0001332349-16-000072.txt : 20160212 0001332349-16-000072.hdr.sgml : 20160212 20160212172859 ACCESSION NUMBER: 0001332349-16-000072 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 85 CONFORMED PERIOD OF REPORT: 20151231 FILED AS OF DATE: 20160212 DATE AS OF CHANGE: 20160212 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Brookdale Senior Living Inc. CENTRAL INDEX KEY: 0001332349 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-NURSING & PERSONAL CARE FACILITIES [8050] IRS NUMBER: 203068069 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32641 FILM NUMBER: 161421045 BUSINESS ADDRESS: STREET 1: 111 WESTWOOD PLACE STREET 2: SUITE 400 CITY: BRENTWOOD STATE: TN ZIP: 37027 BUSINESS PHONE: (615) 221-2250 MAIL ADDRESS: STREET 1: 111 WESTWOOD PLACE STREET 2: SUITE 400 CITY: BRENTWOOD STATE: TN ZIP: 37027 10-K 1 form10-k.htm FORM 10-K  
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-K

[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2015

or

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-32641

BROOKDALE SENIOR LIVING INC.
(Exact name of registrant as specified in its charter)

Delaware
(State or Other Jurisdiction of
Incorporation or Organization)
  
20-3068069
(I.R.S. Employer
 Identification No.)

111 Westwood Place, Suite 400
Brentwood, Tennessee 37027
(Address of Principal Executive Offices)

(Registrant's telephone number including area code)
(615) 221-2250

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

Title of Each Class
Common Stock, $0.01 Par Value Per Share
  
Name of Each Exchange on Which Registered
New York Stock Exchange

SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:
None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [X] No [ ]

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes [ ] No [X]

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [ ]

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer   [X]
  
Accelerated filer   [ ]
     
Non-accelerated filer [ ] (Do not check if a smaller reporting company)
  
Smaller reporting company [ ]


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes [ ] No [X]

The aggregate market value of common stock held by non-affiliates of the registrant on June 30, 2015, the last business day of the registrant's most recently completed second fiscal quarter, was approximately $6.5 billion. The market value calculation was determined using a per share price of $34.70, the price at which the registrant's common stock was last sold on the New York Stock Exchange on such date. For purposes of this calculation only, shares held by non-affiliates excludes only those shares beneficially owned by the registrant's executive officers and directors.

As of February 10, 2016, 184,890,549 shares of the registrant's common stock, $0.01 par value, were outstanding (excluding unvested restricted shares).

DOCUMENTS INCORPORATED BY REFERENCE

Certain sections of the registrant's Definitive Proxy Statement relating to its 2016 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K.


TABLE OF CONTENTS
BROOKDALE SENIOR LIVING INC.

FORM 10-K

FOR THE YEAR ENDED DECEMBER 31, 2015

   
PAGE
     
PART I
    
     
Item 1
Business
5
 
Executive Officers of the Registrant
20
Item 1A
Risk Factors
22
Item 1B
Unresolved Staff Comments
38
Item 2
Properties
39
Item 3
Legal Proceedings
40
Item 4
Mine Safety Disclosures
40
     
PART II
    
     
Item 5
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
41
Item 6
Selected Financial Data
42
Item 7
Management's Discussion and Analysis of Financial Condition and Results of Operations
43
Item 7A
Quantitative and Qualitative Disclosures About Market Risk
74
Item 8
Financial Statements and Supplementary Data
75
Item 9
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
114
Item 9A
Controls and Procedures
114
Item 9B
Other Information
114
     
PART III
    
     
Item 10
Directors, Executive Officers and Corporate Governance
115
Item 11
Executive Compensation
116
Item 12
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
116
Item 13
Certain Relationships and Related Transactions, and Director Independence
117
Item 14
Principal Accounting Fees and Services
117
     
PART IV
    
     
Item 15
Exhibits, Financial Statement Schedules
118

3


SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

Certain statements in this Annual Report on Form 10-K 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 our intent, belief or expectations, including, but not limited to, statements relating to our operational, sales, marketing and branding initiatives and growth strategies and our expectations regarding their effect on our results; our expectations regarding the economy, the senior living industry, occupancy, pricing, revenue, cash flow, operating income, expenses, capital expenditures, Program Max opportunities, the integration of Emeritus, cost savings and synergies, liquidity and leverage, senior housing supply, the demand for senior housing, the home resale market, expansion, development and construction activity, acquisition opportunities, asset dispositions, our share repurchase program, taxes, capital deployment, returns on invested capital and CFFO; our expectations regarding returns to shareholders and our growth prospects; our expectations concerning the future performance of recently acquired communities and the effects of acquisitions on our financial results; our ability to secure financing or repay, replace or extend existing debt at or prior to maturity; our ability to remain in compliance with all of our debt and lease agreements (including the financial covenants contained therein); our expectations regarding financings and refinancings of assets (including the timing thereof) and their effect on our results; our expectations regarding changes in government reimbursement programs and their effect on our results; our plans to generate growth organically through occupancy improvements, increases in annual rental rates and the achievement of operating efficiencies and cost savings; our plans to expand our offering of ancillary services (therapy, home health, personalized health and hospice); our plans to expand, renovate, redevelop and reposition existing communities; our plans to acquire additional communities, asset portfolios, operating companies and home health agencies; the expected project costs for our expansion, redevelopment and repositioning program; our expected levels of expenditures and reimbursements (and the timing thereof); our expectations for the performance of our entrance fee communities; our ability to anticipate, manage and address industry trends and their effect on our business; our expectations regarding the payment of dividends; our ability to increase revenues, earnings, Adjusted EBITDA, Cash From Facility Operations, and/or Facility Operating Income (as such terms are defined in this Annual Report on Form 10-K); and our expectations regarding the integration of Emeritus. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "could," "would," "potential," "intend," "expect," "endeavor," "seek," "anticipate," "estimate," "overestimate," "underestimate," "believe," "project," "predict," "continue," "plan," "target" or other similar words or expressions. Although we believe that expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and actual results and performance could differ materially from those projected. Factors which could have a material adverse effect on our operations and future prospects or which could cause events or circumstances to differ from the forward-looking statements include, but are not limited to, the risk associated with the current global economic situation and its impact upon capital markets and liquidity; changes in governmental reimbursement programs; our inability to extend (or refinance) debt (including our credit and letter of credit facilities and our outstanding convertible notes) as it matures; the risk that we may not be able to satisfy the conditions precedent to exercising the extension options associated with certain of our debt agreements; events which adversely affect the ability of seniors to afford our monthly resident fees or entrance fees; the conditions of housing markets in certain geographic areas; our ability to generate sufficient cash flow to cover required interest and long-term operating lease payments; the effect of our indebtedness and long-term operating leases on our liquidity; the risk of loss of property pursuant to our 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 us; our determination from time to time to purchase any shares under the repurchase program; our ability to fund any repurchases; our ability to effectively manage our growth; our ability to maintain consistent quality control; delays in obtaining regulatory approvals; the risk that we may not be able to expand, redevelop and reposition our communities in accordance with our plans; our ability to complete acquisitions; our ability to successfully integrate acquisitions, including our acquisition of Emeritus; competition for the acquisition of assets; our ability to obtain additional capital on terms acceptable to us; a decrease in the overall demand for senior housing; our vulnerability to economic downturns; acts of nature in certain geographic areas; terminations of our resident agreements and vacancies in the living spaces we lease; early terminations or non-renewal of management agreements; increased competition for skilled personnel; increased union activity; departure of our key officers; increases in market interest rates; environmental contamination at any of our communities; failure to comply with existing environmental laws; an adverse determination or resolution of complaints filed against us; the cost and difficulty of complying with increasing and evolving regulation; and the inability to obtain, or delays in obtaining, cost savings and synergies from the Emeritus acquisition; as well as other risks detailed from time to time in our filings with the Securities and Exchange Commission, including those set forth under "Item 1A. Risk Factors" contained in this 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 our management's views as of the date of this Annual Report on Form 10-K. We cannot guarantee future results, levels of activity, performance or achievements, and we expressly disclaim any obligation to release publicly any updates or revisions to any forward-looking statements contained in this Annual Report on Form 10-K to reflect any change in our expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.
4

PART I

Item 1. Business.

Unless otherwise specified, references to "Brookdale," "we," "us," "our" or "the Company" in this Annual Report on Form 10-K mean Brookdale Senior Living Inc. together with its consolidated subsidiaries.

Overview

Our Business

As of December 31, 2015, we are the largest operator of senior living communities in the United States based on total capacity, with 1,123 communities in 47 states and the ability to serve approximately 108,000 residents. We offer our residents access to a full continuum of services across the most attractive sectors of the senior living industry. We operate independent living, assisted living and dementia-care communities and continuing care retirement centers ("CCRCs"). Through our ancillary services programs, we also offer a range of outpatient therapy, home health, personalized living and hospice services to residents of many of our communities and to seniors living outside of our communities.

As of December 31, 2015, we owned or leased 959 communities with 81,067 units and provided management services with respect to 164 communities with 27,353 units for third parties or unconsolidated ventures in which we have an ownership interest. As of December 31, 2015, we operated 130 retirement center communities with 24,486 units, 915 assisted living communities with 62,567 units and 78 CCRCs with 21,367 units. We offer home health services to approximately 66,000 of our units and outpatient therapy services to approximately 64,000 of our units. The majority of our units are located in campus settings or communities containing multiple services, including CCRCs. During the year ended December 31, 2015, we generated approximately 81.9% of our resident fee revenues from private pay customers. For the year ended December 31, 2015, 38.8% of our resident and management fee revenues were generated from owned communities, 48.7% from leased communities, 11.1% from our Brookdale Ancillary Services business and 1.4% from management fees from communities we operate on behalf of third parties or unconsolidated ventures.

We believe that we are positioned to take advantage of favorable demographic trends and future supply-demand dynamics in the senior living industry. We also believe that we operate in the most attractive sectors of the senior living industry with opportunities to increase our revenues through providing a combination of housing, hospitality services, ancillary services and health care services. Our senior living communities offer residents a supportive "home-like" setting, assistance with activities of daily living ("ADLs") (such as eating, bathing, dressing, toileting and transferring/walking) and, in certain communities, licensed skilled nursing services. We also provide ancillary services, including therapy and home health services, to our residents. Our strategy is to be the leading provider of senior living solutions, built on a large and growing senior housing platform. By providing residents with a range of service options as their needs change, we provide greater continuity of care, enabling seniors to "age-in-place" and thereby maintain residency with us for a longer period of time. The ability of residents to age-in-place is also beneficial to our residents and their families who are concerned with care decisions for their elderly relatives.

We believe that there are organic growth opportunities inherent in our existing portfolio. We intend to take advantage of those opportunities by growing revenues, while maintaining expense control, at our existing communities, continuing the expansion and maturation of our ancillary services programs, expanding, renovating, redeveloping and repositioning our existing communities, and acquiring additional operating companies and communities.

On July 31, 2014, we acquired Emeritus Corporation ("Emeritus"), a senior living service provider focused on operating residential style communities throughout the United States, for approximately $3.0 billion consisting of the issuance of our stock with a fair value of approximately $1.6 billion and our assumption of approximately $1.4 billion aggregate principal amount of existing mortgage indebtedness. At the closing of the merger, the size of our consolidated portfolio increased by 493 communities, 182 of which were owned and 311 of which were subject to leases that we directly or indirectly assumed in the merger. The Emeritus communities provide independent living, assisted living, memory care and, to a lesser extent, skilled nursing care.

5
The merger significantly increased our scale and provides us the opportunity to leverage this scale to build our national brand and provide greater organic growth, achieve greater operating efficiencies, and drive new innovations to serve our residents. In addition, the merger provided us entry into 10 new states and significantly increased our presence in many high-population states, especially in the west and northeast. Enhanced geographic coverage and density is a contributing factor to our ability to increase our operating efficiencies and may provide additional opportunities for growth from markets with clusters of assets. The merger also enables us to expand our therapy, home health and hospice ancillary programs into the Emeritus communities and accelerate the introduction of Emeritus' Nurse on Call home health services into our major markets. The results of Emeritus' operations have been included in the consolidated financial statements subsequent to the acquisition date. Revenue and facility operating expenses of legacy Emeritus locations included in the Company's consolidated statements of operations for the year ended December 31, 2015 were $1.8 billion and $1.2 billion, respectively. Revenue and facility operating expenses of legacy Emeritus locations included in the Company's consolidated statements of operations for the year ended December 31, 2014 were $785.5 million and $511.9 million, respectively.

Since the closing of our acquisition of Emeritus, we have executed on our plans to integrate legacy Emeritus locations into our systems and infrastructure platform as rapidly as prudently possible.  In 2015, we completed the final cutover waves of integration activities and have a common system and infrastructure platform in place.  We will continue to reinforce and refine our operating model and certain processes during 2016.

Developments during 2015

During the year ended December 31, 2015, we completed several transactions as part of our long-term objectives to grow our revenues, Adjusted EBITDA, Cash From Facility Operations and Facility Operating Income. See "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations — Non-GAAP Financial Measures" below for an explanation of how we define each of these measures, a detailed description of why we believe such measures are useful and the limitations of each measure, and a reconciliation of each of the Non-GAAP measures to net income (loss). These transactions include:

•
Community Acquisitions. During the year ended December 31, 2015, we acquired the underlying real estate associated with 30 communities that were previously leased for an aggregate purchase price of approximately $422.2 million.

•
Investment in Unconsolidated RIDEA Venture. On June 30, 2015, the Company and HCP, Inc. ("HCP") entered into a RIDEA venture, which acquired 35 senior housing communities for $847 million. The Company contributed $30.3 million in cash to the RIDEA venture. The Company owns a 10% ownership interest, and HCP owns a 90% ownership interest, in each of the propco and opco. The Company had operated these communities under a management agreement since 2011 and will continue to manage the communities under a market rate long-term management agreement with the venture.

•
Community Dispositions. During the year ended December 31, 2015, we identified 34 owned communities as assets held for sale, with 17 of these communities being sold for an aggregate selling price of approximately $82.9 million during the year ended December 31, 2015. The communities were identified as non-core assets that do not fit our long-term strategy.  The sale of the remaining 17 communities is expected in 2016, although there can be no assurance that the transactions will close or if they do, when the actual closing will occur.

During the year, we also made additional progress on our Program Max initiative under which we expand, renovate, redevelop and reposition certain of our existing communities where economically advantageous. For the year ended December 31, 2015, we invested $37.5 million on Program Max projects, net of $28.3 million of third party lessor reimbursements, which included the completion of eleven expansion or conversion projects which resulted in 59 additional units. We currently have 13 additional Program Max projects that have been approved, most of which have begun construction and are expected to generate 285 net new units.
6

Growth Strategy

Our primary growth objectives are to grow our revenues, Adjusted EBITDA, Cash From Facility Operations and Facility Operating Income. Key elements of our strategy to achieve these objectives over time include:

•
Organic growth in our seniors housing business by increasing occupancy and rates, while controlling operating expenses. We plan to grow our existing operations by increasing revenues through a combination of occupancy growth and increases in the monthly service fees we receive.  We intend to focus on growing occupancy and rates by continually improving our operational, sales and marketing execution. We have created a multi-layered marketing approach, which balances the use of the internet and response mechanisms like centralized call centers with national, regional and local marketing activities. In particular, our marketing approach leverages the national Brookdale branding initiative that was launched in 2013. We also plan to continue our efforts to achieve property-level cost savings through the realization of additional economies of scale and initiatives designed to capture synergies and improve operational effectiveness following the acquisition of Emeritus in 2014. We will continue to improve our systems and processes to most efficiently meet the needs of our residents.

   •   
Growth through strategic capital allocation. We plan to grow our revenues and cash flows by deploying capital to increase the value of our existing communities and, as opportunities arise, selectively engaging in acquisitions.  We have invested significant capital expenditures into our portfolio to renovate and upgrade communities, which we expect will drive greater occupancy and higher rates in those communities over time.  Through our Program Max initiative, we intend to expand, renovate, redevelop and reposition certain of our existing communities where economically advantageous. Certain of our communities with stabilized occupancies and excess demand in their respective markets may benefit from additions and expansions (which additions and expansions may be subject to landlord, lender and other third party consents). Additionally, the community, as well as our presence in the market, may benefit from adding a new level of service for residents. Through Program Max, we may also reposition certain communities to meet the evolving needs of our customers. This may include converting space from one level of care to another, reconfiguration of existing units, the addition of services that are not currently present or physical plant modifications.  We will continue our capital expenditure programs, including our Program Max initiative, but in the near-term at reduced investment levels compared to prior years.  While our focus will be on executing our business plan post-integration of Emeritus, as opportunities arise, we plan to selectively purchase existing operating companies, asset portfolios, home health agencies and senior living communities.  We may also seek to acquire the fee interest in communities that we currently lease or manage. Our acquisition strategy will continue to focus primarily on accretive acquisitions of strategic portfolios or select communities that fill a service level need in one of our market continuums.

•
Growth through development of a market leading Brookdale brand. We plan to continue to build a recognized national brand, which we believe will create market differentiation and value enhancement through higher occupancy and increased rates. Being the sole senior living provider with a national footprint and diverse service offerings, we are best positioned to become the leading solutions provider for seniors and their families as they grapple with the issues of aging. We expect that aligning and unifying marketing activities and spending within the brand initiative will drive preference for Brookdale among prospects. We expect that creating brand equity will drive loyalty with residents and their families and, importantly, with associates, thereby improving recruitment, engagement and retention.

•
Growth through innovation of product offerings, including our Brookdale Ancillary Services programs. We plan to grow our revenues by innovating our product offerings and providing new senior living solutions to meet evolving consumer needs and expectations. We plan to provide more solutions for current customers and leverage and expand products to serve new customers. We plan to continue to roll out hospice services into selected markets. We also plan to leverage the array of services that are currently offered to residents in our buildings to seniors who want to remain in their homes. Through the Brookdale Ancillary Services programs, we currently provide therapy, home health, hospice and other ancillary services, as well as education and wellness programs. We plan to focus on expanding those services outside of our communities to seniors in their homes, initially to those who are short-term patients of skilled nursing centers. We expect that this will not only grow cash flow, but also provide quality service in a person's home that can become the entry point into the full continuum of our services. We also believe that there is a significant opportunity to become a player in the post-acute healthcare world as it evolves. We expect to continue our initiatives to link our unique continuum of care with other post-acute care providers to provide the most effective, comprehensive set of solutions for seniors.
7

The Senior Living Industry

The senior living industry has undergone dramatic growth in the last twenty years, marked by the emergence of the assisted living segment in the mid-1990s. The industry is highly fragmented and characterized by numerous local and regional operators. We are one of a limited number of large operators that provide a broad range of community locations and service level offerings at varying price levels.

Beginning in 2007, the industry was affected by the downturn in the general economy, increased unemployment and a downturn in the housing market. In spite of these factors, industry occupancy declined only approximately 300 basis points to a cyclic low in early 2010 of 87.0%, while rate growth remained positive at less than 1% per year. This also resulted in a near halt in construction of new units. The industry has experienced a slow recovery in occupancy and rate growth since the beginning of 2010 according to the National Investment Center for the Seniors Housing & Care Industry ("NIC"). Over the past year, industry occupancy has been rising modestly, as the pace of absorption has been outpacing inventory growth.

We believe that a number of trends will contribute to the continued growth of the senior living industry in coming years. The primary market for senior living services is individuals age 75 and older. According to U.S. Census data, that group is projected to be the fastest growing age cohort over the next twenty years. As a result of scientific and medical breakthroughs over the past 30 years, seniors are living longer. Due to demographic trends, and continuing advances in science, nutrition and healthcare, the senior population will continue to grow, and we expect the demand for senior living services to continue to increase in future years.

We believe the senior living industry has been and will continue to be impacted by several other trends. Increased longevity results in increasing frailty in seniors, soaring rates of dementia among the elderly, and a growing burden of chronic illness and chronic conditions. As a result of increased mobility in society, a reduction of average family size and increased number of two-wage earner couples, families struggle to provide care for seniors and look for alternatives outside of their family for their care. There is a growing consumer awareness among seniors and their families concerning the types of services provided by senior living operators, which has further contributed to the demand for senior living services. Also, the current prospective senior customer possesses greater financial resources than in the past, which makes it more likely that they are able to afford to live in market-rate senior housing. Seniors in the demographic cohort that were born between 1925 and 1945 have a significant amount of income generated from savings, pensions, and social security, along with a strong asset base.

Challenges in our industry include increased state and local regulation of the assisted living and skilled nursing sectors, which has led to an increase in the cost of doing business. The regulatory environment continues to intensify in the number and types of laws and regulations affecting us, accompanied by increased enforcement activity by state and local officials. In addition, like other companies, our financial results may be negatively impacted by increasing employment costs including salaries, wages and benefits, such as health care benefit coverage, for our employees. Increases in the costs of food, utilities, insurance, and real estate taxes may also have a negative impact on our financial results.

Beginning October 1, 2011, we were impacted by a reduction in the reimbursement rates for Medicare skilled nursing patients and home health patients, as well as a negative change in the allowable method for delivering therapy services to skilled nursing patients (resulting in increased therapy labor expense). In addition, certain per person annual limits on Medicare reimbursement for therapy services became effective in 2006, subject to certain exceptions. These exceptions are currently scheduled to expire on December 31, 2017. If these exceptions are modified or not extended beyond that date, our revenues and net operating income relating to our outpatient therapy services could be materially adversely impacted.

Effective October 1, 2012, certain Medicare Part B therapy services exceeding a specified threshold are subject to a prepayment manual medical review process. The review process has had an adverse effect on the provision and billing of services for patients and could negatively impact therapist productivity. These Medicare Part B therapy cap exception requirements, including the applicable pre-approval requirements, could also negatively impact the revenues and net operating income relating to our outpatient therapy services business. Pursuant to the Medicare Access and CHIP Reauthorization Act of 2015, which was signed by the President on April 16, 2015, the manual review process will be replaced with a new review program to be developed by the Secretary of Health and Human Services.

In addition, there continue to be various federal and state legislative and regulatory proposals to implement cost containment measures that would limit payments to healthcare providers in the future. We cannot predict what action, if any, Congress will take on reimbursement policies of the Medicare program or what future rule changes the CMS will implement. Changes in the reimbursement policies of the Medicare program could have an adverse effect on our results of operations and cash flow.

8

Our History

We were formed as a Delaware corporation in June 2005 for the purpose of combining two leading senior living operating companies, Brookdale Living Communities, Inc. ("BLC") and Alterra Healthcare Corporation ("Alterra"). BLC and Alterra had been operating independently since 1986 and 1981, respectively. On November 22, 2005, we completed our initial public offering of common stock, and on July 25, 2006, we acquired American Retirement Corporation ("ARC"), another leading senior living provider that had been operating independently since 1978. On September 1, 2011, we completed the acquisition of Horizon Bay, the then-ninth largest operator of senior living communities in the United States.

On July 31, 2014, we completed the merger contemplated by that certain Agreement and Plan of Merger, dated as of February 20, 2014, by and among Emeritus Corporation, a Washington corporation, Brookdale Senior Living Inc., and Broadway Merger Sub Corporation, a Delaware corporation and wholly-owned subsidiary of ours, pursuant to which the subsidiary merged with and into Emeritus, with Emeritus continuing as the surviving corporation and a wholly-owned subsidiary of ours. At the time of the merger, Emeritus was the second largest operator of senior living communities in the United States.

Our Communities and Service Offerings

We offer a variety of senior living housing and service alternatives in communities located across the United States. Our communities consist of retirement center communities, assisted living communities, rental CCRCs and entry fee CCRCs. We manage certain of our communities for third parties or unconsolidated ventures in which we have an ownership interest pursuant to management agreements. In addition, through our ancillary services programs, we provide outpatient therapy, home health, personalized living and hospice services to residents of many of our communities and to seniors living outside of our communities.

Retirement Centers. Our retirement center communities are primarily designed for middle to upper income seniors generally age 75 and older who desire an upscale residential environment providing the highest quality of service.

The majority of our retirement center communities consist of both independent and assisted living units in a single community, which allows residents to "age-in-place" by providing them with a continuum of senior independent and assisted living services. While the number varies depending upon the particular community, as of December 31, 2015 approximately 78.9% of all of the units at our retirement center communities are independent living units, with the balance of units licensed for assisted living.

Our retirement center communities are large multi-story buildings containing on average 188 units with extensive common areas and amenities. Residents may choose from studio, one-bedroom and two-bedroom units, depending upon the specific community.

Each retirement center community provides residents with basic services such as meal service, 24-hour emergency response, housekeeping, concierge services, transportation and recreational activities. Most of these communities also offer custom tailored supplemental care services at an additional charge, which may include medication reminders, check-in services and escort and companion services.

In addition to the basic services, our retirement center communities that include assisted living also provide residents with supplemental care service options to provide assistance with ADLs. The levels of care provided to residents vary from community to community depending, among other things, upon the licensing requirements and healthcare regulations of the state in which the community is located.

Residents in our retirement center communities are able to maintain their residency for an extended period of time due to the range of service options available to residents (not including skilled nursing) as their needs change.

Residents with cognitive or physical frailties and higher level service needs are accommodated with supplemental services in their own units or, in certain communities, are cared for in a more structured and supervised environment on a separate wing or floor. These communities also generally have a dedicated assisted living staff, including nurses at the majority of communities, and separate assisted living dining rooms and activity areas.
9

Retirement center communities that we own or lease are included in our Retirement Centers segment, and retirement center communities for which we provide management services for third parties or unconsolidated ventures in which we have an ownership interest are included in our Management Services segment. As of December 31, 2015, our Retirement Center segment consisted of 95 retirement center communities with 17,140 units, representing 15.8% of our total senior living capacity, and 35 retirement center communities with 7,346 units were included in our Management Services segment, representing 6.8% of our total senior living capacity. In the aggregate, these retirement center communities represented 22.6% of our total senior living capacity.

Assisted Living. Our assisted living communities offer housing and 24-hour assistance with ADLs to mid-acuity frail and elderly residents. Our assisted living communities include both freestanding, multi-story communities with more than 50 beds and smaller, freestanding single story communities with less than 50 beds. Depending upon the specific location, the community may include (i) private studio, one-bedroom and one-bedroom deluxe apartments, or (ii) individual rooms for one or two residents in wings or "neighborhoods" scaled to a single-family home, which includes a living room, dining room, patio or enclosed porch, laundry room and personal care area, as well as a caregiver work station.

We also operate memory care communities, which are freestanding assisted living communities specially designed for residents with Alzheimer's disease and other dementias requiring the attention, personal care and services needed to help cognitively impaired residents maintain a higher quality of life. Our memory care communities have from 14 to 69 beds and some are part of a campus setting which includes a freestanding assisted living community.

All residents at our assisted living and memory care communities receive the basic care level, which includes ongoing health assessments, three meals per day and snacks, coordination of special diets planned by a registered dietitian, assistance with coordination of physician care, social and recreational activities, housekeeping and personal laundry services. In some locations we offer our residents exercise programs and programs designed to address issues associated with early stages of Alzheimer's and other forms of dementia. In addition, we offer at additional cost, higher levels of personal care services to residents at these communities who are very physically frail or experiencing early stages of Alzheimer's disease or other dementia and who require more frequent or intensive physical assistance or increased personal care and supervision due to cognitive impairments.

As a result of their progressive decline in cognitive abilities, residents at our memory care communities typically require higher levels of personal care and services and therefore pay higher monthly service fees. Specialized services include assistance with ADLs, behavior management and an activities program, the goal of which is to provide a normalized environment that supports residents' remaining functional abilities. Whenever possible, residents participate in all facets of daily life at the residence, such as assisting with meals, laundry and housekeeping.

Assisted living communities (including memory care communities) that we own or lease are included in our Assisted Living segment, and assisted living communities for which we provide management services for third parties or unconsolidated ventures in which we have an ownership interest are included in our Management Services segment. As of December 31, 2015, our Assisted Living segment consisted of 820 assisted living communities with 53,504 units, representing 49.3% of our total senior living capacity, and 95 assisted living communities with 9,063 units were included in our Management Services segment, representing 8.4% of our total senior living capacity. In the aggregate, these assisted living communities represented 57.7% of our total senior living capacity.

As of December 31, 2015, we provide memory care services at 571 of our communities, aggregating 14,077 memory care units across our segments. These communities include 131 freestanding memory care communities with 5,063 units included in our Assisted Living segment.

CCRCs. Our CCRCs are large communities that offer a variety of living arrangements and services to accommodate all levels of physical ability and health. Most of our CCRCs have independent living, assisted living and skilled nursing available on one campus or within the immediate market, and some also include memory care/Alzheimer's service areas.

CCRCs that we own or lease are included in our CCRCs - Rental segment, and CCRCs for which we provide management services for third parties or unconsolidated ventures in which we have an ownership interest are included in our Management Services segment. As of December 31, 2015, our CCRCs - Rental segment included 44 CCRCs with 10,423 units, representing 9.6% of our total senior living capacity, and 34 CCRCs with 10,944 units were included in our management services segment, representing 10.1% of our total senior living capacity. In the aggregate, these CCRCs represented 19.7% of our total senior living capacity.
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Twenty of our CCRCs allow for residents in the independent living apartment units to pay a one-time upfront entrance fee, typically $100,000 to $400,000 or more, which is partially refundable in certain circumstances. We refer to these communities as entry fee CCRCs. The amount of the entrance fee varies depending upon the type and size of the dwelling unit, the type of contract plan selected, whether the contract contains a lifecare benefit (i.e., a healthcare discount) for the resident, the amount and timing of the refund, and other variables. These agreements are subject to regulations in various states. In addition to their initial entrance fee, residents under all of our entrance fee agreements also pay a monthly service fee, which entitles them to the use of certain amenities and services. Since entrance fees are paid upon initial occupancy, the monthly fees are generally less than fees at a comparable rental community. The refundable portion of a resident's entrance fee is generally refundable within a certain number of months or days following contract termination or upon the sale of the unit, or in some agreements, upon the resale of a comparable unit or 12 months after the resident vacates the unit. In addition, some entrance fee agreements entitle the resident to a refund of the original entrance fee paid plus a percentage of the appreciation of the unit upon resale. As of December 31, 2015, our CCRCs - Rental segment included three entry fee CCRCs with 1,172 units, representing 0.6% of our total senior living capacity, and 17 entry fee CCRCs with 8,152 units were included in our Management Services segment, representing 7.5% of our total senior living capacity.

Brookdale Ancillary Services. Through our ancillary services programs, we currently provide home health, therapy and other ancillary services, as well as education and wellness programs, to residents of many of our communities. These programs are focused on wellness and physical fitness to allow residents to maintain maximum independence. These services provide many continuing education opportunities for residents and their families through health fairs, seminars, and other consultative interactions. The therapy services we provide include physical, occupational, speech and other specialized therapy and home health services. The home health services we provide include skilled nursing, physical therapy, occupational therapy, speech language pathology, home health aide services, and social services as needed. In addition to providing these in-house therapy and wellness services at our communities, we also provide these services to other senior living communities that we do not own or operate and to seniors living outside of our communities. These services may be reimbursed under the Medicare program or paid directly by residents from private pay sources and revenues are recognized as services are provided. We have also begun offering hospice services in certain locations. We believe that our ancillary services offerings are unique in the senior living industry and that we have a significant advantage over our competitors with respect to providing ancillary services because of our established infrastructure and experience.

Our Brookdale Ancillary Services segment includes the outpatient therapy, home health and hospice services provided to residents of many of our communities, to other senior living communities that we do not own or operate and to seniors living outside of our communities. The Brookdale Ancillary Services segment does not include the inpatient therapy services provided in our skilled nursing units, which are included in the CCRCs - Rental segment.

Management Services. We operate certain of our communities pursuant to management agreements. In some of these cases, the community is owned by third parties and, in other cases, the community is owned in an unconsolidated venture in which we have an ownership interest. Under the management agreements for these communities, we receive management fees as well as reimbursed expenses, which represent the reimbursement of certain expenses we incur on behalf of the owners.

As of December 31, 2015, the 164 communities and 27,353 units in our Management Services segment represented 25.3% of our total senior living capacity. As of that date, we operated 22 communities, representing 2,211 units, for third parties and 142 communities, representing 25,142 units, for unconsolidated ventures in which we have an ownership interest. As of December 31, 2015, these communities consisted of 35 retirement center communities, 95 assisted living communities and 34 CCRCs.

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Competitive Strengths

We believe our nationwide network of senior living communities is well positioned to benefit from the growth and increasing demand in the industry. Some of our most significant competitive strengths are:

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Skilled management team with extensive experience. Our senior management team has extensive experience in acquiring, operating and managing a broad range of senior living assets, including experience in the senior living, healthcare and real estate industries.

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Geographically diverse, high-quality, purpose-built communities. Our acquisition of Emeritus expanded our unit capacity by more than two-thirds, provided entry into 10 new states and significantly increased our presence in high-population states, especially in the west and northeast. As of December 31, 2015, we are the largest operator of senior living communities in the United States based on total capacity, with 1,123 communities in 47 states and the ability to serve approximately 108,000 residents.

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Ability to provide a broad spectrum of care. Given our diverse mix of retirement centers, assisted living communities and CCRCs, we are able to meet a wide range of our customers' needs. We believe that we are one of the few companies in the senior living industry with this capability and the only company that does so at scale on a national basis. We believe that our multiple product offerings create marketing synergies and cross-selling opportunities.

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The size of our business allows us to realize cost and operating efficiencies. We are the largest operator of senior living communities in the United States based on total capacity. The size of our business allows us to realize cost savings and economies of scale in the procurement of goods and services. Our scale also allows us to achieve increased efficiencies with respect to various corporate functions. We intend to utilize our expertise and size to capitalize on economies of scale resulting from our national platform. Our geographic footprint and centralized infrastructure provide us with a significant operational advantage over local and regional operators of senior living communities. In connection with our formation transactions and our acquisitions, we negotiated new contracts for food, insurance and other goods and services. In addition, we have and will continue to consolidate corporate functions such as accounting, finance, human resources, legal, information technology and marketing.

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Significant experience in providing ancillary services. Through our ancillary services programs, we provide a range of education, wellness, therapy, home health and other ancillary services to residents of certain of our retirement centers, assisted living communities, and CCRCs. Having therapy clinics and home health agencies located in our senior living communities to provide needed services to our residents is a distinct competitive difference. We have significant experience in providing these ancillary services and expect to receive additional revenues as we expand our ancillary service offerings to additional communities and to seniors outside of our communities.

Segments

As of December 31, 2015, we had five reportable segments: Retirement Centers; Assisted Living; CCRCs – Rental; Brookdale Ancillary Services and Management Services. These segments were determined based on the way that our chief operating decision maker organizes our business activities for making operating decisions, assessing performance, developing strategy and allocating capital resources.

Operating results from our five business segments are discussed further in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" and Note 18 to our consolidated financial statements included in this Annual Report on Form 10-K.
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Operations

Operations Overview

We believe that successful senior living operators must effectively combine the expertise and business disciplines of housing, hospitality, health care, sales, marketing, dining, finance and real estate.

We continually review opportunities to expand the types of services we provide to our residents. We seek to increase our average monthly revenue per unit each year and seek to increase facility operating margins through a combination of the implementation of efficient operating procedures and the economies of scale associated with the size and number of our communities. Our operating procedures include securing national vendor contracts to obtain the lowest possible pricing for certain services such as food, energy and insurance, implementing effective budgeting and financial controls at each community, and establishing standardized training and operations procedures.

We have implemented intensive standards, policies and procedures and systems, including detailed staff manuals and training materials, which we believe have contributed to high levels of customer service. We have centralized accounting, finance and other operating functions in our support centers so that, consistent with our operating philosophy, community-based personnel can focus on resident care, family connections and efficient operations. We have established company-wide policies and procedures relating to, among other things: resident care; community design and community operations; billing and collections; accounts payable; finance and accounting; risk management; development of employee training materials and programs; marketing activities; the hiring and training of management and other community-based personnel; compliance with applicable local and state regulatory requirements; and implementation of our acquisition, development and leasing plans.

Consolidated Corporate Operations Support

We have developed a centralized infrastructure and services platform, which provides us with a significant operational advantage over local and regional operators of senior living communities. The size of our business also allows us to achieve increased efficiencies with respect to various corporate functions such as human resources, finance, accounting, legal, information technology and marketing. We are also able to realize cost efficiencies in the purchasing of food, supplies, insurance, benefits, and other goods and services. In addition, we have established centralized operations groups to support all of our product lines and communities in areas such as training, regulatory affairs, asset management, dining and procurement.

Since the closing of our acquisition of Emeritus, we have executed on our plans to integrate legacy Emeritus locations into our systems and infrastructure platform as rapidly as prudently possible.  In 2015, we completed the final cutover waves of integration activities and have a common system and infrastructure platform in place.  We will continue to reinforce and refine our operating model and certain processes during 2016.

Community Staffing and Training

Each community has an Executive Director responsible for the overall day-to-day operations of the community, including quality of care and service, social services and financial performance. Each Executive Director receives specialized training from us. In addition, a portion of each Executive Director's compensation is directly tied to the operating performance of the community and key care and service quality measures. We believe that the quality of our communities, coupled with our competitive compensation philosophy, has enabled us to attract high-quality, professional community Executive Directors.

Depending upon the size of the community, each Executive Director is supported by a community staff member who is directly responsible for day-to-day care of the residents and either community staff or regional support to oversee the community's sales, marketing and community outreach programs. Other key positions supporting each community may include individuals responsible for food service, healthcare services, therapy services, activities, housekeeping, and engineering.

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We believe that quality of care and operating efficiency can be maximized by direct resident and staff contact. Employees involved in resident care, including the administrative staff, are trained in the support and care needs of the residents and emergency response techniques. We have adopted formal training and evaluation procedures to help ensure quality care for our residents. We have extensive policy and procedure manuals and hold frequent training sessions for management and staff at each site.

Quality Assurance

We maintain quality assurance programs at each of our communities through our corporate and regional staff. Our quality assurance programs are designed to achieve a high degree of resident and family member satisfaction with the care and services that we provide. Our quality control measures include, among other things, community inspections conducted by corporate staff on a regular basis. These inspections cover the appearance of the exterior and grounds; the appearance and cleanliness of the interior; the professionalism and friendliness of staff; quality of resident care (including assisted living services, nursing care, therapy and home health programs); the quality of activities and the dining program; observance of residents in their daily living activities; and compliance with government regulations. Our quality control measures also include the survey of residents and family members on a regular basis to monitor their perception of the quality of services provided to residents.

In order to foster a sense of community as well as to respond to residents' needs and desires, at many of our communities, we have established a resident council or other resident advisory committee that meets monthly with the Executive Director of the community. Separate resident committees also exist at many of these communities for food service, activities, marketing and hospitality. These committees promote resident involvement and satisfaction and enable community management to be more responsive to the residents' needs and desires.

Marketing and Sales

Our marketing strategy is intended to create awareness of our Brookdale brand, our communities, our products and our services among potential residents and their family members and among referral sources, including hospital discharge planners, physicians, clergy, area agencies for the elderly, skilled nursing facilities, home health agencies and social workers. Our marketing staff develops overall strategies for promoting our communities and monitors the success of our multi-layered marketing efforts, including outreach programs. In addition to direct contacts with prospective referral sources, we also rely on internet inquiries, contact centers, print advertising, e-mail and digital marketing, social media, direct mail, signage and special events, health fairs and community receptions. Certain resident referral programs have been established and promoted within the limitations of federal and state laws at many communities.

In order to mitigate the impact of weakness in certain housing markets and to accelerate move-ins, we have implemented several sales and marketing initiatives designed to increase entrance fee sales. These include the acceptance of short-term promissory notes in satisfaction of a resident's required entrance fee from certain pre-qualified, prospective residents who are waiting for their homes to sell. In addition, we have implemented the MyChoice program, which allows new and existing residents in certain communities the option to pay additional refundable entrance fee amounts in return for a reduced monthly service fee, thereby offering choices to residents desiring a more affordable ongoing monthly service fee.

Competition

The senior living industry is highly competitive. We compete with numerous organizations that provide similar senior living alternatives, such as home health care agencies, community-based service programs, retirement communities, convalescent centers and other senior living providers. In addition, over the last several years there has been an increase in the construction of new senior housing assets.  In general, regulatory and other barriers to competitive entry in the retirement center and assisted living sectors of the senior living industry are not substantial. Consequently, we may encounter competition that could limit our ability to attract residents or expand our business, which could have a material adverse effect on our revenues and earnings. Our major publicly-traded competitors that operate senior living communities are Five Star Quality Care, Inc. and Capital Senior Living Corporation. Our major private competitors include Holiday Retirement, Life Care Services, LLC, and Sunrise Senior Living, LLC, as well as a large number of not-for-profit entities.
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In recent years, we have experienced and expect to continue to experience competition in our efforts to acquire and operate senior living communities. Some of our present and potential senior living competitors have, or may obtain, greater financial resources than us and may have a lower cost of capital. In addition, several publicly-traded and non-traded real estate investment trusts, or REITs, have similar asset acquisition objectives as we do, along with greater financial resources and/or lower costs of capital than we are able to obtain. This may increase competition for acquisitions that would be suitable to us, making it more difficult for us to compete and successfully implement our growth strategy. Partially as a result of tax law changes enacted through RIDEA, we now compete more directly with the various publicly-traded healthcare REITs for the acquisition of senior housing properties. The largest three of these publicly-traded healthcare REITs measured on equity market capitalization include HCP, Inc., Ventas, Inc. and Welltower, Inc.

Customers

Our target retirement center residents are senior citizens age 75 and older who desire or need a more supportive living environment. The average retirement center resident resides in a retirement center community for approximately 33 months. A number of our retirement center residents relocate to one of our communities in order to be in a metropolitan area that is closer to their adult children.

Our target assisted living residents are predominantly senior citizens age 80 and older who require daily assistance with two or three ADLs. The average assisted living resident resides in an assisted living community for approximately 20 months. Residents typically enter an assisted living community due to a relatively immediate need for services that might have been triggered by a medical event or need.

Our target CCRC residents are senior citizens who are seeking a community that offers a variety of services and a continuum of care so that they can "age in place." These residents generally first enter the community as a resident of an independent living unit and may later move into an assisted living or skilled nursing area as their needs change.

We believe our combination of retirement center, assisted living and dementia care operating expertise and the broad base of customers that this enables us to target creates a unique opportunity for us to invest in a broad spectrum of assets in the senior living industry, including retirement center, assisted living, CCRC and skilled nursing communities.

Employees

As of December 31, 2015, we had approximately 53,000 full-time employees and approximately 29,000 part-time employees, of which 630 work in our Brentwood, Tennessee (a suburb of Nashville) headquarters office, 700 work in our Milwaukee, Wisconsin office and 1,030 work in our smaller regional support offices and a variety of field-based management positions. We currently consider our relationship with our employees to be good.

Government Regulation

The regulatory environment surrounding the senior living industry continues to intensify in the number and type of laws and regulations affecting it. In addition, federal, state and local officials are increasingly focusing their efforts on enforcement of these laws and regulations. This is particularly true for large for-profit, multi-community providers like us. Some of the laws and regulations that impact our industry include: state and local laws impacting licensure, protecting consumers against deceptive practices, and generally affecting the communities' management of property and equipment and how we otherwise conduct our operations, such as fire, health and safety laws and regulations and privacy laws; federal and state laws designed to protect Medicare and Medicaid, which mandate what are allowable costs, pricing, quality of services, quality of care, food service, resident rights (including abuse and neglect) and fraud; federal and state residents' rights statutes and regulations; Anti-Kickback and physicians referral ("Stark") laws; and safety and health standards set by the Occupational Safety and Health Administration. We are unable to predict the future course of federal, state and local legislation or regulation. Changes in the regulatory framework could have a material adverse effect on our business.
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Many senior living communities are also subject to regulation and licensing by state and local health and social service agencies and other regulatory authorities. Although requirements vary from state to state, these requirements may address, among others, the following: personnel education, training and records; community services, including administration of medication, assistance with self-administration of medication and the provision of nursing, home health and therapy services; staffing levels; monitoring of resident wellness; physical plant specifications; furnishing of resident units; food and housekeeping services; emergency evacuation plans; professional licensing and certification of staff prior to beginning employment; and resident rights and responsibilities, including in some states the right to receive health care services from providers of a resident's choice that are not our employees. In several of the states in which we operate or may operate, we are prohibited from providing certain higher levels of senior care services without first obtaining the appropriate licenses. In addition, in several of the states in which we operate or intend to operate, assisted living communities, home health agencies and/or skilled nursing facilities require a certificate of need before the community can be opened or the services at an existing community can be expanded. Senior living communities may also be subject to state and/or local building, zoning, fire and food service codes and must be in compliance with these local codes before licensing or certification may be granted. These laws and regulatory requirements could affect our ability to expand into new markets and to expand our services and communities in existing markets. In addition, if any of our presently licensed communities operates outside of its licensing authority, it may be subject to penalties, including closure of the community.

The intensified regulatory and enforcement environment impacts providers like us because of the increase in the number of inspections or surveys by governmental authorities and consequent citations for failure to comply with regulatory requirements. Unannounced surveys or inspections may occur annually or bi-annually, or following a regulator's receipt of a complaint about the community. From time to time in the ordinary course of business, we receive deficiency reports from state regulatory bodies resulting from such inspections or surveys. Most inspection deficiencies are resolved through an agreed-to plan of corrective action relating to the community's operations, but the reviewing agency typically has the authority to take further action against a licensed or certified community, which could result in the imposition of fines, imposition of a provisional or conditional license, suspension or revocation of a license, suspension or denial of admissions, loss of certification as a provider under federal health care programs or imposition of other sanctions, including criminal penalties. Loss, suspension or modification of a license may also cause us to default under our loan or lease agreements and/or trigger cross-defaults. Sanctions may be taken against providers or facilities without regard to the providers' or facilities' history of compliance. We may also expend considerable resources to respond to federal and state investigations or other enforcement action under applicable laws or regulations. To date, none of the deficiency reports received by us has resulted in a suspension, fine or other disposition that has had a material adverse effect on our revenues. However, any future substantial failure to comply with any applicable legal and regulatory requirements could result in a material adverse effect to our business as a whole. In addition, states Attorneys General vigorously enforce consumer protection laws as those laws relate to the senior living industry. State Medicaid Fraud and Abuse Units may also investigate assisted living communities even if the community or any of its residents do not receive federal or state funds.

Regulation of the senior living industry is evolving at least partly because of the growing interests of a variety of advocacy organizations and political movements attempting to standardize regulations for certain segments of the industry, particularly assisted living. Our operations could suffer if future regulatory developments, such as federal assisted living laws and regulations, as well as mandatory increases in the scope and severity of deficiencies determined by survey or inspection officials or increase the number of citations that can result in civil or criminal penalties. Certain current state laws and regulations allow enforcement officials to make determinations on whether the care provided by one or more of our communities exceeds the level of care for which the community is licensed. A finding that a community is delivering care beyond its license might result in the immediate transfer and discharge of residents, which may create market instability and other adverse consequences. Furthermore, certain states may allow citations in one community to impact other communities in the state. Revocation or suspension of a license, or a citation, at a given community could therefore impact our ability to obtain new licenses or to renew existing licenses at other communities, which may also cause us to be in default under our loan or lease agreements and trigger cross-defaults or may also trigger defaults under certain of our credit agreements, or adversely affect our ability to operate and/or obtain financing in the future. If a state were to find that one community's citation will impact another of our communities, this will also increase costs and result in increased surveillance by the state survey agency. If regulatory requirements increase, whether through enactment of new laws or regulations or changes in the enforcement of existing rules, including increased enforcement brought about by advocacy groups, in addition to federal and state regulators, our operations could be adversely affected. In addition, any adverse finding by survey and inspection officials may serve as the basis for false claims lawsuits by private plaintiffs and may lead to investigations under federal and state laws, which may result in civil and/or criminal penalties against the community or individual.
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There are various extremely complex federal and state laws governing a wide array of referrals, relationships and arrangements and prohibiting fraud by health care providers, including those in the senior living industry, and governmental agencies are devoting increasing attention and resources to such anti-fraud initiatives. The Health Insurance Portability and Accountability Act of 1996, or HIPAA, and the Balanced Budget Act of 1997 expanded the penalties for health care fraud. In addition, with respect to our participation in federal health care reimbursement programs, the government or private individuals acting on behalf of the government may bring an action under the False Claims Act alleging that a health care provider has defrauded the government and seek treble damages for false claims and the payment of additional monetary civil penalties. Recently, other health care providers have faced enforcement action under the False Claims Act. The False Claims Act allows a private individual with knowledge of fraud to bring a claim on behalf of the federal government and earn a percentage of the federal government's recovery. Because of these incentives, so-called "whistleblower" suits have become more frequent. Also, if any of our communities exceeds its level of care, we may be subject to private lawsuits alleging "transfer trauma" by residents. Such allegations could also lead to investigations by enforcement officials, which could result in penalties, including the closure of communities. The violation of any of these regulations may result in the imposition of fines or other penalties that could jeopardize our business.

Additionally, we operate communities that participate in federal and/or state health care reimbursement programs, including state Medicaid waiver programs for assisted living communities, the Medicare skilled nursing facility benefit program and other healthcare programs such as therapy and home health services, or other federal and/or state health care programs. Consequently, we are subject to federal and state laws that prohibit anyone from presenting, or causing to be presented, claims for reimbursement which are false, fraudulent or are for items or services that were not provided as claimed. Similar state laws vary from state to state and we cannot be sure that these laws will be interpreted consistently or in keeping with past practices. Violation of any of these laws can result in loss of licensure, claims for recoupment, civil or criminal penalties and exclusion of health care providers or suppliers from furnishing covered items or services to beneficiaries of the applicable federal and/or state health care reimbursement program. Loss of licensure may also cause us to default under our leases and loan agreements and/or trigger cross-defaults.

We are also subject to certain federal and state laws that regulate financial arrangements by health care providers, such as the Federal Anti-Kickback Law, the Stark laws and certain state referral laws. The Federal Anti-Kickback Law makes it unlawful for any person to offer or pay (or to solicit or receive) "any remuneration ... directly or indirectly, overtly or covertly, in cash or in kind" for referring or recommending for purchase any item or service which is eligible for payment under the Medicare and/or Medicaid programs. Authorities have interpreted this statute very broadly to apply to many practices and relationships between health care providers and sources of patient referral. If we were to violate the Federal Anti-Kickback Law, we may face criminal penalties and civil sanctions, including fines and possible exclusion from government programs such as Medicare and Medicaid, which may also cause us to default under our leases and loan agreements and/or trigger cross-defaults. Adverse consequences may also result if we violate federal Stark laws related to certain Medicare and Medicaid physician referrals. While we endeavor to comply with all laws that regulate the licensure and operation of our senior living communities, it is difficult to predict how our revenues could be affected if we were subject to an action alleging such violations. We are also subject to federal and state laws designed to protect the confidentiality of patient health information. The U.S. Department of Health and Human Services, or HHS, has issued rules pursuant to HIPAA relating to the privacy of such information. Rules that became effective April 14, 2003 govern our use and disclosure of health information at certain HIPAA covered communities. We established procedures to comply with HIPAA privacy requirements at these communities. We were required to be in compliance with the HIPAA rule establishing administrative, physical and technical security standards for health information by April 2005. To the best of our knowledge, we are in compliance with these rules.

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Environmental Matters

Under various federal, state and local environmental laws, a current or previous owner or operator of real property, such as us, may be held liable in certain circumstances for the costs of investigation, removal or remediation of certain hazardous or toxic substances, including, among others, petroleum and materials containing asbestos, that could be located on, in, at or under a property, regardless of how such materials came to be located there. Additionally, such an owner or operator of real property may incur costs relating to the release of hazardous or toxic substances, including government fines and payments for personal injuries or damage to adjacent property. The cost of any required investigation, remediation, removal, mitigation, compliance, fines or personal or property damages and our liability therefore could exceed the property's value and/or our assets' value. In addition, the presence of such substances, or the failure to properly dispose of or remediate the damage caused by such substances, may adversely affect our ability to sell such property, to attract additional residents and retain existing residents, to borrow using such property as collateral or to develop or redevelop such property. In addition, such laws impose liability for investigation, remediation, removal and mitigation costs on persons who disposed of or arranged for the disposal of hazardous substances at third-party sites. Such laws and regulations often impose liability without regard to whether the owner or operator knew of, or was responsible for, the presence, release or disposal of such substances as well as without regard to whether such release or disposal was in compliance with law at the time it occurred. Moreover, the imposition of such liability upon us could be joint and several, which means we could be required to pay for the cost of cleaning up contamination caused by others who have become insolvent or otherwise judgment proof.

We do not believe that we have incurred such liabilities that would have a material adverse effect on our business, financial condition and results of operations.

Our operations are subject to regulation under various federal, state and local environmental laws, including those relating to: the handling, storage, transportation, treatment and disposal of medical waste products generated at our communities; identification and warning of the presence of asbestos-containing materials in buildings, as well as removal of such materials; the presence of other substances in the indoor environment; and protection of the environment and natural resources in connection with development or construction of our properties.

Some of our communities generate infectious or other hazardous medical waste due to the illness or physical condition of the residents, including, for example, blood-contaminated bandages, swabs and other medical waste products and incontinence products of those residents diagnosed with an infectious disease. The management of infectious medical waste, including its handling, storage, transportation, treatment and disposal, is subject to regulation under various federal, state and local environmental laws. These environmental laws set forth the management requirements for such waste, as well as related permit, record-keeping, notice and reporting obligations. Each of our communities has an agreement with a waste management company for the proper disposal of all infectious medical waste. The use of such waste management companies does not immunize us from alleged violations of such medical waste laws for operations for which we are responsible even if carried out by such waste management companies, nor does it immunize us from third-party claims for the cost to cleanup disposal sites at which such wastes have been disposed. Any finding that we are not in compliance with environmental laws could adversely affect our business operations and financial condition.

Federal regulations require building owners and those exercising control over a building's management to identify and warn, via signs and labels, their employees and certain other employers operating in the building of potential hazards posed by workplace exposure to installed asbestos-containing materials and potential asbestos-containing materials in their buildings. The regulations also set forth employee training, record-keeping requirements and sampling protocols pertaining to asbestos-containing materials and potential asbestos-containing materials. Significant fines can be assessed for violation of these regulations. Building owners and those exercising control over a building's management may be subject to an increased risk of personal injury lawsuits by workers and others exposed to asbestos-containing materials and potential asbestos-containing materials. The regulations may affect the value of a building containing asbestos-containing materials and potential asbestos-containing materials in which we have invested. Federal, state and local laws and regulations also govern the removal, encapsulation, disturbance, handling and/or disposal of asbestos-containing materials and potential asbestos-containing materials when such materials are in poor condition or in the event of construction, remodeling, renovation or demolition of a building. Such laws may impose liability for improper handling or a release to the environment of asbestos-containing materials and potential asbestos-containing materials and may provide for fines to, and for third parties to seek recovery from, owners or operators of real properties for personal injury or improper work exposure associated with asbestos-containing materials and potential asbestos-containing materials.
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The presence of mold, lead-based paint, contaminants in drinking water, radon and/or other substances at any of the communities we own or may acquire may lead to the incurrence of costs for remediation, mitigation or the implementation of an operations and maintenance plan. Furthermore, the presence of mold, lead-based paint, contaminants in drinking water, radon and/or other substances at any of the communities we own or may acquire may present a risk that third parties will seek recovery from the owners, operators or tenants of such properties for personal injury or property damage. In some circumstances, areas affected by mold may be unusable for periods of time for repairs, and even after successful remediation, the known prior presence of extensive mold could adversely affect the ability of a community to retain or attract residents and could adversely affect a community's market value.

We believe that we are in material compliance with applicable environmental laws.

We are unable to predict the future course of federal, state and local environmental regulation and legislation. Changes in the environmental regulatory framework (including legislative or regulatory efforts designed to address climate change, such as the proposed "cap and trade" legislation) could have a material adverse effect on our business. In addition, because environmental laws vary from state to state, expansion of our operations to states where we do not currently operate may subject us to additional restrictions on the manner in which we operate our communities.

Available Information

Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to these reports, are available free of charge through our web site as soon as reasonably practicable after we electronically file such material with, or furnish it to, the Securities and Exchange Commission, at the following address: www.brookdale.com. The information within, or that can be accessed through, the web site is not part of this report.

We have posted our Corporate Governance Guidelines, Code of Business Conduct and Ethics and the charters of our Audit, Compensation, Investment and Nominating and Corporate Governance Committees on our web site at www.brookdale.com. In addition, our Code of Ethics for Chief Executive and Senior Financial Officers, which applies to our Chief Executive Officer, President, Chief Financial Officer, Chief Accounting Officer, Treasurer and Controller is also available on our website. Our corporate governance materials are available in print free of charge to any stockholder upon request to our Corporate Secretary, Brookdale Senior Living Inc., 111 Westwood Place, Suite 400, Brentwood, Tennessee 37027.
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Executive Officers of the Registrant

The following table sets forth certain information concerning our executive officers as of February 12, 2016:

Name
  
Age
  
Position
T. Andrew Smith
  
55
  
Chief Executive Officer and Director
Mark W. Ohlendorf
  
55
  
President
Labeed S. Diab
  
46
  
Chief Operating Officer
Lucinda M. Baier
  
51
  
Chief Financial Officer
Bryan D. Richardson
  
57
  
Executive Vice President and Chief Administrative Officer
Glenn O. Maul
  
61
  
Executive Vice President and Chief People Officer
Kristin A. Ferge
  
42
  
Executive Vice President
George T. Hicks
  
58
  
Executive Vice President – Finance and Treasurer
H. Todd Kaestner
  
60
  
Executive Vice President – Corporate Development
Mary Sue Patchett
  
53
  
Executive Vice President – Community and Field Operations

T. Andrew Smith has served as our Chief Executive Officer since February 2013 and a member of our Board of Directors since June 2014. He has over 25 years of experience in seniors housing, mergers and acquisitions, real estate and capital markets transactions, corporate finance and healthcare. From October 2006 to February 2013, Mr. Smith served as our Executive Vice President, General Counsel and Secretary. In addition to his role in managing our legal affairs, Mr. Smith was responsible for the management and oversight of our corporate development functions (including acquisitions and expansion and development activity); corporate finance (including capital structure, debt and lease transactions and lender/lessor relations); strategic planning; and risk management. Prior to joining Brookdale, Mr. Smith served as a member of Bass, Berry & Sims PLC's corporate and securities group and as chair of the firm's healthcare group. During his tenure at Bass, Berry & Sims (1985 to 2006), Mr. Smith represented American Retirement Corporation as outside General Counsel. He currently serves as a member of the board of directors of the Nashville Health Care Council and the National Investment Center for the Seniors Housing & Care Industry (NIC) and as a member of the executive board of the American Seniors Housing Association (ASHA).

Mark W. Ohlendorf has served as our President since June 2013. He previously served as our Chief Financial Officer from March 2007 until November 2015 and Co-President from August 2005 to May 2013. Mr. Ohlendorf previously served as Chief Executive Officer and President of Alterra from December 2003 until August 2005. From January 2003 through December 2003, Mr. Ohlendorf served as Chief Financial Officer and President of Alterra, and from 1999 through 2002 he served as Senior Vice President and Chief Financial Officer of Alterra. Mr. Ohlendorf has over 30 years of experience in the health care and long-term care industries, having held leadership positions with such companies as Sterling House Corporation, Vitas Healthcare Corporation and Horizon/CMS Healthcare Corporation. He is on the board of directors of and is past chairman of the board of directors of Argentum (formerly known as the Assisted Living Federation of America).

Labeed S. Diab joined Brookdale as Chief Operating Officer in November 2015.  Prior to joining Brookdale, Mr. Diab served in operational leadership roles for the Walmart US division of Wal-Mart Stores, Inc. since 2009, most recently serving as its President of Health and Wellness since 2014, its President of Midwest Division from 2011 to 2014, and its Vice President and General Manager from 2009 to 2011.  Prior to that, Mr. Diab served as Regional Vice President of Aramark's Health Care Division from 2006 to 2009 and as Regional Vice President for Rite Aid Corporation from 2003 to 2006.  Mr. Diab began his career as a Pharmacy Manager with American Stores Company and later in regional roles with CVS Caremark.  Mr. Diab is a Registered Pharmacist.

Lucinda M. Baier joined Brookdale as Chief Financial Officer in December 2015.  Ms. Baier has more than fifteen years of executive leadership experience in accounting, taxation, finance and treasury functions, having most recently served as Chief Financial Officer of Navigant Consulting, Inc., a specialized global expert services firm, since March 2013 and its Executive Vice President since February 2013.  Prior to that, she was Executive Vice President, Chief Financial Officer and Chief Administrative Officer of Central Parking System, Inc., a leading firm in parking management and marketing, from August 2011 to October 2012, having previously served as its Senior Vice President and Chief Financial Officer since September 2010.  Ms. Baier served from July 2008 to February 2010 as Executive Vice President and Chief Financial Officer of Movie Gallery, Inc., and served from 2006 until July 2008 as Chief Financial Officer of World Kitchen, LLC.  In addition, Ms. Baier serves as a member of the Board of Directors and Audit Committee of The Bon-Ton Stores, Inc., one of the largest regional department store operators in the United States.  Ms. Baier is a Certified Public Accountant.
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Bryan D. Richardson became our Executive Vice President in July 2006 and our Chief Administrative Officer in January 2008.  Mr. Richardson also served as our Chief Accounting Officer from September 2006 through April 2008. Previously, Mr. Richardson served as Executive Vice President – Finance and Chief Financial Officer of ARC since April 2003 and previously served as its Senior Vice President – Finance since April 2000. Mr. Richardson was formerly with a national graphic arts company from 1984 to 1999 serving in various capacities, including Senior Vice President of Finance of a digital prepress division from May 1994 to October 1999, and Senior Vice President of Finance and Chief Financial Officer from 1989 to 1994. Mr. Richardson was previously with the national public accounting firm PricewaterhouseCoopers.

Glenn O. Maul became our Executive Vice President and Chief People Officer in March 2013. Previously, Mr. Maul served as Senior Vice President – Human Resources since joining Brookdale in April 2006. Prior to joining Brookdale, he served as Vice President – Human Resources for Sunrise Senior Living. While Mr. Maul has spent most of his career focusing on human resources, his early career included roles in finance and operations. Mr. Maul is certified as a Senior Professional in Human Resources (SPHR).

Kristin A. Ferge became our Executive Vice President in August 2005.  She previously served as our Chief Accounting Officer from July 2014 through January 2016, our Treasurer from August 2005 through January 2016, and as our Chief Administrative Officer from March 2007 through December 2007.  Ms. Ferge also previously served as Vice President, Chief Financial Officer and Treasurer of Alterra from December 2003 until August 2005. From April 2000 through December 2003, Ms. Ferge served as Alterra's Vice President of Finance and Treasurer. Prior to joining Alterra, she worked in the audit division of KPMG LLP. Ms. Ferge is a certified public accountant.

George T. Hicks became our Executive Vice President – Finance in July 2006 and our Treasurer in January 2016.  Prior to July 2006, Mr. Hicks served as Executive Vice President – Finance and Internal Audit, Secretary and Treasurer of ARC since September 1993. Mr. Hicks had served in various capacities for ARC's predecessors since 1985, including Chief Financial Officer from September 1993 to April 2003 and Vice President – Finance and Treasurer from November 1989 to September 1993.

H. Todd Kaestner became our Executive Vice President – Corporate Development in July 2006. Previously, Mr. Kaestner served as Executive Vice President – Corporate Development of ARC since September 1993. Mr. Kaestner served in various capacities for ARC's predecessors since 1985, including Vice President – Development from 1988 to 1993 and Chief Financial Officer from 1985 to 1988.

Mary Sue Patchett became our Executive Vice President – Community and Field Operations in November 2015 after having served as Division President since February 2013 and as Divisional Vice President since joining Brookdale in September 2011 in connection with our Horizon Bay acquisition.  Ms. Patchett has over 30 years of senior care and housing experience serving in leadership roles. Previously, Ms. Patchett served as Chief Operating Officer of Horizon Bay from January 2011 through August 2011 and as Senior Vice President of Operations from March 2008 through December 2011. Prior to joining Horizon Bay, she was President and owner of Patchett & Associates, Inc., a management consulting firm for senior housing and other healthcare companies, from 2005 until March 2008. Ms. Patchett had previously served as Divisional Vice President for Alterra for over six years and started in senior living with nine years in numerous leadership positions at Sunrise Senior Living. Ms. Patchett has served on numerous industry boards and is serving on the board of Florida Assisted Living Federation of America as its past chair.
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Item 1A. Risk Factors.

Risks Related to Our Business

Due to the dependency of our revenues on private pay sources, events which adversely affect the ability of seniors to afford our monthly resident fees or entrance fees (including downturns in the economy, housing market, consumer confidence or the equity markets and unemployment among resident family members) could cause our occupancy rates, revenues and results of operations to decline.

Costs to seniors associated with independent and assisted living services are not generally reimbursable under government reimbursement programs such as Medicare and Medicaid. Only seniors with income or assets meeting or exceeding the comparable median in the regions where our communities are located typically can afford to pay our monthly resident fees. Economic downturns, softness in the housing market, higher levels of unemployment among resident family members, lower levels of consumer confidence, stock market volatility and/or changes in demographics could adversely affect the ability of seniors to afford our resident fees or entrance fees. If we are unable to retain and/or attract seniors with sufficient income, assets or other resources required to pay the fees associated with independent and assisted living services and other service offerings, our occupancy rates, revenues and results of operations could decline.

The inability of seniors to sell real estate may delay their moving into our communities, which could negatively impact our occupancy rates, revenues, cash flows and results of operations.

Downturns in the housing markets, such as the one we experienced beginning in 2007, could adversely affect the ability (or perceived ability) of seniors to afford our entrance fees and resident fees as our customers frequently use the proceeds from the sale of their homes to cover the cost of our fees. Specifically, if seniors have a difficult time selling their homes, these difficulties could impact their ability to relocate into our communities or finance their stays at our communities with private resources. If volatility in the housing market continues for a protracted period, our occupancy rates, revenues, cash flows and results of operations could be negatively impacted.

We rely on reimbursement from governmental programs for a portion of our revenues, and will be subject to changes in reimbursement levels, which could adversely affect our results of operations and cash flow.

We rely on reimbursement from governmental programs for a portion of our revenues, and we cannot assure you that reimbursement levels will not decrease in the future, which could adversely affect our results of operations and cash flow. Beginning October 1, 2011, we were impacted by a reduction in the reimbursement rates for Medicare skilled nursing patients and home health patients, as well as a negative change in the allowable method for delivering therapy services to skilled nursing patients (resulting in increased therapy labor expense). In addition, certain per person annual limits on Medicare reimbursement for therapy services became effective in 2006, subject to certain exceptions. These exceptions are currently scheduled to expire on December 31, 2017. If these exceptions are modified or not extended beyond that date, our revenues and net operating income relating to our outpatient therapy services could be materially adversely impacted.

Effective October 1, 2012, certain Medicare Part B therapy services exceeding a specified threshold are subject to a pre-payment manual medical review process. The review process has had an adverse effect on the provision and billing of services for patients and could negatively impact therapist productivity. These Medicare Part B therapy cap exception requirements, including the applicable pre-approval requirements, could also negatively impact the revenues and net operating income relating to our outpatient therapy services business. Pursuant to the Medicare Access and CHIP Reauthorization Act of 2015, which was signed by the President on April 16, 2015, the manual review process will be replaced with a new review program to be developed by the Secretary of Health and Human Services.

In addition, there continue to be various federal and state legislative and regulatory proposals to implement cost containment measures that would limit payments to healthcare providers in the future. We cannot predict what action, if any, Congress will take on reimbursement policies of the Medicare program or what future rule changes the CMS will implement. Changes in the reimbursement policies of the Medicare program could have an adverse effect on our results of operations and cash flow.

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The impact of ongoing health care reform efforts on our business cannot accurately be predicted.

The health care industry in the United States is subject to fundamental changes due to ongoing health care reform efforts and related political, economic and regulatory influences. Notably, the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010 (collectively, the "Affordable Care Act") resulted in expanded health care coverage to millions of previously uninsured people beginning in 2014 and has resulted in significant changes to the U.S. health care system. To help fund this expansion, the Affordable Care Act outlines certain reductions in Medicare reimbursements for various health care providers, including skilled nursing facilities, as well as certain other changes to Medicare payment methodologies. This comprehensive health care legislation has resulted and will continue to result in extensive rulemaking by regulatory authorities, and also may be altered or amended.  It is difficult to predict the full impact of the Affordable Care Act due to the complexity of the law and implementing regulations, as well our inability to foresee how CMS and other participants in the health care industry will respond to the choices available to them under the law.  We also cannot accurately predict whether any new or pending legislative proposals will be adopted or, if adopted, what effect, if any, these proposals would have on our business. Similarly, while we can anticipate that some of the rulemaking that will be promulgated by regulatory authorities will affect us and the manner in which we are reimbursed by the federal health care programs, we cannot accurately predict today the impact of those regulations on our business. The provisions of the legislation and other regulations implementing the provisions of the Affordable Care Act may increase our costs, decrease our revenues, expose us to expanded liability or require us to revise the ways in which we conduct our business.

In addition to its impact on the delivery and payment for health care, the Affordable Care Act and the implementing regulations have resulted and may continue to result in increases to our costs to provide health care benefits to our employees. We also may be required to make additional employee-related changes to our business as a result of provisions in the Affordable Care Act impacting the provision of health insurance by employers, which could result in additional expense and adversely affect our results of operations.

Disruptions in the financial markets could affect our ability to obtain financing or to extend or refinance debt as it matures, which could negatively impact our liquidity, financial condition and the market price of our common stock.

In recent years, the United States stock and credit markets have experienced significant price volatility, dislocations and liquidity disruptions, which caused market prices of many stocks to fluctuate substantially and the spreads on prospective debt financings to widen considerably. These circumstances materially impacted liquidity in the financial markets, making terms for certain financings less attractive, and in some cases resulted in the unavailability of financing. Continued uncertainty in the stock and credit markets may negatively impact our ability to access additional financing (including any refinancing or extension of our existing debt) on reasonable terms, which may negatively affect our business.

As of December 31, 2015, we had three principal corporate-level debt obligations: our $500.0 million secured credit facility, our $316.3 million 2.75% convertible senior notes due 2018 and separate secured and unsecured letter of credit facilities providing for up to $80.2 million of letters of credit in the aggregate. If we are unable to extend (or refinance, as applicable) any of our debt or credit or letter of credit facilities prior to their scheduled maturity dates, our liquidity and financial condition could be adversely impacted. In addition, even if we are able to extend or refinance our other maturing debt or credit or letter of credit facilities, the terms of the new financing may not be as favorable to us as the terms of the existing financing.

A prolonged downturn in the financial markets may cause us to seek alternative sources of potentially less attractive financing, and may require us to further adjust our business plan accordingly. These events also may make it more difficult or costly for us to raise capital, including through the issuance of common stock. Disruptions in the financial markets could have an adverse effect on us and our business. If we are not able to obtain additional financing on favorable terms, we also may have to delay or abandon some or all of our growth strategies, which could adversely affect our revenues and results of operations.

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General economic factors could adversely affect our financial performance and other aspects of our business.

General economic conditions, such as inflation, commodity costs, fuel and other energy costs, costs of labor, insurance and healthcare, interest rates, and tax rates, affect our community operating and general and administrative expenses, and we have no control or limited ability to control such factors. In addition, current global economic conditions and uncertainties, the potential for failures or realignments of financial institutions, and the related impact on available credit may affect us and our business partners, landlords, counterparties and residents or prospective residents in an adverse manner including, but not limited to, reducing access to liquid funds or credit, increasing the cost of credit, limiting our ability to manage interest rate risk, increasing the risk that certain of our business partners, landlords or counterparties would be unable to fulfill their obligations to us, and other impacts which we are unable to fully anticipate.

If we do not effectively manage our growth and successfully integrate new or recently-acquired or initiated operations into our existing operations, our business and financial results could be adversely affected.

Our growth has and will continue to place significant demands on our current management resources. Our ability to manage our growth effectively and to successfully integrate new or recently-acquired or initiated operations (including expansions, developments, acquisitions and the expansion of our ancillary services programs) into our existing business will require us to continue to expand our operational, financial and management information systems and to continue to retain, attract, train, motivate and manage key employees. There can be no assurance that we will be successful in attracting qualified individuals to the extent necessary, and management may expend significant time and energy attracting the appropriate personnel to manage assets we purchase in the future and our expansion and development activities. Also, the additional communities and expansion activities will require us to maintain consistent quality control measures that allow our management to effectively identify deviations that result in delivering care and services that are substandard, which may result in litigation and/or loss of licensure or certification. If we are unable to manage our growth effectively, successfully integrate new or recently-acquired or initiated operations into our existing business, or maintain consistent quality control measures, our business, financial condition and results of operations could be adversely affected.

Delays in obtaining regulatory approvals could hinder our plans to expand our ancillary services programs, which could negatively impact our anticipated revenues, results of operations and cash flows.

We plan to continue to expand our offering of ancillary services (including therapy, home health and hospice) to additional markets. In the current environment, it is difficult to obtain certain required regulatory approvals. Delays in obtaining required regulatory approvals could impede our ability to expand to additional markets in accordance with our plans, which could negatively impact our anticipated revenues, results of operations and cash flows.

If we are unable to generate sufficient cash flow to cover required interest and lease payments, this would result in defaults of the related debt or leases and cross-defaults under our other debt or lease documents, which would adversely affect our ability to continue to generate income.

We have significant indebtedness and lease obligations, and we intend to continue financing our communities through mortgage financing, long-term leases and other types of financing, including borrowings under our line of credit and future credit facilities we may obtain. We cannot give any assurance that we will generate sufficient cash flow from operations to cover required interest, principal and lease payments. Any non-payment or other default under our financing arrangements could, subject to cure provisions, cause the lender to foreclose upon the community or communities securing such indebtedness or, in the case of a lease, cause the lessor to terminate the lease, each with a consequent loss of income and asset value to us. Furthermore, in some cases, indebtedness is secured by both a mortgage on a community (or communities) and a guaranty by us and/or one or more of our subsidiaries. In the event of a default under one of these scenarios, the lender could avoid judicial procedures required to foreclose on real property by declaring all amounts outstanding under the guaranty immediately due and payable, and requiring the respective guarantor to fulfill its obligations to make such payments. The realization of any of these scenarios would have an adverse effect on our financial condition and capital structure. Additionally, a foreclosure on any of our properties could cause us to recognize taxable income, even if we did not receive any cash proceeds in connection with such foreclosure. Further, because many of our outstanding debt and lease documents contain cross-default and cross-collateralization provisions, a default by us related to one community could affect a significant number of our communities and their corresponding financing arrangements and leases. In the event of such a default, we may not be able to obtain a waiver from the lender or lessor on terms acceptable or favorable to us, or at all, which would have a negative impact on our capital structure and financial condition.

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Our indebtedness and long-term leases could adversely affect our liquidity and our ability to operate our business and our ability to execute our growth strategy.

Our level of indebtedness and our long-term leases could adversely affect our future operations and/or impact our stockholders for several reasons, including, without limitation:

•
We may have little or no cash flow apart from cash flow that is dedicated to the payment of any interest, principal or amortization required with respect to outstanding indebtedness and lease payments with respect to our long-term leases;

•
Increases in our outstanding indebtedness, leverage and long-term leases will increase our vulnerability to adverse changes in general economic and industry conditions, as well as to competitive pressure;

•
Increases in our outstanding indebtedness may limit our ability to obtain additional financing for working capital, capital expenditures, expansions, repositionings, new developments, acquisitions, general corporate and other purposes; and

•
Our ability to pay dividends to our stockholders may be limited.

Our ability to make payments of principal and interest on our indebtedness and to make lease payments on our leases depends upon our future performance, which will be subject to general economic conditions, industry cycles and financial, business and other factors affecting our operations, many of which are beyond our control. Our business might not continue to generate cash flow at or above current levels. If we are unable to generate sufficient cash flow from operations in the future to service our debt or to make lease payments on our leases, we may be required, among other things, to seek additional financing in the debt or equity markets, refinance or restructure all or a portion of our indebtedness, sell selected assets, reduce or delay planned capital expenditures or delay or abandon desirable acquisitions. These measures might not be sufficient to enable us to service our debt or to make lease payments on our leases. The failure to make required payments on our debt or leases or the delay or abandonment of our planned growth strategy could result in an adverse effect on our future ability to generate revenues and sustain profitability. Any contemplated financing, refinancing or sale of assets might not be available on economically favorable terms to us. In addition, certain of our debt agreements contain extension options. If we are not able to satisfy the conditions precedent to exercising these extension options our liquidity and financial condition could be negatively impacted.

Our existing credit facilities, mortgage loans and lease arrangements contain covenants that limit or restrict our operations and activities (including our ability to borrow additional funds and engage in certain transactions without consent of the applicable lender or lessor), and any default under such facilities, loans or arrangements could result in the acceleration of indebtedness, termination of the leases or cross-defaults under our other debt or lease documents, any of which would negatively impact our liquidity and inhibit our ability to grow our business and increase revenues.
Our outstanding indebtedness and leases contain restrictions and covenants and require us to maintain or satisfy specified financial ratios and coverage tests, including maintaining prescribed net worth levels, leverage ratios and debt service and lease coverage ratios on a consolidated basis, and on a community or communities basis based on the debt or lease securing the communities. In addition, certain of our leases require us to maintain lease coverage ratios on a lease portfolio basis (each as defined in the leases) and maintain stockholders' equity or tangible net worth amounts. The debt service coverage ratios are generally calculated as revenues less operating expenses, including an implied management fee and a reserve for capital expenditures, divided by the debt (principal and interest) or lease payment. Net worth is generally calculated as stockholders' equity as calculated in accordance with GAAP, and in certain circumstances, reduced by intangible assets or liabilities or increased by deferred gains from sale-leaseback transactions and deferred entrance fee revenue. These restrictions and covenants may interfere with our ability to obtain financing or to engage in other business activities, which may inhibit our ability to grow our business and increase revenues. If we fail to comply with any of these requirements, then the related indebtedness could become immediately due and payable. We cannot assure you that we could pay this debt if it became due. In addition, certain of our outstanding indebtedness and leases limit or restrict, among other things, our ability and our subsidiaries' ability to borrow additional funds, engage in a change in control transaction, dispose of all or substantially all of our or their assets, or engage in mergers or other business combinations without consent of the applicable lender or lessor.
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Our credit facilities, mortgage loans and leases are secured by our communities and, in certain cases, a guaranty by us and/or one or more of our subsidiaries. Therefore, an event of default under the outstanding indebtedness or leases, subject to cure provisions in certain instances, would give the respective lenders or lessors, as applicable, the right to declare all amounts outstanding to be immediately due and payable, terminate the lease, foreclose on collateral securing the outstanding indebtedness and leases, and restrict our ability to make additional borrowings under the outstanding indebtedness or continue to operate the properties subject to the lease. Many of our outstanding debt and lease documents contain cross-default provisions so that a default under one of these instruments would cause a default under other debt and lease documents.

The substantial majority of our lease arrangements are structured as master leases. Under a master lease, we may lease a large number of geographically dispersed properties through an indivisible lease. As a result, it is difficult to restructure the composition of the portfolio or economic terms of the lease without the consent of the landlord. Failure to comply with Medicare or Medicaid provider requirements is a default under several of our master lease and debt financing instruments. In addition, an event of default related to an individual property or limited number of properties within a master lease portfolio would result in a default on the entire master lease portfolio and could further trigger cross-default provisions in other outstanding debt and lease documents.  In the event of such a default, we may not be able to obtain a waiver from the lessor on terms acceptable or favorable to us, or at all, which would have a negative impact on our capital structure and financial condition and our ability to generate future revenues, and could interfere with our ability to pursue our growth strategy.

Certain of our master leases and management agreements also contain radius restrictions, which limit our ability to own, develop or acquire new communities within a specified distance from certain existing communities covered by such agreements. These radius restrictions could negatively affect our expansion, development and acquisition plans.

Mortgage debt and lease obligations expose us to increased risk of loss of property, which could harm our ability to generate future revenues and could have an adverse tax effect.

Mortgage debt and lease obligations increase our risk of loss because defaults on indebtedness secured by properties or pursuant to the terms of the lease may result in foreclosure actions initiated by lenders or lessors and ultimately our loss of the property securing any loans for which we are in default or cause the lessor to terminate the lease. For tax purposes, a foreclosure of any of our properties would be treated as a sale of the property for a purchase price equal to the outstanding balance of the debt secured by the mortgage. If the outstanding balance of the debt secured by the mortgage exceeds our tax basis in the property, we would recognize taxable income on foreclosure, but would not receive any cash proceeds, which could negatively impact our earnings and liquidity. Further, our mortgage debt and leases generally contain cross-default and cross-collateralization provisions and a default on one community could affect a significant number of our communities, financing arrangements and leases.

In addition, our leases generally provide for renewal or extension options and, in certain cases, purchase options. These options generally are based upon prescribed formulas but, in certain cases, may be at fair market value. We expect to renew, extend or exercise purchase options with respect to our leases in the normal course of business; however, there can be no assurance that these rights will be exercised in the future or that we will be able to satisfy the conditions precedent to exercising any such renewal, extension or purchase options. Furthermore, the terms of any such options that are based on fair market value are inherently uncertain and could be unacceptable or unfavorable to us depending on the circumstances at the time of exercise. If we are not able to renew or extend our existing leases, or purchase the communities subject to such leases, at or prior to the end of the existing lease terms, or if the terms of such options are unfavorable or unacceptable to us, our business, financial condition and results of operations could be adversely affected.

Increases in market interest rates could significantly increase the costs of our unhedged debt and lease obligations, which could adversely affect our liquidity and earnings.

Our unhedged floating-rate debt and lease payment obligations and any unhedged floating-rate debt incurred in the future, exposes us to interest rate risk. Therefore, increases in prevailing interest rates could increase our payment obligations, which would negatively impact our liquidity and earnings.
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Increases in the cost and availability of labor, including increased competition for or a shortage of skilled personnel or increased union activity, would have an adverse effect on our profitability and/or our ability to conduct our business operations.

Our success depends on our ability to retain and attract skilled management personnel who are responsible for the day-to-day operations of each of our communities. Each community has an Executive Director responsible for the overall day-to-day operations of the community, including quality of care, social services and financial performance. Depending upon the size of the community, each Executive Director is supported by a community staff member who is directly responsible for day-to-day care of the residents and either community staff or regional support to oversee the community's sales, marketing and community outreach programs. Other key positions supporting each community may include individuals responsible for food service, healthcare services, therapy services, activities, housekeeping and engineering. We compete with various health care service providers, including other senior living providers, in retaining and attracting qualified and skilled personnel. Increased competition for or a shortage of nurses, therapists or other trained personnel, or general inflationary pressures may require that we enhance our pay and benefits package to compete effectively for such personnel. We may not be able to offset such added costs by increasing the rates we charge to our residents or our service charges, which would negatively impact our results of operations. Turnover rates and the magnitude of the shortage of nurses, therapists or other trained personnel varies substantially from market to market. If we fail to attract and retain qualified and skilled personnel, our ability to conduct our business operations effectively, our ability to implement our growth strategy, and our overall operating results could be harmed.

In addition, efforts by labor unions to unionize any of our community personnel could divert management attention, lead to increases in our labor costs and/or reduce our flexibility with respect to certain workplace rules. New election rules promulgated by the National Labor Relations Board went into effect in April 2015 and will substantially change – and expedite – the union election process, thereby limiting the time available for us to attempt to persuade employees to vote against representation. If we experience an increase in organizing activity, if onerous collective bargaining agreement terms are imposed upon us, or if we otherwise experience an increase in our staffing and labor costs, our profitability and cash flows from operations would be negatively affected.

We have a history of losses and we may not be able to achieve profitability.

We have incurred net losses in every year since our formation in June 2005. Given our history of losses, there can be no assurance that we will be able to achieve and/or maintain profitability in the future. If we do not effectively manage our cash flow and combined business operations going forward or otherwise achieve profitability, our stock price could be adversely affected.

If we are unable to expand, renovate, reposition or redevelop our communities in accordance with our plans, our anticipated revenues and results of operations could be adversely affected.

We are currently working on projects that will expand, renovate, reposition or redevelop a number of our existing senior living communities over the next several years. These projects are in various stages of development and are subject to a number of factors over which we have little or no control. These factors include the necessity of arranging separate leases, mortgage loans or other financings to provide the capital required to complete these projects; difficulties or delays in obtaining zoning, land use, building, occupancy, licensing, certificate of need and other required governmental permits and approvals; failure to complete construction of the projects on budget and on schedule; failure of third-party contractors and subcontractors to perform under their contracts; shortages of labor or materials that could delay projects or make them more expensive; adverse weather conditions that could delay completion of projects; increased costs resulting from general economic conditions or increases in the cost of materials; and increased costs as a result of changes in laws and regulations. We cannot assure you that we will elect to undertake or complete all of our proposed expansion, renovation, repositioning and redevelopment projects, or that we will not experience delays in completing those projects. In addition, we may incur substantial costs prior to achieving stabilized occupancy for each such project and cannot assure you that these costs will not be greater than we have anticipated. We also cannot assure you that any of our expansion, renovation, repositioning or redevelopment projects will be economically successful. Our failure to achieve our expansion, renovation, repositioning and redevelopment plans could adversely impact our growth objectives, and our anticipated revenues and results of operations.
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We may encounter difficulties in acquiring communities at attractive prices or integrating acquisitions, including our acquisition of Emeritus Corporation, with our operations, which may adversely affect our operations and financial condition.

We will continue to selectively target strategic acquisitions as opportunities arise. To the extent we do identify and complete any future acquisition opportunities, the process of identifying potential acquisition candidates, completing acquisition transactions and integrating acquired communities into our existing operations may result in unforeseen operating difficulties, divert managerial attention or require significant financial or other resources. These acquisitions and other future acquisitions may require us to incur additional indebtedness and contingent liabilities, and may result in unforeseen expenses or compliance issues, which may limit our revenue growth, cash flows, and our ability to achieve profitability. Moreover, any future acquisitions may not generate any additional income for us or provide any benefit to our business. In addition, we cannot assure you that we will be able to locate and acquire communities at attractive prices in locations that are compatible with our strategy or that competition for the acquisition of communities will not increase. Finally, when we are able to locate communities and enter into definitive agreements to acquire or lease them, we cannot assure you that the transactions will be completed. Failure to complete transactions after we have entered into definitive agreements may result in significant expenses to us.

In addition, we continue to integrate the operations of Emeritus Corporation, which we acquired in July 2014.  The failure to integrate successfully and to manage successfully the challenges presented in the remaining integration process may result in us not achieving the anticipated benefits of the acquisition.  Furthermore, we may incur substantial additional unanticipated costs in connection with the remaining integration process.

Unforeseen costs associated with the acquisition of communities could reduce our future profitability.

Our growth strategy contemplates selected future acquisitions of existing senior living operating companies and communities. Despite our extensive underwriting and due diligence procedures, communities that we have previously acquired or may acquire in the future may generate unexpectedly low or no returns or may not meet a risk profile that our investors find acceptable. In addition, we might encounter unanticipated difficulties and expenditures relating to any of the acquired communities, including contingent liabilities, or newly acquired communities might require significant management attention that would otherwise be devoted to our ongoing business. For example, a community may require capital expenditures in excess of budgeted amounts, or it may experience management turnover that is higher than we project. These costs may negatively affect our future profitability.

Competition for the acquisition of strategic assets from buyers with greater financial resources or lower costs of capital than us or that have lower return expectations than we do could limit our ability to compete for strategic acquisitions and therefore to grow our business effectively.

Several publicly-traded and non-traded real estate investment trusts, or REITs, have similar asset acquisition objectives as we do, along with greater financial resources and/or lower costs of capital than we are able to obtain. This may increase competition for acquisitions that would be suitable to us, making it more difficult for us to compete and successfully implement our growth strategy. There is significant competition among potential acquirers in the senior living industry, including publicly-traded and non-traded REITs, and there can be no assurance that we will be able to successfully implement our growth strategy or complete acquisitions, which could limit our ability to grow our business effectively. Partially as a result of tax law changes enacted through RIDEA, we now compete more directly with the various publicly-traded healthcare REITs for the acquisition of senior housing properties.

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We may need additional capital to fund our operations and finance our growth, and we may not be able to obtain it on terms acceptable to us, or at all, which may limit our ability to grow.

Continued expansion of our business through the expansion, renovation, redevelopment and repositioning of our existing communities, the development of new communities and the acquisition of existing senior living operating companies and communities will require additional capital, particularly if we were to accelerate our expansion and acquisition plans. Financing may not be available to us or may be available to us only on terms that are not favorable. In addition, certain of our outstanding indebtedness and long-term leases restrict, among other things, our ability to incur additional debt. If we are unable to raise additional funds or obtain them on terms acceptable to us, we may have to delay or abandon some or all of our growth strategies. Further, if additional funds are raised through the issuance of additional equity securities, the percentage ownership of our stockholders would be diluted. Any newly issued equity securities may have rights, preferences or privileges senior to those of our common stock.

In addition, we are heavily dependent on mortgage financing provided by Federal National Mortgage Association ("Fannie Mae") and Federal Home Loan Mortgage Corporation ("Freddie Mac") (collectively, the "Agency Lenders"). The Agency Lenders are currently operating under a conservatorship begun in 2008, conducting business under the direction of the Federal Housing Finance Agency. Reform efforts related to the Agency Lenders may make such financing sources less available or unavailable in the future and may cause us to seek alternative sources of potentially less attractive financing. There can be no assurance that such alternative sources will be available.

Our investment in our entrance fee CCRC venture with HCP is susceptible to risks associated with the lifecare benefits offered to the residents of the venture's lifecare entrance fee communities, and we are also susceptible to such risks for our owned and/or operated entrance fee CCRCs.

As of December 31, 2015, we managed lifecare entrance fee communities as part of our entrance fee CCRC venture with HCP, and we owned and/or operated five other lifecare communities. Residents of these communities typically receive a limited lifecare benefit and pay an upfront entrance fee upon occupancy, of which a portion is generally refundable, with an additional monthly service fee while living in the community. This limited lifecare benefit is typically (a) a certain number of free days in the community's health center during the resident's lifetime, (b) a discounted rate for such services, or (c) a combination of the two. The lifecare benefit varies based upon the extent to which the resident's entrance fee is refundable. The pricing of entrance fees, refundability provisions, monthly service fees, and lifecare benefits are determined utilizing actuarial projections of the expected morbidity and mortality of the resident population. In the event the entrance fees and monthly service payments established for these communities are not sufficient to cover the cost of lifecare benefits granted to residents, our interest in the results of operations and financial condition of these communities and the venture could be adversely affected.

Residents of these entrance fee communities are guaranteed a living unit and nursing care at the community during their lifetime, even if the resident exhausts his or her financial resources and becomes unable to satisfy his or her obligations to the community. In addition, in the event a resident requires nursing care and there is insufficient capacity for the resident in the nursing facility at the community where the resident lives, the community must contract with a third party to provide such care. Although we screen potential residents to ensure that they have adequate assets, income, and reimbursements from government programs and third parties to pay their obligations to the entrance fee communities during their lifetime, we cannot assure you that such assets, income, and reimbursements will be sufficient in all cases. If insufficient, we or the entrance fee CCRC venture, as applicable, would have rights of set-off against the refundable portions of the residents' deposits, and would also seek available reimbursement under Medicaid or other available programs. To the extent that the financial resources of some of the residents are not sufficient to pay for the cost of facilities and services provided to them, or in the event that these communities must pay third parties to provide nursing care to residents of these communities, our interest in the results of operations and financial condition of these communities and the venture would be adversely affected.

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Early termination or non-renewal of our management agreements could cause a loss in revenues.

We operate certain of our communities pursuant to management agreements. In some of these cases, the controlling financial interest in the community is held by third parties and, in other cases, the community is owned by an unconsolidated venture in which we have an ownership interest. At December 31, 2015, we managed 164 communities, representing approximately 25% of our capacity, for third parties or unconsolidated ventures. The majority of our management agreements are long-term agreements. In most cases, either party to the agreements may terminate upon the occurrence of an event of default caused by the other party. In addition, in some cases, subject to our rights, if any, to cure deficiencies, community owners may terminate us as manager if any licenses or certificates necessary for operation are revoked, if we do not satisfy certain designated performance thresholds or if the community is sold to an unrelated third party (in which case we may be entitled to receive a contractual termination fee). Also, in some instances, a community owner may terminate the management agreement relating to a particular community if we are in default under other management agreements relating to other communities owned by the same owner or its affiliates. Certain of our management agreements, both with unconsolidated ventures and with entities owned by third parties, provide that an event of default under the debt instruments applicable to the ventures or the entities owned by third parties that is caused by us may also be considered an event of default by us under the relevant management agreement, giving the non-Brookdale party to the management agreement the right to pursue the remedies provided for in the management agreement, potentially including termination of the management agreement. Further, in the event of default on a loan, the lender may have the ability to terminate us as manager. With respect to communities held in unconsolidated ventures, in some cases, the management agreement can be terminated in connection with the sale by the venture partner of its interest in the venture or the sale of properties by the venture. Early termination of our management agreements or non-renewal or renewal on less-favorable terms could cause a loss in revenues and could negatively impact our results of operations and cash flows.

The geographic concentration of our communities could leave us vulnerable to an economic downturn, regulatory changes or acts of nature in those areas, resulting in a decrease in our revenues or an increase in our costs, or otherwise negatively impacting our results of operations.

We have a high concentration of communities in various geographic areas, including the states of California, Florida, North Carolina, Ohio, Texas and Washington. As a result of this concentration, the conditions of local economies and real estate markets, changes in governmental rules and regulations, particularly with respect to assisted living communities, acts of nature and other factors that may result in a decrease in demand for senior living services in these states could have an adverse effect on our revenues, costs and results of operations. In addition, given the location of our communities, we are particularly susceptible to revenue loss, cost increase or damage caused by other severe weather conditions or natural disasters such as hurricanes, earthquakes or tornados. Any significant loss due to a natural disaster may not be covered by insurance and may lead to an increase in the cost of insurance.

Termination of our resident agreements and vacancies in the living spaces we lease could adversely affect our revenues, earnings and occupancy levels.

State regulations governing assisted living communities require written resident agreements with each resident. Several of these regulations also require that each resident have the right to terminate the resident agreement for any reason on reasonable notice. Consistent with these regulations, many of our assisted living resident agreements allow residents to terminate their agreements upon 0 to 30 days' notice. Unlike typical apartment leasing or independent living arrangements that involve lease agreements with specified leasing periods of up to a year or longer, in many instances we cannot contract with our assisted living residents to stay in those living spaces for longer periods of time. Our retirement center resident agreements generally provide for termination of the lease upon death or allow a resident to terminate his or her lease upon the need for a higher level of care not provided at the community. If multiple residents terminate their resident agreements at or around the same time, our revenues, earnings and occupancy levels could be adversely affected. In addition, because of the demographics of our typical residents, including age and health, resident turnover rates in our communities are difficult to predict. As a result, the living spaces we lease may be unoccupied for a period of time, which could adversely affect our revenues and earnings.

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Departure of our key officers could harm our business.

We are dependent on the efforts of our executive officers. The unforeseen loss or limited availability of the services of any of our executive officers, or our inability to recruit and retain qualified personnel in the future, could, at least temporarily, have an adverse effect on our business, results of operations and financial condition and be negatively perceived in the capital markets.

Environmental contamination at any of our communities could result in substantial liabilities to us, which may exceed the value of the underlying assets and which could materially and adversely affect our liquidity and earnings.

Under various federal, state and local environmental laws, a current or previous owner or operator of real property, such as us, may be held liable in certain circumstances for the costs of investigation, removal or remediation of, or related to the release of, certain hazardous or toxic substances, that could be located on, in, at or under a property, regardless of how such materials came to be located there. The cost of any required investigation, remediation, removal, mitigation, compliance, fines or personal or property damages and our liability therefore could exceed the property's value and/or our assets' value. In addition, the presence of such substances, or the failure to properly dispose of or remediate the damage caused by such substances, may adversely affect our ability to sell such property, to attract additional residents and retain existing residents, to borrow using such property as collateral or to develop or redevelop such property. In addition, such laws impose liability, which may be joint and several, for investigation, remediation, removal and mitigation costs on persons who disposed of or arranged for the disposal of hazardous substances at third party sites. Such laws and regulations often impose liability without regard to whether the owner or operator knew of, or was responsible for, the presence, release or disposal of such substances as well as without regard to whether such release or disposal was in compliance with law at the time it occurred. Although we do not believe that we have incurred such liabilities as would have a material adverse effect on our business, financial condition and results of operations, we could be subject to substantial future liability for environmental contamination that we have no knowledge about as of the date of this report and/or for which we may not be at fault.

Failure to comply with existing environmental laws could result in increased expenditures, litigation and potential loss to our business and in our asset value, which would have an adverse effect on our earnings and financial condition.

Our operations are subject to regulation under various federal, state and local environmental laws, including those relating to: the handling, storage, transportation, treatment and disposal of medical waste products generated at our communities; identification and warning of the presence of asbestos-containing materials in buildings, as well as removal of such materials; the presence of other substances in the indoor environment; and protection of the environment and natural resources in connection with development or construction of our properties.

Some of our communities generate infectious or other hazardous medical waste due to the illness or physical condition of the residents. Each of our communities has an agreement with a waste management company for the proper disposal of all infectious medical waste, but the use of such waste management companies does not immunize us from alleged violations of such laws for operations for which we are responsible even if carried out by such waste management companies, nor does it immunize us from third-party claims for the cost to cleanup disposal sites at which such wastes have been disposed.

Federal regulations require building owners and those exercising control over a building's management to identify and warn their employees and certain other employers operating in the building of potential hazards posed by workplace exposure to installed asbestos-containing materials and potential asbestos-containing materials in their buildings. Significant fines can be assessed for violation of these regulations. Building owners and those exercising control over a building's management may be subject to an increased risk of personal injury lawsuits. Federal, state and local laws and regulations also govern the removal, encapsulation, disturbance, handling and/or disposal of asbestos-containing materials and potential asbestos-containing materials when such materials are in poor condition or in the event of construction, remodeling, renovation or demolition of a building. Such laws may impose liability for improper handling or a release to the environment of asbestos-containing materials and potential asbestos-containing materials and may provide for fines to, and for third parties to seek recovery from, owners or operators of real properties for personal injury or improper work exposure associated with asbestos-containing materials and potential asbestos-containing materials.
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The presence of mold, lead-based paint, contaminants in drinking water, radon and/or other substances at any of the communities we own or may acquire may lead to the incurrence of costs for remediation, mitigation or the implementation of an operations and maintenance plan and may result in third party litigation for personal injury or property damage. Furthermore, in some circumstances, areas affected by mold may be unusable for periods of time for repairs, and even after successful remediation, the known prior presence of extensive mold could adversely affect the ability of a community to retain or attract residents and could adversely affect a community's market value.

Although we believe that we are currently in material compliance with applicable environmental laws, if we fail to comply with such laws in the future, we would face increased expenditures both in terms of fines and remediation of the underlying problem(s), potential litigation relating to exposure to such materials, and potential decrease in value to our business and in the value of our underlying assets. Therefore, our failure to comply with existing environmental laws would have an adverse effect on our earnings, our financial condition and our ability to pursue our growth strategy.

We are unable to predict the future course of federal, state and local environmental regulation and legislation. Changes in the environmental regulatory framework (including legislative or regulatory efforts designed to address climate change, such as the proposed "cap and trade" legislation) could have a material adverse effect on our business. In addition, because environmental laws vary from state to state, expansion of our operations to states where we do not currently operate may subject us to additional restrictions on the manner in which we operate our communities.

Risks Related to Pending Litigation

Complaints filed against us could, if adversely determined, subject us to a material loss.

We have been and are currently involved in litigation and claims incidental to the conduct of our business that are comparable to other companies in the senior living and healthcare industries. Certain claims and lawsuits allege large damage amounts and may require significant costs to defend and resolve. Similarly, the senior living and healthcare industries are continuously subject to scrutiny by governmental regulators, which could result in litigation related to regulatory compliance matters. As a result, we maintain general liability and professional liability insurance policies in amounts and with coverage and deductibles we believe are adequate, based on the nature and risks of our business, historical experience and industry standards. Our current policies are written on a claims-made basis and provide for deductibles for each claim. Accordingly, we are, in effect, self-insured for claims that are less than the deductible amounts. If we experience a greater number of losses than we anticipate, or if certain claims are not ultimately covered by insurance, our results of operation and financial condition could be adversely affected.

Risks Related to Our Industry

We face periodic and routine reviews, audits and investigations under our contracts with government agencies, and these audits could have adverse findings that may negatively impact our business.

As a result of our participation in the Medicare and Medicaid programs, we are subject to various governmental reviews, audits and investigations to verify our compliance with these programs and applicable laws and regulations. We also are subject to audits under various government programs, including but not limited to the RAC and ZPIC programs, in which third party firms engaged by CMS conduct extensive reviews of claims data and medical and other records to identify potential improper payments under the Medicare program. Our costs to respond to and defend reviews, audits and investigations may be significant and could have a material adverse effect on our business and consolidated financial condition, results of operations and cash flows. Moreover, an adverse review, audit or investigation could result in:

•
required refunding or retroactive adjustment of amounts we have been paid pursuant to the federal or state programs;

•
state or federal agencies imposing fines, penalties and other sanctions on us;

•
loss of our right to participate in the Medicare program or state programs;

•
damage to our business and reputation in various markets; or

•
significant investment of time and money even if eventually favorably determined.

These results could have a material adverse effect on our business and consolidated financial condition, results of operations and cash flows.

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The cost and difficulty of complying with increasing and evolving regulation and enforcement could have an adverse effect on our business operations and profits.

The regulatory environment surrounding the senior living industry continues to evolve and intensify in the amount and type of laws and regulations affecting it, many of which vary from state to state. In addition, many senior living communities are subject to regulation and licensing by state and local health and social service agencies and other regulatory authorities. In several of the states in which we operate or may operate, we are prohibited from providing certain higher levels of senior care services without first obtaining the appropriate licenses. Also, in several of the states in which we operate or intend to operate, assisted living communities and/or skilled nursing facilities require a certificate of need before the community can be opened or the services at an existing community can be expanded. Furthermore, federal, state and local officials are increasingly focusing their efforts on enforcement of these laws, particularly with respect to large for-profit, multi-community providers like us. These requirements and the increased enforcement thereof, could affect our ability to expand into new markets, to expand our services and communities in existing markets and, if any of our presently licensed communities were to operate outside of its licensing authority, may subject us to penalties including closure of the community. Future regulatory developments as well as mandatory increases in the scope and severity of deficiencies determined by survey or inspection officials could cause our operations to suffer. We are unable to predict the future course of federal, state and local legislation or regulation. If regulatory requirements increase, whether through enactment of new laws or regulations or changes in the enforcement of existing rules, our earnings and operations could be adversely affected.

The intensified regulatory and enforcement environment impacts providers like us because of the increase in the number of inspections or surveys by governmental authorities and consequent citations for failure to comply with regulatory requirements. We also expend considerable resources to respond to federal and state investigations or other enforcement action. From time to time in the ordinary course of business, we receive deficiency reports from state and federal regulatory bodies resulting from such inspections or surveys. Although most inspection deficiencies are resolved through an agreed-to plan of corrective action, the reviewing agency typically has the authority to take further action against a licensed or certified facility, which could result in the imposition of fines, imposition of a provisional or conditional license, suspension or revocation of a license, suspension or denial of admissions, loss of certification as a provider under federal health care programs or imposition of other sanctions, including criminal penalties. Furthermore, certain states may allow citations in one community to impact other communities in the state. Revocation of a license at a given community could therefore impact our ability to obtain new licenses or to renew existing licenses at other communities, which may also cause us to be in default under our leases, trigger cross-defaults, trigger defaults under certain of our credit agreements or adversely affect our ability to operate and/or obtain financing in the future. If a state were to find that one community's citation would impact another of our communities, this would also increase costs and result in increased surveillance by the state survey agency. To date, none of the deficiency reports received by us has resulted in a suspension, fine or other disposition that has had a material adverse effect on our revenues. However, the failure to comply with applicable legal and regulatory requirements in the future could result in a material adverse effect to our business as a whole.

There are various extremely complex federal and state laws governing a wide array of referral relationships and arrangements and prohibiting fraud by health care providers, including those in the senior living industry, and governmental agencies are devoting increasing attention and resources to such anti-fraud initiatives. Some examples are the Health Insurance Portability and Accountability Act of 1996, or HIPAA, the Balanced Budget Act of 1997, and the False Claims Act, which gives private individuals the ability to bring an action on behalf of the federal government. The violation of any of these laws or regulations may result in the imposition of fines or other penalties that could increase our costs and otherwise jeopardize our business. Under the Deficit Reduction Act of 2005, or DRA 2005, every entity that receives at least $5.0 million annually in Medicaid payments must have established written policies for all employees, contractors or agents, providing detailed information about false claims, false statements and whistleblower protections under certain federal laws, including the federal False Claims Act, and similar state laws. Failure to comply with this new compliance requirement may potentially give rise to potential liability. DRA 2005 also creates an incentive for states to enact false claims laws that are comparable to the federal False Claims Act.

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Additionally, we provide services and operate communities that participate in federal and/or state health care reimbursement programs, which makes us subject to federal and state laws that prohibit anyone from presenting, or causing to be presented, claims for reimbursement which are false, fraudulent or are for items or services that were not provided as claimed. Similar state laws vary from state to state and we cannot be sure that these laws will be interpreted consistently or in keeping with past practice. Violation of any of these laws can result in loss of licensure, civil or criminal penalties and exclusion of health care providers or suppliers from furnishing covered items or services to beneficiaries of the applicable federal and/or state health care reimbursement program. Loss of licensure may also cause us to default under our leases and/or trigger cross-defaults.

We are also subject to certain federal and state laws that regulate financial arrangements by health care providers, such as the Federal Anti-Kickback Law, the Stark laws and certain state referral laws. Authorities have interpreted the Federal Anti-Kickback Law very broadly to apply to many practices and relationships between health care providers and sources of patient referral. This could result in criminal penalties and civil sanctions, including fines and possible exclusion from government programs such as Medicare and Medicaid, which may also cause us to default under our leases and/or trigger cross-defaults. Adverse consequences may also result if we violate federal Stark laws related to certain Medicare and Medicaid physician referrals. While we endeavor to comply with all laws that regulate the licensure and operation of our business, it is difficult to predict how our revenues could be affected if we were subject to an action alleging such violations.

Compliance with the Americans with Disabilities Act, Fair Housing Act and fire, safety and other regulations may require us to make unanticipated expenditures, which could increase our costs and therefore adversely affect our earnings and financial condition.

All of our communities are required to comply with the Americans with Disabilities Act, or ADA. The ADA has separate compliance requirements for "public accommodations" and "commercial properties," but generally requires that buildings be made accessible to people with disabilities. Compliance with ADA requirements could require removal of access barriers and non-compliance could result in imposition of government fines or an award of damages to private litigants.

We must also comply with the Fair Housing Act, which prohibits us from discriminating against individuals on certain bases in any of our practices if it would cause such individuals to face barriers in gaining residency in any of our communities. Additionally, the Fair Housing Act and other state laws require that we advertise our services in such a way that we promote diversity and not limit it. We may be required, among other things, to change our marketing techniques to comply with these requirements.

In addition, we are required to operate our communities in compliance with applicable fire and safety regulations, building codes and other land use regulations and food licensing or certification requirements as they may be adopted by governmental agencies and bodies from time to time. Like other health care facilities, senior living communities are subject to periodic survey or inspection by governmental authorities to assess and assure compliance with regulatory requirements. Surveys occur on a regular (often annual or bi-annual) schedule, and special surveys may result from a specific complaint filed by a resident, a family member or one of our competitors. We may be required to make substantial capital expenditures to comply with those requirements.

Capital expenditures we have made to comply with any of the above to date have been immaterial, however, the increased costs and capital expenditures that we may incur in order to comply with any of the above would result in a negative effect on our earnings and financial condition.

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Significant legal actions and liability claims against us in excess of insurance limits could subject us to increased operating costs and substantial uninsured liabilities, which may adversely affect our financial condition and operating results.

The senior living and healthcare services businesses entails an inherent risk of liability, particularly given the demographics of our residents, including age and health, and the services we provide. In recent years, we, as well as other participants in our industry, have been subject to an increasing number of claims and lawsuits alleging that our services have resulted in resident injury or other adverse effects. Many of these lawsuits involve large damage claims and significant legal costs. Many states continue to consider tort reform and how it will apply to the senior living industry. We may continue to be faced with the threat of large jury verdicts in jurisdictions that do not find favor with large senior living or healthcare providers. We maintain liability insurance policies in amounts and with the coverage and deductibles we believe are adequate based on the nature and risks of our business, historical experience and industry standards. We have formed a wholly-owned "captive" insurance company for the purpose of insuring certain portions of our risk retention under our general and professional liability insurance programs. There can be no guarantee that we will not have any claims that exceed our policy limits in the future.

If a successful claim is made against us and it is not covered by our insurance or exceeds the policy limits, our financial condition and results of operations could be materially and adversely affected. In some states, state law may prohibit or limit insurance coverage for the risk of punitive damages arising from professional liability and general liability claims and/or litigation. As a result, we may be liable for punitive damage awards in these states that either are not covered or are in excess of our insurance policy limits. Also, the above deductibles, or self-insured retention, are accrued based on an actuarial projection of future liabilities. If these projections are inaccurate and if there are an unexpectedly large number of successful claims that result in liabilities in excess of our self-insured retention, our operating results could be negatively affected. Claims against us, regardless of their merit or eventual outcome, also could have a material adverse effect on our ability to attract residents or expand our business and could require our management to devote time to matters unrelated to the day-to-day operation of our business. We also have to renew our policies every year and negotiate acceptable terms for coverage, exposing us to the volatility of the insurance markets, including the possibility of rate increases. There can be no assurance that we will be able to obtain liability insurance in the future or, if available, that such coverage will be available on acceptable terms.

Overbuilding and increased competition may adversely affect our ability to generate and increase our revenues and profits and to pursue our business strategy.

The senior living industry is highly competitive, and we expect that it may become more competitive in the future. We compete with numerous other companies that provide long-term care alternatives such as home healthcare agencies, therapy services, life care at home, community-based service programs, retirement communities, convalescent centers and other independent living, assisted living and skilled nursing providers, including not-for-profit entities. In addition, over the last several years there has been an increase in the construction of new senior housing assets.  In general, regulatory and other barriers to competitive entry in the independent living and assisted living sectors of the senior living industry are not substantial. We have experienced and expect to continue to experience increased competition in our efforts to acquire and operate senior living communities. Consequently, we may encounter increased competition that could limit our ability to attract new residents, raise resident fees or expand our business, which could have a material adverse effect on our revenues and earnings.

As evidenced during the overbuilding in the late 1990's in the senior living industry, newly constructed buildings may reduce the occupancy rates and, in some cases, reduce the monthly rate previously existing communities are able to obtain for their services. This might result in lower revenues for certain of our communities if faced with new supply. While we believe that many of our markets are stable and should continue to be stable for the immediate future, we cannot be certain that the effects of a period of overbuilding will not affect our occupancy and resident fee rate levels in the future, nor can we be certain that another period of overbuilding in the future will not have the same effects. Moreover, while we believe that the new construction dynamics and the competitive environments in the states in which we operate are substantially similar to the national market, taken as a whole, if the dynamics or environment were to be significantly adverse in one or more of those states, it would have a disproportionate effect on our revenues (due to the large portion of our revenues that are generated in those states).

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Risks Related to Our Organization and Structure

Anti-takeover provisions in our amended and restated certificate of incorporation and our amended and restated by-laws may discourage, delay or prevent a merger or acquisition that you may consider favorable or prevent the removal of our current board of directors and management.

Certain provisions of our amended and restated certificate of incorporation and our amended and restated by-laws may discourage, delay or prevent a merger or acquisition that you may consider favorable or prevent the removal of our current board of directors and management. We have a number of anti-takeover devices in place that will hinder takeover attempts, including:

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a staggered board of directors consisting of three classes of directors, each of whom serve three-year terms;

•
removal of directors only for cause, and only with the affirmative vote of at least 80% of the voting interest of stockholders entitled to vote;

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blank-check preferred stock;

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provisions preventing stockholders from calling special meetings;

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advance notice requirements for stockholders with respect to director nominations and actions to be taken at annual meetings; and

•
no provision in our amended and restated certificate of incorporation for cumulative voting in the election of directors, which means that the holders of a majority of the outstanding shares of our common stock can elect all the directors standing for election.

Additionally, our amended and restated certificate of incorporation provides that Section 203 of the Delaware General Corporation Law, which restricts certain business combinations with interested stockholders in certain situations, will not apply to us.

We are a holding company with no operations and rely on our operating subsidiaries to provide us with funds necessary to meet our financial obligations.

We are a holding company with no material direct operations. Our principal assets are the equity interests we directly or indirectly hold in our operating subsidiaries. As a result, we are dependent on loans, dividends and other payments from our subsidiaries to generate the funds necessary to meet our financial obligations. Our subsidiaries are legally distinct from us and have no obligation to make funds available to us.

Risks Related to Our Common Stock

The market price and trading volume of our common stock may be volatile, which could result in rapid and substantial losses for our stockholders.

The market price of our common stock may be highly volatile and could be subject to wide fluctuations. In addition, the trading volume in our common stock may fluctuate and cause significant price variations to occur. If the market price of our common stock declines significantly, you may be unable to resell your shares at or above your purchase price. We cannot assure you that the market price of our common stock will not fluctuate or decline significantly in the future. Some of the factors that could negatively affect our share price or result in fluctuations in the price or trading volume of our common stock include:
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•
variations in our quarterly operating results;

•
changes in our earnings estimates;

•
the contents of published research reports about us or the senior living industry or the failure of securities analysts to cover our common stock;

•
additions or departures of key management personnel;

•
any increased indebtedness we may incur or lease obligations we may enter into in the future;

•
actions by institutional stockholders;

•
changes in market valuations of similar companies;

•
announcements by us or our competitors of significant contracts, acquisitions, strategic partnerships, joint ventures or capital commitments;

•
speculation or reports by the press or investment community with respect to us or the senior living industry in general;

•
increases in market interest rates that may lead purchasers of our shares to demand a higher yield;

•
downturns in the real estate market or changes in market valuations of senior living communities;

•
changes or proposed changes in laws or regulations affecting the senior living industry or enforcement of these laws and regulations, or announcements relating to these matters; and

•
general market and economic conditions.

Future offerings of debt or equity securities by us may adversely affect the market price of our common stock.

In the future, we may attempt to increase our capital resources by offering additional debt or equity securities, including commercial paper, medium-term notes, senior or subordinated notes, convertible securities, series of preferred shares or shares of our common stock. Upon liquidation, holders of our debt securities and preferred stock, and lenders with respect to other borrowings, would receive a distribution of our available assets prior to the holders of our common stock. Additional equity offerings may dilute the economic and voting rights of our existing stockholders or reduce the market price of our common stock, or both. Shares of our preferred stock, if issued, could have a preference with respect to liquidating distributions or a preference with respect to dividend payments that could limit our ability to pay dividends to the holders of our common stock. Because our decision to issue securities in any future offering will depend on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or nature of our future offerings. Thus, holders of our common stock bear the risk of our future offerings reducing the market price of our common stock and diluting their share holdings in us.

We may issue all of the shares of our common stock that are authorized but unissued (and not otherwise reserved for issuance under our stock incentive or purchase plans or pursuant to the conversion or exercise features of our convertible senior notes and warrants) without any action or approval by our stockholders. We intend to continue to pursue selected acquisitions of senior living communities and may issue shares of common stock in connection with these acquisitions. Any shares issued in connection with our acquisitions or otherwise would dilute the holdings of our current stockholders.

37
The market price of our common stock could be negatively affected by sales of substantial amounts of our common stock in the public markets.

At December 31, 2015, approximately 184.9 million shares of our common stock were outstanding (excluding unvested restricted shares). All of the shares of our common stock are freely transferable, except for any shares held by our "affiliates," as that term is defined in Rule 144 under the Securities Act of 1933, as amended, or the Securities Act, or any shares otherwise subject to the limitations of Rule 144.

In addition, as of December 31, 2015, approximately 3.5 million shares of restricted common stock were outstanding under our 2014 Omnibus Incentive Plan and our Omnibus Stock Incentive Plan, and we had availability to issue approximately 7.2 million additional shares under our 2014 Omnibus Incentive Plan, our Associate Stock Purchase Plan, and our Director Stock Purchase Plan.  The shares of our common stock issued or issuable pursuant to these plans are or will be registered under the Securities Act, and once any restrictions imposed on the shares and options granted under these plans expire, such shares of common stock will be available for sale into the public markets.

Our ability to use net operating loss carryovers to reduce future tax payments will be limited.

Section 382 of the Internal Revenue code contains rules that limit the ability of a company that undergoes an ownership change, which is generally any change in ownership of 50% of its stock over a three-year period, to utilize its net operating loss carryforward and certain built-in losses recognized in years after the ownership change. These rules generally operate by focusing on ownership changes involving stockholders owning directly or indirectly 5% or more of the stock of a company and any change in ownership arising from a new issuance of stock by the company. We have determined that an ownership change occurred within the second quarter of 2010, and, therefore, losses carried into the change period have been subject to an annual limitation. The annual limitation is equal to the product of the applicable long term tax exempt rate and the value of our stock immediately before the ownership change, adjusted for certain items. The annual limitation may be increased by certain built-in gains existing at the time of change. The acquisition of Emeritus Corporation also resulted in an ownership change and created an annual limitation on Emeritus' net operating losses.

Item 1B. Unresolved Staff Comments.

None.
38

Item 2. Properties.

Facilities

At December 31, 2015, we operated 1,123 communities across 47 states, with the capacity to serve approximately 108,000 residents. Of the communities we operated at December 31, 2015, we owned 413, we leased 546 pursuant to operating, capital and financing leases, and 164 were managed by us for third parties or unconsolidated ventures in which we have an ownership interest.

The following table sets forth certain information regarding our communities at December 31, 2015:

   
Occupancy
  
Ownership Status
State
  
Units
  
Rate(1)(2)
  
Owned
  
Leased
  
Managed
  
Total
Florida
    
17,495
    
85%
    
53
    
48
    
35
    
136
Texas
    
13,718
    
86%
    
62
    
37
    
28
    
127
California
    
10,827
    
88%
    
27
    
53
    
11
    
91
Washington
    
4,899
    
91%
    
17
    
35
    
2
    
54
Ohio
    
4,829
    
85%
    
29
    
23
    
6
    
58
Colorado
    
4,636
    
86%
    
11
    
19
    
9
    
39
Arizona
    
3,956
    
86%
    
17
    
15
    
4
    
36
Illinois
    
3,932
    
89%
    
5
    
10
    
6
    
21
North Carolina
    
3,848
    
86%
    
10
    
52
    
1
    
63
Oregon
    
3,280
    
94%
    
10
    
30
    
5
    
45
Virginia
    
2,625
    
86%
    
9
    
7
    
3
    
19
New York
    
2,554
    
89%
    
17
    
15
    
3
    
35
Michigan
    
2,534
    
88%
    
9
    
23
    
3
    
35
Tennessee
    
2,327
    
92%
    
16
    
14
    
5
    
35
South Carolina
    
1,944
    
90%
    
5
    
20
    
0
    
25
Georgia
    
1,880
    
86%
    
9
    
12
    
6
    
27
Oklahoma
    
1,735
    
88%
    
10
    
21
    
2
    
33
Kansas
    
1,634
    
90%
    
11
    
12
    
2
    
25
Massachusetts
    
1,585
    
80%
    
3
    
5
    
5
    
13
New Jersey
    
1,545
    
84%
    
7
    
10
    
2
    
19
Indiana
    
1,418
    
84%
    
10
    
8
    
1
    
19
Pennsylvania
    
1,379
    
85%
    
10
    
3
    
1
    
14
Alabama
    
1,365
    
94%
    
7
    
2
    
1
    
10
Rhode Island
    
1,186
    
85%
    
1
    
4
    
4
    
9
Missouri
    
1,182
    
95%
    
2
    
1
    
2
    
5
Minnesota
    
943
    
82%
    
2
    
15
    
2
    
19
Kentucky
    
905
    
80%
    
1
    
4
    
1
    
6
Connecticut
    
893
    
81%
    
2
    
7
    
1
    
10
Wisconsin
    
832
    
85%
    
6
    
12
    
2
    
20
New Mexico
    
793
    
72%
    
2
    
4
    
1
    
7
Mississippi
    
682
    
87%
    
5
    
3
    
1
    
9
Maryland
    
614
    
92%
    
1
    
3
    
3
    
7
Louisiana
    
610
    
84%
    
6
    
1
    
0
    
7
Idaho
    
605
    
85%
    
7
    
1
    
0
    
8
Nevada
    
602
    
86%
    
4
    
3
    
0
    
7
Arkansas
    
494
    
94%
    
4
    
0
    
1
    
5
Nebraska
    
456
    
87%
    
0
    
5
    
0
    
5
Utah
    
368
    
85%
    
0
    
2
    
2
    
4
Montana
    
238
    
92%
    
1
    
2
    
0
    
3
West Virginia
    
220
    
88%
    
1
    
1
    
0
    
2
Delaware
    
200
    
88%
    
2
    
1
    
0
    
3
Iowa
    
182
    
73%
    
0
    
0
    
2
    
2
Wyoming
    
113
    
87%
    
0
    
2
    
0
    
2
Vermont
    
101
    
83%
    
1
    
0
    
0
    
1
New Hampshire
    
90
    
96%
    
1
    
0
    
0
    
1
North Dakota
    
85
    
93%
    
0
    
1
    
0
    
1
Maine
    
81
    
37%
    
0
    
0
    
1
    
1
Total
    
108,420
    
87%
    
413
    
546
    
164
    
1,123
39

(1) Includes the impact of managed properties.

(2) Represents occupancy at December 31, 2015.

Substantially all of our owned properties are subject to mortgages.

Corporate Offices

Our main corporate offices are all leased, including our 143,065 square foot headquarters facility in Brentwood, Tennessee (a suburb of Nashville) and our 185,366 square foot shared service facility in Milwaukee, Wisconsin.  We also lease smaller regional support offices in Chicago and Tampa.

Item 3. Legal Proceedings.

The information contained in Note 17 to the consolidated financial statements contained in Part II, Item 8 of this Annual Report on Form 10-K is incorporated herein by reference.

Item 4. Mine Safety Disclosures.

Not applicable.
40

PART II

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Market Information

Our common stock is traded on the New York Stock Exchange, or the NYSE, under the symbol "BKD". The following table sets forth the range of high and low sales prices of our common stock for each quarter for the last two fiscal years.

   
Fiscal 2015
  
   
High
    
Low
  
First Quarter
  
$
38.96
    
$
31.33
  
Second Quarter
  
$
39.89
    
$
34.60
  
Third Quarter
  
$
35.35
    
$
22.00
  
Fourth Quarter
  
$
25.48
    
$
16.58
  

   
Fiscal 2014
  
   
High
    
Low
  
First Quarter
  
$
34.37
    
$
26.11
  
Second Quarter
  
$
34.80
    
$
29.50
  
Third Quarter
  
$
36.18
    
$
32.02
  
Fourth Quarter
  
$
37.03
    
$
30.12
  

The closing sale price of our common stock as reported on the NYSE on February 10, 2016 was $13.35 per share. As of that date, there were approximately 386 holders of record of our common stock.

Dividend Policy

On December 30, 2008, our Board of Directors voted to suspend our quarterly cash dividend indefinitely and no dividends were declared since that time. Although we anticipate that, in the longer-term, we may pay regular quarterly dividends to the holders of our common stock, over the near term we are focused on deploying capital in the growth of our business. Accordingly, we do not expect to pay cash dividends on our common stock for the foreseeable future.

Our ability to pay and maintain cash dividends in the future will be based on many factors, including then-existing contractual restrictions or limitations, our ability to execute our growth strategy, our ability to negotiate favorable lease and other contractual terms, anticipated operating expense levels, the level of demand for our units, occupancy rates, entrance fee sales results, the rates we charge, our liquidity position and actual results that may vary substantially from estimates. Some of the factors are beyond our control and a change in any such factor could affect our ability to pay or maintain dividends. We can give no assurance as to our ability to pay or maintain dividends in the future. We also cannot assure you that the level of dividends will be maintained or increase over time or that increases in demand for our units and monthly resident fees will increase our actual cash available for dividends to stockholders. As we have done in the past, we may also pay dividends in the future that exceed our net income for the relevant period as calculated in accordance with U.S. GAAP.

Recent Sales of Unregistered Securities

None.

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

None.
41

Item 6. Selected Financial Data.

This selected financial data should be read in conjunction with the information contained in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" and our historical consolidated financial statements and related notes included in "Item 8. Financial Statements and Supplementary Data." 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, 2015 have been derived from our audited financial statements.

Our results reflect our acquisition of Emeritus subsequent to July 31, 2014, the closing date of the merger. In addition, with respect to the communities contributed to the CCRC Venture and HCP 49 Venture and communities subject to the Master Lease, our results reflect our previously existing ownership, lease and/or management interests through August 29, 2014, and reflect our venture and management interests and amended lease terms for the remainder of the period, each as described in Note 4 to the consolidated financial statements. We contributed all but two of our legacy Brookdale entry fee CCRCs to the CCRC Venture on August 29, 2014, at which time the contributed CCRCs were deconsolidated.

   
For the Years Ended December 31,
  
   
2015
    
2014
    
2013
    
2012
    
2011
  
(in thousands, except per share and other operating data)
                    
Total revenue
  
$
4,960,608
    
$
3,831,706
    
$
2,891,966
    
$
2,768,738
    
$
2,456,483
  
Facility operating expense
    
2,788,862
      
2,210,368
      
1,671,945
      
1,630,919
      
1,508,571
  
General and administrative expense
    
370,579
      
280,267
      
180,627
      
178,829
      
148,327
  
Transaction costs
    
8,252
      
66,949
      
3,921
      
―
      
―
  
Facility lease expense
    
367,574
      
323,830
      
276,729
      
284,025
      
274,858
  
Depreciation and amortization
    
733,165
      
537,035
      
268,757
      
252,281
      
268,506
  
Loss (gain) on facility lease termination
    
76,143
      
―
      
―
      
(11,584
)
    
―
  
Loss (gain) on acquisition
    
―
      
―
      
―
      
636
      
(1,982
)
Asset impairment
    
57,941
      
9,992
      
12,891
      
27,677
      
16,892
  
Costs incurred on behalf of managed communities
    
723,298
      
488,170
      
345,808
      
325,016
      
152,566
  
Total operating expense
    
5,125,814
      
3,916,611
      
2,760,678
      
2,687,799
      
2,367,738
  
Income (loss) from operations
    
(165,206
)
    
(84,905
)
    
131,288
      
80,939
      
88,745
  
Interest income
    
1,603
      
1,343
      
1,339
      
4,012
      
3,538
  
Interest expense:
                                        
Debt
    
(173,484
)
    
(128,002
)
    
(96,131
)
    
(98,183
)
    
(93,229
)
Capital and financing lease obligations
    
(211,132
)
    
(109,998
)
    
(25,194
)
    
(30,155
)
    
(31,644
)
Amortization of deferred financing costs and debt premium (discount)
    
(3,351
)
    
(7,477
)
    
(17,054
)
    
(18,081
)
    
(13,427
)
Change in fair value of derivatives
    
(797
)
    
(2,711
)
    
980
      
(364
)
    
(3,878
)
Debt modification and extinguishment costs
    
(7,020
)
    
(6,387
)
    
(1,265
)
    
(221
)
    
(18,863
)
Equity in (loss) earnings of unconsolidated ventures
    
(804
)
    
171
      
1,484
      
(3,488
)
    
1,432
  
Other non-operating income
    
9,827
      
7,235
      
2,725
      
593
      
56
  
Income (loss) before income taxes
    
(550,364
)
    
(330,731
)
    
(1,828
)
    
(64,948
)
    
(67,270
)
Benefit (provision) for income taxes
    
92,209
      
181,305
      
(1,756
)
    
(1,519
)
    
(1,780
)
Net income (loss)
    
(458,155
)
    
(149,426
)
    
(3,584
)
    
(66,467
)
    
(69,050
)
Net (income) loss attributable to noncontrolling interest
    
678
      
436
      
―
      
―
      
―
  
Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders
  
$
(457,477
)
  
$
(148,990
)
  
$
(3,584
)
  
$
(66,467
)
  
$
(69,050
)
Basic and diluted net income (loss) per share attributable to Brookdale Senior Living Inc. common stockholders
  
$
(2.48
)
  
$
(1.01
)
  
$
(0.03
)
  
$
(0.54
)
  
$
(0.57
)
Weighted average shares of common stock used in computing basic and diluted net income (loss) per share
    
184,333
      
148,185
      
123,671
      
121,991
      
121,161
  
Other Operating Data:
                                        
Total number of communities (at end of period)
    
1,123
      
1,143
      
649
      
647
      
647
  
Total units operated(1)
                                        
Period end
    
107,786
      
110,219
      
66,832
      
65,936
      
66,183
  
Weighted average
    
109,342
      
84,299
      
66,173
      
66,102
      
55,548
  
Owned/leased communities occupancy rate (weighted average)
    
86.8
%
    
88.3
%
    
88.7
%
    
88.0
%
    
87.3
%
Senior Housing average monthly revenue per unit(2)
  
$
4,310
    
$
4,357
    
$
4,383
    
$
4,271
    
$
4,193
  
42

   
As of December 31,
  
   
2015
    
2014
    
2013
    
2012
    
2011
  
(in millions)
                    
Cash and cash equivalents
  
$
88.0
    
$
104.1
    
$
58.5
    
$
69.2
    
$
30.8
  
Total assets
  
$
10,048.6
    
$
10,417.5
    
$
4,695.6
    
$
4,672.8
    
$
4,469.8
  
Total long-term debt and line of credit
  
$
3,942.8
    
$
3,597.0
    
$
2,342.3
    
$
2,339.0
    
$
2,093.6
  
Total capital and financing lease obligations
  
$
2,489.6
    
$
2,649.2
    
$
299.8
    
$
319.8
    
$
348.2
  
Total equity
  
$
2,458.7
    
$
2,882.2
    
$
1,020.9
    
$
997.0
    
$
1,035.3
  

(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 Brookdale Ancillary Services segment revenue, divided by average occupied units.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.

This discussion and analysis should be read in conjunction with the information contained in "Item 6. Selected Financial Data" and our historical consolidated financial statements and related notes included in "Item 8. Financial Statements and Supplementary Data." In addition to historical information, this discussion and analysis may contain forward-looking statconveriements that involve risks, uncertainties and assumptions, which could cause actual results to differ materially from management's expectations. Please see additional risks and uncertainties described in "Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995" for more information. Factors that could cause such differences include those described in "Item 1A. Risk Factors" of this Annual Report on Form 10-K.

Executive Overview and Recent Developments

As of December 31, 2015, we are the largest operator of senior living communities in the United States based on total capacity, with 1,123 communities in 47 states and the ability to serve approximately 108,000 residents. We offer our residents access to a full continuum of services across the most attractive sectors of the senior living industry. As of December 31, 2015, we operated in five business segments: Retirement Centers, Assisted Living, Continuing Care Retirement Centers ("CCRCs") - Rental, Brookdale Ancillary Services and Management Services.

As of December 31, 2015, we owned or leased 959 communities with 81,067 units and provided management services with respect to 164 communities with 27,353 units for third parties or unconsolidated ventures in which we have an ownership interest. As of December 31, 2015, we operated 130 retirement center communities with 24,486 units, 915 assisted living communities with 62,567 units and 78 CCRCs with 21,367 units. We offer home health services to approximately 66,000 of our units and outpatient therapy services to approximately 64,000 of our units. The majority of our units are located in campus settings or communities containing multiple services, including CCRCs. During the year ended December 31, 2015, we generated approximately 81.9% of our resident fee revenues from private pay customers. For the year ended December 31, 2015, 38.8% of our resident and management fee revenues were generated from owned communities, 48.7% from leased communities, 11.1% from our Brookdale Ancillary Services business and 1.4% from management fees from communities we operate on behalf of third parties or unconsolidated ventures.

We believe that we are positioned to take advantage of favorable demographic trends and future supply-demand dynamics in the senior living industry. We also believe that we operate in the most attractive sectors of the senior living industry with opportunities to increase our revenues through providing a combination of housing, hospitality services, ancillary services and health care services. Our senior living communities offer residents a supportive "home-like" setting, assistance with activities of daily living (such as eating, bathing, dressing, toileting and transferring/walking) and, in certain communities, licensed skilled nursing services. We also provide ancillary services, including therapy and home health services, to our residents. Our strategy is to be the leading provider of senior living solutions, built on a large and growing senior housing platform. By providing residents with a range of service options as their needs change, we provide greater continuity of care, enabling seniors to "age-in-place" and thereby maintain residency with us for a longer period of time. The ability of residents to age-in-place is also beneficial to our residents and their families who are concerned with care decisions for their elderly relatives.

We believe that there are organic growth opportunities inherent in our existing portfolio. We intend to take advantage of those opportunities by growing revenues, while maintaining expense control, at our existing communities, continuing the expansion and maturation of our ancillary services programs, expanding, renovating, redeveloping and repositioning our existing communities, and acquiring additional operating companies and communities.
43

On July 31, 2014, we acquired Emeritus, a senior living service provider focused on operating residential style communities throughout the United States, for approximately $3.0 billion consisting of the issuance of our stock with a fair value of approximately $1.6 billion and our assumption of approximately $1.4 billion aggregate principal amount of existing mortgage indebtedness. At the closing of the merger, the size of our consolidated portfolio increased by 493 communities, 182 of which were owned and 311 of which were subject to leases that we directly or indirectly assumed in the merger. The Emeritus communities provide independent living, assisted living, memory care and, to a lesser extent, skilled nursing care. The merger significantly increased our scale and provides us the opportunity to leverage this scale to build our national brand and provide greater organic growth, achieve greater operating efficiencies, and drive new innovations to serve our residents. In addition, the merger provided us entry into 10 new states and significantly increased our presence in many high-population states, especially in the west and northeast. Enhanced geographic coverage and density is a contributing factor to our ability to increase our operating efficiencies and may provide additional opportunities for growth from markets with clusters of assets. The merger also enables us to expand our therapy, home health and hospice ancillary programs into the Emeritus communities and accelerate the introduction of Emeritus' Nurse on Call home health services into our major markets. The results of Emeritus' operations have been included in the consolidated financial statements subsequent to the acquisition date. Revenue and facility operating expenses of legacy Emeritus locations included in the Company's consolidated statements of operations for the year ended December 31, 2015 were $1.8 billion and $1.2 billion, respectively. Revenue and facility operating expenses of legacy Emeritus locations included in the Company's consolidated statements of operations for the year ended December 31, 2014 were $785.5 million and $511.9 million, respectively.

Since the closing of our acquisition of Emeritus, we have executed on our plans to integrate legacy Emeritus locations into our systems and infrastructure platform as rapidly as prudently possible.  In 2015, we completed the final cutover waves of integration activities and have a common system and infrastructure platform in place.  We will continue to reinforce and refine our operating model and certain processes during 2016.

Developments during 2015

During the year ended December 31, 2015, we completed several transactions as part of our long-term objectives to grow our revenues, Adjusted EBITDA, Cash From Facility Operations and Facility Operating Income. See "Non-GAAP Financial Measures" below for an explanation of how we define each of these measures, a detailed description of why we believe such measures are useful and the limitations of each measure and a reconciliation of each of the Non-GAAP measures to net income (loss). These transactions include:

•
Community Acquisitions. During the year ended December 31, 2015, we acquired the underlying real estate associated with 30 communities that were previously leased for an aggregate purchase price of approximately $422.2 million.

•
Investment in Unconsolidated RIDEA Venture. On June 30, 2015, the Company and HCP entered into a RIDEA venture, which acquired 35 senior housing communities for $847 million. The Company contributed $30.3 million in cash to the RIDEA venture. The Company owns a 10% ownership interest, and HCP owns a 90% ownership interest, in each of the propco and opco. The Company had operated these communities under a management agreement since 2011 and will continue to manage the communities under a market rate long-term management agreement with the venture.

•
Community Dispositions. During the year ended December 31, 2015, we identified 34 owned communities as assets held for sale, with 17 of these communities being sold for an aggregate selling price of approximately $82.9 million during the year ended December 31, 2015. The communities were identified as non-core assets that do not fit our long-term strategy.  The sale of the remaining 17 communities is expected in 2016, although there can be no assurance that the transactions will close or if they do, when the actual closing will occur.

During the year, we also made additional progress on our Program Max initiative under which we expand, renovate, redevelop and reposition certain of our existing communities where economically advantageous. For the year ended December 31, 2015, we invested $37.5 million on Program Max projects, net of $28.3 million of third party lessor reimbursements, which included the completion of eleven expansion or conversion projects which resulted in 59 additional units. We currently have 13 additional Program Max projects that have been approved, most of which have begun construction and are expected to generate 285 net new units.
44

The table below presents a summary of our operating results and certain other financial metrics for the years ended December 31, 2015 and 2014 and the amount and percentage of increase or decrease of each applicable item (dollars in millions).

   
Years Ended
December 31,
    
Increase
(Decrease)
  
   
2015
    
2014
    
Amount
    
Percent
  
Total revenue
  
$
4,960.6
    
$
3,831.7
    
$
1,128.9
      
29.5
%
Facility Operating Expense
  
$
2,788.9
    
$
2,210.4
    
$
578.5
      
26.2
%
Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders
  
$
(457.5
)
  
$
(149.0
)
  
$
308.5
    
NM
  
Adjusted EBITDA
  
$
793.4
    
$
516.0
    
$
277.4
      
53.8
%
Cash From Facility Operations
  
$
317.1
    
$
218.3
    
$
98.8
      
45.3
%
Facility Operating Income
  
$
1,384.1
    
$
1,070.4
    
$
313.7
      
29.3
%

Adjusted EBITDA, Cash From Facility Operations and Facility Operating Income are non-GAAP financial measures we use in evaluating our financial and operating performance. See "Non-GAAP Financial Measures" below for an explanation of how we define each of these measures, a detailed description of why we believe such measures are useful and the limitations of each measure, and a reconciliation of each of the Non-GAAP measures to net income (loss).

During 2015, total revenues were $5.0 billion, an increase of $1.1 billion, or 29.5%, over our total revenues for the prior year. The inclusion of Emeritus' operations contributed $1.0 billion to the increase in revenue. Aside from the effects of the Emeritus merger, our revenues increased $124.1 million, or 3.2%, over our total revenues from the prior year. Resident fees for 2015 increased $875.8 million, or 26.5%, from the prior year. Management fees increased $17.9 million, or 42.5%, from the prior year, and reimbursed costs incurred on behalf of managed communities increased $235.1 million, or 48.2%. The increase in resident fees during 2015 was primarily due to the inclusion of Emeritus' operating results since July 31, 2014. The increase in management fees and reimbursed costs incurred on behalf of managed communities is primarily due to our assumption of management agreements as part of our acquisition of Emeritus and our entry into management agreements with the CCRC Venture and HCP 49 Venture, each as described in Note 4 to the consolidated financial statements.

During 2015, facility operating expenses were $2.8 billion, an increase of $578.5 million, or 26.2%, as compared to the prior year. Facility operating expenses increased $669.2 million due to the inclusion of Emeritus' operations. Excluding the effects of the Emeritus merger, facility operating expenses decreased $90.7 million, or 3.3%, primarily due to the contribution of communities to the CCRC Venture.

Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders for 2015 was ($457.5) million, or ($2.48) per basic and diluted common share, compared to net income (loss) attributable to Brookdale Senior Living Inc. common stockholders of ($149.0) million, or ($1.01) per basic and diluted common share, for 2014.

During 2015, our Adjusted EBITDA, Cash From Facility Operations and Facility Operating Income increased by 53.8%, 45.3% and 29.3%, respectively, when compared to the prior year. Adjusted EBITDA includes integration, transaction, transaction-related and electronic medical records ("EMR") roll-out costs of $116.8 million for the year ended December 31, 2015 and $146.4 million for the year ended December 31, 2014. Cash From Facility Operations includes integration, transaction, transaction-related and EMR roll-out costs of $123.7 million (including $6.9 million of debt modification costs excluded from Adjusted EBITDA) for the year ended December 31, 2015 and $146.4 million for the year ended December 31, 2014.

Consolidated Results of Operations

Year Ended December 31, 2015 and 2014

The following table sets forth, for the periods indicated, statement of operations items and the amount and percentage of change of these items. The results of operations for any particular period are not necessarily indicative of results for any future period. The following data should be read in conjunction with our consolidated financial statements and the related notes, which are included in "Item 8. Financial Statements and Supplementary Data."

Our results reflect our acquisition of Emeritus subsequent to July 31, 2014, the closing date of the merger. In addition, with respect to the communities contributed to the CCRC Venture and HCP 49 Venture and communities subject to amended lease terms, our results reflect our previously existing ownership, lease and/or management interests through August 29, 2014, and reflect our venture and management interests and amended lease terms for the subsequent periods, each as described in Note 4 to the consolidated financial statements. We contributed all but two of our legacy Brookdale entry fee CCRCs to the CCRC Venture on August 29, 2014, at which time the contributed CCRCs were deconsolidated. The results of the entry fee CCRCs contributed to the CCRC Venture are reported in the CCRCs - Entry Fee segment for the time periods prior to being contributed to the CCRC Venture. The results of the two legacy Brookdale entry fee CCRCs that were not contributed to the CCRC Venture are included in the CCRCs - Entry Fee segment for the six month period ended June 30, 2014 and the CCRC - Rental segment for the periods subsequent to June 30, 2014.

During 2014, one community was moved from the Retirement Centers segment to the CCRCs - Rental segment to more accurately reflect the underlying product offering of the community. The movement did not change our reportable segments, but it did impact the revenues and expenses reported within the Retirement Centers and CCRCs - Rental segments.

45
At December 31, 2015 our total operations included 1,123 communities with a capacity to serve 108,420 residents.

(dollars in thousands, except average monthly revenue per unit)
  
Years Ended
December 31,
    
Increase
(Decrease)
  
   
2015
    
2014
    
Amount
    
Percent
  
Statement of Operations Data:
                
Revenue
                
Resident fees
                
Retirement Centers
  
$
657,940
    
$
582,312
    
$
75,628
      
13.0
%
Assisted Living
    
2,445,457
      
1,685,563
      
759,894
      
45.1
%
CCRCs - Rental
    
604,572
      
493,173
      
111,399
      
22.6
%
CCRCs - Entry Fee
    
—
      
202,414
      
(202,414
)
    
(100.0
)%
Brookdale Ancillary Services
    
469,158
      
337,835
      
131,323
      
38.9
%
Total resident fees
    
4,177,127
      
3,301,297
      
875,830
      
26.5
%
Management services(1)
    
783,481
      
530,409
      
253,072
      
47.7
%
Total revenue
    
4,960,608
      
3,831,706
      
1,128,902
      
29.5
%
Expense
                                
Facility operating expense
                                
Retirement Centers
    
372,683
      
333,429
      
39,254
      
11.8
%
Assisted Living
    
1,568,154
      
1,077,074
      
491,080
      
45.6
%
CCRCs - Rental
    
454,077
      
371,512
      
82,565
      
22.2
%
CCRCs - Entry Fee
    
—
      
153,981
      
(153,981
)
    
(100.0
)%
Brookdale Ancillary Services
    
393,948
      
274,372
      
119,576
      
43.6
%
Total facility operating expense
    
2,788,862
      
2,210,368
      
578,494
      
26.2
%
General and administrative expense
    
370,579
      
280,267
      
90,312
      
32.2
%
Transaction costs
    
8,252
      
66,949
      
(58,697
)
  
NM
  
Facility lease expense
    
367,574
      
323,830
      
43,744
      
13.5
%
Depreciation and amortization
    
733,165
      
537,035
      
196,130
      
36.5
%
Asset impairment
    
57,941
      
9,992
      
47,949
      
479.9
%
Loss on facility lease termination
    
76,143
      
—
      
76,143
      
100.0
%
Costs incurred on behalf of managed communities
    
723,298
      
488,170
      
235,128
      
48.2
%
Total operating expense
    
5,125,814
      
3,916,611
      
1,209,203
      
30.9
%
Income (loss) from operations
    
(165,206
)
    
(84,905
)
    
80,301
      
(94.6
)%
Interest income
    
1,603
      
1,343
      
260
      
19.4
%
Interest expense:
                                
Debt
    
(173,484
)
    
(128,002
)
    
45,482
      
35.5
%
Capital and financing lease obligations
    
(211,132
)
    
(109,998
)
    
101,134
      
91.9
%
Amortization of deferred financing costs and debt premium (discount)
    
(3,351
)
    
(7,477
)
    
(4,126
)
    
(55.2
)%
Change in fair value of derivatives
    
(797
)
    
(2,711
)
    
(1,914
)
    
(70.6
)%
Debt modification and extinguishment costs
    
(7,020
)
    
(6,387
)
    
633
      
9.9
%
Equity in (loss) earnings of unconsolidated ventures
    
(804
)
    
171
      
(975
)
    
(570.2
)%
Other non-operating income
    
9,827
      
7,235
      
2,592
      
35.8
%
Income (loss) before income taxes
    
(550,364
)
    
(330,731
)
    
219,633
    
NM
  
Benefit for income taxes
    
92,209
      
181,305
      
(89,096
)
  
NM
  
Net income (loss)
    
(458,155
)
    
(149,426
)
    
308,729
    
NM
  
Net (income) loss attributable to noncontrolling interest
    
678
      
436
      
242
      
55.5
%
Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders
  
$
(457,477
)
  
$
(148,990
)
  
$
308,487
    
NM
  
Selected Operating and Other Data:
                                
Total number of communities operated (period end)
    
1,123
      
1,143
      
(20
)
    
(1.7
)%
Total units operated(2)
                                
Period end
    
107,786
      
110,219
      
(2,433
)
    
(2.2
)%
Weighted average
    
109,342
      
84,299
      
25,043
      
29.7
%
Owned/leased communities units(2)
                                
Period end
    
80,917
      
82,984
      
(2,067
)
    
(2.5
)%
Weighted average
    
82,508
      
63,710
      
18,798
      
29.5
%
Owned/leased communities occupancy rate (weighted average)
    
86.8
%
    
88.3
%
    
(1.5
)%
    
(1.7
)%
Senior Housing average monthly revenue per unit(3)
  
$
4,310
    
$
4,357
    
$
(47
)
    
(1.1
)%

46

(dollars in thousands, except average monthly revenue per unit)
  
Years Ended
December 31,
    
Increase
(Decrease)
  
   
2015
    
2014
    
Amount
    
Percent
  
Selected Segment Operating and Other Data:
                
Retirement Centers
                
Number of communities (period end)
    
95
      
99
      
(4
)
    
(4.0
)%
Total units(2)
                                
Period end
    
17,093
      
17,315
      
(222
)
    
(1.3
)%
Weighted average
    
17,308
      
15,558
      
1,750
      
11.2
%
Occupancy rate (weighted average)
    
88.8
%
    
89.5
%
    
(0.7
)%
    
(0.8
)%
Senior Housing average monthly revenue per unit(3)
  
$
3,570
    
$
3,485
    
$
85
      
2.4
%
Assisted Living
                                
Number of communities (period end)
    
820
      
838
      
(18
)
    
(2.1
)%
Total units(2)
                                
Period end
    
53,500
      
55,189
      
(1,689
)
    
(3.1
)%
Weighted average
    
54,714
      
36,350
      
18,364
      
50.5
%
Occupancy rate (weighted average)
    
86.7
%
    
88.7
%
    
(2.0
)%
    
(2.3
)%
Senior Housing average monthly revenue per unit(3)
  
$
4,297
    
$
4,356
    
$
(59
)
    
(1.4
)%
CCRCs - Rental
                                
Number of communities (period end)
    
44
      
45
      
(1
)
    
(2.2
)%
Total units(2)
                                
Period end
    
10,324
      
10,480
      
(156
)
    
(1.5
)%
Weighted average
    
10,486
      
8,298
      
2,188
      
26.4
%
Occupancy rate (weighted average)
    
84.4
%
    
85.8
%
    
(1.4
)%
    
(1.6
)%
Senior Housing average monthly revenue per unit(3)
  
$
5,668
    
$
5,757
    
$
(89
)
    
(1.5
)%
CCRCs - Entry Fee
                                
Number of communities (period end)
    
—
      
—
      
—
      
—
  
Total units(2)
                                
Period end
    
—
      
—
      
—
      
—
  
Weighted average
    
—
      
3,504
      
(3,504
)
    
(100.0
)%
Occupancy rate (weighted average)
    
—
      
85.2
%
    
(85.2
)%
    
(100.0
)%
Senior Housing average monthly revenue per unit(3)
  
$
—
    
$
5,103
    
$
(5,103
)
    
(100.0
)%
Management Services
                                
Number of communities (period end)
    
164
      
161
      
3
      
1.9
%
Total units(2)
                                
Period end
    
26,869
      
27,235
      
(366
)
    
(1.3
)%
Weighted average
    
26,834
      
20,589
      
6,245
      
30.3
%
Occupancy rate (weighted average)
    
86.0
%
    
86.5
%
    
(0.5
)%
    
(0.6
)%
                                 
Brookdale Ancillary Services
                                
Outpatient Therapy treatment codes
    
2,506,203
      
3,053,436
      
(547,233
)
    
(17.9
)%
Home Health average census
    
14,211
      
8,345
      
5,866
      
70.3
%
                          
47

(1) Management services segment revenue includes management fees and reimbursements for which we are the primary obligor of costs incurred on behalf of managed communities.

(2) Period end units operated excludes equity homes. Weighted average units operated represents the average units operated during the period, excluding equity homes.

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

Resident Fee Revenue

Resident fee revenue increased $875.8 million in 2015, or 26.5%, over the prior year primarily due to the inclusion of revenue from communities acquired (including communities acquired as part of the Emeritus transaction) and new units added to existing communities since the beginning of 2014, partially offset by the effect of the contribution of entry fee CCRCs to the CCRC Venture. During 2015, revenues grew 1.4% at the 505 communities we owned or leased during both full years, with a 3.4% increase in the average monthly revenue per unit (excluding amortization of entrance fees in both instances). Occupancy in these 505 communities decreased 170 basis points over the prior year.

Retirement Centers segment revenue increased $75.6 million in 2015, or 13.0%, over the prior year primarily due to the inclusion of revenue from communities acquired during 2014. The inclusion of Emeritus' operating results since July 31, 2014 contributed $66.3 million to the increase in revenue. Additionally, revenues increased at the communities we operated during both full periods, primarily due to an increase in average monthly revenue per unit. The increase was partially offset by the reclassification of one community from this segment to the CCRCs - Rental segment subsequent to the beginning of the prior year period and by a decrease in occupancy at the communities we operated during both full periods.

Assisted Living segment revenue increased $759.9 million in 2015, or 45.1%, over the prior year primarily due to the inclusion of revenue from communities acquired during 2014. The inclusion of Emeritus' operating results since July 31, 2014 contributed $744.8 million to the increase in revenue. Additionally, revenues increased at the communities we operated during both full periods, primarily due to an increase in average monthly revenue per unit. The increase was partially offset by a decrease in occupancy at the communities we operated during both full periods.

CCRCs - Rental segment revenue increased $111.4 million in 2015, or 22.6%, over the prior year primarily due to the inclusion of revenue from communities acquired during 2014. The inclusion of Emeritus' operating results since July 31, 2014 contributed $70.5 million to the increase in revenue. Additionally, revenues increased due to the reclassification of three communities into this segment subsequent to the beginning of the prior year period and revenues increased at the communities we operated during both full periods, primarily due to an increase in average monthly revenue per unit. The increase was partially offset by a decrease in occupancy at the communities we operated during both full periods.

Brookdale Ancillary Services segment revenue increased $131.3 million in 2015, or 38.9%, over the prior year primarily due to the inclusion of revenue related to Nurse on Call, which we acquired as part of our acquisition of Emeritus. The inclusion of Nurse on Call revenue since July 31, 2014 contributed $107.6 million to the increase in revenue. Additionally, revenue increased due to an increase in home health average census and the roll-out of our home health and hospice services to additional units subsequent to the prior year period. The increase was partially offset by a decrease in therapy service volume.

48
Management Services Revenue

Management Services segment revenue, including management fees and reimbursed costs incurred on behalf of managed communities, increased $253.1 million in 2015, or 47.7%, primarily due to our assumption of management agreements as part of our acquisition of Emeritus and our entry into management agreements with the CCRC Venture and HCP 49 Venture.

Facility Operating Expense

Facility operating expense increased $578.5 million in 2015, or 26.2%, over the prior year primarily due to the impact of our acquisition of Emeritus, partially offset by the effect of the contribution of entry fee CCRCs to the CCRC Venture.

Retirement Centers segment operating expenses increased $39.3 million in 2015, or 11.8%, primarily due to the inclusion of operating expenses from communities acquired during 2014. The inclusion of Emeritus' operating results since July 31, 2014 contributed $35.3 million to the increase in operating expense. Additionally, operating expenses increased at the communities we operated during both full periods, driven by an increase in salaries and wages due to wage rate increases. The increase was partially offset by the reclassification of one community from this segment to the CCRCs - Rental segment subsequent to the beginning of the prior year period.

Assisted Living segment operating expenses increased $491.1 million in 2015, or 45.6%, primarily due to the inclusion of operating expenses from communities acquired during 2014. The inclusion of Emeritus' operating results since July 31, 2014 contributed $491.7 million to the increase in operating expense. Additionally, operating expenses decreased at the communities we operated during both full periods, driven by a decrease in food costs, primarily due to the impact of increased rebates received. The decrease in operating expenses at the communities we operated during both full periods was partially offset by an increase in salaries and wages due to wage rate increases and an increase in advertising costs.

CCRCs - Rental segment operating expenses increased $82.6 million in 2015, or 22.2%, primarily due to the inclusion of operating expenses from communities acquired during 2014. The inclusion of Emeritus' operating results since July 31, 2014 contributed $53.5 million to the increase in operating expense. Additionally, operating expenses increased due to the reclassification of three communities into this segment subsequent to the beginning of the prior year period and operating expenses increased at the communities we operated during both full periods, primarily due to an increase in salaries and wages due to wage rate increases.

Brookdale Ancillary Services segment operating expenses increased $119.6 million in 2015, or 43.6%, primarily due to the inclusion of expenses related to Nurse on Call, which we acquired as part of our acquisition of Emeritus. The inclusion of Nurse on Call expenses since July 31, 2014 contributed $88.8 million to the increase in expenses. Additionally, expense increased in connection with higher census and increased salaries and wage expense as additional employees are hired to roll out services to communities acquired as part of the Emeritus transaction.

General and Administrative Expense

General and administrative expense increased $90.3 million in 2015, or 32.2%, over the prior year primarily as a result of an increase in integration and transaction-related costs and the addition of employees associated with our acquisition of Emeritus. Integration costs include transition costs associated with the Emeritus merger and organizational restructuring (such as severance and retention payments and recruiting expenses), third party consulting expenses directly related to the integration of Emeritus (in areas such as cost savings and synergy realization, branding and technology and systems work), and internal costs such as training, travel and labor, reflecting time spent by Company personnel on integration activities and projects.  Transaction-related costs include third party costs directly related to the acquisition of Emeritus, other acquisition and disposition activity, community financing and leasing activity and corporate capital structure assessment activities (including shareholder relations advisory matters), and are primarily comprised of legal, finance, consulting, professional fees and other third party costs.

Transaction Costs

Transaction costs for 2015 were $8.3 million, a decrease from $66.9 million in the prior year period. Transaction costs in the prior year period are primarily comprised of transaction fees and direct acquisition costs related to the acquisition of Emeritus and the completion of the transactions with HCP during 2014 and include expenses such as lender costs and legal, banking, accounting and consulting fees. Transaction costs in the current year period primarily relate to direct costs related to community acquisition and leasing activity.
49

Facility Lease Expense

Facility lease expense increased $43.7 million in 2015, or 13.5%, over the prior year primarily due to the inclusion of lease expense from leases assumed as part of our acquisition of Emeritus.

Depreciation and Amortization

Depreciation and amortization expense increased $196.1 million in 2015, or 36.5%, primarily due to the acquisition of communities since the beginning of the prior year period, driven by amortization of in-place lease intangibles acquired as part of our acquisition of Emeritus, partially offset by the contribution of previously owned communities to the CCRC Venture in August 2014. Additionally, depreciation expense increased in 2015 as a result of increased capital expenditures compared to the prior year.

Asset Impairment

During 2015 and 2014, we recorded impairment charges of $57.9 million and $10.0 million, respectively, related to asset impairment for property, plant and equipment and leasehold intangibles for certain communities. During 2015, we sold 17 communities for an aggregate selling price of $82.9 million and recorded $18.4 million of impairment charges related to the communities sold, inclusive of the allocation of $8.1 million of goodwill to the disposed communities. During 2015, we recorded $15.2 million of impairment charges related to 17 communities identified as held for sale as of December 31, 2015, inclusive of the allocation of $12.2 million of goodwill to the disposal groups. Additionally, during 2015, we recorded $24.3 million of non-cash impairment charges for property, plant and equipment and leasehold intangibles for communities to be held and used. These impairment charges are primarily due to lower than expected operating performance of the underlying communities. For the communities identified as held for sale during the year, we compared the estimated selling price of the assets to their carrying value and recorded an impairment charge for the excess of carrying value over estimated selling price less costs to dispose. For communities that we plan to operate for the long-term, we compared the estimated fair value of the assets to their carrying value and recorded an impairment charge for the excess of carrying value over estimated fair value. The $10.0 million impairment charge recorded during 2014 related to asset impairment for property, plant and equipment and leasehold intangibles for certain communities. These impairment charges were primarily due to lower than expected performance of the underlying communities.

Loss on Facility Lease Termination

A loss on facility lease termination of $76.1 million was recognized during 2015 for the difference between the amount paid to acquire the underlying real estate associated with 15 communities that were previously leased and the estimated fair value of the communities, net of the deferred lease liabilities previously recognized.

Costs Incurred on Behalf of Managed Communities

Costs incurred on behalf of managed communities increased $235.1 million, or 48.2%, primarily due to our assumption of new management agreements as part of our acquisition of Emeritus and our entry into management agreements with the CCRC Venture and HCP 49 Venture.

Interest Expense

Interest expense increased $140.6 million in 2015, or 56.6%, primarily due to our assumption of Emeritus debt and capital and financing lease obligations, which increased interest expense by $28.6 million and $102.7 million, respectively (including the impact of non-cash interest expense related to debt discounts and premiums recorded).
50

Income Taxes

Income tax benefit decreased $89.1 million in 2015, or 49.1%, over the prior year. The difference in our effective tax rates for the years ended December 31, 2015 and 2014 was primarily due to an increase in the valuation allowance against our deferred tax assets in 2015 as compared to the reversal of the valuation allowance that occurred in 2014. We determined that the valuation allowance was required due to the loss before income taxes in 2015, and in consideration of our estimated future reversal of existing timing differences as of December 31, 2015. This determination was made based primarily on the future reversal of our existing timing differences as we are not permitted under generally accepted accounting principles to consider future estimates of taxable income at this time. As a result, we recorded a valuation allowance of $112.4 million for the year ended December 31, 2015 of which $0.6 million was recorded as an adjustment to the purchase price allocation for Emeritus and $111.8 million was recorded within the provision for income taxes in the statement of operations in the fourth quarter of 2015. We recorded this valuation allowance against a deferred income tax benefit of $207.0 million as a result of the loss before income taxes for the year ended December 31, 2015 and additional tax credits. The valuation allowance reflects that our net operating losses will begin to expire in 2027, however, we would anticipate using tax planning strategies available to us in order to avoid a true expiration of those losses, should that issue arise. If we continue our trend of increasing losses before income taxes, the valuation allowance may be increased in future periods. Our valuation allowance as of December 31, 2015 is $121.6 million. We do not expect that we will become a federal cash income tax payer until 2020, at the earliest.

As a result of the acquisition of Emeritus, we recorded deferred tax liabilities in excess of deferred tax assets that reflect the difference between the fair market value of the acquired assets over the historical basis of the acquired assets. During the year ended December 31, 2014, we determined that it was more likely than not that our federal net operating loss carryforwards and a majority of our state net operating loss carryforwards and tax credits would be utilized in the future, based on the future reversal of these deferred tax liabilities. As a result, during the year ended December 31, 2014 we recorded an aggregate deferred federal, state and local income tax benefit of $64.2 million from the release of the valuation allowance against certain deferred tax assets. Additionally, we recorded an aggregate deferred federal, state and local tax benefit of $94.1 million as a result of the operating loss for the year ended December 31, 2014. Our 2014 effective rate was also impacted by certain transaction expenses that were incurred as part of acquisition of Emeritus that are required to be capitalized for income tax purposes.

Year Ended December 31, 2014 and 2013

The following table sets forth, for the periods indicated, statement of operations items and the amount and percentage of change of these items. The results of operations for any particular period are not necessarily indicative of results for any future period. The following data should be read in conjunction with our consolidated financial statements and the notes thereto, which are included in "Item 8. Financial Statements and Supplementary Data."

Our 2014 results reflect our acquisition of Emeritus subsequent to July 31, 2014, the closing date of the merger. In addition, with respect to the communities contributed to the CCRC Venture and HCP 49 Venture and communities subject to the amended lease terms, our results reflect our previously existing ownership, lease and/or management interests through August 29, 2014, and reflect our venture and management interests and amended lease terms for the remainder of the period, each as described in Note 4 to the consolidated financial statements. We contributed all but two of our legacy Brookdale entry fee CCRCs to the CCRC Venture on August 29, 2014, at which time the contributed CCRCs were deconsolidated. The results of the entry fee CCRCs contributed to the CCRC Venture are reported in the CCRCs - Entry Fee segment for the time periods prior to being contributed to the CCRC Venture. The results of the two legacy Brookdale CCRCs that were not contributed to the CCRC Venture are included in the CCRCs - Entry Fee segment for the six month period ended June 30, 2014 and the CCRCs - Rental segment for the six month period ended December 31, 2014 based on how operating results are being reviewed by the chief operating decision maker following the creation of the CCRC Venture.

51
During 2014, two communities were moved from the Retirement Centers segment to the Assisted Living segment and one community was moved from the Retirement Centers segment to the CCRCs - Rental segment to more accurately reflect the underlying product offering of the communities. The movement did not change our reportable segments, but it did impact the revenues and expenses reported within the Retirement Centers, Assisted Living and CCRCs - Rental segments. Revenue and expenses for the year ended December 31, 2013 have not been recast.

(dollars in thousands, except average monthly revenue per unit)
  
Years Ended
December 31,
    
Increase
(Decrease)
  
   
2014
    
2013
    
Amount
    
Percent
  
Statement of Operations Data:
                
Revenue
                
Resident fees
                
Retirement Centers
  
$
582,312
    
$
526,284
    
$
56,028
      
10.6
%
Assisted Living
    
1,685,563
      
1,051,868
      
633,695
      
60.2
%
CCRCs - Rental
    
493,173
      
396,975
      
96,198
      
24.2
%
CCRCs - Entry Fee
    
202,414
      
297,756
      
(95,342
)
    
(32.0
)%
Brookdale Ancillary Services
    
337,835
      
242,150
      
95,685
      
39.5
%
Total resident fees
    
3,301,297
      
2,515,033
      
786,264
      
31.3
%
Management services(1)
    
530,409
      
376,933
      
153,476
      
40.7
%
Total revenue
    
3,831,706
      
2,891,966
      
939,740
      
32.5
%
Expense
                                
Facility operating expense
                                
Retirement Centers
    
333,429
      
304,002
      
29,427
      
9.7
%
Assisted Living
    
1,077,074
      
662,190
      
414,884
      
62.7
%
CCRCs - Rental
    
371,512
      
287,949
      
83,563
      
29.0
%
CCRCs - Entry Fee
    
153,981
      
221,363
      
(67,382
)
    
(30.4
)%
Brookdale Ancillary Services
    
274,372
      
196,441
      
77,931
      
39.7
%
Total facility operating expense
    
2,210,368
      
1,671,945
      
538,423
      
32.2
%
General and administrative expense
    
280,267
      
180,627
      
99,640
      
55.2
%
Transaction costs
    
66,949
      
3,921
      
63,028
    
NM
  
Facility lease expense
    
323,830
      
276,729
      
47,101
      
17.0
%
Depreciation and amortization
    
537,035
      
268,757
      
268,278
      
99.8
%
Asset impairment
    
9,992
      
12,891
      
(2,899
)
    
(22.5
)%
Costs incurred on behalf of managed communities
    
488,170
      
345,808
      
142,362
      
41.2
%
Total operating expense
    
3,916,611
      
2,760,678
      
1,155,933
      
41.9
%
Income (loss) from operations
    
(84,905
)
    
131,288
      
(216,193
)
    
(164.7
)%
Interest income
    
1,343
      
1,339
      
4
      
0.3
%
Interest expense:
                                
Debt
    
(128,002
)
    
(96,131
)
    
31,871
      
33.2
%
Capital and financing lease obligations
    
(109,998
)
    
(25,194
)
    
84,804
      
336.6
%
Amortization of deferred financing costs and debt premium (discount)
    
(7,477
)
    
(17,054
)
    
(9,577
)
    
(56.2
)%
Change in fair value of derivatives
    
(2,711
)
    
980
      
3,691
      
376.6
%
Debt modification and extinguishment costs
    
(6,387
)
    
(1,265
)
    
5,122
      
404.9
%
Equity in earnings of unconsolidated ventures
    
171
      
1,484
      
(1,313
)
    
(88.5
)%
Other non-operating income
    
7,235
      
2,725
      
4,510
      
165.5
%
Income (loss) before income taxes
    
(330,731
)
    
(1,828
)
    
328,903
    
NM
  
Benefit (provision) for income taxes
    
181,305
      
(1,756
)
    
183,061
    
NM
  
Net income (loss)
    
(149,426
)
    
(3,584
)
    
145,842
    
NM
  
Net (income) loss attributable to noncontrolling interest
    
436
      
—
      
436
      
100.0
%
Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders
  
$
(148,990
)
  
$
(3,584
)
  
$
146,278
    
NM
  
Selected Operating and Other Data:
                                
Total number of communities operated (period end)
    
1,143
      
649
      
494
      
76.1
%
Total units operated(2)
                                
Period end
    
110,219
      
65,832
      
44,387
      
67.4
%
Weighted average
    
84,299
      
66,173
      
18,126
      
27.4
%
Owned/leased communities units(2)
                                
Period end
    
82,984
      
48,422
      
34,562
      
71.4
%
Weighted average
    
63,710
      
48,090
      
15,620
      
32.5
%
Owned/leased communities occupancy rate (weighted average)
    
88.3
%
    
88.7
%
    
(0.4
)%
    
(0.5
)%
Senior Housing average monthly revenue per unit(3)
  
$
4,357
    
$
4,383
    
$
(26
)
    
(0.6
)%

52

(dollars in thousands, except average monthly revenue per unit)
  
Years Ended
December 31,
    
Increase
(Decrease)
  
   
2014
    
2013
    
Amount
    
Percent
  
Selected Segment Operating and Other Data:
                
Retirement Centers
                
Number of communities (period end)
    
99
      
76
      
23
      
30.3
%
Total units(2)
                                
Period end
    
17,315
      
14,454
      
2,861
      
19.8
%
Weighted average
    
15,558
      
14,439
      
1,119
      
7.7
%
Occupancy rate (weighted average)
    
89.5
%
    
89.8
%
    
(0.3
)%
    
(0.3
)%
Senior Housing average monthly revenue per unit(3)
  
$
3,485
    
$
3,381
    
$
104
      
3.1
%
Assisted Living
                                
Number of communities (period end)
    
838
      
438
      
400
      
91.3
%
Total units(2)
                                
Period end
    
55,189
      
22,158
      
33,031
      
149.1
%
Weighted average
    
36,350
      
21,679
      
14,671
      
67.7
%
Occupancy rate (weighted average)
    
88.7
%
    
89.7
%
    
(1.0
)%
    
(1.1
)%
Senior Housing average monthly revenue per unit(3)
  
$
4,356
    
$
4,510
    
$
(154
)
    
(3.4
)%
CCRCs - Rental
                                
Number of communities (period end)
    
45
      
26
      
19
      
73.1
%
Total units(2)
                                
Period end
    
10,480
      
6,478
      
4,002
      
61.8
%
Weighted average
    
8,298
      
6,669
      
1,629
      
24.4
%
Occupancy rate (weighted average)
    
85.8
%
    
86.8
%
    
(1.0
)%
    
(1.2
)%
Senior Housing average monthly revenue per unit(3)
  
$
5,757
    
$
5,715
    
$
42
      
0.7
%
CCRCs - Entry Fee
                                
Number of communities (period end)
    
—
      
14
      
(14
)
    
(100.0
)%
Total units(2)
                                
Period end
    
—
      
5,332
      
(5,332
)
    
(100.0
)%
Weighted average
    
3,504
      
5,303
      
(1,799
)
    
(33.9
)%
Occupancy rate (weighted average)
    
85.2
%
    
84.2
%
    
1.0
%
    
1.2
%
Senior Housing average monthly revenue per unit(3)
  
$
5,103
    
$
5,013
    
$
90
      
1.8
%
Other Entry Fee Data
                                
Non-refundable entrance fees sales
  
$
32,704
    
$
44,191
    
$
(11,487
)
    
(26.0
)%
Refundable entrance fees sales(4)
    
20,342
      
48,140
      
(27,798
)
    
(57.7
)%
Total entrance fee receipts
    
53,046
      
92,331
      
(39,285
)
    
(42.5
)%
Refunds
    
(25,865
)
    
(35,325
)
    
(9,460
)
    
(26.8
)%
Net entrance fees
  
$
27,181
    
$
57,006
    
$
(29,825
)
    
(52.3
)%
Management Services
                                
Number of communities (period end)
    
161
      
95
      
66
      
69.5
%
Total units(2)
                                
Period end
    
27,235
      
17,410
      
9,825
      
56.4
%
Weighted average
    
20,589
      
18,083
      
2,506
      
13.9
%
Occupancy rate (weighted average)
    
86.5
%
    
85.4
%
    
1.1
%
    
1.3
%
                                 
Brookdale Ancillary Services
                                
Outpatient Therapy treatment codes
    
3,053,436
      
3,325,129
      
(271,693
)
    
(8.2
)%
Home Health average census
    
8,345
      
4,498
      
3,847
      
85.5
%
                          
53

(1) Management services segment revenue includes management fees and reimbursements for which we are the primary obligor of costs incurred on behalf of managed communities.

(2) Period end units operated excludes equity homes. Weighted average units operated represents the average units operated during the period, excluding equity homes.

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

(4) Refundable entrance fee sales for the years ended December 31, 2014 and 2013 include amounts received from residents participating in the MyChoice program, which allows new and existing residents the option to pay additional refundable entrance fee amounts in return for a reduced monthly service fee. MyChoice amounts received from residents totaled $2.9 million and $19.0 million for the years ended December 31, 2014 and 2013, respectively.

Resident Fee Revenue

Resident fee revenue increased $786.3 million in 2014, or 31.3%, over the prior year primarily due to the inclusion of revenue from communities acquired (including communities acquired as part of the Emeritus transaction) and new units added to existing communities since the end of 2013, partially offset by the effect of the contribution of entry fee CCRCs to the CCRC Venture. During 2014, revenues grew 2.9% at the 500 communities we owned or leased during both years, with a 3.4% increase in the average monthly revenue per unit (excluding amortization of entrance fees in both instances). Occupancy in these 500 communities decreased 0.5% over the prior year.

Retirement Centers segment revenue increased $56.0 million in 2014, or 10.6%, over the prior year primarily due to the inclusion of revenue from communities acquired during 2014. The inclusion of Emeritus' operating results since July 31, 2014 contributed $49.5 million to the increase in revenue. Excluding the effects of our acquisition of Emeritus, Retirement Centers segment revenue increased $6.5 million in 2014, or 1.2%, over the prior year primarily due to an increase in average monthly revenue per unit at the communities we operated during both years, offset in part by the reclassification of two communities from this segment into the Assisted Living segment and one community from this segment to the CCRCs - Rental segment during 2014.

Assisted Living segment revenue increased $633.7 million in 2014, or 60.2%, over the prior year primarily due to the inclusion of revenue from communities acquired during 2014. The inclusion of Emeritus' operating results since July 31, 2014 contributed $573.3 million to the increase in revenue. Excluding the effects of our acquisition of Emeritus, Assisted Living segment revenue increased $60.4 million in 2014, or 5.7%, over the prior year primarily due to an increase in average monthly revenue per unit at the communities we operated during both years. Additionally, Assisted Living segment revenue increased due to the impact of the reclassification of two communities from the Retirement Centers segment into this segment during 2014. The increase was partially offset by a decrease in occupancy at the communities we operated during both periods.

CCRCs - Rental segment revenue increased $96.2 million in 2014, or 24.2%, over the prior year primarily due to the inclusion of revenue from communities acquired during 2014. The inclusion of Emeritus' operating results since July 31, 2014 contributed $70.3 million to the increase in revenue. Excluding the effects of our acquisition of Emeritus, revenue increased $25.9 million in 2014, or 6.5%, over the prior year primarily due to the reclassification of two communities into this segment from the CCRCs - Entry Fee segment beginning with the third quarter of 2014 and an increase in average monthly revenue per unit at the communities we operated during both years. The increase was partially offset by a decrease in occupancy at the communities we operated during both periods.

CCRCs - Entry Fee segment revenue decreased $95.3 million in 2014, or 32.0%, over the prior year primarily due to the contribution of all but two of our legacy Brookdale entry fee CCRCs to the CCRC Venture and the reclassification of the two remaining legacy Brookdale CCRCs from this segment into the CCRCs - Rental segment beginning with the third quarter of 2014.

Brookdale Ancillary Services segment revenue increased $95.7 million in 2014, or 39.5%, over the prior year primarily due to the inclusion of $76.8 million of revenues related to Nurse on Call, which we acquired as part of our acquisition of Emeritus. Excluding the effects of our acquisition of Emeritus, Brookdale Ancillary Services segment revenue increased $18.9 million in 2014, or 7.8%, over the prior year driven by an increase in home health average census and the roll-out of our hospice services to additional units in 2014. The increase was partially offset by a decrease in therapy service volume during 2014.


54
Management Services Revenue

Management Services segment revenue, including reimbursed costs incurred on behalf of managed communities, increased $153.5 million in 2014, or 40.7%, over the prior year. The increase in management fees and reimbursed costs on behalf of managed communities is primarily due to our assumption of management agreements as part of our acquisition of Emeritus and our entry into management agreements with the CCRC Venture and HCP 49 Venture.

Facility Operating Expense

Facility operating expense increased $538.4 million in 2014, or 32.2%, over the prior year primarily due to the impact of our acquisition of Emeritus.

Retirement Centers segment operating expenses increased $29.4 million in 2014, or 9.7%, over the prior year primarily due to the inclusion of operating expenses from communities acquired during 2014. Of the increase, $25.9 million was attributable to the inclusion of the operating results of Emeritus since July 31, 2014. Excluding the effects of our acquisition of Emeritus, operating expenses increased $3.5 million driven by an increase in salaries and wages due to wage rate increases and an increase in advertising expense. The increase was offset in part by the reclassification of two communities from this segment into the Assisted Living segment and one community from this segment to the CCRCs - Rental segment during 2014.

Assisted Living segment operating expenses increased $414.9 million in 2014, or 62.7%, over the prior year primarily due to the inclusion of operating expenses from communities acquired during 2014. Of the increase, $370.7 million was attributable to the inclusion of the operating results of Emeritus since July 31, 2014. Excluding the effects of our acquisition of Emeritus, operating expenses increased by $44.2 million driven by an increase in salaries and wages due to wage rate increases, an increase in insurance expense and an increase in advertising expense. Additionally, Assisted Living segment operating expenses increased due to the impact of the reclassification of two communities from the Retirement Centers segment into this segment during 2014.

CCRCs - Rental segment operating expenses increased $83.6 million in 2014, or 29.0%, over the prior year primarily due to the inclusion of operating expenses from communities acquired during 2014. Of the increase, $52.9 million was attributable to the inclusion of the operating results of Emeritus since July 31, 2014. The remaining $30.7 million increase was primarily due to the reclassification of two communities into this segment from the CCRCs - Entry Fee segment beginning with the third quarter of 2014.

CCRCs - Entry Fee segment operating expenses decreased $67.4 million in 2014, or 30.4%, over the prior year primarily due to the contribution of all but two of our legacy Brookdale entry fee CCRCs to the CCRC Venture and the reclassification of the two remaining legacy Brookdale CCRCs from this segment into the CCRCs - Rental segment beginning with the third quarter of 2014.

Brookdale Ancillary Services segment operating expenses increased $77.9 million in 2014, or 39.7%, over the prior year primarily due to the inclusion of expenses related to Nurse on Call (which we acquired in connection with our acquisition of Emeritus) and an increase in expenses incurred in connection with higher census and the continued expansion of our ancillary services programs, partially offset by a decrease in bad debt expense.

General and Administrative Expense

General and administrative expense increased $99.6 million in 2014, or 55.2%, over the prior year primarily as a result of an increase in integration costs and the addition of employees associated with our acquisition of Emeritus. Integration costs include third-party expenses directly related to the integration of Emeritus as well as internal costs such as labor, reflecting time spent by our personnel on integration and transaction activity. Transaction costs relating to our acquisition of Emeritus (and the completion of the transactions during 2014 with HCP) are reported separately from general and administrative expense, as further discussed below.

55
Transaction Costs

Transaction costs for 2014 were $66.9 million, an increase from $4.0 million in the prior year. The increase is a result of transaction fees and direct acquisition costs related to our acquisition of Emeritus and the completion of the transactions with HCP during 2014, including expenses such as lender costs and legal, banking, accounting and consulting fees.

Facility Lease Expense

Facility lease expense increased $47.1 million in 2014, or 17.0%, over the prior year primarily due to the inclusion of lease expense from leases assumed as part of our acquisition of Emeritus.

Depreciation and Amortization

Depreciation and amortization expense increased $268.3 million in 2014, or 99.8%, over the prior year primarily due to the acquisition of communities in 2014, driven by amortization of in-place lease intangibles acquired as part of our acquisition of Emeritus, partially offset by the contribution of previously owned communities to the CCRC Venture in August 2014. Additionally, depreciation expense increased in 2014 as a result of increased capital expenditures compared to the prior year.

Asset Impairment

During 2014 and 2013, we recorded impairment charges of $10.0 million and $12.9 million, respectively, related to asset impairment for property, plant and equipment and leasehold intangibles for certain communities. These impairment charges are primarily due to lower than expected performance of the underlying communities. We compared the estimated fair value of the assets to their carrying value and recorded an impairment charge for the excess of carrying value over estimated fair value.

Costs Incurred on Behalf of Managed Communities

Costs incurred on behalf of managed communities increased $142.4 million, or 41.2%, primarily due to the our assumption of management agreements as part of our acquisition of Emeritus and our entry into management agreements with the CCRC Venture and HCP 49 Venture.

Interest Expense

Interest expense increased $110.8 million in 2014, or 80.6%, over the prior year primarily due to our assumption of Emeritus' debt and capital and financing lease obligations, which increased interest expense by $25.0 million and $85.1 million, respectively (including the impact of non-cash interest expense related to the amortization of debt discounts and premiums recorded).

Income Taxes

The difference in our effective tax rates for the years ended December 31, 2014 and 2013 was primarily due to the reversal in 2014 of the valuation allowance that had been recorded against our deferred tax assets. As a result of the acquisition of Emeritus, we recorded deferred tax liabilities in excess of deferred tax assets that reflect the difference between the fair market value of the acquired assets over the historical basis of the acquired assets. In 2014, we determined that it was more likely than not that our federal net operating loss carryforwards and a majority of our state net operating loss carryforwards and tax credits would be utilized in the future, based on the future reversal of these deferred tax liabilities. As a result, during 2014 we recorded an aggregate deferred federal, state and local income tax benefit of $64.2 million from the release of the valuation allowance against certain deferred tax assets. Additionally, we recorded an aggregate deferred federal, state and local tax benefit of $94.1 million as a result of the operating loss for the year ended December 31, 2014. Our 2014 effective rate was also impacted by certain transaction expenses that were incurred as part of acquisition of Emeritus that are required to be capitalized for income tax purposes.

56
Critical Accounting Policies and Estimates

The preparation of our financial statements in conformity with accounting principles generally accepted in the United States, or GAAP, requires us to make estimates and judgments that affect our reported amounts of assets and liabilities, revenues and expenses. We consider an accounting estimate to be critical if it requires assumptions to be made that were uncertain at the time the estimate was made and changes in the estimate, or different estimates that could have been selected, could have a material impact on our consolidated results of operations or financial condition. We have identified the following critical accounting policies that affect significant estimates and judgments.

Self-Insurance Liability Accruals

We are subject to various legal proceedings and claims that arise in the ordinary course of our business. Although we maintain general liability and professional liability insurance policies for our owned, leased and managed communities under a master insurance program, the Company's current policies provide for deductibles for each and every claim.

As a result, we are effectively self-insured for claims that are less than the deductible amounts. In addition, we maintain a large-deductible workers compensation program and a self-insured employee medical program. We have secured our obligations related to general liability, professional liability and workers compensation programs with cash aggregating $15.6 million, deposits aggregating $40.5 million and letters of credit aggregating $49.8 million as of December 31, 2015. Third-party insurers are responsible for claim costs above program deductibles and retentions.

The cost of our employee health and dental benefits, net of employee contributions, is shared by us and our communities based on the respective number of participants working directly either at our corporate offices or at the communities. Cash received is used to pay the actual costs of administering the program which include paid claims, third-party administrative fees, network provider fees, communication costs, and other related administrative costs incurred by us. Claims are paid as they are submitted to the plan administrator.

Outstanding losses and expenses for general liability and professional liability and workers compensation are estimated based on the recommendations of independent actuaries and management's estimates. Outstanding losses and expenses for our self-insured medical program are estimated based on the recommendation of our third party administrator and management's estimates.

We review the adequacy of our accruals related to these liabilities on an ongoing basis, using historical claims, actuarial valuations, third-party administrator estimates, consultants, advice from legal counsel and industry data, and adjust accruals periodically. Estimated costs related to these self-insurance programs are accrued based on known claims and projected claims incurred but not yet reported. Subsequent changes in actual experience are monitored and estimates are updated as information is available. Changes in self-insurance reserves are recorded as an increase or decrease to expense in the period that the determination is made.

Income Taxes

We account for income taxes under the provisions of Accounting Standards Codification ("ASC") 740, Income Taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using tax rates in effect for the year in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts that are expected to be realized. As of December 31, 2015 and 2014, we have a valuation allowance against deferred tax assets of approximately $121.6 million and $9.2 million, respectively. When we determine that it is more likely than not that we will be able to realize our deferred tax assets in the future in excess of our net recorded amount, an adjustment to the deferred tax asset would be made and reflected in income. This determination will be made by considering various factors, including the reversal and timing of existing temporary differences, tax planning strategies and estimates of future taxable income exclusive of the reversal of temporary differences, although we are currently precluded under GAAP from considering estimates of future taxable income in our analysis due to our cumulative historical operating losses.

We have elected the "with-and-without approach" regarding ordering of windfall tax benefits to determine whether the windfall tax benefit did reduce taxes payable in the current year. Under this approach, the windfall tax benefits would be recognized in additional paid-in capital only if an incremental tax benefit is realized after considering all other tax benefits presently available to us.
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Lease Accounting

We determine whether to account for our leases as either operating or capital or financing leases depending on the underlying terms. As of December 31, 2015, we operated 546 communities under long-term leases with operating, capital and financing lease obligations. The determination of this classification is complex and in certain situations requires a significant level of judgment. Our classification criteria is based on estimates regarding the fair value of the leased communities, minimum lease payments, effective cost of funds, the economic life of the community and certain other terms in the lease agreements. Communities under operating leases are accounted for in our consolidated statements of operations as lease expenses for actual rent paid plus or minus straight-line adjustments for fixed or estimated minimum lease escalators as well as amortization of above/below market rents and deferred gains. For communities under capital and financing lease obligation arrangements, a liability is established on our balance sheets and a corresponding long-term asset is recorded. Lease payments are allocated between principal and interest on the remaining base lease obligations. For capital lease assets, the asset is depreciated over the remaining lease term unless there is a bargain purchase option in which case the asset is depreciated over the useful life. For financing lease assets, the asset is depreciated over the useful life of the asset. In addition, we amortize leasehold improvements purchased during the term of the lease over the shorter of their economic life or the lease term. Sale-leaseback transactions are recorded as lease financing obligations when the transactions include a form of continuing involvement, such as purchase options.

Allowance for Doubtful Accounts and Contractual Adjustments

Accounts receivable are reported net of an allowance for doubtful accounts, and represent our estimate of the amount that ultimately will be realized in cash. The allowance for doubtful accounts was $26.5 million as of both December 31, 2015 and 2014. The adequacy of our allowance for doubtful accounts is reviewed on an ongoing basis, using historical payment trends, write-off experience, analyses of receivable portfolios by payor source and aging of receivables, as well as a review of specific accounts, and adjustments are made to the allowance as necessary. Recent changes in legislation are not expected to have a material impact on the collectability of our accounts receivable; however, changes in economic conditions could have an impact on the collection of existing receivable balances or future allowance calculations.

Approximately 81.9% and 80.7% of our resident fee revenues for the years ended December 31, 2015 and 2014, respectively, were derived from private pay customers and 18.1% and 19.3% of our resident fee revenues for the years ended December 31, 2015 and 2014, respectively, were derived from services covered by various third-party payor programs, including Medicare and Medicaid. Billings for services under third-party payor programs are recorded net of estimated retroactive adjustments, if any, under reimbursement programs. Revenue related to these billings is recorded on an estimated basis in the period the related services are rendered and adjusted in future periods or as final settlements are determined. We accrue contractual or cost related adjustments from Medicare or Medicaid when assessed (without regard to when the assessment is paid or withheld), even if we have not agreed to or are appealing the assessment. Subsequent positive or negative adjustments to these accrued amounts are recorded in net revenues when known.

Long-Lived Assets and Goodwill

As of December 31, 2015 and 2014, our long-lived assets were comprised primarily of $8.0 billion and $8.4 billion of net property, plant and equipment and leasehold intangibles, respectively. In accounting for our property, plant and equipment and leasehold intangibles, we apply the provisions of ASC 360, Property, Plant and Equipment. Acquisitions are accounted for using the purchase method of accounting and the purchase prices are assigned to acquired assets and liabilities based on their estimated fair values. Goodwill recorded in connection with business combinations is allocated to the respective reporting unit and included in our application of the provisions of ASC 350, Intangibles – Goodwill and Other ("ASC 350"). As of December 31, 2015 and 2014, we had goodwill balances of $725.7 million and $736.8 million, respectively. The decrease in goodwill during the year ended December 31, 2015 is attributed to the allocation of goodwill to communities sold or identified as assets held for sale. The decrease was partially offset by the impact of current year changes to the initial allocation of fair values of the assets acquired and liabilities for the acquisition of Emeritus.

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We test long-lived assets other than goodwill and indefinite-lived intangible assets for recoverability annually during our fourth quarter or whenever changes in circumstances indicate the carrying value may not be recoverable. Recoverability of an asset (group) is estimated by comparing its carrying value to the future net undiscounted cash flows expected to be generated by the asset (group). If this comparison indicates that the carrying value of an asset (group) is not recoverable, we are required to recognize an impairment loss. The impairment loss is measured by the amount by which the carrying amount of the asset (group) exceeds its estimated fair value. When an impairment loss is recognized for assets to be held and used, the carrying amount of those assets is permanently adjusted and depreciated over its remaining useful life. During 2015, 2014 and 2013 we evaluated long-lived depreciable assets and determined that the undiscounted cash flows exceeded the carrying value of these assets for all except a small number of communities. Estimated fair values were determined for these certain properties and we recorded non-cash asset impairment charges of $57.9 million, $10.0 million and $12.9 million for 2015, 2014 and 2013, respectively. These impairment charges are primarily due to our decision to sell the properties or lower than expected performance of the underlying communities and equal the amount by which the carrying values of the assets exceed the estimated fair value or in the case of assets held for sale, fair value less costs to dispose.

We test goodwill for impairment annually during our fourth quarter, or whenever indicators exist that suggest that our goodwill may not be recoverable. Factors we consider important in our analysis of whether an indicator of impairment exists, which could trigger an impairment of goodwill in the future, include a significant decline in our stock price for a sustained period since the last testing date, a decline in our market capitalization below net book value, significant underperformance relative to historical or projected future operating results and significant negative industry or economic trends. We first assess qualitative factors to determine whether it is necessary to perform a two-step quantitative goodwill impairment test. We are not required to calculate the fair value of a reporting unit unless the entity determines, based on a qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. The quantitative goodwill impairment test is based upon a comparison of the estimated fair value of the reporting unit to which the goodwill has been assigned with the reporting unit's carrying value.

Indefinite-lived intangible assets are tested for impairment annually during our fourth quarter or more frequently as required. The impairment test consists of a comparison of the estimated fair value of the indefinite-lived intangible asset with its carrying value. If the carrying amount exceeds its fair value, an impairment loss is recognized for that difference.

In estimating the fair value of long-lived assets (groups) and reporting units for purposes of our goodwill impairment test, we generally use the income approach. The income approach utilizes future cash flow projections that are developed internally. Any estimates of future cash flow projections necessarily involve predicting an unknown future and require significant management judgments and estimates. In arriving at our cash flow projections, we consider our historic operating results, approved budgets and business plans, future demographic factors, expected growth rates, and other factors. Future events may indicate differences from management's current judgments and estimates which could, in turn, result in future impairments. Future events that may result in impairment charges include increases in interest rates, which could impact capitalization and discount rates, differences in the projected occupancy rates and changes in the cost structure of existing communities.

In using the income approach to estimate the fair value of long-lived assets (groups) and reporting units for purposes of our goodwill impairment test, we make certain key assumptions. Those assumptions include future revenues and future facility operating expenses, and future cash flows that we would receive upon a sale of the communities using estimated capitalization rates. We corroborate the capitalization rates we use in these calculations with capitalization rates observable from recent market transactions.

Where required, future cash flows are discounted at a rate that is consistent with a weighted average cost of capital from a market participant perspective. The weighted average cost of capital is an estimate of the overall after-tax rate of return required by equity and debt holders of a business enterprise.

As of our annual assessment date on October 1, 2015 and as of December 31, 2015, our estimated fair values of our reporting units exceeded their carrying values and we concluded, based on the first step process, that there was no impairment of goodwill. The fair value exceeded carrying value by more than 50% for each of our reporting units, with the exception of our Assisted Living reporting unit.  The fair value exceeded the carrying value of our Assisted Living reporting unit by approximately 25%.  Goodwill allocated to our Assisted Living reporting unit is approximately $571.5 million as of December 31, 2015.  Determining the fair value of a reporting unit or asset group involves the use of significant estimates and assumptions, which we believe to be reasonable, that are unpredictable and inherently uncertain. These estimates and assumptions include revenue growth rates and operating margins used to calculate projected future cash flows and risk-adjusted discount rates. Significant adverse changes in our future revenues and/or operating margins, significant changes in the market for senior housing or the valuation of the real estate of senior living communities, as well as other events and circumstances, including but not limited to increased competition and changing economic or market conditions, including market control premiums, could result in changes in fair value and the determination that all or a portion of our goodwill is impaired. The fair value of our Assisted Living reporting unit was estimated utilizing revenue growth rates ranging from 3.0% to 4.5%, expense growth rates from 3.0% to 4.5%, discount rates ranging from 8.5% to 10.0%, and capitalization rates ranging from 6.5% to 8.0%.
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Our impairment loss assessment contains uncertainties because it requires us to apply judgment to estimate whether there has been a decline in the fair value of our reporting units, including estimating future cash flows, and if necessary, the fair value of our assets and liabilities.  As we periodically perform this assessment, changes in our estimates and assumptions may cause us to realize material impairment charges in the future. Although we make every reasonable effort to ensure the accuracy of our estimate of the fair value of our reporting units, future changes in the assumptions used to make these estimates could result in the recording of an impairment loss.

Stock-Based Compensation

ASC 718, Compensation – Stock Compensation ("ASC 718") requires measurement of the cost of employee services received in exchange for stock compensation based on the grant-date fair value of the employee stock awards. This cost is recognized as compensation expense ratably over the employee's requisite service period. Incremental compensation costs arising from subsequent modifications of awards after the grant date must be recognized when incurred.

Certain of our employee stock awards vest only upon the achievement of performance targets. ASC 718 requires recognition of compensation cost only when achievement of performance conditions is considered probable. Consequently, our determination of the amount of stock compensation expense requires a significant level of judgment in estimating the probability of achievement of these performance targets. Additionally, we must make estimates regarding employee forfeitures in determining compensation expense. Subsequent changes in actual experience are monitored and estimates are updated as information is available.

Litigation

Litigation is inherently uncertain and the outcome of individual litigation matters is not predictable with assurance. As described in Note 17 to the consolidated financial statements, we are involved in various legal actions and claims incidental to the conduct of our business which are comparable to other companies in the senior living and healthcare industries. We have established loss provisions for matters in which losses are probable and can be reasonably estimated. In other instances, we may not be able to make a reasonable estimate of any liability because of uncertainties related to the outcome and/or the amount or range of losses. Changes in our current estimates, due to unanticipated events or otherwise, could have a material impact on our financial condition and results of operations.

New Accounting Pronouncements

See Note 2 to the consolidated financial statements contained in "Item 8. Financial Statements and Supplementary Data" for a discussion of new accounting pronouncements.

Liquidity and Capital Resources

The following is a summary of cash flows from operating, investing and financing activities, as reflected in the Consolidated Statements of Cash Flows (in thousands):

   
Year Ended
December 31,
  
   
2015
    
2014
  
Cash provided by operating activities
  
$
292,366
    
$
242,652
  
Cash used in investing activities
    
(568,977
)
    
(314,882
)
Cash provided by financing activities
    
260,557
      
117,802
  
Net (decrease) increase in cash and cash equivalents
    
(16,054
)
    
45,572
  
Cash and cash equivalents at beginning of year
    
104,083
      
58,511
  
Cash and cash equivalents at end of year
  
$
88,029
    
$
104,083
  

The increase in cash provided by operating activities of $49.7 million was attributable primarily to the inclusion of Emeritus' operating results.

The increase in cash used in investing activities of $254.1 million was primarily attributable to our acquisition of previously leased communities in 2015. Additionally, there was an increase in spending on property, plant and equipment and leasehold intangibles and an increase in investments in unconsolidated ventures.

The increase in cash provided by financing activities of $142.8 million was primarily attributable to the proceeds from draws on our secured credit facility and mortgage debt incurred in connection with certain acquisitions during 2015. The prior year period included the receipt of $330.4 million of net proceeds from a public equity offering of approximately 10.3 million shares of common stock.

Our principal sources of liquidity have historically been from:

•
cash balances on hand;
•
cash flows from operations;
•
proceeds from our credit facilities;
•
funds generated through unconsolidated venture arrangements;
•
proceeds from mortgage financing, refinancing of various assets or sale-leaseback transactions; and
•
funds raised in the debt or equity markets and proceeds from the selective disposition of underperforming and/or non-core assets.
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Over the longer-term, we expect to continue to fund our business through these principal sources of liquidity.

Our liquidity requirements have historically arisen from:

•
working capital;
•
operating costs such as employee compensation and related benefits, general and administrative expense and supply costs;
•
debt service and lease payments;
•
acquisition consideration and transaction and integration costs;
•
capital expenditures and improvements, including the expansion, renovation, redevelopment and repositioning of our current communities and the development of new communities;
•
cash collateral required to be posted in connection with our financial instruments;
•
purchases of common stock under our share repurchase authorizations;
•
other corporate initiatives (including integration, information systems and branding); and
•
prior to 2009, dividend payments.

Over the near-term, we expect that our liquidity requirements will primarily arise from:

•
working capital;
•
operating costs such as employee compensation and related benefits, general and administrative expense and supply costs;
•
debt service and lease payments;
•
acquisition consideration and transaction and integration costs;
•
capital expenditures and improvements, including the expansion, renovation, redevelopment and repositioning of our existing communities;
•
cash funding needs of our unconsolidated ventures for operating, capital expenditure and financing needs; and
•
other corporate initiatives (including integration, information systems and branding).

We are highly leveraged and have significant debt and lease obligations. As of December 31, 2015, we have three principal corporate-level debt obligations: our $500.0 million secured credit facility, our $316.3 million 2.75% convertible senior notes due 2018, and our separate secured and unsecured letter of credit facilities providing for up to $80.2 million of letters of credit in the aggregate. The remainder of our indebtedness is generally comprised of approximately $3.3 billion of non-recourse property-level mortgage financings as of December 31, 2015.

At December 31, 2015, we had $3.9 billion of debt outstanding, including $310.0 million drawn on our secured credit facility and excluding capital and financing lease obligations, at a weighted-average interest rate of 4.7% (calculated using an imputed interest rate of 7.5% for our 2.75% convertible senior notes due 2018). At December 31, 2015, we had $2.5 billion of capital and financing lease obligations and $82.4 million of letters of credit had been issued under our letter of credit facilities. Approximately $235.6 million of our debt and capital and financing lease obligations are due on or before December 31, 2016. We also have substantial operating lease obligations and capital expenditure requirements. For the year ending December 31, 2016 we will be required to make approximately $390.8 million of payments in connection with our existing operating leases.

At December 31, 2015, we had $342.2 million of negative working capital. We had $88.0 million of cash and cash equivalents at December 31, 2015, excluding cash and escrow deposits-restricted and lease security deposits of $110.3 million in the aggregate. As of that date, we also had $106.6 million of availability on our secured credit facility. Due to the nature of our business, it is not unusual to operate in the position of negative working capital because we collect revenues much more quickly, often in advance, than we are required to pay obligations, and we have historically refinanced or extended maturities of debt obligations as they become current liabilities. Our operations result in a very low level of current assets primarily stemming from our deployment of cash to pursue strategic business development opportunities or to pay down long-term liabilities. 

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Investments in our current portfolio are comprised of recurring capital expenditures and other major projects (including corporate initiatives). These major projects include unusual or non-recurring capital projects, projects which create new or enhanced economics, such as major renovations or reposition projects at our communities, integration related expenditures (including the cost of developing information systems), and expenditures supporting the expansion of our ancillary services programs.

Through our Program Max initiative, we intend to expand, renovate, redevelop and reposition certain of our communities where economically advantageous. Certain of our communities may benefit from additions and expansions or from adding a new level of service for residents to meet the evolving needs of our customers. These Program Max projects include converting space from one level of care to another, reconfiguration of existing units, the addition of services that are not currently present or physical plant modifications. In 2015 we completed 11 projects which resulted in 59 net new units. We currently have 13 Program Max projects that have been approved, most of which have begun construction and are expected to generate 285 net new units.

The following table summarizes our actual 2015 and anticipated 2016 capital expenditures for our consolidated communities (dollars in millions):

   
Actual 2015
    
Anticipated 2016 Range
  
   Recurring
  
$
69.7
    
$
74.0 - 81.0
  
   Less: reimbursement
    
(8.8
)
    
(9.0 - 11.0
)
     Net recurring(1)
    
60.9
      
65.0 - 70.0
  
   Net EBITDA-enhancing / Major Projects(2)
    
179.7
      
133.0 - 136.0
  
   Net Program Max(3)
    
37.5
      
45.0 - 46.0
  
   Corporate, integration and other(4)
    
83.8
      
77.0 - 83.0
  
Total net capital expenditures
  
$
361.9
    
$
320.0 - 335.0
  

(1)
Payments are included in Cash From Facility Operations.

(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 received of $49.7 million for the year ended December 31, 2015. For 2016 we anticipate receiving approximately $21.0 million to $24.0 million of lessor reimbursements.

(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 received of $28.3 million for the year ended December 31, 2015. For 2016 we anticipate receiving approximately $84.0 million to $88.0 million of lessor reimbursements.

(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. Includes $28.0 million of deferred capital expenditures for the year ended December 31, 2015, related to the Emeritus merger.

During 2016, we anticipate that our capital expenditures will be funded from cash on hand, cash flows from operations, lessor reimbursements in the amount of $114.0 million to $123.0 million, amounts drawn on construction loans and amounts drawn on our secured credit facility.

As opportunities arise, we plan to selectively purchase existing operating companies, asset portfolios, home health agencies and communities. We may also seek to acquire the fee interest in communities that we currently lease or manage. We expect to continue to assess our financing alternatives periodically and access the capital markets opportunistically. If our existing resources are insufficient to satisfy our liquidity requirements, or if we enter into an acquisition or strategic arrangement with another company, we may need to sell additional equity or debt securities. Any such sale of additional equity securities will dilute the interests of our existing stockholders, and we cannot be certain that additional public or private financing will be available in amounts or on terms acceptable to us, if at all. If we are unable to obtain this additional financing, we may be required to delay, reduce the scope of, or eliminate one or more aspects of our business development activities, any of which could reduce the growth of our business.
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We currently estimate that our existing cash flows from operations, together with cash on hand, amounts available under our secured credit facility and, to a lesser extent, proceeds from anticipated financings and refinancings of various assets, will be sufficient to fund our liquidity needs for at least the next 12 months, assuming a relatively stable macroeconomic environment.

Our actual liquidity and capital funding requirements depend on numerous factors, including our operating results, the actual level of capital expenditures, our expansion, development and acquisition activity, general economic conditions and the cost of capital. Shortfalls in cash flows from operating results or other principal sources of liquidity may have an adverse impact on our ability to execute our business and growth strategies. Volatility in the credit and financial markets may also have an adverse impact on our liquidity by making it more difficult for us to obtain financing or refinancing. As a result, this may impact our ability to grow our business, maintain capital spending levels, expand certain communities, or execute other aspects of our business strategy. In order to continue some of these activities at historical or planned levels, we may incur additional indebtedness or lease financing to provide additional funding. There can be no assurance that any such additional financing will be available or on terms that are acceptable to us.

Company Indebtedness, Long-Term Leases and Hedging Agreements

Indebtedness

As of December 31, 2015, we have three principal corporate-level debt obligations: our $500.0 million secured credit facility, our $316.3 million 2.75% convertible senior notes due 2018 and separate secured and unsecured letter of credit facilities providing for up to $80.2 million of letters of credit in the aggregate. The remainder of our indebtedness is generally comprised of non-recourse property-level mortgage financings. As of December 31, 2015 our outstanding property-level secured debt was $3.3 billion.

During 2015, we incurred $618.4 million of property-level debt primarily related to the financing of acquisitions, the expansion of certain communities, and the refinancing of $341.9 million of existing debt.  Approximately $386.5 million of the new debt was issued at a variable interest rate and the remaining $231.9 million was issued at a fixed interest rate.  Refer to Note 8 to the consolidated financial statements for a detailed discussion of the new mortgage debt instruments and related terms.

As of December 31, 2015, we are in compliance with the financial covenants of our outstanding debt agreements.

Credit Facilities

On December 19, 2014, we entered into a Fourth Amended and Restated Credit Agreement with General Electric Capital Corporation, as administrative agent, lender and swingline lender, and the other lenders from time to time parties thereto. The amended credit agreement amended and restated in its entirety our previously existing Third Amended and Restated Credit Agreement dated as of September 20, 2013, which provided a total commitment amount of $250.0 million. The amended agreement provides for a total commitment amount of $500.0 million, comprised of a $100.0 million term loan drawn at closing and a $400.0 million revolving credit facility (with a $50.0 million sublimit for letters of credit and a $50.0 million swingline feature to permit same day borrowing) and an option to increase the revolving credit facility by an additional $250.0 million, subject to obtaining commitments for the amount of such increase from acceptable lenders. In addition, the amended credit agreement extended the maturity date from March 31, 2018 to January 3, 2020 and decreased the interest rate payable on drawn amounts and the fee payable on the unused portion of the facility. Amounts drawn under the facility will continue to bear interest at 90-day LIBOR plus an applicable margin; however, the amended agreement reduces the applicable margin from a range of 3.25% to 4.25% to a range of 2.50% to 3.50%. The applicable margin varies based on the percentage of the total commitment drawn, with a 2.50% margin at utilization equal to or lower than 35%, a 3.25% margin at utilization greater than 35% but less than or equal to 50%, and a 3.50% margin at utilization greater than 50%. The amended agreement also eliminates the minimum 0.50% LIBOR rate included in the prior agreement. The amended agreement reduces the quarterly commitment fee on the unused portion of the facility from 0.50% per annum to 0.25% per annum when the outstanding amount of obligations (including revolving credit, swingline and term loans and letter of credit obligations) is greater than or equal to 50% of the total commitment amount or 0.35% per annum when such outstanding amount is less than 50% of the total commitment amount.

This secured credit facility may be used to finance acquisitions, fund working capital and capital expenditures and for other general corporate purposes.

The credit facility will continue to be secured by first priority mortgages on certain of our communities. In addition, the amended agreement permits us to pledge the equity interests in subsidiaries that own other communities (rather than mortgaging such communities), provided that loan availability from pledged assets cannot exceed 10% of loan availability from mortgaged assets. The availability under the line will vary from time to time as it is based on borrowing base calculations related to the appraised value and performance of the communities securing the facility.
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The amended credit agreement contains typical affirmative and negative covenants, including financial covenants with respect to minimum consolidated fixed charge coverage and minimum consolidated tangible net worth. A violation of any of these covenants could result in a default under the amended credit agreement, which would result in termination of all commitments under the amended credit agreement and all amounts owing under the amended credit agreement and certain other loan agreements becoming immediately due and payable and/or trigger cross-default provisions in our other outstanding debt and lease documents.

As of December 31, 2015, we had $310.0 million drawn, $19.4 million of letters of credit outstanding and $106.6 million of availability on our secured credit facility. We also had separate secured and unsecured letter of credit facilities of up to $80.2 million in the aggregate as of December 31, 2015. Letters of credit totaling $63.0 million had been issued under these separate facilities as of that date.

As of December 31, 2015, we are in compliance with the financial covenants of our outstanding credit facilities.

Convertible Debt

In June 2011, we completed a registered offering of $316.3 million aggregate principal amount of 2.75% convertible senior notes (the "Notes"). We received net proceeds of approximately $308.2 million after the deduction of underwriting commissions and offering expenses. We used a portion of the net proceeds to pay our cost of the convertible note hedge transactions described below, taking into account our proceeds from the warrant transactions described below, and used the balance of the net proceeds to repay existing outstanding debt.

The Notes are senior unsecured obligations and rank equally in right of payment to all of our other senior unsecured debt, if any. The Notes will be senior in right of payment to any of our debt which is subordinated by its terms to the Notes (if any). The Notes are also structurally subordinated to all debt and other liabilities and commitments (including trade payables) of our subsidiaries. The Notes are also effectively subordinated to our secured debt to the extent of the assets securing such debt.

The Notes bear interest at 2.75% per annum, payable semi-annually in cash. The Notes are convertible at an initial conversion rate of 34.1006 shares of our common stock per $1,000 principal amount of Notes (equivalent to an initial conversion price of approximately $29.325 per share), subject to adjustment. On and after March 15, 2018, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their Notes at any time. In addition, Holders may convert their Notes at their option under the following circumstances: (i) during any fiscal quarter if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the preceding fiscal quarter is greater than or equal to 130% of the applicable conversion price on the last day of such preceding fiscal quarter; (ii) during the five business day period after any five consecutive trading day period (the "measurement period"), in which the trading price per $1,000 principal amount of notes for each trading day of that measurement period was less than 98% of the product of the last reported sale price of our common stock and the applicable conversion rate on each such day; or (iii) upon the occurrence of specified corporate events. As of December 31, 2015, the Notes are not convertible. Unconverted Notes mature at par in June 2018.

Upon conversion, we will satisfy our conversion obligation by paying or delivering, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock at our election. It is our current intent and policy to settle the principal amount of the Notes (or, if less, the amount of the conversion obligation) in cash upon conversion.

In addition, following certain corporate transactions, we will increase the conversion rate for a holder who elects to convert in connection with such transaction by a number of additional shares of common stock as set forth in the supplemental indenture governing the Notes.

In connection with the offering of the Notes, in June 2011, we entered into convertible note hedge transactions (the "Convertible Note Hedges") with certain financial institutions (the "Hedge Counterparties"). The Convertible Note Hedges cover, subject to customary anti-dilution adjustments, 10,784,315 shares of common stock. We also entered into warrant transactions with the Hedge Counterparties whereby we sold to the Hedge Counterparties warrants to acquire, subject to customary anti-dilution adjustments, up to 10,784,315 shares of common stock (the "Sold Warrant Transactions"). The warrants have a strike price of $40.25 per share, subject to customary anti-dilution adjustments.
64

The Convertible Note Hedges are expected to reduce the potential dilution with respect to common stock upon conversion of the Notes in the event that the price per share of common stock at the time of exercise is greater than the strike price of the Convertible Note Hedges, which corresponds to the initial conversion price of the Notes and is similarly subject to customary anti-dilution adjustments. If, however, the price per share of common stock exceeds the strike price of the Sold Warrant Transactions when they expire, there would be additional dilution from the issuance of common stock pursuant to the warrants.

The Convertible Note Hedges and Sold Warrant Transactions are separate transactions (in each case entered into by us and the Hedge Counterparties), are not part of the terms of the Notes and will not affect the holders' rights under the Notes. Holders of the Notes do not have any rights with respect to the Convertible Note Hedges or the Sold Warrant Transactions.

These hedging transactions had a net cost of approximately $31.9 million, which was paid from the proceeds of the Notes and recorded as a reduction of additional paid-in capital.

Long-Term Leases

As of December 31, 2015, we have 546 communities operated under long-term leases. The substantial majority of the Company's lease arrangements are structured as master leases. Under a master lease, numerous communities are leased through an indivisible lease. The Company typically guarantees its performance and the lease payments under the master lease.

The community leases contain customary terms, including assignment and change of control restrictions, maintenance and capital expenditure obligations, termination provisions and financial performance covenants, such as net worth and minimum lease coverage ratios. Failure to comply with these covenants could result in an event of default and/or trigger cross-default provisions in our outstanding debt and other lease documents.  Further, an event of default related to an individual property or limited number of properties within a master lease portfolio would result in a default on the entire master lease portfolio and could trigger cross-default provisions in our other outstanding debt and lease documents. Certain leases contain cure provisions generally requiring the posting of an additional lease security deposit if the required covenant is not met.

The leases relating to these communities are generally fixed rate leases with annual escalators that are either fixed or tied to changes in leased property revenue or the consumer price index. The Company is responsible for all operating costs, including repairs, property taxes and insurance. The initial lease terms primarily vary from 10 to 20 years and generally include renewal options ranging from 5 to 30 years. The remaining base lease terms vary from one year to 17 years and generally provide for renewal or extension options and in some instances, purchase options.

For the year ended December 31, 2015, our minimum annual cash lease payments for our capital and financing leases and operating leases were $238.9 million and $371.8 million, respectively. For the year ending December 31, 2016, we will be required to make approximately $237.8 million and $390.8 million of payments in connection with our existing capital and financing leases and operating leases, respectively.

As of December 31, 2015, we are in compliance with the financial covenants of our long-term leases.

Derivative Instruments

In the normal course of business, we have entered into certain interest rate protection agreements to effectively manage the risk above certain interest rates for a portion of our variable rate debt. As of December 31, 2015, we have $983.3 million in aggregate notional amount of interest rate caps and $322.9 million of variable rate debt, excluding our secured credit facility and capital lease obligations, that is not subject to any cap or swap agreements.

65
Contractual Commitments

The following table presents a summary of our material indebtedness, including the related interest payments, lease and other contractual commitments, as of December 31, 2015.

   
Payments Due during the Year Ending December 31,
  
 
Total
  
2016
  
2017
  
2018
  
2019
  
2020
  
Thereafter
  
 
(dollars in millions)
  
Contractual Obligations:
              
Long-term debt and line of credit obligations(1)
  
$
4,698,851
    
$
353,023
    
$
469,095
    
$
1,303,759
    
$
237,061
    
$
862,843
    
$
1,473,070
  
Capital and financing lease obligations(2)
    
4,884,091
      
237,810
      
263,671
      
282,951
      
262,800
      
207,594
      
3,629,265
  
Operating lease obligations(2)
    
3,100,194
      
390,816
      
373,690
      
358,168
      
340,747
      
300,674
      
1,336,099
  
Refundable entrance fee obligations(3)
    
23,284
      
1,042
      
1,042
      
1,042
      
1,042
      
1,042
      
18,074
  
Total contractual obligations
  
$
12,706,420
    
$
982,691
    
$
1,107,498
    
$
1,945,920
    
$
841,650
    
$
1,372,153
    
$
6,456,508
  
                                                         
Total commercial construction commitments
  
$
93,956
    
$
67,912
    
$
26,044
    
$
—
    
$
—
    
$
—
    
$
—
  

(1) Includes line of credit and contractual interest for all fixed-rate obligations and assumes interest on variable rate instruments at the December 31, 2015 rate. Long-term debt obligation payments in 2016 include the following debt instruments with post-2016 scheduled maturity dates: (i) $60.8 million of debt on Assets Held for Sale and (ii) $29.1 million of demand notes payable to the unconsolidated CCRC Venture, which we utilize in certain states in lieu of cash reserves.

(2) Reflects future cash payments after giving effect to non-contingent lease escalators and assumes payments on variable rate instruments at the December 31, 2015 rate.

(3) Future refunds of entrance fees are estimated based on historical payment trends. These refund obligations are generally offset by proceeds received from resale of the vacated apartment units. Historically, proceeds from resales of entrance fee units each year generally offset refunds paid and generate excess cash to us.

The foregoing amounts exclude outstanding letters of credit of $82.4 million as of December 31, 2015.

Impacts of Inflation

Resident fees from the communities we own or lease and management fees from communities we manage for third parties or unconsolidated ventures in which we have an ownership interest are our primary sources of revenue. These revenues are affected by the amount of monthly resident fee rates and community occupancy rates. The rates charged are highly dependent on local market conditions and the competitive environment in which our communities operate. Substantially all of our retirement center, assisted living, and CCRC residency agreements allow for adjustments in the monthly fee payable not less frequently than every 12 or 13 months which enables us to seek increases in monthly fees due to inflation, increased levels of care or other factors. Any pricing increase would be subject to market and competitive conditions and could result in a decrease in occupancy in the communities. We believe, however, that our ability to periodically adjust the monthly fee serves to reduce the adverse effect of inflation. In addition, employee compensation expense is a principal element of facility operating costs and is also dependent upon local market conditions. There can be no assurance that resident fees will increase or that costs will not increase due to inflation or other causes.

At December 31, 2015, approximately $1.3 billion of our indebtedness, excluding our secured credit facility, bears interest at floating rates. We have mitigated our exposure to floating rates by using interest rate caps under our debt arrangements. Inflation, and its impact on floating interest rates, could affect the amount of interest payments due on our secured credit facility and other variable rate debt instruments.


66
Off-Balance Sheet Arrangements

As of December 31, 2015, we do not have an interest in any "off-balance sheet arrangements" (as defined in Item 303(a)(4) of Regulation S-K) that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

We own interests in certain unconsolidated ventures as described under Note 5 to the consolidated financial statements. Except in limited circumstances, our risk of loss is limited to our investment in each venture. We also own interests in certain other unconsolidated ventures that are not considered variable interest entities. The equity method of accounting has been applied in the accompanying financial statements with respect to our investment in unconsolidated ventures.

Non-GAAP Financial Measures

This Annual Report on Form 10-K contains financial measures utilized by management to evaluate our financial and operating performance that are not calculated in accordance with GAAP.  Each of these measures, Adjusted EBITDA, Cash From Facility Operations ("CFFO"), and Facility Operating Income, should not be considered in isolation from or as superior or 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.  We use these non-GAAP financial measures to supplement our GAAP results in order to provide a more complete understanding of the factors and trends affecting our business.  We strongly urge you to review the reconciliations of such measures from GAAP net income (loss), along with our consolidated financial statements included herein.  We also strongly urge you not to rely on any single financial measure to evaluate our business.  We caution investors that amounts presented in accordance with our definitions of Adjusted EBITDA, CFFO, and Facility Operating Income may not be comparable to similar measures disclosed by other companies, because not all companies calculate these non-GAAP measures in the same manner.

Adjusted EBITDA

Definition of Adjusted EBITDA

We define Adjusted EBITDA as follows:

Net income (loss) before:

•
provision (benefit) for income taxes;

•
non-operating (income) expense items;

•
(gain) loss on sale or acquisition of communities (including gain (loss) on facility lease termination);

•
depreciation and amortization (including non-cash impairment charges);

•
straight-line lease expense (income), net of amortization of (above) below market rents;

•
amortization of deferred gain;

•
amortization of deferred entrance fees;

•
non-cash stock-based compensation expense; and

•
change in future service obligation;

and including:

•
Cash From Facility Operations ("CFFO" as defined below) from unconsolidated ventures; and

•
entrance fee receipts and refunds (excluding (i) first generation entrance fee receipts from the sale of units at a recently opened entrance fee CCRC prior to stabilization and (ii) first generation entrance fee refunds not replaced by second generation entrance fee receipts at the recently opened community prior to stabilization).

67
Management's Use of Adjusted EBITDA

We use Adjusted EBITDA to assess our overall financial and operating performance. We believe this non-GAAP measure, as we have defined it, is helpful in identifying trends in our day-to-day performance because the items excluded have little or no significance on our day-to-day operations. This measure provides an assessment of controllable expenses and affords management the ability to make decisions which are expected to facilitate meeting current financial goals as well as achieve optimal financial performance. It provides an indicator for management to determine if adjustments to current spending decisions are needed.

Adjusted EBITDA provides us with a measure of financial performance, independent of items that are beyond the control of management in the short-term, such as the change in the liability for the obligation to provide future services under existing lifecare contracts, depreciation and amortization (including non-cash impairment charges), straight-line lease expense (income), taxation and interest expense associated with our capital structure. This metric measures our financial performance based on operational factors that management can impact in the short-term, namely the cost structure or expenses of the organization. Adjusted EBITDA is one of the metrics used by senior management and the board of directors to review the financial performance of the business on a monthly basis. Adjusted EBITDA is also used by research analysts and investors to evaluate the performance of and value companies in our industry.

Limitations of Adjusted EBITDA

Adjusted EBITDA has limitations as an analytical tool. Material limitations in making the adjustments to our net income (loss) to calculate Adjusted EBITDA, and using this non-GAAP financial measure as compared to GAAP net income (loss), include:

•
the cash portion of interest expense, income tax (benefit) provision and non-recurring charges related to gain (loss) on sale of communities and extinguishment of debt activities generally represent charges (gains), which may significantly affect our financial results; and

•
depreciation and amortization, though not directly affecting our current cash position, represent the wear and tear and/or reduction in value of our communities, which affects the services we provide to our residents and may be indicative of future needs for capital expenditures.

We believe Adjusted EBITDA is useful to investors in evaluating our operating performance, results of operations and financial position because it is helpful in identifying trends in our day-to-day performance since the items excluded have little or no significance to our day-to-day operations and it provides an assessment of our expense management.

The definition of Adjusted EBITDA was changed in the first quarter of 2015 to include CFFO from unconsolidated ventures. The prior periods have been recast to conform with the new definition.
68

The table below reconciles Adjusted EBITDA from net income (loss) for the years ended December 31, 2015, 2014 and 2013 (in thousands):

   
Years Ended December 31(1),
  
   
2015
    
2014
    
2013
  
Net income (loss)
  
$
(458,155
)
  
$
(149,426
)
  
$
(3,584
)
(Benefit) provision for income taxes
    
(92,209
)
    
(181,305
)
    
1,756
  
Equity in loss (earnings) of unconsolidated ventures
    
804
      
(171
)
    
(1,484
)
Debt modification and extinguishment costs
    
7,020
      
6,387
      
1,265
  
Other non-operating income
    
(9,827
)
    
(7,235
)
    
(2,725
)
Interest expense:
                        
Debt
    
173,484
      
128,002
      
96,131
  
Capital and financing lease obligations
    
211,132
      
109,998
      
25,194
  
Amortization of deferred financing costs and debt (premium) discount
    
3,351
      
7,477
      
17,054
  
Change in fair value of derivatives
    
797
      
2,711
      
(980
)
Interest income
    
(1,603
)
    
(1,343
)
    
(1,339
)
Income (loss) income from operations
    
(165,206
)
    
(84,905
)
    
131,288
  
Depreciation and amortization
    
733,165
      
537,035
      
268,757
  
Asset impairment
    
57,941
      
9,992
      
12,891
  
Loss on facility lease termination
    
76,143
      
—
      
—
  
Straight-line lease expense (income)
    
6,956
      
1,439
      
2,597
  
Amortization of deferred gain
    
(4,372
)
    
(4,372
)
    
(4,372
)
Amortization of entrance fees
    
(3,204
)
    
(21,220
)
    
(29,009
)
Amortization of (above) below market lease, net
    
(7,158
)
    
(3,444
)
    
—
  
Non-cash stock-based compensation expense
    
31,651
      
28,299
      
25,978
  
Change in future service obligation
    
(941
)
    
670
      
(1,917
)
Entrance fee receipts(2)
    
13,052
      
53,046
      
92,331
  
Entrance fee disbursements
    
(4,411
)
    
(25,865
)
    
(35,325
)
CFFO from unconsolidated ventures
    
59,767
      
25,334
      
7,804
  
Adjusted EBITDA
  
$
793,383
    
$
516,009
    
$
471,023
  

(1) The calculation of Adjusted EBITDA includes integration, transaction, transaction-related and EMR roll-out costs of $116.8 million, $146.4 million and $14.5 million for the years ended December 31, 2015, 2014 and 2013, respectively. Integration costs include transition costs associated with the Emeritus merger and organizational restructuring (such as severance and retention payments and recruiting expenses), third party consulting expenses directly related to the integration of Emeritus (in areas such as cost savings and synergy realization, branding and technology and systems work), and internal costs such as training, travel and labor, reflecting time spent by Company personnel on integration activities and projects.  EMR roll-out costs include third party consulting expenses and internal costs such as training, travel and labor, reflecting time spent by Company personnel on the EMR roll-out project.  Transaction and transaction-related costs include third party costs directly related to the acquisition of Emeritus, other acquisition and disposition activity, community financing and leasing activity and corporate capital structure assessment activities (including shareholder relations advisory matters), and are primarily comprised of legal, finance, consulting, professional fees and other third party costs. 

(2) Includes the receipt of refundable and non-refundable entrance fees.

69
Cash From Facility Operations

Definition of Cash From Facility Operations

We define Cash From Facility Operations (CFFO) as follows:

Net income (loss) before:

•
deferred income tax provision (benefit);

•
non-operating (income) expense items;

•
non-cash financing lease interest expense;

•
(gain) loss on sale or acquisition of communities (including gain (loss) on facility lease termination);

•
depreciation and amortization (including non-cash impairment charges);

•
straight-line lease expense (income), net of amortization of (above) below market rents;

•
amortization of deferred gain;

•
amortization of deferred entrance fees;

•
non-cash stock-based compensation expense; and

•
change in future service obligation;

and including:

•
CFFO from unconsolidated ventures; and

•
entrance fee receipts and refunds (excluding (i) first generation entrance fee receipts from the sale of units at a recently opened entrance fee CCRC prior to stabilization and (ii) first generation entrance fee refunds not replaced by second generation entrance fee receipts at the recently opened community prior to stabilization);

•
recurring capital expenditures, net;

•
lease financing debt amortization with fair market value or no purchase options; and

•
other.

Recurring capital expenditures include routine expenditures capitalized in accordance with GAAP that are funded from current operations. Amounts excluded from recurring capital expenditures consist primarily of major projects, renovations, community repositionings, expansions, systems projects or other non-recurring or unusual capital items (including integration capital expenditures) or community purchases that are funded using lease or financing proceeds, available cash and/or proceeds from the sale of communities.

Management's Use of Cash From Facility Operations

We use CFFO to assess our overall financial and operating performance. This measure provides an assessment of controllable expenses and affords management the ability to make decisions which are expected to facilitate meeting current financial and liquidity goals as well as to achieve optimal financial performance. It provides an indicator for management to determine if adjustments to current spending decisions are needed.

This metric measures our financial and operating performance based on operational factors that management can impact in the short-term, namely the cost structure or expenses of the organization.  CFFO is one of the metrics used by senior management and the board of directors to review the financial performance of the business on a monthly basis.  Management also uses CFFO (i) to review our ability to service our outstanding indebtedness (including our credit facilities and long-term leases), (ii) to review our ability to pay dividends to stockholders, (iii) to review our ability to make regular recurring capital expenditures to maintain and improve our communities on a period-to-period basis, (iv) for planning purposes, including preparation of our annual budget, (v) in making compensation determinations for certain of our associates (including our named executive officers) and (vi) in setting various covenants in our credit agreements. These agreements generally require us to escrow or spend a minimum of between $250 and $450 per unit per year. Historically, we have spent in excess of these per unit amounts; however, there is no assurance that we will have funds available to escrow or spend these per unit amounts in the future. If we do not escrow or spend the required minimum annual amounts, we would be in default of the applicable debt or lease agreement which could trigger cross default provisions in our outstanding indebtedness and lease arrangements.  CFFO is also used by research analysts and investors to evaluate the performance of and value companies in our industry.

70
Limitations of Cash From Facility Operations

CFFO has limitations as an analytical tool. Material limitations in making the adjustment to our net income (loss) to calculate CFFO, and using this non-GAAP financial measure as compared to GAAP net income (loss), include:

•
the cash portion of non-recurring charges related to gain (loss) on sale of communities (including gain (loss) on facility lease termination) and extinguishment of debt activities generally represent charges (gains), which may significantly affect our financial results; and

•
depreciation and amortization, though not directly affecting our current cash position, represent the wear and tear and/or reduction in value of our communities, which affects the services we provide to our residents and may be indicative of future needs for capital expenditures.

We believe CFFO is useful to investors in evaluating our operating performance, results of operations and financial position because it is helpful in identifying trends in our day-to-day performance since the items excluded have little or no significance to our day-to-day operations and it provides an assessment of our expense management.  We further believe CFFO is useful to investors because it assists their ability to meaningfully evaluate (1) our ability to service our outstanding indebtedness, including our credit facilities and capital and financing leases, (2) our ability to pay dividends to stockholders and (3) our ability to make regular recurring capital expenditures to maintain and improve our communities.

Our definition of and method of calculating CFFO as used herein differs from those presented in prior periods.  As used herein, CFFO is defined and calculated beginning with net income (loss).  In prior periods we defined and calculated CFFO beginning with net cash provided by (used in) operations.  The reconciliations for the prior periods have been recast to conform to the new definition and method of calculating CFFO; however, the change in definition and method of calculating CFFO had no effect on the amount of CFFO for prior periods. 

The table below reconciles CFFO from net income (loss) for the years ended December 31, 2015, 2014 and 2013 (in thousands):

   
Years Ended December 31(1),
  
   
2015
    
2014
    
2013
  
Net income (loss)
  
$
(458,155
)
  
$
(149,426
)
  
$
(3,584
)
Other non-operating income
    
(9,827
)
    
(7,235
)
    
(2,725
)
Equity in loss (earnings) of unconsolidated ventures
    
804
      
(171
)
    
(1,484
)
Debt modification and extinguishment costs
    
7,020
      
6,387
      
1,265
  
Interest expense
                        
Amortization of deferred financing costs and debt (premium) discount
    
3,351
      
7,477
      
17,054
  
Change in fair value of derivatives
    
797
      
2,711
      
(980
)
Loss on facility lease termination
    
76,143
      
—
      
—
  
Depreciation and amortization
    
733,165
      
537,035
      
268,757
  
Asset impairment
    
57,941
      
9,992
      
12,891
  
Straight-line lease expense (income)
    
6,956
      
1,439
      
2,597
  
Amortization of (above) below market lease, net
    
(7,158
)
    
(3,444
)
    
—
  
Amortization of deferred gain
    
(4,372
)
    
(4,372
)
    
(4,372
)
Amortization of entrance fees
    
(3,204
)
    
(21,220
)
    
(29,009
)
Non-cash stock-based compensation expense
    
31,651
      
28,299
      
25,978
  
Change in future service obligation
    
(941
)
    
670
      
(1,917
)
Entrance fee receipts(2)
    
13,052
      
53,046
      
92,331
  
Entrance fee disbursements
    
(4,411
)
    
(25,865
)
    
(35,325
)
CFFO from unconsolidated ventures
    
59,767
      
25,334
      
7,804
  
Non-cash interest expense on financing lease obligations
    
23,472
      
12,647
      
—
  
Deferred income tax benefit
    
(95,261
)
    
(182,371
)
    
(183
)
Recurring capital expenditures, net
    
(60,937
)
    
(50,762
)
    
(42,901
)
Lease financing debt amortization with fair market value or no purchase options
    
(51,296
)
    
(28,618
)
    
(13,927
)
Other
    
(1,499
)
    
6,789
      
1,753
  
Cash From Facility Operations
  
$
317,058
    
$
218,342
    
$
294,023
  
71

(1) The calculation of CFFO includes integration, transaction, transaction-related and EMR roll-out costs of $123.7 million (including $6.9 million of debt modification costs excluded from Adjusted EBITDA), $146.4 million and $14.5 million for the years ended December 31, 2015, 2014 and 2013, respectively.  Integration costs include transition costs associated with the Emeritus merger and organizational restructuring (such as severance and retention payments and recruiting expenses), third party consulting expenses directly related to the integration of Emeritus (in areas such as cost savings and synergy realization, branding and technology and systems work), and internal costs such as training, travel and labor, reflecting time spent by Company personnel on integration activities and projects.  EMR roll-out costs include third party consulting expenses and internal costs such as training, travel and labor, reflecting time spent by Company personnel on the EMR roll-out project.  Transaction and transaction-related costs include third party costs directly related to the acquisition of Emeritus, other acquisition and disposition activity, community financing and leasing activity and corporate capital structure assessment activities (including shareholder relations advisory matters), and are primarily comprised of legal, finance, consulting, professional fees and other third party costs.

(2) Includes the receipt of refundable and non-refundable entrance fees.

Facility Operating Income

Definition of Facility Operating Income

We define Facility Operating Income as follows:

Net income (loss) before:

•
provision (benefit) for income taxes;

•
non-operating (income) expense items;

•
(gain) loss on sale or acquisition of communities (including gain (loss) on facility lease termination);

•
depreciation and amortization (including non-cash impairment charges);

•
facility lease expense;

•
general and administrative expense, including non-cash stock-based compensation expense;

•
transaction costs;

•
change in future service obligation;

•
amortization of deferred entrance fee revenue; and

•
management fees.

72
Management's Use of Facility Operating Income

We use Facility Operating Income to assess our facility operating performance. We believe this non-GAAP measure, as we have defined it, is helpful in identifying trends in our day-to-day facility performance because the items excluded have little or no significance on our day-to-day facility operations. This measure provides an assessment of revenue generation and expense management and affords management the ability to make decisions which are expected to facilitate meeting current financial goals as well as to achieve optimal facility financial performance. It provides an indicator for management to determine if adjustments to current spending decisions are needed.

Facility Operating Income provides us with a measure of facility financial performance, independent of items that are beyond the control of management in the short-term, such as the change in the liability for the obligation to provide future services under existing lifecare contracts, depreciation and amortization (including non-cash impairment charges), straight-line lease expense (income), taxation and interest expense associated with our capital structure. This metric measures our facility financial performance based on operational factors that management can impact in the short-term, namely the cost structure or expenses of the organization. Facility Operating Income is one of the metrics used by our senior management and board of directors to review the financial performance of the business on a monthly basis. Facility Operating Income is also used by research analysts and investors to evaluate the performance of and value companies in our industry by investors, lenders and lessors. In addition, Facility Operating Income is a common measure used in the industry to value the acquisition or sales price of communities and is used as a measure of the returns expected to be generated by a community.

A number of our debt and lease agreements contain covenants measuring Facility Operating Income to gauge debt or lease coverages. The debt or lease coverage covenants are generally calculated as facility net operating income (defined as total operating revenue less operating expenses, all as determined on an accrual basis in accordance with GAAP). For purposes of the coverage calculation, the lender or lessor will further require a pro forma adjustment to facility operating income to include a management fee (generally 4% to 5% of operating revenue) and an annual capital reserve (generally $250 to $450 per unit). An investor or potential investor may find this item important in evaluating our performance, results of operations and financial position, particularly on a facility-by-facility basis.

Limitations of Facility Operating Income

Facility Operating Income has limitations as an analytical tool. Material limitations in making the adjustments to our net income (loss) to calculate Facility Operating Income, and using this non-GAAP financial measure as compared to GAAP net income (loss), include:

•
interest expense, income tax (benefit) provision and non-recurring charges related to gain (loss) on sale of communities and extinguishment of debt activities generally represent charges (gains), which may significantly affect our financial results; and

•
depreciation and amortization, though not directly affecting our current cash position, represent the wear and tear and/or reduction in value of our communities, which affects the services we provide to our residents and may be indicative of future needs for capital expenditures.

We believe Facility Operating Income is useful to investors in evaluating our facility operating performance because it is helpful in identifying trends in our day-to-day facility performance since the items excluded have little or no significance on our day-to-day facility operations and it provides an assessment of our revenue generation and expense management.

73
The table below reconciles Facility Operating from net income (loss) for the years ended December 31, 2015, 2014 and 2013 (dollars in thousands):

   
Years Ended December 31,
  
   
2015
    
2014
    
2013
  
Net income (loss)
  
$
(458,155
)
  
$
(149,426
)
  
$
(3,584
)
(Benefit) provision for income taxes
    
(92,209
)
    
(181,305
)
    
1,756
  
Equity in loss (earnings) of unconsolidated ventures
    
804
      
(171
)
    
(1,484
)
Debt modification and extinguishment costs
    
7,020
      
6,387
      
1,265
  
Other non-operating income
    
(9,827
)
    
(7,235
)
    
(2,725
)
Interest expense:
                        
Debt
    
173,484
      
128,002
      
96,131
  
Capital and financing lease obligations
    
211,132
      
109,998
      
25,194
  
Amortization of deferred financing costs and debt (premium) discount
    
3,351
      
7,477
      
17,054
  
Change in fair value of derivatives
    
797
      
2,711
      
(980
)
Interest income
    
(1,603
)
    
(1,343
)
    
(1,339
)
Income (loss) from operations
    
(165,206
)
    
(84,905
)
    
131,288
  
Depreciation and amortization
    
733,165
      
537,035
      
268,757
  
Asset impairment
    
57,941
      
9,992
      
12,891
  
Facility lease expense
    
367,574
      
323,830
      
276,729
  
General and administrative (including non-cash stock-based compensation expense)
    
370,579
      
280,267
      
180,627
  
Transaction costs
    
8,252
      
66,949
      
3,921
  
Loss on facility lease termination
    
76,143
      
—
      
—
  
Change in future service obligation
    
(941
)
    
670
      
(1,917
)
Amortization of entrance fees
    
(3,204
)
    
(21,220
)
    
(29,009
)
Management fees
    
(60,183
)
    
(42,239
)
    
(31,125
)
Facility Operating Income
  
$
1,384,120
    
$
1,070,379
    
$
812,162
  
                          

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

We are subject to market risks from changes in interest rates charged on our credit facilities, other floating-rate indebtedness and lease payments subject to floating rates. The impact on earnings and the value of our long-term debt and lease payments are subject to change as a result of movements in market rates and prices. As of December 31, 2015, we had approximately $2.4 billion of long-term fixed rate debt, $1.6 billion of long-term variable rate debt, including our secured credit facility, and $2.5 billion of capital and financing lease obligations. As of December 31, 2015, our total fixed-rate debt and variable-rate debt outstanding had a weighted-average interest rate of 4.7% (calculated using an imputed interest rate of 7.5% for our $316.3 million 2.75% convertible senior notes due 2018).

We enter into certain interest rate cap agreements with major financial institutions to effectively manage our risk above certain interest rates on variable rate debt. As of December 31, 2015, $2.4 billion, or 64.9%, of our long-term debt, excluding our capital and financing lease obligations, has fixed rates. As of December 31, 2015, $953.6 million, or 26.3%, of our long-term debt, excluding capital and financing lease obligations, is subject to interest rate cap agreements. The remaining $322.9 million, or 8.8%, of our debt is variable rate debt, not subject to any interest rate cap or swap agreements. A change in interest rates would have impacted our annual interest expense related to all outstanding variable rate debt, excluding our capital and financing lease obligations, as follows (after consideration of hedging instruments currently in place): a 100 basis point increase in interest rates would have an impact of $16.0 million, a 500 basis point increase in interest rates would have an impact of $70.3 million and a 1,000 basis point increase in interest rates would have an impact of $103.5 million.

74

Item 8. Financial Statements and Supplementary Data.

BROOKDALE SENIOR LIVING INC.

INDEX TO FINANCIAL STATEMENTS

 
 
PAGE
Report of Independent Registered Public Accounting Firm
76
Report of Independent Registered Public Accounting Firm
77
Consolidated Balance Sheets as of December 31, 2015 and 2014
78
Consolidated Statements of Operations for the Years Ended December 31, 2015, 2014 and 2013
79
Consolidated Statements of Equity for the Years Ended December 31, 2015, 2014 and 2013
80
Consolidated Statements of Cash Flows for the Years Ended December 31, 2015, 2014 and 2013
81
Notes to Consolidated Financial Statements
82
Schedule II — Valuation and Qualifying Accounts
113

75

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of Brookdale Senior Living Inc.

We have audited the accompanying consolidated balance sheets of Brookdale Senior Living Inc. (the Company) as of December 31, 2015 and 2014, and the related consolidated statements of operations, equity, and cash flows for each of the three years in the period ended December 31, 2015. Our audits also included the financial statement schedule listed in the accompanying index to the financial statements.  These financial statements and schedule are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements and schedule based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of the Company at December 31, 2015 and 2014, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2015, in conformity with U.S. generally accepted accounting principles.  Also, in our opinion, the related financial statement schedule, when considered in relation to the basic financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company's internal control over financial reporting as of December 31, 2015, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February 12, 2016 expressed an unqualified opinion thereon.

 
/s/ Ernst & Young LLP
   
Chicago, Illinois
  
12 February 2016
  

76

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of Brookdale Senior Living Inc.

We have audited Brookdale Senior Living Inc.'s (the Company) internal control over financial reporting as of December 31, 2015, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). The Company's management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management's Assessment of Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2015, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of the Company as of December 31, 2015 and 2014 and the related consolidated statements of operations, equity, and cash flows for each of the three years in the period ended December 31, 2015, and our report dated February 12, 2016 expressed an unqualified opinion thereon.

 
/s/ Ernst & Young LLP
   
Chicago, Illinois
  
12 February 2016
  


77

BROOKDALE SENIOR LIVING INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except stock amounts)
 
 
  
December 31,
  
 
  
2015
    
2014
  
Assets
  
   
 
Current assets
  
   
 
Cash and cash equivalents
  
$
88,029
    
$
104,083
  
Cash and escrow deposits – restricted
    
32,570
      
38,862
  
Accounts receivable, net
    
144,053
      
149,730
  
Assets held for sale
    
110,620
      
—
  
Prepaid expenses and other current assets, net
    
122,671
      
237,915
  
Total current assets
    
497,943
      
530,590
  
Property, plant and equipment and leasehold intangibles, net
    
8,031,376
      
8,389,505
  
Cash and escrow deposits – restricted
    
33,382
      
56,376
  
Investment in unconsolidated ventures
    
371,639
      
312,925
  
Goodwill
    
725,696
      
736,805
  
Other intangible assets, net
    
129,186
      
154,773
  
Other assets, net
    
259,342
      
236,487
  
Total assets
  
$
10,048,564
    
$
10,417,461
  
Liabilities and Equity
                
Current liabilities
                
Current portion of long-term debt
  
$
173,454
    
$
156,056
  
Current portion of capital and financing lease obligations
    
62,150
      
112,343
  
Trade accounts payable
    
128,006
      
76,314
  
Accrued expenses
    
372,874
      
422,654
  
Refundable entrance fees and deferred revenue
    
99,277
      
101,613
  
Tenant security deposits
    
4,387
      
4,916
  
Total current liabilities
    
840,148
      
873,896
  
Long-term debt, less current portion
    
3,459,371
      
3,340,971
  
Capital and financing lease obligations, less current portion
    
2,427,438
      
2,536,883
  
Line of credit
    
310,000
      
100,000
  
Deferred liabilities
    
266,537
      
256,346
  
Deferred tax liability
    
69,051
      
159,275
  
Other liabilities
    
217,292
      
267,849
  
Total liabilities
    
7,589,837
      
7,535,220
  
Preferred stock, $0.01 par value, 50,000,000 shares authorized at December 31, 2015 and 2014; no shares issued and outstanding
    
—
      
—
  
Common stock, $0.01 par value, 400,000,000 shares authorized at December 31, 2015 and 2014; 190,767,191 and 189,466,395 shares issued and 188,338,790 and 187,037,994 shares outstanding (including 3,453,991 and 3,552,143 unvested restricted shares), respectively
    
1,883
      
1,870
  
Additional paid-in-capital
    
4,069,283
      
4,034,655
  
Treasury stock, at cost; 2,428,401 shares at December 31, 2015 and 2014
    
(46,800
)
    
(46,800
)
Accumulated deficit
    
(1,565,478
)
    
(1,108,001
)
Total Brookdale Senior Living Inc. stockholders' equity
    
2,458,888
      
2,881,724
  
Noncontrolling interest
    
(161
)
    
517
  
       Total equity
    
2,458,727
      
2,882,241
  
       Total liabilities and equity
  
$
10,048,564
    
$
10,417,461
  

See accompanying notes to consolidated financial statements.

78
 
BROOKDALE SENIOR LIVING INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
 
 
  
For the Years Ended
December 31,
  
 
  
2015
    
2014
    
2013
  
Revenue
  
   
   
 
Resident fees
  
$
4,177,127
    
$
3,301,297
    
$
2,515,033
  
Management fees
    
60,183
      
42,239
      
31,125
  
Reimbursed costs incurred on behalf of managed communities
    
723,298
      
488,170
      
345,808
  
Total revenue
    
4,960,608
      
3,831,706
      
2,891,966
  
Expense
                        
Facility operating expense (excluding depreciation and amortization of $684,448, $503,662 and $238,153, respectively)
    
2,788,862
      
2,210,368
      
1,671,945
  
General and administrative expense (including non-cash stock-based compensation expense of $31,651, $28,299 and $25,978, respectively)
    
370,579
      
280,267
      
180,627
  
Transaction costs
    
8,252
      
66,949
      
3,921
  
Facility lease expense
    
367,574
      
323,830
      
276,729
  
Depreciation and amortization
    
733,165
      
537,035
      
268,757
  
Asset impairment
    
57,941
      
9,992
      
12,891
  
Loss on facility lease termination
    
76,143
      
—
      
—
  
Costs incurred on behalf of managed communities
    
723,298
      
488,170
      
345,808
  
Total operating expense
    
5,125,814
      
3,916,611
      
2,760,678
  
Income (loss) from operations
    
(165,206
)
    
(84,905
)
    
131,288
  
 
                        
Interest income
    
1,603
      
1,343
      
1,339
  
Interest expense:
                        
Debt
    
(173,484
)
    
(128,002
)
    
(96,131
)
Capital and financing lease obligations
    
(211,132
)
    
(109,998
)
    
(25,194
)
Amortization of deferred financing costs and debt premium (discount)
    
(3,351
)
    
(7,477
)
    
(17,054
)
Change in fair value of derivatives
    
(797
)
    
(2,711
)
    
980
  
Debt modification and extinguishment costs
    
(7,020
)
    
(6,387
)
    
(1,265
)
Equity in (loss) earnings of unconsolidated ventures
    
(804
)
    
171
      
1,484
  
Other non-operating income
    
9,827
      
7,235
      
2,725
  
Income (loss) before income taxes
    
(550,364
)
    
(330,731
)
    
(1,828
)
Benefit (provision) for income taxes
    
92,209
      
181,305
      
(1,756
)
Net income (loss)
    
(458,155
)
    
(149,426
)
    
(3,584
)
Net (income) loss attributable to noncontrolling interest
    
678
      
436
      
—
  
Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders
  
$
(457,477
)
  
$
(148,990
)
  
$
(3,584
)
                         
Basic and diluted net income (loss) per share attributable to Brookdale Senior Living Inc. common stockholders
  
$
(2.48
)
  
$
(1.01
)
  
$
(0.03
)
                         
Weighted average shares used in computing basic and diluted net income (loss) per share
    
184,333
      
148,185
      
123,671
  
 
See accompanying notes to consolidated financial statements.

79

BROOKDALE SENIOR LIVING INC.
CONSOLIDATED STATEMENTS OF EQUITY
For the Years Ended December 31, 2015, 2014 and 2013
(In thousands)
 
 
  
Common Stock
    
   
   
   
         
 
  
Shares
    
Amount
    
Additional
Paid-In-
Capital
    
Treasury
Stock
    
Accumulated
Deficit
    
Stockholders' Equity
    
Noncontrolling Interest
    
Total Equity
  
Balances at January 1, 2013
    
126,689
    
$
1,267
    
$
1,997,946
    
$
(46,800
)
  
$
(955,427
)
  
$
996,986
    
$
—
    
$
996,986
  
Compensation expense related to restricted stock grants
    
—
      
—
      
25,978
      
—
      
—
      
25,978
      
—
      
25,978
  
Net income (loss)
    
—
      
—
      
—
      
—
      
(3,584
)
    
(3,584
)
    
—
      
(3,584
)
Issuance of common stock under Associate Stock Purchase Plan
    
62
      
—
      
1,503
      
—
      
—
      
1,503
      
—
      
1,503
  
Restricted stock, net
    
976
      
10
      
(10
)
    
—
      
—
      
—
      
—
      
—
  
Other
    
—
      
—
      
54
      
—
      
—
      
54
      
—
      
54
  
Balances at December 31, 2013
    
127,727
      
1,277
      
2,025,471
      
(46,800
)
    
(959,011
)
    
1,020,937
      
—
      
1,020,937
  
Noncontrolling interest in Emeritus acquisition
    
—
      
—
      
—
      
—
      
—
      
—
      
953
      
953
  
Compensation expense related to restricted stock grants
    
—
      
—
      
28,299
      
—
      
—
      
28,299
      
—
      
28,299
  
Net income (loss)
    
—
      
—
      
—
      
—
      
(148,990
)
    
(148,990
)
    
(436
)
    
(149,426
)
Common stock issued in connection with Emeritus acquisition
    
47,584
      
476
      
1,648,306
      
—
      
—
      
1,648,782
      
—
      
1,648,782
  
Issuance of common stock from equity offering, net
    
10,299
      
103
      
330,283
      
—
      
—
      
330,386
      
—
      
330,386
  
Issuance of common stock under Associate Stock Purchase Plan
    
64
      
—
      
2,004
      
—
      
—
      
2,004
      
—
      
2,004
  
Restricted stock, net
    
1,364
      
14
      
(14
)
    
—
      
—
      
—
      
—
      
—
  
Other
    
—
      
—
      
306
      
—
      
—
      
306
      
—
      
306
  
Balances at December 31, 2014
    
187,038
      
1,870
      
4,034,655
      
(46,800
)
    
(1,108,001
)
    
2,881,724
      
517
      
2,882,241
  
Compensation expense related to restricted stock grants
    
—
      
—
      
31,651
      
—
      
—
      
31,651
      
—
      
31,651
  
Net income (loss)
    
—
      
—
      
—
      
—
      
(457,477
)
    
(457,477
)
    
(678
)
    
(458,155
)
Issuance of common stock under Associate Stock Purchase Plan
    
122
      
1
      
2,869
      
—
      
—
      
2,870
      
—
      
2,870
  
Restricted stock, net
    
1,179
      
12
      
(12
)
    
—
      
—
      
—
      
—
      
—
  
Other
    
—
      
—
      
120
      
—
      
—
      
120
      
—
      
120
  
Balances at December 31, 2015
    
188,339
    
$
1,883
    
$
4,069,283
    
$
(46,800
)
  
$
(1,565,478
)
  
$
2,458,888
    
$
(161
)
  
$
2,458,727
  

See accompanying notes to consolidated financial statements.

80
 
BROOKDALE SENIOR LIVING INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)

 
  
For the Years Ended December 31,
  
 
  
2015
    
2014
    
2013
  
Cash Flows from Operating Activities
  
   
   
 
Net income (loss)
  
$
(458,155
)
  
$
(149,426
)
  
$
(3,584
)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
                        
Loss on extinguishment of debt, net
    
121
      
6,387
      
1,265
  
Depreciation and amortization, net
    
736,516
      
544,512
      
285,811
  
Asset impairment
    
57,941
      
9,992
      
12,891
  
Equity in loss (earnings) of unconsolidated ventures
    
804
      
(171
)
    
(1,484
)
Distributions from unconsolidated ventures from cumulative share of net earnings
    
7,825
      
1,840
      
2,691
  
Amortization of deferred gain
    
(4,372
)
    
(4,372
)
    
(4,372
)
Amortization of entrance fees
    
(3,204
)
    
(21,220
)
    
(29,009
)
Proceeds from deferred entrance fee revenue
    
11,113
      
32,704
      
44,191
  
Deferred income tax benefit
    
(95,261
)
    
(182,371
)
    
(183
)
Change in deferred lease liability
    
6,956
      
1,439
      
2,597
  
Change in fair value of derivatives
    
797
      
2,711
      
(980
)
Gain on sale of assets
    
(1,270
)
    
(446
)
    
(972
)
Change in future service obligation
    
(941
)
    
670
      
(1,917
)
Non-cash stock-based compensation
    
31,651
      
28,299
      
25,978
  
Non-cash interest expense on financing lease obligations
    
23,472
      
12,647
      
—
  
Amortization of (above) below market rents, net
    
(7,158
)
    
(3,444
)
    
—
  
Other
    
(3,157
)
    
—
      
—
  
Changes in operating assets and liabilities:
                        
Accounts receivable, net
    
5,608
      
3,510
      
(5,449
)
Prepaid expenses and other assets, net
    
51,079
      
(52,868
)
    
7,483
  
Accounts payable and accrued expenses
    
(60,564
)
    
16,812
      
33,837
  
Tenant refundable fees and security deposits
    
(524
)
    
(1,183
)
    
(792
)
Deferred revenue
    
(6,911
)
    
(3,370
)
    
(1,881
)
Net cash provided by operating activities
    
292,366
      
242,652
      
366,121
  
Cash Flows from Investing Activities
                        
Decrease (increase) in lease security deposits and lease acquisition deposits, net
    
10,866
      
(48,944
)
    
(2,051
)
Decrease in cash and escrow deposits — restricted
    
29,286
      
56,935
      
10,726
  
Additions to property, plant and equipment, and leasehold intangibles, net
    
(411,051
)
    
(304,245
)
    
(257,527
)
Acquisition of assets, net of related payables and cash received
    
(191,216
)
    
(40,441
)
    
(34,686
)
Acquisition of Emeritus Corporation, cash acquired
    
—
      
28,429
      
—
  
Investment in unconsolidated ventures
    
(69,297
)
    
(26,499
)
    
(17,172
)
Distributions received from unconsolidated ventures
    
9,054
      
12,275
      
1,600
  
Proceeds from sale of assets, net
    
49,226
      
4,339
      
34,136
  
Other
    
4,155
      
3,269
      
168
  
Net cash used in investing activities
    
(568,977
)
    
(314,882
)
    
(264,806
)
Cash Flows from Financing Activities
                        
Proceeds from debt
    
585,650
      
326,639
      
662,934
  
Repayment of debt and capital and financing lease obligations
    
(485,762
)
    
(584,345
)
    
(724,133
)
Proceeds from line of credit
    
1,175,000
      
442,000
      
425,000
  
Repayment of line of credit
    
(965,000
)
    
(372,000
)
    
(475,000
)
Proceeds from public equity offering, net
    
—
      
330,386
      
—
  
Payment of financing costs, net of related payables
    
(32,622
)
    
(9,393
)
    
(11,576
)
Refundable entrance fees:
                        
Proceeds from refundable entrance fees
    
1,939
      
20,342
      
48,140
  
Refunds of entrance fees
    
(4,411
)
    
(25,865
)
    
(35,325
)
Cash portion of loss on extinguishment of debt
    
(44
)
    
(4,101
)
    
(502
)
Payment on lease termination
    
(17,000
)
    
(7,750
)
    
—
  
Other
    
2,807
      
1,889
      
(1,582
)
Net cash provided by (used in) financing activities
    
260,557
      
117,802
      
(112,044
)
Net (decrease) increase in cash and cash equivalents
    
(16,054
)
    
45,572
      
(10,729
)
Cash and cash equivalents at beginning of year
    
104,083
      
58,511
      
69,240
  
Cash and cash equivalents at end of year
  
$
88,029
    
$
104,083
    
$
58,511
  
 
See accompanying notes to consolidated financial statements.

81

BROOKDALE SENIOR LIVING INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1.       Description of Business and Organization

Brookdale Senior Living Inc. ("Brookdale" or the "Company") is the leading operator of senior living communities throughout the United States.  The Company is committed to providing senior living solutions primarily within properties that are designed, purpose-built and operated to provide the highest quality service, care and living accommodations for residents.  The Company operates independent living, assisted living and dementia-care communities and continuing care retirement centers ("CCRCs").  Through its ancillary services programs, the Company also offers a range of outpatient therapy, home health, personalized living and hospice services.

2.       Summary of Significant Accounting Policies

The consolidated financial statements have been prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles ("GAAP").  The significant accounting policies are summarized below:

Principles of Consolidation

The consolidated financial statements include the accounts of Brookdale and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated. Investments in affiliated companies that the Company does not control, but has the ability to exercise significant influence over governance and operation, are accounted for by the equity method.

The Company continually evaluates its potential variable interest entity ("VIE") relationships under certain criteria as provided for in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 810, Consolidation ("ASC 810").  ASC 810 broadly defines a VIE as an entity in which either (i) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity's economic performance or (ii) the equity investment at risk is insufficient to finance that entity's activities without additional subordinated financial support. The Company identifies the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact the entity's economic performance; and (ii) the obligation to absorb losses or receive benefits of the VIE that could potentially be significant to the entity. The Company performs this analysis on an ongoing basis and consolidates any VIEs for which the Company is determined to be the primary beneficiary. Refer to Note 5 for more information about the Company's VIE relationships.

Use of Estimates

The preparation of the consolidated financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes.  Estimates are used for, but not limited to, revenue, goodwill and asset impairments, self-insurance reserves, performance-based compensation, the allowance for doubtful accounts, depreciation and amortization, income taxes and other contingencies.  Although these estimates are based on management's best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from the original estimates.
82

Revenue Recognition

Resident Fees

Resident fee revenue is recorded when services are rendered and consists of fees for basic housing, support services and fees associated with additional services such as personalized health and assisted living care. Residency agreements are generally for a term of 30 days to one year, with resident fees billed monthly in advance. Revenue for certain skilled nursing services and ancillary charges is recognized as services are provided, and such fees are billed monthly in arrears.

Management Fees

Management fee revenue is recorded as services are provided to the owners of the communities. Revenues are determined by an agreed upon percentage of gross revenues (as defined).

Reimbursed Costs Incurred on Behalf of Managed Communities

The Company manages certain communities under contracts which provide for payment to the Company of a monthly management fee plus reimbursement of certain operating expenses. Where the Company is the primary obligor with respect to any such operating expenses, the Company recognizes revenue when the goods have been delivered or the service has been rendered and the Company is due reimbursement. Such revenue is included in "reimbursed costs incurred on behalf of managed communities" on the consolidated statements of operations. The related costs are included in "costs incurred on behalf of managed communities" on the consolidated statements of operations.

Purchase Accounting

In determining the allocation of the purchase price of companies and communities to net tangible and identified intangible assets acquired and liabilities assumed, the Company makes estimates of fair value using information obtained as a result of pre-acquisition due diligence, marketing, leasing activities and/or independent appraisals. The Company assigned the purchase prices for companies or communities to assets acquired and liabilities assumed based on their determined fair values in accordance with the provisions of ASC 805, Business Combinations ("ASC 805"). The determination of fair value involves the use of significant judgment and estimation. The Company determines fair values as follows:

Working capital assets acquired and working capital liabilities assumed are valued on a carryover/cost basis which approximates fair value.

Property, plant and equipment are valued utilizing either a discounted cash flow projection of future revenue and costs and capitalization and discount rates using current market conditions, or a direct capitalization method. The Company allocates the fair values of buildings acquired on an as-if-vacant basis and depreciates the building values over the estimated remaining lives of the buildings, not to exceed 40 years. The Company determines the allocated values of other fixed assets, such as site improvements and furniture, fixtures and equipment, based upon the replacement cost and depreciates such values over the assets' estimated remaining useful lives as determined at the applicable acquisition date. The Company determines the value of land either by considering the sales prices of similar properties in recent transactions or based on internal analysis of recently acquired and existing comparable properties within its portfolio.

In connection with a business combination, the Company may assume rights and obligations under certain lease agreements pursuant to which the Company becomes the lessee of a given property. The Company assumes the lease classification previously determined by the prior lessee absent a modification in the assumed lease agreement. The Company assesses assumed operating leases, including ground leases, to determine whether the lease terms are favorable or unfavorable to the Company given current market conditions on the acquisition date. To the extent the lease terms are favorable or unfavorable relative to market conditions on the acquisition date, the Company recognizes an intangible asset or liability at fair value.  The Company amortizes any acquired lease-related intangibles to facility lease expense over the remaining life of the associated lease plus any assumed bargain renewal periods.
83

The fair value of acquired lease-related intangibles associated with the relationship with the Company's residents, if any, reflects the estimated value of in-place leases as represented by the cost to obtain residents and an estimated absorption period to reflect the value of the rent and recovery costs foregone during a reasonable lease-up period as if the acquired space was vacant. The Company amortizes any acquired in-place lease intangibles to depreciation and amortization expense over the average remaining length of stay of the residents, which is evaluated on an acquisition by acquisition basis but is generally estimated at 12 months.

The Company estimates the fair value of purchase option intangible assets by discounting the difference between the applicable property's acquisition date fair value and the stated or anticipated future option price.

The Company estimates the fair value of trade names using a royalty rate methodology and amortizes that value over the estimated useful life of the trade name.

Management contracts and other acquired contracts are valued at a multiple of management fees and operating income or are valued utilizing discounted cash flow projections that assume certain future revenues and costs over the remaining contract term. The assets are then amortized over the estimated term of the agreement.

The Company calculates the fair value of acquired long-term debt by discounting the remaining contractual cash flows of each instrument at the current market rate for those borrowings, which the Company approximates based on the rate at which the Company would expect to incur a replacement instrument on the date of acquisition, and recognizes any fair value adjustments related to long-term debt as effective yield adjustments over the remaining term of the instrument.

Capital lease assets are valued by the Company as a right-to-use asset. Financing lease assets are valued as if the Company owns the assets and thus are recorded at fair value. Capital and financing lease obligations are valued based on the present value of the estimated lease payments applying a discount rate equal to the Company's estimated incremental borrowing rate at the date of acquisition. Additionally, the valuation of financing lease obligations reflects a residual value component.

Preacquisition contingencies are valued when considered probable and reasonably estimable, and estimated legal fees are accrued for in accordance with the Company's existing policy. Self-insurance reserves including incurred but not reported liabilities are estimated by actuary analyses.

A deferred tax asset or liability is recognized at statutory rates for the difference between the book and tax bases of the acquired assets and liabilities. The tax bases of assets and liabilities in the Emeritus transaction were carried over at historical values.

The excess of the fair value of liabilities assumed and common stock issued and cash paid over the fair value of identifiable assets acquired is allocated to goodwill, which is not amortized by the Company.

Deferred Financing Costs

Third-party fees and costs incurred to obtain long-term debt are recorded as a direct adjustment to the carrying value of debt and amortized on a straight-line basis, which approximates the effective yield method, over the term of the related debt. Refer to the New Accounting Pronouncements section of this note for discussion of the Company's adoption of a new accounting standard related to deferred financing costs during the period. Unamortized deferred financing fees are written-off if the associated debt is retired before the maturity date.  Upon the refinancing of mortgage debt or amendment of the line of credit, unamortized deferred financing fees and additional financing costs incurred are accounted for in accordance with ASC 470-50, Debt Modifications and Extinguishments.

Income Taxes

Income taxes are accounted for under the asset and liability approach which requires recognition of deferred tax assets and liabilities for the differences between the financial reporting and tax bases of assets and liabilities. A valuation allowance reduces deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized.

The Company has elected the "with-and-without approach" regarding ordering of windfall tax benefits to determine whether the windfall tax benefit did reduce taxes payable in the current year. Under this approach, the windfall tax benefits would be recognized in additional paid-in capital only if an incremental tax benefit is realized after considering all other tax benefits presently available.
84

Fair Value of Financial Instruments

ASC 820, Fair Value Measurements and Disclosures establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows:

Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

Cash and cash equivalents and cash and escrow deposits – restricted are reflected in the accompanying consolidated balance sheets at amounts considered by management to reasonably approximate fair value due to the short maturity.

The Company's derivative assets include interest rate caps that effectively manage the risk above certain interest rates for a portion of the Company's variable rate debt. The derivative positions are valued using models developed internally by the respective counterparty that use as their basis readily observable market parameters (such as forward yield curves) and are classified within Level 2 of the valuation hierarchy. The Company considers the credit risk of its counterparties when evaluating the fair value of its derivatives.

The Company estimates the fair value of its debt using a discounted cash flow analysis based upon the Company's current borrowing rate for debt with similar maturities and collateral securing the indebtedness. The Company had outstanding debt with a carrying value of approximately $3.6 billion and $3.5 billion as of December 31, 2015 and 2014, respectively. Fair value of the debt approximates carrying value in all periods. The Company's fair value of debt disclosure is classified within Level 2 of the valuation hierarchy.

Cash and Cash Equivalents

The Company defines cash and cash equivalents as cash and investments with maturities of 90 days or less when purchased.

Cash and Escrow Deposits – Restricted

Cash and escrow deposits – restricted consist principally of deposits required by certain lenders and lessors pursuant to the applicable agreement and consist of the following (dollars in thousands):
 
 
  
December 31,
  
 
  
2015
    
2014
  
Current:
  
   
 
Real estate tax and property insurance escrows
  
$
18,862
    
$
17,926
  
Replacement reserve escrows
    
8,011
      
15,535
  
Resident deposits
    
862
      
1,054
  
Other
    
4,835
      
4,347
  
Subtotal
    
32,570
      
38,862
  
Long term:
                
Insurance deposits
    
15,318
      
19,299
  
CCRC escrows
    
13,233
      
13,214
  
Debt service reserve
    
3,429
      
1,728
  
Letter of credit collateral
    
1,202
      
21,935
  
Other
    
200
      
200
  
Subtotal
    
33,382
      
56,376
  
Total
  
$
65,952
    
$
95,238
  
85

Accounts Receivable, net

Accounts receivable are reported net of an allowance for doubtful accounts, to represent the Company's estimate of the amount that ultimately will be realized in cash. The allowance for doubtful accounts was $26.5 million as of both December 31, 2015 and 2014.  The adequacy of the Company's allowance for doubtful accounts is reviewed on an ongoing basis, using historical payment trends, write-off experience, analyses of receivable portfolios by payor source and aging of receivables, as well as a review of specific accounts, and adjustments are made to the allowance as necessary.

Billings for services under third-party payor programs are recorded net of estimated retroactive adjustments, if any, under reimbursement programs. Retroactive adjustments are accrued on an estimated basis in the period the related services are rendered and adjusted in future periods or as final settlements are determined. Contractual or cost related adjustments from Medicare or Medicaid are accrued when assessed (without regard to when the assessment is paid or withheld). Subsequent positive or negative adjustments to these accrued amounts are recorded in net revenues when known.

Property, Plant and Equipment and Leasehold Intangibles

Property, plant and equipment and leasehold intangibles, which include amounts recorded under capital and financing leases, are recorded at cost. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets, which are as follows:

Asset Category
 
Estimated
Useful Life
(in years)
Buildings and improvements
 
 40
Furniture and equipment
 
3 – 7
Resident lease intangibles
 
1 – 3

Expenditures for ordinary maintenance and repairs are expensed to operations as incurred. Renovations and improvements, which improve and/or extend the useful life of the asset, are capitalized and depreciated over their estimated useful life or if the renovations or improvements are made with respect to communities subject to an operating lease, over the shorter of the estimated useful life of the renovations or improvements, or the term of the operating lease. Assets under capital and financing leases and leasehold improvements are depreciated over the shorter of the estimated useful life of the assets or the term of the lease. Facility operating expense excludes depreciation and amortization directly attributable to the operation of the facility.

Long-lived assets (groups) are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets held for use are assessed by a comparison of the carrying amount of the asset to the estimated future undiscounted net cash flows expected to be generated by the asset. If estimated future undiscounted net cash flows are less than the carrying amount of the asset then the fair value of the asset is estimated. The impairment expense is determined by comparing the estimated fair value of the asset to its carrying value, with any amount in excess of fair value recognized as an expense in the current period. Undiscounted cash flow projections and estimates of fair value amounts are based on a number of assumptions such as revenue and expense growth rates, estimated holding periods and estimated capitalization rates.

Goodwill and Intangible Assets

The Company follows ASC 350, Goodwill and Other Intangible Assets, and tests goodwill for impairment annually or whenever indicators of impairment arise. Factors the Company considers important in the analysis of whether an indicator of impairment exists, which could trigger an impairment of goodwill in the future, include a significant decline in the Company's stock price for a sustained period since the last testing date, a decline in the Company's market capitalization below net book value, significant underperformance relative to historical or projected future operating results and significant negative industry or economic trends. The Company first assesses qualitative factors to determine whether it is necessary to perform a two-step quantitative goodwill impairment test. The Company is not required to calculate the fair value of a reporting unit unless the entity determines, based on a qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. The quantitative goodwill impairment test is based upon a comparison of the estimated fair value of the reporting unit to which the goodwill has been assigned with the reporting unit's carrying value. The fair values used in this evaluation are estimated based upon discounted future cash flow projections for the reporting unit. These cash flow projections are based upon a number of estimates and assumptions such as revenue and expense growth rates, capitalization rates and discount rates.
86

Acquired intangible assets are initially valued at fair market value using generally accepted valuation methods appropriate for the type of intangible asset. Intangible assets with definite lives are amortized over their estimated useful lives and all intangible assets are reviewed for impairment if indicators of impairment arise. The evaluation of impairment for definite-lived intangibles is based upon a comparison of the carrying amount of the asset to the estimated future undiscounted net cash flows expected to be generated by the asset. If estimated future undiscounted net cash flows are less than the carrying amount of the asset, then the fair value of the asset is estimated. The impairment expense is determined by comparing the estimated fair value of the intangible asset to its carrying value, with any shortfall from fair value recognized as an expense in the current period.

Indefinite-lived intangible assets are not amortized but are tested for impairment annually during the fourth quarter or more frequently as required. The impairment test consists of a comparison of the estimated fair value of the indefinite-lived intangible asset with its carrying value. If the carrying amount exceeds its fair value, an impairment loss is recognized for that difference.

Amortization of the Company's definite-lived intangible assets is computed using the straight-line method over the estimated useful lives of the assets, which are as follows:

Asset Category
 
Estimated
Useful Life
(in years)
Trade names
  
2 - 5
Other
 
3 – 9

Stock-Based Compensation

The Company follows ASC 718, Compensation - Stock Compensation ("ASC 718") in accounting for its share-based payments. This guidance requires measurement of the cost of employee services received in exchange for stock compensation based on the grant-date fair value of the employee stock awards. This cost is recognized as compensation expense ratably over the employee's requisite service period. Incremental compensation costs arising from subsequent modifications of awards after the grant date are recognized when incurred.

Certain of the Company's employee stock awards vest only upon the achievement of performance targets. ASC 718 requires recognition of compensation cost only when achievement of performance conditions is considered probable. Consequently, the Company's determination of the amount of stock compensation expense requires a significant level of judgment in estimating the probability of achievement of these performance targets. Additionally, the Company must make estimates regarding employee forfeitures in determining compensation expense. Subsequent changes in actual experience are monitored and estimates are updated as information is available.

For all share-based awards with graded vesting other than awards with performance-based vesting conditions, the Company records compensation expense for the entire award on a straight-line basis (or, if applicable, on the accelerated method) over the requisite service period. For graded-vesting awards with performance-based vesting conditions, total compensation expense is recognized over the requisite service period for each separately vesting tranche of the award as if the award is, in substance, multiple awards once the performance target is deemed probable of achievement. Performance goals are evaluated quarterly. If such goals are not ultimately met or it is not probable the goals will be achieved, no compensation expense is recognized and any previously recognized compensation expense is reversed.

Convertible Debt Instruments

Convertible debt instruments are accounted for under ASC 470-20, Debt – Debt with Conversion and Other Options.  This guidance requires the issuer of certain convertible debt instruments that may be settled in cash (or other assets) on conversion, including partial cash settlement, to separately account for the liability (debt) and equity (conversion option) components of the instruments in a manner that reflects the issuer's estimated non-convertible debt borrowing rate.

Self-Insurance Liability Accruals

The Company is subject to various legal proceedings and claims that arise in the ordinary course of its business. Although the Company maintains general liability and professional liability insurance policies for its owned, leased and managed communities under a master insurance program, the Company's current policies provide for deductibles for each and every claim. As a result, the Company is, in effect, self-insured for claims that are less than the deductible amounts. In addition, the Company maintains a high deductible workers compensation program and a self-insured employee medical program.

The Company reviews the adequacy of its accruals related to these liabilities on an ongoing basis, using historical claims, actuarial valuations, third-party administrator estimates, consultants, advice from legal counsel and industry data, and adjusts accruals periodically. Estimated costs related to these self-insurance programs are accrued based on known claims and projected claims incurred but not yet reported. Subsequent changes in actual experience are monitored, and estimates are updated as information becomes available.


87
Investment in Unconsolidated Ventures

In accordance with ASC 810, the general partner or managing member of a venture consolidates the venture unless the limited partners or other members have either (1) the substantive ability to dissolve the venture or otherwise remove the general partner or managing member without cause or (2) substantive participating rights in significant decisions of the venture, including authorizing operating and capital decisions of the venture, including budgets, in the ordinary course of business. The Company has reviewed all ventures where it is the general partner or managing member and has determined that in all cases the limited partners or other members have substantive participating rights such as those set forth above and, therefore, none of these ventures are consolidated.

The Company's reported share of earnings of an unconsolidated venture is adjusted for the impact, if any, of basis differences between its carrying value of the equity investment and its share of the venture's underlying assets. The Company generally does not have future requirements to contribute additional capital over and above the original capital commitments, and therefore, the Company discontinues applying the equity method of accounting when its investment is reduced to zero barring an expectation of an imminent return to profitability. If the venture subsequently reports net income, the equity method of accounting is resumed only after the Company's share of that net income equals the share of net losses not recognized during the period the equity method was suspended.
  
The Company evaluates realization of its investment in ventures accounted for using the equity method if circumstances indicate that the Company's investment is other than temporarily impaired.

Community Leases

The Company, as lessee, makes a determination with respect to each of its community leases as to whether each should be accounted for as an operating lease or capital lease. The classification criteria is based on estimates regarding the fair value of the leased community, minimum lease payments, effective cost of funds, the economic life of the community and certain other terms in the lease agreements. In a business combination, the Company assumes the lease classification previously determined by the prior lessee absent a modification, as determined by ASC 840, Leases ("ASC 840"), in the assumed lease agreement. Payments made under operating leases are accounted for in the Company's consolidated statements of operations as lease expense for actual rent paid plus or minus a straight-line adjustment for estimated minimum lease escalators and amortization of deferred gains in situations where sale-leaseback transactions have occurred.

For communities under capital lease and lease financing obligation arrangements, a liability is established on the Company's consolidated balance sheets representing the present value of the future minimum lease payments and a residual value for financing leases and a corresponding long-term asset is recorded in property, plant and equipment and leasehold intangibles in the consolidated balance sheets. For capital lease assets, the asset is depreciated over the remaining lease term unless there is a bargain purchase option in which case the asset is depreciated over the useful life. For financing lease assets, the asset is depreciated over the useful life of the asset. Leasehold improvements purchased during the term of the lease are amortized over the shorter of their economic life or the lease term.

All of the Company's leases contain fixed or formula-based rent escalators. To the extent that the escalator increases are tied to a fixed index or rate, lease payments are accounted for on a straight-line basis over the life of the lease. In addition, all rent-free or rent holiday periods are recognized in lease expense on a straight-line basis over the lease term, including the rent holiday period.

Sale-leaseback accounting is applied to transactions in which an owned community is sold and leased back from the buyer if certain continuing involvement criteria are met. Under sale-leaseback accounting, the Company removes the community and related liabilities from the consolidated balance sheets. Gain on the sale is deferred and recognized as a reduction of facility lease expense for operating leases and a reduction of interest expense for capital leases.

For leases in which the Company is involved with the construction of the building, the Company accounts for the lease during the construction period under the provisions of ASC 840.  If the Company concludes that it has substantively all of the risks of ownership during construction of a leased property and therefore is deemed the owner of the project for accounting purposes, it records an asset and related financing obligation for the amount of total project costs related to construction in progress.  Once construction is complete, the Company considers the requirements under ASC 840-40.  If the arrangement qualifies for sale-leaseback accounting, the Company removes the assets and related liabilities from the consolidated balance sheets. If the arrangement does not qualify for sale-leaseback accounting, the Company continues to amortize the financing obligation and depreciate the assets over the lease term.

Treasury Stock

The Company accounts for treasury stock under the cost method and includes treasury stock as a component of stockholders' equity.
88

New Accounting Pronouncements

In November 2015, the FASB issued Accounting Standards Update ("ASU") No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes ("ASU 2015-17"). ASU 2015-17 requires deferred tax liabilities and assets to be classified as noncurrent in the consolidated financial statements instead of separating deferred taxes into current and noncurrent amounts. ASU 2015-17 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016, and early adoption is permitted. The Company adopted ASU 2015-17 as of December 31, 2015. The consolidated balance sheet as of December 31, 2014 has been recast to conform to the provisions of ASU 2015-17, which included an $84.2 million reduction of the deferred tax asset and the deferred tax liability.

In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"). ASU 2015-03 requires entities to present debt issuance costs as a direct adjustment to the carrying value of the debt instead of as an asset. This presentation is consistent with the current accounting for debt discounts and premiums. ASU 2015-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, and early adoption is permitted. The Company adopted ASU 2015-03 as of December 31, 2015. The consolidated balance sheet as of December 31, 2014 has been recast to conform to the provisions of ASU 2015-03, which included a $19.7 million reduction of other assets, net and long-term debt.

In February 2015, the FASB issued ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis ("ASU 2015-02"). ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. ASU 2015-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The Company will adopt ASU 2015-02 on January 1, 2016, and it is not expected to have a material impact on the Company's consolidated financial statements and disclosures.

In January 2015, the FASB issued ASU No. 2015-01, Simplifying Income Statement—Presentation by Eliminating the Concept of Extraordinary Items ("ASU 2015-01"). ASU 2015-01 is intended to reduce complexity and cost of compliance with GAAP by eliminating the concept of extraordinary items in the statement of operations. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, and early adoption is permitted. The Company adopted ASU 2015-01 as of January 1, 2015, and it did not have a material impact on the Company's consolidated financial statements and disclosures for the year ended December 31, 2015.

In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern ("ASU 2014-15"). ASU 2014-15 defines management's responsibility to evaluate whether there is substantial doubt about an organization's ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 is effective for the Company for the annual period ending after December 15, 2016. The Company will adopt ASU 2014-15 on January 1, 2016, and it is not expected to have a material impact on the Company's consolidated financial statements and disclosures.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets. Under ASU 2014-09, an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. The new standard will be effective for the Company beginning on January 1, 2018 and early adoption will be permitted beginning on January 1, 2017. The Company is currently evaluating the impact the adoption of ASU 2014-09 will have on its consolidated financial statements and disclosures.

Reclassifications

Certain prior period 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.


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3.      Earnings Per Share

Basic earnings per share ("EPS") is calculated by dividing net income by the weighted average number of shares of common stock outstanding.  Diluted EPS includes the components of basic EPS and also gives effect to dilutive common stock equivalents.  For purposes of calculating basic and diluted earnings per share, vested restricted stock awards are considered outstanding. Under the treasury stock method, diluted EPS reflects the potential dilution that could occur if securities or other instruments that are convertible into common stock were exercised or could result in the issuance of common stock.  Potentially dilutive common stock equivalents include unvested restricted stock, restricted stock units and convertible debt instruments and warrants.

During fiscal 2015, 2014 and 2013, the Company reported a consolidated net loss.  As a result of the net loss, unvested restricted stock, restricted stock unit awards and convertible debt instruments and warrants were antidilutive for each year and were not included in the computation of diluted weighted average shares.  The weighted average restricted stock and restricted stock unit awards excluded from the calculations of diluted net loss per share were 3.7 million, 3.6 million and 3.9 million for the years ended December 31, 2015, 2014 and 2013, respectively.

The calculation of diluted weighted average shares excludes the impact of conversion of the outstanding principal amount of $316.3 million of the Company's 2.75% convertible senior notes due 2018. As of December 31, 2015, 2014 and 2013, the maximum number of shares issuable upon conversion of the notes is approximately 13.8 million (after giving effect to additional make-whole shares issuable upon conversion in connection with the occurrence of certain events); however it is the Company's current intent and policy to settle the principal amount of the notes in cash upon conversion. The maximum number of shares issuable upon conversion of the notes in excess of the amount of principal that would be settled in cash is approximately 3.0 million.

In addition, the calculation of diluted weighted average shares excludes the impact of the exercise of warrants to acquire the Company's common stock. As of December 31, 2015, 2014 and 2013, the number of shares issuable upon exercise of the warrants was approximately 10.8 million. See Note 8 for more information about the 2.75% convertible notes and warrants.

4.       Acquisitions and Other Significant Transactions

2015 Community Acquisitions and Dispositions

On December 29, 2014, the Company exercised its purchase option under an amended and restated master lease with HCP Inc. ("HCP"), as amended. As a result, the Company agreed to purchase the fee simple interest of nine communities previously leased to the Company for an aggregate purchase price of $60.0 million. On December 31, 2014, the Company paid the full purchase price of $51.4 million of cash as a deposit for the purchase of eight of the nine communities, and the Company took title to these eight communities at the closing on January 1, 2015. On May 1, 2015, the Company acquired the ninth community and paid the remainder of the purchase price of $8.6 million of cash. The results of operations of these communities are reported in the Assisted Living and CCRCs - Rental segments within the consolidated financial statements for the year ended December 31, 2015.

In February 2015, the Company acquired the underlying real estate associated with 15 communities that were previously leased for an aggregate purchase price of $268.6 million. The results of operations of these communities are reported in the Retirement Centers, Assisted Living, and CCRCs – Rental segments within the consolidated financial statements for the year ended December 31, 2015. The Company financed the transaction with cash on hand, amounts drawn on the secured credit facility and $20.0 million of seller financing. The $20.0 million note has a five year term and bears interest at a fixed rate of 8.0%. The fair value of the communities acquired was determined to approximate $187.2 million. The fair values of the property, plant and equipment of the acquired communities were determined utilizing a direct capitalization method considering stabilized facility operating income and market capitalization rates. These fair value measurements were based on current market conditions as of the acquisition date and are considered Level 3 measurements within the fair value hierarchy. The range of capitalization rates utilized was 6.25% to 8.75%, depending upon the property type, geographical location, and the quality of the respective community. The Company recorded the difference between the amount paid and the estimated fair value of the communities acquired ($76.1 million) as a loss on facility lease termination on the consolidated statement of operations for the year ended December 31, 2015, which includes the reversal of $5.3 million of deferred lease liabilities associated with the termination of the operating lease agreements. The payment for the termination of the lease agreements has been included within net cash provided by operating activities within the consolidated statement of cash flows for the year ended December 31, 2015.

In October 2015, the Company acquired the underlying real estate associated with five communities that were previously leased for an aggregate purchase price of $78.4 million. The results of operations of these communities are reported in the Assisted Living segment. The Company financed the transaction with seller-financing.
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During the year ended December 31, 2015, the Company sold 17 communities for an aggregate selling price of $82.9 million. The results of operations of the communities were previously reported in the Retirement Centers, Assisted Living, and CCRCs - Rental segments. Impairment charges related to communities sold in 2015 totaled $18.4 million and were recognized in the fourth quarter of 2015 in impairment expense within the Company's consolidated statements of operations.

The Company designates communities as held for sale when it is probable that the properties will be sold. If appropriate, the Company records impairment losses and records these assets on the consolidated balance sheet at the lesser of the carrying value and fair value less estimated selling costs. The Company allocates a portion of the goodwill of a reporting unit to the disposal groups if the disposal group constitutes a business. The Company determines the fair value of the communities based primarily on purchase and sale agreements from prospective purchasers (Level 2 input). The long-lived assets are not depreciated while classified as held for sale. As of December 31, 2015, the Company has identified 17 communities as held for sale. The sale of these communities is expected in 2016, although there can be no assurance that the transactions will close or if they do, when the actual closing will occur. The results of operations of these communities are reported in the Assisted Living and CCRCs – Rental segments within the consolidated financial statements. Impairment charges related to communities identified as held for sale as of December 31, 2015 totaled $15.2 million and were recognized in impairment expense in the fourth quarter of 2015 within the Company's consolidated statements of operations. As of December 31, 2015, $110.6 million was recorded as assets held for sale and $60.8 million of mortgage debt related to communities held for sale was included in the current portion of long-term debt within the Company's consolidated balance sheet. This debt will either be assumed by the prospective purchasers or be repaid with the proceeds from the sales.

Investment in Unconsolidated RIDEA Venture

On June 30, 2015, the Company and HCP entered into a venture, which acquired 35 senior housing communities ("HCP 35 Venture") for $847 million. The venture uses a REIT Investment Diversification and Empowerment Act of 2007 ("RIDEA") structure, whereby we and HCP invested in an "opco" and a "propco". The Company contributed $30.3 million in cash to the RIDEA venture. The Company owns a 10% ownership interest, and HCP owns a 90% ownership interest, in each of the propco and opco. The Company had operated these communities under a management agreement since 2011 and will continue to manage the communities under a market rate long-term management agreement with the venture. The Company's interest in the venture is accounted for under the equity method of accounting.

Acquisition of Emeritus

On July 31, 2014, the Company completed the merger contemplated by that certain Agreement and Plan of Merger, dated as of February 20, 2015, (the "Merger Agreement") by and among Emeritus Corporation ("Emeritus"), the Company, and Broadway Merger Sub Corporation, a wholly-owned subsidiary of the Company ("Merger Sub"), pursuant to which Merger Sub merged with and into Emeritus, with Emeritus continuing as the surviving corporation and a wholly-owned subsidiary of the Company (the "Merger"). Prior to the Merger, Emeritus was a senior living service provider focused on operating residential style communities throughout the United States. As of July 31, 2014 Emeritus operated 493 communities, including assisted living and dementia care communities. Many of these communities offer independent living alternatives and, to a lesser extent, skilled nursing care. As of July 31, 2014, Emeritus owned 182 communities and leased 311 communities. Prior to the Merger, Emeritus also offered a range of outpatient therapy and home health services in Florida, Arizona and Texas.

The aggregate acquisition-date fair value of the consideration transferred in the Merger was approximately $3.0 billion which consisted of the issuance of 47.6 million shares of the Company's common stock with a fair value of approximately $1.6 billion upon the cancellation of all shares of Emeritus' common stock and stock options, as well as the Company's assumption of approximately $1.4 billion aggregate principal amount of existing mortgage indebtedness of Emeritus. The fair value of the 47.6 million common shares issued was determined based on the closing market price of the Company's common shares on July 31, 2014, the effective date of the Merger.
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As a result of the acquisition of Emeritus, the Company acquired, directly or indirectly, entities that were lessees under operating and capital leases covering 311 communities, as well as certain other leases such as office leases and leases associated with Emeritus' Nurse on Call home health business. The community leases contain customary terms, including assignment and change of control restrictions, maintenance and capital expenditure obligations, termination provisions and financial covenants. In connection with the Merger, the Company entered into guarantees of certain of these leases.

The $1.4 billion aggregate principal amount of existing mortgage debt assumed, directly or indirectly, by the Company in the Merger was collateralized by a total of 179 underlying communities, bore interest either at fixed rates at a weighted average of 6.06% per annum or at variable rates at a weighted average of 5.49% per annum (in each case, as of July 31, 2014), and had remaining maturities ranging from approximately three months to 33 years. The mortgage loans contained customary terms including assignment and change of control restrictions, acceleration provisions and financial covenants. In connection with the Merger, the Company entered into guarantees of certain of these debt arrangements.

Emeritus maintained general and professional liability coverage for its owned, leased and managed communities under insurance policies that provided for self-insured retention.  In certain historical periods Emeritus was uninsured for a subset of communities.  In addition, it maintained a large-deductible workers compensation and a self-insured employee medical program.  Emeritus accrued for claims under these three programs and therefore maintained reserves for liabilities related thereto.  The Company acquired these liabilities as a result of the Merger, evaluated the adequacy of Emeritus' insurance reserves by reviewing historical claims, investigating claim files with assistance from Emeritus' third party administrators and other consultants, reviewing Emeritus' historical actuarial reports, and obtaining new actuarial valuations for claims incurred but not paid as of the date of the Merger.  The Company also acquired tail insurance to provide coverage for general and professional liability claims incurred before the Merger date but made after, and maintains reserves for deductibles payable under the tail policies.  

On June 4, 2013, in Joan Boice et al. v. Emeritus Corporation et al., the Sacramento County Superior Court entered final judgment in favor of Joan Boice (deceased) and against Emeritus in the amount of $250,000 in compensatory damages and $23.0 million in punitive damages. Judgment was also entered in favor of Joan Boice's three adult children for $250,000 and the court awarded the plaintiffs' lawyer over $4.1 million in attorneys' fees. The judgment accrued interest at prescribed statutory rates. On July 8, 2014, Emeritus filed a Notice of Appeal challenging, among other things, the excessive nature of the punitive damages award. Emeritus was required to post a bond in connection with its appeal, and made a cash deposit in the amount of $20.9 million to collateralize the bond. The amount of the cash deposit and the reserve regarding the judgment have been contemplated in the purchase price allocation. Subsequent to the closing of the Merger, the Company was no longer required to collateralize the bond with a cash deposit. The case was settled by the parties during the year ended December 31, 2015.

The fair values of the acquired property, plant and equipment, including communities and assets under capital and financing leases, were determined utilizing a direct capitalization method considering stabilized facility operating income and market capitalization rates. These fair value measurements were based on current market conditions as of the acquisition date and are considered Level 3 measurements within the fair value hierarchy. The range of capitalization rates utilized was 5.5% to 9.75%, depending upon the property type, geographical location, and the quality of the respective community.

The fair values of the acquired capital and financing lease obligations were determined utilizing a discounted cash flow approach considering the estimated contractual lease payments and a market discount rate. These fair value measurements were based on current market conditions as of the acquisition date and are considered Level 3 measurements within the fair value hierarchy. The range of discount rates utilized was 6.0% to 10.75%, depending upon the remaining lease term, property type, geographical location, and the quality of the respective community.

The fair values of the acquired long-term debt obligations were determined utilizing a discounted cash flow approach considering the estimated contractual long-term debt payments and a market discount rate. These fair value measurements were based on current market conditions as of the acquisition date and are considered Level 2 measurements within the fair value hierarchy. The range of discount rates utilized was 3.0% to 7.0%, depending upon the remaining debt term and collateral securing the indebtedness.

The allocation of fair values of the assets acquired and liabilities assumed has changed from the allocation reported in "Note 4 – Acquisitions and Other Significant Transactions" in the Notes to Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014. The changes to the Company's valuation assumptions were based on more accurate information becoming available concerning the subject assets and liabilities. The purchase price allocation adjustments were primarily related to pre-acquisition self-insurance reserves and the related deferred tax impact, resulting in a $5.9 million net increase to the goodwill allocated to the Assisted Living segment during the nine months ended September 30, 2015.
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The table below presents the allocation of purchase price to the assets acquired and liabilities assumed (in millions):

     
Cash and cash equivalents
  
$
28
  
Property, plant and equipment and leasehold intangibles
    
5,506
  
Goodwill
    
645
  
Other intangible assets, net
    
259
  
Other assets, net
    
307
  
Trade accounts payable and accrued expenses
    
(297
)
Long-term debt
    
(1,516
)
Capital and financing lease obligations
    
(2,692
)
Deferred tax liability
    
(339
)
Other liabilities
    
(251
)
Noncontrolling interest
    
(1
)
Fair value of Brookdale common stock issued
  
$
1,649
  

The goodwill of $645.2 million is primarily attributable to the synergies expected to arise after the Merger. The Retirement Centers, Assisted Living and Brookdale Ancillary Services segments were allocated goodwill of $20.5 million, $497.9 million and $126.8 million, respectively. The goodwill is not deductible for tax purposes.

The following table provides the pro forma consolidated operational data as if the Company had acquired Emeritus on January 1, 2013 (unaudited, in millions, except share and per share data):

 
  
Year Ended
December 31,
  
 
  
2014
    
2013
  
Total revenue
  
$
5,055
    
$
4,853
  
Net income (loss) attributable to common stockholders
    
(103
)
    
(424
)
                 
Basic and diluted net income (loss) per share attributable to common stockholders
  
$
(0.59
)
  
$
(2.48
)
Weighted average shares used in computing basic and diluted net income (loss) per share (in thousands)
    
175,823
      
171,255
  

The Company incurred $57.1 million of transaction costs related to the acquisition of Emeritus for the year ended December 31, 2014. Transaction costs are primarily comprised of transaction fees and direct acquisition costs, including legal, finance, consulting, professional fees and other third party costs. The pro forma consolidated operational data for the year ended December 31, 2014 excludes $57.1 million of transaction costs that were directly attributable to the Merger. The proforma consolidated operational data for the year ended December 31, 2013 includes $57.1 million of transaction costs that were directly attributable to the Merger. On August 29, 2014, the Company completed the HCP Transactions (as defined below). The pro forma consolidated operational data reflects the Company's full ownership interests and previously existing lease terms through the closing of the HCP Transactions on August 29, 2014 and reflects the Company's subsequent venture arrangements and amended lease terms for the remainder of the 2014 period.

The pro forma consolidated operational data is based on assumptions and estimates considered appropriate by the Company's management; however, these pro forma results are not necessarily indicative of the results of operations that would have been obtained had the Merger occurred at the beginning of the periods presented, nor do they purport to represent the consolidated results of operations for future periods. The pro forma consolidated operational data does not include the impact of any synergies that may be achieved from the acquisition of Emeritus or any strategies that management may consider in order to continue to efficiently manage operations.

On July 30, 2014, in connection with the Merger, the Company's Certificate of Incorporation was amended to authorize up to 400 million shares of common stock.


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HCP Transactions

On August 29, 2014, the Company completed the transactions contemplated by that certain Master Contribution and Transactions Agreement (the "Master Agreement"), dated as of April 23, 2014, by and between the Company and HCP, Inc. ("HCP"). At the closing of these transactions (the "Closing"), the Company and HCP entered into two ventures and amended the terms of certain existing agreements between the Company and HCP ("HCP Transactions").

Each of the ventures contemplated by the Master Agreement uses a "RIDEA" structure, whereby at the Closing each of the Company and HCP invested in an "opco" entity and a "propco" entity. The propco owns most of the applicable communities and leases such communities to the opco pursuant to long-term leases entered into at the Closing. The opco owns the remainder of the applicable communities not owned by the propco, and at the Closing the opco engaged an affiliate of the Company to manage all of the owned and leased communities pursuant to management agreements with 15-year terms subject to certain extension options.

Venture Relating to Entry Fee CCRCs. At the Closing, the Company and HCP entered into a venture with respect to certain entry fee CCRCs previously owned, leased and/or operated by the Company. The Company owns a 51% ownership interest, and HCP owns a 49% ownership interest, in each of the propco and opco (together, the "CCRC Venture"). Pursuant to the terms of the Master Agreement, at the Closing the Company contributed to the CCRC Venture eight wholly-owned entities (owning eight CCRCs subject, in certain cases, to existing debt) and certain purchase options with respect to the HCP Communities (as defined below), and HCP contributed to the CCRC Venture three wholly-owned entities (owning three properties in two CCRCs (the "HCP Communities")). In addition, HCP contributed $323.5 million in cash and the CCRC Venture completed the purchases of four communities managed by the Company for an aggregate purchase price of $323.5 million immediately following the Closing. Each of the CCRCs in the CCRC Venture is managed by the Company pursuant to market rate management agreements entered into at the Closing, and the Company has agreed to guarantee certain obligations of the manager under the applicable management agreements. Each of the propco and opco is governed by a board of managers consisting of six members, with three representatives appointed by each of the Company and HCP.

The results of operations and financial position of the ten previously owned or leased entry fee CCRCs, including refundable entrance fee liabilities and deferred revenue, were in all material respects deconsolidated from the Company prospectively upon formation of the CCRC Venture. The Company's interest in the CCRC Venture is accounted for under the equity method of accounting. The Company's investment basis in the CCRC Venture is based on the carrying values of the net assets it contributed which is less than the Company's proportional share of underlying fair value of equity.

Venture Relating to Emeritus / HCP Communities. At the Closing, the Company and HCP entered into a venture with respect to 49 independent living, assisted living, memory care and/or skilled nursing care communities previously owned by HCP and leased and historically operated by Emeritus. The Company acquired the leases in the Merger, recorded them at fair value at the acquisition date, and in this transaction effectively terminated the leases; therefore the Company has written off all of the recorded lease values in connection with this termination. The Company owns a 20% ownership interest, and HCP owns an 80% ownership interest, in each of the propco and opco (together, the "HCP 49 Venture"). Pursuant to the terms of the Master Agreement, at the Closing an HCP affiliate made a loan to the Company at prevailing interest rates in the original principal amount of approximately $68 million to fund the Company's initial capital contribution to the HCP 49 Venture. HCP contributed 49 communities to propco. At the Closing, propco leased the communities to opco. Each of the communities in the HCP 49 Venture is managed by an affiliate of the Company, and the Company has agreed to guarantee certain obligations of the manager under the applicable market rate management agreements. During the three months ended December 31, 2014, the Company repaid the $68 million loan from HCP primarily with the proceeds from the public equity offering completed during the third quarter of 2014.

The results and financial position of the communities were, in all material respects, deconsolidated from the Company prospectively upon formation of the HCP 49 Venture. The Company's interest in the venture is accounted for under the equity method of accounting.

Pursuant to the terms of the Master Agreement, the Company is required to pay HCP a fee related to the lease restructuring in the amount of $34 million, which is payable over a two-year period beginning September 30, 2014. The elimination of the recorded lease values upon termination of the aforementioned leases approximated the $34 million liability to HCP.
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Amendments to Existing Agreements (including Triple Net Leases). At the Closing, the Company and HCP amended and restated (i) that certain Master Lease and Security Agreement, dated as of October 31, 2012, by and between Emeritus and certain affiliates of HCP, with respect to 112 communities, and (ii) certain other triple net leases between Emeritus and affiliates of HCP, with respect to 41 communities, together into a single master lease with the communities subject thereto separated into three pools (the "Master Lease"). The term of the Master Lease is 14 years for the pool 1 communities, 15 years for the pool 2 communities and 16 years for the pool 3 communities, with an average of approximately 15 years, in each case subject to two extension options of approximately 10 years each, and the Master Lease is guaranteed by the Company. The Master Lease provides for total base rent in 2014 of approximately $158 million, with lower future rent payments and escalations compared to the previously existing leases. HCP has agreed to make available up to $100 million for capital expenditures related to the communities during calendar years 2014 through 2017 at an initial lease rate of 7.0%. The Master Lease includes certain customary covenants, with respect to, among other things, capital expenditure requirements, restrictions on the ownership, operation and management of competing communities and transfer restrictions (including restrictions on changes of control of the Company). The Master Lease also includes customary events of default and remedies relating thereto. In addition, the Master Lease includes a fair value purchase option in favor of the Company for up to ten communities at an aggregate purchase price not to exceed $60 million. On December 29, 2014 the Company exercised this purchase option and agreed to purchase nine communities for an aggregate purchase price of $60 million.

In connection with the transactions contemplated by the Master Agreement, at the Closing, (i) the parties terminated the purchase option rights granted by HCP to Emeritus pursuant to 49 of the previously existing Emeritus leases, (ii) the parties agreed to modify the existing term extension hurdle and incentive management fee structure applicable to an existing venture between the Company and HCP in respect of 20 independent living, assisted living, memory care and/or skilled nursing care communities, and (iii) HCP released certain deposits and reserves posted by the Company and held by HCP or its affiliates in connection with existing leases between the parties. For accounting purposes, the amended leases were treated as new leases and classified as either capital or financing leases. The terminated purchase options were included in the determination of recorded capital or financing lease related balances.

Equity Offering

In September 2014, the Company completed a public equity offering of 10,298,506 shares of common stock, which yielded net proceeds of approximately $330.4 million, net of approximately $0.4 million of costs related to the offering. During the three months ended December 31, 2014, the Company repaid $275.9 million of existing long-term debt with a weighted average interest rate of approximately 5.5%, financed primarily with the proceeds of the public equity offering, and the Company has used and is using net proceeds to finance the exercise of purchase options on certain communities currently leased by the Company and for other general corporate purposes, which may include additional debt repayments and the acceleration of capital investments in the Company's communities and corporate infrastructure platform.

2014 Community Acquisitions and Dispositions

In July 2014, the Company acquired the underlying real estate associated with four communities that were previously leased for an aggregate purchase price of $51.4 million. The results of operations of three and one of these communities, prior and subsequent to the acquisition, are reported in the Retirement Centers and Assisted Living segments, respectively. The Company financed the transactions with $17.0 million of seller-financing secured by three of the communities. The balance of the purchase price was paid from cash on hand.

During the year ended December 31, 2014, the Company sold four communities for an aggregate selling price of $9.2 million. The results of operations of the communities were previously reported in the Assisted Living and CCRCs - Rental segments.
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5.       Variable Interest Entities and Investment in Unconsolidated Ventures

Variable Interest Entities

At December 31, 2015, the Company has equity interests in unconsolidated VIEs. The Company has determined that it does not have the power to direct the activities of the VIEs that most significantly impact the VIEs' economic performance and is not the primary beneficiary of these VIEs in accordance with ASC 810. The Company's interests in the VIEs are, therefore, accounted for under the equity method of accounting.

The Company holds a 51% equity interest in the CCRC Venture. The CCRC Venture's opco has been identified as a VIE. The equity members of the CCRC Venture's opco share certain operating rights, and the Company acts as manager to the CCRC Venture opco; however, the Company does not consolidate this VIE because it does not have the ability to control the activities that most significantly impact this VIE's economic performance. The assets of the CCRC Venture opco primarily consist of the CCRCs that it owns and leases, resident fees receivable, notes receivable and cash and cash equivalents. The obligations of the CCRC Venture opco primarily consist of community lease obligations, accounts payable, accrued expenses and refundable entrance fees. Assets generated by the CCRC operations (primarily rents from CCRC residents) of the CCRC Venture opco may only be used to settle its contractual obligations (primarily the rental costs and operating expenses incurred to operate the communities). See Note 4 for more information about the Company's entry into the CCRC Venture.

The Company holds a 20% equity interest in the HCP 49 Venture. The opco and propco of the HCP 49 Venture have been identified as VIEs. The equity members of the HCP 49 Venture share certain operating rights and the Company acts as manager to the HCP 49 Venture opco; however, the Company does not consolidate these VIEs because it does not have the ability to control the activities that most significantly impact the economic performance of these VIEs. The assets of the HCP 49 Venture propco primarily consist of the senior housing communities that it owns and cash and cash equivalents. The obligations of the HCP 49 Venture propco primarily consist of a note payable to HCP. The assets of the HCP 49 Venture opco primarily consist of the senior housing communities that it leases, resident fees receivable and cash and cash equivalents. The obligations of the HCP 49 Venture opco primarily consist of community lease obligations, accounts payable and accrued expenses. Assets generated by the operations of the senior housing communities (primarily rents from senior housing residents) of the HCP 49 Venture may only be used to settle its contractual obligations (primarily the rental costs and operating expenses incurred to operate the communities). See Note 4 for more information about the Company's entry into the HCP 49 Venture.

The Company holds a 10% equity interest in the HCP 35 Venture. The venture's opco has been identified as a VIE. The equity members of the opco share certain operating rights, and the Company acts as manager to the opco; however, the Company does not consolidate this VIE because it does not have the ability to control the activities that most significantly impact this VIE's economic performance. The assets of the opco primarily consist of the communities that it owns and leases, resident fees receivable and cash and cash equivalents. The obligations of the opco primarily consist of community lease obligations, debt, accounts payable and accrued expenses. Assets generated by the opco's operations (primarily rents from senior housing residents) of the opco may only be used to settle its contractual obligations (primarily the rental costs and operating expenses incurred to operate the communities). The Company's maximum exposure to loss and carrying amount of this opco are included within "Other" within the table below. See Note 4 for more information about the Company's entry into the HCP 35 Venture.

The carrying value and classification of the related assets, liabilities and maximum exposure to loss as a result of the Company's involvement with these VIEs are summarized below at December 31, 2015 (in millions):

VIE
Asset
  
Maximum Exposure to Loss
    
Carrying Amount
  
           
CCRC Venture opco
Investment in unconsolidated ventures
  
$
180.5
    
$
180.5
  
HCP 49 Venture opco and propco
Investment in unconsolidated ventures
  
$
72.4
    
$
72.4
  
Other
Investment in unconsolidated ventures
  
$
5.3
    
$
1.7
  
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As of December 31, 2015, the Company is not required to provide financial support, through a liquidity arrangement or otherwise, to its unconsolidated VIEs.

Investment in Unconsolidated Ventures

The Company owns interests in the following ventures that are accounted for under the equity method as of December 31, 2015:

Venture
Ownership Percentage
CCRC Venture
  
51%
HCP 49 Venture
 
20%
BKD-HCN venture opco and propco
 
20%
HCP 35 Venture
  
10%
S-H Twenty-One venture opco and propco
  
10%

6.       Property, Plant and Equipment and Leasehold Intangibles, Net

As of December 31, 2015 and 2014, net property, plant and equipment and leasehold intangibles, which include assets under capital and financing leases, consisted of the following (in thousands):

 
  
2015
    
2014
  
Land
  
$
486,567
    
$
475,485
  
Buildings and improvements
    
5,260,826
      
5,017,991
  
Leasehold improvements
    
100,430
      
56,515
  
Furniture and equipment
    
895,447
      
735,837
  
Resident and leasehold operating intangibles
    
783,434
      
852,746
  
Construction in progress
    
138,054
      
99,408
  
Assets under capital and financing leases
    
2,909,653
      
3,057,516
  
 
    
10,574,411
      
10,295,498
  
Accumulated depreciation and amortization
    
(2,543,035
)
    
(1,905,993
)
Property, plant and equipment and leasehold intangibles, net
  
$
8,031,376
    
$
8,389,505
  

During the years ended December 31, 2015, 2014 and 2013, the Company evaluated property, plant and equipment and leasehold intangibles for impairment and identified properties with a carrying amount of the assets in excess of the estimated future undiscounted net cash flows expected to be generated by the assets. The Company compared the estimated fair value of the assets to their carrying value for these identified properties and recorded an impairment charge for the excess of carrying value over fair value. The Company recorded property, plant and equipment and leasehold intangibles non-cash impairment charges in its operating results of $24.3 million for the year ended December 31, 2015, primarily within the Assisted Living and CCRCs - Rental segments, $10.0 million for the year ended December 31, 2014, primarily within the CCRCs - Rental and Assisted Living segments and $12.9 million for the year ended December 31, 2013, primarily within the Retirement Centers and Assisted Living segments. These impairment charges are primarily due to lower than expected operating performance at these properties and reflect the amount by which the carrying values of the assets exceeded their estimated fair value.

During 2015, the Company sold 17 communities for an aggregate selling price of $82.9 million and recorded $18.4 million of impairment charges related to the communities sold, inclusive of the allocation of $8.1 million of goodwill to the disposed communities. During the fourth quarter of 2015, the Company recorded $15.2 million of impairment charges related to 17 communities identified as held for sale as of December 31, 2015, inclusive of the allocation of $12.2 million of goodwill to the disposal groups. These impairment charges are primarily due to the excess of carrying value, including allocated goodwill, over the estimated selling price less costs to dispose. Refer to Note 4 for more information about the Company's community dispositions and assets held for sale.

For the years ended December 31, 2015, 2014 and 2013, the Company recognized depreciation and amortization expense on its property, plant and equipment and leasehold intangibles of $721.0 million, $529.1 million and $264.1 million, respectively.

Future amortization expense for resident and leasehold operating intangibles is estimated to be as follows (dollars in thousands):

Year Ending December 31,
  
Future
Amortization
  
2016
  
$
19,390
  
2017
    
13,011
  
2018
    
7,603
  
2019
    
6,247
  
2020
    
4,345
  
Thereafter
    
12,663
  
Total
  
$
63,259
  

In connection with the acquisition of Emeritus, the Company recorded intangible assets for resident-in-place leases and below market operating lease intangibles. The Company is amortizing the resident-in-place leases and below market operating lease intangibles over their estimated weighted average useful lives of one and nine years, respectively.
97

7.       Goodwill and Other Intangible Assets, Net

The following is a summary of changes in the carrying amount of goodwill for the years ended December 31, 2015 and 2014 presented on an operating segment basis (dollars in thousands):

 
  
December 31, 2015
    
December 31, 2014
  
 
  
Gross
Carrying
Amount
    
Accumulated
Impairment and Other Charges
    
Net
    
Gross
Carrying
Amount
    
Accumulated
Impairment and Other Charges
    
Net
  
Retirement Centers
  
$
28,141
    
$
(721
)
  
$
27,420
    
$
28,141
    
$
(521
)
  
$
27,620
  
Assisted Living
    
591,814
      
(20,348
)
    
571,466
      
582,623
      
(248
)
    
582,375
  
Brookdale Ancillary Services
    
126,810
      
—
      
126,810
      
126,810
      
—
      
126,810
  
Total
  
$
746,765
    
$
(21,069
)
  
$
725,696
    
$
737,574
    
$
(769
)
  
$
736,805
  

The Company concluded that goodwill for all reporting units was not impaired as of October 1, 2015 (our annual measurement date) and as of December 31, 2015. Factors the Company considers important in its analysis, which could trigger an impairment of such assets, include significant underperformance relative to historical or projected future operating results, significant negative industry or economic trends, a significant decline in the Company's stock price for a sustained period and a decline in its market capitalization below net book value. A change in anticipated operating results or the other metrics indicated above could necessitate further analysis of potential impairment at an interval prior to the Company's annual measurement date.

Approximately $7.9 million and $0.2 million of goodwill in the Assisted Living and Retirement Centers segments, respectively, was allocated to the disposed communities during the fourth quarter of 2015. Refer to Note 4 for more information about the Company's community dispositions.

As of December 31, 2015, $12.2 million of goodwill related to assisted living communities held for sale was allocated to assets held for sale within the Company's consolidated balance sheet. Refer to Note 4 for more information about the Company's assets held for sale.

The following is a summary of other intangible assets at December 31, 2015 and 2014 (dollars in thousands):

 
  
December 31, 2015
    
December 31, 2014
  
 
  
Gross
Carrying
Amount
    
Accumulated
Amortization
    
Net
    
Gross
Carrying
Amount
    
Accumulated
Amortization
    
Net
  
Community purchase options
  
$
40,270
    
$
—
    
$
40,270
    
$
55,738
    
$
—
    
$
55,738
  
Health care licenses
    
66,612
      
—
      
66,612
      
64,538
      
—
      
64,538
  
Trade names
    
27,800
      
(14,209
)
    
13,591
      
27,800
      
(4,179
)
    
23,621
  
Other
    
13,531
      
(4,818
)
    
8,713
      
13,531
      
(2,655
)
    
10,876
  
Total
  
$
148,213
    
$
(19,027
)
  
$
129,186
    
$
161,607
    
$
(6,834
)
  
$
154,773
  

Amortization expense related to definite-lived intangible assets for the years ended December 31, 2015, 2014 and 2013 was $12.2 million, $8.0 million and $4.7 million, respectively. Health care licenses were determined to be indefinite-lived intangible assets and are not subject to amortization.

In connection with the acquisition of Emeritus, the Company recorded intangible assets for community purchase options, trade names, management contracts and health care licenses. Health care licenses were determined to be indefinite-lived intangible assets and are not subject to amortization. The lease purchase options are not currently amortized, but will be added to the cost basis of the related communities if the option is exercised, and will then be depreciated over the estimated useful life of the community. The Company is amortizing the trade names and management contract intangibles assets over their estimated weighted average useful lives of three years and nine years, respectively. The weighted average amortization periods at acquisition for the other intangible assets is three years. During the year ended December 31, 2014, the Company contributed certain community purchase options to the CCRC Venture and terminated the community purchase option rights pursuant to 49 of the previously existing Emeritus leases in connection with closing the HCP Transactions. See Note 4 for more information about the Company's community purchase option activity.

Future amortization expense for intangible assets with definite lives is estimated to be as follows (dollars in thousands):

Year Ending December 31,
  
Future
Amortization
  
2016
  
$
8,165
  
2017
    
3,726
  
2018
    
3,717
  
2019
    
2,638
  
2020
    
1,133
  
Thereafter
    
2,925
  
Total
  
$
22,304
  
98

8.       Debt

Long-term Debt and Capital and Financing Lease Obligations

Long-term debt and capital and financing lease obligations consist of the following (dollars in thousands):
 
 
  
December 31,
  
   
2015
    
2014
  
Mortgage notes payable due 2016 through 2047; weighted average interest rate of 4.51% in 2015, including net debt premium and deferred financing costs of $3.3 million in 2015 and including net debt premium and deferred financing costs of $42.9 million in 2014 (weighted average interest rate of 4.84% in 2014)
  
$
3,246,513
    
$
3,088,752
  
Capital and financing lease obligations payable through 2031; weighted average interest rate of 8.11% in 2015 (weighted average interest rate of 8.57% in 2014)
    
2,489,588
      
2,649,226
  
Convertible notes payable in aggregate principal amount of $316.3 million, less debt discount and deferred financing costs of $34.3 million and $46.9 million in 2015 and 2014, respectively, interest at 2.75% per annum, due June 2018
    
281,902
      
269,300
  
Construction financing due 2017 through 2019; weighted average interest rate of 4.84% in 2015 (weighted average interest rate of 4.90% in 2014)
    
24,105
      
50,118
  
Notes payable issued to finance insurance premiums (weighted average interest rate of 2.82% in 2014)
    
—
      
22,586
  
Other notes payable, weighted average interest rate of 5.16% in 2015 (weighted average interest rate of 4.75% in 2014) and maturity dates ranging from 2016 to 2020
    
80,305
      
66,271
  
Total debt and capital and financing lease obligations
    
6,122,413
      
6,146,253
  
Less current portion
    
235,604
      
268,399
  
Total long-term debt and capital and financing lease obligations
  
$
5,886,809
    
$
5,877,854
  

As of December 31, 2015, the current portion of long-term debt within the Company's consolidated financial statements includes $60.8 million of mortgage notes payable secured by assets held for sale. This debt will either be assumed by the prospective purchasers or be repaid with the proceeds from the sales. Refer to Note 4 for more information about the Company's assets held for sale.

The annual aggregate scheduled maturities of long-term debt and capital and financing lease obligations outstanding as of December 31, 2015 are as follows (dollars in thousands):

Year Ending December 31,
  
Long-term
Debt
    
Capital and
Financing
Lease
Obligations
    
Total Debt
  
2016
  
$
180,423
    
$
237,810
    
$
418,233
  
2017
    
308,023
      
263,671
      
571,694
  
2018
    
1,179,702
      
282,951
      
1,462,653
  
2019
    
143,473
      
262,800
      
406,273
  
2020
    
490,605
      
207,594
      
698,199
  
Thereafter
    
1,361,903
      
3,629,265
      
4,991,168
  
Total obligations
    
3,664,129
      
4,884,091
      
8,548,220
  
Less amount representing debt discount and deferred financing costs, net
    
(31,304
)
    
—
      
(31,304
)
Less amount representing interest (weighted average interest rate of 8.11%)
    
—
      
(2,394,503
)
    
(2,394,503
)
Total
  
$
3,632,825
    
$
2,489,588
    
$
6,122,413
  

Credit Facilities

On December 19, 2014, the Company entered into a Fourth Amended and Restated Credit Agreement with General Electric Capital Corporation, as administrative agent, lender and swingline lender, and the other lenders from time to time parties thereto. The amended credit agreement amended and restated in its entirety the Company's previously existing Third Amended and Restated Credit Agreement dated as of September 20, 2013, which provided a total commitment amount of $250.0 million. The amended agreement provides for a total commitment amount of $500.0 million, comprised of a $100.0 million term loan drawn at closing and a $400.0 million revolving credit facility (with a $50.0 million sublimit for letters of credit and a $50.0 million swingline feature to permit same day borrowing) and an option to increase the revolving credit facility by an additional $250.0 million, subject to obtaining commitments for the amount of such increase from acceptable lenders. In addition, the amended credit agreement extended the maturity date from March 31, 2018 to January 3, 2020 and decreased the interest rate payable on drawn amounts and the fee payable on the unused portion of the facility. Amounts drawn under the facility will continue to bear interest at 90-day LIBOR plus an applicable margin; however, the amended agreement reduces the applicable margin from a range of 3.25% to 4.25% to a range of 2.50% to 3.50%. The applicable margin varies based on the percentage of the total commitment drawn, with a 2.50% margin at utilization equal to or lower than 35%, a 3.25% margin at utilization greater than 35% but less than or equal to 50%, and a 3.50% margin at utilization greater than 50%. The amended agreement also eliminates the minimum 0.5% LIBOR rate included in the prior agreement.
99

Amounts drawn on the facility may be used to finance acquisitions, fund working capital and capital expenditures and for other general corporate purposes.

The facility is secured by a first priority mortgage on certain of the Company's communities. In addition, the amended agreement permits the Company to pledge the equity interests in subsidiaries that own other communities (rather than mortgaging such communities), provided that loan availability from pledged assets cannot exceed 10% of loan availability from mortgaged assets. The availability under the line will vary from time to time as it is based on borrowing base calculations related to the appraised value and performance of the communities securing the facility.

The amended credit agreement contains typical affirmative and negative covenants, including financial covenants with respect to minimum consolidated fixed charge coverage and minimum consolidated tangible net worth. A violation of any of these covenants could result in a default under the credit agreement, which would result in termination of all commitments under the credit agreement and all amounts owing under the amended credit agreement and certain other loan agreements becoming immediately due and payable.

As of December 31, 2015, the outstanding balance under this credit facility was $310.0 million.  Additionally, there were $19.4 million of letters of credit outstanding under this credit facility.   In addition to the sublimit for letters of credit on this credit facility, the Company also had secured and unsecured letter of credit facilities of up to $80.2 million in the aggregate as of December 31, 2015.  Letters of credit totaling $63.0 million had been issued under these separate facilities as of that date.

Convertible Debt Offering

In June 2011, the Company completed a registered offering of $316.3 million aggregate principal amount of 2.75% convertible senior notes due 2018 (the "Notes"). The Company received net proceeds of approximately $308.2 million after the deduction of underwriting commissions and offering expenses.  The Company used a portion of the net proceeds to pay the Company's cost of the convertible note hedge transactions described below, taking into account the proceeds to the Company of the warrant transactions described below, and used the balance of the net proceeds to repay existing outstanding debt.
 
The Notes are senior unsecured obligations and rank equally in right of payment to all of the Company's other senior unsecured debt, if any. The Notes will be senior in right of payment to any of the Company's debt which is subordinated by its terms to the Notes (if any). The Notes are also structurally subordinated to all debt and other liabilities and commitments (including trade payables) of the Company's subsidiaries. The Notes are also effectively subordinated to the Company's secured debt to the extent of the assets securing the debt.
 
The Notes bear interest at 2.75% per annum, payable semi-annually in cash.  The Notes are convertible at an initial conversion rate of 34.1006 shares of Company common stock per $1,000 principal amount of Notes (equivalent to an initial conversion price of approximately $29.33 per share), subject to adjustment. On and after March 15, 2018, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their Notes at any time. In addition, Holders may convert their Notes at their option under the following circumstances:  (i) during any fiscal quarter if the last reported sale price of the Company's common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the preceding fiscal quarter is greater than or equal to 130% of the applicable conversion price on the last day of such preceding fiscal quarter; (ii) during the five business day period after any five consecutive trading day period (the "measurement period"), in which the trading price per $1,000 principal amount of notes for each trading day of that measurement period was less than 98% of the product of the last reported sale price of the Company's common stock and the applicable conversion rate on each such day; or (iii) upon the occurrence of specified corporate events. As of December 31, 2015, the Notes are not convertible. Unconverted Notes mature at par in June 2018.
 
Upon conversion, the Company will satisfy its conversion obligation by paying or delivering, as the case may be, cash, shares of the Company's common stock or a combination of cash and shares of the Company's common stock at the Company's election.  It is the Company's current intent and policy to settle the principal amount of the Notes (or, if less, the amount of the conversion obligation) in cash upon conversion.
 
In addition, following certain corporate transactions, the Company will increase the conversion rate for a holder who elects to convert in connection with such transaction by a number of additional shares of common stock as set forth in the supplemental indenture governing the Notes.

The Notes were issued in an offering registered under the Securities Act of 1933, as amended (Securities Act).
 
In accordance with FASB guidance regarding the accounting for convertible debt instruments that may be settled in cash upon conversion (including partial settlement), the liability and equity components of the convertible debt are separated in a manner that will reflect the Company's non-convertible debt borrowing rate when interest expense is recognized in subsequent periods.
 
100
The Company is accreting the carrying value to the principal amount at maturity using an imputed interest rate of 7.5% (the estimated effective borrowing rate for nonconvertible debt at the time of issuance, Level 2) over its expected life of seven years.
 
As of December 31, 2015, the "if converted" value of the Notes does not exceed their principal amount.
 
The interest expense associated with the Notes (excluding amortization of the associated deferred financing costs) was as follows (dollars in thousands):
 
 
For the Years Ended December 31,
  
 
2015
  
2014
    
2013
  
Coupon interest
  
$
8,697
    
$
8,697
    
$
8,697
  
Amortization of discount
    
11,732
      
10,902
      
10,131
  
Interest expense related to convertible notes
  
$
20,429
    
$
19,599
    
$
18,828
  
 
In connection with the offering of the Notes, in June 2011, the Company entered into convertible note hedge transactions (the "Convertible Note Hedges") with certain financial institutions (the "Hedge Counterparties"). The Convertible Note Hedges cover, subject to customary anti-dilution adjustments, 10,784,315 shares of common stock. The Company also entered into warrant transactions with the Hedge Counterparties whereby the Company sold to the Hedge Counterparties warrants to acquire, subject to customary anti-dilution adjustments, up to 10,784,315 shares of common stock (the "Sold Warrant Transactions"). The warrants have a strike price of $40.25 per share, subject to customary anti-dilution adjustments.

The Convertible Note Hedges are expected to reduce the potential dilution with respect to common stock upon conversion of the Notes in the event that the price per share of common stock at the time of exercise is greater than the strike price of the Convertible Note Hedges, which corresponds to the initial conversion price of the Notes and is similarly subject to customary anti-dilution adjustments. If, however, the price per share of common stock exceeds the strike price of the Sold Warrant Transactions when they expire, there would be additional dilution from the issuance of common stock pursuant to the warrants.

The Convertible Note Hedges and Sold Warrant Transactions are separate transactions (in each case entered into by the Company and Hedge Counterparties), are not part of the terms of the Notes and will not affect the holders' rights under the Notes. Holders of the Notes do not have any rights with respect to the Convertible Note Hedges or the Sold Warrant Transactions.

These hedging transactions had a net cost of approximately $31.9 million, which was paid from the proceeds of the Notes and recorded as a reduction of additional paid-in capital. The Company has contractual rights, and, at execution of the related agreements, had the ability to settle its obligations under the conversion features of the Notes, the Convertible Note Hedges and Sold Warrant Transactions, with the Company's common stock. Accordingly, these transactions are accounted for as equity, with no subsequent adjustment for changes in the value of these obligations.

2015 Financings

On March 31, 2015, the Company obtained a $63.0 million loan, secured by first mortgages on six communities. The loan bears interest at a variable rate equal to 90-day LIBOR plus a margin of 325 basis points and matures on April 1, 2020.

On April 30, 2015, the Company obtained a $65.3 million loan, secured by first mortgages on six communities. The loan bears interest at a fixed rate of 3.98% and matures on May 1, 2027.

On August 27, 2015, the Company obtained $226.4 million in loans secured by first mortgages on 21 communities. The mortgage facility has a ten year term and 75% of it bears interest at a variable rate of 30-day LIBOR plus a margin of 221 basis points and the remaining 25% bears interest at a fixed rate of 4.80%. Proceeds of the loans were used to refinance $209.9 million of fixed rate mortgage debt on 28 communities that was scheduled to mature in September 2017. In connection with the transaction, the Company paid a prepayment penalty of $17.9 million, of which $10.4 million was recorded against the existing debt premium, $6.3 million was recorded as a debt discount for the new loans, and $1.2 million was recorded as an extinguishment cost for the seven communities that became unencumbered.

On September 15, 2015, the Company obtained $140.4 million in loans secured by first mortgages on 18 communities. The mortgage facility has a seven year term and bears interest at a variable rate of one-month LIBOR plus a margin of 223 basis points. Proceeds of the loans were used to refinance $122.3 million of fixed rate mortgage debt that was scheduled to mature in May 2018. In connection with the transaction, the Company paid a prepayment penalty of $13.6 million, of which $7.6 million was recorded against the existing debt premium and $6.0 million was recorded as a debt discount for the new loans.

The financings that occurred during the three months ended September 30, 2015 were accounted for as debt modifications and $5.5 million of debt modification costs were recorded on the consolidated statement of operations for that period.
101
2014 Financings

On April 9, 2014, the Company obtained $146.0 million in loans, secured by first mortgages, on 20 communities. The loans bear interest at a fixed rate of 4.77% and mature in May 2021. Proceeds of the loans were used to refinance $140.0 million of mortgage debt that was scheduled to mature in November 2014.

In October 2014, the Company obtained $89.7 million in supplemental loans, secured by the 21 underlying communities. The loans bear interest at a fixed rate of approximately 4.6%.

In the fourth quarter of 2014, the Company repaid $275.9 million of existing long-term debt with a weighted average interest rate of approximately 5.5%, including the $68 million loan from HCP used to fund the Company's initial capital contribution to the HCP 49 Venture. The Company financed the repayment of debt primarily with the proceeds from the public equity offering completed during the third quarter. See Note 4 for more information about the HCP 49 Venture and the public equity offering.

As of December 31, 2015, the Company is in compliance with the financial covenants of its outstanding debt and lease agreements.

Interest Rate Caps

In the normal course of business, the Company has entered into certain interest rate protection agreements to effectively manage the risk above certain interest rates for a portion of the Company's variable rate debt. The following table summarizes the Company's interest rate cap instruments at December 31, 2015 (dollars in thousands):

 
Current notional balance
  
$
983,281
  
Weighted average fixed cap rate
    
4.34
%
Earliest maturity date
    
2016
  
Latest maturity date
    
2018
  
Estimated asset fair value (included in other assets, net at December 31, 2015)
  
$
29
  
Estimated asset fair value (included in other assets, net at December 31, 2014)
  
$
763
  

9.           Accrued Expenses

Accrued expenses consist of the following components as of December 31, (in thousands):
 
 
  
2015
    
2014
  
Insurance reserves
  
$
94,948
    
$
116,858
  
Salaries and wages
    
80,291
      
124,935
  
Vacation
    
44,421
      
43,037
  
Real estate taxes
    
37,206
      
43,155
  
Lease payable
    
20,714
      
30,001
  
Interest
    
12,940
      
12,757
  
Accrued utilities
    
11,949
      
12,798
  
Taxes payable
    
3,265
      
2,679
  
Other
    
67,140
      
36,434
  
Total
  
$
372,874
    
$
422,654
  

10.       Commitments and Contingencies

Facility Operating Leases

The Company has entered into sale leaseback and lease agreements with certain real estate investment trusts ("REIT"s). Under these agreements communities are either sold to the REIT and leased back or a long-term lease agreement is entered into for the communities. The initial lease terms primarily vary from 10 to 20 years and generally include renewal options ranging from 5 to 30 years. The Company is responsible for all operating costs, including repairs, property taxes and insurance. The substantial majority of the Company's lease arrangements are structured as master leases. Under a master lease, numerous communities are leased through an indivisible lease. The Company typically guarantees its performance and the lease payments under the master lease and the lease may include performance covenants, such as net worth, minimum capital expenditure requirements per community per annum and minimum lease coverage ratios. Failure to comply with these covenants could result in an event of default. The Company's leases and mortgage debt generally contain cross-default and cross-collateralization provisions. Certain leases contain cure provisions generally requiring the posting of an additional lease security deposit if the required covenant is not met.

As of December 31, 2015 the Company operated 546 communities under long-term leases (322 operating leases and 224 capital and financing leases). As of December 31, 2014 the Company operated 583 communities under long-term leases (342 operating leases and 241 capital and financing leases). The remaining base lease terms vary from one year to 17 years and generally provide for renewal, extension and purchase options.

A summary of facility lease expense and the impact of straight-line adjustment and amortization of (above) below market rents and deferred gains are as follows (in thousands):
 
102

 
  
For the Years Ended
December 31,
  
 
  
2015
    
2014
    
2013
  
Cash basis payment
  
$
372,148
    
$
330,207
    
$
278,504
  
Straight-line (income) expense
    
6,956
      
1,439
      
2,597
  
Amortization of (above) below market rents, net
    
(7,158
)
    
(3,444
)
    
—
  
Amortization of deferred gain
    
(4,372
)
    
(4,372
)
    
(4,372
)
Facility lease expense
  
$
367,574
    
$
323,830
    
$
276,729
  

The aggregate amounts of future minimum operating lease payments, including community and office leases, as of December 31, 2015, are as follows (dollars in thousands):
 
Year Ending December 31,
  
Operating
Leases
  
2016
  
$
390,816
  
2017
    
373,690
  
2018
    
358,168
  
2019
    
340,747
  
2020
    
300,674
  
Thereafter
    
1,336,099
  
Total
  
$
3,100,194
  

Other

The Company has employment or letter agreements with certain officers of the Company and has adopted policies to which certain officers of the Company are eligible to participate that grant these employees the right to receive a portion or multiple of their base salary, pro-rata bonus, bonus and/or continuation of certain benefits, for a defined period of time, in the event of certain terminations of the officers' employment, as described in those agreements and policies.

11.       Self-Insurance

The Company obtains various insurance coverages from commercial carriers at stated amounts as defined in the applicable policy. Losses related to deductible amounts are accrued based on the Company's estimate of expected losses plus incurred but not reported claims. Emeritus provided professional liability coverage for approximately one-half of its operating locations through a wholly-owned captive insurance carrier, and the captive did not itself acquire excess professional liability coverage until October 1, 2013. Consequently, as a result of the Emeritus acquisition, the Company retains full exposure for professional liability claims incurred at those locations before October 1, 2013 and made prior to July 31, 2014.

As of December 31, 2015 and 2014, the Company accrued reserves of $248.4 million and $301.6 million, respectively, for these programs of which $153.5 million and $184.7 million is classified as long-term liabilities as of December 31, 2015 and 2014, respectively. As of December 31, 2015 and 2014, the Company accrued $41.5 million and $52.7 million, respectively, of estimated amounts receivable from the insurance companies under these insurance programs.

The Company has secured self-insured retention risk under workers' compensation and general liability and professional liability programs with cash deposits of $15.6 million and $19.6 million as of December 31, 2015 and 2014, respectively. Letters of credit securing the programs aggregated $49.8 million and $33.8 million as of December 31, 2015 and 2014, respectively. Emeritus previously maintained workers' compensation insurance coverage through a high deductible, collateralized insurance policy with deposits of $40.5 million as of December 31, 2015.
103

12.       Retirement Plans

The Company maintains a 401(k) Retirement Savings Plan for all employees that meet minimum employment criteria. The plan provides that the participants may defer eligible compensation on a pre-tax basis subject to certain Internal Revenue Code maximum amounts. The Company makes matching contributions in amounts equal to 25.0% of the employee's contribution to the plan, up to a maximum of 4.0% of contributed compensation. An additional matching contribution of 12.5%, subject to the same limit on contributed compensation, may be made at the discretion of the Company, based upon the Company's performance. For the years ended December 31, 2015, 2014 and 2013, the Company's expense to the plan was $6.6 million, $7.1 million and $6.6 million, respectively.

13.       Stock-Based Compensation

The following table sets forth information about the Company's restricted stock awards (excluding restricted stock units) (share amounts in thousands):
 
 
  
Number of Shares
    
Weighted
Average
Grant Date Fair Value
  
Outstanding on January 1, 2013
    
3,952
    
$
16.67
  
Granted
    
1,328
    
$
26.98
  
Vested
    
(1,455
)
  
$
15.08
  
Cancelled/forfeited
    
(452
)
  
$
18.87
  
Outstanding on December 31, 2013
    
3,373
    
$
21.12
  
Granted
    
1,662
    
$
29.79
  
Vested
    
(1,185
)
  
$
19.58
  
Cancelled/forfeited
    
(298
)
  
$
21.02
  
Outstanding on December 31, 2014
    
3,552
    
$
25.70
  
Granted
    
1,698
    
$
32.75
  
Vested
    
(1,275
)
  
$
23.55
  
Cancelled/forfeited
    
(521
)
  
$
18.68
  
Outstanding on December 31, 2015
    
3,454
    
$
28.80
  

As of December 31, 2015, there was $63.8 million of total unrecognized compensation cost related to nonvested share-based compensation awards granted.  That cost is expected to be recognized over a weighted-average period of 2.3 years and is based on grant date fair value, net of forfeiture estimates. The compensation cost reflects an initial estimated cumulative forfeiture rate from 0% to 20% over the requisite service period of the awards. That estimate is revised if subsequent information indicates that the actual number of awards expected to vest is likely to differ from previous estimates.

During 2015, grants of restricted shares under the Company's 2014 Omnibus Incentive Plan were as follows (amounts in thousands except for value per share):
 
 
  
Shares Granted
    
Value Per Share
    
Total Value
  
Three months ended March 31, 2015
    
1,335
    
$
34.57 - $34.89
    
$
46,142
  
Three months ended June 30, 2015
    
70
    
$
36.12
    
$
2,540
  
Three months ended September 30, 2015
    
49
    
$
33.02
    
$
1,611
  
Three months ended December 31, 2015
    
244
    
$
21.82
    
$
5,327
  

The Company has an employee stock purchase plan for all eligible employees. Under the plan, eligible employees of the Company can purchase shares of the Company's common stock on a quarterly basis at a discounted price through accumulated payroll deductions. Each eligible employee may elect to deduct up to 15% of his or her base pay each quarter. Subject to certain limitations specified in the plan, on the last trading date of each calendar quarter, the amount deducted from each participant's pay over the course of the quarter will be used to purchase whole shares of the Company's common stock at a purchase price equal to 90% of the closing market price on the New York Stock Exchange on that date. The Company reserved 1,800,000 shares of common stock for issuance under the plan. The impact on the Company's consolidated financial statements is not material.

14.       Share Repurchase Program

On August 11, 2011, the Company's board of directors approved a share repurchase program that authorizes the Company to purchase up to $100.0 million in the aggregate of the Company's common stock.  Purchases may be 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 these 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. 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.

No shares were purchased pursuant to this authorization during the years ended December 31, 2015, 2014 and 2013. As of December 31, 2015, approximately $82.4 million remains available under this share repurchase authorization.

104
15.       Income Taxes

The benefit (provision) for income taxes is comprised of the following (dollars in thousands):
 
 
  
For the Years Ended December 31,
  
 
  
2015
    
2014
    
2013
  
Federal:
  
   
   
 
Current
  
$
49
    
$
1,367
    
$
(312
)
Deferred
    
95,259
      
182,371
      
183
  
Total Federal
    
95,308
      
183,738
      
(129
)
State:
                        
Current
    
(3,099
)
    
(2,433
)
    
(1,627
)
Deferred (included in Federal above)
    
—
      
—
      
—
  
Total State
    
(3,099
)
    
(2,433
)
    
(1,627
)
Total
  
$
92,209
    
$
181,305
    
$
(1,756
)

A reconciliation of the benefit (provision) for income taxes to the amount computed at the U.S. Federal statutory rate of 35% is as follows (dollars in thousands):

 
  
For the Years Ended December 31,
  
 
  
2015
    
2014
    
2013
  
Tax benefit at U.S. statutory rate
  
$
192,390
    
$
115,603
    
$
640
  
State taxes, net of federal income tax
    
18,323
      
11,582
      
(985
)
Tax credits
    
3,937
      
(2,222
)
    
9,757
  
Valuation allowance
    
(111,797
)
    
64,155
      
(7,097
)
Goodwill impairment
    
(7,856
)
    
—
      
—
  
Meals and entertainment
    
(1,090
)
    
(946
)
    
(496
)
Other, net
    
(1,626
)
    
(713
)
    
(1,007
)
Return to provision
    
(72
)
    
716
      
(2,568
)
Non-deductible transaction costs
    
—
      
(6,870
)
    
—
  
Total
  
$
92,209
    
$
181,305
    
$
(1,756
)

 Significant components of the Company's deferred tax assets and liabilities at December 31 are as follows (dollars in thousands):
 
 
  
2015
    
2014
  
Deferred income tax assets:
  
   
 
Capital and financing lease obligations
  
$
872,002
    
$
945,000
  
Operating loss carryforwards
    
282,075
      
227,956
  
Accrued expenses
    
144,691
      
146,536
  
Deferred lease liability
    
94,105
      
77,790
  
Tax credits
    
40,974
      
34,860
  
Intangible assets
    
22,522
      
17,785
  
Deferred gain on sale leaseback
    
5,661
      
7,073
  
Prepaid revenue
    
2,415
      
5,835
  
Total gross deferred income tax asset
    
1,464,445
      
1,462,835
  
Valuation allowance
    
(121,602
)
    
(9,213
)
Net deferred income tax assets
    
1,342,843
      
1,453,622
  
Deferred income tax liabilities:
                
Property, plant and equipment
    
(1,320,423
)
    
(1,556,603
)
Investment in unconsolidated ventures
    
(88,798
)
    
(54,113
)
Other
    
(2,673
)
    
(2,181
)
Total gross deferred income tax liability
    
(1,411,894
)
    
(1,612,897
)
Net deferred tax liability
  
$
(69,051
)
  
$
(159,275
)
105

As of December 31, 2015 and 2014, the Company had federal net operating loss carryforwards of approximately $930.4 million and $745.1 million, respectively, which are available to offset future taxable income through 2035. The Company determined that a valuation allowance was required due to the loss before income taxes in 2015, and in consideration of the Company's estimated future reversal of existing timing differences as of December 31, 2015. In the fourth quarter of 2015, the Company recorded a provision of approximately $111.8 million to reflect the necessary valuation allowance of $121.6 million as of December 31, 2015. The valuation allowance reflects that the Company's net operating losses will begin to expire in 2027.

As a result of the acquisition of Emeritus on July 31, 2014, the Company recorded deferred tax liabilities in excess of deferred tax assets that reflect the difference between the fair market value of the acquired assets over the historical basis of the acquired assets. During the year ended December 31, 2014, the Company determined that it was more likely than not that its federal net operating loss carryforwards and a majority of its state net operating loss carryforwards, and the majority of its tax credits will be utilized in the future, based on the future reversal of these deferred tax liabilities.  As a result, during the year ended December 31, 2014 the Company recorded an aggregate deferred federal, state and local income tax benefit of $64.2 million from the release of the valuation allowance against certain deferred tax assets. Additionally, the Company recorded an aggregate deferred federal, state and local tax benefit of $94.1 million as a result of the operating loss for the year ended December 31, 2014.

The Company has recorded valuation allowances of $89.5 million and $7.5 million at December 31, 2015 and 2014, respectively, against its federal and state net operating losses, as the Company anticipates these losses will not be utilized prior to expiration. The Company also recorded a valuation allowance against federal and state credits of $32.1 million and $1.8 million as of December 31, 2015 and 2014, respectively. As of December 31, 2015 and 2014, the Company had $126.7 million and $112.6 million, respectively, included in its net operating loss carryforward relating to restricted stock grants. Under ASC 718-10, this loss will be recorded in additional paid-in capital in the period in which the loss is effectively used to reduce taxes payable.

The formation of the Company, the reorganization of a predecessor company and the acquisitions of several wholly-owned subsidiaries constituted ownership changes under Section 382 of the Internal Revenue Code, as amended. As a result, the Company's ability to utilize the net operating loss carryforward to offset future taxable income is subject to certain limitations and restrictions. Furthermore, the Company had an ownership change under Section 382 in May 2010 which resulted in an additional annual limitation to the utilization of the net operating loss in the amount of $92.8 million. The acquisition of Emeritus on July 31, 2014 resulted in an ownership change for Emeritus resulting in an annual limitation of $53.9 million on net operating losses acquired by the Company from Emeritus. The Company expects the net operating losses of the Company from prior to May 2010 and of Emeritus to be fully released before expiration and therefore does not anticipate a financial statement impact as a result of the limitations.

At December 31, 2015, the Company had gross tax affected unrecognized tax benefits of $30.2 million, which, if recognized, would result in an income tax benefit in accordance with ASC 805. Interest and penalties related to these tax positions are classified as tax expense in the Company's consolidated financial statements. Total interest and penalties reserved is $0.1 million at December 31, 2015. Tax returns for years 2011 through 2014 are subject to future examination by tax authorities. In addition, the net operating losses from prior years are subject to adjustment under examination. The Company does not expect that unrecognized tax benefits for tax positions taken with respect to 2015 and prior years will significantly change in 2016.

A reconciliation of the unrecognized tax benefits for the year 2015 is as follows (dollars in thousands):

Balance at January 1, 2015
  
$
30,195
  
Additions for tax positions related to the current year
    
—
  
Additions for tax positions related to prior years
    
50
  
Reductions for tax positions related to prior years
    
(9
)
Balance at December 31, 2015
  
$
30,236
  

On September 13, 2013, Treasury and the Internal Revenue Service issued final regulations regarding the deduction and capitalization of expenditures related to tangible property. The final regulations under Internal Revenue Code Sections 162, 167 and 263(a) apply to amounts paid to acquire, produce, or improve tangible property as well as dispositions of such property and are generally effective for tax years beginning on or after January 1, 2015. The Company has evaluated these regulations and determined they will not have a material impact on the Company's consolidated results of operations, cash flows or financial position.

106

16.       Supplemental Disclosure of Cash Flow Information

(dollars in thousands)
  
For the Years Ended
December 31,
  
Supplemental Disclosure of Cash Flow Information: 
  
2015
    
2014
    
2013
  
Interest paid
  
$
360,960
    
$
226,594
    
$
123,036
  
Income taxes paid
  
$
2,952
    
$
2,746
    
$
2,283
  
 
Additions to property, plant and equipment and leasehold improvements
                        
Property, plant and equipment and leasehold intangibles, net
  
$
448,682
    
$
304,245
    
$
257,527
  
Accounts payable
    
(37,631
)
    
—
      
—
  
Net cash paid
  
$
411,051
    
$
304,245
    
$
257,527
  
Acquisitions of assets, net of related payables and cash received, net:
                        
Cash and escrow deposits—restricted
  
$
—
    
$
—
    
$
466
  
Prepaid expenses and other assets, net
    
(53,405
)
    
(3,138
)
    
346
  
Property, plant and equipment and leasehold intangibles, net
    
198,558
      
80,330
      
99,657
  
Other intangible assets, net
    
(7,294
)
    
(23,978
)
    
3,517
  
Accrued expenses
    
—
      
—
      
(5,169
)
Long-term debt
    
(101,558
)
    
7,795
      
(64,131
)
Capital and financing lease obligations
    
155,230
      
—
      
—
  
Other liabilities
    
(315
)
    
(20,568
)
    
—
  
Net cash paid
  
$
191,216
    
$
40,441
    
$
34,686
  
Proceeds from sale of assets, net:
                        
Prepaid expenses and other assets, net
  
$
25,780
    
$
—
    
$
—
  
Property, plant and equipment and leasehold intangibles, net
    
(82,953
)
    
—
      
—
  
Capital and financing lease obligations
    
8,907
      
—
      
—
  
Other liabilities
    
(960
)
    
—
      
—
  
Net cash received
  
$
(49,226
)
  
$
—
    
$
—
  
Formation of CCRC Venture:
                        
Property, plant and equipment and leasehold intangibles, net
  
$
—
    
$
(729,123
)
  
$
—
  
Investment in unconsolidated ventures
    
—
      
194,485
      
—
  
Other intangible assets, net
    
—
      
(56,829
)
    
—
  
Other assets, net
    
—
      
(9,137
)
    
—
  
Long-term debt
    
—
      
170,416
      
—
  
Capital and financing lease obligations
    
—
      
27,085
      
—
  
Refundable entrance fees and deferred revenue
    
—
      
413,761
      
—
  
Other liabilities
    
—
      
1,514
      
—
  
Net cash paid
  
$
—
    
$
12,172
    
$
—
  
Formation of HCP 49 Venture:
                        
      Property, plant and equipment and leasehold intangibles, net
  
$
—
    
$
(525,446
)
  
$
—
  
      Investment in unconsolidated ventures
    
—
      
71,656
      
—
  
      Long-term debt
    
—
      
(67,640
)
    
—
  
      Capital and financing lease obligations
    
—
      
538,355
      
—
  
      Other liabilities
    
—
      
(9,034
)
    
—
  
          Net cash paid
  
$
—
    
$
7,891
    
$
—
  
107

Supplemental Schedule of Non-cash Operating, Investing and Financing Activities:
            
Capital and financing leases:
  
   
   
 
Property, plant and equipment and leasehold intangibles, net
  
$
26,644
    
$
27,100
    
$
—
  
Other intangible assets, net
    
(5,202
)
    
—
      
—
  
Capital and financing lease obligations
    
(23,738
)
    
(27,100
)
    
—
  
Other liabilities
    
2,296
      
—
      
—
  
Net
  
$
—
    
$
—
    
$
—
  
   Master Lease amendment:
                        
      Property, plant and equipment and leasehold intangibles, net
  
$
—
    
$
385,696
    
$
—
  
      Other intangible assets, net
    
—
      
(174,012
)
    
—
  
      Capital and financing lease obligations
    
—
      
(217,022
)
    
—
  
      Other liabilities
    
—
      
5,338
      
—
  
Net
  
$
—
    
$
—
    
$
—
  
   Assets designated as held for sale:
                        
      Property, plant and equipment and leasehold intangibles, net
  
$
(113,592
)
  
$
—
    
$
—
  
      Assets held for sale
    
110,620
      
—
      
—
  
      Goodwill
    
(12,200
)
    
—
      
—
  
      Asset impairment
    
15,172
      
—
      
—
  
Net
  
$
—
    
$
—
    
$
—
  
   Contribution to CCRC venture:
                        
      Property, plant and equipment
  
$
(25,717
)
  
$
—
    
$
—
  
      Investment in unconsolidated ventures
    
7,422
      
—
      
—
  
      Long-term debt
    
18,295
      
—
      
—
  
Net
  
$
—
    
$
—
    
$
—
  

17.       Litigation

The Company has been and is currently involved in litigation and claims incidental to the conduct of its business which are comparable to other companies in the senior living industry. Certain claims and lawsuits allege large damage amounts and may require significant costs to defend and resolve. Similarly, the senior living industry is continuously subject to scrutiny by governmental regulators, which could result in litigation related to regulatory compliance matters. As a result, the Company maintains general liability and professional liability insurance policies in amounts and with coverage and deductibles the Company believes are adequate, based on the nature and risks of its business, historical experience and industry standards. The Company's current policies provide for deductibles for each claim. Accordingly, the Company is, in effect, self-insured for claims that are less than the deductible amounts.

18.       Segment Information

As of December, 31, 2015 the Company has five reportable segments:  Retirement Centers; Assisted Living; CCRCs – Rental; Brookdale Ancillary Services; and Management Services. Operating segments are defined as components of an enterprise that engage in business activities from which it may earn revenues and incur expenses; for which separate financial information is available; and whose operating results are regularly reviewed by the chief operating decision maker to assess the performance of the individual segment and make decisions about resources to be allocated to the segment.

Prior to August 29, 2014, the Company had an additional reportable segment, CCRCs - Entry Fee. On August 29, 2014, the Company contributed all but two of the legacy Brookdale entry fee CCRCs to the CCRC Venture, at which time the contributed CCRCs were deconsolidated.  The results of the entry fee CCRCs contributed to the CCRC Venture are reported in the CCRCs - Entry Fee segment for the time periods prior to being contributed to the CCRC Venture. The results of the two legacy Brookdale CCRCs that were not contributed to the CCRC Venture are included in the CCRCs - Entry Fee segment for the six month period ended June 30, 2014 and the CCRCs - Rental segment for periods subsequent to June 30, 2014, based on how operating results are being reviewed by the chief operating decision maker following the creation of the CCRC Venture. The CCRC Venture is accounted for under the equity method of accounting. See Note 4 for more information about the Company's entry into the CCRC Venture.

108
During 2014, two communities were moved from the Retirement Centers segment to the Assisted Living segment and one community was moved from the Retirement Centers segment to the CCRCs – Rental segment to more accurately reflect the underlying product offering of the communities. The movement did not change the Company's reportable segments, but it did impact the revenues and expenses reported within the Retirement Centers, Assisted Living and CCRCs - Rental segments. Revenue and expenses for the year ended December 31, 2013 have not been recast.

Retirement Centers.  The Company's Retirement Centers segment includes owned or leased communities that are primarily designed for middle to upper income seniors generally age 75 and older who desire an upscale residential environment providing the highest quality of service. The majority of the Company's retirement center communities consist of both independent living and assisted living units in a single community, which allows residents to "age-in-place" by providing them with a continuum of senior independent and assisted living services.

Assisted Living.  The Company's Assisted Living segment includes owned or leased communities that offer housing and 24-hour assistance with activities of daily life to mid-acuity frail and elderly residents. Assisted living communities include both freestanding, multi-story communities and freestanding single story communities. The Company also operates memory care communities, which are freestanding assisted living communities specially designed for residents with Alzheimer's disease and other dementias.

CCRCs - Rental.  The Company's CCRCs - Rental segment includes large owned or leased communities that offer a variety of living arrangements and services to accommodate all levels of physical ability and health. Most of the Company's CCRCs have independent living, assisted living and skilled nursing available on one campus or within the immediate market, and some also include memory care/Alzheimer's units. As of December 31, 2015 and 2014, the CCRCs - Rental segment also includes three entry fee CCRCs.

CCRCs - Entry Fee.  Prior to August 29, 2014, the Company had an additional reportable segment, CCRCs - Entry Fee.  The communities in the Company's former CCRCs - Entry Fee segment are similar to rental CCRCs but allow for residents in the independent living apartment units to pay a one-time upfront entrance fee, which is partially refundable in certain circumstances. In addition to the initial entrance fee, residents under all entrance fee agreements also pay a monthly service fee, which entitles them to the use of certain amenities and services.

Brookdale Ancillary Services. The Company's Brookdale Ancillary Services segment includes the outpatient therapy, home health and hospice services provided to residents of many of the Company's communities, to other senior living communities that the Company does not own or operate and to seniors living outside of the Company's communities. The Brookdale Ancillary Services segment does not include the therapy services provided in the Company's skilled nursing units, which are included in the Company's CCRCs - Rental and CCRCs - Entry Fee segments.

Management Services.  The Company's Management Services segment includes communities operated by the Company pursuant to management agreements. In some of the cases, the controlling financial interest in the community is held by third parties and, in other cases, the community is owned in a venture structure in which the Company has an ownership interest. Under the management agreements for these communities, the Company receives management fees as well as reimbursed expenses, which represent the reimbursement of expenses it incurs on behalf of the owners.

The accounting policies of the Company's reportable segments are the same as those described in the summary of significant accounting policies in Note 2.
109

The following table sets forth selected segment financial and operating data (dollars in thousands):
 
 
  
For the Years Ended December 31,
  
 
  
2015
    
2014
    
2013
  
Revenue:
  
   
   
 
Retirement Centers(1)
  
$
657,940
    
$
582,312
    
$
526,284
  
Assisted Living(1)
    
2,445,457
      
1,685,563
      
1,051,868
  
CCRCs - Rental(1)
    
604,572
      
493,173
      
396,975
  
CCRCs - Entry Fee(1)
    
—
      
202,414
      
297,756
  
Brookdale Ancillary Services(1)
    
469,158
      
337,835
      
242,150
  
Management Services(2)
    
783,481
      
530,409
      
376,933
  
 
  
$
4,960,608
    
$
3,831,706
    
$
2,891,966
  
Segment Operating Income(3):
                        
Retirement Centers
  
$
285,257
    
$
248,883
    
$
222,282
  
Assisted Living
    
877,303
      
608,489
      
389,678
  
CCRCs - Rental
    
150,495
      
121,661
      
109,026
  
CCRCs - Entry Fee
    
—
      
48,433
      
76,393
  
Brookdale Ancillary Services
    
75,210
      
63,463
      
45,709
  
Management Services
    
60,183
      
42,239
      
31,125
  
 
    
1,448,448
      
1,133,168
      
874,213
  
General and administrative (including non-cash stock-based compensation expense)
    
370,579
      
280,267
      
180,627
  
Transaction costs
    
8,252
      
66,949
      
3,921
  
Facility lease expense:
                        
Retirement Centers
    
114,738
      
98,321
      
91,258
  
Assisted Living
    
197,452
      
162,575
      
123,980
  
CCRCs - Rental
    
47,937
      
51,523
      
48,809
  
CCRCs - Entry Fee
    
—
      
4,362
      
7,470
  
Brookdale Ancillary Services
    
—
      
890
      
—
  
Corporate and Management Services
    
7,447
      
6,159
      
5,212
  
Depreciation and amortization:
                        
Retirement Centers
    
104,063
      
86,188
      
64,353
  
Assisted Living
    
489,933
      
317,918
      
85,337
  
CCRCs - Rental
    
87,754
      
60,175
      
30,957
  
CCRCs - Entry Fee
    
—
      
37,524
      
55,842
  
Brookdale Ancillary Services
    
7,451
      
4,764
      
3,023
  
110

Corporate and Management Services
    
43,964
      
30,466
      
29,245
  
Asset impairment
    
57,941
      
9,992
      
12,891
  
Loss on facility lease termination
    
76,143
      
—
      
—
  
(Loss) income from operations
  
$
(165,206
)
  
$
(84,905
)
  
$
131,288
  
 
                        
Total interest expense:
                        
Retirement Centers
  
$
58,397
    
$
41,906
    
$
31,286
  
Assisted Living
    
250,116
      
140,001
      
51,410
  
CCRCs - Rental
    
39,502
      
28,418
      
17,512
  
CCRCs - Entry Fee
    
—
      
7,530
      
11,911
  
Brookdale Ancillary Services
    
1,354
      
823
      
—
  
Corporate and Management Services
    
39,395
      
29,510
      
25,280
  
 
  
$
388,764
    
$
248,188
    
$
137,399
  
 
                        
Total capital expenditures for property, plant and equipment, and leasehold intangibles:
                        
Retirement Centers
  
$
161,986
    
$
76,285
    
$
63,519
  
Assisted Living
    
220,893
      
107,037
      
95,829
  
CCRCs - Rental
    
54,864
      
42,412
      
27,134
  
CCRCs - Entry Fee
    
—
      
36,575
      
43,019
  
Brookdale Ancillary Services
    
4,061
      
1,805
      
1,855
  
Corporate and Management Services
    
6,878
      
40,131
      
26,171
  
 
  
$
448,682
    
$
304,245
    
$
257,527
  
 
 
  
As of December 31,
  
 
  
2015
    
2014
  
Total assets:
  
   
 
Retirement Centers
  
$
1,556,169
    
$
1,600,007
  
Assisted Living
    
6,354,415
      
6,577,821
  
CCRCs - Rental
    
1,037,384
      
1,027,854
  
Brookdale Ancillary Services
    
292,540
      
275,618
  
Corporate and Management Services
    
808,056
      
936,161
  
 
  
$
10,048,564
    
$
10,417,461
  
 
(1) All revenue is earned from external third parties in the United States.

(2) Management services segment revenue includes reimbursements for which the Company is the primary obligor of costs incurred on behalf of managed communities.

(3) Segment operating income is defined as segment revenues less segment operating expenses (excluding depreciation and amortization).
111

19.       Quarterly Results of Operations (Unaudited)

The following is a summary of quarterly results of operations for each of the fiscal quarters in 2015 and 2014 (in thousands, except per share amounts):
 
 
  
For the Quarters Ended
  
 
  
March 31,
2015
    
June 30,
2015
    
September 30,
2015
    
December 31,
2015
  
Revenues
  
$
1,247,881
    
$
1,238,184
    
$
1,238,841
    
$
1,235,702
  
Asset impairment
    
—
      
—
      
—
      
57,941
  
Income (loss) from operations
    
(116,873
)
    
(43,123
)
    
3,663
      
(8,873
)
Income (loss) before income taxes
    
(208,997
)
    
(137,400
)
    
(99,132
)
    
(104,835
)
Net income (loss)
    
(130,709
)
    
(84,807
)
    
(68,336
)
    
(174,303
)
Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders
    
(130,451
)
    
(84,547
)
    
(68,220
)
    
(174,259
)
Weighted average basic and diluted income (loss) per share
  
$
(0.71
)
  
$
(0.46
)
  
$
(0.37
)
  
$
(0.94
)
 
 
 
  
For the Quarters Ended
  
 
  
March 31,
2014
    
June 30,
2014
    
September 30,
2014
    
December 31,
2014
  
Revenues
  
$
747,275
    
$
748,393
    
$
1,083,935
    
$
1,252,103
  
Asset impairment
    
—
      
—
      
—
      
9,992
  
Income (loss) from operations
    
32,148
      
30,657
      
(73,197
)
    
(74,513
)
Income (loss) before income taxes
    
(1,293
)
    
(2,333
)
    
(153,109
)
    
(173,996
)
Net income (loss)
    
(2,299
)
    
(3,295
)
    
(37,036
)
    
(106,796
)
Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders
    
(2,299
)
    
(3,295
)
    
(36,862
)
    
(106,534
)
Weighted average basic and diluted income (loss) per share
  
$
(0.02
)
  
$
(0.03
)
  
$
(0.23
)
  
$
(0.58
)
 
112

SCHEDULE II
VALUATION AND QUALIFYING ACCOUNTS
December 31, 2015
(In thousands)
 
 
  
   
   
Additions
    
   
 
Description
  
Balance at
beginning of
period
    
Acquisition of Emeritus
    
Charged to
costs and
expenses
    
Charged
to other
accounts
    
Deductions
    
Balance at
end of
period
  
Allowance for Doubtful Accounts:
  
   
   
   
   
   
 
Year ended December 31, 2013
  
$
15,262
    
$
—
    
$
21,048
    
$
444
    
$
(19,026
)
  
$
17,728
  
Year ended December 31, 2014
  
$
17,728
    
$
11,087
    
$
20,509
    
$
771
    
$
(23,594
)
  
$
26,501
  
Year ended December 31, 2015
  
$
26,501
    
$
-
    
$
25,132
    
$
2,135
    
$
(27,298
)
  
$
26,470
  
 
                                                
Deferred Tax Valuation Allowance:
                                                
Year ended December 31, 2013
  
$
65,269
    
$
—
    
$
7,272
(1) 
  
$
(175
)(2)
  
$
—
    
$
72,366
  
Year ended December 31, 2014
  
$
72,366
    
$
1,002
    
$
—
    
$
—
    
$
(64,155
)(3)
  
$
9,213
  
Year ended December 31, 2015
  
$
9,213
    
$
—
    
$
111,797
(4) 
  
$
592
(4) 
  
$
—
    
$
121,602
  


(1) Adjustment to valuation allowance for federal net operating losses and federal credits of $(4,851) and $12,123, respectively.
(2) Adjustment to valuation allowance for state net operating losses of $(175).
(3)  Adjustment to reverse valuation allowance for federal and state net operating losses of $(64,155).
(4)  Adjustment to valuation allowance for federal and state net operating losses and federal credits of $81,968 and $30,421, respectively

113

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

None.

Item 9A. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

The Company maintains disclosure controls and procedures (as defined under Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended). Our management, under the supervision of and with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer each concluded that, as of December 31, 2015, our disclosure controls and procedures were effective.

Management's Assessment of Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Exchange Act Rule 13a-15(f). Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework). Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can only provide reasonable assurance with respect to financial statement preparation and presentation.

Based on the Company's evaluation, management concluded that our internal control over financial reporting was effective as of December 31, 2015. Management reviewed the results of their assessment with our Audit Committee. The effectiveness of our internal control over financial reporting as of December 31, 2015 has been audited by Ernst & Young LLP, the independent registered public accounting firm that audited our consolidated financial statements included in this Annual Report on Form 10-K, as stated in their report which is included in Item 8 of this Annual Report on Form 10-K and incorporated herein by reference.

Internal Control Over Financial Reporting

There has not been any change in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fiscal quarter ended December 31, 2015 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Item 9B. Other Information.

None.
114

PART III

Item 10. Directors, Executive Officers and Corporate Governance.

The information required by this item is incorporated by reference from the discussions under the headings "Proposal Number One - Election of Directors" and "Section 16(a) Beneficial Ownership Reporting Compliance" in our Definitive Proxy Statement for the 2016 Annual Meeting of Stockholders. Pursuant to General Instruction G(3), certain information concerning our executive officers is contained in the discussion entitled "Executive Officers of the Registrant" appearing after Item 1 of Part I of this Annual Report on Form 10-K.

We have adopted a Code of Business Conduct and Ethics that applies to all employees, directors and officers, including our principal executive officer, our principal financial officer, our principal accounting officer or controller, or persons performing similar functions, as well as a Code of Ethics for Chief Executive and Senior Financial Officers, which applies to our Chief Executive Officer, President, Chief Financial Officer, Chief Accounting Officer, Treasurer and Controller, both of which are available on our website at www.brookdale.com. Any amendment to, or waiver from, a provision of such codes of ethics granted to a principal executive officer, principal financial officer, principal accounting officer or controller, or person performing similar functions, or to any executive officer or director, will be posted on our website.

115

Item 11. Executive Compensation.

The information required by this item is incorporated by reference from the discussions under the headings "Compensation of Directors" and "Compensation of Executive Officers" in our Definitive Proxy Statement for the 2016 Annual Meeting of Stockholders.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

The information required by this item regarding security ownership of certain beneficial owners and management is incorporated by reference from the discussion under the heading "Security Ownership of Certain Beneficial Owners and Management" in our Definitive Proxy Statement for the 2016 Annual Meeting of Stockholders.

The following table provides certain information as of December 31, 2015 with respect to our equity compensation plans (after giving effect to shares issued and/or vesting on such date):

Equity Compensation Plan Information

Plan category
  
Number of securities
to be issued upon
exercise of outstanding
options, warrants and
rights
(a)(1)
  
Weighted-average
exercise price of
outstanding
options, warrants
and rights
(b)
  
Number of securities
remaining available for
future issuance under
equity compensation plans
(excluding securities
reflected in column (a))
(c)(2)
Equity compensation plans approved by security holders
    
—
    
—
    
7,146,804
Equity compensation plans not approved by security holders(3)
    
—
    
—
    
81,069
Total
    
—
    
—
    
7,227,873
                          

(1) As of December 31, 2015, an aggregate of 1,830,075 shares of unvested restricted stock were outstanding under our 2014 Omnibus Incentive Plan, and an aggregate of 1,623,916 shares of unvested restricted stock and 6,850 vested restricted stock units were outstanding under our Omnibus Stock Incentive Plan.  Such shares of restricted stock and restricted stock units are not reflected in the table above. Our 2014 Omnibus Incentive Plan allows awards to be made in the form of stock options, stock appreciation rights, restricted shares, restricted stock units, unrestricted shares, performance awards and other stock-based awards.

(2) The number of shares remaining available for future issuance under equity compensation plans approved by security holders consists of 5,950,618 shares remaining available for future issuance under our 2014 Omnibus Incentive Plan and 1,196,186 shares remaining available for future issuance under our Associate Stock Purchase Plan.

(3) Represents shares remaining available for future issuance under our Director Stock Purchase Plan. Under the existing compensation program for the members of our Board of Directors, each non-affiliated director has the opportunity to elect to receive either immediately vested shares or restricted stock units in lieu of up to 50% of his or her quarterly cash compensation. Any immediately vested shares that are elected to be received will be issued pursuant to the Director Stock Purchase Plan. Under the director compensation program, all cash amounts are payable quarterly in arrears, with payments to be made on April 1, July 1, October 1 and January 1. Any immediately vested shares that a director elects to receive under the Director Stock Purchase Plan will be issued at the same time that cash payments are made. The number of shares to be issued will be based on the closing price of our common stock on the date of issuance (i.e., April 1, July 1, October 1 and January 1), or if such date is not a trading date, on the previous trading day's closing price. Fractional amounts will be paid in cash. The Board of Directors initially reserved 100,000 shares of our common stock for issuance under the Director Stock Purchase Plan.
116

.

Item 13. Certain Relationships and Related Transactions, and Director Independence.

The information required by this item is incorporated by reference from the discussions under the headings "Certain Relationships and Related Transactions" and "Director Independence" in our Definitive Proxy Statement for the 2016 Annual Meeting of Stockholders.

Item 14. Principal Accounting Fees and Services.

The information required by this item is incorporated by reference from the discussion under the heading "Proposal Number Two – Ratification of Appointment of Ernst & Young LLP as Independent Registered Public Accounting Firm" in our Definitive Proxy Statement for the 2016 Annual Meeting of Stockholders.
117

PART IV

Item 15. Exhibits, Financial Statement Schedules.

The following documents are filed as part of this report:

1) Our Audited Consolidated Financial Statements

Report of the Independent Registered Public Accounting Firm

Report of the Independent Registered Public Accounting Firm

Consolidated Balance Sheets as of December 31, 2015 and 2014

Consolidated Statements of Operations for the Years Ended December 31, 2015, 2014 and 2013

Consolidated Statements of Equity for the Years Ended December 31, 2015, 2014 and 2013

Consolidated Statements of Cash Flows for the Years Ended December 31, 2015, 2014 and 2013

Notes to Consolidated Financial Statements

Schedule II – Valuation and Qualifying Accounts

2) Exhibits – See Exhibit Index immediately following the signature page hereto, which Exhibit Index is incorporated by reference as if fully set forth herein.




118

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
BROOKDALE SENIOR LIVING INC.
 
 
 
 
By:
 /s/ T. Andrew Smith
 
 
Name:
T. Andrew Smith
 
 
Title:
Chief Executive Officer
 
 
Date:
February 12, 2016
 

Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 
Signature
Title
Date
 
 
 
/s/  Daniel A. Decker
Non-Executive Chairman of the Board
February 12, 2016
Daniel A. Decker
 
 
 
 
 
/s/  T. Andrew Smith
Chief Executive Officer and Director
February 12, 2016
T. Andrew Smith
(Principal Executive Officer)
 
 
 
 
/s/ Lucinda M. Baier
Chief Financial Officer
February 12, 2016
Lucinda M. Baier
(Principal Financial Officer)
 
 
 
 
 /s/ Dawn L. Kussow
Senior Vice President and Chief Accounting Officer
February 12, 2016
Dawn L. Kussow
(Principal Accounting Officer)
 
 
 
 
/s/ Frank M. Bumstead
Director
February 12, 2016
Frank M. Bumstead
 
 
     
 /s/ Jackie M. Clegg
Director
February 12, 2016
Jackie M. Clegg
 
 
 
 
 
/s/ Jeffrey R. Leeds
Director
February 12, 2016
Jeffrey R. Leeds
 
 
 
 
 
/s/ Mark J. Parrell
Director
February 12, 2016
Mark J. Parrell
    
     
/s/ William G. Petty, Jr.
Director
February 12, 2016
William G. Petty, Jr.
 
 
 
 
 
/s/ James R. Seward
Director
February 12, 2016
James R. Seward
 
 
 
 
 
/s/ Lee S. Wielansky
Director
February 12, 2016
Lee S. Wielansky
 
 

119

EXHIBIT INDEX
 
Exhibit No.
  
Description
2.1
  
Agreement and Plan of Merger, dated as of February 20, 2014, by and among Brookdale Senior Living Inc. (the "Company"), Emeritus Corporation and Broadway Merger Sub Corporation (incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed on February 21, 2014 (File No. 001-32641)).
2.2
 
  
Master Contribution and Transactions Agreement, dated as of April 23, 2014, by and between the Company and HCP, Inc. (incorporated by reference to Exhibit 2.2 to the Company's Quarterly Report on Form 10-Q filed on August 11, 2014 (File No. 001-32641)).
3.1
 
  
Amended and Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Company's Annual Report on Form 10-K filed on February 26, 2010 (File No. 001-32641)).
3.2
  
Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Company, dated July 30, 2014 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on August 5, 2014 (File No. 001-32641)).
3.3
  
Amended and Restated Bylaws of the Company (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on July 3, 2012 (File No. 001-32641)).
4.1
  
Form of Certificate for common stock (incorporated by reference to Exhibit 4.1 to the Company's Registration Statement on Form S-1 (Amendment No. 3) filed on November 7, 2005 (File No. 333-127372)).
4.2
  
Indenture, dated as of June 14, 2011, between the Company and American Stock Transfer & Trust Company, LLC, as Trustee (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on June 14, 2011 (File No. 001-32641)).
4.3
  
Supplemental Indenture, dated as of June 14, 2011, between the Company and American Stock Transfer & Trust Company, LLC, as Trustee (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed on June 14, 2011 (File No. 001-32641)).
4.4
  
Form of 2.75% Convertible Senior Note due 2018 (included as part of Exhibit 4.3).
10.1.1
  
Amended and Restated Master Lease and Security Agreement, dated as of August 29, 2014, by and between HCP, Inc. and the other lessors named therein, and Emeritus Corporation and the other lessees named therein (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q filed on November 10, 2014 (File No. 001-32641)).†
10.1.2
  
First Amendment to Amended and Restated Master Lease and Security Agreement and Option Exercise Notice, dated as of December 29, 2014, by and between HCP, Inc. and the Company (incorporated by reference to Exhibit 10.1.2 to the Company's Annual Report on Form 10-K filed on February 25, 2015 (File No. 001-32641)).†
10.1.3
  
Second Amendment to Amended and Restated Master Lease and Security Agreement, dated as of January 1, 2015, by and among HCP, Inc. and the other lessors named therein, Emeritus Corporation and the other lessees named therein, and the Company as guarantor (incorporated by reference to Exhibit 10.1.3 to the Company's Annual Report on Form 10-K filed on February 25, 2015 (File No. 001-32641)).†
10.1.4
  
Third Amendment to Amended and Restated Master Lease and Security Agreement, dated as of May 1, 2015, by and among HCP, Inc. and the other lessors named therein, Emeritus Corporation and the other lessees named therein, and the Company as guarantor (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed on August 7, 2015 (File No. 001-32641)).
10.2
  
Fourth Amended and Restated Credit Agreement, dated as of December 19, 2014, among certain subsidiaries of the Company, General Electric Capital Corporation, as administrative agent, lender and swingline lender, and the other lenders from time to time parties thereto (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on December 23, 2014 (File No. 001-32641)).
10.3
  
Master Credit Facility Agreement, dated as of July 29, 2011, by and among various subsidiaries of the Company and Oak Grove Commercial Mortgage, LLC (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on August 4, 2011 (File No. 001-32641)).
10.4
  
Convertible Bond Hedge Transaction Confirmation between the Company and Bank of America, N.A., dated as of June 8, 2011 (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed on August 9, 2011 (File No. 001-32641)).
120

10.5
  
Issuer Warrant Transaction Confirmation between the Company and Bank of America, N.A., dated as of June 8, 2011 (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q filed on August 9, 2011 (File No. 001-32641)).
10.6
  
Convertible Bond Hedge Transaction Confirmation between the Company and JPMorgan Chase Bank, National Association, dated as of June 8, 2011 (incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q filed on August 9, 2011 (File No. 001-32641)).
10.7
  
Issuer Warrant Transaction Confirmation between the Company and JPMorgan Chase Bank, National Association, dated as of June 8, 2011 (incorporated by reference to Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q filed on August 9, 2011 (File No. 001-32641)).
10.8
  
Convertible Bond Hedge Transaction Confirmation between the Company and Royal Bank of Canada, dated as of June 8, 2011 (incorporated by reference to Exhibit 10.5 to the Company's Quarterly Report on Form 10-Q filed on August 9, 2011 (File No. 001-32641)).
10.9
  
Issuer Warrant Transaction Confirmation between the Company and Royal Bank of Canada, dated as of June 8, 2011 (incorporated by reference to Exhibit 10.6 to the Company's Quarterly Report on Form 10-Q filed on August 9, 2011 (File No. 001-32641)).
10.10
  
Additional Convertible Bond Hedge Transaction Confirmation between the Company and Bank of America, N.A., dated as of June 15, 2011 (incorporated by reference to Exhibit 10.7 to the Company's Quarterly Report on Form 10-Q filed on August 9, 2011 (File No. 001-32641)).
10.11
  
Additional Issuer Warrant Transaction Confirmation between the Company and Bank of America, N.A., dated as of June 15, 2011 (incorporated by reference to Exhibit 10.8 to the Company's Quarterly Report on Form 10-Q filed on August 9, 2011 (File No. 001-32641)).
10.12
 
  
Additional Convertible Bond Hedge Transaction Confirmation between the Company and JPMorgan Chase Bank, National Association, dated as of June 15, 2011 (incorporated by reference to Exhibit 10.9 to the Company's Quarterly Report on Form 10-Q filed on August 9, 2011 (File No. 001-32641)).
10.13
  
Additional Issuer Warrant Transaction Confirmation between the Company and JPMorgan Chase Bank, National Association, dated as of June 15, 2011 (incorporated by reference to Exhibit 10.10 to the Company's Quarterly Report on Form 10-Q filed on August 9, 2011 (File No. 001-32641)).
10.14
  
Additional Convertible Bond Hedge Transaction Confirmation between the Company and Royal Bank of Canada, dated as of June 15, 2011 (incorporated by reference to Exhibit 10.11 to the Company's Quarterly Report on Form 10-Q filed on August 9, 2011 (File No. 001-32641)).
10.15
  
Additional Issuer Warrant Transaction Confirmation between the Company and Royal Bank of Canada, dated as of June 15, 2011 (incorporated by reference to Exhibit 10.12 to the Company's Quarterly Report on Form 10-Q filed on August 9, 2011 (File No. 001-32641)).
10.16.1
  
Brookdale Senior Living Inc. Omnibus Stock Incentive Plan, as amended and restated effective June 23, 2009 (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on June 23, 2009 (File No. 001-32641)) (the "Omnibus Stock Incentive Plan").*
10.16.2
 
  
First Amendment to the Omnibus Stock Incentive Plan effective as of October 30, 2009 (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed on November 4, 2009 (File No. 001-32641)).*
10.17
 
  
Form of Restricted Share Agreement under the Omnibus Stock Incentive Plan (Time-Vesting Form for Executive Committee Members) (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q filed on November 9, 2011 (File No. 001-32641)).*
10.18
  
Form of Restricted Share Agreement under the Omnibus Stock Incentive Plan (Time-Vesting Form for Executive Vice Presidents) (incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q filed on November 9, 2011 (File No. 001-32641)).*
121

10.19
  
Form of Restricted Share Agreement under the Omnibus Stock Incentive Plan (2011 Performance-Vesting Form for Executive Committee Members) (incorporated by reference to Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q filed on November 9, 2011 (File No. 001-32641)).*
10.20
  
Form of Restricted Share Agreement under the Omnibus Stock Incentive Plan (2011 Performance-Vesting Form for Executive Vice Presidents) (incorporated by reference to Exhibit 10.5 to the Company's Quarterly Report on Form 10-Q filed on November 9, 2011 (File No. 001-32641)).*
10.21
  
Form of Restricted Share Agreement under the Omnibus Stock Incentive Plan (2013 Time-Vesting Form for Executive Committee Members) (incorporated by reference to Exhibit 10.39 to the Company's Annual Report on Form 10-K filed on February 19, 2013 (File No. 001-32641)).*
10.22
  
Form of Restricted Share Agreement under the Omnibus Stock Incentive Plan (2013 Time-Vesting Form for Executive Vice Presidents) (incorporated by reference to Exhibit 10.40 to the Company's Annual Report on Form 10-K filed on February 19, 2013 (File No. 001-32641)).*
10.23
  
Form of Restricted Share Agreement under the Omnibus Stock Incentive Plan (2013 Performance-Vesting Form for Executive Committee Members) (incorporated by reference to Exhibit 10.41 to the Company's Annual Report on Form 10-K filed on February 19, 2013 (File No. 001-32641)).*
10.24
  
Form of Restricted Share Agreement under the Omnibus Stock Incentive Plan (2013 Performance-Vesting Form for Executive Vice Presidents) (incorporated by reference to Exhibit 10.42 to the Company's Annual Report on Form 10-K filed on February 19, 2013 (File No. 001-32641)).*
10.25
  
Brookdale Senior Living Inc. 2014 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on July 8, 2014 (File No. 001-32641)) (the "Omnibus Incentive Plan").*
10.26
  
Form of Restricted Share Agreement under the Omnibus Incentive Plan (Time-Vesting Form for Executive Committee Members) (incorporated by reference to Exhibit 10.26 to the Company's Annual Report on Form 10-K filed on February 25, 2015 (File No. 001-32641)).*
10.27
  
Form of Restricted Share Agreement under the Omnibus Incentive Plan (Time-Vesting Form for Executive Vice Presidents) (incorporated by reference to Exhibit 10.27 to the Company's Annual Report on Form 10-K filed on February 25, 2015 (File No. 001-32641)).*
10.28
  
Form of Restricted Share Agreement under the Omnibus Incentive Plan (Performance-Vesting Form for Executive Committee Members) (incorporated by reference to Exhibit 10.28 to the Company's Annual Report on Form 10-K filed on February 25, 2015 (File No. 001-32641)).*
10.29
  
Form of Restricted Share Agreement under the Omnibus Incentive Plan (Performance-Vesting Form for Executive Vice Presidents) (incorporated by reference to Exhibit 10.29 to the Company's Annual Report on Form 10-K filed on February 25, 2015 (File No. 001-32641)).*
10.30
  
Form of Restricted Share Agreement under the Omnibus Incentive Plan (Time-Vesting Form for New Directors) (incorporated by reference to Exhibit 10.5 to the Company's Quarterly Report on Form 10-Q filed on May 11, 2015 (File No. 001-32641)).*
10.31
  
Restricted Share Agreement under the Omnibus Incentive Plan, dated as of October 1, 2015, by and between the Company and Daniel A. Decker.*
10.32.1
  
Brookdale Senior Living Inc. Associate Stock Purchase Plan (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on June 11, 2008 (File No. 001-32641)) (the "Associate Stock Purchase Plan").*
10.32.2
  
First Amendment to Associate Stock Purchase Plan, effective as of December 12, 2013 (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on December 18, 2013 (File No. 001-32641)).*

122

10.33.1
  
Form of Severance Letter and Brookdale Senior Living Inc. Severance Pay Policy, Tier I (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q filed on August 6, 2010 (File No. 001-32641)).*
10.33.2
  
Amendment No. 1 to Severance Pay Policy, Tier I, adopted by the Company on April 23, 2015 (incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed on April 27, 2015 (File No. 001-32641)).*
10.33.3
  
Amendment No. 2 to Severance Pay Policy, Tier I, adopted by the Company on August 3, 2015 (incorporated by reference to Exhibit 10.5 to the Company's Quarterly Report on Form 10-Q filed on August 7, 2015 (File No. 001-32641)).*
10.34.1
  
Employment Agreement, dated as of February 11, 2013, by and between the Company and T. Andrew Smith (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on February 12, 2013 (File No. 001-32641)).*
10.34.2
  
Amendment No. 1 to Employment Agreement dated as of April 23, 2015 by and between the Company and T. Andrew Smith (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on April 27, 2015 (File No. 001-32641)).*
10.35
  
Restricted Share Agreement (Time-Vesting) under the Omnibus Stock Incentive Plan, dated as of February 11, 2013, by and between the Company and T. Andrew Smith (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on February 12, 2013 (File No. 001-32641)).*
10.36
  
Restricted Share Agreement (Performance-Vesting) under the Omnibus Stock Incentive Plan, dated as of February 11, 2013, by and between the Company and T. Andrew Smith (incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed on February 12, 2013 (File No. 001-32641)).*
10.37
  
Restricted Share Agreement under the Omnibus Incentive Plan, dated as of February 5, 2015, by and between the Company and T. Andrew Smith (2-Year Performance-Vesting) (incorporated by reference to Exhibit 10.6 to the Company's Quarterly Report on Form 10-Q filed on May 11, 2015 (File No. 001-32641)).*
10.38
  
Restricted Share Agreement under the Omnibus Incentive Plan, dated as of February 5, 2015, by and between the Company and T. Andrew Smith (3-Year Cliff Vesting) (incorporated by reference to Exhibit 10.7 to the Company's Quarterly Report on Form 10-Q filed on May 11, 2015 (File No. 001-32641)).*
10.39
  
Offer Letter Agreement by and between the Company and Labeed Diab.*
10.40
  
Offer Letter Agreement by and between the Company and Lucinda Baier.*
10.41
  
Severance Letter Agreement dated November 16, 2015, by and between the Company and Mary Sue Patchett.*
10.42
  
Form of Indemnification Agreement for Directors and Officers (incorporated by reference to Exhibit 10.16 to the Company's Annual Report on Form 10-K filed on February 28, 2011 (File No. 001-32641)).*
123

10.43
  
Summary of Brookdale Senior Living Inc. Director Stock Purchase Plan (incorporated by reference to Exhibit 99.1 to the Company's Registration Statement on Form S-8 filed on June 30, 2009 (File No. 333-160354)).*
10.44
  
Form of Outside Director Restricted Stock Unit Agreement (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed on August 9, 2012 (File No. 001-32641)).*
10.45
  
Letter Agreement, dated as of May 22, 2014, by and between the Company and Granger Cobb (incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q filed on November 10, 2014 (File No. 001-32641)).*
10.46
  
Restricted Share Agreement under the Omnibus Incentive Plan, dated as of July 31, 2014, by and between the Company and Granger Cobb (incorporated by reference to Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q filed on November 10, 2014 (File No. 001-32641)).*
10.47
  
Agreement dated as of April 23, 2015, by and among the Company and Sandell Asset Management Corp. and the other entities listed on Schedule A thereto (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on April 27, 2015 (File No. 001-32641)).
21
  
Subsidiaries of the Registrant.
23
  
Consent of Ernst & Young LLP.
31.1
  
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2
  
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32
  
Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS
  
XBRL Instance Document.
101.SCH
  
XBRL Taxonomy Extension Schema Document.
101.CAL
  
XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF
  
XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB
  
XBRL Taxonomy Extension Label Linkbase Document.
101.PRE
  
XBRL Taxonomy Extension Presentation Linkbase Document.

* Management Contract or Compensatory Plan
† Portions of this exhibit have been omitted pursuant to a request for confidential treatment, which has been granted by the SEC.


124
 EX-10.31 2 exhibit10_31.htm RESTRICTED SHARE AGREEMENT (DECKER)
Exhibit 10.31

RESTRICTED SHARE AGREEMENT
UNDER THE BROOKDALE SENIOR LIVING INC.
 2014 OMNIBUS INCENTIVE PLAN
This Award Agreement (this "Restricted Share Agreement"), dated as of October 1, 2015 (the "Date of Grant"), is made by and between Brookdale Senior Living Inc., a Delaware corporation (the "Company"), and Daniel A. Decker (the "Participant").  Capitalized terms not defined herein shall have the meaning ascribed to them in the Brookdale Senior Living Inc. 2014 Omnibus Incentive Plan (as amended and/or restated from time to time, the "Plan").  Where the context permits, references to the Company shall include any successor to the Company.  For purposes of this Restricted Share Agreement, references to the Participant's "employment by the Company" or other similar terms shall be references to the Participant's service as a Non-Employee Director.
1.             Grant of Restricted Shares.  The Company hereby grants to the Participant 25,000 shares of Common Stock (such shares, the "Restricted Shares"), subject to all of the terms and conditions of this Restricted Share Agreement and the Plan.
2.              Lapse of Restrictions.
(a)            Vesting.
(i)            General.  Subject to the provisions set forth below, the Restricted Shares granted pursuant to Section 1 hereof shall vest (and the restrictions on transfer set forth in Section 2(b) hereof shall lapse) at such times (each, a "vesting date") and in the amounts set forth below, subject to the continued service of the Participant as a director of the Company as of each such vesting date:
8,333 on February 27, 2016
8,333 on February 27, 2017
 8,334 on February 27, 2018
Notwithstanding the foregoing, upon the occurrence of a Change in Control, provided the Participant is employed by, or providing services to, the Company as of such date, the restrictions on transfer set forth in Section 2(b) hereof with respect to the Restricted Shares subject to vesting shall immediately lapse and such Restricted Shares shall be fully vested effective upon the date of the Change in Control. Notwithstanding anything herein to the contrary, no fractional shares shall be issuable upon any vesting date.  With respect to all Restricted Shares, the Participant shall be entitled to receive, and retain, all ordinary and extraordinary cash and stock dividends which may be declared on the Restricted Shares with a record date on or after the Date of Grant and before any forfeiture thereof (regardless of whether a share later vests or is forfeited).
(ii)            Following Certain Terminations of Service as a Director.  Subject to the following paragraph, upon termination of the Participant's service as a director of the Company for any reason, any Restricted Shares as to which the restrictions on transferability described in this Section shall not already have lapsed shall be immediately forfeited by the
 
Participant and transferred to, and reacquired by, the Company without consideration of any kind and neither the Participant nor any of the Participant's successors, heirs, assigns, or personal representatives shall thereafter have any further rights or interests in such Restricted Shares.
Notwithstanding the foregoing, in the event that the Participant's service as a director is terminated by death or Disability (either before or after a Change in Control), the restrictions on transfer with respect to the Restricted Shares normally subject to vesting at the next vesting date shall immediately lapse and such Restricted Shares shall be fully vested, with any remaining Restricted Shares being forfeited upon the date of such termination.
(b)            Restrictions.  Until the restrictions on transfer of the Restricted Shares lapse as provided in Section 2(a) hereof, or as otherwise provided in the Plan, no transfer of the Restricted Shares or any of the Participant's rights with respect to the Restricted Shares, whether voluntary or involuntary, by operation of law or otherwise, shall be permitted.  Unless the Administrator determines otherwise, upon any attempt to transfer Restricted Shares or any rights in respect of Restricted Shares before the lapse of such restrictions, such Restricted Shares, and all of the rights related thereto, shall be immediately forfeited by the Participant and transferred to, and reacquired by, the Company without consideration of any kind.
3.              Adjustments.  Pursuant to Section 5 of the Plan, in the event of a change in capitalization as described therein, the Administrator shall make such equitable changes or adjustments, as it deems neces-sary or appropriate, in its discretion, to the number and kind of securities or other property (including cash) issued or issuable in respect of out-standing Restricted Shares.
4.              Legend on Certificates.  The Participant agrees that any certificate issued for Restricted Shares (or, if applicable, any book entry statement issued for Restricted Shares) prior to the lapse of any outstanding restrictions relating thereto shall bear the following legend (in addition to any other legend or legends required under applicable federal and state securities laws):

THE SHARES OF COMMON STOCK REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS UPON TRANSFER AND RIGHTS OF REPURCHASE (THE "RESTRICTIONS") AS SET FORTH IN THE BROOKDALE SENIOR LIVING INC. 2014 OMNIBUS INCENTIVE PLAN AND A RESTRICTED SHARE AGREEMENT ENTERED INTO BETWEEN THE REGISTERED OWNER AND BROOKDALE SENIOR LIVING INC., COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF THE COMPANY.  ANY ATTEMPT TO DISPOSE OF THESE SHARES IN CONTRAVENTION OF THE RESTRICTIONS, INCLUDING BY WAY OF SALE, ASSIGNMENT, TRANSFER, PLEDGE, HYPOTHECATION OR OTHERWISE, SHALL BE NULL AND VOID AND WITHOUT EFFECT AND SHALL RESULT IN THE FORFEITURE OF SUCH SHARES AS PROVIDED BY SUCH PLAN AND AGREEMENT.
5.              Certain Changes.  The Administrator may accelerate the date on which the restrictions on transfer set forth in Section 2(b) hereof shall lapse or otherwise adjust any of
2
 
the terms of the Restricted Shares; provided that, subject to Section 5 of the Plan, no action under this Section shall adversely affect the Participant's rights hereunder.
6.              Notices.  All notices and other communications under this Restricted Share Agreement shall be in writing and shall be given by facsimile or first class mail, certified or registered with return receipt requested, and shall be deemed to have been duly given three days after mailing or 24 hours after transmission by facsimile to the respective parties, as follows:  (i) if to the Company, at Brookdale Senior Living Inc., 111 Westwood Place, Suite 400, Brentwood, TN 37027, Facsimile: (615) 564-8204, Attn:  General Counsel and (ii) if to the Participant, using the contact information on file with the Company.  Either party hereto may change such party's address for notices by notice duly given pursuant hereto.
7.              Securities Laws Requirements.  The Company shall not be obligated to transfer any Common Stock to the Participant free of the restrictive legend described in Section 4 hereof or of any other restrictive legend, if such transfer, in the opinion of counsel for the Company, would violate the Securities Act of 1933, as amended (the "Securities Act") (or any other federal or state statutes having similar requirements as may be in effect at that time).
8.              No Obligation to Register.  The Company shall be under no obligation to register the Restricted Shares pursuant to the Securities Act or any other federal or state securities laws.
9.              Protections Against Violations of Agreement.  No purported sale, assignment, mortgage, hypothecation, transfer, pledge, encumbrance, gift, transfer in trust (voting or other) or other disposition of, or creation of a security interest in or lien on, any of the Restricted Shares by any holder thereof in violation of the provisions of this Restricted Share Agreement will be valid, and the Company will not transfer any of said Restricted Shares on its books nor will any of such Restricted Shares be entitled to vote, nor will any distributions be paid thereon, unless and until there has been full compliance with said provisions to the satisfaction of the Company.  The foregoing restrictions are in addition to and not in lieu of any other remedies, legal or equitable, available to enforce said provisions.
10.              Taxes.  The Participant shall be solely responsible for the payment of any applicable taxes, including but not limited to, estimated taxes and self-employment taxes, as well as any interest or penalties which may be assessed, imposed or incurred with respect to the Restricted Shares.
The Participant may make an election under Section 83(b) of the Code to recognize taxable income with respect to the Restricted Shares on the Date of Grant.  The Participant shall promptly notify the Company of any such election made pursuant to Section 83(b) of the Code.  A form of such election is attached hereto as Exhibit A.

THE PARTICIPANT ACKNOWLEDGES THAT IT IS THE PARTICI-PANT'S SOLE RESPONSIBILITY AND NOT THE COMPANY'S TO FILE TIMELY THE ELECTION UNDER SECTION 83(b) OF THE CODE, EVEN IF THE PARTICIPANT REQUESTS THE COMPANY OR ITS REPRESENTATIVE TO MAKE THIS FILING ON THE PARTICIPANT'S BEHALF.
3
 
The Participant acknowledges that the tax laws and regulations applicable to the Restricted Shares and the disposition of the Restricted Shares following vesting are complex and subject to change.
11.              Failure to Enforce Not a Waiver.  The failure of the Company to enforce at any time any provision of this Restricted Share Agreement shall in no way be construed to be a waiver of such provision or of any other provision hereof.
12.              Governing Law.  This Restricted Share Agreement shall be governed by and construed according to the laws of the State of Delaware without regard to its principles of conflict of laws.
13.              Incorporation of Plan.  The Plan is hereby incorporated by reference and made a part hereof, and the Restricted Shares and this Restricted Share Agreement shall be subject to all terms and conditions of the Plan.
14.              Amendments; Construction.  The Administrator may amend the terms of this Restricted Share Agreement prospectively or retroactively at any time, but no such amendment shall impair the rights of the Participant hereunder without his or her consent.  Headings to Sections of this Restricted Share Agreement are intended for convenience of reference only, are not part of this Restricted Share Agreement and shall have no effect on the interpretation hereof.
15.              Survival of Terms.  This Restricted Share Agreement shall apply to and bind the Participant and the Company and their respective permitted assignees and transferees, heirs, legatees, executors, administrators and legal successors.
16.              Rights as a Stockholder.  The Participant shall have no right with respect to Restricted Shares to vote as a stockholder of the Company during the period in which such Restricted Shares remain subject to a substantial risk of forfeiture.
17.              Agreement Not a Contract for Services.  Neither the Plan, the granting of the Restricted Shares, this Restricted Share Agreement nor any other action taken pursuant to the Plan shall constitute or be evidence of any agree-ment or understanding, express or implied, that the Participant has a right to continue to provide services as an officer, director, employee, consultant or advisor of the Company or any Subsidiary or Affiliate for any period of time or at any specific rate of compensation.
18.              Authority of the Administrator.  The Administrator shall have full authority to interpret and construe the terms of the Plan and this Restricted Share Agreement.  The determination of the Administrator as to any such matter of interpretation or construction shall be final, binding and conclusive.
19.              Representations.  The Participant has reviewed with the Participant's own tax advisors the Federal, state, local and foreign tax consequences of the transactions contemplated by this Restricted Share Agreement.  The Participant is relying solely on such advisors and not on any statements or representations of the Company or any of its agents.  The Participant understands that he or she (and not the Company) shall be responsible for any tax
4
 
liability that may arise as a result of the transactions contem-plated by this Restricted Share Agreement.
20.              Severability.  Should any provision of this Restricted Share Agreement be held by a court of competent jurisdiction to be unenforceable, or enforceable only if modified, such holding shall not affect the validity of the remainder of this Restricted Share Agreement, the balance of which shall continue to be binding upon the parties hereto with any such modification (if any) to become a part hereof and treated as though contained in this original Restricted Share Agreement.  Moreover, if one or more of the provisions contained in this Restricted Share Agreement shall for any reason be held to be excessively broad as to scope, activity, subject or otherwise so as to be unenforceable, in lieu of severing such unenforceable provision, such provision or provisions shall be construed by the appropriate judicial body by limiting or reducing it or them, so as to be enforceable to the maximum extent compatible with the applicable law as it shall then appear, and such determination by such judicial body shall not affect the enforceability of such provision or provisions in any other jurisdiction.
21.              Acceptance.  The Participant hereby acknowledges receipt of a copy of the Plan and this Restricted Share Agreement.  The Participant has read and understands the terms and provisions of the Plan and this Restricted Share Agreement, and accepts the Restricted Shares subject to all the terms and conditions of the Plan and this Restricted Share Agreement.  The Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under this Restricted Share Agreement.

[Signature Page to Follow]
5
 
IN WITNESS WHEREOF, the parties hereto have executed and delivered this Restricted Share Agreement as of the day and year first above written.
 

 
BROOKDALE SENIOR LIVING INC.
  
     
     
 
By:
/s/ T. Andrew Smith
  
 
Name:
T. Andrew Smith
  
 
Title:
Chief Executive Officer
  
     
     
 
Daniel A. Decker
  
     
 
/s/ Daniel A. Decker
  
 
Participant
  

 


6
 
NOTE:  Should you wish to make an election under Section 83(b), please contact the
Compensation Department

EXHIBIT A
ELECTION UNDER SECTION 83(b) OF THE INTERNAL REVENUE CODE OF 1986

The undersigned taxpayer hereby elects, pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, to include in taxpayer's gross income for the current taxable year the amount of any compensation taxable to taxpayer in connection with taxpayer's receipt of the property described below:

1.            The name, address, taxpayer identification number and taxable year of the undersigned are as follows:

 
NAME OF TAXPAYER:    
    
     
 
NAME OF SPOUSE:
    
     
 
ADDRESS:
    
     
 
IDENTIFICATION NO. OF TAXPAYER:
    
     
 
IDENTIFICATION NUMBER OF SPOUSE:
    
     
 
TAXABLE YEAR:
    
 
2.            The property with respect to which the election is made is described as follows:

_______ shares of Common Stock, par value $.01 per share, of Brookdale Senior Living Inc. ("Company").

3.            The date on which the property was transferred is: ________________, 20__.

4.            The property is subject to the following restrictions:

The property may not be transferred and is subject to forfeiture under the terms of an agreement between the taxpayer and the Company.  These restrictions lapse upon the satisfaction of certain conditions in such agreement.

5.            The fair market value at the time of transfer, determined without regard to any restriction other than a restriction which by its terms will never lapse, of such property is:  $ ______________.

6.            The amount (if any) paid for such property is:  $ ______________.

The undersigned has submitted a copy of this statement to the person for whom the services were performed in connection with the undersigned's receipt of the above-described property.  The transferee of such property is the person performing the services in connection with the transfer of said property.

The undersigned understands that the foregoing election may not be revoked except with the consent of the Commissioner.

Dated: _________________, 20__                                                                         _____________________________________________________________________________                                                                                                             
Taxpayer
The undersigned spouse of taxpayer joins in this election.

Dated: _________________, 20__                                                                       _______________________________________________________________________________                                                                                                               
Spouse of Taxpayer
 EX-10.39 3 exhibit10_39.htm OFFER LETTER AGREEMENT (DIAB)
Exhibit 10.39
 

 
October 26, 2015

Mr. Labeed Diab
4958 Prestwick South Circle
Fayetteville, AR 72704

Dear Labeed,

We are pleased to extend you an offer to join Brookdale Senior Living Inc. as Chief Operating Officer, starting on a mutually agreed upon date!  We are excited about you joining the Brookdale team and look forward to a mutually rewarding experience!   The details of your employment offer are as follows:

Ø
This offer is contingent upon final approval by the Company's Board of Directors, the favorable outcome of final reference checks, a background investigation and a pre-employment drug screen. If there is a failure with regard to any one or more of these items, this offer may be rescinded.

Ø
Your bi-weekly salary will be $22,500.00 (equivalent to $585,000.00 annually), and you will be paid every other Friday.  Your position is considered exempt and you are not eligible for overtime compensation.

Ø
You will be eligible to participate in the 2016 Executive Management Incentive Plan. Details of the 2016 EMIP cash bonus program will be forwarded to you at a later time. The 2016 EMIP will have a cash bonus target award of 100% of your base salary, to be paid subject to performance measures and to the provisions of the plan. Brookdale may revoke or alter any bonus program at any time with or without notice to you.

Ø
This position is currently eligible to participate in Brookdale's 2014 Omnibus Incentive Plan by receiving an annual grant of time-based and performance-based restricted stock (beginning in early 2016). Awards will vest according to the terms approved by the Compensation Committee of the Company's Board of Directors at the time of grant.  Vesting of each award will be subject to your continued employment, and each award will otherwise be subject to the terms of a Restricted Share Agreement and the Company's 2014 Omnibus Incentive Plan.  Please note that Brookdale reserves the right to amend, modify, supplement or terminate the Company's 2014 Omnibus Incentive Plan, restricted share agreements and other equity grant policies and programs from time to time.

Ø
Upon or shortly after your start date, you will receive a one-time grant of restricted stock with a grant-date fair value of $2,100,000.00.  These shares will vest in three equal annual installments beginning in November, 2016, subject to your continued employment.  The award and the terms of the award are subject to approval of the Compensation Committee of the Company's Board of Directors.  The award also will be subject to the terms of the Company's 2014 Omnibus Incentive Plan and the Restricted Share Agreement as described in the above paragraph.

Ø
You will receive a one-time sign on bonus in the amount of $1,000,000.00 to be paid within 30 days of your start date.  This bonus is subject to repayment if you voluntarily terminate or withdraw from your full-time employment with Brookdale prior to twelve months of employment. Further details regarding your sign on bonus are attached with this offer letter.
Page 2
 
 
Ø
This position is based in the Nashville, TN area, and, therefore, you will be expected to relocate your primary residence to the Nashville area within 12 months.  You will receive relocation assistance for your move to the Nashville, TN area.  The full amount of relocation assistance is subject to repayment if you voluntarily terminate or withdraw from your full-time employment with Brookdale prior to 18 months of employment. Further details regarding your relocation expense reimbursement are attached with this offer letter.

Ø
You will be entitled to participate in the Company's Severance Pay Policy, Tier I, as amended, as a Designated Officer as defined therein.  Please note that Brookdale reserves the right to amend, modify, supplement or terminate the policy at any time, subject to the terms of the policy.

Ø
As a regular full-time Associate, you will be entitled to enroll in the Brookdale benefit programs.  If you choose to enroll and do so by your eligibility date, your coverage becomes effective the first of the month following 30 days of continuous service. Please refer to your benefits packet you will receive in the mail for enrollment instructions and the Brookdale Benefits Summary for information regarding our current benefit programs.  Please note that Brookdale reserves the right to amend, modify, supplement or terminate its benefit policies, plans and programs at any time and for any reason, including but not limited to, to comply with changes in the law and/or to respond to cost increases in benefits provided.

Ø
Brookdale will automatically enroll you in the Brookdale 401(k) Retirement Savings Plan once you are eligible to participate.  You become eligible the first of the month after you have worked at Brookdale for 6 months. Each pay period Brookdale will automatically deduct 4% from your pay before taxes are deducted and invest it into your Brookdale 401(k) Retirement Savings Plan. If you do not want to contribute, you can decline participation when you receive the enrollment packet with details about the plan.

Ø
Brookdale is a drug and alcohol free workplace.  You will be subject to random drug screens from time to time during the course of your employment. Alcohol screens may be done with reasonable suspicion.  Failure of any drug or alcohol screen may result in disciplinary action, up to and including termination of your employment.

Ø
Brookdale will perform ongoing criminal background screening to ensure that its associates are compliant with laws regarding convictions and pending charges.  From time to time, as a condition to your employment or continued employment, you will be asked to sign a release for Brookdale to obtain criminal background checks.  If you refuse to sign the release, it will be considered a failure and grounds for immediate termination.  In the event certain criminal convictions appear on your record, you understand that you may be considered unemployable by Brookdale.  A failure to report being charged with more than a minor traffic violation can result in disciplinary action, up to and including termination of your employment.  You agree to immediately report any charge of more than a minor traffic violation you may receive to your supervisor.

Ø
This offer supersedes all previous offers.  Please understand that the terms stated herein are the only terms being offered to you.  Your employment with Brookdale, if accepted, will be considered "at will" and may be terminated by you, or by Brookdale, with or without cause  and with or without notice at any time.  Nothing contained in this letter or in any other written or oral communication made prior to the date of this letter should be considered or interpreted in any manner as a contract or agreement of employment.

Ø
By signing below and accepting the position described herein, you agree to abide by Brookdale's policies regarding confidentiality and the protection of proprietary information
Page 3
 
 
and trade secrets (including those set forth in Brookdale's Code of Business Conduct and Ethics).  These obligations will survive the termination of your employment.

Ø
Your employment will be subject to all of Brookdale's employment policies and procedures, including Brookdale's Associate Handbook, as the same may be amended, modified or supplemented from time to time.

Ø
You will be expected to execute a copy of the Brookdale Dispute Resolution Agreement, a copy of which is attached.  Execution of that agreement is a condition of employment at Brookdale.

Labeed, all of us on the Brookdale team look forward to working with you!  Please affirm your acceptance of this offer by signing in the space below and returning one signed original copy to me.

Sincerely,


/s/ Glenn Maul                                                                                                                          
Glenn Maul
Chief People Officer


ACCEPTED: /s/ Labeed Diab                                                                                                                                            DATE:  10/29/2015            
                       Labeed Diab






Page 4


 

 
Brookdale
Associate Sign On Bonus Terms

I, Labeed Diab, understand that Brookdale will provide me a sign on bonus in the total gross amount of $1,000,000.00.  I acknowledge the sign on bonus will be subject to all applicable withholding taxes.  The sign on Bonus will be paid to me within 30 days of my start date.

I agree that if I voluntarily terminate my employment or voluntarily withdraw from full-time status to part-time or as-needed status with Brookdale prior to the completion of twelve (12) months of employment, I will be required to reimburse Brookdale for the full amount that has been paid to me.

I further agree that this amount may be withheld from any pay that may be due to me subsequent to the notice of termination or status change, subject to state law.  In the event that my pay due subject to the change in status is insufficient to cover the amount to be repaid, I agree that I will pay the amount within thirty (30) days of such status change.

I acknowledge that any disputes arising under this agreement will be resolved by binding arbitration in accordance with the Brookdale Dispute Resolution Agreement.  In the event binding arbitration and/or other judicial proceeding becomes necessary to collect any amounts owed by me hereunder, I acknowledge that I will be responsible for Brookdale's reasonable attorney's fees and the costs of any such proceedings.



/s/Labeed Diab                  
10/29/2015           
Signature
Date

Labeed Diab                                                                         
Printed Name



Page 5
 
 

 


Brookdale
Associate Relocation Assistance Terms

I, Labeed Diab, understand Brookdale will provide me with relocation assistance for my move to the Nashville, TN area. Brookdale will pay the following:

·
Direct payment to the corporate vendor, Focus Relocation, for reasonable costs associated with the movement of my household goods including two automobiles.

·
Reasonable costs associated with the brokerage commission fees and closing costs regarding the sale of my home up to 9% of the selling price utilizing a realtor designated by Focus Relocation.

·
Reasonable costs associated with the brokerage commission fees and closing costs regarding the purchase of my home in the Nashville, TN area up to 3% of the purchase price utilizing a realtor designated by Focus Relocation.

·
Temporary housing including the storage of household goods for up to 12 months after the relocation date.  If I purchase a home in the Nashville, TN area prior to my family re-locating, Brookdale will reimburse me for my monthly mortgage payment on my existing home, up to $3,500 per month, for the remainder of such 12-month period or until my family is re-located, whichever occurs earlier.

I understand I am responsible for tracking and maintaining a record of deductible moving expenses and including these expenses on my personal state and federal tax returns.

I will consult with my tax advisor should I have questions relative to deductible moving expenses or reference IRS "Publication 521" for guidance.  I understand that the IRS considers some relocation expenses to be taxed as ordinary income and that Brookdale will withhold taxes per IRS requirements.

I agree that if I voluntarily terminate my employment or voluntarily withdraw from full-time status with Brookdale prior to eighteen (18) months of my start date, I will be required to reimburse Brookdale within ten (10) days of termination or withdrawal for the full amount that has been paid to me.

I acknowledge that any disputes arising under this agreement will be resolved by binding arbitration in accordance with the Brookdale Dispute Resolution Agreement.  In the event binding arbitration and/or other judicial proceeding becomes necessary to collect any amounts owed by me hereunder, I acknowledge that I will be responsible for Brookdale's reasonable attorney's fees and the costs of any such proceedings.


Page 6

 

I also agree that any portion of the amount owed by me hereunder may be withheld from my paychecks.

/s/Labeed Diab                    
10/29/2015           
Signature 
Date

Labeed Diab                      
Print Name


 
 
 EX-10.40 4 exhibit10_40.htm OFFER LETTER AGREEMENT (BAIER)
 
Exhibit 10.40
 

October 28, 2015

Ms. Lucinda Baier
547 North Mayflower Road
Lake Forest, Illinois 60045

Dear Cindy,

We are pleased to extend you an offer to join Brookdale Senior Living Inc. as Chief Financial Officer, starting on a mutually agreed upon date!  We are excited about you joining the Brookdale team and look forward to a mutually rewarding experience!   The details of your employment offer are as follows:

Ø
This offer is contingent upon final approval by the Company's Board of Directors, the favorable outcome of final reference checks, a background investigation and a pre-employment drug screen. If there is a failure with regard to any one or more of these items, this offer may be rescinded.

Ø
Your bi-weekly salary will be $21,153.85 (equivalent to $550,000.00 annually), and you will be paid every other Friday.  Your position is considered exempt and you are not eligible for overtime compensation.

Ø
You will be eligible to participate in the 2016 Executive Management Incentive Plan. Details of the 2016 EMIP cash bonus program will be forwarded to you at a later time. The 2016 EMIP will have a cash bonus target award of 100% of your base salary, to be paid subject to performance measures and to the provisions of the plan. Brookdale may revoke or alter any bonus program at any time with or without notice to you.

Ø
This position is currently eligible to participate in Brookdale's 2014 Omnibus Incentive Plan by receiving an annual grant of time-based and performance-based restricted stock (beginning in early 2016). Awards will vest according to the terms approved by the Compensation Committee of the Company's Board of Directors at the time of grant, with vesting on the initial grant not to exceed 49 months.  Vesting of each award will be subject to your continued employment, and each award will otherwise be subject to the terms of a Restricted Share Agreement and the Company's 2014 Omnibus Incentive Plan.  Please note that Brookdale reserves the right to amend, modify, supplement or terminate the Company's 2014 Omnibus Incentive Plan, restricted share agreements and other equity grant policies and programs from time to time.  The first annual grant will be made during February 2016 with a grant-date fair value of not less than $1,500,000.

Ø
Upon or shortly after your start date, you will receive a one-time grant of restricted stock with a grant-date fair value of $775,000.00.  These shares will vest in three equal annual installments, subject to your continued employment.  The award and the terms of the award are subject to approval of the Compensation Committee of the Company's Board of Directors.  The award also will be subject to the terms of the Company's 2014 Omnibus Incentive Plan and the Restricted Share Agreement as described in the above paragraph.

Ø
You will receive a one-time sign on bonus in the amount of $1,000,000.00 to be paid January 4, 2016, assuming a December 1, 2015 start date..  This bonus is subject to repayment if you
Page 2
 
 
 
voluntarily terminate or withdraw from your full-time employment with Brookdale prior to twelve months of employment. Further details regarding your sign on bonus are attached with this offer letter.

Ø
This position is based in the Nashville, TN area, and, therefore, you will be expected to relocate your primary residence to the Nashville area within 12 months.  You will receive relocation assistance for your move to the Nashville, TN area.  The full amount of relocation assistance is subject to repayment if you voluntarily terminate or withdraw from your full-time employment with Brookdale prior to twelve months of employment. Further details regarding your relocation expense reimbursement are attached with this offer letter.

Ø
You will be entitled to participate in the Company's Severance Pay Policy, Tier I, as amended, as a Designated Officer as defined therein.  Please note that Brookdale reserves the right to amend, modify, supplement or terminate the policy at any time, subject to the terms of the policy.

Ø
As a regular full-time Associate, you will be entitled to enroll in the Brookdale benefit programs.  If you choose to enroll and do so by your eligibility date, your coverage becomes effective the first of the month following 30 days of continuous service. Please refer to your benefits packet you will receive in the mail for enrollment instructions and the Brookdale Benefits Summary for information regarding our current benefit programs.  Please note that Brookdale reserves the right to amend, modify, supplement or terminate its benefit policies, plans and programs at any time and for any reason, including but not limited to, to comply with changes in the law and/or to respond to cost increases in benefits provided.

Ø
Brookdale will automatically enroll you in the Brookdale 401(k) Retirement Savings Plan once you are eligible to participate.  You become eligible the first of the month after you have worked at Brookdale for 6 months. Each pay period Brookdale will automatically deduct 4% from your pay before taxes are deducted and invest it into your Brookdale 401(k) Retirement Savings Plan. If you do not want to contribute, you can decline participation when you receive the enrollment packet with details about the plan.

Ø
Brookdale is a drug and alcohol free workplace.  You will be subject to random drug screens from time to time during the course of your employment. Alcohol screens may be done with reasonable suspicion.  Failure of any drug or alcohol screen may result in disciplinary action, up to and including termination of your employment.

Ø
Brookdale will perform ongoing criminal background screening to ensure that its associates are compliant with laws regarding convictions and pending charges.  From time to time, as a condition to your employment or continued employment, you will be asked to sign a release for Brookdale to obtain criminal background checks.  If you refuse to sign the release, it will be considered a failure and grounds for immediate termination.  In the event certain criminal convictions appear on your record, you understand that you may be considered unemployable by Brookdale.  A failure to report being charged with more than a minor traffic violation can result in disciplinary action, up to and including termination of your employment.  You agree to immediately report any charge of more than a minor traffic violation you may receive to your supervisor.

Ø
This offer supersedes all previous offers.  Please understand that the terms stated herein are the only terms being offered to you.  Your employment with Brookdale, if accepted, will be considered "at will" and may be terminated by you, or by Brookdale, with or without cause  and with or without notice at any time.  Nothing contained in this letter or in any other written or oral communication made prior to the date of this letter should be considered or interpreted in any manner as a contract or agreement of employment.
Page 3
 
 
 
Ø
By signing below and accepting the position described herein, you agree to abide by Brookdale's policies regarding confidentiality and the protection of proprietary information and trade secrets (including those set forth in Brookdale's Code of Business Conduct and Ethics).  These obligations will survive the termination of your employment.

Ø
Your employment will be subject to all of Brookdale's employment policies and procedures, including Brookdale's Associate Handbook, as the same may be amended, modified or supplemented from time to time, as well as Brookdale's Code of Ethics for Chief Executive and Senior Financial Officers.

Ø
You will be expected to execute a copy of the Brookdale Dispute Resolution Agreement, a copy of which is attached.  Execution of that agreement is a condition of employment at Brookdale.

Cindy, all of us on the Brookdale team look forward to working with you!  Please affirm your acceptance of this offer by signing in the space below and returning one signed original copy to me.

Sincerely,


/s/ Glenn Maul                                                                                     
Glenn Maul
Chief People Officer


ACCEPTED: /s/ Lucinda M. Baier                                                                                                                                              DATE:  10/28/2015              
                             Lucinda Baier

























Page 4






Brookdale
Associate Sign On Bonus Terms

I, Lucinda Baier, understand that Brookdale will provide me a sign on bonus in the total gross amount of $1,000,000.00.  I acknowledge the sign on bonus will be subject to all applicable withholding taxes.  The sign on Bonus will be paid to me January 4, 2016, assuming a December 1, 2015 start date.

I agree that if I voluntarily terminate my employment or voluntarily withdraw from full-time status to part-time or as-needed status with Brookdale prior to the completion of twelve (12) months of employment, I will be required to reimburse Brookdale for the full amount that has been paid to me.

I further agree that this amount may be withheld from any pay that may be due to me subsequent to the notice of termination or status change, subject to state law.  In the event that my pay due subject to the change in status is insufficient to cover the amount to be repaid, I agree that I will pay the amount within thirty (30) days of such status change.

I acknowledge that any disputes arising under this agreement will be resolved by binding arbitration in accordance with the Brookdale Dispute Resolution Agreement.  In the event binding arbitration and/or other judicial proceeding becomes necessary to collect any amounts owed by me hereunder, I acknowledge that I will be responsible for Brookdale's reasonable attorney's fees and the costs of any such proceedings.



/s/Lucinda M. Baier                   
 10/28/2015             
Signature
 Date

Lucinda Baier                                                                              
Printed Name







Page 5




Brookdale
Associate Relocation Assistance Terms

I, Lucinda Baier, understand Brookdale will provide me with relocation assistance for my move to the Nashville, TN area. Brookdale will pay the following:

·
Direct payment to the corporate vendor, Focus Relocation, for reasonable costs associated with the movement of my household goods including three automobiles.

·
Reasonable costs associated with the brokerage commission fees and closing costs regarding the sale of my home up to 9% of the selling price utilizing a realtor designated by Lucinda Baier.

·
Reasonable costs associated with the brokerage commission fees and closing costs regarding the purchase of my home in the Nashville, TN area up to 3% of the purchase price utilizing a realtor designated by Lucinda Baier.

·
Temporary housing including the storage of household goods for up to 12 months after the relocation date.

·
Reasonable costs associated with a house hunting trip and travel to/from Nashville during temporary living and during the move of household goods.

I understand I am responsible for tracking and maintaining a record of deductible moving expenses and including these expenses on my personal state and federal tax returns.

I will consult with my tax advisor should I have questions relative to deductible moving expenses or reference IRS "Publication 521" for guidance.  I understand that the IRS considers some relocation expenses to be taxed as ordinary income and that Brookdale will withhold taxes per IRS requirements.

I agree that if I voluntarily terminate my employment or voluntarily withdraw from full-time status with Brookdale prior to twelve (12) months of my start date, I will be required to reimburse Brookdale within ten (10) days of termination or withdrawal for the full amount that has been paid to me.

I acknowledge that any disputes arising under this agreement will be resolved by binding arbitration in accordance with the Brookdale Dispute Resolution Agreement.  In the event binding arbitration and/or other judicial proceeding becomes necessary to collect any amounts owed by me hereunder, I acknowledge that I will be responsible for Brookdale's reasonable attorney's fees and the costs of any such proceedings.


Page 6


I also agree that any portion of the amount owed by me hereunder may be withheld from my paychecks.

/s/Lucinda M. Baier                          
10/28/2015         
Signature
Date

Lucinda Baier_______________
Print Name


 EX-10.41 5 exhibit10_41.htm SEVERANCE LETTER AGREEMENT (PATCHETT)
Exhibit 10.41
 
 
 
November 16, 2015
Mary Sue Patchett
111 Westwood Place, Suite 400
 Brentwood, TN 37027
Re:            Severance Pay Policy
Dear Ms. Patchett:
Reference is made the Brookdale Senior Living Inc. ("Brookdale") Severance Pay Policy, Tier I dated as of August 6, 2010, as amended by that certain Amendment No. 1 to Severance Pay Policy, Tier I dated as of April 23, 2015 and that certain Amendment No. 2 to Severance Pay Policy, Tier I dated as of August 3, 2015 (the "Severance Policy").  Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Severance Policy.
You currently participate in the Severance Policy as an "Other Eligible Employee."  On the terms and conditions set forth in this letter, Brookdale desires to provide you the benefit described below in addition to the benefits to which you would otherwise be entitled under the Severance Policy as an Other Eligible Employee.
Additional Benefit
If your Separation from Service occurs on or before December 31, 2016 and at the time of such Separation from Service you are entitled to Severance Pay pursuant to Section 4(a)(ii) of the Severance Policy, then in addition to such Severance Pay you shall be eligible to receive twelve (12) months' salary at your current rate of base salary in effect at the Separation from Service (the "Additional Amount").  The Additional Amount shall be treated as, and subject to the terms and conditions associated with, "Severance Pay" under the Severance Policy; provided, however, that the Severance Pay Period shall not be affected by the payment of the Additional Amount.
You shall have no right to receive, and Brookdale shall have no obligation to pay, the Additional Amount if your Separation from Service occurs after December 31, 2016 or at the time of such Separation from Service you are not entitled to Severance Pay pursuant to Section 4(a)(ii) of the Severance Policy.
*  *  *  *  *
If you desire to accept the terms set forth above, please confirm your agreement to the foregoing by executing and delivering this letter to me.

 
 
Sincerely,
  
     
 
Brookdale Senior Living Inc.
  
     
     
     
 
By:
  /s/ Glenn O. Maul  
 
Name:  Glenn O. Maul
  
 
Title:    Chief People Officer
  




ACKNOWLEDGED AND AGREED
 as of November 30, 2015:

/s/ Mary Sue Patchett                                                                                                   
 Mary Sue Patchett

 
 EX-21 6 exhibit21.htm SUBSIDIARIES OF THE REGISTRANT
Exhibit 21
 
 
SUBSIDIARY
 
JURISDICTION
OF
INCORPORATION
OR FORMATION
 
1250 West Pioneer Parkway, LLC
DE
2151 Green Oaks Road, LLC
DE
4400 West 115th Street, LLC
DE
8010 East Mississippi Avenue, LLC
DE
A.R.C.Management Corporation
TN
Abingdon Place of Gastonia, LP
NC
Abingdon Place of Greensboro, LP
NC
Abingdon Place of Lenoir, LP
NC
AH Battery Park Owner, LLC
DE
AH Illinois Huntley Member, LLC
OH
AH Illinois Huntley Owner, LLC
OH
AH Illinois Owner, LLC
DE
AH North Carolina Owner, LLC
DE
AH Ohio Columbus Owner, LLC
DE
AH Ohio-Columbus Owner, LLC
DE
AH Texas CGP, Inc.
OH
AH Texas Owner Limited Partnership
OH
AHC ALS FM Holding Company, LLC
DE
AHC Bayside, Inc.
DE
AHC Clare Bridge of Gainesville, LLC
DE
AHC Exchange Corporation
DE
AHC Florham Park, LLC
DE
AHC Kansas II, Inc.
DE
AHC Monroe Township, LLC
DE
AHC PHN I, Inc.
DE
AHC Properties, Inc.
DE
AHC Purchaser Parent, LLC
DE
AHC Purchaser, Inc.
DE
AHC Richland Hills, LLC
DE
AHC Shoreline, LLC
DE
AHC Southland-Lakeland, LLC
DE
AHC Southland-Longwood, LLC
DE
AHC Southland-Melbourne, LLC
FL
AHC Southland-Ormond Beach, LLC
DE
AHC Sterling House of Brighton, LLC
DE
AHC Sterling House of Corsicana, LLC
DE
AHC Sterling House of Fairfield, LLC
DE
AHC Sterling House of Gainesville, LLC
DE
AHC Sterling House of Greenville, LLC
DE
AHC Sterling House of Harbison, LLC
DE
AHC Sterling House of Jacksonville, LLC
DE


AHC Sterling House of Lehigh Acres, LLC
DE
AHC Sterling House of Lewisville, LLC
DE
AHC Sterling House of Mansfield, LLC
DE
AHC Sterling House of Newark, LLC
DE
AHC Sterling House of Oklahoma City West, LLC
DE
AHC Sterling House of Panama City, LLC
DE
AHC Sterling House of Port Charlotte, LLC
DE
AHC Sterling House of Punta Gorda, LLC
DE
AHC Sterling House of Urbana, LLC
DE
AHC Sterling House of Venice, LLC
DE
AHC Sterling House of Washington Township, LLC
DE
AHC Sterling House of Weatherford, LLC
DE
AHC Sterling House of Youngstown, LLC
DE
AHC Trailside, LLC
DE
AHC Villas of Albany Residential, LLC
DE
AHC Villas of the Atrium, LLC
DE
AHC Villas-Wynwood of Courtyard Albany, LLC
DE
AHC Villas-Wynwood of River Place, LLC
DE
AHC Wynwood of Rogue Valley, LLC
DE
AHC/ALS FM Holding Company, LLC
DE
Alabama Somerby, LLC
DE
ALS Holdings, Inc.
DE
ALS Kansas, Inc.
DE
ALS Leasing, Inc.
DE
ALS National SPE I, Inc.
DE
ALS National, Inc.
DE
ALS North America, Inc.
DE
ALS Properties Holding Company, LLC
DE
ALS Properties Tenant I, LLC
DE
ALS Properties Tenant II, LLC
DE
ALS Wisconsin Holdings, Inc.
DE
ALS-Clare Bridge, Inc.
DE
ALS-Stonefield, Inc.
DE
ALS-Venture II, Inc.
DE
ALS-Wovenhearts, Inc.
DE
Alternative Living Services Home Care, Inc.
NY
Alternative Living Services-New York, Inc.
DE
Amber Park, LLC
 
American Retirement Corporation
TN
Ameritex Home Care, Inc.
TX
Arbors of Santa Rosa, LLC
DE
ARC Air Force Village, LP
TN
ARC Aurora, LLC
TN
ARC Bahia Oaks, Inc.
TN
ARC Bay Pines, Inc.
TN
ARC Belmont, LLC
TN


ARC Boca Raton, Inc.
TN
ARC Boynton Beach, LLC
TN
ARC Bradenton HC, Inc.
TN
ARC Bradenton Management, LLC
DE
ARC Bradenton RC, Inc.
TN
ARC Brandywine, LP
DE
ARC Brookmont Terrace, Inc.
TN
ARC Carriage Club of Jacksonville, Inc.
TN
ARC Cleveland Heights, LLC
TN
ARC Cleveland Park, LLC
TN
ARC Coconut Creek Management, Inc.
TN
ARC Coconut Creek, LLC
TN
ARC Corpus Christi, LLC
TN
ARC Countryside, LLC
TN
ARC Creative Marketing, LLC
TN
ARC Cypress, LLC
TN
ARC Deane Hill, LLC
TN
ARC Delray Beach, LLC
TN
ARC Denver Monaco, LLC
DE
ARC Epic Holding Company, Inc.
TN
ARC Epic OpCo Holding Company, Inc.
DE
ARC FM Holding Company, LLC
DE
ARC Fort Austin Properties, LLC
TN
ARC Freedom Square Management, Inc.
TN
ARC Freedom, LLC
TN
ARC Galleria Woods, Inc.
TN
ARC Greenwood Village, Inc.
TN
ARC Hampton Post Oak, Inc.
TN
ARC HDV, LLC
TN
ARC Heritage Club, Inc.
TN
ARC Holland, Inc.
TN
ARC Holley Court Management, Inc.
TN
ARC Holley Court, LLC
TN
ARC Homewood Corpus Christi, LLC
DE
ARC Homewood Victoria, Inc.
TN
ARC Imperial Plaza, LLC
TN
ARC Imperial Services, Inc.
TN
ARC Lakeway ALF Holding Company, LLC
DE
ARC Lakeway II, LP
TN
ARC Lakeway SNF, LLC
TN
ARC Lakewood, LLC
TN
ARC Lowry, LLC
TN
ARC LP Holdings, LLC
TN
ARC Management, LLC
TN
ARC Minnetonka, LLC
DE
ARC Naples, LLC
TN


ARC North Chandler, LLC
TN
ARC Oakhurst, Inc.
TN
ARC Overland Park, LLC
DE
ARC Parklane, Inc.
TN
ARC Partners II, Inc.
TN
ARC Pearland, LP
TN
ARC Pecan Park Padgett, Inc.
TN
ARC Pecan Park, LP
TN
ARC Pecan Park/Padgett, Inc.
TN
ARC Peoria II, Inc.
TN
ARC Peoria, LLC
TN
ARC Pharmacy Services, LLC
TN
ARC Pinegate, LP
TN
ARC Post Oak, LP
TN
ARC Richmond Heights SNF, LLC
TN
ARC Richmond Heights, LLC
TN
ARC Richmond Place, Inc.
DE
ARC Rossmoor, Inc.
TN
ARC Roswell, LLC
DE
ARC Santa Catalina, Inc.
TN
ARC SCC, Inc.
TN
ARC Scottsdale, LLC
TN
ARC Shadowlake, LP
TN
ARC Shavano Park, Inc.
TN
ARC Shavano, LP
TN
ARC Somerby Holdings, LLC
TN
ARC Spring Shadow, LP
TN
ARC Sun City Center, Inc.
TN
ARC Sun City West, LLC
DE
ARC Sweet Life Rosehill, LLC
TN
ARC Sweet Life Shawnee, LLC
TN
ARC Tanglewood GP, LLC
DE
ARC Tanglewood, LP
DE
ARC Tarpon Springs, Inc.
TN
ARC Tennessee GP, Inc.
TN
ARC Therapy Services, LLC
TN
ARC Tucson, LLC
DE
ARC Victoria, L.P.
TN
ARC Westlake Village SNF, LLC
DE
ARC Westlake Village, Inc.
TN
ARC Westover Hills, LP
TN
ARC Willowbrook, LLC
TN
ARC Wilora Assisted Living, LLC
TN
ARC Wilora Lake, Inc.
TN
ARCLP-Charlotte, LLC
TN
ARCPI Holdings, Inc.
DE


Arvada Meridian, LLC
DE
Asheville Manor, LP
NC
Assisted Living Properties, Inc.
KS
Batus, LLC
DE
BKD - GC FM Holdings, LLC
DE
BKD AGC, Inc.
DE
BKD Alabama Operator, LLC
DE
BKD Alabama SNF, LLC
DE
BKD Apache Junction Operator, LLC
DE
BKD Apache Junction PropCo, LLC
DE
BKD Arbors of Santa Rosa, LLC
DE
BKD Ballwin, LLC
DE
BKD Bossier City Operator, LLC
DE
BKD Bossier City Propco, LLC
DE
BKD Bradford Village OpCo LLC
DE
BKD Bradford Village Propco, LLC
DE
BKD Brentwood at Niles, LLC
DE
BKD Brookdale Marketplace, LLC
DE
BKD Brookdale Place of Brookfield, LLC
DE
BKD Carrollton Operator, LLC
DE
BKD Carrollton Propco, LLC
DE
BKD CCRC OpCo HoldCo Member, LLC
DE
BKD CCRC PropCo HoldCo Member, LLC
DE
BKD Chambrel Holding, LLC
DE
BKD Chandler Operator, LLC
DE
BKD Chandler PropCo, LLC
DE
BKD Clare Bridge and Sterling House of Battle Creek, LLC
DE
BKD Clare Bridge of Beaverton, LLC
DE
BKD Clare Bridge of Bend, LLC
DE
BKD Clare Bridge of Brookfield, LLC
DE
BKD Clare Bridge of Dublin, LLC
DE
BKD Clare Bridge of Meridian, LLC
DE
BKD Clare Bridge of Oklahoma City, LLC
DE
BKD Clare Bridge of Oklahoma City-SW, LLC
DE
BKD Clare Bridge of Olympia, LLC
DE
BKD Clare Bridge of Spokane, LLC
DE
BKD Clare Bridge of Troutdale, LLC
DE
BKD Clare Bridge of Wichita, LLC
DE
BKD Clare Bridge Place Brookfield, LLC
DE
BKD Cortona Park, LLC
DE
BKD Deane Hill, LLC
DE
BKD Emeritus EI, LLC
DE
BKD Employee Services - RIDEA 49, LLC
DE
BKD FM Holding Company, LLC
DE
BKD FM Nine Holdings, LLC
DE
BKD FM PNC Holding Company I, LLC
DE


BKD FM PNC Holding Company II, LLC
DE
BKD FM PNC Holding Company III, LLC
DE
BKD FM21 Holdings I, LLC
DE
BKD FM21 Holdings II, LLC
DE
BKD FM21 Holdings III, LLC
DE
BKD Freedom Plaza Arizona - Peoria, LLC
DE
BKD Gaines Ranch, LLC
DE
BKD Gardens-Tarzana Propco, LLC
DE
BKD Germantown, LLC
DE
BKD Hamilton Wolfe - San Antonio LLC
DE
BKD HB Acquisition Sub, Inc.
DE
BKD HCR Master Lease 3 Tenant, LLC
DE
BKD Homewood Corpus Christi Propco, LLC
DE
BKD Horsham, LLC
DE
BKD Houston Vintage, LLC
DE
BKD Island Lake Holdings, LLC
DE
BKD Island Lake, LLC
DE
BKD Kansas Properties, LLC
DE
BKD Lebanon/Southfield, LLC
DE
BKD Management Holdings FC, Inc.
DE
BKD Michigan City, LLC
DE
BKD Minnetonka Assisted Living, LLC
DE
BKD New England Bay, LLC
DE
BKD North Chandler, LLC
DE
BKD Northport Operator, LLC
DE
BKD Northport Propco Member, LLC
DE
BKD Northport Propco, LLC
DE
BKD Oklahoma Management, LLC
DE
BKD Olney, LLC
DE
BKD Owatonna, LLC
DE
BKD Paradise Valley Propco, LLC
DE
BKD Patriot Heights, LLC
DE
BKD Pearland, LLC
DE
BKD Personal Assistance Services, LLC
DE
BKD PHS Investor, LLC
DE
BKD Project 3 Holding Co., LLC
DE
BKD Project 3 Manager, LLC
DE
BKD Richmond Place Propco, LLC
DE
BKD RIDEA OpCo HoldCo Member, LLC
DE
BKD RIDEA PropCo HoldCo Member, LLC
DE
BKD Robin Run Real Estate, Inc.
DE
BKD Rome Operator, LLC
DE
BKD Rome PropCo, LLC
DE
BKD Roseland, LLC
DE
BKD San Marcos South LLC
DE
BKD Shadowlake, LLC
DE


BKD Sherwood - Odessa LLC
DE
BKD Shoreline, LLC
DE
BKD Sparks, LLC
DE
BKD Spring Shadows, LLC
DE
BKD Sterling House of Bloomington, LLC
DE
BKD Sterling House of Bowling Green, LLC
DE
BKD Sterling House of Cedar Hill, LLC
DE
BKD Sterling House of Colorado Springs-Briargate, LLC
DE
BKD Sterling House of Deland, LLC
DE
BKD Sterling House of Denton-Parkway, LLC
DE
BKD Sterling House of DeSoto, LLC
DE
BKD Sterling House of Duncan, LLC
DE
BKD Sterling House of Edmond, LLC
DE
BKD Sterling House of Enid, LLC
DE
BKD Sterling House of Junction City, LLC
DE
BKD Sterling House of Kokomo, LLC
DE
BKD Sterling House of Lawton, LLC
DE
BKD Sterling House of Loveland-Orchards, LLC
DE
BKD Sterling House of Mansfield, LLC
DE
BKD Sterling House of Merrillville, LLC
DE
BKD Sterling House of Midwest City, LLC
DE
BKD Sterling House of Oklahoma City North, LLC
DE
BKD Sterling House of Oklahoma City South, LLC
DE
BKD Sterling House of Palestine, LLC
DE
BKD Sterling House of Ponca City, LLC
DE
BKD Sterling House of Waxahachie, LLC
DE
BKD Sterling House of West Melbourne I and II, LLC
DE
BKD Sterling House of Wichita-Tallgrass, LLC
DE
BKD Sun City Center-LaBarc, LLC
DE
BKD Tamarac Square PropCo, LLC
DE
BKD Ten Oaks Operator, LLC
DE
BKD Ten Oaks Propco, LLC
DE
BKD The Heights, LLC
DE
BKD Thirty-Five Opco, Inc.
DE
BKD Thirty-Five Op-Holdco Member, LLC
DE
BKD Thirty-Five Propco, Inc.
DE
BKD Thirty-Five Prop-Holdco Member, LLC
DE
BKD Twenty-One Management Company, Inc.
DE
BKD Twenty-One Opco, Inc.
DE
BKD Twenty-One Propco, Inc.
DE
BKD University Park Holding Company, LLC
DE
BKD University Park SNF, LLC
DE
BKD Vista, LLC
DE
BKD Wellington Fort Walton Beach, LLC
DE
BKD Wellington Muscle Shoals, LLC
DE
BKD Wellington Newport, LLC
DE


BKD Westover Hills, LLC
DE
BKD Willowbrook Propco, LLC
DE
BKD Wooster MC, LLC
DE
BKD Wynwood of Madison West Real Estate, LLC
DE
BKD Wynwood of Richboro-Northhampton, LLC
DE
BKD-HCN Landland, LLC
DE
BKD-HCN Tenant, LLC
DE
BLC - Atrium at San Jose, L.P.
DE
BLC - Atrium at San Jose, LLC
DE
BLC - Brendenwood, LLC
DE
BLC - Brookdale Place of San Marcos, LLC
DE
BLC - Brookdale Place of San Marcos, LP
DE
BLC - Chatfield, LLC
DE
BLC - Devonshire of Hoffman Estates, LLC
DE
BLC - Devonshire of Lisle, LLC
DE
BLC - Edina Park Plaza, LLC
DE
BLC - Gables at Farmington, LLC
DE
BLC - Hawthorne Lakes, LLC
DE
BLC - Kenwood of Lake View, LLC
DE
BLC - Park Place, LLC
DE
BLC - Ponce de Leon, LLC
DE
BLC - River Bay Club, LLC
DE
BLC - Springs at East Mesa, LLC
DE
BLC - The Berkshire of Castleton, L.P.
DE
BLC - The Berkshire of Castleton, LLC
DE
BLC - The Gables at Brighton, LLC
DE
BLC - The Hallmark, LLC
DE
BLC - The Heritage of Des Plaines, LLC
DE
BLC - The Willows, LLC
DE
BLC - Woodside Terrace, L.P.
DE
BLC - Woodside Terrace, LLC
DE
BLC Acquisitions, Inc.
DE
BLC Adrian-GC, LLC
DE
BLC Albuquerque-GC, LLC
DE
BLC Atrium-Jacksonville SNF, LLC
DE
BLC Atrium-Jacksonville, LLC
DE
BLC Bristol-GC, LLC
DE
BLC Cedar Springs, LLC
DE
BLC Chancellor-Lodi LH, LLC
DE
BLC Chancellor-Murrieta LH, LLC
DE
BLC Chancellor-Windsor, Inc.
DE
BLC Chancellor-Windsor, L.P.
DE
BLC Crystal Bay, LLC
DE
BLC Dayton-GC, LLC
DE
BLC Emerald Crossings, LLC
DE
BLC Farmington Hills-GC, LLC
DE


BLC Federal Way LH, LLC
DE
BLC Federal Way, LLC
DE
BLC Finance I, LLC
DE
BLC Findlay-GC, LLC
DE
BLC Fort Myers-GC, LLC
DE
BLC Gables-Monrovia, Inc.
DE
BLC Gables-Monrovia, L.P.
DE
BLC Gardens-Santa Monica LH, LLC
DE
BLC Gardens-Santa Monica, Inc.
DE
BLC Gardens-Santa Monica, L.P.
DE
BLC Gardens-Tarzana Holding, LLC
DE
BLC Gardens-Tarzana, Inc.
DE
BLC Gardens-Tarzana, L.P.
DE
BLC Gardens-Tarzana, LLC
DE
BLC Glenwood Gardens SNF, LP
DE
BLC Glenwood-Gardens AL, L.P.
DE
BLC Glenwood-Gardens AL-LH, LLC
DE
BLC Glenwood-Gardens SNF, Inc.
DE
BLC Glenwood-Gardens SNF-LH, LLC
DE
BLC Glenwood-Gardens, Inc.
DE
BLC Inn at the Park, Inc.
DE
BLC Inn at the Park, LLC
DE
BLC Jackson Oaks, LLC
DE
BLC Kansas City-GC, LLC
DE
BLC Las Vegas-GC, LLC
DE
BLC Lexington SNF, LLC
DE
BLC Liberty FM Holding Company, LLC
DE
BLC Lodge at Paulin, Inc.
DE
BLC Lodge at Paulin, L.P.
DE
BLC Lubbock-GC, LLC
DE
BLC Lubbock-GC, LP
DE
BLC Management of Texas, LLC
DE
BLC Management-3, LLC
DE
BLC Mirage Inn, Inc.
DE
BLC Mirage Inn, L.P.
DE
BLC New York Holdings, Inc.
DE
BLC Nohl Ranch, Inc.
DE
BLC Nohl Ranch, LLC
DE
BLC Novi FM Holding Company, LLC
DE
BLC Novi-GC, LLC
DE
BLC Oak Tree Villa, Inc.
DE
BLC Oak Tree Villa, L.P.
DE
BLC Ocean House, Inc.
DE
BLC Ocean House, L.P.
DE
BLC Overland Park-GC, LLC
DE
BLC Pacific Inn, Inc.
DE


BLC Pacific Inn, L.P.
DE
BLC Pennington Place, LLC
DE
BLC Phoenix-GC, LLC
DE
BLC Properties I, LLC
DE
BLC Roman Court, LLC
DE
BLC Sand Point, LLC
DE
BLC Sheridan, LLC
DE
BLC Southerland Place - Midlothian, LLC
DE
BLC Southerland Place-Germantown, LLC
DE
BLC Springfield-GC, LLC
DE
BLC Tampa-GC, LLC
DE
BLC Tavares-GC, LLC
DE
BLC The Fairways LH, LLC
DE
BLC The Fairways, LLC
DE
BLC Victorian Manor, LLC
DE
BLC Village at Skyline, LLC
DE
BLC Wellington FM Holding Company, LLC
DE
BLC Wellington-Athens, LLC
DE
BLC Wellington-Cleveland, LLC
DE
BLC Wellington-Colonial Heights, LLC
DE
BLC Wellington-Fort Walton Beach, LLC
DE
BLC Wellington-Gardens, LLC
DE
BLC Wellington-Geenville MS, LLC
DE
BLC Wellington-Greeneville TN, LLC
DE
BLC Wellington-Hampton Cove, LLC
DE
BLC Wellington-Hixson, LLC
DE
BLC Wellington-Johnson City, LLC
DE
BLC Wellington-Kennesaw, LLC
DE
BLC Wellington-Kingston, LLC
DE
BLC Wellington-Maryville, LLC
DE
BLC Wellington-Newport, LLC
DE
BLC Wellington-Sevierville, LLC
DE
BLC Wellington-Shoals, LLC
DE
BLC Windsor Place, LLC
DE
BLC-Club Hill, LLC
DE
BLC-GC Member, LLC
DE
BLC-GC Texas, L.P.
DE
BLC-GFB Member, LLC
DE
BLC-Montrose, LLC
DE
BLC-Patriot Heights, L.P.
DE
BLC-Patriot Heights, LLC
DE
BLC-Pinecastle, LLC
DE
BLC-Roswell, LLC
DE
BLC-Williamsburg, LLC
DE
Brandywine GP, LLC
TN
BRE/SW Holdings LLC
DE


BRE/SW Necanicum Village LLC
DE
BRE/SW Portfolio LLC
DE
BREA Atlanta Court LLC
DE
BREA Atlanta Gardens LLC
DE
BREA Boynton Beach LLC
DE
BREA BREA LLC
DE
BREA Charlotte LLC
DE
BREA Citrus Heights LLC
DE
BREA Colorado Springs LLC
DE
BREA Denver LLC
DE
BREA Dunedin LLC
DE
BREA East Mesa LLC
DE
BREA Emeritus LLC
DE
BREA Overland Park LLC
DE
BREA Palmer Ranch LLC
DE
BREA Peoria LLC
DE
BREA Reno LLC
DE
BREA Roanoke LLC
DE
BREA Sarasota LLC
DE
BREA Sun City West LLC
DE
BREA Tucson LLC
DE
BREA Wayne LLC
DE
BREA West Orange LLC
DE
BREA Whittier LLC
DE
Brookdale 20 Property Springing Member, Inc.
DE
Brookdale Castle Hills, LLC
DE
Brookdale Chancellor, Inc.
DE
Brookdale Corporate, LLC
DE
Brookdale Cypress Station, LLC
DE
Brookdale Development, LLC
DE
Brookdale Employee Services - Corporate, LLC
DE
Brookdale Employee Services, LLC
DE
Brookdale F&B, LLC
DE
Brookdale Gardens, Inc.
DE
Brookdale Home Health of Sonoma, LLC
DE
Brookdale Home Health, LLC
DE
Brookdale Hospice of Philadelphia, LLC
DE
Brookdale Hospice, LLC
DE
Brookdale Klamath Falls, LLC
DE
Brookdale Lakeway, LLC
DE
Brookdale Liberty, Inc.
DE
Brookdale Living Communities of Florida, Inc.
DE
Brookdale Living Communities of Florida-PB, LLC
DE
Brookdale Living Communities of Florida-PO, LLC
DE
Brookdale Living Communities of Illinois-DNC, LLC
DE
Brookdale Living Communities of Illinois-GE, Inc.
DE


Brookdale Living Communities of Illinois-GV, LLC
DE
Brookdale Living Communities of Illinois-Huntley, LLC
DE
Brookdale Living Communities of Missouri-CC, LLC
DE
Brookdale Living Communities of New York-BPC, Inc.
DE
Brookdale Living Communities of North Carolina, Inc.
DE
Brookdale Living Communities of Ohio-SP, LLC
DE
Brookdale Living Communities of Pennsylvania-ML, Inc.
DE
Brookdale Living Communities of Texas Club Hill, LLC
DE
Brookdale Living Communities of Texas, Inc.
DE
Brookdale Living Communities, Inc.
DE
Brookdale Living Communities-GC Texas, Inc.
DE
Brookdale Living Communities-GC, LLC
DE
Brookdale Management - Tanglewood, L.P.
DE
Brookdale Management 3, LLC
 
Brookdale Management Holding, LLC
DE
Brookdale Management of California, LLC
DE
Brookdale Management of Florida-PO, LLC
DE
Brookdale Management of Illinois-GV, LLC
DE
Brookdale Management of Maine-HC, LLC
DE
Brookdale Management of Texas, L.P.
DE
Brookdale Management-Akron, LLC
DE
Brookdale Management-DP, LLC
DE
Brookdale Management-II, LLC
DE
Brookdale McMinnville Westside, LLC
DE
Brookdale Northwest Hills, LLC
DE
Brookdale Operations, LLC
DE
Brookdale Place at Fall Creek, LLC
DE
Brookdale Place at Finneytown, LLC
DE
Brookdale Place at Kenwood, LLC
DE
Brookdale Place at Oakwood, LLC
DE
Brookdale Place at Willow Lake, LLC
DE
Brookdale Place of Albuquerque, LLC
DE
Brookdale Place of Ann Arbor, LLC
DE
Brookdale Place of Augusta, LLC
DE
Brookdale Place of Bath, LLC
DE
Brookdale Place of Colorado Springs, LLC
DE
Brookdale Place of Englewood, LLC
DE
Brookdale Place of South Charlotte, LLC
DE
Brookdale Place of West Hartford, LLC
DE
Brookdale Place of Wilton, LLC
DE
Brookdale Place of Wooster, LLC
DE
Brookdale Provident Management, LLC
DE
Brookdale Provident Properties, LLC
DE
Brookdale Real Estate, LLC
DE
Brookdale Senior Housing, LLC
DE
Brookdale Senior Living Communities, Inc.
DE


Brookdale Vehicle Holding, LLC
DE
Brookdale Wellington Lessee, Inc.
DE
Brookdale Wellington, Inc.
DE
Brookdale.com, LLC
DE
Burlington Manor ALZ, LLC
NC
Burlington Manor, LLC
NC
Carolina House of Asheboro, LLC
NC
Carolina House of Bluffton, LLC
NC
Carolina House of Cary, LLC
NC
Carolina House of Chapel Hill, LLC
NC
Carolina House of Charlotte, LLC
NC
Carolina House of Durham, LLC
NC
Carolina House of Elizabeth City, LLC
NC
Carolina House of Florence, LLC
NC
Carolina House of Forest City, LLC
NC
Carolina House of Greenville, LLC
NC
Carolina House of Hilton Head, LLC
NC
Carolina House of Lexington, LLC
NC
Carolina House of Morehead City, LLC
NC
Carolina House of Reidsville, LLC
NC
Carolina House of Smithfield, LLC
NC
Carolina House of the Village of Pinehurst, LLC
NC
Carolina House of Wake Forest, LLC
NC
CCRC - Freedom Pointe at the Villages, LLC
DE
CCRC - Lake Port Square, LLC
DE
CCRC - Regency Oaks, LLC
DE
CCRC - South Port Square, LLC
DE
CCRC HoldCo - Holland, LLC
DE
CCRC OpCo - Bradenton, LLC
DE
CCRC OpCo - Cypress Village, LLC
DE
CCRC OpCo - Foxwood Springs, LLC
DE
CCRC OpCo - Freedom Square, LLC
DE
CCRC OpCo - Galleria Woods, LLC
DE
CCRC OpCo - Gleannloch Farms, LLC
DE
CCRC OpCo - Holland, LLC
DE
CCRC OpCo - Robin Run, LLC
DE
CCRC OpCo - Sun City Center, LLC
DE
CCRC OpCo Ventures, LLC
DE
CCRC PropCo - Bradenton, LLC
DE
CCRC PropCo - Brandywine MC, LLC
DE
CCRC PropCo - Freedom Plaza, LLC
DE
CCRC PropCo - Gleannloch Farms, LLC
DE
CCRC PropCo - Holland, LLC
DE
CCRC PropCo - Homewood Residence LLC
DE
CCRC PropCo - Lady Lake, LLC
DE


CCRC PropCo Ventures, LLC
DE
CCRC PropCo-Cypress Village, LLC
DE
CCRC PropCo-Foxwood Springs, LLC
DE
CCRC PropCo-Freedom Square, LLC
DE
CCRC PropCo-Galleria Woods, LLC
DE
CCRC PropCo-Robin Run, LLC
DE
CCRC-Brandywine, LLC
DE
Champion Oaks Investors LLC
DE
Cherry Hills Club, L.L.C.
DE
Clare Bridge of Carmel, LLC
DE
Clare Bridge of Virginia Beach Estates, LLC
DE
CMCP Properties, Inc.
DE
CMCP Texas, Inc.
DE
CMCP-Club Hill, LLC
DE
CMCP-Island Lake, LLC
DE
CMCP-Montrose, LLC
DE
CMCP-Pinecastle, LLC
DE
CMCP-Roswell, LLC
DE
CMCP-Williamsburg, LLC
DE
Collin Oaks Investors LLC
DE
Concord Manor Limted Partnership
NC
Coventry Corporation
KS
Crossings International Corporation
WA
CSH Altamonte Springs LLC
DE
CSH Clearwater LLC
DE
CSH Graham LLC
DE
CSH Grand Prairie LLC
DE
CSH Lake Orienta LLC
DE
CSH Lutz LLC
DE
CSH North Richland Hills LLC
DE
CSH Operator LLC
DE
CSH Orange City LLC
DE
CSH Port St. Lucie LLC
DE
CSH Real Property 2 LLC
DE
CSH Round Rock LLC
DE
CSH San Antonio LLC
DE
CSH San Marcos LLC
DE
CSH Sarasota LLC
DE
CSH Tamarac LLC
DE
CSH Vero Beach LLC
DE
CSH Wichita Falls LLC
DE
CSH-ING Amber Park LLC
DE
CSH-ING Bella Vita LLC
DE
CSH-ING Lowry LLC
DE
CSH-ING Willowwood LLC
DE
CSH-ING Woodside Village LLC
DE


CSH-ING Wyndham Lakes LLC
DE
Cypress Arlington & Leawood JV, LLC
DE
Cypress Arlington GP, LLC
DE
Cypress Arlington, L.P.
DE
Cypress Dallas & Ft. Worth JV, LLC
DE
Cypress Dallas GP, LLC
DE
Cypress Dallas, L.P.
DE
Cypress Ft. Worth, L.P.
DE
Cypress Garden Homes, LLC
DE
Danville Place I, LLC
VA
Danville Place Special Management, LLC
NC
Denver Tenant, LLC
DE
Duval Oaks Investors LLC
DE
Eden Estates, LLC
NC
EmeriCal Inc
DE
EmeriCare Countryside Village LLC
DE
EmeriCare DME LLC
DE
EmeriCare Heritage LLC
DE
EmeriCare Inc
DE
EmeriCare Kingwood LLC
DE
EmeriCare NOC LLC
DE
EmeriCare Palmer Ranch LLC
DE
EmeriCare Rehab LLC
DE
EmeriCare Skylyn Place LLC
DE
EmeriCare Sugarland LLC
DE
EmeriChenal LLC
DE
Emerichip Alexandria LLC
DE
Emerichip Allentown LLC
DE
Emerichip Auburn LLC
DE
Emerichip Biloxi LLC
DE
Emerichip Boise LLC
DE
Emerichip Bozeman LLC
DE
Emerichip Cedar Rapids LLC
DE
Emerichip Dover LLC
DE
Emerichip Emerald Hills LLC
DE
Emerichip Englewood LLC
DE
Emerichip Everett LLC
DE
Emerichip Hendersonville LLC
DE
Emerichip Holdings LLC
DE
Emerichip La Casa Grande LLC
DE
Emerichip Lafayette LLC
DE
Emerichip Lake Charles LLC
DE
Emerichip Lakeland LLC
DE
Emerichip Latrobe LLC
DE
Emerichip Lewiston LLC
DE
Emerichip Morristown LLC
DE


Emerichip Ocala East LLC
DE
Emerichip Ocala West LLC
DE
Emerichip Odessa LP
DE
Emerichip Ontario LLC
DE
Emerichip Painted Post LLC
DE
Emerichip Pine Park, LLC
DE
Emerichip Puyallup LLC
DE
Emerichip Renton LLC
DE
Emerichip San Antonio AO LP
DE
Emerichip San Antonio HH LP
DE
Emerichip San Marcos LP
DE
Emerichip Texas LLC
DE
Emerichip Voorhees LLC
DE
Emerichip Walla Walla LLC
DE
EmeriClear LLC
DE
Emerifrat LLC
DE
Emerihrt Bloomsburg LLC
DE
Emerihrt Creekview LLC
DE
Emerihrt Danville LLC
DE
Emerihrt Greensboro LLC
DE
Emerihrt Harrisburg LLC
DE
Emerihrt Harrisonburg LLC
DE
Emerihrt Henderson LP
DE
Emerihrt Medical Center LP
DE
Emerihrt Oakwell Farms LP
DE
Emerihrt Ravenna LLC
DE
Emerihrt Roanoke LLC
DE
Emerihrt Stonebridge Ranch LP
DE
Emerihud II LLC
DE
Emerihud LLC
DE
Emerikeyt Liberal Springs LLC
DE
Emerikeyt Lo of Broadmoor LLC
DE
Emerikeyt Palms at Loma Linda Inc.
CA
Emerikeyt Springs at Oceanside Inc.
CA
EmeriMand LLC
DE
EmeriMandeville LLC
DE
EmeriMesa LLC
DE
Emerimont LLC
DE
Emeripalm LLC
DE
Emeripark SC LLC
DE
Emeriport Inc.
CA
EmeriPrez LLC
DE
EmeriRock LLC
DE
EmeriRose LLC
DE
Emerishire LLC
DE
Emeri-Sky SC LLC
DE


Emeritol Canterbury Ridge LLC
DE
Emeritol Colonial Park Club LLC
DE
Emeritol Dowlen Oaks LLC
DE
Emeritol Eastman Estates LLC
DE
Emeritol Elmbrook Estates LLC
DE
Emeritol Evergreen Lodge LLC
DE
Emeritol Fairhaven Estates LLC
DE
Emeritol Grand Terrace LLC
DE
Emeritol Harbour Pointe Shores LLC
DE
Emeritol Hearthstone Inn LLC
DE
Emeritol Highland Hills LLC
DE
Emeritol Lakeridge Place LLC
DE
Emeritol LO Coeur D'Alene LLC
DE
Emeritol LO Flagstaff LLC
DE
Emeritol LO Hagerstown LLC
DE
Emeritol LO Hattiesburg LLC
DE
Emeritol LO Lakewood LLC
DE
Emeritol LO Phoenix LLC
DE
Emeritol LO Staunton LLC
DE
Emeritol Meadowbrook LLC
DE
Emeritol Meadowlands Terrace LLC
DE
Emeritol Park Club Brandon LLC
DE
Emeritol Park Club Oakbridge LLC
DE
Emeritol Pines of Tewksbury LLC
DE
Emeritol Ridge Wind LLC
DE
Emeritol Saddleridge Lodge LLC
DE
Emeritol Seville Estates LLC
DE
Emeritol Stonecreek Lodge LLC
DE
Emeritol Woods At Eddy Pond LLC
DE
Emeritrace LLC
DE
Emeritrog LLC
DE
Emeritus Corporation
WA
Emeritus Management, LLC
WA
Emeritus Nebraska LLC
DE
Emeritus Properties Ark Wildflower LLC
DE
Emeritus Properties Ark Willow Brook LLC
DE
Emeritus Properties II, Inc.
WA
Emeritus Properties III, Inc.
WA
Emeritus Properties IV, Inc.
WA
Emeritus Properties IX, LLC
WA
Emeritus Properties V, Inc.
WA
Emeritus Properties X, LLC
WA
Emeritus Properties XI, LLC
WA
Emeritus Properties XII, LLC
WA
Emeritus Properties XIV, LLC
WA
Emeritus Properties XVI, Inc.
NV


Emeritus Properties-Arkansas, LLC
DE
Emeritus Properties-NGH, LLC
WA
EmeritusMerced Inc
DE
Emerivent Atherton Court Inc
DE
Emerivent Bradenton LLC
DE
Emerivent Brighton LLC
DE
Emerivent Lake Mary LLC
DE
Emerivent Mentor LLC
DE
Emerivill SC LLC
DE
EmeriVista LLC
DE
Emeriweg Deerfield LLC
DE
Emeriweg Stow LLC
DE
Emeriweg Troy LLC
DE
Emeriweg Vestal LLC
DE
Emeriyaf LLC
DE
Englewood Meridian LLC
DE
ESC G.P. II, Inc.
WA
ESC III, L.P.
WA
ESC IV, L.P.
WA
ESC Project SF Manager, LLC
DE
ESC-Arbor Place, LLC
WA
ESC-New Port Richey, LLC
WA
ESC-NGH, L.P.
WA
ESC-Ridgeland, LLC
WA
FEBC ALT Holdings, Inc.
DE
FEBC-ALT Investors LLC
DE
FIT Ramsey  LLC
DE
FIT REN Holdings GP Inc.
DE
FIT REN LLC
DE
FIT REN Mirage Inn LP
DE
FIT REN Nohl Ranch LP
DE
FIT REN Oak Tree LP
DE
FIT REN Ocean House LP
DE
FIT REN Pacific Inn LP
DE
FIT REN Park LP
DE
FIT REN Paulin Creek LP
DE
FIT REN The Gables LP
DE
Flint Michigan Retirement Housing, LLC
MI
Fort Austin Limited Partnership
TX
Fortress CCRC Acquisition LLC
DE
Foxwood Springs Garden Homes, LLC
DE
Freedom Group Naples Management Company, Inc.
TN
Freedom Pointe at the Villages Condominium Association, Inc.
FL
Freedom Village of Bradenton Holding Company, LLC
DE
Freedom Village of Bradenton, LLC
DE


Freedom Village of Holland Michigan
MI
Freedom Village of Sun City Center, Ltd.
FL
Fretus Investors Austin LP
DE
Fretus Investors Chandler LLC
DE
Fretus Investors Dallas LP
DE
Fretus Investors Farmers Branch LP
DE
Fretus Investors Fort Wayne LLC
DE
Fretus Investors Fort Worth LP
DE
Fretus Investors Glendale LLC
DE
Fretus Investors Greenwood LLC
DE
Fretus Investors Hollywood Park LP
DE
Fretus Investors Houston LP
DE
Fretus Investors Jacksonville LLC
DE
Fretus Investors Las Vegas LLC
DE
Fretus Investors Melbourne LLC
DE
Fretus Investors Memorial Oaks Houston LP
DE
Fretus Investors Mesa LLC
DE
Fretus Investors Orange Park LLC
DE
Fretus Investors Orlando LLC
DE
Fretus Investors Plano LP
DE
Fretus Investors San Antonio LP
DE
Fretus Investors Sugar Land LP
DE
Fretus Investors Winter Springs LLC
DE
Fretus Investors, LLC
WA
FV Bradenton Residential Properties, LLC
DE
FV SPE, LLC
DE
Gaston Manor, LLC
NC
Gaston Place, LLC
NC
Gastonia Village, LLC
NC
Greensboro Manor, LP
NC
Greenwich Bay L.L.C.
DE
HB Employee Services CCRC, L.L.C.
DE
HB Employee Services, L.L.C.
DE
HBBHT Gen-Par, L.L.C.
DE
HBBHT Real Estate Limited Partnership
DE
HBC II Manager, L.L.C.
DE
HBC Manager, L.L.C.
DE
HBHB1 Realty, L.L.C.
DE
HBP Leaseco, L.L.C.
DE
HC3 Sunrise LLC
DE
HCP HB2 Carrington-Cherry Hills, LLC
DE
HCP HB2 Greenwich - East-West Bay - Olympia Fields, LLC
DE
HCP HB2 Heritage Palmeras, LLC
DE
HCP HB2 Herons Run, LLC
DE
HCP HB2 Manor - Pointe Newport Place, LLC
DE
HCP HB2 Park at Golf Mill, LLC
DE


HCP HB2 Park at Vernon Hills, LLC
DE
HCP HB2 Pinecrest Place, LLC
DE
HCP HB2 Prosperity Oaks, LLC
DE
HCP HB2 Waterside Retirement Estates, LLC
DE
HCP HB3 Clear Lake, LLC
DE
HCP HB3 First Colony, LLC
DE
HCP HB3 Terrace Memorial City, LLC
DE
HCP HB3 Terrace West, LLC
DE
HCP HB3 Willowbrook, LLC
DE
Hear at Home, LLC
DE
Heartland Retirement Services, Inc.
WI
Heritage Hills Retirement, Inc.
NC
Hickory Manor, LLC
NC
High Point Manor at Skeet Club, LP
NC
High Point Manor, LP
NC
High Point Place, LLC
NC
Home Health Care Holdings, LLC
DE
Homewood at Brookmont Terrace, LLC
TN
Horizon Bay Chartwell II, L.L.C.
DE
Horizon Bay Chartwell, L.L.C.
DE
Horizon Bay HP Management, L.L.C.
DE
Horizon Bay Management CCRC, L.L.C.
DE
Horizon Bay Management II, L.L.C.
DE
Horizon Bay Management, L.L.C.
DE
Horizon Bay Realty, L.L.C.
DE
Innovative Senior Care Home Health of Alabama, LLC
DE
Innovative Senior Care Home Health of Albuquerque, LLC
DE
Innovative Senior Care Home Health of Boston, LLC
DE
Innovative Senior Care Home Health of Charlotte, LLC
DE
Innovative Senior Care Home Health of Chicago, LLC
DE
Innovative Senior Care Home Health of Detroit, LLC
DE
Innovative Senior Care Home Health of Durham, LLC
DE
Innovative Senior Care Home Health of Edmond, LLC
DE
Innovative Senior Care Home Health of Fort Walton Beach, LLC
DE
Innovative Senior Care Home Health of Hartford, LLC
DE
Innovative Senior Care Home Health of High Point, LLC
DE
Innovative Senior Care Home Health of Holland, LLC
DE
Innovative Senior Care Home Health of Houston, LLC
DE
Innovative Senior Care Home Health of Indianapolis, LLC
DE
Innovative Senior Care Home Health of Kansas, LLC
DE
Innovative Senior Care Home Health of Los Angeles, LLC
DE
Innovative Senior Care Home Health of Minneapolis, LLC
DE
Innovative Senior Care Home Health of Nashville, LLC
DE
Innovative Senior Care Home Health of Ocala, LLC
DE
Innovative Senior Care Home Health of Ohio, LLC
DE


Innovative Senior Care Home Health of Philadelphia, LLC
DE
Innovative Senior Care Home Health of Portland, LLC
DE
Innovative Senior Care Home Health of Rhode Island, LLC
DE
Innovative Senior Care Home Health of Richmond, LLC
DE
Innovative Senior Care Home Health of San Antonio, LLC
DE
Innovative Senior Care Home Health of San Jose, LLC
DE
Innovative Senior Care Home Health of Seattle, LLC
DE
Innovative Senior Care Home Health of St Louis, LLC
DE
Innovative Senior Care Home Health of Tulsa, LLC
DE
Innovative Senior Care of New Jersey, LLC
DE
Innovative Senior Care Rehabilitation Agency of Los Angeles, LLC
DE
Integrated Living Communities of Milledgeville, L.L.C.
DE
Integrated Living Communities of Sarasota, L.L.C.
DE
Integrated Living Communities of West Palm Beach, L.L.C.
DE
Integrated Management-Carrington Pointe, L.L.C.
DE
Ithaca Sterling Cottage Operator, Inc.
NY
KG Missouri-CC Owner, LLC
DE
KGC Operator, Inc.
DE
KGC Shoreline Operator, Inc.
DE
Kingsley Oaks Investors LLC
DE
LaBarc, LP
TN
Lake Seminole Square, LLC
DE
Lakewood Meridian LLC
DE
Leawood Tenant, LLC
DE
LH Assisted Living, LLC
CT
Memorial Oaks Investors LLC
DE
Meriweg-Fairport, LLC
DE
Meriweg-Fayetteville, LLC
DE
Meriweg-Latham, LLC
DE
Meriweg-Liverpool, LLC
DE
Meriweg-Rochester, LLC
DE
Meriweg-Syracuse, LLC
DE
Meriweg-Vestal, LLC
DE
Meriweg-Williamsville BM, LLC
DE
Meriweg-Williamsville BPM,  LLC
DE
MGP Altamonte Springs, LLC
DE
MGP Lutz, LLC
DE
MGP Orange City, LLC
FL
MGP Port St. Lucie, LLC
DE
MGP Sarasota, LLC
FL
MGP Tamarac, LLC
DE
MGP XX, LLC
WA
MGP XXI, LLC
WA
MGP XXII, LLC
WA
MGP XXIII, LLC
WA


MGP XXVII, LLC
WA
MGP XXXI, LLC
WA
MGP XXXIV, LLC
WA
MGP XXXVI, LLC
WA
Minnetonka Tenant, LLC
DE
Mountain View Tenant, LLC
DE
NecaniMember LLC
DE
Niagara Nash Road, LLC
 
Niles Lifestyle Gen-Par, L.L.C.
DE
Niles Lifestyle Limited Partnership
IL
NOC Therapy, Inc.
FL
Northwest Oaks Investors LLC
DE
Nurse on Call of Arizona, Inc.
DE
Nurse on Call of Dallas, Inc.
DE
Nurse on Call of Houston, Inc.
DE
Nurse on Call of San Antonio, Inc.
DE
Nurse on Call of Texas, Inc.
DE
Nurse on Call, Inc.
DE
Nurse-on-Call Home Care, Inc.
FL
Nurse-on-Call of Broward, Inc.
FL
Nurse-on-Call of South Florida, Inc.
FL
Overland Park Tenant, LLC
DE
Palm Coast Health Care, Inc.
FL
Park Place Investments of Kentucky, LLC
CO
Park Place Investments, LLC
KY
Peaks Home Health, L.L.C.
DE
PHNTUS Arbor Gardens Inc.
CA
PHNTUS Austin Gardens Inc.
CA
PHNTUS Beckett Meadows LLC
DE
PHNTUS Canterbury Woods LLC
DE
PHNTUS Charleston Gardens LLC
DE
PHNTUS Creekside LLC
DE
PHNTUS Heritage Hills LLC
DE
PHNTUS KP Sheveport LLC
DE
PHNTUS Lakes LLC
DE
PHNTUS LO Cape May LLC
DE
PHNTUS LO Folsom Inc.
CA
PHNTUS LO Joliet LLC
DE
PHNTUS LO Joliet SCU LLC
DE
PHNTUS LO Rockford LLC
DE
PHNTUS Oak Hollow LLC
DE
PHNTUS Pine Meadow LLC
DE
PHNTUS Pinehurst LLC
DE
PHNTUS Pines At Goldsboro LLC
DE
PHNTUS Quail Ridge LLC
DE


PHNTUS Richland Gardens LLC
DE
PHNTUS Silverleaf Manor LLC
DE
PHNTUS Stonebridge LLC
DE
Plaza Professional Pharmacy, Inc.
VA
Pocasset LLC
DE
Pomacy Corporation
DE
Prosperity Gen-Par, Inc.
DE
Reynolda Park, LP
NC
Ridgeland Assisted Living, LLC
WA
Ridgmar Tenant, LLC
DE
Robin Run Garden Homes, LLC
DE
Roswell Tenant, LLC
DE
Roswell Therapy Services LLC
DE
SALI Acquisition 1 A/GP, LLC
NC
SALI Acquisition 1 A/LP, LLC
NC
SALI Acquisition III/GP, LLC
NC
SALI Acquisition III/LP, LLC
NC
SALI Assets, LLC
NC
SALI Management Advisors, LLC
NC
SALI Management Services I, LLC
NC
SALI Management Services II, LLC
NC
SALI Management Services III, LLC
NC
SALI Martinsville, LLC
NC
SALI Monroe Square, LLC
NC
SALI Tenant, LLC
NC
SALI Williamsburg, LLC
NC
Salisbury Gardens, LLC
NC
Senior Lifestyle East Bay Limited Partnership
DE
Senior Lifestyle Emerald Bay Limited Partnership
DE
Senior Lifestyle Heritage, L.L.C.
DE
Senior Lifestyle Newport Limited Partnership
DE
Senior Lifestyle North Bay Limited Partnership
DE
Senior Lifestyle Pinecrest Limited Partnership
DE
Senior Lifestyle Prosperity Limited Partnership
DE
Senior Lifestyle Sakonnet Bay Limited Partnership
DE
Senior Living Properties, LLC
DE
Senior Service Insurance, LTD
 
S-H Forty-Nine CA Limited Partner, LLC
DE
S-H Forty-Nine OpCo Ventures, LLC
DE
S-H Forty-Nine PropCo - California Pack, LP
DE
S-H Forty-Nine PropCo - Dartmouth Village, LLC
DE
S-H Forty-Nine PropCo - Edgewood, LLC
DE
S-H Forty-Nine PropCo - Gainesville, LLC
DE
S-H Forty-Nine PropCo - Hoffman Estates, LLC
DE
S-H Forty-Nine PropCo - Massachusetts Pack, LLC
DE
S-H Forty-Nine PropCo - Oakridge, LLC
DE


S-H Forty-Nine PropCo - Paramus, LLC
DE
S-H Forty-Nine PropCo - Pikesville, LLC
DE
S-H Forty-Nine PropCo - Pleasant Hills, LLC
DE
S-H Forty-Nine PropCo - Quail Creek, LLC
DE
S-H Forty-Nine PropCo - Salt Lake City, LLC
DE
S-H Forty-Nine PropCo - Towson, LLC
DE
S-H Forty-Nine PropCo - Vinings, LLC
DE
S-H Forty-Nine PropCo - Virginia Pack, LLC
DE
S-H Forty-Nine PropCo - Woodbridge, LLC
DE
S-H Forty-Nine PropCo Ventures, LLC
DE
S-H Forty-Nine Properties, LLC
DE
S-H OpCo Arlington, LLC
DE
S-H OpCo Bear Creek, LLC
DE
S-H OpCo Buford, LLC
DE
S-H OpCo Burr Ridge, LLC
DE
S-H OpCo Camarillo, LLC
DE
S-H OpCo Carlsbad, LLC
DE
S-H OpCo Carmel Valley, LLC
DE
S-H OpCo Carrington Pointe, LLC
DE
S-H OpCo Cherry Hill (MA), LLC
DE
S-H OpCo Cherry Hills, LLC
DE
S-H OpCo Clear Lake, LLC
DE
S-H OpCo Cliff View, LLC
DE
S-H OpCo Copperfield Village, LLC
DE
S-H OpCo Cottage Village, LLC
DE
S-H OpCo Crown Pointe, LLC
DE
S-H OpCo Dartmouth Village, LLC
DE
S-H OpCo Deep Run, LLC
DE
S-H OpCo East Bay Manor, LLC
DE
S-H OpCo Eastover, LLC
DE
S-H OpCo Edgewood, LLC
DE
S-H OpCo First Colony, LLC
DE
S-H OpCo Fox River, LLC
DE
S-H OpCo Gainesville, LLC
DE
S-H OpCo Germantown, LLC
DE
S-H OpCo Greenwich Bay Manor, LLC
DE
S-H OpCo Heritage Palmeras, LLC
DE
S-H OpCo Herons Run, LLC
DE
S-H OpCo Hoffman Estates, LLC
DE
S-H OpCo Laguna Creek, LLC
DE
S-H OpCo Lincoln Heights, LLC
DE
S-H OpCo Main Street, LLC
DE
S-H OpCo Manor at Newport Place, LLC
DE
S-H OpCo Memphis, LLC
DE
S-H OpCo Northpark Place, LLC
DE
S-H OpCo Oakridge, LLC
DE


S-H OpCo Olympia Fields, LLC
DE
S-H OpCo Paramus, LLC
DE
S-H OpCo Park at Golf Mill, LLC
DE
S-H OpCo Park at Vernon Hills, LLC
DE
S-H OpCo Peridot, LLC
DE
S-H OpCo Pikesville, LLC
DE
S-H OpCo Pinecrest Place, LLC
DE
S-H OpCo Plaza on the River, LLC
DE
S-H OpCo Pleasant Hills, LLC
DE
S-H OpCo Pointe at Newport Place, LLC
DE
S-H OpCo Preston, LLC
DE
S-H OpCo Prospect Heights, LLC
DE
S-H OpCo Prosperity Oaks, LLC
DE
S-H OpCo Quail Creek, LLC
DE
S-H OpCo Rancho Mirage, LLC
DE
S-H OpCo Salt Lake City, LLC
DE
S-H OpCo San Juan Capistrano, LLC
DE
S-H OpCo Spicewood Springs, LLC
DE
S-H OpCo Spring Creek Gardens, LLC
DE
S-H OpCo Spring Meadow Cottages, LLC
DE
S-H OpCo Spring Mountain, LLC
DE
S-H OpCo Spring Pointe, LLC
DE
S-H OpCo Spring Village, LLC
DE
S-H OpCo Terrace Memorial City, LLC
DE
S-H OpCo Terrace West, LLC
DE
S-H OpCo The Cottages, LLC
DE
S-H OpCo The Palms, LLC
DE
S-H OpCo The Springs, LLC
DE
S-H OpCo Towson, LLC
DE
S-H OpCo Village, LLC
DE
S-H OpCo Vinings, LLC
DE
S-H OpCo Vintage Park AL, LLC
DE
S-H OpCo Waterside Retirement Estates, LLC
DE
S-H OpCo West Bay Manor, LLC
DE
S-H OpCo Willowbrook, LLC
DE
S-H OpCo Wilson Mountain, LLC
DE
S-H OpCo Woodbridge, LLC
DE
S-H Thirty-Five OpCo - Amber Park, LLC
DE
S-H Thirty-Five OpCo - Arvada Meridian, LLC
DE
S-H Thirty-Five OpCo - Bella Vita, LLC
DE
S-H Thirty-Five OpCo - Boulder Meridian, LLC
DE
S-H Thirty-Five OpCo - Englewood Meridian, LLC
DE
S-H Thirty-Five OpCo - Gayton Terrace, LLC
DE
S-H Thirty-Five OpCo - Lake Worth, LLC
DE
S-H Thirty-Five OpCo - Lakewood Meridian, LLC
DE
S-H Thirty-Five OpCo - Lowry, LLC
DE


S-H Thirty-Five OpCo - Parkview, LLC
DE
S-H Thirty-Five OpCo - Pocasset, LLC
DE
S-H Thirty-Five OpCo - Tamarac Acquisition, LLC
DE
S-H Thirty-Five OpCo - Temple Meridian, LLC
DE
S-H Thirty-Five OpCo - Waterford, LLC
DE
S-H Thirty-Five OpCo - Westland Meridian, LLC
DE
S-H Thirty-Five OpCo - Willowwood, LLC
DE
S-H Thirty-Five OpCo Ventures, LLC
DE
S-H Thirty-Five PropCo - Boulder Meridian, LLC
DE
S-H Thirty-Five PropCo - Gayton Terrace, LLC
DE
S-H Thirty-Five PropCo - Lake Worth, LLC
DE
S-H Thirty-Five PropCo - Parkview, LLC
DE
S-H Thirty-Five PropCo - Treemont, LLC
DE
S-H Thirty-Five PropCo - Trowbridge, LLC
DE
S-H Thirty-Five PropCo - Waterford, LLC
DE
S-H Thirty-Five PropCo - Westland Meridian, LLC
DE
S-H Thirty-Five PropCo Ventures, LLC
DE
S-H Thirty-Five Properties, LLC
DE
S-H Twenty-One OpCo Ventures, LLC
DE
S-H Twenty-One PropCo Ventures, LLC
DE
SHP-ARC II, LLC
DE
Silver Lake Assisted Living, LLC
WA
SLC East Bay, Inc.
DE
SLC Emerald Bay, Inc.
DE
SLC Newport, Inc.
DE
SLC North Bay, Inc.
DE
SLC Pinecrest, Inc.
DE
SLC Sakonnet Bay, Inc.
DE
South Bay Manor, L.L.C.
DE
Southern Assisted Living, LLC
NC
Springfield/Findlay Associates
OH
Statesville Manor on Peachtree ALZ, LLC
NC
Statesville Manor, LP
NC
Statesville Place, LLC
NC
Sugar Land Investors LLC
DE
Summerville 1 LLC
DE
Summerville 13 LLC
DE
Summerville 14 LLC
DE
Summerville 15 LLC
DE
Summerville 16 LLC
DE
Summerville 17 LLC
DE
Summerville 2 LLC
DE
Summerville 3 LLC
DE
Summerville 4 LLC
DE
Summerville 5 LLC
DE
Summerville 7 LLC
DE


Summerville 8 LLC
DE
Summerville 9 LLC
DE
Summerville at Atherton Court LLC
DE
Summerville at Barrington Court LLC
DE
Summerville at Camelot Place LLC
DE
Summerville at Carrollwood, LLC
DE
Summerville at Chestnut Hill LLC
DE
Summerville at Clearwater, LLC
DE
Summerville at Cobbco, Inc.
CA
Summerville at Cy-Fair Associates, L.P.
DE
Summerville at Cy-Fair, LLC
DE
Summerville at Fairwood Manor, LLC
DE
Summerville at Fox Run LLC
DE
Summerville at Friendswood Associates, L.P.
DE
Summerville at Friendswood, LLC
DE
Summerville at Gainesville, LLC
DE
Summerville at Golden Pond LLC
DE
Summerville at Harden Ranch, LLC
DE
Summerville at Hazel Creek LLC
DE
Summerville at Heritage Place, LLC
DE
Summerville at Hillen Vale LLC
DE
Summerville at Hillsborough, L.L.C.
NJ
Summerville at Irving Associates LP
DE
Summerville at Irving LLC
DE
Summerville at Kenner, L.L.C.
DE
Summerville at Lakeland, LLC
DE
Summerville at Lakeview LLC
DE
Summerville at Mandarin, LLC
DE
Summerville at Mentor, LLC
DE
Summerville at North Hills LLC
DE
Summerville at Oak Park LLC
DE
Summerville at Ocala East, LLC
DE
Summerville at Ocala West, LLC
DE
Summerville at Ocoee, Inc.
DE
Summerville at Outlook Manor LLC
DE
Summerville at Oviedo LLC
DE
Summerville at Port Orange, Inc.
DE
Summerville at Potomac LLC
DE
Summerville at Prince William, Inc.
DE
Summerville at Ridgewood Gardens LLC
DE
Summerville at Roseville Gardens LLC
DE
Summerville at St. Augustine, LLC
DE
Summerville at Stafford, LLC
NJ
Summerville at Voorhees, LLC
NJ
Summerville at Wekiwa Springs LLC
DE
Summerville at Westminister, LLC
MD


Summerville Investors LLC
DE
Summerville Management, LLC
DE
Summerville Senior Living, Inc.
DE
Sun City West Tenant, LLC
DE
SW Assisted Living, LLC
DE
T Lakes LC
FL
Tamarac Acquisition LLC
DE
Tanglewood Oaks Investors LLC
DE
Tanglewood Tenant, LLC
DE
Temple Meridian LLC
DE
Texas-ESC-Lubbock, L.P.
WA
The Estates of Oak Ridge LLC
DE
The Heritage Member Services Club, L.L.C.
AZ
The Inn at Grove City LLC
DE
The Inn at Medina LLC
DE
The Terrace at Lookout Pointe LLC
DE
Trinity Towers Limited Partnership
TN
TV Arlington Tenant, LLC
DE
Union Park LLC
NC
Unity Home Health Services, Inc.
FL
Ventana Canyon Tenant, LLC
DE
Vero Beach,LLC
WA
Village Oaks Farmers Branch Investors LLC
DE
Village Oaks Hollywood Park Investors LLC
DE
Weddington Park, LP
NC
West Bay Manor, L.L.C.
DE
Wovencare Systems, Inc.
WI

EX-23 7 exhibit23.htm CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
EXHIBIT 23



CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


We consent to the incorporation by reference in the Registration Statements (Form S-3, No. 333-196586; and Forms S-8, No. 333-129877, No. 333-151969, No. 333-153126, No. 333-160164, No. 333-160354, No. 333-186358, No. 333-192780, No. 333-192781, No. 333-196588 and No. 333-197709) of Brookdale Senior Living Inc. of our reports dated February 12, 2016 with respect to the consolidated financial statements and schedule of Brookdale Senior Living Inc. and the effectiveness of internal control over financial reporting of Brookdale Senior Living Inc. included in this Annual Report (Form 10-K) for the year ended December 31, 2015.


/s/ Ernst & Young LLP
     
Chicago, Illinois
12 February 2016
 EX-31.1 8 exhibit31_1.htm CEO CERTIFICATION
EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, T. Andrew Smith, certify that:

1.
I have reviewed this Annual Report on Form 10-K of Brookdale Senior Living Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  February 12, 2016
  
/s/ T. Andrew Smith
   
T. Andrew Smith
   
Chief Executive Officer

EX-31.2 9 exhibit31_2.htm CFO CERTIFICATION
EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Lucinda M. Baier, certify that:

1.
I have reviewed this Annual Report on Form 10-K of Brookdale Senior Living Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  February 12, 2016
  
/s/ Lucinda M. Baier
   
Lucinda M. Baier
   
Chief Financial Officer

EX-32 10 exhibit32.htm CERTIFICATION OF CEO AND CFO
EXHIBIT 32

CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL
OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED
PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


In connection with the Annual Report on Form 10-K of Brookdale Senior Living Inc. (the "Company") for the fiscal year ended December 31, 2015, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), T. Andrew Smith, as Chief Executive Officer of the Company, and Lucinda M. Baier, as Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


/s/ T. Andrew Smith
  
Name:
T. Andrew Smith
  
Title:
Chief Executive Officer
  
Date:
February 12, 2016
  




/s/ Lucinda M. Baier
  
Name:
Lucinda M. Baier
  
Title:
Chief Financial Officer
  
Date:
February 12, 2016
  


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text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Property, plant and equipment and leasehold intangibles, net</div></td><td valign="bottom" style="width: 1%; 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vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Cash and escrow deposits&#8212;restricted</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; 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color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">466</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; 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vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(3,138</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">346</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; 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vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(23,978</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">3,517</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; 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color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Other liabilities</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(315</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; 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vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 36pt; text-indent: -9pt;">Net cash paid</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; 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font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">40,441</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; 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vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; 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background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; 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color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Capital and financing lease obligations</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">8,907</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; 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vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 36pt; text-indent: -9pt;">Net cash received</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(49,226</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">Formation of CCRC Venture:</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Property, plant and equipment and leasehold intangibles, net</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(729,123</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Investment in unconsolidated ventures</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">194,485</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Other intangible assets, net</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(56,829</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; 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vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(9,137</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Long-term debt</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; 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font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Capital and financing lease obligations</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; 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vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 36pt; text-indent: -9pt;">Net cash paid</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; 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background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">&#160;&#160;&#160;&#160;&#160;&#160;Property, plant and equipment and leasehold intangibles, net</div></td><td valign="bottom" style="width: 1%; 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vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(67,640</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">&#160;&#160;&#160;&#160;&#160;&#160;Capital and financing lease obligations</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; 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vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Net cash paid</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; 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color: #000000;">7,891</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; 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font-family: 'Times New Roman', Times, serif; color: #000000; text-align: right;"></div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Property, plant and equipment and leasehold intangibles, net</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; 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vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(5,202</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Capital and financing lease obligations</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; 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text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Other liabilities</div></td><td valign="bottom" style="width: 1%; 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text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; 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vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">&#160;&#160;&#160;Master Lease amendment:</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">&#160;&#160;&#160;&#160;&#160;&#160;Property, plant and equipment and leasehold intangibles, net</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">385,696</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">&#160;&#160;&#160;&#160;&#160;&#160;Other intangible assets, net</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(174,012</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">&#160;&#160;&#160;&#160;&#160;&#160;Capital and financing lease obligations</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; 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vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; 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vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">&#160;&#160;&#160;&#160;&#160;&#160;Property, plant and equipment and leasehold intangibles, net</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(113,592</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">&#160;&#160;&#160;&#160;&#160;&#160;Assets held for sale</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; 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vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">&#160;&#160;&#160;&#160;&#160;&#160;Goodwill</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; 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background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">&#160;&#160;&#160;&#160;&#160;&#160;Asset impairment</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; 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color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 36pt; text-indent: -9pt;">Net</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">&#160;&#160;&#160;Contribution to CCRC venture:</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; 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color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">&#160;&#160;&#160;&#160;&#160;&#160;Investment in unconsolidated ventures</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; 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Refer to Note 4 for more information about the Company's assets held for sale.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify;">The annual aggregate scheduled maturities of long-term debt and capital and financing lease obligations outstanding as of December 31, 2015 are as follows (dollars in thousands):</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">Year Ending December 31,</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Long-term</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Debt</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Capital and</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Financing</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Lease</div><div style="font-size: 10pt; 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font-family: 'Times New Roman', Times, serif; color: #000000;">282,951</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1,462,653</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; 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color: #000000;">262,800</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">406,273</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">2020</div></td><td valign="bottom" style="width: 1%; 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vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">698,199</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">Thereafter</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; 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vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(31,304</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; 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vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(2,394,503</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">Total</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">3,632,825</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2,489,588</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">6,122,413</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td></tr></table><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-style: italic; text-align: left;">Credit Facilities</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">O<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; background-color: #ffffff;">n December 19, 2014, the Company </font>entered into a Fourth Amended and Restated Credit Agreement with General Electric Capital Corporation, as administrative agent, lender and swingline lender, and the other lenders from time to time parties thereto. The amended credit agreement amended and restated in its entirety the Company's previously existing Third Amended and Restated Credit Agreement dated as of September 20, 2013, which provided a total commitment amount of $250.0 million. The amended agreement provides for a total commitment amount of $500.0 million, comprised of a $100.0 million term loan drawn at closing and a $400.0 million revolving credit facility (with a $50.0 million sublimit for letters of credit and a $50.0 million swingline feature to permit same day borrowing) and an option to increase the revolving credit facility by an additional $250.0 million, subject to obtaining commitments for the amount of such increase from acceptable lenders. In addition, the amended credit agreement extended the maturity date from March 31, 2018 to January 3, 2020 and decreased the interest rate payable on drawn amounts and the fee payable on the unused portion of the facility. Amounts drawn under the facility will continue to bear interest at 90-day LIBOR plus an applicable margin; however, the amended agreement reduces the applicable margin from a range of 3.25% to 4.25% to a range of 2.50% to 3.50%. The applicable margin varies based on the percentage of the total commitment drawn, with a 2.50% margin at utilization equal to or lower than 35%, a 3.25% margin at utilization greater than 35% but less than or equal to 50%, and a 3.50% margin at utilization greater than 50%. 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On and after March 15, 2018, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their Notes at any time. 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The Convertible Note Hedges cover, subject to customary anti-dilution adjustments, 10,784,315 shares of common stock. The Company also entered into warrant transactions with the Hedge Counterparties whereby the Company sold to the Hedge Counterparties warrants to acquire, subject to customary anti-dilution adjustments, up to 10,784,315 shares of common stock (the "Sold Warrant Transactions"). 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If, however, the price per share of common stock exceeds the strike price of the Sold Warrant Transactions when they expire, there would be additional dilution from the issuance of common stock pursuant to the warrants.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">The Convertible Note Hedges and Sold Warrant Transactions are separate transactions (in each case entered into by the Company and Hedge Counterparties), are not part of the terms of the Notes and will not affect the holders' rights under the Notes. 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color: #000000;">4.34</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">%</div></td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">Earliest maturity date</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2016</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; 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background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">Estimated asset fair value (included in other assets, net at December 31, 2015)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">29</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">Estimated asset fair value (included in other assets, net at December 31, 2014)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">763</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr></table><div><br /></div></div> The Notes are convertible at an initial conversion rate of 34.1006 shares of Company common stock per $1,000 principal amount of Notes (equivalent to an initial conversion price of approximately $29.325 per share), subject to adjustment. Holders may convert their Notes at their option prior to the close of business on the second trading day immediately preceding the stated maturity date only under the following circumstances: (i) during any fiscal quarter commencing after the fiscal quarter ending September 30, 2011, if the last reported sale price of the Company's common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the preceding fiscal quarter is greater than or equal to 130% of the applicable conversion price on each applicable trading day; (ii) during the five business day period after any five consecutive trading day period (the "measurement period"), in which the trading price per $1,000 principal amount of notes for each trading day of that measurement period was less than 98% of the product of the last reported sale price of the Company's common stock and the applicable conversion rate on each such day; or (iii) upon the occurrence of specified corporate events. On and after March 15, 2018, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their Notes at any time, regardless of the foregoing circumstances. 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font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">During fiscal 2015, 2014 and 2013, the Company reported a consolidated net loss.&#160;&#160;As a result of the net loss, unvested restricted stock, restricted stock unit awards and convertible debt instruments and warrants were antidilutive for each year and were not included in the computation of diluted weighted average shares.&#160;&#160;The weighted average restricted stock and restricted stock unit awards excluded from the calculations of diluted net loss per share were 3.7 million, 3.6 million and 3.9 million for the years ended December 31, 2015, 2014 and 2013, respectively.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">The calculation of diluted weighted average shares excludes the impact of conversion of the outstanding principal amount of $316.3 million of the Company's 2.75% convertible senior notes due 2018. As of December 31, 2015, 2014 and 2013, the maximum number of shares issuable upon conversion of the notes is approximately 13.8 million (after giving effect to additional make-whole shares issuable upon conversion in connection with the occurrence of certain events); however it is the Company's current intent and policy to settle the principal amount of the notes in cash upon conversion. The maximum number of shares issuable upon conversion of the notes in excess of the amount of principal that would be settled in cash is approximately 3.0 million.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">In addition, the calculation of diluted weighted average shares excludes the impact of the exercise of warrants to acquire the Company's common stock. As of December 31, 2015, 2014 and 2013, the number of shares issuable upon exercise of the warrants was approximately 10.8 million. 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text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(769</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">736,805</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td></tr></table><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">The Company concluded that goodwill for all reporting units was not impaired as of October 1, 2015 (our annual measurement date) and as of December 31, 2015. Factors the Company considers important in its analysis, which could trigger an impairment of such assets, include significant underperformance relative to historical or projected future operating results, significant negative industry or economic trends, a significant decline in the Company's stock price for a sustained period and a decline in its market capitalization below net book value. A change in anticipated operating results or the other metrics indicated above could necessitate further analysis of potential impairment at an interval prior to the Company's annual measurement date.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">Approximately $7.9 million and $0.2 million of goodwill in the Assisted Living and Retirement Centers segments, respectively, was allocated to the disposed communities during the fourth quarter of 2015. 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vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(14,209</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">13,591</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; 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font-family: 'Times New Roman', Times, serif; color: #000000;">(6,834</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">154,773</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; 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The quantitative goodwill impairment test is based upon a comparison of the estimated fair value of the reporting unit to which the goodwill has been assigned with the reporting unit's carrying value. The fair values used in this evaluation are estimated based upon discounted future cash flow projections for the reporting unit. These cash flow projections are based upon a number of estimates and assumptions such as revenue and expense growth rates, capitalization rates and discount rates.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">Acquired intangible assets are initially valued at fair market value using generally accepted valuation methods appropriate for the type of intangible asset. Intangible assets with definite lives are amortized over their estimated useful lives and all intangible assets are reviewed for impairment if indicators of impairment arise. 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border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">For the Years Ended December 31,</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">&#160;</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">2015</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; 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font-family: 'Times New Roman', Times, serif; color: #000000;">95,259</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">182,371</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">183</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Total Federal</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; 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vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 18pt; text-indent: -9pt;">Current</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; 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text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(2,433</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(1,627</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">Total</div></td><td valign="bottom" style="width: 1%; 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font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">181,305</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; 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font-family: 'Times New Roman', Times, serif; color: #000000;">(7,097</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">Goodwill impairment</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(7,856</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; 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font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 18pt; text-indent: -9pt;">Total</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; 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vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 18pt; text-indent: -9pt;">Total gross deferred income tax liability</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(1,411,894</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(1,612,897</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">Net deferred tax liability</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(69,051</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(159,275</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td></tr></table><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">As of December 31, 2015 and 2014, the Company had federal net operating loss carryforwards of approximately $930.4 million and $745.1 million, respectively, which are available to offset future taxable income through 2035. The Company determined that a valuation allowance was required due to the loss before income taxes in 2015, and in consideration of the Company's estimated future reversal of existing timing differences as of December 31, 2015. In the fourth quarter of 2015, the Company recorded a provision of approximately $111.8 million to reflect the necessary valuation allowance of $121.6 million as of December 31, 2015. The valuation allowance reflects that the Company's net operating losses will begin to expire in 2027.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">As a result of the acquisition of Emeritus on July 31, 2014, the Company recorded deferred tax liabilities in excess of deferred tax assets that reflect the difference between the fair market value of the acquired assets over the historical basis of the acquired assets. During the year ended December 31, 2014, the Company determined that it was more likely than not that its federal net operating loss carryforwards and a majority of its state net operating loss carryforwards, and the majority of its tax credits will be utilized in the future, based on the future reversal of these deferred tax liabilities.&#160; As a result, during the year ended December 31, 2014 the Company recorded an aggregate deferred federal, state and local income tax benefit of $64.2 million from the release of the valuation allowance against certain deferred tax assets. 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The acquisition of Emeritus on July 31, 2014 resulted in an ownership change for Emeritus resulting in an annual limitation of $53.9 million on net operating losses acquired by the Company from Emeritus. The Company expects the net operating losses of the Company from prior to May 2010 and of Emeritus to be fully released before expiration and therefore does not anticipate a financial statement impact as a result of the limitations.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">At December 31, 2015, the Company had gross tax affected unrecognized tax benefits of $30.2&#160;million, which, if recognized, would result in an income tax benefit in accordance with ASC 805. Interest and penalties related to these tax positions are classified as tax expense in the Company's consolidated financial statements. Total interest and penalties reserved is $0.1 million at December 31, 2015. Tax returns for years 2011 through 2014 are subject to future examination by tax authorities. In addition, the net operating losses from prior years are subject to adjustment under examination. 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font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">30,195</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">Additions for tax positions related to the current year</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; 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font-family: 'Times New Roman', Times, serif; color: #000000;">30,236</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">On September 13, 2013, Treasury and the Internal Revenue Service issued final regulations regarding the deduction and capitalization of expenditures related to tangible property. The final regulations under Internal Revenue Code Sections 162, 167 and 263(a) apply to amounts paid to acquire, produce, or improve tangible property as well as dispositions of such property and are generally effective for tax years beginning on or after January 1, 2015. The Company has evaluated these regulations and determined they will not have a material impact on the Company's consolidated results of operations, cash flows or financial position.</div><div><br /></div></div> 100000 2952000 2283000 2746000 -2568000 716000 -72000 0 0 -7856000 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; font-style: italic; text-align: left;">Income Taxes</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">Income taxes are accounted for under the asset and liability approach which requires recognition of deferred tax assets and liabilities for the differences between the financial reporting and tax bases of assets and liabilities. 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The classification criteria is based on estimates regarding the fair value of the leased community, minimum lease payments, effective cost of funds, the economic life of the community and certain other terms in the lease agreements. In a business combination, the Company assumes the lease classification previously determined by the prior lessee absent a modification, as determined by ASC 840, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Leases </font>("ASC 840"), in the assumed lease agreement. Payments made under operating leases are accounted for in the Company's consolidated statements of operations as lease expense for actual rent paid plus or minus a straight-line adjustment for estimated minimum lease escalators and amortization of deferred gains in situations where sale-leaseback transactions have occurred.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">For communities under capital lease and lease financing obligation arrangements, a liability is established on the Company's consolidated balance sheets representing the present value of the future minimum lease payments and a residual value for financing leases and a corresponding long-term asset is recorded in property, plant and equipment and leasehold intangibles in the consolidated balance sheets. For capital lease assets, the asset is depreciated over the remaining lease term unless there is a bargain purchase option in which case the asset is depreciated over the useful life. For financing lease assets, the asset is depreciated over the useful life of the asset. Leasehold improvements purchased during the term of the lease are amortized over the shorter of their economic life or the lease term.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">All of the Company's leases contain fixed or formula-based rent escalators. To the extent that the escalator increases are tied to a fixed index or rate, lease payments are accounted for on a straight-line basis over the life of the lease. In addition, all rent-free or rent holiday periods are recognized in lease expense on a straight-line basis over the lease term, including the rent holiday period.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">Sale-leaseback accounting is applied to transactions in which an owned community is sold and leased back from the buyer if certain continuing involvement criteria are met. Under sale-leaseback accounting, the Company removes the community and related liabilities from the consolidated balance sheets. Gain on the sale is deferred and recognized as a reduction of facility lease expense for operating leases and a reduction of interest expense for capital leases.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">For leases in which the Company is involved with the construction of the building, the Company accounts for the lease during the construction period under the provisions of ASC 840.&#160;&#160;If the Company concludes that it has substantively all of the risks of ownership during construction of a leased property and therefore is deemed the owner of the project for accounting purposes, it records an asset and related financing obligation for the amount of total project costs related to construction in progress.&#160;&#160;Once construction is complete, the Company considers the requirements under ASC 840-40.&#160;&#160;If the arrangement qualifies for sale-leaseback accounting, the Company removes the assets and related liabilities from the consolidated balance sheets. 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Under these agreements communities are either sold to the REIT and leased back or a long-term lease agreement is entered into for the communities. The initial lease terms primarily vary from 10 to 20 years and generally include renewal options ranging from 5 to 30 years. The Company is responsible for all operating costs, including repairs, property taxes and insurance. The substantial majority of the Company's lease arrangements are structured as master leases. Under a master lease, numerous communities are leased through an indivisible lease. The Company typically guarantees its performance and the lease payments under the master lease and the lease may include performance covenants, such as net worth, minimum capital expenditure requirements per community per annum and minimum lease coverage ratios. Failure to comply with these covenants could result in an event of default. The Company's leases and mortgage debt generally contain cross-default and cross-collateralization provisions. 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font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">2019</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">340,747</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">2020</div></td><td valign="bottom" style="width: 1%; 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border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1,336,099</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">Total</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">3,100,194</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-style: italic; text-align: left;">Other</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">The Company has employment or letter agreements with certain officers of the Company and has adopted policies to which certain officers of the Company are eligible to participate that grant these employees the right to receive a portion or multiple of their base salary, pro-rata bonus, bonus and/or continuation of certain benefits, for a defined period of time, in the event of certain terminations of the officers' employment, as described in those agreements and policies.</div><div><br /></div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: left;">17.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Litigation</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">The Company has been and is currently involved in litigation and claims incidental to the conduct of its business which are comparable to other companies in the senior living industry. Certain claims and lawsuits allege large damage amounts and may require significant costs to defend and resolve. Similarly, the senior living industry is continuously subject to scrutiny by governmental regulators, which could result in litigation related to regulatory compliance matters. As a result, the Company maintains general liability and professional liability insurance policies in amounts and with coverage and deductibles the Company believes are adequate, based on the nature and risks of its business, historical experience and industry standards. The Company's current policies provide for deductibles for each claim. 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The applicable margin varies based on the percentage of the total commitment draw, with a 2.50% margin at utilization equal to or lower than 35%, a 3.25% margin at utilization greater than 35% but less than or equal to 50%, and a 3.50% margin at utilization greater than 50%. 4100000 6146253000 22586000 50118000 281902000 6122413000 3246513000 2649226000 0 66271000 24105000 80305000 3088752000 269300000 2489588000 3632825000 143473000 406273000 262800000 5886809000 5877854000 207594000 698199000 490605000 1462653000 282951000 1179702000 235604000 268399000 3629265000 1361903000 4991168000 173454000 156056000 418233000 180423000 237810000 0.75 571694000 308023000 263671000 3340971000 3459371000 60800000 60800000 310000000 100000000 0.25 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: left;">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Self-Insurance</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">The Company obtains various insurance coverages from commercial carriers at stated amounts as defined in the applicable policy. Losses related to deductible amounts are accrued based on the Company's estimate of expected losses plus incurred but not reported claims. Emeritus provided professional liability coverage for approximately one-half of its operating locations through a wholly-owned captive insurance carrier, and the captive did not itself acquire excess professional liability coverage until October 1, 2013. Consequently, as a result of the Emeritus acquisition, the Company retains full exposure for professional liability claims incurred at those locations before October 1, 2013 and made prior to July 31, 2014.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">As of December 31, 2015 and 2014, the Company accrued reserves of $248.4 million and $301.6 million, respectively, for these programs of which $153.5 million and $184.7 million is classified as long-term liabilities as of December 31, 2015 and 2014, respectively. As of December 31, 2015 and 2014, the Company accrued $41.5 million and $52.7 million, respectively, of estimated amounts receivable from the insurance companies under these insurance programs.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">The Company has secured self-insured retention risk under workers' compensation and general liability and professional liability programs with cash deposits of $15.6 million and $19.6 million as of December 31, 2015 and 2014, respectively. Letters of credit securing the programs aggregated $49.8 million and $33.8 million as of December 31, 2015 and 2014, respectively. Emeritus previously maintained workers' compensation insurance coverage through a high deductible, collateralized insurance policy with deposits of<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; background-color: #ffffff;"> $40.5 million </font>as of December 31, 2015.</div><div><br /></div></div> 250000 23000000 52700000 41500000 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: left; background-color: #ffffff;">4.&#160; &#160; &#160;&#160; Acquisitions and Other Significant Transactions</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-style: italic; text-align: left;">2015 Community Acquisitions and Dispositions</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">On December 29, 2014, the Company exercised its purchase option under an amended and restated master lease with HCP Inc. ("HCP"), as amended. As a result, the Company agreed to purchase the fee simple interest of nine communities previously leased to the Company for an aggregate purchase price of $60.0 million. On December 31, 2014, the Company paid the full purchase price of $51.4 million of cash as a deposit for the purchase of eight of the nine communities, and the Company took title to these eight communities at the closing on January 1, 2015. On May 1, 2015, the Company acquired the ninth community and paid the remainder of the purchase price of $8.6 million of cash. The results of operations of these communities are reported in the Assisted Living and CCRCs - Rental segments within the consolidated financial statements for the year ended December 31, 2015.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">In February 2015, the Company acquired the underlying real estate associated with 15 communities that were previously leased for an aggregate purchase price of $268.6 million. The results of operations of these communities are reported in the Retirement Centers, Assisted Living, and CCRCs &#8211; Rental segments within the consolidated financial statements for the year ended December 31, 2015. The Company financed the transaction with cash on hand, amounts drawn on the secured credit facility and $20.0 million of seller financing. The $20.0 million note has a five year term and bears interest at a fixed rate of 8.0%. The fair value of the communities acquired was determined to approximate $187.2 million. The fair values of the property, plant and equipment of the acquired communities were determined utilizing a direct capitalization method considering stabilized facility operating income and market capitalization rates. These fair value measurements were based on current market conditions as of the acquisition date and are considered Level 3 measurements within the fair value hierarchy. The range of capitalization rates utilized was 6.25% to 8.75%, depending upon the property type, geographical location, and the quality of the respective community. The Company recorded the difference between the amount paid and the estimated fair value of the communities acquired ($76.1 million) as a loss on facility lease termination on the consolidated statement of operations for the year ended December 31, 2015, which includes the reversal of $5.3 million of deferred lease liabilities associated with the termination of the operating lease agreements. The payment for the termination of the lease agreements has been included within net cash provided by operating activities within the consolidated statement of cash flows for the year ended December 31, 2015.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">In October 2015, the Company acquired the underlying real estate associated with five communities that were previously leased for an aggregate purchase price of $78.4 million. The results of operations of these communities are reported in the Assisted Living segment. The Company financed the transaction with seller-financing.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">During the year ended December 31, 2015, the Company sold 17 communities for an aggregate selling price of $82.9 million. The results of operations of the communities were previously reported in the Retirement Centers, Assisted Living, and CCRCs - Rental segments. Impairment charges related to communities sold in 2015 totaled $18.4 million and were recognized in the fourth quarter of 2015 in impairment expense within the Company's consolidated statements of operations.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">The Company designates communities as held for sale when it is probable that the properties will be sold. If appropriate, the Company records impairment losses and records these assets on the consolidated balance sheet at the lesser of the carrying value and fair value less estimated selling costs. The Company allocates a portion of the goodwill of a reporting unit to the disposal groups if the disposal group constitutes a business. The Company determines the fair value of the communities based primarily on purchase and sale agreements from prospective purchasers (Level 2 input). The long-lived assets are not depreciated while classified as held for sale. As of December 31, 2015, the Company has identified 17 communities as held for sale. The sale of these communities is expected in 2016, although there can be no assurance that the transactions will close or if they do, when the actual closing will occur. The results of operations of these communities are reported in the Assisted Living and CCRCs &#8211; Rental segments within the consolidated financial statements. Impairment charges related to communities identified as held for sale as of December 31, 2015 totaled $15.2 million and were recognized in impairment expense in the fourth quarter of 2015 within the Company's consolidated statements of operations. As of December 31, 2015, $110.6 million was recorded as assets held for sale and $60.8 million of mortgage debt related to communities held for sale was included in the current portion of long-term debt within the Company's consolidated balance sheet. This debt will either be assumed by the prospective purchasers or be repaid with the proceeds from the sales.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-style: italic; text-align: left; background-color: #ffffff;">Investment in Unconsolidated RIDEA Venture</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; background-color: #ffffff;">On June 30, 2015, the Company and HCP entered into a venture, which acquired 35 senior housing communities ("HCP 35 Venture") for $847 million. The venture uses a REIT Investment Diversification and Empowerment Act of 2007 ("RIDEA") structure, whereby we and HCP invested in an "opco" and a "propco". The Company contributed $30.3 million in cash to the RIDEA venture. The Company owns a 10% ownership interest, and HCP owns a 90% ownership interest, in each of the propco and opco. The Company had operated these communities under a management agreement since 2011 and will continue to manage the communities under a market rate long-term management agreement with the venture. The Company's interest in the venture is accounted for under the equity method of accounting.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-style: italic; text-align: left; background-color: #ffffff;">Acquisition of Emeritus</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; background-color: #ffffff;">On July 31, 2014, the Company completed the merger contemplated by that certain Agreement and Plan of Merger, dated as of February 20, 2015, (the "Merger Agreement") by and among Emeritus Corporation ("Emeritus"), the Company, and Broadway Merger Sub Corporation, a wholly-owned subsidiary of the Company ("Merger Sub"), pursuant to which Merger Sub merged with and into Emeritus, with Emeritus continuing as the surviving corporation and a wholly-owned subsidiary of the Company (the "Merger"). Prior to the Merger, Emeritus was a senior living service provider focused on operating residential style communities throughout the United States. As of July 31, 2014 Emeritus operated 493 communities, including assisted living and dementia care communities. Many of these communities offer independent living alternatives and, to a lesser extent, skilled nursing care. As of July 31, 2014, Emeritus owned 182 communities and leased 311 communities. Prior to the Merger, Emeritus also offered a range of outpatient therapy and home health services in Florida, Arizona and Texas.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; background-color: #ffffff;">The aggregate acquisition-date fair value of the consideration transferred in the Merger was approximately $3.0 billion which consisted of the issuance of 47.6 million shares of the Company's common stock with a fair value of approximately $1.6 billion upon the cancellation of all shares of Emeritus' common stock and stock options, as well as the Company's assumption of approximately $1.4 billion aggregate principal amount of existing mortgage indebtedness of Emeritus. The fair value of the 47.6 million common shares issued was determined based on the closing market price of the Company's common shares on July 31, 2014, the effective date of the Merger.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; background-color: #ffffff;">As a result of the acquisition of Emeritus, the Company acquired, directly or indirectly, entities that were lessees under operating and capital leases covering 311 communities, as well as certain other leases such as office leases and leases associated with Emeritus' Nurse on Call home health business. The community leases contain customary terms, including assignment and change of control restrictions, maintenance and capital expenditure obligations, termination provisions and financial covenants. In connection with the Merger, the Company entered into guarantees of certain of these leases.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">The $1.4 billion aggregate principal amount of existing mortgage debt assumed, directly or indirectly, by the Company in the Merger was collateralized by a total of 179 underlying communities, bore interest either at fixed rates at a weighted average of 6.06% per annum or at variable rates at a weighted average of 5.49% per annum (in each case, as of July 31, 2014), and had remaining maturities ranging from approximately three months to 33 years. The mortgage loans contained customary terms including assignment and change of control restrictions, acceleration provisions and financial covenants. In connection with the Merger, the Company entered into guarantees of certain of these debt arrangements.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">Emeritus maintained general and professional liability coverage for its owned, leased and managed communities under insurance policies that provided for self-insured retention.&#160; In certain historical periods Emeritus was uninsured for a subset of communities.&#160; In addition, it maintained a large-deductible workers compensation and a self-insured employee medical program.&#160; Emeritus accrued for claims under these three programs and therefore maintained reserves for liabilities related thereto.&#160; The Company acquired these liabilities as a result of the Merger, evaluated the adequacy of Emeritus' insurance reserves by reviewing historical claims, investigating claim files with assistance from Emeritus' third party administrators and other consultants, reviewing Emeritus' historical actuarial reports, and obtaining new actuarial valuations for claims incurred but not paid as of the date of the Merger.&#160; The Company also acquired tail insurance to provide coverage for general and professional liability claims incurred before the Merger date but made after, and maintains reserves for deductibles payable under the tail policies.&#160;&#160;</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; background-color: #ffffff;">On June 4, 2013, in&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; background-color: #ffffff;">Joan Boice et al. v. Emeritus Corporation et al.</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; background-color: #ffffff;">, the Sacramento County Superior Court entered final judgment in favor of Joan Boice (deceased) and against Emeritus in the amount of $250,000 in compensatory damages and $23.0 million in punitive damages. Judgment was also entered in favor of Joan Boice's three adult children for $250,000 and the court awarded the plaintiffs' lawyer over $4.1 million in attorneys' fees. The judgment accrued interest at prescribed statutory rates. On July 8, 2014, Emeritus filed a Notice of Appeal challenging, among other things, the excessive nature of the punitive damages award. Emeritus was required to post a bond in connection with its appeal, and made a cash deposit in the amount of $20.9 million to collateralize the bond. The amount of the cash deposit and the reserve regarding the judgment have been contemplated in the purchase price allocation. Subsequent to the closing of the Merger, the Company was no longer required to collateralize the bond with a cash deposit. The case was settled by the parties during the year ended December 31, 2015.</font></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">The fair values of the acquired property, plant and equipment, including communities and assets under capital and financing leases, were determined utilizing a direct capitalization method considering stabilized facility operating income and market capitalization rates. These fair value measurements were based on current market conditions as of the acquisition date and are considered Level 3 measurements within the fair value hierarchy. The range of capitalization rates utilized was 5.5% to 9.75%, depending upon the property type, geographical location, and the quality of the respective community.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">The fair values of the acquired capital and financing lease obligations were determined utilizing a discounted cash flow approach considering the estimated contractual lease payments and a market discount rate. These fair value measurements were based on current market conditions as of the acquisition date and are considered Level 3 measurements within the fair value hierarchy. The range of discount rates utilized was 6.0% to 10.75%, depending upon the remaining lease term, property type, geographical location, and the quality of the respective community.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">The fair values of the acquired long-term debt obligations were determined utilizing a discounted cash flow approach considering the estimated contractual long-term debt payments and a market discount rate. These fair value measurements were based on current market conditions as of the acquisition date and are considered Level 2 measurements within the fair value hierarchy. The range of discount rates utilized was 3.0% to 7.0%, depending upon the remaining debt term and collateral securing the indebtedness.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">The allocation of fair values of the assets acquired and liabilities assumed has changed from the allocation reported in "Note 4 &#8211; Acquisitions and Other Significant Transactions" in the Notes to Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014. The changes to the Company's valuation assumptions were based on more accurate information becoming available concerning the subject assets and liabilities. The purchase price allocation adjustments were primarily related to pre-acquisition self-insurance reserves and the related deferred tax impact, resulting in a $5.9 million net increase to the goodwill allocated to the Assisted Living segment during the nine months ended September 30, 2015.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; background-color: #ffffff;">The table below presents the allocation of purchase price to the assets acquired and liabilities assumed (in millions):</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: middle;">&#160;</td><td valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: middle;"></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; 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vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">Basic and diluted net income (loss) per share attributable to common stockholders</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; 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font-family: 'Times New Roman', Times, serif; color: #000000;">171,255</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">The Company incurred $57.1&#160;million of transaction costs related to the acquisition of Emeritus for the year ended December 31, 2014. Transaction costs are primarily comprised of transaction fees and direct acquisition costs, including legal, finance, consulting, professional fees and other third party costs. The pro forma consolidated operational data for the year ended December 31, 2014 excludes $57.1 million of transaction costs that were directly attributable to the Merger. The proforma consolidated operational data for the year ended December 31, 2013 includes $57.1 million of transaction costs that were directly attributable to the Merger. On August 29, 2014, the Company completed the HCP Transactions (as defined below). The pro forma consolidated operational data reflects the Company's full ownership interests and previously existing lease terms through the closing of the HCP Transactions on August 29, 2014 and reflects the Company's subsequent venture arrangements and amended lease terms for the remainder of the 2014 period.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">The pro forma consolidated operational data is based on assumptions and estimates considered appropriate by the Company's management; however, these pro forma results are not necessarily indicative of the results of operations that would have been obtained had the Merger occurred at the beginning of the periods presented, nor do they purport to represent the consolidated results of operations for future periods. The pro forma consolidated operational data does not include the impact of any synergies that may be achieved from the acquisition of Emeritus or any strategies that management may consider in order to continue to efficiently manage operations.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">On July 30, 2014, in connection with the Merger, the Company's Certificate of Incorporation was amended to authorize up to 400 million shares of common stock.</div><div style="text-align: left;"><br /></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-style: italic; text-align: left;">HCP Transactions</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">On August 29, 2014, the Company completed the transactions contemplated by that certain Master Contribution and Transactions Agreement (the "Master Agreement"), dated as of April 23, 2014, by and between the Company and HCP, Inc. ("HCP"). At the closing of these transactions (the "Closing"), the Company and HCP entered into two ventures and amended the terms of certain existing agreements between the Company and HCP ("HCP Transactions").</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">Each of the ventures contemplated by the Master Agreement uses a "RIDEA" structure, whereby at the Closing each of the Company and HCP invested in an "opco" entity and a "propco" entity. The propco owns most of the applicable communities and leases such communities to the opco pursuant to long-term leases entered into at the Closing. The opco owns the remainder of the applicable communities not owned by the propco, and at the Closing the opco engaged an affiliate of the Company to manage all of the owned and leased communities pursuant to management agreements with 15-year terms subject to certain extension options.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Venture Relating to Entry Fee CCRCs.</font>&#160;At the Closing, the Company and HCP entered into a venture with respect to certain entry fee CCRCs previously owned, leased and/or operated by the Company. The Company owns a 51% ownership interest, and HCP owns a 49% ownership interest, in each of the propco and opco (together, the "CCRC Venture"). Pursuant to the terms of the Master Agreement, at the Closing the Company contributed to the CCRC Venture eight wholly-owned entities (owning eight CCRCs subject, in certain cases, to existing debt) and certain purchase options with respect to the HCP Communities (as defined below), and HCP contributed to the CCRC Venture three wholly-owned entities (owning three properties in two CCRCs (the "HCP Communities")). In addition, HCP contributed $323.5 million in cash and the CCRC Venture completed the purchases of four communities managed by the Company for an aggregate purchase price of $323.5 million immediately following the Closing. Each of the CCRCs in the CCRC Venture is managed by the Company pursuant to market rate management agreements entered into at the Closing, and the Company has agreed to guarantee certain obligations of the manager under the applicable management agreements. Each of the propco and opco is governed by a board of managers consisting of six members, with three representatives appointed by each of the Company and HCP.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">The results of operations and financial position of the ten previously owned or leased entry fee CCRCs, including refundable entrance fee liabilities and deferred revenue, were in all material respects deconsolidated from the Company prospectively upon formation of the CCRC Venture. The Company's interest in the CCRC Venture is accounted for under the equity method of accounting. The Company's investment basis in the CCRC Venture is based on the carrying values of the net assets it contributed which is less than the Company's proportional share of underlying fair value of equity.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Venture Relating to Emeritus / HCP Communities.&#160;</font>At the Closing, the Company and HCP entered into a venture with respect to 49 independent living, assisted living, memory care and/or skilled nursing care communities previously owned by HCP and leased and historically operated by Emeritus. The Company acquired the leases in the Merger, recorded them at fair value at the acquisition date, and in this transaction effectively terminated the leases; therefore the Company has written off all of the recorded lease values in connection with this termination. The Company owns a 20% ownership interest, and HCP owns an 80% ownership interest, in each of the propco and opco (together, the "HCP 49 Venture"). Pursuant to the terms of the Master Agreement, at the Closing an HCP affiliate made a loan to the Company at prevailing interest rates in the original principal amount of approximately $68 million to fund the Company's initial capital contribution to the HCP 49 Venture. HCP contributed 49 communities to propco. At the Closing, propco leased the communities to opco. Each of the communities in the HCP 49 Venture is managed by an affiliate of the Company, and the Company has agreed to guarantee certain obligations of the manager under the applicable market rate management agreements. During the three months ended December 31, 2014, the Company repaid the $68 million loan from HCP primarily with the proceeds from the public equity offering completed during the third quarter of 2014.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">The results and financial position of the communities were, in all material respects, deconsolidated from the Company prospectively upon formation of the HCP 49 Venture. The Company's interest in the venture is accounted for under the equity method of accounting.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">Pursuant to the terms of the Master Agreement, the Company is required to pay HCP a fee related to the lease restructuring in the amount of $34 million,&#160;which is payable over a two-year period beginning September 30, 2014. The elimination of the recorded lease values upon termination of the aforementioned leases approximated the $34 million liability to HCP.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Amendments to Existing Agreements (including Triple Net Leases). </font>At the Closing, the Company and HCP amended and restated (i) that certain Master Lease and Security Agreement, dated as of October 31, 2012, by and between Emeritus and certain affiliates of HCP, with respect to 112 communities, and (ii) certain other triple net leases between Emeritus and affiliates of HCP, with respect to 41 communities, together into a single master lease with the communities subject thereto separated into three pools (the "Master Lease"). The term of the Master Lease is 14 years for the pool 1 communities, 15 years for the pool 2 communities and 16 years for the pool 3 communities, with an average of approximately 15 years, in each case subject to two extension options of approximately 10 years each, and the Master Lease is guaranteed by the Company. The Master Lease provides for total base rent in 2014 of approximately $158 million, with lower future rent payments and escalations compared to the previously existing leases. HCP has agreed to make available up to $100 million for capital expenditures related to the communities during calendar years 2014 through 2017 at an initial lease rate of 7.0%. The Master Lease includes certain customary covenants, with respect to, among other things, capital expenditure requirements, restrictions on the ownership, operation and management of competing communities and transfer restrictions (including restrictions on changes of control of the Company). The Master Lease also includes customary events of default and remedies relating thereto. In addition, the Master Lease includes a fair value purchase option in favor of the Company for up to ten communities at an aggregate purchase price not to exceed $60 million. On December 29, 2014 the Company exercised this purchase option and agreed to purchase nine communities for an aggregate purchase price of $60 million.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">In connection with the transactions contemplated by the Master Agreement, at the Closing, (i) the parties terminated the purchase option rights granted by HCP to Emeritus pursuant to 49 of the previously existing Emeritus leases, (ii) the parties agreed to modify the existing term extension hurdle and incentive management fee structure applicable to an existing venture between the Company and HCP in respect of 20 independent living, assisted living, memory care and/or skilled nursing care communities, and (iii) HCP released certain deposits and reserves posted by the Company and held by HCP or its affiliates in connection with existing leases between the parties. For accounting purposes, the amended leases were treated as new leases and classified as either capital or financing leases. The terminated purchase options were included in the determination of recorded capital or financing lease related balances.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-style: italic; text-align: left;">Equity Offering</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">In September 2014, the Company completed a public equity offering of 10,298,506 shares of common stock, which yielded net proceeds of approximately $330.4 million, net of approximately $0.4 million of costs related to the offering.&#160;During the three months ended December 31, 2014, the Company repaid $275.9 million of existing long-term debt with a weighted average interest rate of approximately 5.5%, financed primarily with the proceeds of the public equity offering, and the Company has used and is using net proceeds to finance the exercise of purchase options on certain communities currently leased by the Company and for other general corporate purposes, which may include additional debt repayments and the acceleration of capital investments in the Company's communities and corporate infrastructure platform.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-style: italic; text-align: left; background-color: #ffffff;">2014 Community Acquisitions and Dispositions</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">In July 2014, the Company acquired the underlying real estate associated with four communities that were previously leased for an aggregate purchase price of $51.4 million. The results of operations of three and one of these communities, prior and subsequent to the acquisition, are reported in the Retirement Centers and Assisted Living segments, respectively. The Company financed the transactions with $17.0 million of seller-financing secured by three of the communities. The balance of the purchase price was paid from cash on hand.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">During the year ended December 31, 2014, the Company sold four communities for an aggregate selling price of $9.2 million. 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ASU 2015-17 requires deferred tax liabilities and assets to be classified as noncurrent in the consolidated financial statements instead of separating deferred taxes into current and noncurrent amounts. ASU 2015-17 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016, and early adoption is permitted. The Company adopted ASU 2015-17 as of December 31, 2015. The consolidated balance sheet as of December 31, 2014 has been recast to conform to the provisions of ASU 2015-17, which included an $84.2 million reduction of the deferred tax asset and the deferred tax liability.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">In April 2015, the FASB issued ASU No. 2015-03, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Simplifying the Presentation of Debt Issuance Costs</font> ("ASU 2015-03"). 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The Company compared the estimated fair value of the assets to their carrying value for these identified properties and recorded an impairment charge for the excess of carrying value over fair value. The Company recorded property, plant and equipment and leasehold intangibles non-cash impairment charges in its operating results of <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; background-color: #ffffff;">$24.3 million for the year ended December 31, 2015, primarily within the</font> Assisted Living and CCRCs - Rental segments, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; background-color: #ffffff;">$10.0 million for the year ended December 31, 2014, primarily within the CCRCs - Rental and Assisted Living segments and $12.9 million for the year ended December 31, 2013, primarily within the Retirement Centers and Assisted Living segments. 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These impairment charges are primarily due to the excess of carrying value, including allocated goodwill, over the estimated selling price less costs to dispose. 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font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(106,796</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td></tr><tr><td valign="bottom" style="width: 52%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(2,299</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(3,295</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(36,862</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(106,534</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td></tr><tr><td valign="bottom" style="width: 52%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">Weighted average basic and diluted income (loss) per share</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; 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text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Property, plant and equipment and leasehold intangibles, net</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; 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vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Cash and escrow deposits&#8212;restricted</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; 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color: #000000;">(23,978</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">3,517</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; 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font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(5,169</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; 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vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">7,795</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(64,131</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Capital and financing lease obligations</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">155,230</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; 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vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(20,568</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 36pt; text-indent: -9pt;">Net cash paid</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">191,216</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">40,441</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">34,686</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">Proceeds from sale of assets, net:</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Prepaid expenses and other assets, net</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">25,780</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; 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font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Capital and financing lease obligations</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">8,907</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; 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font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Other liabilities</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(960</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 36pt; text-indent: -9pt;">Net cash received</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; 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vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">Formation of CCRC Venture:</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Property, plant and equipment and leasehold intangibles, net</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; 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color: #000000;">(729,123</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; 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vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">194,485</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Other intangible assets, net</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(56,829</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; 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vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(9,137</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; 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font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Capital and financing lease obligations</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">27,085</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Refundable entrance fees and deferred revenue</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; 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vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">Formation of HCP 49 Venture:</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; 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color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(525,446</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; 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vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">&#160;&#160;&#160;&#160;&#160;&#160;Long-term debt</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(67,640</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">&#160;&#160;&#160;&#160;&#160;&#160;Capital and financing lease obligations</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; 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font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: left;">Supplemental Schedule of Non-cash Operating, Investing and Financing Activities:</div></td><td valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;"></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; 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vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Other intangible assets, net</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(5,202</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Capital and financing lease obligations</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(23,738</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(27,100</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Other liabilities</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2,296</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 36pt; text-indent: -9pt;">Net</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">&#160;&#160;&#160;Master Lease amendment:</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">&#160;&#160;&#160;&#160;&#160;&#160;Property, plant and equipment and leasehold intangibles, net</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; 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color: #000000;">385,696</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">&#160;&#160;&#160;&#160;&#160;&#160;Other intangible assets, net</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(174,012</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">&#160;&#160;&#160;&#160;&#160;&#160;Capital and financing lease obligations</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(217,022</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">&#160;&#160;&#160;&#160;&#160;&#160;Other liabilities</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">5,338</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 36pt; text-indent: -9pt;">Net</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">&#160;&#160;&#160;Assets designated as held for sale:</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">&#160;&#160;&#160;&#160;&#160;&#160;Property, plant and equipment and leasehold intangibles, net</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; 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vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; 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vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; 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vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">&#160;&#160;&#160;Contribution to CCRC venture:</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">&#160;&#160;&#160;&#160;&#160;&#160;Property, plant and equipment</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; 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background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; 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vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 36pt; text-indent: -9pt;">Net</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; 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vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td></tr></table><div><br /></div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; 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font-family: 'Times New Roman', Times, serif; color: #000000;">183</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Total Federal</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; 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vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; 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vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Total State</div></td><td valign="bottom" style="width: 1%; 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vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(2,433</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(1,627</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">Total</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">92,209</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">181,305</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; 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text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">237,810</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">418,233</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; 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vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">263,671</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">571,694</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; 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font-family: 'Times New Roman', Times, serif; color: #000000;">262,800</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">406,273</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; 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color: #000000;">207,594</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">698,199</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">Thereafter</div></td><td valign="bottom" style="width: 1%; 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vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">4,884,091</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">8,548,220</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">Less amount representing debt discount and deferred financing costs, net</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(31,304</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(31,304</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; 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vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(2,394,503</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(2,394,503</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">Total</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">3,632,825</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2,489,588</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">6,122,413</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; 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font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; 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font-family: 'Times New Roman', Times, serif; color: #000000;">(1,626</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(713</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; 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vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(1,612,897</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">Net deferred tax liability</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; 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vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">9,992</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 52%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">Income (loss) from operations</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">32,148</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">30,657</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(73,197</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(74,513</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; 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color: #000000;">)</div></td></tr><tr><td valign="bottom" style="width: 52%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">Net income (loss)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(2,299</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(3,295</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(37,036</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(106,796</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td></tr><tr><td valign="bottom" style="width: 52%; vertical-align: bottom; 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font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">30,195</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">Additions for tax positions related to the current year</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; 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text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">5,877,854</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: justify;">As of December 31, 2015, the current portion of long-term debt within the Company's consolidated financial statements includes $60.8 million of mortgage notes payable secured by assets held for sale. 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color: #000000;">4.34</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">%</div></td></tr><tr><td valign="bottom" style="width: 88%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">Earliest maturity date</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2016</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; 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color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">126,810</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 28%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;"><div style="font-size: 10pt; 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padding-bottom: 2px;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;"></div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;"></div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">Description</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Balance at</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">beginning of</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">period</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Acquisition of Emeritus</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Charged to</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">costs and</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">expenses</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Charged</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">to other</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">accounts</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Deductions</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; 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font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;"></div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;"></div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;"></div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;"></div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;"></div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;"></div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 28%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; 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vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">26,501</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 28%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 18pt; text-indent: -9pt;">Year ended December 31, 2015</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">26,501</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">-</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">25,132</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2,135</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(27,298</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">26,470</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 28%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">&#160;</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; 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vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 28%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">Deferred Tax Valuation Allowance:</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; 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See Note 4 for more information about the Company's entry into the CCRC Venture.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">During 2014, two communities were moved from the Retirement Centers segment to the Assisted Living segment and one community was moved from the Retirement Centers segment to the CCRCs &#8211; Rental segment to more accurately reflect the underlying product offering of the communities. The movement did not change the Company's reportable segments, but it did impact the revenues and expenses reported within the Retirement Centers, Assisted Living and CCRCs - Rental segments. 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background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; 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font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: left;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Summary of Significant Accounting Policies</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">The consolidated financial statements have been prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles ("GAAP").&#160;&#160;The significant accounting policies are summarized below:</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; font-style: italic; text-align: left;">Principles of Consolidation</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">The consolidated financial statements include the accounts of Brookdale and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated. Investments in affiliated companies that the Company does not control, but has the ability to exercise significant influence over governance and operation, are accounted for by the equity method.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">The Company continually evaluates its potential variable interest entity ("VIE") relationships under certain criteria as provided for in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 810, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Consolidation</font> ("ASC 810").&#160; ASC 810 broadly defines a VIE as an entity in which either (i) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity's economic performance or (ii) the equity investment at risk is insufficient to finance that entity's activities without additional subordinated financial support. The Company identifies the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact the entity's economic performance; and (ii) the obligation to absorb losses or receive benefits of the VIE that could potentially be significant to the entity. The Company performs this analysis on an ongoing basis and consolidates any VIEs for which the Company is determined to be the primary beneficiary. Refer to Note 5 for more information about the Company's VIE relationships.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; font-style: italic; text-align: left;">Use of Estimates</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">The preparation of the consolidated financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes.&#160;&#160;Estimates are used for, but not limited to, revenue, goodwill and asset impairments, self-insurance reserves, performance-based compensation, the allowance for doubtful accounts, depreciation and amortization, income taxes and other contingencies.&#160;&#160;Although these estimates are based on management's best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from the original estimates.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; font-style: italic; text-align: left;">Revenue Recognition</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-style: italic; text-align: left;">Resident Fees</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">Resident fee revenue is recorded when services are rendered and consists of fees for basic housing, support services and fees associated with additional services such as personalized health and assisted living care. Residency agreements are generally for a term of<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; background-color: #ffffff;"> 30 days to one year</font>, with resident fees billed monthly in advance. Revenue for certain skilled nursing services and ancillary charges is recognized as services are provided, and such fees are billed monthly in arrears.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-style: italic; text-align: left;">Management Fees</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">Management fee revenue is recorded as services are provided to the owners of the communities. Revenues are determined by an agreed upon percentage of gross revenues (as defined).</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-style: italic; text-align: left;">Reimbursed Costs Incurred on Behalf of Managed Communities</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">The Company manages certain communities under contracts which provide for payment to the Company of a monthly management fee plus reimbursement of certain operating expenses. Where the Company is the primary obligor with respect to any such operating expenses, the Company recognizes revenue when the goods have been delivered or the service has been rendered and the Company is due reimbursement. Such revenue is included in "reimbursed costs incurred on behalf of managed communities" on the consolidated statements of operations. The related costs are included in "costs incurred on behalf of managed communities" on the consolidated statements of operations.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; font-style: italic; text-align: left;">Purchase Accounting</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">In determining the allocation of the purchase price of companies and communities to net tangible and identified intangible assets acquired and liabilities assumed, the Company makes estimates of fair value using information obtained as a result of pre-acquisition due diligence, marketing, leasing activities and/or independent appraisals. The Company assigned the purchase prices for companies or communities to assets acquired and liabilities assumed based on their determined fair values in accordance with the provisions of ASC 805, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Business Combinations </font>("ASC 805"). The determination of fair value involves the use of significant judgment and estimation. 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The Company determines the allocated values of other fixed assets, such as site improvements and furniture, fixtures and equipment, based upon the replacement cost and depreciates such values over the assets' estimated remaining useful lives as determined at the applicable acquisition date. The Company determines the value of land either by considering the sales prices of similar properties in recent transactions or based on internal analysis of recently acquired and existing comparable properties within its portfolio.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">In connection with a business combination, the Company may assume rights and obligations under certain lease agreements pursuant to which the Company becomes the lessee of a given property. The Company assumes the lease classification previously determined by the prior lessee absent a modification in the assumed lease agreement. The Company assesses assumed operating leases, including ground leases, to determine whether the lease terms are favorable or unfavorable to the Company given current market conditions on the acquisition date. 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Refer to the New Accounting Pronouncements section of this note for discussion of the Company's adoption of a new accounting standard related to deferred financing costs during the period. 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color: #000000; text-align: left;">&#160;</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">2015</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">2014</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="font-size: 10pt; 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The quantitative goodwill impairment test is based upon a comparison of the estimated fair value of the reporting unit to which the goodwill has been assigned with the reporting unit's carrying value. The fair values used in this evaluation are estimated based upon discounted future cash flow projections for the reporting unit. These cash flow projections are based upon a number of estimates and assumptions such as revenue and expense growth rates, capitalization rates and discount rates.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">Acquired intangible assets are initially valued at fair market value using generally accepted valuation methods appropriate for the type of intangible asset. Intangible assets with definite lives are amortized over their estimated useful lives and all intangible assets are reviewed for impairment if indicators of impairment arise. The evaluation of impairment for definite-lived intangibles is based upon a comparison of the carrying amount of the asset to the estimated future undiscounted net cash flows expected to be generated by the asset. If estimated future undiscounted net cash flows are less than the carrying amount of the asset, then the fair value of the asset is estimated. The impairment expense is determined by comparing the estimated fair value of the intangible asset to its carrying value, with any shortfall from fair value recognized as an expense in the current period.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">Indefinite-lived intangible assets are not amortized but are tested for impairment annually during the fourth quarter or more frequently as required. The impairment test consists of a comparison of the estimated fair value of the indefinite-lived intangible asset with its carrying value. 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color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">40,270</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; 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vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">55,738</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 28%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">Health care licenses</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">66,612</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">66,612</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; 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vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(4,179</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">23,621</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 28%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">Other</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">13,531</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(4,818</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">8,713</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">13,531</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(2,655</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">10,876</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 28%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; 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Part of Business Combination [Table] Finite-Lived Intangible Assets by Major Class [Axis] Finite lived intangible assets - useful lives [Abstract] Estimated Useful Life (in years) Furniture and Equipment [Member] Furniture and Fixtures [Member] Loss on facility lease termination Loss on facility lease termination Gain (Loss) on Contract Termination Debt modification and extinguishment costs Debt modification and extinguishment costs Gains (Losses) on Extinguishment of Debt General and administrative expense (including non-cash stock-based compensation expense of $31,651, $28,299 and $25,978, respectively) Goodwill Net Goodwill, Purchase Accounting Adjustments Goodwill acquired during period Accumulated Impairment and Other Charges Goodwill and Other Intangible Assets, Net Goodwill and Intangible Assets Disclosure [Text Block] Goodwill [Line Items] Gross Carrying Amount Goodwill, Gross Goodwill and Intangible Assets Goodwill and Other Intangible Assets, Net [Abstract] Resident fees Impaired Long-Lived Assets Held and Used, Asset Name [Domain] Impaired Long-Lived Assets Held and Used [Line Items] Impaired Long-Lived Assets Held and Used by Type [Axis] Equity in loss (earnings) of unconsolidated ventures Equity in (loss) earnings of unconsolidated ventures Income (Loss) from Equity Method Investments CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) [Abstract] Income (loss) before income taxes Loss before income taxes Income Taxes [Abstract] Income Tax Authority [Axis] Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability Income (Loss) of acquired business Valuation allowance Benefit (provision) for income taxes Total Income Tax Expense (Benefit) Income Tax Authority [Domain] Tax rate changes Income Taxes Income Tax Disclosure [Text Block] Total interest and penalties reserved Expired charitable Income taxes paid Return to provision Goodwill Impairment Income Taxes Tax benefit at U.S. statutory rate Officer's compensation Credits Effective Income Tax Rate Reconciliation, Tax Credit, Amount State taxes, net of federal income tax Other, net Non-deductible transaction costs Meals and entertainment Accounts receivable, net Increase (Decrease) in Accounts Receivable Accounts payable and accrued expenses Increase (Decrease) in Accounts Payable and Accrued Liabilities Deferred revenue Increase (Decrease) in Deferred Revenue Changes in operating assets and liabilities: Decrease (increase) in lease security deposits and lease acquisition deposits, net Tenant refundable fees and security deposits Increase (Decrease) in Security Deposits Decrease in cash and escrow deposits - restricted Increase (Decrease) in Restricted Cash Prepaid expenses and other assets, net Increase (Decrease) in Prepaid Expense and Other Assets Debt Coupon interest Interest expense: Interest Capital and financing lease obligations Interest Expense, Lessee, Assets under Capital Lease Interest expense related to convertible notes Interest Expense, Debt Interest paid Interest Rate Swap [Member] Interest Rate Cap [Member] Federal [Member] Interest income Investment Income, Interest Investment in unconsolidated ventures Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures Letters of Credit Outstanding, Amount Weighted average interest rate Long-term Debt, Type [Axis] Long-term Debt, Type [Domain] Land [Member] Facility lease expense Facility lease expense Community Leases Leasehold Improvements [Member] Leasehold Improvements [Member] Leaseholds and Leasehold Improvements [Member] Commitments and Contingencies Leases of Lessor Disclosure [Text Block] Schedule of facility operating lease expense [Abstract] Litigation Legal Matters and Contingencies [Text Block] Secured and Unsecured Letter of Credit Facilities Letter of Credit [Member] Total current liabilities Liabilities, Current Current liabilities Liabilities, Current [Abstract] Total liabilities Liabilities Liabilities and Stockholders' Equity Total liabilities and stockholders' equity Liabilities and Equity Line of Credit Facility [Table] Quarterly commitment fee Line of Credit Facility [Axis] Credit facilities borrowings outstanding Credit Facility, maximum borrowing capacity Description of applicable margin calculation based on utilization percentage Line of Credit Facility, Lender [Domain] Line of Credit [Member] Line of Credit Facility [Line Items] Litigation Case [Domain] Litigation Case [Axis] Attorney fees awarded to plaintiffs' lawyer Debt Total Long-term Debt 2019 Long-term Debt, Maturities, Repayments of Principal in Year Four Long-term debt Long-term Debt and Capital Lease Obligations 2020 Long-term Debt, Maturities, Repayments of Principal in Year Five 2018 Long-term Debt, Maturities, Repayments of Principal in Year Three Long-term debt maturity [Abstract] Less current portion Long-term Debt and Capital Lease Obligations, Current Thereafter Long-term Debt, Maturities, Repayments of Principal after Year Five Current portion of long-term debt Long-term Debt, Current Maturities Long-term Debt [Member] 2016 Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate Number of communities subject to purchase option 2017 Long-term Debt, Maturities, Repayments of Principal in Year Two Long-term debt, less current portion Long-term Debt, Excluding Current Maturities Line of credit Long-term Purchase Commitment, Description Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate Purchase option price Self-Insurance Contingencies Disclosure [Text Block] Damages to be paid Self-Insurance [Abstract] Loss Contingencies [Table] Loss Contingencies [Line Items] Loss Contingency Nature [Axis] Loss Contingency, Receivable, Total Loss Contingency, Nature [Domain] Acquisitions and Dispositions Mergers, Acquisitions and Dispositions Disclosures [Text Block] Management fees Maximum [Member] Minimum [Member] Stockholders' Equity Attributable to Noncontrolling Interest First Mortgage Financing [Member] Valuation and qualifying accounts [Roll forward] Net cash provided by (used in) financing activities Net Cash Provided by (Used in) Financing Activities Cash Flows from Financing Activities Net cash used in investing activities Net Cash Provided by (Used in) Investing Activities Net cash provided by operating activities Net Cash Provided by (Used in) Operating Activities Net (income) loss attributable to Brookdale Senior Living Inc. common stockholders Net loss attributable to Brookdale Senior Living Inc. common stockholders Cash Flows from Investing Activities Cash Flows from Operating Activities Net income (loss) attributable to noncontrolling interest New Accounting Pronouncements New Accounting Pronouncements, Policy [Policy Text Block] Other Notes Payable [Member] Number of reportable segments Noncontrolling Interest [Member] Establishment of noncontrolling interest in Emeritus acquisition 2016 Future minimum operating lease payments [Abstract] Operating loss carry forwards, valuation allowance Operating Loss Carryforwards, Valuation Allowance 2017 Income (loss) from operations Income (loss) from operations Income from operations Thereafter Operating Loss Carryforwards [Table] Operating Loss Carryforwards [Line Items] Total Operating Leases, Future Minimum Payments Due 2019 Operating Leased Assets [Line Items] Summary of facility operating leases 2020 Net operating loss carry-forwards 2018 Description of Business and Organization Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] Organization, Consolidation and Presentation of Financial Statements [Abstract] Total other comprehensive income, net of tax Other Comprehensive Income (Loss), Net of Tax Other assets, net Other Assets, Noncurrent Other Other Noncash Income (Expense) Other Intangible Assets [Abstract] Other Intangible Assets [Member] Other Intangible Assets [Member] Leasehold Operating Intangibles [Member] Other Capitalized Property Plant and Equipment [Member] Other intangible assets, net Net Other Intangible Assets, Net Other Other Comprehensive Income, Other, Net of Tax Unrealized gain on marketable securities - restricted Other liabilities Other Liabilities, Noncurrent Cash deposit made to collateralize the bond Other non-operating income Other Nonoperating Income (Expense) Other Other Accrued Liabilities, Current Stockholders' Equity [Member] Cash portion of loss on extinguishment of debt Payments of Debt Extinguishment Costs Payments on notes receivable, net Payments for (Proceeds from) Loans Receivable Purchase of treasury stock Payments for Repurchase of Common Stock Purchase of derivatives and payment of swap termination Payments for (Proceeds from) Derivative Instrument, Financing Activities Other Payments for (Proceeds from) Other Investing Activities Aggregate purchase price Payments of Debt Restructuring Costs Investment in unconsolidated ventures Payments to Acquire Equity Method Investments Acquisition of assets, net of related payables and cash received Payments to Acquire Businesses, Net of Cash Acquired Purchase of marketable securities - restricted Payments to Acquire Available-for-sale Securities Additions to property, plant and equipment, and leasehold intangibles Payments to Acquire Property, Plant, and Equipment Payment of financing costs, net of related payables Payments of Debt Issuance Costs Retirement Plans Pension and Other Postretirement Benefits Disclosure [Text Block] Portion at Fair Value Measurement [Member] [Default] Preferred stock, par value (in dollars per share) Preferred stock, $0.01 par value, 50,000,000 shares authorized at December 31, 2015 and 2014; no shares issued and outstanding Preferred stock, shares issued (in shares) Preferred stock, shares authorized (in shares) Preferred Stock, Shares Authorized Preferred stock, shares outstanding (in shares) Prepaid expenses and other current assets, net Prepaid Expense and Other Assets, Current Proceeds from debt financing Distributions received from unconsolidated ventures Other Proceeds from (Payments for) Other Financing Activities Proceeds from issuance of convertible notes, net Aggregate selling price Proceeds from Sales of Business, Affiliate and Productive Assets Issuance of warrants Proceeds from Issuance of Warrants Proceeds from debt Proceeds from line of credit Proceeds from public equity offering, net Proceeds from public equity offering, net Sale of marketable securities - restricted Proceeds from sale of assets, net Proceeds from Sale of Property, Plant, and Equipment Net income (loss) Net income (loss) Net Income (Loss), Including Portion Attributable to Noncontrolling Interest Property, plant and equipment and leasehold intangibles, net Property, Plant and Equipment [Table Text Block] Property, Plant and Equipment by Type [Axis] Property, Plant and Equipment and Leasehold Intangibles [Member] Property, Plant and Equipment, Other Types [Member] Property, Plant and Equipment and Leasehold Intangibles Total expenditures for property, plan and equipment, and leasehold improvements Property, Plant and Equipment and Leasehold Intangibles, Net [Abstract] Property, Plant and Equipment [Member] Estimated Useful Life (in years) Property, Plant and Equipment, Useful Life Property, Plant and Equipment, Type [Domain] Property, plant and equipment and leasehold intangibles, net Property, Plant and Equipment, Net Property, plant and equipment and leasehold intangibles gross Property, Plant and Equipment [Line Items] Property, Plant and Equipment and Leasehold Intangibles, Net Property, Plant and Equipment Disclosure [Text Block] Quarterly Results of Operations (Unaudited) Quarterly Financial Information [Text Block] Quarterly Results of Operations (Unaudited) [Abstract] Range [Domain] Range [Axis] Accounts Receivable Reclassifications Amortization of entrance fees Recognition of Deferred Revenue Unrecognized tax benefits [Roll Forward] Reimbursed costs incurred on behalf of managed communities Related Party Transaction [Line Items] Related Party Transactions, by Related Party [Axis] Public equity offering expenses Related Party [Domain] Related Party Transactions [Abstract] Repayment of line of credit Repayments of Long-term Lines of Credit Repayment of debt and capital and financing lease obligations Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities Payment on lease termination Repayments of Debt and Capital Lease Obligations Repayments of Debt Restricted Stock [Member] Cash and escrow deposits - restricted, total Restricted Cash and Cash Equivalents Cash and escrow deposits - restricted [Axis] Cash and escrow deposits - restricted Cash and escrow deposits - restricted, current Restricted Cash and Investments, Current Cash and escrow deposits - restricted Cash and escrow deposits - restricted, long term Restricted Cash and Cash Equivalents, Noncurrent Cash and escrow deposits - restricted [Line Items] Cash and Cash Equivalents [Domain] Accumulated Deficit [Member] Retained Earnings [Member] Accumulated deficit Retained Earnings (Accumulated Deficit) Revenue Recognition [Abstract] Revenue Recognition Total revenue Revenues Revenue Revenues [Abstract] Revolving Credit Facility [Member] Finite-Lived Intangible Assets, Future Amortization Expense Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] Revenue of acquired business Scenario, Unspecified [Domain] Schedule Preliminary Allocation of Purchase Price Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table] Supplemental cash flow information Income tax expense (benefit) Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] Cash and escrow deposits - restricted Annual aggregate scheduled maturities of long-term debt obligations outstanding Reconciliation of the benefit for income taxes to the amount computed at the U.S. Federal statutory rate Components of deferred tax assets and liabilities Future minimum operating lease payments Quarterly results of operations Schedule of Finite-Lived Intangible Assets by Major Class [Table] Accrued Expenses Reconciliation of the unrecognized tax benefits Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] Schedule Of Business Acquisitions By Acquisition [Table] Schedule of Operating Leased Assets [Table] Schedule of debt Summary of swap and cap instruments Schedule of Joint Venture Investment, Joint Venture Investee, Name [Axis] Summary of changes in the carrying amount of goodwill Schedule of Investment in Unconsolidated Joint Ventures [Table] Schedule of Impaired Long-Lived Assets Held and Used [Table] Schedule of Extinguishment of Debt [Table] Schedule of Goodwill [Table] Schedule of Property, Plant and Equipment [Table] Schedule of Related Party Transactions, by Related Party [Table] Schedule of Segment Reporting Information, by Segment [Table] Schedule of segment reporting infomration Schedule of cash and escrow deposits, restricted [Table] VALUATION AND QUALIFYING ACCOUNTS Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] Schedule of Variable Interest Entities [Table Text Block] Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] Schedule of Variable Interest Entities [Table] Seller-financing [Member] Tenant security deposits Security Deposit Liability Segment Information [Abstract] Segment [Domain] Segment Reporting Information [Line Items] Segment Information Segment Reporting Disclosure [Text Block] Secured self-insured retention risk under workers' compensation, general liability, and professional liability programs with cash Acquisition of assets, net of related payables and cash received [Member] Granted (in shares) Restricted shares granted (in shares) Granted (in dollars per share) Ending balance (in shares) Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number Non-cash stock-based compensation expense Ending balance (in dollars per share) Beginning balance (in dollars per share) Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value Restricted stock awards [Roll Forward] Share-based Compensation Arrangement by Share-based Payment Award [Line Items] Weighted Average Grant Date Fair Value [Roll Forward] Cancelled/forfeited (in dollars per share) Cancelled or forfeited (in shares) Vested (in dollars per share) Vested (in shares) Award Type [Domain] Summary of Significant Accounting Policies Significant Accounting Policies [Text Block] Total State Tax Expense State and Local Income Tax Expense (Benefit), Continuing Operations State and Local Jurisdiction [Member] State [Abstract] Statement [Line Items] CONSOLIDATED STATEMENTS OF EQUITY [Abstract] CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract] Statement, Equity Components [Axis] Statement [Table] Scenario [Axis] Statement, Business Segments [Axis] CONSOLIDATED BALANCE SHEETS (Parenthetical) [Abstract] Authorized share repurchased program amount Common stock issued in connection with Emeritus acquisition Stock Issued During Period, Value, Acquisitions Restricted stock, net Stock Issued During Period, Value, New Issues Amount available under the share repurchase program Restricted stock, net - shares (in shares) Stock Issued During Period, Shares, New Issues Stock Issued During Period, Shares, New Issues Stock Issued During Period, Shares, Acquisitions Stock Issued During Period, Shares, Acquisitions Issuance of common stock under Associate Stock Purchase Plan - shares (in shares) Issuance of common stock under Associate Stock Purchase Plan Stockholders' Equity Other Stockholders' Equity, Other Treasury Stock Balances at end of period Balances at beginning of period Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Stockholders' Equity Note [Abstract] Total stockholders' equity Stockholders' Equity Attributable to Parent Subsequent Event Type [Axis] Subsequent Event [Line Items] Subsequent Events [Abstract] Subsequent Event Type [Domain] Subsequent Event [Table] Supplemental Disclosure of Cash Flow Information [Abstract] Tax Credit Carryforward [Table] Tax Credit Carryforward [Line Items] Tax credits, valuation allowance Tax credits, valuation allowance Lessor cash reimbursement for tenant incentive Tenant Reimbursements Tradenames [Member] Transfer to Investments Treasury stock, shares (in shares) Purchase of treasury stock (in shares) Repurchased shares (in shares) Share Repurchase Program Treasury Stock [Text Block] Treasury Stock [Member] Purchase of treasury stock Cost of repurchased shares Treasury stock, at cost; 2,428,401 shares at December 31, 2015 and 2014 Treasury Stock, Value Share Repurchase Program [Abstract] Change in fair value of derivatives Change in fair value of derivatives Unrealized Gain (Loss) on Derivatives Additions for tax positions related to prior years Balance at beginning of period Balance at end of period Unrecognized Tax Benefits Additions for tax positions related to the current year Reductions for tax positions related to prior years Additions for tax positions taken by Emeritus Notes Payable, Insurance Premiums [Member] Use of Estimates Valuation and Qualifying Accounts Disclosure [Table] Valuation Allowances and Reserves [Domain] Charged to costs and expenses Balance at End of Period Balance at Beginning of Period Valuation Allowances and Reserves, Balance Deferred Tax Valuation Allowance [Member] Valuation Allowance of Deferred Tax Assets [Member] Deductions Valuation Allowance, Deferred Tax Asset, Change in Amount Valuation Allowances and Reserves Type [Axis] Charged to other accounts VALUATION AND QUALIFYING ACCOUNTS [Abstract] Acquisition of Emeritus Valuation and Qualifying Accounts Disclosure [Line Items] Variable Interest Entities [Axis] Maximum Exposure to Loss Variable Interest Entity [Line Items] Carrying Amount Warrant [Member] Weighted Average [Member] Weighted average shares used in computing basic and diluted net income (loss) per share (in shares) Weighted Average Number of Shares Outstanding, Basic and Diluted The number of facilities purchased or sold during the period. Number of facilities purchased or sold Total communities agreed to purchase in 2015 under the HCP Master Lease Purchase Option Communities agreed to purchase under HCP Master Lease Purchase Option [Member] Communities purchased on January 1, 2015 under the HCP Master Lease Purchase Option. January 1, 2015 purchase of communities under HCP Purchase Option [Member] February 2015 acquisition of 15 communities from Ventas February 2015 acquisition of 15 communities [Member] Information on the seller-financed debt used to partially finance the acquisition of the underlying real estate of certain communities. SellerFinanced Debt [Member] 2015 annual rent reduction amount due to exercising the Purchase Option under the HCP Master Lease. 2015 Rent Reduction The original length of time until maturity of a note payable. LoanTerm Term of loan The interest rate applicable to the portion of the carrying amount of seller financing outstanding as of the balance sheet date, including current maturities, which accrues interest at a set, unchanging rate. Seller financing fixed rate The maximum remaining base term for lease agreement. Remaining base lease terms, maximum Remaining base lease terms, maximum This element represent number of operating leases. Number of operating leases The maximum number of years of lease agreements. Initial lease terms, maximum Initial lease terms, maximum The minimum remaining base term for lease agreement. Remaining base lease terms, minimum Remaining base lease terms, minimum Maximum number of years for renewal options. Renewal options, maximum Renewal options, maximum Increase or decrease in deferred lease liability. Change In Deferred Lease Liability Straight-line expense Change in deferred lease liability The amount of expense charged against earnings by an Entity to record deferred gains from sale leaseback transactions. Amortization Of Deferred Gains From Sale Leaseback Transaction Amortization of deferred gain Cash payments for obligations under lease agreements. Cash basis payment Minimum number of years for renewal options. Renewal options, minimum Renewal options, minimum The minimum number of years of lease agreements. Initial lease terms, minimum Initial lease terms, minimum The number of capital and financing leases. Number of capital and financing leases Number of communities operated under long-term leases. Number of communities operated under long-term leases Disclosure of accounting policy for self-insurance liability accruals. Self-Insurance Liability Accruals [Policy Text Block] Self-Insurance Liability Accruals Disclosure of accounting policy for costs incurred to obtain or issue convertible debt, the effects of refinancings, method of amortizing deferred financing costs and original issue discount, and classifications of debt on the balance sheet. Convertible Debt Instruments [Policy Text Block] Convertible Debt Instruments This element provides the name of each investee, or group of investees for which combined disclosure is appropriate, in which the Entity has an investment in common stock accounted for under the equity method of accounting and for which certain information is required or determined to be disclosed. Joint ventures in which the Entity has a 20% interest. Investment In Unconsolidated Ventures, 20 Percent Interest [Member] The entire disclosure for equity investment, or group of investments, summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method). Joint ventures in which the Entity has a 10% interest. Investment In Unconsolidated Ventures, 10 Percent Interest [Member] Schedule of Investment in Unconsolidated Joint Ventures [Line Items] This serves as a place to record data that is not required by accounting literature but is useful for readers of the financial statements as it relates to the details of an equity method investment in common stock. Such information includes the number of communities owned by equity method unconsolidated ventures. Equity Method Investment Additional Information, Number of Communities Owned The entire disclosure for equity investment, or group of investments, summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method). Investment in Unconsolidated Ventures [Member] S-H Forty-Nine Ventures, LLC S-H Forty-Nine Ventures, LLC [Member] S-H Forty-Nine Ventures, LLC [Member] S-H Twenty-One Ventures, LLC S-H Twenty-One Ventures, LLC [Member] CCRC Ventures, LLC CCRC Ventures, LLC [Member] BKD-HCN Venture, LLC BKD-HCN Venture, LLC [Member] Variable Interest Entity (VIE) which is not included in the consolidated financial statements of the entity because the entity does not have a controlling financial interest (not the primary beneficiary). Variable Interest Entity, Not Primary Beneficiary, Operating Company [Member] CCRC Venture opco [Member] Variable Interest Entity (VIE) which is not included in the consolidated financial statements of the entity because the entity does not have a controlling financial interest (not the primary beneficiary). Variable Interest Entity, Not Primary Beneficiary, Real Estate Company [Member] HCP 49 Venture opco and propco [Member] Variable Interest Entities (VIE) which are not included in the consolidated financial statements of the entity because the entity does not have a controlling financial interest (not the primary beneficiary). Other Ventures [Member] S-H Thirty-Five Venture S-H Thirty-Five Venture, LLC [Member] Term Of Residency Agreements Maximum Term Of Residency Agreements Maximum Term of residency agreements - maximum (in years) The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage for insurance reserves. Insurance reserves [Member] The amount of an asset, typically cash, provided to a counterparty to provide certain assurance of performance by the entity pursuant to the terms of a written or oral agreement, such as a lease. Tenant security deposits [Member] The amount of tax based on the assessed value of real estate by the local government. The tax is usually based on the value of property (including the land). Real estate taxes in escrow [Member] Real estate taxes [Member] The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage for entrance fee purposes. Entrance fees [Member] The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage for replacement reserves and other purposes. Replacement reserve and other [Member] Long-lived, depreciable assets including all assets held by a lessee under a capital lease and any addition or improvement to assets held under lease arrangement (including addition or improvement to asset held by lessee under operating lease arrangement). Resident lease intangibles [Member] The non-current carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage for debt service and other purposes. Debt service and other deposits [Member] Term of Residency Agreements- Minimum. Term of Residency Agreements Minimum Term of residency agreements - minimum (in days) Estimated useful life of property, plant and equipment [Abstract] The average useful life of long-lived, physical assets used in the normal conduct of business and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. Estimated Useful Life - Text Estimated Useful Life (in years) Other Information [Abstract] The fair value amount of capital and financing lease obligations presented in connection with the fair value disclosures required in the footnote disclosures to the financial statements. Capital And Financing Lease Obligation Fair Value Capital and financing obligations Community Purchase Options Community Purchase Options [Member] The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage for various purposes. Other Restricted Cash [Member] The carrying amounts of cash and cash equivalent items which are restricted as to usage as collateral for the Company's letters of credit Letter of Credit Collateral [Member] Debt issuance costs that were reclassified from other assets to a reduction of long term debt upon adoption of ASU 2015-03 Unamortized Debt Issuance Costs Reclassified Upon Adoption of ASU Statement of Cash Flows Custom [Abstract] The cash outflow associated with the acquisition of a bond hedge with convertible debt. Cash outflow for purchase of bond hedge Purchase of bond hedge Change in future service obligation Change in future service obligation Non-cash gain related to the termination of a contract between the parties. The termination may be due to many causes including early termination of a lease by a lessee, a breach of contract by one party, or a failure to perform. Gain on facility lease termination Gain on facility lease termination Refundable Entrance Fees [Abstract] Refundable entrance fees: Proceeds From Deferred Entrance Fee Revenue Proceeds From Deferred Entrance Fee Revenue Proceeds from deferred entrance fee revenue Decrease in additional paid in capital due to purchases of bond hedges during the period. Adjustments to additional paid in capital purchase of bond hedge Tabular disclosure of amortizable intangibles assets, in total and by major class, including the gross carrying amount and accumulated amortization. A major class is composed of intangible assets that can be grouped together because they are similar, either by their nature or by their use in the operations of a company. Schedule Of Finite Lived Intangible Assets [Text Block] Definite lived intangible assets, useful lives Tabular disclosure of the average useful life of long-lived, physical assets used in the normal conduct of business and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. Property Plant And Equipment Useful Lives [Table Text Block] Property, plant and equipment, useful lives The tax effect as of the balance sheet date of the amount of the estimated future tax deductions arising from differences in accounting under GAAP and tax returns for assets and liabilities established under GAAP pertaining to capital lease obligations. Deferred tax Assets, Capital lease obligations Capital and financing lease obligations The sum of the differences between total income tax expense or benefit as reported in the Income Statement and the expected income tax expense or benefit computed by applying the domestic federal statutory income tax rates to pretax income from continuing operations attributable to changes in all income tax contingencies, whether recorded or adjusted, during the period. Income Tax Reconciliation, Tax Contingencies, Unrecognized Tax Benefits Unrecognized tax benefits The sum of the differences between total income tax expense or benefit as reported in the Income Statement for the period and the expected income tax expense or benefit computed by applying the domestic federal statutory income tax rates to pretax income from continuing operations attributable to gains on acquisitions. Effective Income Tax Rate Reconciliation Gain On Acquisition (Loss) gain on acquisition The limitations on the use of all operating loss carry-forwards available to reduce future taxable income. Net operating loss, limitation of utilization The designated tax department of Federal and a state or local government entitled to levy and collect income taxes from the entity. Federal and State [Member] The portion of the difference between total income tax expense or benefit as reported in the Income Statement for the period and the expected income tax expense or benefit computed by applying the domestic federal statutory income tax rates to pretax income from continuing operations attributable to lobbying and political expenses under enacted tax laws. Income Tax Reconciliation Lobbying and Political Lobbying and Political Emeritus Corporation, the acquiree in a material business combination. Emeritus [Member] The designated tax department of a state entitled to levy and collect income taxes from the entity. State [Member] The designated tax department of Federal and a state and local government entitled to levy and collect income taxes from the entity. Federal, State and Local [Member] Impact on the valuation allowance for federal credits. Federal credits [Member] Impact on the valuation allowance due to federal net operating losses Federal net operating losses [Member] Carrying value as of the balance sheet date of lease payable. Lease payable Carrying value as of the balance sheet date of obligations incurred and payable for utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Accrued Utilities Amount of amortization expense expected to be recognized during the fourth fiscal year following the latest fiscal year for assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Finite-Lived Intangible Assets, Amortization Expense, Year Four in Future 2019 Amount of amortization expense expected to be recognized after the fifth fiscal year following the latest fiscal year for assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Finite-Lived Intangible Assets, Amortization Expense, after Year Five in Future Thereafter Amount of amortization expense expected to be recognized during the fifth fiscal year following the latest fiscal year for assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Finite-Lived Intangible Assets, Amortization Expense, Year Five In Future 2020 Amount of amortization expense expected to be recognized during the next fiscal year following the latest fiscal year for assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months In Future 2016 Amount of amortization expense expected to be recognized during the second fiscal year following the latest fiscal year for assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Finite-Lived Intangible Assets, Amortization Expense, Year Two In Future 2017 Amount of amortization expense expected to be recognized during the third fiscal year following the latest fiscal year for assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Finite-Lived Intangible Assets, Amortization Expense, Year Three In Future 2018 Schedule of Intangible Assets by Major Class [Table] The axis of a table defines the relationship between the domain members or categories in the table and the line items or concepts that complete the table. Intangible Assets by Major Class [Axis] The major class of intangible asset (for example, patents, trademarks, copyrights, etc.) A major class is composed of intangible assets that can be grouped together because they are similar, either by their nature or by their use in the operations of a company. Intangible Assets, Major Class Name [Domain] Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Schedule of Intangible Assets by Major Class [Line Items] Sum of the gross carrying amounts before accumulated amortization as of the balance sheet date of all finite and indefinite lived intangible assets. The aggregate gross carrying amount (including any previously recognized impairment charges) of a major finite-lived intangible asset class. A major class is composed of intangible assets that can be grouped together because they are similar, either by their nature or by their use in the operations of a company. Finite And Indefinite Lived Intangible Assets Gross Gross Carrying Amount Retirement center communities are primarily designed for middle to upper income senior citizens age 70 and older who desire an upscale residential environment providing the highest quality of service. The majority of the Company's retirement center communities consist of both independent living and asssisted living units in a single commjunity, which allows residents to "age-in-place" by providing them with a continuum of senior independent and assisted living services. Retirement Centers [Member] Assisted living communities offer housing and 24-hour assistance with activities of daily life to mid-acuity frail and elderly residents. The company's assisted living communities include both freestanding, multi-story communities and freestanding single story communities. The company also operates memory care communities, which are freestanding assisted living communities specially designed for residents with Alzheimer's disease and other dementias. Assisted Living [Member] Health care licenses Health care licenses [Member] Health Care Licenses [Member] The Company's Brookdale Ancillary Services segment includes the outpatient therapy, home health and hospice services provided to residents of many of the Company's communities, to other senior living communities that the Company does not own or operate and to seniors living outside of the Company's communities. Brookdale Ancillary Services [Member] Management Contracts acquired in the acquisition of Emeritus Management Contract Intangible [Member] Acquired property plant and equipment, including communities and assets under capital and financing leases. Acquired property plant and equipment [Member] Acquisition of Venture Interest Acquisition of Venture Interest [Member] Disclosure of the disposition of communities during fiscal year 2015 Communities sold during 2015 [Member] Refers to acquisition of four communities that the entity previously leased. Acquisition of Communities [Member] Information by unique name of venture or business. Joint Venture [Axis] Information by unique name of joint venture or business. Joint Venture By Name [Domain] A joint venture with respect to certain continuing care retirement / entrance fee communities CCRCs JV [Member] A RIDEA joint venture with respect to certain independent living, assisted living, memory care and/or skilled nursing care communities RIDEA JV [Member] This line item represents the number of underlying communities with which mortgage loans are collateralized. Number of underlying communities with which mortgage loans collateralized Number of communities operated. Number of communities operated Amount of other liabilities assumed at the acquisition date. Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Other Other liabilities Amount of other assets acquired at the acquisition date. Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Other Assets Other assets, net Amount of long-term debt assumed at the acquisition date. Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Long Term Debt Long-term debt The pro forma net income per share for a period as if the business combination or combinations had been completed at the beginning of a period. Business Acquisition, Pro Forma Earnings Per Share, Basic and Diluted Basic and diluted net loss per share attributable to common shares The pro forma average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS). Business Acquisitions, Pro Forma Weighted Average Number Of Share Outstanding Basic And Diluted Weighted average shares used in computing basic and diluted net loss per share (in shares) This line item represents the number of communities under triple net leases agreement. Number of communities under triple net leases agreement This line item represents the amount financed out of purchase price by the entity. Acquisition purchase price amount financed This line item represents the number of communities for which purchase option included in master lease. Number of communities for which purchase option included in master lease This line item represents the maximum aggregate purchase price of communities under purchase option. Maximum aggregate purchase price of communities under purchase option Period of time of master agreement, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Term of master agreement This line item represents the number of members on board during the period. Number of members on board This line item represents the period with in which lease restructuring fee payable. Period with in which lease restructuring fee payable This line item represents the number of wholly-owned entities contributed to the venture by venture partner. Number of wholly-owned entities contributed to the venture by venture partner This line item represents the number of communities owned by the entity. Number of communities owned by entity Number of communities owned by the entity This line item represents the number of communities under master lease and security agreement. Number of communities under master lease and security agreement The initial lease rate for reimbursements available from the lessor for capital expenditures completed by the lessee on leased communities. Initial Lease Rate for Lessor Reimbursements for Capital Expenditures Initial lease rate for lessor reimbursements for capital expenditures (in hundredths) This line item represents the number of communities with modified term. Number of communities with modified term This line item represents the number of representatives on board during the period. Number of representatives on board This line item represents the number of pools under amended master leases agreement. Number of pools under amended master leases agreement This line item represents the number of communities contributed by venture partner. Number of communities contributed by venture partner The partner's percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting. Partners Joint Venture Ownership Percentage Partners Joint Venture Ownership Percentage (in hundredths) This line item represents the cash contributed to the venture by venture partner during the period. Cash contributed to venture by venture partner This line item represents the term of extension option with the entity. Term of extension option This line item represents the number of communities owned by venture partner. Number of communities owned by venture partner This line item represents the base rent as per amended master leases agreement. Base rent as per amended master leases agreement The number of communities with purchase options that will be cancelled. Number Of Communities With Cancelled Purchase Options This line item represents the lease restructuring fee payable to co-venturer. Lease restructuring fee payable to co venturer This line item represents the number of extension options with the entity. Number of extension options This line item represents the number of communities securing acquisition financing. Number of communities securing acquisition financing This line item represents the advance from co-venturer's affiliate. Advance from co venturers affiliate The number of communities purchased or sold during the period. Number of communities purchased or sold This line item represents the master leases term for Pool two communities under amended agreement. Master leases term for Pool two communities This line item represents the number of wholly-owned entities contributed to the venture by the entity. Number of wholly-owned entities contributed to the venture by entity Number of wholly-owned entities contributed to the venture by the entity This line item represents the number of venture transactions entered by the entity. Number of venture transactions entered by entity Number of venture transactions entered by the entity This line item represents the number of properties owned by venture partner. Number of properties owned by venture partner This line item represents the master leases term for Pool three communities under amended agreement. Master leases term for Pool three communities This line item represents the master leases term for Pool one communities under amended agreement. Master leases term for Pool one communities Percentage of interest acquired in joint venture with HCP, Inc. Percentage of interest acquired in joint venture Percentage of interest acquired in joint venture (in hundredths) This line item represents the maximum available reimbursement for capital expenditures by co-venturer during the period. Maximum available reimbursement for capital expenditures by co venturer Refers to name of a person. Joan Boice [Member] Refers to punitive damages awarded to the plaintiff in the legal matter. Punitive damages [Member] Refers to compensatory damages awarded to the plaintiff in the legal matter. Compensatory damages [Member] This line item represents the number of adult children of deceased. Number of children of deceased Number of adult children of Joan Boice Acquired capital and financing lease obligations. Acquired capital and financing lease obligations [Member] Acquired long-term debt obligations Acquired long-term debt obligations [Member] This line item represents the number of communities deconsolidated from the Company. Number of Communities Deconsolidated Amount of deferred lease liability reversed upon the termination of a lease agreement. Reversal of deferred lease liability Disclosure of the acquisition of 5 communities in October 2015 financed with seller financing. 5 Communities acquired in October 2015 [Member] Disclosure of the number of communities classified as held for sale Communities classified as held for sale Communities acquired from HCP HCP Community Acquisitions [Member] Tabular disclosure of the carrying value of indefinite and definite-lived intangible assets, excluding goodwill, in total and by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by their nature or by their use in the operations of the company. Finite and Indefinite Lived Intangible Assets [Table Text Block] Other intangible assets Tabular disclosure of current year grants of restricted shares and restricted stock units under the Omnibus Stock Incentive Plan. Current year grants of restricted shares and restricted stock units [Table Text Block] Current year grants of restricted shares and restricted stock units Maximum percentage payroll deduction per employee per quarter. Eligible Employee Maximum Quarterly Contribution Percentage Allowed Percentage payroll deduction that each employee may deduct Grant date fair value of stock related to Restricted Stock Awards granted during the period. Stock Granted During Period Value Restricted Stock Award Total value of restricted shares granted Percentage of closing market price paid for purchase of common stock shares through employee stock purchase plan. Percentage Of Common Stock Closing Market Price To Purchase Whole Shares Percentage of closing market price paid for purchase of whole shares The ceiling of a customized range of grant date fair values for purposes of disclosing shares potentially issuable under restricted stock awards on all restricted stock plans and other required information pertaining to awards in the customized range. Share Based Compensation Shares Authorized Under Restricted Stock Plans Exercise Price Range Upper Range Limit Value per share maximum (in dollars per share) Number of reserved shares held by the Employee Stock Purchase Plan. Shares Held In Employee Stock Purchase Plan Reserved Number of shares reserved (in shares) The floor of a customized range of grant date fair values for purposes of disclosing shares potentially issuable under restricted stock awards on all restricted stock plans and other required information pertaining to awards in the customized range. Share Based Compensation Shares Authorized Under Restricted Stock Plans Exercise Price Range Lower Range Limit Value per share minimum (in dollars per share) The maximum percentage rate stock-based compensation expense is calculated using net of forfeitures estimated from shares granted. Stock based compensation, Percentage of estimated forfeitures, maximum Percentage of estimated forfeitures, maximum The estimated measure of the percentage of shares, units or grants expected to be forfeited. Stock based compensation, Percentage of estimated forfeitures minimum Percentage of estimated forfeitures, minimum Information on the Company's Employee Stock Purchase Plan. Employee Stock Purchase Plan [Member] Information on the first mortgage loans issued in April 2014 and secured by certain underlying communities. First mortgage loan issued on April 9, 2014 [Member] Information on the first mortgage loans issued in October 2014 and secured by certain underlying communities. First mortgage loan issued in October, 2014 [Member] Information on the first mortgage loans issued on April 3, 2013 and secured by certain underlying communities. First mortgage loan issued on April 3, 2013 [Member] First Mortgage Loan Issued on April 3, 2013 [Member] Information on the first mortgage loans assumed upon the acquisition of certain underlying communities. First Mortgage Loan Assumed in Acquisition [Member] Information on the first mortgage loans issued on 12, 2013 and secured by certain underlying communities. First mortgage loan issued on April 12, 2013 [Member] First Mortgage Loan Issued on April 12, 2013 [Member] Information on the first mortgage loans issued on April 22, 2013 and secured by the underlying community. First mortgage loan issued on April 22, 2013 [Member] First Mortgage Loan Issued on April 22, 2013 [Member] Information on the first mortgage loans issued on May 30, 2013 and secured by certain underlying communities. First mortgage loan issued on May 30, 2013 [Member] First Mortgage Loan Issued on May 30, 2013 [Member] Information on the first mortgage loans issued on August 1, 2013 and secured by certain underlying communities. First mortgage loan issued on August 1, 2013 [Member] First Mortgage Loan Issued on August 1, 2013 [Member] Information on the first mortgage loans issued on August 1, 2013, secured by certain underlying communities, and maturing in August 2020. Loans maturing in August 2020 [Member] Loans Maturing in August 2020 [Member] Information on the first mortgage loans issued on August 1, 2013, secured by certain underlying communities, and maturing in August 2023. Loans maturing in August 2023 [Member] Loans Maturing in August 2023 [Member] Information on the debt used to partially finance the acquisition of the underlying real estate of certain communities. First Mortgage Loan Financing Acquisition [Member] Information on the first mortgage loans issued on December 18, 2013 and secured by certain underlying communities. First Mortgage Loan Issued On December 18 2013 [Member] Information on the first mortgage loans issued on December 20, 2013 and secured by certain underlying communities. First Mortgage Loan Issued On December 20 2013 [Member] Information on the first mortgage loans issued on October 1, 2013 and secured by certain underlying communities. First Mortgage Loan Issued On October 1 2013 [Member] A loan to finance the purchase of real estate where the lender has a lien on the property as collateral for the loan. Mortgages Payable Due 2013 Through 2020 Member [Member] Mortgages Payable [Member] The number of shares of common stock covered by hedging transactions. Number of shares of common stock covered by hedging transactions Number of shares of common stock covered by hedging transactions (in shares) The amount of cash collateral as of the balance sheet date as security for mortgage debt. Cash Collateral Securing Mortgages Amount of cash collateral securing debt The number of the company's recently acquired communities securing the Long-term debt instrument. Number of recently acquired communities securing mortgage notes Current portion of carrying amount of mortgage loans with extension options as of the balance sheet date (excluding noncurrent portions). Current Portion of Mortgage Loans with Extension Options The cost of the hedging transaction which was paid from the proceeds of the notes and recorded as a reduction on additional paid-in capital. Net Cost Of Hedging Transaction Net cost of hedging transaction The maximum length of time from the existing maturity date that a debt instrument can be extended. Maximum Term of Debt Extension (in years) Maximum term of debt extension Including current and noncurrent portions, aggregate carrying amount of long-term borrowings as of the balance sheet date. May include notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt, which had initial maturities beyond one year or beyond the normal operating cycle, if longer, and before deducting unamortized discount or premiums or interest portion of loan, if any. Total obligations The interest portion of the long term loan. Less amount representing interest Less amount representing interest Strike price of warrants Strike price of warrants Strike price of warrants (in dollars per share) Amortization period for debt principal. Amortization period Amortization period (in years) The number of the company's communities securing the Long-term debt instrument. Number of communities securing mortgage notes Number of communities securing debt (in number of communities) Number of warrants to acquire common stock Number of warrants to acquire common stock Number of warrants to acquire common stock sold to Hedge Counterparties (in shares) The initial conversion rate of common shares as a value of the notes. Conversion rate per value of notes The number of trading days for pricing. Number of trading days for pricing The number of consecutive trading days for pricing. Number of consecutive trading days Percentage minimum of applicable conversion price. Percentage minimum of applicable conversion price Percentage minimum of applicable conversion price (in hundredths) Number of consecutive trading days less than 98% of test period. Number of consecutive trading days less than 98% of test period Applicable percentage rate for five day consecutive trading days. Applicable percentage rate for five day consecutive trading days Applicable percentage rate for five day consecutive trading days (in hundredths) Debt extinguished with proceeds of public equity offering. Debt extinguished with proceeds of public equity offering [Member] The maximum number of equity instruments that the holder of the debt instrument would receive in excess of the amount of principal that would be settled in cash if the debt was converted to equity. Debt Instrument Convertible Maximum Number Of Equity Instrument Percentage of additional matching contribution by the employer into the retirement plan. Additional matching contribution Additional matching contribution The percentage of the employer's matching contribution to the plan. Matching Contributions Equal To Employees Contributions Matching contributions equal to employee's contributions Percentage of the maximum contributed compensation. Maximum contributed compensation Maximum contributed compensation Schedule of interest expense associated with note. Schedule Of Interest Expense Associated With Notes [Table Text Block] Interest expense associated with the convertible notes Below Market Operating Lease Intangible recorded as part of the Emeritus Acquisition Below Market Operating Lease Intangibles [Member] Assisted living communities offer housing and 24-hour assistance with activities of daily life to mid-acuity frail and elderly residents and Retirement center communities are primarily designed for middle to upper income senior citizens age 70 and older who desire an upscale residential environment providing the highest quality of service. Assisted Living and Retirement Centers [Member] Resident And Leasehold Operating Intangibles Future Amortization Expense [Abstract] The amount of amortization expense expected to be recognized during year five of the five succeeding fiscal years. Resident And Leasehold Operating Intangibles Future Amortization Expense Year Five 2020 The current period expense charged against earnings on long-lived, physical assets not used in production, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset. Depreciation and amortization expense for plant and equipment and leasehold intangibles Depreciation and amortization expense on property, plant and equipment and leasehold intangibles The amount of amortization expense expected to be recognized during year two of the five succeeding fiscal years. Resident And Leasehold Operating Intangibles Future Amortization Expense Year Two 2017 The amount of amortization expense expected to be recognized for the remainder of the finite-lived intangible asset useful life after the fifth succeeding fiscal year. Resident And Leasehold Operating Intangibles Future Amortization Expense After Year Five Thereafter The amount of amortization expense expected to be recognized during year three of the five succeeding fiscal years. Resident And Leasehold Operating Intangibles Future Amortization Expense Year Three 2018 The amount of amortization expense expected to be recognized during year one of the five succeeding fiscal years. Resident And Leasehold Operating Intangibles Future Amortization Expense Year One 2016 The aggregate estimated amortization expense for succeeding fiscal years for resident and leasehold operating intangible assets subject to amortization. Resident And Leasehold Operating Intangibles Future Amortization Expense Total The amount of amortization expense expected to be recognized during year four of the five succeeding fiscal years. Resident And Leasehold Operating Intangibles Future Amortization Expense Year Four 2019 Long-lived, depreciable assets including all assets held by a lessee under a capital lease and any addition or improvement to assets held under lease arrangement (including addition or improvement to asset held by lessee under operating lease arrangement). Resident and leasehold operating intangibles [Member] Resident and Leasehold Operating Intangibles [Member] Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for Resident and Leasehold Operating Intangibles classified within Property, Plant and Equipment and Leasehold Intangibles, Net. Schedule of Resident and Leasehold Operating Intangibles Future Amortization Expense [Table Text Block] Resident and Leasehold Operating Intangibles, Future Amortization Expense This element represent noncurrent self-insured portion of expected losses plus incurred but not reported claims as of the balance sheet date. Accrued self-insured portions of programs , noncurrent This element represent self-insured portion of expected losses plus incurred but not reported claims due as of the balance sheet date. Self Insured Portions Of Programs Accrued Current And Noncurrent Self-insured portions of programs accrued, total The total amount of cash and letters of credit associated to the secured self-insured retention risk. Cash And Letters Of Credit For Self Insured Retention Risk Letters of credit associated to the secured self-insured retention risk Cash deposit to collateralize the insurance policy Cash deposit to collateralize the insurance policy Reinvested income on marketable securities-restricted Reinvested Income On Marketable Securities Restricted Reinvested income on marketable securities-restricted Supplemental Schedule of Noncash Operating, Investing, and Financing Activities [Abstract] The amount of cash and escrow deposits-restricted that an Entity acquires in a noncash (or part noncash) acquisition. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Noncash Or Part Noncash Acquisition Cash And Escrow Deposits Restricted Cash and escrow deposits - restricted The amount of assets that an Entity acquires in a noncash (or part noncash) acquisition. Noncash Or Part Noncash Acquisition Other Assets Other assets, net The amount of accumulated earnings that an Entity assumes in acquiring a business or in consideration for an asset received in a noncash (or part noncash) acquisition that are not presented as a separate disclosure or otherwise listed in the existing taxonomy. Noncash is defined as transactions during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. Noncash Or Part Noncash Acquisition Accumulated Earnings Accumulated earnings The net total of the acquisition of assets (Property, plant and equipment plus leasehold intangibles and Other intangible assets) less accrued expenses. Acquisition of Assets, Related Payables and Cash Received Net Net Acquisition of tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes along with the intangible leasehold improvements made that increased the value asset; net of accumulated depreciation. Property, plant and equipment and leasehold intangibles, net Property, plant and equipment and leasehold intangibles, net The amount of current assets that an Entity acquires in a noncash (or part noncash) acquisition. Noncash Or Part Noncash Acquisition Other Current Assets Prepaid expenses and other current assets, net The amount of intangibles that an Entity acquires in a noncash (or part noncash) acquisition. Noncash Or Part Noncash Acquisition Intangible Assets Other intangible assets, net The amount of common stock that an Entity assumes in acquiring a business or in consideration for an asset received in a noncash (or part noncash) acquisition that are not presented as a separate disclosure or otherwise listed in the existing taxonomy. Noncash is defined as transactions during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. Noncash Or Part Noncash Acquisition Common Stock Refundable entrance fees and deferred revenue The amount of accounts receivable that an Entity acquires in a noncash (or part noncash) acquisition. Noncash Or Part Noncash Acquisition Accounts Receivable Other intangible assets, net The amount of liabilities that an Entity assumes in acquiring a business or in consideration for an asset received in a noncash (or part noncash) acquisition that are not presented as a separate disclosure or otherwise listed in the existing taxonomy. Noncash is defined as transactions during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. Noncash Or Part Noncash Acquisition Other Liabilities Other liabilities The amount of accrued expenses that an Entity assumes in acquiring a business or in consideration for an asset received in a noncash (or part noncash) acquisition that are not presented as a separate disclosure or otherwise listed in the existing taxonomy. Noncash is defined as transactions during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Noncash Or Part Noncash Acquisition Accrued Expenses Accrued expenses The write-off of carrying amounts of deferred costs recognized as a charge against earnings in periods. Write-Off of Deferred Costs Write-off of deferred financing costs The amount of debt that an Entity assumes in acquiring a business or in consideration for an asset in a noncash (or part noncash) acquisition. Noncash Or Part Noncash Acquisition Debt Assumed, Less Current Portion Long-term debt The increase during the period in capital lease obligations due to entering into new capital leases. Capital and financing leases [Member] Capital and financing leases [Member] Acquisition or disposal transaction during the year. Horizon Bay Realty LLC [Member] Formation of CCRC venture with HCP Formation of CCRC venture with HCP [Member] Formation of Emeritus community venture with HCP Formation of HCP 49 Venture [Member] Emeritus HCP lease amendments Master lease amendments [Member] Contribution to CCRC venture with HCP Contribution to CCRC venture with HCP [Member] Amount of acquisition of long-lived, physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. Additions to property, plant and equipment and leasehold improvements [Member] The cash inflow from the sale of property, plant and equipment (capital expenditures), software, and other intangible assets. Proceeds from sale of assets, net [Member] The Company's management services segment includes communities owned by others and operated by the company pursuant to management agreements. Under the management agreements for these communities, the company receives management fees as well as reimbursed expenses, which represent the reimbursement of certain expenses it incurs on behalf of the owners. Management Services [Member] The general and administrative expenses for segment reporting. Segment reporting General and administrative expense General and administrative (including non-cash stock-based compensation expense) Amount of Operating Income from transactions with other operating segments of the same entity. Segmented Operating Income Segment operating income The total of all interest that was charged against earnings during the period. This includes interest incurred in the period on debt arrangements, the periodic charge against earnings over the life of the financing arrangement to which such costs relate and The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date. Total Interest Expense By Segment Total interest expense Gain (loss) related to the termination of a contract between the parties. The termination may be due to many causes including early termination of a lease by a lessee, a breach of contract by one party, or a failure to perform. Gain (Loss) on Contract Termination - Segment Loss on facility lease termination Sum of the carrying amounts as of the balance sheet date of all assets that are recognized by business segment. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Assets by segment The communities in the Company's CCRCs - Entry Fee segment are similar to those in the Company's CCRCs - Rental segment but allow for residents in the independent living apartment units to pay a one-time upfront entrance fee, which is partially refundable in certain circumstances. The amount of the entrance fee varies depending upon the type and size of the dwelling unit, the type of contract plan selected, whether the contract contains a lifecare benefit for the resident, the amount and timing of refund, and other variables. In addition to the initial entrance fee, residents under all entrance fee agreements also pay a monthly service fee, which entitles them to the use of certain amenities and services. Since entrance fees are received upon initial occupancy, the monthly fees are generally less than fees at a comparable rental community. CCRCs Entry Fee [Member] The Company's CCRCs - Rental segment includes large owned or leased communities that offer a variety of living arrangements and services to accommodate all levels of physical ability and health. Most of the Company's CCRCs have independent living, assisted living and skilled nursing available on one campus or within the immediate market, and some also include memory care/Alzheimer's units. CCRCs Rental [Member] Litigation [Abstract] Document and Entity Information [Abstract] A contractual arrangement with a lender under which swingline borrowings can be made up to a specific amount with same-day borrowing permitted, and under which borrowings outstanding may be either short-term or long-term, depending upon the particulars. Swingline Line of Credit [Member] Letter of credit sublimit on the secured line of credit facility Letter of credit sublimit [Member] Amount available to increase the revolving credit facility. Option to increase maximum borrowing capacity [Member] Amount of line of credit facility term loan. Term Loan [Member] The notional amounts of new agreements. Notional amount of new agreements The number of new agreements entered into during the period. Number of new agreements Acquisition of an assisted living community, financed with the issuance of first mortgage financing secured by the community. Assisted Living Community Acquisition with New Mortgage Issuance [Member] Acquisition of an entrance fee CCRC that the company previously managed. Entrance Fee CCRC, Previously Managed [Member] Acquisition of an assisted living community. Assisted Living Community [Member] Acquisition of communities that the company previously managed. Previously Managed Communities [Member] Acquisition of seven Assisted Living communities. Seven Assisted Living Communities [Member] Schedule of Acquisitions and Disposals [Table] Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Schedule of Acquisitions and Disposals [Line Items] This element represents the categories of acquisition and disposal transactions that affect property, plant and equipment, by transaction name. By Transaction Name [Axis] Description of the specific acquisition or disposal transaction, which distinguishes it from similar transactions, by transaction name. By Transaction Name [Domain] Acquisition of independent living communities. Independent Living Communities [Member] Number of communities securing acquisition financing. Number Of Communities Securing First Mortgage Financing Number of communities securing acquisition financing Amount of acquisition purchase price financed by a financial institution or seller-financing, secured by community properties. Business Acquisition Cost Of Acquired Entity Financed By Financial Institution Acquisition purchase price, amount financed Acquisition or disposal transaction during the year. Acquisition of Nine Communities [Member] Acquisition or disposal transaction during the year. One (Real Estate Interest) Assisted Living Community [Member] Acquisition or disposal transaction during the year. Acquisition of Twelve Communities [Member] Acquisition or disposal transaction during the year. Twelve Assisted Living Communities [Member] Significant real estate license interests acquired or sold. Home Health Agencies [Member] Acquisition or disposal transaction during the year. One Assisted Living Community [Member] Disposal transaction of senior housing communities during the year. Communities sold [Member] Significant Hospice agency interests acquired or sold. Hospice Agencies [Member] Information on the first mortgage loans issued in April 2015 and secured by the underlying communities. First mortgage loan issued in April 2015 [Member] Information on the first mortgage loans refinanced in the three months ended September 30, 2015 and secured by certain underlying communities. First Mortgage Loans repaid in the three months ended September 30, 2015 [Member] Information on the first mortgage loans issued in December 2012 and secured by certain underlying communities. First mortgage loan issued in March 2015 [Member] Information on the first mortgage loans refinanced in September 2015 and secured by certain underlying communities. First Mortgage Loan repaid in September 2015 [Member] Disclosure of the the first mortgage loans extinguished in August 2015 First Mortgage Loans extinguished in August 2015 [Member] Information on the first mortgage loans refinanced in August 2015 and secured by certain underlying communities. 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Document and Entity Information - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2015
Feb. 10, 2016
Jun. 30, 2015
Document and Entity Information [Abstract]      
Entity Registrant Name Brookdale Senior Living Inc.    
Entity Central Index Key 0001332349    
Current Fiscal Year End Date --12-31    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Filer Category Large Accelerated Filer    
Entity Public Float     $ 6.5
Entity Common Stock, Shares Outstanding   184,890,549  
Document Fiscal Year Focus 2015    
Document Fiscal Period Focus FY    
Document Type 10-K    
Amendment Flag false    
Document Period End Date Dec. 31, 2015    
XML 20 R2.htm IDEA: XBRL DOCUMENT v3.3.1.900
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2015
Dec. 31, 2014
Current assets    
Cash and cash equivalents $ 88,029 $ 104,083
Cash and escrow deposits - restricted 32,570 38,862
Accounts receivable, net 144,053 149,730
Assets Held-for-sale 110,620 0
Prepaid expenses and other current assets, net 122,671 237,915
Total current assets 497,943 530,590
Property, plant and equipment and leasehold intangibles, net 8,031,376 8,389,505
Cash and escrow deposits - restricted 33,382 56,376
Investment in unconsolidated ventures 371,639 312,925
Goodwill 725,696 736,805
Other intangible assets, net 129,186 154,773
Other assets, net 259,342 236,487
Total assets 10,048,564 10,417,461
Current liabilities    
Current portion of long-term debt 173,454 156,056
Current portion of capital and financing lease obligations 62,150 112,343
Trade accounts payable 128,006 76,314
Accrued expenses 372,874 422,654
Refundable entrance fees and deferred revenue 99,277 101,613
Tenant security deposits 4,387 4,916
Total current liabilities 840,148 873,896
Long-term debt, less current portion 3,459,371 3,340,971
Capital and financing lease obligations, less current portion 2,427,438 2,536,883
Line of credit 310,000 100,000
Deferred liabilities 266,537 256,346
Deferred tax liability 69,051 159,275
Other liabilities 217,292 267,849
Total liabilities 7,589,837 7,535,220
Stockholders' Equity    
Preferred stock, $0.01 par value, 50,000,000 shares authorized at December 31, 2015 and 2014; no shares issued and outstanding 0 0
Common stock, $0.01 par value, 400,000,000 shares authorized at December 31, 2015 and 2014; 190,767,191 and 189,466,395 shares issued and 188,338,790 and 187,037,994 shares outstanding (including 3,453,991 and 3,552,143 unvested restricted shares), respectively 1,883 1,870
Additional paid-in-capital 4,069,283 4,034,655
Treasury stock, at cost; 2,428,401 shares at December 31, 2015 and 2014 (46,800) (46,800)
Accumulated deficit (1,565,478) (1,108,001)
Total stockholders' equity 2,458,888 2,881,724
Stockholders' Equity Attributable to Noncontrolling Interest (161) 517
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest 2,458,727 2,882,241
Total liabilities and stockholders' equity $ 10,048,564 $ 10,417,461
XML 21 R3.htm IDEA: XBRL DOCUMENT v3.3.1.900
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2015
Dec. 31, 2014
CONSOLIDATED BALANCE SHEETS (Parenthetical) [Abstract]    
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 50,000,000 50,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 400,000,000 400,000,000
Common stock, shares issued (in shares) 190,767,191 189,466,395
Common stock, shares outstanding (in shares) 188,338,790 187,037,994
Common stock, unvested restricted shares (in shares) 3,453,991 3,552,143
Treasury stock, shares (in shares) 2,428,401 2,428,401
XML 22 R4.htm IDEA: XBRL DOCUMENT v3.3.1.900
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Revenue      
Resident fees $ 4,177,127 $ 3,301,297 $ 2,515,033
Management fees 60,183 42,239 31,125
Reimbursed costs incurred on behalf of managed communities 723,298 488,170 345,808
Total revenue 4,960,608 3,831,706 2,891,966
Expense      
Facility operating expense (excluding depreciation and amortization of $684,448, $503,662 and $238,153, respectively) 2,788,862 2,210,368 1,671,945
General and administrative expense (including non-cash stock-based compensation expense of $31,651, $28,299 and $25,978, respectively) 370,579 280,267 180,627
Transaction costs 8,252 66,949 3,921
Facility lease expense 367,574 323,830 276,729
Depreciation and amortization 733,165 537,035 268,757
Asset impairment 57,941 9,992 12,891
Loss on facility lease termination 76,143 0 0
Costs incurred on behalf of managed communities 723,298 488,170 345,808
Total operating expense 5,125,814 3,916,611 2,760,678
Income (loss) from operations (165,206) (84,905) 131,288
Interest income 1,603 1,343 1,339
Interest expense:      
Debt (173,484) (128,002) (96,131)
Capital and financing lease obligations (211,132) (109,998) (25,194)
Amortization of deferred financing costs and debt premium (discount) (3,351) (7,477) (17,054)
Change in fair value of derivatives (797) (2,711) 980
Debt modification and extinguishment costs (7,020) (6,387) (1,265)
Equity in (loss) earnings of unconsolidated ventures (804) 171 1,484
Other non-operating income 9,827 7,235 2,725
Income (loss) before income taxes (550,364) (330,731) (1,828)
Benefit (provision) for income taxes 92,209 181,305 (1,756)
Net income (loss) (458,155) (149,426) (3,584)
Net income (loss) attributable to noncontrolling interest 678 436 0
Net (income) loss attributable to Brookdale Senior Living Inc. common stockholders $ (457,477) $ (148,990) $ (3,584)
Basic and diluted net income (loss) per share attributable to Brookdale Senior Living Inc. common stockholders $ (2.48) $ (1.01) $ (0.03)
Weighted average shares used in computing basic and diluted net income (loss) per share (in shares) 184,333 148,185 123,671
XML 23 R5.htm IDEA: XBRL DOCUMENT v3.3.1.900
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) [Abstract]      
Depreciation and amortization $ 684,448 $ 503,662 $ 238,153
Non-cash stock-based compensation expense $ 31,651 $ 28,299 $ 25,978
XML 24 R6.htm IDEA: XBRL DOCUMENT v3.3.1.900
CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Thousands
Total
Common Stock [Member]
Additional Paid-in Capital [Member]
Treasury Stock [Member]
Accumulated Deficit [Member]
Stockholders' Equity [Member]
Noncontrolling Interest [Member]
Balances at beginning of period at Dec. 31, 2012 $ 996,986 $ 1,267 $ 1,997,946 $ (46,800) $ (955,427) $ 996,986 $ 0
Balances at beginning of period - shares (in share) at Dec. 31, 2012   126,689,000          
Compensation expense related to restricted stock grants 25,978 $ 0 25,978 0 0 25,978 0
Net income (loss) (3,584) 0 0 0 (3,584) (3,584) 0
Issuance of common stock under Associate Stock Purchase Plan 1,503 $ 0 1,503 0 0 1,503 0
Issuance of common stock under Associate Stock Purchase Plan - shares (in shares)   62,000          
Restricted stock, net $ 0 $ 10 (10) 0 0 0 0
Restricted stock, net - shares (in shares)   976,000          
Purchase of treasury stock (in shares) 0            
Other $ 54 $ 0 54 0 0 54 0
Balances at end of period at Dec. 31, 2013 1,020,937 $ 1,277 2,025,471 (46,800) (959,011) 1,020,937 0
Balances at end of period - shares (in shares) at Dec. 31, 2013   127,727,000          
Compensation expense related to restricted stock grants 28,299 $ 0 28,299 0 0 28,299 0
Establishment of noncontrolling interest in Emeritus acquisition 953 0 0 0 0 0 953
Net income (loss) (149,426) 0 0 0 (148,990) (148,990) (436)
Common stock issued in connection with Emeritus acquisition $ 1,648,782 $ 476 1,648,306 0 0 1,648,782 0
Stock Issued During Period, Shares, Acquisitions 47,584,000 47,584,000          
Stock Issued During Period, Value, New Issues $ 330,386 $ 103 330,283 0 0 330,386 0
Stock Issued During Period, Shares, New Issues   10,299,000          
Issuance of common stock under Associate Stock Purchase Plan 2,004 $ 0 2,004 0 0 2,004 0
Issuance of common stock under Associate Stock Purchase Plan - shares (in shares)   64,000          
Restricted stock, net $ 0 $ 14 (14) 0 0 0 0
Restricted stock, net - shares (in shares)   1,364,000          
Purchase of treasury stock (in shares) 0            
Other $ 306 $ 0 306 0 0 306 0
Balances at end of period at Dec. 31, 2014 $ 2,882,241 $ 1,870 4,034,655 (46,800) (1,108,001) 2,881,724 517
Balances at end of period - shares (in shares) at Dec. 31, 2014 187,037,994 187,038,000          
Compensation expense related to restricted stock grants $ 31,651 $ 0 31,651 0 0 31,651 0
Net income (loss) $ (458,155) 0 0 0 (457,477) (457,477) (678)
Stock Issued During Period, Shares, New Issues 10,298,506            
Issuance of common stock under Associate Stock Purchase Plan $ 2,870 $ 1 2,869 0 0 2,870 0
Issuance of common stock under Associate Stock Purchase Plan - shares (in shares)   122,000          
Restricted stock, net $ 0 $ 12 (12) 0 0 0 0
Restricted stock, net - shares (in shares)   1,179,000          
Purchase of treasury stock (in shares) 0            
Other $ 120 $ 0 120 0 0 120 0
Balances at end of period at Dec. 31, 2015 $ 2,458,727 $ 1,883 $ 4,069,283 $ (46,800) $ (1,565,478) $ 2,458,888 $ (161)
Balances at end of period - shares (in shares) at Dec. 31, 2015 188,338,790 188,339,000          
XML 25 R7.htm IDEA: XBRL DOCUMENT v3.3.1.900
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash Flows from Operating Activities      
Net income (loss) $ (458,155) $ (149,426) $ (3,584)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Loss on extinguishment of debt, net 121 6,387 1,265
Depreciation and amortization, net 736,516 544,512 285,811
Asset impairment 57,941 9,992 12,891
Equity in loss (earnings) of unconsolidated ventures 804 (171) (1,484)
Distributions from unconsolidated ventures from cumulative share of net earnings 7,825 1,840 2,691
Amortization of deferred gain (4,372) (4,372) (4,372)
Amortization of entrance fees (3,204) (21,220) (29,009)
Proceeds from deferred entrance fee revenue 11,113 32,704 44,191
Deferred income tax benefit (95,261) (182,371) (183)
Change in deferred lease liability 6,956 1,439 2,597
Change in fair value of derivatives 797 2,711 (980)
(Gain) on sale of assets (1,270) (446) (972)
Change in future service obligation (941) 670 (1,917)
Non-cash stock-based compensation 31,651 28,299 25,978
Non-cash interest expense on financing leases 23,472 12,647 0
Amortization of (above) below market rents, net (7,158) (3,444) 0
Other (3,157) 0 0
Changes in operating assets and liabilities:      
Accounts receivable, net 5,608 3,510 (5,449)
Prepaid expenses and other assets, net 51,079 (52,868) 7,483
Accounts payable and accrued expenses (60,564) 16,812 33,837
Tenant refundable fees and security deposits (524) (1,183) (792)
Deferred revenue (6,911) (3,370) (1,881)
Net cash provided by operating activities 292,366 242,652 366,121
Cash Flows from Investing Activities      
Decrease (increase) in lease security deposits and lease acquisition deposits, net 10,866 (48,944) (2,051)
Decrease in cash and escrow deposits - restricted 29,286 56,935 10,726
Additions to property, plant and equipment, and leasehold intangibles (411,051) (304,245) (257,527)
Acquisition of assets, net of related payables and cash received (191,216) (40,441) (34,686)
Acquisition of Emeritus Corporation, cash acquired 0 28,429 0
Investment in unconsolidated ventures (69,297) (26,499) (17,172)
Distributions received from unconsolidated ventures 9,054 12,275 1,600
Proceeds from sale of assets, net 49,226 4,339 34,136
Other 4,155 3,269 168
Net cash used in investing activities (568,977) (314,882) (264,806)
Cash Flows from Financing Activities      
Proceeds from debt 585,650 326,639 662,934
Repayment of debt and capital and financing lease obligations (485,762) (584,345) (724,133)
Proceeds from line of credit 1,175,000 442,000 425,000
Repayment of line of credit (965,000) (372,000) (475,000)
Proceeds from public equity offering, net 0 330,386 0
Payment of financing costs, net of related payables (32,622) (9,393) (11,576)
Refundable entrance fees:      
Proceeds from refundable entrance fees 1,939 20,342 48,140
Refunds of entrance fees (4,411) (25,865) (35,325)
Cash portion of loss on extinguishment of debt (44) (4,101) (502)
Payment on lease termination (17,000) (7,750) 0
Other 2,807 1,889 (1,582)
Net cash provided by (used in) financing activities 260,557 117,802 (112,044)
Net (decrease) increase in cash and cash equivalents (16,054) 45,572 (10,729)
Cash and cash equivalents at beginning of year 104,083 58,511 69,240
Cash and cash equivalents at end of year $ 88,029 $ 104,083 $ 58,511
XML 26 R8.htm IDEA: XBRL DOCUMENT v3.3.1.900
Description of Business and Organization
 12 Months Ended
Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Organization
1.       Description of Business and Organization

Brookdale Senior Living Inc. ("Brookdale" or the "Company") is the leading operator of senior living communities throughout the United States.  The Company is committed to providing senior living solutions primarily within properties that are designed, purpose-built and operated to provide the highest quality service, care and living accommodations for residents.  The Company operates independent living, assisted living and dementia-care communities and continuing care retirement centers ("CCRCs").  Through its ancillary services programs, the Company also offers a range of outpatient therapy, home health, personalized living and hospice services.
XML 27 R9.htm IDEA: XBRL DOCUMENT v3.3.1.900
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2015
Summary of Significant Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
2.       Summary of Significant Accounting Policies

The consolidated financial statements have been prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles ("GAAP").  The significant accounting policies are summarized below:

Principles of Consolidation

The consolidated financial statements include the accounts of Brookdale and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated. Investments in affiliated companies that the Company does not control, but has the ability to exercise significant influence over governance and operation, are accounted for by the equity method.

The Company continually evaluates its potential variable interest entity ("VIE") relationships under certain criteria as provided for in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 810, Consolidation ("ASC 810").  ASC 810 broadly defines a VIE as an entity in which either (i) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity's economic performance or (ii) the equity investment at risk is insufficient to finance that entity's activities without additional subordinated financial support. The Company identifies the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact the entity's economic performance; and (ii) the obligation to absorb losses or receive benefits of the VIE that could potentially be significant to the entity. The Company performs this analysis on an ongoing basis and consolidates any VIEs for which the Company is determined to be the primary beneficiary. Refer to Note 5 for more information about the Company's VIE relationships.

Use of Estimates

The preparation of the consolidated financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes.  Estimates are used for, but not limited to, revenue, goodwill and asset impairments, self-insurance reserves, performance-based compensation, the allowance for doubtful accounts, depreciation and amortization, income taxes and other contingencies.  Although these estimates are based on management's best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from the original estimates.

Revenue Recognition

Resident Fees

Resident fee revenue is recorded when services are rendered and consists of fees for basic housing, support services and fees associated with additional services such as personalized health and assisted living care. Residency agreements are generally for a term of 30 days to one year, with resident fees billed monthly in advance. Revenue for certain skilled nursing services and ancillary charges is recognized as services are provided, and such fees are billed monthly in arrears.

Management Fees

Management fee revenue is recorded as services are provided to the owners of the communities. Revenues are determined by an agreed upon percentage of gross revenues (as defined).

Reimbursed Costs Incurred on Behalf of Managed Communities

The Company manages certain communities under contracts which provide for payment to the Company of a monthly management fee plus reimbursement of certain operating expenses. Where the Company is the primary obligor with respect to any such operating expenses, the Company recognizes revenue when the goods have been delivered or the service has been rendered and the Company is due reimbursement. Such revenue is included in "reimbursed costs incurred on behalf of managed communities" on the consolidated statements of operations. The related costs are included in "costs incurred on behalf of managed communities" on the consolidated statements of operations.

Purchase Accounting

In determining the allocation of the purchase price of companies and communities to net tangible and identified intangible assets acquired and liabilities assumed, the Company makes estimates of fair value using information obtained as a result of pre-acquisition due diligence, marketing, leasing activities and/or independent appraisals. The Company assigned the purchase prices for companies or communities to assets acquired and liabilities assumed based on their determined fair values in accordance with the provisions of ASC 805, Business Combinations ("ASC 805"). The determination of fair value involves the use of significant judgment and estimation. The Company determines fair values as follows:

Working capital assets acquired and working capital liabilities assumed are valued on a carryover/cost basis which approximates fair value.

Property, plant and equipment are valued utilizing either a discounted cash flow projection of future revenue and costs and capitalization and discount rates using current market conditions, or a direct capitalization method. The Company allocates the fair values of buildings acquired on an as-if-vacant basis and depreciates the building values over the estimated remaining lives of the buildings, not to exceed 40 years. The Company determines the allocated values of other fixed assets, such as site improvements and furniture, fixtures and equipment, based upon the replacement cost and depreciates such values over the assets' estimated remaining useful lives as determined at the applicable acquisition date. The Company determines the value of land either by considering the sales prices of similar properties in recent transactions or based on internal analysis of recently acquired and existing comparable properties within its portfolio.

In connection with a business combination, the Company may assume rights and obligations under certain lease agreements pursuant to which the Company becomes the lessee of a given property. The Company assumes the lease classification previously determined by the prior lessee absent a modification in the assumed lease agreement. The Company assesses assumed operating leases, including ground leases, to determine whether the lease terms are favorable or unfavorable to the Company given current market conditions on the acquisition date. To the extent the lease terms are favorable or unfavorable relative to market conditions on the acquisition date, the Company recognizes an intangible asset or liability at fair value.  The Company amortizes any acquired lease-related intangibles to facility lease expense over the remaining life of the associated lease plus any assumed bargain renewal periods.

The fair value of acquired lease-related intangibles associated with the relationship with the Company's residents, if any, reflects the estimated value of in-place leases as represented by the cost to obtain residents and an estimated absorption period to reflect the value of the rent and recovery costs foregone during a reasonable lease-up period as if the acquired space was vacant. The Company amortizes any acquired in-place lease intangibles to depreciation and amortization expense over the average remaining length of stay of the residents, which is evaluated on an acquisition by acquisition basis but is generally estimated at 12 months.

The Company estimates the fair value of purchase option intangible assets by discounting the difference between the applicable property's acquisition date fair value and the stated or anticipated future option price.

The Company estimates the fair value of trade names using a royalty rate methodology and amortizes that value over the estimated useful life of the trade name.

Management contracts and other acquired contracts are valued at a multiple of management fees and operating income or are valued utilizing discounted cash flow projections that assume certain future revenues and costs over the remaining contract term. The assets are then amortized over the estimated term of the agreement.

The Company calculates the fair value of acquired long-term debt by discounting the remaining contractual cash flows of each instrument at the current market rate for those borrowings, which the Company approximates based on the rate at which the Company would expect to incur a replacement instrument on the date of acquisition, and recognizes any fair value adjustments related to long-term debt as effective yield adjustments over the remaining term of the instrument.

Capital lease assets are valued by the Company as a right-to-use asset. Financing lease assets are valued as if the Company owns the assets and thus are recorded at fair value. Capital and financing lease obligations are valued based on the present value of the estimated lease payments applying a discount rate equal to the Company's estimated incremental borrowing rate at the date of acquisition. Additionally, the valuation of financing lease obligations reflects a residual value component.

Preacquisition contingencies are valued when considered probable and reasonably estimable, and estimated legal fees are accrued for in accordance with the Company's existing policy. Self-insurance reserves including incurred but not reported liabilities are estimated by actuary analyses.

A deferred tax asset or liability is recognized at statutory rates for the difference between the book and tax bases of the acquired assets and liabilities. The tax bases of assets and liabilities in the Emeritus transaction were carried over at historical values.

The excess of the fair value of liabilities assumed and common stock issued and cash paid over the fair value of identifiable assets acquired is allocated to goodwill, which is not amortized by the Company.

Deferred Financing Costs

Third-party fees and costs incurred to obtain long-term debt are recorded as a direct adjustment to the carrying value of debt and amortized on a straight-line basis, which approximates the effective yield method, over the term of the related debt. Refer to the New Accounting Pronouncements section of this note for discussion of the Company's adoption of a new accounting standard related to deferred financing costs during the period. Unamortized deferred financing fees are written-off if the associated debt is retired before the maturity date.  Upon the refinancing of mortgage debt or amendment of the line of credit, unamortized deferred financing fees and additional financing costs incurred are accounted for in accordance with ASC 470-50, Debt Modifications and Extinguishments.

Income Taxes

Income taxes are accounted for under the asset and liability approach which requires recognition of deferred tax assets and liabilities for the differences between the financial reporting and tax bases of assets and liabilities. A valuation allowance reduces deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized.

The Company has elected the "with-and-without approach" regarding ordering of windfall tax benefits to determine whether the windfall tax benefit did reduce taxes payable in the current year. Under this approach, the windfall tax benefits would be recognized in additional paid-in capital only if an incremental tax benefit is realized after considering all other tax benefits presently available.

Fair Value of Financial Instruments

ASC 820, Fair Value Measurements and Disclosures establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows:

Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

Cash and cash equivalents and cash and escrow deposits – restricted are reflected in the accompanying consolidated balance sheets at amounts considered by management to reasonably approximate fair value due to the short maturity.

The Company's derivative assets include interest rate caps that effectively manage the risk above certain interest rates for a portion of the Company's variable rate debt. The derivative positions are valued using models developed internally by the respective counterparty that use as their basis readily observable market parameters (such as forward yield curves) and are classified within Level 2 of the valuation hierarchy. The Company considers the credit risk of its counterparties when evaluating the fair value of its derivatives.

The Company estimates the fair value of its debt using a discounted cash flow analysis based upon the Company's current borrowing rate for debt with similar maturities and collateral securing the indebtedness. The Company had outstanding debt with a carrying value of approximately $3.6 billion and $3.5 billion as of December 31, 2015 and 2014, respectively. Fair value of the debt approximates carrying value in all periods. The Company's fair value of debt disclosure is classified within Level 2 of the valuation hierarchy.

Cash and Cash Equivalents

The Company defines cash and cash equivalents as cash and investments with maturities of 90 days or less when purchased.

Cash and Escrow Deposits – Restricted

Cash and escrow deposits – restricted consist principally of deposits required by certain lenders and lessors pursuant to the applicable agreement and consist of the following (dollars in thousands):
 
 
 
December 31,
 
 
 
2015
  
2014
 
Current:
 
  
 
Real estate tax and property insurance escrows
 
$
18,862
  
$
17,926
 
Replacement reserve escrows
  
8,011
   
15,535
 
Resident deposits
  
862
   
1,054
 
Other
  
4,835
   
4,347
 
Subtotal
  
32,570
   
38,862
 
Long term:
        
Insurance deposits
  
15,318
   
19,299
 
CCRC escrows
  
13,233
   
13,214
 
Debt service reserve
  
3,429
   
1,728
 
Letter of credit collateral
  
1,202
   
21,935
 
Other
  
200
   
200
 
Subtotal
  
33,382
   
56,376
 
Total
 
$
65,952
  
$
95,238
 

Accounts Receivable, net

Accounts receivable are reported net of an allowance for doubtful accounts, to represent the Company's estimate of the amount that ultimately will be realized in cash. The allowance for doubtful accounts was $26.5 million as of both December 31, 2015 and 2014.  The adequacy of the Company's allowance for doubtful accounts is reviewed on an ongoing basis, using historical payment trends, write-off experience, analyses of receivable portfolios by payor source and aging of receivables, as well as a review of specific accounts, and adjustments are made to the allowance as necessary.

Billings for services under third-party payor programs are recorded net of estimated retroactive adjustments, if any, under reimbursement programs. Retroactive adjustments are accrued on an estimated basis in the period the related services are rendered and adjusted in future periods or as final settlements are determined. Contractual or cost related adjustments from Medicare or Medicaid are accrued when assessed (without regard to when the assessment is paid or withheld). Subsequent positive or negative adjustments to these accrued amounts are recorded in net revenues when known.

Property, Plant and Equipment and Leasehold Intangibles

Property, plant and equipment and leasehold intangibles, which include amounts recorded under capital and financing leases, are recorded at cost. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets, which are as follows:

Asset Category
 
Estimated
Useful Life
(in years)
Buildings and improvements
 
 40
Furniture and equipment
 
3 – 7
Resident lease intangibles
 
1 – 3

Expenditures for ordinary maintenance and repairs are expensed to operations as incurred. Renovations and improvements, which improve and/or extend the useful life of the asset, are capitalized and depreciated over their estimated useful life or if the renovations or improvements are made with respect to communities subject to an operating lease, over the shorter of the estimated useful life of the renovations or improvements, or the term of the operating lease. Assets under capital and financing leases and leasehold improvements are depreciated over the shorter of the estimated useful life of the assets or the term of the lease. Facility operating expense excludes depreciation and amortization directly attributable to the operation of the facility.

Long-lived assets (groups) are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets held for use are assessed by a comparison of the carrying amount of the asset to the estimated future undiscounted net cash flows expected to be generated by the asset. If estimated future undiscounted net cash flows are less than the carrying amount of the asset then the fair value of the asset is estimated. The impairment expense is determined by comparing the estimated fair value of the asset to its carrying value, with any amount in excess of fair value recognized as an expense in the current period. Undiscounted cash flow projections and estimates of fair value amounts are based on a number of assumptions such as revenue and expense growth rates, estimated holding periods and estimated capitalization rates.

Goodwill and Intangible Assets

The Company follows ASC 350, Goodwill and Other Intangible Assets, and tests goodwill for impairment annually or whenever indicators of impairment arise. Factors the Company considers important in the analysis of whether an indicator of impairment exists, which could trigger an impairment of goodwill in the future, include a significant decline in the Company's stock price for a sustained period since the last testing date, a decline in the Company's market capitalization below net book value, significant underperformance relative to historical or projected future operating results and significant negative industry or economic trends. The Company first assesses qualitative factors to determine whether it is necessary to perform a two-step quantitative goodwill impairment test. The Company is not required to calculate the fair value of a reporting unit unless the entity determines, based on a qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. The quantitative goodwill impairment test is based upon a comparison of the estimated fair value of the reporting unit to which the goodwill has been assigned with the reporting unit's carrying value. The fair values used in this evaluation are estimated based upon discounted future cash flow projections for the reporting unit. These cash flow projections are based upon a number of estimates and assumptions such as revenue and expense growth rates, capitalization rates and discount rates.

Acquired intangible assets are initially valued at fair market value using generally accepted valuation methods appropriate for the type of intangible asset. Intangible assets with definite lives are amortized over their estimated useful lives and all intangible assets are reviewed for impairment if indicators of impairment arise. The evaluation of impairment for definite-lived intangibles is based upon a comparison of the carrying amount of the asset to the estimated future undiscounted net cash flows expected to be generated by the asset. If estimated future undiscounted net cash flows are less than the carrying amount of the asset, then the fair value of the asset is estimated. The impairment expense is determined by comparing the estimated fair value of the intangible asset to its carrying value, with any shortfall from fair value recognized as an expense in the current period.

Indefinite-lived intangible assets are not amortized but are tested for impairment annually during the fourth quarter or more frequently as required. The impairment test consists of a comparison of the estimated fair value of the indefinite-lived intangible asset with its carrying value. If the carrying amount exceeds its fair value, an impairment loss is recognized for that difference.

Amortization of the Company's definite-lived intangible assets is computed using the straight-line method over the estimated useful lives of the assets, which are as follows:

Asset Category
 
Estimated
Useful Life
(in years)
Trade names
 
2 - 5
Other
 
3 – 9

Stock-Based Compensation

The Company follows ASC 718, Compensation - Stock Compensation ("ASC 718") in accounting for its share-based payments. This guidance requires measurement of the cost of employee services received in exchange for stock compensation based on the grant-date fair value of the employee stock awards. This cost is recognized as compensation expense ratably over the employee's requisite service period. Incremental compensation costs arising from subsequent modifications of awards after the grant date are recognized when incurred.

Certain of the Company's employee stock awards vest only upon the achievement of performance targets. ASC 718 requires recognition of compensation cost only when achievement of performance conditions is considered probable. Consequently, the Company's determination of the amount of stock compensation expense requires a significant level of judgment in estimating the probability of achievement of these performance targets. Additionally, the Company must make estimates regarding employee forfeitures in determining compensation expense. Subsequent changes in actual experience are monitored and estimates are updated as information is available.

For all share-based awards with graded vesting other than awards with performance-based vesting conditions, the Company records compensation expense for the entire award on a straight-line basis (or, if applicable, on the accelerated method) over the requisite service period. For graded-vesting awards with performance-based vesting conditions, total compensation expense is recognized over the requisite service period for each separately vesting tranche of the award as if the award is, in substance, multiple awards once the performance target is deemed probable of achievement. Performance goals are evaluated quarterly. If such goals are not ultimately met or it is not probable the goals will be achieved, no compensation expense is recognized and any previously recognized compensation expense is reversed.

Convertible Debt Instruments

Convertible debt instruments are accounted for under ASC 470-20, Debt – Debt with Conversion and Other Options.  This guidance requires the issuer of certain convertible debt instruments that may be settled in cash (or other assets) on conversion, including partial cash settlement, to separately account for the liability (debt) and equity (conversion option) components of the instruments in a manner that reflects the issuer's estimated non-convertible debt borrowing rate.

Self-Insurance Liability Accruals

The Company is subject to various legal proceedings and claims that arise in the ordinary course of its business. Although the Company maintains general liability and professional liability insurance policies for its owned, leased and managed communities under a master insurance program, the Company's current policies provide for deductibles for each and every claim. As a result, the Company is, in effect, self-insured for claims that are less than the deductible amounts. In addition, the Company maintains a high deductible workers compensation program and a self-insured employee medical program.

The Company reviews the adequacy of its accruals related to these liabilities on an ongoing basis, using historical claims, actuarial valuations, third-party administrator estimates, consultants, advice from legal counsel and industry data, and adjusts accruals periodically. Estimated costs related to these self-insurance programs are accrued based on known claims and projected claims incurred but not yet reported. Subsequent changes in actual experience are monitored, and estimates are updated as information becomes available.


Investment in Unconsolidated Ventures

In accordance with ASC 810, the general partner or managing member of a venture consolidates the venture unless the limited partners or other members have either (1) the substantive ability to dissolve the venture or otherwise remove the general partner or managing member without cause or (2) substantive participating rights in significant decisions of the venture, including authorizing operating and capital decisions of the venture, including budgets, in the ordinary course of business. The Company has reviewed all ventures where it is the general partner or managing member and has determined that in all cases the limited partners or other members have substantive participating rights such as those set forth above and, therefore, none of these ventures are consolidated.

The Company's reported share of earnings of an unconsolidated venture is adjusted for the impact, if any, of basis differences between its carrying value of the equity investment and its share of the venture's underlying assets. The Company generally does not have future requirements to contribute additional capital over and above the original capital commitments, and therefore, the Company discontinues applying the equity method of accounting when its investment is reduced to zero barring an expectation of an imminent return to profitability. If the venture subsequently reports net income, the equity method of accounting is resumed only after the Company's share of that net income equals the share of net losses not recognized during the period the equity method was suspended.
  
The Company evaluates realization of its investment in ventures accounted for using the equity method if circumstances indicate that the Company's investment is other than temporarily impaired.

Community Leases

The Company, as lessee, makes a determination with respect to each of its community leases as to whether each should be accounted for as an operating lease or capital lease. The classification criteria is based on estimates regarding the fair value of the leased community, minimum lease payments, effective cost of funds, the economic life of the community and certain other terms in the lease agreements. In a business combination, the Company assumes the lease classification previously determined by the prior lessee absent a modification, as determined by ASC 840, Leases ("ASC 840"), in the assumed lease agreement. Payments made under operating leases are accounted for in the Company's consolidated statements of operations as lease expense for actual rent paid plus or minus a straight-line adjustment for estimated minimum lease escalators and amortization of deferred gains in situations where sale-leaseback transactions have occurred.

For communities under capital lease and lease financing obligation arrangements, a liability is established on the Company's consolidated balance sheets representing the present value of the future minimum lease payments and a residual value for financing leases and a corresponding long-term asset is recorded in property, plant and equipment and leasehold intangibles in the consolidated balance sheets. For capital lease assets, the asset is depreciated over the remaining lease term unless there is a bargain purchase option in which case the asset is depreciated over the useful life. For financing lease assets, the asset is depreciated over the useful life of the asset. Leasehold improvements purchased during the term of the lease are amortized over the shorter of their economic life or the lease term.

All of the Company's leases contain fixed or formula-based rent escalators. To the extent that the escalator increases are tied to a fixed index or rate, lease payments are accounted for on a straight-line basis over the life of the lease. In addition, all rent-free or rent holiday periods are recognized in lease expense on a straight-line basis over the lease term, including the rent holiday period.

Sale-leaseback accounting is applied to transactions in which an owned community is sold and leased back from the buyer if certain continuing involvement criteria are met. Under sale-leaseback accounting, the Company removes the community and related liabilities from the consolidated balance sheets. Gain on the sale is deferred and recognized as a reduction of facility lease expense for operating leases and a reduction of interest expense for capital leases.

For leases in which the Company is involved with the construction of the building, the Company accounts for the lease during the construction period under the provisions of ASC 840.  If the Company concludes that it has substantively all of the risks of ownership during construction of a leased property and therefore is deemed the owner of the project for accounting purposes, it records an asset and related financing obligation for the amount of total project costs related to construction in progress.  Once construction is complete, the Company considers the requirements under ASC 840-40.  If the arrangement qualifies for sale-leaseback accounting, the Company removes the assets and related liabilities from the consolidated balance sheets. If the arrangement does not qualify for sale-leaseback accounting, the Company continues to amortize the financing obligation and depreciate the assets over the lease term.

Treasury Stock

The Company accounts for treasury stock under the cost method and includes treasury stock as a component of stockholders' equity.

New Accounting Pronouncements

In November 2015, the FASB issued Accounting Standards Update ("ASU") No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes ("ASU 2015-17"). ASU 2015-17 requires deferred tax liabilities and assets to be classified as noncurrent in the consolidated financial statements instead of separating deferred taxes into current and noncurrent amounts. ASU 2015-17 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016, and early adoption is permitted. The Company adopted ASU 2015-17 as of December 31, 2015. The consolidated balance sheet as of December 31, 2014 has been recast to conform to the provisions of ASU 2015-17, which included an $84.2 million reduction of the deferred tax asset and the deferred tax liability.

In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"). ASU 2015-03 requires entities to present debt issuance costs as a direct adjustment to the carrying value of the debt instead of as an asset. This presentation is consistent with the current accounting for debt discounts and premiums. ASU 2015-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, and early adoption is permitted. The Company adopted ASU 2015-03 as of December 31, 2015. The consolidated balance sheet as of December 31, 2014 has been recast to conform to the provisions of ASU 2015-03, which included a $19.7 million reduction of other assets, net and long-term debt.

In February 2015, the FASB issued ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis ("ASU 2015-02"). ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. ASU 2015-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The Company will adopt ASU 2015-02 on January 1, 2016, and it is not expected to have a material impact on the Company's consolidated financial statements and disclosures.

In January 2015, the FASB issued ASU No. 2015-01, Simplifying Income Statement—Presentation by Eliminating the Concept of Extraordinary Items ("ASU 2015-01"). ASU 2015-01 is intended to reduce complexity and cost of compliance with GAAP by eliminating the concept of extraordinary items in the statement of operations. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, and early adoption is permitted. The Company adopted ASU 2015-01 as of January 1, 2015, and it did not have a material impact on the Company's consolidated financial statements and disclosures for the year ended December 31, 2015.

In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern ("ASU 2014-15"). ASU 2014-15 defines management's responsibility to evaluate whether there is substantial doubt about an organization's ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 is effective for the Company for the annual period ending after December 15, 2016. The Company will adopt ASU 2014-15 on January 1, 2016, and it is not expected to have a material impact on the Company's consolidated financial statements and disclosures.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets. Under ASU 2014-09, an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. The new standard will be effective for the Company beginning on January 1, 2018 and early adoption will be permitted beginning on January 1, 2017. The Company is currently evaluating the impact the adoption of ASU 2014-09 will have on its consolidated financial statements and disclosures.

Reclassifications

Certain prior period 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.
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Earnings Per Share
 12 Months Ended
Dec. 31, 2015
Earnings Per Share [Abstract]  
Earnings Per Share

3.      Earnings Per Share

Basic earnings per share ("EPS") is calculated by dividing net income by the weighted average number of shares of common stock outstanding.  Diluted EPS includes the components of basic EPS and also gives effect to dilutive common stock equivalents.  For purposes of calculating basic and diluted earnings per share, vested restricted stock awards are considered outstanding. Under the treasury stock method, diluted EPS reflects the potential dilution that could occur if securities or other instruments that are convertible into common stock were exercised or could result in the issuance of common stock.  Potentially dilutive common stock equivalents include unvested restricted stock, restricted stock units and convertible debt instruments and warrants.

During fiscal 2015, 2014 and 2013, the Company reported a consolidated net loss.  As a result of the net loss, unvested restricted stock, restricted stock unit awards and convertible debt instruments and warrants were antidilutive for each year and were not included in the computation of diluted weighted average shares.  The weighted average restricted stock and restricted stock unit awards excluded from the calculations of diluted net loss per share were 3.7 million, 3.6 million and 3.9 million for the years ended December 31, 2015, 2014 and 2013, respectively.

The calculation of diluted weighted average shares excludes the impact of conversion of the outstanding principal amount of $316.3 million of the Company's 2.75% convertible senior notes due 2018. As of December 31, 2015, 2014 and 2013, the maximum number of shares issuable upon conversion of the notes is approximately 13.8 million (after giving effect to additional make-whole shares issuable upon conversion in connection with the occurrence of certain events); however it is the Company's current intent and policy to settle the principal amount of the notes in cash upon conversion. The maximum number of shares issuable upon conversion of the notes in excess of the amount of principal that would be settled in cash is approximately 3.0 million.

In addition, the calculation of diluted weighted average shares excludes the impact of the exercise of warrants to acquire the Company's common stock. As of December 31, 2015, 2014 and 2013, the number of shares issuable upon exercise of the warrants was approximately 10.8 million. See Note 8 for more information about the 2.75% convertible notes and warrants.
XML 29 R11.htm IDEA: XBRL DOCUMENT v3.3.1.900
Acquisitions and Other Significant Transactions
 12 Months Ended
Dec. 31, 2015
Acquisitions and Other Significant Transactions [Abstract]  
Acquisitions and Dispositions
4.       Acquisitions and Other Significant Transactions

2015 Community Acquisitions and Dispositions

On December 29, 2014, the Company exercised its purchase option under an amended and restated master lease with HCP Inc. ("HCP"), as amended. As a result, the Company agreed to purchase the fee simple interest of nine communities previously leased to the Company for an aggregate purchase price of $60.0 million. On December 31, 2014, the Company paid the full purchase price of $51.4 million of cash as a deposit for the purchase of eight of the nine communities, and the Company took title to these eight communities at the closing on January 1, 2015. On May 1, 2015, the Company acquired the ninth community and paid the remainder of the purchase price of $8.6 million of cash. The results of operations of these communities are reported in the Assisted Living and CCRCs - Rental segments within the consolidated financial statements for the year ended December 31, 2015.

In February 2015, the Company acquired the underlying real estate associated with 15 communities that were previously leased for an aggregate purchase price of $268.6 million. The results of operations of these communities are reported in the Retirement Centers, Assisted Living, and CCRCs – Rental segments within the consolidated financial statements for the year ended December 31, 2015. The Company financed the transaction with cash on hand, amounts drawn on the secured credit facility and $20.0 million of seller financing. The $20.0 million note has a five year term and bears interest at a fixed rate of 8.0%. The fair value of the communities acquired was determined to approximate $187.2 million. The fair values of the property, plant and equipment of the acquired communities were determined utilizing a direct capitalization method considering stabilized facility operating income and market capitalization rates. These fair value measurements were based on current market conditions as of the acquisition date and are considered Level 3 measurements within the fair value hierarchy. The range of capitalization rates utilized was 6.25% to 8.75%, depending upon the property type, geographical location, and the quality of the respective community. The Company recorded the difference between the amount paid and the estimated fair value of the communities acquired ($76.1 million) as a loss on facility lease termination on the consolidated statement of operations for the year ended December 31, 2015, which includes the reversal of $5.3 million of deferred lease liabilities associated with the termination of the operating lease agreements. The payment for the termination of the lease agreements has been included within net cash provided by operating activities within the consolidated statement of cash flows for the year ended December 31, 2015.

In October 2015, the Company acquired the underlying real estate associated with five communities that were previously leased for an aggregate purchase price of $78.4 million. The results of operations of these communities are reported in the Assisted Living segment. The Company financed the transaction with seller-financing.

During the year ended December 31, 2015, the Company sold 17 communities for an aggregate selling price of $82.9 million. The results of operations of the communities were previously reported in the Retirement Centers, Assisted Living, and CCRCs - Rental segments. Impairment charges related to communities sold in 2015 totaled $18.4 million and were recognized in the fourth quarter of 2015 in impairment expense within the Company's consolidated statements of operations.

The Company designates communities as held for sale when it is probable that the properties will be sold. If appropriate, the Company records impairment losses and records these assets on the consolidated balance sheet at the lesser of the carrying value and fair value less estimated selling costs. The Company allocates a portion of the goodwill of a reporting unit to the disposal groups if the disposal group constitutes a business. The Company determines the fair value of the communities based primarily on purchase and sale agreements from prospective purchasers (Level 2 input). The long-lived assets are not depreciated while classified as held for sale. As of December 31, 2015, the Company has identified 17 communities as held for sale. The sale of these communities is expected in 2016, although there can be no assurance that the transactions will close or if they do, when the actual closing will occur. The results of operations of these communities are reported in the Assisted Living and CCRCs – Rental segments within the consolidated financial statements. Impairment charges related to communities identified as held for sale as of December 31, 2015 totaled $15.2 million and were recognized in impairment expense in the fourth quarter of 2015 within the Company's consolidated statements of operations. As of December 31, 2015, $110.6 million was recorded as assets held for sale and $60.8 million of mortgage debt related to communities held for sale was included in the current portion of long-term debt within the Company's consolidated balance sheet. This debt will either be assumed by the prospective purchasers or be repaid with the proceeds from the sales.

Investment in Unconsolidated RIDEA Venture

On June 30, 2015, the Company and HCP entered into a venture, which acquired 35 senior housing communities ("HCP 35 Venture") for $847 million. The venture uses a REIT Investment Diversification and Empowerment Act of 2007 ("RIDEA") structure, whereby we and HCP invested in an "opco" and a "propco". The Company contributed $30.3 million in cash to the RIDEA venture. The Company owns a 10% ownership interest, and HCP owns a 90% ownership interest, in each of the propco and opco. The Company had operated these communities under a management agreement since 2011 and will continue to manage the communities under a market rate long-term management agreement with the venture. The Company's interest in the venture is accounted for under the equity method of accounting.

Acquisition of Emeritus

On July 31, 2014, the Company completed the merger contemplated by that certain Agreement and Plan of Merger, dated as of February 20, 2015, (the "Merger Agreement") by and among Emeritus Corporation ("Emeritus"), the Company, and Broadway Merger Sub Corporation, a wholly-owned subsidiary of the Company ("Merger Sub"), pursuant to which Merger Sub merged with and into Emeritus, with Emeritus continuing as the surviving corporation and a wholly-owned subsidiary of the Company (the "Merger"). Prior to the Merger, Emeritus was a senior living service provider focused on operating residential style communities throughout the United States. As of July 31, 2014 Emeritus operated 493 communities, including assisted living and dementia care communities. Many of these communities offer independent living alternatives and, to a lesser extent, skilled nursing care. As of July 31, 2014, Emeritus owned 182 communities and leased 311 communities. Prior to the Merger, Emeritus also offered a range of outpatient therapy and home health services in Florida, Arizona and Texas.

The aggregate acquisition-date fair value of the consideration transferred in the Merger was approximately $3.0 billion which consisted of the issuance of 47.6 million shares of the Company's common stock with a fair value of approximately $1.6 billion upon the cancellation of all shares of Emeritus' common stock and stock options, as well as the Company's assumption of approximately $1.4 billion aggregate principal amount of existing mortgage indebtedness of Emeritus. The fair value of the 47.6 million common shares issued was determined based on the closing market price of the Company's common shares on July 31, 2014, the effective date of the Merger.

As a result of the acquisition of Emeritus, the Company acquired, directly or indirectly, entities that were lessees under operating and capital leases covering 311 communities, as well as certain other leases such as office leases and leases associated with Emeritus' Nurse on Call home health business. The community leases contain customary terms, including assignment and change of control restrictions, maintenance and capital expenditure obligations, termination provisions and financial covenants. In connection with the Merger, the Company entered into guarantees of certain of these leases.

The $1.4 billion aggregate principal amount of existing mortgage debt assumed, directly or indirectly, by the Company in the Merger was collateralized by a total of 179 underlying communities, bore interest either at fixed rates at a weighted average of 6.06% per annum or at variable rates at a weighted average of 5.49% per annum (in each case, as of July 31, 2014), and had remaining maturities ranging from approximately three months to 33 years. The mortgage loans contained customary terms including assignment and change of control restrictions, acceleration provisions and financial covenants. In connection with the Merger, the Company entered into guarantees of certain of these debt arrangements.

Emeritus maintained general and professional liability coverage for its owned, leased and managed communities under insurance policies that provided for self-insured retention.  In certain historical periods Emeritus was uninsured for a subset of communities.  In addition, it maintained a large-deductible workers compensation and a self-insured employee medical program.  Emeritus accrued for claims under these three programs and therefore maintained reserves for liabilities related thereto.  The Company acquired these liabilities as a result of the Merger, evaluated the adequacy of Emeritus' insurance reserves by reviewing historical claims, investigating claim files with assistance from Emeritus' third party administrators and other consultants, reviewing Emeritus' historical actuarial reports, and obtaining new actuarial valuations for claims incurred but not paid as of the date of the Merger.  The Company also acquired tail insurance to provide coverage for general and professional liability claims incurred before the Merger date but made after, and maintains reserves for deductibles payable under the tail policies.  

On June 4, 2013, in Joan Boice et al. v. Emeritus Corporation et al., the Sacramento County Superior Court entered final judgment in favor of Joan Boice (deceased) and against Emeritus in the amount of $250,000 in compensatory damages and $23.0 million in punitive damages. Judgment was also entered in favor of Joan Boice's three adult children for $250,000 and the court awarded the plaintiffs' lawyer over $4.1 million in attorneys' fees. The judgment accrued interest at prescribed statutory rates. On July 8, 2014, Emeritus filed a Notice of Appeal challenging, among other things, the excessive nature of the punitive damages award. Emeritus was required to post a bond in connection with its appeal, and made a cash deposit in the amount of $20.9 million to collateralize the bond. The amount of the cash deposit and the reserve regarding the judgment have been contemplated in the purchase price allocation. Subsequent to the closing of the Merger, the Company was no longer required to collateralize the bond with a cash deposit. The case was settled by the parties during the year ended December 31, 2015.

The fair values of the acquired property, plant and equipment, including communities and assets under capital and financing leases, were determined utilizing a direct capitalization method considering stabilized facility operating income and market capitalization rates. These fair value measurements were based on current market conditions as of the acquisition date and are considered Level 3 measurements within the fair value hierarchy. The range of capitalization rates utilized was 5.5% to 9.75%, depending upon the property type, geographical location, and the quality of the respective community.

The fair values of the acquired capital and financing lease obligations were determined utilizing a discounted cash flow approach considering the estimated contractual lease payments and a market discount rate. These fair value measurements were based on current market conditions as of the acquisition date and are considered Level 3 measurements within the fair value hierarchy. The range of discount rates utilized was 6.0% to 10.75%, depending upon the remaining lease term, property type, geographical location, and the quality of the respective community.

The fair values of the acquired long-term debt obligations were determined utilizing a discounted cash flow approach considering the estimated contractual long-term debt payments and a market discount rate. These fair value measurements were based on current market conditions as of the acquisition date and are considered Level 2 measurements within the fair value hierarchy. The range of discount rates utilized was 3.0% to 7.0%, depending upon the remaining debt term and collateral securing the indebtedness.

The allocation of fair values of the assets acquired and liabilities assumed has changed from the allocation reported in "Note 4 – Acquisitions and Other Significant Transactions" in the Notes to Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014. The changes to the Company's valuation assumptions were based on more accurate information becoming available concerning the subject assets and liabilities. The purchase price allocation adjustments were primarily related to pre-acquisition self-insurance reserves and the related deferred tax impact, resulting in a $5.9 million net increase to the goodwill allocated to the Assisted Living segment during the nine months ended September 30, 2015.

The table below presents the allocation of purchase price to the assets acquired and liabilities assumed (in millions):

   
Cash and cash equivalents
 
$
28
 
Property, plant and equipment and leasehold intangibles
  
5,506
 
Goodwill
  
645
 
Other intangible assets, net
  
259
 
Other assets, net
  
307
 
Trade accounts payable and accrued expenses
  
(297
)
Long-term debt
  
(1,516
)
Capital and financing lease obligations
  
(2,692
)
Deferred tax liability
  
(339
)
Other liabilities
  
(251
)
Noncontrolling interest
  
(1
)
Fair value of Brookdale common stock issued
 
$
1,649
 

The goodwill of $645.2 million is primarily attributable to the synergies expected to arise after the Merger. The Retirement Centers, Assisted Living and Brookdale Ancillary Services segments were allocated goodwill of $20.5 million, $497.9 million and $126.8 million, respectively. The goodwill is not deductible for tax purposes.

The following table provides the pro forma consolidated operational data as if the Company had acquired Emeritus on January 1, 2013 (unaudited, in millions, except share and per share data):

 
 
Year Ended
December 31,
 
 
 
2014
  
2013
 
Total revenue
 
$
5,055
  
$
4,853
 
Net income (loss) attributable to common stockholders
  
(103
)
  
(424
)
         
Basic and diluted net income (loss) per share attributable to common stockholders
 
$
(0.59
)
 
$
(2.48
)
Weighted average shares used in computing basic and diluted net income (loss) per share (in thousands)
  
175,823
   
171,255
 

The Company incurred $57.1 million of transaction costs related to the acquisition of Emeritus for the year ended December 31, 2014. Transaction costs are primarily comprised of transaction fees and direct acquisition costs, including legal, finance, consulting, professional fees and other third party costs. The pro forma consolidated operational data for the year ended December 31, 2014 excludes $57.1 million of transaction costs that were directly attributable to the Merger. The proforma consolidated operational data for the year ended December 31, 2013 includes $57.1 million of transaction costs that were directly attributable to the Merger. On August 29, 2014, the Company completed the HCP Transactions (as defined below). The pro forma consolidated operational data reflects the Company's full ownership interests and previously existing lease terms through the closing of the HCP Transactions on August 29, 2014 and reflects the Company's subsequent venture arrangements and amended lease terms for the remainder of the 2014 period.

The pro forma consolidated operational data is based on assumptions and estimates considered appropriate by the Company's management; however, these pro forma results are not necessarily indicative of the results of operations that would have been obtained had the Merger occurred at the beginning of the periods presented, nor do they purport to represent the consolidated results of operations for future periods. The pro forma consolidated operational data does not include the impact of any synergies that may be achieved from the acquisition of Emeritus or any strategies that management may consider in order to continue to efficiently manage operations.

On July 30, 2014, in connection with the Merger, the Company's Certificate of Incorporation was amended to authorize up to 400 million shares of common stock.


HCP Transactions

On August 29, 2014, the Company completed the transactions contemplated by that certain Master Contribution and Transactions Agreement (the "Master Agreement"), dated as of April 23, 2014, by and between the Company and HCP, Inc. ("HCP"). At the closing of these transactions (the "Closing"), the Company and HCP entered into two ventures and amended the terms of certain existing agreements between the Company and HCP ("HCP Transactions").

Each of the ventures contemplated by the Master Agreement uses a "RIDEA" structure, whereby at the Closing each of the Company and HCP invested in an "opco" entity and a "propco" entity. The propco owns most of the applicable communities and leases such communities to the opco pursuant to long-term leases entered into at the Closing. The opco owns the remainder of the applicable communities not owned by the propco, and at the Closing the opco engaged an affiliate of the Company to manage all of the owned and leased communities pursuant to management agreements with 15-year terms subject to certain extension options.

Venture Relating to Entry Fee CCRCs. At the Closing, the Company and HCP entered into a venture with respect to certain entry fee CCRCs previously owned, leased and/or operated by the Company. The Company owns a 51% ownership interest, and HCP owns a 49% ownership interest, in each of the propco and opco (together, the "CCRC Venture"). Pursuant to the terms of the Master Agreement, at the Closing the Company contributed to the CCRC Venture eight wholly-owned entities (owning eight CCRCs subject, in certain cases, to existing debt) and certain purchase options with respect to the HCP Communities (as defined below), and HCP contributed to the CCRC Venture three wholly-owned entities (owning three properties in two CCRCs (the "HCP Communities")). In addition, HCP contributed $323.5 million in cash and the CCRC Venture completed the purchases of four communities managed by the Company for an aggregate purchase price of $323.5 million immediately following the Closing. Each of the CCRCs in the CCRC Venture is managed by the Company pursuant to market rate management agreements entered into at the Closing, and the Company has agreed to guarantee certain obligations of the manager under the applicable management agreements. Each of the propco and opco is governed by a board of managers consisting of six members, with three representatives appointed by each of the Company and HCP.

The results of operations and financial position of the ten previously owned or leased entry fee CCRCs, including refundable entrance fee liabilities and deferred revenue, were in all material respects deconsolidated from the Company prospectively upon formation of the CCRC Venture. The Company's interest in the CCRC Venture is accounted for under the equity method of accounting. The Company's investment basis in the CCRC Venture is based on the carrying values of the net assets it contributed which is less than the Company's proportional share of underlying fair value of equity.

Venture Relating to Emeritus / HCP Communities. At the Closing, the Company and HCP entered into a venture with respect to 49 independent living, assisted living, memory care and/or skilled nursing care communities previously owned by HCP and leased and historically operated by Emeritus. The Company acquired the leases in the Merger, recorded them at fair value at the acquisition date, and in this transaction effectively terminated the leases; therefore the Company has written off all of the recorded lease values in connection with this termination. The Company owns a 20% ownership interest, and HCP owns an 80% ownership interest, in each of the propco and opco (together, the "HCP 49 Venture"). Pursuant to the terms of the Master Agreement, at the Closing an HCP affiliate made a loan to the Company at prevailing interest rates in the original principal amount of approximately $68 million to fund the Company's initial capital contribution to the HCP 49 Venture. HCP contributed 49 communities to propco. At the Closing, propco leased the communities to opco. Each of the communities in the HCP 49 Venture is managed by an affiliate of the Company, and the Company has agreed to guarantee certain obligations of the manager under the applicable market rate management agreements. During the three months ended December 31, 2014, the Company repaid the $68 million loan from HCP primarily with the proceeds from the public equity offering completed during the third quarter of 2014.

The results and financial position of the communities were, in all material respects, deconsolidated from the Company prospectively upon formation of the HCP 49 Venture. The Company's interest in the venture is accounted for under the equity method of accounting.

Pursuant to the terms of the Master Agreement, the Company is required to pay HCP a fee related to the lease restructuring in the amount of $34 million, which is payable over a two-year period beginning September 30, 2014. The elimination of the recorded lease values upon termination of the aforementioned leases approximated the $34 million liability to HCP.

Amendments to Existing Agreements (including Triple Net Leases). At the Closing, the Company and HCP amended and restated (i) that certain Master Lease and Security Agreement, dated as of October 31, 2012, by and between Emeritus and certain affiliates of HCP, with respect to 112 communities, and (ii) certain other triple net leases between Emeritus and affiliates of HCP, with respect to 41 communities, together into a single master lease with the communities subject thereto separated into three pools (the "Master Lease"). The term of the Master Lease is 14 years for the pool 1 communities, 15 years for the pool 2 communities and 16 years for the pool 3 communities, with an average of approximately 15 years, in each case subject to two extension options of approximately 10 years each, and the Master Lease is guaranteed by the Company. The Master Lease provides for total base rent in 2014 of approximately $158 million, with lower future rent payments and escalations compared to the previously existing leases. HCP has agreed to make available up to $100 million for capital expenditures related to the communities during calendar years 2014 through 2017 at an initial lease rate of 7.0%. The Master Lease includes certain customary covenants, with respect to, among other things, capital expenditure requirements, restrictions on the ownership, operation and management of competing communities and transfer restrictions (including restrictions on changes of control of the Company). The Master Lease also includes customary events of default and remedies relating thereto. In addition, the Master Lease includes a fair value purchase option in favor of the Company for up to ten communities at an aggregate purchase price not to exceed $60 million. On December 29, 2014 the Company exercised this purchase option and agreed to purchase nine communities for an aggregate purchase price of $60 million.

In connection with the transactions contemplated by the Master Agreement, at the Closing, (i) the parties terminated the purchase option rights granted by HCP to Emeritus pursuant to 49 of the previously existing Emeritus leases, (ii) the parties agreed to modify the existing term extension hurdle and incentive management fee structure applicable to an existing venture between the Company and HCP in respect of 20 independent living, assisted living, memory care and/or skilled nursing care communities, and (iii) HCP released certain deposits and reserves posted by the Company and held by HCP or its affiliates in connection with existing leases between the parties. For accounting purposes, the amended leases were treated as new leases and classified as either capital or financing leases. The terminated purchase options were included in the determination of recorded capital or financing lease related balances.

Equity Offering

In September 2014, the Company completed a public equity offering of 10,298,506 shares of common stock, which yielded net proceeds of approximately $330.4 million, net of approximately $0.4 million of costs related to the offering. During the three months ended December 31, 2014, the Company repaid $275.9 million of existing long-term debt with a weighted average interest rate of approximately 5.5%, financed primarily with the proceeds of the public equity offering, and the Company has used and is using net proceeds to finance the exercise of purchase options on certain communities currently leased by the Company and for other general corporate purposes, which may include additional debt repayments and the acceleration of capital investments in the Company's communities and corporate infrastructure platform.

2014 Community Acquisitions and Dispositions

In July 2014, the Company acquired the underlying real estate associated with four communities that were previously leased for an aggregate purchase price of $51.4 million. The results of operations of three and one of these communities, prior and subsequent to the acquisition, are reported in the Retirement Centers and Assisted Living segments, respectively. The Company financed the transactions with $17.0 million of seller-financing secured by three of the communities. The balance of the purchase price was paid from cash on hand.

During the year ended December 31, 2014, the Company sold four communities for an aggregate selling price of $9.2 million. The results of operations of the communities were previously reported in the Assisted Living and CCRCs - Rental segments.
XML 30 R12.htm IDEA: XBRL DOCUMENT v3.3.1.900
Investment in Unconsolidated Ventures
 12 Months Ended
Dec. 31, 2015
Variable Interest Entities and Investment in Unconsolidated Ventures [Abstract]  
Variable Interest Entities and Investment in Unconsolidated Ventures
5.       Variable Interest Entities and Investment in Unconsolidated Ventures

Variable Interest Entities

At December 31, 2015, the Company has equity interests in unconsolidated VIEs. The Company has determined that it does not have the power to direct the activities of the VIEs that most significantly impact the VIEs' economic performance and is not the primary beneficiary of these VIEs in accordance with ASC 810. The Company's interests in the VIEs are, therefore, accounted for under the equity method of accounting.

The Company holds a 51% equity interest in the CCRC Venture. The CCRC Venture's opco has been identified as a VIE. The equity members of the CCRC Venture's opco share certain operating rights, and the Company acts as manager to the CCRC Venture opco; however, the Company does not consolidate this VIE because it does not have the ability to control the activities that most significantly impact this VIE's economic performance. The assets of the CCRC Venture opco primarily consist of the CCRCs that it owns and leases, resident fees receivable, notes receivable and cash and cash equivalents. The obligations of the CCRC Venture opco primarily consist of community lease obligations, accounts payable, accrued expenses and refundable entrance fees. Assets generated by the CCRC operations (primarily rents from CCRC residents) of the CCRC Venture opco may only be used to settle its contractual obligations (primarily the rental costs and operating expenses incurred to operate the communities). See Note 4 for more information about the Company's entry into the CCRC Venture.

The Company holds a 20% equity interest in the HCP 49 Venture. The opco and propco of the HCP 49 Venture have been identified as VIEs. The equity members of the HCP 49 Venture share certain operating rights and the Company acts as manager to the HCP 49 Venture opco; however, the Company does not consolidate these VIEs because it does not have the ability to control the activities that most significantly impact the economic performance of these VIEs. The assets of the HCP 49 Venture propco primarily consist of the senior housing communities that it owns and cash and cash equivalents. The obligations of the HCP 49 Venture propco primarily consist of a note payable to HCP. The assets of the HCP 49 Venture opco primarily consist of the senior housing communities that it leases, resident fees receivable and cash and cash equivalents. The obligations of the HCP 49 Venture opco primarily consist of community lease obligations, accounts payable and accrued expenses. Assets generated by the operations of the senior housing communities (primarily rents from senior housing residents) of the HCP 49 Venture may only be used to settle its contractual obligations (primarily the rental costs and operating expenses incurred to operate the communities). See Note 4 for more information about the Company's entry into the HCP 49 Venture.

The Company holds a 10% equity interest in the HCP 35 Venture. The venture's opco has been identified as a VIE. The equity members of the opco share certain operating rights, and the Company acts as manager to the opco; however, the Company does not consolidate this VIE because it does not have the ability to control the activities that most significantly impact this VIE's economic performance. The assets of the opco primarily consist of the communities that it owns and leases, resident fees receivable and cash and cash equivalents. The obligations of the opco primarily consist of community lease obligations, debt, accounts payable and accrued expenses. Assets generated by the opco's operations (primarily rents from senior housing residents) of the opco may only be used to settle its contractual obligations (primarily the rental costs and operating expenses incurred to operate the communities). The Company's maximum exposure to loss and carrying amount of this opco are included within "Other" within the table below. See Note 4 for more information about the Company's entry into the HCP 35 Venture.

The carrying value and classification of the related assets, liabilities and maximum exposure to loss as a result of the Company's involvement with these VIEs are summarized below at December 31, 2015 (in millions):

VIE
Asset
 
Maximum Exposure to Loss
  
Carrying Amount
 
      
CCRC Venture opco
Investment in unconsolidated ventures
 
$
180.5
  
$
180.5
 
HCP 49 Venture opco and propco
Investment in unconsolidated ventures
 
$
72.4
  
$
72.4
 
Other
Investment in unconsolidated ventures
 
$
5.3
  
$
1.7
 

As of December 31, 2015, the Company is not required to provide financial support, through a liquidity arrangement or otherwise, to its unconsolidated VIEs.

Investment in Unconsolidated Ventures

The Company owns interests in the following ventures that are accounted for under the equity method as of December 31, 2015:

Venture
Ownership Percentage
CCRC Venture
 
51%
HCP 49 Venture
 
20%
BKD-HCN venture opco and propco
 
20%
HCP 35 Venture
 
10%
S-H Twenty-One venture opco and propco
 
10%
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Property, Plant and Equipment and Leasehold Intangibles, Net
 12 Months Ended
Dec. 31, 2015
Property, Plant and Equipment and Leasehold Intangibles, Net [Abstract]  
Property, Plant and Equipment and Leasehold Intangibles, Net
6.       Property, Plant and Equipment and Leasehold Intangibles, Net

As of December 31, 2015 and 2014, net property, plant and equipment and leasehold intangibles, which include assets under capital and financing leases, consisted of the following (in thousands):

 
 
2015
  
2014
 
Land
 
$
486,567
  
$
475,485
 
Buildings and improvements
  
5,260,826
   
5,017,991
 
Leasehold improvements
  
100,430
   
56,515
 
Furniture and equipment
  
895,447
   
735,837
 
Resident and leasehold operating intangibles
  
783,434
   
852,746
 
Construction in progress
  
138,054
   
99,408
 
Assets under capital and financing leases
  
2,909,653
   
3,057,516
 
 
  
10,574,411
   
10,295,498
 
Accumulated depreciation and amortization
  
(2,543,035
)
  
(1,905,993
)
Property, plant and equipment and leasehold intangibles, net
 
$
8,031,376
  
$
8,389,505
 

During the years ended December 31, 2015, 2014 and 2013, the Company evaluated property, plant and equipment and leasehold intangibles for impairment and identified properties with a carrying amount of the assets in excess of the estimated future undiscounted net cash flows expected to be generated by the assets. The Company compared the estimated fair value of the assets to their carrying value for these identified properties and recorded an impairment charge for the excess of carrying value over fair value. The Company recorded property, plant and equipment and leasehold intangibles non-cash impairment charges in its operating results of $24.3 million for the year ended December 31, 2015, primarily within the Assisted Living and CCRCs - Rental segments, $10.0 million for the year ended December 31, 2014, primarily within the CCRCs - Rental and Assisted Living segments and $12.9 million for the year ended December 31, 2013, primarily within the Retirement Centers and Assisted Living segments. These impairment charges are primarily due to lower than expected operating performance at these properties and reflect the amount by which the carrying values of the assets exceeded their estimated fair value.

During 2015, the Company sold 17 communities for an aggregate selling price of $82.9 million and recorded $18.4 million of impairment charges related to the communities sold, inclusive of the allocation of $8.1 million of goodwill to the disposed communities. During the fourth quarter of 2015, the Company recorded $15.2 million of impairment charges related to 17 communities identified as held for sale as of December 31, 2015, inclusive of the allocation of $12.2 million of goodwill to the disposal groups. These impairment charges are primarily due to the excess of carrying value, including allocated goodwill, over the estimated selling price less costs to dispose. Refer to Note 4 for more information about the Company's community dispositions and assets held for sale.

For the years ended December 31, 2015, 2014 and 2013, the Company recognized depreciation and amortization expense on its property, plant and equipment and leasehold intangibles of $721.0 million, $529.1 million and $264.1 million, respectively.

Future amortization expense for resident and leasehold operating intangibles is estimated to be as follows (dollars in thousands):

Year Ending December 31,
 
Future
Amortization
 
2016
 
$
19,390
 
2017
  
13,011
 
2018
  
7,603
 
2019
  
6,247
 
2020
  
4,345
 
Thereafter
  
12,663
 
Total
 
$
63,259
 

In connection with the acquisition of Emeritus, the Company recorded intangible assets for resident-in-place leases and below market operating lease intangibles. The Company is amortizing the resident-in-place leases and below market operating lease intangibles over their estimated weighted average useful lives of one and nine years, respectively.
XML 32 R14.htm IDEA: XBRL DOCUMENT v3.3.1.900
Goodwill and Other Intangible Assets, Net
 12 Months Ended
Dec. 31, 2015
Goodwill and Other Intangible Assets, Net [Abstract]  
Goodwill and Other Intangible Assets, Net
7.       Goodwill and Other Intangible Assets, Net

The following is a summary of changes in the carrying amount of goodwill for the years ended December 31, 2015 and 2014 presented on an operating segment basis (dollars in thousands):

 
 
December 31, 2015
  
December 31, 2014
 
 
 
Gross
Carrying
Amount
  
Accumulated
Impairment and Other Charges
  
Net
  
Gross
Carrying
Amount
  
Accumulated
Impairment and Other Charges
  
Net
 
Retirement Centers
 
$
28,141
  
$
(721
)
 
$
27,420
  
$
28,141
  
$
(521
)
 
$
27,620
 
Assisted Living
  
591,814
   
(20,348
)
  
571,466
   
582,623
   
(248
)
  
582,375
 
Brookdale Ancillary Services
  
126,810
   
—
   
126,810
   
126,810
   
—
   
126,810
 
Total
 
$
746,765
  
$
(21,069
)
 
$
725,696
  
$
737,574
  
$
(769
)
 
$
736,805
 

The Company concluded that goodwill for all reporting units was not impaired as of October 1, 2015 (our annual measurement date) and as of December 31, 2015. Factors the Company considers important in its analysis, which could trigger an impairment of such assets, include significant underperformance relative to historical or projected future operating results, significant negative industry or economic trends, a significant decline in the Company's stock price for a sustained period and a decline in its market capitalization below net book value. A change in anticipated operating results or the other metrics indicated above could necessitate further analysis of potential impairment at an interval prior to the Company's annual measurement date.

Approximately $7.9 million and $0.2 million of goodwill in the Assisted Living and Retirement Centers segments, respectively, was allocated to the disposed communities during the fourth quarter of 2015. Refer to Note 4 for more information about the Company's community dispositions.

As of December 31, 2015, $12.2 million of goodwill related to assisted living communities held for sale was allocated to assets held for sale within the Company's consolidated balance sheet. Refer to Note 4 for more information about the Company's assets held for sale.

The following is a summary of other intangible assets at December 31, 2015 and 2014 (dollars in thousands):

 
 
December 31, 2015
  
December 31, 2014
 
 
 
Gross
Carrying
Amount
  
Accumulated
Amortization
  
Net
  
Gross
Carrying
Amount
  
Accumulated
Amortization
  
Net
 
Community purchase options
 
$
40,270
  
$
—
  
$
40,270
  
$
55,738
  
$
—
  
$
55,738
 
Health care licenses
  
66,612
   
—
   
66,612
   
64,538
   
—
   
64,538
 
Trade names
  
27,800
   
(14,209
)
  
13,591
   
27,800
   
(4,179
)
  
23,621
 
Other
  
13,531
   
(4,818
)
  
8,713
   
13,531
   
(2,655
)
  
10,876
 
Total
 
$
148,213
  
$
(19,027
)
 
$
129,186
  
$
161,607
  
$
(6,834
)
 
$
154,773
 

Amortization expense related to definite-lived intangible assets for the years ended December 31, 2015, 2014 and 2013 was $12.2 million, $8.0 million and $4.7 million, respectively. Health care licenses were determined to be indefinite-lived intangible assets and are not subject to amortization.

In connection with the acquisition of Emeritus, the Company recorded intangible assets for community purchase options, trade names, management contracts and health care licenses. Health care licenses were determined to be indefinite-lived intangible assets and are not subject to amortization. The lease purchase options are not currently amortized, but will be added to the cost basis of the related communities if the option is exercised, and will then be depreciated over the estimated useful life of the community. The Company is amortizing the trade names and management contract intangibles assets over their estimated weighted average useful lives of three years and nine years, respectively. The weighted average amortization periods at acquisition for the other intangible assets is three years. During the year ended December 31, 2014, the Company contributed certain community purchase options to the CCRC Venture and terminated the community purchase option rights pursuant to 49 of the previously existing Emeritus leases in connection with closing the HCP Transactions. See Note 4 for more information about the Company's community purchase option activity.

Future amortization expense for intangible assets with definite lives is estimated to be as follows (dollars in thousands):

Year Ending December 31,
 
Future
Amortization
 
2016
 
$
8,165
 
2017
  
3,726
 
2018
  
3,717
 
2019
  
2,638
 
2020
  
1,133
 
Thereafter
  
2,925
 
Total
 
$
22,304
 
XML 33 R15.htm IDEA: XBRL DOCUMENT v3.3.1.900
Debt
 12 Months Ended
Dec. 31, 2015
Debt [Abstract]  
Debt
8.       Debt

Long-term Debt and Capital and Financing Lease Obligations

Long-term debt and capital and financing lease obligations consist of the following (dollars in thousands):
 
 
 
December 31,
 
  
2015
  
2014
 
Mortgage notes payable due 2016 through 2047; weighted average interest rate of 4.51% in 2015, including net debt premium and deferred financing costs of $3.3 million in 2015 and including net debt premium and deferred financing costs of $42.9 million in 2014 (weighted average interest rate of 4.84% in 2014)
 
$
3,246,513
  
$
3,088,752
 
Capital and financing lease obligations payable through 2031; weighted average interest rate of 8.11% in 2015 (weighted average interest rate of 8.57% in 2014)
  
2,489,588
   
2,649,226
 
Convertible notes payable in aggregate principal amount of $316.3 million, less debt discount and deferred financing costs of $34.3 million and $46.9 million in 2015 and 2014, respectively, interest at 2.75% per annum, due June 2018
  
281,902
   
269,300
 
Construction financing due 2017 through 2019; weighted average interest rate of 4.84% in 2015 (weighted average interest rate of 4.90% in 2014)
  
24,105
   
50,118
 
Notes payable issued to finance insurance premiums (weighted average interest rate of 2.82% in 2014)
  
—
   
22,586
 
Other notes payable, weighted average interest rate of 5.16% in 2015 (weighted average interest rate of 4.75% in 2014) and maturity dates ranging from 2016 to 2020
  
80,305
   
66,271
 
Total debt and capital and financing lease obligations
  
6,122,413
   
6,146,253
 
Less current portion
  
235,604
   
268,399
 
Total long-term debt and capital and financing lease obligations
 
$
5,886,809
  
$
5,877,854
 

As of December 31, 2015, the current portion of long-term debt within the Company's consolidated financial statements includes $60.8 million of mortgage notes payable secured by assets held for sale. This debt will either be assumed by the prospective purchasers or be repaid with the proceeds from the sales. Refer to Note 4 for more information about the Company's assets held for sale.

The annual aggregate scheduled maturities of long-term debt and capital and financing lease obligations outstanding as of December 31, 2015 are as follows (dollars in thousands):

Year Ending December 31,
 
Long-term
Debt
  
Capital and
Financing
Lease
Obligations
  
Total Debt
 
2016
 
$
180,423
  
$
237,810
  
$
418,233
 
2017
  
308,023
   
263,671
   
571,694
 
2018
  
1,179,702
   
282,951
   
1,462,653
 
2019
  
143,473
   
262,800
   
406,273
 
2020
  
490,605
   
207,594
   
698,199
 
Thereafter
  
1,361,903
   
3,629,265
   
4,991,168
 
Total obligations
  
3,664,129
   
4,884,091
   
8,548,220
 
Less amount representing debt discount and deferred financing costs, net
  
(31,304
)
  
—
   
(31,304
)
Less amount representing interest (weighted average interest rate of 8.11%)
  
—
   
(2,394,503
)
  
(2,394,503
)
Total
 
$
3,632,825
  
$
2,489,588
  
$
6,122,413
 

Credit Facilities

On December 19, 2014, the Company entered into a Fourth Amended and Restated Credit Agreement with General Electric Capital Corporation, as administrative agent, lender and swingline lender, and the other lenders from time to time parties thereto. The amended credit agreement amended and restated in its entirety the Company's previously existing Third Amended and Restated Credit Agreement dated as of September 20, 2013, which provided a total commitment amount of $250.0 million. The amended agreement provides for a total commitment amount of $500.0 million, comprised of a $100.0 million term loan drawn at closing and a $400.0 million revolving credit facility (with a $50.0 million sublimit for letters of credit and a $50.0 million swingline feature to permit same day borrowing) and an option to increase the revolving credit facility by an additional $250.0 million, subject to obtaining commitments for the amount of such increase from acceptable lenders. In addition, the amended credit agreement extended the maturity date from March 31, 2018 to January 3, 2020 and decreased the interest rate payable on drawn amounts and the fee payable on the unused portion of the facility. Amounts drawn under the facility will continue to bear interest at 90-day LIBOR plus an applicable margin; however, the amended agreement reduces the applicable margin from a range of 3.25% to 4.25% to a range of 2.50% to 3.50%. The applicable margin varies based on the percentage of the total commitment drawn, with a 2.50% margin at utilization equal to or lower than 35%, a 3.25% margin at utilization greater than 35% but less than or equal to 50%, and a 3.50% margin at utilization greater than 50%. The amended agreement also eliminates the minimum 0.5% LIBOR rate included in the prior agreement.

Amounts drawn on the facility may be used to finance acquisitions, fund working capital and capital expenditures and for other general corporate purposes.

The facility is secured by a first priority mortgage on certain of the Company's communities. In addition, the amended agreement permits the Company to pledge the equity interests in subsidiaries that own other communities (rather than mortgaging such communities), provided that loan availability from pledged assets cannot exceed 10% of loan availability from mortgaged assets. The availability under the line will vary from time to time as it is based on borrowing base calculations related to the appraised value and performance of the communities securing the facility.

The amended credit agreement contains typical affirmative and negative covenants, including financial covenants with respect to minimum consolidated fixed charge coverage and minimum consolidated tangible net worth. A violation of any of these covenants could result in a default under the credit agreement, which would result in termination of all commitments under the credit agreement and all amounts owing under the amended credit agreement and certain other loan agreements becoming immediately due and payable.

As of December 31, 2015, the outstanding balance under this credit facility was $310.0 million.  Additionally, there were $19.4 million of letters of credit outstanding under this credit facility.   In addition to the sublimit for letters of credit on this credit facility, the Company also had secured and unsecured letter of credit facilities of up to $80.2 million in the aggregate as of December 31, 2015.  Letters of credit totaling $63.0 million had been issued under these separate facilities as of that date.

Convertible Debt Offering

In June 2011, the Company completed a registered offering of $316.3 million aggregate principal amount of 2.75% convertible senior notes due 2018 (the "Notes"). The Company received net proceeds of approximately $308.2 million after the deduction of underwriting commissions and offering expenses.  The Company used a portion of the net proceeds to pay the Company's cost of the convertible note hedge transactions described below, taking into account the proceeds to the Company of the warrant transactions described below, and used the balance of the net proceeds to repay existing outstanding debt.
 
The Notes are senior unsecured obligations and rank equally in right of payment to all of the Company's other senior unsecured debt, if any. The Notes will be senior in right of payment to any of the Company's debt which is subordinated by its terms to the Notes (if any). The Notes are also structurally subordinated to all debt and other liabilities and commitments (including trade payables) of the Company's subsidiaries. The Notes are also effectively subordinated to the Company's secured debt to the extent of the assets securing the debt.
 
The Notes bear interest at 2.75% per annum, payable semi-annually in cash.  The Notes are convertible at an initial conversion rate of 34.1006 shares of Company common stock per $1,000 principal amount of Notes (equivalent to an initial conversion price of approximately $29.33 per share), subject to adjustment. On and after March 15, 2018, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their Notes at any time. In addition, Holders may convert their Notes at their option under the following circumstances:  (i) during any fiscal quarter if the last reported sale price of the Company's common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the preceding fiscal quarter is greater than or equal to 130% of the applicable conversion price on the last day of such preceding fiscal quarter; (ii) during the five business day period after any five consecutive trading day period (the "measurement period"), in which the trading price per $1,000 principal amount of notes for each trading day of that measurement period was less than 98% of the product of the last reported sale price of the Company's common stock and the applicable conversion rate on each such day; or (iii) upon the occurrence of specified corporate events. As of December 31, 2015, the Notes are not convertible. Unconverted Notes mature at par in June 2018.
 
Upon conversion, the Company will satisfy its conversion obligation by paying or delivering, as the case may be, cash, shares of the Company's common stock or a combination of cash and shares of the Company's common stock at the Company's election.  It is the Company's current intent and policy to settle the principal amount of the Notes (or, if less, the amount of the conversion obligation) in cash upon conversion.
 
In addition, following certain corporate transactions, the Company will increase the conversion rate for a holder who elects to convert in connection with such transaction by a number of additional shares of common stock as set forth in the supplemental indenture governing the Notes.

The Notes were issued in an offering registered under the Securities Act of 1933, as amended (Securities Act).
 
In accordance with FASB guidance regarding the accounting for convertible debt instruments that may be settled in cash upon conversion (including partial settlement), the liability and equity components of the convertible debt are separated in a manner that will reflect the Company's non-convertible debt borrowing rate when interest expense is recognized in subsequent periods.
 
The Company is accreting the carrying value to the principal amount at maturity using an imputed interest rate of 7.5% (the estimated effective borrowing rate for nonconvertible debt at the time of issuance, Level 2) over its expected life of seven years.
 
As of December 31, 2015, the "if converted" value of the Notes does not exceed their principal amount.
 
The interest expense associated with the Notes (excluding amortization of the associated deferred financing costs) was as follows (dollars in thousands):
 
 
For the Years Ended December 31,
 
 
2015
 
2014
  
2013
 
Coupon interest
 
$
8,697
  
$
8,697
  
$
8,697
 
Amortization of discount
  
11,732
   
10,902
   
10,131
 
Interest expense related to convertible notes
 
$
20,429
  
$
19,599
  
$
18,828
 
 
In connection with the offering of the Notes, in June 2011, the Company entered into convertible note hedge transactions (the "Convertible Note Hedges") with certain financial institutions (the "Hedge Counterparties"). The Convertible Note Hedges cover, subject to customary anti-dilution adjustments, 10,784,315 shares of common stock. The Company also entered into warrant transactions with the Hedge Counterparties whereby the Company sold to the Hedge Counterparties warrants to acquire, subject to customary anti-dilution adjustments, up to 10,784,315 shares of common stock (the "Sold Warrant Transactions"). The warrants have a strike price of $40.25 per share, subject to customary anti-dilution adjustments.

The Convertible Note Hedges are expected to reduce the potential dilution with respect to common stock upon conversion of the Notes in the event that the price per share of common stock at the time of exercise is greater than the strike price of the Convertible Note Hedges, which corresponds to the initial conversion price of the Notes and is similarly subject to customary anti-dilution adjustments. If, however, the price per share of common stock exceeds the strike price of the Sold Warrant Transactions when they expire, there would be additional dilution from the issuance of common stock pursuant to the warrants.

The Convertible Note Hedges and Sold Warrant Transactions are separate transactions (in each case entered into by the Company and Hedge Counterparties), are not part of the terms of the Notes and will not affect the holders' rights under the Notes. Holders of the Notes do not have any rights with respect to the Convertible Note Hedges or the Sold Warrant Transactions.

These hedging transactions had a net cost of approximately $31.9 million, which was paid from the proceeds of the Notes and recorded as a reduction of additional paid-in capital. The Company has contractual rights, and, at execution of the related agreements, had the ability to settle its obligations under the conversion features of the Notes, the Convertible Note Hedges and Sold Warrant Transactions, with the Company's common stock. Accordingly, these transactions are accounted for as equity, with no subsequent adjustment for changes in the value of these obligations.

2015 Financings

On March 31, 2015, the Company obtained a $63.0 million loan, secured by first mortgages on six communities. The loan bears interest at a variable rate equal to 90-day LIBOR plus a margin of 325 basis points and matures on April 1, 2020.

On April 30, 2015, the Company obtained a $65.3 million loan, secured by first mortgages on six communities. The loan bears interest at a fixed rate of 3.98% and matures on May 1, 2027.

On August 27, 2015, the Company obtained $226.4 million in loans secured by first mortgages on 21 communities. The mortgage facility has a ten year term and 75% of it bears interest at a variable rate of 30-day LIBOR plus a margin of 221 basis points and the remaining 25% bears interest at a fixed rate of 4.80%. Proceeds of the loans were used to refinance $209.9 million of fixed rate mortgage debt on 28 communities that was scheduled to mature in September 2017. In connection with the transaction, the Company paid a prepayment penalty of $17.9 million, of which $10.4 million was recorded against the existing debt premium, $6.3 million was recorded as a debt discount for the new loans, and $1.2 million was recorded as an extinguishment cost for the seven communities that became unencumbered.

On September 15, 2015, the Company obtained $140.4 million in loans secured by first mortgages on 18 communities. The mortgage facility has a seven year term and bears interest at a variable rate of one-month LIBOR plus a margin of 223 basis points. Proceeds of the loans were used to refinance $122.3 million of fixed rate mortgage debt that was scheduled to mature in May 2018. In connection with the transaction, the Company paid a prepayment penalty of $13.6 million, of which $7.6 million was recorded against the existing debt premium and $6.0 million was recorded as a debt discount for the new loans.

The financings that occurred during the three months ended September 30, 2015 were accounted for as debt modifications and $5.5 million of debt modification costs were recorded on the consolidated statement of operations for that period.
2014 Financings

On April 9, 2014, the Company obtained $146.0 million in loans, secured by first mortgages, on 20 communities. The loans bear interest at a fixed rate of 4.77% and mature in May 2021. Proceeds of the loans were used to refinance $140.0 million of mortgage debt that was scheduled to mature in November 2014.

In October 2014, the Company obtained $89.7 million in supplemental loans, secured by the 21 underlying communities. The loans bear interest at a fixed rate of approximately 4.6%.

In the fourth quarter of 2014, the Company repaid $275.9 million of existing long-term debt with a weighted average interest rate of approximately 5.5%, including the $68 million loan from HCP used to fund the Company's initial capital contribution to the HCP 49 Venture. The Company financed the repayment of debt primarily with the proceeds from the public equity offering completed during the third quarter. See Note 4 for more information about the HCP 49 Venture and the public equity offering.

As of December 31, 2015, the Company is in compliance with the financial covenants of its outstanding debt and lease agreements.

Interest Rate Caps

In the normal course of business, the Company has entered into certain interest rate protection agreements to effectively manage the risk above certain interest rates for a portion of the Company's variable rate debt. The following table summarizes the Company's interest rate cap instruments at December 31, 2015 (dollars in thousands):

 
Current notional balance
 
$
983,281
 
Weighted average fixed cap rate
  
4.34
%
Earliest maturity date
  
2016
 
Latest maturity date
  
2018
 
Estimated asset fair value (included in other assets, net at December 31, 2015)
 
$
29
 
Estimated asset fair value (included in other assets, net at December 31, 2014)
 
$
763
 
XML 34 R16.htm IDEA: XBRL DOCUMENT v3.3.1.900
Accrued Expenses
 12 Months Ended
Dec. 31, 2015
Accrued Expenses [Abstract]  
Accrued Expenses
9.           Accrued Expenses

Accrued expenses consist of the following components as of December 31, (in thousands):
 
 
 
2015
  
2014
 
Insurance reserves
 
$
94,948
  
$
116,858
 
Salaries and wages
  
80,291
   
124,935
 
Vacation
  
44,421
   
43,037
 
Real estate taxes
  
37,206
   
43,155
 
Lease payable
  
20,714
   
30,001
 
Interest
  
12,940
   
12,757
 
Accrued utilities
  
11,949
   
12,798
 
Taxes payable
  
3,265
   
2,679
 
Other
  
67,140
   
36,434
 
Total
 
$
372,874
  
$
422,654
 
XML 35 R17.htm IDEA: XBRL DOCUMENT v3.3.1.900
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2015
Commitments and Contingencies [Abstract]  
Commitments and Contingencies
10.       Commitments and Contingencies

Facility Operating Leases

The Company has entered into sale leaseback and lease agreements with certain real estate investment trusts ("REIT"s). Under these agreements communities are either sold to the REIT and leased back or a long-term lease agreement is entered into for the communities. The initial lease terms primarily vary from 10 to 20 years and generally include renewal options ranging from 5 to 30 years. The Company is responsible for all operating costs, including repairs, property taxes and insurance. The substantial majority of the Company's lease arrangements are structured as master leases. Under a master lease, numerous communities are leased through an indivisible lease. The Company typically guarantees its performance and the lease payments under the master lease and the lease may include performance covenants, such as net worth, minimum capital expenditure requirements per community per annum and minimum lease coverage ratios. Failure to comply with these covenants could result in an event of default. The Company's leases and mortgage debt generally contain cross-default and cross-collateralization provisions. Certain leases contain cure provisions generally requiring the posting of an additional lease security deposit if the required covenant is not met.

As of December 31, 2015 the Company operated 546 communities under long-term leases (322 operating leases and 224 capital and financing leases). As of December 31, 2014 the Company operated 583 communities under long-term leases (342 operating leases and 241 capital and financing leases). The remaining base lease terms vary from one year to 17 years and generally provide for renewal, extension and purchase options.

A summary of facility lease expense and the impact of straight-line adjustment and amortization of (above) below market rents and deferred gains are as follows (in thousands):
 

 
 
For the Years Ended
December 31,
 
 
 
2015
  
2014
  
2013
 
Cash basis payment
 
$
372,148
  
$
330,207
  
$
278,504
 
Straight-line (income) expense
  
6,956
   
1,439
   
2,597
 
Amortization of (above) below market rents, net
  
(7,158
)
  
(3,444
)
  
—
 
Amortization of deferred gain
  
(4,372
)
  
(4,372
)
  
(4,372
)
Facility lease expense
 
$
367,574
  
$
323,830
  
$
276,729
 

The aggregate amounts of future minimum operating lease payments, including community and office leases, as of December 31, 2015, are as follows (dollars in thousands):
 
Year Ending December 31,
 
Operating
Leases
 
2016
 
$
390,816
 
2017
  
373,690
 
2018
  
358,168
 
2019
  
340,747
 
2020
  
300,674
 
Thereafter
  
1,336,099
 
Total
 
$
3,100,194
 

Other

The Company has employment or letter agreements with certain officers of the Company and has adopted policies to which certain officers of the Company are eligible to participate that grant these employees the right to receive a portion or multiple of their base salary, pro-rata bonus, bonus and/or continuation of certain benefits, for a defined period of time, in the event of certain terminations of the officers' employment, as described in those agreements and policies.
XML 36 R18.htm IDEA: XBRL DOCUMENT v3.3.1.900
Self-Insurance
 12 Months Ended
Dec. 31, 2015
Self-Insurance [Abstract]  
Self-Insurance
11.       Self-Insurance

The Company obtains various insurance coverages from commercial carriers at stated amounts as defined in the applicable policy. Losses related to deductible amounts are accrued based on the Company's estimate of expected losses plus incurred but not reported claims. Emeritus provided professional liability coverage for approximately one-half of its operating locations through a wholly-owned captive insurance carrier, and the captive did not itself acquire excess professional liability coverage until October 1, 2013. Consequently, as a result of the Emeritus acquisition, the Company retains full exposure for professional liability claims incurred at those locations before October 1, 2013 and made prior to July 31, 2014.

As of December 31, 2015 and 2014, the Company accrued reserves of $248.4 million and $301.6 million, respectively, for these programs of which $153.5 million and $184.7 million is classified as long-term liabilities as of December 31, 2015 and 2014, respectively. As of December 31, 2015 and 2014, the Company accrued $41.5 million and $52.7 million, respectively, of estimated amounts receivable from the insurance companies under these insurance programs.

The Company has secured self-insured retention risk under workers' compensation and general liability and professional liability programs with cash deposits of $15.6 million and $19.6 million as of December 31, 2015 and 2014, respectively. Letters of credit securing the programs aggregated $49.8 million and $33.8 million as of December 31, 2015 and 2014, respectively. Emeritus previously maintained workers' compensation insurance coverage through a high deductible, collateralized insurance policy with deposits of $40.5 million as of December 31, 2015.
XML 37 R19.htm IDEA: XBRL DOCUMENT v3.3.1.900
Retirement Plans
 12 Months Ended
Dec. 31, 2015
Retirement Plans [Abstract]  
Retirement Plans
12.       Retirement Plans

The Company maintains a 401(k) Retirement Savings Plan for all employees that meet minimum employment criteria. The plan provides that the participants may defer eligible compensation on a pre-tax basis subject to certain Internal Revenue Code maximum amounts. The Company makes matching contributions in amounts equal to 25.0% of the employee's contribution to the plan, up to a maximum of 4.0% of contributed compensation. An additional matching contribution of 12.5%, subject to the same limit on contributed compensation, may be made at the discretion of the Company, based upon the Company's performance. For the years ended December 31, 2015, 2014 and 2013, the Company's expense to the plan was $6.6 million, $7.1 million and $6.6 million, respectively.
XML 38 R20.htm IDEA: XBRL DOCUMENT v3.3.1.900
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2015
Stock-Based Compensation [Abstract]  
Stock-Based Compensation
13.       Stock-Based Compensation

The following table sets forth information about the Company's restricted stock awards (excluding restricted stock units) (share amounts in thousands):
 
 
 
Number of Shares
  
Weighted
Average
Grant Date Fair Value
 
Outstanding on January 1, 2013
  
3,952
  
$
16.67
 
Granted
  
1,328
  
$
26.98
 
Vested
  
(1,455
)
 
$
15.08
 
Cancelled/forfeited
  
(452
)
 
$
18.87
 
Outstanding on December 31, 2013
  
3,373
  
$
21.12
 
Granted
  
1,662
  
$
29.79
 
Vested
  
(1,185
)
 
$
19.58
 
Cancelled/forfeited
  
(298
)
 
$
21.02
 
Outstanding on December 31, 2014
  
3,552
  
$
25.70
 
Granted
  
1,698
  
$
32.75
 
Vested
  
(1,275
)
 
$
23.55
 
Cancelled/forfeited
  
(521
)
 
$
18.68
 
Outstanding on December 31, 2015
  
3,454
  
$
28.80
 

As of December 31, 2015, there was $63.8 million of total unrecognized compensation cost related to nonvested share-based compensation awards granted.  That cost is expected to be recognized over a weighted-average period of 2.3 years and is based on grant date fair value, net of forfeiture estimates. The compensation cost reflects an initial estimated cumulative forfeiture rate from 0% to 20% over the requisite service period of the awards. That estimate is revised if subsequent information indicates that the actual number of awards expected to vest is likely to differ from previous estimates.

During 2015, grants of restricted shares under the Company's 2014 Omnibus Incentive Plan were as follows (amounts in thousands except for value per share):
 
 
 
Shares Granted
  
Value Per Share
  
Total Value
 
Three months ended March 31, 2015
  
1,335
  
$
34.57 - $34.89
  
$
46,142
 
Three months ended June 30, 2015
  
70
  
$
36.12
  
$
2,540
 
Three months ended September 30, 2015
  
49
  
$
33.02
  
$
1,611
 
Three months ended December 31, 2015
  
244
  
$
21.82
  
$
5,327
 

The Company has an employee stock purchase plan for all eligible employees. Under the plan, eligible employees of the Company can purchase shares of the Company's common stock on a quarterly basis at a discounted price through accumulated payroll deductions. Each eligible employee may elect to deduct up to 15% of his or her base pay each quarter. Subject to certain limitations specified in the plan, on the last trading date of each calendar quarter, the amount deducted from each participant's pay over the course of the quarter will be used to purchase whole shares of the Company's common stock at a purchase price equal to 90% of the closing market price on the New York Stock Exchange on that date. The Company reserved 1,800,000 shares of common stock for issuance under the plan. The impact on the Company's consolidated financial statements is not material.
XML 39 R21.htm IDEA: XBRL DOCUMENT v3.3.1.900
Share Repurchase Program
 12 Months Ended
Dec. 31, 2015
Share Repurchase Program [Abstract]  
Share Repurchase Program
14.       Share Repurchase Program

On August 11, 2011, the Company's board of directors approved a share repurchase program that authorizes the Company to purchase up to $100.0 million in the aggregate of the Company's common stock.  Purchases may be 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 these 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. 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.

No shares were purchased pursuant to this authorization during the years ended December 31, 2015, 2014 and 2013. As of December 31, 2015, approximately $82.4 million remains available under this share repurchase authorization.
XML 40 R22.htm IDEA: XBRL DOCUMENT v3.3.1.900
Income Taxes
 12 Months Ended
Dec. 31, 2015
Income Taxes [Abstract]  
Income Taxes
15.       Income Taxes

The benefit (provision) for income taxes is comprised of the following (dollars in thousands):
 
 
 
For the Years Ended December 31,
 
 
 
2015
  
2014
  
2013
 
Federal:
 
  
  
 
Current
 
$
49
  
$
1,367
  
$
(312
)
Deferred
  
95,259
   
182,371
   
183
 
Total Federal
  
95,308
   
183,738
   
(129
)
State:
            
Current
  
(3,099
)
  
(2,433
)
  
(1,627
)
Deferred (included in Federal above)
  
—
   
—
   
—
 
Total State
  
(3,099
)
  
(2,433
)
  
(1,627
)
Total
 
$
92,209
  
$
181,305
  
$
(1,756
)

A reconciliation of the benefit (provision) for income taxes to the amount computed at the U.S. Federal statutory rate of 35% is as follows (dollars in thousands):

 
 
For the Years Ended December 31,
 
 
 
2015
  
2014
  
2013
 
Tax benefit at U.S. statutory rate
 
$
192,390
  
$
115,603
  
$
640
 
State taxes, net of federal income tax
  
18,323
   
11,582
   
(985
)
Tax credits
  
3,937
   
(2,222
)
  
9,757
 
Valuation allowance
  
(111,797
)
  
64,155
   
(7,097
)
Goodwill impairment
  
(7,856
)
  
—
   
—
 
Meals and entertainment
  
(1,090
)
  
(946
)
  
(496
)
Other, net
  
(1,626
)
  
(713
)
  
(1,007
)
Return to provision
  
(72
)
  
716
   
(2,568
)
Non-deductible transaction costs
  
—
   
(6,870
)
  
—
 
Total
 
$
92,209
  
$
181,305
  
$
(1,756
)

 Significant components of the Company's deferred tax assets and liabilities at December 31 are as follows (dollars in thousands):
 
 
 
2015
  
2014
 
Deferred income tax assets:
 
  
 
Capital and financing lease obligations
 
$
872,002
  
$
945,000
 
Operating loss carryforwards
  
282,075
   
227,956
 
Accrued expenses
  
144,691
   
146,536
 
Deferred lease liability
  
94,105
   
77,790
 
Tax credits
  
40,974
   
34,860
 
Intangible assets
  
22,522
   
17,785
 
Deferred gain on sale leaseback
  
5,661
   
7,073
 
Prepaid revenue
  
2,415
   
5,835
 
Total gross deferred income tax asset
  
1,464,445
   
1,462,835
 
Valuation allowance
  
(121,602
)
  
(9,213
)
Net deferred income tax assets
  
1,342,843
   
1,453,622
 
Deferred income tax liabilities:
        
Property, plant and equipment
  
(1,320,423
)
  
(1,556,603
)
Investment in unconsolidated ventures
  
(88,798
)
  
(54,113
)
Other
  
(2,673
)
  
(2,181
)
Total gross deferred income tax liability
  
(1,411,894
)
  
(1,612,897
)
Net deferred tax liability
 
$
(69,051
)
 
$
(159,275
)

As of December 31, 2015 and 2014, the Company had federal net operating loss carryforwards of approximately $930.4 million and $745.1 million, respectively, which are available to offset future taxable income through 2035. The Company determined that a valuation allowance was required due to the loss before income taxes in 2015, and in consideration of the Company's estimated future reversal of existing timing differences as of December 31, 2015. In the fourth quarter of 2015, the Company recorded a provision of approximately $111.8 million to reflect the necessary valuation allowance of $121.6 million as of December 31, 2015. The valuation allowance reflects that the Company's net operating losses will begin to expire in 2027.

As a result of the acquisition of Emeritus on July 31, 2014, the Company recorded deferred tax liabilities in excess of deferred tax assets that reflect the difference between the fair market value of the acquired assets over the historical basis of the acquired assets. During the year ended December 31, 2014, the Company determined that it was more likely than not that its federal net operating loss carryforwards and a majority of its state net operating loss carryforwards, and the majority of its tax credits will be utilized in the future, based on the future reversal of these deferred tax liabilities.  As a result, during the year ended December 31, 2014 the Company recorded an aggregate deferred federal, state and local income tax benefit of $64.2 million from the release of the valuation allowance against certain deferred tax assets. Additionally, the Company recorded an aggregate deferred federal, state and local tax benefit of $94.1 million as a result of the operating loss for the year ended December 31, 2014.

The Company has recorded valuation allowances of $89.5 million and $7.5 million at December 31, 2015 and 2014, respectively, against its federal and state net operating losses, as the Company anticipates these losses will not be utilized prior to expiration. The Company also recorded a valuation allowance against federal and state credits of $32.1 million and $1.8 million as of December 31, 2015 and 2014, respectively. As of December 31, 2015 and 2014, the Company had $126.7 million and $112.6 million, respectively, included in its net operating loss carryforward relating to restricted stock grants. Under ASC 718-10, this loss will be recorded in additional paid-in capital in the period in which the loss is effectively used to reduce taxes payable.

The formation of the Company, the reorganization of a predecessor company and the acquisitions of several wholly-owned subsidiaries constituted ownership changes under Section 382 of the Internal Revenue Code, as amended. As a result, the Company's ability to utilize the net operating loss carryforward to offset future taxable income is subject to certain limitations and restrictions. Furthermore, the Company had an ownership change under Section 382 in May 2010 which resulted in an additional annual limitation to the utilization of the net operating loss in the amount of $92.8 million. The acquisition of Emeritus on July 31, 2014 resulted in an ownership change for Emeritus resulting in an annual limitation of $53.9 million on net operating losses acquired by the Company from Emeritus. The Company expects the net operating losses of the Company from prior to May 2010 and of Emeritus to be fully released before expiration and therefore does not anticipate a financial statement impact as a result of the limitations.

At December 31, 2015, the Company had gross tax affected unrecognized tax benefits of $30.2 million, which, if recognized, would result in an income tax benefit in accordance with ASC 805. Interest and penalties related to these tax positions are classified as tax expense in the Company's consolidated financial statements. Total interest and penalties reserved is $0.1 million at December 31, 2015. Tax returns for years 2011 through 2014 are subject to future examination by tax authorities. In addition, the net operating losses from prior years are subject to adjustment under examination. The Company does not expect that unrecognized tax benefits for tax positions taken with respect to 2015 and prior years will significantly change in 2016.

A reconciliation of the unrecognized tax benefits for the year 2015 is as follows (dollars in thousands):

Balance at January 1, 2015
 
$
30,195
 
Additions for tax positions related to the current year
  
—
 
Additions for tax positions related to prior years
  
50
 
Reductions for tax positions related to prior years
  
(9
)
Balance at December 31, 2015
 
$
30,236
 

On September 13, 2013, Treasury and the Internal Revenue Service issued final regulations regarding the deduction and capitalization of expenditures related to tangible property. The final regulations under Internal Revenue Code Sections 162, 167 and 263(a) apply to amounts paid to acquire, produce, or improve tangible property as well as dispositions of such property and are generally effective for tax years beginning on or after January 1, 2015. The Company has evaluated these regulations and determined they will not have a material impact on the Company's consolidated results of operations, cash flows or financial position.
XML 41 R23.htm IDEA: XBRL DOCUMENT v3.3.1.900
Supplemental Disclosure of Cash Flow Information
 12 Months Ended
Dec. 31, 2015
Supplemental Disclosure of Cash Flow Information [Abstract]  
Supplemental Disclosure of Cash Flow Information

16.       Supplemental Disclosure of Cash Flow Information

(dollars in thousands)
 
For the Years Ended
December 31,
 
Supplemental Disclosure of Cash Flow Information: 
 
2015
  
2014
  
2013
 
Interest paid
 
$
360,960
  
$
226,594
  
$
123,036
 
Income taxes paid
 
$
2,952
  
$
2,746
  
$
2,283
 
 
Additions to property, plant and equipment and leasehold improvements
            
Property, plant and equipment and leasehold intangibles, net
 
$
448,682
  
$
304,245
  
$
257,527
 
Accounts payable
  
(37,631
)
  
—
   
—
 
Net cash paid
 
$
411,051
  
$
304,245
  
$
257,527
 
Acquisitions of assets, net of related payables and cash received, net:
            
Cash and escrow deposits—restricted
 
$
—
  
$
—
  
$
466
 
Prepaid expenses and other assets, net
  
(53,405
)
  
(3,138
)
  
346
 
Property, plant and equipment and leasehold intangibles, net
  
198,558
   
80,330
   
99,657
 
Other intangible assets, net
  
(7,294
)
  
(23,978
)
  
3,517
 
Accrued expenses
  
—
   
—
   
(5,169
)
Long-term debt
  
(101,558
)
  
7,795
   
(64,131
)
Capital and financing lease obligations
  
155,230
   
—
   
—
 
Other liabilities
  
(315
)
  
(20,568
)
  
—
 
Net cash paid
 
$
191,216
  
$
40,441
  
$
34,686
 
Proceeds from sale of assets, net:
            
Prepaid expenses and other assets, net
 
$
25,780
  
$
—
  
$
—
 
Property, plant and equipment and leasehold intangibles, net
  
(82,953
)
  
—
   
—
 
Capital and financing lease obligations
  
8,907
   
—
   
—
 
Other liabilities
  
(960
)
  
—
   
—
 
Net cash received
 
$
(49,226
)
 
$
—
  
$
—
 
Formation of CCRC Venture:
            
Property, plant and equipment and leasehold intangibles, net
 
$
—
  
$
(729,123
)
 
$
—
 
Investment in unconsolidated ventures
  
—
   
194,485
   
—
 
Other intangible assets, net
  
—
   
(56,829
)
  
—
 
Other assets, net
  
—
   
(9,137
)
  
—
 
Long-term debt
  
—
   
170,416
   
—
 
Capital and financing lease obligations
  
—
   
27,085
   
—
 
Refundable entrance fees and deferred revenue
  
—
   
413,761
   
—
 
Other liabilities
  
—
   
1,514
   
—
 
Net cash paid
 
$
—
  
$
12,172
  
$
—
 
Formation of HCP 49 Venture:
            
      Property, plant and equipment and leasehold intangibles, net
 
$
—
  
$
(525,446
)
 
$
—
 
      Investment in unconsolidated ventures
  
—
   
71,656
   
—
 
      Long-term debt
  
—
   
(67,640
)
  
—
 
      Capital and financing lease obligations
  
—
   
538,355
   
—
 
      Other liabilities
  
—
   
(9,034
)
  
—
 
          Net cash paid
 
$
—
  
$
7,891
  
$
—
 

Supplemental Schedule of Non-cash Operating, Investing and Financing Activities:
      
Capital and financing leases:
 
  
  
 
Property, plant and equipment and leasehold intangibles, net
 
$
26,644
  
$
27,100
  
$
—
 
Other intangible assets, net
  
(5,202
)
  
—
   
—
 
Capital and financing lease obligations
  
(23,738
)
  
(27,100
)
  
—
 
Other liabilities
  
2,296
   
—
   
—
 
Net
 
$
—
  
$
—
  
$
—
 
   Master Lease amendment:
            
      Property, plant and equipment and leasehold intangibles, net
 
$
—
  
$
385,696
  
$
—
 
      Other intangible assets, net
  
—
   
(174,012
)
  
—
 
      Capital and financing lease obligations
  
—
   
(217,022
)
  
—
 
      Other liabilities
  
—
   
5,338
   
—
 
Net
 
$
—
  
$
—
  
$
—
 
   Assets designated as held for sale:
            
      Property, plant and equipment and leasehold intangibles, net
 
$
(113,592
)
 
$
—
  
$
—
 
      Assets held for sale
  
110,620
   
—
   
—
 
      Goodwill
  
(12,200
)
  
—
   
—
 
      Asset impairment
  
15,172
   
—
   
—
 
Net
 
$
—
  
$
—
  
$
—
 
   Contribution to CCRC venture:
            
      Property, plant and equipment
 
$
(25,717
)
 
$
—
  
$
—
 
      Investment in unconsolidated ventures
  
7,422
   
—
   
—
 
      Long-term debt
  
18,295
   
—
   
—
 
Net
 
$
—
  
$
—
  
$
—
 
XML 42 R24.htm IDEA: XBRL DOCUMENT v3.3.1.900
Litigation
 12 Months Ended
Dec. 31, 2015
Litigation [Abstract]  
Litigation
17.       Litigation

The Company has been and is currently involved in litigation and claims incidental to the conduct of its business which are comparable to other companies in the senior living industry. Certain claims and lawsuits allege large damage amounts and may require significant costs to defend and resolve. Similarly, the senior living industry is continuously subject to scrutiny by governmental regulators, which could result in litigation related to regulatory compliance matters. As a result, the Company maintains general liability and professional liability insurance policies in amounts and with coverage and deductibles the Company believes are adequate, based on the nature and risks of its business, historical experience and industry standards. The Company's current policies provide for deductibles for each claim. Accordingly, the Company is, in effect, self-insured for claims that are less than the deductible amounts.
XML 43 R25.htm IDEA: XBRL DOCUMENT v3.3.1.900
Segment Information
 12 Months Ended
Dec. 31, 2015
Segment Information [Abstract]  
Segment Information
18.       Segment Information

As of December, 31, 2015 the Company has five reportable segments:  Retirement Centers; Assisted Living; CCRCs – Rental; Brookdale Ancillary Services; and Management Services. Operating segments are defined as components of an enterprise that engage in business activities from which it may earn revenues and incur expenses; for which separate financial information is available; and whose operating results are regularly reviewed by the chief operating decision maker to assess the performance of the individual segment and make decisions about resources to be allocated to the segment.

Prior to August 29, 2014, the Company had an additional reportable segment, CCRCs - Entry Fee. On August 29, 2014, the Company contributed all but two of the legacy Brookdale entry fee CCRCs to the CCRC Venture, at which time the contributed CCRCs were deconsolidated.  The results of the entry fee CCRCs contributed to the CCRC Venture are reported in the CCRCs - Entry Fee segment for the time periods prior to being contributed to the CCRC Venture. The results of the two legacy Brookdale CCRCs that were not contributed to the CCRC Venture are included in the CCRCs - Entry Fee segment for the six month period ended June 30, 2014 and the CCRCs - Rental segment for periods subsequent to June 30, 2014, based on how operating results are being reviewed by the chief operating decision maker following the creation of the CCRC Venture. The CCRC Venture is accounted for under the equity method of accounting. See Note 4 for more information about the Company's entry into the CCRC Venture.

During 2014, two communities were moved from the Retirement Centers segment to the Assisted Living segment and one community was moved from the Retirement Centers segment to the CCRCs – Rental segment to more accurately reflect the underlying product offering of the communities. The movement did not change the Company's reportable segments, but it did impact the revenues and expenses reported within the Retirement Centers, Assisted Living and CCRCs - Rental segments. Revenue and expenses for the year ended December 31, 2013 have not been recast.

Retirement Centers.  The Company's Retirement Centers segment includes owned or leased communities that are primarily designed for middle to upper income seniors generally age 75 and older who desire an upscale residential environment providing the highest quality of service. The majority of the Company's retirement center communities consist of both independent living and assisted living units in a single community, which allows residents to "age-in-place" by providing them with a continuum of senior independent and assisted living services.

Assisted Living.  The Company's Assisted Living segment includes owned or leased communities that offer housing and 24-hour assistance with activities of daily life to mid-acuity frail and elderly residents. Assisted living communities include both freestanding, multi-story communities and freestanding single story communities. The Company also operates memory care communities, which are freestanding assisted living communities specially designed for residents with Alzheimer's disease and other dementias.

CCRCs - Rental.  The Company's CCRCs - Rental segment includes large owned or leased communities that offer a variety of living arrangements and services to accommodate all levels of physical ability and health. Most of the Company's CCRCs have independent living, assisted living and skilled nursing available on one campus or within the immediate market, and some also include memory care/Alzheimer's units. As of December 31, 2015 and 2014, the CCRCs - Rental segment also includes three entry fee CCRCs.

CCRCs - Entry Fee.  Prior to August 29, 2014, the Company had an additional reportable segment, CCRCs - Entry Fee.  The communities in the Company's former CCRCs - Entry Fee segment are similar to rental CCRCs but allow for residents in the independent living apartment units to pay a one-time upfront entrance fee, which is partially refundable in certain circumstances. In addition to the initial entrance fee, residents under all entrance fee agreements also pay a monthly service fee, which entitles them to the use of certain amenities and services.

Brookdale Ancillary Services. The Company's Brookdale Ancillary Services segment includes the outpatient therapy, home health and hospice services provided to residents of many of the Company's communities, to other senior living communities that the Company does not own or operate and to seniors living outside of the Company's communities. The Brookdale Ancillary Services segment does not include the therapy services provided in the Company's skilled nursing units, which are included in the Company's CCRCs - Rental and CCRCs - Entry Fee segments.

Management Services.  The Company's Management Services segment includes communities operated by the Company pursuant to management agreements. In some of the cases, the controlling financial interest in the community is held by third parties and, in other cases, the community is owned in a venture structure in which the Company has an ownership interest. Under the management agreements for these communities, the Company receives management fees as well as reimbursed expenses, which represent the reimbursement of expenses it incurs on behalf of the owners.

The accounting policies of the Company's reportable segments are the same as those described in the summary of significant accounting policies in Note 2.

The following table sets forth selected segment financial and operating data (dollars in thousands):
 
 
 
For the Years Ended December 31,
 
 
 
2015
  
2014
  
2013
 
Revenue:
 
  
  
 
Retirement Centers(1)
 
$
657,940
  
$
582,312
  
$
526,284
 
Assisted Living(1)
  
2,445,457
   
1,685,563
   
1,051,868
 
CCRCs - Rental(1)
  
604,572
   
493,173
   
396,975
 
CCRCs - Entry Fee(1)
  
—
   
202,414
   
297,756
 
Brookdale Ancillary Services(1)
  
469,158
   
337,835
   
242,150
 
Management Services(2)
  
783,481
   
530,409
   
376,933
 
 
 
$
4,960,608
  
$
3,831,706
  
$
2,891,966
 
Segment Operating Income(3):
            
Retirement Centers
 
$
285,257
  
$
248,883
  
$
222,282
 
Assisted Living
  
877,303
   
608,489
   
389,678
 
CCRCs - Rental
  
150,495
   
121,661
   
109,026
 
CCRCs - Entry Fee
  
—
   
48,433
   
76,393
 
Brookdale Ancillary Services
  
75,210
   
63,463
   
45,709
 
Management Services
  
60,183
   
42,239
   
31,125
 
 
  
1,448,448
   
1,133,168
   
874,213
 
General and administrative (including non-cash stock-based compensation expense)
  
370,579
   
280,267
   
180,627
 
Transaction costs
  
8,252
   
66,949
   
3,921
 
Facility lease expense:
            
Retirement Centers
  
114,738
   
98,321
   
91,258
 
Assisted Living
  
197,452
   
162,575
   
123,980
 
CCRCs - Rental
  
47,937
   
51,523
   
48,809
 
CCRCs - Entry Fee
  
—
   
4,362
   
7,470
 
Brookdale Ancillary Services
  
—
   
890
   
—
 
Corporate and Management Services
  
7,447
   
6,159
   
5,212
 
Depreciation and amortization:
            
Retirement Centers
  
104,063
   
86,188
   
64,353
 
Assisted Living
  
489,933
   
317,918
   
85,337
 
CCRCs - Rental
  
87,754
   
60,175
   
30,957
 
CCRCs - Entry Fee
  
—
   
37,524
   
55,842
 
Brookdale Ancillary Services
  
7,451
   
4,764
   
3,023
 

Corporate and Management Services
  
43,964
   
30,466
   
29,245
 
Asset impairment
  
57,941
   
9,992
   
12,891
 
Loss on facility lease termination
  
76,143
   
—
   
—
 
(Loss) income from operations
 
$
(165,206
)
 
$
(84,905
)
 
$
131,288
 
 
            
Total interest expense:
            
Retirement Centers
 
$
58,397
  
$
41,906
  
$
31,286
 
Assisted Living
  
250,116
   
140,001
   
51,410
 
CCRCs - Rental
  
39,502
   
28,418
   
17,512
 
CCRCs - Entry Fee
  
—
   
7,530
   
11,911
 
Brookdale Ancillary Services
  
1,354
   
823
   
—
 
Corporate and Management Services
  
39,395
   
29,510
   
25,280
 
 
 
$
388,764
  
$
248,188
  
$
137,399
 
 
            
Total capital expenditures for property, plant and equipment, and leasehold intangibles:
            
Retirement Centers
 
$
161,986
  
$
76,285
  
$
63,519
 
Assisted Living
  
220,893
   
107,037
   
95,829
 
CCRCs - Rental
  
54,864
   
42,412
   
27,134
 
CCRCs - Entry Fee
  
—
   
36,575
   
43,019
 
Brookdale Ancillary Services
  
4,061
   
1,805
   
1,855
 
Corporate and Management Services
  
6,878
   
40,131
   
26,171
 
 
 
$
448,682
  
$
304,245
  
$
257,527
 
 
 
 
As of December 31,
 
 
 
2015
  
2014
 
Total assets:
 
  
 
Retirement Centers
 
$
1,556,169
  
$
1,600,007
 
Assisted Living
  
6,354,415
   
6,577,821
 
CCRCs - Rental
  
1,037,384
   
1,027,854
 
Brookdale Ancillary Services
  
292,540
   
275,618
 
Corporate and Management Services
  
808,056
   
936,161
 
 
 
$
10,048,564
  
$
10,417,461
 
 
(1)All revenue is earned from external third parties in the United States.

(2)Management services segment revenue includes reimbursements for which the Company is the primary obligor of costs incurred on behalf of managed communities.

(3)Segment operating income is defined as segment revenues less segment operating expenses (excluding depreciation and amortization).
XML 44 R26.htm IDEA: XBRL DOCUMENT v3.3.1.900
Quarterly Results of Operations (Unaudited)
 12 Months Ended
Dec. 31, 2015
Quarterly Results of Operations (Unaudited) [Abstract]  
Quarterly Results of Operations (Unaudited)
19.       Quarterly Results of Operations (Unaudited)

The following is a summary of quarterly results of operations for each of the fiscal quarters in 2015 and 2014 (in thousands, except per share amounts):
 
 
 
For the Quarters Ended
 
 
 
March 31,
2015
  
June 30,
2015
  
September 30,
2015
  
December 31,
2015
 
Revenues
 
$
1,247,881
  
$
1,238,184
  
$
1,238,841
  
$
1,235,702
 
Asset impairment
  
—
   
—
   
—
   
57,941
 
Income (loss) from operations
  
(116,873
)
  
(43,123
)
  
3,663
   
(8,873
)
Income (loss) before income taxes
  
(208,997
)
  
(137,400
)
  
(99,132
)
  
(104,835
)
Net income (loss)
  
(130,709
)
  
(84,807
)
  
(68,336
)
  
(174,303
)
Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders
  
(130,451
)
  
(84,547
)
  
(68,220
)
  
(174,259
)
Weighted average basic and diluted income (loss) per share
 
$
(0.71
)
 
$
(0.46
)
 
$
(0.37
)
 
$
(0.94
)
 
 
 
 
For the Quarters Ended
 
 
 
March 31,
2014
  
June 30,
2014
  
September 30,
2014
  
December 31,
2014
 
Revenues
 
$
747,275
  
$
748,393
  
$
1,083,935
  
$
1,252,103
 
Asset impairment
  
—
   
—
   
—
   
9,992
 
Income (loss) from operations
  
32,148
   
30,657
   
(73,197
)
  
(74,513
)
Income (loss) before income taxes
  
(1,293
)
  
(2,333
)
  
(153,109
)
  
(173,996
)
Net income (loss)
  
(2,299
)
  
(3,295
)
  
(37,036
)
  
(106,796
)
Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders
  
(2,299
)
  
(3,295
)
  
(36,862
)
  
(106,534
)
Weighted average basic and diluted income (loss) per share
 
$
(0.02
)
 
$
(0.03
)
 
$
(0.23
)
 
$
(0.58
)
 
XML 45 R27.htm IDEA: XBRL DOCUMENT v3.3.1.900
VALUATION AND QUALIFYING ACCOUNTS
 12 Months Ended
Dec. 31, 2015
VALUATION AND QUALIFYING ACCOUNTS [Abstract]  
VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II
VALUATION AND QUALIFYING ACCOUNTS
December 31, 2015
(In thousands)
 
 
 
  
  
Additions
  
  
 
Description
 
Balance at
beginning of
period
  
Acquisition of Emeritus
  
Charged to
costs and
expenses
  
Charged
to other
accounts
  
Deductions
  
Balance at
end of
period
 
Allowance for Doubtful Accounts:
 
  
  
  
  
  
 
Year ended December 31, 2013
 
$
15,262
  
$
—
  
$
21,048
  
$
444
  
$
(19,026
)
 
$
17,728
 
Year ended December 31, 2014
 
$
17,728
  
$
11,087
  
$
20,509
  
$
771
  
$
(23,594
)
 
$
26,501
 
Year ended December 31, 2015
 
$
26,501
  
$
-
  
$
25,132
  
$
2,135
  
$
(27,298
)
 
$
26,470
 
 
                        
Deferred Tax Valuation Allowance:
                        
Year ended December 31, 2013
 
$
65,269
  
$
—
  
$
7,272
(1) 
 
$
(175
)(2)
 
$
—
  
$
72,366
 
Year ended December 31, 2014
 
$
72,366
  
$
1,002
  
$
—
  
$
—
  
$
(64,155
)(3)
 
$
9,213
 
Year ended December 31, 2015
 
$
9,213
  
$
—
  
$
111,797
(4) 
 
$
592
(4) 
 
$
—
  
$
121,602
 


(1)Adjustment to valuation allowance for federal net operating losses and federal credits of $(4,851) and $12,123, respectively.
(2)Adjustment to valuation allowance for state net operating losses of $(175).
(3)  Adjustment to reverse valuation allowance for federal and state net operating losses of $(64,155).
(4)  Adjustment to valuation allowance for federal and state net operating losses and federal credits of $81,968 and $30,421, respectively
XML 46 R28.htm IDEA: XBRL DOCUMENT v3.3.1.900
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2015
Summary of Significant Accounting Policies [Abstract]  
Principles of Consolidation
Principles of Consolidation

The consolidated financial statements include the accounts of Brookdale and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated. Investments in affiliated companies that the Company does not control, but has the ability to exercise significant influence over governance and operation, are accounted for by the equity method.

The Company continually evaluates its potential variable interest entity ("VIE") relationships under certain criteria as provided for in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 810, Consolidation ("ASC 810").  ASC 810 broadly defines a VIE as an entity in which either (i) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity's economic performance or (ii) the equity investment at risk is insufficient to finance that entity's activities without additional subordinated financial support. The Company identifies the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact the entity's economic performance; and (ii) the obligation to absorb losses or receive benefits of the VIE that could potentially be significant to the entity. The Company performs this analysis on an ongoing basis and consolidates any VIEs for which the Company is determined to be the primary beneficiary. Refer to Note 5 for more information about the Company's VIE relationships.
Use of Estimates
Use of Estimates

The preparation of the consolidated financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes.  Estimates are used for, but not limited to, revenue, goodwill and asset impairments, self-insurance reserves, performance-based compensation, the allowance for doubtful accounts, depreciation and amortization, income taxes and other contingencies.  Although these estimates are based on management's best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from the original estimates.
Revenue Recognition
Revenue Recognition

Resident Fees

Resident fee revenue is recorded when services are rendered and consists of fees for basic housing, support services and fees associated with additional services such as personalized health and assisted living care. Residency agreements are generally for a term of 30 days to one year, with resident fees billed monthly in advance. Revenue for certain skilled nursing services and ancillary charges is recognized as services are provided, and such fees are billed monthly in arrears.

Management Fees

Management fee revenue is recorded as services are provided to the owners of the communities. Revenues are determined by an agreed upon percentage of gross revenues (as defined).

Reimbursed Costs Incurred on Behalf of Managed Communities

The Company manages certain communities under contracts which provide for payment to the Company of a monthly management fee plus reimbursement of certain operating expenses. Where the Company is the primary obligor with respect to any such operating expenses, the Company recognizes revenue when the goods have been delivered or the service has been rendered and the Company is due reimbursement. Such revenue is included in "reimbursed costs incurred on behalf of managed communities" on the consolidated statements of operations. The related costs are included in "costs incurred on behalf of managed communities" on the consolidated statements of operations.
Purchase Accounting
Purchase Accounting

In determining the allocation of the purchase price of companies and communities to net tangible and identified intangible assets acquired and liabilities assumed, the Company makes estimates of fair value using information obtained as a result of pre-acquisition due diligence, marketing, leasing activities and/or independent appraisals. The Company assigned the purchase prices for companies or communities to assets acquired and liabilities assumed based on their determined fair values in accordance with the provisions of ASC 805, Business Combinations ("ASC 805"). The determination of fair value involves the use of significant judgment and estimation. The Company determines fair values as follows:

Working capital assets acquired and working capital liabilities assumed are valued on a carryover/cost basis which approximates fair value.

Property, plant and equipment are valued utilizing either a discounted cash flow projection of future revenue and costs and capitalization and discount rates using current market conditions, or a direct capitalization method. The Company allocates the fair values of buildings acquired on an as-if-vacant basis and depreciates the building values over the estimated remaining lives of the buildings, not to exceed 40 years. The Company determines the allocated values of other fixed assets, such as site improvements and furniture, fixtures and equipment, based upon the replacement cost and depreciates such values over the assets' estimated remaining useful lives as determined at the applicable acquisition date. The Company determines the value of land either by considering the sales prices of similar properties in recent transactions or based on internal analysis of recently acquired and existing comparable properties within its portfolio.

In connection with a business combination, the Company may assume rights and obligations under certain lease agreements pursuant to which the Company becomes the lessee of a given property. The Company assumes the lease classification previously determined by the prior lessee absent a modification in the assumed lease agreement. The Company assesses assumed operating leases, including ground leases, to determine whether the lease terms are favorable or unfavorable to the Company given current market conditions on the acquisition date. To the extent the lease terms are favorable or unfavorable relative to market conditions on the acquisition date, the Company recognizes an intangible asset or liability at fair value.  The Company amortizes any acquired lease-related intangibles to facility lease expense over the remaining life of the associated lease plus any assumed bargain renewal periods.

The fair value of acquired lease-related intangibles associated with the relationship with the Company's residents, if any, reflects the estimated value of in-place leases as represented by the cost to obtain residents and an estimated absorption period to reflect the value of the rent and recovery costs foregone during a reasonable lease-up period as if the acquired space was vacant. The Company amortizes any acquired in-place lease intangibles to depreciation and amortization expense over the average remaining length of stay of the residents, which is evaluated on an acquisition by acquisition basis but is generally estimated at 12 months.

The Company estimates the fair value of purchase option intangible assets by discounting the difference between the applicable property's acquisition date fair value and the stated or anticipated future option price.

The Company estimates the fair value of trade names using a royalty rate methodology and amortizes that value over the estimated useful life of the trade name.

Management contracts and other acquired contracts are valued at a multiple of management fees and operating income or are valued utilizing discounted cash flow projections that assume certain future revenues and costs over the remaining contract term. The assets are then amortized over the estimated term of the agreement.

The Company calculates the fair value of acquired long-term debt by discounting the remaining contractual cash flows of each instrument at the current market rate for those borrowings, which the Company approximates based on the rate at which the Company would expect to incur a replacement instrument on the date of acquisition, and recognizes any fair value adjustments related to long-term debt as effective yield adjustments over the remaining term of the instrument.

Capital lease assets are valued by the Company as a right-to-use asset. Financing lease assets are valued as if the Company owns the assets and thus are recorded at fair value. Capital and financing lease obligations are valued based on the present value of the estimated lease payments applying a discount rate equal to the Company's estimated incremental borrowing rate at the date of acquisition. Additionally, the valuation of financing lease obligations reflects a residual value component.

Preacquisition contingencies are valued when considered probable and reasonably estimable, and estimated legal fees are accrued for in accordance with the Company's existing policy. Self-insurance reserves including incurred but not reported liabilities are estimated by actuary analyses.

A deferred tax asset or liability is recognized at statutory rates for the difference between the book and tax bases of the acquired assets and liabilities. The tax bases of assets and liabilities in the Emeritus transaction were carried over at historical values.

The excess of the fair value of liabilities assumed and common stock issued and cash paid over the fair value of identifiable assets acquired is allocated to goodwill, which is not amortized by the Company.
Deferred Costs
Deferred Financing Costs

Third-party fees and costs incurred to obtain long-term debt are recorded as a direct adjustment to the carrying value of debt and amortized on a straight-line basis, which approximates the effective yield method, over the term of the related debt. Refer to the New Accounting Pronouncements section of this note for discussion of the Company's adoption of a new accounting standard related to deferred financing costs during the period. Unamortized deferred financing fees are written-off if the associated debt is retired before the maturity date.  Upon the refinancing of mortgage debt or amendment of the line of credit, unamortized deferred financing fees and additional financing costs incurred are accounted for in accordance with ASC 470-50, Debt Modifications and Extinguishments.
Income Taxes
Income Taxes

Income taxes are accounted for under the asset and liability approach which requires recognition of deferred tax assets and liabilities for the differences between the financial reporting and tax bases of assets and liabilities. A valuation allowance reduces deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized.

The Company has elected the "with-and-without approach" regarding ordering of windfall tax benefits to determine whether the windfall tax benefit did reduce taxes payable in the current year. Under this approach, the windfall tax benefits would be recognized in additional paid-in capital only if an incremental tax benefit is realized after considering all other tax benefits presently available.
Fair Value of Financial Instruments
Fair Value of Financial Instruments

ASC 820, Fair Value Measurements and Disclosures establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows:

Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

Cash and cash equivalents and cash and escrow deposits – restricted are reflected in the accompanying consolidated balance sheets at amounts considered by management to reasonably approximate fair value due to the short maturity.

The Company's derivative assets include interest rate caps that effectively manage the risk above certain interest rates for a portion of the Company's variable rate debt. The derivative positions are valued using models developed internally by the respective counterparty that use as their basis readily observable market parameters (such as forward yield curves) and are classified within Level 2 of the valuation hierarchy. The Company considers the credit risk of its counterparties when evaluating the fair value of its derivatives.

The Company estimates the fair value of its debt using a discounted cash flow analysis based upon the Company's current borrowing rate for debt with similar maturities and collateral securing the indebtedness. The Company had outstanding debt with a carrying value of approximately $3.6 billion and $3.5 billion as of December 31, 2015 and 2014, respectively. Fair value of the debt approximates carrying value in all periods. The Company's fair value of debt disclosure is classified within Level 2 of the valuation hierarchy.
Cash and Cash Equivalents
Cash and Cash Equivalents

The Company defines cash and cash equivalents as cash and investments with maturities of 90 days or less when purchased.
Cash and Escrow Deposits - Restricted
Cash and Escrow Deposits – Restricted

Cash and escrow deposits – restricted consist principally of deposits required by certain lenders and lessors pursuant to the applicable agreement and consist of the following (dollars in thousands):
 
 
 
December 31,
 
 
 
2015
  
2014
 
Current:
 
  
 
Real estate tax and property insurance escrows
 
$
18,862
  
$
17,926
 
Replacement reserve escrows
  
8,011
   
15,535
 
Resident deposits
  
862
   
1,054
 
Other
  
4,835
   
4,347
 
Subtotal
  
32,570
   
38,862
 
Long term:
        
Insurance deposits
  
15,318
   
19,299
 
CCRC escrows
  
13,233
   
13,214
 
Debt service reserve
  
3,429
   
1,728
 
Letter of credit collateral
  
1,202
   
21,935
 
Other
  
200
   
200
 
Subtotal
  
33,382
   
56,376
 
Total
 
$
65,952
  
$
95,238
 
Accounts Receivable
Accounts Receivable, net

Accounts receivable are reported net of an allowance for doubtful accounts, to represent the Company's estimate of the amount that ultimately will be realized in cash. The allowance for doubtful accounts was $26.5 million as of both December 31, 2015 and 2014.  The adequacy of the Company's allowance for doubtful accounts is reviewed on an ongoing basis, using historical payment trends, write-off experience, analyses of receivable portfolios by payor source and aging of receivables, as well as a review of specific accounts, and adjustments are made to the allowance as necessary.

Billings for services under third-party payor programs are recorded net of estimated retroactive adjustments, if any, under reimbursement programs. Retroactive adjustments are accrued on an estimated basis in the period the related services are rendered and adjusted in future periods or as final settlements are determined. Contractual or cost related adjustments from Medicare or Medicaid are accrued when assessed (without regard to when the assessment is paid or withheld). Subsequent positive or negative adjustments to these accrued amounts are recorded in net revenues when known.
Property, Plant and Equipment and Leasehold Intangibles
Property, Plant and Equipment and Leasehold Intangibles

Property, plant and equipment and leasehold intangibles, which include amounts recorded under capital and financing leases, are recorded at cost. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets, which are as follows:

Asset Category
 
Estimated
Useful Life
(in years)
Buildings and improvements
 
 40
Furniture and equipment
 
3 – 7
Resident lease intangibles
 
1 – 3

Expenditures for ordinary maintenance and repairs are expensed to operations as incurred. Renovations and improvements, which improve and/or extend the useful life of the asset, are capitalized and depreciated over their estimated useful life or if the renovations or improvements are made with respect to communities subject to an operating lease, over the shorter of the estimated useful life of the renovations or improvements, or the term of the operating lease. Assets under capital and financing leases and leasehold improvements are depreciated over the shorter of the estimated useful life of the assets or the term of the lease. Facility operating expense excludes depreciation and amortization directly attributable to the operation of the facility.

Long-lived assets (groups) are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets held for use are assessed by a comparison of the carrying amount of the asset to the estimated future undiscounted net cash flows expected to be generated by the asset. If estimated future undiscounted net cash flows are less than the carrying amount of the asset then the fair value of the asset is estimated. The impairment expense is determined by comparing the estimated fair value of the asset to its carrying value, with any amount in excess of fair value recognized as an expense in the current period. Undiscounted cash flow projections and estimates of fair value amounts are based on a number of assumptions such as revenue and expense growth rates, estimated holding periods and estimated capitalization rates.
Goodwill and Intangible Assets
Goodwill and Intangible Assets

The Company follows ASC 350, Goodwill and Other Intangible Assets, and tests goodwill for impairment annually or whenever indicators of impairment arise. Factors the Company considers important in the analysis of whether an indicator of impairment exists, which could trigger an impairment of goodwill in the future, include a significant decline in the Company's stock price for a sustained period since the last testing date, a decline in the Company's market capitalization below net book value, significant underperformance relative to historical or projected future operating results and significant negative industry or economic trends. The Company first assesses qualitative factors to determine whether it is necessary to perform a two-step quantitative goodwill impairment test. The Company is not required to calculate the fair value of a reporting unit unless the entity determines, based on a qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. The quantitative goodwill impairment test is based upon a comparison of the estimated fair value of the reporting unit to which the goodwill has been assigned with the reporting unit's carrying value. The fair values used in this evaluation are estimated based upon discounted future cash flow projections for the reporting unit. These cash flow projections are based upon a number of estimates and assumptions such as revenue and expense growth rates, capitalization rates and discount rates.

Acquired intangible assets are initially valued at fair market value using generally accepted valuation methods appropriate for the type of intangible asset. Intangible assets with definite lives are amortized over their estimated useful lives and all intangible assets are reviewed for impairment if indicators of impairment arise. The evaluation of impairment for definite-lived intangibles is based upon a comparison of the carrying amount of the asset to the estimated future undiscounted net cash flows expected to be generated by the asset. If estimated future undiscounted net cash flows are less than the carrying amount of the asset, then the fair value of the asset is estimated. The impairment expense is determined by comparing the estimated fair value of the intangible asset to its carrying value, with any shortfall from fair value recognized as an expense in the current period.

Indefinite-lived intangible assets are not amortized but are tested for impairment annually during the fourth quarter or more frequently as required. The impairment test consists of a comparison of the estimated fair value of the indefinite-lived intangible asset with its carrying value. If the carrying amount exceeds its fair value, an impairment loss is recognized for that difference.

Amortization of the Company's definite-lived intangible assets is computed using the straight-line method over the estimated useful lives of the assets, which are as follows:

Asset Category
 
Estimated
Useful Life
(in years)
Trade names
 
2 - 5
Other
 
3 – 9
Stock-Based Compensation
Stock-Based Compensation

The Company follows ASC 718, Compensation - Stock Compensation ("ASC 718") in accounting for its share-based payments. This guidance requires measurement of the cost of employee services received in exchange for stock compensation based on the grant-date fair value of the employee stock awards. This cost is recognized as compensation expense ratably over the employee's requisite service period. Incremental compensation costs arising from subsequent modifications of awards after the grant date are recognized when incurred.

Certain of the Company's employee stock awards vest only upon the achievement of performance targets. ASC 718 requires recognition of compensation cost only when achievement of performance conditions is considered probable. Consequently, the Company's determination of the amount of stock compensation expense requires a significant level of judgment in estimating the probability of achievement of these performance targets. Additionally, the Company must make estimates regarding employee forfeitures in determining compensation expense. Subsequent changes in actual experience are monitored and estimates are updated as information is available.

For all share-based awards with graded vesting other than awards with performance-based vesting conditions, the Company records compensation expense for the entire award on a straight-line basis (or, if applicable, on the accelerated method) over the requisite service period. For graded-vesting awards with performance-based vesting conditions, total compensation expense is recognized over the requisite service period for each separately vesting tranche of the award as if the award is, in substance, multiple awards once the performance target is deemed probable of achievement. Performance goals are evaluated quarterly. If such goals are not ultimately met or it is not probable the goals will be achieved, no compensation expense is recognized and any previously recognized compensation expense is reversed.
Convertible Debt Instruments
Convertible Debt Instruments

Convertible debt instruments are accounted for under ASC 470-20, Debt – Debt with Conversion and Other Options.  This guidance requires the issuer of certain convertible debt instruments that may be settled in cash (or other assets) on conversion, including partial cash settlement, to separately account for the liability (debt) and equity (conversion option) components of the instruments in a manner that reflects the issuer's estimated non-convertible debt borrowing rate.
Self-Insurance Liability Accruals
Self-Insurance Liability Accruals

The Company is subject to various legal proceedings and claims that arise in the ordinary course of its business. Although the Company maintains general liability and professional liability insurance policies for its owned, leased and managed communities under a master insurance program, the Company's current policies provide for deductibles for each and every claim. As a result, the Company is, in effect, self-insured for claims that are less than the deductible amounts. In addition, the Company maintains a high deductible workers compensation program and a self-insured employee medical program.

The Company reviews the adequacy of its accruals related to these liabilities on an ongoing basis, using historical claims, actuarial valuations, third-party administrator estimates, consultants, advice from legal counsel and industry data, and adjusts accruals periodically. Estimated costs related to these self-insurance programs are accrued based on known claims and projected claims incurred but not yet reported. Subsequent changes in actual experience are monitored, and estimates are updated as information becomes available.
Investment in Unconsolidated Ventures

Investment in Unconsolidated Ventures

In accordance with ASC 810, the general partner or managing member of a venture consolidates the venture unless the limited partners or other members have either (1) the substantive ability to dissolve the venture or otherwise remove the general partner or managing member without cause or (2) substantive participating rights in significant decisions of the venture, including authorizing operating and capital decisions of the venture, including budgets, in the ordinary course of business. The Company has reviewed all ventures where it is the general partner or managing member and has determined that in all cases the limited partners or other members have substantive participating rights such as those set forth above and, therefore, none of these ventures are consolidated.

The Company's reported share of earnings of an unconsolidated venture is adjusted for the impact, if any, of basis differences between its carrying value of the equity investment and its share of the venture's underlying assets. The Company generally does not have future requirements to contribute additional capital over and above the original capital commitments, and therefore, the Company discontinues applying the equity method of accounting when its investment is reduced to zero barring an expectation of an imminent return to profitability. If the venture subsequently reports net income, the equity method of accounting is resumed only after the Company's share of that net income equals the share of net losses not recognized during the period the equity method was suspended.
  
The Company evaluates realization of its investment in ventures accounted for using the equity method if circumstances indicate that the Company's investment is other than temporarily impaired.
Community Leases
Community Leases

The Company, as lessee, makes a determination with respect to each of its community leases as to whether each should be accounted for as an operating lease or capital lease. The classification criteria is based on estimates regarding the fair value of the leased community, minimum lease payments, effective cost of funds, the economic life of the community and certain other terms in the lease agreements. In a business combination, the Company assumes the lease classification previously determined by the prior lessee absent a modification, as determined by ASC 840, Leases ("ASC 840"), in the assumed lease agreement. Payments made under operating leases are accounted for in the Company's consolidated statements of operations as lease expense for actual rent paid plus or minus a straight-line adjustment for estimated minimum lease escalators and amortization of deferred gains in situations where sale-leaseback transactions have occurred.

For communities under capital lease and lease financing obligation arrangements, a liability is established on the Company's consolidated balance sheets representing the present value of the future minimum lease payments and a residual value for financing leases and a corresponding long-term asset is recorded in property, plant and equipment and leasehold intangibles in the consolidated balance sheets. For capital lease assets, the asset is depreciated over the remaining lease term unless there is a bargain purchase option in which case the asset is depreciated over the useful life. For financing lease assets, the asset is depreciated over the useful life of the asset. Leasehold improvements purchased during the term of the lease are amortized over the shorter of their economic life or the lease term.

All of the Company's leases contain fixed or formula-based rent escalators. To the extent that the escalator increases are tied to a fixed index or rate, lease payments are accounted for on a straight-line basis over the life of the lease. In addition, all rent-free or rent holiday periods are recognized in lease expense on a straight-line basis over the lease term, including the rent holiday period.

Sale-leaseback accounting is applied to transactions in which an owned community is sold and leased back from the buyer if certain continuing involvement criteria are met. Under sale-leaseback accounting, the Company removes the community and related liabilities from the consolidated balance sheets. Gain on the sale is deferred and recognized as a reduction of facility lease expense for operating leases and a reduction of interest expense for capital leases.

For leases in which the Company is involved with the construction of the building, the Company accounts for the lease during the construction period under the provisions of ASC 840.  If the Company concludes that it has substantively all of the risks of ownership during construction of a leased property and therefore is deemed the owner of the project for accounting purposes, it records an asset and related financing obligation for the amount of total project costs related to construction in progress.  Once construction is complete, the Company considers the requirements under ASC 840-40.  If the arrangement qualifies for sale-leaseback accounting, the Company removes the assets and related liabilities from the consolidated balance sheets. If the arrangement does not qualify for sale-leaseback accounting, the Company continues to amortize the financing obligation and depreciate the assets over the lease term.
Treasury Stock
Treasury Stock

The Company accounts for treasury stock under the cost method and includes treasury stock as a component of stockholders' equity.
New Accounting Pronouncements
New Accounting Pronouncements

In November 2015, the FASB issued Accounting Standards Update ("ASU") No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes ("ASU 2015-17"). ASU 2015-17 requires deferred tax liabilities and assets to be classified as noncurrent in the consolidated financial statements instead of separating deferred taxes into current and noncurrent amounts. ASU 2015-17 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016, and early adoption is permitted. The Company adopted ASU 2015-17 as of December 31, 2015. The consolidated balance sheet as of December 31, 2014 has been recast to conform to the provisions of ASU 2015-17, which included an $84.2 million reduction of the deferred tax asset and the deferred tax liability.

In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"). ASU 2015-03 requires entities to present debt issuance costs as a direct adjustment to the carrying value of the debt instead of as an asset. This presentation is consistent with the current accounting for debt discounts and premiums. ASU 2015-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, and early adoption is permitted. The Company adopted ASU 2015-03 as of December 31, 2015. The consolidated balance sheet as of December 31, 2014 has been recast to conform to the provisions of ASU 2015-03, which included a $19.7 million reduction of other assets, net and long-term debt.

In February 2015, the FASB issued ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis ("ASU 2015-02"). ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. ASU 2015-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The Company will adopt ASU 2015-02 on January 1, 2016, and it is not expected to have a material impact on the Company's consolidated financial statements and disclosures.

In January 2015, the FASB issued ASU No. 2015-01, Simplifying Income Statement—Presentation by Eliminating the Concept of Extraordinary Items ("ASU 2015-01"). ASU 2015-01 is intended to reduce complexity and cost of compliance with GAAP by eliminating the concept of extraordinary items in the statement of operations. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, and early adoption is permitted. The Company adopted ASU 2015-01 as of January 1, 2015, and it did not have a material impact on the Company's consolidated financial statements and disclosures for the year ended December 31, 2015.

In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern ("ASU 2014-15"). ASU 2014-15 defines management's responsibility to evaluate whether there is substantial doubt about an organization's ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 is effective for the Company for the annual period ending after December 15, 2016. The Company will adopt ASU 2014-15 on January 1, 2016, and it is not expected to have a material impact on the Company's consolidated financial statements and disclosures.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets. Under ASU 2014-09, an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. The new standard will be effective for the Company beginning on January 1, 2018 and early adoption will be permitted beginning on January 1, 2017. The Company is currently evaluating the impact the adoption of ASU 2014-09 will have on its consolidated financial statements and disclosures.
Reclassifications
Reclassifications

Certain prior period 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.
XML 47 R29.htm IDEA: XBRL DOCUMENT v3.3.1.900
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2015
Summary of Significant Accounting Policies [Abstract]  
Cash and escrow deposits - restricted
Cash and escrow deposits – restricted consist principally of deposits required by certain lenders and lessors pursuant to the applicable agreement and consist of the following (dollars in thousands):
 
 
 
December 31,
 
 
 
2015
  
2014
 
Current:
 
  
 
Real estate tax and property insurance escrows
 
$
18,862
  
$
17,926
 
Replacement reserve escrows
  
8,011
   
15,535
 
Resident deposits
  
862
   
1,054
 
Other
  
4,835
   
4,347
 
Subtotal
  
32,570
   
38,862
 
Long term:
        
Insurance deposits
  
15,318
   
19,299
 
CCRC escrows
  
13,233
   
13,214
 
Debt service reserve
  
3,429
   
1,728
 
Letter of credit collateral
  
1,202
   
21,935
 
Other
  
200
   
200
 
Subtotal
  
33,382
   
56,376
 
Total
 
$
65,952
  
$
95,238
 
Property, plant and equipment, useful lives
Property, plant and equipment and leasehold intangibles, which include amounts recorded under capital and financing leases, are recorded at cost. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets, which are as follows:

Asset Category
 
Estimated
Useful Life
(in years)
Buildings and improvements
 
 40
Furniture and equipment
 
3 – 7
Resident lease intangibles
 
1 – 3
Definite lived intangible assets, useful lives
Amortization of the Company's definite-lived intangible assets is computed using the straight-line method over the estimated useful lives of the assets, which are as follows:

Asset Category
 
Estimated
Useful Life
(in years)
Trade names
 
2 - 5
Other
 
3 – 9
XML 48 R30.htm IDEA: XBRL DOCUMENT v3.3.1.900
Acquisitions and Other Significant Transactions (Tables)
 12 Months Ended
Dec. 31, 2015
Acquisitions and Other Significant Transactions [Abstract]  
Schedule Preliminary Allocation of Purchase Price

   
Cash and cash equivalents
 
$
28
 
Property, plant and equipment and leasehold intangibles
  
5,506
 
Goodwill
  
645
 
Other intangible assets, net
  
259
 
Other assets, net
  
307
 
Trade accounts payable and accrued expenses
  
(297
)
Long-term debt
  
(1,516
)
Capital and financing lease obligations
  
(2,692
)
Deferred tax liability
  
(339
)
Other liabilities
  
(251
)
Noncontrolling interest
  
(1
)
Fair value of Brookdale common stock issued
 
$
1,649
 
Annualized pro forma consolidated operational data
The following table provides the pro forma consolidated operational data as if the Company had acquired Emeritus on January 1, 2013 (unaudited, in millions, except share and per share data):

 
 
Year Ended
December 31,
 
 
 
2014
  
2013
 
Total revenue
 
$
5,055
  
$
4,853
 
Net income (loss) attributable to common stockholders
  
(103
)
  
(424
)
         
Basic and diluted net income (loss) per share attributable to common stockholders
 
$
(0.59
)
 
$
(2.48
)
Weighted average shares used in computing basic and diluted net income (loss) per share (in thousands)
  
175,823
   
171,255
 
XML 49 R31.htm IDEA: XBRL DOCUMENT v3.3.1.900
Investment in Unconsolidated Ventures (Tables)
 12 Months Ended
Dec. 31, 2015
Variable Interest Entities and Investment in Unconsolidated Ventures [Abstract]  
Schedule of Variable Interest Entities [Table Text Block]
VIE
Asset
 
Maximum Exposure to Loss
  
Carrying Amount
 
      
CCRC Venture opco
Investment in unconsolidated ventures
 
$
180.5
  
$
180.5
 
HCP 49 Venture opco and propco
Investment in unconsolidated ventures
 
$
72.4
  
$
72.4
 
Other
Investment in unconsolidated ventures
 
$
5.3
  
$
1.7
 
Schedule of Equity Method Investments
Venture
Ownership Percentage
CCRC Venture
 
51%
HCP 49 Venture
 
20%
BKD-HCN venture opco and propco
 
20%
HCP 35 Venture
 
10%
S-H Twenty-One venture opco and propco
 
10%
XML 50 R32.htm IDEA: XBRL DOCUMENT v3.3.1.900
Property, Plant and Equipment and Leasehold Intangibles, Net (Tables)
 12 Months Ended
Dec. 31, 2015
Property, Plant and Equipment and Leasehold Intangibles, Net [Abstract]  
Property, plant and equipment and leasehold intangibles, net
As of December 31, 2015 and 2014, net property, plant and equipment and leasehold intangibles, which include assets under capital and financing leases, consisted of the following (in thousands):

 
 
2015
  
2014
 
Land
 
$
486,567
  
$
475,485
 
Buildings and improvements
  
5,260,826
   
5,017,991
 
Leasehold improvements
  
100,430
   
56,515
 
Furniture and equipment
  
895,447
   
735,837
 
Resident and leasehold operating intangibles
  
783,434
   
852,746
 
Construction in progress
  
138,054
   
99,408
 
Assets under capital and financing leases
  
2,909,653
   
3,057,516
 
 
  
10,574,411
   
10,295,498
 
Accumulated depreciation and amortization
  
(2,543,035
)
  
(1,905,993
)
Property, plant and equipment and leasehold intangibles, net
 
$
8,031,376
  
$
8,389,505
 
Resident and Leasehold Operating Intangibles, Future Amortization Expense
Future amortization expense for resident and leasehold operating intangibles is estimated to be as follows (dollars in thousands):

Year Ending December 31,
 
Future
Amortization
 
2016
 
$
19,390
 
2017
  
13,011
 
2018
  
7,603
 
2019
  
6,247
 
2020
  
4,345
 
Thereafter
  
12,663
 
Total
 
$
63,259
 
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Goodwill and Other Intangible Assets, Net (Tables)
 12 Months Ended
Dec. 31, 2015
Goodwill and Other Intangible Assets, Net [Abstract]  
Summary of changes in the carrying amount of goodwill
The following is a summary of changes in the carrying amount of goodwill for the years ended December 31, 2015 and 2014 presented on an operating segment basis (dollars in thousands):

 
 
December 31, 2015
  
December 31, 2014
 
 
 
Gross
Carrying
Amount
  
Accumulated
Impairment and Other Charges
  
Net
  
Gross
Carrying
Amount
  
Accumulated
Impairment and Other Charges
  
Net
 
Retirement Centers
 
$
28,141
  
$
(721
)
 
$
27,420
  
$
28,141
  
$
(521
)
 
$
27,620
 
Assisted Living
  
591,814
   
(20,348
)
  
571,466
   
582,623
   
(248
)
  
582,375
 
Brookdale Ancillary Services
  
126,810
   
—
   
126,810
   
126,810
   
—
   
126,810
 
Total
 
$
746,765
  
$
(21,069
)
 
$
725,696
  
$
737,574
  
$
(769
)
 
$
736,805
 
Other intangible assets
The following is a summary of other intangible assets at December 31, 2015 and 2014 (dollars in thousands):

 
 
December 31, 2015
  
December 31, 2014
 
 
 
Gross
Carrying
Amount
  
Accumulated
Amortization
  
Net
  
Gross
Carrying
Amount
  
Accumulated
Amortization
  
Net
 
Community purchase options
 
$
40,270
  
$
—
  
$
40,270
  
$
55,738
  
$
—
  
$
55,738
 
Health care licenses
  
66,612
   
—
   
66,612
   
64,538
   
—
   
64,538
 
Trade names
  
27,800
   
(14,209
)
  
13,591
   
27,800
   
(4,179
)
  
23,621
 
Other
  
13,531
   
(4,818
)
  
8,713
   
13,531
   
(2,655
)
  
10,876
 
Total
 
$
148,213
  
$
(19,027
)
 
$
129,186
  
$
161,607
  
$
(6,834
)
 
$
154,773
 
Finite-Lived Intangible Assets, Future Amortization Expense
Future amortization expense for intangible assets with definite lives is estimated to be as follows (dollars in thousands):

Year Ending December 31,
 
Future
Amortization
 
2016
 
$
8,165
 
2017
  
3,726
 
2018
  
3,717
 
2019
  
2,638
 
2020
  
1,133
 
Thereafter
  
2,925
 
Total
 
$
22,304
 
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Debt (Tables)
 12 Months Ended
Dec. 31, 2015
Debt [Abstract]  
Schedule of debt
Long-term debt and capital and financing lease obligations consist of the following (dollars in thousands):
 
 
 
December 31,
 
  
2015
  
2014
 
Mortgage notes payable due 2016 through 2047; weighted average interest rate of 4.51% in 2015, including net debt premium and deferred financing costs of $3.3 million in 2015 and including net debt premium and deferred financing costs of $42.9 million in 2014 (weighted average interest rate of 4.84% in 2014)
 
$
3,246,513
  
$
3,088,752
 
Capital and financing lease obligations payable through 2031; weighted average interest rate of 8.11% in 2015 (weighted average interest rate of 8.57% in 2014)
  
2,489,588
   
2,649,226
 
Convertible notes payable in aggregate principal amount of $316.3 million, less debt discount and deferred financing costs of $34.3 million and $46.9 million in 2015 and 2014, respectively, interest at 2.75% per annum, due June 2018
  
281,902
   
269,300
 
Construction financing due 2017 through 2019; weighted average interest rate of 4.84% in 2015 (weighted average interest rate of 4.90% in 2014)
  
24,105
   
50,118
 
Notes payable issued to finance insurance premiums (weighted average interest rate of 2.82% in 2014)
  
—
   
22,586
 
Other notes payable, weighted average interest rate of 5.16% in 2015 (weighted average interest rate of 4.75% in 2014) and maturity dates ranging from 2016 to 2020
  
80,305
   
66,271
 
Total debt and capital and financing lease obligations
  
6,122,413
   
6,146,253
 
Less current portion
  
235,604
   
268,399
 
Total long-term debt and capital and financing lease obligations
 
$
5,886,809
  
$
5,877,854
 

As of December 31, 2015, the current portion of long-term debt within the Company's consolidated financial statements includes $60.8 million of mortgage notes payable secured by assets held for sale. This debt will either be assumed by the prospective purchasers or be repaid with the proceeds from the sales. Refer to Note 4 for more information about the Company's assets held for sale.
Annual aggregate scheduled maturities of long-term debt obligations outstanding
The annual aggregate scheduled maturities of long-term debt and capital and financing lease obligations outstanding as of December 31, 2015 are as follows (dollars in thousands):

Year Ending December 31,
 
Long-term
Debt
  
Capital and
Financing
Lease
Obligations
  
Total Debt
 
2016
 
$
180,423
  
$
237,810
  
$
418,233
 
2017
  
308,023
   
263,671
   
571,694
 
2018
  
1,179,702
   
282,951
   
1,462,653
 
2019
  
143,473
   
262,800
   
406,273
 
2020
  
490,605
   
207,594
   
698,199
 
Thereafter
  
1,361,903
   
3,629,265
   
4,991,168
 
Total obligations
  
3,664,129
   
4,884,091
   
8,548,220
 
Less amount representing debt discount and deferred financing costs, net
  
(31,304
)
  
—
   
(31,304
)
Less amount representing interest (weighted average interest rate of 8.11%)
  
—
   
(2,394,503
)
  
(2,394,503
)
Total
 
$
3,632,825
  
$
2,489,588
  
$
6,122,413
 
Interest expense associated with the convertible notes
The interest expense associated with the Notes (excluding amortization of the associated deferred financing costs) was as follows (dollars in thousands):
 
 
For the Years Ended December 31,
 
 
2015
 
2014
  
2013
 
Coupon interest
 
$
8,697
  
$
8,697
  
$
8,697
 
Amortization of discount
  
11,732
   
10,902
   
10,131
 
Interest expense related to convertible notes
 
$
20,429
  
$
19,599
  
$
18,828
 
 
Summary of swap and cap instruments
 
Current notional balance
 
$
983,281
 
Weighted average fixed cap rate
  
4.34
%
Earliest maturity date
  
2016
 
Latest maturity date
  
2018
 
Estimated asset fair value (included in other assets, net at December 31, 2015)
 
$
29
 
Estimated asset fair value (included in other assets, net at December 31, 2014)
 
$
763
 
XML 53 R35.htm IDEA: XBRL DOCUMENT v3.3.1.900
Accrued Expenses (Tables)
 12 Months Ended
Dec. 31, 2015
Accrued Expenses [Abstract]  
Accrued Expenses
Accrued expenses consist of the following components as of December 31, (in thousands):
 
 
 
2015
  
2014
 
Insurance reserves
 
$
94,948
  
$
116,858
 
Salaries and wages
  
80,291
   
124,935
 
Vacation
  
44,421
   
43,037
 
Real estate taxes
  
37,206
   
43,155
 
Lease payable
  
20,714
   
30,001
 
Interest
  
12,940
   
12,757
 
Accrued utilities
  
11,949
   
12,798
 
Taxes payable
  
3,265
   
2,679
 
Other
  
67,140
   
36,434
 
Total
 
$
372,874
  
$
422,654
 
XML 54 R36.htm IDEA: XBRL DOCUMENT v3.3.1.900
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2015
Commitments and Contingencies [Abstract]  
Summary of facility operating leases
A summary of facility lease expense and the impact of straight-line adjustment and amortization of (above) below market rents and deferred gains are as follows (in thousands):
 

 
 
For the Years Ended
December 31,
 
 
 
2015
  
2014
  
2013
 
Cash basis payment
 
$
372,148
  
$
330,207
  
$
278,504
 
Straight-line (income) expense
  
6,956
   
1,439
   
2,597
 
Amortization of (above) below market rents, net
  
(7,158
)
  
(3,444
)
  
—
 
Amortization of deferred gain
  
(4,372
)
  
(4,372
)
  
(4,372
)
Facility lease expense
 
$
367,574
  
$
323,830
  
$
276,729
 
Future minimum operating lease payments
The aggregate amounts of future minimum operating lease payments, including community and office leases, as of December 31, 2015, are as follows (dollars in thousands):
 
Year Ending December 31,
 
Operating
Leases
 
2016
 
$
390,816
 
2017
  
373,690
 
2018
  
358,168
 
2019
  
340,747
 
2020
  
300,674
 
Thereafter
  
1,336,099
 
Total
 
$
3,100,194
 
XML 55 R37.htm IDEA: XBRL DOCUMENT v3.3.1.900
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2015
Stock-Based Compensation [Abstract]  
Restricted stock awards
The following table sets forth information about the Company's restricted stock awards (excluding restricted stock units) (share amounts in thousands):
 
 
 
Number of Shares
  
Weighted
Average
Grant Date Fair Value
 
Outstanding on January 1, 2013
  
3,952
  
$
16.67
 
Granted
  
1,328
  
$
26.98
 
Vested
  
(1,455
)
 
$
15.08
 
Cancelled/forfeited
  
(452
)
 
$
18.87
 
Outstanding on December 31, 2013
  
3,373
  
$
21.12
 
Granted
  
1,662
  
$
29.79
 
Vested
  
(1,185
)
 
$
19.58
 
Cancelled/forfeited
  
(298
)
 
$
21.02
 
Outstanding on December 31, 2014
  
3,552
  
$
25.70
 
Granted
  
1,698
  
$
32.75
 
Vested
  
(1,275
)
 
$
23.55
 
Cancelled/forfeited
  
(521
)
 
$
18.68
 
Outstanding on December 31, 2015
  
3,454
  
$
28.80
 
Current year grants of restricted shares and restricted stock units
During 2015, grants of restricted shares under the Company's 2014 Omnibus Incentive Plan were as follows (amounts in thousands except for value per share):
 
 
 
Shares Granted
  
Value Per Share
  
Total Value
 
Three months ended March 31, 2015
  
1,335
  
$
34.57 - $34.89
  
$
46,142
 
Three months ended June 30, 2015
  
70
  
$
36.12
  
$
2,540
 
Three months ended September 30, 2015
  
49
  
$
33.02
  
$
1,611
 
Three months ended December 31, 2015
  
244
  
$
21.82
  
$
5,327
 
XML 56 R38.htm IDEA: XBRL DOCUMENT v3.3.1.900
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2015
Income Taxes [Abstract]  
Income tax expense (benefit)
The benefit (provision) for income taxes is comprised of the following (dollars in thousands):
 
 
 
For the Years Ended December 31,
 
 
 
2015
  
2014
  
2013
 
Federal:
 
  
  
 
Current
 
$
49
  
$
1,367
  
$
(312
)
Deferred
  
95,259
   
182,371
   
183
 
Total Federal
  
95,308
   
183,738
   
(129
)
State:
            
Current
  
(3,099
)
  
(2,433
)
  
(1,627
)
Deferred (included in Federal above)
  
—
   
—
   
—
 
Total State
  
(3,099
)
  
(2,433
)
  
(1,627
)
Total
 
$
92,209
  
$
181,305
  
$
(1,756
)
Reconciliation of the benefit for income taxes to the amount computed at the U.S. Federal statutory rate
A reconciliation of the benefit (provision) for income taxes to the amount computed at the U.S. Federal statutory rate of 35% is as follows (dollars in thousands):

 
 
For the Years Ended December 31,
 
 
 
2015
  
2014
  
2013
 
Tax benefit at U.S. statutory rate
 
$
192,390
  
$
115,603
  
$
640
 
State taxes, net of federal income tax
  
18,323
   
11,582
   
(985
)
Tax credits
  
3,937
   
(2,222
)
  
9,757
 
Valuation allowance
  
(111,797
)
  
64,155
   
(7,097
)
Goodwill impairment
  
(7,856
)
  
—
   
—
 
Meals and entertainment
  
(1,090
)
  
(946
)
  
(496
)
Other, net
  
(1,626
)
  
(713
)
  
(1,007
)
Return to provision
  
(72
)
  
716
   
(2,568
)
Non-deductible transaction costs
  
—
   
(6,870
)
  
—
 
Total
 
$
92,209
  
$
181,305
  
$
(1,756
)
Components of deferred tax assets and liabilities
 Significant components of the Company's deferred tax assets and liabilities at December 31 are as follows (dollars in thousands):
 
 
 
2015
  
2014
 
Deferred income tax assets:
 
  
 
Capital and financing lease obligations
 
$
872,002
  
$
945,000
 
Operating loss carryforwards
  
282,075
   
227,956
 
Accrued expenses
  
144,691
   
146,536
 
Deferred lease liability
  
94,105
   
77,790
 
Tax credits
  
40,974
   
34,860
 
Intangible assets
  
22,522
   
17,785
 
Deferred gain on sale leaseback
  
5,661
   
7,073
 
Prepaid revenue
  
2,415
   
5,835
 
Total gross deferred income tax asset
  
1,464,445
   
1,462,835
 
Valuation allowance
  
(121,602
)
  
(9,213
)
Net deferred income tax assets
  
1,342,843
   
1,453,622
 
Deferred income tax liabilities:
        
Property, plant and equipment
  
(1,320,423
)
  
(1,556,603
)
Investment in unconsolidated ventures
  
(88,798
)
  
(54,113
)
Other
  
(2,673
)
  
(2,181
)
Total gross deferred income tax liability
  
(1,411,894
)
  
(1,612,897
)
Net deferred tax liability
 
$
(69,051
)
 
$
(159,275
)
Reconciliation of the unrecognized tax benefits
A reconciliation of the unrecognized tax benefits for the year 2015 is as follows (dollars in thousands):

Balance at January 1, 2015
 
$
30,195
 
Additions for tax positions related to the current year
  
—
 
Additions for tax positions related to prior years
  
50
 
Reductions for tax positions related to prior years
  
(9
)
Balance at December 31, 2015
 
$
30,236
 
XML 57 R39.htm IDEA: XBRL DOCUMENT v3.3.1.900
Supplemental Disclosure of Cash Flow Information (Tables)
 12 Months Ended
Dec. 31, 2015
Supplemental Disclosure of Cash Flow Information [Abstract]  
Supplemental cash flow information
(dollars in thousands)
 
For the Years Ended
December 31,
 
Supplemental Disclosure of Cash Flow Information: 
 
2015
  
2014
  
2013
 
Interest paid
 
$
360,960
  
$
226,594
  
$
123,036
 
Income taxes paid
 
$
2,952
  
$
2,746
  
$
2,283
 
 
Additions to property, plant and equipment and leasehold improvements
            
Property, plant and equipment and leasehold intangibles, net
 
$
448,682
  
$
304,245
  
$
257,527
 
Accounts payable
  
(37,631
)
  
—
   
—
 
Net cash paid
 
$
411,051
  
$
304,245
  
$
257,527
 
Acquisitions of assets, net of related payables and cash received, net:
            
Cash and escrow deposits—restricted
 
$
—
  
$
—
  
$
466
 
Prepaid expenses and other assets, net
  
(53,405
)
  
(3,138
)
  
346
 
Property, plant and equipment and leasehold intangibles, net
  
198,558
   
80,330
   
99,657
 
Other intangible assets, net
  
(7,294
)
  
(23,978
)
  
3,517
 
Accrued expenses
  
—
   
—
   
(5,169
)
Long-term debt
  
(101,558
)
  
7,795
   
(64,131
)
Capital and financing lease obligations
  
155,230
   
—
   
—
 
Other liabilities
  
(315
)
  
(20,568
)
  
—
 
Net cash paid
 
$
191,216
  
$
40,441
  
$
34,686
 
Proceeds from sale of assets, net:
            
Prepaid expenses and other assets, net
 
$
25,780
  
$
—
  
$
—
 
Property, plant and equipment and leasehold intangibles, net
  
(82,953
)
  
—
   
—
 
Capital and financing lease obligations
  
8,907
   
—
   
—
 
Other liabilities
  
(960
)
  
—
   
—
 
Net cash received
 
$
(49,226
)
 
$
—
  
$
—
 
Formation of CCRC Venture:
            
Property, plant and equipment and leasehold intangibles, net
 
$
—
  
$
(729,123
)
 
$
—
 
Investment in unconsolidated ventures
  
—
   
194,485
   
—
 
Other intangible assets, net
  
—
   
(56,829
)
  
—
 
Other assets, net
  
—
   
(9,137
)
  
—
 
Long-term debt
  
—
   
170,416
   
—
 
Capital and financing lease obligations
  
—
   
27,085
   
—
 
Refundable entrance fees and deferred revenue
  
—
   
413,761
   
—
 
Other liabilities
  
—
   
1,514
   
—
 
Net cash paid
 
$
—
  
$
12,172
  
$
—
 
Formation of HCP 49 Venture:
            
      Property, plant and equipment and leasehold intangibles, net
 
$
—
  
$
(525,446
)
 
$
—
 
      Investment in unconsolidated ventures
  
—
   
71,656
   
—
 
      Long-term debt
  
—
   
(67,640
)
  
—
 
      Capital and financing lease obligations
  
—
   
538,355
   
—
 
      Other liabilities
  
—
   
(9,034
)
  
—
 
          Net cash paid
 
$
—
  
$
7,891
  
$
—
 

Supplemental Schedule of Non-cash Operating, Investing and Financing Activities:
      
Capital and financing leases:
 
  
  
 
Property, plant and equipment and leasehold intangibles, net
 
$
26,644
  
$
27,100
  
$
—
 
Other intangible assets, net
  
(5,202
)
  
—
   
—
 
Capital and financing lease obligations
  
(23,738
)
  
(27,100
)
  
—
 
Other liabilities
  
2,296
   
—
   
—
 
Net
 
$
—
  
$
—
  
$
—
 
   Master Lease amendment:
            
      Property, plant and equipment and leasehold intangibles, net
 
$
—
  
$
385,696
  
$
—
 
      Other intangible assets, net
  
—
   
(174,012
)
  
—
 
      Capital and financing lease obligations
  
—
   
(217,022
)
  
—
 
      Other liabilities
  
—
   
5,338
   
—
 
Net
 
$
—
  
$
—
  
$
—
 
   Assets designated as held for sale:
            
      Property, plant and equipment and leasehold intangibles, net
 
$
(113,592
)
 
$
—
  
$
—
 
      Assets held for sale
  
110,620
   
—
   
—
 
      Goodwill
  
(12,200
)
  
—
   
—
 
      Asset impairment
  
15,172
   
—
   
—
 
Net
 
$
—
  
$
—
  
$
—
 
   Contribution to CCRC venture:
            
      Property, plant and equipment
 
$
(25,717
)
 
$
—
  
$
—
 
      Investment in unconsolidated ventures
  
7,422
   
—
   
—
 
      Long-term debt
  
18,295
   
—
   
—
 
Net
 
$
—
  
$
—
  
$
—
 
XML 58 R40.htm IDEA: XBRL DOCUMENT v3.3.1.900
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2015
Segment Information [Abstract]  
Schedule of segment reporting infomration
The following table sets forth selected segment financial and operating data (dollars in thousands):
 
 
 
For the Years Ended December 31,
 
 
 
2015
  
2014
  
2013
 
Revenue:
 
  
  
 
Retirement Centers(1)
 
$
657,940
  
$
582,312
  
$
526,284
 
Assisted Living(1)
  
2,445,457
   
1,685,563
   
1,051,868
 
CCRCs - Rental(1)
  
604,572
   
493,173
   
396,975
 
CCRCs - Entry Fee(1)
  
—
   
202,414
   
297,756
 
Brookdale Ancillary Services(1)
  
469,158
   
337,835
   
242,150
 
Management Services(2)
  
783,481
   
530,409
   
376,933
 
 
 
$
4,960,608
  
$
3,831,706
  
$
2,891,966
 
Segment Operating Income(3):
            
Retirement Centers
 
$
285,257
  
$
248,883
  
$
222,282
 
Assisted Living
  
877,303
   
608,489
   
389,678
 
CCRCs - Rental
  
150,495
   
121,661
   
109,026
 
CCRCs - Entry Fee
  
—
   
48,433
   
76,393
 
Brookdale Ancillary Services
  
75,210
   
63,463
   
45,709
 
Management Services
  
60,183
   
42,239
   
31,125
 
 
  
1,448,448
   
1,133,168
   
874,213
 
General and administrative (including non-cash stock-based compensation expense)
  
370,579
   
280,267
   
180,627
 
Transaction costs
  
8,252
   
66,949
   
3,921
 
Facility lease expense:
            
Retirement Centers
  
114,738
   
98,321
   
91,258
 
Assisted Living
  
197,452
   
162,575
   
123,980
 
CCRCs - Rental
  
47,937
   
51,523
   
48,809
 
CCRCs - Entry Fee
  
—
   
4,362
   
7,470
 
Brookdale Ancillary Services
  
—
   
890
   
—
 
Corporate and Management Services
  
7,447
   
6,159
   
5,212
 
Depreciation and amortization:
            
Retirement Centers
  
104,063
   
86,188
   
64,353
 
Assisted Living
  
489,933
   
317,918
   
85,337
 
CCRCs - Rental
  
87,754
   
60,175
   
30,957
 
CCRCs - Entry Fee
  
—
   
37,524
   
55,842
 
Brookdale Ancillary Services
  
7,451
   
4,764
   
3,023
 

Corporate and Management Services
  
43,964
   
30,466
   
29,245
 
Asset impairment
  
57,941
   
9,992
   
12,891
 
Loss on facility lease termination
  
76,143
   
—
   
—
 
(Loss) income from operations
 
$
(165,206
)
 
$
(84,905
)
 
$
131,288
 
 
            
Total interest expense:
            
Retirement Centers
 
$
58,397
  
$
41,906
  
$
31,286
 
Assisted Living
  
250,116
   
140,001
   
51,410
 
CCRCs - Rental
  
39,502
   
28,418
   
17,512
 
CCRCs - Entry Fee
  
—
   
7,530
   
11,911
 
Brookdale Ancillary Services
  
1,354
   
823
   
—
 
Corporate and Management Services
  
39,395
   
29,510
   
25,280
 
 
 
$
388,764
  
$
248,188
  
$
137,399
 
 
            
Total capital expenditures for property, plant and equipment, and leasehold intangibles:
            
Retirement Centers
 
$
161,986
  
$
76,285
  
$
63,519
 
Assisted Living
  
220,893
   
107,037
   
95,829
 
CCRCs - Rental
  
54,864
   
42,412
   
27,134
 
CCRCs - Entry Fee
  
—
   
36,575
   
43,019
 
Brookdale Ancillary Services
  
4,061
   
1,805
   
1,855
 
Corporate and Management Services
  
6,878
   
40,131
   
26,171
 
 
 
$
448,682
  
$
304,245
  
$
257,527
 
 
 
 
As of December 31,
 
 
 
2015
  
2014
 
Total assets:
 
  
 
Retirement Centers
 
$
1,556,169
  
$
1,600,007
 
Assisted Living
  
6,354,415
   
6,577,821
 
CCRCs - Rental
  
1,037,384
   
1,027,854
 
Brookdale Ancillary Services
  
292,540
   
275,618
 
Corporate and Management Services
  
808,056
   
936,161
 
 
 
$
10,048,564
  
$
10,417,461
 
 
(1)All revenue is earned from external third parties in the United States.

(2)Management services segment revenue includes reimbursements for which the Company is the primary obligor of costs incurred on behalf of managed communities.

(3)Segment operating income is defined as segment revenues less segment operating expenses (excluding depreciation and amortization).
XML 59 R41.htm IDEA: XBRL DOCUMENT v3.3.1.900
Quarterly Results of Operations (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2015
Quarterly Results of Operations (Unaudited) [Abstract]  
Quarterly results of operations
The following is a summary of quarterly results of operations for each of the fiscal quarters in 2015 and 2014 (in thousands, except per share amounts):
 
 
 
For the Quarters Ended
 
 
 
March 31,
2015
  
June 30,
2015
  
September 30,
2015
  
December 31,
2015
 
Revenues
 
$
1,247,881
  
$
1,238,184
  
$
1,238,841
  
$
1,235,702
 
Asset impairment
  
—
   
—
   
—
   
57,941
 
Income (loss) from operations
  
(116,873
)
  
(43,123
)
  
3,663
   
(8,873
)
Income (loss) before income taxes
  
(208,997
)
  
(137,400
)
  
(99,132
)
  
(104,835
)
Net income (loss)
  
(130,709
)
  
(84,807
)
  
(68,336
)
  
(174,303
)
Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders
  
(130,451
)
  
(84,547
)
  
(68,220
)
  
(174,259
)
Weighted average basic and diluted income (loss) per share
 
$
(0.71
)
 
$
(0.46
)
 
$
(0.37
)
 
$
(0.94
)
 
 
 
 
For the Quarters Ended
 
 
 
March 31,
2014
  
June 30,
2014
  
September 30,
2014
  
December 31,
2014
 
Revenues
 
$
747,275
  
$
748,393
  
$
1,083,935
  
$
1,252,103
 
Asset impairment
  
—
   
—
   
—
   
9,992
 
Income (loss) from operations
  
32,148
   
30,657
   
(73,197
)
  
(74,513
)
Income (loss) before income taxes
  
(1,293
)
  
(2,333
)
  
(153,109
)
  
(173,996
)
Net income (loss)
  
(2,299
)
  
(3,295
)
  
(37,036
)
  
(106,796
)
Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders
  
(2,299
)
  
(3,295
)
  
(36,862
)
  
(106,534
)
Weighted average basic and diluted income (loss) per share
 
$
(0.02
)
 
$
(0.03
)
 
$
(0.23
)
 
$
(0.58
)
 
XML 60 R42.htm IDEA: XBRL DOCUMENT v3.3.1.900
Summary of Significant Accounting Policies (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Revenue Recognition [Abstract]    
Term of residency agreements - minimum (in days) 30 days  
Term of residency agreements - maximum (in years) 1 year  
Cash and escrow deposits - restricted [Line Items]    
Cash and escrow deposits - restricted, current $ 32,570 $ 38,862
Cash and escrow deposits - restricted, long term 33,382 56,376
Cash and escrow deposits - restricted, total 65,952 95,238
Accounts Receivable [Abstract]    
Allowance for doubtful accounts $ 26,500 26,500
Finite lived intangible assets - useful lives [Abstract]    
Unamortized Debt Issuance Costs Reclassified Upon Adoption of ASU   $ 19,700
Buildings and Improvements [Member] | Weighted Average [Member]    
Estimated useful life of property, plant and equipment [Abstract]    
Estimated Useful Life (in years) 40 years  
Furniture and Equipment [Member] | Minimum [Member]    
Estimated useful life of property, plant and equipment [Abstract]    
Estimated Useful Life (in years) 3 years  
Furniture and Equipment [Member] | Maximum [Member]    
Estimated useful life of property, plant and equipment [Abstract]    
Estimated Useful Life (in years) 7 years  
Resident lease intangibles [Member]    
Estimated useful life of property, plant and equipment [Abstract]    
Estimated Useful Life (in years)   12 months
Resident lease intangibles [Member] | Minimum [Member]    
Estimated useful life of property, plant and equipment [Abstract]    
Estimated Useful Life (in years) 1 year  
Resident lease intangibles [Member] | Maximum [Member]    
Estimated useful life of property, plant and equipment [Abstract]    
Estimated Useful Life (in years) 3 years  
Other Intangible Assets [Abstract] | Minimum [Member]    
Finite lived intangible assets - useful lives [Abstract]    
Estimated Useful Life (in years) 3 years  
Other Intangible Assets [Abstract] | Maximum [Member]    
Finite lived intangible assets - useful lives [Abstract]    
Estimated Useful Life (in years) 9 years  
Tradenames [Member] | Minimum [Member]    
Finite lived intangible assets - useful lives [Abstract]    
Estimated Useful Life (in years) 2 years  
Tradenames [Member] | Maximum [Member]    
Finite lived intangible assets - useful lives [Abstract]    
Estimated Useful Life (in years) 5 years  
Carrying (Reported) Amount, Fair Value Disclosure [Member]    
Fair value of financial instruments [Abstract]    
Debt at carrying value $ 3,600,000 $ 3,500,000
Real estate taxes [Member]    
Cash and escrow deposits - restricted [Line Items]    
Cash and escrow deposits - restricted, current 18,862 17,926
Tenant security deposits [Member]    
Cash and escrow deposits - restricted [Line Items]    
Cash and escrow deposits - restricted, current 862 1,054
Insurance reserves [Member]    
Cash and escrow deposits - restricted [Line Items]    
Cash and escrow deposits - restricted, long term 15,318 19,299
Entrance fees [Member]    
Cash and escrow deposits - restricted [Line Items]    
Cash and escrow deposits - restricted, long term 13,233 13,214
Replacement reserve and other [Member]    
Cash and escrow deposits - restricted [Line Items]    
Cash and escrow deposits - restricted, current 8,011 15,535
Debt service and other deposits [Member]    
Cash and escrow deposits - restricted [Line Items]    
Cash and escrow deposits - restricted, long term 3,429 1,728
Other Restricted Cash [Member]    
Cash and escrow deposits - restricted [Line Items]    
Cash and escrow deposits - restricted, current 4,835 4,347
Cash and escrow deposits - restricted, long term 200 200
Letter of Credit Collateral [Member]    
Cash and escrow deposits - restricted [Line Items]    
Cash and escrow deposits - restricted, long term $ 1,202 $ 21,935
XML 61 R43.htm IDEA: XBRL DOCUMENT v3.3.1.900
Earnings Per Share (Details) - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Restricted Stock [Member]      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive Securities Excluded from Computation of Earnings Per Share 3.7 3.6 3.9
Convertible Debt Securities [Member]      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive Securities Excluded from Computation of Earnings Per Share 13.8    
Principal $ 316.3    
Debt Instrument Convertible Maximum Number Of Equity Instrument 3.0    
Warrant [Member]      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive Securities Excluded from Computation of Earnings Per Share 10.8    
XML 62 R44.htm IDEA: XBRL DOCUMENT v3.3.1.900
Acquisitions and Other Significant Transactions (Details)
 1 Months Ended 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
May. 01, 2015
USD ($)
Community
Jun. 04, 2013
USD ($)
Child
Oct. 31, 2015
USD ($)
Community
Feb. 28, 2015
USD ($)
Community
Aug. 31, 2014
USD ($)
Community
Unit
Entity
Property
Member
Representative
Jul. 31, 2014
USD ($)
Community
Dec. 31, 2015
USD ($)
Community
shares
Sep. 30, 2015
USD ($)
Jun. 30, 2015
USD ($)
Mar. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Community
shares
Sep. 30, 2014
USD ($)
Jun. 30, 2014
USD ($)
Mar. 31, 2014
USD ($)
Jun. 30, 2015
USD ($)
Community
Sep. 30, 2015
USD ($)
Dec. 31, 2015
USD ($)
Community
shares
Dec. 31, 2014
USD ($)
Community
$ / shares
shares
Dec. 31, 2013
USD ($)
$ / shares
shares
Jul. 30, 2014
shares
Business Acquisition [Line Items]                                        
Percentage of voting interests acquired           100.00%                            
Number of communities operated under long-term leases | Community             546       583           546 583    
Aggregate acquisition-date fair value of purchase consideration transferred           $ 3,000,000,000                            
Amount of mortgage indebtedness assumed           $ 1,400,000,000                            
Number of underlying communities with which mortgage loans collateralized | Community           179                            
Transaction costs of acquisition                                 $ 8,252,000 $ 66,949,000 $ 3,921,000  
Common stock, shares authorized (in shares) | shares             400,000,000       400,000,000           400,000,000 400,000,000   400
Number of venture transactions entered by the entity | Unit         2                              
Term of master agreement         15 years                              
Percentage of interest acquired in joint venture (in hundredths)         51.00%                              
Partners Joint Venture Ownership Percentage (in hundredths)         49.00%                              
Number of wholly-owned entities contributed to the venture by the entity | Entity         8                              
Number of communities owned by the entity | Community         8                              
Number of wholly-owned entities contributed to the venture by venture partner | Entity         3                              
Number of properties owned by venture partner | Property         3                              
Number of communities owned by venture partner | Community         2                              
Number of Communities Deconsolidated | Community                                   10    
Cash contributed to venture by venture partner         $ 323,500,000                              
Number of members on board | Member         6                              
Number of representatives on board | Representative         3                              
Number of communities under master lease and security agreement | Community         112                              
Number of communities under triple net leases agreement | Community         41                              
Number of pools under amended master leases agreement | Unit         3                              
Master leases term for Pool one communities         14 years                              
Master leases term for Pool two communities         15 years                              
Master leases term for Pool three communities         16 years                              
Number of extension options | Unit         2                              
Term of extension option         10 years                              
Base rent as per amended master leases agreement         $ 158,000,000                              
Maximum available reimbursement for capital expenditures by co venturer         $ 100,000,000                              
Initial lease rate for lessor reimbursements for capital expenditures (in hundredths)         7.00%                              
Number of communities for which purchase option included in master lease | Community         10                              
Maximum aggregate purchase price of communities under purchase option         $ 60,000,000                              
Number Of Communities With Cancelled Purchase Options | Community         49                              
Number of communities purchased or sold | Community                                   4    
Number of communities with modified term | Community         20                              
Extinguishment of Debt, Amount                                   $ 275,900,000    
Pro-forma consolidated operational data [Abstract]                                        
Total revenue                                   5,055,000,000 4,853,000,000  
Net loss attributable to common shares                                   $ (103,000,000) $ (424,000,000)  
Basic and diluted net loss per share attributable to common shares | $ / shares                                   $ (0.59) $ (2.48)  
Weighted average shares used in computing basic and diluted net loss per share (in shares) | shares                                   175,823 171,255  
Loss on facility lease termination                                 $ 76,143,000 $ 0 $ 0  
Asset impairment             $ 57,941,000 $ 0 $ 0 $ 0 $ 9,992,000 $ 0 $ 0 $ 0     57,941,000 9,992,000 12,891,000  
Aggregate selling price                                 82,900,000 9,200,000    
Assets Held-for-sale             110,620,000       0           110,620,000 0    
Long-term debt, less current portion             $ 3,459,371,000       3,340,971,000           $ 3,459,371,000 3,340,971,000    
Communities classified as held for sale | Community             17                   17      
Partners Joint Venture Ownership Percentage         49.00%                              
Investment in unconsolidated ventures                                 $ (69,297,000) (26,499,000) (17,172,000)  
Loss Contingencies [Line Items]                                        
Number of adult children of Joan Boice | Child   3                                    
Attorney fees awarded to plaintiffs' lawyer   $ 4,100,000                                    
Cash deposit made to collateralize the bond   20,900,000                                    
Stockholders' Equity Note [Abstract]                                        
Stock Issued During Period, Shares, New Issues | shares                                 10,298,506      
Proceeds from public equity offering, net                                 $ 0 330,386,000 0  
Deferred Offering Costs                     $ 400,000             $ 400,000    
Weighted average interest rate                     5.50%             5.50%    
Extinguishment of Debt, Amount                                   $ 275,900,000    
Common stock issued in connection with Emeritus acquisition                                   $ 1,648,782,000    
Stock Issued During Period, Shares, Acquisitions | shares                                   47,584,000    
CCRCs JV [Member]                                        
Business Acquisition [Line Items]                                        
Number of communities purchased or sold | Community         4                              
RIDEA JV [Member]                                        
Business Acquisition [Line Items]                                        
Percentage of interest acquired in joint venture (in hundredths)         20.00%                              
Partners Joint Venture Ownership Percentage (in hundredths)         80.00%                              
Advance from co venturers affiliate         $ 68,000,000                              
Number of communities contributed by venture partner | Community         49                              
Lease restructuring fee payable to co venturer         $ 34,000,000                              
Period with in which lease restructuring fee payable         2 years                              
Extinguishment of Debt, Amount                                   $ 68,000,000    
Pro-forma consolidated operational data [Abstract]                                        
Partners Joint Venture Ownership Percentage         80.00%                              
Stockholders' Equity Note [Abstract]                                        
Extinguishment of Debt, Amount                                   68,000,000    
Minimum [Member]                                        
Business Acquisition [Line Items]                                        
Weighted average interest rate (in hundredths)           5.49%                            
Debt maturity period           3 months                            
Maximum [Member]                                        
Business Acquisition [Line Items]                                        
Weighted average interest rate (in hundredths)           6.06%                            
Debt maturity period           33 years                            
Punitive damages [Member]                                        
Loss Contingencies [Line Items]                                        
Damages to be paid   23,000,000                                    
Compensatory damages [Member]                                        
Loss Contingencies [Line Items]                                        
Damages to be paid   $ 250,000                                    
Retirement Centers [Member]                                        
Business Acquisition [Line Items]                                        
Number of communities purchased or sold | Community           3                            
Preliminary Allocation of Purchase Price [Abstract]                                        
Goodwill acquired during period                                   20,499,000    
Assisted Living [Member]                                        
Business Acquisition [Line Items]                                        
Number of communities purchased or sold | Community           1                            
Preliminary Allocation of Purchase Price [Abstract]                                        
Goodwill acquired during period                                   497,900,000    
Brookdale Ancillary Services [Member]                                        
Preliminary Allocation of Purchase Price [Abstract]                                        
Goodwill acquired during period                                   126,810,000    
Emeritus [Member]                                        
Business Acquisition [Line Items]                                        
Number of communities operated | Community           493                            
Number of communities operated under long-term leases | Community           311                            
Transaction costs of acquisition                                   57,100,000    
Number of communities owned by the entity | Community           182                            
Preliminary Allocation of Purchase Price [Abstract]                                        
Cash and cash equivalents             $ 28,000,000                   28,000,000      
Property, plant and equipment and leasehold intangibles             5,506,000,000                   5,506,000,000      
Goodwill acquired during period                                   $ 645,000    
Other intangible assets, net             259,000,000                   259,000,000      
Other assets, net             307,000,000                   307,000,000      
Trade Accounts Payable and accrued expenses             (297,000,000)                   (297,000,000)      
Long-term debt             (1,516,000,000)                   (1,516,000,000)      
Capital and Financing Lease obligations             (2,692,000,000)                   (2,692,000,000)      
Deferred tax liability             (339,000,000)                   (339,000,000)      
Other liabilities             (251,000,000)                   (251,000,000)      
Noncontrolling interest             (1,000,000)                   (1,000,000)      
Fair value of Brookdale common stock issued             $ 1,649,000,000                   $ 1,649,000,000      
Pro-forma consolidated operational data [Abstract]                                        
Goodwill, Purchase Accounting Adjustments                               $ 5,900,000        
Acquisition of Communities [Member]                                        
Business Acquisition [Line Items]                                        
Number of communities purchased or sold | Community           4                            
Aggregate purchase price           $ 51,400,000                            
Acquisition purchase price amount financed           $ 17,000,000                            
Number of communities securing acquisition financing | Community           3                            
Acquired property plant and equipment [Member] | Minimum [Member]                                        
Pro-forma consolidated operational data [Abstract]                                        
Fair Value Inputs, Cap Rate           5.50%                            
Acquired property plant and equipment [Member] | Maximum [Member]                                        
Pro-forma consolidated operational data [Abstract]                                        
Fair Value Inputs, Cap Rate           9.75%                            
Acquired capital and financing lease obligations [Member] | Minimum [Member]                                        
Pro-forma consolidated operational data [Abstract]                                        
Fair Value Inputs, Cap Rate           6.00%                            
Acquired capital and financing lease obligations [Member] | Maximum [Member]                                        
Pro-forma consolidated operational data [Abstract]                                        
Fair Value Inputs, Cap Rate           10.75%                            
Acquired long-term debt obligations [Member] | Minimum [Member]                                        
Pro-forma consolidated operational data [Abstract]                                        
Fair Value Inputs, Cap Rate           3.00%                            
Acquired long-term debt obligations [Member] | Maximum [Member]                                        
Pro-forma consolidated operational data [Abstract]                                        
Fair Value Inputs, Cap Rate           7.00%                            
SellerFinanced Debt [Member]                                        
Pro-forma consolidated operational data [Abstract]                                        
LoanTerm                                 5 years      
Seller financing fixed rate             8.00%                   8.00%      
Principal             $ 20,000,000                   $ 20,000,000      
Acquisition of Venture Interest [Member]                                        
Business Acquisition [Line Items]                                        
Partners Joint Venture Ownership Percentage (in hundredths)                 10.00%           10.00%          
Number of communities purchased or sold | Community                             35          
Aggregate purchase price                             $ 847,000,000          
Pro-forma consolidated operational data [Abstract]                                        
Partners Joint Venture Ownership Percentage                 10.00%           10.00%          
Investment in unconsolidated ventures                             $ 30,300,000          
February 2015 acquisition of 15 communities [Member]                                        
Business Acquisition [Line Items]                                        
Number of communities purchased or sold | Community       15                                
Aggregate purchase price       $ 268,600,000                                
Pro-forma consolidated operational data [Abstract]                                        
Fair Value of Assets Acquired       187,200,000                                
Reversal of deferred lease liability       5,300,000                                
Loss on facility lease termination       $ 76,100,000                                
February 2015 acquisition of 15 communities [Member] | Minimum [Member]                                        
Pro-forma consolidated operational data [Abstract]                                        
Fair Value Inputs, Cap Rate       6.25%                                
February 2015 acquisition of 15 communities [Member] | Maximum [Member]                                        
Pro-forma consolidated operational data [Abstract]                                        
Fair Value Inputs, Cap Rate       8.75%                                
5 Communities acquired in October 2015 [Member]                                        
Business Acquisition [Line Items]                                        
Number of communities purchased or sold | Community     5                                  
Aggregate purchase price     $ 78,400,000                                  
Communities sold during 2015 [Member]                                        
Business Acquisition [Line Items]                                        
Number of communities purchased or sold | Community                                 17      
Pro-forma consolidated operational data [Abstract]                                        
Asset impairment                                 $ 18,400,000      
Aggregate selling price                                 82,900,000      
HCP Community Acquisitions [Member]                                        
Business Acquisition [Line Items]                                        
Number of communities purchased or sold | Community 1                                 9    
Aggregate purchase price $ 8,600,000                                 $ 60,000,000    
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]                                        
Pro-forma consolidated operational data [Abstract]                                        
Asset impairment                                 15,172,000 0 0  
Assets Held-for-sale             110,620,000       $ 0           110,620,000 $ 0 $ 0  
Long-term debt, less current portion             $ 60,800,000                   $ 60,800,000      
XML 63 R45.htm IDEA: XBRL DOCUMENT v3.3.1.900
Investment in Unconsolidated Ventures (Details)
$ in Millions
Dec. 31, 2015
USD ($)
Community
CCRC Venture opco [Member]  
Variable Interest Entity [Line Items]  
Maximum Exposure to Loss $ 180.5
Carrying Amount 180.5
HCP 49 Venture opco and propco [Member]  
Variable Interest Entity [Line Items]  
Maximum Exposure to Loss 72.4
Carrying Amount 72.4
Other Ventures [Member]  
Variable Interest Entity [Line Items]  
Maximum Exposure to Loss 5.3
Carrying Amount $ 1.7
CCRC Ventures, LLC [Member]  
Schedule of Investment in Unconsolidated Joint Ventures [Line Items]  
Percentage ownership in unconsolidated joint ventures 51.00%
BKD-HCN Venture, LLC [Member]  
Schedule of Investment in Unconsolidated Joint Ventures [Line Items]  
Percentage ownership in unconsolidated joint ventures 20.00%
S-H Forty-Nine Ventures, LLC [Member]  
Schedule of Investment in Unconsolidated Joint Ventures [Line Items]  
Percentage ownership in unconsolidated joint ventures 20.00%
S-H Twenty-One Ventures, LLC [Member]  
Schedule of Investment in Unconsolidated Joint Ventures [Line Items]  
Percentage ownership in unconsolidated joint ventures 10.00%
S-H Thirty-Five Venture, LLC [Member]  
Schedule of Investment in Unconsolidated Joint Ventures [Line Items]  
Percentage ownership in unconsolidated joint ventures 10.00%
Equity Method Investment Additional Information, Number of Communities Owned | Community 35
XML 64 R46.htm IDEA: XBRL DOCUMENT v3.3.1.900
Property, Plant and Equipment and Leasehold Intangibles, Net (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2015
USD ($)
Community
Sep. 30, 2015
USD ($)
Jun. 30, 2015
USD ($)
Mar. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Sep. 30, 2014
USD ($)
Jun. 30, 2014
USD ($)
Mar. 31, 2014
USD ($)
Dec. 31, 2015
USD ($)
Community
Dec. 31, 2014
USD ($)
Community
Dec. 31, 2013
USD ($)
Property, Plant and Equipment [Line Items]                      
Property, plant and equipment and leasehold intangibles gross $ 10,574,411       $ 10,295,498       $ 10,574,411 $ 10,295,498  
Accumulated depreciation and amortization (2,543,035)       (1,905,993)       (2,543,035) (1,905,993)  
Property, plant and equipment and leasehold intangibles, net 8,031,376       8,389,505       8,031,376 8,389,505  
Impaired Long-Lived Assets Held and Used [Line Items]                      
Asset impairment, non-cash charge 57,941 $ 0 $ 0 $ 0 9,992 $ 0 $ 0 $ 0 57,941 9,992 $ 12,891
Depreciation and amortization expense on property, plant and equipment and leasehold intangibles                 721,000 $ 529,100 $ 264,100
Resident And Leasehold Operating Intangibles Future Amortization Expense [Abstract]                      
2016 19,390               19,390    
2017 13,011               13,011    
2018 7,603               7,603    
2019 6,247               6,247    
2020 4,345               4,345    
Thereafter 12,663               12,663    
Total 63,259               63,259    
Number of communities purchased or sold | Community                   4  
Aggregate selling price                 82,900 $ 9,200  
Goodwill $ 725,696       736,805       $ 725,696 736,805  
Communities classified as held for sale | Community 17               17    
Land [Member]                      
Property, Plant and Equipment [Line Items]                      
Property, plant and equipment and leasehold intangibles gross $ 486,567       475,485       $ 486,567 475,485  
Buildings and Improvements [Member]                      
Property, Plant and Equipment [Line Items]                      
Property, plant and equipment and leasehold intangibles gross 5,260,826       5,017,991       5,260,826 5,017,991  
Leasehold Improvements [Member]                      
Property, Plant and Equipment [Line Items]                      
Property, plant and equipment and leasehold intangibles gross 100,430       56,515       100,430 56,515  
Furniture and Equipment [Member]                      
Property, Plant and Equipment [Line Items]                      
Property, plant and equipment and leasehold intangibles gross 895,447       735,837       895,447 735,837  
Resident and Leasehold Operating Intangibles [Member]                      
Property, Plant and Equipment [Line Items]                      
Property, plant and equipment and leasehold intangibles gross 783,434       852,746       783,434 852,746  
Construction in Progress [Member]                      
Property, Plant and Equipment [Line Items]                      
Property, plant and equipment and leasehold intangibles gross 138,054       99,408       138,054 99,408  
Assets Under Capital and Financing Leases [Member]                      
Property, Plant and Equipment [Line Items]                      
Property, plant and equipment and leasehold intangibles gross 2,909,653       $ 3,057,516       2,909,653 $ 3,057,516  
Property, Plant and Equipment [Member]                      
Impaired Long-Lived Assets Held and Used [Line Items]                      
Asset impairment, non-cash charge                 24,300    
Communities sold during 2015 [Member]                      
Impaired Long-Lived Assets Held and Used [Line Items]                      
Asset impairment, non-cash charge                 $ 18,400    
Resident And Leasehold Operating Intangibles Future Amortization Expense [Abstract]                      
Number of communities purchased or sold | Community                 17    
Goodwill 8,100               $ 8,100    
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]                      
Impaired Long-Lived Assets Held and Used [Line Items]                      
Asset impairment, non-cash charge                 15,000    
Resident And Leasehold Operating Intangibles Future Amortization Expense [Abstract]                      
Goodwill $ 12,200               $ 12,200    
Communities classified as held for sale | Community 17               17    
Resident lease intangibles [Member]                      
Acquired Finite-Lived Intangible Assets [Line Items]                      
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life                   1 year  
Below Market Operating Lease Intangibles [Member]                      
Acquired Finite-Lived Intangible Assets [Line Items]                      
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life                   9 years  
XML 65 R47.htm IDEA: XBRL DOCUMENT v3.3.1.900
Goodwill and Other Intangible Assets, Net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Goodwill [Line Items]      
Gross Carrying Amount $ 746,765 $ 737,574  
Accumulated Impairment and Other Charges (21,069) (769)  
Net 725,696 736,805  
Schedule of Intangible Assets by Major Class [Line Items]      
Gross Carrying Amount 148,213 161,607  
Accumulated Amortization (19,027) (6,834)  
Net 129,186 154,773  
Amortization expense related to definite-lived intangible assets 12,200 8,000 $ 4,700
Finite Lived Intangible Assets Future Amortization Expense [Abstract]      
2016 8,165    
2017 3,726    
2018 3,717    
2019 2,638    
2020 1,133    
Thereafter 2,925    
Total 22,304    
Retirement Centers [Member]      
Goodwill [Line Items]      
Gross Carrying Amount 28,141 28,141  
Goodwill acquired during period   20,499  
Accumulated Impairment and Other Charges (721) (521)  
Net 27,420 27,620  
Disposal Group, Goodwill 200    
Assisted Living [Member]      
Goodwill [Line Items]      
Gross Carrying Amount 591,814 582,623  
Goodwill acquired during period   497,900  
Accumulated Impairment and Other Charges (20,348) (248)  
Net 571,466 582,375  
Disposal Group, Goodwill 7,900    
Brookdale Ancillary Services [Member]      
Goodwill [Line Items]      
Gross Carrying Amount 126,810 126,810  
Goodwill acquired during period   126,810  
Accumulated Impairment and Other Charges 0 0  
Net 126,810 126,810  
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]      
Goodwill [Line Items]      
Disposal Group, Goodwill 12,200    
Community Purchase Options [Member]      
Schedule of Intangible Assets by Major Class [Line Items]      
Gross Carrying Amount 40,270 55,738  
Accumulated Amortization 0 0  
Net 40,270 55,738  
Health Care Licenses [Member]      
Schedule of Intangible Assets by Major Class [Line Items]      
Gross Carrying Amount 66,612 64,538  
Accumulated Amortization 0 0  
Net 66,612 64,538  
Tradenames [Member]      
Schedule of Intangible Assets by Major Class [Line Items]      
Gross Carrying Amount 27,800 27,800  
Accumulated Amortization (14,209) (4,179)  
Net 13,591 23,621  
Other Intangible Assets [Member]      
Schedule of Intangible Assets by Major Class [Line Items]      
Gross Carrying Amount 13,531 13,531  
Accumulated Amortization (4,818) (2,655)  
Net $ 8,713 $ 10,876  
Tradenames [Member]      
Acquired Finite-Lived Intangible Assets [Line Items]      
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life   3 years  
Other Intangible Assets [Member]      
Acquired Finite-Lived Intangible Assets [Line Items]      
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life   3 years  
Management Contract Intangible [Member]      
Acquired Finite-Lived Intangible Assets [Line Items]      
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life   9 years  
XML 66 R48.htm IDEA: XBRL DOCUMENT v3.3.1.900
Debt (Details)
 3 Months Ended 12 Months Ended
Jun. 30, 2011
USD ($)
$ / shares
shares
Dec. 31, 2015
USD ($)
Community
Dec. 31, 2014
USD ($)
Community
Dec. 31, 2013
USD ($)
Dec. 31, 2011
USD ($)
Debt Instrument [Line Items]          
Debt   $ 6,122,413,000 $ 6,146,253,000    
Long-term debt   5,886,809,000 5,877,854,000    
Less current portion   235,604,000 $ 268,399,000    
Weighted average interest rate     5.50%    
Unamortized debt discount   $ (31,304,000)      
Number of communities securing debt (in number of communities) | Community   28      
Coupon interest   $ 173,484,000 $ 128,002,000 $ 96,131,000  
Extinguishment of Debt, Amount     275,900,000    
Long-term debt maturity [Abstract]          
2016   418,233,000      
2017   571,694,000      
2018   1,462,653,000      
2019   406,273,000      
2020   698,199,000      
Thereafter   4,991,168,000      
Total obligations   8,548,220,000      
Unamortized debt discount   (31,304,000)      
Less amount representing interest   (2,394,503,000)      
Total   6,122,413,000 6,146,253,000    
Long-term debt, less current portion   3,459,371,000 3,340,971,000    
Mortgages Payable [Member]          
Debt Instrument [Line Items]          
Debt   $ 3,246,513,000 $ 3,088,752,000    
Maturity date, start   Mar. 28, 2016      
Maturity date, end   Jan. 01, 2047      
Weighted average interest rate   4.51% 4.84%    
Unamortized debt premium   $ 3,300,000   $ 42,900,000  
Long-term debt maturity [Abstract]          
Total   3,246,513,000 $ 3,088,752,000    
Capital Lease Obligations [Member]          
Debt Instrument [Line Items]          
Debt   $ 2,489,588,000 $ 2,649,226,000    
Maturity date   Sep. 30, 2031      
Weighted average interest rate   8.11% 8.57%    
Unamortized debt discount   $ 0      
Long-term debt maturity [Abstract]          
2016   237,810,000      
2017   263,671,000      
2018   282,951,000      
2019   262,800,000      
2020   207,594,000      
Thereafter   3,629,265,000      
Total obligations   4,884,091,000      
Unamortized debt discount   0      
Less amount representing interest   (2,394,503,000)      
Total   2,489,588,000 $ 2,649,226,000    
Convertible Debt [Member]          
Debt Instrument [Line Items]          
Debt   $ 281,902,000 $ 269,300,000    
Maturity date   Jun. 30, 2018      
Weighted average interest rate     2.75% 2.75% 2.75%
Unamortized debt discount   $ 34,300,000 $ 46,900,000    
Principal   316,300,000     $ 316,300,000
Proceeds from debt financing $ 308,200,000        
Initial conversion rate (in shares per $1,000 of principal) 34.1006        
Equivalent initial conversion price (in dollars per share) | $ / shares $ 29.325        
Conversion terms The Notes are convertible at an initial conversion rate of 34.1006 shares of Company common stock per $1,000 principal amount of Notes (equivalent to an initial conversion price of approximately $29.325 per share), subject to adjustment. Holders may convert their Notes at their option prior to the close of business on the second trading day immediately preceding the stated maturity date only under the following circumstances: (i) during any fiscal quarter commencing after the fiscal quarter ending September 30, 2011, if the last reported sale price of the Company's common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the preceding fiscal quarter is greater than or equal to 130% of the applicable conversion price on each applicable trading day; (ii) during the five business day period after any five consecutive trading day period (the "measurement period"), in which the trading price per $1,000 principal amount of notes for each trading day of that measurement period was less than 98% of the product of the last reported sale price of the Company's common stock and the applicable conversion rate on each such day; or (iii) upon the occurrence of specified corporate events. On and after March 15, 2018, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their Notes at any time, regardless of the foregoing circumstances. Unconverted Notes mature at par in June 2018.        
Imputed interest rate 7.50%        
Expected life of convertible debt 7 years        
Coupon interest   8,697,000 8,697,000 $ 8,697,000  
Amortization of discount   11,732,000 10,902,000 10,131,000  
Interest expense related to convertible notes   20,429,000 19,599,000 $ 18,828,000  
Number of shares of common stock covered by hedging transactions (in shares) | shares 10,784,315        
Number of warrants to acquire common stock sold to Hedge Counterparties (in shares) | shares 10,784,315        
Strike price of warrants (in dollars per share) | $ / shares $ 40.25        
Net cost of hedging transaction $ 31,900,000        
Conversion rate per value of notes   $ 1,000      
Number of trading days for pricing   20 days      
Number of consecutive trading days   30 days      
Percentage minimum of applicable conversion price (in hundredths)   130.00%      
Number of consecutive trading days less than 98% of test period   5 days      
Applicable percentage rate for five day consecutive trading days (in hundredths)   98.00%      
Long-term debt maturity [Abstract]          
Unamortized debt discount   $ 34,300,000 46,900,000    
Total   281,902,000 269,300,000    
Construction Financing [Member]          
Debt Instrument [Line Items]          
Debt   $ 24,105,000 $ 50,118,000    
Maturity date, start   Dec. 31, 2017      
Maturity date, end   Dec. 31, 2019      
Weighted average interest rate   4.84% 4.90%    
Long-term debt maturity [Abstract]          
Total   $ 24,105,000 $ 50,118,000    
Notes Payable, Insurance Premiums [Member]          
Debt Instrument [Line Items]          
Debt   $ 0 $ 22,586,000    
Maturity date   Oct. 31, 2015      
Weighted average interest rate   2.82% 2.82%    
Long-term debt maturity [Abstract]          
Total   $ 0 $ 22,586,000    
Other Notes Payable [Member]          
Debt Instrument [Line Items]          
Debt   $ 80,305,000 $ 66,271,000    
Maturity date, start   Feb. 29, 2016      
Maturity date, end   Feb. 01, 2020      
Weighted average interest rate   5.16% 4.75%    
Long-term debt maturity [Abstract]          
Total   $ 80,305,000 $ 66,271,000    
Long-term Debt [Member]          
Debt Instrument [Line Items]          
Debt   3,632,825,000      
Unamortized debt discount   (31,304,000)      
Long-term debt maturity [Abstract]          
2016   180,423,000      
2017   308,023,000      
2018   1,179,702,000      
2019   143,473,000      
2020   490,605,000      
Thereafter   1,361,903,000      
Total obligations   3,664,129,000      
Unamortized debt discount   (31,304,000)      
Less amount representing interest   0      
Total   3,632,825,000      
First mortgage loan issued on April 9, 2014 [Member]          
Debt Instrument [Line Items]          
Maturity date     May 31, 2021    
Weighted average interest rate     4.77%    
Number of communities securing debt (in number of communities) | Community     20    
Proceeds from debt financing     $ 146,000,000    
Extinguishment of Debt, Amount     $ 140,000,000    
First mortgage loan issued in October, 2014 [Member]          
Debt Instrument [Line Items]          
Weighted average interest rate     4.60%    
Number of communities securing debt (in number of communities) | Community     21    
Proceeds from debt financing     $ 89,700,000    
Debt extinguished with proceeds of public equity offering [Member]          
Debt Instrument [Line Items]          
Weighted average interest rate     5.50%    
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]          
Long-term debt maturity [Abstract]          
Long-term debt, less current portion   $ 60,800,000      
XML 67 R49.htm IDEA: XBRL DOCUMENT v3.3.1.900
Debt, Line of Credit Facility (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2013
Line of Credit [Member]    
Line of Credit Facility [Line Items]    
Credit Facility, maximum borrowing capacity $ 500.0 $ 250.0
Maturity date Jan. 03, 2020 Mar. 31, 2018
Description of applicable margin calculation based on utilization percentage Amounts drawn under the facility bear interest at 90-day LIBOR plus an applicable margin; however, the amended agreement reduces the applicable margin from a range of 3.25% to 4.25% to a range of 2.50% to 3.50%. The applicable margin varies based on the percentage of the total commitment draw, with a 2.50% margin at utilization equal to or lower than 35%, a 3.25% margin at utilization greater than 35% but less than or equal to 50%, and a 3.50% margin at utilization greater than 50%.  
Quarterly commitment fee 0.50%  
Credit facilities borrowings outstanding $ 310.0  
Letters of Credit Outstanding, Amount 19.4  
Swingline Line of Credit [Member]    
Line of Credit Facility [Line Items]    
Credit Facility, maximum borrowing capacity 50.0  
Secured and Unsecured Letter of Credit Facilities    
Line of Credit Facility [Line Items]    
Credit Facility, maximum borrowing capacity 80.2  
Letters of Credit Outstanding, Amount 63.0  
Letter of credit sublimit [Member]    
Line of Credit Facility [Line Items]    
Credit Facility, maximum borrowing capacity 50.0  
Option to increase maximum borrowing capacity [Member]    
Line of Credit Facility [Line Items]    
Credit Facility, maximum borrowing capacity 250.0  
Term Loan [Member]    
Line of Credit Facility [Line Items]    
Credit Facility, maximum borrowing capacity 100.0  
Revolving Credit Facility [Member]    
Line of Credit Facility [Line Items]    
Credit Facility, maximum borrowing capacity $ 400.0  
XML 68 R50.htm IDEA: XBRL DOCUMENT v3.3.1.900
Debt, Financings (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
USD ($)
Community
Dec. 31, 2014
USD ($)
Dec. 31, 2013
USD ($)
Financings [Line Items]      
Number of communities securing mortgage notes | Community 28    
Weighted average interest rate   5.50%  
Payments of Debt Extinguishment Costs $ 44 $ 4,101 $ 502
Unamortized debt discount (31,304)    
Debt modification and extinguishment costs 7,020 6,387 $ 1,265
Repayments of Debt 209,900    
Extinguishment of Debt, Amount   275,900  
First mortgage loan issued in March 2015 [Member]      
Financings [Line Items]      
Proceeds from debt financing $ 63,000    
Description of Variable Rate Basis variable rate equal to 90-day LIBOR plus a margin of 325 basis points    
Maturity date Apr. 01, 2020    
Number of communities securing mortgage notes | Community 6    
First mortgage loan issued in April 2015 [Member]      
Financings [Line Items]      
Proceeds from debt financing $ 65,300    
Maturity date May 01, 2027    
Number of communities securing mortgage notes | Community 6    
Weighted average interest rate 3.98%    
First Mortgage Loan refinanced in August 2015 [Member]      
Financings [Line Items]      
Proceeds from debt financing $ 226,400    
Description of Variable Rate Basis 30-day LIBOR plus a margin of 221 basis points    
Term of loan 10 years    
Maturity date Sep. 30, 2017    
Number of communities securing mortgage notes | Community 21    
Weighted average interest rate 4.80%    
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate 25.00%    
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate 75.00%    
Unamortized debt premium $ 10,400    
Payments of Debt Extinguishment Costs 17,900    
Unamortized debt discount 6,300    
First Mortgage Loan repaid in September 2015 [Member]      
Financings [Line Items]      
Proceeds from debt financing $ 140,400    
Description of Variable Rate Basis 30-day LIBOR plus a margin of 223 basis points    
Term of loan 7 years    
Maturity date May 31, 2018    
Number of communities securing mortgage notes | Community 18    
Unamortized debt premium $ 7,600    
Payments of Debt Extinguishment Costs 13,600    
Unamortized debt discount 6,000    
Repayments of Debt 122,300    
First Mortgage Loans repaid in the three months ended September 30, 2015 [Member]      
Financings [Line Items]      
Payments of Debt Restructuring Costs $ 5,500    
First Mortgage Loans extinguished in August 2015 [Member]      
Financings [Line Items]      
Number of communities securing mortgage notes | Community 7    
Debt modification and extinguishment costs $ 1,200    
RIDEA JV [Member]      
Financings [Line Items]      
Extinguishment of Debt, Amount   68,000  
Debt extinguished with proceeds of public equity offering [Member]      
Financings [Line Items]      
Extinguishment of Debt, Amount   $ 275,900  
XML 69 R51.htm IDEA: XBRL DOCUMENT v3.3.1.900
Debt, Derivatives (Details) - Interest Rate Cap [Member] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Derivative [Line Items]    
Current notional balance $ 983,281  
Average fixed rate 4.34%  
Earliest maturity date 1 year  
Latest maturity date 3 years  
Estimated asset fair value (included in other assets) $ 29 $ 763
XML 70 R52.htm IDEA: XBRL DOCUMENT v3.3.1.900
Accrued Expenses (Details) - USD ($)
$ in Thousands
Dec. 31, 2015
Dec. 31, 2014
Accrued Expenses [Abstract]    
Salaries and wages $ 80,291 $ 124,935
Insurance reserves 94,948 116,858
Real estate taxes 37,206 43,155
Vacation 44,421 43,037
Lease payable 20,714 30,001
Interest 12,940 12,757
Accrued Utilities 11,949 12,798
Income taxes 3,265 2,679
Other 67,140 36,434
Total $ 372,874 $ 422,654
XML 71 R53.htm IDEA: XBRL DOCUMENT v3.3.1.900
Commitments and Contingencies (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
USD ($)
Community
Lease
Dec. 31, 2014
USD ($)
Community
Lease
Dec. 31, 2013
USD ($)
Commitments and Contingencies [Abstract]      
Initial lease terms, minimum 10 years    
Initial lease terms, maximum 20 years    
Renewal options, minimum 5 years    
Renewal options, maximum 30 years    
Number of communities operated under long-term leases | Community 546 583  
Number of operating leases | Lease 322 342  
Number of capital and financing leases | Lease 224 241  
Remaining base lease terms, minimum 1 year    
Remaining base lease terms, maximum 17 years    
Schedule of facility operating lease expense [Abstract]      
Cash basis payment $ 372,148 $ 330,207 $ 278,504
Straight-line expense 6,956 1,439 2,597
Amortization of (above) below market rent, net (7,158) (3,444) 0
Amortization of deferred gain (4,372) (4,372) (4,372)
Facility lease expense 367,574 $ 323,830 $ 276,729
Future minimum operating lease payments [Abstract]      
2016 390,816    
2017 373,690    
2018 358,168    
2019 340,747    
2020 300,674    
Thereafter 1,336,099    
Total $ 3,100,194    
XML 72 R54.htm IDEA: XBRL DOCUMENT v3.3.1.900
Self-Insurance (Details) - USD ($)
$ in Millions
Dec. 31, 2015
Dec. 31, 2014
Self-Insurance [Abstract]    
Loss Contingency, Receivable, Total $ 41.5 $ 52.7
Self-insured portions of programs accrued, total 248.4 301.6
Accrued self-insured portions of programs , noncurrent 153.5 184.7
Secured self-insured retention risk under workers' compensation, general liability, and professional liability programs with cash 15.6 19.6
Letters of credit associated to the secured self-insured retention risk 49.8 $ 33.8
Cash deposit to collateralize the insurance policy $ 40.5  
XML 73 R55.htm IDEA: XBRL DOCUMENT v3.3.1.900
Retirement Plans (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Retirement Plans [Abstract]      
Matching contributions equal to employee's contributions 25.00% 25.00% 25.00%
Maximum contributed compensation 4.00% 4.00% 4.00%
Additional matching contribution 12.50% 12.50% 12.50%
Expense related to retirement savings plan $ 6.6 $ 7.1 $ 6.6
XML 74 R56.htm IDEA: XBRL DOCUMENT v3.3.1.900
Stock-Based Compensation (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Restricted stock awards [Roll Forward]                
Granted (in shares)         1,698,000 1,662,000 1,328,000  
Vested (in shares)         (1,275,000) (1,185,000) (1,455,000)  
Cancelled or forfeited (in shares)         (521,000) (298,000) (452,000)  
Ending balance (in shares) 3,454,000       3,454,000 3,552,000 3,373,000 3,952,000
Weighted Average Grant Date Fair Value [Roll Forward]                
Beginning balance (in dollars per share)       $ 25.70 $ 25.70 $ 21.12 $ 16.67  
Granted (in dollars per share)         32.75 29.79 26.98  
Vested (in dollars per share)         23.55 19.58 15.08  
Cancelled/forfeited (in dollars per share)         18.68 21.02 18.87  
Ending balance (in dollars per share) $ 28.80       $ 28.80 $ 25.70 $ 21.12  
Unrecognized compensation cost related to nonvested share-based compensation arrangements granted $ 63,800       $ 63,800      
Period over which cost is expected to be recognized         2 years 3 months 18 days      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Restricted shares granted (in shares)         1,698,000 1,662,000 1,328,000  
Percentage of estimated forfeitures, minimum         0.00%      
Percentage of estimated forfeitures, maximum         20.00%      
Restricted Stock [Member]                
Restricted stock awards [Roll Forward]                
Granted (in shares) 244,000 49,000 70,000 1,335,000        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Restricted shares granted (in shares) 244,000 49,000 70,000 1,335,000        
Value per share minimum (in dollars per share) $ 21.82 $ 33.02 $ 36.12 $ 34.57        
Value per share maximum (in dollars per share) $ 21.82 $ 33.02 $ 36.12 $ 34.89        
Total value of restricted shares granted $ 5,327 $ 1,611 $ 2,540 $ 46,142        
Employee Stock Purchase Plan [Member]                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Percentage payroll deduction that each employee may deduct         15.00%      
Percentage of closing market price paid for purchase of whole shares         90.00%      
Number of shares reserved (in shares) 1,800,000       1,800,000      
XML 75 R57.htm IDEA: XBRL DOCUMENT v3.3.1.900
Share Repurchase Program (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Share Repurchase Program [Abstract]      
Authorized share repurchased program amount $ 100.0    
Repurchased shares (in shares) 0 0 0
Amount available under the share repurchase program $ 82.4    
XML 76 R58.htm IDEA: XBRL DOCUMENT v3.3.1.900
Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Federal [Abstract]      
Current $ 49 $ 1,367 $ (312)
Deferred 95,259 182,371 183
Total Federal Tax Expense 95,308 183,738 (129)
State [Abstract]      
Current (3,099) (2,433) (1,627)
Deferred (included in Federal above) 0 0 0
Total State Tax Expense (3,099) (2,433) (1,627)
Total $ 92,209 181,305 (1,756)
U.S. Federal statutory rate 35.00%    
Tax benefit at U.S. statutory rate $ 192,390 115,603 640
Credits 3,937 (2,222) 9,757
Valuation allowance (111,797) 64,155 (7,097)
Goodwill Impairment (7,856) 0 0
Non-deductible transaction costs 0 (6,870) 0
Return to provision (72) 716 (2,568)
State taxes, net of federal income tax 18,323 11,582 (985)
Meals and entertainment (1,090) (946) (496)
Other, net (1,626) (713) (1,007)
Deferred income tax assets [Abstract]      
Operating loss carryforwards 282,075 227,956  
Accrued expenses 144,691 146,536  
Prepaid revenue 2,415 5,835  
Deferred lease liability 94,105 77,790  
Capital and financing lease obligations 872,002 945,000  
Tax credits 40,974 34,860  
Intangible Assets 22,522 17,785  
Deferred gain on sale leaseback 5,661 7,073  
Total gross deferred income tax asset 1,464,445 1,462,835  
Valuation allowance (121,602) (9,213)  
Net deferred income tax assets 1,342,843 1,453,622  
Deferred income tax liabilities [Abstract]      
Property, plant and equipment (1,320,423) (1,556,603)  
Investment in unconsolidated ventures (88,798) (54,113)  
Other (2,673) (2,181)  
Total gross deferred income tax liability (1,411,894) (1,612,897)  
Net deferred tax liability (69,051) (159,275)  
Deferred tax assets (liabilities), Net [Abstract]      
Net deferred tax liability (69,051) (159,275)  
Operating Loss Carryforwards [Line Items]      
Deferred Income Tax Expense (Benefit) (95,261) (182,371) (183)
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability   64,200  
Tax Credit Carryforward [Line Items]      
Tax credits, valuation allowance 32,100 1,800  
Net operating loss, limitation of utilization 92,800    
Unrecognized tax benefits [Roll Forward]      
Balance at beginning of period 30,195    
Additions for tax positions taken by Emeritus 0    
Additions for tax positions related to the current year 0    
Additions for tax positions related to prior years 50    
Reductions for tax positions related to prior years (9)    
Balance at end of period 30,236 30,195  
Total interest and penalties reserved 100    
Federal [Member]      
Operating Loss Carryforwards [Line Items]      
Net operating loss carry-forwards 930,400 745,100  
State and Local Jurisdiction [Member]      
Operating Loss Carryforwards [Line Items]      
Operating loss carry forwards, valuation allowance 89,500 7,500  
Emeritus [Member]      
Tax Credit Carryforward [Line Items]      
Net operating loss, limitation of utilization 53,900    
State [Member]      
Tax Credit Carryforward [Line Items]      
Tax credits, valuation allowance     $ 0
Federal, State and Local [Member]      
Operating Loss Carryforwards [Line Items]      
Deferred Income Tax Expense (Benefit)   94,100  
Restricted Stock [Member]      
Operating Loss Carryforwards [Line Items]      
Net operating loss carry-forwards $ 126,700 $ 112,600  
XML 77 R59.htm IDEA: XBRL DOCUMENT v3.3.1.900
Supplemental Disclosure of Cash Flow Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Supplemental Disclosure of Cash Flow Information [Abstract]                      
Interest paid                 $ 360,960 $ 226,594 $ 123,036
Income taxes paid                 2,952 2,746 2,283
Supplemental Schedule of Noncash Operating, Investing, and Financing Activities [Abstract]                      
Capital Lease Obligations Incurred                 155,230 0 0
Assets Held-for-sale $ 110,620       $ 0       110,620 0  
Trade accounts payable 128,006       76,314       128,006 76,314  
Goodwill 725,696       736,805       725,696 736,805  
Asset impairment 57,941 $ 0 $ 0 $ 0 9,992 $ 0 $ 0 $ 0 57,941 9,992 12,891
Acquisition of assets, net of related payables and cash received [Member]                      
Supplemental Schedule of Noncash Operating, Investing, and Financing Activities [Abstract]                      
Cash and escrow deposits - restricted                 0 0 466
Prepaid expenses and other current assets, net                 (53,405) (3,138) 346
Property, plant and equipment and leasehold intangibles, net                 198,558 80,330 99,657
Other intangible assets, net                 (7,294) (23,978) 3,517
Accrued expenses                 0 0 (5,169)
Other liabilities                 (315) (20,568) 0
Long-term debt                 (101,558) 7,795 (64,131)
Net                 191,216 40,441 34,686
Capital and financing leases [Member]                      
Supplemental Schedule of Noncash Operating, Investing, and Financing Activities [Abstract]                      
Property, plant and equipment and leasehold intangibles, net                 26,644 27,100 0
Capital Lease Obligations Incurred                 (23,738) (27,100) 0
Other intangible assets, net                 (5,202) 0 0
Other liabilities                 2,296 0 0
Net                 0 0 0
Formation of CCRC venture with HCP [Member]                      
Supplemental Schedule of Noncash Operating, Investing, and Financing Activities [Abstract]                      
Other intangible assets, net                 0 (56,829) 0
Property, plant and equipment and leasehold intangibles, net                 0 (729,123) 0
Capital Lease Obligations Incurred                 0 27,085 0
Other assets, net                 0 (9,137) 0
Other liabilities                 0 1,514 0
Transfer to Investments                 0 194,485 0
Long-term debt                 0 170,416 0
Refundable entrance fees and deferred revenue                 0 413,761 0
Net                 0 12,172 0
Formation of HCP 49 Venture [Member]                      
Supplemental Schedule of Noncash Operating, Investing, and Financing Activities [Abstract]                      
Property, plant and equipment and leasehold intangibles, net                 0 (525,446) 0
Capital Lease Obligations Incurred                 0 538,355 0
Other liabilities                 0 (9,034) 0
Transfer to Investments                 0 71,656 0
Long-term debt                 0 (67,640) 0
Net                 0 7,891 0
Master lease amendments [Member]                      
Supplemental Schedule of Noncash Operating, Investing, and Financing Activities [Abstract]                      
Property, plant and equipment and leasehold intangibles, net                 0 385,696 0
Capital Lease Obligations Incurred                 0 (217,022) 0
Other intangible assets, net                 0 (174,012) 0
Other liabilities                 0 5,338 0
Net                 0 0 0
Proceeds from sale of assets, net [Member]                      
Supplemental Schedule of Noncash Operating, Investing, and Financing Activities [Abstract]                      
Prepaid expenses and other current assets, net                 25,780 0 0
Property, plant and equipment and leasehold intangibles, net                 (82,953) 0 0
Capital Lease Obligations Incurred                 8,907 0 0
Other liabilities                 (960) 0 0
Net                 (49,226) 0 0
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]                      
Supplemental Schedule of Noncash Operating, Investing, and Financing Activities [Abstract]                      
Property, plant and equipment and leasehold intangibles, net                 (113,592) 0 0
Assets Held-for-sale 110,620       0       110,620 0 0
Goodwill (12,200)       0       (12,200) 0 0
Asset impairment                 15,172 0 0
Net                 0 0 0
Additions to property, plant and equipment and leasehold improvements [Member]                      
Supplemental Schedule of Noncash Operating, Investing, and Financing Activities [Abstract]                      
Property, plant and equipment and leasehold intangibles, net                 448,682 304,245 257,527
Trade accounts payable $ (37,631)       $ 0       (37,631) 0 0
Net                 411,051 304,245 257,527
Contribution to CCRC venture with HCP [Member]                      
Supplemental Schedule of Noncash Operating, Investing, and Financing Activities [Abstract]                      
Property, plant and equipment and leasehold intangibles, net                 (25,717) 0 0
Transfer to Investments                 7,422 0 0
Long-term debt                 18,295 0 0
Net                 $ 0 $ 0 $ 0
XML 78 R60.htm IDEA: XBRL DOCUMENT v3.3.1.900
Segment Information (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2015
USD ($)
Sep. 30, 2015
USD ($)
Jun. 30, 2015
USD ($)
Mar. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Sep. 30, 2014
USD ($)
Jun. 30, 2014
USD ($)
Mar. 31, 2014
USD ($)
Dec. 31, 2015
USD ($)
Segment
Dec. 31, 2014
USD ($)
Dec. 31, 2013
USD ($)
Segment Information [Abstract]                      
Number of reportable segments | Segment                 5    
Segment Reporting Information [Line Items]                      
Revenues $ 1,235,702 $ 1,238,841 $ 1,238,184 $ 1,247,881 $ 1,252,103 $ 1,083,935 $ 748,393 $ 747,275 $ 4,960,608 $ 3,831,706 $ 2,891,966
Segment operating income                 1,448,448 1,133,168 874,213
General and administrative (including non-cash stock-based compensation expense)                 370,579 280,267 180,627
Transaction costs                 8,252 66,949 3,921
Facility lease expense                 367,574 323,830 276,729
Depreciation and amortization                 733,165 537,035 268,757
Asset impairment 57,941 0 0 0 9,992 0 0 0 57,941 9,992 12,891
Loss on facility lease termination                 76,143 0 0
Income (loss) from operations (8,873) $ 3,663 $ (43,123) $ (116,873) (74,513) $ (73,197) $ 30,657 $ 32,148 (165,206) (84,905) 131,288
Total interest expense                 388,764 248,188 137,399
Total expenditures for property, plan and equipment, and leasehold improvements                 448,682 304,245 257,527
Assets by segment 10,048,564       10,417,461       10,048,564 10,417,461  
Retirement Centers [Member]                      
Segment Reporting Information [Line Items]                      
Revenues [1]                 657,940 582,312 526,284
Segment operating income [2]                 285,257 248,883 222,282
Facility lease expense                 114,738 98,321 91,258
Depreciation and amortization                 104,063 86,188 64,353
Total interest expense                 58,397 41,906 31,286
Total expenditures for property, plan and equipment, and leasehold improvements                 161,986 76,285 63,519
Assets by segment 1,556,169       1,600,007       1,556,169 1,600,007  
Assisted Living [Member]                      
Segment Reporting Information [Line Items]                      
Revenues [1]                 2,445,457 1,685,563 1,051,868
Segment operating income [2]                 877,303 608,489 389,678
Facility lease expense                 197,452 162,575 123,980
Depreciation and amortization                 489,933 317,918 85,337
Total interest expense                 250,116 140,001 51,410
Total expenditures for property, plan and equipment, and leasehold improvements                 220,893 107,037 95,829
Assets by segment 6,354,415       6,577,821       6,354,415 6,577,821  
CCRCs Rental [Member]                      
Segment Reporting Information [Line Items]                      
Revenues [1]                 604,572 493,173 396,975
Segment operating income [2]                 150,495 121,661 109,026
Facility lease expense                 47,937 51,523 48,809
Depreciation and amortization                 87,754 60,175 30,957
Total interest expense                 39,502 28,418 17,512
Total expenditures for property, plan and equipment, and leasehold improvements                 54,864 42,412 27,134
Assets by segment 1,037,384       1,027,854       1,037,384 1,027,854  
CCRCs Entry Fee [Member]                      
Segment Reporting Information [Line Items]                      
Revenues [1]                 0 202,414 297,756
Segment operating income [2]                 0 48,433 76,393
Facility lease expense                 0 4,362 7,470
Depreciation and amortization                 0 37,524 55,842
Total interest expense                 0 7,530 11,911
Total expenditures for property, plan and equipment, and leasehold improvements                 0 36,575 43,019
Brookdale Ancillary Services [Member]                      
Segment Reporting Information [Line Items]                      
Revenues [1]                 469,158 337,835 242,150
Segment operating income [2]                 75,210 63,463 45,709
Facility lease expense                 0 890 0
Depreciation and amortization                 7,451 4,764 3,023
Total interest expense                 1,354 823 0
Total expenditures for property, plan and equipment, and leasehold improvements                 4,061 1,805 1,855
Assets by segment 292,540       275,618       292,540 275,618  
Management Services [Member]                      
Segment Reporting Information [Line Items]                      
Revenues [1],[3]                 783,481 530,409 376,933
Segment operating income [2]                 60,183 42,239 31,125
Facility lease expense                 7,447 6,159 5,212
Depreciation and amortization                 43,964 30,466 29,245
Total interest expense                 39,395 29,510 25,280
Total expenditures for property, plan and equipment, and leasehold improvements                 6,878 40,131 $ 26,171
Assets by segment $ 808,056       $ 936,161       $ 808,056 $ 936,161  
[1] All revenue is earned from external third parties in the United States.
[2] Segment operating income is defined as segment revenues less segment operating expenses (excluding depreciation and amortization).
[3] Management services segment revenue includes reimbursements for which the Company is the primary obligor of costs incurred on behalf of managed communities.
XML 79 R61.htm IDEA: XBRL DOCUMENT v3.3.1.900
Quarterly Results of Operations (Unaudited) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Quarterly Results of Operations (Unaudited) [Abstract]                      
Revenues $ 1,235,702 $ 1,238,841 $ 1,238,184 $ 1,247,881 $ 1,252,103 $ 1,083,935 $ 748,393 $ 747,275 $ 4,960,608 $ 3,831,706 $ 2,891,966
Asset impairment 57,941 0 0 0 9,992 0 0 0 57,941 9,992 12,891
Income from operations (8,873) 3,663 (43,123) (116,873) (74,513) (73,197) 30,657 32,148 (165,206) (84,905) 131,288
Loss before income taxes (104,835) (99,132) (137,400) (208,997) (173,996) (153,109) (2,333) (1,293) (550,364) (330,731) (1,828)
Net income (loss) (174,303) (68,336) (84,807) (130,709) (106,796) (37,036) (3,295) (2,299) (458,155) (149,426) (3,584)
Net loss attributable to Brookdale Senior Living Inc. common stockholders $ (174,259) $ (68,220) $ (84,547) $ (130,451) $ (106,534) $ (36,862) $ (3,295) $ (2,299) $ (457,477) $ (148,990) $ (3,584)
Weighted average basic and diluted (loss) earnings per share (in dollars per share) $ (0.94) $ (0.37) $ (0.46) $ (0.71) $ (0.58) $ (0.23) $ (0.03) $ (0.02) $ (2.48) $ (1.01) $ (0.03)
XML 80 R62.htm IDEA: XBRL DOCUMENT v3.3.1.900
VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Tax Credit Carryforward [Line Items]        
Tax credits, valuation allowance $ 32,100 $ 1,800    
Allowance For Doubtful Accounts [Member]        
Valuation and qualifying accounts [Roll forward]        
Balance at Beginning of Period 26,501 17,728 $ 15,262  
Acquisition of Emeritus 0 11,087 0  
Charged to costs and expenses 25,132 20,509 21,048  
Charged to other accounts 2,135 771 444  
Deductions (27,298) (23,594) (19,026)  
Balance at End of Period 26,470 26,501 17,728 $ 15,262
Deferred Tax Valuation Allowance [Member]        
Valuation and qualifying accounts [Roll forward]        
Balance at Beginning of Period 9,213 72,366 65,269  
Acquisition of Emeritus 0 1,002 0  
Charged to costs and expenses 111,797 [1] 0 7,272 [2]  
Charged to other accounts 592 [1] 0 (175) [3]  
Deductions 0 (64,155) [4] 0  
Balance at End of Period $ 121,602 9,213 72,366 65,269
State [Member]        
Operating Loss Carryforwards [Line Items]        
Valuation Allowance, Deferred Tax Asset, Change in Amount     (64,155) (175)
Tax Credit Carryforward [Line Items]        
Tax credits, valuation allowance     0  
Federal net operating losses [Member]        
Operating Loss Carryforwards [Line Items]        
Valuation Allowance, Deferred Tax Asset, Change in Amount   0 0 (4,851) [2]
Federal credits [Member]        
Operating Loss Carryforwards [Line Items]        
Valuation Allowance, Deferred Tax Asset, Change in Amount   $ 0 $ 0 $ 12,123
[1] Adjustment to valuation allowance for federal and state net operating losses and federal credits of $81,968 and $30,421, respectively
[2] Adjustment to valuation allowance for federal net operating losses and federal credits of $(4,851) and $12,123, respectively.
[3] Adjustment to valuation allowance for state net operating losses of $(175).
[4] Adjustment to reverse valuation allowance for federal and state net operating losses of $(64,155).
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