Care Capital Properties S-4 Registration of securities issued in business combination transactions

Exhibit 99.4

Senior Care Centers, LLC

Consolidated Balance Sheets (Unaudited)

September 30, 2016 & 2015

	2016			2015
ASSETS
CURRENT ASSETS
Cash	$	5,677,648		$	10,960,774
Restricted Cash - Lease Escrow	22,399,424			18,361,584
Accounts Receivable, Net	137,449,691			129,529,175
Inventory	2,577,800			1,495,000
Prepaids	2,725,219			2,416,488
Deposits	9,990,136			10,380,795
Total Current Assets	180,819,918			173,143,816
LONG TERM ASSETS
Restricted Cash - Certificate of Deposits	2,073,473			2,069,013
Leasehold Improvements, Equipment & Transportation, Net of Accumulated Depreciation	35,014,163			25,669,829
Project in Process (Capital)	2,606,454			2,493,975
Debt Issuance Costs	1,603,646			422,447
Goodwill	23,814,280			24,357,720
Intangible Assets, Net	22,867,059			26,738,254
Minority Interest Investment	2,343,805			4,333,463
Other Long Term Assets	11,976			59,881
Total Long Term Assets	90,334,856			86,144,582
Total Assets	$	271,154,774		$	259,288,398
LIABILITIES & MEMBERS’ EQUITY
LIABILITIES
CURRENT LIABILITIES
Current Maturities of Long Term Debt	$	10,289,852		$	11,426,699
Accounts Payable	35,760,359			19,454,910
Accrued Interest	354,020			200,969
Accrued Expenses	39,907,240			37,010,987
Salaries and Payroll Taxes	20,675,966			20,120,050
Other Taxes Payable	10,379,054			9,542,867
Short-Term Debt	5,000,000			—
IBNR Claims Payable	5,005,613			2,845,029
Assisted Living Deposits	9,030			16,171
Total Current Liabilities	127,381,134			100,617,682
LONG TERM LIABILITIES
Capital Lease Liability	17,516,627			9,576,617
Working Capital Line of Credit	62,289,457			65,712,098
Term Loan	18,813,633			34,750,000
Unfavorable Leases, Net	5,703,011			10,109,330
Deferred Lease	30,198,677			21,224,655
Total Long Term Liabilities	134,521,405			141,372,700
Total Liabilities	261,902,539			241,990,382
MEMBERS’ EQUITY
LLC Membership Interests	13,500,000			13,500,000
Paid In Capital	(935,236		)	(935,236		)
Distributions To Members:
Dividends - Class “A” Pref.	(13,874,547		)	(11,542,225		)
Dividends - Class “A”	(1,107,436		)	(1,107,436		)
Dividends - Founders	(3,170,146		)	(3,170,146		)
Retained Earnings	22,839,448			4,922,945
Current Year Net Income	(7,999,848		)	15,630,114
Total Members’ Equity	9,252,235			17,298,016
Total Liabilities and Members’ Equity	$	271,154,774		$	259,288,398

Senior Care Centers, LLC

Consolidated Statements of Operations (Unaudited)

Quarters and Nine-Months Ended September 30, 2016 & 2015

	3rd QTR			3rd QTR			YTD Sep			YTD Sep
	2016			2015			2016			2015
INCOME
Total Revenue All Facilities	$	211,669,834		$	199,447,661		$	642,060,375		$	497,699,157
Total Revenue SRS Rehabilitation	29,305,593			29,935,460			90,497,658			79,355,244
Total Revenue SRS Louisiana Rehabilitation	2,759,167			831,913			8,128,773			831,913
Total Revenue MBS Pharmacy	17,406,135			10,319,185			44,232,823			18,743,877
Total Revenue Nicoya Health	133,190			162,881			388,079			162,881
Total Revenue Hospice	1,992,353			669,957			5,531,923			669,957
Total Revenue SCC Management	13,256,608			12,235,919			40,672,837			33,744,415
Intercompany Revenue Elimination	(45,163,945		)	(42,088,701		)	(135,905,246		)	(96,110,023		)
Total Revenue	231,358,935			211,514,275			695,607,222			535,097,421
OPERATING EXPENSES
Nursing	69,025,696			64,217,726			208,584,399			155,590,931
Consultants	1,661,184			1,603,911			5,071,904			3,682,743
Training and Activities	3,788,714			3,285,668			11,422,485			8,140,321
Ancillaries	73,008,277			65,559,948			217,671,229			160,360,562
Laundry and Housekeeping	6,866,981			6,344,816			20,673,220			15,671,982
Dietary Expenses	14,288,320			12,748,367			42,611,164			31,043,188
Building and Equipment	3,890,773			3,518,901			11,676,341			8,291,912
Operations and Maintenance	11,434,596			9,453,927			31,381,996			22,107,177
Administrative	48,047,395			41,497,870			145,558,408			105,659,394
Uncollectable Accounts	4,414,547			1,890,264			13,046,084			8,698,032
Other Expense	954,784			1,210,119			3,623,237			2,582,730
Intercompany Expense Elimination	(45,163,945		)	(42,088,701		)	(135,905,246		)	(96,110,023		)
Total Operating Expenses	192,217,322			169,242,816			575,415,221			425,718,949
EBITDAR	39,141,613			42,271,459			120,192,001			109,378,472
EBITDAR MARGIN	16.92		%	19.99		%	17.28		%	20.44		%
Lease Expense	34,793,403			32,486,371			107,416,537			79,491,903
EBITDA	4,348,210			9,785,088			12,775,464			29,886,569
EBITDA MARGIN	1.88		%	4.63		%	1.84		%	5.59		%
Depreciation	1,789,413			1,502,132			5,434,284			3,314,535
Amortization	446,960			79,955			867,892			231,530
Margin Tax	446,145			403,777			828,078			982,988
Interest	2,276,316			1,421,115			6,097,364			2,983,539
Minority Interest	—			—			—			409,503
Deferred Lease Expense	2,078,133			1,858,741			6,814,222			3,930,393
Start-up Cost	421,024			650,570			733,472			2,403,967
Total Non-Operating Expense	7,457,991			5,916,290			20,775,312			14,256,455
Net Income/(Loss)	$	(3,109,781	)	$	3,868,798		$	(7,999,848	)	$	15,630,114
NET INCOME MARGIN	(1.34		)%	1.83		%	(1.15		)%	2.92		%

Senior Care Centers, LLC

Consolidated Statements of Cash Flows (Unaudited)

Quarters and Nine-Months Ended September 30, 2016 & 2015

	3rd QTR			3rd QTR			YTD Sep			YTD Sep
	2016			2015			2016			2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income/(Loss)	$	(3,109,781	)	$	3,868,798		$	(7,999,848	)	$	15,630,114
ADJUSTMENTS TO RECONCILE NET INCOME/(LOSS) TO NET CASH PROVIDED BY/(USED IN) OPERATIONS:
Provision for Uncollectible A/R	4,414,547			1,890,264			13,046,084			8,698,032
Depreciation and Amortization	2,236,373			1,582,087			6,302,176			3,546,065
OPERATING CHANGES IN ASSETS AND LIABILITIES:
Resident Accounts Receivable	(1,877,302		)	(9,719,956		)	12,796,181			(61,476,487		)
Inventory	(332,570		)	(844,686		)	(966,019		)	(635,527		)
Other Accounts Receivable	142,702			209,180			(1,257,439		)	3,492,228
Other Assets	1,056,048			(4,283,328		)	4,959,244			(2,193,051		)
Due to/Due From 3rd Parties	—			—			—			311,595
Prepaid Expenses	1,411,022			1,760,357			(1,903,764		)	(2,729,158		)
A/P and Accrued Expenses	10,175,963			3,148,455			9,055,383			32,967,761
NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES	14,117,002			(2,388,829		)	34,031,998			(2,388,428		)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to Property and Equipment	(3,100,989		)	(2,908,125		)	(7,727,532		)	(8,851,688		)
Net Deposits of Restricted Cash	(3,461,635		)	(2,686,888		)	(1,932,053		)	(5,017,430		)
Acquisitions	—			(18,557,956		)	—			(58,589,206		)
NET CASH USED IN INVESTING ACTIVITIES	(6,562,624		)	(24,152,969		)	(9,659,585		)	(72,458,324		)
CASH FLOWS FROM FINANCING ACTIVITIES
Working Line of Credit	(8,000,000		)	806,825			(19,939,805		)	47,859,632
Loans	(4,168,183		)	18,750,000			(10,586,367		)	43,750,000
Short Term Debt	—			—			5,000,000			—
Long Term Debt	—			—			(625,000		)	(1,875,000		)
Cash Paid for Financing Costs	(200,000		)	(419,921		)	(693,162		)	(1,919,921		)
Capital Lease Obligations	(270,146		)	(184,667		)	(4,441		)	(888,012		)
Dividends Paid	(311,644		)	(1,390,542		)	(938,356		)	(3,452,361		)
Minority Interest	—			—			—			(1,321,180		)
Contributed Capital Harden	—			—			—			(4,248,767		)
NET CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES	(12,949,973		)	17,561,695			(27,787,131		)	77,904,391
NET INCREASE/(DECREASE) IN CASH AND EQUIVALENTS	(5,395,595		)	(8,980,103		)	(3,414,718		)	3,057,639
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD	11,073,243			19,940,877			9,092,366			7,903,135
CASH AND EQUIVALENTS AT END OF PERIOD	$	5,677,648		$	10,960,774		$	5,677,648		$	10,960,774