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Brookdale Board of Directors Authorizes $150 Million Share Repurchase Program

-Declares First Quarter Common Stock Dividend of $0.25-

CHICAGO, March 19 /PRNewswire-FirstCall/ -- Brookdale Senior Living Inc. (NYSE: BKD) today announced that its Board of Directors has approved a share repurchase program that authorizes the Company to purchase up to $150 million in the aggregate of the Company's common stock.

Bill Sheriff, Brookdale's Chief Executive Officer, said, "As we discussed on our recent earnings call, we believe that our current share price reflects a substantial discount to our net asset value given the quality, location and performance of our assets and the long term growth prospects of our business. This repurchase authorization underscores our confidence in our business and our continued commitment to maximizing value for our long-term shareholders."

The Company also announced today that its Board of Directors has declared a quarterly cash dividend on its common stock of $0.25 per share for the quarter ending March 31, 2008. The $0.25 per share dividend is payable on April 14, 2008 to holders of record of Brookdale's common stock on March 31, 2008.

Mr. Sheriff further commented, "In order to partially fund the repurchase program, we have reduced our quarterly dividend payment from $0.50 per share to $0.25 per share. Our Board and senior management understand the responsibility to our shareholders to use their capital in a manner that best creates long-term shareholder value. Our opinion is that utilizing a portion of the cash that would otherwise be returned to shareholders in the form of dividends for share repurchases is consistent with that obligation given our current share price."

The share repurchase program is intended to be implemented through purchases made from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions or block trades, or by any combination of such methods, in accordance with applicable insider trading and other securities laws and regulations.

The size, scope and timing of any purchases will be based on business, market and other conditions and factors, including price, regulatory and contractual requirements or consents, and capital availability. Repurchases of common stock may also be made under a Rule 10b5-1 plan, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws or during periods when it would normally not be active in the market due to its internal trading blackout period. The repurchase program does not obligate the Company to acquire any particular amount of common stock and the program may be suspended, modified or discontinued at any time at the Company's discretion without prior notice. Shares of stock repurchased under the program will be held as treasury shares.

As a purely procedural matter, the Company also announced that it intends to revise its quarterly dividend declaration schedule. In the future, the Company intends to declare and announce quarterly dividends near the end of each quarter, rather than in the middle of the last month of the quarter. The payment date for future quarterly dividends will occur near the middle of the first month of the following quarter, consistent with historical practice.

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.

Forward-Looking Statements

Certain items in this press release 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 the Company's intent, belief or expectations, including, but not limited to, statements relating to the Company's intent to purchase up to $150 million of its common stock and its ability to fund such purchases; the Company's belief regarding the value of its common stock and the Company's growth prospects; the Company's belief that its repurchase program is a prudent use of capital; the Company's expectations regarding liquidity; and the Company's expectations regarding future dividend payments and the timing thereof. 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. The Company's ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Although the Company believes 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 the Company's operations and future prospects or which could cause events or circumstances to differ from these forward-looking statements include, but are not limited to, the Company's determination from time to time whether to purchase any shares under the repurchase program; the Company's ability to fund any repurchases; the risk that the Company may not be able to obtain any consents necessary to effect the repurchase program; the Company's ability to generate sufficient cash flow to cover required interest and long-term operating lease payments; the Company's inability to extend or replace its credit facility when it expires; the Company's inability to close financings or refinancings of assets; the effect of the Company's indebtedness and long- term operating leases on its liquidity; the risk of loss of property pursuant to the Company's mortgage debt and long-term lease obligations; the possibilities that changes in the capital markets, including changes in interest rates and/or credit spreads, or other factors could make financing more expensive or unavailable to the Company; the risk that the Company may be required to post additional cash collateral in connection with its interest rate swaps; the risk that the Company may not be able to pay or maintain dividends; events which adversely affect the ability of seniors to afford the Company's monthly resident fees or entrance fees; the conditions of housing markets in certain geographic areas; changes in governmental reimbursement programs; the Company's limited operating history on a combined basis; the Company's ability to effectively manage its growth; the Company's ability to maintain consistent quality control; delays in obtaining regulatory approvals; the Company's ability to integrate acquisitions (including the ARC acquisition) into its operations; unforeseen costs associated with the acquisition of new facilities; competition for the acquisition of assets; the Company's ability to obtain additional capital on terms acceptable to it; a decrease in the overall demand for senior housing; the Company's vulnerability to economic downturns; acts of nature in certain geographic areas; terminations of the Company's resident agreements and vacancies in the living spaces it leases; increased competition for skilled personnel; departure of the Company's key officers; increases in market interest rates; environmental contamination at any of the Company's facilities; failure to comply with existing environmental laws; an adverse determination or resolution of complaints filed against the Company; the cost and difficulty of complying with increasing and evolving regulation; and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K. 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 management's views as of the date of this press release. The factors discussed above and the other factors noted in the Company's SEC filings from time to time could cause the Company's actual results to differ significantly from those contained in any forward-looking statement. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievements and expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.

SOURCE Brookdale Senior Living Inc.
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