Brookdale Senior Living Inc.

Corporate Overview - selected financial information

As of March 31, 2016

Corporate Overview

Stock Listing

Common Stock

NYSE: BKD

Community Information

CFFO and Adjusted CFFO Per Share

($ except where indicated)

FY 2015

FY 2016

Q1

Q2

Q3

Q4

Full Year⁽²⁾

Q1

CFFO per share

$

0.48

$

0.44

$

0.36

$

0.44

$

1.72

$

0.47

Add: integration, transaction, transaction-related and strategic project costs ⁽¹⁾

0.15

0.16

0.23

0.14

0.68

0.11

Adjusted CFFO per share

$

0.63

$

0.60

$

0.59

$

0.58

$

2.40

$

0.58

Weighted average shares (000's) ⁽³⁾

183,678

184,266

184,570

184,805

185,153

Period end outstanding shares (excluding unvested restricted shares) (000's)

184,143

184,500

184,779

184,885

185,803

(1) The calculation of Cash From Facility Operations ("CFFO") includes integration, transaction, transaction-related and strategic project costs of $20.9 million and $27.3 million for the three months ended March 31, 2016 and March 31, 2015, respectively. For the three months ended March 31, 2016, integration costs include $7.6 million of transition costs associated with the Emeritus merger and organizational restructuring (such as severance and retention payments and recruiting expenses), $0.8 million of third party consulting expenses directly related to the integration of Emeritus (in areas such as technology and systems work), and $1.6 million of internal costs such as training, travel and labor, reflecting time spent by Company personnel on integration activities and projects. Transaction and transaction-related costs of $1.8 million for the three months ended March 31, 2016 include third party costs directly related to acquisition and disposition activity, community financing and leasing activity and corporate capital structure assessment activities, and are primarily comprised of legal, finance, consulting, professional fees and other third party costs. Strategic project costs of $9.1 million for the three months ended March 31, 2016 include costs associated with certain strategic projects related to refining the Company's strategy, building out enterprise-wide capabilities for the post-merger platform (including the EMR roll-out project) and reducing costs and achieving synergies by capitalizing on scale.

(2) Full year CFFO per share for 2015 is calculated as the sum of the quarterly amounts for the year.  Full year CFFO per share for 2016 will be calculated based on weighted average shares used in computing basic net income (loss) per share for the period.

(3) The calculations of CFFO per share and Adjusted CFFO per share are based on weighted average shares used in computing basic net income (loss) per share for the period, which excludes any potentially dilutive common stock equivalents (unvested restricted stock, restricted stock units and convertible debt instruments and warrants).

Investor Relations

Ross Roadman

SVP, Investor Relations

Brookdale Senior Living Inc.

111 Westwood Place, Suite 400

Brentwood, TN 37027

Phone (615) 564-8104

rroadman@brookdale.com

Note Regarding Non-GAAP Financial Measures. This supplemental presentation contains financial measures utilized by management to evaluate the Company's financial and operating performance that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP").  Each of these measures, Adjusted EBITDA, CFFO and Adjusted CFFO (including on a per-share basis) and Facility Operating Income, should not be considered in isolation from or as superior to or as a substitute for net income (loss), income (loss) from operations, cash flows provided by or used in operations, or other financial measures determined in accordance with GAAP.  This supplemental presentation should be read in conjunction with the Company's earnings release dated May 9, 2016 and the consolidated financial statements included therein.  The Company strongly urges you to review the information under "Reconciliation of Non-GAAP Financial Measures" in such earnings release for the Company's definitions of each of these non-GAAP financial measures and a reconciliation of each measure to net income (loss).  The Company cautions investors that amounts presented in accordance with the Company's definitions of such financial measures may not be comparable to similar measures disclosed by other companies, because not all companies calculate these non-GAAP financial measures in the same manner.

Brookdale Senior Living Inc.

Segment Financial Data

As of March 31, 2016

Financial Data and Operating Information

Retirement Centers

FY 2015

FY 2016

Q1 (1)

Q2

Q3

Q4

Full Year

Q1

Revenue

$

163,486

$

164,409

$

164,415

$

165,630

$

657,940

$

169,426

Expenses

92,962

92,365

94,081

93,275

372,683

94,977

Segment Operating Income

$

70,524

$

72,044

$

70,334

$

72,355

$

285,257

$

74,449

Segment Operating Margin

43.1

%

43.8

%

42.8

%

43.7

%

43.4

%

43.9

%

Number of communities (period end)

99

98

98

95

95

95

Total average units(2)

17,369

17,279

17,289

17,293

17,308

17,096

Weighted average unit occupancy

88.8

%

88.4

%

88.7

%

89.1

%

88.8

%

88.9

%

Senior Housing average monthly revenue per unit(3)

$

3,533

$

3,589

$

3,573

$

3,584

$

3,570

$

3,715

Assisted Living

FY 2015

FY 2016

Q1 (1)

Q2

Q3

Q4

Full Year

Q1

Revenue

$

617,344

$

611,838

$

608,393

$

607,882

$

2,445,457

$

617,270

Expenses

393,838

388,479

397,180

388,657

1,568,154

396,460

Segment Operating Income

$

223,506

$

223,359

$

211,213

$

219,225

$

877,303

$

220,810

Segment Operating Margin

36.2

%

36.5

%

34.7

%

36.1

%

35.9

%

35.8

%

Number of communities (period end)

837

833

832

820

820

820

Total average units(2)

55,073

54,700

54,592

54,492

54,714

53,510

Weighted average unit occupancy

87.2

%

86.4

%

86.5

%

86.6

%

86.7

%

85.6

%

Senior Housing average monthly revenue per unit(3)

$

4,283

$

4,316

$

4,292

$

4,296

$

4,297

$

4,493

CCRCs - Rental

FY 2015

FY 2016

Q1 (1)

Q2

Q1 

Revenue

$

155,991

$

151,561

$

149,572

$

147,448

$

604,572

$

152,260

Expenses

117,420

115,701

108,177

112,779

454,077

116,791

Segment Operating Income

$

38,571

$

35,860

$

41,395

$

34,669

$

150,495

$

35,469

Segment Operating Margin

24.7

%

23.7

%

27.7

%

23.5

%

24.9

%

23.3

%

Number of communities (period end)

45

46

45

44

44

44

Total average units(2)

10,480

10,543

10,515

10,405

10,486

10,335

Weighted average unit occupancy

86.0

%

83.6

%

83.9

%

83.9

%

84.4

%

84.3

%

Senior Housing average monthly revenue per unit(3)

$

5,744

$

5,697

$

5,626

$

5,601

$

5,668

$

5,790

Total Senior Housing

FY 2015

FY 2016

Q1 (1)

Q2

Q3

Q4

Full Year

Q1

Revenue

$

936,821

$

927,808

$

922,380

$

920,960

$

3,707,969

$

938,956

Expenses

604,220

596,545

599,438

594,711

2,394,914

608,228

Operating Income

$

332,601

$

331,263

$

322,942

$

326,249

$

1,313,055

$

330,728

Operating Margin

35.5

%

35.7

%

35.0

%

35.4

%

35.4

%

35.2

%

G&A Allocation(4)

$

42,093

$

37,399

$

36,968

$

42,881

$

159,341

$

44,524

Adjusted Operating Income

$

290,508

$

293,864

$

285,974

$

283,368

$

1,153,714

$

286,204

Adjusted Operating Margin

31.0

%

31.7

%

31.0

%

30.8

%

31.1

%

30.5

%

Number of communities (period end)

981

977

975

959

959

959

Total average units(2)

82,922

82,522

82,396

82,190

82,508

80,941

Weighted average unit occupancy

87.4

%

86.5

%

86.7

%

86.8

%

86.8

%

86.1

%

Senior Housing average monthly revenue per unit(3)

$

4,305

$

4,331

$

4,303

$

4,302

$

4,310

$

4,485

Brookdale Senior Living Inc.

Segment Financial Data

As of March 31, 2016

Financial Data and Operating Information (continued)

($ in 000s, except Senior Housing average monthly revenue per unit)

Brookdale Ancillary Services

FY 2015

FY 2016

Q1 (1)

Q2

Q3

Q4

Full Year

Q1

Revenue

$

115,411

$

116,170

$

117,702

$

119,875

$

469,158

$

122,192

Expenses

92,669

98,446

100,282

102,551

393,948

107,674

Segment Operating Income

$

22,742

$

17,724

$

17,420

$

17,324

$

75,210

$

14,518

Segment Operating Margin

19.7

%

15.3

%

14.8

%

14.5

%

16.0

%

11.9

%

G&A Allocation(4)

$

8,251

$

7,811

$

6,678

$

8,203

$

30,943

$

7,965

Adjusted Segment Operating Income

$

14,491

$

9,913

$

10,742

$

9,121

$

44,267

$

6,553

Adjusted Segment Operating Margin

12.6

%

8.5

%

9.1

%

7.6

%

9.4

%

5.4

%

Brookdale units served:

Outpatient Therapy

59,660

61,385

66,581

63,938

60,949

Home Health

63,497

64,307

66,078

65,936

65,031

Outpatient Therapy treatment codes

636,413

667,836

612,970

588,984

2,506,203

509,651

Home Health average census

13,767

13,884

14,126

15,065

14,211

16,490

Total Senior Housing and Brookdale Ancillary Services

FY 2015

FY 2016

Q1 (1)

Q2

Q3

Q4

Full Year

Q1

Revenue

$

1,052,232

$

1,043,978

$

1,040,082

$

1,040,835

$

4,177,127

$

1,061,148

Expenses

696,889

694,991

699,720

697,262

2,788,862

715,902

Operating Income

$

355,343

$

348,987

$

340,362

$

343,573

$

1,388,265

$

345,246

Operating Margin

33.8

%

33.4

%

32.7

%

33.0

%

33.2

%

32.5

%

G&A Allocation (4)

$

50,344

$

45,210

$

43,646

$

51,084

$

190,284

$

52,489

Adjusted Operating Income

$

304,999

$

303,777

$

296,716

$

292,489

$

1,197,981

$

292,757

Adjusted Operating Margin

29.0

%

29.1

%

28.5

%

28.1

%

28.7

%

27.6

%

Management Services

FY 2015

FY 2016

Q1 (1)

Q2

Q3

Q4

Full Year

Q1

Revenue (Management Fees)

$

15,097

$

14,839

$

14,694

$

15,553

$

60,183

$

16,780

Expenses (G&A Allocation)(4)

9,755

8,878

9,978

11,506

40,117

11,256

Segment Operating Income

$

5,342

$

5,961

$

4,716

$

4,047

$

20,066

$

5,524

Segment Operating Margin

35.4

%

40.2

%

32.1

%

26.0

%

33.3

%

32.9

%

Number of communities (period end)

160

160

157

164

164

162

Total average units(2)

27,185

27,026

26,590

26,464

26,834

26,613

Weighted average occupancy

86.5

%

85.2

%

85.8

%

86.6

%

86.0

%

87.1

%

Senior Housing average monthly revenue per unit(3)

$

4,277

$

4,238

$

4,224

$

4,246

$

4,249

$

4,371

Total Senior Housing, Brookdale Ancillary and Management Services

FY 2015

FY 2016

Q1 (1)

Q2

Q3

Q4

Full Year

Q1

Revenue

$

1,067,329

$

1,058,817

$

1,054,776

$

1,056,388

$

4,237,310

$

1,077,928

Expenses

696,889

694,991

699,720

697,262

2,788,862

715,902

Operating Income

$

370,440

$

363,826

$

355,056

$

359,126

$

1,448,448

$

362,026

Operating Margin

34.7

%

34.4

%

33.7

%

34.0

%

34.2

%

33.6

%

G&A Allocation(4)

$

60,099

$

54,088

$

53,624

$

62,590

$

230,401

$

63,745

Adjusted Operating Income

$

310,341

$

309,738

$

301,432

$

296,536

$

1,218,047

$

298,281

Adjusted Operating Margin

29.1

%

29.3

%

28.6

%

28.1

%

28.7

%

27.7

%

(1) Certain prior period expense amounts have been reclassified to conform to the current financial statement presentation, with no effect on the Company's consolidated financial position or results of operations.

(2) Total average units operated represents the average number of units operated during the period, excluding equity homes.

(3) Senior Housing average monthly revenue per unit represents the average of total monthly resident fee revenues, excluding amortization of entrance fees and Brookdale Ancillary Services segment revenue, divided by average occupied units.

(4) Excludes non-cash stock-based compensation expense and integration, transaction, transaction-related and strategic project costs.

Brookdale Senior Living Inc.

Senior Housing Data by Ownership Type

As of March 31, 2016

Financial Data and Operating Information

($ in 000s, except Senior Housing average monthly revenue per unit)

Owned Properties

FY 2015

FY 2016

Q1 (1)

Q2

Q3

Q4

Full Year

Q1

Revenue

$

412,555

$

411,576

$

409,249

$

412,678

$

1,646,058

$

415,775

Expenses

276,225

274,608

274,427

277,509

1,102,769

278,140

Segment Operating Income

$

136,330

$

136,968

$

134,822

$

135,169

$

543,289

$

137,635

Segment Operating Margin

33.0

%

33.3

%

32.9

%

32.8

%

33.0

%

33.1

%

Number of communities (period end)

422

424

424

413

407

Total average units(2)

36,923

37,182

37,128

37,431

36,248

Weighted average unit occupancy

86.5

%

85.4

%

85.7

%

85.9

%

85.5

%

Senior Housing average monthly revenue per unit(3)

$

4,305

$

4,319

$

4,286

$

4,277

$

4,470

Leased Properties with Purchase Options

FY 2015

FY 2016

Q1 (1)

Q2

Q3

Q4

Full Year

Q1

Revenue

$

82,064

$

79,516

$

79,568

$

75,462

$

316,610

$

77,455

Expenses

52,414

50,638

51,187

47,852

202,091

49,583

Segment Operating Income

$

29,650

$

28,878

$

28,381

$

27,610

$

114,519

$

27,872

Segment Operating Margin

36.1

%

36.3

%

35.7

%

36.6

%

36.2

%

36.0

%

Number of communities (period end)

103

101

101

96

95

Total average units(2)

7,027

6,803

6,806

6,340

6,336

Weighted average unit occupancy

87.8

%

86.7

%

87.4

%

88.2

%

87.8

%

Senior Housing average monthly revenue per unit(3)

$

4,433

$

4,492

$

4,458

$

4,498

$

4,641

Leased Properties without Purchase Options

FY 2015

FY 2016

Q1 (1)

Q2

Q3

Q4

Full Year

Q1

Revenue

$

442,202

$

436,716

$

433,563

$

432,820

$

1,745,301

$

445,726

Expenses

275,581

271,299

273,824

269,350

1,090,054

280,505

Segment Operating Income

$

166,621

$

165,417

$

159,739

$

163,470

$

655,247

$

165,221

Segment Operating Margin

37.7

%

37.9

%

36.8

%

37.8

%

37.5

%

37.1

%

Number of communities (period end)

456

452

450

450

457

Total average units(2)

38,972

38,537

38,462

38,419

38,357

Weighted average unit occupancy

88.2

%

87.4

%

87.5

%

87.3

%

86.4

%

Senior Housing average monthly revenue per unit(3)

$

4,282

$

4,313

$

4,289

$

4,294

$

4,474

Total Senior Housing

FY 2015

FY 2016

Q1 (1)

Q2

Q3

Q4

Full Year

Q1

Revenue

$

936,821

$

927,808

$

922,380

$

920,960

$

3,707,969

$

938,956

Expenses

604,220

596,545

599,438

594,711

2,394,914

608,228

Operating Income

$

332,601

$

331,263

$

322,942

$

326,249

$

1,313,055

$

330,728

Operating Margin

35.5

%

35.7

%

35.0

%

35.4

%

35.4

%

35.2

%

Number of communities (period end)

981

977

975

959

959

Total average units(2)

82,922

82,522

82,396

82,190

80,941

Weighted average unit occupancy

87.4

%

86.5

%

86.7

%

86.8

%

86.1

%

Senior Housing average monthly revenue per unit(3)

$

4,305

$

4,331

$

4,303

$

4,302

$

4,485

(1) Certain prior period expense amounts have been reclassified to conform to the current financial statement presentation, with no effect on the Company's consolidated financial position or results of operations.

(2) Total average units operated represents the average number of units operated during the period, excluding equity homes.

(3) Senior Housing average monthly revenue per unit represents the average of total monthly resident fee revenues, excluding amortization of entrance fees and Brookdale Ancillary Services segment revenue, divided by average occupied units.

Brookdale Senior Living Inc.

Same Community and Capital Expenditure Information

As of March 31, 2016

Senior Housing Same Community Information

($ in 000s, except Senior Housing average monthly revenue per unit)

Three Months Ended March 31,

2016

2015

% Change

Revenue

$

901,258

$

888,230

1.5

%

Operating Expense

582,300

566,823

2.7

%

Same Community Operating Income

$

318,958

$

321,407

-0.8

%

Same Communitity Operating Margin

35.4

%

36.2

%

-0.8

%

Number of communities (period end)

934

934

Weighted average unit occupancy

86.3

%

88.2

%

-1.9

%

Senior Housing average monthly revenue per unit

$

4,466

$

4,306

3.7

%

Same community information reflects historical results from senior housing operations for same store communities (utilizing the Company's methodology for determining same store communities).

Schedule of Capital Expenditures

($ in 000s)

Three Months Ended March 31,

Type

2016

2015

Recurring

$

15,283

$

16,762

Less: reimbursements

(2,002

)

(1,759

)

    Net Recurring (1)

13,281

15,003

EBITDA-enhancing / Major Projects (2)

32,478

26,136

Program Max, net (3)

4,214

9,139

Corporate, integration and other (4)

11,275

13,555

        Total Capital Expenditures (5)

$

61,248

$

63,833

(1)  Payments are included in CFFO.

(2)  Includes EBITDA-enhancing projects (primarily community renovations and apartment upgrades) and other major building infrastructure projects. Amounts shown are amounts invested, net of third party lessor funding of $7.0 million and $2.8 million for the three months ended March 31, 2016 and 2015, respectively.

(3)  Includes community expansions and major repositioning or upgrade projects.  Also includes de novo community developments.  Amounts shown are amounts invested, net of third party lessor funding of $8.8 million and $10.7 million for the three months ended March 31, 2016 and 2015, respectively.

(4)  Corporate, integration and other includes capital expenditures for information technology systems and equipment and expenditures supporting the expansion of our support platform and ancillary services programs.

(5)  Amounts shown are gross expenditures (including related payables), net of lessor reimbursements. Approximately $16.9 million and $14.9 million of expense was recognized during the three months ended March 31, 2016 and 2015, 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, 2016

($ in 000s)

Debt Maturities and Scheduled Principal Repayments

Maturities

Mortgage

weighted

Line of

weighted

weighted

Total

Debt (1)

rate (2)

Credit

rate (2)

rate (2)

Debt

2016 (3)

$

171,061

4.72

%

$

-

-

$

47,702

7.84

%

$

218,763

2017

291,470

5.60

%

-

-

94,090

8.34

%

385,560

2018

1,185,445

4.45

%

-

-

117,803

7.81

%

1,303,248

2019

137,399

5.79

%

-

-

100,437

7.39

%

237,836

2020

491,958

5.03

%

210,000

3.87

%

50,115

7.46

%

752,073

Thereafter

1,451,376

3.88

%

-

-

2,083,063

8.13

%

3,534,439

Total

$

3,728,709

4.46

%

$

210,000

3.87

%

$

2,493,210

8.07

%

$

6,431,919

Coverage Ratios

Three months ended March 31, 2016 (4)

Senior Housing

Interest/Cash

Units

Operating Income

Adj. Operating

Income **

Lease

Payments

Coverage

Owned communities

35,654

$

137,635

$

113,725

$

43,990

2.6x

 

Leased communities *

45,423

$

193,093

$

162,959

$

153,529

1.1x

 

*  Leased communities include communities subject to capital and financing leases.

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

Debt Amortization

Three months ended March 31,

2016

2015

Scheduled debt amortization

$

21,545

$

22,384

Lease financing debt amortization - FMV or no purchase option (5)

13,809

12,439

Lease financing debt amortization - bargain purchase option

1,623

1,158

    Total debt amortization

$

36,977

$

35,981

Line Availability

03/31/15

06/30/15

09/30/15

12/31/15

03/31/16

Total line commitment

$

500,000

$

500,000

$

500,000

$

500,000

$

500,000

Line of credit (6)

$

466,746

$

468,092

$

443,378

$

416,605

$

441,048

Ending line balance

300,000

270,000

310,000

310,000

210,000

Available to draw

$

166,746

$

198,092

$

133,378

$

106,605

$

231,048

Cash and cash equivalents

115,182

78,496

70,391

88,029

70,862

Total liquidity (available to draw + cash)

$

281,928

$

276,588

$

203,769

$

194,634

$

301,910

Total letters of credit outstanding

$

83,935

$

83,685

$

83,940

$

82,413

$

86,667

Leverage Ratios (7)

Annualized 

Leverage 

Trailing twelve months ended March 31, 2016 Adjusted EBITDAR

$

1,272,064

Less: cash lease payments

(373,006

)

Adjusted EBITDA

899,058

Less: cash capital and financing lease payments

(236,963

)

Adjusted EBITDA after capital and financing lease payments

662,095

Debt (1)

3,728,709

5.6x

 

Line of credit

210,000

Less: unrestricted cash

(70,862

)

Less: cash held as collateral against existing debt

(4,846

)

Total net debt

3,863,001

5.8x

 

Plus: cash capital and financing lease payments multiplied by 8

1,895,704

Total net debt including capital and financing leases

5,758,705

6.4x

 

Plus: cash lease payments multiplied by 8

2,984,048

Total adjusted net debt

$

8,742,753

6.9x

 

Debt Structure

Weighted

Balance

rate (2)

Fixed rate debt (1)

$

2,472,764

5.14

%

Variable rate debt (1)

1,255,945

3.12

%

Capital and financing leases

2,493,210

8.07

%

Line of credit (cash borrowings)

210,000

3.87

%

   Total debt

$

6,431,919

Balance

Variable rate debt with interest rate caps (1) (8)

$

949,910

75.6

%

Variable rate debt - unhedged (1)

306,035

24.4

%

Total variable rate debt (1)

$

1,255,945

100.0

%

(1) Includes mortgage debt, convertible notes and other notes payable, but excludes capital and financing leases and line of credit.

(2) Pertaining to variable rate debt, reflects a) market rates as of March 31, 2016 and b) applicable cap rates for hedged debt.

(3) Maturities of mortgage debt in 2016 includes the following debt instruments with post-2016 scheduled maturity dates: (i) $61 million of debt on Assets Held for Sale and (ii) $29 million of demand notes payable to the unconsolidated entrance fee venture, which we utilize in certain states in lieu of cash reserves.

(4) Senior housing operating income and adjusted operating income exclude Brookdale Ancillary Services segment operating income.

(5) Payments are included in CFFO.

(6) The actual amount available to borrow under the line of credit may vary from time to time as it is based on borrowing base calculations related to the value and performance of the communities securing the facility.

(7) Adjusted EBITDAR and Adjusted EBITDA as reported in the calculation of leverage ratios exclude integration, transaction, transaction-related and strategic project costs of $109.4 million (excluding $7.9 million of debt modification costs included in CFFO) for the trailing twelve months ended March 31, 2016.

(8) Weighted cap rate for stated reporting period of 4.33% is materially above current market rates, therefore caps have no impact on consolidated interest expense for given period.

Brookdale Senior Living Inc.

CFFO Reconciliation

As of March 31, 2016

Revenue Reconciliation (1)

($ in 000s except average monthly revenue per unit)

FY 2015

FY 2016

Q1 2016 CFFO Distribution

Q1 (3)

Q2

Q3

Q4

Full Year

Q1

Owned

Other (4)

Transaction/

Integration

Revenue reconciliation excluding entrance fee amortization

Senior Housing average monthly revenue per unit

$

4,305

$

4,331

$

4,303

$

4,302

$

4,310

$

4,485

$

4,470

$

4,496

$

-

Weighted average monthly units (excluding equity homes) available

82,927

82,470

82,358

82,132

82,524

80,971

36,263

44,711

-

Weighted average unit occupancy

87.4

%

86.5

%

86.7

%

86.8

%

86.8

%

86.1

%

85.5

%

86.6

%

-

Senior Housing resident fee revenue

$

936,054

$

926,878

$

921,761

$

920,072

$

3,704,765

$

938,030

$

415,775

$

522,255

$

-

Add:  Brookdale Ancillary Services segment revenue

115,411

116,170

117,702

119,875

469,158

122,192

-

122,192

-

Add:  Management fee revenue

15,097

14,839

14,694

15,553

60,183

16,780

-

16,780

-

Total revenues excluding entrance fee amortization

$

1,066,562

$

1,057,887

$

1,054,157

$

1,055,500

$

4,234,106

$

1,077,002

$

415,775

$