0001332349-16-000086.txt : 20160510 0001332349-16-000086.hdr.sgml : 20160510 20160510160518 ACCESSION NUMBER: 0001332349-16-000086 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 63 CONFORMED PERIOD OF REPORT: 20160331 FILED AS OF DATE: 20160510 DATE AS OF CHANGE: 20160510 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-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-32641 FILM NUMBER: 161635734 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-Q 1 form10-q.htm FORM 10-Q  
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

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

For the quarterly period ended March 31, 2016

or

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

For the transition period from _____________ to _____________

Commission File Number: 001-32641

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

Delaware
20-3068069
(State or other jurisdiction
of incorporation or organization)
(I.R.S. Employer Identification No.)

111 Westwood Place, Suite 400, Brentwood, Tennessee
37027
 
(Address of principal executive offices)
(Zip Code)
 

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

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    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    No  

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   
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 Exchange Act).  Yes    No  

As of May 6, 2016, 185,809,480 shares of the registrant's common stock, $0.01 par value, were outstanding (excluding unvested restricted shares).



TABLE OF CONTENTS
BROOKDALE SENIOR LIVING INC.

FORM 10-Q

FOR THE QUARTER ENDED MARCH 31, 2016

 
PAGE
PART I.
FINANCIAL INFORMATION
 
 
 
 
Item 1.
Financial Statements
 
 
 
 
 
Condensed Consolidated Balance Sheets -
 
 
As of March 31, 2016 (Unaudited) and December 31, 2015
3
 
 
 
 
Condensed Consolidated Statements of Operations -
 
 
Three months ended March 31, 2016 and 2015 (Unaudited)
4
 
 
 
 
Condensed Consolidated Statement of Equity -
 
 
Three months ended March 31, 2016 (Unaudited)
5
 
 
 
 
Condensed Consolidated Statements of Cash Flows -
 
 
Three months ended March 31, 2016 and 2015 (Unaudited)
6
 
 
 
 
Notes to Condensed Consolidated Financial Statements (Unaudited)
7
 
 
 
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
18
 
 
 
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
37
 
 
 
Item 4.
Controls and Procedures
38
 
 
 
 
 
 
PART II.
OTHER INFORMATION
 
 
 
 
Item 1.
Legal Proceedings
38
 
 
 
Item 1A.
Risk Factors
38
 
 
 
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
38
     
Item 6.
Exhibits
38
 
 
 
Signatures
 
39
 
2

PART I.   FINANCIAL INFORMATION

Item 1.   Financial Statements

BROOKDALE SENIOR LIVING INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except stock amounts)

 
  
March 31,
2016
    
December 31,
2015
  
Assets
  
(Unaudited)
        
Current assets
            
Cash and cash equivalents
  
$
70,862
    
$
88,029
  
Cash and escrow deposits – restricted
    
28,645
      
32,570
  
Accounts receivable, net
    
146,791
      
144,053
  
Assets held for sale
    
65,906
      
110,620
  
Prepaid expenses and other current assets, net
    
155,295
      
122,671
  
Total current assets
    
467,499
      
497,943
  
Property, plant and equipment and leasehold intangibles, net
    
8,004,357
      
8,031,376
  
Cash and escrow deposits – restricted
    
37,235
      
33,382
  
Investment in unconsolidated ventures
    
373,238
      
371,639
  
Goodwill
    
725,696
      
725,696
  
Other intangible assets, net
    
119,035
      
129,186
  
Other assets, net
    
261,612
      
259,342
  
Total assets
  
$
9,988,672
    
$
10,048,564
  
Liabilities and Equity
                
Current liabilities
                
Current portion of long-term debt
  
$
185,642
    
$
173,454
  
Current portion of capital and financing lease obligations
    
90,019
      
62,150
  
Trade accounts payable
    
92,089
      
128,006
  
Accrued expenses
    
371,343
      
372,874
  
Refundable entrance fees and deferred revenue
    
112,661
      
99,277
  
Tenant security deposits
    
4,161
      
4,387
  
Total current liabilities
    
855,915
      
840,148
  
Long-term debt, less current portion
    
3,543,068
      
3,459,371
  
Capital and financing lease obligations, less current portion
    
2,403,191
      
2,427,438
  
Line of credit
    
210,000
      
310,000
  
Deferred liabilities
    
268,544
      
266,537
  
Deferred tax liability
    
69,984
      
69,051
  
Other liabilities
    
218,537
      
217,292
  
Total liabilities
    
7,569,239
      
7,589,837
  
Preferred stock, $0.01 par value, 50,000,000 shares authorized at March 31, 2016 and December 31, 2015; no shares issued and outstanding
    
—
      
—
  
Common stock, $0.01 par value, 400,000,000 shares authorized at March 31, 2016 and December 31, 2015; 193,257,659 and 190,767,191 shares issued and 190,829,258 and 188,338,790 shares outstanding (including 5,026,688 and 3,453,991 unvested restricted shares), respectively
    
1,908
      
1,883
  
Additional paid-in-capital
    
4,078,781
      
4,069,283
  
Treasury stock, at cost; 2,428,401 shares at March 31, 2016 and December 31, 2015
    
(46,800
)
    
(46,800
)
Accumulated deficit
    
(1,614,253
)
    
(1,565,478
)
Total Brookdale Senior Living Inc. stockholders' equity
    
2,419,636
      
2,458,888
  
Noncontrolling interest
    
(203
)
    
(161
)
Total equity
    
2,419,433
      
2,458,727
  
Total liabilities and equity
  
$
9,988,672
    
$
10,048,564
  

See accompanying notes to condensed consolidated financial statements.
3

 
BROOKDALE SENIOR LIVING INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share data)

 
  
Three Months Ended March 31,
  
 
  
2016
    
2015
  
Revenue
            
Resident fees
  
$
1,061,148
    
$
1,052,232
  
Management fees
    
16,780
      
15,097
  
Reimbursed costs incurred on behalf of managed communities
    
185,228
      
180,552
  
Total revenue
    
1,263,156
      
1,247,881
  
 
                
Expense
                
Facility operating expense (excluding depreciation and amortization of $114,103 and $208,823, respectively)
    
715,902
      
696,889
  
General and administrative expense (including non-cash stock-based compensation expense of $9,769 and $8,873, respectively)
    
92,621
      
89,530
  
Transaction costs
    
850
      
6,742
  
Facility lease expense
    
96,689
      
94,471
  
Depreciation and amortization
    
127,137
      
220,427
  
Asset impairment
    
3,375
      
—
  
Loss on facility lease termination
    
—
      
76,143
  
Costs incurred on behalf of managed communities
    
185,228
      
180,552
  
Total operating expense
    
1,221,802
      
1,364,754
  
Income (loss) from operations
    
41,354
      
(116,873
)
 
                
Interest income
    
702
      
427
  
Interest expense:
                
Debt
    
(43,990
)
    
(42,348
)
Capital and financing lease obligations
    
(50,579
)
    
(53,203
)
Amortization of deferred financing costs and debt premium (discount)
    
(2,310
)
    
(381
)
Change in fair value of derivatives
    
(24
)
    
(550
)
Debt modification and extinguishment costs
    
(1,110
)
    
(44
)
Equity in earnings of unconsolidated ventures
    
1,018
      
1,484
  
Other non-operating income
    
7,787
      
2,491
  
Income (loss) before income taxes
    
(47,152
)
    
(208,997
)
(Provision) benefit for income taxes
    
(1,665
)
    
78,288
  
Net income (loss)
    
(48,817
)
    
(130,709
)
Net (income) loss attributable to noncontrolling interest
    
42
      
258
  
Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders
  
$
(48,775
)
  
$
(130,451
)
 
                
    Basic and diluted net income (loss) per share attributable to Brookdale Senior Living Inc. common stockholders
  
$
(0.26
)
  
$
(0.71
)
 
                
    Weighted average shares used in computing basic and diluted net income (loss) per share
    
185,153
      
183,678
  

See accompanying notes to condensed consolidated financial statements.

4


BROOKDALE SENIOR LIVING INC.
CONDENSED CONSOLIDATED STATEMENT OF EQUITY
Three Months Ended March 31, 2016
(Unaudited, in thousands)

 
  
Common Stock
                                      
 
  
Shares
    
Amount
    
Additional
Paid-In-
Capital
    
Treasury
Stock
    
Accumulated
Deficit
    
Stockholders'
Equity
    
Noncontrolling
Interest
    
Total Equity
  
Balances at January 1, 2016
    
188,339
    
$
1,883
    
$
4,069,283
    
$
(46,800
)
  
$
(1,565,478
)
  
$
2,458,888
    
$
(161
)
  
$
2,458,727
  
Compensation expense related to restricted stock grants
    
—
      
—
      
9,769
      
—
      
—
      
9,769
      
—
      
9,769
  
Net income (loss)
    
—
      
—
      
—
      
—
      
(48,775
)
    
(48,775
)
    
(42
)
    
(48,817
)
Issuance of common stock under Associate Stock Purchase Plan
    
41
      
1
      
581
      
—
      
—
      
582
      
—
      
582
  
Restricted stock, net
    
2,515
      
25
      
(25
)
    
—
      
—
      
—
      
—
      
—
  
Other
    
(66
)
    
(1
)
    
(827
)
    
—
      
—
      
(828
)
    
—
      
(828
)
Balances at March 31, 2016
    
190,829
    
$
1,908
    
$
4,078,781
    
$
(46,800
)
  
$
(1,614,253
)
  
$
2,419,636
    
$
(203
)
  
$
2,419,433
  

See accompanying notes to condensed consolidated financial statements.
5


BROOKDALE SENIOR LIVING INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)

 
  
Three Months Ended
March 31,
  
 
  
2016
    
2015
  
Cash Flows from Operating Activities
            
Net income (loss)
  
$
(48,817
)
  
$
(130,709
)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
                
Loss on extinguishment of debt, net
    
139
      
44
  
Depreciation and amortization, net
    
129,447
      
220,808
  
Asset impairment
    
3,375
      
—
  
Equity in earnings of unconsolidated ventures
    
(1,018
)
    
(1,484
)
Distributions from unconsolidated ventures from cumulative share of net earnings
    
—
      
500
  
Amortization of deferred gain
    
(1,093
)
    
(1,093
)
Amortization of entrance fees
    
(926
)
    
(767
)
Proceeds from deferred entrance fee revenue
    
3,087
      
2,455
  
Deferred income tax provision (benefit)
    
934
      
(79,237
)
Change in deferred lease liability
    
3,935
      
2,801
  
Change in fair value of derivatives
    
24
      
550
  
Gain on sale of assets
    
(2,749
)
    
—
  
Non-cash stock-based compensation
    
9,769
      
8,873
  
Non-cash interest expense on financing lease obligations
    
6,439
      
5,700
  
Amortization of (above) below market rents, net
    
(1,733
)
    
(1,959
)
Other
    
(2,330
)
    
—
  
Changes in operating assets and liabilities:
                
Accounts receivable, net
    
(2,738
)
    
(13,140
)
Prepaid expenses and other assets, net
    
(36,554
)
    
24,504
  
Accounts payable and accrued expenses
    
(1,388
)
    
(38,773
)
Tenant refundable fees and security deposits
    
(226
)
    
(510
)
Deferred revenue
    
12,766
      
11,494
  
Net cash provided by operating activities
    
70,343
      
10,057
  
 
                
Cash Flows from Investing Activities
                
(Increase) decrease in lease security deposits and lease acquisition deposits, net
    
(1,210
)
    
13,037
  
Decrease in cash and escrow deposits — restricted
    
72
      
12,289
  
Additions to property, plant and equipment and leasehold intangibles, net
    
(108,510
)
    
(79,129
)
Acquisition of assets, net of related payables and cash received
    
(12,157
)
    
(174,305
)
Investment in unconsolidated ventures
    
(2,365
)
    
(3,923
)
Distributions received from unconsolidated ventures
    
1,724
      
—
  
Proceeds from sale of assets, net
    
45,584
      
—
  
Other
    
2,414
      
740
  
Net cash used in investing activities
    
(74,448
)
    
(231,291
)
 
                
Cash Flows from Financing Activities
                
Proceeds from debt
    
177,370
      
85,365
  
Repayment of debt and capital and financing lease obligations
    
(84,016
)
    
(47,555
)
Proceeds from line of credit
    
357,000
      
445,000
  
Repayment of line of credit
    
(457,000
)
    
(245,000
)
Payment of financing costs, net of related payables
    
(818
)
    
(1,481
)
Refundable entrance fees:
                
Proceeds from refundable entrance fees
    
535
      
36
  
Refunds of entrance fees
    
(1,128
)
    
(829
)
Cash portion of loss on extinguishment of debt
    
—
      
(44
)
Payment on lease termination
    
(4,625
)
    
(3,875
)
Other
    
(380
)
    
716
  
Net cash (used in) provided by financing activities
    
(13,062
)
    
232,333
  
Net (decrease) increase in cash and cash equivalents
    
(17,167
)
    
11,099
  
Cash and cash equivalents at beginning of period
    
88,029
      
104,083
  
Cash and cash equivalents at end of period
  
$
70,862
    
$
115,182
  
 
See accompanying notes to condensed consolidated financial statements.

6
 BROOKDALE SENIOR LIVING INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1.  Description of Business

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

Basis of Presentation
 
The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for quarterly reports on Form 10-Q. In the opinion of management, these financial statements include all adjustments necessary to present fairly the financial position, results of operations and cash flows of the Company as of March 31, 2016, and for all periods presented. The condensed consolidated financial statements are prepared on the accrual basis of accounting. All adjustments made have been of a normal and recurring nature. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. The Company believes that the disclosures included are adequate and provide a fair presentation of interim period results. Interim financial statements are not necessarily indicative of the financial position or operating results for an entire year. It is suggested that these interim financial statements be read in conjunction with the audited financial statements and the notes thereto, together with management's discussion and analysis of financial condition and results of operations, included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2015 filed with the SEC on February 12, 2016.

The results of communities and companies acquired are included in the condensed consolidated financial statements from the effective date of the respective acquisition. 

Principles of Consolidation

The condensed 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 ownership interest of consolidated entities not wholly owned by the Company are presented as noncontrolling interests in the accompanying condensed consolidated financial statements. Noncontrolling interest represents the share of consolidated entities owned by third parties. Noncontrolling interest is adjusted for the noncontrolling holder's share of additional contributions, distributions and the proportionate share of the net income or loss of each respective entity.

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 13 for more information about the Company's VIE relationships.

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 from certain skilled nursing services and ancillary charges is recognized as services are provided, and such fees are billed monthly in arrears.
7

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 condensed consolidated statements of operations. The related costs are included in "costs incurred on behalf of managed communities" on the condensed consolidated statements of operations.

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 condensed consolidated balance sheets at amounts considered by management to reasonably approximate fair value due to the short maturity.

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 (including the Company's secured credit facility but excluding capital and financing lease obligations) with a carrying value of approximately $3.9 billion as of both March 31, 2016 and December 31, 2015. 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.

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.
8

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.

New Accounting Pronouncements

In March 2016, the FASB issued Accounting Standards Update ("ASU") 2016-09, Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). ASU 2016-09 is intended to simplify the accounting for share-based payment transactions, including the accounting for income taxes and forfeitures, as well as the classification of awards and classification on the statement of cash flows. ASU 2016-09 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The Company is currently evaluating the impact the adoption of ASU 2016-09 will have on its condensed consolidated financial statements and disclosures.

In February 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02"). ASU 2016-02 requires a lessee to recognize a right-of-use asset and a lease liability for virtually all leases. ASU 2016-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, and early adoption is permitted. The Company is currently evaluating the impact that the adoption of ASU 2016-02 will have on its condensed consolidated financial statements and disclosures.

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 adopted ASU 2015-02 on January 1, 2016, and it did not have a material impact on the Company's condensed 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 condensed consolidated financial statements and disclosures.
9

Reclassifications

For the three months ended March 31, 2015, $5.3 million was reclassified between general and administrative expense and facility operating expense in the condensed consolidated statements of operations to conform to the current financial statement presentation, with no effect on the Company's consolidated financial position or results of operations. Certain other 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.

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 the three months ended March 31, 2016 and 2015, the Company reported a consolidated net loss.  As a result of the net loss, unvested restricted stock, restricted stock units and convertible debt instruments and warrants were antidilutive for each period and were not included in the computation of diluted weighted average shares.  The weighted average restricted stock and restricted stock units excluded from the calculations of diluted net loss per share were 3.9 million and 4.0 million for the three months ended March 31, 2016 and 2015, 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 March 31, 2016 and 2015, 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 March 31, 2016 and 2015, the number of shares issuable upon exercise of the warrants was approximately 10.8 million.

4.  Acquisitions and Dispositions

2016 Community Dispositions

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 condensed 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 Company evaluates the fair value of the assets held for sale each period to determine if it has changed. The long-lived assets are not depreciated while classified as held for sale.

As of December 31, 2015, the Company identified 17 communities as held for sale. Impairment charges related to communities identified as held for sale as of December 31, 2015 totaled $15.2 million and were recognized as impairment expense in the fourth quarter of 2015 within the Company's condensed consolidated statements of operations. During the three months ended March 31, 2016, the Company recognized $2.6 million of impairment charges related to communities identified as held for sale, primarily due to changes in the estimated fair value of the assets held for sale.

During the three months ended March 31, 2016, the Company sold seven of the communities previously classified as held for sale for an aggregate selling price of $46.7 million. The Company recorded a $2.7 million net gain on the sale of these communities within the Company's condensed consolidated statement of operations. The results of operations of these communities were previously reported in the Assisted Living and CCRCs – Rental segments.

As of March 31, 2016, $65.9 million was recorded as assets held for sale and $60.8 million of mortgage debt was included in the current portion of long-term debt within the Company's condensed consolidated balance sheet related to the remaining ten communities classified as held for sale. This debt will either be assumed by the prospective purchasers or be repaid with the proceeds from the sales. The sale of these communities is expected to occur 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 classified as held for sale are reported in the Assisted Living segment within the condensed consolidated financial statements.
10

2015 Community Acquisitions

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 condensed consolidated financial statements. 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 condensed consolidated statement of operations for the three months ended March 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 condensed consolidated statement of cash flows for the three months ended March 31, 2015.

5.  Stock-Based Compensation

The Company's compensation expense recorded in connection with grants of restricted stock 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.

Current year grants of restricted stock 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, 2016
    
2,855
    
$
14.49 – 18.46
    
$
41,371
  

6.  Goodwill and Other Intangible Assets, Net

The following is a summary of the carrying amount of goodwill as of March 31, 2016 and as of December 31, 2015 presented on an operating segment basis (dollars in thousands):
 
 
  
March 31, 2016
    
December 31, 2015
  
 
  
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
    
$
(721
)
  
$
27,420
  
Assisted Living
    
591,814
      
(20,348
)
    
571,466
      
591,814
      
(20,348
)
    
571,466
  
Brookdale Ancillary Services
    
126,810
      
—
      
126,810
      
126,810
      
—
      
126,810
  
Total
  
$
746,765
    
$
(21,069
)
  
$
725,696
    
$
746,765
    
$
(21,069
)
  
$
725,696
  
11

Goodwill is tested for impairment annually with a test date of October 1 or sooner if indicators of impairment are present.  The Company determined no impairment was necessary for the three months ended March 31, 2016. 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.

The following is a summary of other intangible assets at March 31, 2016 and December 31, 2015 (dollars in thousands):
 
 
  
March 31, 2016
    
December 31, 2015
  
 
  
Gross
Carrying
Amount
    
Accumulated
Amortization
    
Net
    
Gross
Carrying
Amount
    
Accumulated
Amortization
    
Net
  
Community purchase options
  
$
32,970
    
$
—
    
$
32,970
    
$
40,270
    
$
—
    
$
40,270
  
Health care licenses
    
66,612
      
—
      
66,612
      
66,612
      
—
      
66,612
  
Trade names
    
27,800
      
(16,717
)
    
11,083
      
27,800
      
(14,209
)
    
13,591
  
Other
    
13,531
      
(5,161
)
    
8,370
      
13,531
      
(4,818
)
    
8,713
  
Total
  
$
140,913
    
$
(21,878
)
  
$
119,035
    
$
148,213
    
$
(19,027
)
  
$
129,186
  

Amortization expense related to definite-lived intangible assets for the three months ended March 31, 2016 and 2015 was $2.9 million and $3.1 million, respectively. Health care licenses were determined to be indefinite-lived intangible assets and are not subject to amortization. The community 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.

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

Property, plant and equipment and leasehold intangibles, net, which include assets under capital and financing leases, consisted of the following (dollars in thousands):

 
  
March 31,
2016
    
December 31,
2015
  
Land
  
$
486,567
    
$
486,567
  
Buildings and improvements
    
5,312,297
      
5,260,826
  
Leasehold improvements
    
114,363
      
100,430
  
Furniture and equipment
    
935,707
      
895,447
  
Resident and leasehold operating intangibles
    
783,434
      
783,434
  
Construction in progress
    
121,397
      
138,054
  
Assets under capital and financing leases
    
2,921,047
      
2,909,653
  
 
    
10,674,812
      
10,574,411
  
Accumulated depreciation and amortization
    
(2,670,455
)
    
(2,543,035
)
Property, plant and equipment and leasehold intangibles, net
  
$
8,004,357
    
$
8,031,376
  

Long-lived assets with definite useful lives are depreciated or amortized on a straight-line basis over their estimated useful lives (or, in certain cases, the shorter of their estimated useful lives or the lease term) and are tested for impairment whenever indicators of impairment arise. The Company determined no impairment was necessary during the three months ended March 31, 2016.
12

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):

 
  
March 31,
2016
    
December 31,
2015
  
Mortgage notes payable due 2017 through 2047; weighted average interest rate of 4.58% for the three months ended March 31, 2016, including net debt premium and deferring financing costs of $1.3 million and $3.3 million at March 31, 2016 and December 31, 2015, respectively (weighted average interest rate of 4.51% in 2015)
  
$
3,329,740
    
$
3,246,513
  
Capital and financing lease obligations payable through 2031; weighted average interest rate of 8.07% for the three months ended March 31, 2016 (weighted average interest rate of 8.11% in 2015)
    
2,493,210
      
2,489,588
  
Convertible notes payable in aggregate principal amount of $316.3 million, less debt discount and deferred financing costs of $31.1 million and $34.3 million at March 31, 2016 and December 31, 2015, respectively, interest at 2.75% per annum, due June 2018
    
285,189
      
281,902
  
Construction financing due 2019 through 2032; weighted average interest rate of 7.76% for the three months ended March 31, 2016 (weighted average interest rate of 4.84% in 2015)
    
15,353
      
24,105
  
Notes payable issued to finance insurance premiums, weighted average interest rate of 2.94% for the three months ended March 31, 2016, due 2016
    
17,677
      
—
  
Other notes payable, weighted average interest rate of 5.24% for the three months ended March 31, 2016 (weighted average interest rate of 5.16% in 2015) and maturity dates ranging from 2016 to 2020
    
80,751
      
80,305
  
Total debt and capital and financing lease obligations
    
6,221,920
      
6,122,413
  
Less current portion
    
275,661
      
235,604
  
Total long-term debt and capital and financing lease obligations
  
$
5,946,259
    
$
5,886,809
  
 
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 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. The maturity date is January 3, 2020, and amounts drawn under the facility bear interest at 90-day LIBOR plus an applicable margin from 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 quarterly commitment fee on the unused portion of the facility is 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.

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 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.
13

The 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 agreement and all amounts owing under the agreement and certain other loan agreements becoming immediately due and payable and/or trigger cross default provisions in our other outstanding debt and lease agreements.

As of March 31, 2016, the outstanding balance under this credit facility was $210.0 million. Additionally, there were $24.2 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 separate secured and unsecured letter of credit facilities of up to $64.5 million in the aggregate as of March 31, 2016. Letters of credit totaling $62.5 million had been issued under these separate facilities as of that date.

2016 Financings

In March 2016, the Company obtained a $100.0 million supplemental loan, secured by first mortgages on ten communities. The loan bears interest at a fixed rate of 4.20% and matures on January 1, 2023. Proceeds from the loan were utilized to pay down the outstanding balance of the credit facility.

As of March 31, 2016, the Company is in compliance with the financial covenants of its outstanding debt and lease agreements.

9.  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.

10.  Supplemental Disclosure of Cash Flow Information

(dollars in thousands):
 
  
Three Months Ended
March 31,
  
 
  
2016
    
2015
  
Supplemental Disclosure of Cash Flow Information:
            
Interest paid
  
$
92,270
    
$
86,732
  
Income taxes paid
  
$
246
    
$
41
  
   Additions to property, plant and equipment and leasehold improvements
                
Property, plant and equipment and leasehold intangibles, net
  
$
79,017
    
$
79,129
  
Accounts payable
    
29,493
      
—
  
Net cash paid
  
$
108,510
    
$
79,129
  
   Acquisition of assets, net of related payables and cash received:
                
Prepaid expenses and other assets
  
$
—
    
$
(47,225
)
Property, plant and equipment and leasehold intangibles, net
    
19,457
      
184,964
  
Other intangible assets, net
    
(7,300
)
    
2,970
  
Capital and financing lease obligations
    
—
      
53,596
  
Long-term debt
    
—
      
(20,000
)
Net cash paid
  
$
12,157
    
$
174,305
  
   Proceeds from sale of assets:
                
Assets held for sale
  
$
42,714
    
$
—
  
Prepaid expenses and other assets
    
121
      
—
  
Gain on sale of assets
    
2,749
      
—
  
Net cash received
  
$
45,584
    
$
—
  

14

11.  Facility Operating Leases

The following table provides a summary of facility lease expense and the impact of straight-line adjustment and amortization of (above) below market rents and deferred gains (dollars in thousands):

 
  
Three Months Ended
March 31,
  
 
  
2016
    
2015
  
Cash basis payment
  
$
95,580
    
$
94,722
  
Straight-line expense
    
3,935
      
2,801
  
Amortization of (above) below market rent, net
    
(1,733
)
    
(1,959
)
Amortization of deferred gain
    
(1,093
)
    
(1,093
)
Facility lease expense
  
$
96,689
    
$
94,471
  

12.  Income Taxes

The difference in the Company's effective tax rates for the three months ended March 31, 2016 and 2015 was due to an increase in the valuation allowance against the Company's deferred tax assets recorded in 2016 and the negative tax benefit on the vesting of restricted stock, a direct result of the Company's lower stock price during the three months ended March 31, 2016. The Company determined that the additional valuation allowance was required after consideration of the Company's future reversal of estimated timing differences. The Company recorded a deferred federal, state and local tax benefit of $13.2 million as a result of the operating loss for the three months ended March 31, 2016, which was off-set by an increase in the valuation allowance of $14.2 million. The Company recorded an aggregate deferred federal, state and local tax benefit of $79.2 million as a result of the operating loss for the three months ended March 31, 2015. The Company evaluates its deferred tax assets each quarter to determine if a valuation allowance is required based on whether it is more likely than not that some portion of the deferred tax asset would not be realized. The Company's valuation allowance as of March 31, 2016 and December 31, 2015 is $135.8 million and $121.6 million, respectively.

The Company's current tax expense continues to mainly reflect its cash tax position for states that do not allow for or have suspended the use of net operating losses for the period.

The Company recorded interest charges related to its tax contingency reserve for cash tax positions for the three months ended March 31, 2016 and 2015 which are included in income tax expense or benefit for the period. Tax returns for years 2012 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.

13.  Variable Interest Entities

At March 31, 2016, 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, and HCP, Inc. ("HCP") owns a 49% interest, in a venture that owns and operates entry fee CCRCs (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, mortgage debt, 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).

The Company holds an equity ownership interest in each of the propco and opco of three ventures ("RIDEA Ventures") that operate senior housing communities in a RIDEA structure. The Company's equity ownership interest is 10% for two of the ventures and 20% for one venture. HCP owns the remaining 90% and 80% equity ownership interests in the RIDEA Ventures. The RIDEA Ventures have been identified as VIEs. The equity members of the RIDEA Ventures share certain operating rights, and the Company acts as manager to the opcos of the RIDEA Ventures. 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 RIDEA Ventures primarily consist of the senior housing communities that it owns, resident fees receivable, and cash and cash equivalents. The obligations of the RIDEA Ventures primarily consist of notes payable to HCP, accounts payable and accrued expenses. Assets generated by the operations of the senior housing communities (primarily rents from senior housing residents) of the RIDEA Ventures may only be used to settle its contractual obligations (primarily the notes payable and operating expenses incurred to operate the communities).
15

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 March 31, 2016 (in millions):

VIE Type
Asset Type
  
Maximum Exposure to Loss
    
Carrying Amount
  
CCRC Venture opco
Investment in unconsolidated ventures
  
$
179.2
    
$
179.2
  
RIDEA Ventures
Investment in unconsolidated ventures
  
$
124.5
    
$
124.5
  

As of March 31, 2016, the Company is not required to provide financial support, through a liquidity arrangement or otherwise, to its unconsolidated VIEs.

14.  Segment Information

As of March 31, 2016, 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.

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.

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 segment.

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.
16

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 certain segment financial and operating data (dollars in thousands):

 
  
Three Months Ended
March 31,
  
 
  
2016
    
2015
  
Revenue
            
Retirement Centers(1)
  
$
169,426
    
$
163,486
  
Assisted Living(1)
    
617,270
      
617,344
  
CCRCs - Rental(1)
    
152,260
      
155,991
  
Brookdale Ancillary Services(1)
    
122,192
      
115,411
  
Management Services(2)
    
202,008
      
195,649
  
 
  
$
1,263,156
    
$
1,247,881
  
Segment Operating Income(3)
                
Retirement Centers
  
$
74,449
    
$
70,524
  
Assisted Living
    
220,810
      
223,506
  
CCRCs - Rental
    
35,469
      
38,571
  
Brookdale Ancillary Services
    
14,518
      
22,742
  
Management Services
    
16,780
      
15,097
  
 
    
362,026
      
370,440
  
General and administrative (including non-cash stock-based compensation expense)
    
92,621
      
89,530
  
Transaction costs
    
850
      
6,742
  
Facility lease expense
    
96,689
      
94,471
  
Depreciation and amortization
    
127,137
      
220,427
  
Asset impairment
    
3,375
      
—
  
Loss on facility lease termination
    
—
      
76,143
  
Income (loss) from operations
  
$
41,354
    
$
(116,873
)

 
  
As of
  
 
  
March 31,
2016
    
December 31,
2015
  
Total assets
            
Retirement Centers
  
$
1,542,954
    
$
1,549,623
  
Assisted Living
    
6,294,576
      
6,347,178
  
CCRCs - Rental
    
1,020,500
      
1,035,371
  
Brookdale Ancillary Services
    
288,883
      
292,540
  
Corporate and Management Services
    
841,759
      
823,852
  
Total assets
  
$
9,988,672
    
$
10,048,564
  

(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 facility operating expenses (excluding depreciation and amortization).
17

Item 2.  Management's Discussion and Analysis of Financial Condition and Results of Operations

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

Certain statements in this Quarterly Report on Form 10-Q 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 Cash From Facility Operations; 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 living 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; and our ability to increase revenues, earnings, Adjusted EBITDA, Cash From Facility Operations, and/or Facility Operating Income (as such terms are defined in this Quarterly Report on Form 10-Q). 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 and dispositions; 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" included in our Annual Report on Form 10-K for the year ended December 31, 2015 and elsewhere in this Quarterly Report on Form 10-Q. 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 Quarterly Report on Form 10-Q. 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 Quarterly Report on Form 10-Q to reflect any change in our expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.
18
Executive Overview

As of March 31, 2016, we are the largest operator of senior living communities in the United States based on total capacity, with 1,121 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 March 31, 2016, we operated in five business segments: Retirement Centers, Assisted Living, Continuing Care Retirement Centers ("CCRCs") - Rental, Brookdale Ancillary Services and Management Services.

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.

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. 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.

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 continue to reinforce and refine our operating model and certain processes during 2016.

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. During the three months ended March 31, 2016, the Company sold seven of these communities previously classified as held for sale for an aggregate selling price of $46.7 million. The sale of the remaining ten 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.

We increased our liquidity position by $107.3 million during the three months ended March 31, 2016. Our total liquidity was $301.9 million as of March 31, 2016, including $70.9 million of unrestricted cash and cash equivalents and $231.0 million of availability on our secured credit facility. Proceeds from asset sales, community financings and cash flows from operations reduced the outstanding balance on our line of credit to $210.0 million.

As part of our strategic capital allocation growth strategy, we initially projected net capital expenditures of $255.0 to $265.0 million for 2016, excluding recurring capital expenditures included in Cash From Facility Operations.  During the three months ended March 31, 2016, and in an effort to grow our free cash flow, we further refined our strategic capital allocation plans for 2016 by reducing our anticipated net capital expenditures, excluding recurring capital expenditures included in Cash From Facility Operations, by $40.0 to $50.0 million.
19

The table below presents a summary of our operating results and certain other financial metrics for the three months ended March 31, 2016 and 2015 and the amount and percentage of increase or decrease of each applicable item (dollars in millions).

 
  
Three Months Ended
March 31,
    
Increase
(Decrease)
  
 
  
2016
    
2015
    
Amount
    
Percent
  
Total revenues
  
$
1,263.2
    
$
1,247.9
    
$
15.3
      
1.2
%
Facility operating expense
  
$
715.9
    
$
696.9
    
$
19.0
      
2.7
%
Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders
  
$
(48.8
)
  
$
(130.5
)
  
$
(81.7
)
    
(62.6
)%
Adjusted EBITDA
  
$
199.7
    
$
203.4
    
$
(3.8
)
    
(1.8
)%
Cash From Facility Operations
  
$
86.2
    
$
88.1
    
$
(1.9
)
    
(2.2
)%
Facility Operating Income
  
$
344.3
    
$
354.6
    
$
(10.3
)
    
(2.9
)%

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 the three months ended March 31, 2016, total revenues increased to $1.3 billion, an increase of $15.3 million, or 1.2%, over our total revenues for the three months ended March 31, 2015. Resident fees for the three months ended March 31, 2016 increased $8.9 million, or 0.8%, from the three months ended March 31, 2015. Management fees increased $1.7 million, or 11.1%, from the three months ended March 31, 2015, and reimbursed costs on behalf of managed communities increased $4.7 million, or 2.6%. The increase in resident fees during the three months ended March 31, 2016 was primarily a result of a 4.2% increase in senior housing average monthly revenue per unit compared to the prior year period. The increase was partially offset by the impact of disposition activity since the prior year period and a 190 basis point decrease in weighted average occupancy in the 934 communities we owned or leased during both full periods.

During the three months ended March 31, 2016, facility operating expenses were $715.9 million, an increase of $19.0 million, or 2.7%, as compared to the three months ended March 31, 2015.

Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders for the three months ended March 31, 2016 was ($48.8) million, or $(0.26) per basic and diluted common share, compared to net income (loss) attributable to Brookdale Senior Living Inc. common stockholders of ($130.5) million, or $(0.71) per basic and diluted common share, for the three months ended March 31, 2015.

During the three months ended March 31, 2016, our Adjusted EBITDA, Cash From Facility Operations and Facility Operating Income decreased by 1.8%, 2.2% and 2.9%, respectively, when compared to the three months ended March 31, 2015. Adjusted EBITDA includes integration, transaction, transaction-related and strategic project costs of $20.0 million for the three months ended March 31, 2016 and $27.3 million for the three months ended March 31, 2015. Cash From Facility Operations includes integration, transaction, transaction-related and strategic project costs of $20.9 million (including $1.0 million of debt modification costs excluded from Adjusted EBITDA) for the three months ended March 31, 2016 and $27.3 million for the three months ended March 31, 2015.

Consolidated Results of Operations

Three Months ended March 31, 2016 and 2015

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 condensed consolidated financial statements and the related notes, which are included in Part I, Item 1 of this Quarterly Report on Form 10-Q.
20
As of March 31, 2016 our total operations included 1,121 communities with a capacity to serve 108,315 residents.

(dollars in thousands, except average monthly revenue per unit)
  
Three Months Ended
March 31,
              
 
  
2016
    
2015
    
Increase
(Decrease)
    
% Increase
(Decrease)
  
Statement of Operations Data:
                        
Revenue
                        
Resident fees
                        
Retirement Centers
  
$
169,426
    
$
163,486
    
$
5,940
      
3.6
%
Assisted Living
    
617,270
      
617,344
      
(74
)
    
—
  
CCRCs – Rental
    
152,260
      
155,991
      
(3,731
)
    
(2.4
)%
Brookdale Ancillary Services
    
122,192
      
115,411
      
6,781
      
5.9
%
Total resident fees
    
1,061,148
      
1,052,232
      
8,916
      
0.8
%
Management services(1)
    
202,008
      
195,649
      
6,359
      
3.3
%
Total revenue
    
1,263,156
      
1,247,881
      
15,275
      
1.2
%
Expense
                                
Facility operating expense
                                
Retirement Centers
    
94,977
      
92,962
      
2,015
      
2.2
%
Assisted Living
    
396,460
      
393,838
      
2,622
      
0.7
%
CCRCs – Rental
    
116,791
      
117,420
      
(629
)
    
(0.5
)%
Brookdale Ancillary Services
    
107,674
      
92,669
      
15,005
      
16.2
%
Total facility operating expense
    
715,902
      
696,889
      
19,013
      
2.7
%
General and administrative expense
    
92,621
      
89,530
      
3,091
      
3.5
%
Transaction costs
    
850
      
6,742
      
(5,892
)
    
(87.4
)%
Facility lease expense
    
96,689
      
94,471
      
2,218
      
2.3
%
Depreciation and amortization
    
127,137
      
220,427
      
(93,290
)
    
(42.3
)%
Asset impairment
    
3,375
      
—
      
3,375
    
NM
  
Loss on facility lease termination
    
—
      
76,143
      
(76,143
)
  
NM
  
Costs incurred on behalf of managed communities
    
185,228
      
180,552
      
4,676
      
2.6
%
Total operating expense
    
1,221,802
      
1,364,754
      
(142,952
)
    
(10.5
)%
Income (loss) from operations
    
41,354
      
(116,873
)
    
158,227
      
135.4
%
Interest income
    
702
      
427
      
275
      
64.4
%
Interest expense
                                
Debt
    
(43,990
)
    
(42,348
)
    
1,642
      
3.9
%
Capital and financing lease obligations
    
(50,579
)
    
(53,203
)
    
(2,624
)
    
(4.9
)%
Amortization of deferred financing costs and debt premium (discount)
    
(2,310
)
    
(381
)
    
1,929
      
506.3
%
Change in fair value of derivatives
    
(24
)
    
(550
)
    
(526
)
    
(95.6
)%
Debt modification and extinguishment costs
    
(1,110
)
    
(44
)
    
1,066
    
NM
  
Equity in earnings of unconsolidated ventures
    
1,018
      
1,484
      
(466
)
    
(31.4
)%
Other non-operating income
    
7,787
      
2,491
      
5,296
      
212.6
%
Income (loss) before income taxes
    
(47,152
)
    
(208,997
)
    
(161,845
)
    
(77.4
)%
(Provision) benefit for income taxes
    
(1,665
)
    
78,288
      
(79,953
)
    
(102.1
)%
Net income (loss)
    
(48,817
)
    
(130,709
)
    
(81,892
)
    
(62.7
)%
Net (income) loss attributable to noncontrolling interest
    
42
      
258
      
(216
)
    
(83.7
)%
Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders
  
$
(48,775
)
  
$
(130,451
)
  
$
(81,676
)
    
(62.6
)%
 
21

 
  
Three Months Ended
March 31,
              
 
  
2016
    
2015
    
Increase
(Decrease)
    
% Increase
(Decrease)
  
Selected Operating and Other Data:
                        
Total number of communities (period end)
    
1,121
      
1,141
      
(20
)
    
(1.8
)%
Total units operated(2)
                                
Period end
    
107,574
      
109,887
      
(2,313
)
    
(2.1
)%
Weighted average
    
107,554
      
110,107
      
(2,553
)
    
(2.3
)%
Owned/leased communities units(2)
                                
Period end
    
80,927
      
82,928
      
(2,001
)
    
(2.4
)%
Weighted average
    
80,941
      
82,922
      
(1,981
)
    
(2.4
)%
Owned/leased communities occupancy rate (weighted average)
    
86.1
%
    
87.4
%
    
(1.3
)%
    
(1.5
)%
Senior Housing average monthly revenue per unit(3)
  
$
4,485
    
$
4,305
    
$
180
      
4.2
%
 
                                
Selected Segment Operating and Other Data:
                                
Retirement Centers
                                
Number of communities (period end)
    
95
      
99
      
(4
)
    
(4.0
)%
Total units(2)
                                
Period end
    
17,096
      
17,376
      
(280
)
    
(1.6
)%
Weighted average
    
17,096
      
17,369
      
(273
)
    
(1.6
)%
Occupancy rate (weighted average)
    
88.9
%
    
88.8
%
    
0.1
%
    
0.1
%
Senior Housing average monthly revenue per unit(3)
  
$
3,715
    
$
3,533
    
$
182
      
5.2
%
Assisted Living
                                
Number of communities (period end)
    
820
      
837
      
(17
)
    
(2.0
)%
Total units(2)
                                
Period end
    
53,503
      
55,072
      
(1,569
)
    
(2.8
)%
Weighted average
    
53,510
      
55,073
      
(1,563
)
    
(2.8
)%
Occupancy rate (weighted average)
    
85.6
%
    
87.2
%
    
(1.6
)%
    
(1.8
)%
Senior Housing average monthly revenue per unit(3)
  
$
4,493
    
$
4,283
    
$
210
      
4.9
%
CCRCs - Rental
                                
Number of communities (period end)
    
44
      
45
      
(1
)
    
(2.2
)%
Total units(2)
                                
Period end
    
10,328
      
10,480
      
(152
)
    
(1.5
)%
Weighted average
    
10,335
      
10,480
      
(145
)
    
(1.4
)%
Occupancy rate (weighted average)
    
84.3
%
    
86.0
%
    
(1.7
)%
    
(2.0
)%
Senior Housing average monthly revenue per unit(3)
  
$
5,790
    
$
5,744
    
$
46
      
0.8
%
Management Services
                                
Number of communities (period end)
    
162
      
160
      
2
      
1.3
%
Total units(2)
                                
Period end
    
26,647
      
26,959
      
(312
)
    
(1.2
)%
Weighted average
    
26,613
      
27,185
      
(572
)
    
(2.1
)%
Occupancy rate (weighted average)
    
87.1
%
    
86.5
%
    
0.6
%
    
0.7
%
 
                                
Brookdale Ancillary Services
                                
Outpatient Therapy treatment codes
    
509,651
      
636,413
      
(126,762
)
    
(19.9
)%
Home Health average census
    
16,490
      
13,767
      
2,723
      
19.8
%

(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.
22

Resident Fees

Resident fee revenue increased $8.9 million, or 0.8%, over the prior year period primarily as a result of an increase in the average monthly revenue per unit compared to the prior year period. During the current period, revenues grew 1.5% at the 934 communities we owned or leased during both full periods with a 3.7% increase in the average monthly revenue per unit (excluding amortization of entrance fees in both instances). The increase was partially offset by the impact of disposition activity since the prior year period and a 190 basis point decrease in weighted average occupancy in the 934 communities we owned or leased during both full periods.

Retirement Centers segment revenue increased $5.9 million, or 3.6%, primarily due to an increase in average monthly revenue per unit at the communities we operated during both full periods. The increase was partially offset by the impact of disposition activity since the prior year period as well as a decrease in occupancy at the communities we operated during both full periods.

Assisted Living segment revenue decreased $0.1 million, primarily due to the impact of disposition and lease termination activity since the prior year period as well as a decrease in occupancy at the communities we operated during both full periods. The decrease was partially offset by an increase in average monthly revenue per unit at the communities we operated during both full periods.

CCRCs - Rental segment revenue decreased $3.7 million, or 2.4%, primarily due to the impact of disposition activity since the prior year period as well as a decrease in occupancy at the communities we operated during both full periods. The decrease was partially offset by an increase in average monthly revenue per unit at the communities we operated during both full periods.

Brookdale Ancillary Services segment revenue increased $6.8 million, or 5.9%, primarily 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.

Management Services Revenue

Management Services segment revenue, including management fees and reimbursed costs incurred on behalf of managed communities, increased $6.4 million, or 3.3%, primarily due to additional costs incurred on behalf of managed communities resulting from increases in salaries and wages and other facility operating expenses at the communities operated in both periods.

Facility Operating Expense

Facility operating expense increased over the prior year period primarily due to an increase in salaries and wages arising from rate increases and an extra day of expense due to the leap year. The increase was partially offset by the impact of disposition activity since the prior year period.

Retirement Centers segment operating expenses increased $2.0 million, or 2.2%, primarily driven by an increase in salaries and wages arising from wage rate increases. The increase was partially offset by disposition activity since the prior year period.

Assisted Living segment operating expenses increased $2.6 million, or 0.7%, primarily driven by an increase in salaries and wages arising from wage rate increases. The increase was partially offset by disposition and lease termination activity since the prior year period.

CCRCs - Rental segment operating expenses decreased $0.6 million, or 0.5%, primarily driven by disposition activity since the prior year period. The decrease was partially offset by increases in salaries and wages due to wage rate increases.

Brookdale Ancillary Services segment operating expenses increased $15.0 million, or 16.2%, primarily due to expense increases in connection with higher census and increased salaries and wage expense as additional employees were hired to roll out services to communities acquired as part of the Emeritus transaction.
23

General and Administrative Expense

General and administrative expense increased $3.1 million, or 3.5%, over the prior year period primarily as a result of an increase in strategic project costs. Strategic project costs include costs associated with certain strategic projects related to refining the Company's strategy, building out enterprise-wide capabilities for the post-merger platform (including the electronic medical records ("EMR") roll-out project) and reducing costs and achieving synergies by capitalizing on scale.

Transaction Costs

Transaction costs for the three months ended March 31, 2015 were $6.7 million. Transaction costs in the prior year period are primarily related to direct costs related to acquisition and community leasing activity.

Facility Lease Expense

Facility lease expense increased $2.2 million, or 2.3%, primarily due to annual rent increases.

Depreciation and Amortization

Depreciation and amortization expense decreased $93.3 million, or 42.3%, primarily due to amortization of in-place lease intangibles acquired as part of our acquisition of Emeritus reaching full amortization subsequent to the prior year period.

Asset Impairment

Asset impairment for the three months ended March 31, 2016 was $3.4 million primarily due to a decrease in the estimated selling price of assets held for sale.

Loss on Facility Lease Termination

A loss on facility lease termination of $76.1 million was recognized during the three months ended March 31, 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 $4.7 million, or 2.6%, primarily due to additional costs incurred on behalf of managed communities resulting from increases in salaries and wages and other facility operating expenses at the communities operated in both full periods.

Interest Expense

Interest expense increased $0.4 million, or 0.4%, primarily due to interest paid on our credit facility.

Income Taxes

The difference in our effective tax rates for the three months ended March 31, 2016 and 2015 was primarily due to recording a valuation allowance against our deferred tax assets and the impact of the negative tax benefit recorded on the vesting of restricted stock during the three months ended March 31, 2016. We recorded an aggregate deferred federal, state and local tax benefit of $13.2 million as a result of the operating loss for the three months ended March 31, 2016, which was off-set by an increase in the valuation allowance of $14.2 million. We recorded an aggregate deferred federal, state and local tax benefit of $79.2 million as a result of the operating loss for the three months ended March 31, 2015.  We evaluate our deferred tax assets each quarter to determine if a valuation allowance is required based on whether it is more likely than not that some portion of the deferred tax asset would not be realized.  Our valuation allowance as of March 31, 2016 and December 31, 2015 is $135.8 million and $121.6 million, respectively.

We recorded interest charges related to our tax contingency reserve for cash tax positions for the three months ended March 31, 2016 and 2015 which are included in income tax expense (benefit) for the period.  Tax returns for years 2012 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.

24
Liquidity and Capital Resources

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

   
Three Months Ended
March 31,
  
   
2016
    
2015
  
Cash provided by operating activities
  
$
70,343
    
$
10,057
  
Cash used in investing activities
    
(74,448
)
    
(231,291
)
Cash (used in) provided by financing activities
    
(13,062
)
    
232,333
  
Net (decrease) increase in cash and cash equivalents
    
(17,167
)
    
11,099
  
Cash and cash equivalents at beginning of period
    
88,029
      
104,083
  
Cash and cash equivalents at end of period
  
$
70,862
    
$
115,182
  

The increase in cash provided by operating activities of $60.3 million was attributable primarily to the payment of $81.4 million of cash during the prior year period to terminate 15 community leases upon the acquisition of the underlying real estate associated with the communities.

The decrease in cash used in investing activities of $156.8 million was primarily attributable to the acquisition of assets related to our acquisition of 15 previously leased communities in the prior year period.

The change in cash (used in) provided by financing activities period over period was primarily attributable to the proceeds from draws on our secured credit facility in connection with certain acquisitions during the prior year period.

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.

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, branding and other strategic projects); and
•
prior to 2009, dividend payments.

25
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 information systems and other strategic projects).

We are highly leveraged and have significant debt and lease obligations. As of March 31, 2016, 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 $64.5 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 March 31, 2016.

At March 31, 2016, we had $3.9 billion of debt outstanding, including $210.0 million drawn on our secured credit facility and excluding capital and financing lease obligations, at a weighted-average interest rate of 4.8% (calculated using an imputed interest rate of 7.5% for our 2.75% convertible senior notes due 2018). At March 31, 2016, we had $2.5 billion of capital and financing lease obligations and $86.7 million of letters of credit had been issued under our letter of credit facilities. Approximately $275.7 million of our debt and capital and financing lease obligations are included in current liabilities within our condensed consolidated balance sheet as of March 31, 2016. The current portion of long-term debt includes $60.8 million of mortgage debt related to ten communities classified as held for sale. This debt will either be assumed by the prospective purchasers or be repaid with the proceeds from the sales. We also have substantial operating lease obligations and capital expenditure requirements. For the year ending March 31, 2017, we will be required to make approximately $391.6 million of payments in connection with our existing operating leases.

At March 31, 2016, we had $388.4 million of negative working capital. We had $70.9 million of cash and cash equivalents at March 31, 2016, excluding cash and escrow deposits-restricted and lease security deposits of $111.4 million in the aggregate. As of that date, we also had $231.0 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. 

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. We currently have nine Program Max projects that have been approved, most of which have begun construction and are expected to generate 240 net new units.

26
As part of our strategic capital allocation growth strategy, we initially projected net capital expenditures of $255.0 to $265.0 million for 2016, excluding recurring capital expenditures included in Cash From Facility Operations.  During the three months ended March 31, 2016, and in an effort to grow our free cash flow, we further refined our strategic capital allocation plans for 2016 by reducing our anticipated net capital expenditures, excluding recurring capital expenditures included in Cash From Facility Operations, by $40.0 to $50.0 million. The following table summarizes our actual capital expenditures for the three months ended March 31, 2016 as well as our anticipated capital expenditures for the year ended December 31, 2016 for our consolidated communities (dollars in millions):

   
Actual Three Months Ended
March 31, 2016
    
Anticipated 2016 Range
  
   Recurring
  
$
15.3
    
$
74.0 - 81.0
  
   Less: reimbursements
    
(2.0
)
    
(9.0 - 11.0
)
     Net recurring(1)
    
13.3
      
65.0 - 70.0
  
   Net EBITDA-enhancing / Major Projects(2)
    
32.5
      
115.0 - 120.0
  
   Net Program Max(3)
    
4.2
      
45.0 - 45.0
  
   Corporate, integration and other(4)
    
11.3
      
50.0 - 55.0
  
Total capital expenditures
  
$
61.2
    
$
275.0 - 290.0
  

(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. Amount shown for the three months ended March 31, 2016 is the amount invested, net of third party lessor funding of $7.0 million. Anticipated amounts shown for 2016 are amounts invested or anticipated to be invested, net of approximately $19.0 million to $22.0 million of lessor reimbursements received or anticipated to be received.
 
(3) Includes community expansions and major repositioning or upgrade projects.  Also includes de novo community developments.  Amount shown for the three months ended March 31, 2016 is the amount invested, net of third party lessor funding of $8.8 million. Anticipated amounts shown for 2016 are amounts invested or anticipated to be invested, net of approximately $35.0 million to $38.0 million of lessor reimbursements received or anticipated to be received.

(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.

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 $63.0 million to $71.0 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.

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.
27

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.

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 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. The maturity date is January 3, 2020, and amounts drawn under the facility bear interest at 90-day LIBOR plus an applicable margin from 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 quarterly commitment fee on the unused portion of the facility is 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.

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 first priority mortgages on certain of our communities. In addition, the 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.

The 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 agreement and all amounts owing under the 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 March 31, 2016, we had $210.0 million drawn, $24.2 million of letters of credit outstanding and $231.0 million of availability on our secured credit facility. We also had separate secured and unsecured letter of credit facilities of up to $64.5 million in the aggregate as of March 31, 2016. Letters of credit totaling $62.5 million had been issued under these separate facilities as of that date.

As of March 31, 2016, we are in compliance with the financial covenants of our outstanding debt and lease agreements.

28
Contractual Commitments

Significant ongoing commitments consist primarily of leases, debt, purchase commitments and certain other long-term liabilities. For a summary and complete presentation and description of our ongoing commitments and contractual obligations, see the "Contractual Commitments" section of Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended December 31, 2015 filed with the SEC on February 12, 2016.

There have been no material changes outside the ordinary course of business in our contractual commitments during the three months ended March 31, 2016.

Off-Balance Sheet Arrangements

As of March 31, 2016, 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 13 to the condensed 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 quarterly report on Form 10-Q 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 to or as a substitute for net income (loss), income (loss) from operations, cash flows provided by or used in operations, or other financial measures determined in accordance with GAAP.  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;

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

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

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

•
amortization of deferred gain;
29

•
amortization of deferred entrance fees;

•
non-cash stock-based compensation expense; and

•
change in future service obligation;

and including:

•
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); and

•
Cash From Facility Operations from unconsolidated ventures.

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.
30

The table below reconciles Adjusted EBITDA from net income (loss) for the three months ended March 31, 2016 and 2015 (in thousands):

 
  
Three Months Ended
March 31,
  
 
  
2016(1)
    
2015(1)
  
Net income (loss)
  
$
(48,817
)
  
$
(130,709
)
Provision (benefit) for income taxes
    
1,665
      
(78,288
)
Equity in earnings of unconsolidated ventures
    
(1,018
)
    
(1,484
)
Debt modification and extinguishment costs
    
1,110
      
44
  
Other non-operating income
    
(7,787
)
    
(2,491
)
Interest expense:
                
Debt
    
43,990
      
42,348
  
Capital and financing lease obligations
    
50,579
      
53,203
  
Amortization of deferred financing costs and debt (premium) discount
    
2,310
      
381
  
Change in fair value of derivatives
    
24
      
550
  
Interest income
    
(702
)
    
(427
)
Income (loss) from operations
    
41,354
      
(116,873
)
Depreciation and amortization
    
127,137
      
220,427
  
Asset impairment
    
3,375
      
—
  
Loss on facility lease termination
    
—
      
76,143
  
Straight-line lease expense (income)
    
3,935
      
2,801
  
Amortization of (above) below market lease, net
    
(1,733
)
    
(1,959
)
Amortization of deferred gain
    
(1,093
)
    
(1,093
)
Amortization of entrance fees
    
(926
)
    
(767
)
Non-cash stock-based compensation expense
    
9,769
      
8,873
  
Entrance fee receipts(2)
    
3,622
      
2,491
  
Entrance fee disbursements
    
(1,128
)
    
(829
)
CFFO from unconsolidated ventures
    
15,354
      
14,213
  
Adjusted EBITDA
  
$
199,666
    
$
203,427
  

(1) For the three months ended March 31, 2016, the calculation of Adjusted EBITDA includes integration, transaction, transaction-related and strategic project costs of $20.0 million. For the three months ended March 31, 2015, the calculation of Adjusted EBITDA includes integration, transaction, transaction-related and strategic project costs of $27.3 million. 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 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. Strategic project costs include costs associated with certain strategic projects related to refining the Company's strategy, building out enterprise-wide capabilities for the post-merger platform (including the EMR roll-out project) and reducing costs and achieving synergies by capitalizing on scale.

(2) Includes the receipt of refundable and non-refundable entrance fees.
31

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:

•
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);

•
Cash From Facility Operations from unconsolidated ventures;

•
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.
32

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.

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 for periods prior to the fourth quarter of 2015.  As used herein, CFFO is defined and calculated beginning with net income (loss).  Previously, we defined and calculated CFFO beginning with net cash provided by (used in) operations.  The reconciliation for the prior period has 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 the prior period. 

33
The table below reconciles CFFO from net income (loss) for the three months ended March 31, 2016 and 2015 (in thousands):

 
  
Three Months Ended
March 31,(1)
  
 
  
2016
    
2015
  
Net income (loss)
  
$
(48,817
)
  
$
(130,709
)
Deferred income tax provision (benefit)
    
934
      
(79,237
)
Other non-operating income
    
(7,787
)
    
(2,491
)
Equity in earnings of unconsolidated ventures
    
(1,018
)
    
(1,484
)
Debt modification and extinguishment costs
    
1,110
      
44
  
Interest expense
                
   Amortization of deferred financing costs and debt (premium) discount
    
2,310
      
381
  
   Change in fair value of derivatives
    
24
      
550
  
Non-cash interest expense on financing lease obligations
    
6,439
      
5,700
  
Loss on facility lease termination
    
—
      
76,143
  
Depreciation and amortization
    
127,137
      
220,427
  
Asset impairment
    
3,375
      
—
  
Straight-line lease expense (income)
    
3,935
      
2,801
  
Amortization of (above) below market lease, net
    
(1,733
)
    
(1,959
)
Amortization of deferred gain
    
(1,093
)
    
(1,093
)
Amortization of entrance fees
    
(926
)
    
(767
)
Non-cash stock-based compensation expense
    
9,769
      
8,873
  
Entrance fee receipts(2)
    
3,622
      
2,491
  
Entrance fee disbursements
    
(1,128
)
    
(829
)
CFFO from unconsolidated ventures
    
15,354
      
14,213
  
Recurring capital expenditures, net
    
(13,281
)
    
(15,003
)
Lease financing debt amortization with fair market value or no purchase option
    
(13,809
)
    
(12,439
)
Other
    
1,737
      
2,491
  
Cash From Facility Operations
  
$
86,154
    
$
88,103
  

(1)
For the three months ended March 31, 2016, the calculation of CFFO includes integration, transaction, transaction-related and strategic project costs of $20.9 million (including $1.0 million of debt modification costs excluded from Adjusted EBITDA). For the three months ended March 31, 2015, the calculation of CFFO includes integration, transaction, transaction-related and strategic project costs of $27.3 million. 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 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. Strategic project costs include costs associated with certain strategic projects related to refining the Company's strategy, building out enterprise-wide capabilities for the post-merger platform (including the EMR roll-out project) and reducing costs and achieving synergies by capitalizing on scale.

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


34
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;

•
amortization of deferred entrance fee revenue;

•
change in future service obligation; and

•
management fees.

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.
35

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.

The table below reconciles Facility Operating Income from net income (loss) for the three months ended March 31, 2016 and 2015 (dollars in thousands):

   
Three Months Ended
March 31,
  
   
2016
    
2015
  
Net income (loss)
  
$
(48,817
)
  
$
(130,709
)
Provision (benefit) for income taxes
    
1,665
      
(78,288
)
Equity in earnings of unconsolidated ventures
    
(1,018
)
    
(1,484
)
Debt modification and extinguishment costs
    
1,110
      
44
  
Other non-operating income
    
(7,787
)
    
(2,491
)
Interest expense:
                
Debt
    
43,990
      
42,348
  
Capital and financing lease obligations
    
50,579
      
53,203
  
Amortization of deferred financing costs and debt (premium) discount
    
2,310
      
381
  
Change in fair value of derivatives
    
24
      
550
  
Interest income
    
(702
)
    
(427
)
Income (loss) from operations
    
41,354
      
(116,873
)
Loss on facility lease termination
    
—
      
76,143
  
Depreciation and amortization
    
127,137
      
220,427
  
Asset impairment
    
3,375
      
—
  
Facility lease expense
    
96,689
      
94,471
  
General and administrative (including non-cash stock-based compensation expense)
    
92,621
      
89,530
  
Transaction costs
    
850
      
6,742
  
Amortization of entrance fees
    
(926
)
    
(767
)
Management fees
    
(16,780
)
    
(15,097
)
Facility Operating Income
  
$
344,320
    
$
354,576
  
36

Item 3.  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 March 31, 2016, we had approximately $2.5 billion of long-term fixed rate debt, $1.5 billion of long-term variable rate debt, including our secured credit facility, and $2.5 billion of capital and financing lease obligations. As of March 31, 2016, our total fixed-rate debt and variable-rate debt outstanding had a weighted-average interest rate of 4.8% (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 March 31, 2016, $2.5 billion, or 62.8%, of our long-term debt, excluding our capital and financing lease obligations, has fixed rates. As of March 31, 2016, $949.9 million, or 24.1%, of our long-term debt, excluding capital and financing lease obligations, is subject to interest rate cap agreements. The remaining $516.0 million, or 13.1%, 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 $14.8 million, a 500 basis point increase in interest rates would have an impact of $64.1 million and a 1,000 basis point increase in interest rates would have an impact of $91.4 million.


Item 4.  Controls and Procedures

Evaluation of Disclosure Controls and Procedures

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 as such term is defined under Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this report. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer each concluded that, as of March 31, 2016, our disclosure controls and procedures were effective.

Changes in 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 March 31, 2016 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II.  OTHER INFORMATION

Item 1.  Legal Proceedings

The information contained in Note 9 to the Condensed Consolidated Financial Statements contained in Part I, Item 1 of this Quarterly Report on Form 10-Q is incorporated herein by this reference.

Item 1A.  Risk Factors

There have been no material changes to the risk factors set forth in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2015.

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

(a)
Not applicable.

(b)
Not applicable.

(c)
The following table contains information regarding purchases of our common stock made during the quarter ended March 31, 2016 by or on behalf of the Company or any ''affiliated purchaser,'' as defined by Rule 10b-18(a)(3) of the Exchange Act:
 
Period
  
Total
Number of
Shares
Purchased (1)
    
Average
Price Paid
per Share
    
Total Number of
Shares Purchased as
Part of Publicly
Announced Plans
or Programs
    
Maximum Number of
Shares that May Yet Be
Purchased Under the
Plans or Programs (2)
  
01/01/16 - 01/31/16
    
-
    
$
-
      
-
      
-
  
02/01/16 - 02/29/16
    
57,918
      
14.49
      
-
      
-
  
03/01/16 - 03/31/16
    
7,978
      
15.83
      
-
      
-
  
Total
    
65,896
    
$
14.65
      
-
      
-
  
 
(1)
Consists entirely of shares withheld to satisfy tax liabilities due upon the vesting of restricted stock.

(2)
See Note 14 to the consolidated financial statements contained in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2015, filed with the SEC on February 12, 2016, which is incorporated herein by reference, for information regarding our share repurchase program.  No shares were purchased pursuant to this authorization during the three months ended March 31, 2016.  As of March 31, 2016, approximately $82.4 million remains available under this share repurchase authorization.

Item 6.  Exhibits

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


38

SIGNATURES

Pursuant to the requirements 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.
 
 
(Registrant)
 
 
 
 
 
By:
/s/ Lucinda M. Baier
 
 
Name:
Lucinda M. Baier
 
 
Title:
Chief Financial Officer
(Principal Financial Officer)
 
 
Date:
May 10, 2016
 
 
 
 
 

39

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
  
Form of Restricted Share Agreement under the Brookdale Senior Living Inc. 2014 Omnibus Incentive Plan (the "Omnibus Incentive Plan") (Time-Vesting Form for Executive Committee Members).
10.2
  
Form of Restricted Share Agreement under the Omnibus Incentive Plan (Time-Vesting Form for Executive Vice Presidents).
10.3
  
Form of Restricted Share Agreement under the Omnibus Incentive Plan (Performance-Vesting Form for Executive Committee Members).
10.4
  
Form of Restricted Share Agreement under the Omnibus Incentive Plan (Performance-Vesting Form for Executive Vice Presidents).
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.


40
 EX-10.1 2 exh10_1.htm FORM OF RESTRICTED SHARE AGREEMENT
Exhibit 10.1

RESTRICTED SHARE AGREEMENT
UNDER THE BROOKDALE SENIOR LIVING INC.
 2014 OMNIBUS INCENTIVE PLAN
This Award Agreement (this "Restricted Share Agreement"), dated as of ________, _____ (the "Date of Grant"), is made by and between Brookdale Senior Living Inc., a Delaware corporation (the "Company"), and _________________ (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.
 
1. Grant of Restricted Shares.  The Company hereby grants to the Participant _______________ 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 employment of the Participant by the Company or one of its Subsidiaries or Affiliates as of each such vesting date:




Notwithstanding the foregoing, upon the occurrence of 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 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 Employment.  Subject to the following paragraph, upon termination of the Participant's employment with the Company and its Subsidiaries and Affiliates 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 [either (i)] the Participant's employment is terminated by the Company (or its successor) or a Subsidiary or Affiliate without Cause, [(ii) the Participant terminates employment for Good Reason (as defined in the Employment Agreement by and between the Company and the Participant, dated as of February 11, 2013, as amended),] or [in the event that the Participant's / (iii) the Participant's] employment 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.1  Notwithstanding the foregoing or any provision hereof to the contrary, in the event that either (i) the Participant's employment is terminated by the Company (or its successor) or a Subsidiary or Affiliate without Cause, or (ii) the Participant terminates employment for Good Reason [(as defined in the Brookdale Senior Living Inc. Severance Pay Policy, Tier I, as amended)], in either case on or after the effective date of a Change in Control but prior to twelve (12) months following such Change in Control, then any Restricted Shares that are not vested as of the date of such termination shall immediately vest.
(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):
 

1 The language in this sentence regarding termination by the Participant for Good Reason is included only in the Company's CEO's award agreement.
2
 
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 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.
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10. Taxes.  The Participant shall pay to the Company promptly upon request, and in any event at the time the Participant recognizes taxable income with respect to the Restricted Shares (or, if the Participant makes an election under Section 83(b) of the Code in connection with such grant), an amount equal to the taxes the Company determines it is required to withhold under applicable tax laws with respect to the Restricted Shares.  In lieu of paying such amount to the Company, the Participant may satisfy the foregoing requirement by, on or before the date such amount is due, either (i) electing to have the Company withhold from delivery of Shares or other property, as applicable, or (ii) with the approval of the Administrator, in its sole discretion, delivering already owned unrestricted shares of Common Stock, in each case having a value equal to the minimum amount of tax required to be withheld.  Such shares shall be valued at their Fair Market Value on the date as of which the amount of tax to be withheld is determined.  Fractional share amounts shall be settled in cash.  The Participant shall promptly notify the Company of any 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.

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. Restrictive Covenants.  The Participant acknowledges that during the period of his or her employment with the Company or any Subsidiary or Affiliate, he or she shall have access to the Company's Confidential Information (as defined below) and will meet and develop relationships with the Company's employees, clients, customers and suppliers.
(a) Noncompetition. The Participant agrees that during the period of his employment with the Company and for the one (1) year period immediately following the termination of such employment for any reason or for no reason, the Participant shall not directly or indirectly, either as a principal, agent, employee, employer, consultant, partner, shareholder of a closely held corporation or shareholder in excess of five percent of a publicly traded corporation, corporate officer or director, or in any other individual or representative capacity, engage or otherwise participate in any manner or fashion in any business that is a Competing Business in the Area. The Participant further covenants and agrees that this restrictive covenant is reasonable as to duration, terms and geographical area and that the same protects the legitimate interests of the Company and its affiliates, imposes no undue hardship on the Participant, is not injurious to the public, and that any violation of this restrictive covenant shall be specifically enforceable in any court with jurisdiction upon short notice. Solely for purposes of this  paragraph: "Area" means a 15 mile radius of any senior living facility owned, managed or
4
 
 
operated by the Company (or its successor) at the time Participant's employment is terminated; and "Competing Business" means the business of owning, operating or managing senior living facilities having gross annualized revenues of at least $35 million or owning, operating or managing, in the aggregate, at least 1,000 units/beds provided that at least 750 units/beds owned, operated or managed by such business are located within the Area.
(b) Solicitation of Employees, Etc.  The Participant agrees that during the period of his employment with the Company and for the two (2) year period immediately following the date of termination of the Participant's employment with the Company or any subsidiary for any reason, the Participant shall not, directly or indirectly, solicit or induce any officer, director, employee, agent or consultant of the Company or any of its successors, assigns, subsidiaries or affiliates to terminate his, her or its employment or other relationship with the Company or its successors, assigns, subsidiaries or affiliates for the purpose of associating with any competitor of the Company or its successors, assigns, subsidiaries or affiliates, or otherwise encourage any such person or entity to leave or sever his, her or its employment or other relationship with the Company or its successors, assigns, subsidiaries or affiliates, for any other reason.
(c) Solicitation of Clients, Etc.  The Participant agrees that during the period of his employment with the Company and for the two (2) year period immediately following the date of termination of the Participant's employment with the Company or any subsidiary, the Participant shall not, directly or indirectly, solicit or induce (i) any customers or clients of the Company or its successors, assigns, subsidiaries or affiliates or (ii) any vendors, suppliers or consultants then under contract to the Company or its successors, assigns, subsidiaries or affiliates, to terminate his, her or its relationship with the Company or its successors, assigns, subsidiaries or affiliates, for the purpose of associating with any competitor of the Company or its successors, assigns, subsidiaries or affiliates, or otherwise encourage such customers or clients, or vendors, suppliers or consultants then under contract, to terminate his, her or its relationship with the Company or its successors, assigns, subsidiaries or affiliates, for any other reason.  Nothing in this Section applies to those customers, clients, vendors, suppliers, or consultants who did not conduct business with the Company, or its successors, assigns, subsidiaries or affiliates, during the Participant's employment with the Company.
(d) Disparaging Comments.  The [Company and the] Participant [agrees / agree] that during the period of the Participant's employment with the Company and [at all times] thereafter, [(i)] the Participant shall not make any disparaging or defamatory comments regarding the Company[, and the Company shall not make or issue any public statements which are disparaging or defamatory regarding the Participant, and (ii)] [or,] after termination of the Participant's employment relationship with the Company, [neither party shall] make any comments concerning any aspect of the termination of their relationship.  The obligations of [the Company or] the Participant under this subsection shall not apply to disclosures required by applicable law, regulation or order of any court or governmental agency.2 


2 The language regarding the Company's obligations in this section is included only in the Company's CEO's award agreement.
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(e) Confidentiality.  All books of account, records, systems, correspondence, documents, and any and all other data, in whatever form, concerning or containing any reference to the works and business of the Company or its affiliated companies shall belong to the Company and shall be given up to the Company whenever the Company requires the Participant to do so.  The Participant agrees that the Participant shall not at any time during the term of the Participant's employment or thereafter, without the Company's prior written consent, disclose to any person (individual or entity) any information or any trade secrets, plans or other information or data, in whatever form (including, without limitation, (a) any financing strategies and practices, pricing information and methods, training and operational procedures, advertising, marketing, and sales information or methodologies or financial information and (b) any Proprietary Information (as defined below)), concerning the Company's or any of its affiliated companies' or customers' practices, businesses, procedures, systems, plans or policies (collectively, "Confidential Information"), nor shall the Participant utilize any such Confidential Information in any way or communicate with or contact any such customer other than in connection with the Participant's employment by the Company or any Subsidiary or Affiliate.  The Participant hereby confirms that all Confidential Information constitutes the Company's exclusive property, and that all of the restrictions on the Participant's activities contained in this Restricted Share Agreement and such other nondisclosure policies of the Company are required for the Company's reasonable protection. Confidential Information shall not include any information that has otherwise been disclosed to the public not in violation of this Restricted Share Agreement. This confidentiality provision shall survive the termination of this Restricted Share Agreement and shall not be limited by any other confidentiality agreements entered into with the Company or any of its affiliates.
With respect to any Confidential Information that constitutes a "trade secret" pursuant to applicable law, the restrictions described above shall remain in force for so long as the particular information remains a trade secret or for the two year period immediately following termination of Participant's employment for any reason, whichever is longer.  With respect to any Confidential Information that does not constitute a "trade secret" pursuant to applicable law, the restrictions described above shall remain in force during Participant's employment and for the two year period immediately following termination of Participant's employment for any reason.
The Participant agrees that the Participant shall promptly disclose to the Company in writing all information and inventions generated, conceived or first reduced to practice by him or her alone or in conjunction with others, during or after working hours, while in the employ of the Company (all of which is collectively referred to in this Restricted Share Agreement as "Proprietary Information"); provided, however, that such Proprietary Information shall not include (a) any information that has otherwise been disclosed to the public not in violation of this Restricted Share Agreement and (b) general business knowledge and work skills of the Participant, even if developed or improved by the Participant while in the employ of the Company.  All such Proprietary Information shall be the exclusive property of the Company and is hereby assigned by the Participant to the Company.  The Participant's obligation relative to the disclosure to the Company of such Proprietary Information anticipated in this Section shall continue beyond the Participant's termination of employment and the Participant shall, at the Company's expense, give the Company all assistance it reasonably requires to perfect, protect and use its right to the Proprietary Information.
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Nothing contained in this Section shall limit any common law or statutory obligation that the Participant may have to the Company or any of its affiliates.  For purposes of this Section, the "Company" refers to the Company and any incorporated or unincorporated affiliates of the Company, including any entity which becomes the Participant's employer as a result of any reorganization or restructuring of the Company for any reason.  The Company shall be entitled, in connection with its tax planning or other reasons, to terminate the Participant's employment (which termination shall not be considered a termination for any purposes of this Restricted Share Agreement, any employment agreement or otherwise) in connection with an invitation from another affiliate of the Company to accept employment with such affiliate in which case the terms and conditions hereof shall apply to the Participant's employment relationship with such entity mutatis mutandis.
13. 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.
14. 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.
15. 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.  To the extent the terms of Section 12 above conflict with any prior agreement between the parties related to such subject matter, the more restrictive provision shall be deemed to apply.  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.
16. 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.  The terms of Section 12 shall expressly survive the forfeiture of the Restricted Shares and this Restricted Share Agreement.
17. 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.
18. Compliance with Stock Ownership and Retention Guidelines.  The Participant hereby agrees to comply with the Company's Stock Ownership and Retention Guidelines (as amended from time to time, the "Guidelines"), to the extent such Guidelines are applicable, or become applicable, to the Participant.  The Participant further acknowledges that, if he or she is not in compliance with such Guidelines (if applicable), the Administrator may refrain from issuing additional equity awards to the Participant and/or elect to pay the Participant's annual bonus in the form of vested or unvested Common Stock.
19. Agreement Not a Contract for Services.  Neither the Plan, the granting of
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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.
20. 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.
21. 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 liability that may arise as a result of the transactions contem-plated by this Restricted Share Agreement.
22. 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.
23. 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.]
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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:  _______________________________
  
 
Name:
  
 
Title:
  
     
     
 
_______________
  
     
 
___________________________________
  
 
Participant
  

 
 

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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-10.2 3 exh10_2.htm FORM OF RESTRICTED SHARE AGREEMENT
Exhibit 10.2
 

RESTRICTED SHARE AGREEMENT
UNDER THE BROOKDALE SENIOR LIVING INC.
 2014 OMNIBUS INCENTIVE PLAN
This Award Agreement (this "Restricted Share Agreement"), dated as of ________ (the "Date of Grant"), is made by and between Brookdale Senior Living Inc., a Delaware corporation (the "Company"), and _________________ (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.
1. Grant of Restricted Shares.  The Company hereby grants to the Participant ________________ 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 employment of the Participant by the Company or one of its Subsidiaries or Affiliates as of each such vesting date:





Notwithstanding the foregoing, upon the occurrence of 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 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 Employment.  Subject to the following paragraph, upon termination of the Participant's employment with the Company and
 
 
its Subsidiaries and Affiliates 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 employment is terminated by the Company (or its successor) or a Subsidiary or Affiliate without Cause, or in the event that the Participant's employment 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.  Notwithstanding the foregoing or any provision hereof to the contrary, in the event that either (i) the Participant's employment is terminated by the Company (or its successor) or a Subsidiary or Affiliate without Cause, or (ii) the Participant terminates employment for Good Reason (as defined in the Brookdale Senior Living Inc. Severance Pay Policy, Tier I, as amended), in either case on or after the effective date of a Change in Control but prior to twelve (12) months following such Change in Control, then any Restricted Shares that are not vested as of the date of such termination shall immediately vest.
(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
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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 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 pay to the Company promptly upon request, and in any event at the time the Participant recognizes taxable income with respect to the Restricted Shares (or, if the Participant makes an election under Section 83(b) of the Code in connection with such grant), an amount equal to the taxes the Company determines it is required to withhold under applicable tax laws with respect to the Restricted Shares.  In lieu of paying
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such amount to the Company, the Participant may satisfy the foregoing requirement by, on or before the date such amount is due, either (i) electing to have the Company withhold from delivery of Shares or other property, as applicable, or (ii) with the approval of the Administrator, in its sole discretion, delivering already owned unrestricted shares of Common Stock, in each case having a value equal to the minimum amount of tax required to be withheld.  Such shares shall be valued at their Fair Market Value on the date as of which the amount of tax to be withheld is determined.  Fractional share amounts shall be settled in cash.  The Participant shall promptly notify the Company of any 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.

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. Restrictive Covenants.  The Participant acknowledges that during the period of his or her employment with the Company or any Subsidiary or Affiliate, he or she shall have access to the Company's Confidential Information (as defined below) and will meet and develop relationships with the Company's employees, clients, customers and suppliers.
(a) Solicitation of Employees, Etc.  The Participant agrees that during the period of his employment with the Company and for the two (2) year period immediately following the date of termination of the Participant's employment with the Company or any subsidiary for any reason, the Participant shall not, directly or indirectly, solicit or induce any officer, director, employee, agent or consultant of the Company or any of its successors, assigns, subsidiaries or affiliates to terminate his, her or its employment or other relationship with the Company or its successors, assigns, subsidiaries or affiliates for the purpose of associating with any competitor of the Company or its successors, assigns, subsidiaries or affiliates, or otherwise encourage any such person or entity to leave or sever his, her or its employment or other relationship with the Company or its successors, assigns, subsidiaries or affiliates, for any other reason.
(b) Solicitation of Clients, Etc.  The Participant agrees that during the period of his employment with the Company and for the two (2) year period immediately following the date of termination of the Participant's employment with the Company or any subsidiary, the Participant shall not, directly or indirectly, solicit or induce (i) any customers or clients of the Company or its successors, assigns, subsidiaries or affiliates or (ii) any vendors, suppliers or consultants then under contract to the Company or its successors, assigns,
4
 
 
subsidiaries or affiliates, to terminate his, her or its relationship with the Company or its successors, assigns, subsidiaries or affiliates, for the purpose of associating with any competitor of the Company or its successors, assigns, subsidiaries or affiliates, or otherwise encourage such customers or clients, or vendors, suppliers or consultants then under contract, to terminate his, her or its relationship with the Company or its successors, assigns, subsidiaries or affiliates, for any other reason.  Nothing in this Section applies to those customers, clients, vendors, suppliers, or consultants who did not conduct business with the Company, or its successors, assigns, subsidiaries or affiliates, during the Participant's employment with the Company.
(c) Disparaging Comments.  The Participant agrees that during the period of the Participant's employment with the Company and thereafter, the Participant shall not make any disparaging or defamatory comments regarding the Company or, after termination of his employment relationship with the Company, make any comments concerning any aspect of the termination of their relationship.  The obligations of the Participant under this subsection shall not apply to disclosures required by applicable law, regulation or order of any court or governmental agency.
(d) Confidentiality.  All books of account, records, systems, correspondence, documents, and any and all other data, in whatever form, concerning or containing any reference to the works and business of the Company or its affiliated companies shall belong to the Company and shall be given up to the Company whenever the Company requires the Participant to do so.  The Participant agrees that the Participant shall not at any time during the term of the Participant's employment or thereafter, without the Company's prior written consent, disclose to any person (individual or entity) any information or any trade secrets, plans or other information or data, in whatever form (including, without limitation, (a) any financing strategies and practices, pricing information and methods, training and operational procedures, advertising, marketing, and sales information or methodologies or financial information and (b) any Proprietary Information (as defined below)), concerning the Company's or any of its affiliated companies' or customers' practices, businesses, procedures, systems, plans or policies (collectively, "Confidential Information"), nor shall the Participant utilize any such Confidential Information in any way or communicate with or contact any such customer other than in connection with the Participant's employment by the Company or any Subsidiary or Affiliate.  The Participant hereby confirms that all Confidential Information constitutes the Company's exclusive property, and that all of the restrictions on the Participant's activities contained in this Restricted Share Agreement and such other nondisclosure policies of the Company are required for the Company's reasonable protection. Confidential Information shall not include any information that has otherwise been disclosed to the public not in violation of this Restricted Share Agreement. This confidentiality provision shall survive the termination of this Restricted Share Agreement and shall not be limited by any other confidentiality agreements entered into with the Company or any of its affiliates.
With respect to any Confidential Information that constitutes a "trade secret" pursuant to applicable law, the restrictions described above shall remain in force for so long as the particular information remains a trade secret or for the two year period immediately following termination of Participant's employment for any reason, whichever is longer.  With respect to any Confidential Information that does not constitute a "trade secret" pursuant to applicable law, the
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restrictions described above shall remain in force during Participant's employment and for the two year period immediately following termination of Participant's employment for any reason.
The Participant agrees that the Participant shall promptly disclose to the Company in writing all information and inventions generated, conceived or first reduced to practice by him or her alone or in conjunction with others, during or after working hours, while in the employ of the Company (all of which is collectively referred to in this Restricted Share Agreement as "Proprietary Information"); provided, however, that such Proprietary Information shall not include (a) any information that has otherwise been disclosed to the public not in violation of this Restricted Share Agreement and (b) general business knowledge and work skills of the Participant, even if developed or improved by the Participant while in the employ of the Company.  All such Proprietary Information shall be the exclusive property of the Company and is hereby assigned by the Participant to the Company.  The Participant's obligation relative to the disclosure to the Company of such Proprietary Information anticipated in this Section shall continue beyond the Participant's termination of employment and the Participant shall, at the Company's expense, give the Company all assistance it reasonably requires to perfect, protect and use its right to the Proprietary Information.
Nothing contained in this Section shall limit any common law or statutory obligation that the Participant may have to the Company or any of its affiliates.  For purposes of this Section, the "Company" refers to the Company and any incorporated or unincorporated affiliates of the Company, including any entity which becomes the Participant's employer as a result of any reorganization or restructuring of the Company for any reason.  The Company shall be entitled, in connection with its tax planning or other reasons, to terminate the Participant's employment (which termination shall not be considered a termination for any purposes of this Restricted Share Agreement, any employment agreement or otherwise) in connection with an invitation from another affiliate of the Company to accept employment with such affiliate in which case the terms and conditions hereof shall apply to the Participant's employment relationship with such entity mutatis mutandis.
13. 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.
14. 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.
15. 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.  To the extent the terms of Section 12 above conflict with any prior agreement between the parties related to such subject matter, the more restrictive provision shall be deemed to apply.  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.
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16. 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.  The terms of Section 12 shall expressly survive the forfeiture of the Restricted Shares and this Restricted Share Agreement.
17. 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.
18. Compliance with Stock Ownership and Retention Guidelines.  The Participant hereby agrees to comply with the Company's Stock Ownership and Retention Guidelines (as amended from time to time, the "Guidelines"), to the extent such Guidelines are applicable, or become applicable, to the Participant.  The Participant further acknowledges that, if he or she is not in compliance with such Guidelines (if applicable), the Administrator may refrain from issuing additional equity awards to the Participant and/or elect to pay the Participant's annual bonus in the form of vested or unvested Common Stock.
19. 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.
20. 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.
21. 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 liability that may arise as a result of the transactions contem-plated by this Restricted Share Agreement.
22. 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
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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.
23. 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.]
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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:
  
 
Name:
  
 
Title:
  
     
     
 
_________________
  
     
 
___________________________________
  
 
Participant
  


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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-10.3 4 exh10_3.htm FORM OF RESTRICTED SHARE AGREEMENT
Exhibit 10.3
 

RESTRICTED SHARE AGREEMENT
UNDER THE BROOKDALE SENIOR LIVING INC.
 2014 OMNIBUS INCENTIVE PLAN
This Award Agreement (this "Restricted Share Agreement"), dated as of ________, ________ (the "Date of Grant"), is made by and between Brookdale Senior Living Inc., a Delaware corporation (the "Company"), and _______________ (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.

WHEREAS, the Compensation Committee of the Company's Board of Directors (the "Compensation Committee") has awarded the Participant shares of restricted stock that are subject to performance-based vesting conditions, subject to the Participant's agreement to the terms and conditions set forth in this Restricted Share Agreement; and

WHEREAS, the performance targets applicable to the shares have been previously established by the Compensation Committee and are set forth on Exhibits A and B hereto.

NOW, THEREFORE, in consideration of the premises and mutual promises herein contained, it is agreed as follows:
1. Grant of Restricted Shares.  The Company hereby grants to the Participant ________ 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 restrictions on transfer set forth in Section 2(b) hereof shall lapse as follows:
(A) Up to seventy-five percent (75%) of the Restricted Shares may vest on the first vesting date, February 27, 2019, with the exact percentage vesting being determined by the degree to which the performance targets based on the Company's three year compound annual growth rate ("CAGR") of Adjusted Cash From Facility Operations ("CFFO") per share have been met, in accordance with the schedule set forth on Exhibit A hereto.  Any Restricted Shares scheduled to vest on the first vesting date which do not vest on the first vesting date shall be forfeited.
(B) Up to twenty-five percent (25%) of the Restricted Shares may vest on the second vesting date, February 27, 2020, with the exact percentage vesting being determined by the degree to which the performance targets based on the Company's calendar year 2019 return on investment ("ROI") on all Program Max projects either (i) approved in 2016
 
 
and completed prior to the end of 2017 or (ii) approved prior to 2016 and completed during 2017, have been met, in accordance with the schedule set forth on Exhibit B hereto.  Any Restricted Shares scheduled to vest on the second vesting date which do not vest on the second vesting date shall be forfeited.
Except as otherwise specifically set forth herein, vesting on any vesting date is subject to the continued employment of the Participant by the Company or one of its Subsidiaries or Affiliates as of such vesting date.  Notwithstanding the foregoing, upon the occurrence of 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 effective upon the date of the Change in Control; provided, however, (i) if the Change in Control occurs on or prior to February 27, 2017, 25% of the Restricted Shares shall immediately vest and (ii) if the Change in Control occurs after February 27, 2017 but on or prior to February 27, 2018, 50% of the Restricted Shares shall immediately vest.  In addition, upon the occurrence of a Change in Control, any tranches of Restricted Shares that would otherwise be subject to any of the performance-vesting requirements set forth in this subsection 2(a)(i) will be converted into time-vesting only tranches, vesting on the same vesting dates initially established for each such tranche, subject only to the Participant's continued employment by the Company or one of its Subsidiaries or Affiliates, and regardless of whether, or the extent to which, any such performance-vesting goals are achieved.  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 Employment.  Subject to the following paragraphs, upon termination of the Participant's employment with the Company and its Subsidiaries and Affiliates 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 [either (i)] the Participant's employment is terminated by the Company (or its successor) or a Subsidiary or Affiliate without Cause, [(ii) the Participant terminates employment for Good Reason (as defined in the Employment Agreement by and between the Company and the Participant, dated as of February 11, 2013, as amended),] or [in the event that the Participant's / (iii) the Participant's] employment is terminated by death or Disability (either before or after a Change in Control), the tranche of Restricted Shares normally subject to vesting at the next vesting date shall remain subject hereto until the vesting date that immediately follows such termination (subject to earlier vesting upon the occurrence of an intervening Change in Control), with any remaining Restricted Shares being forfeited upon the date of such termination; provided, however, (i) if the termination occurs on or prior to February 27, 2017, 25% of the Restricted Shares shall remain outstanding and shall be eligible to vest on February 27, 2017 in accordance with the following sentences (with any remaining
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Restricted Shares being immediately forfeited upon the date of termination) and (ii) if the termination occurs after February 27, 2017 but on or prior to February 27, 2018, 50% of the Restricted Shares shall remain outstanding and shall be eligible to vest on February 27, 2018 in accordance with the following sentences (with any remaining Restricted Shares being immediately forfeited upon the date of termination).1  If the Restricted Shares scheduled to vest on the next vesting date are subject to performance-vesting under subsections 2(a)(i)(A) or (B) above, upon such vesting date the same number of Restricted Shares shall vest as would have vested if the Participant had remained employed by the Company on such vesting date (if any), and the remaining Restricted Shares (if any) shall be forfeited; provided, however, (i) with respect to a termination that occurs on or prior to February 27, 2017, the number of Restricted Shares that shall vest shall be determined assuming that the performance target applicable to such Restricted Shares was based on the Company's one year CAGR of Adjusted CFFO per share, in accordance with the schedule set forth on Exhibit A hereto and (ii) with respect to a termination that occurs after February 27, 2017 but on or prior to February 27, 2018, the number of Restricted Shares that shall vest shall be determined assuming that the performance target applicable to such Restricted Shares was based on the Company's two year CAGR of Adjusted CFFO per share, in accordance with the schedule set forth on Exhibit A hereto.  If the Restricted Shares scheduled to vest on the next vesting date are subject only to time-vesting (as a result of a previous Change in Control), such Restricted Shares shall immediately vest.
Notwithstanding the foregoing or any provision hereof to the contrary, in the event that either (i) the Participant's employment is terminated by the Company (or its successor) or a Subsidiary or Affiliate without Cause, or (ii) the Participant terminates employment for Good Reason [(as defined in the Brookdale Senior Living Inc. Severance Pay Policy, Tier I, as amended)], in either case on or after the effective date of a Change in Control but prior to twelve (12) months following such Change in Control, then any Restricted Shares that are not vested as of the date of such termination shall immediately vest.
(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 performance-vesting goals set forth in subsection 2(a)(i) and 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
 
 
1 The language in this sentence regarding termination by the Participant for Good Reason is included only in the Company's CEO's award agreement.
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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 the terms of the Restricted Shares; provided that, subject to Section 5 of the Plan and Section 20 hereof, 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
 
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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 pay to the Company promptly upon request, and in any event at the time the Participant recognizes taxable income with respect to the Restricted Shares (or, if the Participant makes an election under Section 83(b) of the Code in connection with such grant), an amount equal to the taxes the Company determines it is required to withhold under applicable tax laws with respect to the Restricted Shares.  In lieu of paying such amount to the Company, the Participant may satisfy the foregoing requirement by, on or before the date such amount is due, either (i) electing to have the Company withhold from delivery of Shares or other property, as applicable, or (ii) with the approval of the Administrator, in its sole discretion, delivering already owned unrestricted shares of Common Stock, in each case having a value equal to the minimum amount of tax required to be withheld.  Such shares shall be valued at their Fair Market Value on the date as of which the amount of tax to be withheld is determined.  Fractional share amounts shall be settled in cash.  The Participant shall promptly notify the Company of any election made pursuant to Section 83(b) of the Code.  A form of such election is attached hereto as Exhibit C.

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.

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. Restrictive Covenants.  The Participant acknowledges that during the period of his or her employment with the Company or any Subsidiary or Affiliate, he or she shall have access to the Company's Confidential Information (as defined below) and will meet and develop relationships with the Company's employees, clients, customers and suppliers.
(a) Noncompetition. The Participant agrees that during the period of his employment with the Company and for the one (1) year period immediately following the termination of such employment for any reason or for no reason, the Participant shall not directly or indirectly, either as a principal, agent, employee, employer, consultant, partner, shareholder of a closely held corporation or shareholder in excess of five percent of a publicly traded corporation, corporate officer or director, or in any other individual or representative capacity, engage or otherwise participate in any manner or fashion in any business that is a Competing Business in the Area. The Participant further covenants and agrees that this restrictive covenant
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is reasonable as to duration, terms and geographical area and that the same protects the legitimate interests of the Company and its affiliates, imposes no undue hardship on the Participant, is not injurious to the public, and that any violation of this restrictive covenant shall be specifically enforceable in any court with jurisdiction upon short notice. Solely for purposes of this  paragraph: "Area" means a 15 mile radius of any senior living facility owned, managed or operated by the Company (or its successor) at the time Participant's employment is terminated; and "Competing Business" means the business of owning, operating or managing senior living facilities having gross annualized revenues of at least $35 million or owning, operating or managing, in the aggregate, at least 1,000 units/beds provided that at least 750 units/beds owned, operated or managed by such business are located within the Area.
(b) Solicitation of Employees, Etc.  The Participant agrees that during the period of his employment with the Company and for the two (2) year period immediately following the date of termination of the Participant's employment with the Company or any subsidiary for any reason, the Participant shall not, directly or indirectly, solicit or induce any officer, director, employee, agent or consultant of the Company or any of its successors, assigns, subsidiaries or affiliates to terminate his, her or its employment or other relationship with the Company or its successors, assigns, subsidiaries or affiliates for the purpose of associating with any competitor of the Company or its successors, assigns, subsidiaries or affiliates, or otherwise encourage any such person or entity to leave or sever his, her or its employment or other relationship with the Company or its successors, assigns, subsidiaries or affiliates, for any other reason.
(c) Solicitation of Clients, Etc.  The Participant agrees that during the period of his employment with the Company and for the two (2) year period immediately following the date of termination of the Participant's employment with the Company or any subsidiary, the Participant shall not, directly or indirectly, solicit or induce (i) any customers or clients of the Company or its successors, assigns, subsidiaries or affiliates or (ii) any vendors, suppliers or consultants then under contract to the Company or its successors, assigns, subsidiaries or affiliates, to terminate his, her or its relationship with the Company or its successors, assigns, subsidiaries or affiliates, for the purpose of associating with any competitor of the Company or its successors, assigns, subsidiaries or affiliates, or otherwise encourage such customers or clients, or vendors, suppliers or consultants then under contract, to terminate his, her or its relationship with the Company or its successors, assigns, subsidiaries or affiliates, for any other reason.  Nothing in this Section applies to those customers, clients, vendors, suppliers, or consultants who did not conduct business with the Company, or its successors, assigns, subsidiaries or affiliates, during the Participant's employment with the Company.
(d) Disparaging Comments.  The [Company and the] Participant [agrees / agree] that during the period of the Participant's employment with the Company and [at all times] thereafter, [(i)] the Participant shall not make any disparaging or defamatory comments regarding the Company[, and the Company shall not make or issue any public statements which are disparaging or defamatory regarding the Participant, and (ii)] [or,] after termination of the Participant's employment relationship with the Company, [neither party shall] make any comments concerning any aspect of the termination of their relationship.  The obligations of [the
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Company or] the Participant under this subsection shall not apply to disclosures required by applicable law, regulation or order of any court or governmental agency.2
(e) Confidentiality.  All books of account, records, systems, correspondence, documents, and any and all other data, in whatever form, concerning or containing any reference to the works and business of the Company or its affiliated companies shall belong to the Company and shall be given up to the Company whenever the Company requires the Participant to do so.  The Participant agrees that the Participant shall not at any time during the term of the Participant's employment or thereafter, without the Company's prior written consent, disclose to any person (individual or entity) any information or any trade secrets, plans or other information or data, in whatever form (including, without limitation, (a) any financing strategies and practices, pricing information and methods, training and operational procedures, advertising, marketing, and sales information or methodologies or financial information and (b) any Proprietary Information (as defined below)), concerning the Company's or any of its affiliated companies' or customers' practices, businesses, procedures, systems, plans or policies (collectively, "Confidential Information"), nor shall the Participant utilize any such Confidential Information in any way or communicate with or contact any such customer other than in connection with the Participant's employment by the Company or any Subsidiary or Affiliate.  The Participant hereby confirms that all Confidential Information constitutes the Company's exclusive property, and that all of the restrictions on the Participant's activities contained in this Restricted Share Agreement and such other nondisclosure policies of the Company are required for the Company's reasonable protection. Confidential Information shall not include any information that has otherwise been disclosed to the public not in violation of this Restricted Share Agreement. This confidentiality provision shall survive the termination of this Restricted Share Agreement and shall not be limited by any other confidentiality agreements entered into with the Company or any of its affiliates.
With respect to any Confidential Information that constitutes a "trade secret" pursuant to applicable law, the restrictions described above shall remain in force for so long as the particular information remains a trade secret or for the two year period immediately following termination of Participant's employment for any reason, whichever is longer.  With respect to any Confidential Information that does not constitute a "trade secret" pursuant to applicable law, the restrictions described above shall remain in force during Participant's employment and for the two year period immediately following termination of Participant's employment for any reason.
The Participant agrees that the Participant shall promptly disclose to the Company in writing all information and inventions generated, conceived or first reduced to practice by him or her alone or in conjunction with others, during or after working hours, while in the employ of the Company (all of which is collectively referred to in this Restricted Share Agreement as "Proprietary Information"); provided, however, that such Proprietary Information shall not include (a) any information that has otherwise been disclosed to the public not in violation of this Restricted Share Agreement and (b) general business knowledge and work skills of the Participant, even if developed or improved by the Participant while in the employ of the Company.  All such Proprietary Information shall be the exclusive property of the Company and
 


2 The language regarding the Company's obligations in this section is included only in the Company's CEO's award agreement.
7
 
 
is hereby assigned by the Participant to the Company.  The Participant's obligation relative to the disclosure to the Company of such Proprietary Information anticipated in this Section shall continue beyond the Participant's termination of employment and the Participant shall, at the Company's expense, give the Company all assistance it reasonably requires to perfect, protect and use its right to the Proprietary Information.
Nothing contained in this Section shall limit any common law or statutory obligation that the Participant may have to the Company or any of its affiliates.  For purposes of this Section, the "Company" refers to the Company and any incorporated or unincorporated affiliates of the Company, including any entity which becomes the Participant's employer as a result of any reorganization or restructuring of the Company for any reason.  The Company shall be entitled, in connection with its tax planning or other reasons, to terminate the Participant's employment (which termination shall not be considered a termination for any purposes of this Restricted Share Agreement, any employment agreement or otherwise) in connection with an invitation from another affiliate of the Company to accept employment with such affiliate in which case the terms and conditions hereof shall apply to the Participant's employment relationship with such entity mutatis mutandis.
13. 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.
14. 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.
15. 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.  To the extent the terms of Section 12 above conflict with any prior agreement between the parties related to such subject matter, the more restrictive provision shall be deemed to apply.  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.
16. 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.  The terms of Section 12 shall expressly survive the forfeiture of the Restricted Shares and this Restricted Share Agreement.
17. 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.
18. Compliance with Stock Ownership and Retention Guidelines.  The Participant hereby agrees to comply with the Company's Stock Ownership and Retention Guidelines (as amended from time to time, the "Guidelines"), to the extent such Guidelines are
 
8
 
 
applicable, or become applicable, to the Participant.  The Participant further acknowledges that, if he or she is not in compliance with such Guidelines (if applicable), the Administrator may refrain from issuing additional equity awards to the Participant and/or elect to pay the Participant's annual bonus in the form of vested or unvested Common Stock.
19. 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.
20. Authority of the Administrator.  The Administrator shall have full authority to interpret and construe the terms of the Plan and this Restricted Share Agreement (including, without limitation, the authority to determine whether, and the extent to which, any performance-vesting goals have been achieved).  Pursuant to the terms of the Plan, the Administrator shall also have full authority to make equitable adjustments to any performance-vesting goals in recognition of unusual or non-recurring events affecting the Company or any Subsidiary or Affiliate or the financial statements of the Company or any Subsidiary or Affiliate, in response to changes in applicable laws or regulations, or to account for items of gain, loss or expense determined to be extraordinary or unusual in nature or infrequent in occurrence or related to the disposal of a segment of a business or related to a change in accounting principles.  The determination of the Administrator as to any such matter(s) set forth in this Section 20 shall be final, binding and conclusive.
21. 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 liability that may arise as a result of the transactions contem-plated by this Restricted Share Agreement.
22. 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.
9
 
23. 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.]
10
 
 
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:  _______________________________
  
 
Name:
  
 
Title:
  
     
     
 
________________
  
     
 
___________________________________
  
 
Participant
  

 
 

11
 
 
EXHIBIT A


[Intentionally Omitted]




12
 
 
EXHIBIT B


[Intentionally Omitted]





13
 
 
NOTE:  Should you wish to make an election under Section 83(b), please contact the
Compensation Department

EXHIBIT C
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-10.4 5 exh10_4.htm FORM OF RESTRICTED SHARE AGREEMENT
Exhibit 10.4
 

 
RESTRICTED SHARE AGREEMENT
UNDER THE BROOKDALE SENIOR LIVING INC.
 2014 OMNIBUS INCENTIVE PLAN

This Award Agreement (this "Restricted Share Agreement"), dated as of  ________ (the "Date of Grant"), is made by and between Brookdale Senior Living Inc., a Delaware corporation (the "Company"), and _________________ (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.

WHEREAS, the Compensation Committee of the Company's Board of Directors (the "Compensation Committee") has awarded the Participant shares of restricted stock that are subject to performance-based vesting conditions, subject to the Participant's agreement to the terms and conditions set forth in this Restricted Share Agreement; and

WHEREAS, the performance targets applicable to the shares have been previously established by the Compensation Committee and are set forth on Exhibits A and B hereto.

NOW, THEREFORE, in consideration of the premises and mutual promises herein contained, it is agreed as follows:

1.          Grant of Restricted Shares.  The Company hereby grants to the Participant _________ 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 restrictions on transfer set forth in Section 2(b) hereof shall lapse as follows:

(A)          Up to seventy-five percent (75%) of the Restricted Shares may vest on the first vesting date, February 27, 2019, with the exact percentage vesting being determined by the degree to which the performance targets based on the Company's three year compound annual growth rate ("CAGR") of Adjusted Cash From Facility Operations ("CFFO") per share have been met, in accordance with the schedule set forth on Exhibit A hereto.  Any Restricted Shares scheduled to vest on the first vesting date which do not vest on the first vesting date shall be forfeited.

(B)          Up to twenty-five percent (25%) of the Restricted Shares may vest on the second vesting date, February 27, 2020, with the exact percentage vesting being determined by the degree to which the performance targets based on the Company's calendar year 2019 return on investment ("ROI") on all Program Max projects either (i) approved in 2016
 
 
and completed prior to the end of 2017 or (ii) approved prior to 2016 and completed during 2017, have been met, in accordance with the schedule set forth on Exhibit B hereto.  Any Restricted Shares scheduled to vest on the second vesting date which do not vest on the second vesting date shall be forfeited.

Except as otherwise specifically set forth herein, vesting on any vesting date is subject to the continued employment of the Participant by the Company or one of its Subsidiaries or Affiliates as of such vesting date.  Notwithstanding the foregoing, upon the occurrence of 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 effective upon the date of the Change in Control; provided, however, (i) if the Change in Control occurs on or prior to February 27, 2017, 25% of the Restricted Shares shall immediately vest and (ii) if the Change in Control occurs after February 27, 2017 but on or prior to February 27, 2018, 50% of the Restricted Shares shall immediately vest.  In addition, upon the occurrence of a Change in Control, any tranches of Restricted Shares that would otherwise be subject to any of the performance-vesting requirements set forth in this subsection 2(a)(i) will be converted into time-vesting only tranches, vesting on the same vesting dates initially established for each such tranche, subject only to the Participant's continued employment by the Company or one of its Subsidiaries or Affiliates, and regardless of whether, or the extent to which, any such performance-vesting goals are achieved.  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 Employment.  Subject to the following paragraphs, upon termination of the Participant's employment with the Company and its Subsidiaries and Affiliates 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 employment is terminated by the Company (or its successor) or a Subsidiary or Affiliate without Cause, or in the event that the Participant's employment is terminated by death or Disability (either before or after a Change in Control), the tranche of Restricted Shares normally subject to vesting at the next vesting date shall remain subject hereto until the vesting date that immediately follows such termination (subject to earlier vesting upon the occurrence of an intervening Change in Control), with any remaining Restricted Shares being forfeited upon the date of such termination; provided, however, (i) if the termination occurs on or prior to February 27, 2017, 25% of the Restricted Shares shall remain outstanding and shall be eligible to vest on February 27, 2017 in accordance with the following sentences (with any remaining Restricted Shares being immediately forfeited upon the date of termination) and (ii) if the termination occurs after February 27, 2017 but on or prior to February 27, 2018, 50% of the Restricted Shares shall remain outstanding and shall be
2
 
 
eligible to vest on February 27, 2018 in accordance with the following sentences (with any remaining Restricted Shares being immediately forfeited upon the date of termination).  If the Restricted Shares scheduled to vest on the next vesting date are subject to performance-vesting under subsections 2(a)(i)(A) or (B) above, upon such vesting date the same number of Restricted Shares shall vest as would have vested if the Participant had remained employed by the Company on such vesting date (if any), and the remaining Restricted Shares (if any) shall be forfeited; provided, however, (i) with respect to a termination that occurs on or prior to February 27, 2017, the number of Restricted Shares that shall vest shall be determined assuming that the performance target applicable to such Restricted Shares was based on the Company's one year CAGR of Adjusted CFFO per share, in accordance with the schedule set forth on Exhibit A hereto and (ii) with respect to a termination that occurs after February 27, 2017 but on or prior to February 27, 2018, the number of Restricted Shares that shall vest shall be determined assuming that the performance target applicable to such Restricted Shares was based on the Company's two year CAGR of Adjusted CFFO per share, in accordance with the schedule set forth on Exhibit A hereto.  If the Restricted Shares scheduled to vest on the next vesting date are subject only to time-vesting (as a result of a previous Change in Control), such Restricted Shares shall immediately vest.

Notwithstanding the foregoing or any provision hereof to the contrary, in the event that either (i) the Participant's employment is terminated by the Company (or its successor) or a Subsidiary or Affiliate without Cause, or (ii) the Participant terminates employment for Good Reason (as defined in the Brookdale Senior Living Inc. Severance Pay Policy, Tier I, as amended), in either case on or after the effective date of a Change in Control but prior to twelve (12) months following such Change in Control, then any Restricted Shares that are not vested as of the date of such termination shall immediately vest.

(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 performance-vesting goals set forth in subsection 2(a)(i) and 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):

3
 
 
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 the terms of the Restricted Shares; provided that, subject to Section 5 of the Plan and Section 20 hereof, 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.
 
4

 
10.          Taxes.  The Participant shall pay to the Company promptly upon request, and in any event at the time the Participant recognizes taxable income with respect to the Restricted Shares (or, if the Participant makes an election under Section 83(b) of the Code in connection with such grant), an amount equal to the taxes the Company determines it is required to withhold under applicable tax laws with respect to the Restricted Shares.  In lieu of paying such amount to the Company, the Participant may satisfy the foregoing requirement by, on or before the date such amount is due, either (i) electing to have the Company withhold from delivery of Shares or other property, as applicable, or (ii) with the approval of the Administrator, in its sole discretion, delivering already owned unrestricted shares of Common Stock, in each case having a value equal to the minimum amount of tax required to be withheld.  Such shares shall be valued at their Fair Market Value on the date as of which the amount of tax to be withheld is determined.  Fractional share amounts shall be settled in cash.  The Participant shall promptly notify the Company of any election made pursuant to Section 83(b) of the Code.  A form of such election is attached hereto as Exhibit C.

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.

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.          Restrictive Covenants.  The Participant acknowledges that during the period of his or her employment with the Company or any Subsidiary or Affiliate, he or she shall have access to the Company's Confidential Information (as defined below) and will meet and develop relationships with the Company's employees, clients, customers and suppliers.

(a)          Solicitation of Employees, Etc.  The Participant agrees that during the period of his employment with the Company and for the two (2) year period immediately following the date of termination of the Participant's employment with the Company or any subsidiary for any reason, the Participant shall not, directly or indirectly, solicit or induce any officer, director, employee, agent or consultant of the Company or any of its successors, assigns, subsidiaries or affiliates to terminate his, her or its employment or other relationship with the Company or its successors, assigns, subsidiaries or affiliates for the purpose of associating with any competitor of the Company or its successors, assigns, subsidiaries or affiliates, or otherwise encourage any such person or entity to leave or sever his, her or its employment or other relationship with the Company or its successors, assigns, subsidiaries or affiliates, for any other reason.

(b)          Solicitation of Clients, Etc.  The Participant agrees that during the
5
 
 
period of his employment with the Company and for the two (2) year period immediately following the date of termination of the Participant's employment with the Company or any subsidiary, the Participant shall not, directly or indirectly, solicit or induce (i) any customers or clients of the Company or its successors, assigns, subsidiaries or affiliates or (ii) any vendors, suppliers or consultants then under contract to the Company or its successors, assigns, subsidiaries or affiliates, to terminate his, her or its relationship with the Company or its successors, assigns, subsidiaries or affiliates, for the purpose of associating with any competitor of the Company or its successors, assigns, subsidiaries or affiliates, or otherwise encourage such customers or clients, or vendors, suppliers or consultants then under contract, to terminate his, her or its relationship with the Company or its successors, assigns, subsidiaries or affiliates, for any other reason.  Nothing in this Section applies to those customers, clients, vendors, suppliers, or consultants who did not conduct business with the Company, or its successors, assigns, subsidiaries or affiliates, during the Participant's employment with the Company.

(c)          Disparaging Comments.  The Participant agrees that during the period of the Participant's employment with the Company and thereafter, the Participant shall not make any disparaging or defamatory comments regarding the Company or, after termination of his employment relationship with the Company, make any comments concerning any aspect of the termination of their relationship.  The obligations of the Participant under this subsection shall not apply to disclosures required by applicable law, regulation or order of any court or governmental agency.

(d)          Confidentiality.  All books of account, records, systems, correspondence, documents, and any and all other data, in whatever form, concerning or containing any reference to the works and business of the Company or its affiliated companies shall belong to the Company and shall be given up to the Company whenever the Company requires the Participant to do so.  The Participant agrees that the Participant shall not at any time during the term of the Participant's employment or thereafter, without the Company's prior written consent, disclose to any person (individual or entity) any information or any trade secrets, plans or other information or data, in whatever form (including, without limitation, (a) any financing strategies and practices, pricing information and methods, training and operational procedures, advertising, marketing, and sales information or methodologies or financial information and (b) any Proprietary Information (as defined below)), concerning the Company's or any of its affiliated companies' or customers' practices, businesses, procedures, systems, plans or policies (collectively, "Confidential Information"), nor shall the Participant utilize any such Confidential Information in any way or communicate with or contact any such customer other than in connection with the Participant's employment by the Company or any Subsidiary or Affiliate.  The Participant hereby confirms that all Confidential Information constitutes the Company's exclusive property, and that all of the restrictions on the Participant's activities contained in this Restricted Share Agreement and such other nondisclosure policies of the Company are required for the Company's reasonable protection. Confidential Information shall not include any information that has otherwise been disclosed to the public not in violation of this Restricted Share Agreement. This confidentiality provision shall survive the termination of this Restricted Share Agreement and shall not be limited by any other confidentiality agreements entered into with the Company or any of its affiliates.
6
 
 
With respect to any Confidential Information that constitutes a "trade secret" pursuant to applicable law, the restrictions described above shall remain in force for so long as the particular information remains a trade secret or for the two year period immediately following termination of Participant's employment for any reason, whichever is longer.  With respect to any Confidential Information that does not constitute a "trade secret" pursuant to applicable law, the restrictions described above shall remain in force during Participant's employment and for the two year period immediately following termination of Participant's employment for any reason.

The Participant agrees that the Participant shall promptly disclose to the Company in writing all information and inventions generated, conceived or first reduced to practice by him or her alone or in conjunction with others, during or after working hours, while in the employ of the Company (all of which is collectively referred to in this Restricted Share Agreement as "Proprietary Information"); provided, however, that such Proprietary Information shall not include (a) any information that has otherwise been disclosed to the public not in violation of this Restricted Share Agreement and (b) general business knowledge and work skills of the Participant, even if developed or improved by the Participant while in the employ of the Company.  All such Proprietary Information shall be the exclusive property of the Company and is hereby assigned by the Participant to the Company.  The Participant's obligation relative to the disclosure to the Company of such Proprietary Information anticipated in this Section shall continue beyond the Participant's termination of employment and the Participant shall, at the Company's expense, give the Company all assistance it reasonably requires to perfect, protect and use its right to the Proprietary Information.

Nothing contained in this Section shall limit any common law or statutory obligation that the Participant may have to the Company or any of its affiliates.  For purposes of this Section, the "Company" refers to the Company and any incorporated or unincorporated affiliates of the Company, including any entity which becomes the Participant's employer as a result of any reorganization or restructuring of the Company for any reason.  The Company shall be entitled, in connection with its tax planning or other reasons, to terminate the Participant's employment (which termination shall not be considered a termination for any purposes of this Restricted Share Agreement, any employment agreement or otherwise) in connection with an invitation from another affiliate of the Company to accept employment with such affiliate in which case the terms and conditions hereof shall apply to the Participant's employment relationship with such entity mutatis mutandis.

13.          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.

14.          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.

15.          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.  To the extent the terms of Section 12 above conflict with any prior agreement between the parties
7
 
 
related to such subject matter, the more restrictive provision shall be deemed to apply.  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.

16.          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.  The terms of Section 12 shall expressly survive the forfeiture of the Restricted Shares and this Restricted Share Agreement.

17.          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.

18.          Compliance with Stock Ownership and Retention Guidelines.  The Participant hereby agrees to comply with the Company's Stock Ownership and Retention Guidelines (as amended from time to time, the "Guidelines"), to the extent such Guidelines are applicable, or become applicable, to the Participant.  The Participant further acknowledges that, if he or she is not in compliance with such Guidelines (if applicable), the Administrator may refrain from issuing additional equity awards to the Participant and/or elect to pay the Participant's annual bonus in the form of vested or unvested Common Stock.

19.          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.

20.          Authority of the Administrator.  The Administrator shall have full authority to interpret and construe the terms of the Plan and this Restricted Share Agreement (including, without limitation, the authority to determine whether, and the extent to which, any performance-vesting goals have been achieved).  Pursuant to the terms of the Plan, the Administrator shall also have full authority to make equitable adjustments to any performance-vesting goals in recognition of unusual or non-recurring events affecting the Company or any Subsidiary or Affiliate or the financial statements of the Company or any Subsidiary or Affiliate, in response to changes in applicable laws or regulations, or to account for items of gain, loss or expense determined to be extraordinary or unusual in nature or infrequent in occurrence or related to the disposal of a segment of a business or related to a change in accounting principles.  The determination of the Administrator as to any such matter(s) set forth in this Section 20 shall be final, binding and conclusive.

21.          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
8
 
 
liability that may arise as a result of the transactions contem-plated by this Restricted Share Agreement.

22.          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.

23.          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.]
9
 
 
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:
     
 
Name:  
  
 
Title: 
  
       
       
 
_________________ 
  
       
 
___________________________________ 
  
 
Participant 
  


 
 

10
EXHIBIT A

[Intentionally Omitted]






11
EXHIBIT B


[Intentionally Omitted]









12
 
 
NOTE:  Should you wish to make an election under Section 83(b), please contact the
Compensation Department

EXHIBIT C
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-31.1 6 exh31_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 Quarterly Report on Form 10-Q 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:  May 10, 2016
  
/s/ T. Andrew Smith
   
T. Andrew Smith
   
President and Chief Executive Officer

EX-31.2 7 exh31_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 Quarterly Report on Form 10-Q 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:  May 10, 2016
  
/s/ Lucinda M. Baier
   
Lucinda M. Baier
   
Chief Financial Officer

EX-32 8 exh32.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 Quarterly Report on Form 10-Q of Brookdale Senior Living Inc. (the "Company") for the period ended March 31, 2016, 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:
President and Chief Executive Officer
  
Date:
May 10, 2016
  




/s/ Lucinda M. Baier
  
Name:
Lucinda M. Baier
  
Title:
Chief Financial Officer
  
Date:
May 10, 2016
  


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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;">174,305</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: 76%; 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;Proceeds from sale of assets:</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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The quarterly commitment fee on the unused portion of the facility is 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.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">Amounts drawn on the facility may be used to finance acquisitions, fund working capital and capital expenditures and for other general corporate purposes.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">The facility is secured by a first priority mortgage on certain of the Company's communities. 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font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">During the three months ended March 31, 2016 and 2015, the Company reported a consolidated net loss.&#160;&#160;As a result of the net loss, unvested restricted stock, restricted stock units and convertible debt instruments and warrants were antidilutive for each period and were not included in the computation of diluted weighted average shares.&#160;&#160;The weighted average restricted stock and restricted stock units excluded from the calculations of diluted net loss per share were 3.9 million and 4.0 million for the three months ended March 31, 2016 and 2015, 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 $316.3 million of the Company's 2.75% convertible senior notes due 2018. 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color: #000000;">179.2</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</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;">179.2</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: 38%; vertical-align: middle; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; 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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;">746,765</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;">(21,069</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; 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font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">Goodwill is tested for impairment annually with a test date of October 1 or sooner if indicators of impairment are present.&#160;&#160;The Company determined no impairment was necessary for the three months ended March 31, 2016. 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. 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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;">March 31, 2016</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="10" 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;">December 31, 2015</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; 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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;">8,370</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%; 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Health care licenses were determined to be indefinite-lived intangible assets and are not subject to amortization. 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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. 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The results of operations of these communities were previously reported in the Assisted Living&#160;and CCRC-Rental segments.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">As of March 31, 2016, $65.9 million was recorded as assets held for sale and $60.8 million of mortgage debt was included in the current portion of long-term debt within the Company's condensed consolidated balance sheet related to the remaining ten communities classified as held for sale. This debt will either be assumed by the prospective purchasers or be repaid with the proceeds from the sales. The sale of these communities is expected to occur in 2016, although there can be no assurance that the transactions will close or if they do, when the actual closing will occur. 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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;">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><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; 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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;">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; 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%; 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In the opinion of management, these financial statements include all adjustments necessary to present fairly the financial position, results of operations and cash flows of the Company as of March 31, 2016, and for all periods presented. The condensed consolidated financial statements are prepared on the accrual basis of accounting. All adjustments made have been of a normal and recurring nature. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. The Company believes that the disclosures included are adequate and provide a fair presentation of interim period results. Interim financial statements are not necessarily indicative of the financial position or operating results for an entire year. It is suggested that these interim financial statements be read in conjunction with the audited financial statements and the notes thereto, together with management's discussion and analysis of financial condition and results of operations, included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2015 filed with the SEC on February 12, 2016.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">The results of communities and companies acquired are included in the condensed consolidated financial statements from the effective date of the respective acquisition.&#160;</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 condensed 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 ownership interest of consolidated entities not wholly owned by the Company are presented as noncontrolling interests in the accompanying condensed consolidated financial statements. Noncontrolling interest represents the share of consolidated entities owned by third parties. Noncontrolling interest is adjusted for the noncontrolling holder's share of additional contributions, distributions and the proportionate share of the net income or loss of each respective entity.</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 13 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;">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 30 days to one year, with resident fees billed monthly in advance. Revenue from 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 condensed consolidated statements of operations. The related costs are included in "costs incurred on behalf of managed communities" on the condensed 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;">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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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.</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;">Fair Value of Financial Instruments</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">ASC 820, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Fair Value Measurements and Disclosures</font> 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:</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">Level 1 &#8211; Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">Level 2 &#8211; 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.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">Level 3 &#8211; Inputs to the valuation methodology are unobservable and significant to the fair value measurement.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">Cash and cash equivalents and cash and escrow deposits &#8211; restricted are reflected in the accompanying condensed consolidated balance sheets at amounts considered by management to reasonably approximate fair value due to the short maturity.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">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 (including the Company's secured credit facility but excluding capital and financing lease obligations) with a carrying value of approximately $3.9 billion as of both March 31, 2016 and December 31, 2015, including the Company's secured credit facility. 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.</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;">Self-Insurance Liability Accruals</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">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.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">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.</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;">Community Leases</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">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, <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. 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ASU 2016-09 is intended to simplify the accounting for share-based payment transactions, including the accounting for income taxes and forfeitures, as well as the classification of awards and classification on the statement of cash flows. ASU 2016-09 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The Company is currently evaluating the impact the adoption of ASU 2016-09 will have on its condensed consolidated financial statements and disclosures.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">In February 2016, the FASB issued ASU 2016-02, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Leases </font>("ASU 2016-02"). ASU 2016-02 requires a lessee to recognize a right-of-use asset and a lease liability for virtually all leases. 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font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">December 31, 2015</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;">Gross</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Carrying</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; 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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;">Self-Insurance Liability Accruals</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">The Company is subject to various legal proceedings and claims that arise in the ordinary course of its business. 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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.</div><div><br /></div></div> P30D P1Y 5300000 7 17 15 1093000 1093000 -2455000 -3087000 2801000 3935000 3000000 174305000 45584000 12157000 0 79129000 108510000 47225000 0 10 13200000 Segment operating income is defined as segment revenues less segment operating expenses (excluding depreciation and amortization). All revenue is earned from external third parties in the United States. Management services segment revenue includes reimbursements for which the Company is the primary obligor of costs incurred on behalf of managed communities. 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Significant Accounting Policies [Text Block] Statement [Line Items] CONSOLIDATED STATEMENTS OF EQUITY [Abstract] CONSOLIDATED STATEMENTS OF CASH FLOWS [Abstract] CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract] Statement, Equity Components [Axis] Schedule of Preferred and Common Stock [Table] Scenario [Axis] Statement, Business Segments [Axis] CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) [Abstract] Restricted stock, net Stock Issued During Period, Shares, Other Restricted stock, net - shares (in shares) Total value of restricted shares granted Stock Issued During Period, Value, Share-based Compensation, Gross Issuance of common stock under Associate Stock Purchase Plan - shares (in shares) Issuance of common stock under Associate Stock Purchase Plan Other Stockholders' Equity, Other Balances at end of period Balances at beginning of period Total Equity Total Brookdale Senior Living Inc. stockholders' equity Stockholders' Equity Attributable to 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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 Litigation [Abstract] The 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 Value Per Share Value Per Share (in dollars per share) The estimated measure of the percentage of shares, units or grants expected to be forfeited. 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Intangible Assets, Major Class Name [Domain] Health care licenses Health care licenses [Member] Health Care Licenses [Member] 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] 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] 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] 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] 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 Community Purchase Options Community Purchase Options [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] Disclosure of accounting policy for self-insurance liability accruals. Self-Insurance Liability Accruals [Policy Text Block] Self-Insurance Liability Accruals Other Information [Abstract] Term of Residency Agreements- Minimum. Term of Residency Agreements Minimum Term of residency agreements- minimum Term Of Residency Agreements Maximum Term Of Residency Agreements Maximum Term of residency agreements - maximum 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 February 2015 acquisition of 15 communities from Ventas February 2015 acquisition of 15 communities [Member] Communities acquired from HCP HCP Community Acquisitions [Member] Amount of deferred lease liability reversed upon the termination of a lease agreement. Reversal of deferred lease liability Information on the seller-financed debt used to partially finance the acquisition of the underlying real estate of certain communities. SellerFinanced Debt [Member] The number of communities purchased or sold during the period. Number of communities purchased or sold The original length of time until maturity of a note payable. LoanTerm Term of loan Acquisition of Venture Interest Acquisition of Venture Interest [Member] 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 May 1, 2015 purchase of the final community under the HCP Master Lease Purchase Option. May 1, 2015 purchase of community under HCP Purchase Option [Member] Emeritus Corporation, the acquiree in a material business combination. Emeritus [Member] The amount of expense charged against earnings by an Entity to record deferred gains from sale leaseback transactions. 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Debt Instrument Convertible Maximum Number Of Equity Instrument 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] Formation of CCRC venture with HCP Formation of CCRC venture with HCP [Member] 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 cash paid The amount of current assets that an Entity acquires in a noncash (or part noncash) acquisition. 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Proceeds from sale of assets, net [Member] Emeritus HCP lease amendments Master lease amendments [Member] Contribution to CCRC venture with HCP Contribution to CCRC venture with HCP [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 March 2016 and secured by certain underlying communities. First Mortgage loan refinanced in March 2016 [Member] Amortization period for debt principal. Amortization period The number of the company's communities securing the Long-term debt instrument. Number of communities securing mortgage notes 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 April 3, 2013 and secured by certain underlying communities. 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First Mortgage Loan repaid in September 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] 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 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 A loan to finance the purchase of real estate where the lender has a lien on the property as collateral for the loan. 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Document and Entity Information - USD ($)
$ in Billions
 3 Months Ended
Mar. 31, 2016
May. 06, 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   185,809,480  
Document Fiscal Year Focus 2016    
Document Fiscal Period Focus Q1    
Document Type 10-Q    
Amendment Flag false    
Document Period End Date Mar. 31, 2016    
XML 16 R2.htm IDEA: XBRL DOCUMENT v3.4.0.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Current assets    
Cash and cash equivalents $ 70,862 $ 88,029
Cash and escrow deposits - restricted 28,645 32,570
Accounts receivable, net 146,791 144,053
Assets Held-for-sale 65,906 110,620
Prepaid expenses and other current assets, net 155,295 122,671
Total current assets 467,499 497,943
Property, plant and equipment and leasehold intangibles, net 8,004,357 8,031,376
Cash and escrow deposits - restricted 37,235 33,382
Investment in unconsolidated ventures 373,238 371,639
Goodwill 725,696 725,696
Other intangible assets, net 119,035 129,186
Other assets, net 261,612 259,342
Total assets 9,988,672 10,048,564
Current liabilities    
Current portion of long-term debt 185,642 173,454
Current portion of capital and financing lease obligations 90,019 62,150
Trade accounts payable 92,089 128,006
Accrued expenses 371,343 372,874
Refundable entrance fees and deferred revenue 112,661 99,277
Tenant security deposits 4,161 4,387
Total current liabilities 855,915 840,148
Long-term debt, less current portion 3,543,068 3,459,371
Capital and financing lease obligations, less current portion 2,403,191 2,427,438
Line of credit 210,000 310,000
Deferred liabilities 268,544 266,537
Deferred tax liability 69,984 69,051
Other liabilities 218,537 217,292
Total liabilities 7,569,239 7,589,837
Preferred stock, $0.01 par value, 50,000,000 shares authorized at March 31, 2016 and December 31, 2015; no shares issued and outstanding 0 0
Common stock, $0.01 par value, 400,000,000 shares authorized at March 31, 2016 and December 31, 2015; 193,257,659 and 190,767,191 shares issued and 190,829,258 and 188,338,790 shares outstanding (including 5,026,688 and 3,453,991 unvested restricted shares), respectively 1,908 1,883
Additional paid-in-capital 4,078,781 4,069,283
Treasury stock, at cost; 2,428,401 shares at March 31, 2016 and December 31, 2015 (46,800) (46,800)
Accumulated deficit (1,614,253) (1,565,478)
Total Brookdale Senior Living Inc. stockholders' equity 2,419,636 2,458,888
Noncontrolling Interest (203) (161)
Total Equity 2,419,433 2,458,727
Total liabilities and equity $ 9,988,672 $ 10,048,564
XML 17 R3.htm IDEA: XBRL DOCUMENT v3.4.0.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
Mar. 31, 2016
Dec. 31, 2015
Equity, Number of Shares, Par Value and Other Disclosures [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) 193,257,659 190,767,191
Common stock, shares outstanding (in shares) 190,829,258 188,338,790
Treasury stock, shares (in shares) 2,428,401 2,428,401
Unvested Restricted Stock [Member]    
Equity, Number of Shares, Par Value and Other Disclosures [Abstract]    
Common stock, shares outstanding (in shares) 5,026,688 3,453,991
XML 18 R4.htm IDEA: XBRL DOCUMENT v3.4.0.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Revenue    
Resident fees $ 1,061,148 $ 1,052,232
Management fees 16,780 15,097
Reimbursed costs incurred on behalf of managed communities 185,228 180,552
Total revenue 1,263,156 1,247,881
Expense    
Facility operating expense (excluding depreciation and amortization of $114,103 and $208,823, respectively) 715,902 696,889
General and administrative expense (including non-cash stock-based compensation expense of $9,769 and $8,873, respectively) 92,621 89,530
Transaction costs 850 6,742
Facility lease expense 96,689 94,471
Depreciation and amortization 127,137 220,427
Asset impairment 3,375 0
Loss on facility lease termination 0 76,143
Costs incurred on behalf of managed communities 185,228 180,552
Total operating expense 1,221,802 1,364,754
Income (loss) from operations 41,354 (116,873)
Interest income 702 427
Interest expense:    
Debt (43,990) (42,348)
Capital and financing lease obligations (50,579) (53,203)
Amortization of deferred financing costs and debt premium (discount) (2,310) (381)
Change in fair value of derivatives (24) (550)
Debt modification and extinguishment costs (1,110) (44)
Equity in earnings of unconsolidated ventures 1,018 1,484
Other non-operating income 7,787 2,491
Income (loss) before income taxes (47,152) (208,997)
Benefit for income taxes (1,665) 78,288
Net income (loss) (48,817) (130,709)
Net (income) loss attributable to noncontrolling interest 42 258
Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders $ (48,775) $ (130,451)
Basic and diluted net loss per share attributable to Brookdale Senior Living Inc. common stockholders $ (0.26) $ (0.71)
Weighted average shares used in computing basic and diluted net loss per share 185,153 183,678
XML 19 R5.htm IDEA: XBRL DOCUMENT v3.4.0.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) [Abstract]    
Depreciation and amortization $ 114,103 $ 208,823
Non-cash stock-based compensation expense $ 9,769 $ 8,873
XML 20 R6.htm IDEA: XBRL DOCUMENT v3.4.0.3
CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Unaudited) - 3 months ended Mar. 31, 2016 - 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, 2015 $ 2,458,727 $ 1,883 $ 4,069,283 $ (46,800) $ (1,565,478) $ 2,458,888 $ (161)
Balances at beginning of period - shares (in share) at Dec. 31, 2015 188,338,790 188,339,000          
Compensation expense related to restricted stock grants $ 9,769 $ 0 9,769 0 0 9,769 0
Net income (loss) (48,817) 0 0 0 (48,775) (48,775) (42)
Issuance of common stock under Associate Stock Purchase Plan 582 $ 1 581 0 0 582 0
Issuance of common stock under Associate Stock Purchase Plan - shares (in shares)   41,000          
Restricted stock, net 0 $ 25 (25) 0 0 0 0
Restricted stock, net - shares (in shares)   2,515,000          
Other (828) $ (1) (827) 0 0 (828) 0
Stock Issued During Period, Shares, Other   (66,000)          
Balances at end of period at Mar. 31, 2016 $ 2,419,433 $ 1,908 $ 4,078,781 $ (46,800) $ (1,614,253) $ 2,419,636 $ (203)
Balances at end of period - shares (in shares) at Mar. 31, 2016 190,829,258 190,829,000          
XML 21 R7.htm IDEA: XBRL DOCUMENT v3.4.0.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash Flows from Operating Activities    
Net income (loss) $ (48,817) $ (130,709)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Loss on extinguishment of debt, net 139 44
Depreciation and amortization, net 129,447 220,808
Asset impairment 3,375 0
Equity in earnings of unconsolidated ventures (1,018) (1,484)
Distributions from unconsolidated ventures from cumulative share of net earnings 0 500
Amortization of deferred gain (1,093) (1,093)
Amortization of entrance fees (926) (767)
Proceeds from deferred entrance fee revenue 3,087 2,455
Deferred income tax benefit 934 (79,237)
Change in deferred lease liability 3,935 2,801
Change in fair value of derivatives 24 550
Gain on sale of assets (2,749) 0
Non-cash stock-based compensation 9,769 8,873
Non-cash interest expense on financing leases 6,439 5,700
Amortization of (above) below market rents, net (1,733) (1,959)
Other (2,330) 0
Changes in operating assets and liabilities:    
Accounts receivable, net (2,738) (13,140)
Prepaid expenses and other assets, net (36,554) 24,504
Accounts payable and accrued expenses (1,388) (38,773)
Tenant refundable fees and security deposits (226) (510)
Deferred revenue 12,766 11,494
Net cash provided by operating activities 70,343 10,057
Cash Flows from Investing Activities    
(Increase) decrease in lease security deposits and lease acquisition deposits, net (1,210) 13,037
Decrease in cash and escrow deposits - restricted 72 12,289
Additions to property, plant and equipment and leasehold intangibles, net (108,510) (79,129)
Acquisition of assets, net of related payables and cash received (12,157) (174,305)
Investment in unconsolidated ventures (2,365) (3,923)
Distributions received from unconsolidated ventures 1,724 0
Proceeds from sale of assets, net 45,584 0
Other 2,414 740
Net cash used in investing activities (74,448) (231,291)
Cash Flows from Financing Activities    
Proceeds from debt 177,370 85,365
Repayment of debt and capital and financing lease obligations (84,016) (47,555)
Proceeds from line of credit 357,000 445,000
Repayment of line of credit (457,000) (245,000)
Payment of financing costs, net of related payables (818) (1,481)
Refundable entrance fees:    
Proceeds from refundable entrance fees 535 36
Refunds of entrance fees (1,128) (829)
Cash portion of loss on extinguishment of debt 0 (44)
Payment on lease termination (4,625) (3,875)
Other (380) 716
Net cash (used in) provided by financing activities (13,062) 232,333
Net (decrease) increase in cash and cash equivalents (17,167) 11,099
Cash and cash equivalents at beginning of period 88,029 104,083
Cash and cash equivalents at end of period $ 70,862 $ 115,182
XML 22 R8.htm IDEA: XBRL DOCUMENT v3.4.0.3
Description of Business
 3 Months Ended
Mar. 31, 2016
Description of Business [Abstract]  
Description of Business
1.  Description of Business

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 23 R9.htm IDEA: XBRL DOCUMENT v3.4.0.3
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2016
Summary of Significant Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
2.  Summary of Significant Accounting Policies

Basis of Presentation
 
The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for quarterly reports on Form 10-Q. In the opinion of management, these financial statements include all adjustments necessary to present fairly the financial position, results of operations and cash flows of the Company as of March 31, 2016, and for all periods presented. The condensed consolidated financial statements are prepared on the accrual basis of accounting. All adjustments made have been of a normal and recurring nature. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. The Company believes that the disclosures included are adequate and provide a fair presentation of interim period results. Interim financial statements are not necessarily indicative of the financial position or operating results for an entire year. It is suggested that these interim financial statements be read in conjunction with the audited financial statements and the notes thereto, together with management's discussion and analysis of financial condition and results of operations, included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2015 filed with the SEC on February 12, 2016.

The results of communities and companies acquired are included in the condensed consolidated financial statements from the effective date of the respective acquisition. 

Principles of Consolidation

The condensed 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 ownership interest of consolidated entities not wholly owned by the Company are presented as noncontrolling interests in the accompanying condensed consolidated financial statements. Noncontrolling interest represents the share of consolidated entities owned by third parties. Noncontrolling interest is adjusted for the noncontrolling holder's share of additional contributions, distributions and the proportionate share of the net income or loss of each respective entity.

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 13 for more information about the Company's VIE relationships.

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 from 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 condensed consolidated statements of operations. The related costs are included in "costs incurred on behalf of managed communities" on the condensed consolidated statements of operations.

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 condensed consolidated balance sheets at amounts considered by management to reasonably approximate fair value due to the short maturity.

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 (including the Company's secured credit facility but excluding capital and financing lease obligations) with a carrying value of approximately $3.9 billion as of both March 31, 2016 and December 31, 2015, including the Company's secured credit facility. 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.

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.

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.

New Accounting Pronouncements

In March 2016, the FASB issued Accounting Standards Update ("ASU") 2016-09, Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). ASU 2016-09 is intended to simplify the accounting for share-based payment transactions, including the accounting for income taxes and forfeitures, as well as the classification of awards and classification on the statement of cash flows. ASU 2016-09 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The Company is currently evaluating the impact the adoption of ASU 2016-09 will have on its condensed consolidated financial statements and disclosures.

In February 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02"). ASU 2016-02 requires a lessee to recognize a right-of-use asset and a lease liability for virtually all leases. ASU 2016-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, and early adoption is permitted. The Company is currently evaluating the impact that the adoption of ASU 2016-02 will have on its condensed consolidated financial statements and disclosures.

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 adopted ASU 2015-02 on January 1, 2016, and it did not have a material impact on the Company's condensed 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 condensed consolidated financial statements and disclosures.

Reclassifications

For the three months ended March 31, 2015, $5.3 million was reclassified between general and administrative expense and facility operating expense in the condensed consolidated statements of operations to conform to the current financial statement presentation, with no effect on the Company's consolidated financial position or results of operations. Certain other 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 24 R10.htm IDEA: XBRL DOCUMENT v3.4.0.3
Earnings Per Share
 3 Months Ended
Mar. 31, 2016
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 the three months ended March 31, 2016 and 2015, the Company reported a consolidated net loss.  As a result of the net loss, unvested restricted stock, restricted stock units and convertible debt instruments and warrants were antidilutive for each period and were not included in the computation of diluted weighted average shares.  The weighted average restricted stock and restricted stock units excluded from the calculations of diluted net loss per share were 3.9 million and 4.0 million for the three months ended March 31, 2016 and 2015, 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 March 31, 2016 and 2015, 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 March 31, 2016 and 2015, the number of shares issuable upon exercise of the warrants was approximately 10.8 million.
XML 25 R11.htm IDEA: XBRL DOCUMENT v3.4.0.3
Acquisitions
 3 Months Ended
Mar. 31, 2016
Acquisitions [Abstract]  
Acquisitions and Dispositions
4.  Acquisitions and Dispositions

2016 Community Dispositions

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 condensed 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 Company evaluates the fair value of the assets held for sale each period to determine if it has changed. The long-lived assets are not depreciated while classified as held for sale.

As of December 31, 2015, the Company identified 17 communities as held for sale. Impairment charges related to communities identified as held for sale as of December 31, 2015 totaled $15.2 million and were recognized as impairment expense in the fourth quarter of 2015 within the Company's condensed consolidated statements of operations. During the three months ended March 31, 2016, the Company recognized $2.6 million of impairment charges related to communities identified as held for sale, primarily due to changes in the estimated fair value of the assets held for sale.

During the three months ended March 31, 2016, the Company sold seven of the communities previously classified as held for sale for an aggregate selling price of $46.7 million. The Company recorded a $2.7 million net gain on the sale of these communities within the Company's condensed consolidated statement of operations. The results of operations of these communities were previously reported in the Assisted Living and CCRC-Rental segments.

As of March 31, 2016, $65.9 million was recorded as assets held for sale and $60.8 million of mortgage debt was included in the current portion of long-term debt within the Company's condensed consolidated balance sheet related to the remaining ten communities classified as held for sale. This debt will either be assumed by the prospective purchasers or be repaid with the proceeds from the sales. The sale of these communities is expected to occur 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 classified as held for sale are reported in the Assisted Living segment within the condensed consolidated financial statements.

2015 Community Acquisitions

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 condensed consolidated financial statements. 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 condensed consolidated statement of operations for the three months ended March 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 condensed consolidated statement of cash flows for the three months ended March 31, 2015.
XML 26 R12.htm IDEA: XBRL DOCUMENT v3.4.0.3
Stock-Based Compensation
 3 Months Ended
Mar. 31, 2016
Stock-Based Compensation [Abstract]  
Stock-Based Compensation
5.  Stock-Based Compensation

The Company's compensation expense recorded in connection with grants of restricted stock 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.

Current year grants of restricted stock 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, 2016
  
2,855
  
$
14.49 – 18.46
  
$
41,371
 
XML 27 R13.htm IDEA: XBRL DOCUMENT v3.4.0.3
Goodwill and Other Intangible Assets, Net
 3 Months Ended
Mar. 31, 2016
Goodwill and Other Intangible Assets, Net [Abstract]  
Goodwill and Other Intangible Assets, Net
6.  Goodwill and Other Intangible Assets, Net

The following is a summary of the carrying amount of goodwill as of March 31, 2016 and as of December 31, 2015 presented on an operating segment basis (dollars in thousands):
 
 
 
March 31, 2016
  
December 31, 2015
 
 
 
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
  
$
(721
)
 
$
27,420
 
Assisted Living
  
591,814
   
(20,348
)
  
571,466
   
591,814
   
(20,348
)
  
571,466
 
Brookdale Ancillary Services
  
126,810
   
—
   
126,810
   
126,810
   
—
   
126,810
 
Total
 
$
746,765
  
$
(21,069
)
 
$
725,696
  
$
746,765
  
$
(21,069
)
 
$
725,696
 

Goodwill is tested for impairment annually with a test date of October 1 or sooner if indicators of impairment are present.  The Company determined no impairment was necessary for the three months ended March 31, 2016. 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.

The following is a summary of other intangible assets at March 31, 2016 and December 31, 2015 (dollars in thousands):
 
 
 
March 31, 2016
  
December 31, 2015
 
 
 
Gross
Carrying
Amount
  
Accumulated
Amortization
  
Net
  
Gross
Carrying
Amount
  
Accumulated
Amortization
  
Net
 
Community purchase options
 
$
32,970
  
$
—
  
$
32,970
  
$
40,270
  
$
—
  
$
40,270
 
Health care licenses
  
66,612
   
—
   
66,612
   
66,612
   
—
   
66,612
 
Trade names
  
27,800
   
(16,717
)
  
11,083
   
27,800
   
(14,209
)
  
13,591
 
Other
  
13,531
   
(5,161
)
  
8,370
   
13,531
   
(4,818
)
  
8,713
 
Total
 
$
140,913
  
$
(21,878
)
 
$
119,035
  
$
148,213
  
$
(19,027
)
 
$
129,186
 

Amortization expense related to definite-lived intangible assets for the three months ended March 31, 2016 and 2015 was $2.9 million and $3.1 million, respectively. Health care licenses were determined to be indefinite-lived intangible assets and are not subject to amortization. The community 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.
XML 28 R14.htm IDEA: XBRL DOCUMENT v3.4.0.3
Property, Plant and Equipment and Leasehold Intangibles, Net
 3 Months Ended
Mar. 31, 2016
Property, Plant and Equipment and Leasehold Intangibles, Net [Abstract]  
Property, Plant and Equipment and Leasehold Intangibles, Net
7.  Property, Plant and Equipment and Leasehold Intangibles, Net

Property, plant and equipment and leasehold intangibles, net, which include assets under capital and financing leases, consisted of the following (dollars in thousands):

 
 
March 31,
2016
  
December 31,
2015
 
Land
 
$
486,567
  
$
486,567
 
Buildings and improvements
  
5,312,297
   
5,260,826
 
Leasehold improvements
  
114,363
   
100,430
 
Furniture and equipment
  
935,707
   
895,447
 
Resident and leasehold operating intangibles
  
783,434
   
783,434
 
Construction in progress
  
121,397
   
138,054
 
Assets under capital and financing leases
  
2,921,047
   
2,909,653
 
 
  
10,674,812
   
10,574,411
 
Accumulated depreciation and amortization
  
(2,670,455
)
  
(2,543,035
)
Property, plant and equipment and leasehold intangibles, net
 
$
8,004,357
  
$
8,031,376
 

Long-lived assets with definite useful lives are depreciated or amortized on a straight-line basis over their estimated useful lives (or, in certain cases, the shorter of their estimated useful lives or the lease term) and are tested for impairment whenever indicators of impairment arise. The Company determined no impairment was necessary during the three months ended March 31, 2016.
XML 29 R15.htm IDEA: XBRL DOCUMENT v3.4.0.3
Debt
 3 Months Ended
Mar. 31, 2016
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):

 
 
March 31,
2016
  
December 31,
2015
 
Mortgage notes payable due 2017 through 2047; weighted average interest rate of 4.58% for the three months ended March 31, 2016, including net debt premium and deferring financing costs of $1.3 million and $3.3 million at March 31, 2016 and December 31, 2015, respectively (weighted average interest rate of 4.51% in 2015)
 
$
3,329,740
  
$
3,246,513
 
Capital and financing lease obligations payable through 2031; weighted average interest rate of 8.07% for the three months ended March 31, 2016 (weighted average interest rate of 8.11% in 2015)
  
2,493,210
   
2,489,588
 
Convertible notes payable in aggregate principal amount of $316.3 million, less debt discount and deferred financing costs of $31.1 million and $34.3 million at March 31, 2016 and December 31, 2015, respectively, interest at 2.75% per annum, due June 2018
  
285,189
   
281,902
 
Construction financing due 2019 through 2032; weighted average interest rate of 7.76% for the three months ended March 31, 2016 (weighted average interest rate of 4.84% in 2015)
  
15,353
   
24,105
 
Notes payable issued to finance insurance premiums, weighted average interest rate of 2.94% for the three months ended March 31, 2016, due 2016
  
17,677
   
—
 
Other notes payable, weighted average interest rate of 5.24% for the three months ended March 31, 2016 (weighted average interest rate of 5.16% in 2015) and maturity dates ranging from 2016 to 2020
  
80,751
   
80,305
 
Total debt and capital and financing lease obligations
  
6,221,920
   
6,122,413
 
Less current portion
  
275,661
   
235,604
 
Total long-term debt and capital and financing lease obligations
 
$
5,946,259
  
$
5,886,809
 
 
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 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. The maturity date is January 3, 2020, and amounts drawn under the facility bear interest at 90-day LIBOR plus an applicable margin from 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 quarterly commitment fee on the unused portion of the facility is 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.

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 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 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 agreement and all amounts owing under the agreement and certain other loan agreements becoming immediately due and payable and/or trigger cross default provisions in our other outstanding debt and lease agreements.

As of March 31, 2016, the outstanding balance under this credit facility was $210.0 million. Additionally, there were $24.2 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 separate secured and unsecured letter of credit facilities of up to $64.5 million in the aggregate as of March 31, 2016. Letters of credit totaling $62.5 million had been issued under these separate facilities as of that date.

2016 Financings

In March 2016, the Company obtained a $100.0 million supplemental loan, secured by first mortgages on ten communities. The loan bears interest at a fixed rate of 4.20% and matures on January 1, 2023. Proceeds from the loan were utilized to pay down the outstanding balance of the credit facility.

As of March 31, 2016, the Company is in compliance with the financial covenants of its outstanding debt and lease agreements.
XML 30 R16.htm IDEA: XBRL DOCUMENT v3.4.0.3
Litigation
 3 Months Ended
Mar. 31, 2016
Litigation [Abstract]  
Litigation
9.  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.
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Supplemental Disclosure of Cash Flow Information
 3 Months Ended
Mar. 31, 2016
Supplemental Disclosure of Cash Flow Information [Abstract]  
Supplemental Disclosure of Cash Flow Information
10.  Supplemental Disclosure of Cash Flow Information

(dollars in thousands):
 
 
Three Months Ended
March 31,
 
 
 
2016
  
2015
 
Supplemental Disclosure of Cash Flow Information:
      
Interest paid
 
$
92,270
  
$
86,732
 
Income taxes paid
 
$
246
  
$
41
 
   Additions to property, plant and equipment and leasehold improvements
        
Property, plant and equipment and leasehold intangibles, net
 
$
79,017
  
$
79,129
 
Accounts payable
  
29,493
   
—
 
Net cash paid
 
$
108,510
  
$
79,129
 
   Acquisition of assets, net of related payables and cash received:
        
Prepaid expenses and other assets
 
$
—
  
$
(47,225
)
Property, plant and equipment and leasehold intangibles, net
  
19,457
   
184,964
 
Other intangible assets, net
  
(7,300
)
  
2,970
 
Capital and financing lease obligations
  
—
   
53,596
 
Long-term debt
  
—
   
(20,000
)
Net cash paid
 
$
12,157
  
$
174,305
 
   Proceeds from sale of assets:
        
Assets held for sale
 
$
42,714
  
$
—
 
Prepaid expenses and other assets
  
121
   
—
 
Gain on sale of assets
  
2,749
   
—
 
Net cash received
 
$
45,584
  
$
—
 
XML 32 R18.htm IDEA: XBRL DOCUMENT v3.4.0.3
Facility Operating Leases
 3 Months Ended
Mar. 31, 2016
Facility Operating Leases [Abstract]  
Facility Operating Leases
11.  Facility Operating Leases

The following table provides a summary of facility lease expense and the impact of straight-line adjustment and amortization of (above) below market rents and deferred gains (dollars in thousands):

 
 
Three Months Ended
March 31,
 
 
 
2016
  
2015
 
Cash basis payment
 
$
95,580
  
$
94,722
 
Straight-line expense
  
3,935
   
2,801
 
Amortization of (above) below market rent, net
  
(1,733
)
  
(1,959
)
Amortization of deferred gain
  
(1,093
)
  
(1,093
)
Facility lease expense
 
$
96,689
  
$
94,471
 
XML 33 R19.htm IDEA: XBRL DOCUMENT v3.4.0.3
Income Taxes
 3 Months Ended
Mar. 31, 2016
Income Taxes [Abstract]  
Income Taxes
12.  Income Taxes

The difference in the Company's effective tax rates for the three months ended March 31, 2016 and 2015 was due to an increase in the valuation allowance against the Company's deferred tax assets recorded in 2016 and the negative tax benefit on the vesting of restricted stock, a direct result of the Company's lower stock price during the three months ended March 31, 2016. The Company determined that the additional valuation allowance was required after consideration of the Company's future reversal of estimated timing differences. The Company recorded a deferred federal, state and local tax benefit of $13.2 million as a result of the operating loss for the three months ended March 31, 2016, which was off-set by an increase in the valuation allowance of $14.2 million. The Company recorded an aggregate deferred federal, state and local tax benefit of $79.2 million as a result of the operating loss for the three months ended March 31, 2015. The Company evaluates its deferred tax assets each quarter to determine if a valuation allowance is required based on whether it is more likely than not that some portion of the deferred tax asset would not be realized. The Company's valuation allowance as of March 31, 2016 and December 31, 2015 is $135.8 million and $121.6 million, respectively.

The Company's current tax expense continues to mainly reflect its cash tax position for states that do not allow for or have suspended the use of net operating losses for the period.

The Company recorded interest charges related to its tax contingency reserve for cash tax positions for the three months ended March 31, 2016 and 2015 which are included in income tax expense or benefit for the period. Tax returns for years 2012 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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Variable Interest Entities
 3 Months Ended
Mar. 31, 2016
Variable Interest Entities [Abstract]  
Variable Interest Entities and Investment in Unconsolidated Ventures
13.  Variable Interest Entities

At March 31, 2016, 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, and HCP, Inc. ("HCP") owns a 49% interest, in a venture that owns and operates entry fee CCRCs (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, mortgage debt, 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).

The Company holds an equity ownership interest in each of the propco and opco of three ventures ("RIDEA Ventures") that operate senior housing communities in a RIDEA structure. The Company's equity ownership interest is 10% for two of the ventures and 20% for one venture. HCP owns the remaining 90% and 80% equity ownership interests in the RIDEA Ventures. The RIDEA Ventures have been identified as VIEs. The equity members of the RIDEA Ventures share certain operating rights, and the Company acts as manager to the opcos of the RIDEA Ventures. 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 RIDEA Ventures primarily consist of the senior housing communities that it owns, resident fees receivable, and cash and cash equivalents. The obligations of the RIDEA Ventures primarily consist of notes payable to HCP, accounts payable and accrued expenses. Assets generated by the operations of the senior housing communities (primarily rents from senior housing residents) of the RIDEA Ventures may only be used to settle its contractual obligations (primarily the notes payable and operating expenses incurred to operate the communities).

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 March 31, 2016 (in millions):

VIE Type
Asset Type
 
Maximum Exposure to Loss
  
Carrying Amount
 
CCRC Venture opco
Investment in unconsolidated ventures
 
$
179.2
  
$
179.2
 
RIDEA Ventures
Investment in unconsolidated ventures
 
$
124.5
  
$
124.5
 

As of March 31, 2016, the Company is not required to provide financial support, through a liquidity arrangement or otherwise, to its unconsolidated VIEs.
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Segment Information
 3 Months Ended
Mar. 31, 2016
Segment Information [Abstract]  
Segment Information
14.  Segment Information

As of March 31, 2016, 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.

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.

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 segment.

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 certain segment financial and operating data (dollars in thousands):

 
 
Three Months Ended
March 31,
 
 
 
2016
  
2015
 
Revenue
      
Retirement Centers(1)
 
$
169,426
  
$
163,486
 
Assisted Living(1)
  
617,270
   
617,344
 
CCRCs - Rental(1)
  
152,260
   
155,991
 
Brookdale Ancillary Services(1)
  
122,192
   
115,411
 
Management Services(2)
  
202,008
   
195,649
 
 
 
$
1,263,156
  
$
1,247,881
 
Segment Operating Income(3)
        
Retirement Centers
 
$
74,449
  
$
70,524
 
Assisted Living
  
220,810
   
223,506
 
CCRCs - Rental
  
35,469
   
38,571
 
Brookdale Ancillary Services
  
14,518
   
22,742
 
Management Services
  
16,780
   
15,097
 
 
  
362,026
   
370,440
 
General and administrative (including non-cash stock-based compensation expense)
  
92,621
   
89,530
 
Transaction costs
  
850
   
6,742
 
Facility lease expense
  
96,689
   
94,471
 
Depreciation and amortization
  
127,137
   
220,427
 
Asset impairment
  
3,375
   
—
 
Loss on facility lease termination
  
—
   
76,143
 
Income (loss) from operations
 
$
41,354
  
$
(116,873
)

 
 
As of
 
 
 
March 31,
2016
  
December 31,
2015
 
Total assets
      
Retirement Centers
 
$
1,542,954
  
$
1,549,623
 
Assisted Living
  
6,294,576
   
6,347,178
 
CCRCs - Rental
  
1,020,500
   
1,035,371
 
Brookdale Ancillary Services
  
288,883
   
292,540
 
Corporate and Management Services
  
841,759
   
823,852
 
Total assets
 
$
9,988,672
  
$
10,048,564
 

(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 facility operating expenses (excluding depreciation and amortization).
XML 36 R22.htm IDEA: XBRL DOCUMENT v3.4.0.3
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2016
Summary of Significant Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
 
The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for quarterly reports on Form 10-Q. In the opinion of management, these financial statements include all adjustments necessary to present fairly the financial position, results of operations and cash flows of the Company as of March 31, 2016, and for all periods presented. The condensed consolidated financial statements are prepared on the accrual basis of accounting. All adjustments made have been of a normal and recurring nature. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. The Company believes that the disclosures included are adequate and provide a fair presentation of interim period results. Interim financial statements are not necessarily indicative of the financial position or operating results for an entire year. It is suggested that these interim financial statements be read in conjunction with the audited financial statements and the notes thereto, together with management's discussion and analysis of financial condition and results of operations, included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2015 filed with the SEC on February 12, 2016.

The results of communities and companies acquired are included in the condensed consolidated financial statements from the effective date of the respective acquisition. 
Principles of Consolidation
Principles of Consolidation

The condensed 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 ownership interest of consolidated entities not wholly owned by the Company are presented as noncontrolling interests in the accompanying condensed consolidated financial statements. Noncontrolling interest represents the share of consolidated entities owned by third parties. Noncontrolling interest is adjusted for the noncontrolling holder's share of additional contributions, distributions and the proportionate share of the net income or loss of each respective entity.

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 13 for more information about the Company's VIE relationships.
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.
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 from 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 condensed consolidated statements of operations. The related costs are included in "costs incurred on behalf of managed communities" on the condensed consolidated statements of operations.
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 condensed consolidated balance sheets at amounts considered by management to reasonably approximate fair value due to the short maturity.

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 (including the Company's secured credit facility but excluding capital and financing lease obligations) with a carrying value of approximately $3.9 billion as of both March 31, 2016 and December 31, 2015, including the Company's secured credit facility. 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.
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.
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.
New Accounting Pronouncements
New Accounting Pronouncements

In March 2016, the FASB issued Accounting Standards Update ("ASU") 2016-09, Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). ASU 2016-09 is intended to simplify the accounting for share-based payment transactions, including the accounting for income taxes and forfeitures, as well as the classification of awards and classification on the statement of cash flows. ASU 2016-09 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The Company is currently evaluating the impact the adoption of ASU 2016-09 will have on its condensed consolidated financial statements and disclosures.

In February 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02"). ASU 2016-02 requires a lessee to recognize a right-of-use asset and a lease liability for virtually all leases. ASU 2016-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, and early adoption is permitted. The Company is currently evaluating the impact that the adoption of ASU 2016-02 will have on its condensed consolidated financial statements and disclosures.

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 adopted ASU 2015-02 on January 1, 2016, and it did not have a material impact on the Company's condensed 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 condensed consolidated financial statements and disclosures.
Reclassifications
Reclassifications

For the three months ended March 31, 2015, $5.3 million was reclassified between general and administrative expense and facility operating expense in the condensed consolidated statements of operations to conform to the current financial statement presentation, with no effect on the Company's consolidated financial position or results of operations. Certain other 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 37 R23.htm IDEA: XBRL DOCUMENT v3.4.0.3
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2016
Stock-Based Compensation [Abstract]  
Current year grants of restricted shares
Current year grants of restricted stock 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, 2016
  
2,855
  
$
14.49 – 18.46
  
$
41,371
 
XML 38 R24.htm IDEA: XBRL DOCUMENT v3.4.0.3
Goodwill and Other Intangible Assets, Net (Tables)
 3 Months Ended
Mar. 31, 2016
Goodwill and Other Intangible Assets, Net [Abstract]  
Summary of changes in the carrying amount of goodwill
The following is a summary of the carrying amount of goodwill as of March 31, 2016 and as of December 31, 2015 presented on an operating segment basis (dollars in thousands):
 
 
 
March 31, 2016
  
December 31, 2015
 
 
 
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
  
$
(721
)
 
$
27,420
 
Assisted Living
  
591,814
   
(20,348
)
  
571,466
   
591,814
   
(20,348
)
  
571,466
 
Brookdale Ancillary Services
  
126,810
   
—
   
126,810
   
126,810
   
—
   
126,810
 
Total
 
$
746,765
  
$
(21,069
)
 
$
725,696
  
$
746,765
  
$
(21,069
)
 
$
725,696
 
Other intangible assets
The following is a summary of other intangible assets at March 31, 2016 and December 31, 2015 (dollars in thousands):
 
 
 
March 31, 2016
  
December 31, 2015
 
 
 
Gross
Carrying
Amount
  
Accumulated
Amortization
  
Net
  
Gross
Carrying
Amount
  
Accumulated
Amortization
  
Net
 
Community purchase options
 
$
32,970
  
$
—
  
$
32,970
  
$
40,270
  
$
—
  
$
40,270
 
Health care licenses
  
66,612
   
—
   
66,612
   
66,612
   
—
   
66,612
 
Trade names
  
27,800
   
(16,717
)
  
11,083
   
27,800
   
(14,209
)
  
13,591
 
Other
  
13,531
   
(5,161
)
  
8,370
   
13,531
   
(4,818
)
  
8,713
 
Total
 
$
140,913
  
$
(21,878
)
 
$
119,035
  
$
148,213
  
$
(19,027
)
 
$
129,186
 
XML 39 R25.htm IDEA: XBRL DOCUMENT v3.4.0.3
Property, Plant and Equipment and Leasehold Intangibles, Net (Tables)
 3 Months Ended
Mar. 31, 2016
Property, Plant and Equipment and Leasehold Intangibles, Net [Abstract]  
Property, plant and equipment and leasehold intangibles, net
Property, plant and equipment and leasehold intangibles, net, which include assets under capital and financing leases, consisted of the following (dollars in thousands):

 
 
March 31,
2016
  
December 31,
2015
 
Land
 
$
486,567
  
$
486,567
 
Buildings and improvements
  
5,312,297
   
5,260,826
 
Leasehold improvements
  
114,363
   
100,430
 
Furniture and equipment
  
935,707
   
895,447
 
Resident and leasehold operating intangibles
  
783,434
   
783,434
 
Construction in progress
  
121,397
   
138,054
 
Assets under capital and financing leases
  
2,921,047
   
2,909,653
 
 
  
10,674,812
   
10,574,411
 
Accumulated depreciation and amortization
  
(2,670,455
)
  
(2,543,035
)
Property, plant and equipment and leasehold intangibles, net
 
$
8,004,357
  
$
8,031,376
 
XML 40 R26.htm IDEA: XBRL DOCUMENT v3.4.0.3
Debt (Tables)
 3 Months Ended
Mar. 31, 2016
Debt [Abstract]  
Schedule of debt
Long-term debt and capital and financing lease obligations consist of the following (dollars in thousands):

 
 
March 31,
2016
  
December 31,
2015
 
Mortgage notes payable due 2017 through 2047; weighted average interest rate of 4.58% for the three months ended March 31, 2016, including net debt premium and deferring financing costs of $1.3 million and $3.3 million at March 31, 2016 and December 31, 2015, respectively (weighted average interest rate of 4.51% in 2015)
 
$
3,329,740
  
$
3,246,513
 
Capital and financing lease obligations payable through 2031; weighted average interest rate of 8.07% for the three months ended March 31, 2016 (weighted average interest rate of 8.11% in 2015)
  
2,493,210
   
2,489,588
 
Convertible notes payable in aggregate principal amount of $316.3 million, less debt discount and deferred financing costs of $31.1 million and $34.3 million at March 31, 2016 and December 31, 2015, respectively, interest at 2.75% per annum, due June 2018
  
285,189
   
281,902
 
Construction financing due 2019 through 2032; weighted average interest rate of 7.76% for the three months ended March 31, 2016 (weighted average interest rate of 4.84% in 2015)
  
15,353
   
24,105
 
Notes payable issued to finance insurance premiums, weighted average interest rate of 2.94% for the three months ended March 31, 2016, due 2016
  
17,677
   
—
 
Other notes payable, weighted average interest rate of 5.24% for the three months ended March 31, 2016 (weighted average interest rate of 5.16% in 2015) and maturity dates ranging from 2016 to 2020
  
80,751
   
80,305
 
Total debt and capital and financing lease obligations
  
6,221,920
   
6,122,413
 
Less current portion
  
275,661
   
235,604
 
Total long-term debt and capital and financing lease obligations
 
$
5,946,259
  
$
5,886,809
 
 
XML 41 R27.htm IDEA: XBRL DOCUMENT v3.4.0.3
Supplemental Disclosure of Cash Flow Information (Tables)
 3 Months Ended
Mar. 31, 2016
Supplemental Disclosure of Cash Flow Information [Abstract]  
Supplemental cash flow information
(dollars in thousands):
 
 
Three Months Ended
March 31,
 
 
 
2016
  
2015
 
Supplemental Disclosure of Cash Flow Information:
      
Interest paid
 
$
92,270
  
$
86,732
 
Income taxes paid
 
$
246
  
$
41
 
   Additions to property, plant and equipment and leasehold improvements
        
Property, plant and equipment and leasehold intangibles, net
 
$
79,017
  
$
79,129
 
Accounts payable
  
29,493
   
—
 
Net cash paid
 
$
108,510
  
$
79,129
 
   Acquisition of assets, net of related payables and cash received:
        
Prepaid expenses and other assets
 
$
—
  
$
(47,225
)
Property, plant and equipment and leasehold intangibles, net
  
19,457
   
184,964
 
Other intangible assets, net
  
(7,300
)
  
2,970
 
Capital and financing lease obligations
  
—
   
53,596
 
Long-term debt
  
—
   
(20,000
)
Net cash paid
 
$
12,157
  
$
174,305
 
   Proceeds from sale of assets:
        
Assets held for sale
 
$
42,714
  
$
—
 
Prepaid expenses and other assets
  
121
   
—
 
Gain on sale of assets
  
2,749
   
—
 
Net cash received
 
$
45,584
  
$
—
 
XML 42 R28.htm IDEA: XBRL DOCUMENT v3.4.0.3
Facility Operating Leases (Tables)
 3 Months Ended
Mar. 31, 2016
Facility Operating Leases [Abstract]  
Summary of facility operating leases
The following table provides a summary of facility lease expense and the impact of straight-line adjustment and amortization of (above) below market rents and deferred gains (dollars in thousands):

 
 
Three Months Ended
March 31,
 
 
 
2016
  
2015
 
Cash basis payment
 
$
95,580
  
$
94,722
 
Straight-line expense
  
3,935
   
2,801
 
Amortization of (above) below market rent, net
  
(1,733
)
  
(1,959
)
Amortization of deferred gain
  
(1,093
)
  
(1,093
)
Facility lease expense
 
$
96,689
  
$
94,471
 
XML 43 R29.htm IDEA: XBRL DOCUMENT v3.4.0.3
Variable Interest Entities (Tables)
 3 Months Ended
Mar. 31, 2016
Variable Interest Entities [Abstract]  
Schedule of Variable Interest Entities [Table Text Block]
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 March 31, 2016 (in millions):

VIE Type
Asset Type
 
Maximum Exposure to Loss
  
Carrying Amount
 
CCRC Venture opco
Investment in unconsolidated ventures
 
$
179.2
  
$
179.2
 
RIDEA Ventures
Investment in unconsolidated ventures
 
$
124.5
  
$
124.5
 

As of March 31, 2016, the Company is not required to provide financial support, through a liquidity arrangement or otherwise, to its unconsolidated VIEs.
XML 44 R30.htm IDEA: XBRL DOCUMENT v3.4.0.3
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2016
Segment Information [Abstract]  
Schedule of segment reporting information
The following table sets forth certain segment financial and operating data (dollars in thousands):

 
 
Three Months Ended
March 31,
 
 
 
2016
  
2015
 
Revenue
      
Retirement Centers(1)
 
$
169,426
  
$
163,486
 
Assisted Living(1)
  
617,270
   
617,344
 
CCRCs - Rental(1)
  
152,260
   
155,991
 
Brookdale Ancillary Services(1)
  
122,192
   
115,411
 
Management Services(2)
  
202,008
   
195,649
 
 
 
$
1,263,156
  
$
1,247,881
 
Segment Operating Income(3)
        
Retirement Centers
 
$
74,449
  
$
70,524
 
Assisted Living
  
220,810
   
223,506
 
CCRCs - Rental
  
35,469
   
38,571
 
Brookdale Ancillary Services
  
14,518
   
22,742
 
Management Services
  
16,780
   
15,097
 
 
  
362,026
   
370,440
 
General and administrative (including non-cash stock-based compensation expense)
  
92,621
   
89,530
 
Transaction costs
  
850
   
6,742
 
Facility lease expense
  
96,689
   
94,471
 
Depreciation and amortization
  
127,137
   
220,427
 
Asset impairment
  
3,375
   
—
 
Loss on facility lease termination
  
—
   
76,143
 
Income (loss) from operations
 
$
41,354
  
$
(116,873
)

 
 
As of
 
 
 
March 31,
2016
  
December 31,
2015
 
Total assets
      
Retirement Centers
 
$
1,542,954
  
$
1,549,623
 
Assisted Living
  
6,294,576
   
6,347,178
 
CCRCs - Rental
  
1,020,500
   
1,035,371
 
Brookdale Ancillary Services
  
288,883
   
292,540
 
Corporate and Management Services
  
841,759
   
823,852
 
Total assets
 
$
9,988,672
  
$
10,048,564
 

(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 facility operating expenses (excluding depreciation and amortization).
XML 45 R31.htm IDEA: XBRL DOCUMENT v3.4.0.3
Summary of Significant Accounting Policies (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
Carrying Value, Fair Value Disclosure [Member]      
Fair value of financial instruments [Abstract]      
Debt $ 3,900.0   $ 3,900.0
Estimate of Fair Value, Fair Value Disclosure [Member]      
Fair value of financial instruments [Abstract]      
Debt $ 3,900.0   $ 3,900.0
Reclassification [Member]      
Accounting Changes and Error Corrections [Abstract]      
Facility Operating Expense   $ 5.3  
Term of residency agreements- minimum 30 days    
Term of residency agreements - maximum 1 year    
XML 46 R32.htm IDEA: XBRL DOCUMENT v3.4.0.3
Earnings Per Share (Details) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Unvested Restricted Stock [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive Securities Excluded from Computation of Earnings Per Share 3.9 4.0
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 13.8
Debt Instrument Convertible Maximum Number Of Equity Instrument 3.0  
Principal $ 316.3  
Warrant [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive Securities Excluded from Computation of Earnings Per Share 10.8 10.8
XML 47 R33.htm IDEA: XBRL DOCUMENT v3.4.0.3
Acquisitions (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Feb. 28, 2015
USD ($)
Community
Mar. 31, 2016
USD ($)
Community
Mar. 31, 2015
USD ($)
Dec. 31, 2015
USD ($)
Community
Schedule of Acquisitions and Disposals [Line Items]        
Number of communities purchased or sold | Community   7    
Aggregate selling price   $ 46,700    
Gain on Sale of Communities   2,700    
Asset impairment   3,375 $ 0  
Assets Held-for-sale   65,906   $ 110,620
Loss on facility lease termination   0 $ 76,143  
February 2015 acquisition of 15 communities [Member]        
Schedule of Acquisitions and Disposals [Line Items]        
Number of communities purchased or sold | Community 15      
Aggregate purchase price $ 268,600      
Fair Value of Assets Acquired 187,200      
Reversal of deferred lease liability 5,300      
Loss on facility lease termination $ 76,100      
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]        
Schedule of Acquisitions and Disposals [Line Items]        
Number of communities purchased or sold | Community       17
Asset impairment   2,600   $ 15,200
Disposal Group, Including Discontinued Operation, Liabilities   $ 60,800    
XML 48 R34.htm IDEA: XBRL DOCUMENT v3.4.0.3
Stock-Based Compensation (Details) - Unvested Restricted Stock [Member]
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2016
USD ($)
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Restricted Shares Granted (in shares) | shares 2,855
Total value of restricted shares granted | $ $ 41,371
Minimum [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Percentage of estimated forfeitures (in hundredths) 0.00%
Value Per Share (in dollars per share) $ 14.49
Maximum [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Percentage of estimated forfeitures (in hundredths) 20.00%
Value Per Share (in dollars per share) $ 18.46
XML 49 R35.htm IDEA: XBRL DOCUMENT v3.4.0.3
Goodwill and Other Intangible Assets, Net (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
Goodwill [Line Items]      
Gross Carrying Amount $ 746,765   $ 746,765
Accumulated Impairment and Other Charges (21,069)   (21,069)
Net 725,696   725,696
Schedule of Intangible Assets by Major Class [Line Items]      
Gross Carrying Amount 140,913   148,213
Accumulated Amortization (21,878)   (19,027)
Net 119,035   129,186
Amortization expense related to definite-lived intangible assets 2,900 $ 3,100  
Retirement Centers [Member]      
Goodwill [Line Items]      
Gross Carrying Amount 28,141   28,141
Accumulated Impairment and Other Charges (721)   (721)
Net 27,420   27,420
Assisted Living [Member]      
Goodwill [Line Items]      
Gross Carrying Amount 591,814   591,814
Accumulated Impairment and Other Charges (20,348)   (20,348)
Net 571,466   571,466
Brookdale Ancillary Services [Member]      
Goodwill [Line Items]      
Gross Carrying Amount 126,810   126,810
Accumulated Impairment and Other Charges 0   0
Net 126,810   126,810
Community Purchase Options [Member]      
Schedule of Intangible Assets by Major Class [Line Items]      
Gross Carrying Amount 32,970   40,270
Accumulated Amortization 0   0
Net 32,970   40,270
Health Care Licenses [Member]      
Schedule of Intangible Assets by Major Class [Line Items]      
Gross Carrying Amount 66,612   66,612
Accumulated Amortization 0   0
Net 66,612   66,612
Tradenames [Member]      
Schedule of Intangible Assets by Major Class [Line Items]      
Gross Carrying Amount 27,800   27,800
Accumulated Amortization (16,717)   (14,209)
Net 11,083   13,591
Other [Member]      
Schedule of Intangible Assets by Major Class [Line Items]      
Gross Carrying Amount 13,531   13,531
Accumulated Amortization (5,161)   (4,818)
Net $ 8,370   $ 8,713
XML 50 R36.htm IDEA: XBRL DOCUMENT v3.4.0.3
Property, Plant and Equipment and Leasehold Intangibles, Net (Details) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Property, Plant and Equipment [Line Items]    
Property, plant and equipment and leasehold intangibles gross $ 10,674,812 $ 10,574,411
Accumulated depreciation and amortization (2,670,455) (2,543,035)
Property, plant and equipment and leasehold intangibles, net 8,004,357 8,031,376
Land [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment and leasehold intangibles gross 486,567 486,567
Buildings and Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment and leasehold intangibles gross 5,312,297 5,260,826
Leasehold Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment and leasehold intangibles gross 114,363 100,430
Furniture and Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment and leasehold intangibles gross 935,707 895,447
Resident and Leasehold Operating Intangibles [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment and leasehold intangibles gross 783,434 783,434
Construction in Progress [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment and leasehold intangibles gross 121,397 138,054
Assets Under Capital and Financing Leases [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment and leasehold intangibles gross $ 2,921,047 $ 2,909,653
XML 51 R37.htm IDEA: XBRL DOCUMENT v3.4.0.3
Debt (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Dec. 31, 2015
Long-Term Debt, Capital and Financing Leases and Financing Obligations [Line Items]    
Debt $ 6,221,920 $ 6,122,413
Less current portion 275,661 235,604
Long-term debt 5,946,259 5,886,809
Mortgage Notes Payable [Member]    
Long-Term Debt, Capital and Financing Leases and Financing Obligations [Line Items]    
Debt 3,329,740 3,246,513
Unamortized debt discount $ 1,300 $ 3,300
Maturity date, start Dec. 31, 2017  
Maturity date, end Dec. 31, 2047  
Weighted average interest rate 4.58% 4.51%
Capital Lease Obligations [Member]    
Long-Term Debt, Capital and Financing Leases and Financing Obligations [Line Items]    
Debt $ 2,493,210 $ 2,489,588
Maturity date, start Dec. 31, 2031  
Weighted average interest rate 8.07% 8.11%
Convertible Debt [Member]    
Long-Term Debt, Capital and Financing Leases and Financing Obligations [Line Items]    
Debt $ 285,189 $ 281,902
Principal 316,300 316,300
Unamortized debt discount $ 31,100 $ 34,300
Maturity date, start Jun. 30, 2018  
Weighted average interest rate 2.75% 2.75%
Construction Financing [Member]    
Long-Term Debt, Capital and Financing Leases and Financing Obligations [Line Items]    
Debt $ 15,353 $ 24,105
Maturity date, start Dec. 31, 2019  
Maturity date, end Dec. 31, 2032  
Weighted average interest rate 7.76% 4.84%
Notes Payable, Insurance Premiums [Member]    
Long-Term Debt, Capital and Financing Leases and Financing Obligations [Line Items]    
Debt $ 17,677 $ 0
Maturity date, start Dec. 31, 2016  
Weighted average interest rate 2.94%  
Other Notes Payable [Member]    
Long-Term Debt, Capital and Financing Leases and Financing Obligations [Line Items]    
Debt $ 80,751 $ 80,305
Maturity date, start Dec. 31, 2016  
Maturity date, end Dec. 31, 2020  
Weighted average interest rate 5.24% 5.16%
XML 52 R38.htm IDEA: XBRL DOCUMENT v3.4.0.3
Debt, Line of Credit (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Dec. 31, 2015
Credit Facilities [Line Items]    
Line of credit $ 210,000 $ 310,000
Line of Credit [Member]    
Credit Facilities [Line Items]    
Credit facility, maximum borrowing capacity $ 500,000  
Maturity date Jan. 03, 2020  
Description of applicable margin calculation based on utilization percentage Amounts drawn under the facility bear interest at 90-day LIBOR plus an applicable margin from 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%.  
Quarterly commitment fee 0.50%  
Letters of Credit Outstanding, Amount $ 24,200  
Line of credit 210,000  
Swingline Line of Credit [Member]    
Credit Facilities [Line Items]    
Credit facility, maximum borrowing capacity 50,000  
Secured and Unsecured Letter of Credit Facilities    
Credit Facilities [Line Items]    
Credit facility, maximum borrowing capacity 64,500  
Letters of Credit Outstanding, Amount 62,500  
Option to increase maximum borrowing capacity [Member]    
Credit Facilities [Line Items]    
Credit facility, maximum borrowing capacity 250,000  
Term Loan [Member]    
Credit Facilities [Line Items]    
Credit facility, maximum borrowing capacity 100,000  
Revolving Credit Facility [Member]    
Credit Facilities [Line Items]    
Credit facility, maximum borrowing capacity 400,000  
Letter of credit sublimit [Member]    
Credit Facilities [Line Items]    
Credit facility, maximum borrowing capacity $ 50,000  
XML 53 R39.htm IDEA: XBRL DOCUMENT v3.4.0.3
Debt, Financings (Details) - First Mortgage loan refinanced in March 2016 [Member]
$ in Millions
 3 Months Ended
Mar. 31, 2016
USD ($)
Community
Financings [Line Items]  
Proceeds from debt financing | $ $ 100
Maturity date Jan. 01, 2023
Number of communities securing mortgage notes | Community 10
Weighted average interest rate 4.20%
XML 54 R40.htm IDEA: XBRL DOCUMENT v3.4.0.3
Supplemental Disclosure of Cash Flow Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
Supplemental Cash Flow Information [Abstract]      
Interest paid $ 92,270 $ 86,732  
Income taxes paid 246 41  
Acquisition of assets, net of related payables and cash received [Line Items]      
Trade accounts payable 92,089   $ 128,006
Acquisition of Assets, Net of Related Payables and Cash Received [Member]      
Acquisition of assets, net of related payables and cash received [Line Items]      
Prepaid expenses and other current assets 0 (47,225)  
Property, plant and equipment and leasehold intangibles, net 19,457 184,964  
Other intangible assets, net (7,300) 2,970  
Long-term debt 0 (20,000)  
Capital and Financing Lease Obligations 0 53,596  
Net cash paid 12,157 174,305  
Additions to property, plant and equipment and leasehold improvements [Member]      
Acquisition of assets, net of related payables and cash received [Line Items]      
Property, plant and equipment and leasehold intangibles, net 79,017 79,129  
Trade accounts payable 29,493 0  
Net cash paid 108,510 79,129  
Proceeds from sale of assets, net [Member]      
Acquisition of assets, net of related payables and cash received [Line Items]      
Property, plant and equipment and leasehold intangibles, net 42,714 0  
Other intangible assets, net 2,749 0  
Capital and Financing Lease Obligations 121 0  
Net cash paid $ 45,584 $ 0  
XML 55 R41.htm IDEA: XBRL DOCUMENT v3.4.0.3
Facility Operating Leases (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Schedule of facility operating lease expense [Abstract]    
Payments for Rent $ 95,580 $ 94,722
Straight-line expense 3,935 2,801
Amortization of (above) below market rents, net (1,733) (1,959)
Amortization of deferred gain (1,093) (1,093)
Facility lease expense $ 96,689 $ 94,471
XML 56 R42.htm IDEA: XBRL DOCUMENT v3.4.0.3
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
Income Taxes [Abstract]      
Gross Deferred Income Tax Expense (Benefit) $ 13,200    
Deferred Income Tax Expense (Benefit) 934 $ (79,237)  
Deferred income tax assets [Abstract]      
Valuation allowance 135,800   $ 121,600
Valuation Allowance, Deferred Tax Asset, Change in Amount $ 14,200    
Internal Revenue Service (IRS) [Member] | Minimum [Member]      
Income Tax Examination [Line Items]      
Tax years open for future examination 2012    
Internal Revenue Service (IRS) [Member] | Maximum [Member]      
Income Tax Examination [Line Items]      
Tax years open for future examination 2014    
XML 57 R43.htm IDEA: XBRL DOCUMENT v3.4.0.3
Variable Interest Entities (Details)
$ in Millions
Mar. 31, 2016
USD ($)
Variable Interest Entity [Line Items]  
Percentage ownership in unconsolidated joint ventures 10.00%
CCRC Venture opco [Member]  
Variable Interest Entity [Line Items]  
Maximum Exposure to Loss $ 179.2
Carrying Amount $ 179.2
Percentage ownership in unconsolidated joint ventures 51.00%
RIDEA Ventures [Member]  
Variable Interest Entity [Line Items]  
Maximum Exposure to Loss $ 124.5
Carrying Amount $ 124.5
Percentage ownership in unconsolidated joint ventures 20.00%
XML 58 R44.htm IDEA: XBRL DOCUMENT v3.4.0.3
Segment Information (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
USD ($)
Segment
Mar. 31, 2015
USD ($)
Dec. 31, 2015
USD ($)
Segment Information [Abstract]      
Number of reportable segments | Segment 5    
Segment Reporting Information [Line Items]      
Revenue $ 1,263,156 $ 1,247,881  
Segment operating income [1] 362,026 370,440  
General and administrative (including non-cash stock-based compensation expense) 92,621 89,530  
Transaction costs 850 6,742  
Facility lease expense 96,689 94,471  
Depreciation and amortization 127,137 220,427  
Asset impairment 3,375 0  
Loss on facility lease termination 0 76,143  
Income (loss) from operations 41,354 (116,873)  
Total assets 9,988,672   $ 10,048,564
Retirement Centers [Member]      
Segment Reporting Information [Line Items]      
Revenue [2] 169,426 163,486  
Segment operating income [1] 74,449 70,524  
Total assets 1,542,954   1,549,623
Assisted Living [Member]      
Segment Reporting Information [Line Items]      
Revenue [2] 617,270 617,344  
Segment operating income [1] 220,810 223,506  
Total assets 6,294,576   6,347,178
Brookdale Ancillary Services [Member]      
Segment Reporting Information [Line Items]      
Revenue [2] 122,192 115,411  
Segment operating income [1] 14,518 22,742  
Total assets 288,883   292,540
CCRCs Rental [Member]      
Segment Reporting Information [Line Items]      
Revenue [2] 152,260 155,991  
Segment operating income [1] 35,469 38,571  
Total assets 1,020,500   1,035,371
Management Services [Member]      
Segment Reporting Information [Line Items]      
Revenue [3] 202,008 195,649  
Segment operating income [1] 16,780 $ 15,097  
Total assets $ 841,759   $ 823,852
[1] Segment operating income is defined as segment revenues less segment operating expenses (excluding depreciation and amortization).
[2] All revenue is earned from external third parties in the United States.
[3] Management services segment revenue includes reimbursements for which the Company is the primary obligor of costs incurred on behalf of managed communities.
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