Brookdale Announces Fourth Quarter and Full Year 20...(s a substitute for cash flows provided b...),Health

Date:3/1/2009

s a substitute for cash flows provided by or used in operations, as determined in accordance with GAAP. We define CFFO as net cash provided by (used in) operating activities adjusted for changes in operating assets and liabilities, deferred interest and fees added to principal, refundable entrance fees received, entrance fee refunds disbursed, lease financing debt amortization with fair market value or no purchase options, other, and recurring capital expenditures. Recurring capital expenditures include expenditures capitalized in accordance with GAAP that are funded from CFFO. Amounts excluded from recurring capital expenditures consist primarily of unusual or non-recurring capital items (including integration capital expenditures), facility purchases and/or major projects or renovations that are funded using financing proceeds and/or proceeds from the sale of facilities that are held for sale. Beginning in 2008, our calculation of CFFO was modified to subtract principal amortization related to our capital leases that contain fair market value or no purchase options.

We believe CFFO is useful to investors in evaluating our liquidity for the following reasons:

• It provides an assessment of our ability to facilitate meeting current financial and liquidity goals.
• To assess our ability to:

             (i)   service our outstanding indebtedness;
             (ii)  pay dividends; and
             (iii) make regular recurring capital expenditures to maintain and
                   improve our facilities.

    The table below reconciles CFFO from net cash provided by operating
    activities for the three and twelve months ended December 31, 2008 and
    2007 (in thousands):



                               Three Months Ended     Twelve Months Ended
                                  December 31,            December 31,
               
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SOURCE  Brookdale Senior Living Inc.
Copyright©2009 PR Newswire.
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