Brookdale Senior Living (BKD) 8-K Brookdale Announces First Quarter 2010 Results and Record CFFO of $54.4 Million

Brookdale Senior Living Inc.

Corporate Overview - selected financial information

As of March 31, 2010

Corporate Overview

Brookdale Senior Living Inc. ("BKD") is a leading owner and operator of senior living communities 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 communities and continuing care retirement centers, with 564 communities in 35 states and the ability to serve approximately 52,000 residents.

Stock Listing

Common Stock

NYSE: BKD

Community Information

Ownership Type	Number of Facilities	Number of Units	Percentage of Q1 2010 Revenues	Percentage of Q1 2010 Facility Operating Income
Owned	186	20,258	43.2%	41.6%
Leased	359	27,831	56.5%	57.7%
Managed	19	3,788	0.3%	0.7%
Total	564	51,877	100.0%	100.0%
Operating Type
Retirement Centers	80	14,832	24.1%	28.1%
Assisted Living	429	21,166	46.2%	47.0%
CCRCs	36	12,091	29.4%	24.2%
Managed	19	3,788	0.3%	0.7%
Total	564	51,877	100.0%	100.0%

CFFO Per Share ($)

($ except where indicated)	FY 2009					FY 2010
	Q1	Q2	Q3	Q4	Full Year(1)	Q1
Reported CFFO	$                   0.49	$                   0.50	$                   0.41	$                   0.39	$                   1.79	$                   0.46
Add:  integration and transaction-related costs	-	-	0.02	0.03	0.05	-
Adjusted CFFO	$                   0.49	$                   0.50	$                   0.43	$                   0.42	$                   1.84	$                   0.46
Weighted Average Shares	101,738	106,042	118,455	118,653		119,315
(1) Annual CFFO for all periods is calculated as the sum of the quarterly amounts for the year.

Investor Relations

Ross Roadman

SVP, Investor Relations

Brookdale Senior Living Inc.

111 Westwood Place, Suite 200

Brentwood, TN 37027

Phone (615) 564-8104

rroadman@brookdaleliving.com

Note:  See accompanying first quarter earnings release for non-GAAP financial measure definitions and reconciliations.

Brookdale Senior Living Inc.

Operating Segment Information

As of March 31, 2010

Average Occupancy and Rates based on Average Occupied Units in the Period

The table below represents occupancy based on a consistent treatment of units across all product lines.

			FY 2009					FY 2010
			Q1	Q2	Q3	Q4	Full Year	Q1
		Retirement Centers
		Number of communities (period end)	77	77	77	80	80	80
		Total average units(1)	14,116	14,117	14,114	14,203	14,137	14,737
		Weighted average unit occupancy	87.4%	86.9%	87.3%	87.2%	87.2%	87.0%
		Average monthly revenue per unit(2)	$        3,331	$          3,366	$        3,361	$         3,373	$        3,358	$       3,419
		Assisted Living
		Number of communities (period end)	414	413	413	430	430	429
		Total average units(1)	20,084	20,073	20,062	20,600	20,205	21,152
		Weighted average unit occupancy	86.2%	86.0%	87.0%	87.9%	86.8%	87.6%
		Average monthly revenue per unit(2)	$        4,412	$          4,417	$        4,376	$         4,390	$        4,398	$       4,526
		CCRCs
		Number of communities (period end)	35	35	35	36	36	36
		Total average units(1)	10,632	10,675	10,816	11,162	10,821	11,287
		Weighted average unit occupancy	86.5%	85.7%	85.1%	83.7%	85.2%	84.0%
		Average monthly revenue per unit(2)	$        5,030	$          5,153	$        5,239	$         5,249	$        5,168	$       5,421
		Consolidated Totals
		Number of communities (period end)	526	525	525	546	546	545
		Total average units(1)	44,832	44,865	44,992	45,965	45,163	47,176
		Weighted average unit occupancy	86.6%	86.2%	86.7%	86.7%	86.6%	86.6%
		Average monthly revenue per unit(2)	$        4,215	$          4,258	$        4,259	$         4,275	$        4,252	$       4,386
		Management Services
		Number of communities (period end)	22	21	22	19	19	19
		Total average units(1)	4,348	4,309	4,432	3,788	3,788	3,788
		Weighted average occupancy	86.3%	84.6%	83.9%	84.4%	84.8%	83.4%
(1)	Total average units operated represent the average units operated during the period, excluding equity homes.
(2)	Average monthly revenue per unit represents the average of the total monthly revenues, excluding amortization of entrance fees, divided by average occupied units.

Brookdale Senior Living Inc.

Same Community, Capital Expenditure and ISC Information

As of March 31, 2010

Same Community Information
($ in 000s, except Avg. Mo. Revenue/unit)
	Three Months Ended March 31,
	2010	2009	% Change
Revenue	$                483,298	$                471,849	2.4%
Operating Expense	314,141	301,690	4.1%
Facility Operating Income	$                169,157	$                170,159	-0.6%
Facility Operating Margin	35.0%	36.1%	-1.1%
# Communities	513	513
Avg. Period Occupancy	89.2%	89.2%	0.0%
Avg. Mo. Revenue/unit	$                    4,034	$                    3,938	2.4%

Schedule of Capital Expenditures
($ in 000s)
	Three Months Ended March 31,
	2010	2009
Type
Recurring	$                    7,112	$                    3,326
Reimbursements	(671)	(671)
Net Recurring	6,441	2,655
Corporate (1)	2,361	883
EBITDA-enhancing (2)	6,461	3,339
Development (3)	7,168	25,943
Reimbursements (4)	(5,506)	-
Net Development	1,662	25,943
Net Total Capital Expenditures (5)	$                  16,925	$                  32,820

Information on Ancillary Services
	Three Months Ended March 31,
	2010	2009
Brookdale Units Served:
Therapy
Legacy ARC	12,313	12,452
Total	37,226	33,862
Home Health
Legacy ARC	8,649	8,500
Total	22,007	16,357
Avg. Mo. NOI/Occupied Unit
Legacy ARC	$                  311	$             247
Total	$                  244	$             171

(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 facilty expansion and de novo development program

(4)  Development reimbursements are typically received after expenditures are actually made.  Only includes cash reimbursements received during the period

(5)  Approximately $7.4 million and $6.4 million of expense was recognized during the three months ended March 31, 2010 and 2009, respectively, for normal repairs and maintenance and capital spend under $1,500 per invoice, except for unit turnovers.

Brookdale Senior Living Inc.

Capital Structure - selected financial information

As of March 31, 2010

($ in 000s)

Debt Maturities and Scheduled Principal Repayments

	Initial Maturities
	Mortgage	weighted	Line of	weighted	Mort. Debt	weighted	Capital	weighted	Total
	Debt (1)	rate (2)	Credit	rate (2)	& Line	rate (2)	Leases	rate (2)	Debt
2010	$          126,385	2.11%	$                      -		$                   126,385	2.11%	$             15,591	8.34%	$         141,976
2011	253,719	7.57%	-		253,719	7.57%	23,634	8.35%	277,353
2012	883,484	3.44%	-		883,484	3.44%	25,949	8.36%	909,433
2013	646,436	4.67%	15,000	6.50%	661,436	4.72%	25,596	8.46%	687,032
2014	142,366	5.86%	-		142,366	5.86%	29,079	8.47%	171,445
Thereafter	215,486	4.12%	-		215,486	4.12%	226,941	8.93%	442,427
Total	$      2,267,877	4.40%	$            15,000	6.50%	$               2,282,877	4.41%	$         346,790	8.75%	$     2,629,667

	Final Maturities (3)
	Mortgage	weighted	Line of	weighted	Mort. Debt	weighted	Capital	weighted	Total
	Debt (1)	rate (2)	Credit	rate (2)	& Line	rate (2)	Leases	rate (2)	Debt
2010	$              5,385	7.03%	$                        -		$                           5,385	7.03%	$              15,591	8.34%	$            20,976
2011	250,862	4.18%	-		250,862	4.18%	23,634	8.35%	274,496
2012	885,235	3.45%	-		885,235	3.45%	24,481	8.41%	909,716
2013	643,192	5.33%	15,000	6.50%	658,192	5.36%	25,596	8.46%	683,788
2014	2,366	7.00%	-		2,366	7.00%	29,079	8.47%	31,445
Thereafter	480,836	4.96%	-		480,836	4.96%	228,408	8.92%	709,245
Total	$      2,267,877	4.40%	$             15,000	6.50%	$                   2,282,877	4.41%	$         346,790	8.75%	$      2,629,667

Coverage Ratios

	Three months ended March 31, 2010
				Interest/Cash Lease
	Units	FOI	Adj. FOI **	Payments	Coverage
Owned Communities	20,258	78,613	59,753	25,634	2.3x
Leased Communities *	27,831	109,092	83,968	73,845	1.1x

*  The leased communities include the capital leases.

**  Adjusted for 5% management fee and capital expenditures @ $350/unit.

Debt Amortization

	Three months ended March 31,
	2010	2009
Scheduled Debt Amortization	$                                    1,719	$                                   819
Lease Financing Debt Amortization - FMV or no Purchase Option (4)	2,171	1,780
Lease Financing Debt Amortization - Bargain Purchase Option	2,781	2,804
Total Debt Amortization	$                                   6,671	$                               5,403

Line Availability

($000s)	Mar-09	Jun-09	Sep-09	Dec-09	Mar-10
Revolver Balance	$155,000	$          -	$            -	$           -	$15,000
Letters of Credit Outstanding (7)	20,759	23,562	23,657	17,347	-
Ending Line Balance	$175,759	$23,562	$23,657	$17,347	$15,000
Cash and cash equivalents	52,507	95,611	159,313	66,370	65,613
Total Line Capacity	220,000	75,000	75,000	75,000	91,910
Total Liquidity (Line Availability + Cash)	$96,748	$147,049	$210,656	$124,023	$142,523
Letters of credit outstanding on line (7)	$20,759	$23,562	$23,657	$17,347	$          -
Other letters of credit	48,475	48,475	48,475	48,770	66,874
Total letters of credit outstanding(7)	$69,234	$72,037	$72,132	$66,117	$66,874

Leverage Ratios

		Annualized
	Balance	Leverage
Mortgage Debt (1)	$2,267,877
Capital Leases	346,790
Total Property-Level Debt	$2,614,667	6.8x
Plus: Line of Credit (cash borrowings)	15,000
Less: Unrestricted Cash	(65,613)
Less: Cash held as collateral against existing debt	(60,510)
Total Debt	$2,503,544	6.5x
2010 YTD annualized Adjusted EBITDA	$385,360
Annualized Cash Lease Expense multiplied by 8	2,118,352
Total Adjusted Debt	$4,621,896	7.1x
2010 YTD annualized Adjusted EBITDAR	$650,154

Debt Structure

		weighted
	Balance	rate (2)
Fixed Rate Mortgage Debt	$1,039,458	6.04%
Variable Rate Mortgage Debt (1)	1,228,420	3.01%
Capital Leases	346,790	8.75%
Line of Credit (cash borrowings)	15,000	6.50%
Total Debt	$2,629,667
	Balance	% of total
Variable Rate debt with Interest Rate Swaps (5)	$351,840	28.6%
Variable Rate debt with Interest Rate Caps (1) (6)	811,365	66.0%
Variable Rate debt - Unhedged	65,215	5.3%
Total Variable Rate Mortgage Debt	$1,228,420	100.0%

(1) Also includes both bond and discount mortgage backed security financing.

(2) Pertaining to variable rate debt, reflects a) market rates for stated reporting period and b) applicable swap rates / cap rates for hedged debt.

(3) Assumes extension options are exercised.

(4) Payments are included in CFFO.

(5) Weighted swap rate for stated reporting period is 3.74%.

(6) Weighted cap rate for stated reporting period of 5.94% is materially above current market rates, therefore caps have no impact on consolidated interest expense for given period.

(7) Bank of America Line of Credit was paid off 02/23/10; the retired Line provided $25 million Letter of Credit capacity.

Brookdale Senior Living Inc.

CFFO Reconciliation

As of March 31, 2010

($ in 000s)

CFFO Calculation

	Three Months Ended March 31,
	2010			2009
Net cash provided by operating activities (includes non-refundable entrance fees)	$	47,129		$	68,757
Less: Changes in operating assets and liabilities (eliminates cash flow effect)		19,171			(11,933	)
Add: Refundable entrance fees received		8,442			3,638
Less: Entrance fee refunds disbursed		(5,762	)		(5,836	)
Less: First generation entrance fees		(5,971	)		-
Less: Recurring capital expenditures, net		(6,441	)		(2,655	)
Less: Lease financing debt amortization with fair market value or no purchase options		(2,171	)		(1,780	)
Cash From Facility Operations	$	54,397		$	50,191

Revenue Reconciliation
	FY 2009					FY 2010
	Q1	Q2	Q3	Q4	Full Year	Q1
Revenue reconciliation excl. entrance fee amortization
Average monthly revenue per quarter	4,215	4,258	4,259	4,275	4,252	4,386
Average monthly units (excluding equity homes) available	44,849	44,884	44,966	45,977	45,142	47,179
Average occupancy for the quarter	86.6%	86.2%	86.7%	86.7%	86.6%	86.6%
Resident fee revenue	$      491,119	$      494,227	$           498,114	$         511,228	$     1,994,688	$      537,290
Add:  management fee revenue	1,717	1,298	1,987	1,717	6,719	1,395
Total revenues excluding entrance fee amortization	$      492,836	$      495,525	$           500,101	$         512,945	$     2,001,407	$      538,685

CFFO Reconciliation to the Income Statement
Resident fee revenue		$      497,946	$      500,757	$           505,843	$         518,522	$     2,023,068	$      544,424
Less:  Entrance fee amortization		(5,110)	(5,232)	(5,742)	(5,577)	(21,661)	(5,739)
	Adjusted revenues	492,836	495,525	500,101	512,945	2,001,407	538,685
Less:  Facility operating expenses		(318,112)	(316,586)	(328,939)	(340,683)	(1,304,320)	(355,324)
Add: Loss on sale of communites, net		-	-	-	2,043	2,043	-
Add: Change in future service obligation		-	-	-	(2,342)	(2,342)	-
		(318,112)	(316,586)	(328,939)	(340,982)	(1,304,619)	(355,324)
Less:  G&A excluding non-cash stock expense		(33,707)	(31,721)	(34,720)	(34,716)	(134,864)	(31,952)
Add:  G&A non-cash stock expense		6,809	6,871	7,869	5,386	26,935	4,871
	Net G&A	(26,898)	(24,850)	(26,851)	(29,330)	(107,929)	(27,081)
Less:  Facility lease expense		(67,741)	(68,434)	(68,036)	(67,885)	(272,096)	(68,249)
Add:  Straight-line lease expense		4,248	4,032	3,793	3,778	15,851	3,136
Less:  Amortization of deferred gain		(1,086)	(1,085)	(1,088)	(1,086)	(4,345)	(1,086)
	Net lease expense	(64,579)	(65,487)	(65,331)	(65,193)	(260,590)	(66,199)
Entrance fee receipts		8,510	9,816	11,305	13,571	43,202	12,021
Entrance fee disbursements		(5,836)	(6,357)	(4,649)	(6,074)	(22,916)	(5,762)
	Net entrance fees	2,674	3,459	6,656	7,497	20,286	6,259
Adjusted EBITDA		85,921	92,061	85,636	84,937	348,555	96,340
Less:  Recurring capital expenditures, net		(2,655)	(3,888)	(5,495)	(7,484)	(19,522)	(6,441)
Less:  Interest expense, net		(32,001)	(33,122)	(29,951)	(31,441)	(126,515)	(32,653)
Less:  Lease financing debt amortization with fair market value or no purchase options		(1,780)	(1,798)	(1,793)	(1,824)	(7,195)	(2,171)
Less:  Other		706	(733)	(202)	1,738	1,509	(678)
Reported CFFO		$         50,191	$         52,520	$             48,195	$           45,926	$        196,832	$         54,397
Add:  integration and transaction-related costs		-	-	2,200	3,554	5,754	-
Adjusted CFFO		$         50,191	$         52,520	$             50,395	$           49,480	$        202,586	$         54,397

CFFO Per Share ($)
($ except where indicated)	FY 2009					FY 2010
	Q1	Q2	Q3	Q4	Full Year(1)	Q1
Reported CFFO	$             0.49	$             0.50	$                  0.41	$                0.39	$               1.79	$             0.46
Add:  integration and transaction-related costs	��     -	-	0.02	0.03	0.05	-
Adjusted CFFO	$             0.49	$             0.50	$                  0.43	$                0.42	$               1.84	$             0.46
Shares used in calculation of CFFO (000's)	101,738	106,042	118,455	118,653		119,315

(1) Annual CFFO for all periods is calculated as the sum of the quarterly amounts for the year.

Note:  CFFO is a measurement of liquidity that is not calculated in accordance with GAAP and should not be considered in isolation as a substitute for any GAAP financial measure.  CFFO is not a measure of financial performance under GAAP.  We strongly urge you to review the reconciliation of CFFO to GAAP net cash provided by operating activities, along with our condensed consolidated financial statements, included in the accompanying earnings release.

Brookdale Senior Living Inc.

Quarterly Entry Fee Information

As of March 31, 2010

	Q1 09	Q2 09	Q3 09	Q4 09	Q1 10
Ending # EF Vacant Units	475	474	536	548	547
# Closings	48	62	70	80	67
# of Refunds	67	86	67	84	77

Cash Basis ($000's)
Resale Receipts:
Proceeds from non-refundable entrance fees (1)(2)	4,872	5,718	8,429	8,648	6,883
Proceeds from refundable entrance fees (2)(3)	3,638	4,098	2,876	4,923	5,138
Total Cash Proceeds	8,510	9,816	11,305	13,571	12,021
Refunds of entrance fees (4)	(5,836)	(6,357)	(4,649)	(6,074)	(5,762)
Net Resale Cash Flow	2,674	3,459	6,656	7,497	6,259
Average Resale $ (excluding My Choice proceeds)	165,042	158,065	159,786	165,138	177,448
Average Refund $ (excluding My Choice refunds)	(87,104)	(68,930)	(68,851)	(66,881)	(71,039)

Notes:

(1) From Statement of Cash Flows (Operating Activities section) with line description: Proceeds from deferred entrance fee revenue

(2) Excludes first generation entrance fees received

(3) From Statement of Cash Flows (Financing Activities section) with line description: Proceeds from refundable entrance fees (which includes My Choice proceeds)

(4) From Statement of Cash Flows (Financing Activities section) with line description: Refunds of entrance fees

Value of Unsold Inventory ($ in 000's)
Gross Value @ Average Resale Price of $170,000 (2)	92,990
Refund Attachments	(9,873)
Net Cash Value	83,117

Income Statement Impact ($ in 000's)

On BKD's income statement, non-refundable entrance fees are amortized into revenue based on the unamortized balance per contract divided by the actuarial life of the resident. The following are the non-cash amortized non-refundable entrance fees for each quarter:
	Q1 09	Q2 09	Q3 09	Q4 09	Q1 10
Amortization of entrance fees (incl. gains on terminations) (5)	(5,110)	(5,232)	(5,692)	(5,361)	(5,426)
(5) Excludes first generation entrance fee amortization

Principles of Entry Fee Accounting

Certain of BKD's communities have residency agreements which require the resident to pay an upfront fee prior to occupying the community and in return for a reduced monthly service fee and certain healthcare benefits.  BKD has a number of options for residents that give a choice of the amount of refundability of the upfront fee, the amount of entry fee for the unit and the amount of health care benefit in the community’s various levels of care.  The non-refundable portion of the entrance fee is recorded as deferred revenue and amortized over the estimated stay of the resident based on an actuarial valuation.  The refundable portion of a resident’s entrance fee is generally refundable within a certain time period following  contract termination or in certain agreements, upon the resale of a comparable unit or 12 months after the resident vacates the unit and is not amortized.

Brookdale Senior Living Inc.

Quarterly Entry Fee Information

As of March 31, 2010

American Retirement Corporation ("ARC"), acquired in 2006, was active in the entrance fee CCRC business for many years and operated seven such communities.  Prior to the ARC acquisition, BKD acquired three entrance fee CCRC's from a non-profit, the National Benevolent Association, which were in bankruptcy.  BKD has been repositioning those communities by upgrading/renovating, expanding the campus or levels of care offered and changing the form of contract to include such items as life care and health benefits.

Quarterly Entrance Fee Amortization
($ in 000's)
	Q1 09	Q2 09	Q3 09	Q4 09	Q1 10
Original ARC
Occupancy	88%	87%	86%	86%	86%
Ending # EF Vacant Units	271	259	328	348	353
# EF Closings	29	33	37	61	45
# of EF Refunds	41	70	38	60	60
EF Resale Receipts	5,344	5,579	6,051	11,051	8,172
EF Refunds Paid	(3,855)	(5,190)	(2,838)	(4,265)	(4,813)
Net Resale Cash Flow	1,489	389	3,213	6,786	3,359
Average EF Resale $ (excluding My Choice proceeds)	$            166	$            169	$            164	$            177	$            179
Average EF Refund $ (excluding My Choice refunds)	$            (94)	$            (71)	$            (74)	$            (63)	$            (75)

Total NBA Communities
Occupancy	76%	76%	77%	76%	77%
Ending # EF Vacant Units	204	215	208	200	194
# EF Closings	19	29	33	19	22
# of EF Refunds (1)	26	16	29	24	17
EF Resale Receipts	3,166	4,237	5,254	2,520	3,849
EF Refunds Paid (1)	(1,981)	(1,167)	(1,811)	(1,809)	(949)
Net Resale Cash Flow	1,185	3,070	3,443	711	2,900
Average EF Resale $ (excluding My Choice proceeds)	$            163	$            146	$            156	$            126	$            175
Average EF Refund $ (excluding My Choice refunds)	$            (76)	$            (61)	$            (62)	$            (75)	$            (56)

Total Consolidated EF Communities (2)
Occupancy	85%	84%	84%	83%	84%
Ending # EF Vacant Units	475	474	536	548	547
# EF Closings	48	62	70	80	67
# of EF Refunds	67	86	67	84	77
EF Resale Receipts	8,510	9,816	11,305	13,571	12,021
EF Refunds Paid	(5,836)	(6,357)	(4,649)	(6,074)	(5,762)
Net Resale Cash Flow	2,674	3,459	6,656	7,497	6,259
Average EF Resale $ (excluding My Choice proceeds)	$            165	$            158	$            160	$            165	$            177
Average EF Refund $ (excluding My Choice refunds)	$            (87)	$            (69)	$            (69)	$            (67)	$            (71)
(1) Includes certain refunds accelerated for repositioning of the community
(2) Excludes all first generation entrance fee data and receipts.

Brookdale Senior Living Inc.

Quarterly Cash Flow Statements

As of March 31, 2010

($ in 000s)

Cash Flow Statements
	Q1 2009	Q2 2009	Q3 2009	Q4 2009	YTD 2009	Q1 2010
Cash Flows from Operating Activities
Net loss	$                (13,636)	$                (10,530)	$                (21,290)	$               (20,799)	$               (66,255)	$                (14,295)
Adjustments to reconcile net loss to net cash provided by operating activities:
Non-cash portion of loss on extinguishment of debt	-	1,740	1,178	(1,626)	1,292	19
Depreciation and amortization	69,675	70,652	69,150	71,963	281,440	75,657
Goodwill and asset impairment	-	-	-	10,073	10,073	-
(Gain) loss on sale of assets	(4,455)	103	-	2,111	(2,241)	144
Equity in (earnings) loss of unconsolidated ventures	(595)	(581)	(42)	778	(440)	(397)
Distributions from unconsolidated ventures from cumulative share of net earnings	11	-	444	(50)	405	-
Amortization of deferred gain	(1,086)	(1,085)	(1,088)	(1,086)	(4,345)	(1,086)
Amortization of entrance fees	(5,110)	(5,232)	(5,742)	(5,577)	(21,661)	(5,739)
Proceeds from deferred entrance fee revenue	4,872	5,718	12,635	15,264	38,489	9,550
Deferred income tax benefit	(8,194)	(3,323)	(7,923)	(12,244)	(31,684)	(8,200)
Change in deferred lease liability	4,248	4,032	3,793	3,778	15,851	3,136
Change in fair value of derivatives and amortization	4,285	(7,900)	2,478	(2,628)	(3,765)	2,640
Change in future service obligation	-	-	-	(2,342)	(2,342)	-
Non-cash stock-based compensation	6,809	6,871	7,869	5,386	26,935	4,871
Changes in operating assets and liabilities:
Accounts receivable, net	(3,118)	79	14,273	550	11,784	(7,073)
Prepaid expenses and other assets, net	(4,602)	(4,623)	(11,859)	(7,342)	(28,426)	(7,340)
Accounts payable and accrued expenses	4,966	6,847	17,744	(8,270)	21,287	(11,825)
Tenant refundable fees and security deposits	(370)	(11,706)	(2,221)	(2,473)	(16,770)	(1,298)
Deferred revenue	15,057	(6,747)	(6,499)	5,782	7,593	8,365
Net cash provided by operating activities	68,757	44,315	72,900	51,248	237,220	47,129
Cash Flows from Investing Activities
Decrease in lease security deposits and lease acquisition deposits, net	1,480	-	591	370	2,441	801
Increase in cash and escrow deposits — restricted	(57,897)	4,030	(827)	(9,846)	(64,540)	(30,556)
Net proceeds from sale of assets	-	210	-	14,731	14,941	1,487
Distributions received from unconsolidated ventures	525	265	179	92	1,061	47
Additions to property, plant, and equipment and leasehold intangibles, net of related payables	(33,491)	(29,443)	(24,573)	(29,946)	(117,453)	(23,102)
Acquisition of assets, net of related payables and cash received	-	(190)	(1,037)	(202,910)	(204,137)	-
Payment on (issuance of) notes receivable, net	(36)	(759)	205	82	(508)	512
Investment in unconsolidated ventures	(1,106)	-	(140)	-	(1,246)	(848)
Proceeds from sale leaseback transaction	9,166	-	-	-	9,166	-
Proceeds from sale of unconsolidated venture	8,843	(12)	-	12	8,843	-
Other	-	-	-	-	-	(316)
Net cash (used in) provided by investing activities	(72,516)	(25,899)	(25,602)	(227,415)	(351,432)	(51,975)
Cash Flows from Financing Activities
Proceeds from debt	26,521	23,998	17,467	89,053	157,039	49,108
Repayment of debt and capital lease obligations	(10,403)	(5,330)	(5,461)	(11,393)	(32,587)	(58,923)
Proceeds from line of credit	60,446	-	-	-	60,446	45,000
Repayment of line of credit	(64,899)	(155,000)	-	-	(219,899)	(30,000)
Payment of financing costs, net of related payables	(6,895)	(432)	69	(1,442)	(8,700)	(2,776)
Proceeds from public equity offering, net	-	163,908	(81)	(56)	163,771	-
Cash portion of loss on extinguishment of debt	-	-	-	-	-	(179)
Other	(279)	(197)	(237)	(218)	(931)	(181)
Refundable entrance fees:
Proceeds from refundable entrance fees	3,638	4,098	9,296	13,354	30,386	8,442
Refunds of entrance fees	(5,836)	(6,357)	(4,649)	(6,074)	(22,916)	(5,762)
Recouponing and payment of swap termination	-	-	-	-	-	(640)
Net cash provided by (used in) financing activities	2,293	24,688	16,404	83,224	126,609	4,089
Net increase (decrease) in cash and cash equivalents	(1,466)	43,104	63,702	(92,943)	12,397	(757)
Cash and cash equivalents at beginning of period	53,973	52,507	95,611	159,313	53,973	66,370
Cash and cash equivalents at end of period	$                 52,507	$                   95,611	$                 159,313	$                 66,370	$                 66,370	$                  65,613