Brookdale Announces Fourth Quarter and Full Year 20...(res Adjusted EBITDA Ad...),Health

Adjusted EBITDA

Adjusted EBITDA is a measure of operating performance that is not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). Adjusted EBITDA should not be considered in isolation or as a substitute for net income, income from operations or cash flows provided by or used in operations, as determined in accordance with GAAP. Adjusted EBITDA is a key measure of the Company's operating performance used by management to focus on operating performance and management without mixing in items of income and expense that relate to long-term contracts and the financing and capitalization of the business. We define Adjusted EBITDA as net income (loss) before provision (benefit) for income taxes, non-operating (income) loss items, depreciation and amortization (including non-cash impairment charges), straight-line lease expense (income), amortization of deferred gain, amortization of deferred entrance fees, and non-cash compensation expense and including entrance fee receipts and refunds.

We believe Adjusted EBITDA is useful to investors in evaluating our performance, results of operations and financial position for the following reasons:

• It is helpful in identifying trends in our day-to-day performance because the items excluded have little or no significance to our day-to-day operations;
• It provides an assessment of controllable expenses and affords management the ability to make decisions which are expected to facilitate meeting current financial goals as well as achieve optimal financial performance; and
• It is an indication to determine if adjustments to current spending decisions are needed.

    The table below reconciles Adjusted EBITDA from net loss for the three and
    twelve months ended December 31, 2008 and 2007 (in thousands):



                     
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SOURCE  Brookdale Senior Living Inc.
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