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Brookdale Announces First Quarter 2009 Results; CFFO of $0.49 per Share
Date:5/6/2009

essing our near-term debt maturities. The Company remains in a solid liquidity position - we have virtually no mortgage debt maturing until 2011 that does not contain contractual extension options and had reduced our line of credit borrowings by $40 million by the end of the quarter through solid operating cash flow, diligent cash management and several financing transactions. Subsequent to quarter end, we further reduced the line balance by $15 million. Our goals continue to focus on using the cash flow generated by our operations to reduce our corporate leverage and on managing the maturity profile of our property-level financings."

Financial Results

Total revenue for the first quarter was $497.9 million, an increase of $17.3 million, or 3.6% from the first quarter of 2008. The increase in revenue was primarily driven by an increase in average revenue per unit, including growing revenues from ancillary services, partially offset by a decline in occupancy. Average monthly revenue per unit was $3,961 in the first quarter, an increase of 5.4% over the first quarter of 2008. Average occupancy for the first quarter was 88.7%, down from 90.0% for the first quarter of 2008.

Facility operating expenses for the first quarter were $318.1 million, an increase of $13.1 million, or 4.3%, from the first quarter of 2008. The increase was primarily driven by the growth of ancillary services and expenses associated with expansions. With the positive impact of the Company's cost control initiatives, facility operating expenses, excluding the impact of ancillary services and expansions, increased by 1.2% from the first quarter of 2008. The operating contribution margin for the total company was 36.1% for the first quarter of 2009, a 260 basis point improvement over the fourth quarter of 2008.

General and administrative expenses for the first quarter were $33.7 million, down from $36.4 million in the
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SOURCE Brookdale Senior Living Inc.
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