0001332349-16-000105.txt : 20161103 0001332349-16-000105.hdr.sgml : 20161103 20161102182514 ACCESSION NUMBER: 0001332349-16-000105 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 61 CONFORMED PERIOD OF REPORT: 20160930 FILED AS OF DATE: 20161103 DATE AS OF CHANGE: 20161102 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: 161969333 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 September 30, 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 October 28, 2016, 186,060,769 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 SEPTEMBER 30, 2016

 
PAGE
PART I.
FINANCIAL INFORMATION
 
 
 
 
Item 1.
Financial Statements
 
 
 
 
 
Condensed Consolidated Balance Sheets -
 
 
As of September 30, 2016 (Unaudited) and December 31, 2015
3
 
 
 
 
Condensed Consolidated Statements of Operations -
 
 
Three and nine months ended September 30, 2016 and 2015 (Unaudited)
4
 
 
 
 
Condensed Consolidated Statement of Equity -
 
 
Nine months ended September 30, 2016 (Unaudited)
5
 
 
 
 
Condensed Consolidated Statements of Cash Flows -
 
 
Nine months ended September 30, 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
20
 
 
 
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
43
 
 
 
Item 4.
Controls and Procedures
44
 
 
 
 
 
 
PART II.
OTHER INFORMATION
 
 
 
 
Item 1.
Legal Proceedings
44
 
 
 
Item 1A.
Risk Factors
44
     
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
45
 
 
 
Item 6.
Exhibits
45
 
 
 
Signatures
 
46
 
2

PART I.   FINANCIAL INFORMATION

Item 1.   Financial Statements

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

 
  
September 30,
2016
    
December 31,
2015
  
Assets
  
(Unaudited)
        
Current assets
            
Cash and cash equivalents
  
$
74,184
    
$
88,029
  
Cash and escrow deposits – restricted
    
38,225
      
32,570
  
Accounts receivable, net
    
135,455
      
144,053
  
Assets held for sale
    
173,481
      
110,620
  
Prepaid expenses and other current assets, net
    
132,549
      
122,671
  
Total current assets
    
553,894
      
497,943
  
Property, plant and equipment and leasehold intangibles, net
    
7,621,903
      
8,031,376
  
Cash and escrow deposits – restricted
    
29,537
      
33,382
  
Investment in unconsolidated ventures
    
366,800
      
371,639
  
Goodwill
    
697,128
      
725,696
  
Other intangible assets, net
    
113,619
      
129,186
  
Other assets, net
    
249,402
      
259,342
  
Total assets
  
$
9,632,283
    
$
10,048,564
  
Liabilities and Equity
                
Current liabilities
                
Current portion of long-term debt
  
$
196,683
    
$
173,454
  
Current portion of capital and financing lease obligations
    
68,693
      
62,150
  
Trade accounts payable
    
70,669
      
128,006
  
Accrued expenses
    
345,398
      
372,874
  
Refundable entrance fees and deferred revenue
    
115,029
      
99,277
  
Tenant security deposits
    
3,694
      
4,387
  
Total current liabilities
    
800,166
      
840,148
  
Long-term debt, less current portion
    
3,442,677
      
3,459,371
  
Capital and financing lease obligations, less current portion
    
2,422,841
      
2,427,438
  
Line of credit
    
100,000
      
310,000
  
Deferred liabilities
    
260,140
      
266,537
  
Deferred tax liability
    
72,854
      
69,051
  
Other liabilities
    
183,209
      
217,292
  
Total liabilities
    
7,281,887
      
7,589,837
  
Preferred stock, $0.01 par value, 50,000,000 shares authorized at September 30, 2016 and December 31, 2015; no shares issued and outstanding
    
—
      
—
  
Common stock, $0.01 par value, 400,000,000 shares authorized at September 30, 2016 and December 31, 2015; 193,198,262 and 190,767,191 shares issued and 190,769,861 and 188,338,790 shares outstanding (including 4,711,791 and 3,453,991 unvested restricted shares), respectively
    
1,908
      
1,883
  
Additional paid-in-capital
    
4,096,963
      
4,069,283
  
Treasury stock, at cost; 2,428,401 shares at September 30, 2016 and December 31, 2015
    
(46,800
)
    
(46,800
)
Accumulated deficit
    
(1,701,388
)
    
(1,565,478
)
Total Brookdale Senior Living Inc. stockholders' equity
    
2,350,683
      
2,458,888
  
Noncontrolling interest
    
(287
)
    
(161
)
Total equity
    
2,350,396
      
2,458,727
  
Total liabilities and equity
  
$
9,632,283
    
$
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
September 30,
    
Nine Months Ended
September 30,
  
 
  
2016
    
2015
    
2016
    
2015
  
Revenue
                        
Resident fees
  
$
1,042,831
    
$
1,040,082
    
$
3,158,547
    
$
3,136,292
  
Management fees
    
15,532
      
14,694
      
50,498
      
44,630
  
Reimbursed costs incurred on behalf of managed communities
    
187,763
      
184,065
      
559,067
      
543,984
  
Total revenue
    
1,246,126
      
1,238,841
      
3,768,112
      
3,724,906
  
 
                                
Expense
                                
Facility operating expense (excluding depreciation and amortization of $118,756, $148,120, $351,667 and $571,059, respectively)
    
704,221
      
699,720
      
2,113,226
      
2,091,600
  
General and administrative expense (including non-cash stock-based compensation expense of $8,455, $10,147, $27,218 and $25,871, respectively)
    
63,425
      
99,534
      
246,741
      
278,609
  
Transaction costs
    
659
      
—
      
1,950
      
7,163
  
Facility lease expense
    
92,519
      
91,144
      
281,890
      
276,953
  
Depreciation and amortization
    
130,783
      
160,715
      
391,314
      
606,787
  
Asset impairment
    
19,111
      
—
      
26,638
      
—
  
Loss on facility lease termination
    
—
      
—
      
—
      
76,143
  
Costs incurred on behalf of managed communities
    
187,763
      
184,065
      
559,067
      
543,984
  
Total operating expense
    
1,198,481
      
1,235,178
      
3,620,826
      
3,881,239
  
Income (loss) from operations
    
47,645
      
3,663
      
147,286
      
(156,333
)
 
                                
Interest income
    
809
      
399
      
2,239
      
1,208
  
Interest expense:
                                
Debt
    
(43,701
)
    
(43,972
)
    
(131,422
)
    
(130,004
)
Capital and financing lease obligations
    
(50,401
)
    
(53,217
)
    
(151,561
)
    
(159,463
)
Amortization of deferred financing costs and debt premium (discount)
    
(2,380
)
    
(616
)
    
(6,978
)
    
(835
)
Change in fair value of derivatives
    
—
      
(164
)
    
(28
)
    
(790
)
Debt modification and extinguishment costs
    
(1,944
)
    
(6,736
)
    
(3,240
)
    
(6,780
)
Equity in (loss) earnings of unconsolidated ventures
    
(878
)
    
(1,578
)
    
478
      
(766
)
Other non-operating income
    
3,281
      
3,089
      
13,137
      
8,234
  
Income (loss) before income taxes
    
(47,569
)
    
(99,132
)
    
(130,089
)
    
(445,529
)
(Provision) benefit for income taxes
    
(4,159
)
    
30,796
      
(5,947
)
    
161,677
  
Net income (loss)
    
(51,728
)
    
(68,336
)
    
(136,036
)
    
(283,852
)
Net (income) loss attributable to noncontrolling interest
    
43
      
116
      
126
      
634
  
Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders
  
$
(51,685
)
  
$
(68,220
)
  
$
(135,910
)
  
$
(283,218
)
 
                                
Basic and diluted net income (loss) per share attributable to Brookdale Senior Living Inc. common stockholders
  
$
(0.28
)
  
$
(0.37
)
  
$
(0.73
)
  
$
(1.54
)
 
                                
Weighted average shares used in computing basic and diluted net income (loss) per share
    
185,946
      
184,570
      
185,641
      
184,175
  

See accompanying notes to condensed consolidated financial statements.
4


BROOKDALE SENIOR LIVING INC.
CONDENSED CONSOLIDATED STATEMENT OF EQUITY
Nine Months Ended September 30, 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
    
—
      
—
      
27,218
      
—
      
—
      
27,218
      
—
      
27,218
  
Net income (loss)
    
—
      
—
      
—
      
—
      
(135,910
)
    
(135,910
)
    
(126
)
    
(136,036
)
Issuance of common stock under Associate Stock Purchase Plan
    
125
      
1
      
1,814
      
—
      
—
      
1,815
      
—
      
1,815
  
Restricted stock, net
    
2,400
      
24
      
(24
)
    
—
      
—
      
—
      
—
      
—
  
Other
    
(94
)
    
—
      
(1,328
)
    
—
      
—
      
(1,328
)
    
—
      
(1,328
)
Balances at September 30, 2016
    
190,770
    
$
1,908
    
$
4,096,963
    
$
(46,800
)
  
$
(1,701,388
)
  
$
2,350,683
    
$
(287
)
  
$
2,350,396
  

See accompanying notes to condensed consolidated financial statements.
5


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

 
  
Nine Months Ended
September 30,
  
 
  
2016
    
2015
  
Cash Flows from Operating Activities
            
Net income (loss)
  
$
(136,036
)
  
$
(283,852
)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
                
Loss on extinguishment of debt, net
    
375
      
44
  
Depreciation and amortization, net
    
398,292
      
607,622
  
Asset impairment
    
26,638
      
—
  
Equity in (loss) earnings of unconsolidated ventures
    
(478
)
    
766
  
Distributions from unconsolidated ventures from cumulative share of net earnings
    
6,400
      
7,825
  
Amortization of deferred gain
    
(3,279
)
    
(3,279
)
Amortization of entrance fee revenue
    
(3,111
)
    
(2,316
)
Proceeds from deferred entrance fee revenue
    
11,327
      
8,887
  
Deferred income tax provision (benefit)
    
3,804
      
(164,014
)
Change in deferred lease liability
    
2,553
      
6,451
  
Change in fair value of derivatives
    
28
      
790
  
Gain on sale of assets
    
(2,126
)
    
(1,723
)
Non-cash stock-based compensation
    
27,218
      
25,871
  
Non-cash interest expense on financing lease obligations
    
19,728
      
17,458
  
Amortization of (above) below market lease, net
    
(5,165
)
    
(5,425
)
Other
    
(6,360
)
    
(2,272
)
Changes in operating assets and liabilities:
                
Accounts receivable, net
    
8,183
      
(2,907
)
Prepaid expenses and other assets, net
    
(7,338
)
    
39,897
  
Accounts payable and accrued expenses
    
(73,892
)
    
(23,192
)
Tenant refundable fees and security deposits
    
(693
)
    
(738
)
Deferred revenue
    
11,213
      
(23,708
)
Net cash provided by operating activities
    
277,281
      
202,185
  
 
                
Cash Flows from Investing Activities
                
(Increase) decrease in lease security deposits and lease acquisition deposits, net
    
(1,776
)
    
12,541
  
(Increase) decrease in cash and escrow deposits — restricted
    
(1,810
)
    
6,822
  
Additions to property, plant and equipment and leasehold intangibles, net
    
(263,950
)
    
(301,778
)
Acquisition of assets, net of related payables
    
(12,157
)
    
(193,451
)
Investment in unconsolidated ventures
    
(6,071
)
    
(40,709
)
Distributions received from unconsolidated ventures
    
4,836
      
7,038
  
Proceeds from sale of assets, net
    
219,471
      
8,072
  
Other
    
7,083
      
3,163
  
Net cash used in investing activities
    
(54,374
)
    
(498,302
)
 
                
Cash Flows from Financing Activities
                
Proceeds from debt
    
202,132
      
550,131
  
Repayment of debt and capital and financing lease obligations
    
(217,696
)
    
(453,389
)
Proceeds from line of credit
    
1,276,500
      
970,000
  
Repayment of line of credit
    
(1,486,500
)
    
(760,000
)
Payment of financing costs, net of related payables
    
(1,414
)
    
(32,251
)
Refundable entrance fees:
                
Proceeds from refundable entrance fees
    
1,986
      
1,510
  
Refunds of entrance fees
    
(2,893
)
    
(3,251
)
Cash portion of loss on extinguishment of debt
    
—
      
(44
)
Payment on lease termination
    
(9,250
)
    
(12,375
)
Other
    
383
      
2,094
  
Net cash (used in) provided by financing activities
    
(236,752
)
    
262,425
  
Net decrease in cash and cash equivalents
    
(13,845
)
    
(33,692
)
Cash and cash equivalents at beginning of period
    
88,029
      
104,083
  
Cash and cash equivalents at end of period
  
$
74,184
    
$
70,391
  
 
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 September 30, 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.
7

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.

Certain of the Company's communities have residency agreements which require the resident to pay an upfront entrance fee prior to moving into the community. The non-refundable portion of the entrance fee is recorded as deferred revenue and amortized over the estimated stay of the resident based on an actuarial valuation. The refundable portion of a resident's entrance fee is generally refundable within a certain number of months or days following contract termination or upon the resale of the unit. The refundable portion of the fee is not amortized and is included in refundable entrance fees. All refundable amounts due to residents at any time in the future are classified as current liabilities.

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 $3.7 billion and $3.9 billion as of September 30, 2016 and December 31, 2015, respectively. Fair value of the debt approximates carrying value in all periods. The Company's fair value of debt disclosure is classified within Level 2 of the valuation hierarchy.
8

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.

During the nine months ended September 30, 2016, the Company reduced its estimate for the amount of expected losses for general liability and professional liability and workers compensation claims, based on recent historical claims experience. As a result, the Company decreased the accrued reserves for general liability and professional liability and workers compensation claims by $20.0 million and $7.6 million, respectively, during the nine months ended September 30, 2016. The reduction in these accrued reserves decreased facility operating expense by $13.9 million and $27.6 million for the three and nine months ended September 30, 2016, respectively.

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.
9

New Accounting Pronouncements

In August 2016, the FASB issued Accounting Standards Update ("ASU") 2016-15, Statement of Cash Flows-Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15"). ASU 2016-15 clarifies how cash receipts and cash payments in certain transactions are presented in the statement of cash flows. ASU 2016-15 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, and early adoption is permitted. The Company is currently evaluating the impact the adoption of ASU 2016-15 will have on its condensed consolidated financial statements and disclosures.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 replaces the current incurred loss impairment methodology for credit losses with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted for fiscal years beginning after December 15, 2018. The Company is currently evaluating the impact the adoption of ASU 2016-13 will have on its condensed consolidated financial statements and disclosures.

In March 2016, the FASB issued 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.
10

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.

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 and nine months ended September 30, 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 4.7 million and 3.5 million for the three months ended September 30, 2016 and 2015, respectively, and 4.6 million and 3.8 million for the nine months ended September 30, 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 September 30, 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 September 30, 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. The Company records these assets on the condensed consolidated balance sheet at the lesser of the carrying value and fair value less estimated selling costs.  If the carrying value is greater than the fair value less the estimated selling costs, the Company records an impairment charge. The Company allocates a portion of the goodwill of a reporting unit to the disposal if the disposal 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. As of June 30, 2016, the Company identified 50 additional owned communities as held for sale. During the three and nine months ended September 30, 2016, the Company recognized $6.7 million and $11.7 million of impairment expense related to assets 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 sales 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 are reported in the Assisted Living and CCRCs – Rental segments through the respective disposition dates.
11
During the three months ended June 30, 2016, the Company entered into an agreement to sell 44 communities for an aggregate sales price of $252.5 million. During the three months ended September 30, 2016, the Company completed the sale of 32 of the 44 communities previously classified as held for sale for an aggregate sales price of $177.5 million. The proceeds from the sale were primarily utilized to extinguish the mortgage debt related to the communities sold during the period and to pay down the balance of the revolving credit facility. The remaining 12 communities were classified as assets held for sale as of September 30, 2016. On November 1, 2016, the Company completed the sale of nine of these communities for an aggregate sales price of $47.7 million. The results of operations of these 44 communities are reported within the Assisted Living segment within the condensed consolidated financial statements through the respective disposition dates.

As of September 30, 2016, $173.5 million was recorded as assets held for sale and $106.9 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 28 communities classified as held for sale as of that date. This debt will either be repaid with the proceeds from the sales or be assumed by the prospective purchasers. The results of operations of the 28 communities are reported in the Assisted Living (24 communities), Retirement Center (one community) and CCRCs – Rental (three communities) segments within the condensed consolidated financial statements. The sale of the remaining communities classified as held for sale as of the date of this Quarterly Report on Form 10-Q is expected to occur in the next 12 months, although there can be no assurance that the transactions will close or if they do, when the actual closing will occur.

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 nine months ended September 30, 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 nine months ended September 30, 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
  
Three months ended June 30, 2016
    
115
    
$
15.68 – 18.03
    
$
2,058
  
Three months ended September 30, 2016
    
61
    
$
15.90 – 17.45
    
$
1,029
  

6.  Goodwill and Other Intangible Assets, Net

The following is a summary of the carrying amount of goodwill as of September 30, 2016 and December 31, 2015 presented on an operating segment basis (dollars in thousands):
 
 
  
September 30, 2016
    
December 31, 2015
  
 
  
Gross
Carrying
Amount
    
Dispositions and Other Reductions
    
Net
    
Gross
Carrying
Amount
    
Dispositions and Other Reductions
    
Net
  
Retirement Centers
  
$
28,141
    
$
(820
)
  
$
27,321
    
$
28,141
    
$
(721
)
  
$
27,420
  
Assisted Living
    
591,814
      
(48,817
)
    
542,997
      
591,814
      
(20,348
)
    
571,466
  
Brookdale Ancillary Services
    
126,810
      
—
      
126,810
      
126,810
      
—
      
126,810
  
Total
  
$
746,765
    
$
(49,637
)
  
$
697,128
    
$
746,765
    
$
(21,069
)
  
$
725,696
  
12

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 nine months ended September 30, 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.

Approximately $28.5 million and $0.1 million of goodwill in the Assisted Living and Retirement Centers segments, respectively, was allocated to communities identified as held for sale during the second quarter of 2016. Refer to Note 4 for more information about the Company's assets held for sale.

The following is a summary of other intangible assets at September 30, 2016 and December 31, 2015 (dollars in thousands):
 
 
  
September 30, 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
      
(20,490
)
    
7,310
      
27,800
      
(14,209
)
    
13,591
  
Other
    
13,531
      
(6,804
)
    
6,727
      
13,531
      
(4,818
)
    
8,713
  
Total
  
$
140,913
    
$
(27,294
)
  
$
113,619
    
$
148,213
    
$
(19,027
)
  
$
129,186
  

Amortization expense related to definite-lived intangible assets for the three months ended September 30, 2016 and 2015 was $1.5 million and $3.1 million, respectively, and for the nine months ended September 30, 2016 and 2015 was $8.3 million and $9.2 million, respectively. Health care licenses were determined to be indefinite-lived intangible assets and are not subject to amortization. The carrying value of the community purchase options 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):

 
  
September 30,
2016
    
December 31,
2015
  
Land
  
$
454,263
    
$
486,567
  
Buildings and improvements
    
5,141,813
      
5,260,826
  
Leasehold improvements
    
124,339
      
100,430
  
Furniture and equipment
    
966,014
      
895,447
  
Resident and leasehold operating intangibles
    
765,859
      
783,434
  
Construction in progress
    
86,678
      
138,054
  
Assets under capital and financing leases
    
2,933,688
      
2,909,653
  
 
    
10,472,654
      
10,574,411
  
Accumulated depreciation and amortization
    
(2,850,751
)
    
(2,543,035
)
Property, plant and equipment and leasehold intangibles, net
  
$
7,621,903
    
$
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. During the three and nine months ended September 30, 2016, the Company recorded $6.7 million and $11.7 million, respectively, of impairment charges related to communities identified as held for sale, inclusive of the allocation of goodwill to the disposal. These impairment charges are primarily due to the excess of carrying value, including allocated goodwill, over the estimated selling price less costs to dispose. Refer to Note 4 for more information about the Company's community dispositions and assets held for sale.  During the three months ended September 30, 2016, the Company recorded a $10.0 million non-cash impairment charge within the Assisted Living segment due to lower than expected operating performance at a community subject to a capital lease. This charge reflects the amount by which the carrying value of the asset exceeded its estimated fair value. The Company recorded $2.4 million and $4.9 million of non-cash impairment charges for property, plant and equipment and leasehold intangibles for communities to be held and used for property damage sustained at the communities as well as the write-off of costs associated with the cancellation of certain community expansion and redevelopment projects during the three and nine months ended September 30, 2016, respectively.
13

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):

 
  
September 30,
2016
    
December 31,
2015
  
Mortgage notes payable due 2017 through 2047; weighted average interest rate of 4.58% for the nine months ended September 30, 2016, including net debt premium and deferred financing costs of $2.4 million and $3.3 million at September 30, 2016 and December 31, 2015, respectively (weighted average interest rate of 4.51% in 2015)
  
$
3,240,934
    
$
3,246,513
  
Capital and financing lease obligations payable through 2031; weighted average interest rate of 8.06% for the nine months ended September 30, 2016 (weighted average interest rate of 8.11% in 2015)
    
2,491,534
      
2,489,588
  
Convertible notes payable in aggregate principal amount of $316.3 million, less debt discount and deferred financing costs of $24.3 million and $34.3 million at September 30, 2016 and December 31, 2015, respectively, interest at 2.75% per annum, due June 2018
    
291,936
      
281,902
  
Construction financing due 2019 through 2032; weighted average interest rate of 7.77% for the nine months ended September 30, 2016 (weighted average interest rate of 4.84% in 2015)
    
24,202
      
24,105
  
Notes payable issued to finance insurance premiums, weighted average interest rate of 2.94% for the nine months ended September 30, 2016, due 2016
    
4,452
      
—
  
Other notes payable, weighted average interest rate of 5.29% for the nine months ended September 30, 2016 (weighted average interest rate of 5.16% in 2015) and maturity dates ranging from 2016 to 2020
    
77,836
      
80,305
  
Total debt and capital and financing lease obligations
    
6,130,894
      
6,122,413
  
Less current portion
    
265,376
      
235,604
  
Total long-term debt and capital and financing lease obligations
  
$
5,865,518
    
$
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 September 30, 2016, the outstanding balance under this credit facility was $100.0 million. Additionally, there were $25.8 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 letter of credit facilities of up to $64.5 million in the aggregate as of September 30, 2016. Letters of credit totaling $64.4 million had been issued under these separate facilities as of that date.
14

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 September 30, 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):
 
  
Nine Months Ended
September 30,
  
 
  
2016
    
2015
  
Supplemental Disclosure of Cash Flow Information:
            
Interest paid
  
$
260,504
    
$
270,352
  
Income taxes paid
  
$
2,195
    
$
2,806
  
   Additions to property, plant and equipment and leasehold intangibles, net:
                
Property, plant and equipment and leasehold intangibles, net
  
$
230,837
    
$
301,778
  
Accounts payable
    
33,113
      
—
  
Net cash paid
  
$
263,950
    
$
301,778
  
   Acquisition of assets, net of related payables:
                
Prepaid expenses and other assets
  
$
—
    
$
(50,756
)
Property, plant and equipment and leasehold intangibles, net
    
19,457
      
196,196
  
Other intangible assets, net
    
(7,300
)
    
(7,293
)
Capital and financing lease obligations
    
—
      
75,619
  
Long-term debt
    
—
      
(20,000
)
Other liabilities
    
—
      
(315
)
Net cash paid
  
$
12,157
    
$
193,451
  
   Proceeds from sale of assets, net:
                
Assets held for sale
  
$
218,343
    
$
—
  
Prepaid expenses and other assets
    
1,036
      
7,434
  
Property, plant and equipment and leasehold intangibles, net
    
—
      
7,516
  
Capital and financing lease obligations
    
—
      
(8,907
)
Other liabilities
    
(2,034
)
    
2,029
  
Gain on sale of assets
    
2,126
      
—
  
Net cash received
  
$
219,471
    
$
8,072
  
Supplemental Schedule of Non-cash Operating, Investing and Financing Activities:
                
   Capital and financing leases:
                
Property, plant and equipment and leasehold intangibles, net
  
$
—
    
$
24,535
  
Other intangible assets, net
    
—
      
(5,202
)
Capital and financing lease obligations
    
—
      
(21,629
)
Other liabilities
    
—
      
2,296
  
Net
  
$
—
    
$
—
  
   Assets designated as held for sale:
                
Property, plant and equipment and leasehold intangibles, net
  
$
(261,639
)
  
$
—
  
Assets held for sale
    
280,604
      
—
  
Prepaid expenses and other assets
    
(2,130
)
    
—
  
Goodwill
    
(28,568
)
    
—
  
Asset impairment
    
11,733
      
—
  
Net
  
$
—
    
$
—
  
  Contribution to CCRC Venture:
                
Property, plant and equipment and leasehold intangibles, net
  
$
—
    
$
(25,459
)
Investment in unconsolidated ventures
    
—
      
7,344
  
Long-term debt
    
—
      
18,115
  
Net
  
$
—
    
$
—
  

15

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
September 30,
    
Nine Months Ended
September 30,
  
 
  
2016
    
2015
    
2016
    
2015
  
Cash basis payment
  
$
96,170
    
$
92,132
    
$
287,781
    
$
279,206
  
Straight-line (income) expense
    
(859
)
    
1,731
      
2,553
      
6,451
  
Amortization of (above) below market lease, net
    
(1,699
)
    
(1,626
)
    
(5,165
)
    
(5,425
)
Amortization of deferred gain
    
(1,093
)
    
(1,093
)
    
(3,279
)
    
(3,279
)
Facility lease expense
  
$
92,519
    
$
91,144
    
$
281,890
    
$
276,953
  

12.  Income Taxes

The Company's effective tax rates for three and nine months ended September 30, 2016 were (8.8%) and (4.6%), respectively, as compared to 31.1% and 36.3% for three and nine months ended September 30, 2015, respectively. The differences in the Company's effective tax rates for the three and nine months ended September 30, 2016 and 2015 were due to an increase in the valuation allowance against the Company's deferred tax assets recorded in 2016, the negative tax benefit on the vesting of restricted stock, a direct result of the Company's lower stock price in 2016, and the non-deductible write-off of goodwill in 2016. The Company determined that an additional valuation allowance was required after consideration of the Company's future reversal of estimated timing differences. The Company recorded an aggregate deferred federal, state and local tax benefit of $18.9 million and $35.7 million as a result of the operating loss for the three and nine months ended September 30, 2016, respectively, which was offset by an increase in the valuation allowance of $22.3 million and $39.5 million, respectively. The Company recorded an aggregate deferred federal, state and local tax benefit of $31.6 million and $164.0 million as a result of the operating loss for the three and nine months ended September 30, 2015, respectively. 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 September 30, 2016 and December 31, 2015 is $161.1 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 limited 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 nine months ended September 30, 2016 and 2015 which are included in income tax expense or benefit for the period. Tax returns for years 2012 through 2015 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 September 30, 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.
16
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 the RIDEA Ventures own, resident fees receivable, and cash and cash equivalents. The obligations of the RIDEA Ventures primarily consist of notes payable, accounts payable and accrued expenses.

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 September 30, 2016 (in millions):

VIE Type
Asset Type
  
Maximum Exposure to Loss
    
Carrying Amount
  
CCRC Venture opco
Investment in unconsolidated ventures
  
$
174.9
    
$
174.9
  
RIDEA Ventures
Investment in unconsolidated ventures
  
$
122.7
    
$
122.7
  

As of September 30, 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 September 30, 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 consolidated 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.
17

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 September 30,
    
Nine Months Ended September 30,
  
 
  
2016
    
2015
    
2016
    
2015
  
Revenue
                        
Retirement Centers(1)
  
$
170,706
    
$
164,415
    
$
510,122
    
$
492,310
  
Assisted Living(1)
    
607,345
      
608,393
      
1,837,632
      
1,837,575
  
CCRCs - Rental(1)
    
147,517
      
149,572
      
448,002
      
457,124
  
Brookdale Ancillary Services(1)
    
117,263
      
117,702
      
362,791
      
349,283
  
Management Services(2)
    
203,295
      
198,759
      
609,565
      
588,614
  
 
  
$
1,246,126
    
$
1,238,841
    
$
3,768,112
    
$
3,724,906
  
Segment Operating Income(3)
                                
Retirement Centers
  
$
73,112
    
$
70,334
    
$
222,315
    
$
212,902
  
Assisted Living
    
217,878
      
211,213
      
672,773
      
658,078
  
CCRCs - Rental
    
32,996
      
41,395
      
102,059
      
115,826
  
Brookdale Ancillary Services
    
14,624
      
17,420
      
48,174
      
57,886
  
Management Services
    
15,532
      
14,694
      
50,498
      
44,630
  
 
    
354,142
      
355,056
      
1,095,819
      
1,089,322
  
General and administrative (including non-cash stock-based compensation expense)
    
63,425
      
99,534
      
246,741
      
278,609
  
Transaction costs
    
659
      
—
      
1,950
      
7,163
  
Facility lease expense
    
92,519
      
91,144
      
281,890
      
276,953
  
Depreciation and amortization
    
130,783
      
160,715
      
391,314
      
606,787
  
Asset impairment
    
19,111
      
—
      
26,638
      
—
  
Loss on facility lease termination
    
—
      
—
      
—
      
76,143
  
Income (loss) from operations
  
$
47,645
    
$
3,663
    
$
147,286
    
$
(156,333
)

 
  
As of
  
 
  
September 30,
2016
    
December 31,
2015
  
Total assets
            
Retirement Centers
  
$
1,527,373
    
$
1,556,169
  
Assisted Living
    
6,032,315
      
6,354,415
  
CCRCs - Rental
    
1,001,930
      
1,037,384
  
Brookdale Ancillary Services
    
279,003
      
292,540
  
Corporate and Management Services
    
791,662
      
808,056
  
Total assets
  
$
9,632,283
    
$
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).
18

15. Subsequent Events

Dispositions and Restructuring of Leased Communities

On November 1, 2016, the Company announced that it had entered into agreements to, among other things, terminate triple-net leases with respect to 97 communities, four of which would be contributed to an existing unconsolidated venture in which the Company holds an equity interest and 64 of which would be owned by a venture in which the Company expects to acquire a non-controlling interest. The transactions include the following components:

•
HCP and affiliates of Blackstone Real Estate Advisors VIII L.P. (collectively, "Blackstone") entered into an agreement pursuant to which HCP has agreed to sell 64 communities—which are currently leased to the Company at above market rates and have a remaining average lease term of approximately 12 years—to Blackstone for a purchase price of $1.125 billion. Separately, the Company entered into an agreement with Blackstone pursuant to which the Company and Blackstone have agreed to form a venture (the "Blackstone Venture") into which Blackstone will contribute the 64 communities and into which the Company expects to contribute a total of approximately $170.0 million to purchase a 15% equity interest, terminate the underwater leases and fund its share of anticipated closing costs and working capital. Following closing, the Company will manage the communities on behalf of the venture. The Company expects the Blackstone Venture transactions to close during the three months ended March 31, 2017.

•
The Company and HCP agreed to terminate triple-net leases with respect to eight communities. HCP has agreed to immediately thereafter contribute four of such communities to an existing unconsolidated venture with HCP in which the Company has a 10% equity interest. We expect these transactions to close during the three months ended December 31, 2016.

•
The Company and HCP agreed to terminate triple-net leases with respect to 25 communities, which is expected to occur in stages through the end of fiscal 2017.

•
The Company and HCP agreed to cause the CCRC Venture to obtain non-recourse mortgage financing on certain communities, and, upon completion of the transactions, the Company expects to receive distributions of more than $200.0 million of net proceeds from the venture. The Company expects the CCRC Venture to close this financing during the three months ended December 31, 2016.

The results of operations of the 68 communities to be acquired by the Blackstone Venture or converted into the existing unconsolidated venture with HCP are reported in the following segments within the condensed consolidated financial statements: Assisted Living (50 communities), Retirement Centers (10 communities), CCRCs-Rental (eight communities). The 68 communities had resident fee revenue of $222.3 million, facility operating expenses of $153.5 million, and cash lease payments of $71.7 million for the nine months ended September 30, 2016.

The results of operations of the 29 communities for which the other triple-net leases will be terminated are reported in the following segments within the condensed consolidated financial statements: Assisted Living (27 communities) and CCRCs-Rental (two communities). The 29 communities had resident fee revenue of $64.7 million, facility operating expenses of $52.0 million, and cash lease payments of $18.3 million for the nine months ended September 30, 2016.

The closings of the various transactions with HCP and Blackstone (including the CCRC Venture financing) are subject to the satisfaction of various closing conditions including (where applicable) the receipt of regulatory approvals; however, there can be no assurance that the transactions will close or, if they do, when the actual closings will occur.

It is expected that these transactions will require the Company to record significant charges, primarily related to the lease transactions, for the carrying value of the assets under capital and financing leases in excess of their estimated fair value, which are currently being evaluated by the Company. Additionally, it is expected that these transactions will require the Company to record a significant increase to the Company's existing tax valuation allowance, after considering the change in the Company's future reversal of estimated timing differences resulting from these transactions, mainly caused by removing the deferred positions related to the terminated leases. The amount and timing of charges related to the lease transactions and the increase to the valuation allowance have not yet been determined.

Share Repurchase

On November 1, 2016, the Company announced that its Board of Directors had approved a new share repurchase program that authorizes the Company to purchase up to $100.0 million in the aggregate of its common stock, which replaced and terminated the prior repurchase authorization approved by the Board in 2011. The share repurchase program is intended to be implemented through purchases made from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions or block trades, or by any combination of such methods, in accordance with applicable insider trading and other securities laws and regulations. The size, scope and timing of any purchases will be based on business, market and other conditions and factors, including price, regulatory and contractual requirements, and capital availability. The repurchase program does not obligate the Company to acquire any particular amount of common stock and the program may be suspended, modified or discontinued at any time at the Company's discretion without prior notice. Shares of stock repurchased under the program will be held as treasury shares.
19

  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 strategy, our operational, sales, marketing and branding initiatives, our portfolio optimization initiatives 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, disposition, financing and venture plans and opportunities (including assets currently held for sale and the transactions with HCP, Inc. ("HCP") and affiliates of Blackstone Real Estate Partners VIII L.P. (collectively, "Blackstone")), 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 and/or Cash From Facility Operations (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 acquisition, disposition, financing and venture transactions (including assets currently held for sale and the transactions with HCP and Blackstone) on agreed upon terms or at all, including in respect of the satisfaction of closing conditions, the risk that regulatory approvals are not obtained or are subject to unanticipated conditions, and uncertainties as to the timing of closing; 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 Part II, "Item 1A. Risk Factors" 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.
20
Executive Overview

As of September 30, 2016, we are the largest operator of senior living communities in the United States based on total capacity, with 1,077 communities in 47 states and the ability to serve approximately 105,000 residents. We offer our residents access to a full continuum of services across the most attractive sectors of the senior living industry. As of September 30, 2016, we operated in five business segments: Retirement Centers, Assisted Living, Continuing Care Retirement Centers ("CCRCs") - Rental, Brookdale Ancillary Services and Management Services.

We intend to be the leading provider of senior living solutions, and 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. 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.

Strategy

During 2014, we acquired Emeritus Corporation ("Emeritus"), a senior living service provider focused on operating residential style communities throughout the United States. At the closing of the merger, the size of our consolidated portfolio increased by 493 communities, significantly increasing our scale and providing us entry into 10 new states. Following the acquisition, 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 we now have a common system and infrastructure platform in place.

With integration activities largely completed, during 2016 we undertook a comprehensive review of our organizational effectiveness to develop a refined three-year strategy designed to further our mission to enrich the lives of those we serve with compassion, respect, excellence, and integrity, to maximize the value of our existing platform, and to build the foundation for further growth. During the three months ended September 30, 2016, we completed this review and adopted a refined strategy:  to achieve consistent operational excellence in our core businesses.

We have identified five key priorities for which we have developed initiatives or plan to develop initiatives to support our strategy and have created a transformation process to develop cross-functional initiatives directly tied to key priorities. These five priorities include:

•
Enhance our customer and associate experience.  With this priority, we intend to simplify the role of the executive directors of our communities to allow them to focus on our customers and associates, to improve our model for recruiting and retaining community associates, to implement new talent development and training programs, and to implement a system to gauge and improve the quality of our relationships with our customers and associates.

•
Improve our marketing and sales processes.  We intend to design and implement a network sales model, to implement a new lead management system, and to segment our communities to align operating standards with optimal market positions.

•
Simplify our organization.  We are actively identifying and executing on initiatives to simplify our organization in order to align our structure around our customers' priorities while improving our operational effectiveness and efficiency.

•
Optimize our portfolio and leverage scale.  Our initiatives will focus on maximizing the value and performance of our ancillary services, optimizing our community portfolio through selective dispositions, capturing synergies from our scale, and making strategic and cost effective capital expenditure investments.

•
Innovate for growth.  We intend to evaluate, test and implement innovations that enhance customer and associate experience and to explore models to drive new economics.

We believe that successful execution upon our strategy and the initiatives supporting our strategy will enable us to grow stockholder value and better fulfill our mission by reaching and satisfying more customers, building improved relationships between us, our associates and our customers, and by improving the quality and durability of our cash flow, improving liquidity and reducing our debt and lease leverage.

Portfolio Optimization Activities

We continue to actively explore opportunities to optimize our portfolio through dispositions of owned and leased communities in order to simplify and streamline our business, to increase the quality and durability of our cash flow, and to reduce our debt and lease leverage. Our transaction activity for fiscal 2016 is summarized below. We will continue to assess additional opportunities to optimize our portfolio through dispositions of owned and leased communities.
21
Dispositions of Owned Communities

Our portfolio optimization efforts have included the following transactions during 2016 for the disposition of owned communities.

•
As of December 31, 2015, 17 of our owned communities were classified as held for sale. During the three months ended March 31, 2016, we sold seven of these communities for an aggregate sales price of $46.7 million. The results of operations of these communities are reported in the Assisted Living (six communities; 389 units) and CCRCs – Rental (one community; 359 units) segments within the condensed consolidated financial statements through the respective disposition dates. The remaining ten communities are classified as held for sale as of September 30, 2016.

•
During the three months ended June 30, 2016, we entered into an agreement with a third party to sell a 12-state portfolio of 44 owned communities for an aggregate sales price of $252.5 million. During the three months ended September 30, 2016, we sold 32 of these communities (1,771 units) for an aggregate sales price of $177.5 million. The proceeds from the sale were primarily utilized to extinguish the mortgage debt related to communities sold during the period and to pay down the balance of the revolving credit facility. The results of operations of these 32 communities are reported within the Assisted Living segment within the condensed consolidated financial statements through the disposition date. The remaining 12 communities (682 units) within the portfolio were classified as held for sale as of September 30, 2016.  On November 1, 2016, we completed the sale of nine of these communities (444 units) for an aggregate sales price of $47.7 million.

•
During the three months ended June 30, 2016, we identified six additional owned communities as held for sale (691 units). These six communities were classified as held for sale as of September 30, 2016.

As of September 30, 2016, $173.5 million was recorded as assets held for sale and $106.9 million of mortgage debt was included in the current portion of long-term debt within our condensed consolidated balance sheet with respect to the 28 communities held for sale as of September 30, 2016. This debt will either be repaid with the proceeds from the sales or be assumed by the prospective purchasers. The results of operations of the 28 communities are reported in the following segments within the condensed consolidated financial statements:  Assisted Living (24 communities; 1,653 units), CCRCs – Rental (three communities; 498 units) and Retirement Center (one community; 97 units).  The 28 communities had resident fee revenue of $55.6 million and facility operating expenses of $45.2 million for the nine months ended September 30, 2016. The closings of the sales of the unsold communities classified as held for sale as of the date of this Quarterly Report on Form 10-Q are subject to receipt of regulatory approvals and satisfaction of other customary closing conditions, and are expected to occur in the next 12 months; however, there can be no assurance that the transactions will close or, if they do, when the actual closings will occur.

Dispositions and Restructurings of Leased Communities

On November 1, 2016, we announced that we had entered into agreements to, among other things, terminate triple-net leases with respect to 97 communities, four of which would be contributed to an existing unconsolidated venture in which we hold an equity interest and 64 of which would be owned by a venture in which we expect to acquire a non-controlling interest. The transactions include the following components:

•
HCP, Inc. ("HCP") and affiliates of Blackstone Real Estate Advisors VIII L.P. (collectively, "Blackstone") entered into an agreement pursuant to which HCP has agreed to sell 64 communities (5,967 units)—which are currently leased to us at above market rates and have a remaining average lease term of approximately 12 years—to Blackstone for a purchase price of $1.125 billion. Separately, we entered into an agreement with Blackstone pursuant to which we have agreed to form a venture (the "Blackstone Venture") into which Blackstone will contribute the 64 communities and into which we expect to contribute a total of approximately $170.0 million to purchase a 15% equity interest, terminate the underwater leases, and fund our share of anticipated closing costs and working capital. Following closing, we will manage the communities on behalf of the venture. We expect the Blackstone Venture transactions to close during the three months ended March 31, 2017.

•
We and HCP agreed to terminate triple-net leases with respect to eight communities (867 units). HCP has agreed to immediately thereafter contribute four of such communities, consisting of 527 units, to an existing unconsolidated venture with HCP in which we have a 10% equity interest. We expect these transactions to close during the three months ended December 31, 2016.

•
We and HCP agreed to terminate triple-net leases with respect to 25 communities (2,031 units), which is expected to occur in stages through the end of fiscal 2017.

•
We and HCP agreed to cause the CCRC Venture to obtain non-recourse mortgage financing on certain communities, and, upon completion of the transactions, we expect to receive distributions of more than $200 million of net proceeds from the venture. We expect the CCRC Venture to close this financing during the three months ended December 31, 2016.
22
The results of operations of the 68 communities to be acquired by the Blackstone Venture or converted into the existing unconsolidated venture with HCP are reported in the following segments within the condensed consolidated financial statements: Assisted Living (50 communities; 3,538 units), Retirement Centers (10 communities; 1,289 units) and CCRCs-Rental (8 communities; 1,667 units). The 68 communities had resident fee revenue of $222.3 million, facility operating expenses of $153.5 million, and cash lease payments of $71.7 million for the nine months ended September 30, 2016.

The results of operations of the 29 communities for which the other triple-net leases will be terminated are reported in the following segments within the condensed consolidated financial statements: Assisted Living (27 communities; 2,099 units) and CCRCs-Rental (2 communities; 272 units). The 29 communities had resident fee revenue of $64.7 million, facility operating expenses of $52.0 million, and cash lease payments of $18.3 million for the nine months ended September 30, 2016.

The closings of the various transactions with HCP and Blackstone (including the CCRC Venture financing) are subject to the satisfaction of various closing conditions, including (where applicable) the receipt of regulatory approvals; however, there can be no assurance that the transactions will close or, if they do, when the actual closings will occur.

Capital Expenditures

We have invested significant capital expenditures into our portfolio to renovate and upgrade communities, which we expect will drive greater occupancy and higher rates in those communities over time. For the year ended December 31, 2015, we spent approximately $361.9 million for capital expenditures, net of lessor reimbursements. We will continue our capital expenditure programs, including our Program Max initiative, but in the near-term at reduced investment levels compared to prior years. In an effort to grow our cash flow, we have reduced our anticipated net capital expenditures for the year ended December 31, 2016. We expect to incur net capital expenditures of $260.0 million to $275.0 million during the year ended December 31, 2016.

Liquidity

We increased our liquidity position by $189.1 million during the nine months ended September 30, 2016. Net proceeds from our dispositions were utilized to extinguish $51.9 million of mortgage debt during the nine months ended September 30, 2016. Our total liquidity was $383.8 million as of September 30, 2016, including $74.2 million of unrestricted cash and cash equivalents and $309.6 million of availability on our secured credit facility. We used proceeds from asset sales, community financings and cash flows from operations to reduce the outstanding balance on our line of credit to $100.0 million as of September 30, 2016.

Share Repurchase Program

On November 1, 2016, we announced that our Board of Directors had approved a new share repurchase program that authorizes us to purchase up to $100.0 million in the aggregate of our common stock, which replaced and terminated the prior repurchase authorization approved by the Board in 2011.  The share repurchase program is intended to be implemented through purchases made from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions or block trades, or by any combination of such methods, in accordance with applicable insider trading and other securities laws and regulations.  The size, scope and timing of any purchases will be based on business, market and other conditions and factors, including price, regulatory and contractual requirements, and capital availability. Repurchases of common stock may also be made under a Rule 10b5-1 plan, which would permit common stock to be repurchased when we might otherwise be precluded from doing so under insider trading laws or during periods when it would normally not be active in the market due to its internal trading blackout period. The repurchase program does not obligate us to acquire any particular amount of common stock and the program may be suspended, modified or discontinued at any time at our discretion without prior notice. Shares of stock repurchased under the program will be held as treasury shares.
23
Summary of Operating Results

The table below presents a summary of our operating results and certain other financial metrics for the three and nine months ended September 30, 2016 and 2015 and the amount and percentage of increase or decrease of each applicable item (dollars in millions).

   
Three Months Ended
September 30,
    
Increase
(Decrease)
  
   
2016
    
2015
    
Amount
    
Percent
  
Total revenues
  
$
1,246.1
    
$
1,238.8
    
$
7.3
      
0.6
%
Facility operating expense
  
$
704.2
    
$
699.7
    
$
4.5
      
0.6
%
Net income (loss)
  
$
(51.7
)
  
$
(68.3
)
  
$
(16.6
)
    
(24.3
)%
Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders
  
$
(51.7
)
  
$
(68.2
)
  
$
(16.5
)
    
(24.2
)%
Adjusted EBITDA(1)
  
$
202.3
    
$
173.5
    
$
28.8
      
16.6
%
Net cash provided by operating activities
  
$
99.4
    
$
91.4
    
$
8.1
      
8.8
%
Cash From Facility Operations(1)
  
$
85.2
    
$
50.8
    
$
34.4
      
67.8
%

   
Nine Months Ended
September 30,
    
Increase
(Decrease)
  
   
2016
    
2015
    
Amount
    
Percent
  
Total revenues
  
$
3,768.1
    
$
3,724.9
    
$
43.2
      
1.2
%
Facility operating expense
  
$
2,113.2
    
$
2,091.6
    
$
21.6
      
1.0
%
Net income (loss)
  
$
(136.0
)
  
$
(283.9
)
  
$
(147.8
)
    
(52.1
)%
Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders
  
$
(135.9
)
  
$
(283.2
)
  
$
(147.3
)
    
(52.0
)%
Adjusted EBITDA(1)
  
$
586.6
    
$
550.2
    
$
36.4
      
6.6
%
Net cash provided by operating activities
  
$
277.3
    
$
202.2
    
$
75.1
      
37.1
%
Cash From Facility Operations(1)
  
$
246.1
    
$
194.4
    
$
51.7
      
26.6
%

(1)
Our definitions and calculations of Adjusted EBITDA and Cash From Facility Operations have changed from prior periods. Prior period amounts of Adjusted EBITDA and Cash From Facility Operations included in this Quarterly Report on Form 10-Q have been recast to conform to the new definition. See "Non-GAAP Financial Measures" below for important information regarding these measures, including a description of the changes to such definitions.

Competitive Developments

During fiscal 2016, we have focused on growing our occupancy while increasing rate over the prior year. During the third quarter of fiscal 2016, we experienced an adverse change in the competitive environment for our consolidated senior housing portfolio, with significant new competition opening in several of our markets. The increase in competition was more heavily concentrated in our mid-sized markets. To address such competition, we have increased our use of discounts and incentives in order to maintain occupancy, which has impacted rate growth in certain markets. Despite our use of discounts and incentives, our growth rate of occupancy has not met our expectations, particularly in mid-sized markets facing new competition. We expect this elevated competitive environment to continue for the next several quarters.

Comparison of the Year-to-Date Operating Results

During the nine months ended September 30, 2016, total revenues increased to $3.8 billion, an increase of $43.2 million, or 1.2%, over our total revenues for the nine months ended September 30, 2015. Resident fees for the nine months ended September 30, 2016 increased $22.3 million, or 0.7%, from the nine months ended September 30, 2015. Management fees increased $5.9 million, or 13.1%, from the nine months ended September 30, 2015, and reimbursed costs on behalf of managed communities increased $15.1 million, or 2.8%. The increase in resident fees during the nine months ended September 30, 2016 was primarily a result of a 3.8% increase in senior housing average monthly revenue per unit compared to the prior year period. The increase in resident fees was partially offset by the impact of disposition activity since the beginning of the prior year period and a 140 basis point decrease in weighted average occupancy in the 893 communities we owned or leased during both full periods. The increase in management fees during the nine months ended September 30, 2016 was primarily a result of a $2.6 million increase in incentive fees earned under the terms of our management agreements.
24
During the nine months ended September 30, 2016, facility operating expenses were $2.1 billion, an increase of $21.6 million, or 1.0%, as compared to the nine months ended September 30, 2015. The increase in facility operating expenses was primarily due to an increase in salaries and wages arising from wage rate increases. The increase was partially offset by the impact of disposition activity, through sales and lease terminations, since the beginning of the prior year period and a $27.6 million decrease in insurance expense from changes in estimates due to general liability and professional liability and workers compensation claims experience.

Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders for the nine months ended September 30, 2016 was ($135.9) million, compared to net income (loss) attributable to Brookdale Senior Living Inc. common stockholders of ($283.2) million for the nine months ended September 30, 2015. Net income (loss) for the third quarter of 2016 was ($51.7) million, versus net income (loss) of ($68.3) million for the third quarter of 2015. During the nine months ended September 30, 2016, our Adjusted EBITDA increased by 6.6% when compared to the nine months ended September 30, 2015. Adjusted EBITDA includes integration, transaction, transaction-related and strategic project costs of $44.2 million for the nine months ended September 30, 2016 and $92.1 million for the nine months ended September 30, 2015.

During the nine months ended September 30, 2016, net cash provided by operating activities increased to $277.3 million, an increase of $75.1 million, or 37.1%, over our net cash provided by operating activities for the nine months ended September 30, 2015. The increase in net cash provided by operating activities 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. During the nine months ended September 30, 2016, our Cash From Facility Operations increased by 26.6% when compared to the nine months ended September 30, 2015. Cash From Facility Operations includes integration, transaction, transaction-related and strategic project costs of $47.0 million (including $2.9 million of debt modification costs excluded from Adjusted EBITDA) for the nine months ended September 30, 2016 and $98.8 million (including $6.7 million of debt modification costs excluded from Adjusted EBITDA) for the nine months ended September 30, 2015.
25
Consolidated Results of Operations

Comparison of Three Months Ended September 30, 2016 to September 30, 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.

As of September 30, 2016 our total operations included 1,077 communities with a capacity to serve 105,126 residents.

(dollars in thousands, except average monthly revenue per unit)
  
Three Months Ended
September 30,
              
 
  
2016
    
2015
    
Increase
(Decrease)
    
% Increase
(Decrease)
  
Statement of Operations Data:
                        
Revenue
                        
Resident fees
                        
Retirement Centers
  
$
170,706
    
$
164,415
    
$
6,291
      
3.8
%
Assisted Living
    
607,345
      
608,393
      
(1,048
)
    
(0.2
)%
CCRCs – Rental
    
147,517
      
149,572
      
(2,055
)
    
(1.4
)%
Brookdale Ancillary Services
    
117,263
      
117,702
      
(439
)
    
(0.4
)%
Total resident fees
    
1,042,831
      
1,040,082
      
2,749
      
0.3
%
Management services(1)
    
203,295
      
198,759
      
4,536
      
2.3
%
Total revenue
    
1,246,126
      
1,238,841
      
7,285
      
0.6
%
Expense
                                
Facility operating expense
                                
Retirement Centers
    
97,594
      
94,081
      
3,513
      
3.7
%
Assisted Living
    
389,467
      
397,180
      
(7,713
)
    
(1.9
)%
CCRCs – Rental
    
114,521
      
108,177
      
6,344
      
5.9
%
Brookdale Ancillary Services
    
102,639
      
100,282
      
2,357
      
2.4
%
Total facility operating expense
    
704,221
      
699,720
      
4,501
      
0.6
%
General and administrative expense
    
63,425
      
99,534
      
(36,109
)
    
(36.3
)%
Transaction costs
    
659
      
—
      
659
    
NM
  
Facility lease expense
    
92,519
      
91,144
      
1,375
      
1.5
%
Depreciation and amortization
    
130,783
      
160,715
      
(29,932
)
    
(18.6
)%
Asset impairment
    
19,111
      
—
      
19,111
    
NM
  
Costs incurred on behalf of managed communities
    
187,763
      
184,065
      
3,698
      
2.0
%
Total operating expense
    
1,198,481
      
1,235,178
      
(36,697
)
    
(3.0
)%
Income (loss) from operations
    
47,645
      
3,663
      
43,982
    
NM
  
Interest income
    
809
      
399
      
410
      
102.8
%
Interest expense
    
(96,482
)
    
(97,969
)
    
(1,487
)
    
(1.5
)%
Debt modification and extinguishment costs
    
(1,944
)
    
(6,736
)
    
(4,792
)
    
(71.1
)%
Equity in loss of unconsolidated ventures
    
(878
)
    
(1,578
)
    
(700
)
    
(44.4
)%
Other non-operating income
    
3,281
      
3,089
      
192
      
6.2
%
Income (loss) before income taxes
    
(47,569
)
    
(99,132
)
    
(51,563
)
    
(52.0
)%
(Provision) benefit for income taxes
    
(4,159
)
    
30,796
      
(34,955
)
    
(113.5
)%
Net income (loss)
    
(51,728
)
    
(68,336
)
    
(16,608
)
    
(24.3
)%
Net (income) loss attributable to noncontrolling interest
    
43
      
116
      
(73
)
    
(62.9
)%
Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders
  
$
(51,685
)
  
$
(68,220
)
  
$
(16,535
)
    
(24.2
)%
 
26

 
  
Three Months Ended
September 30,
              
 
  
2016
    
2015
    
Increase
(Decrease)
    
% Increase
(Decrease)
  
Selected Operating and Other Data:
                        
Total number of communities (period end)
    
1,077
      
1,132
      
(55
)
    
(4.9
)%
Total units operated(2)
                                
Period end
    
104,545
      
108,887
      
(4,342
)
    
(4.0
)%
Weighted average
    
106,147
      
108,986
      
(2,839
)
    
(2.6
)%
Owned/leased communities units(2)
                                
Period end
    
78,562
      
82,321
      
(3,759
)
    
(4.6
)%
Weighted average
    
80,059
      
82,396
      
(2,337
)
    
(2.8
)%
Owned/leased communities occupancy rate (weighted average)
    
86.2
%
    
86.7
%
    
(0.5
)%
    
(0.6
)%
Senior Housing average monthly revenue per unit(3)
  
$
4,465
    
$
4,303
    
$
162
      
3.8
%
 
                                
Selected Segment Operating and Other Data:
                                
Retirement Centers
                                
Number of communities (period end)
    
95
      
98
      
(3
)
    
(3.1
)%
Total units(2)
                                
Period end
    
17,105
      
17,291
      
(186
)
    
(1.1
)%
Weighted average
    
17,105
      
17,289
      
(184
)
    
(1.1
)%
Occupancy rate (weighted average)
    
89.3
%
    
88.7
%
    
0.6
%
    
0.7
%
Senior Housing average monthly revenue per unit(3)
  
$
3,727
    
$
3,573
    
$
154
      
4.3
%
Assisted Living
                                
Number of communities (period end)
    
783
      
832
      
(49
)
    
(5.9
)%
Total units(2)
                                
Period end
    
51,494
      
54,550
      
(3,056
)
    
(5.6
)%
Weighted average
    
52,991
      
54,592
      
(1,601
)
    
(2.9
)%
Occupancy rate (weighted average)
    
85.6
%
    
86.5
%
    
(0.9
)%
    
(1.0
)%
Senior Housing average monthly revenue per unit(3)
  
$
4,461
    
$
4,292
    
$
169
      
3.9
%
CCRCs - Rental
                                
Number of communities (period end)
    
43
      
45
      
(2
)
    
(4.4
)%
Total units(2)
                                
Period end
    
9,963
      
10,480
      
(517
)
    
(4.9
)%
Weighted average
    
9,963
      
10,515
      
(552
)
    
(5.2
)%
Occupancy rate (weighted average)
    
84.0
%
    
83.9
%
    
0.1
%
    
0.1
%
Senior Housing average monthly revenue per unit(3)
  
$
5,833
    
$
5,626
    
$
207
      
3.7
%
Management Services
                                
Number of communities (period end)
    
156
      
157
      
(1
)
    
(0.6
)%
Total units(2)
                                
Period end
    
25,983
      
26,566
      
(583
)
    
(2.2
)%
Weighted average
    
26,088
      
26,590
      
(502
)
    
(1.9
)%
Occupancy rate (weighted average)
    
87.2
%
    
85.8
%
    
1.4
%
    
1.6
%
                                 
Brookdale Ancillary Services
                                
Outpatient Therapy treatment codes
    
419,619
      
612,970
      
(193,351
)
    
(31.5
)%
Home Health average daily census
    
15,270
      
14,126
      
1,144
      
8.1
%
Hospice average daily census
    
813
      
486
      
327
      
67.3
%

(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.
27
Resident Fees

Resident fee revenue increased $2.7 million, or 0.3%, 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 2.0% at the 896 communities we owned or leased during both full periods with a 3.2% increase in the average monthly revenue per unit (excluding amortization of entrance fee revenue). The increase was partially offset by the impact of disposition activity since the beginning of the prior year period and a 110 basis point decrease in weighted average occupancy in the 896 communities we owned or leased during both full periods. The 57 communities disposed of subsequent to the beginning of the prior year period, either through sales or lease terminations, generated $15.1 million of revenue during the current year period compared to $31.5 million of revenue in the prior year period.

Retirement Centers segment revenue increased $6.3 million, or 3.8%, primarily due to a 3.5% increase in average monthly revenue per unit at the communities we operated during both full periods. Subsequent to the beginning of the prior year period, the Company disposed of three communities, which generated $1.2 million of revenue in the prior year period.

Assisted Living segment revenue decreased $1.0 million, or 0.2%, primarily due to the impact of disposition activity since the prior period as well as a 150 basis point decrease in occupancy at the communities we operated during both full periods. The decrease was partially offset by a 3.4% increase in average monthly revenue per unit at the communities we operated during both full periods. Subsequent to the beginning of the prior year period, the Company disposed of 52 communities, which generated $15.1 million of revenue during the current year period compared to $26.6 million of revenue in the prior year period.

CCRCs - Rental segment revenue decreased $2.1 million, or 1.4%, primarily due to the impact of disposition activity since the beginning of the prior year period as well as a 60 basis point decrease in occupancy at the communities we operated during both full periods. The decrease was partially offset by a 2.2% increase in average monthly revenue per unit at the communities we operated during both full periods. Subsequent to the beginning of the prior year period, the Company disposed of two communities, which generated $3.7 million of revenue in the prior year period.

Brookdale Ancillary Services segment revenue decreased $0.4 million, or 0.4%, primarily due to a decrease in therapy service volume. The decrease was partially offset by an increase in home health census. Despite the increase, our home health average daily census was negatively impacted by the loss of a number of associates to a new competitor in several of our Florida markets.

Management Services Revenue

Management Services segment revenue, including management fees and reimbursed costs incurred on behalf of managed communities, increased $4.5 million, or 2.3%, 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 full periods.

Facility Operating Expense

Facility operating expense increased $4.5 million, or 0.6%, over the prior year period primarily due to the impact of increases in salaries and wages due to wage rate increases. This increase was partially offset by disposition activity, through sales and lease terminations, since the beginning of the prior year period and a $13.9 million decrease in insurance expense from changes in estimates due to general liability and professional liability and workers compensation claims experience. The 57 communities disposed of subsequent to the beginning of the prior year period, either through sales or lease terminations, incurred $13.0 million of facility operating expenses during the current year period compared to $26.8 million of facility operating expenses in the prior year period.

Retirement Centers segment facility operating expenses increased $3.5 million, or 3.7%, primarily driven by an increase in salaries and wages arising from wage rate increases. The three communities disposed of subsequent to the beginning of the prior period incurred $1.0 million of facility operating expenses in the prior year period.

Assisted Living segment facility operating expenses decreased $7.7 million, or 1.9%, primarily driven by the impact of disposition activity since the beginning of the prior year period and a decrease in insurance expense from changes in estimates due to general liability and professional liability and workers compensation claims experience. The 52 communities disposed of subsequent to the beginning of the prior year period incurred $12.7 million of facility operating expenses during the current year period compared to $22.3 million of facility operating expenses in the prior year period. The decrease was partially offset by increases in salaries and wages due to wage rate increases.

CCRCs - Rental segment facility operating expenses increased $6.3 million, or 5.9%, primarily driven by increases in salaries and wages due to wage rate increases. Disposition activity since the beginning of the prior year period partially offset this increase.  The two communities disposed of subsequent to the beginning of the prior year period incurred $0.4 million of facility operating expenses during the current year period compared to $3.5 million of facility operating expenses in the prior year period.

Brookdale Ancillary Services segment operating expenses increased $2.4 million, or 2.4%, primarily due to expense increases in connection with higher home health average daily 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.

28
General and Administrative Expense

General and administrative expense decreased $36.1 million, or 36.3%, over the prior year period primarily due to a $29.4 million decrease in integration, transaction, transaction-related and strategic project costs, a decrease in bonus expense and a decrease in stock-based compensation expense.

Facility Lease Expense

Facility lease expense increased $1.4 million, or 1.5%, primarily due to annual rent increases, including the impact of variable rent increases.

Depreciation and Amortization

Depreciation and amortization expense decreased $29.9 million, or 18.6%, primarily due to disposition activity subsequent to the prior year period and amortization of in-place lease intangibles acquired as part of our acquisition of Emeritus reaching full amortization subsequent to the beginning of the prior year period.

Asset Impairment

During the three months ended September 30, 2016, we recorded impairment charges of $19.1 million related to asset impairment for certain communities. We recorded $6.7 million of impairment charges related to assets classified as held for sale primarily related to changes in the estimated fair value of the assets during the period. Additionally, during the three months ended September 30, 2016, we recorded $12.4 million of non-cash impairment charges for property, plant and equipment and leasehold intangibles for communities to be held and used, primarily due to lower than expected operating performance at a community subject to a capital lease, property damage sustained at certain communities during the period and the cancellation of certain community expansion and redevelopment projects.

Costs Incurred on Behalf of Managed Communities

Costs incurred on behalf of managed communities increased $3.7 million, or 2.0%, 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 decreased by $1.5 million, or 1.5%, primarily due to lower interest expense on capital and financing leases.

Income Taxes

The difference in our effective tax rates for the three months ended September 30, 2016 and 2015 was primarily due to recording a valuation allowance against our deferred tax assets during the three months ended September 30, 2016. We recorded an aggregate deferred federal, state and local tax benefit of $18.9 million as a result of the operating loss for the three months ended September 30, 2016, which was offset by an increase in the valuation allowance of $22.3 million. We recorded an aggregate deferred federal, state and local tax benefit of $31.6 million as a result of the operating loss for the three months ended September 30, 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 September 30, 2016 and December 31, 2015 was $161.1 million and $121.6 million, respectively. As described in Note 15 to the condensed consolidated financial statements, we expect to record a significant increase to the valuation allowance in connection with the dispositions and restructurings of leased communities.

We recorded interest charges related to our tax contingency reserve for cash tax positions for the three months ended September 30, 2016 and 2015 which are included in provision for income tax for the period. Tax returns for years 2012 through 2015 are subject to future examination by tax authorities. In addition, the net operating losses from prior years are subject to adjustment under examination.

Comparison of Nine Months Ended September 30, 2016 to September 30, 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.
29

(dollars in thousands, except average monthly revenue per unit)
  
Nine Months Ended
September 30,
              
   
2016
    
2015
    
Increase
(Decrease)
    
% Increase
(Decrease)
  
Statement of Operations Data:
                        
Revenue
                        
Resident fees
                        
Retirement Centers
  
$
510,122
    
$
492,310
    
$
17,812
      
3.6
%
Assisted Living
    
1,837,632
      
1,837,575
      
57
      
0.0
%
CCRCs – Rental
    
448,002
      
457,124
      
(9,122
)
    
(2.0
)%
Brookdale Ancillary Services
    
362,791
      
349,283
      
13,508
      
3.9
%
Total resident fees
    
3,158,547
      
3,136,292
      
22,255
      
0.7
%
Management services(1)
    
609,565
      
588,614
      
20,951
      
3.6
%
Total revenue
    
3,768,112
      
3,724,906
      
43,206
      
1.2
%
Expense
                                
Facility operating expense
                                
Retirement Centers
    
287,807
      
279,408
      
8,399
      
3.0
%
Assisted Living
    
1,164,859
      
1,179,497
      
(14,638
)
    
(1.2
)%
CCRCs – Rental
    
345,943
      
341,298
      
4,645
      
1.4
%
Brookdale Ancillary Services
    
314,617
      
291,397
      
23,220
      
8.0
%
Total facility operating expense
    
2,113,226
      
2,091,600
      
21,626
      
1.0
%
General and administrative expense
    
246,741
      
278,609
      
(31,868
)
    
(11.4
)%
Transaction costs
    
1,950
      
7,163
      
(5,213
)
    
(72.8
)%
Facility lease expense
    
281,890
      
276,953
      
4,937
      
1.8
%
Depreciation and amortization
    
391,314
      
606,787
      
(215,473
)
    
(35.5
)%
Asset impairment
    
26,638
      
—
      
26,638
    
NM
  
Loss on facility lease termination
    
—
      
76,143
      
(76,143
)
  
NM
  
Costs incurred on behalf of managed communities
    
559,067
      
543,984
      
15,083
      
2.8
%
Total operating expense
    
3,620,826
      
3,881,239
      
(260,413
)
    
(6.7
)%
Income (loss) from operations
    
147,286
      
(156,333
)
    
303,619
      
194.2
%
Interest income
    
2,239
      
1,208
      
1,031
      
85.3
%
Interest expense
    
(289,989
)
    
(291,092
)
    
(1,103
)
    
(0.4
)%
Debt modification and extinguishment costs
    
(3,240
)
    
(6,780
)
    
(3,540
)
    
(52.2
)%
Equity in earnings (loss) of unconsolidated ventures
    
478
      
(766
)
    
1,244
      
162.4
%
Other non-operating income
    
13,137
      
8,234
      
4,903
      
59.5
%
Income (loss) before income taxes
    
(130,089
)
    
(445,529
)
    
(315,440
)
    
(70.8
)%
(Provision) benefit for income taxes
    
(5,947
)
    
161,677
      
(167,624
)
    
(103.7
)%
Net income (loss)
    
(136,036
)
    
(283,852
)
    
(147,816
)
    
(52.1
)%
Net (income) loss attributable to noncontrolling interest
    
126
      
634
      
(508
)
    
(80.1
)%
Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders
  
$
(135,910
)
  
$
(283,218
)
  
$
(147,308
)
    
(52.0
)%

30

   
Nine Months Ended
September 30,
              
   
2016
    
2015
    
Increase
(Decrease)
    
% Increase
(Decrease)
  
Selected Operating and Other Data:
                        
Total number of communities (period end)
    
1,077
      
1,132
      
(55
)
    
(4.9
)%
Total units operated(2)
                                
Period end
    
104,545
      
108,887
      
(4,342
)
    
(4.0
)%
Weighted average
    
106,945
      
109,571
      
(2,626
)
    
(2.4
)%
Owned/leased communities units(2)
                                
Period end
    
78,562
      
82,321
      
(3,759
)
    
(4.6
)%
Weighted average
    
80,566
      
82,614
      
(2,048
)
    
(2.5
)%
Owned/leased communities occupancy rate (weighted average)
    
86.1
%
    
86.8
%
    
(0.7
)%
    
(0.8
)%
Senior Housing average monthly revenue per unit(3)
  
$
4,475
    
$
4,313
    
$
162
      
3.8
%
                                 
Selected Segment Operating and Other Data:
                                
Retirement Centers
                                
Number of communities (period end)
    
95
      
98
      
(3
)
    
(3.1
)%
Total units(2)
                                
Period end
    
17,105
      
17,291
      
(186
)
    
(1.1
)%
Weighted average
    
17,099
      
17,312
      
(213
)
    
(1.2
)%
Occupancy rate (weighted average)
    
89.0
%
    
88.6
%
    
0.4
%
    
0.5
%
Senior Housing average monthly revenue per unit(3)
  
$
3,723
    
$
3,565
    
$
158
      
4.4
%
Assisted Living
                                
Number of communities (period end)
    
783
      
832
      
(49
)
    
(5.9
)%
Total units(2)
                                
Period end
    
51,494
      
54,550
      
(3,056
)
    
(5.6
)%
Weighted average
    
53,340
      
54,789
      
(1,449
)
    
(2.6
)%
Occupancy rate (weighted average)
    
85.5
%
    
86.7
%
    
(1.2
)%
    
(1.4
)%
Senior Housing average monthly revenue per unit(3)
  
$
4,477
    
$
4,297
    
$
180
      
4.2
%
CCRCs - Rental
                                
Number of communities (period end)
    
43
      
45
      
(2
)
    
(4.4
)%
Total units(2)
                                
Period end
    
9,963
      
10,480
      
(517
)
    
(4.9
)%
Weighted average
    
10,127
      
10,513
      
(386
)
    
(3.7
)%
Occupancy rate (weighted average)
    
84.0
%
    
84.5
%
    
(0.5
)%
    
(0.6
)%
Senior Housing average monthly revenue per unit(3)
  
$
5,812
    
$
5,689
    
$
123
      
2.2
%
Management Services
                                
Number of communities (period end)
    
156
      
157
      
(1
)
    
(0.6
)%
Total units(2)
                                
Period end
    
25,983
      
26,566
      
(583
)
    
(2.2
)%
Weighted average
    
26,379
      
26,957
      
(578
)
    
(2.1
)%
Occupancy rate (weighted average)
    
87.0
%
    
85.8
%
    
1.2
%
    
1.4
%
                                 
Brookdale Ancillary Services
                                
Outpatient Therapy treatment codes
    
1,405,800
      
1,917,219
      
(511,419
)
    
(26.7
)%
Home Health average daily census
    
15,959
      
13,926
      
2,033
      
14.6
%
Hospice average daily census
    
735
      
447
      
288
      
64.4
%

(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.
31
Resident Fees

Resident fee revenue increased $22.3 million, or 0.7%, 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 year period, revenues grew 1.7% at the 893 communities we owned or leased during both full periods with a 3.3% increase in the average monthly revenue per unit (excluding amortization of entrance fee revenue). The increase was partially offset by the impact of disposition activity since the beginning of the prior year period and a 140 basis point decrease in weighted average occupancy in the 893 communities we owned or leased during both full periods. The 62 communities disposed of subsequent to the beginning of the prior year period, either through sales or lease terminations, generated $61.0 million of revenue during the current year period compared to $102.8 million of revenue in the prior year period.

Retirement Centers segment revenue increased $17.8 million, or 3.6%, primarily due to a 3.4% 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 beginning of the prior year period as well as a 30 basis point decrease in occupancy at the communities we operated during both full periods. Subsequent to the beginning of the prior year period, the Company disposed of four communities, which generated $4.1 million of revenue in the prior year period.

Assisted Living segment revenue was $1.8 billion during both the current period and the prior year period.  The Assisted Living segment experienced a 3.7% 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 beginning of the prior year period as well as a 170 basis point decrease in occupancy at the communities we operated during both full periods. Subsequent to the beginning of the prior year period, the Company disposed of 56 communities, which generated $56.7 million of revenue during the current year period compared to $87.2 million of revenue in the prior year period.

CCRCs - Rental segment revenue decreased $9.1 million, or 2.0%, primarily due to the impact of disposition activity since the beginning of the prior year period as well as a 120 basis point decrease in occupancy at the communities we operated during both full periods. The decrease was partially offset by a 1.8% increase in average monthly revenue per unit at the communities we operated during both full periods. Subsequent to the beginning of the prior year period, the Company disposed of two communities, which generated $4.3 million of revenue during the current year period compared to $11.4 million of revenue in the prior year period.

Brookdale Ancillary Services segment revenue increased $13.5 million, or 3.9%, 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, partially offset by a decrease in therapy service volume. Despite the increase, our home health average daily census was negatively impacted by the loss of a number of associates to a new competitor in several of our Florida markets.

Management Services Revenue

Management Services segment revenue, including management fees and reimbursed costs incurred on behalf of managed communities, increased $21.0 million, or 3.6%, 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 periods.

Facility Operating Expense

Facility operating expense increased $21.6 million, or 1.0%, over the prior year period primarily due to an increase in salaries and wages arising from wage rate increases. The increase was partially offset by the impact of disposition activity since the beginning of the prior year period and a $27.6 million decrease in insurance expense from changes in estimates due to general liability and professional liability and workers compensation claims experience. The 62 communities disposed of subsequent to the beginning of the prior year period, either through sales or lease terminations, incurred $50.3 million of facility operating expenses during the current year period compared to $86.9 million of facility operating expenses in the prior year period.

Retirement Centers segment facility operating expenses increased $8.4 million, or 3.0%, primarily driven by an increase in salaries and wages arising from wage rate increases. The increase was partially offset by the impact of disposition activity since the beginning of the prior year period. The four communities disposed of subsequent to the beginning of the prior year period incurred $0.1 million of facility operating expenses during the current year period compared to $3.6 million of facility operating expenses in the prior year period.

Assisted Living segment facility operating expenses decreased $14.6 million, or 1.2%, primarily driven by the impact of disposition activity since the beginning of the prior year period and a decrease in insurance expense from changes in estimates due to general liability and professional liability and workers compensation claims experience. The decrease was partially offset by increases in salaries and wages due to wage rate increases. The 56 communities disposed of subsequent to the beginning of the prior year period incurred $46.0 million of facility operating expenses during the current year period compared to $72.6 million of facility operating expenses in the prior year period.

CCRCs - Rental segment facility operating expenses increased $4.6 million, or 1.4%, primarily driven increases in salaries and wages due to wage rate increases. The increase was partially offset by the impact of disposition activity since the beginning of the prior year period. The two communities disposed of subsequent to the beginning of the prior year period incurred $4.2 million of facility operating expenses during the current year period compared to $10.8 million of facility operating expenses in the prior year period.

32

Brookdale Ancillary Services segment operating expenses increased $23.2 million, or 8.0%, primarily due to expense increases in connection with higher home health average daily 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.

General and Administrative Expense

General and administrative expense decreased $31.9 million, or 11.4%, over the prior year period primarily as a result of a $42.7 million decrease in integration, transaction, transaction-related and strategic project costs. The decrease was partially offset by an increase in salaries and wages due to wage rate increases.

Transaction Costs

Transaction costs decreased $5.2 million, or 72.8%. Transaction costs for the nine months ended September 30, 2015 were $7.2 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 $4.9 million, or 1.8%, primarily due to annual rent increases, including the impact of variable rent increases.

Depreciation and Amortization

Depreciation and amortization expense decreased $215.5 million, or 35.5%, primarily due to disposition activity and amortization of in-place lease intangibles acquired as part of our acquisition of Emeritus reaching full amortization subsequent to the beginning of the prior year period.

Asset Impairment

During the nine months ended September 30, 2016, we recorded impairment charges of $26.6 million related to asset impairment for certain communities. We recorded $11.7 million of impairment charges related to communities identified as held for sale primarily related to changes in the estimated fair value of the assets during the period. The remainder of the impairment charges primarily relate to non-cash impairment charges for property, plant and equipment and leasehold intangibles for communities to be held and used, primarily due to lower than expected operating performance at a community subject to a capital lease, property damage sustained at certain communities during the period and the cancellation of certain community expansion and redevelopment projects.

Loss on Facility Lease Termination

A loss on facility lease termination of $76.1 million was recognized during the nine months ended September 30, 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 $15.1 million, or 2.8%, 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 decreased $1.1 million, or 0.4%, primarily due to lower interest expense on capital and financing leases subsequent to the beginning of the prior year period.
33

Income Taxes

The difference in our effective tax rates for the nine months ended September 30, 2016 and 2015 was due to an increase in the valuation allowance against our deferred tax assets recorded, the negative tax benefit on the vesting of restricted stock, a direct result of our lower stock price, and the non-deductible write-off of goodwill during the nine months ended September 30, 2016. We determined that an additional valuation allowance was required after consideration of our future reversal of estimated timing differences. We recorded an aggregate deferred federal, state and local tax benefit of $35.7 million as a result of the operating loss for the nine months ended September 30, 2016, which was offset by an increase in the valuation allowance of $39.5 million. We recorded an aggregate deferred federal, state and local tax benefit of $164.0 million as a result of the operating loss for the nine months ended September 30, 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 September 30, 2016 and December 31, 2015 was $161.1 million and $121.6 million, respectively. As described in Note 15 to the condensed consolidated financial statements, we expect to record a significant increase to the valuation allowance in connection with the dispositions and restructurings of leased communities.

We recorded interest charges related to our tax contingency reserve for cash tax positions for the nine months ended September 30, 2016 and 2015 which are included in provision for income tax for the period. Tax returns for years 2012 through 2015 are subject to future examination by tax authorities. In addition, the net operating losses from prior years are subject to adjustment under examination.

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):

   
Nine Months Ended
September 30,
  
   
2016
    
2015
  
Net cash provided by operating activities
  
$
277,281
    
$
202,185
  
Net cash used in investing activities
    
(54,374
)
    
(498,302
)
Net cash (used in) provided by financing activities
    
(236,752
)
    
262,425
  
Net decrease in cash and cash equivalents
    
(13,845
)
    
(33,692
)
Cash and cash equivalents at beginning of period
    
88,029
      
104,083
  
Cash and cash equivalents at end of period
  
$
74,184
    
$
70,391
  

The increase in net cash provided by operating activities of $75.1 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 net cash used in investing activities of $443.9 million was primarily attributable to reduced acquisition activity and $219.5 million of net proceeds from the sale of assets in the current year period.

The change in net cash (used in) provided by financing activities was primarily attributable to $210.0 million of cash used to pay down the balance of our secured credit facility during the current year period which principal amount was drawn 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;
•
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.
34

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 and insurance programs;
•
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.

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, capital contributions in connection with the pending transaction with Blackstone, 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;
•
purchases of common stock under our share repurchase authorization; and
•
other corporate initiatives (including information systems and other strategic projects).

We are highly leveraged and have significant debt and lease obligations. As of September 30, 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 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 $3.2 billion of non-recourse property-level mortgage financings as of September 30, 2016.

At September 30, 2016, we had $3.7 billion of debt outstanding, including $100.0 million drawn on our secured credit facility and excluding capital and financing lease obligations, at a weighted-average interest rate of 4.9% (calculated using an imputed interest rate of 7.5% for our 2.75% convertible senior notes due 2018). At September 30, 2016, we had $2.5 billion of capital and financing lease obligations and $90.3 million of letters of credit had been issued under our letter of credit facilities. Approximately $265.4 million of our debt and capital and financing lease obligations are included in current liabilities within our condensed consolidated balance sheet as of September 30, 2016. The current portion of long-term debt includes $106.9 million of mortgage debt related to communities classified as held for sale. This debt will either be repaid with the proceeds from the sale of the $173.5 million of assets held for sale or be assumed by the prospective purchasers. We also have substantial operating lease obligations and capital expenditure requirements. For the year ending September 30, 2017, we will be required to make approximately $391.8 million of payments in connection with our operating leases existing at September 30, 2016 (prior to giving effect to the pending transactions with HCP and Blackstone).

As noted above, we and HCP have agreed to cause the CCRC Venture to obtain non-recourse mortgage financing on certain communities and, upon completion of these transactions, we expect to receive distributions of more than $200.0 million of net proceeds from the venture. We also expect to contribute approximately $170.0 million to the Blackstone Venture upon its formation. We expect the CCRC venture to close this financing during the three months ended December 31, 2016 and the formation of the Blackstone Venture to close during the three months ended March 31, 2017.

At September 30, 2016, we had $246.3 million of negative working capital. We had $74.2 million of cash and cash equivalents at September 30, 2016, excluding cash and escrow deposits-restricted and lease security deposits of $113.9 million in the aggregate. As of that date, we also had $309.6 million of availability on our secured credit facility. Due to the nature of our business, it is not unusual to operate in the position of negative working capital because we collect revenues much more quickly, often in advance, than we are required to pay obligations, and we have historically refinanced or extended maturities of debt obligations as they become current liabilities. Our operations result in a very low level of current assets primarily stemming from our deployment of cash to pursue strategic business development opportunities or to pay down long-term liabilities. 

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 12 Program Max projects that have been approved, most of which have begun construction and are expected to generate 213 net new units.
35

We have invested significant capital expenditures into our portfolio to renovate and upgrade communities, which we expect will drive greater occupancy and higher rates in those communities over time. For the year ended December 31, 2015, we spent approximately $361.9 million for capital expenditures, net of lessor reimbursements. We will continue our capital expenditure programs, including our Program Max initiative, but in the near-term at reduced investment levels compared to prior years. In an effort to grow our cash flow, we have reduced our anticipated net capital expenditures for the year ended December 31, 2016. We expect to incur net capital expenditures of $260.0 million to $275.0 million for the year ended December 31, 2016. The following table summarizes our actual capital expenditures for the nine months ended September 30, 2016 as well as our anticipated capital expenditures for the year ended December 31, 2016 for our consolidated communities (dollars in millions):

   
Actual Nine Months Ended
September 30, 2016
    
Anticipated 2016 Range
  
   Recurring
  
$
50.7
    
$
69.0 - 76.0
  
   Less: reimbursements
    
(6.9
)
    
(9.0 - 11.0
)
     Net recurring(1)
    
43.8
      
60.0 - 65.0
  
   Net EBITDA-enhancing / Major Projects(2)
    
81.7
      
115.0 - 120.0
  
   Corporate, integration and other(3)
    
45.9
      
55.0 - 60.0
  
Non-development capital expenditures
    
171.4
      
230.0 - 245.0
  
                 
   Development capital expenditures (Net Program Max(4))
    
16.7
      
30.0 - 30.0
  
Total capital expenditures
  
$
188.1
    
$
260.0 - 275.0
  

(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 nine months ended September 30, 2016 is the amount invested, net of third party lessor reimbursements of $18.0 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)
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.

(4)
Includes community expansions and major repositioning or upgrade projects.  Also includes de novo community developments.  Amount shown for the nine months ended September 30, 2016 is the amount invested, net of third party lessor reimbursements of $17.9 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.

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 communities, asset portfolios, home health agencies and operating companies. 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, including the anticipated financing by the CCRC Venture, will be sufficient to fund our liquidity needs for at least the next 12 months, assuming a relatively stable macroeconomic environment.
36
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 September 30, 2016, we had $100.0 million drawn, $25.8 million of letters of credit outstanding and $309.6 million of availability on our secured credit facility. We also had separate letter of credit facilities of up to $64.5 million in the aggregate as of September 30, 2016. Letters of credit totaling $64.4 million had been issued under these separate facilities as of that date.

As of September 30, 2016, we are in compliance with the financial covenants of our outstanding debt and lease agreements.

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 nine months ended September 30, 2016.
37
Off-Balance Sheet Arrangements

As of September 30, 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 operating performance and liquidity that are not calculated in accordance with GAAP. Each of these measures, Adjusted EBITDA and Cash From Facility Operations ("CFFO"), should not be considered in isolation from or as superior to or as a substitute for net income (loss), income (loss) from operations, net cash provided by (used in) operating activities, 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 Adjusted EBITDA from our net income (loss), CFFO from our net cash provided by (used in) operating activities, and our proportionate share of CFFO of unconsolidated ventures from such ventures' net cash provided by (used in) operating activities, 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 and CFFO 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 changed our definition and calculation of Adjusted EBITDA in connection with our reporting results for the three months ended June 30, 2016, including our Quarterly Report on Form 10-Q filed on August 9, 2016. Prior period amounts of Adjusted EBITDA presented herein have been recast to conform to the new definition. The current definition of Adjusted EBITDA reflects the removal of the following adjustments to our net income (loss) that were used in the former definition: the addition of our proportionate share of CFFO of unconsolidated ventures and our entrance fee receipts, net of refunds, and the subtraction of our amortization of entrance fees.

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;

•
non-cash stock-based compensation expense; and

•
change in future service obligation.

Management's Use of Adjusted EBITDA

We use Adjusted EBITDA to assess our overall 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 operating goals as well as achieve optimal operating performance. It provides an indicator for management to determine if adjustments to current spending decisions are needed.
38

Adjusted EBITDA provides us with a measure of operating 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 operating performance based on operational factors that management can impact in the short-term, namely revenues and 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 operating performance of the business on a regular basis. We believe that 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 (or facility lease termination) and extinguishment of debt activities generally represent charges (gains), which may significantly affect our operating results; and

•
depreciation and amortization and asset impairment represent the wear and tear and/or reduction in value of our communities and other assets, which affects the services we provide to residents and may be indicative of future needs for capital expenditures.

We believe Adjusted EBITDA is useful to investors in evaluating our operating performance 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 revenue and expense management.

The table below reconciles Adjusted EBITDA from net income (loss) for the three and nine months ended September 30, 2016 and September 30, 2015 (in thousands):

 
  
Three Months Ended
September 30, (1)
    
Nine Months Ended
September 30, (1)
  
 
  
2016
    
2015
    
2016
    
2015
  
Net income (loss)
  
$
(51,728
)
  
$
(68,336
)
  
$
(136,036
)
  
$
(283,852
)
Provision (benefit) for income taxes
    
4,159
      
(30,796
)
    
5,947
      
(161,677
)
Equity in loss (earnings) of unconsolidated ventures
    
878
      
1,578
      
(478
)
    
766
  
Debt modification and extinguishment costs
    
1,944
      
6,736
      
3,240
      
6,780
  
Other non-operating income
    
(3,281
)
    
(3,089
)
    
(13,137
)
    
(8,234
)
Interest expense
    
96,482
      
97,969
      
289,989
      
291,092
  
Interest income
    
(809
)
    
(399
)
    
(2,239
)
    
(1,208
)
Income (loss) from operations
    
47,645
      
3,663
      
147,286
      
(156,333
)
Depreciation and amortization
    
130,783
      
160,715
      
391,314
      
606,787
  
Asset impairment
    
19,111
      
—
      
26,638
      
—
  
Loss on facility lease termination
    
—
      
—
      
—
      
76,143
  
Straight-line lease expense (income)
    
(859
)
    
1,731
      
2,553
      
6,451
  
Amortization of (above) below market lease, net
    
(1,699
)
    
(1,626
)
    
(5,165
)
    
(5,425
)
Amortization of deferred gain
    
(1,093
)
    
(1,093
)
    
(3,279
)
    
(3,279
)
Non-cash stock-based compensation expense
    
8,455
      
10,147
      
27,218
      
25,871
  
Adjusted EBITDA
  
$
202,343
    
$
173,537
    
$
586,565
    
$
550,215
  
39

(1)
For the three and nine months ended September 30, 2016, the calculation of Adjusted EBITDA includes integration, transaction, transaction-related and strategic project costs of $7.1 million and $44.2 million, respectively. For the three and nine months ended September 30, 2015, the calculation of Adjusted EBITDA includes integration, transaction, transaction-related and strategic project costs of $35.8 million and $92.1 million, respectively. Integration costs include transition costs associated with the Emeritus merger and organizational restructuring (such as severance and retention payments and recruiting expenses), third party consulting expenses directly related to the integration of Emeritus (in areas such as cost savings and synergy realization, branding and technology and systems work), and internal costs such as training, travel and labor, reflecting time spent by Company personnel on integration activities and projects. 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 our 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.

Cash From Facility Operations

Definition of Cash From Facility Operations

In connection with our reporting results for the three months ended September 30, 2016, we have changed our definition and calculation of CFFO. Under this new definition of CFFO, we no longer will include our proportionate share of CFFO of unconsolidated ventures. To conform to this new definition, prior period amounts of our CFFO have been recast to reflect our CFFO separate from, and exclusive of, our proportionate share of CFFO of unconsolidated ventures. Previously, in connection with our reporting results for the three months ended June 30, 2016, including our Quarterly Report on Form 10-Q filed on August 9, 2016, we began reporting CFFO as a measure of liquidity, and as such we changed the definition of CFFO to reflect the reconciliation of such measure from our net cash provided by (used in) operating activities. This previous change had no effect on the amounts of CFFO presented herein for this period or prior periods.

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

Net cash provided by (used in) operating activities before:

•
changes in operating assets and liabilities;

•
gain (loss) on facility lease termination;

•
distributions from unconsolidated ventures from cumulative share of net earnings;

and adjusted for:

•
recurring capital expenditures, net;

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

•
proceeds from refundable entrance fees;

•
refunds of entrance fees; and

•
other.

40
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 capital expenditures related to community expansions, renovations and major projects (including major community redevelopment and repositioning projects), the development of new communities and corporate capital expenditures (including systems projects and integration capital expenditures) that are funded using lease or financing proceeds, available cash and/or proceeds from the sale of communities.

Our proportionate share of CFFO of unconsolidated ventures is calculated based on our equity ownership percentage and in a manner consistent with the definition of CFFO for our consolidated entities. Our investments in our unconsolidated ventures are accounted for under the equity method of accounting and, therefore, our proportionate share of CFFO of unconsolidated ventures does not represent cash available to our consolidated business except to the extent it is distributed to us.

Management's Use of Cash From Facility Operations

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

This metric measures our liquidity 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 our senior management and board of directors (i) to review our ability to service our outstanding indebtedness, including our credit facilities, (ii) to review our ability to pay dividends to stockholders or engage in share repurchases, (iii) to review our ability to make capital expenditures, (iv) for other corporate planning purposes, and/or (v) in making compensation determinations for certain of our associates (including our named executive officers).

Limitations of Cash From Facility Operations

CFFO has limitations as an analytical tool. Material limitations in making the adjustments to our net cash provided by (used in) operating activities to calculate CFFO, and using this non-GAAP financial measure as compared to GAAP net cash provided by (used in) operating activities, include:

•
CFFO does not represent cash available for dividends or discretionary expenditures, since we have mandatory debt service requirements and other non-discretionary expenditures not reflected in the measure;

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

•
our proportionate share of CFFO of unconsolidated ventures does not represent cash available directly for use by our consolidated business except to the extent actually distributed to us, and we do not have control, or we share control in determining, the timing and amount of distributions from our unconsolidated ventures and, therefore, we may never receive such cash.

We 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 or engage in share repurchases, (3) our ability to make capital expenditures and (4) the underlying value of our assets, including our interests in real estate.

We believe presentation of our proportionate share of CFFO of unconsolidated ventures is useful to investors since such measure reflects the cash generated by the operating activities of the unconsolidated ventures for the reporting period and, to the extent such cash is not distributed to us, it generally represents cash used or to be used by the ventures for capital expenditures, the repayment of debt, investing in expansions or acquisitions, reserve requirements or other corporate uses by such ventures, and such uses reduce our potential need to make capital contributions to the ventures of our proportionate share of cash needed for such items.

The table below reconciles our CFFO from net cash provided by (used in) operating activities for the three and nine months ended September 30, 2016 and September 30, 2015 (in thousands):
41

 
  
Three Months Ended
September 30, (1)
    
Nine Months Ended
September 30, (1)
  
 
  
2016
    
2015
    
2016
    
2015
  
Net cash provided by operating activities
  
$
99,442
    
$
91,361
    
$
277,281
    
$
202,185
  
Net cash provided by (used in) investing activities
    
102,362
      
(121,805
)
    
(54,374
)
    
(498,302
)
Net cash (used in) provided by financing activities
    
(166,673
)
    
22,339
      
(236,752
)
    
262,425
  
Net increase (decrease) in cash and cash equivalents
  
$
35,131
    
$
(8,105
)
  
$
(13,845
)
  
$
(33,692
)
                                 
Net cash provided by operating activities
  
$
99,442
    
$
91,361
    
$
277,281
    
$
202,185
  
Changes in operating assets and liabilities
    
23,967
      
(6,324
)
    
62,527
      
10,648
  
Refundable entrance fee received
    
840
      
924
      
1,986
      
1,510
  
Entrance fee refunds disbursed
    
(1,148
)
    
(1,434
)
    
(2,893
)
    
(3,251
)
Recurring capital expenditures, net
    
(16,890
)
    
(14,531
)
    
(43,839
)
    
(46,959
)
Lease financing debt amortization with fair market value or no purchase options
    
(14,599
)
    
(12,852
)
    
(42,525
)
    
(38,047
)
Loss on facility lease termination
    
—
      
—
      
—
      
76,143
  
Distributions from unconsolidated ventures from cumulative share of net earnings
    
(6,400
)
    
(6,375
)
    
(6,400
)
    
(7,825
)
CFFO
  
$
85,212
    
$
50,769
    
$
246,137
    
$
194,404
  

(1)
For the three and nine months ended September 30, 2016, the calculation of CFFO includes integration, transaction, transaction-related and strategic project costs of $8.8 million and $47.0 million (including $1.7 million and $2.9 million of debt modification costs excluded from Adjusted EBITDA for the three and nine months ended September 30, 2016, respectively). For the three and nine months ended September 30, 2015, the calculation of CFFO includes integration, transaction, transaction-related and strategic project costs of $42.5 million and $98.8 million, respectively (including $6.7 million of debt modification costs excluded from Adjusted EBITDA). 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 our 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.

The table below reconciles our proportionate share of CFFO of unconsolidated ventures from net cash provided by (used in) operating activities of such unconsolidated ventures for the three and nine months ended September 30, 2016 and September 30, 2015 (in thousands).  For purposes of this presentation, amounts for each line item represent the aggregate amounts of such line items for all of our unconsolidated ventures.

 
  
Three Months Ended
September 30,
    
Nine Months Ended
September 30,
  
 
  
2016
    
2015
    
2016
    
2015
  
Net cash provided by operating activities
  
$
47,095
    
$
57,202
    
$
157,530
    
$
112,427
  
Net cash used in investing activities
    
(40,885
)
    
(36,471
)
    
(124,491
)
    
(1,042,857
)
Net cash (used in) provided by financing activities
    
(12,073
)
    
(25,021
)
    
(32,708
)
    
931,856
  
Net (decrease) increase in cash and cash equivalents
  
$
(5,863
)
  
$
(4,290
)
  
$
331
    
$
1,426
  
                                 
Net cash provided by operating activities
  
$
47,095
    
$
57,202
    
$
157,530
    
$
112,427
  
Changes in operating assets and liabilities
    
(3,600
)
    
(11,936
)
    
(11,125
)
    
9,640
  
Refundable entrance fee received
    
11,972
      
7,609
      
33,878
      
24,099
  
Entrance fee refunds disbursed
    
(11,940
)
    
(10,875
)
    
(36,622
)
    
(33,098
)
Recurring capital expenditures, net
    
(5,256
)
    
(5,437
)
    
(14,761
)
    
(13,590
)
CFFO of unconsolidated ventures
  
$
38,271
    
$
36,563
    
$
128,900
    
$
99,478
  
                                 
Brookdale weighted average ownership percentage
    
36.2
%
    
35.8
%
    
35.0
%
    
38.7
%
Brookdale's proportionate share of CFFO of unconsolidated ventures
  
$
13,837
    
$
13,093
    
$
45,130
    
$
38,483
  
42

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 September 30, 2016, we had approximately $2.4 billion of long-term fixed rate debt, $1.3 billion of long-term variable rate debt, including our secured credit facility, and $2.5 billion of capital and financing lease obligations. As of September 30, 2016, our total fixed-rate debt and variable-rate debt outstanding had a weighted-average interest rate of 4.9% (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 September 30, 2016, $2.4 billion, or 64.6%, of our long-term debt, excluding our capital and financing lease obligations, has fixed rates. As of September 30, 2016, $807.8 million, or 21.6%, of our long-term debt, excluding capital and financing lease obligations, is subject to interest rate cap agreements. The remaining $515.0 million, or 13.8%, of our long-term 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 $13.3 million, a 500 basis point increase in interest rates would have an impact of $60.1 million and a 1,000 basis point increase in interest rates would have an impact of $87.1 million.

43

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 September 30, 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 September 30, 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

The following risk factor reflects certain modifications of, or additions 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.

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

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

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

On June 8, 2016, the Centers for Medicare & Medicaid Services (CMS) announced that it is implementing a 3-year Medicare pre-claim review demonstration for home health services in the states of Illinois, Florida, Texas, Michigan and Massachusetts. CMS began the pre-claim review demonstration in Illinois in August 2016, and CMS is expected to announce in coming months staggered start dates for the other states, beginning with Florida. We derive a significant portion of our home health revenue from these states. The pre-claim review is a process through which a request for provisional affirmation of coverage is submitted for review before a final claim is submitted for payment. The pre-claim review demonstration may result in an increase in administrative costs or reimbursement delays related to home health services in such states, which could have an adverse effect on our results of operations and cash flow.

In addition, there continue to be various federal and state legislative and regulatory proposals to implement cost containment measures that would limit payments to healthcare providers in the future. We cannot predict what action, if any, Congress will take on reimbursement policies of the Medicare program or what future rule changes the CMS will implement. Changes in the reimbursement policies of the Medicare program could have an adverse effect on our results of operations and cash flow.
44

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 September 30, 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)
 
7/1/2016 - 7/31/2016
    
4,183
      
16.90
      
-
      
-
  
8/1/2016 - 8/31/2016
    
12,766
      
16.91
      
-
      
-
  
9/1/2016 - 9/30/2016
    
8,618
      
17.36
      
-
      
-
  
Total
 
 
25,567
      
17.06
  
 
 
-
 
 
 
-
 
 
(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 during the third quarter of 2016.  No shares were purchased pursuant to this authorization during the nine months ended September 30, 2016.  As of September 30, 2016, approximately $82.4 million remained available under this share repurchase authorization. As described in Note 15 to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on form 10-Q, on November 1, 2016, the Company announced that its Board of Directors had approved a new share repurchase program for up to $100.0 million, which replaced and terminated the prior 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.


45

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:
November 2, 2016
 
 
 
 
 

46

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).
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.


47
 EX-31.1 2 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:  November 2, 2016
  
/s/ T. Andrew Smith
   
T. Andrew Smith
   
President and Chief Executive Officer

EX-31.2 3 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:  November 2, 2016
  
/s/ Lucinda M. Baier
   
Lucinda M. Baier
   
Chief Financial Officer

EX-32 4 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 September 30, 2016, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), T. Andrew Smith, as President and 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:
November 2, 2016
  




/s/ Lucinda M. Baier
  
Name:
Lucinda M. Baier
  
Title:
Chief Financial Officer
  
Date:
November 2, 2016
  


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vertical-align: bottom; 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; margin-left: 27pt; text-indent: -9pt;">Prepaid expenses and other assets</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; 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text-align: left; margin-left: 27pt; text-indent: -9pt;">Capital and financing lease obligations</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; 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color: #000000;">$</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;">12,157</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;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; 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background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Assets held for sale</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">218,343</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; 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vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">7,434</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: 76%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Property, plant and equipment and leasehold intangibles, net</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">7,516</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Capital and financing lease obligations</div></td><td valign="bottom" style="width: 1%; 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font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2,029</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Gain on sale of assets</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; 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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;">219,471</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;">8,072</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; 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vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">&#160;&#160;&#160;Capital and financing leases:</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Property, plant and equipment and leasehold intangibles, net</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; 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background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2,296</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 36pt; text-indent: -9pt;">Net</div></td><td valign="bottom" style="width: 1%; 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font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 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;Assets designated as held for sale:</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Property, plant and equipment and leasehold intangibles, net</div></td><td valign="bottom" style="width: 1%; 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color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></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; margin-left: 27pt; text-indent: -9pt;">Assets held for sale</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">280,604</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Prepaid expenses and other assets</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(2,130</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Goodwill</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(28,568</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Asset impairment</div></td><td valign="bottom" style="width: 1%; 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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;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; 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text-align: left;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-style: italic; text-align: left;">Credit Facilities</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">O<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; background-color: #ffffff;">n December 19, 2014, the Company </font>entered into a Fourth Amended and Restated Credit Agreement with General Electric Capital Corporation, as administrative agent, lender and swingline lender, and the other lenders from time to time parties thereto. The 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.</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. 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.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">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. 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vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; 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vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">148,213</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(19,027</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">129,186</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">Amortization expense related to definite-lived intangible assets for the three months ended September 30, 2016 and 2015 was $1.5 million and $3.1 million, respectively, and for the nine months ended September 30, 2016 and 2015 was $8.3 million and $9.2 million, respectively. Health care licenses were determined to be indefinite-lived intangible assets and are not subject to amortization. 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The differences in the Company's effective tax rates for the three and nine months ended September 30, 2016 and 2015 were due to an increase in the valuation allowance against the Company's deferred tax assets recorded in 2016, the negative tax benefit on the vesting of restricted stock, a direct result of the Company's lower stock price in 2016, and the non-deductible write-off of goodwill in 2016. The Company determined that an additional valuation allowance was required after consideration of the Company's future reversal of estimated timing differences. The Company recorded an aggregate deferred federal, state and local tax benefit of $18.9 million and $35.7 million as a result of the operating loss for the three and nine months ended September 30, 2016, respectively, which was offset by an increase in the valuation allowance of $22.3 million and $39.5 million, respectively. 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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. 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color: #000000;">276,953</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table><div><br /></div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: left;">9.&#160;&#160;Litigation</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">The Company has been and is currently involved in litigation and claims incidental to the conduct of its business which are comparable to other companies in the senior living industry. Certain claims and lawsuits allege large damage amounts and may require significant costs to defend and resolve. Similarly, the senior living industry is continuously subject to scrutiny by governmental regulators, which could result in litigation related to regulatory compliance matters. As a result, the Company maintains general liability and professional liability insurance policies in amounts and with coverage and deductibles the Company believes are adequate, based on the nature and risks of its business, historical experience and industry standards. The Company's current policies provide for deductibles for each claim. Accordingly, the Company is, in effect, self-insured for claims that are less than the deductible amounts.</div><div><br /></div></div> 800166000 840148000 106900000 7281887000 7589837000 10048564000 9632283000 500000000 250000000 64500000 50000000 400000000 100000000 50000000 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%. 24105000 291936000 24202000 6122413000 0 6130894000 3240934000 3246513000 281902000 4452000 2491534000 2489588000 77836000 80305000 5886809000 5865518000 265376000 235604000 173454000 196683000 3459371000 3442677000 310000000 100000000 100000000 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: left;">4.&#160;&#160;Acquisitions and Dispositions</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-style: italic; text-align: left;">2016 Community Dispositions</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">The Company designates communities as held for sale when it is probable that the properties will be sold. The Company records these assets on the condensed consolidated balance sheet at the lesser of the carrying value and fair value less estimated selling costs.&#160; If the carrying value is greater than the fair value less the estimated selling costs, the Company records an impairment charge. The Company allocates a portion of the goodwill of a reporting unit to the disposal if the disposal 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.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">As of December 31, 2015, 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. As of June 30, 2016, the Company identified 50 additional owned communities as held for sale. During the three and nine months ended September 30, 2016, the Company recognized $6.7 million and $11.7 million of impairment expense related to assets held for sale, primarily due to changes in the estimated fair value of the assets held for sale.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">During the three months ended March 31, 2016, the Company sold seven of the communities previously classified as held for sale for an aggregate sales 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 are reported in the Assisted Living&#160;and CCRCs &#8211; Rental segments through the respective disposition dates.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">During the three months ended June 30, 2016, the Company entered into an agreement to sell 44 communities for an aggregate sales price of $252.5 million. During the three months ended September 30, 2016, the Company completed the sale of 32 of the 44 communities previously classified as held for sale for an aggregate sales price of $177.5 million. The proceeds from the sale were primarily utilized to extinguish the mortgage debt related to the communities sold during the period and to pay down the balance of the revolving credit facility. The remaining 12 communities were classified as assets held for sale as of September 30, 2016. On November 1, 2016, the Company completed the sale of nine of these communities for an aggregate sales price of $47.7 million. The results of operations of these 44 communities are reported within the Assisted Living segment within the condensed consolidated financial statements through the respective disposition dates.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">As of September 30, 2016, $173.5 million was recorded as assets held for sale and $106.9 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 28 communities classified as held for sale as of that date. This debt will either be repaid with the proceeds from the sales or be assumed by the prospective purchasers. The results of operations of the 28 communities are reported in the Assisted Living (24 communities), Retirement Center (one community) and CCRCs &#8211; Rental (three communities) segments within the condensed consolidated financial statements. The sale of the remaining communities classified as held for sale as of the date of this Quarterly Report on Form 10-Q is expected to occur in the next 12 months, although there can be no assurance that the transactions will close or if they do, when the actual closing will occur.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-style: italic; text-align: left;">2015 Community Acquisitions</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">In February 2015, the Company acquired the underlying real estate associated with 15 communities that were previously leased for an aggregate purchase price of $268.6 million. The results of operations of these communities are reported in the Retirement Centers, Assisted Living, and CCRCs &#8211; Rental segments within the 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 nine months ended September 30, 2015, which includes the reversal of $5.3 million of deferred lease liabilities associated with the termination of the operating lease agreements. The payment for the termination of the lease agreements has been included within net cash provided by operating activities within the condensed consolidated statement of cash flows for the nine months ended September 30, 2015.</div><div><br /></div></div> 14694000 15532000 44630000 50498000 -161000 -287000 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: left;">1.&#160;&#160;Description of Business</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">Brookdale Senior Living Inc. 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vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Prepaid expenses and other assets</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; 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color: #000000;">)</div></td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Capital and financing lease obligations</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">75,619</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: 76%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Long-term debt</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; 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vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(315</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 36pt; text-indent: -9pt;">Net cash paid</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">12,157</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</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;">193,451</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">&#160;&#160;&#160;Proceeds from sale of assets, net:</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></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; margin-left: 27pt; text-indent: -9pt;">Assets held for sale</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; 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vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(2,034</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2,029</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Gain on sale of assets</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2,126</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 36pt; text-indent: -9pt;">Net cash received</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">219,471</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</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;">8,072</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: left;">Supplemental Schedule of Non-cash Operating, Investing and Financing Activities:</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></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;Capital and financing leases:</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Property, plant and equipment and leasehold intangibles, net</div></td><td valign="bottom" style="width: 1%; 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text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">24,535</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: 76%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Other intangible assets, net</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(5,202</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Capital and financing lease obligations</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(21,629</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Other liabilities</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2,296</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 36pt; text-indent: -9pt;">Net</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td></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;Assets designated as held for sale:</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Property, plant and equipment and leasehold intangibles, net</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(261,639</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></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; margin-left: 27pt; text-indent: -9pt;">Assets held for sale</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">280,604</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Prepaid expenses and other assets</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(2,130</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 27pt; text-indent: -9pt;">Goodwill</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(28,568</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; 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border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 36pt; text-indent: -9pt;">Net</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; 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color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">126,810</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 28%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;"><div style="font-size: 10pt; 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color: #000000; text-align: center;">Investment in unconsolidated ventures</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">122.7</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; 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font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">As of September 30, 2016, the Company has five reportable segments:&#160;Retirement Centers; Assisted Living; CCRCs &#8211; 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.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Retirement Centers</font>.&#160;&#160;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. 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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;">147,286</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;">(156,333</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; 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vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td></tr></table><div><br /></div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 18pt; vertical-align: top; color: #000000; align: right;">(1)</td><td style="width: auto; vertical-align: top; text-align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">All revenue is earned from external third parties in the United States.</div></td></tr></table></div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 18pt; vertical-align: top; color: #000000; align: right;">(2)</td><td style="width: auto; vertical-align: top; text-align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Management services segment revenue includes reimbursements for which the Company is the primary obligor of costs incurred on behalf of managed communities.</div></td></tr></table></div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 18pt; vertical-align: top; color: #000000; align: right;">(3)</td><td style="width: auto; vertical-align: top; text-align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Segment operating income is defined as segment revenues less segment facility operating expenses (excluding depreciation and amortization).</div></td></tr></table></div><div><br /></div></div> 61000 2855000 115000 10147000 27218000 25871000 8455000 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: left;">2.&#160;&#160;Summary of Significant Accounting Policies</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;">Basis of Presentation</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">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 September 30, 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; text-align: left;">Certain of the Company's communities have residency agreements which require the resident to pay an upfront entrance fee prior to moving into the community. The non-refundable portion of the entrance fee is recorded as deferred revenue and amortized over the estimated stay of the resident based on an actuarial valuation. The refundable portion of a resident's entrance fee is generally refundable within a certain number of months or days following contract termination or upon the resale of the unit. The refundable portion of the fee is not amortized and is included in refundable entrance fees. All refundable amounts due to residents at any time in the future are classified as current liabilities.</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. 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.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">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.</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 $3.7 billion and $3.9 billion as of September 30, 2016 and December 31, 2015, respectively. Fair value of the debt approximates carrying value in all periods. The Company's fair value of debt disclosure is classified within Level 2 of the valuation hierarchy.</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; color: #000000; text-align: left;">During the nine months ended September 30, 2016, the Company reduced its estimate for the amount of expected losses for general liability and professional liability and workers compensation claims, based on recent historical claims experience. As a result, the Company decreased the accrued reserves for general liability and professional liability and workers compensation claims by $20.0 million and $7.6 million, respectively, during the nine months ended September 30, 2016. The reduction in these accrued reserves decreased facility operating expense by $13.9 million and $27.6 million for the three and nine months ended September 30, 2016, respectively.</div><div style="text-align: left;"><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. Gain on the sale is deferred and recognized as a reduction of facility lease expense for operating leases and a reduction of interest expense for capital leases.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">For leases in which the Company is involved with the construction of the building, the Company accounts for the lease during the construction period under the provisions of ASC 840.&#160;&#160;If the Company concludes that it has substantively all of the risks of ownership during construction of a leased property and therefore is deemed the owner of the project for accounting purposes, it records an asset and related financing obligation for the amount of total project costs related to construction in progress.&#160;&#160;Once construction is complete, the Company considers the requirements under ASC 840-40.&#160;&#160;If the arrangement qualifies for sale-leaseback accounting, the Company removes the assets and related liabilities from the consolidated balance sheets. 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.</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;">New Accounting Pronouncements</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">In August 2016, the FASB issued Accounting Standards Update ("ASU") 2016-15, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Statement of Cash Flows-Classification of Certain Cash Receipts and Cash Payments </font>("ASU 2016-15"). ASU 2016-15 clarifies how cash receipts and cash payments in certain transactions are presented in the statement of cash flows. ASU 2016-15 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, and early adoption is permitted. The Company is currently evaluating the impact the adoption of ASU 2016-15 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 June 2016, the FASB issued ASU 2016-13, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments</font> ("ASU 2016-13"). ASU 2016-13 replaces the current incurred loss impairment methodology for credit losses with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted for fiscal years beginning after December 15, 2018. The Company is currently evaluating the impact the adoption of ASU 2016-13 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 March 2016, the FASB issued ASU 2016-09, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting</font> ("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.</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. 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.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">In February 2015, the FASB issued ASU 2015-02, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Consolidation: Amendments to the Consolidation Analysis </font>("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.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">In May 2014, the FASB issued ASU No. 2014-09, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Revenue from Contracts with Customers</font> ("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.</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;">Reclassifications</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">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.</div><div><br /></div></div> 100000000 0 0 0 -24000 24000 0 0 -94000 2400000 1029000 2058000 41371000 125000 1815000 0 1815000 1814000 1000 0 0 -1328000 -1328000 0 0 -1328000 0 0 2350396000 2458727000 1883000 -46800000 4069283000 -161000 2458888000 -1565478000 -46800000 2350683000 1908000 -1701388000 4096963000 -287000 2350683000 2458888000 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: left;">15. Subsequent Events</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-style: italic; text-align: left;">Dispositions and Restructuring of Leased Communities</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">On November 1, 2016, the Company announced that it had entered into agreements to, among other things, terminate triple-net leases with respect to 97 communities, four of which would be contributed to an existing unconsolidated venture in which the Company holds an equity interest and 64 of which would be owned by a venture in which the Company expects to acquire a non-controlling interest. The transactions include the following components:</div><div><br /></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td style="width: 36pt; vertical-align: top; align: right;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 18pt;">&#8226;</div></td><td style="width: auto; vertical-align: top;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">HCP and affiliates of Blackstone Real Estate Advisors VIII L.P. (collectively, "Blackstone") entered into an agreement pursuant to which HCP has agreed to sell 64 communities&#8212;which are currently leased to the Company at above market rates and have a remaining average lease term of approximately 12 years&#8212;to Blackstone for a purchase price of $1.125 billion. Separately, the Company entered into an agreement with Blackstone pursuant to which the Company and Blackstone have agreed to form a venture (the "Blackstone Venture") into which Blackstone will contribute the 64 communities and into which the Company expects to contribute a total of approximately $170.0 million to purchase a 15% equity interest, terminate the underwater leases and fund its share of anticipated closing costs and working capital. Following closing, the Company will manage the communities on behalf of the venture. The Company expects the Blackstone Venture transactions to close during the three months ended March 31, 2017.</div></td></tr></table></div><div><br /></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td style="width: 36pt; vertical-align: top; align: right;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 18pt;">&#8226;</div></td><td style="width: auto; vertical-align: top;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">The Company and HCP agreed to terminate triple-net leases with respect to eight communities. HCP has agreed to immediately thereafter contribute four of such communities to an existing unconsolidated venture with HCP in which the Company has a 10% equity interest. We expect these transactions to close during the three months ended December 31, 2016.</div></td></tr></table></div><div><br /></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td style="width: 36pt; vertical-align: top; align: right;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 18pt;">&#8226;</div></td><td style="width: auto; vertical-align: top;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">The Company and HCP agreed to terminate triple-net leases with respect to 25 communities, which is expected to occur in stages through the end of fiscal 2017.</div></td></tr></table></div><div><br /></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td style="width: 36pt; vertical-align: top; align: right;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 18pt;">&#8226;</div></td><td style="width: auto; vertical-align: top;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">The Company and HCP agreed to cause the CCRC Venture to obtain non-recourse mortgage financing on certain communities, and, upon completion of the transactions, the Company expects to receive distributions of more than $200.0 million of net proceeds from the venture. The Company expects the CCRC Venture to close this financing during the three months ended December 31, 2016.</div></td></tr></table></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">The results of operations of the 68 communities to be acquired by the Blackstone Venture or converted into the existing unconsolidated venture with HCP are reported in the following segments within the condensed consolidated financial statements: Assisted Living (50 communities), Retirement Centers (10 communities), CCRCs-Rental (eight communities). The 68 communities had resident fee revenue of $222.3 million, facility operating expenses of $153.5 million, and cash lease payments of $71.7 million for the nine months ended September 30, 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 operations of the 29 communities for which the other triple-net leases will be terminated are reported in the following segments within the condensed consolidated financial statements: Assisted Living (27 communities) and CCRCs-Rental (two communities). The 29 communities had resident fee revenue of $64.7 million, facility operating expenses of $52.0 million, and cash lease payments of $18.3 million for the nine months ended September 30, 2016.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">The closings of the various transactions with HCP and Blackstone (including the CCRC Venture financing) are subject to the satisfaction of various closing conditions including (where applicable) the receipt of regulatory approvals; however, there can be no assurance that the transactions will close or, if they do, when the actual closings will occur.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">It is expected that these transactions will require the Company to record significant charges, primarily related to the lease transactions, for the carrying value of the assets under capital and financing leases in excess of their estimated fair value, which are currently being evaluated by the Company. Additionally, it is expected that these transactions will require the Company to record a significant increase to the Company's existing tax valuation allowance, after considering the change in the Company's future reversal of estimated timing differences resulting from these transactions, mainly caused by removing the deferred positions related to the terminated leases. The amount and timing of charges related to the lease transactions and the increase to the valuation allowance have not yet been determined.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-style: italic; text-align: left;">Share Repurchase</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">On November 1, 2016, the Company announced that its Board of Directors had approved a new share repurchase program that authorizes the Company to purchase up to $100.0 million in the aggregate of its common stock, which replaced and terminated the prior repurchase authorization approved by the Board in 2011. The share repurchase program is intended to be implemented through purchases made from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions or block trades, or by any combination of such methods, in accordance with applicable insider trading and other securities laws and regulations. The size, scope and timing of any purchases will be based on business, market and other conditions and factors, including price, regulatory and contractual requirements, and capital availability. The repurchase program does not obligate the Company to acquire any particular amount of common stock and the program may be suspended, modified or discontinued at any time at the Company's discretion without prior notice. Shares of stock repurchased under the program will be held as treasury shares.</div><div><br /></div></div> 7344000 0 2428401 2428401 46800000 46800000 -790000 -164000 0 -28000 39500000 22300000 122700000 174900000 122700000 174900000 184570000 185946000 185641000 184175000 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">The following is a summary of other intangible assets at September 30, 2016 and December 31, 2015 (dollars in thousands):</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">&#160;</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left;">&#160;</div></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;">September 30, 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; 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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;">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; font-weight: bold; color: #000000; text-align: center;">Amount</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center;">Accumulated</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; 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color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #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;">32,970</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; 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vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">40,270</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 28%; vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; margin-left: 9pt; text-indent: -9pt;">Health care licenses</div></td><td valign="bottom" style="width: 1%; 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font-family: 'Times New Roman', Times, serif; color: #000000;">66,612</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#8212;</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; 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lease expense Facility lease expense Community Leases Leasehold Improvements [Member] Facility Operating Leases Leases of Lessor Disclosure [Text Block] Schedule of facility operating lease expense [Abstract] Litigation Legal Matters and Contingencies [Text Block] Secured and Unsecured Letter of Credit Facilities Letter of Credit [Member] Total current liabilities Liabilities, Current Current portion of long-term debt related to assets held for sale Current liabilities Liabilities, Current [Abstract] Total liabilities Liabilities Liabilities and Stockholders' Equity Total liabilities and equity Liabilities and Equity Line of Credit Facility [Table] Quarterly commitment fee Line of Credit Facility [Abstract] Line of Credit Facility [Axis] Credit facility, maximum borrowing capacity Description of applicable margin calculation based on utilization percentage Line of Credit Facility, Lender [Domain] Line of Credit [Member] Credit Facilities [Line Items] Line of credit availability Line of Credit Facility, Current Borrowing Capacity Debt Long-term Debt Long-term debt Long-term Debt and Capital Lease Obligations Less current portion Long-term Debt and Capital Lease Obligations, Current Current portion of long-term debt Long-term Debt, Current Maturities Long-term Debt [Member] Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate Long-term debt, less current portion Long-term Debt, Excluding Current Maturities Line of credit Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate Acquisitions and Dispositions Mergers, Acquisitions and Dispositions Disclosures [Text Block] Management fees Maximum [Member] Minimum [Member] Noncontrolling Interest Mortgage Notes Payable [Member] Mortgages [Member] Description of Business Nature of Operations [Text Block] Net cash (used in) provided by financing activities Net Cash Provided by (Used in) Financing Activities Cash Flows from Financing Activities Net cash used in investing activities Net Cash Provided by (Used in) Investing Activities Net cash provided by operating activities Net Cash Provided by (Used in) Operating Activities Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders Net Income (Loss) Attributable to Parent Cash Flows from Investing Activities Cash Flows from Operating Activities Net (income) loss attributable to noncontrolling interest Net Income (Loss) Attributable to Noncontrolling Interest Noncash or Part Noncash Acquisition, Name [Domain] Other intangible assets, net Noncash or Part Noncash Acquisition, Intangible Assets Acquired Acquisition of assets, net of related payables [Line Items] Other liabilities Noncash or Part Noncash Acquisition, Other Liabilities Assumed Noncash or Part Noncash Acquisitions [Table] Noncash or Part Noncash Acquisitions by Unique Description [Axis] Property, plant and equipment and leasehold intangibles, net Noncash or Part Noncash Acquisition, Fixed Assets Acquired Long-term debt Noncash or Part Noncash Acquisition, Debt Assumed Other Notes Payable [Member] Number of reportable segments Noncontrolling Interest [Member] Income (loss) from operations Income (loss) from operations Operating Income (Loss) Summary of facility operating leases Description of Business [Abstract] Total other comprehensive income, net of tax Other Comprehensive Income (Loss), Net of Tax Other assets, net Other Assets, Noncurrent Other Other Noncash Income (Expense) Other [Member] Net Other intangible assets, net Other Intangible Assets, Net Other Other Comprehensive Income, Other, Net of Tax Unrealized gain on marketable securities - restricted Other liabilities Other Liabilities, Noncurrent Other non-operating income Other Nonoperating Income (Expense) Stockholders' Equity [Member] Cash basis payment Payments for Rent Cash portion of loss on extinguishment of debt Payments of Debt Extinguishment Costs Payments on notes receivable, net Payments for (Proceeds from) Loans Receivable Other Payments for (Proceeds from) Other Investing Activities Aggregate purchase price Payments of Debt Restructuring Costs Investment in unconsolidated ventures Payments to Acquire Equity Method Investments Acquisition of assets, net of related payables Acquisition of assets, net of related payables Additions to property, plant and equipment and leasehold intangibles, net Additions to property, plant and equipment and leasehold intangibles, net Payment of financing costs, net of related payables Payments of Debt Issuance Costs Portion at Fair Value Measurement [Member] [Default] Preferred stock, par value (in dollars per share) Preferred stock, $0.01 par value, 50,000,000 shares authorized at September 30, 2016 and December 31, 2015; no shares issued and outstanding Preferred stock, shares issued (in shares) Preferred stock, shares authorized (in shares) Preferred Stock, Shares Authorized Preferred stock, shares outstanding (in shares) Prepaid expenses and other current assets, net Prepaid Expense and Other Assets, Current Reclassifications Proceeds from debt financing Distributions received from unconsolidated ventures Other Proceeds from (Payments for) Other Financing Activities Aggregate selling price Proceeds from Sales of Business, Affiliate and Productive Assets Proceeds from debt Proceeds from line of credit Proceeds from public equity offering, net Proceeds from Issuance of Common Stock Proceeds from sale of assets, net Proceeds from Sale of Property, Plant, and Equipment Net income (loss) Net income (loss) Net Income (Loss), Including Portion Attributable to Noncontrolling Interest Property, plant and equipment and leasehold intangibles, net Property, Plant and Equipment [Table Text Block] Property, Plant and Equipment by Type [Axis] Property, Plant and Equipment and Leasehold Intangibles, Net [Abstract] Property, Plant and Equipment [Member] Property, Plant and Equipment, Type [Domain] Property, plant and equipment and leasehold intangibles, net Property, Plant and Equipment, Net Property, plant and equipment and leasehold intangibles gross Property, Plant and Equipment [Line Items] Property, Plant and Equipment and Leasehold Intangibles, Net Property, Plant and Equipment Disclosure [Text Block] Range [Domain] Range [Axis] Amortization of entrance fee revenue Recognition of Deferred Revenue Reimbursed costs incurred on behalf of managed communities Repayment of line of credit Repayments of Long-term Lines of Credit Repayment of debt and capital and financing lease obligations Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities Payment on lease termination Repayments of Debt and Capital Lease Obligations Repayments of Debt Reclassification [Member] Unvested Restricted Stock [Member] Cash and escrow deposits - restricted Restricted Cash and Investments, Current Cash and escrow deposits - restricted Restricted Cash and Cash Equivalents, Noncurrent Accumulated Deficit [Member] Accumulated deficit Retained Earnings (Accumulated Deficit) Revenue Recognition [Abstract] Revenue Recognition Total revenue Revenue Revenue Revenues [Abstract] Revolving Credit Facility [Member] as previously reported [Member] Scenario, Unspecified [Domain] Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table] Supplemental cash flow information Current year grants of restricted shares Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] Schedule of Acquisitions and Disposals [Table] Schedule of debt Summary of changes in the carrying amount of goodwill Schedule of Extinguishment of Debt [Table] Schedule of Goodwill [Table] Schedule of Property, Plant and Equipment [Table] Schedule of Segment Reporting Information, by Segment [Table] Schedule of segment reporting information Schedule of Variable Interest Entities [Table Text Block] Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] Schedule of Variable Interest Entities [Table] Tenant security deposits Security Deposit Liability Segment Information [Abstract] Segment [Domain] Segment Reporting Information [Line Items] Segment Information Segment Reporting Disclosure [Text Block] Acquisition of Assets, Net of Related Payables and Cash Received [Member] Restricted Shares Granted (in shares) Non-cash stock-based compensation expense Share-based Compensation Arrangement by Share-based Payment Award [Line Items] Award Type [Domain] Summary of Significant Accounting Policies 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] Authorized share repurchased program amount 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 Parent Equity, Number of Shares, Par Value and Other Disclosures [Abstract] Subsequent Event Type [Axis] Subsequent Event [Line Items] Subsequent Events [Text Block] Subsequent Events [Abstract] Subsequent Event Type [Domain] Subsequent Event [Table] Supplemental Disclosure of Cash Flow Information [Abstract] Supplemental Cash Flow Information [Abstract] Tradenames [Member] Transfer to Investments Treasury stock, shares (in shares) Treasury Stock [Member] Treasury stock, at cost; 2,428,401 shares at September 30, 2016 and December 31, 2015 Treasury Stock, Value Change in fair value of derivatives Change in fair value of derivatives Unrealized Gain (Loss) on Derivatives Notes Payable, Insurance Premiums [Member] Valuation Allowance, Deferred Tax Asset, Change in Amount Variable Interest Entities [Axis] Maximum Exposure to Loss Variable Interest Entity [Line Items] Carrying Amount Warrant [Member] Weighted average shares used in computing basic earnings (loss) per share Weighted average shares used in computing basic and diluted net income (loss) per share Weighted Average Number of Shares Outstanding, Basic and Diluted Weighted average shares used in computing diluted earnings (loss) per share Tabular disclosure of the carrying value of indefinite and definite-lived intangible assets, excluding goodwill, in total and by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by their nature or by their use in the operations of the company. Finite and Indefinite Lived Intangible Assets [Table Text Block] Other intangible assets 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. Stock based compensation, Percentage of estimated forfeitures Percentage of estimated forfeitures (in hundredths) Schedule of Intangible Assets by Major Class [Table] The axis of a table defines the relationship between the domain members or categories in the table and the line items or concepts that complete the table. Intangible Assets by Major Class [Axis] Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Schedule of Intangible Assets by Major Class [Line Items] The major class of intangible asset (for example, patents, trademarks, copyrights, etc.) A major class is composed of intangible assets that can be grouped together because they are similar, either by their nature or by their use in the operations of a company. Intangible Assets, Major Class Name [Domain] Health care licenses Health care licenses [Member] Health Care Licenses [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] 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 Number of communities classified as held for sale during the period. Number of Communities classified as held for sale 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] Agreement to sell 44 communities for 252.5 million. Agreement to sell 44 communities [Member] Agreements to sell six communities for $42.4 million Agreements to sell six communities [Member] Disclosure of sale of 32 communities Sale of 32 communities [Member] Disclosure of sale of 9 communities Sale of 9 communities [Member] The amount of expense charged against earnings by an Entity to record deferred gains from sale leaseback transactions. Amortization Of Deferred Gains From Sale Leaseback Transaction Amortization of deferred gain Proceeds From Deferred Entrance Fee Revenue Proceeds From Deferred Entrance Fee Revenue Proceeds from deferred entrance fee revenue Increase or decrease in deferred lease liability. Change In Deferred Lease Liability Change in deferred lease liability Straight-line (income) expense Refundable Entrance Fees [Abstract] Refundable entrance fees: Non-cash gain related to the termination of a contract between the parties. The termination may be due to many causes including early termination of a lease by a lessee, a breach of contract by one party, or a failure to perform. Gain on facility lease termination Loss on facility lease termination The maximum number of equity instruments that the holder of the debt instrument would receive in excess of the amount of principal that would be settled in cash if the debt was converted to equity. Debt Instrument Convertible Maximum Number Of Equity Instrument 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] 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] Formation of CCRC venture with HCP Formation of CCRC venture with HCP [Member] The amount of current assets that an Entity acquires in a noncash (or part noncash) acquisition. Noncash Or Part Noncash Acquisition Other Current Assets Prepaid expenses and other current assets The increase during the period in capital lease obligations due to entering into new capital leases. Capital and financing leases [Member] Capital and financing leases [Member] Amount of acquisition of long-lived, physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. Additions to property, plant and equipment and leasehold improvements [Member] The cash inflow from the sale of property, plant and equipment (capital expenditures), software, and other intangible assets. Proceeds from sale of assets, net [Member] Emeritus HCP lease amendments Master lease amendments [Member] Contribution to CCRC venture with HCP Contribution to CCRC venture with HCP [Member] Net amount of non-cash operating, investing and financing activities Net 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. First mortgage loan issued on April 3, 2013 [Member] First Mortgage Loan Issued on April 3, 2013 [Member] Information on the first mortgage loans issued on August 1, 2013, secured by certain underlying communities, and maturing in August 2023. Loans maturing in August 2023 [Member] Loans Maturing in August 2023 [Member] Information on the first mortgage loans issued in December 2012 and secured by certain underlying communities. First mortgage loan issued in March 2015 [Member] Information on the first mortgage loans issued in April 2015 and secured by the underlying communities. First mortgage loan issued in April 2015 [Member] Information on the first mortgage loans refinanced in August 2015 and secured by certain underlying communities. First Mortgage Loan refinanced in August 2015 [Member] Information on the first mortgage loans refinanced in September 2015 and secured by certain underlying communities. First Mortgage Loan repaid in September 2015 [Member] 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 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. Discount Mortgage Note payable due June 2013 [Member] Discount Mortgage Note Payable Due June 2013 [Member] Tax exempt bonds credit-enhanced by Fannie Mae. Variable rate tax exempt bonds [Member] Variable Rate Tax Exempt Bonds [Member] Gross amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations, excluding the impact of an increase (decrease) in the valuation allowance for a specified deferred tax asset. Gross Deferred Income Tax Expense (Benefit) The designated tax department of Federal and a state and local government entitled to levy and collect income taxes from the entity. Federal, State and Local [Member] Document and Entity Information [Abstract] Variable Interest Entity (VIE) which is not included in the consolidated financial statements of the entity because the entity does not have a controlling financial interest (not the primary beneficiary). Variable Interest Entity, Not Primary Beneficiary, Operating Company [Member] CCRC Venture opco [Member] Variable Interest Entity (VIE) which is not included in the consolidated financial statements of the entity because the entity does not have a controlling financial interest (not the primary beneficiary). Variable Interest Entity, Not Primary Beneficiary, Real Estate Company [Member] RIDEA Ventures [Member] A contractual arrangement with a lender under which swingline borrowings can be made up to a specific amount with same-day borrowing permitted, and under which borrowings outstanding may be either short-term or long-term, depending upon the particulars. Swingline Line of Credit [Member] Amount available to increase the revolving credit facility. Option to increase maximum borrowing capacity [Member] Amount of line of credit facility term loan. Term Loan [Member] Letter of credit sublimit on the secured line of credit facility Letter of credit sublimit [Member] This line item represents the number of communities contributed by venture partner. Number of communities contributed by venture partner Description of the agreement between the Company and Blackstone to form a venture of 64 communities 64 communities in the Blackstone Venture [Member] Description of the termination of 8 triple net leases by the Company and HCP Termination of 8 triple net leases [Member] Description of the termination of 25 triple net leases by the Company and HCP Termination of 25 triple net leases [Member] Description of 68 communities to be acquired by the Blackstone Venture or converted into the existing unconsolidated venture with HCP 68 communities acquired by unconsolidated ventures [Member] Description of 29 communities for which other triple net leases will be terminated Termination of 29 triple net leases [Member] Cash lease payments for assets subject to operating, capital, or financing leases. Cash Lease Payment Number of communities included within a transaction Number of Communities The maximum remaining base term for lease agreement. Remaining base lease terms, maximum Remaining base lease terms, maximum CCRC Ventures, LLC CCRC Ventures, LLC [Member] This line item represents the cash contributed to the venture by venture partner during the period. Cash contributed to venture by venture partner EX-101.PRE 10 bkd-20160930_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 11 R1.htm IDEA: XBRL DOCUMENT v3.5.0.2
Document and Entity Information - USD ($)
$ in Billions
 9 Months Ended
Sep. 30, 2016
Oct. 28, 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   186,060,769  
Document Fiscal Year Focus 2016    
Document Fiscal Period Focus Q3    
Document Type 10-Q    
Amendment Flag false    
Document Period End Date Sep. 30, 2016    
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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2016
Dec. 31, 2015
Current assets    
Cash and cash equivalents $ 74,184 $ 88,029
Cash and escrow deposits - restricted 38,225 32,570
Accounts receivable, net 135,455 144,053
Assets held for sale 173,481 110,620
Prepaid expenses and other current assets, net 132,549 122,671
Total current assets 553,894 497,943
Property, plant and equipment and leasehold intangibles, net 7,621,903 8,031,376
Cash and escrow deposits - restricted 29,537 33,382
Investment in unconsolidated ventures 366,800 371,639
Goodwill 697,128 725,696
Other intangible assets, net 113,619 129,186
Other assets, net 249,402 259,342
Total assets 9,632,283 10,048,564
Current liabilities    
Current portion of long-term debt 196,683 173,454
Current portion of capital and financing lease obligations 68,693 62,150
Trade accounts payable 70,669 128,006
Accrued expenses 345,398 372,874
Refundable entrance fees and deferred revenue 115,029 99,277
Tenant security deposits 3,694 4,387
Total current liabilities 800,166 840,148
Long-term debt, less current portion 3,442,677 3,459,371
Capital and financing lease obligations, less current portion 2,422,841 2,427,438
Line of credit 100,000 310,000
Deferred liabilities 260,140 266,537
Deferred tax liability 72,854 69,051
Other liabilities 183,209 217,292
Total liabilities 7,281,887 7,589,837
Preferred stock, $0.01 par value, 50,000,000 shares authorized at September 30, 2016 and December 31, 2015; no shares issued and outstanding 0 0
Common stock, $0.01 par value, 400,000,000 shares authorized at September 30, 2016 and December 31, 2015; 193,198,262 and 190,767,191 shares issued and 190,769,861 and 188,338,790 shares outstanding (including 4,711,791 and 3,453,991 unvested restricted shares), respectively 1,908 1,883
Additional paid-in-capital 4,096,963 4,069,283
Treasury stock, at cost; 2,428,401 shares at September 30, 2016 and December 31, 2015 (46,800) (46,800)
Accumulated deficit (1,701,388) (1,565,478)
Total Brookdale Senior Living Inc. stockholders' equity 2,350,683 2,458,888
Noncontrolling Interest (287) (161)
Total Equity 2,350,396 2,458,727
Total liabilities and equity $ 9,632,283 $ 10,048,564
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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
Sep. 30, 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) 193,198,262 190,767,191
Common stock, shares outstanding (in shares) 190,769,861 188,338,790
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) 4,711,791 3,453,991
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Revenue        
Resident fees $ 1,042,831 $ 1,040,082 $ 3,158,547 $ 3,136,292
Management fees 15,532 14,694 50,498 44,630
Reimbursed costs incurred on behalf of managed communities 187,763 184,065 559,067 543,984
Total revenue 1,246,126 1,238,841 3,768,112 3,724,906
Expense        
Facility operating expense (excluding depreciation and amortization of $118,756, $148,120, $351,667 and $571,059, respectively) 704,221 699,720 2,113,226 2,091,600
General and administrative expense (including non-cash stock-based compensation expense of $8,455, $10,147, $27,218 and $25,871, respectively) 63,425 99,534 246,741 278,609
Transaction costs 659 0 1,950 7,163
Facility lease expense 92,519 91,144 281,890 276,953
Depreciation and amortization 130,783 160,715 391,314 606,787
Asset impairment 19,111 0 26,638 0
Loss on facility lease termination 0 0 0 76,143
Costs incurred on behalf of managed communities 187,763 184,065 559,067 543,984
Total operating expense 1,198,481 1,235,178 3,620,826 3,881,239
Income (loss) from operations 47,645 3,663 147,286 (156,333)
Interest income 809 399 2,239 1,208
Interest expense:        
Debt (43,701) (43,972) (131,422) (130,004)
Capital and financing lease obligations (50,401) (53,217) (151,561) (159,463)
Amortization of deferred financing costs and debt premium (discount) (2,380) (616) (6,978) (835)
Change in fair value of derivatives 0 (164) (28) (790)
Debt modification and extinguishment costs (1,944) (6,736) (3,240) (6,780)
Equity in (loss) earnings of unconsolidated ventures (878) (1,578) 478 (766)
Other non-operating income 3,281 3,089 13,137 8,234
Income (loss) before income taxes (47,569) (99,132) (130,089) (445,529)
(Provision) benefit for income taxes (4,159) 30,796 (5,947) 161,677
Net income (loss) (51,728) (68,336) (136,036) (283,852)
Net (income) loss attributable to noncontrolling interest 43 116 126 634
Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders $ (51,685) $ (68,220) $ (135,910) $ (283,218)
Basic and diluted net income (loss) per share attributable to Brookdale Senior Living Inc. common stockholders $ (0.28) $ (0.37) $ (0.73) $ (1.54)
Weighted average shares used in computing basic and diluted net income (loss) per share 185,946 184,570 185,641 184,175
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) [Abstract]        
Depreciation and amortization $ 118,756 $ 148,120 $ 351,667 $ 571,059
Non-cash stock-based compensation expense $ 8,455 $ 10,147 $ 27,218 $ 25,871
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CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Unaudited) - 9 months ended Sep. 30, 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 $ 27,218 $ 0 27,218 0 0 27,218 0
Net income (loss) (136,036) 0 0 0 (135,910) (135,910) (126)
Issuance of common stock under Associate Stock Purchase Plan 1,815 $ 1 1,814 0 0 1,815 0
Issuance of common stock under Associate Stock Purchase Plan - shares (in shares)   125,000          
Restricted stock, net 0 $ 24 (24) 0 0 0 0
Restricted stock, net - shares (in shares)   2,400,000          
Other (1,328) $ 0 (1,328) 0 0 (1,328) 0
Stock Issued During Period, Shares, Other   (94,000)          
Balances at end of period at Sep. 30, 2016 $ 2,350,396 $ 1,908 $ 4,096,963 $ (46,800) $ (1,701,388) $ 2,350,683 $ (287)
Balances at end of period - shares (in shares) at Sep. 30, 2016 190,769,861 190,770,000          
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash Flows from Operating Activities    
Net income (loss) $ (136,036) $ (283,852)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Loss on extinguishment of debt, net 375 44
Depreciation and amortization, net 398,292 607,622
Asset impairment 26,638 0
Equity in (loss) earnings of unconsolidated ventures (478) 766
Distributions from unconsolidated ventures from cumulative share of net earnings 6,400 7,825
Amortization of deferred gain (3,279) (3,279)
Amortization of entrance fee revenue (3,111) (2,316)
Proceeds from deferred entrance fee revenue 11,327 8,887
Deferred income tax provision (benefit) 3,804 (164,014)
Change in deferred lease liability 2,553 6,451
Change in fair value of derivatives 28 790
Gain on sale of assets (2,126) (1,723)
Non-cash stock-based compensation 27,218 25,871
Non-cash interest expense on financing lease obligations 19,728 17,458
Amortization of (above) below market lease, net (5,165) (5,425)
Other (6,360) (2,272)
Changes in operating assets and liabilities:    
Accounts receivable, net 8,183 (2,907)
Prepaid expenses and other assets, net (7,338) 39,897
Accounts payable and accrued expenses (73,892) (23,192)
Tenant refundable fees and security deposits (693) (738)
Deferred revenue 11,213 (23,708)
Net cash provided by operating activities 277,281 202,185
Cash Flows from Investing Activities    
(Increase) decrease in lease security deposits and lease acquisition deposits, net (1,776) 12,541
(Increase) decrease in cash and escrow deposits - restricted (1,810) 6,822
Additions to property, plant and equipment and leasehold intangibles, net (263,950) (301,778)
Acquisition of assets, net of related payables (12,157) (193,451)
Investment in unconsolidated ventures (6,071) (40,709)
Distributions received from unconsolidated ventures 4,836 7,038
Proceeds from sale of assets, net 219,471 8,072
Other 7,083 3,163
Net cash used in investing activities (54,374) (498,302)
Cash Flows from Financing Activities    
Proceeds from debt 202,132 550,131
Repayment of debt and capital and financing lease obligations (217,696) (453,389)
Proceeds from line of credit 1,276,500 970,000
Repayment of line of credit (1,486,500) (760,000)
Payment of financing costs, net of related payables (1,414) (32,251)
Refundable entrance fees:    
Proceeds from refundable entrance fees 1,986 1,510
Refunds of entrance fees (2,893) (3,251)
Cash portion of loss on extinguishment of debt 0 (44)
Payment on lease termination (9,250) (12,375)
Other 383 2,094
Net cash (used in) provided by financing activities (236,752) 262,425
Net decrease in cash and cash equivalents (13,845) (33,692)
Cash and cash equivalents at beginning of period 88,029 104,083
Cash and cash equivalents at end of period $ 74,184 $ 70,391
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Description of Business
 9 Months Ended
Sep. 30, 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.
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Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 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 September 30, 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.

Certain of the Company's communities have residency agreements which require the resident to pay an upfront entrance fee prior to moving into the community. The non-refundable portion of the entrance fee is recorded as deferred revenue and amortized over the estimated stay of the resident based on an actuarial valuation. The refundable portion of a resident's entrance fee is generally refundable within a certain number of months or days following contract termination or upon the resale of the unit. The refundable portion of the fee is not amortized and is included in refundable entrance fees. All refundable amounts due to residents at any time in the future are classified as current liabilities.

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 $3.7 billion and $3.9 billion as of September 30, 2016 and December 31, 2015, respectively. Fair value of the debt approximates carrying value in all periods. The Company's fair value of debt disclosure is classified within Level 2 of the valuation hierarchy.

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.

During the nine months ended September 30, 2016, the Company reduced its estimate for the amount of expected losses for general liability and professional liability and workers compensation claims, based on recent historical claims experience. As a result, the Company decreased the accrued reserves for general liability and professional liability and workers compensation claims by $20.0 million and $7.6 million, respectively, during the nine months ended September 30, 2016. The reduction in these accrued reserves decreased facility operating expense by $13.9 million and $27.6 million for the three and nine months ended September 30, 2016, respectively.

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 August 2016, the FASB issued Accounting Standards Update ("ASU") 2016-15, Statement of Cash Flows-Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15"). ASU 2016-15 clarifies how cash receipts and cash payments in certain transactions are presented in the statement of cash flows. ASU 2016-15 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, and early adoption is permitted. The Company is currently evaluating the impact the adoption of ASU 2016-15 will have on its condensed consolidated financial statements and disclosures.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 replaces the current incurred loss impairment methodology for credit losses with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted for fiscal years beginning after December 15, 2018. The Company is currently evaluating the impact the adoption of ASU 2016-13 will have on its condensed consolidated financial statements and disclosures.

In March 2016, the FASB issued 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.
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Earnings Per Share
 9 Months Ended
Sep. 30, 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 and nine months ended September 30, 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 4.7 million and 3.5 million for the three months ended September 30, 2016 and 2015, respectively, and 4.6 million and 3.8 million for the nine months ended September 30, 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 September 30, 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 September 30, 2016 and 2015, the number of shares issuable upon exercise of the warrants was approximately 10.8 million.
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Acquisitions and Dispositions
 9 Months Ended
Sep. 30, 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. The Company records these assets on the condensed consolidated balance sheet at the lesser of the carrying value and fair value less estimated selling costs.  If the carrying value is greater than the fair value less the estimated selling costs, the Company records an impairment charge. The Company allocates a portion of the goodwill of a reporting unit to the disposal if the disposal 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. As of June 30, 2016, the Company identified 50 additional owned communities as held for sale. During the three and nine months ended September 30, 2016, the Company recognized $6.7 million and $11.7 million of impairment expense related to assets 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 sales 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 are reported in the Assisted Living and CCRCs – Rental segments through the respective disposition dates.
During the three months ended June 30, 2016, the Company entered into an agreement to sell 44 communities for an aggregate sales price of $252.5 million. During the three months ended September 30, 2016, the Company completed the sale of 32 of the 44 communities previously classified as held for sale for an aggregate sales price of $177.5 million. The proceeds from the sale were primarily utilized to extinguish the mortgage debt related to the communities sold during the period and to pay down the balance of the revolving credit facility. The remaining 12 communities were classified as assets held for sale as of September 30, 2016. On November 1, 2016, the Company completed the sale of nine of these communities for an aggregate sales price of $47.7 million. The results of operations of these 44 communities are reported within the Assisted Living segment within the condensed consolidated financial statements through the respective disposition dates.

As of September 30, 2016, $173.5 million was recorded as assets held for sale and $106.9 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 28 communities classified as held for sale as of that date. This debt will either be repaid with the proceeds from the sales or be assumed by the prospective purchasers. The results of operations of the 28 communities are reported in the Assisted Living (24 communities), Retirement Center (one community) and CCRCs – Rental (three communities) segments within the condensed consolidated financial statements. The sale of the remaining communities classified as held for sale as of the date of this Quarterly Report on Form 10-Q is expected to occur in the next 12 months, although there can be no assurance that the transactions will close or if they do, when the actual closing will occur.

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 nine months ended September 30, 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 nine months ended September 30, 2015.
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Stock-Based Compensation
 9 Months Ended
Sep. 30, 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
 
Three months ended June 30, 2016
  
115
  
$
15.68 – 18.03
  
$
2,058
 
Three months ended September 30, 2016
  
61
  
$
15.90 – 17.45
  
$
1,029
 
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Goodwill and Other Intangible Assets, Net
 9 Months Ended
Sep. 30, 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 September 30, 2016 and December 31, 2015 presented on an operating segment basis (dollars in thousands):
 
 
 
September 30, 2016
  
December 31, 2015
 
 
 
Gross
Carrying
Amount
  
Dispositions and Other Reductions
  
Net
  
Gross
Carrying
Amount
  
Dispositions and Other Reductions
  
Net
 
Retirement Centers
 
$
28,141
  
$
(820
)
 
$
27,321
  
$
28,141
  
$
(721
)
 
$
27,420
 
Assisted Living
  
591,814
   
(48,817
)
  
542,997
   
591,814
   
(20,348
)
  
571,466
 
Brookdale Ancillary Services
  
126,810
   
—
   
126,810
   
126,810
   
—
   
126,810
 
Total
 
$
746,765
  
$
(49,637
)
 
$
697,128
  
$
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 nine months ended September 30, 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.

Approximately $28.5 million and $0.1 million of goodwill in the Assisted Living and Retirement Centers segments, respectively, was allocated to communities identified as held for sale during the second quarter of 2016. Refer to Note 4 for more information about the Company's assets held for sale.

The following is a summary of other intangible assets at September 30, 2016 and December 31, 2015 (dollars in thousands):
 
 
 
September 30, 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
   
(20,490
)
  
7,310
   
27,800
   
(14,209
)
  
13,591
 
Other
  
13,531
   
(6,804
)
  
6,727
   
13,531
   
(4,818
)
  
8,713
 
Total
 
$
140,913
  
$
(27,294
)
 
$
113,619
  
$
148,213
  
$
(19,027
)
 
$
129,186
 

Amortization expense related to definite-lived intangible assets for the three months ended September 30, 2016 and 2015 was $1.5 million and $3.1 million, respectively, and for the nine months ended September 30, 2016 and 2015 was $8.3 million and $9.2 million, respectively. Health care licenses were determined to be indefinite-lived intangible assets and are not subject to amortization. The carrying value of the community purchase options 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 24 R14.htm IDEA: XBRL DOCUMENT v3.5.0.2
Property, Plant and Equipment and Leasehold Intangibles, Net
 9 Months Ended
Sep. 30, 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):

 
 
September 30,
2016
  
December 31,
2015
 
Land
 
$
454,263
  
$
486,567
 
Buildings and improvements
  
5,141,813
   
5,260,826
 
Leasehold improvements
  
124,339
   
100,430
 
Furniture and equipment
  
966,014
   
895,447
 
Resident and leasehold operating intangibles
  
765,859
   
783,434
 
Construction in progress
  
86,678
   
138,054
 
Assets under capital and financing leases
  
2,933,688
   
2,909,653
 
 
  
10,472,654
   
10,574,411
 
Accumulated depreciation and amortization
  
(2,850,751
)
  
(2,543,035
)
Property, plant and equipment and leasehold intangibles, net
 
$
7,621,903
  
$
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. During the three and nine months ended September 30, 2016, the Company recorded $6.7 million and $11.7 million, respectively, of impairment charges related to communities identified as held for sale, inclusive of the allocation of goodwill to the disposal. These impairment charges are primarily due to the excess of carrying value, including allocated goodwill, over the estimated selling price less costs to dispose. Refer to Note 4 for more information about the Company's community dispositions and assets held for sale.  During the three months ended September 30, 2016, the Company recorded a $10.0 million non-cash impairment charge within the Assisted Living segment due to lower than expected operating performance at a community subject to a capital lease. This charge reflects the amount by which the carrying value of the asset exceeded its estimated fair value. The Company recorded $2.4 million and $4.9 million of non-cash impairment charges for property, plant and equipment and leasehold intangibles for communities to be held and used for property damage sustained at the communities as well as the write-off of costs associated with the cancellation of certain community expansion and redevelopment projects during the three and nine months ended September 30, 2016, respectively.
XML 25 R15.htm IDEA: XBRL DOCUMENT v3.5.0.2
Debt
 9 Months Ended
Sep. 30, 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):

 
 
September 30,
2016
  
December 31,
2015
 
Mortgage notes payable due 2017 through 2047; weighted average interest rate of 4.58% for the nine months ended September 30, 2016, including net debt premium and deferred financing costs of $2.4 million and $3.3 million at September 30, 2016 and December 31, 2015, respectively (weighted average interest rate of 4.51% in 2015)
 
$
3,240,934
  
$
3,246,513
 
Capital and financing lease obligations payable through 2031; weighted average interest rate of 8.06% for the nine months ended September 30, 2016 (weighted average interest rate of 8.11% in 2015)
  
2,491,534
   
2,489,588
 
Convertible notes payable in aggregate principal amount of $316.3 million, less debt discount and deferred financing costs of $24.3 million and $34.3 million at September 30, 2016 and December 31, 2015, respectively, interest at 2.75% per annum, due June 2018
  
291,936
   
281,902
 
Construction financing due 2019 through 2032; weighted average interest rate of 7.77% for the nine months ended September 30, 2016 (weighted average interest rate of 4.84% in 2015)
  
24,202
   
24,105
 
Notes payable issued to finance insurance premiums, weighted average interest rate of 2.94% for the nine months ended September 30, 2016, due 2016
  
4,452
   
—
 
Other notes payable, weighted average interest rate of 5.29% for the nine months ended September 30, 2016 (weighted average interest rate of 5.16% in 2015) and maturity dates ranging from 2016 to 2020
  
77,836
   
80,305
 
Total debt and capital and financing lease obligations
  
6,130,894
   
6,122,413
 
Less current portion
  
265,376
   
235,604
 
Total long-term debt and capital and financing lease obligations
 
$
5,865,518
  
$
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 September 30, 2016, the outstanding balance under this credit facility was $100.0 million. Additionally, there were $25.8 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 letter of credit facilities of up to $64.5 million in the aggregate as of September 30, 2016. Letters of credit totaling $64.4 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 September 30, 2016, the Company is in compliance with the financial covenants of its outstanding debt and lease agreements.
XML 26 R16.htm IDEA: XBRL DOCUMENT v3.5.0.2
Litigation
 9 Months Ended
Sep. 30, 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.
XML 27 R17.htm IDEA: XBRL DOCUMENT v3.5.0.2
Supplemental Disclosure of Cash Flow Information
 9 Months Ended
Sep. 30, 2016
Supplemental Disclosure of Cash Flow Information [Abstract]  
Supplemental Disclosure of Cash Flow Information
10.  Supplemental Disclosure of Cash Flow Information

(dollars in thousands):
 
 
Nine Months Ended
September 30,
 
 
 
2016
  
2015
 
Supplemental Disclosure of Cash Flow Information:
      
Interest paid
 
$
260,504
  
$
270,352
 
Income taxes paid
 
$
2,195
  
$
2,806
 
   Additions to property, plant and equipment and leasehold intangibles, net:
        
Property, plant and equipment and leasehold intangibles, net
 
$
230,837
  
$
301,778
 
Accounts payable
  
33,113
   
—
 
Net cash paid
 
$
263,950
  
$
301,778
 
   Acquisition of assets, net of related payables:
        
Prepaid expenses and other assets
 
$
—
  
$
(50,756
)
Property, plant and equipment and leasehold intangibles, net
  
19,457
   
196,196
 
Other intangible assets, net
  
(7,300
)
  
(7,293
)
Capital and financing lease obligations
  
—
   
75,619
 
Long-term debt
  
—
   
(20,000
)
Other liabilities
  
—
   
(315
)
Net cash paid
 
$
12,157
  
$
193,451
 
   Proceeds from sale of assets, net:
        
Assets held for sale
 
$
218,343
  
$
—
 
Prepaid expenses and other assets
  
1,036
   
7,434
 
Property, plant and equipment and leasehold intangibles, net
  
—
   
7,516
 
Capital and financing lease obligations
  
—
   
(8,907
)
Other liabilities
  
(2,034
)
  
2,029
 
Gain on sale of assets
  
2,126
   
—
 
Net cash received
 
$
219,471
  
$
8,072
 
Supplemental Schedule of Non-cash Operating, Investing and Financing Activities:
        
   Capital and financing leases:
        
Property, plant and equipment and leasehold intangibles, net
 
$
—
  
$
24,535
 
Other intangible assets, net
  
—
   
(5,202
)
Capital and financing lease obligations
  
—
   
(21,629
)
Other liabilities
  
—
   
2,296
 
Net
 
$
—
  
$
—
 
   Assets designated as held for sale:
        
Property, plant and equipment and leasehold intangibles, net
 
$
(261,639
)
 
$
—
 
Assets held for sale
  
280,604
   
—
 
Prepaid expenses and other assets
  
(2,130
)
  
—
 
Goodwill
  
(28,568
)
  
—
 
Asset impairment
  
11,733
   
—
 
Net
 
$
—
  
$
—
 
  Contribution to CCRC Venture:
        
Property, plant and equipment and leasehold intangibles, net
 
$
—
  
$
(25,459
)
Investment in unconsolidated ventures
  
—
   
7,344
 
Long-term debt
  
—
   
18,115
 
Net
 
$
—
  
$
—
 
XML 28 R18.htm IDEA: XBRL DOCUMENT v3.5.0.2
Facility Operating Leases
 9 Months Ended
Sep. 30, 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
September 30,
  
Nine Months Ended
September 30,
 
 
 
2016
  
2015
  
2016
  
2015
 
Cash basis payment
 
$
96,170
  
$
92,132
  
$
287,781
  
$
279,206
 
Straight-line (income) expense
  
(859
)
  
1,731
   
2,553
   
6,451
 
Amortization of (above) below market lease, net
  
(1,699
)
  
(1,626
)
  
(5,165
)
  
(5,425
)
Amortization of deferred gain
  
(1,093
)
  
(1,093
)
  
(3,279
)
  
(3,279
)
Facility lease expense
 
$
92,519
  
$
91,144
  
$
281,890
  
$
276,953
 
XML 29 R19.htm IDEA: XBRL DOCUMENT v3.5.0.2
Income Taxes
 9 Months Ended
Sep. 30, 2016
Income Taxes [Abstract]  
Income Taxes
12.  Income Taxes

The Company's effective tax rates for three and nine months ended September 30, 2016 were (8.8%) and (4.6%), respectively, as compared to 31.1% and 36.3% for three and nine months ended September 30, 2015, respectively. The differences in the Company's effective tax rates for the three and nine months ended September 30, 2016 and 2015 were due to an increase in the valuation allowance against the Company's deferred tax assets recorded in 2016, the negative tax benefit on the vesting of restricted stock, a direct result of the Company's lower stock price in 2016, and the non-deductible write-off of goodwill in 2016. The Company determined that an additional valuation allowance was required after consideration of the Company's future reversal of estimated timing differences. The Company recorded an aggregate deferred federal, state and local tax benefit of $18.9 million and $35.7 million as a result of the operating loss for the three and nine months ended September 30, 2016, respectively, which was offset by an increase in the valuation allowance of $22.3 million and $39.5 million, respectively. The Company recorded an aggregate deferred federal, state and local tax benefit of $31.6 million and $164.0 million as a result of the operating loss for the three and nine months ended September 30, 2015, respectively. 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 September 30, 2016 and December 31, 2015 is $161.1 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 limited 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 nine months ended September 30, 2016 and 2015 which are included in income tax expense or benefit for the period. Tax returns for years 2012 through 2015 are subject to future examination by tax authorities. In addition, the net operating losses from prior years are subject to adjustment under examination.
XML 30 R20.htm IDEA: XBRL DOCUMENT v3.5.0.2
Variable Interest Entities
 9 Months Ended
Sep. 30, 2016
Variable Interest Entities [Abstract]  
Variable Interest Entities and Investment in Unconsolidated Ventures
13.  Variable Interest Entities

At September 30, 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.
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 the RIDEA Ventures own, resident fees receivable, and cash and cash equivalents. The obligations of the RIDEA Ventures primarily consist of notes payable, accounts payable and accrued expenses.

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 September 30, 2016 (in millions):

VIE Type
Asset Type
 
Maximum Exposure to Loss
  
Carrying Amount
 
CCRC Venture opco
Investment in unconsolidated ventures
 
$
174.9
  
$
174.9
 
RIDEA Ventures
Investment in unconsolidated ventures
 
$
122.7
  
$
122.7
 

As of September 30, 2016, the Company is not required to provide financial support, through a liquidity arrangement or otherwise, to its unconsolidated VIEs.
XML 31 R21.htm IDEA: XBRL DOCUMENT v3.5.0.2
Segment Information
 9 Months Ended
Sep. 30, 2016
Segment Information [Abstract]  
Segment Information
14.  Segment Information

As of September 30, 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 consolidated 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 September 30,
  
Nine Months Ended September 30,
 
 
 
2016
  
2015
  
2016
  
2015
 
Revenue
            
Retirement Centers(1)
 
$
170,706
  
$
164,415
  
$
510,122
  
$
492,310
 
Assisted Living(1)
  
607,345
   
608,393
   
1,837,632
   
1,837,575
 
CCRCs - Rental(1)
  
147,517
   
149,572
   
448,002
   
457,124
 
Brookdale Ancillary Services(1)
  
117,263
   
117,702
   
362,791
   
349,283
 
Management Services(2)
  
203,295
   
198,759
   
609,565
   
588,614
 
 
 
$
1,246,126
  
$
1,238,841
  
$
3,768,112
  
$
3,724,906
 
Segment Operating Income(3)
                
Retirement Centers
 
$
73,112
  
$
70,334
  
$
222,315
  
$
212,902
 
Assisted Living
  
217,878
   
211,213
   
672,773
   
658,078
 
CCRCs - Rental
  
32,996
   
41,395
   
102,059
   
115,826
 
Brookdale Ancillary Services
  
14,624
   
17,420
   
48,174
   
57,886
 
Management Services
  
15,532
   
14,694
   
50,498
   
44,630
 
 
  
354,142
   
355,056
   
1,095,819
   
1,089,322
 
General and administrative (including non-cash stock-based compensation expense)
  
63,425
   
99,534
   
246,741
   
278,609
 
Transaction costs
  
659
   
—
   
1,950
   
7,163
 
Facility lease expense
  
92,519
   
91,144
   
281,890
   
276,953
 
Depreciation and amortization
  
130,783
   
160,715
   
391,314
   
606,787
 
Asset impairment
  
19,111
   
—
   
26,638
   
—
 
Loss on facility lease termination
  
—
   
—
   
—
   
76,143
 
Income (loss) from operations
 
$
47,645
  
$
3,663
  
$
147,286
  
$
(156,333
)

 
 
As of
 
 
 
September 30,
2016
  
December 31,
2015
 
Total assets
      
Retirement Centers
 
$
1,527,373
  
$
1,556,169
 
Assisted Living
  
6,032,315
   
6,354,415
 
CCRCs - Rental
  
1,001,930
   
1,037,384
 
Brookdale Ancillary Services
  
279,003
   
292,540
 
Corporate and Management Services
  
791,662
   
808,056
 
Total assets
 
$
9,632,283
  
$
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 32 R22.htm IDEA: XBRL DOCUMENT v3.5.0.2
Subsequent Events
 9 Months Ended
Sep. 30, 2016
Subsequent Events [Abstract]  
Subsequent Events [Text Block]
15. Subsequent Events

Dispositions and Restructuring of Leased Communities

On November 1, 2016, the Company announced that it had entered into agreements to, among other things, terminate triple-net leases with respect to 97 communities, four of which would be contributed to an existing unconsolidated venture in which the Company holds an equity interest and 64 of which would be owned by a venture in which the Company expects to acquire a non-controlling interest. The transactions include the following components:

•
HCP and affiliates of Blackstone Real Estate Advisors VIII L.P. (collectively, "Blackstone") entered into an agreement pursuant to which HCP has agreed to sell 64 communities—which are currently leased to the Company at above market rates and have a remaining average lease term of approximately 12 years—to Blackstone for a purchase price of $1.125 billion. Separately, the Company entered into an agreement with Blackstone pursuant to which the Company and Blackstone have agreed to form a venture (the "Blackstone Venture") into which Blackstone will contribute the 64 communities and into which the Company expects to contribute a total of approximately $170.0 million to purchase a 15% equity interest, terminate the underwater leases and fund its share of anticipated closing costs and working capital. Following closing, the Company will manage the communities on behalf of the venture. The Company expects the Blackstone Venture transactions to close during the three months ended March 31, 2017.

•
The Company and HCP agreed to terminate triple-net leases with respect to eight communities. HCP has agreed to immediately thereafter contribute four of such communities to an existing unconsolidated venture with HCP in which the Company has a 10% equity interest. We expect these transactions to close during the three months ended December 31, 2016.

•
The Company and HCP agreed to terminate triple-net leases with respect to 25 communities, which is expected to occur in stages through the end of fiscal 2017.

•
The Company and HCP agreed to cause the CCRC Venture to obtain non-recourse mortgage financing on certain communities, and, upon completion of the transactions, the Company expects to receive distributions of more than $200.0 million of net proceeds from the venture. The Company expects the CCRC Venture to close this financing during the three months ended December 31, 2016.

The results of operations of the 68 communities to be acquired by the Blackstone Venture or converted into the existing unconsolidated venture with HCP are reported in the following segments within the condensed consolidated financial statements: Assisted Living (50 communities), Retirement Centers (10 communities), CCRCs-Rental (eight communities). The 68 communities had resident fee revenue of $222.3 million, facility operating expenses of $153.5 million, and cash lease payments of $71.7 million for the nine months ended September 30, 2016.

The results of operations of the 29 communities for which the other triple-net leases will be terminated are reported in the following segments within the condensed consolidated financial statements: Assisted Living (27 communities) and CCRCs-Rental (two communities). The 29 communities had resident fee revenue of $64.7 million, facility operating expenses of $52.0 million, and cash lease payments of $18.3 million for the nine months ended September 30, 2016.

The closings of the various transactions with HCP and Blackstone (including the CCRC Venture financing) are subject to the satisfaction of various closing conditions including (where applicable) the receipt of regulatory approvals; however, there can be no assurance that the transactions will close or, if they do, when the actual closings will occur.

It is expected that these transactions will require the Company to record significant charges, primarily related to the lease transactions, for the carrying value of the assets under capital and financing leases in excess of their estimated fair value, which are currently being evaluated by the Company. Additionally, it is expected that these transactions will require the Company to record a significant increase to the Company's existing tax valuation allowance, after considering the change in the Company's future reversal of estimated timing differences resulting from these transactions, mainly caused by removing the deferred positions related to the terminated leases. The amount and timing of charges related to the lease transactions and the increase to the valuation allowance have not yet been determined.

Share Repurchase

On November 1, 2016, the Company announced that its Board of Directors had approved a new share repurchase program that authorizes the Company to purchase up to $100.0 million in the aggregate of its common stock, which replaced and terminated the prior repurchase authorization approved by the Board in 2011. The share repurchase program is intended to be implemented through purchases made from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions or block trades, or by any combination of such methods, in accordance with applicable insider trading and other securities laws and regulations. The size, scope and timing of any purchases will be based on business, market and other conditions and factors, including price, regulatory and contractual requirements, and capital availability. The repurchase program does not obligate the Company to acquire any particular amount of common stock and the program may be suspended, modified or discontinued at any time at the Company's discretion without prior notice. Shares of stock repurchased under the program will be held as treasury shares.
XML 33 R23.htm IDEA: XBRL DOCUMENT v3.5.0.2
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 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 September 30, 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.
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.

Certain of the Company's communities have residency agreements which require the resident to pay an upfront entrance fee prior to moving into the community. The non-refundable portion of the entrance fee is recorded as deferred revenue and amortized over the estimated stay of the resident based on an actuarial valuation. The refundable portion of a resident's entrance fee is generally refundable within a certain number of months or days following contract termination or upon the resale of the unit. The refundable portion of the fee is not amortized and is included in refundable entrance fees. All refundable amounts due to residents at any time in the future are classified as current liabilities.

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

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

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

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

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

Cash and cash equivalents and cash and escrow deposits – restricted are reflected in the accompanying 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 $3.7 billion and $3.9 billion as of September 30, 2016 and December 31, 2015, respectively. Fair value of the debt approximates carrying value in all periods. The Company's fair value of debt disclosure is classified within Level 2 of the valuation hierarchy.
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.

During the nine months ended September 30, 2016, the Company reduced its estimate for the amount of expected losses for general liability and professional liability and workers compensation claims, based on recent historical claims experience. As a result, the Company decreased the accrued reserves for general liability and professional liability and workers compensation claims by $20.0 million and $7.6 million, respectively, during the nine months ended September 30, 2016. The reduction in these accrued reserves decreased facility operating expense by $13.9 million and $27.6 million for the three and nine months ended September 30, 2016, respectively.
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 August 2016, the FASB issued Accounting Standards Update ("ASU") 2016-15, Statement of Cash Flows-Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15"). ASU 2016-15 clarifies how cash receipts and cash payments in certain transactions are presented in the statement of cash flows. ASU 2016-15 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, and early adoption is permitted. The Company is currently evaluating the impact the adoption of ASU 2016-15 will have on its condensed consolidated financial statements and disclosures.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 replaces the current incurred loss impairment methodology for credit losses with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted for fiscal years beginning after December 15, 2018. The Company is currently evaluating the impact the adoption of ASU 2016-13 will have on its condensed consolidated financial statements and disclosures.

In March 2016, the FASB issued 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 34 R24.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 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
 
Three months ended June 30, 2016
  
115
  
$
15.68 – 18.03
  
$
2,058
 
Three months ended September 30, 2016
  
61
  
$
15.90 – 17.45
  
$
1,029
 
XML 35 R25.htm IDEA: XBRL DOCUMENT v3.5.0.2
Goodwill and Other Intangible Assets, Net (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2016 and December 31, 2015 presented on an operating segment basis (dollars in thousands):
 
 
 
September 30, 2016
  
December 31, 2015
 
 
 
Gross
Carrying
Amount
  
Dispositions and Other Reductions
  
Net
  
Gross
Carrying
Amount
  
Dispositions and Other Reductions
  
Net
 
Retirement Centers
 
$
28,141
  
$
(820
)
 
$
27,321
  
$
28,141
  
$
(721
)
 
$
27,420
 
Assisted Living
  
591,814
   
(48,817
)
  
542,997
   
591,814
   
(20,348
)
  
571,466
 
Brookdale Ancillary Services
  
126,810
   
—
   
126,810
   
126,810
   
—
   
126,810
 
Total
 
$
746,765
  
$
(49,637
)
 
$
697,128
  
$
746,765
  
$
(21,069
)
 
$
725,696
 
Other intangible assets
The following is a summary of other intangible assets at September 30, 2016 and December 31, 2015 (dollars in thousands):
 
 
 
September 30, 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
   
(20,490
)
  
7,310
   
27,800
   
(14,209
)
  
13,591
 
Other
  
13,531
   
(6,804
)
  
6,727
   
13,531
   
(4,818
)
  
8,713
 
Total
 
$
140,913
  
$
(27,294
)
 
$
113,619
  
$
148,213
  
$
(19,027
)
 
$
129,186
 
XML 36 R26.htm IDEA: XBRL DOCUMENT v3.5.0.2
Property, Plant and Equipment and Leasehold Intangibles, Net (Tables)
 9 Months Ended
Sep. 30, 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):

 
 
September 30,
2016
  
December 31,
2015
 
Land
 
$
454,263
  
$
486,567
 
Buildings and improvements
  
5,141,813
   
5,260,826
 
Leasehold improvements
  
124,339
   
100,430
 
Furniture and equipment
  
966,014
   
895,447
 
Resident and leasehold operating intangibles
  
765,859
   
783,434
 
Construction in progress
  
86,678
   
138,054
 
Assets under capital and financing leases
  
2,933,688
   
2,909,653
 
 
  
10,472,654
   
10,574,411
 
Accumulated depreciation and amortization
  
(2,850,751
)
  
(2,543,035
)
Property, plant and equipment and leasehold intangibles, net
 
$
7,621,903
  
$
8,031,376
 
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.5.0.2
Debt (Tables)
 9 Months Ended
Sep. 30, 2016
Debt [Abstract]  
Schedule of debt
Long-term debt and capital and financing lease obligations consist of the following (dollars in thousands):

 
 
September 30,
2016
  
December 31,
2015
 
Mortgage notes payable due 2017 through 2047; weighted average interest rate of 4.58% for the nine months ended September 30, 2016, including net debt premium and deferred financing costs of $2.4 million and $3.3 million at September 30, 2016 and December 31, 2015, respectively (weighted average interest rate of 4.51% in 2015)
 
$
3,240,934
  
$
3,246,513
 
Capital and financing lease obligations payable through 2031; weighted average interest rate of 8.06% for the nine months ended September 30, 2016 (weighted average interest rate of 8.11% in 2015)
  
2,491,534
   
2,489,588
 
Convertible notes payable in aggregate principal amount of $316.3 million, less debt discount and deferred financing costs of $24.3 million and $34.3 million at September 30, 2016 and December 31, 2015, respectively, interest at 2.75% per annum, due June 2018
  
291,936
   
281,902
 
Construction financing due 2019 through 2032; weighted average interest rate of 7.77% for the nine months ended September 30, 2016 (weighted average interest rate of 4.84% in 2015)
  
24,202
   
24,105
 
Notes payable issued to finance insurance premiums, weighted average interest rate of 2.94% for the nine months ended September 30, 2016, due 2016
  
4,452
   
—
 
Other notes payable, weighted average interest rate of 5.29% for the nine months ended September 30, 2016 (weighted average interest rate of 5.16% in 2015) and maturity dates ranging from 2016 to 2020
  
77,836
   
80,305
 
Total debt and capital and financing lease obligations
  
6,130,894
   
6,122,413
 
Less current portion
  
265,376
   
235,604
 
Total long-term debt and capital and financing lease obligations
 
$
5,865,518
  
$
5,886,809
 
 
XML 38 R28.htm IDEA: XBRL DOCUMENT v3.5.0.2
Supplemental Disclosure of Cash Flow Information (Tables)
 9 Months Ended
Sep. 30, 2016
Supplemental Disclosure of Cash Flow Information [Abstract]  
Supplemental cash flow information
(dollars in thousands):
 
 
Nine Months Ended
September 30,
 
 
 
2016
  
2015
 
Supplemental Disclosure of Cash Flow Information:
      
Interest paid
 
$
260,504
  
$
270,352
 
Income taxes paid
 
$
2,195
  
$
2,806
 
   Additions to property, plant and equipment and leasehold intangibles, net:
        
Property, plant and equipment and leasehold intangibles, net
 
$
230,837
  
$
301,778
 
Accounts payable
  
33,113
   
—
 
Net cash paid
 
$
263,950
  
$
301,778
 
   Acquisition of assets, net of related payables:
        
Prepaid expenses and other assets
 
$
—
  
$
(50,756
)
Property, plant and equipment and leasehold intangibles, net
  
19,457
   
196,196
 
Other intangible assets, net
  
(7,300
)
  
(7,293
)
Capital and financing lease obligations
  
—
   
75,619
 
Long-term debt
  
—
   
(20,000
)
Other liabilities
  
—
   
(315
)
Net cash paid
 
$
12,157
  
$
193,451
 
   Proceeds from sale of assets, net:
        
Assets held for sale
 
$
218,343
  
$
—
 
Prepaid expenses and other assets
  
1,036
   
7,434
 
Property, plant and equipment and leasehold intangibles, net
  
—
   
7,516
 
Capital and financing lease obligations
  
—
   
(8,907
)
Other liabilities
  
(2,034
)
  
2,029
 
Gain on sale of assets
  
2,126
   
—
 
Net cash received
 
$
219,471
  
$
8,072
 
Supplemental Schedule of Non-cash Operating, Investing and Financing Activities:
        
   Capital and financing leases:
        
Property, plant and equipment and leasehold intangibles, net
 
$
—
  
$
24,535
 
Other intangible assets, net
  
—
   
(5,202
)
Capital and financing lease obligations
  
—
   
(21,629
)
Other liabilities
  
—
   
2,296
 
Net
 
$
—
  
$
—
 
   Assets designated as held for sale:
        
Property, plant and equipment and leasehold intangibles, net
 
$
(261,639
)
 
$
—
 
Assets held for sale
  
280,604
   
—
 
Prepaid expenses and other assets
  
(2,130
)
  
—
 
Goodwill
  
(28,568
)
  
—
 
Asset impairment
  
11,733
   
—
 
Net
 
$
—
  
$
—
 
  Contribution to CCRC Venture:
        
Property, plant and equipment and leasehold intangibles, net
 
$
—
  
$
(25,459
)
Investment in unconsolidated ventures
  
—
   
7,344
 
Long-term debt
  
—
   
18,115
 
Net
 
$
—
  
$
—
 
XML 39 R29.htm IDEA: XBRL DOCUMENT v3.5.0.2
Facility Operating Leases (Tables)
 9 Months Ended
Sep. 30, 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
September 30,
  
Nine Months Ended
September 30,
 
 
 
2016
  
2015
  
2016
  
2015
 
Cash basis payment
 
$
96,170
  
$
92,132
  
$
287,781
  
$
279,206
 
Straight-line (income) expense
  
(859
)
  
1,731
   
2,553
   
6,451
 
Amortization of (above) below market lease, net
  
(1,699
)
  
(1,626
)
  
(5,165
)
  
(5,425
)
Amortization of deferred gain
  
(1,093
)
  
(1,093
)
  
(3,279
)
  
(3,279
)
Facility lease expense
 
$
92,519
  
$
91,144
  
$
281,890
  
$
276,953
 
XML 40 R30.htm IDEA: XBRL DOCUMENT v3.5.0.2
Variable Interest Entities (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2016 (in millions):

VIE Type
Asset Type
 
Maximum Exposure to Loss
  
Carrying Amount
 
CCRC Venture opco
Investment in unconsolidated ventures
 
$
174.9
  
$
174.9
 
RIDEA Ventures
Investment in unconsolidated ventures
 
$
122.7
  
$
122.7
 

As of September 30, 2016, the Company is not required to provide financial support, through a liquidity arrangement or otherwise, to its unconsolidated VIEs.
XML 41 R31.htm IDEA: XBRL DOCUMENT v3.5.0.2
Segment Information (Tables)
 9 Months Ended
Sep. 30, 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 September 30,
  
Nine Months Ended September 30,
 
 
 
2016
  
2015
  
2016
  
2015
 
Revenue
            
Retirement Centers(1)
 
$
170,706
  
$
164,415
  
$
510,122
  
$
492,310
 
Assisted Living(1)
  
607,345
   
608,393
   
1,837,632
   
1,837,575
 
CCRCs - Rental(1)
  
147,517
   
149,572
   
448,002
   
457,124
 
Brookdale Ancillary Services(1)
  
117,263
   
117,702
   
362,791
   
349,283
 
Management Services(2)
  
203,295
   
198,759
   
609,565
   
588,614
 
 
 
$
1,246,126
  
$
1,238,841
  
$
3,768,112
  
$
3,724,906
 
Segment Operating Income(3)
                
Retirement Centers
 
$
73,112
  
$
70,334
  
$
222,315
  
$
212,902
 
Assisted Living
  
217,878
   
211,213
   
672,773
   
658,078
 
CCRCs - Rental
  
32,996
   
41,395
   
102,059
   
115,826
 
Brookdale Ancillary Services
  
14,624
   
17,420
   
48,174
   
57,886
 
Management Services
  
15,532
   
14,694
   
50,498
   
44,630
 
 
  
354,142
   
355,056
   
1,095,819
   
1,089,322
 
General and administrative (including non-cash stock-based compensation expense)
  
63,425
   
99,534
   
246,741
   
278,609
 
Transaction costs
  
659
   
—
   
1,950
   
7,163
 
Facility lease expense
  
92,519
   
91,144
   
281,890
   
276,953
 
Depreciation and amortization
  
130,783
   
160,715
   
391,314
   
606,787
 
Asset impairment
  
19,111
   
—
   
26,638
   
—
 
Loss on facility lease termination
  
—
   
—
   
—
   
76,143
 
Income (loss) from operations
 
$
47,645
  
$
3,663
  
$
147,286
  
$
(156,333
)

 
 
As of
 
 
 
September 30,
2016
  
December 31,
2015
 
Total assets
      
Retirement Centers
 
$
1,527,373
  
$
1,556,169
 
Assisted Living
  
6,032,315
   
6,354,415
 
CCRCs - Rental
  
1,001,930
   
1,037,384
 
Brookdale Ancillary Services
  
279,003
   
292,540
 
Corporate and Management Services
  
791,662
   
808,056
 
Total assets
 
$
9,632,283
  
$
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 42 R32.htm IDEA: XBRL DOCUMENT v3.5.0.2
Summary of Significant Accounting Policies (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2016
Mar. 31, 2015
Sep. 30, 2016
Dec. 31, 2015
Carrying Value, Fair Value Disclosure [Member]        
Fair value of financial instruments [Abstract]        
Debt $ 3,700.0   $ 3,700.0 $ 3,900.0
Estimate of Fair Value, Fair Value Disclosure [Member]        
Fair value of financial instruments [Abstract]        
Debt 3,700.0   $ 3,700.0 $ 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  
Increase (Decrease) in Insurance Liabilities [Abstract]        
Increase (Decrease) in Liability for Claims and Claims Adjustment Expense Reserve $ 13.9   $ 27.6  
Increase (Decrease) in Workers' Compensation Liabilities     7.6  
Increase (Decrease) in Other Insurance Liabilities     $ 20.0  
XML 43 R33.htm IDEA: XBRL DOCUMENT v3.5.0.2
Earnings Per Share (Details) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 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 4.7 3.5 4.6 3.8
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   $ 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 44 R34.htm IDEA: XBRL DOCUMENT v3.5.0.2
Acquisitions and Dispositions (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Nov. 01, 2016
USD ($)
Community
Feb. 28, 2015
USD ($)
Community
Sep. 30, 2016
USD ($)
Community
Jun. 30, 2016
USD ($)
Community
Mar. 31, 2016
USD ($)
Community
Sep. 30, 2015
USD ($)
Sep. 30, 2016
USD ($)
Sep. 30, 2015
USD ($)
Dec. 31, 2015
USD ($)
Community
Schedule of Acquisitions and Disposals [Line Items]                  
Asset impairment     $ 19,111     $ 0 $ 26,638 $ 0  
Assets held for sale     173,481       173,481   $ 110,620
Loss on facility lease termination     $ 0     $ 0 0 $ 76,143  
Retirement Centers [Member]                  
Schedule of Acquisitions and Disposals [Line Items]                  
Number of Communities classified as held for sale | Community     1            
CCRCs Rental [Member]                  
Schedule of Acquisitions and Disposals [Line Items]                  
Number of Communities classified as held for sale | Community     3            
Assisted Living [Member]                  
Schedule of Acquisitions and Disposals [Line Items]                  
Number of Communities classified as held for sale | Community     24            
Agreement to sell 44 communities [Member]                  
Schedule of Acquisitions and Disposals [Line Items]                  
Number of Communities classified as held for sale | Community     12 44          
Aggregate purchase price       $ 252,500          
Sale of 32 communities [Member]                  
Schedule of Acquisitions and Disposals [Line Items]                  
Number of communities purchased or sold | Community     32            
Aggregate selling price     $ 177,500            
Sale of 9 communities [Member]                  
Schedule of Acquisitions and Disposals [Line Items]                  
Number of communities purchased or sold | Community 9                
Aggregate selling price $ 47,700                
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              
Assets held for sale [Member]                  
Schedule of Acquisitions and Disposals [Line Items]                  
Number of communities purchased or sold | Community         7        
Number of Communities classified as held for sale | Community     28 50         17
Aggregate selling price         $ 46,700        
Gain on Sale of Communities         $ 2,700        
Asset impairment     $ 6,700       11,700   $ 15,200
Current portion of long-term debt related to assets held for sale     $ 106,900       $ 106,900    
XML 45 R35.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stock-Based Compensation (Details) - Unvested Restricted Stock [Member] - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Restricted Shares Granted (in shares) 61 115 2,855
Total value of restricted shares granted $ 1,029 $ 2,058 $ 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) $ 15.90 $ 15.68 $ 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) $ 17.45 $ 18.03 $ 18.46
XML 46 R36.htm IDEA: XBRL DOCUMENT v3.5.0.2
Goodwill and Other Intangible Assets, Net (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Jun. 30, 2016
Dec. 31, 2015
Goodwill [Line Items]            
Gross Carrying Amount $ 746,765   $ 746,765     $ 746,765
Accumulated Impairment and Other Charges (49,637)   (49,637)     (21,069)
Net 697,128   697,128     725,696
Schedule of Intangible Assets by Major Class [Line Items]            
Gross Carrying Amount 140,913   140,913     148,213
Accumulated Amortization (27,294)   (27,294)     (19,027)
Net 113,619   113,619     129,186
Amortization expense related to definite-lived intangible assets 1,500 $ 3,100 8,300 $ 9,200    
Retirement Centers [Member]            
Goodwill [Line Items]            
Gross Carrying Amount 28,141   28,141     28,141
Accumulated Impairment and Other Charges (820)   (820)     (721)
Net 27,321   27,321     27,420
Disposal Group, Goodwill         $ 100  
Assisted Living [Member]            
Goodwill [Line Items]            
Gross Carrying Amount 591,814   591,814     591,814
Accumulated Impairment and Other Charges (48,817)   (48,817)     (20,348)
Net 542,997   542,997     571,466
Disposal Group, Goodwill         $ 28,500  
Brookdale Ancillary Services [Member]            
Goodwill [Line Items]            
Gross Carrying Amount 126,810   126,810     126,810
Accumulated Impairment and Other Charges 0   0     0
Net 126,810   126,810     126,810
Community Purchase Options [Member]            
Schedule of Intangible Assets by Major Class [Line Items]            
Gross Carrying Amount 32,970   32,970     40,270
Accumulated Amortization 0   0     0
Net 32,970   32,970     40,270
Health Care Licenses [Member]            
Schedule of Intangible Assets by Major Class [Line Items]            
Gross Carrying Amount 66,612   66,612     66,612
Accumulated Amortization 0   0     0
Net 66,612   66,612     66,612
Tradenames [Member]            
Schedule of Intangible Assets by Major Class [Line Items]            
Gross Carrying Amount 27,800   27,800     27,800
Accumulated Amortization (20,490)   (20,490)     (14,209)
Net 7,310   7,310     13,591
Other [Member]            
Schedule of Intangible Assets by Major Class [Line Items]            
Gross Carrying Amount 13,531   13,531     13,531
Accumulated Amortization (6,804)   (6,804)     (4,818)
Net $ 6,727   $ 6,727     $ 8,713
XML 47 R37.htm IDEA: XBRL DOCUMENT v3.5.0.2
Property, Plant and Equipment and Leasehold Intangibles, Net (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Dec. 31, 2015
Property, Plant and Equipment [Line Items]          
Property, plant and equipment and leasehold intangibles gross $ 10,472,654   $ 10,472,654   $ 10,574,411
Accumulated depreciation and amortization (2,850,751)   (2,850,751)   (2,543,035)
Property, plant and equipment and leasehold intangibles, net 7,621,903   7,621,903   8,031,376
Asset impairment, non-cash charge 19,111 $ 0 26,638 $ 0  
Land [Member]          
Property, Plant and Equipment [Line Items]          
Property, plant and equipment and leasehold intangibles gross 454,263   454,263   486,567
Buildings and Improvements [Member]          
Property, Plant and Equipment [Line Items]          
Property, plant and equipment and leasehold intangibles gross 5,141,813   5,141,813   5,260,826
Leasehold Improvements [Member]          
Property, Plant and Equipment [Line Items]          
Property, plant and equipment and leasehold intangibles gross 124,339   124,339   100,430
Furniture and Equipment [Member]          
Property, Plant and Equipment [Line Items]          
Property, plant and equipment and leasehold intangibles gross 966,014   966,014   895,447
Resident and Leasehold Operating Intangibles [Member]          
Property, Plant and Equipment [Line Items]          
Property, plant and equipment and leasehold intangibles gross 765,859   765,859   783,434
Construction in Progress [Member]          
Property, Plant and Equipment [Line Items]          
Property, plant and equipment and leasehold intangibles gross 86,678   86,678   138,054
Assets Under Capital and Financing Leases [Member]          
Property, Plant and Equipment [Line Items]          
Property, plant and equipment and leasehold intangibles gross 2,933,688   2,933,688   $ 2,909,653
Asset impairment, non-cash charge 10,000        
Property, Plant and Equipment [Member]          
Property, Plant and Equipment [Line Items]          
Asset impairment, non-cash charge 2,400   4,900    
Assets held for sale [Member]          
Property, Plant and Equipment [Line Items]          
Asset impairment, non-cash charge $ 6,700   $ 11,700    
XML 48 R38.htm IDEA: XBRL DOCUMENT v3.5.0.2
Debt (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2016
Dec. 31, 2015
Long-Term Debt, Capital and Financing Leases and Financing Obligations [Line Items]    
Debt $ 6,130,894 $ 6,122,413
Less current portion 265,376 235,604
Long-term debt 5,865,518 5,886,809
Mortgage Notes Payable [Member]    
Long-Term Debt, Capital and Financing Leases and Financing Obligations [Line Items]    
Debt 3,240,934 3,246,513
Unamortized debt discount $ 2,400 $ 3,300
Maturity date, start Dec. 31, 2017  
Maturity date, end Dec. 31, 2047  
Weighted average interest rate 4.58% 4.51%
Capital and Financing Lease Obligations [Member]    
Long-Term Debt, Capital and Financing Leases and Financing Obligations [Line Items]    
Debt $ 2,491,534 $ 2,489,588
Maturity date, start Dec. 31, 2031  
Weighted average interest rate 8.06% 8.11%
Convertible Debt [Member]    
Long-Term Debt, Capital and Financing Leases and Financing Obligations [Line Items]    
Debt $ 291,936 $ 281,902
Principal 316,300 316,300
Unamortized debt discount $ 24,300 $ 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 $ 24,202 $ 24,105
Maturity date, start Dec. 31, 2019  
Maturity date, end Dec. 31, 2032  
Weighted average interest rate 7.77% 4.84%
Notes Payable, Insurance Premiums [Member]    
Long-Term Debt, Capital and Financing Leases and Financing Obligations [Line Items]    
Debt $ 4,452 $ 0
Maturity date, start Nov. 30, 2016  
Weighted average interest rate 2.94%  
Other Notes Payable [Member]    
Long-Term Debt, Capital and Financing Leases and Financing Obligations [Line Items]    
Debt $ 77,836 $ 80,305
Maturity date, start Dec. 31, 2016  
Maturity date, end Dec. 31, 2020  
Weighted average interest rate 5.29% 5.16%
XML 49 R39.htm IDEA: XBRL DOCUMENT v3.5.0.2
Debt, Line of Credit (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2016
Dec. 31, 2015
Credit Facilities [Line Items]    
Line of credit $ 100,000 $ 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%.  
Letters of Credit Outstanding, Amount $ 25,800  
Line of credit 100,000  
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 64,400  
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 50 R40.htm IDEA: XBRL DOCUMENT v3.5.0.2
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 51 R41.htm IDEA: XBRL DOCUMENT v3.5.0.2
Supplemental Disclosure of Cash Flow Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Dec. 31, 2015
Supplemental Cash Flow Information [Abstract]          
Interest paid     $ 260,504 $ 270,352  
Income taxes paid     2,195 2,806  
Acquisition of assets, net of related payables [Line Items]          
Gain on sale of assets     2,126 1,723  
Assets held for sale $ 173,481   173,481   $ 110,620
Goodwill 697,128   697,128   $ 725,696
Asset impairment 19,111 $ 0 26,638 0  
Additions to property, plant and equipment and leasehold intangibles, net     263,950 301,778  
Acquisition of assets, net of related payables     12,157 193,451  
Proceeds from sale of assets, net     219,471 8,072  
Acquisition of Assets, Net of Related Payables and Cash Received [Member]          
Acquisition of assets, net of related payables [Line Items]          
Prepaid expenses and other current assets     0 (50,756)  
Property, plant and equipment and leasehold intangibles, net     19,457 196,196  
Other intangible assets, net     (7,300) (7,293)  
Other liabilities     0 (315)  
Long-term debt     0 (20,000)  
Capital and Financing Lease Obligations     0 75,619  
Acquisition of assets, net of related payables     12,157 193,451  
Additions to property, plant and equipment and leasehold improvements [Member]          
Acquisition of assets, net of related payables [Line Items]          
Property, plant and equipment and leasehold intangibles, net     230,837 301,778  
Increase (Decrease) in Accounts Payable, Total     33,113 0  
Additions to property, plant and equipment and leasehold intangibles, net     263,950 301,778  
Capital and financing leases [Member]          
Acquisition of assets, net of related payables [Line Items]          
Property, plant and equipment and leasehold intangibles, net     0 24,535  
Other intangible assets, net     0 (5,202)  
Other liabilities     0 2,296  
Capital and Financing Lease Obligations     0 (21,629)  
Net     0 0  
Proceeds from sale of assets, net [Member]          
Acquisition of assets, net of related payables [Line Items]          
Prepaid expenses and other current assets     1,036 7,434  
Property, plant and equipment and leasehold intangibles, net     0 7,516  
Gain on sale of assets     2,126 0  
Other liabilities     (2,034) 2,029  
Capital and Financing Lease Obligations     0 (8,907)  
Assets held for sale 218,343 0 218,343 0  
Proceeds from sale of assets, net     219,471 8,072  
Contribution to CCRC venture with HCP [Member]          
Acquisition of assets, net of related payables [Line Items]          
Property, plant and equipment and leasehold intangibles, net     0 (25,459)  
Long-term debt     0 18,115  
Transfer to Investments     0 7,344  
Net     0 0  
Assets held for sale [Member]          
Acquisition of assets, net of related payables [Line Items]          
Prepaid expenses and other current assets     (2,130) 0  
Property, plant and equipment and leasehold intangibles, net     (261,639) 0  
Assets held for sale 280,604 0 280,604 0  
Goodwill $ (28,568) $ 0 (28,568) 0  
Asset impairment     11,733 0  
Net     $ 0 $ 0  
XML 52 R42.htm IDEA: XBRL DOCUMENT v3.5.0.2
Facility Operating Leases (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Schedule of facility operating lease expense [Abstract]        
Cash basis payment $ 96,170 $ 92,132 $ 287,781 $ 279,206
Straight-line (income) expense (859) 1,731 2,553 6,451
Amortization of (above) below market lease, net (1,699) (1,626) (5,165) (5,425)
Amortization of deferred gain (1,093) (1,093) (3,279) (3,279)
Facility lease expense $ 92,519 $ 91,144 $ 281,890 $ 276,953
XML 53 R43.htm IDEA: XBRL DOCUMENT v3.5.0.2
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Dec. 31, 2015
Income Taxes [Abstract]          
Gross Deferred Income Tax Expense (Benefit) $ 18,900 $ 31,600 $ 35,700 $ 164,000  
Deferred Income Tax Expense (Benefit)     3,804 $ (164,014)  
Deferred income tax assets [Abstract]          
Valuation allowance 161,100   161,100   $ 121,600
Valuation Allowance, Deferred Tax Asset, Change in Amount $ 22,300   $ 39,500    
Income Tax Examination [Line Items]          
Effective Income Tax Rate Reconciliation, Percent, Total (8.80%) 31.10% (4.60%) 36.30%  
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     2015    
XML 54 R44.htm IDEA: XBRL DOCUMENT v3.5.0.2
Variable Interest Entities (Details)
$ in Millions
Sep. 30, 2016
USD ($)
CCRC Venture opco [Member]  
Variable Interest Entity [Line Items]  
Maximum Exposure to Loss $ 174.9
Carrying Amount $ 174.9
Percentage ownership in unconsolidated joint ventures 51.00%
RIDEA Ventures [Member]  
Variable Interest Entity [Line Items]  
Maximum Exposure to Loss $ 122.7
Carrying Amount $ 122.7
RIDEA Ventures [Member] | Minimum [Member]  
Variable Interest Entity [Line Items]  
Percentage ownership in unconsolidated joint ventures 10.00%
RIDEA Ventures [Member] | Maximum [Member]  
Variable Interest Entity [Line Items]  
Percentage ownership in unconsolidated joint ventures 20.00%
XML 55 R45.htm IDEA: XBRL DOCUMENT v3.5.0.2
Segment Information (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2016
USD ($)
Sep. 30, 2015
USD ($)
Sep. 30, 2016
USD ($)
Segment
Sep. 30, 2015
USD ($)
Dec. 31, 2015
USD ($)
Segment Information [Abstract]          
Number of reportable segments | Segment     5    
Segment Reporting Information [Line Items]          
Revenue $ 1,246,126 $ 1,238,841 $ 3,768,112 $ 3,724,906  
Segment operating income [1] 354,142 355,056 1,095,819 1,089,322  
General and administrative (including non-cash stock-based compensation expense) 63,425 99,534 246,741 278,609  
Transaction costs 659 0 1,950 7,163  
Facility lease expense 92,519 91,144 281,890 276,953  
Depreciation and amortization 130,783 160,715 391,314 606,787  
Asset impairment 19,111 0 26,638 0  
Loss on facility lease termination 0 0 0 76,143  
Income (loss) from operations 47,645 3,663 147,286 (156,333)  
Total assets 9,632,283   9,632,283   $ 10,048,564
Retirement Centers [Member]          
Segment Reporting Information [Line Items]          
Revenue [2] 170,706 164,415 510,122 492,310  
Segment operating income [1] 73,112 70,334 222,315 212,902  
Total assets 1,527,373   1,527,373   1,556,169
Assisted Living [Member]          
Segment Reporting Information [Line Items]          
Revenue [2] 607,345 608,393 1,837,632 1,837,575  
Segment operating income [1] 217,878 211,213 672,773 658,078  
Total assets 6,032,315   6,032,315   6,354,415
Brookdale Ancillary Services [Member]          
Segment Reporting Information [Line Items]          
Revenue [2] 117,263 117,702 362,791 349,283  
Segment operating income [1] 14,624 17,420 48,174 57,886  
Total assets 279,003   279,003   292,540
CCRCs Rental [Member]          
Segment Reporting Information [Line Items]          
Revenue [2] 147,517 149,572 448,002 457,124  
Segment operating income [1] 32,996 41,395 102,059 115,826  
Total assets 1,001,930   1,001,930   1,037,384
Management Services [Member]          
Segment Reporting Information [Line Items]          
Revenue [3] 203,295 198,759 609,565 588,614  
Segment operating income [1] 15,532 $ 14,694 50,498 $ 44,630  
Total assets $ 791,662   $ 791,662   $ 808,056
[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.
XML 56 R46.htm IDEA: XBRL DOCUMENT v3.5.0.2
Subsequent Events (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Nov. 01, 2016
USD ($)
Community
Sep. 30, 2016
USD ($)
Sep. 30, 2015
USD ($)
Sep. 30, 2016
USD ($)
Sep. 30, 2015
USD ($)
Subsequent Event [Line Items]          
Number of Communities | Community 97        
Distributions received from unconsolidated ventures       $ 4,836 $ 7,038
Facility operating expense (excluding depreciation and amortization of $118,756, $148,120, $351,667 and $571,059, respectively)   $ 704,221 $ 699,720 2,113,226 2,091,600
Resident fees   $ 1,042,831 $ 1,040,082 $ 3,158,547 $ 3,136,292
Authorized share repurchased program amount $ 100,000        
Termination of 8 triple net leases [Member]          
Subsequent Event [Line Items]          
Percentage ownership in unconsolidated joint ventures 10.00%        
Number of communities contributed by venture partner | Community 4        
Number of Communities | Community 8        
Termination of 25 triple net leases [Member]          
Subsequent Event [Line Items]          
Number of Communities | Community 25        
68 communities acquired by unconsolidated ventures [Member]          
Subsequent Event [Line Items]          
Number of Communities | Community 68        
Facility operating expense (excluding depreciation and amortization of $118,756, $148,120, $351,667 and $571,059, respectively) $ 153,500        
Cash Lease Payment 71,700        
Resident fees $ 222,300        
Termination of 29 triple net leases [Member]          
Subsequent Event [Line Items]          
Number of Communities | Community 29        
Facility operating expense (excluding depreciation and amortization of $118,756, $148,120, $351,667 and $571,059, respectively) $ 52,000        
Cash Lease Payment 18,300        
Resident fees $ 64,700        
64 communities in the Blackstone Venture [Member]          
Subsequent Event [Line Items]          
Percentage ownership in unconsolidated joint ventures 15.00%        
Aggregate selling price $ 1,125,000        
Number of Communities | Community 64        
Remaining base lease terms, maximum 12 years        
Cash contributed to venture by venture partner $ 170,000        
CCRC Ventures, LLC [Member]          
Subsequent Event [Line Items]          
Distributions received from unconsolidated ventures $ 200,000        
Retirement Centers [Member] | 68 communities acquired by unconsolidated ventures [Member]          
Subsequent Event [Line Items]          
Number of Communities | Community 10        
Assisted Living [Member] | 68 communities acquired by unconsolidated ventures [Member]          
Subsequent Event [Line Items]          
Number of Communities | Community 50        
Assisted Living [Member] | Termination of 29 triple net leases [Member]          
Subsequent Event [Line Items]          
Number of Communities | Community 27        
CCRCs Rental [Member] | 68 communities acquired by unconsolidated ventures [Member]          
Subsequent Event [Line Items]          
Number of Communities | Community 8        
CCRCs Rental [Member] | Termination of 29 triple net leases [Member]          
Subsequent Event [Line Items]          
Number of Communities | Community 2        
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