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Brookdale Announces Third Quarter 2007 Results
Date:11/7/2007

Third Quarter 2007 Highlights - Revenue for the third quarter was $464.6 million, Facility Operating

Income was $162.8 million and Adjusted EBITDA was $83.6 million. - Average occupancy for the quarter was 90.8%, and average revenue per month per occupied unit increased to $3,639 per month, an increase of 1.8%

over the second quarter. - Cash From Facility Operations for the quarter was $43.3 million, or $0.43 per outstanding common share, a 59% increase on a per share basis over the third quarter of 2006. Cash From Facility Operations includes integration

and acquisition-related costs and start-up expenses associated with ancillary services of $5.7 million, or $0.06 per outstanding common share,

and excludes amortization related to capital leases and debt of $4.1 million, or $0.04 per outstanding common share, for a net effect of $1.6

million, or $0.02 per outstanding common share.

- For the twelve months ended September 30, 2007, same store revenue increased 7.2% and same store Facility Operating Income grew 8.8% over the corresponding period ending in 2006, including the effect of the historical results of American Retirement's ("ARC") facilities for both periods.

- Net loss of $(58.9) million, or $(0.58) per diluted common share,

including non-cash expenses of $92.9 million for depreciation and

amortization, non-cash compensation expense and straight-line lease

expense, net of deferred gain amortization. - Closed on $140.9 million of financings in three transactions and raised

incremental proceeds of $124.4 million. - Paid dividend of $0.50 per share of common stock for the third quarter on

October 12, 2007.

Subsequent Events - Closed on $190.0 million of financings in two transactions and raised

incremental procehold intangibles, net 3,749,843 3,658,788

Other long-term assets 800,999 813,435

Total assets $4,845,753 $4,742,455

Current liabilities $532,836 $508,905

Long-term debt, less current portion 1,978,484 1,690,570

Other long-term liabilities 804,444 774,367

Total liabilities 3,315,764 2,973,842

Minority interests 3,624 4,601

Stockholders' equity 1,526,365 1,764,012

Total liabilities and stockholders'

equity $4,845,753 $4,742,455

Condensed Consolidated Statements of Cash Flow

(unaudited, in thousands)

Nine Months Ended September 30,

2007 2006

Cash Flows from Operating Activities

Net loss $(112,742) $(70,730)

Adjustments to reconcile net loss to

net cash provided by operating

activities:

Non-cash portion of loss on

extinguishment of debt - 2,748

Depreciation and amortization 239,568 117,308

Minority interest (506) 438

(Gain) loss on sale of assets (457) 123

Equity in loss of unconsolidated

ventures 2,362 2,286

Change in future service obligations 1,320 -

Distributions from uncon. ventures

from cumulative share of net

earnings 1,429 -

Amortization of deferred gain (3,255) (3,259)

Amortization of entrance fees (14,222) (3,398)

Proceeds from deferred entrance fee

revenue 14,315 4,329

Deferred income tax benefit (68,715) (14,457)

Change in deferred lease liability 18,815 16,622

Change in fair value of derivatives

and amortization 30,893 1,422

Stock-based compensation 26,150 12,625

Changes in operating assets and

liabilities:

Accounts receivable, net (5,607) (24,131)

Prepaid expenses and other assets,

net (1,133) 1,419

Accounts payable and accrued expenses 8,368 18,665

Tenant refundable fees and security

deposits 5,404 2,709

Other (3,578) (11,042)

Net cash provided by operating

activities 138,409 53,677

Cash Flows from Investing Activities

Decrease in lease security deposits

and lease acquisition deposits, net 1,806 1,433

(Increase) decrease in cash and

investments - restricted (53,393) 18,278

Additions to property, plant,

equipment and leasehold intangibles,

net of related payables (113,557) (39,580)

Acquisition of assets, net of related

payables and cash received (167,621) (1,799,115)

Issuance of notes receivable, net (13,714) (2,331)

Investment in joint ventures (1,617) (637)

Distributions received from

unconsolidated ventures 1,819 1,355

Net cash used in investing activities (346,277) (1,820,597)

Cash Flows from Financing Activities

Proceeds from debt 395,276 739,221

Repayment of debt (54,246) (221,616)

Buyout of capital lease obligations (51,114) -

Proceeds from line of credit 451,500 215,000

Repayment of line of credit (384,000) (215,000)

Payment of dividends (144,990) (62,881)

Payment of financing costs, net of

related payables (10,248) (19,014)

Other (815) -

Refundable entrance fees:

Proceeds from refundable entrance

fees 17,018 6,900

Refunds of entrance fees (15,488) (4,540)

Proceeds from issuance of common stock,

net - 1,353,863

Costs incurred related to follow-on equity

offering - (2,435)

Net cash provided by financing activities 202,893 1,789,498

Net (decrease) increase in cash and

cash equivalents (4,975) 22,578

Cash and cash equivalents at beginning

of period 68,034 77,682

Cash and cash equivalents at end of

period $63,059 $100,260

Non-GAAP Financial Measures

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, 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 nine months ended September 30, 2007 and 2006 (in thousands):

Three Months Ended Nine Months Ended

September 30, September 30,

2007(1) 2006(1) 2007(1) 2006(1)

Net loss $(58,927) $(31,145) $(112,742) $(70,730)

Minority interest 5 89 (506) 438

Benefit for income taxes (35,125) (14,146) (68,408) (13,487)

Equity in loss of unconsolidated

ventures 309 1,649 2,362 2,286

Loss on extinguishment of debt - 1,414 803 2,748

Other non-operating income - - (238) -

Interest Expense:

Debt 31,290 21,201 84,482 51,694

Capitalized lease obligation 7,182 8,086 22,520 16,827

Amortization of deferred

financing costs 1,151 1,141 4,878 3,179

Change in fair value of

derivatives and amortization 43,731 1,840 30,893 1,422

Interest income (1,695) (2,032) (5,077) (3,709)

Loss from operations (12,079) (11,903) (41,033) (9,332)

Depreciation and amortization 79,235 60,883 234,690 114,129

Straight-line lease expense 6,451 6,124 18,815 16,622

Amortization of deferred gain (1,085) (1,086) (3,255) (3,259)

Amortization of entrance fees (5,322) (3,253) (14,222) (3,398)

Non-cash compensation expense 7,138 5,852 26,150 12,625

Entrance fee receipts(2) 14,369 7,860 31,333 11,229

Entrance fee disbursements (5,084) (3,529) (15,488) (4,540)

Adjusted EBITDA $83,623 $60,948 $236,990 $134,076

(1) The calculation of Adjusted EBITDA includes merger, integration, and

certain other non-recurring expenses, as well as acquisition

transition costs, totaling $4.0 million and $3.6 million for the

three months ended September 30, 2007 and 2006, respectively, and

$11.0 million and $10.2 million for the nine months ended September

30, 2007 and 2006, respectively.

(2) Includes the receipt of refundable and non-refundable entrance fees.

Cash From Facility Operations

Cash From Facility Operations is a measurement of liquidity that is not calculated in accordance with GAAP and should not be considered in isolation as a substitute for cash flows provided by or used in operations, as determined in accordance with GAAP. We define Cash From Facility Operations 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, other and recurring capital expenditures. Recurring capital expenditures include expenditures capitalized in accordance with GAAP that are funded from Cash From Facility Operations. Amounts excluded from recurring capital expenditures consist primarily of unusual or non-recurring capital items, facility purchases and/or major renovations that are funded using financing proceeds and/or proceeds from the sale of facilities that are held for sale.

We believe Cash From Facility Operations 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 Cash From Facility Operations from net cash provided by operating activities for the three and nine months ended September 30, 2007 and 2006 (in thousands):

Three Months Ended Nine Months Ended

September 30, September 30,

2007(1) 2006(1) 2007(1) 2006(1)

Net cash provided by operating

activities $53,499 $30,438 $138,409 $53,677

Changes in operating assets and

liabilities (8,796) 2,452 (3,454) 12,380

Refundable entrance fees received(2) 8,696 4,144 17,018 6,900

Entrance fee refunds disbursed (5,084) (3,529) (15,488) (4,540)

Recurring capital expenditures, net (6,213) (7,658) (19,487) (15,018)

Reimbursement of operating expenses

and other 1,168 1,000 3,110 3,850

Cash From Facility Operations $43,270 $26,847 $120,108 $57,249

(1) The calculation of Cash From Facility Operations includes merger,

integration and certain other non-recurring expenses, as well as

acquisition transition costs, totaling $4.0 million and $3.6 million

for the three months ended September 30, 2007 and 2006, respectively,

and $11.0 million and $10.2 million for the nine months ended

September 30, 2007 and 2006, respectively.

(2) Total entrance fee receipts for the three months ended September 30,

2007 and 2006 were $14.4 million and $7.9 million, respectively,

including $5.7 million and $3.7 million, respectively, of

non-refundable entrance fee receipts included in net cash provided by

operating activities. Total entrance fee receipts for the nine months

ended September 30, 2007 and 2006 were $31.3 million and $11.2

million, respectively, including $14.3 million and $4.3 million,

respectively, of non-refundable entrance fee receipts included in net

cash provided by operating activities.

The calculation of Cash From Facility Operations per outstanding common share is based on outstanding common shares at the end of the period, excluding any unvested restricted shares.

Facility Operating Income

Facility Operating Income is not a measurement of operating performance calculated in accordance with GAAP and should not be considered in isolation as a substitute for net income, income from operations, or cash flows provided by or used in operations, as determined in accordance with GAAP. We define Facility Operating Income as net income (loss) before provision (benefit) for income taxes, non-operating (income) loss items, depreciation and amortization, facility lease expense, general and administrative expense, including non-cash stock compensation expense, amortization of deferred entrance fee revenue and management fees.

We believe Facility Operating Income is useful to investors in evaluating our facility operating performance for the following reasons:

-- It is helpful in identifying trends in our day-to-day facility

performance;

-- It provides an assessment of our revenue generation and expense

management; and

-- It provides an indicator to determine if adjustments to current

spending decisions are needed.

The table below reconciles Facility Operating Income from net loss for the three and nine months ended September 30, 2007 and 2006 (in thousands):

Three Months Ended Nine Months Ended

September 30, September 30,

2007 2006 2007 2006

Net loss $(58,927) $(31,145) $(112,742) $(70,730)

Minority interest 5 89 (506) 438

Benefit for income taxes (35,125) (14,146) (68,408) (13,487)

Equity in loss of unconsolidated

ventures 309 1,649 2,362 2,286

Loss on extinguishment of debt - 1,414 803 2,748

Other non-operating income - - (238) -

Interest expense:

Debt 31,290 21,201 84,482 51,694

Capitalized lease obligation 7,182 8,086 22,520 16,827

Amortization of deferred

financing costs 1,151 1,141 4,878 3,179

Change in fair value of

derivatives and amortization 43,731 1,840 30,893 1,422

Interest income (1,695) (2,032) (5,077) (3,709)

Loss from operations (12,079) (11,903) (41,033) (9,332)

Depreciation and amortization 79,235 60,883 234,690 114,129

Facility lease expense 67,708 63,623 203,365 155,980

General and administrative

(including non-cash stock

compensation expense) 34,733 29,248 111,144 73,458

Amortization of entrance fees(1) (5,322) (3,253) (14,222) (3,398)

Management fees (1,493) (1,426) (4,777) (3,158)

Facility Operating Income $162,782 $137,172 $489,167 $327,679

(1) Entrance fee sales, net of refunds paid, provided $9.3 million and

$4.3 million of cash for the three months ended September 30, 2007 and

2006, respectively, and $15.8 million and $6.7 million for the nine

months ended September 30, 2007 and 2006, respectively.

Operating Data

Our facility breakdown at September 30, 2007 was as follows:

Percentage of

Number of Number of Q3 2007

Ownership Type Facilities Units/Beds Revenues

Owned 170 18,745 40.9%

Leased 357 28,808 58.8%

Managed 23 4,529 0.3%

Total 550 52,082 100.0%

Operating Type

Independent Living 70 12,331 24.6%

Assisted Living 409 21,086 42.6%

Retirement Centers/CCRCs 48 14,136 32.5%

Managed 23 4,529 0.3%

Total 550 52,082 100.0%

Our quarterly facility financial data for the three months ended September 30, 2007 and June 30, 2007 was as follows (in thousands, except occupancy, margin and average revenue per occupied unit/bed):

For The

Three Months Ended

Sept. 30, June 30, Increase

2007 2007 (Decrease) Percentage

Average Occupancy 90.8% 90.7% 0.1% 0.1%

Average Revenue per Occupied

Unit/Bed(1) $3,639 $3,573 $66 1.8%

Resident Fees (including

community fees)(2) $462,766 $453,390 $9,376 2.1%

Resident Fees(3) $457,779 $451,981 $5,798 1.3%

Facility Operating Expenses 294,997 285,866 9,131 3.2%

Facility Operating Income $162,782 $166,115 $(3,333) (2.0%)

Facility Operating Income

Margin 35.6% 36.8%

(1) Average revenue per occupied unit/bed represents the average of the

total monthly revenues, including communieds of $140.0 million.

CHICAGO, Nov. 7 /PRNewswire-FirstCall/ -- Brookdale Senior Living Inc. (NYSE: BKD) (the "Company") today reported financial results for the third quarter of 2007. Net loss for the quarter and nine months ended September 30, 2007 was $(58.9) million and $(112.7) million, respectively, or $(0.58) and $(1.11) per diluted common share. The losses include non-cash items for depreciation and amortization, non-cash compensation expense and straight-line lease expense, net of deferred gain amortization, which totaled $92.9 million and $281.3 million, respectively.

Mark J. Schulte, Brookdale's Co-CEO, said, "Despite the challenging economic environment, our third quarter CFFO per share increased 59% and same store Facility Operating Income grew 8.2% over the same period last year. We believe that even with flat occupancy, Brookdale can achieve annual organic growth in CFFO per share of approximately 20%, and in addition to its dividend provide shareholders with an attractive total return."

As a dividend-paying company, 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, non-cash compensation expense and straight-line lease expense, net of deferred gain amortization. Brookdale also uses Facility Operating Income to assess the performance of its facilities.

For the quarter and nine months ended September 30, 2007, Adjusted EBITDA was $83.6 million and $237.0 million, respectively. Facility Operating Income was $162.8 million and $489.2 million for the quarter and nine month period ended September 30, 2007, respectively.

ty fee receipts deferred

under generally accepted accounting principles and excluding

amortization of community fees and entrance fees, divided by the

average occupied units/beds.

(2) Resident fees used to calculate average revenue per occupied unit

include community fee receipts deferred under generally accepted

accounting principles and exclude amortization of community fees and

entrance fees.

(3) Excluding amortization of entrance fees of $5,322 and $4,641,

respectively.

Our capital expenditures for the three and nine months ended September 30, 2007 and 2006 were as follows (in thousands):

Three Months Ended Nine Months Ended

September 30, September 30,

2007 2006 2007 2006

Type

Recurring $6,955 $8,389 $21,101 $17,091

Reimbursements (742) (731) (1,614) (2,073)

Net recurring 6,213 7,658 19,487 15,018

Other/Corporate(1) 2,238 1,848 11,436 4,579

EBITDA-enhancing(2) 20,269 5,831 45,279 9,355

Development(3) 15,162 8,555 35,741 8,555

Net Total Capital Expenditures $43,882 $23,892 $111,943 $37,507

(1) Corporate primarily includes capital expenditures for information

technology systems and equipment.

(2) EBITDA-enhancing capital expenditures generally represent unusual or

non-recurring capital items and/or major renovations.

(3) Development capital expenditures primarily relate to the facility

expansion and de novo development program.

Our debt amortization for the three months and nine months ended September 30, 2007 and 2006 was as follows (in thousands):

Three Months Ended Nine Months Ended

September 30, September 30,

2007 2006 2007 2006

Type

Scheduled Debt Amortization $435 $483 $1,463 $629

Lease Financing Debt Amortization 3,649 2,113 10,499 2,622

Total Debt Amortization $4,084 $2,596 $11,962 $3,251

Our ancillary services data for the last four quarters was as follows:

As of:

Sept. 30, June 30, March 31, Dec. 31,

2007 2007 2007 2006

Units served by therapy staff:

Legacy Brookdale 15,483 14,245 7,442 3,937

Legacy ARC 12,716 12,716 12,680 12,422

Total 28,199 26,961 20,122 16,359

Therapy Clinics 323 302 260 186

Therapy staff 1,516 1,377 1,139 935

For the quarter and nine months ended September 30, 2007, Cash From Facility Operations was $43.3 million and $120.1 million, respectively, or $0.43 and $1.18 per common share outstanding at September 30, 2007. This was a 59% increase for the quarter and a 107% increase for the year-to-date period on a per share basis over the same periods in the prior year.

Third quarter Adjusted EBITDA and Cash From Facility Operations included integration and acquisition-related costs and start-up expenses associated with ancillary services of $5.7 million, or $0.06 per outstanding common share, and excludes amortization related to capital leases and debt of $4.1 million, or $0.04 per outstanding common share, for a net effect of $1.6 million, or $0.02 per outstanding common share.

Same store revenues grew 7.2% for the twelve months ended September 30, 2007 over the corresponding period ending in 2006, and same store Facility Operating Income grew 8.8% when compared to the same period, including, in both cases, the effect of the historical results of the ARC facilities. Similarly, same store revenues grew 6.3% for the quarter ended September 30, 2007 over the same period in 2006, and same store Facility Operating Income grew 8.2% when compared to the third quarter of 2006.

Bill Sheriff, Co-CEO of Brookdale, commented, "On the ancillary services side, we continued to increase the penetration of these services among the legacy Brookdale units while maintaining the profitability of the legacy ARC business. By the end of the third quarter, we were providing ancillary services to 15,483 legacy Brookdale units, well ahead of our original plan. On the ARC side, ancillary services produced $183 of monthly NOI per occupied unit, including home health services. We see great potential in the home health business to add to the growth of the ancillary services platform. We had planned to initiate these services in several legacy Brookdale facilities during this quarter but longer licensing processes have delayed these starts. Despite the delays, we remain optimistic about the potential income from these services and expect to see meaningful contribution in 2008."

Since the beginning of the year, the Company has opened expansions at five communities with a total of 213 units representing $35 million of project costs. Expansions opened since the first quarter were 82% occupied as of the end of the quarter. The Company currently has eight expansion projects with a total of 191 units/beds, representing $43 million of project costs, under construction.

During the quarter, the Company completed the acquisition of three facilities located in South Carolina and Oklahoma for approximately $9.8 million. The facilities were previously operated by the Company under long term operating lease agreements. Additionally, the Company acquired a skilled nursing property adjacent to a current Brookdale community, which already offered independent living and assisted living, for approximately $7.5 million. Subsequent to the end of the quarter, Brookdale acquired an independent living facility with 113 units that it previously managed for $3.9 million. So far this year, the Company has acquired 14 communities with a total of 2,043 units/beds for an aggregate cost of approximately $215 million.

Earnings Conference Call

Brookdale's management will conduct a conference call on Thursday, November 8, 2007 to review the financial results for the three and nine months ended September 30, 2007. The conference call is scheduled for 10:00 AM ET. All interested parties are welcome to participate in the live conference call. The conference call can be accessed by dialing (866) 550-6338 (from within the U.S.) or (347) 284-6930 (from outside of the U.S.) ten minutes prior to the scheduled start and referencing the "Brookdale Senior Living Third Quarter Earnings Call."

A webcast of the conference call will be available to the public on a listen-only basis at http://www.brookdaleliving.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast. A replay of the webcast will be available for three months following the call.

For those who cannot listen to the live call, a replay will be available until 11:59 PM ET on November 15, 2007 by dialing (888) 203-1112 (from within the U.S.) or (719) 457-0820 (from outside of the U.S.) and referencing access code "4129480." A copy of this earnings release is posted on the Investor Relations page of the Brookdale website (http://www.brookdaleliving.com).

About Brookdale Senior Living

Brookdale Senior Living Inc. is a leading owner and operator of senior living facilities throughout the United States. The Company is committed to providing an exceptional living experience through properties that are designed, purpose-built and operated to provide the highest-quality service, care and living accommodations for residents. Currently the Company owns and operates independent living, assisted living, and dementia-care facilities and continuing care retirement centers, with 550 facilities in 35 states and the ability to serve over 52,000 residents.

Safe Harbor

Certain items in this press release and the associated earnings conference call may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Those forward-looking statements are subject to various risks and uncertainties and include all statements that are not historical statements of fact and those regarding our intent, belief or expectations, including, but not limited to, statements relating to our ability to close accretive acquisitions; our ability to acquire the fee interest in facilities that we currently operate at attractive valuations; our ability to grow dividends and earnings, Adjusted EBITDA and Cash From Facility Operations; our expectations for the performance of our entrance fee communities; our plans to generate growth organically through occupancy improvements, increases in annual rental rates and the achievement of operating efficiencies and cost savings; our plans to expand our offering of ancillary services (therapy and home health) and our expectations regarding their effect on our results; our plans to expand existing facilities and develop new facilities; and the expected project costs for our expansion and development program. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "potential," "intend," "expect," "endeavor," "seek," "anticipate," "estimate," "overestimate," "underestimate," "believe," "could," "would," "project," "predict," "continue," "plan" or other similar words or expressions. Forward- looking statements are based on certain assumptions or estimates, discuss future expectations, describe future plans and strategies, contain projections of results of operations or of financial condition, or state other forward- looking information. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, actual results and performance could differ materially from those set forth in the forward-looking statements. Factors which could have a material adverse effect on our operations and future prospects or which could cause events or circumstances to differ from these forward-looking statements include, but are not limited to, our limited operating history on a combined basis, our ability to generate sufficient cash flow to cover required interest and long-term operating lease payments, the effect of our indebtedness and long-term operating leases on our liquidity, the risk of loss of property pursuant to our mortgage debt and long-term lease obligations, our ability to effectively manage our growth, our ability to integrate acquisitions (including the ARC acquisition), our ability to maintain consistent quality control, unforeseen costs associated with the acquisition of new facilities, competition for the acquisition of assets, our ability to obtain additional capital on terms acceptable to us, events which adversely affect the ability of seniors to afford our monthly resident fees or entrance fees, changes in governmental reimbursement programs, our vulnerability to economic downturns, the conditions of housing markets in certain geographic areas, acts of nature in certain geographic areas, terminations of our resident agreements and vacancies in the living spaces we lease, increased competition for skilled personnel, departure of our key officers, increases in market interest rates, environmental contamination at any of our facilities, failure to comply with existing environmental laws, an adverse determination or resolution of complaints filed against us, the cost and difficulty of complying with increasing and evolving regulation, delays in obtaining regulatory approvals, and the other risks detailed from time to time in our SEC reports, including our Annual Report on Form 10-K filed with the SEC on March 16, 2007. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements in such SEC filings. Readers are cautioned not to place undue reliance on any of these forward- looking statements, which reflect our management's views as of the date of this press release and/or the associated earnings conference call. The factors discussed above and the other factors noted in our SEC filings from time to time could cause our actual results to differ significantly from those contained in any forward-looking statement. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements and we expressly disclaim any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.

Condensed Consolidated Statements of Operations

(unaudited, in thousands, except for per share data)

Three Months Ended Nine Months Ended

September 30, September 30,

2007 2006 2007 2006

Revenue

Resident fees $463,101 $385,617 $1,365,061 $874,495

Management fees 1,493 1,426 4,777 3,158

Total revenue 464,594 387,043 1,369,838 877,653

Expense

Facility operating (excluding

depreciation and amortization

of $60,518, $56,866, $187,959

and $109,888, respectively) 294,997 245,192 861,672 543,418

General and administrative

(including non-cash stock-based

compensation expense of $7,138,

$5,852, $26,150 and $12,625,

respectively) 34,733 29,248 111,144 73,458

Facility lease expense 67,708 63,623 203,365 155,980

Depreciation and amortization 79,235 60,883 234,690 114,129

Total operating expense 476,673 398,946 1,410,871 886,985

Loss from operations (12,079) (11,903) (41,033) (9,332)

Interest income 1,695 2,032 5,077 3,709

Interest expense:

Debt (38,472) (29,287) (107,002) (68,521)

Amortization of deferred

financing costs (1,151) (1,141) (4,878) (3,179)

Change in fair value of

derivatives and amortization (43,731) (1,840) (30,893) (1,422)

Loss on extinguishment of debt - (1,414) (803) (2,748)

Equity in loss of unconsolidated

ventures (309) (1,649) (2,362) (2,286)

Other non-operating income - - 238 -

Loss before income taxes (94,047) (45,202) (181,656) (83,779)

Benefit for income taxes 35,125 14,146 68,408 13,487

Loss before minority interest (58,922) (31,056) (113,248) (70,292)

Minority interest (5) (89) 506 (438)

Net loss $(58,927) $(31,145) $(112,742) $(70,730)

Basic and diluted loss per

share $(0.58) $(0.34) $(1.11) $(0.96)

Weighted average shares used in

computing basic and diluted

loss per share 101,564 91,640 101,463 73,999

Dividends declared per share $0.50 $0.40 $1.45 $1.10

Condensed Consolidated Balance Sheets

(in thousands)

Sept. 30, 2007 Dec. 31, 2006

(Unaudited)

Cash and cash equivalents $63,059 $68,034

Cash and investments - restricted 93,337 61,116

Accounts receivable, net 66,906 58,987

Other current assets 71,609 82,095

Total current assets 294,911 270,232

Property, plant, equipment and

lease
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SOURCE Brookdale Senior Living Inc.
Copyright©2007 PR Newswire.
All rights reserved

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