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Brookdale Announces Fourth Quarter and Full Year 2007 Results
Date:2/27/2008

the legacy business at $197 of monthly facility operating income per occupied unit in the fourth quarter. During the year, the Company increased the units served by its home health agencies from 300 to 7,400, including the acquisition of 5 agencies in Florida.

During the year, the Company opened expansions at six communities with a total of 217 units representing $36 million of project costs. Four of the expansions achieved 95% occupancy in December and are on average yielding approximately 17% unlevered returns. The other two projects are in lease-up and achieved 60% occupancy in the fourth quarter and are performing on budget. The Company currently has twelve expansion projects under construction with approximately 400 units.

In 2007, Brookdale completed $360.9 million in mortgage financings, producing incremental proceeds of $294 million. Subsequent to the end of the quarter, Brookdale completed $83.6 million in mortgage financing, producing incremental proceeds of $29 million.

Beginning in 2008, the Company intends to modify its definition of CFFO to subtract principal amortization related to capital leases that do not have a bargain purchase option. For leases with bargain purchase options, the Company believes that the amortization related to these leases is similar to principal amortization of debt and as a result, will be excluded from the revised CFFO definition. Using the modified 2008 definition, fourth quarter reported CFFO would have been $0.27 per outstanding common share. Similarly, full year 2007 reported CFFO would have been $1.41 per outstanding common share. A table is included later in this release to reconcile CFFO results since 2006 to this modified definition.

Earnings Conference Call

Brookdale's management will conduct a conference call on Thursday, February 28, 2008 to review the financial results of its fourth quarter and full year ended December 31, 2007. The conference call is scheduled for 10:00 AM ET.
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SOURCE Brookdale Senior Living Inc.
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