end)
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35
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35
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35
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36
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36
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36
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36
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36
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Total average
units (1)
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10,632
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10,675
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10,816
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11,162
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10,821
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11,287
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11,276
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11,269
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Weighted
average unit occupancy
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86.5%
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85.7%
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85.1%
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83.7%
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85.2%
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84.0%
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84.2%
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84.4%
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Average monthly
revenue per unit (2)
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$ 5,030
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$ 5,153
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$ 5,239
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$ 5,249
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$ 5,168
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$ 5,421
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$ 5,437
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$ 5,509
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Number of
communities (period end)
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526
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525
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525
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546
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546
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545
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44,832
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44,865
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44,992
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45,965
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45,163
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47,128
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Weighted
average unit occupancy
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86.6%
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86.2%
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86.7%
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86.7%
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86.6%
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86.8%
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Average monthly
revenue per unit (2)
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$ 4,215
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$ 4,258
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$ 4,259
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$ 4,275
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$ 4,252
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$ 4,415
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Management
Services
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Number of
communities (period end)
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22
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21
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22
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19
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19
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19
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19
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19
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Total average
units (1)
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4,348
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4,335
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4,431
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4,333
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4,362
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3,788
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3,682
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3,786
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Weighted
average occupancy
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86.0%
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84.2%
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82.8%
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83.8%
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84.2%
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83.4%
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83.4%
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83.7%
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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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Brookdale
Senior Living Inc.
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Same
Community, Capital Expenditure and ISC Information
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As of
September 30, 2010
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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 September
30,
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Twelve Months Ended September
30,
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2010
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2009
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% Change
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2010
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2009
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% Change
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Revenue
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$
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495,014
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$
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477,322
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3.7
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%
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$
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1,947,333
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$
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1,889,248
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3.1
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%
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Operating
Expense
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326,431
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309,923
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5.3
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%
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1,265,850
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1,221,196
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3.7
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%
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Facility
Operating Income
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$
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168,583
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$
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167,399
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0.7
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%
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$
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681,483
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$
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668,052
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2.0
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%
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Facility
Operating Margin
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34.1
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%
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35.1
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%
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-1.0
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%
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35.0
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%
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35.4
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%
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-0.4
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%
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#
Communities
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514
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514
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514
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514
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Avg. Period
Occupancy
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87.8
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%
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87.3
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%
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0.5
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%
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87.4
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%
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87.3
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%
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0.1
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%
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Avg. Mo.
Revenue/unit
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$
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4,362
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$
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4,231
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3.1
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%
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$
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4,306
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$
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4,182
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3.0
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%
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Schedule of
Capital Expenditures
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($ in
000s)
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Three Months Ended September
30,
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2010
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2009
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Recurring
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$
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8,243
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$
|
6,167
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Reimbursements
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(671
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)
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(671
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)
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Net Recurring
|
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7,572
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5,496
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Corporate
(1)
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4,932
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|
2,832
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EBITDA-enhancing (2)
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9,052
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|
2,803
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|
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|
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Development
(3)
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|
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2,867
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|
12,771
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Reimbursements
(4)
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(892
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)
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(15,222
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)
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Net
Development
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1,975
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(2,451
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)
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Net
Total Capital Expenditures (5)
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$
|
23,531
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$
|
8,680
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|
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|
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(1) Corporate primarily includes capital
expenditures for information technology systems and
equipment.
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(2) EBITDA-enhancing capital expenditures
generally represent unusual or non-recurring capital items and/or
major renovations.
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(3) Development capital expenditures
primarily relate to the facilty expansion and de novo development
program.
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(4) Development reimbursements are
typically received after expenditures are actually made. Only
includes cash reimbursements received during the period.
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(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.
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Information
on Ancillary Services
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|
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|
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Three Months Ended September
30,
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2010
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|
|
2009
|
|
|
Brookdale
Units Served:
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Therapy
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Legacy ARC
|
|
|
12,340
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|
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12,581
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Total
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|
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38,101
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35,203
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|
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Home
Health
|
|
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Legacy ARC
|
|
|
8,981
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|
|
|
8,791
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Total
|
|
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24,676
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18,782
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Avg. Mo.
NOI/Occupied Unit
|
|
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Legacy ARC
|
|
$
|
317
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$
|
275
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|
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Total
|
|
$
|
264
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|
|
$
|
206
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Brookdale
Senior Living Inc.
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Capital
Structure - sele
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