| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
| 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) | ||||||||||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
| Common Stock, $0.01 Par Value Per Share | BKD | New York Stock Exchange | ||||||
| Large accelerated filer | ☐ | Accelerated filer | ☒ | |||||||||||||||||
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||||||||
| Emerging growth company | ☐ | |||||||||||||||||||
| PAGE | ||||||||
| PART I. | ||||||||
| Item 1. | ||||||||
|
Condensed Consolidated Statements of Equity -
|
||||||||
| Item 2. | ||||||||
| Item 3. | ||||||||
| Item 4. | ||||||||
| PART II. | ||||||||
| Item 1. | ||||||||
| Item 1A. | ||||||||
| Item 2. | ||||||||
| Item 6. | ||||||||
|
June 30,
2021 |
December 31,
2020 |
||||||||||
| Assets | (Unaudited) | ||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 280,675 | $ | 380,420 | |||||||
| Marketable securities | 99,977 | 172,905 | |||||||||
| Restricted cash | 30,766 | 28,059 | |||||||||
| Accounts receivable, net | 52,906 | 109,221 | |||||||||
| Assets held for sale | 238,357 | 16,061 | |||||||||
| Prepaid expenses and other current assets, net | 78,250 | 66,937 | |||||||||
| Total current assets | 780,931 | 773,603 | |||||||||
| Property, plant and equipment and leasehold intangibles, net | 4,984,864 | 5,068,060 | |||||||||
| Operating lease right-of-use assets | 706,357 | 788,138 | |||||||||
| Restricted cash | 74,461 | 56,669 | |||||||||
| Investment in unconsolidated ventures | 8,190 | 4,898 | |||||||||
| Goodwill | 27,321 | 154,131 | |||||||||
| Other assets, net | 20,825 | 56,259 | |||||||||
| Total assets | $ | 6,602,949 | $ | 6,901,758 | |||||||
| Liabilities and Equity | |||||||||||
| Current liabilities | |||||||||||
| Current portion of long-term debt | $ | 218,332 | $ | 68,885 | |||||||
| Current portion of financing lease obligations | 21,055 | 19,543 | |||||||||
| Current portion of operating lease obligations | 143,053 | 146,226 | |||||||||
| Trade accounts payable | 74,558 | 71,233 | |||||||||
| Liabilities held for sale | 102,545 | — | |||||||||
| Accrued expenses | 269,926 | 287,851 | |||||||||
| Refundable fees and deferred revenue | 67,853 | 96,995 | |||||||||
| Total current liabilities | 897,322 | 690,733 | |||||||||
| Long-term debt, less current portion | 3,655,441 | 3,847,103 | |||||||||
| Financing lease obligations, less current portion | 536,720 | 543,764 | |||||||||
| Operating lease obligations, less current portion | 761,587 | 819,429 | |||||||||
| Deferred tax liability | 8,853 | 9,557 | |||||||||
| Other liabilities | 126,891 | 188,443 | |||||||||
| Total liabilities | 5,986,814 | 6,099,029 | |||||||||
|
Preferred stock, $0.01 par value, 50,000,000 shares authorized at June 30, 2021 and December 31, 2020; no shares issued and outstanding
|
— | — | |||||||||
|
Common stock, $0.01 par value, 400,000,000 shares authorized at June 30, 2021 and December 31, 2020; 197,666,451 and 198,331,663 shares issued and 187,138,926 and 187,804,138 shares outstanding (including 1,907,463 and 4,349,421 unvested restricted shares), respectively
|
1,977 | 1,983 | |||||||||
| Additional paid-in-capital | 4,217,728 | 4,212,409 | |||||||||
|
Treasury stock, at cost; 10,527,525 shares at June 30, 2021 and December 31, 2020
|
(102,774) | (102,774) | |||||||||
| Accumulated deficit | (3,503,054) | (3,311,184) | |||||||||
| Total Brookdale Senior Living Inc. stockholders' equity | 613,877 | 800,434 | |||||||||
| Noncontrolling interest | 2,258 | 2,295 | |||||||||
| Total equity | 616,135 | 802,729 | |||||||||
| Total liabilities and equity | $ | 6,602,949 | $ | 6,901,758 | |||||||
|
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
| Revenue | |||||||||||||||||||||||
| Resident fees | $ | 673,978 | $ | 731,629 | $ | 1,338,328 | $ | 1,514,336 | |||||||||||||||
| Management fees | 4,998 | 6,076 | 13,564 | 114,791 | |||||||||||||||||||
| Reimbursed costs incurred on behalf of managed communities | 43,008 | 101,511 | 108,802 | 224,228 | |||||||||||||||||||
| Other operating income | 1,308 | 26,693 | 12,043 | 26,693 | |||||||||||||||||||
| Total revenue and other operating income | 723,292 | 865,909 | 1,472,737 | 1,880,048 | |||||||||||||||||||
| Expense | |||||||||||||||||||||||
|
Facility operating expense (excluding facility depreciation and amortization of $77,921, $86,971, $155,195, and $171,272, respectively)
|
550,846 | 606,034 | 1,107,158 | 1,194,516 | |||||||||||||||||||
|
General and administrative expense (including non-cash stock-based compensation expense of $4,527, $6,119, $9,310, and $12,076, respectively)
|
52,400 | 52,518 | 102,343 | 107,113 | |||||||||||||||||||
| Facility operating lease expense | 43,864 | 62,379 | 88,282 | 126,860 | |||||||||||||||||||
| Depreciation and amortization | 83,591 | 93,154 | 167,482 | 183,892 | |||||||||||||||||||
| Asset impairment | 2,078 | 10,290 | 12,755 | 88,516 | |||||||||||||||||||
| Costs incurred on behalf of managed communities | 43,008 | 101,511 | 108,802 | 224,228 | |||||||||||||||||||
| Total operating expense | 775,787 | 925,886 | 1,586,822 | 1,925,125 | |||||||||||||||||||
| Income (loss) from operations | (52,495) | (59,977) | (114,085) | (45,077) | |||||||||||||||||||
| Interest income | 341 | 2,243 | 762 | 3,698 | |||||||||||||||||||
| Interest expense: | |||||||||||||||||||||||
| Debt | (35,425) | (38,974) | (70,776) | (80,737) | |||||||||||||||||||
| Financing lease obligations | (11,492) | (11,892) | (22,875) | (25,174) | |||||||||||||||||||
| Amortization of deferred financing costs and debt discount | (2,140) | (1,556) | (4,013) | (2,871) | |||||||||||||||||||
| Gain (loss) on debt modification and extinguishment, net | — | (157) | — | 19,024 | |||||||||||||||||||
| Equity in earnings (loss) of unconsolidated ventures | 13,946 | 438 | 13,415 | (570) | |||||||||||||||||||
| Gain (loss) on sale of assets, net | (79) | (1,029) | 1,033 | 371,810 | |||||||||||||||||||
| Other non-operating income (loss) | 2,948 | 988 | 4,592 | 3,650 | |||||||||||||||||||
| Income (loss) before income taxes | (84,396) | (109,916) | (191,947) | 243,753 | |||||||||||||||||||
| Benefit (provision) for income taxes | 792 | (8,504) | 40 | 7,324 | |||||||||||||||||||
| Net income (loss) | (83,604) | (118,420) | (191,907) | 251,077 | |||||||||||||||||||
| Net (income) loss attributable to noncontrolling interest | 19 | 19 | 37 | 37 | |||||||||||||||||||
| Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders | $ | (83,585) | $ | (118,401) | $ | (191,870) | $ | 251,114 | |||||||||||||||
| Net income (loss) per share attributable to Brookdale Senior Living Inc. common stockholders: | |||||||||||||||||||||||
| Basic | $ | (0.45) | $ | (0.65) | $ | (1.04) | $ | 1.37 | |||||||||||||||
| Diluted | $ | (0.45) | $ | (0.65) | $ | (1.04) | $ | 1.37 | |||||||||||||||
| Weighted average common shares outstanding: | |||||||||||||||||||||||
| Basic | 185,182 | 183,178 | 184,600 | 183,682 | |||||||||||||||||||
| Diluted | 185,182 | 183,178 | 184,600 | 183,862 | |||||||||||||||||||
|
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
| Total equity, balance at beginning of period | $ | 695,107 | $ | 1,052,230 | $ | 802,729 | $ | 698,725 | |||||||||||||||
| Common stock: | |||||||||||||||||||||||
| Balance at beginning of period | $ | 1,978 | $ | 1,985 | $ | 1,983 | $ | 1,996 | |||||||||||||||
| Issuance of common stock under Associate Stock Purchase Plan | — | — | — | 1 | |||||||||||||||||||
| Restricted stock and restricted stock units, net | (1) | (1) | 1 | (7) | |||||||||||||||||||
| Shares withheld for employee taxes | — | — | (7) | (6) | |||||||||||||||||||
| Balance at end of period | $ | 1,977 | $ | 1,984 | $ | 1,977 | $ | 1,984 | |||||||||||||||
| Additional paid-in-capital: | |||||||||||||||||||||||
| Balance at beginning of period | $ | 4,213,095 | $ | 4,174,356 | $ | 4,212,409 | $ | 4,172,099 | |||||||||||||||
| Non-cash stock-based compensation expense | 4,527 | 6,119 | 9,310 | 12,076 | |||||||||||||||||||
| Issuance of common stock under Associate Stock Purchase Plan | 213 | — | 437 | 168 | |||||||||||||||||||
| Restricted stock and restricted stock units, net | 1 | 1 | (1) | 7 | |||||||||||||||||||
| Shares withheld for employee taxes | (115) | (59) | (4,437) | (3,951) | |||||||||||||||||||
| Other, net | 7 | 19 | 10 | 37 | |||||||||||||||||||
| Balance at end of period | $ | 4,217,728 | $ | 4,180,436 | $ | 4,217,728 | $ | 4,180,436 | |||||||||||||||
| Treasury stock: | |||||||||||||||||||||||
| Balance at beginning of period | $ | (102,774) | $ | (102,774) | $ | (102,774) | $ | (84,651) | |||||||||||||||
| Purchase of treasury stock | — | — | — | (18,123) | |||||||||||||||||||
| Balance at end of period | $ | (102,774) | $ | (102,774) | $ | (102,774) | $ | (102,774) | |||||||||||||||
| Accumulated deficit: | |||||||||||||||||||||||
| Balance at beginning of period | $ | (3,419,469) | $ | (3,023,688) | $ | (3,311,184) | $ | (3,393,088) | |||||||||||||||
| Cumulative effect of change in accounting principle | — | — | — | (115) | |||||||||||||||||||
| Net income (loss) | (83,585) | (118,401) | (191,870) | 251,114 | |||||||||||||||||||
| Balance at end of period | $ | (3,503,054) | $ | (3,142,089) | $ | (3,503,054) | $ | (3,142,089) | |||||||||||||||
| Noncontrolling interest: | |||||||||||||||||||||||
| Balance at beginning of period | $ | 2,277 | $ | 2,351 | $ | 2,295 | $ | 2,369 | |||||||||||||||
| Net income (loss) attributable to noncontrolling interest | (19) | (19) | (37) | (37) | |||||||||||||||||||
| Balance at end of period | $ | 2,258 | $ | 2,332 | $ | 2,258 | $ | 2,332 | |||||||||||||||
| Total equity, balance at end of period | $ | 616,135 | $ | 939,889 | $ | 616,135 | $ | 939,889 | |||||||||||||||
| Common stock share activity | |||||||||||||||||||||||
| Outstanding shares of common stock: | |||||||||||||||||||||||
| Balance at beginning of period | 187,230 | 188,012 | 187,804 | 192,129 | |||||||||||||||||||
| Issuance of common stock under Associate Stock Purchase Plan | 30 | — | 73 | 61 | |||||||||||||||||||
| Restricted stock and restricted stock units, net | (104) | (75) | 23 | (579) | |||||||||||||||||||
| Shares withheld for employee taxes | (17) | (17) | (761) | (628) | |||||||||||||||||||
| Purchase of treasury stock | — | — | — | (3,063) | |||||||||||||||||||
| Balance at end of period | 187,139 | 187,920 | 187,139 | 187,920 | |||||||||||||||||||
| Six Months Ended June 30, | |||||||||||
| 2021 | 2020 | ||||||||||
| Cash Flows from Operating Activities | |||||||||||
| Net income (loss) | $ | (191,907) | $ | 251,077 | |||||||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
| Loss (gain) on debt modification and extinguishment, net | — | (19,024) | |||||||||
| Depreciation and amortization, net | 171,495 | 186,763 | |||||||||
| Asset impairment | 12,755 | 88,516 | |||||||||
| Equity in (earnings) loss of unconsolidated ventures | (13,415) | 570 | |||||||||
| Distributions from unconsolidated ventures from cumulative share of net earnings | 5,355 | — | |||||||||
| Amortization of entrance fees | (876) | (925) | |||||||||
| Proceeds from deferred entrance fee revenue | 2,298 | 85 | |||||||||
| Deferred income tax (benefit) provision | (704) | (15,253) | |||||||||
| Operating lease expense adjustment | (9,990) | (14,954) | |||||||||
| Loss (gain) on sale of assets, net | (1,033) | (371,810) | |||||||||
| Non-cash stock-based compensation expense | 9,310 | 12,076 | |||||||||
| Other | (4,007) | (1,800) | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable, net | (1,267) | 12,995 | |||||||||
| Prepaid expenses and other assets, net | 1,605 | 20,162 | |||||||||
| Prepaid insurance premiums financed with notes payable | (8,785) | (11,664) | |||||||||
| Trade accounts payable and accrued expenses | 2,131 | (18,692) | |||||||||
| Refundable fees and deferred revenue | (8,918) | 80,688 | |||||||||
| Operating lease assets and liabilities for lessor capital expenditure reimbursements | 15,506 | 10,509 | |||||||||
| Net cash provided by (used in) operating activities | (20,447) | 209,319 | |||||||||
| Cash Flows from Investing Activities | |||||||||||
| Change in lease security deposits and lease acquisition deposits, net | (75) | 3,304 | |||||||||
| Purchase of marketable securities | (119,914) | (149,236) | |||||||||
| Sale and maturities of marketable securities | 192,995 | 108,750 | |||||||||
| Capital expenditures, net of related payables | (79,538) | (112,863) | |||||||||
| Acquisition of assets, net of related payables and cash received | — | (446,688) | |||||||||
| Investment in unconsolidated ventures | (5,359) | (356) | |||||||||
| Proceeds from sale of assets, net | 9,646 | 300,539 | |||||||||
| Proceeds from notes receivable | — | 1,140 | |||||||||
| Net cash provided by (used in) investing activities | (2,245) | (295,410) | |||||||||
| Cash Flows from Financing Activities | |||||||||||
| Proceeds from debt | 21,022 | 473,460 | |||||||||
| Repayment of debt and financing lease obligations | (72,970) | (303,920) | |||||||||
| Proceeds from line of credit | — | 166,381 | |||||||||
| Purchase of treasury stock, net of related payables | — | (18,123) | |||||||||
| Payment of financing costs, net of related payables | (172) | (7,469) | |||||||||
| Payments of employee taxes for withheld shares | (4,444) | (3,951) | |||||||||
| Other | 10 | 146 | |||||||||
| Net cash provided by (used in) financing activities | (56,554) | 306,524 | |||||||||
| Net increase (decrease) in cash, cash equivalents, and restricted cash | (79,246) | 220,433 | |||||||||
| Cash, cash equivalents, and restricted cash at beginning of period | 465,148 | 301,697 | |||||||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 385,902 | $ | 522,130 | |||||||
| (in thousands) | |||||||||||||||||
| Accounts receivable, net | $ | 57,582 | |||||||||||||||
| Property, plant and equipment and leasehold intangibles, net | 1,806 | ||||||||||||||||
| Operating lease right-of-use assets | 8,145 | ||||||||||||||||
| Goodwill | 126,810 | ||||||||||||||||
| Prepaid expenses and other assets, net | 35,888 | ||||||||||||||||
| Assets held for sale | $ | 230,231 | |||||||||||||||
| Trade accounts payable | $ | 1,387 | |||||||||||||||
| Accrued expenses | 29,402 | ||||||||||||||||
| Refundable fees and deferred revenue | 63,611 | ||||||||||||||||
| Operating lease obligations | 8,145 | ||||||||||||||||
| Liabilities held for sale | $ | 102,545 | |||||||||||||||
|
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||||||||||||
| (in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
| Operating lease right-of-use assets | $ | 1.5 | $ | 6.6 | $ | 10.5 | $ | 72.3 | |||||||||||||||
|
Property, plant and equipment and leasehold intangibles, net
|
0.6 | 3.7 | 2.3 | 14.7 | |||||||||||||||||||
| Investment in unconsolidated ventures | — | — | — | 1.5 | |||||||||||||||||||
| Asset impairment | $ | 2.1 | $ | 10.3 | $ | 12.8 | $ | 88.5 | |||||||||||||||
| Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||
| (in thousands) | Independent Living | Assisted Living and Memory Care | CCRCs | Health Care Services | Total | ||||||||||||||||||||||||
| Private pay | $ | 117,537 | $ | 374,688 | $ | 53,526 | $ | 264 | $ | 546,015 | |||||||||||||||||||
| Government reimbursement | 468 | 17,030 | 14,426 | 66,618 | 98,542 | ||||||||||||||||||||||||
| Other third-party payor programs | — | — | 8,990 | 20,431 | 29,421 | ||||||||||||||||||||||||
| Total resident fee revenue | $ | 118,005 | $ | 391,718 | $ | 76,942 | $ | 87,313 | $ | 673,978 | |||||||||||||||||||
| Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||
| (in thousands) | Independent Living | Assisted Living and Memory Care | CCRCs | Health Care Services | Total | ||||||||||||||||||||||||
| Private pay | $ | 129,678 | $ | 414,276 | $ | 59,980 | $ | 258 | $ | 604,192 | |||||||||||||||||||
| Government reimbursement | 600 | 17,880 | 13,744 | 70,566 | 102,790 | ||||||||||||||||||||||||
| Other third-party payor programs | — | — | 5,301 | 19,346 | 24,647 | ||||||||||||||||||||||||
| Total resident fee revenue | $ | 130,278 | $ | 432,156 | $ | 79,025 | $ | 90,170 | $ | 731,629 | |||||||||||||||||||
| Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||
| (in thousands) | Independent Living | Assisted Living and Memory Care | CCRCs | Health Care Services | Total | ||||||||||||||||||||||||
| Private pay | $ | 235,859 | $ | 745,182 | $ | 105,739 | $ | 601 | $ | 1,087,381 | |||||||||||||||||||
| Government reimbursement | 928 | 33,474 | 26,913 | 134,083 | 195,398 | ||||||||||||||||||||||||
| Other third-party payor programs | — | — | 16,069 | 39,480 | 55,549 | ||||||||||||||||||||||||
| Total resident fee revenue | $ | 236,787 | $ | 778,656 | $ | 148,721 | $ | 174,164 | $ | 1,338,328 | |||||||||||||||||||
| Six Months Ended June 30, 2020 | |||||||||||||||||||||||||||||
| (in thousands) | Independent Living | Assisted Living and Memory Care | CCRCs | Health Care Services | Total | ||||||||||||||||||||||||
| Private pay | $ | 264,968 | $ | 854,889 | $ | 124,683 | $ | 428 | $ | 1,244,968 | |||||||||||||||||||
| Government reimbursement | 1,172 | 34,746 | 33,149 | 144,255 | 213,322 | ||||||||||||||||||||||||
| Other third-party payor programs | — | — | 15,740 | 40,306 | 56,046 | ||||||||||||||||||||||||
| Total resident fee revenue | $ | 266,140 | $ | 889,635 | $ | 173,572 | $ | 184,989 | $ | 1,514,336 | |||||||||||||||||||
| (in thousands) | June 30, 2021 | December 31, 2020 | |||||||||
| Land | $ | 504,698 | $ | 505,298 | |||||||
| Buildings and improvements | 5,241,059 | 5,215,460 | |||||||||
| Furniture and equipment | 964,407 | 945,783 | |||||||||
| Resident and leasehold operating intangibles | 305,857 | 307,071 | |||||||||
| Construction in progress | 56,610 | 61,491 | |||||||||
| Assets under financing leases and leasehold improvements | 1,561,285 | 1,523,055 | |||||||||
| Property, plant and equipment and leasehold intangibles | 8,633,916 | 8,558,158 | |||||||||
| Accumulated depreciation and amortization | (3,649,052) | (3,490,098) | |||||||||
| Property, plant and equipment and leasehold intangibles, net | $ | 4,984,864 | $ | 5,068,060 | |||||||
| (in thousands) | June 30, 2021 | December 31, 2020 | |||||||||
|
Fixed mortgage notes payable due 2022 through 2047; weighted average interest rate of 4.17% and 4.18% as of June 30, 2021 and December 31, 2020, respectively
|
$ | 2,328,423 | $ | 2,366,996 | |||||||
|
Variable mortgage notes payable due 2022 through 2030, weighted average interest rate of 2.45% and 2.49% as of June 30, 2021 and December 31, 2020, respectively
|
1,519,063 | 1,529,935 | |||||||||
|
Other notes payable due 2021 to 2025; weighted average interest rate of 8.29% and 8.98% as of June 30, 2021 and December 31, 2020, respectively
|
51,408 | 46,557 | |||||||||
| Debt discount and deferred financing costs, net | (25,121) | (27,500) | |||||||||
| Total long-term debt | 3,873,773 | 3,915,988 | |||||||||
| Current portion | 218,332 | 68,885 | |||||||||
| Total long-term debt, less current portion | $ | 3,655,441 | $ | 3,847,103 | |||||||
|
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||||||||||||
|
Operating Leases (in thousands)
|
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
| Facility operating expense | $ | 4,520 | $ | 4,935 | $ | 9,362 | $ | 9,785 | |||||||||||||||
| Facility lease expense | 43,864 | 62,379 | 88,282 | 126,860 | |||||||||||||||||||
| Operating lease expense | 48,384 | 67,314 | 97,644 | 136,645 | |||||||||||||||||||
|
Operating lease expense adjustment (1)
|
5,326 | 8,221 | 9,990 | 14,954 | |||||||||||||||||||
| Changes in operating lease assets and liabilities for lessor capital expenditure reimbursements | (7,943) | (6,421) | (15,506) | (10,509) | |||||||||||||||||||
| Operating net cash outflows from operating leases | $ | 45,767 | $ | 69,114 | $ | 92,128 | $ | 141,090 | |||||||||||||||
|
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||||||||||||
|
Financing Leases (in thousands)
|
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
| Depreciation and amortization | $ | 7,594 | $ | 8,037 | $ | 15,224 | $ | 17,181 | |||||||||||||||
| Interest expense: financing lease obligations | 11,492 | 11,892 | 22,875 | 25,174 | |||||||||||||||||||
| Financing lease expense | $ | 19,086 | $ | 19,929 | $ | 38,099 | $ | 42,355 | |||||||||||||||
| Operating cash flows from financing leases | $ | 11,492 | $ | 11,892 | $ | 22,875 | $ | 25,174 | |||||||||||||||
| Financing cash flows from financing leases | 4,864 | 4,677 | 9,653 | 9,764 | |||||||||||||||||||
| Changes in financing lease assets and liabilities for lessor capital expenditure reimbursement | (2,057) | (1,675) | (3,446) | (3,414) | |||||||||||||||||||
| Total net cash outflows from financing leases | $ | 14,299 | $ | 14,894 | $ | 29,082 | $ | 31,524 | |||||||||||||||
| Year Ending December 31, | Operating Leases | Financing Leases | |||||||||
| 2021 (six months) | $ | 101,163 | $ | 32,833 | |||||||
| 2022 | 204,469 | 66,225 | |||||||||
| 2023 | 193,071 | 66,942 | |||||||||
| 2024 | 193,820 | 68,138 | |||||||||
| 2025 | 191,576 | 58,163 | |||||||||
| Thereafter | 282,806 | 110,239 | |||||||||
| Total lease payments | 1,166,905 | 402,540 | |||||||||
| Purchase option liability and non-cash gain on future sale of property | — | 414,442 | |||||||||
| Imputed interest and variable lease payments | (262,265) | (259,207) | |||||||||
| Total lease obligations | $ | 904,640 | $ | 557,775 | |||||||
| (in thousands, except weighted average amounts) | Restricted Stock Unit and Stock Award Grants | Weighted Average Grant Date Fair Value | Total Grant Date Fair Value | ||||||||||||||
| Three months ended March 31, 2021 | 1,961 | $ | 5.09 | $ | 9,988 | ||||||||||||
| Three months ended June 30, 2021 | 20 | $ | 6.62 | $ | 130 | ||||||||||||
|
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||||||||||||
| (in thousands, except for per share amounts) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
| Income attributable to common stockholders: | |||||||||||||||||||||||
|
Net income (loss)
|
$ | (83,585) | $ | (118,401) | $ | (191,870) | $ | 251,114 | |||||||||||||||
| Weighted average shares outstanding - basic | 185,182 | 183,178 | 184,600 | 183,682 | |||||||||||||||||||
| Effect of dilutive securities - Unvested restricted stock, restricted stock units, and warrants | — | — | — | 180 | |||||||||||||||||||
| Weighted average shares outstanding - diluted | 185,182 | 183,178 | 184,600 | 183,862 | |||||||||||||||||||
| Basic earnings (loss) per common share: | |||||||||||||||||||||||
| Net income (loss) per share attributable to common stockholders | $ | (0.45) | $ | (0.65) | $ | (1.04) | $ | 1.37 | |||||||||||||||
| Diluted earnings (loss) per common share: | |||||||||||||||||||||||
| Net income (loss) per share attributable to common stockholders | $ | (0.45) | $ | (0.65) | $ | (1.04) | $ | 1.37 | |||||||||||||||
|
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||||||||||||
| (in millions) |
2021(1)
|
2020(1)
|
2021(1)
|
2020 | |||||||||||||||||||
| Non-performance-based restricted stock and restricted stock units | 5.8 | 7.3 | 5.8 | 7.1 | |||||||||||||||||||
| Performance-based restricted stock and restricted stock units | 0.3 | 1.8 | 0.3 | 1.8 | |||||||||||||||||||
| Warrants | 16.3 | — | 16.3 | — | |||||||||||||||||||
|
Six Months Ended
June 30, |
|||||||||||
| (in thousands) | 2021 | 2020 | |||||||||
| Supplemental Disclosure of Cash Flow Information: | |||||||||||
| Interest paid | $ | 94,683 | $ | 107,854 | |||||||
| Income taxes paid, net of refunds | 2,963 | 1,388 | |||||||||
| Capital expenditures, net of related payables: | |||||||||||
| Capital expenditures - non-development, net | $ | 63,245 | $ | 82,077 | |||||||
| Capital expenditures - development, net | 2,118 | 6,823 | |||||||||
| Capital expenditures - non-development - reimbursable | 18,952 | 13,923 | |||||||||
| Trade accounts payable | (4,777) | 10,040 | |||||||||
| Net cash paid | $ | 79,538 | $ | 112,863 | |||||||
| Acquisition of communities from Healthpeak: | |||||||||||
| Property, plant and equipment and leasehold intangibles, net | $ | — | $ | 286,734 | |||||||
| Operating lease right-of-use assets | — | (63,285) | |||||||||
| Financing lease obligations | — | 129,196 | |||||||||
| Operating lease obligations | — | 74,335 | |||||||||
| Loss (gain) on debt modification and extinguishment, net | — | (19,731) | |||||||||
| Net cash paid | $ | — | $ | 407,249 | |||||||
| Acquisition of other assets, net of related payables and cash received: | |||||||||||
| Property, plant and equipment and leasehold intangibles, net | $ | — | $ | 179 | |||||||
| Financing lease obligations | — | 39,260 | |||||||||
| Net cash paid | $ | — | $ | 39,439 | |||||||
| Proceeds from sale of CCRC Venture, net: | |||||||||||
| Investments in unconsolidated ventures | $ | — | $ | (14,848) | |||||||
| Current portion of long-term debt | — | 34,706 | |||||||||
| Other liabilities | — | 60,748 | |||||||||
| Loss (gain) on sale of assets, net | — | (369,831) | |||||||||
| Net cash received | $ | — | $ | (289,225) | |||||||
| (in thousands) | June 30, 2021 | December 31, 2020 | |||||||||
| Reconciliation of cash, cash equivalents, and restricted cash: | |||||||||||
| Cash and cash equivalents | $ | 280,675 | $ | 380,420 | |||||||
| Restricted cash | 30,766 | 28,059 | |||||||||
| Long-term restricted cash | 74,461 | 56,669 | |||||||||
| Total cash, cash equivalents, and restricted cash | $ | 385,902 | $ | 465,148 | |||||||
|
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||||||||||||
| (in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
|
Revenue and other operating income(1):
|
|||||||||||||||||||||||
|
Independent Living(2)
|
$ | 118,116 | $ | 130,278 | $ | 238,262 | $ | 266,140 | |||||||||||||||
|
Assisted Living and Memory Care(2)
|
392,347 | 432,308 | 784,389 | 889,787 | |||||||||||||||||||
|
CCRCs(2)
|
76,988 | 88,571 | 150,451 | 183,118 | |||||||||||||||||||
|
Health Care Services(2)
|
87,835 | 107,165 | 177,269 | 201,984 | |||||||||||||||||||
|
Management Services(3)
|
48,006 | 107,587 | 122,366 | 339,019 | |||||||||||||||||||
| Total revenue and other operating income | $ | 723,292 | $ | 865,909 | $ | 1,472,737 | $ | 1,880,048 | |||||||||||||||
|
Segment operating income:(4)
|
|||||||||||||||||||||||
| Independent Living | $ | 35,292 | $ | 41,038 | $ | 72,621 | $ | 92,452 | |||||||||||||||
| Assisted Living and Memory Care | 77,062 | 87,708 | 148,495 | 219,709 | |||||||||||||||||||
| CCRCs | 8,673 | 13,850 | 16,281 | 33,781 | |||||||||||||||||||
| Health Care Services | 3,413 | 9,692 | 5,816 | 571 | |||||||||||||||||||
| Management Services | 4,998 | 6,076 | 13,564 | 114,791 | |||||||||||||||||||
| Total segment operating income | 129,438 | 158,364 | 256,777 | 461,304 | |||||||||||||||||||
|
General and administrative expense (including non-cash stock-based compensation expense)
|
52,400 | 52,518 | 102,343 | 107,113 | |||||||||||||||||||
| Facility operating lease expense | 43,864 | 62,379 | 88,282 | 126,860 | |||||||||||||||||||
| Depreciation and amortization | 83,591 | 93,154 | 167,482 | 183,892 | |||||||||||||||||||
| Asset impairment: | |||||||||||||||||||||||
| Independent Living | 1,364 | — | 1,884 | 31,317 | |||||||||||||||||||
| Assisted Living and Memory Care | 479 | 10,290 | 10,121 | 43,088 | |||||||||||||||||||
| CCRCs | 235 | — | 750 | 12,173 | |||||||||||||||||||
| Corporate and Management Services | — | — | — | 1,938 | |||||||||||||||||||
| Income (loss) from operations | $ | (52,495) | $ | (59,977) | $ | (114,085) | $ | (45,077) | |||||||||||||||
| As of | |||||||||||
| (in thousands) | June 30, 2021 | December 31, 2020 | |||||||||
| Total assets: | |||||||||||
| Independent Living | $ | 1,382,619 | $ | 1,419,838 | |||||||
| Assisted Living and Memory Care | 3,692,143 | 3,787,611 | |||||||||
| CCRCs | 723,942 | 738,121 | |||||||||
| Health Care Services | 230,231 | 233,178 | |||||||||
| Corporate and Management Services | 574,014 | 723,010 | |||||||||
| Total assets | $ | 6,602,949 | $ | 6,901,758 | |||||||
|
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||||||||||||
| (in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
| Independent Living | $ | 111 | $ | — | $ | 1,475 | $ | — | |||||||||||||||
| Assisted Living and Memory Care | 629 | 152 | 5,733 | 152 | |||||||||||||||||||
| CCRCs | 46 | 9,546 | 1,730 | 9,546 | |||||||||||||||||||
| Health Care Services | 522 | 16,995 | 3,105 | 16,995 | |||||||||||||||||||
| Total other operating income | $ | 1,308 | $ | 26,693 | $ | 12,043 | $ | 26,693 | |||||||||||||||
|
Q1
2020 |
Q2
2020 |
Q3
2020 |
Q4
2020 |
Q1
2021 |
Q2
2021 |
|||||||||||||||
| Weighted average occupancy | 83.2 | % | 78.7 | % | 75.3 | % | 72.7 | % | 69.6 | % | 70.5 | % | ||||||||
| Quarter-end occupancy | 82.2 | % | 77.8 | % | 75.0 | % | 71.5 | % | 70.6 | % | 72.6 | % | ||||||||
|
January
2021 |
February
2021 |
March
2021 |
April
2021 |
May
2021 |
June
2021 |
July
2021 |
|||||||||||||||||
| Weighted average occupancy | 70.0 | % | 69.4 | % | 69.4 | % | 69.9 | % | 70.5 | % | 71.2 | % | 72.0 | % | |||||||||
| Month-end occupancy | 70.4 | % | 70.1 | % | 70.6 | % | 71.1 | % | 71.6 | % | 72.6 | % | 73.3 | % | |||||||||
|
Three Months Ended
June 30, |
Increase (Decrease) | ||||||||||||||||||||||
| (in thousands) | 2021 | 2020 | Amount | Percent | |||||||||||||||||||
| Total resident fees and management fees revenue | $ | 678,976 | $ | 737,705 | $ | (58,729) | (8.0) | % | |||||||||||||||
| Other operating income | 1,308 | 26,693 | (25,385) | (95.1) | % | ||||||||||||||||||
| Facility operating expense | 550,846 | 606,034 | (55,188) | (9.1) | % | ||||||||||||||||||
| Net income (loss) | (83,604) | (118,420) | (34,816) | (29.4) | % | ||||||||||||||||||
| Adjusted EBITDA | 33,064 | 44,733 | (11,669) | (26.1) | % | ||||||||||||||||||
|
Three Months Ended
June 30, |
Increase (Decrease) | ||||||||||||||||||||||
| (in thousands, except communities, units, occupancy, RevPAR, and RevPOR) | 2021 | 2020 | Amount | Percent | |||||||||||||||||||
| Resident fees | $ | 76,942 | $ | 79,025 | $ | (2,083) | (2.6) | % | |||||||||||||||
| Other operating income | $ | 46 | $ | 9,546 | $ | (9,500) | (99.5) | % | |||||||||||||||
| Facility operating expense | $ | 68,315 | $ | 74,721 | $ | (6,406) | (8.6) | % | |||||||||||||||
| Number of communities (period end) | 20 | 22 | (2) | (9.1) | % | ||||||||||||||||||
| Number of units (period end) | 5,351 | 5,741 | (390) | (6.8) | % | ||||||||||||||||||
| Total average units | 5,341 | 5,721 | (380) | (6.6) | % | ||||||||||||||||||
| RevPAR | $ | 4,770 | $ | 4,572 | $ | 198 | 4.3 | % | |||||||||||||||
| Occupancy rate (weighted average) | 70.2 | % | 74.0 | % | (380) | bps | n/a | ||||||||||||||||
| RevPOR | $ | 6,790 | $ | 6,181 | $ | 609 | 9.9 | % | |||||||||||||||
| Same Community Operating Results and Data | |||||||||||||||||||||||
| Resident fees | $ | 58,095 | $ | 54,912 | $ | 3,183 | 5.8 | % | |||||||||||||||
| Other operating income | $ | 32 | $ | 6,893 | $ | (6,861) | (99.5) | % | |||||||||||||||
| Facility operating expense | $ | 52,459 | $ | 52,099 | $ | 360 | 0.7 | % | |||||||||||||||
| Number of communities | 15 | 15 | — | — | |||||||||||||||||||
| Total average units | 3,786 | 3,786 | — | — | |||||||||||||||||||
| RevPAR | $ | 5,115 | $ | 4,835 | $ | 280 | 5.8 | % | |||||||||||||||
| Occupancy rate (weighted average) | 69.4 | % | 73.2 | % | (380) | bps | n/a | ||||||||||||||||
| RevPOR | $ | 7,374 | $ | 6,605 | $ | 769 | 11.6 | % | |||||||||||||||
|
Three Months Ended
June 30, |
Increase (Decrease) | ||||||||||||||||||||||
| (in thousands, except census) | 2021 | 2020 | Amount | Percent | |||||||||||||||||||
| Resident fees | $ | 87,313 | $ | 90,170 | $ | (2,857) | (3.2) | % | |||||||||||||||
| Other operating income | $ | 522 | $ | 16,995 | $ | (16,473) | (96.9) | % | |||||||||||||||
| Facility operating expense | $ | 84,422 | $ | 97,473 | $ | (13,051) | (13.4) | % | |||||||||||||||
| Home health average daily census | 11,174 | 12,980 | (1,806) | (13.9) | % | ||||||||||||||||||
| Hospice average daily census | 1,467 | 1,646 | (179) | (10.9) | % | ||||||||||||||||||
|
Three Months Ended
June 30, |
Increase (Decrease) | ||||||||||||||||||||||
| (in thousands, except communities and units) | 2021 | 2020 | Amount | Percent | |||||||||||||||||||
| Management fees | $ | 4,998 | $ | 6,076 | $ | (1,078) | (17.7) | % | |||||||||||||||
| Reimbursed costs incurred on behalf of managed communities | $ | 43,008 | $ | 101,511 | $ | (58,503) | (57.6) | % | |||||||||||||||
| Costs incurred on behalf of managed communities | $ | 43,008 | $ | 101,511 | $ | (58,503) | (57.6) | % | |||||||||||||||
| Number of communities (period end) | 37 | 77 | (40) | (51.9) | % | ||||||||||||||||||
| Number of units (period end) | 6,157 | 10,694 | (4,537) | (42.4) | % | ||||||||||||||||||
| Total average units | 6,354 | 10,905 | (4,551) | (41.7) | % | ||||||||||||||||||
|
Three Months Ended
June 30, |
Increase (Decrease) | ||||||||||||||||||||||
| (in thousands) | 2021 | 2020 | Amount | Percent | |||||||||||||||||||
| General and administrative expense | $ | 52,400 | $ | 52,518 | $ | (118) | (0.2) | % | |||||||||||||||
| Facility operating lease expense | 43,864 | 62,379 | (18,515) | (29.7) | % | ||||||||||||||||||
| Depreciation and amortization | 83,591 | 93,154 | (9,563) | (10.3) | % | ||||||||||||||||||
| Asset impairment | 2,078 | 10,290 | (8,212) | (79.8) | % | ||||||||||||||||||
| Interest income | 341 | 2,243 | (1,902) | (84.8) | % | ||||||||||||||||||
| Interest expense | 49,057 | 52,422 | (3,365) | (6.4) | % | ||||||||||||||||||
|
Gain (loss) on debt modification and extinguishment, net
|
— | (157) | 157 | NM | |||||||||||||||||||
| Equity in earnings (loss) of unconsolidated ventures | 13,946 | 438 | 13,508 | NM | |||||||||||||||||||
| Gain (loss) on sale of assets, net | (79) | (1,029) | 950 | 92.3 | % | ||||||||||||||||||
| Other non-operating income (loss) | 2,948 | 988 | 1,960 | 198.4 | % | ||||||||||||||||||
| Benefit (provision) for income taxes | 792 | (8,504) | 9,296 | NM | |||||||||||||||||||
|
Six Months Ended
June 30, |
Increase (Decrease) | ||||||||||||||||||||||
| (in thousands) | 2021 | 2020 | Amount | Percent | |||||||||||||||||||
| Total resident fees and management fees revenue | $ | 1,351,892 | $ | 1,629,127 | $ | (277,235) | (17.0) | % | |||||||||||||||
| Other operating income | 12,043 | 26,693 | (14,650) | (54.9) | % | ||||||||||||||||||
| Facility operating expense | 1,107,158 | 1,194,516 | (87,358) | (7.3) | % | ||||||||||||||||||
| Net income (loss) | (191,907) | 251,077 | (442,984) | NM | |||||||||||||||||||
| Adjusted EBITDA | 68,045 | 229,802 | (161,757) | (70.4) | % | ||||||||||||||||||
|
Six Months Ended
June 30, |
Increase (Decrease) | ||||||||||||||||||||||
| (in thousands, except communities, units, occupancy, RevPAR, and RevPOR) | 2021 | 2020 | Amount | Percent | |||||||||||||||||||
| Resident fees | $ | 1,164,164 | $ | 1,329,347 | $ | (165,183) | (12.4) | % | |||||||||||||||
| Other operating income | $ | 8,938 | $ | 9,698 | $ | (760) | (7.8) | % | |||||||||||||||
| Facility operating expense | $ | 935,705 | $ | 993,103 | $ | (57,398) | (5.8) | % | |||||||||||||||
| Number of communities (period end) | 648 | 660 | (12) | (1.8) | % | ||||||||||||||||||
| Number of units (period end) | 52,821 | 54,019 | (1,198) | (2.2) | % | ||||||||||||||||||
| Total average units | 52,941 | 54,112 | (1,171) | (2.2) | % | ||||||||||||||||||
| RevPAR | $ | 3,662 | $ | 4,092 | $ | (430) | (10.5) | % | |||||||||||||||
| Occupancy rate (weighted average) | 70.0 | % | 81.0 | % | (1,100) | bps | n/a | ||||||||||||||||
| RevPOR | $ | 5,228 | $ | 5,054 | $ | 174 | 3.4 | % | |||||||||||||||
| Same Community Operating Results and Data | |||||||||||||||||||||||
| Resident fees | $ | 1,110,882 | $ | 1,245,914 | $ | (135,032) | (10.8) | % | |||||||||||||||
| Other operating income | $ | 8,323 | $ | 7,044 | $ | 1,279 | 18.2 | % | |||||||||||||||
| Facility operating expense | $ | 890,287 | $ | 923,637 | $ | (33,350) | (3.6) | % | |||||||||||||||
| Number of communities | 637 | 637 | — | — | |||||||||||||||||||
| Total average units | 50,455 | 50,455 | — | — | |||||||||||||||||||
| RevPAR | $ | 3,670 | $ | 4,116 | $ | (446) | (10.8) | % | |||||||||||||||
| Occupancy rate (weighted average) | 69.9 | % | 81.2 | % | (1,130) | bps | n/a | ||||||||||||||||
| RevPOR | $ | 5,248 | $ | 5,069 | $ | 179 | 3.5 | % | |||||||||||||||
|
Six Months Ended
June 30, |
Increase (Decrease) | ||||||||||||||||||||||
| (in thousands, except communities, units, occupancy, RevPAR, and RevPOR) | 2021 | 2020 | Amount | Percent | |||||||||||||||||||
| Resident fees | $ | 778,656 | $ | 889,635 | $ | (110,979) | (12.5) | % | |||||||||||||||
| Other operating income | $ | 5,733 | $ | 152 | $ | 5,581 | NM | ||||||||||||||||
| Facility operating expense | $ | 635,894 | $ | 670,078 | $ | (34,184) | (5.1) | % | |||||||||||||||
| Number of communities (period end) | 560 | 570 | (10) | (1.8) | % | ||||||||||||||||||
| Number of units (period end) | 34,904 | 35,744 | (840) | (2.4) | % | ||||||||||||||||||
| Total average units | 35,063 | 35,864 | (801) | (2.2) | % | ||||||||||||||||||
| RevPAR | $ | 3,700 | $ | 4,134 | $ | (434) | (10.5) | % | |||||||||||||||
| Occupancy rate (weighted average) | 68.9 | % | 79.9 | % | (1,100) | bps | n/a | ||||||||||||||||
| RevPOR | $ | 5,371 | $ | 5,175 | $ | 196 | 3.8 | % | |||||||||||||||
| Same Community Operating Results and Data | |||||||||||||||||||||||
| Resident fees | $ | 768,109 | $ | 864,974 | $ | (96,865) | (11.2) | % | |||||||||||||||
| Other operating income | $ | 5,594 | $ | 151 | $ | 5,443 | NM | ||||||||||||||||
| Facility operating expense | $ | 626,195 | $ | 650,344 | $ | (24,149) | (3.7) | % | |||||||||||||||
| Number of communities | 556 | 556 | — | — | |||||||||||||||||||
| Total average units | 34,506 | 34,511 | (5) | — | |||||||||||||||||||
| RevPAR | $ | 3,710 | $ | 4,177 | $ | (467) | (11.2) | % | |||||||||||||||
| Occupancy rate (weighted average) | 68.8 | % | 80.1 | % | (1,130) | bps | n/a | ||||||||||||||||
| RevPOR | $ | 5,389 | $ | 5,214 | $ | 175 | 3.4 | % | |||||||||||||||
|
Six Months Ended
June 30, |
Increase (Decrease) | ||||||||||||||||||||||
| (in thousands, except census) | 2021 | 2020 | Amount | Percent | |||||||||||||||||||
| Resident fees | $ | 174,164 | $ | 184,989 | $ | (10,825) | (5.9) | % | |||||||||||||||
| Other operating income | $ | 3,105 | $ | 16,995 | $ | (13,890) | (81.7) | % | |||||||||||||||
| Facility operating expense | $ | 171,453 | $ | 201,413 | $ | (29,960) | (14.9) | % | |||||||||||||||
| Home health average daily census | 11,409 | 13,500 | (2,091) | (15.5) | % | ||||||||||||||||||
| Hospice average daily census | 1,488 | 1,672 | (184) | (11.0) | % | ||||||||||||||||||
|
Six Months Ended
June 30, |
Increase (Decrease) | ||||||||||||||||||||||
| (in thousands, except communities, units, and occupancy) | 2021 | 2020 | Amount | Percent | |||||||||||||||||||
| Management fees | $ | 13,564 | $ | 114,791 | $ | (101,227) | (88.2) | % | |||||||||||||||
| Reimbursed costs incurred on behalf of managed communities | $ | 108,802 | $ | 224,228 | $(115,426) | (51.5) | % | ||||||||||||||||
| Costs incurred on behalf of managed communities | $ | 108,802 | $ | 224,228 | $(115,426) | (51.5) | % | ||||||||||||||||
| Number of communities (period end) | 37 | 77 | (40) | (51.9) | % | ||||||||||||||||||
| Number of units (period end) | 6,157 | 10,694 | (4,537) | (42.4) | % | ||||||||||||||||||
| Total average units | 7,306 | 12,115 | (4,809) | (39.7) | % | ||||||||||||||||||
|
Six Months Ended
June 30, |
Increase (Decrease) | ||||||||||||||||||||||
| (in thousands) | 2021 | 2020 | Amount | Percent | |||||||||||||||||||
| General and administrative expense | $ | 102,343 | $ | 107,113 | $ | (4,770) | (4.5) | % | |||||||||||||||
| Facility operating lease expense | 88,282 | 126,860 | (38,578) | (30.4) | % | ||||||||||||||||||
| Depreciation and amortization | 167,482 | 183,892 | (16,410) | (8.9) | % | ||||||||||||||||||
| Asset impairment | 12,755 | 88,516 | (75,761) | (85.6) | % | ||||||||||||||||||
| Interest income | 762 | 3,698 | (2,936) | (79.4) | % | ||||||||||||||||||
| Interest expense | 97,664 | 108,782 | (11,118) | (10.2) | % | ||||||||||||||||||
|
Gain (loss) on debt modification and extinguishment, net
|
— | 19,024 | (19,024) | (100.0) | % | ||||||||||||||||||
| Equity in earnings (loss) of unconsolidated ventures | 13,415 | (570) | 13,985 | NM | |||||||||||||||||||
| Gain (loss) on sale of assets, net | 1,033 | 371,810 | (370,777) | (99.7) | % | ||||||||||||||||||
| Other non-operating income (loss) | 4,592 | 3,650 | 942 | 25.8 | % | ||||||||||||||||||
| Benefit (provision) for income taxes | 40 | 7,324 | (7,284) | (99.5) | % | ||||||||||||||||||
|
Six Months Ended
June 30, |
Increase (Decrease) | ||||||||||||||||||||||
| (in thousands) | 2021 | 2020 | Amount | Percent | |||||||||||||||||||
| Net cash provided by (used in) operating activities | $ | (20,447) | $ | 209,319 | $ | (229,766) | NM | ||||||||||||||||
| Net cash provided by (used in) investing activities | (2,245) | (295,410) | (293,165) | (99.2) | % | ||||||||||||||||||
| Net cash provided by (used in) financing activities | (56,554) | 306,524 | (363,078) | NM | |||||||||||||||||||
|
Net increase (decrease) in cash, cash equivalents, and restricted cash
|
(79,246) | 220,433 | (299,679) | NM | |||||||||||||||||||
|
Cash, cash equivalents, and restricted cash at beginning of period
|
465,148 | 301,697 | 163,451 | 54.2 | % | ||||||||||||||||||
|
Cash, cash equivalents, and restricted cash at end of period
|
$ | 385,902 | $ | 522,130 | $ | (136,228) | (26.1) | % | |||||||||||||||
| Adjusted Free Cash Flow | $ | (105,421) | $ | 118,633 | $ | (224,054) | NM | ||||||||||||||||
|
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||||||||||||
| (in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
| Net income (loss) | $ | (83,604) | $ | (118,420) | $ | (191,907) | $ | 251,077 | |||||||||||||||
| Provision (benefit) for income taxes | (792) | 8,504 | (40) | (7,324) | |||||||||||||||||||
| Equity in (earnings) loss of unconsolidated ventures | (13,946) | (438) | (13,415) | 570 | |||||||||||||||||||
| Loss (gain) on debt modification and extinguishment, net | — | 157 | — | (19,024) | |||||||||||||||||||
| Loss (gain) on sale of assets, net | 79 | 1,029 | (1,033) | (371,810) | |||||||||||||||||||
| Other non-operating (income) loss | (2,948) | (988) | (4,592) | (3,650) | |||||||||||||||||||
| Interest expense | 49,057 | 52,422 | 97,664 | 108,782 | |||||||||||||||||||
| Interest income | (341) | (2,243) | (762) | (3,698) | |||||||||||||||||||
| Income (loss) from operations | (52,495) | (59,977) | (114,085) | (45,077) | |||||||||||||||||||
| Depreciation and amortization | 83,591 | 93,154 | 167,482 | 183,892 | |||||||||||||||||||
| Asset impairment | 2,078 | 10,290 | 12,755 | 88,516 | |||||||||||||||||||
| Operating lease expense adjustment | (5,326) | (8,221) | (9,990) | (14,954) | |||||||||||||||||||
| Non-cash stock-based compensation expense | 4,527 | 6,119 | 9,310 | 12,076 | |||||||||||||||||||
| Transaction and organizational restructuring costs | 689 | 3,368 | 2,573 | 5,349 | |||||||||||||||||||
|
Adjusted EBITDA(1)
|
$ | 33,064 | $ | 44,733 | $ | 68,045 | $ | 229,802 | |||||||||||||||
|
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||||||||||||
| (in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
| Net cash provided by (used in) operating activities | $ | 3,410 | $ | 151,840 | $ | (20,447) | $ | 209,319 | |||||||||||||||
| Net cash provided by (used in) investing activities | 1,561 | (47,483) | (2,245) | (295,410) | |||||||||||||||||||
| Net cash provided by (used in) financing activities | (20,992) | (40,726) | (56,554) | 306,524 | |||||||||||||||||||
|
Net increase (decrease) in cash, cash equivalents, and restricted cash
|
$ | (16,021) | $ | 63,631 | $ | (79,246) | $ | 220,433 | |||||||||||||||
| Net cash provided by (used in) operating activities | $ | 3,410 | $ | 151,840 | $ | (20,447) | $ | 209,319 | |||||||||||||||
|
Distributions from unconsolidated ventures from cumulative share of net earnings
|
(5,355) | — | (5,355) | — | |||||||||||||||||||
|
Changes in prepaid insurance premiums financed with notes payable
|
(4,200) | (5,770) | 8,785 | 11,664 | |||||||||||||||||||
|
Changes in assets and liabilities for lessor capital expenditure reimbursements under operating leases
|
(7,943) | (6,421) | (15,506) | (10,509) | |||||||||||||||||||
| Non-development capital expenditures, net | (35,795) | (21,521) | (63,245) | (82,077) | |||||||||||||||||||
| Payment of financing lease obligations | (4,864) | (4,677) | (9,653) | (9,764) | |||||||||||||||||||
|
Adjusted Free Cash Flow(1)
|
$ | (54,747) | $ | 113,451 | $ | (105,421) | $ | 118,633 | |||||||||||||||
| 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 |
Approximate Dollar Value of
Shares that May Yet Be Purchased Under the Plans or Programs ($ in thousands) (2) |
|||||||||||||||||||
| 4/1/2021 - 4/30/2021 | — | $ | — | — | $ | 44,026 | |||||||||||||||||
| 5/1/2021 - 5/31/2021 | 16,765 | 6.83 | — | 44,026 | |||||||||||||||||||
| 6/1/2021 - 6/30/2021 | — | — | — | 44,026 | |||||||||||||||||||
| Total | 16,765 | $ | 6.83 | — | |||||||||||||||||||
| Exhibit No. | Description | |||||||
| 2.1 | ||||||||
| 3.1 | ||||||||
| 3.2 | ||||||||
| 4.1 | ||||||||
| 4.2 | ||||||||
| 10.1 | ||||||||
| 10.2 | ||||||||
| 10.3 | ||||||||
| 31.1 | ||||||||
| 31.2 | ||||||||
| 32 | ||||||||
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |||||||
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
| 104 |
The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, formatted in Inline XBRL (included in Exhibit 101).
|
|||||||
| * | Schedules and exhibits have been omitted pursuant to Item 601 of Regulation S-K. The Company hereby undertakes to furnish supplementally a copy of any of the omitted schedules and exhibits upon request by the Securities and Exchange Commission. | |||||||
| BROOKDALE SENIOR LIVING INC. | |||||||||||
| (Registrant) | |||||||||||
| By: | /s/ Steven E. Swain | ||||||||||
| Name: | Steven E. Swain | ||||||||||
| Title: |
Executive Vice President and Chief Financial Officer
(Principal Financial Officer) |
||||||||||
| Date: | August 6, 2021 | ||||||||||
|
TENANT:
|
||
|
BLC-THE HALLMARK, LLC, a Delaware limited liability company
By: /s/ H. Todd Kaestner
Name: H. Todd Kaestner
Title: Executive Vice President
|
||
|
BLC-KENWOOD OF LAKE VIEW, LLC, a Delaware limited liability company
By: /s/ H. Todd Kaestner
Name: H. Todd Kaestner
Title: Executive Vice President
|
||
|
BROOKDALE SENIOR LIVING COMMUNITIES, INC. a Delaware corporation (f/k/a Alterra Healthcare Corporation and Alternative Living Services, Inc.)
By: /s/ H. Todd Kaestner
Name: H. Todd Kaestner
Title: Executive Vice President
|
||
|
BLC-GABLES AT FARMINGTON, LLC, a Delaware limited liability company
By: /s/ H. Todd Kaestner
Name: H. Todd Kaestner
Title: Executive Vice President
|
||
|
BLC-DEVONSHIRE OF HOFFMAN ESTATES, LLC, a Delaware limited liability company
By: /s/ H. Todd Kaestner
Name: H. Todd Kaestner
Title: Executive Vice President
|
||
|
BLC-SPRINGS AT EAST MESA, LLC, a Delaware limited liability company
By: /s/ H. Todd Kaestner
Name: H. Todd Kaestner
Title: Executive Vice President
|
||
|
BLC-RIVER BAY CLUB, LLC, a Delaware limited liability company
By: /s/ H. Todd Kaestner
Name: H. Todd Kaestner
Title: Executive Vice President
|
||
|
BLC-WOODSIDE TERRACE, L.P., a Delaware limited partnership
By: BLC-Woodside Terrace, LLC, a Delaware limited liability company, its general partner
By: /s/ H. Todd Kaestner
Name: H. Todd Kaestner
Title: Executive Vice President
|
||
|
BLC-ATRIUM AT SAN JOSE, L.P., a Delaware limited partnership
By: BLC-Atrium at San Jose, LLC, a Delaware limited liability company, its general partner
By: /s/ H. Todd Kaestner
Name: H. Todd Kaestner
Title: Executive Vice President
|
||
|
BLC-BROOKDALE PLACE OF SAN MARCOS, L.P., a Delaware limited partnership
By: BLC-Brookdale Place of San Marcos, LLC, a Delaware limited liability company, its general partner
By: /s/ H. Todd Kaestner
Name: H. Todd Kaestner
Title: Executive Vice President
|
||
|
BLC-PONCE DE LEON, LLC, a Delaware limited liability company
By: /s/ H. Todd Kaestner
Name: H. Todd Kaestner
Title: Executive Vice President
|
||
|
BLC-PARK PLACE, LLC, a Delaware limited liability company
By: /s/ H. Todd Kaestner
Name: H. Todd Kaestner
Title: Executive Vice President
|
||
|
BLC-HAWTHORNE LAKES, LLC, a Delaware limited liability company
By: /s/ H. Todd Kaestner
Name: H. Todd Kaestner
Title: Executive Vice President
|
||
|
BLC-THE WILLOWS, LLC, a Delaware limited liability company
By: /s/ H. Todd Kaestner
Name: H. Todd Kaestner
Title: Executive Vice President
|
||
|
BLC-BRENDENWOOD, LLC, a Delaware limited liability company
By: /s/ H. Todd Kaestner
Name: H. Todd Kaestner
Title: Executive Vice President
|
||
|
BLC-CHATFIELD, LLC, a Delaware limited liability company
By: /s/ H. Todd Kaestner
Name: H. Todd Kaestner
Title: Executive Vice President
|
||
|
BROOKDALE LIVING COMMUNITIES OF FLORIDA, INC. a Delaware corporation
By: /s/ H. Todd Kaestner
Name: H. Todd Kaestner
Title: Executive Vice President
|
||
|
BROOKDALE LIVING COMMUNITIES OF ILLINOIS-GV, LLC, a Delaware limited liability company
By: /s/ H. Todd Kaestner
Name: H. Todd Kaestner
Title: Executive Vice President
|
||
|
BROOKDALE LIVING COMMUNITIES OF ILLINOIS-DNC, LLC, a Delaware limited liability company
By: /s/ H. Todd Kaestner
Name: H. Todd Kaestner
Title: Executive Vice President
|
||
|
SW ASSISTED LIVING, LLC, a Delaware limited liability company
By: /s/ H. Todd Kaestner
Name: H. Todd Kaestner
Title: Executive Vice President
|
||
|
SUMMERVILLE AT FAIRWOOD MANOR, LLC, a Delaware limited liability company
By: /s/ H. Todd Kaestner
Name: H. Todd Kaestner
Title: Executive Vice President
|
||
|
SUMMERVILLE AT HERITAGE PLACE, LLC, a Delaware limited liability company
By: /s/ H. Todd Kaestner
Name: H. Todd Kaestner
Title: Executive Vice President
|
||
|
SUMMERVILLE 5 LLC, a Delaware limited liability company
By: /s/ H. Todd Kaestner
Name: H. Todd Kaestner
Title: Executive Vice President
|
||
|
SUMMERVILLE 4 LLC, a Delaware limited liability company
By: /s/ H. Todd Kaestner
Name: H. Todd Kaestner
Title: Executive Vice President
|
||
|
SUMMERVILLE 14 LLC, a Delaware limited liability company
By: /s/ H. Todd Kaestner
Name: H. Todd Kaestner
Title: Executive Vice President
SUMMERVILLE 15 LLC, a Delaware limited liability company
By: /s/ H. Todd Kaestner
Name: H. Todd Kaestner
Title: Executive Vice President
SUMMERVILLE 16 LLC, a Delaware limited liability company
By: /s/ H. Todd Kaestner
Name: H. Todd Kaestner
Title: Executive Vice President
SUMMERVILLE 17 LLC, a Delaware limited liability company
By: /s/ H. Todd Kaestner
Name: H. Todd Kaestner
Title: Executive Vice President
|
||
|
SUMMERVILLE AT RIDGEWOOD GARDENS LLC, a Delaware limited liability company
By: /s/ H. Todd Kaestner
Name: H. Todd Kaestner
Title: Executive Vice President
|
||
|
ALS PROPERTIES TENANT I, LLC,
a Delaware limited liability company
By: /s/ H. Todd Kaestner
Name: H. Todd Kaestner
Title: Executive Vice President
|
||
|
ALS PROPERTIES TENANT II, LLC, a Delaware limited liability company
By: /s/ H. Todd Kaestner
Name: H. Todd Kaestner
Title: Executive Vice President
|
||
|
ALS LEASING, INC., a Delaware corporation
By: /s/ H. Todd Kaestner
Name: H. Todd Kaestner
Title: Executive Vice President
|
||
|
ASSISTED LIVING PROPERTIES, INC., a Kansas corporation
By: /s/ H. Todd Kaestner
Name: H. Todd Kaestner
Title: Executive Vice President
|
||
|
BLC-THE HERITAGE OF DES PLAINES, LLC, a Delaware limited liability company
By: /s/ H. Todd Kaestner
Name: H. Todd Kaestner
Title: Executive Vice President
|
||
|
LANDLORD:
|
||
|
VENTAS REALTY, LIMITED PARTNERSHIP, a Delaware limited partnership
By: Ventas, Inc., a Delaware corporation, its general partner
By: /s/ J. Justin Hutchens
Name: J. Justin Hutchens
Title: Executive Vice President, Senior Housing
|
||
|
PSLT-ALS PROPERTIES I, LLC, a Delaware limited liability company
By: PSLT-ALS Properties Holdings, LLC, its sole member
By: PSLT OP, L.P., its sole member
By: PSLT GP, LLC, its general partner
By: Ventas Provident, LLC, its sole member
By: /s/ J. Justin Hutchens
Name: J. Justin Hutchens
Title: Authorized Signatory
|
||
|
PSLT-ALS PROPERTIES II, LLC, a Delaware limited liability company
By: PSLT-ALS Properties Holdings, LLC, its sole member
By: PSLT OP, L.P., its sole member
By: PSLT GP, LLC, its general partner
By: Ventas Provident, LLC, its sole member
By: /s/ J. Justin Hutchens
Name: J. Justin Hutchens
Title: Authorized Signatory
|
||||||||
|
PSLT-ALS PROPERTIES IV, LLC, a Delaware limited liability company
By: /s/ J. Justin Hutchens
Name: J. Justin Hutchens
Title: Authorized Signatory
|
||||||||
|
PSLT-ALS PROPERTIES III, LLC, a Delaware
limited liability company
By: /s/ J. Justin Hutchens
Name: J. Justin Hutchens
Title: Authorized Signatory
|
||||||||
|
ACKNOWLEDGEMENT
STATE OF Illinois )
) :ss.:
COUNTY OF Cook )
Before me, the undersigned, a Notary Public in and for said County and State, personally appeared J. Justin Hutchens, Authorized Signatory, PSLT-ALS PROPERTIES III, LLC, a Delaware limited liability company (“Company”), which Company executed the foregoing instrument, who acknowledged that she/he did sign the foregoing instrument for and on behalf of the Company, being thereunto duly authorized and that the same is her/his free act and deed individually and in said capacity and the free and deed of the Company.
IN TESTIMONY WHEREOF, I have hereunto set my hand and official seal at Chicago, Illinois, this 15th day of July, 2021.
(SEAL) /s/ Theresa M. Kwasinski
Notary Public
Print Name: Theresa M. Kwasinski
My commission expires: 08/05/22
Acting in the County of: Cook
|
||||||||
|
BROOKDALE LIVING COMMUNITIES OF ILLINOIS-2960, LLC, a Delaware limited liability company
By: PSLT-BLC Properties Holdings, LLC, its sole member
By: PSLT OP, L.P., its sole member
By: PSLT GP, LLC, its general partner
By: Ventas Provident, LLC, its sole member
By: /s/ J. Justin Hutchens
Name: J. Justin Hutchens
Title: Authorized Signatory
|
||
|
BROOKDALE LIVING COMMUNITIES OF ILLINOIS-HV, LLC, a Delaware limited liability company
By: PSLT-BLC Properties Holdings, LLC, its sole member
By: PSLT OP, L.P., its sole member
By: PSLT GP, LLC, its general partner
By: Ventas Provident, LLC, its sole member
By: /s/ J. Justin Hutchens
Name: J. Justin Hutchens
Title: Authorized Signatory
|
||
|
RIVER OAKS PARTNERS, an Illinois general partnership
By: Brookdale Holdings, LLC, its managing partner
By: PSLT-BLC Properties Holdings, LLC, its sole member
By: PSLT OP, L.P., its sole member
By: PSLT GP, LLC, its general partner
By: Ventas Provident, LLC, its sole member
By: /s/ J. Justin Hutchens
Name: J. Justin Hutchens
Title: Authorized Signatory
|
||
|
BROOKDALE LIVING COMMUNITIES OF CONNECTICUT, LLC, a Delaware limited liability company
By: /s/ J. Justin Hutchens
Name: J. Justin Hutchens
Title: Authorized Signatory
|
||
|
PSLT-BLC PROPERTIES HOLDINGS, LLC, a Delaware limited liability company
By: PSLT OP, L.P., its sole member
By: PSLT GP, LLC, its general partner
By: Ventas Provident, LLC, its sole member
By: /s/ J. Justin Hutchens
Name: J. Justin Hutchens
Title: Authorized Signatory
|
||
|
THE PONDS OF PEMBROKE LIMITED PARTNERSHIP, an Illinois limited partnership
By: Brookdale Holdings, LLC, its general partner
By: PSLT-BLC Properties Holdings, LLC, its sole member
By: PSLT OP, L.P., its sole member
By: PSLT GP, LLC, its general partner
By: Ventas Provident, LLC, its sole member
By: /s/ J. Justin Hutchens
Name: J. Justin Hutchens
Title: Authorized Signatory
|
||
|
BROOKDALE LIVING COMMUNITIES OF ARIZONA-EM, LLC, a Delaware limited liability company
By: PSLT-BLC Properties Holdings, LLC, its sole member
By: PSLT OP, L.P., its sole member
By: PSLT GP, LLC, its general partner
By: Ventas Provident, LLC, its sole member
By: /s/ J. Justin Hutchens
Name: J. Justin Hutchens
Title: Authorized Signatory
|
||
|
BROOKDALE LIVING COMMUNITIES OF MASSACHUSETTS-RB, LLC, a Delaware limited liability company
By: PSLT-BLC Properties Holdings, LLC, its sole member
By: PSLT OP, L.P., its sole member
By: PSLT GP, LLC, its general partner
By: Ventas Provident, LLC, its sole member
By: /s/ J. Justin Hutchens
Name: J. Justin Hutchens
Title: Authorized Signatory
|
||
|
BROOKDALE LIVING COMMUNITIES OF CALIFORNIA-RC, LLC, a Delaware limited liability company
By: PSLT-BLC Properties Holdings, LLC, its sole member
By: PSLT OP, L.P., its sole member
By: PSLT GP, LLC, its general partner
By: Ventas Provident, LLC, its sole member
By: /s/ J. Justin Hutchens
Name: J. Justin Hutchens
Title: Authorized Signatory
|
||
|
BROOKDALE LIVING COMMUNITIES OF CALIFORNIA, LLC, a Delaware limited liability company
By: PSLT-BLC Properties Holdings, LLC, its sole member
By: PSLT OP, L.P., its sole member
By: PSLT GP, LLC, its general partner
By: Ventas Provident, LLC, its sole member
By: /s/ J. Justin Hutchens
Name: J. Justin Hutchens
Title: Authorized Signatory
|
||
|
BLC OF CALIFORNIA-SAN MARCOS, L.P., a Delaware limited partnership
By: Brookdale Living Communities of California-San Marcos, LLC, its general partner
By: PSLT-BLC Properties Holdings, LLC, its sole member
By: PSLT OP, L.P., its sole member
By: PSLT GP, LLC, its general partner
By: Ventas Provident, LLC, its sole member
By: /s/ J. Justin Hutchens
Name: J. Justin Hutchens
Title: Authorized Signatory
|
||
|
BROOKDALE LIVING COMMUNITIES OF WASHINGTON-PP, LLC, a Delaware limited liability company
By: PSLT-BLC Properties Holdings, LLC, its sole member
By: PSLT OP, L.P., its sole member
By: PSLT GP, LLC, its general partner
By: Ventas Provident, LLC, its sole member
By: /s/ J. Justin Hutchens
Name: J. Justin Hutchens
Title: Authorized Signatory
|
||
|
BROOKDALE LIVING COMMUNITIES OF ILLINOIS-II, LLC, a Delaware limited liability company
By: PSLT-BLC Properties Holdings, LLC, its sole member
By: PSLT OP, L.P., its sole member
By: PSLT GP, LLC, its general partner
By: Ventas Provident, LLC, its sole member
By: /s/ J. Justin Hutchens
Name: J. Justin Hutchens
Title: Authorized Signatory
|
||
|
BROOKDALE LIVING COMMUNITIES OF NEW JERSEY, LLC, a Delaware limited liability company
By: PSLT-BLC Properties Holdings, LLC, its sole member
By: PSLT OP, L.P., its sole member
By: PSLT GP, LLC, its general partner
Ventas Provident, LLC, its sole member
By: /s/ J. Justin Hutchens
Name: J. Justin Hutchens
Title: Authorized Signatory
|
||
|
|
||
|
BROOKDALE LIVING COMMUNITIES OF FLORIDA-CL, LLC, a Delaware limited liability company
By: PSLT-BLC Properties Holdings, LLC, its sole member
By: PSLT OP, L.P., its sole member
By: PSLT GP, LLC, its general partner
Ventas Provident, LLC, its sole member
By: /s/ J. Justin Hutchens
Name: J. Justin Hutchens
Title: Authorized Signatory
|
||
|
NATIONWIDE HEALTH PROPERTIES, LLC, a Delaware limited liability company
By: /s/ J. Justin Hutchens
Name: J. Justin Hutchens
Title: Authorized Signatory
|
||
|
2010 UNION LIMITED PARTNERSHIP, a Washington limited partnership
By: Nationwide Health Properties, LLC, its general partner
By: /s/ J. Justin Hutchens
Name: J. Justin Hutchens
Title: Authorized Signatory
|
||
|
NH TEXAS PROPERTIES LIMITED PARTNERSHIP, a Texas limited partnership
By: MLD Texas Corporation, its general partner
By: /s/ J. Justin Hutchens
Name: J. Justin Hutchens
Title: Authorized Signatory
|
||
|
MLD PROPERTIES, INC., a Delaware corporation
By: /s/ J. Justin Hutchens
Name: J. Justin Hutchens
Title: Authorized Signatory
|
||
|
JER/NHP SENIOR LIVING ACQUISITION, LLC, a Delaware limited liability company
By: /s/ J. Justin Hutchens
Name: J. Justin Hutchens
Title: Authorized Signatory
|
||
|
JER/NHP SENIOR LIVING KANSAS, INC., a Kansas corporation
By: /s/ J. Justin Hutchens
Name: J. Justin Hutchens
Title: Authorized Signatory
|
||||||||
|
JER/NHP SENIOR LIVING TEXAS, L.P., a Texas limited partnership
By: JER/NHP Management Texas, LLC, its general partner
By: /s/ J. Justin Hutchens
Name: J. Justin Hutchens
Title: Authorized Signatory
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MLD PROPERTIES LIMITED PARTNERSHIP, a Delaware limited partnership
By: MLD Properties II, Inc., its general partner
By: /s/ J. Justin Hutchens
Name: J. Justin Hutchens
Title: Authorized Signatory
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VENTAS FAIRWOOD, LLC, a Delaware limited liability company
By: /s/ J. Justin Hutchens
Name: J. Justin Hutchens
Title: Authorized Signatory
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VENTAS FRAMINGHAM, LLC, a Delaware limited liability company
By: /s/ J. Justin Hutchens
Name: J. Justin Hutchens
Title: Authorized Signatory
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VENTAS WHITEHALL ESTATES, LLC, a Delaware limited liability company
By: /s/ J. Justin Hutchens
Name: J. Justin Hutchens
Title: Authorized Signatory
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| Award Agreement under 2014 Omnibus Incentive Plan | Date of Grant | Shares/RSUs Outstanding as of 6/1/2021 | Shares/RSUs to Remain Outstanding | Shares/RSUs to Forfeit as of 6/1/2021 | Date that Shares/RSUs to Remain Outstanding are Eligible to Vest | ||||||||||||
| Restricted Share Agreement | 1/5/2018 | 10,331 | 2,661 | 7,670 | 2/27/2022 | ||||||||||||
| Restricted Share Agreement | 1/5/2018 | 10,331 | 2,661 | 7,670 | 2/27/2022 | ||||||||||||
| Restricted Share Agreement | 2/11/2019 | 28,626 | 3,687 | 24,939 | 2/27/2022 | ||||||||||||
| Restricted Stock Unit Agreement | 2/12/2020 | 47,941 | 4,116 | 43,825 | 2/27/2022 | ||||||||||||
| Restricted Stock Unit Agreement | 2/22/2021 | 66,307 | 4,269 | 62,038 | 2/27/2022 | ||||||||||||
| Total | 163,536 | 17,394 | 146,142 | ||||||||||||||
| Award Agreement under 2014 Omnibus Incentive Plan | Date of Grant | Shares/RSUs Outstanding as of 6/1/2021 (at target) |
Shares/RSUs to Remain Outstanding
(at target)* |
Shares/RSUs to Forfeit as of 6/1/2021 | Date that Shares/RSUs to Remain Outstanding are Eligible to Vest* | ||||||||||||
| Restricted Share Agreement, as Amended February 22, 2021 | 2/11/2019 | 14,313 | 8,079 | 6,234 | 2/27/2023 | ||||||||||||
| Performance-Based Restricted Stock Unit Agreement, as Amended February, 2021 | 2/12/2020 | 15,980 | 5,024 | 10,956 | 2/27/2024 | ||||||||||||
| Total | 13,103 | 17,190 | |||||||||||||||
| Award Agreement under 2014 Omnibus Incentive Plan | Date of Grant |
Cash Outstanding as of 6/1/2021
(at target)
|
Cash to Remain Outstanding
(at target)* |
Cash to Forfeit as of 6/1/2021
(at target) |
Date that Cash to Remain Outstanding is Eligible to Vest* | ||||||||||||
| Performance-Based Cash Award Agreement | 2/22/2021 | $337,500 |
$21,730 (First Tranche)
$5,433 (Fourth Tranche)
|
$310,337 |
2/27/2024 (First Tranche)
2/27/2025 (Fourth Tranche)
|
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| Date: | August 6, 2021 | /s/ Lucinda M. Baier | |||||||||
| Lucinda M. Baier | |||||||||||
| President and Chief Executive Officer | |||||||||||
| Date: | August 6, 2021 | /s/ Steven E. Swain | |||||||||
| Steven E. Swain | |||||||||||
| Executive Vice President and Chief Financial Officer | |||||||||||