Item 6. Selected Financial Data.
The selected financial data should be read in conjunction with the sections entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Business" and our historical consolidated financial statements and the related notes included elsewhere herein. Our historical statement of operations data and balance sheet data as of and for each of the years in the five-year period ended December 31, 2012 have been derived from our audited financial statements.
For the Years Ended December 31, | ||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||
Fiscal Year ended December 31, (in thousands, except per share and other operating data) | ||||||||||||||||||||
Total revenue | $ | 2,768,738 | $ | 2,456,483 | $ | 2,278,920 | $ | 2,098,605 | $ | 1,997,975 | ||||||||||
Facility operating expense | 1,630,919 | 1,508,571 | 1,437,930 | 1,302,277 | 1,261,581 | |||||||||||||||
General and administrative expense | 178,829 | 148,327 | 131,709 | 134,864 | 140,919 | |||||||||||||||
Facility lease expense | 284,025 | 274,858 | 270,905 | 272,096 | 269,469 | |||||||||||||||
Depreciation and amortization | 252,281 | 268,506 | 292,341 | 271,935 | 276,202 | |||||||||||||||
(Gain) loss on facility lease termination | (11,584 | ) | ― | 4,608 | ― | ― | ||||||||||||||
(Gain) loss on sale of communities, net | ― | ― | (3,298 | ) | 2,043 | ― | ||||||||||||||
Loss (gain) on acquisition | 636 | (1,982 | ) | ― | ― | ― | ||||||||||||||
Goodwill and asset impairment | 27,677 | 16,892 | 13,075 | 10,073 | 220,026 | |||||||||||||||
Costs incurred on behalf of managed communities | 325,016 | 152,566 | 67,271 | 77,206 | 73,250 | |||||||||||||||
Total operating expense | 2,687,799 | 2,367,738 | 2,214,541 | 2,070,494 | 2,241,447 | |||||||||||||||
Income (loss) from operations | 80,939 | 88,745 | 64,379 | 28,111 | (243,472 | ) | ||||||||||||||
Interest income | 4,012 | 3,538 | 2,238 | 2,354 | 7,618 | |||||||||||||||
Interest expense: | ||||||||||||||||||||
Debt | (128,338 | ) | (124,873 | ) | (132,641 | ) | (128,869 | ) | (147,389 | ) | ||||||||||
Amortization of deferred financing costs and debt discount | (18,081 | ) | (13,427 | ) | (8,963 | ) | (9,505 | ) | (9,707 | ) | ||||||||||
Change in fair value of derivatives and amortization | (364 | ) | (3,878 | ) | (4,118 | ) | 3,765 | (68,146 | ) | |||||||||||
Loss on extinguishment of debt, net | (221 | ) | (18,863 | ) | (1,557 | ) | (1,292 | ) | (3,052 | ) | ||||||||||
Equity in (loss) earnings of unconsolidated ventures | (3,488 | ) | 1,432 | 168 | 440 | (861 | ) | |||||||||||||
Other non-operating income (expense) | 593 | 56 | (1,454 | ) | 4,146 | 1,708 | ||||||||||||||
Loss before income taxes | (64,948 | ) | (67,270 | ) | (81,948 | ) | (100,850 | ) | (463,301 | ) | ||||||||||
(Provision) benefit for income taxes | (1,519 | ) | (1,780 | ) | 32,062 | 33,577 | 88,029 | |||||||||||||
Net loss | $ | (66,467 | ) | $ | (69,050 | ) | $ | (49,886 | ) | $ | (67,273 | ) | $ | (375,272 | ) | |||||
Basic and diluted net loss per share | $ | (0.54 | ) | $ | (0.57 | ) | $ | (0.42 | ) | $ | (0.60 | ) | $ | (3.69 | ) | |||||
Weighted average shares of common stock used in computing basic and diluted loss per share | 121,991 | 121,161 | 120,010 | 111,288 | 101,667 | |||||||||||||||
Dividends declared per share of common stock | $ | ― | $ | ― | $ | ― | $ | ― | $ | 0.75 | ||||||||||
Other Operating Data: | ||||||||||||||||||||
Total number of communities (at end of period) | 647 | 647 | 559 | 565 | 548 | |||||||||||||||
Total units operated(1) | ||||||||||||||||||||
Period end | 65,936 | 66,183 | 50,521 | 51,021 | 49,145 | |||||||||||||||
Weighted average | 66,102 | 55,548 | 50,870 | 49,536 | 49,165 | |||||||||||||||
Owned/leased communities occupancy rate (weighted average) | 88.0 | % | 87.3 | % | 87.1 | % | 86.5 | % | 87.6 | % | ||||||||||
Senior Housing average monthly revenue per unit(2) | $ | 4,271 | $ | 4,193 | $ | 4,053 | $ | 3,946 | $ | 3,823 |
1
As of December 31, | ||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Cash and cash equivalents | $ | 69,240 | $ | 30,836 | $ | 81,827 | $ | 66,370 | $ | 53,973 | ||||||||||
Total assets | $ | 4,665,978 | $ | 4,466,061 | $ | 4,530,470 | $ | 4,649,879 | $ | 4,449,258 | ||||||||||
Total debt | $ | 2,679,369 | $ | 2,463,625 | $ | 2,570,296 | $ | 2,625,526 | $ | 2,552,929 | ||||||||||
Total stockholders' equity | $ | 996,986 | $ | 1,035,299 | $ | 1,055,963 | $ | 1,083,533 | $ | 958,570 |
(1) | Period end units operated excludes equity homes. Weighted average units operated represents the average units operated during the period, excluding equity homes. |
(2) | Senior Housing average monthly revenue per unit represents the average of the total monthly resident fee revenues, excluding amortization of entrance fees and ISC segment revenue, divided by average occupied units. |
2