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Brookdale Announces Fourth Quarter and Full Year 2008 Results
Date:3/1/2009

r and twelve months ended December 31, 2008 was $(278.8) million and $(373.2) million, respectively, or $(2.75) and $(3.67) per diluted common share. The loss for the quarter and year also includes non-cash items for depreciation and amortization, non-cash stock-based compensation expense and straight-line lease expense, net of deferred gain amortization, which totaled $80.5 million and $331.1 million, respectively.

Bill Sheriff, Brookdale's CEO, said, "We performed well during the fourth quarter. Occupancy held up in spite of an extremely challenging environment, revenue per unit increased by greater than 5%, our ancillary services programs continued to exceed expectations and we began to see the results of our aggressive cost reduction efforts. In our fourth quarter same store results, labor-related costs, supplies, travel, and training expenses all trended down from the third quarter. As validated in our January results, we believe our cost control actions, along with more aggressive control of capital expenditures, will continue to positively impact our cash flow going forward."

Mark Ohlendorf, Co-President and CFO of Brookdale, commented, "After giving effect to the amendment and extension of our line of credit and our expected exercise of extension options on certain other mortgage debt, we will have extended virtually all of our 2009 mortgage debt and credit facility maturities. We believe Brookdale is in a solid liquidity position - with our decision to suspend the dividend we have additional cash flow to deleverage our balance sheet. We plan initially to use the cash flow generated by our operations to reduce the debt outstanding on our corporate line."

Brookdale's management utilizes Adjusted EBITDA and Cash From Facility Operations to evaluate the Company's performance and liquidity because these metrics exclude non-cash expenses such as depreciation and amortization (including non-cash impairment cha
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SOURCE Brookdale Senior Living Inc.
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