☒ | ANNUAL 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) |
Registrant's telephone number including area code | (615) | 221-2250 |
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 | ||||||||
Item 1A | ||||||||
Item 1B | ||||||||
Item 2 | ||||||||
Item 3 | ||||||||
Item 4 | ||||||||
PART II | ||||||||
Item 5 | ||||||||
Item 6 | ||||||||
Item 7 | ||||||||
Item 7A | ||||||||
Item 8 | ||||||||
Item 9 | ||||||||
Item 9A | ||||||||
Item 9B | ||||||||
Item 9C | ||||||||
PART III | ||||||||
Item 10 | ||||||||
Item 11 | ||||||||
Item 12 | ||||||||
Item 13 | ||||||||
Item 14 | ||||||||
PART IV | ||||||||
Item 15 | ||||||||
Item 16 |
Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | |||||||||||||||||||
Weighted average | 83.2 | % | 78.7 | % | 75.3 | % | 72.7 | % | 69.6 | % | 70.5 | % | 72.5 | % | 73.5 | % | ||||||||||
Quarter end | 82.2 | % | 77.8 | % | 75.0 | % | 71.5 | % | 70.6 | % | 72.6 | % | 74.2 | % | 74.5 | % | ||||||||||
Jan 2021 | Feb 2021 | Mar 2021 | Apr 2021 | May 2021 | Jun 2021 | Jul 2021 | Aug 2021 | Sep 2021 | Oct 2021 | Nov 2021 | Dec 2021 | Jan 2022 | |||||||||||||||||||||||||||||
Weighted average | 70.0 | % | 69.4 | % | 69.4 | % | 69.9 | % | 70.5 | % | 71.2 | % | 72.0 | % | 72.5 | % | 73.0 | % | 73.3 | % | 73.5 | % | 73.6 | % | 73.4 | % | |||||||||||||||
Month end | 70.4 | % | 70.1 | % | 70.6 | % | 71.1 | % | 71.6 | % | 72.6 | % | 73.3 | % | 73.7 | % | 74.2 | % | 74.5 | % | 74.3 | % | 74.5 | % | 74.2 | % | |||||||||||||||
Communities | Units | % of Total Units | Average Number of Units per Community | |||||||||||||||||||||||
Independent Living | 68 | 12,567 | 21.9 | % | 185 | |||||||||||||||||||||
Assisted Living and Memory Care | 559 | 34,816 | 60.6 | % | 62 | |||||||||||||||||||||
CCRCs | 19 | 5,202 | 9.1 | % | 274 | |||||||||||||||||||||
All Other | 33 | 4,824 | 8.4 | % | 146 | |||||||||||||||||||||
Total | 679 | 57,409 | 100.0 | % | 85 |
12/16 | 12/17 | 12/18 | 12/19 | 12/20 | 12/21 | |||||||||||||||||||||||||||||||||
Brookdale Senior Living Inc. | $ | 100.00 | $ | 78.10 | $ | 53.95 | $ | 58.53 | $ | 35.67 | $ | 41.55 | ||||||||||||||||||||||||||
Russell 3000 | 100.00 | 121.13 | 114.78 | 150.39 | 181.80 | 228.45 | ||||||||||||||||||||||||||||||||
S&P Health Care | 100.00 | 122.08 | 129.97 | 157.04 | 178.15 | 224.70 |
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) | ||||||||||||||||||||||
10/1/2021 - 10/31/2021 | — | $ | — | — | $ | 44,026 | ||||||||||||||||||||
11/1/2021 - 11/30/2021 | 27,635 | $ | 6.76 | — | $ | 44,026 | ||||||||||||||||||||
12/1/2021 - 12/31/2021 | — | $ | — | — | $ | 44,026 | ||||||||||||||||||||
Total | 27,635 | $ | 6.76 | — |
Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | |||||||||||||||||||
Weighted average | 83.2 | % | 78.7 | % | 75.3 | % | 72.7 | % | 69.6 | % | 70.5 | % | 72.5 | % | 73.5 | % | ||||||||||
Quarter end | 82.2 | % | 77.8 | % | 75.0 | % | 71.5 | % | 70.6 | % | 72.6 | % | 74.2 | % | 74.5 | % | ||||||||||
Jan 2021 | Feb 2021 | Mar 2021 | Apr 2021 | May 2021 | Jun 2021 | Jul 2021 | Aug 2021 | Sep 2021 | Oct 2021 | Nov 2021 | Dec 2021 | Jan 2022 | |||||||||||||||||||||||||||||
Weighted average | 70.0 | % | 69.4 | % | 69.4 | % | 69.9 | % | 70.5 | % | 71.2 | % | 72.0 | % | 72.5 | % | 73.0 | % | 73.3 | % | 73.5 | % | 73.6 | % | 73.4 | % | |||||||||||||||
Month end | 70.4 | % | 70.1 | % | 70.6 | % | 71.1 | % | 71.6 | % | 72.6 | % | 73.3 | % | 73.7 | % | 74.2 | % | 74.5 | % | 74.3 | % | 74.5 | % | 74.2 | % | |||||||||||||||
Years Ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Resident fee revenue attributable to Health Care Services and disposed communities | $ | 186,080 | $ | 420,118 | $ | 581,554 | |||||||||||
Facility operating expense attributable to Health Care Services and disposed communities | 184,275 | 440,867 | 546,597 |
Years Ended December 31, | Increase (Decrease) | ||||||||||||||||||||||
(in thousands) | 2021 | 2020 | Amount | Percent | |||||||||||||||||||
Total resident fees and management fees revenue | $ | 2,564,446 | $ | 3,023,257 | $ | (458,811) | (15.2) | % | |||||||||||||||
Other operating income | 12,368 | 115,749 | (103,381) | (89.3) | % | ||||||||||||||||||
Facility operating expense | 2,075,863 | 2,341,859 | (265,996) | (11.4) | % | ||||||||||||||||||
Net income (loss) | (99,364) | 81,945 | (181,309) | NM | |||||||||||||||||||
Adjusted EBITDA | 138,476 | 264,387 | (125,911) | (47.6) | % |
(in thousands, except communities, units, occupancy, RevPAR, and RevPOR) | Years Ended December 31, | Increase (Decrease) | |||||||||||||||||||||
2021 | 2020 | Amount | Percent | ||||||||||||||||||||
Resident fees | $ | 2,369,684 | $ | 2,525,757 | $ | (156,073) | (6.2) | % | |||||||||||||||
Other operating income | $ | 9,263 | $ | 92,862 | $ | (83,599) | (90.0) | % | |||||||||||||||
Facility operating expense | $ | 1,904,410 | $ | 1,954,025 | $ | (49,615) | (2.5) | % | |||||||||||||||
Number of communities (period end) | 646 | 651 | (5) | (0.8) | % | ||||||||||||||||||
Number of units (period end) | 52,585 | 52,982 | (397) | (0.7) | % | ||||||||||||||||||
Total average units | 52,840 | 53,687 | (847) | (1.6) | % | ||||||||||||||||||
RevPAR | $ | 3,734 | $ | 3,917 | $ | (183) | (4.7) | % | |||||||||||||||
Occupancy rate (weighted average) | 71.5 | % | 77.5 | % | (600) | bps | n/a | ||||||||||||||||
RevPOR | $ | 5,221 | $ | 5,054 | $ | 167 | 3.3 | % | |||||||||||||||
Same Community Operating Results and Data | |||||||||||||||||||||||
Resident fees | $ | 2,224,458 | $ | 2,342,245 | $ | (117,787) | (5.0) | % | |||||||||||||||
Other operating income | $ | 8,324 | $ | 83,446 | $ | (75,122) | (90.0) | % | |||||||||||||||
Facility operating expense | $ | 1,778,352 | $ | 1,789,615 | $ | (11,263) | (0.6) | % | |||||||||||||||
Number of communities | 632 | 632 | — | — | |||||||||||||||||||
Total average units | 49,655 | 49,652 | 3 | — | |||||||||||||||||||
RevPAR | $ | 3,733 | $ | 3,931 | $ | (198) | (5.0) | % | |||||||||||||||
Occupancy rate (weighted average) | 71.5 | % | 77.7 | % | (620) | bps | n/a | ||||||||||||||||
RevPOR | $ | 5,221 | $ | 5,061 | $ | 160 | 3.2 | % |
(in thousands, except communities, units, occupancy, RevPAR, and RevPOR) | Years Ended December 31, | Increase (Decrease) | |||||||||||||||||||||
2021 | 2020 | Amount | Percent | ||||||||||||||||||||
Resident fees | $ | 475,538 | $ | 512,598 | $ | (37,060) | (7.2) | % | |||||||||||||||
Other operating income | $ | 1,512 | $ | 11,823 | $ | (10,311) | (87.2) | % | |||||||||||||||
Facility operating expense | $ | 330,942 | $ | 341,608 | $ | (10,666) | (3.1) | % | |||||||||||||||
Number of communities (period end) | 68 | 68 | — | — | |||||||||||||||||||
Number of units (period end) | 12,567 | 12,534 | 33 | 0.3 | % | ||||||||||||||||||
Total average units | 12,556 | 12,533 | 23 | 0.2 | % | ||||||||||||||||||
RevPAR | $ | 3,156 | $ | 3,408 | $ | (252) | (7.4) | % | |||||||||||||||
Occupancy rate (weighted average) | 74.2 | % | 81.8 | % | (760) | bps | n/a | ||||||||||||||||
RevPOR | $ | 4,252 | $ | 4,165 | $ | 87 | 2.1 | % | |||||||||||||||
Same Community Operating Results and Data | |||||||||||||||||||||||
Resident fees | $ | 461,962 | $ | 499,576 | $ | (37,614) | (7.5) | % | |||||||||||||||
Other operating income | $ | 1,474 | $ | 11,536 | $ | (10,062) | (87.2) | % | |||||||||||||||
Facility operating expense | $ | 320,700 | $ | 331,360 | $ | (10,660) | (3.2) | % | |||||||||||||||
Number of communities | 66 | 66 | — | — | |||||||||||||||||||
Total average units | 12,164 | 12,157 | 7 | 0.1 | % | ||||||||||||||||||
RevPAR | $ | 3,165 | $ | 3,425 | $ | (260) | (7.6) | % | |||||||||||||||
Occupancy rate (weighted average) | 74.3 | % | 81.8 | % | (750) | bps | n/a | ||||||||||||||||
RevPOR | $ | 4,262 | $ | 4,187 | $ | 75 | 1.8 | % |
(in thousands, except communities, units, occupancy, RevPAR, and RevPOR) | Years Ended December 31, | Increase (Decrease) | |||||||||||||||||||||
2021 | 2020 | Amount | Percent | ||||||||||||||||||||
Resident fees | $ | 1,589,721 | $ | 1,691,276 | $ | (101,555) | (6.0) | % | |||||||||||||||
Other operating income | $ | 5,963 | $ | 62,585 | $ | (56,622) | (90.5) | % | |||||||||||||||
Facility operating expense | $ | 1,301,364 | $ | 1,325,260 | $ | (23,896) | (1.8) | % | |||||||||||||||
Number of communities (period end) | 559 | 563 | (4) | (0.7) | % | ||||||||||||||||||
Number of units (period end) | 34,816 | 35,126 | (310) | (0.9) | % | ||||||||||||||||||
Total average units | 34,977 | 35,530 | (553) | (1.6) | % | ||||||||||||||||||
RevPAR | $ | 3,787 | $ | 3,967 | $ | (180) | (4.5) | % | |||||||||||||||
Occupancy rate (weighted average) | 70.7 | % | 76.5 | % | (580) | bps | n/a | ||||||||||||||||
RevPOR | $ | 5,357 | $ | 5,184 | $ | 173 | 3.3 | % | |||||||||||||||
Same Community Operating Results and Data | |||||||||||||||||||||||
Resident fees | $ | 1,561,748 | $ | 1,646,054 | $ | (84,306) | (5.1) | % | |||||||||||||||
Other operating income | $ | 5,771 | $ | 61,145 | $ | (55,374) | (90.6) | % | |||||||||||||||
Facility operating expense | $ | 1,277,679 | $ | 1,284,251 | $ | (6,572) | (0.5) | % | |||||||||||||||
Number of communities | 553 | 553 | — | — | |||||||||||||||||||
Total average units | 34,306 | 34,310 | (4) | — | |||||||||||||||||||
RevPAR | $ | 3,794 | $ | 3,998 | $ | (204) | (5.1) | % | |||||||||||||||
Occupancy rate (weighted average) | 70.6 | % | 76.5 | % | (590) | bps | n/a | ||||||||||||||||
RevPOR | $ | 5,374 | $ | 5,224 | $ | 150 | 2.9 | % |
(in thousands, except communities, units, occupancy, RevPAR, and RevPOR) | Years Ended December 31, | Increase (Decrease) | |||||||||||||||||||||
2021 | 2020 | Amount | Percent | ||||||||||||||||||||
Resident fees | $ | 304,425 | $ | 321,883 | $ | (17,458) | (5.4) | % | |||||||||||||||
Other operating income | $ | 1,788 | $ | 18,454 | $ | (16,666) | (90.3) | % | |||||||||||||||
Facility operating expense | $ | 272,104 | $ | 287,157 | $ | (15,053) | (5.2) | % | |||||||||||||||
Number of communities (period end) | 19 | 20 | (1) | (5.0) | % | ||||||||||||||||||
Number of units (period end) | 5,202 | 5,322 | (120) | (2.3) | % | ||||||||||||||||||
Total average units | 5,307 | 5,624 | (317) | (5.6) | % | ||||||||||||||||||
RevPAR | $ | 4,753 | $ | 4,738 | $ | 15 | 0.3 | % | |||||||||||||||
Occupancy rate (weighted average) | 70.6 | % | 74.2 | % | (360) | bps | n/a | ||||||||||||||||
RevPOR | $ | 6,733 | $ | 6,389 | $ | 344 | 5.4 | % | |||||||||||||||
Same Community Operating Results and Data | |||||||||||||||||||||||
Resident fees | $ | 200,748 | $ | 196,615 | $ | 4,133 | 2.1 | % | |||||||||||||||
Other operating income | $ | 1,079 | $ | 10,765 | $ | (9,686) | (90.0) | % | |||||||||||||||
Facility operating expense | $ | 179,973 | $ | 174,004 | $ | 5,969 | 3.4 | % | |||||||||||||||
Number of communities | 13 | 13 | — | — | |||||||||||||||||||
Total average units | 3,185 | 3,185 | — | — | |||||||||||||||||||
RevPAR | $ | 5,252 | $ | 5,144 | $ | 108 | 2.1 | % | |||||||||||||||
Occupancy rate (weighted average) | 70.9 | % | 74.3 | % | (340) | bps | n/a | ||||||||||||||||
RevPOR | $ | 7,410 | $ | 6,923 | $ | 487 | 7.0 | % |
(in thousands) | Years Ended December 31, | Increase (Decrease) | |||||||||||||||||||||
2021 | 2020 | Amount | Percent | ||||||||||||||||||||
Management fees | $ | 20,598 | $ | 130,690 | $ | (110,092) | (84.2) | % | |||||||||||||||
Reimbursed costs incurred on behalf of managed communities | 181,445 | 401,189 | (219,744) | (54.8) | % | ||||||||||||||||||
Costs incurred on behalf of managed communities | 181,445 | 401,189 | (219,744) | (54.8) | % | ||||||||||||||||||
General and administrative expense | 184,916 | 206,575 | (21,659) | (10.5) | % | ||||||||||||||||||
Facility operating lease expense | 174,358 | 224,033 | (49,675) | (22.2) | % | ||||||||||||||||||
Depreciation and amortization | 337,613 | 359,226 | (21,613) | (6.0) | % | ||||||||||||||||||
Asset impairment | 23,003 | 107,308 | (84,305) | (78.6) | % | ||||||||||||||||||
Loss (gain) on facility operating lease termination, net | (2,003) | (2,303) | 300 | 13.0 | % | ||||||||||||||||||
Interest income | 1,349 | 4,799 | (3,450) | (71.9) | % | ||||||||||||||||||
Interest expense | 195,140 | 208,779 | (13,639) | (6.5) | % | ||||||||||||||||||
Gain (loss) on debt modification and extinguishment, net | (1,932) | 10,896 | (12,828) | NM | |||||||||||||||||||
Equity in earnings (loss) of unconsolidated ventures | 10,394 | (2,107) | 12,501 | NM | |||||||||||||||||||
Gain (loss) on sale of assets, net | 288,835 | 374,532 | (85,697) | (22.9) | % | ||||||||||||||||||
Other non-operating income (loss) | 5,903 | 5,648 | 255 | 4.5 | % | ||||||||||||||||||
Benefit (provision) for income taxes | 8,163 | (5,352) | 13,515 | NM |
Years Ended December 31, | Increase (Decrease) | ||||||||||||||||
(in thousands) | 2021 | 2020 | Amount | ||||||||||||||
Net cash provided by (used in) operating activities | $ | (94,634) | $ | 205,649 | $ | (300,283) | |||||||||||
Net cash provided by (used in) investing activities | 181,457 | (425,111) | 606,568 | ||||||||||||||
Net cash provided by (used in) financing activities | (113,657) | 382,913 | (496,570) | ||||||||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | (26,834) | 163,451 | (190,285) | ||||||||||||||
Cash, cash equivalents, and restricted cash at beginning of year | 465,148 | 301,697 | 163,451 | ||||||||||||||
Cash, cash equivalents, and restricted cash at end of year | $ | 438,314 | $ | 465,148 | $ | (26,834) | |||||||||||
Adjusted Free Cash Flow | $ | (286,694) | $ | 24,181 | $ | (310,875) |
Years Ending December 31, | Long-term Debt | Weighted Rate | ||||||
2022 | $ | 68,609 | 3.54 | % | ||||
2023 | 234,453 | 3.49 | % | |||||
2024 | 304,294 | 4.29 | % | |||||
2025 | 348,044 | 2.81 | % | |||||
2026 | 309,269 | 2.38 | % | |||||
Thereafter | 2,606,389 | 3.43 | % | |||||
Total obligations | 3,871,058 | 3.37 | % | |||||
Less amount representing deferred financing costs, net | (29,846) | |||||||
Total | $ | 3,841,212 |
Years Ending December 31, | Community Count | Total Units | ||||||||||||
2022 | 39 | 1,854 | ||||||||||||
2023 | — | — | ||||||||||||
2024 | 7 | 904 | ||||||||||||
2025 | 121 | 10,286 | ||||||||||||
2026 | 41 | 1,994 | ||||||||||||
Thereafter | 91 | 5,911 | ||||||||||||
Total | 299 | 20,949 |
Years Ending December 31, | Minimum Lease Payments | ||||
2022 | $ | 272.8 | |||
2023 | 261.9 | ||||
2024 | 263.8 | ||||
2025 | 250.8 | ||||
2026 | 136.9 | ||||
Thereafter | 259.3 | ||||
Total minimum lease payments | $ | 1,445.5 |
Payments Due during the Years Ending December 31, | |||||||||||||||||||||||||||||||||||||||||
(in millions) | 2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | Total | ||||||||||||||||||||||||||||||||||
Principal on long-term debt(1) | $ | 68.6 | $ | 234.5 | $ | 304.3 | $ | 348.0 | $ | 309.3 | $ | 2,606.4 | $ | 3,871.1 | |||||||||||||||||||||||||||
Interest on long-term debt(2) | 130.5 | 123.4 | 117.9 | 103.6 | 96.2 | 172.4 | 744.0 | ||||||||||||||||||||||||||||||||||
Debt obligations | 199.1 | 357.9 | 422.2 | 451.6 | 405.5 | 2,778.8 | 4,615.1 | ||||||||||||||||||||||||||||||||||
Lease obligations(3) | 272.8 | 261.9 | 263.8 | 250.8 | 136.9 | 259.3 | 1,445.5 | ||||||||||||||||||||||||||||||||||
Total debt and lease obligations | $ | 471.9 | $ | 619.8 | $ | 686.0 | $ | 702.4 | $ | 542.4 | $ | 3,038.1 | $ | 6,060.6 |
For the Years Ended December 31, | |||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | ||||||||||||||
Operating lease right-of-use assets | $ | 16.6 | $ | 76.3 | $ | 10.2 | |||||||||||
Property, plant and equipment and leasehold intangibles, net | 6.4 | 29.3 | 27.2 | ||||||||||||||
Total | $ | 23.0 | $ | 105.6 | $ | 37.4 | |||||||||||
Years Ended December 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Net income (loss) | $ | (99,364) | $ | 81,945 | |||||||
Provision (benefit) for income taxes | (8,163) | 5,352 | |||||||||
Equity in (earnings) loss of unconsolidated ventures | (10,394) | 2,107 | |||||||||
Loss (gain) on debt modification and extinguishment, net | 1,932 | (10,896) | |||||||||
Loss (gain) on sale of assets, net | (288,835) | (374,532) | |||||||||
Other non-operating (income) loss | (5,903) | (5,648) | |||||||||
Interest expense | 195,140 | 208,779 | |||||||||
Interest income | (1,349) | (4,799) | |||||||||
Income (loss) from operations | (216,936) | (97,692) | |||||||||
Depreciation and amortization | 337,613 | 359,226 | |||||||||
Asset impairment | 23,003 | 107,308 | |||||||||
Loss (gain) on facility operating lease termination, net | (2,003) | (2,303) | |||||||||
Operating lease expense adjustment | (23,280) | (136,276) | |||||||||
Non-cash stock-based compensation expense | 16,270 | 20,747 | |||||||||
Transaction and organizational restructuring costs | 3,809 | 13,377 | |||||||||
Adjusted EBITDA(1) | $ | 138,476 | $ | 264,387 |
Years Ended December 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Net cash provided by (used in) operating activities | $ | (94,634) | $ | 205,649 | |||||||
Net cash provided by (used in) investing activities | 181,457 | (425,111) | |||||||||
Net cash provided by (used in) financing activities | (113,657) | 382,913 | |||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | $ | (26,834) | $ | 163,451 | |||||||
Net cash provided by (used in) operating activities | $ | (94,634) | $ | 205,649 | |||||||
Distributions from unconsolidated ventures from cumulative share of net earnings | (6,191) | (766) | |||||||||
Changes in operating lease assets and liabilities for lease termination | 2,380 | — | |||||||||
Changes in assets and liabilities for lessor capital expenditure reimbursements under operating leases | (30,965) | (22,242) | |||||||||
Non-development capital expenditures, net | (137,410) | (139,592) | |||||||||
Payment of financing lease obligations | (19,874) | (18,868) | |||||||||
Adjusted Free Cash Flow(1) | $ | (286,694) | $ | 24,181 |
PAGE | |||||
Report of Independent Registered Public Accounting Firm (PCAOB ID: 42) | |||||
Report of Independent Registered Public Accounting Firm (PCAOB ID: 42) | |||||
Evaluation of Property, Plant and Equipment and Leasehold Intangibles, Net and Operating Lease Right-of-Use Assets for Impairment | |||||
Description of the Matter | As of December 31, 2021, the Company's consolidated balance sheet included property, plant and equipment and leasehold intangibles, net and operating lease right-of-use assets of $4.9 billion and $0.6 billion, respectively. As discussed in Notes 2 and 5 to the consolidated financial statements, property, plant and equipment and leasehold intangibles, net and operating lease right-of-use assets are routinely evaluated for indicators of impairment. For property, plant and equipment and leasehold intangibles, net and operating lease right-of-use assets with indicators of impairment, the Company compares the estimated undiscounted future cash flows of each long-lived asset group to its carrying amount. If the long-lived asset group's carrying amount exceeds its estimated undiscounted future cash flows, the fair value of the long-lived asset group is then estimated by management and compared to its carrying amount. An impairment charge is recognized on these long-lived assets when carrying amount exceeds fair value. Auditing management's evaluation of property, plant and equipment and leasehold intangibles, net and operating lease right-of-use assets for impairment was complex and involved a high degree of subjectivity due to the significant estimation required to determine the estimated undiscounted future cash flows and fair values of long-lived asset groups where indicators of impairment were determined to be present. In particular, the future cash flows and fair value estimates were sensitive to significant assumptions including the estimation of revenue and expense growth rates and capitalization rates, which are affected by expectations about future market or economic conditions. | ||||
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company's process to evaluate property, plant and equipment and leasehold intangibles, net and operating lease right-of-use assets for impairment, including controls over management's review of the significant assumptions described above. To test the Company's evaluation of long-lived asset groups for impairment, we performed audit procedures that included, among others, assessing the methodologies used to estimate future cash flows and estimate fair values, testing the significant assumptions used to develop the estimates of future cash flows and fair values, and testing the completeness and accuracy of the underlying data used by the Company in its analysis. We compared the significant assumptions used by management to current industry and economic trends and evaluated whether changes to the Company's business and other relevant factors would affect the significant assumptions. The evaluation of the Company's methodology and key assumptions was performed with the assistance of our valuation specialists. We assessed the historical accuracy of the Company's estimates and performed sensitivity analyses of significant assumptions to evaluate the changes in the undiscounted future cash flows and fair values of the long-lived asset groups that would result from changes in the key assumptions. |
December 31, | |||||||||||
2021 | 2020 | ||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 347,031 | $ | 380,420 | |||||||
Marketable securities | 182,393 | 172,905 | |||||||||
Restricted cash | 26,845 | 28,059 | |||||||||
Accounts receivable, net | 51,137 | 109,221 | |||||||||
Assets held for sale | 3,642 | 16,061 | |||||||||
Prepaid expenses and other current assets, net | 87,946 | 66,937 | |||||||||
Total current assets | 698,994 | 773,603 | |||||||||
Property, plant and equipment and leasehold intangibles, net | 4,904,292 | 5,068,060 | |||||||||
Operating lease right-of-use assets | 630,423 | 788,138 | |||||||||
Restricted cash | 64,438 | 56,669 | |||||||||
Investment in unconsolidated ventures | 67,424 | 4,898 | |||||||||
Goodwill | 27,321 | 154,131 | |||||||||
Deferred tax asset | 279 | — | |||||||||
Other assets, net | 17,296 | 56,259 | |||||||||
Total assets | $ | 6,410,467 | $ | 6,901,758 | |||||||
Liabilities and Equity | |||||||||||
Current liabilities | |||||||||||
Current portion of long-term debt | $ | 63,125 | $ | 68,885 | |||||||
Current portion of financing lease obligations | 22,151 | 19,543 | |||||||||
Current portion of operating lease obligations | 148,642 | 146,226 | |||||||||
Trade accounts payable | 76,125 | 71,233 | |||||||||
Accrued expenses | 254,831 | 287,851 | |||||||||
Refundable fees and deferred revenue | 67,080 | 96,995 | |||||||||
Total current liabilities | 631,954 | 690,733 | |||||||||
Long-term debt, less current portion | 3,778,087 | 3,847,103 | |||||||||
Financing lease obligations, less current portion | 532,136 | 543,764 | |||||||||
Operating lease obligations, less current portion | 681,876 | 819,429 | |||||||||
Deferred tax liability | — | 9,557 | |||||||||
Other liabilities | 86,791 | 188,443 | |||||||||
Total liabilities | 5,710,844 | 6,099,029 | |||||||||
Preferred stock, $0.01 par value, 50,000,000 shares authorized at December 31, 2021 and 2020; no shares issued and outstanding | — | — | |||||||||
Common stock, $0.01 par value, 400,000,000 shares authorized at December 31, 2021 and 2020; 197,485,318 and 198,331,663 shares issued and 186,957,793 and 187,804,138 shares outstanding (including 1,549,059 and 4,349,421 unvested restricted shares), respectively | 1,975 | 1,983 | |||||||||
Additional paid-in-capital | 4,208,675 | 4,212,409 | |||||||||
Treasury stock, at cost; 10,527,525 shares at December 31, 2021 and 2020 | (102,774) | (102,774) | |||||||||
Accumulated deficit | (3,410,474) | (3,311,184) | |||||||||
Total Brookdale Senior Living Inc. stockholders' equity | 697,402 | 800,434 | |||||||||
Noncontrolling interest | 2,221 | 2,295 | |||||||||
Total equity | 699,623 | 802,729 | |||||||||
Total liabilities and equity | $ | 6,410,467 | $ | 6,901,758 |
For the Years Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Revenue | |||||||||||||||||
Resident fees | $ | 2,543,848 | $ | 2,892,567 | $ | 3,209,931 | |||||||||||
Management fees | 20,598 | 130,690 | 57,108 | ||||||||||||||
Reimbursed costs incurred on behalf of managed communities | 181,445 | 401,189 | 790,049 | ||||||||||||||
Other operating income | 12,368 | 115,749 | — | ||||||||||||||
Total revenue and other operating income | 2,758,259 | 3,540,195 | 4,057,088 | ||||||||||||||
Expense | |||||||||||||||||
Facility operating expense (excluding facility depreciation and amortization of $313,830, $334,768, and $349,215, respectively) | 2,075,863 | 2,341,859 | 2,390,495 | ||||||||||||||
General and administrative expense (including non-cash stock-based compensation expense of $16,270, $20,747, and $23,026, respectively) | 184,916 | 206,575 | 219,289 | ||||||||||||||
Facility operating lease expense | 174,358 | 224,033 | 269,666 | ||||||||||||||
Depreciation and amortization | 337,613 | 359,226 | 379,433 | ||||||||||||||
Asset impairment | 23,003 | 107,308 | 49,266 | ||||||||||||||
Loss (gain) on facility operating lease termination, net | (2,003) | (2,303) | 3,388 | ||||||||||||||
Costs incurred on behalf of managed communities | 181,445 | 401,189 | 790,049 | ||||||||||||||
Total operating expense | 2,975,195 | 3,637,887 | 4,101,586 | ||||||||||||||
Income (loss) from operations | (216,936) | (97,692) | (44,498) | ||||||||||||||
Interest income | 1,349 | 4,799 | 9,859 | ||||||||||||||
Interest expense: | |||||||||||||||||
Debt | (141,409) | (153,817) | (177,718) | ||||||||||||||
Financing lease obligations | (46,282) | (48,534) | (66,353) | ||||||||||||||
Amortization of deferred financing costs | (7,449) | (6,428) | (4,270) | ||||||||||||||
Gain (loss) on debt modification and extinguishment, net | (1,932) | 10,896 | (5,247) | ||||||||||||||
Equity in earnings (loss) of unconsolidated ventures | 10,394 | (2,107) | (4,544) | ||||||||||||||
Gain (loss) on sale of assets, net | 288,835 | 374,532 | 7,245 | ||||||||||||||
Other non-operating income (loss) | 5,903 | 5,648 | 14,765 | ||||||||||||||
Income (loss) before income taxes | (107,527) | 87,297 | (270,761) | ||||||||||||||
Benefit (provision) for income taxes | 8,163 | (5,352) | 2,269 | ||||||||||||||
Net income (loss) | (99,364) | 81,945 | (268,492) | ||||||||||||||
Net (income) loss attributable to noncontrolling interest | 74 | 74 | 561 | ||||||||||||||
Net income (loss) attributable to Brookdale Senior Living Inc. common stockholders | $ | (99,290) | $ | 82,019 | $ | (267,931) | |||||||||||
Net income (loss) per share attributable to Brookdale Senior Living Inc. common stockholders: | |||||||||||||||||
Basic | $ | (0.54) | $ | 0.45 | $ | (1.44) | |||||||||||
Diluted | $ | (0.54) | $ | 0.44 | $ | (1.44) | |||||||||||
Weighted average common shares outstanding: | |||||||||||||||||
Basic | 184,975 | 183,498 | 185,907 | ||||||||||||||
Diluted | 184,975 | 184,386 | 185,907 |
For the Years Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Total equity, balance at beginning of period | $ | 802,729 | $ | 698,725 | $ | 1,018,413 | |||||||||||
Common stock: | |||||||||||||||||
Balance at beginning of period | $ | 1,983 | $ | 1,996 | $ | 1,968 | |||||||||||
Issuance of common stock under Associate Stock Purchase Plan | — | 2 | 2 | ||||||||||||||
Restricted stock and restricted stock units, net | (1) | (9) | 31 | ||||||||||||||
Shares withheld for employee taxes | (7) | (6) | (5) | ||||||||||||||
Balance at end of period | $ | 1,975 | $ | 1,983 | $ | 1,996 | |||||||||||
Additional paid-in-capital: | |||||||||||||||||
Balance at beginning of period | $ | 4,212,409 | $ | 4,172,099 | $ | 4,151,147 | |||||||||||
Compensation expense related to restricted stock grants | 16,270 | 20,747 | 23,026 | ||||||||||||||
Issuance of common stock under Associate Stock Purchase Plan | 699 | 638 | 1,160 | ||||||||||||||
Purchase of capped call transactions | (15,916) | — | — | ||||||||||||||
Issuance of warrants | — | 22,883 | — | ||||||||||||||
Restricted stock and restricted stock units, net | 1 | 9 | (31) | ||||||||||||||
Shares withheld for employee taxes | (4,813) | (4,037) | (3,308) | ||||||||||||||
Other, net | 25 | 70 | 105 | ||||||||||||||
Balance at end of period | $ | 4,208,675 | $ | 4,212,409 | $ | 4,172,099 | |||||||||||
Treasury stock: | |||||||||||||||||
Balance at beginning of period | $ | (102,774) | $ | (84,651) | $ | (64,940) | |||||||||||
Purchase of treasury stock | — | (18,123) | (19,711) | ||||||||||||||
Balance at end of period | $ | (102,774) | $ | (102,774) | $ | (84,651) | |||||||||||
Accumulated deficit: | |||||||||||||||||
Balance at beginning of period | $ | (3,311,184) | $ | (3,393,088) | $ | (3,069,272) | |||||||||||
Cumulative effect of change in accounting principle | — | (115) | (55,885) | ||||||||||||||
Net income (loss) | (99,290) | 82,019 | (267,931) | ||||||||||||||
Balance at end of period | $ | (3,410,474) | $ | (3,311,184) | $ | (3,393,088) | |||||||||||
Noncontrolling interest: | |||||||||||||||||
Balance at beginning of period | $ | 2,295 | $ | 2,369 | $ | (490) | |||||||||||
Net income (loss) attributable to noncontrolling interest | (74) | (74) | (561) | ||||||||||||||
Noncontrolling interest contribution | — | — | 6,566 | ||||||||||||||
Noncontrolling interest distribution | — | — | (3,146) | ||||||||||||||
Balance at end of period | $ | 2,221 | $ | 2,295 | $ | 2,369 | |||||||||||
Total equity, balance at end of period | $ | 699,623 | $ | 802,729 | $ | 698,725 | |||||||||||
Common stock share activity | |||||||||||||||||
Outstanding shares of common stock: | |||||||||||||||||
Balance at beginning of period | 187,804 | 192,129 | 192,356 | ||||||||||||||
Issuance of common stock under Associate Stock Purchase Plan | 124 | 224 | 181 | ||||||||||||||
Restricted stock and restricted stock units, net | (159) | (830) | 3,073 | ||||||||||||||
Shares withheld for employee taxes | (811) | (656) | (476) | ||||||||||||||
Purchase of treasury stock | — | (3,063) | (3,005) | ||||||||||||||
Balance at end of period | 186,958 | 187,804 | 192,129 |
For the Years Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Cash Flows from Operating Activities | |||||||||||||||||
Net income (loss) | $ | (99,364) | $ | 81,945 | $ | (268,492) | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||
Loss (gain) on debt modification and extinguishment, net | 1,932 | (10,896) | 5,247 | ||||||||||||||
Depreciation and amortization, net | 345,062 | 365,654 | 383,703 | ||||||||||||||
Asset impairment | 23,003 | 107,308 | 49,266 | ||||||||||||||
Equity in (earnings) loss of unconsolidated ventures | (10,394) | 2,107 | 4,544 | ||||||||||||||
Distributions from unconsolidated ventures from cumulative share of net earnings | 6,191 | 766 | 3,472 | ||||||||||||||
Amortization of entrance fees | (1,758) | (2,122) | (1,634) | ||||||||||||||
Proceeds from deferred entrance fee revenue | 3,562 | 734 | 3,544 | ||||||||||||||
Deferred income tax (benefit) provision | (9,837) | (5,840) | (2,654) | ||||||||||||||
Operating lease expense adjustment | (23,280) | (136,276) | (19,453) | ||||||||||||||
Loss (gain) on sale of assets, net | (288,835) | (374,532) | (7,245) | ||||||||||||||
Loss (gain) on facility operating lease termination, net | (2,003) | (2,303) | 3,388 | ||||||||||||||
Non-cash stock-based compensation expense | 16,270 | 20,747 | 23,026 | ||||||||||||||
Non-cash management contract termination gain | — | — | (969) | ||||||||||||||
Other | (4,689) | (2,777) | (8,700) | ||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Accounts receivable, net | 502 | 24,277 | 292 | ||||||||||||||
Prepaid expenses and other assets, net | (15,483) | 24,707 | 55,873 | ||||||||||||||
Trade accounts payable and accrued expenses | (54,032) | 27,294 | (12,984) | ||||||||||||||
Refundable fees and deferred revenue | (10,066) | 62,614 | (25,117) | ||||||||||||||
Operating lease assets and liabilities for lessor capital expenditure reimbursements | 30,965 | 22,242 | 31,305 | ||||||||||||||
Operating lease assets and liabilities for lease termination | (2,380) | — | — | ||||||||||||||
Net cash provided by (used in) operating activities | (94,634) | 205,649 | 216,412 | ||||||||||||||
Cash Flows from Investing Activities | |||||||||||||||||
Change in lease security deposits and lease acquisition deposits, net | (100) | 3,569 | (859) | ||||||||||||||
Purchase of marketable securities | (362,257) | (378,269) | (186,224) | ||||||||||||||
Sale and maturities of marketable securities | 352,988 | 275,000 | 134,000 | ||||||||||||||
Capital expenditures, net of related payables | (176,657) | (185,871) | (304,092) | ||||||||||||||
Acquisition of assets, net of related payables and cash received | — | (472,193) | (497) | ||||||||||||||
Investment in unconsolidated ventures | (5,436) | (4,082) | (4,346) | ||||||||||||||
Distributions received from unconsolidated ventures | 37,113 | — | 9,635 | ||||||||||||||
Proceeds from sale of assets, net | 334,006 | 331,316 | 92,735 | ||||||||||||||
Proceeds from notes receivable | 1,800 | 5,419 | 34,109 | ||||||||||||||
Net cash provided by (used in) investing activities | 181,457 | (425,111) | (225,539) | ||||||||||||||
Cash Flows from Financing Activities | |||||||||||||||||
Proceeds from debt | 352,962 | 963,099 | 321,996 | ||||||||||||||
Repayment of debt and financing lease obligations | (441,571) | (538,859) | (427,923) | ||||||||||||||
Proceeds from line of credit | — | 166,381 | — | ||||||||||||||
Repayment of line of credit | — | (166,381) | — | ||||||||||||||
Purchase of treasury stock, net of related payables | — | (18,123) | (23,955) | ||||||||||||||
Purchase of capped call transactions | (15,916) | — | — | ||||||||||||||
Payment of financing costs, net of related payables | (3,904) | (19,649) | (7,309) | ||||||||||||||
Payments of employee taxes for withheld shares | (4,820) | (4,037) | (3,313) | ||||||||||||||
Other | (408) | 482 | 1,110 | ||||||||||||||
Net cash provided by (used in) financing activities | (113,657) | 382,913 | (139,394) | ||||||||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | (26,834) | 163,451 | (148,521) | ||||||||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 465,148 | 301,697 | 450,218 | ||||||||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 438,314 | $ | 465,148 | $ | 301,697 |
Asset Category | Estimated Useful Life (in years) | |||||||
Buildings and improvements | 40 | |||||||
Furniture and equipment | 3 – 10 | |||||||
Resident lease intangibles | 1 – 3 |
(in millions) | |||||
Assets | |||||
Property, plant and equipment and leasehold intangibles, net | $ | (11) | |||
Operating lease right-of-use assets | 1,329 | ||||
Investment in unconsolidated ventures | (2) | ||||
Other intangible assets, net | (5) | ||||
Other assets, net | (6) | ||||
Total assets | $ | 1,305 | |||
Liabilities and Equity | |||||
Operating lease obligations | $ | 1,618 | |||
Deferred liabilities | (257) | ||||
Total liabilities | 1,361 | ||||
Total equity | (56) | ||||
Total liabilities and equity | $ | 1,305 |
Years Ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Resident fees | |||||||||||||||||
Assisted Living and Memory Care | $ | 5,445 | $ | 24,105 | $ | 60,204 | |||||||||||
CCRCs | 6,471 | 29,203 | 74,090 | ||||||||||||||
Senior housing resident fees | $ | 11,916 | $ | 53,308 | $ | 134,294 | |||||||||||
Facility operating expense | |||||||||||||||||
Assisted Living and Memory Care | $ | 5,142 | $ | 22,723 | $ | 52,228 | |||||||||||
CCRCs | 7,680 | 30,310 | 72,096 | ||||||||||||||
Senior housing facility operating expense | $ | 12,822 | $ | 53,033 | $ | 124,324 | |||||||||||
Cash lease payments | $ | 1,726 | $ | 6,752 | $ | 11,014 |
For the Years Ended December 31, | |||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | ||||||||||||||
Operating lease right-of-use assets | $ | 16.6 | $ | 76.3 | $ | 10.2 | |||||||||||
Property, plant and equipment and leasehold intangibles, net | 6.4 | 29.3 | 27.2 | ||||||||||||||
Investment in unconsolidated ventures | — | 1.5 | — | ||||||||||||||
Assets held for sale | — | 0.2 | 1.3 | ||||||||||||||
Other assets, net | — | — | 10.6 | ||||||||||||||
Asset impairment | $ | 23.0 | $ | 107.3 | $ | 49.3 |
Year Ended December 31, 2021 | |||||||||||||||||||||||||||||
(in thousands) | Independent Living | Assisted Living and Memory Care | CCRCs | Health Care Services | Total | ||||||||||||||||||||||||
Private pay | $ | 473,740 | $ | 1,521,588 | $ | 212,981 | $ | 601 | $ | 2,208,910 | |||||||||||||||||||
Government reimbursement | 1,798 | 68,133 | 57,362 | 134,083 | 261,376 | ||||||||||||||||||||||||
Other third-party payor programs | — | — | 34,082 | 39,480 | 73,562 | ||||||||||||||||||||||||
Total resident fee revenue | $ | 475,538 | $ | 1,589,721 | $ | 304,425 | $ | 174,164 | $ | 2,543,848 |
Year Ended December 31, 2020 | |||||||||||||||||||||||||||||
(in thousands) | Independent Living | Assisted Living and Memory Care | CCRCs | Health Care Services | Total | ||||||||||||||||||||||||
Private pay | $ | 510,254 | $ | 1,622,117 | $ | 235,018 | $ | 906 | $ | 2,368,295 | |||||||||||||||||||
Government reimbursement | 2,344 | 69,159 | 59,614 | 287,512 | 418,629 | ||||||||||||||||||||||||
Other third-party payor programs | — | — | 27,251 | 78,392 | 105,643 | ||||||||||||||||||||||||
Total resident fee revenue | $ | 512,598 | $ | 1,691,276 | $ | 321,883 | $ | 366,810 | $ | 2,892,567 |
Year Ended December 31, 2019 | |||||||||||||||||||||||||||||
(in thousands) | Independent Living | Assisted Living and Memory Care | CCRCs | Health Care Services | Total | ||||||||||||||||||||||||
Private pay | $ | 542,112 | $ | 1,748,364 | $ | 281,197 | $ | 753 | $ | 2,572,426 | |||||||||||||||||||
Government reimbursement | 2,446 | 67,574 | 81,054 | 357,963 | 509,037 | ||||||||||||||||||||||||
Other third-party payor programs | — | — | 39,924 | 88,544 | 128,468 | ||||||||||||||||||||||||
Total resident fee revenue | $ | 544,558 | $ | 1,815,938 | $ | 402,175 | $ | 447,260 | $ | 3,209,931 |
For the Years Ended December 31, | |||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | ||||||||||||||
Balance at beginning of period | $ | 9.8 | $ | 7.8 | $ | 7.9 | |||||||||||
Provision within facility operating expense | 21.6 | 16.7 | 15.2 | ||||||||||||||
Write-offs | (19.2) | (16.2) | (19.5) | ||||||||||||||
Recoveries and other | 1.1 | 1.5 | 4.2 | ||||||||||||||
Balance at end of period | $ | 13.3 | $ | 9.8 | $ | 7.8 | |||||||||||
As of December 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Land | $ | 502,610 | $ | 505,298 | |||||||
Buildings and improvements | 5,262,136 | 5,215,460 | |||||||||
Furniture and equipment | 990,006 | 945,783 | |||||||||
Resident and leasehold operating intangibles | 303,737 | 307,071 | |||||||||
Construction in progress | 51,037 | 61,491 | |||||||||
Assets under financing leases and leasehold improvements | 1,609,217 | 1,523,055 | |||||||||
Property, plant and equipment and leasehold intangibles | 8,718,743 | 8,558,158 | |||||||||
Accumulated depreciation and amortization | (3,814,451) | (3,490,098) | |||||||||
Property, plant and equipment and leasehold intangibles, net | $ | 4,904,292 | $ | 5,068,060 |
December 31, 2021 | |||||||||||||||||||||||
(in thousands) | Gross Carrying Amount | Dispositions and Other Reductions | Accumulated Impairment | Net | |||||||||||||||||||
Independent Living | $ | 28,141 | $ | (820) | $ | — | $ | 27,321 | |||||||||||||||
Assisted Living and Memory Care | 605,469 | (48,817) | (556,652) | — | |||||||||||||||||||
Total | $ | 633,610 | $ | (49,637) | $ | (556,652) | $ | 27,321 | |||||||||||||||
December 31, 2020 | |||||||||||||||||||||||
(in thousands) | Gross Carrying Amount | Dispositions and Other Reductions | Accumulated Impairment | Net | |||||||||||||||||||
Independent Living | $ | 28,141 | $ | (820) | $ | — | $ | 27,321 | |||||||||||||||
Assisted Living and Memory Care | 605,469 | (48,817) | (556,652) | — | |||||||||||||||||||
Health Care Services | 126,810 | — | — | 126,810 | |||||||||||||||||||
Total | $ | 760,420 | $ | (49,637) | $ | (556,652) | $ | 154,131 | |||||||||||||||
December 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Fixed mortgage notes payable due 2023 through 2047; weighted average interest rate of 4.14% and 4.18% as of December 31, 2021 and 2020, respectively. | $ | 2,164,115 | $ | 2,366,996 | |||||||
Variable mortgage notes payable due 2022 through 2030; weighted average interest rate of 2.44% and 2.49% as of December 31, 2021 and 2020, respectively. | 1,476,943 | 1,529,935 | |||||||||
Convertible notes payable due October 2026; weighted average interest rate of 2.00% as of December 31, 2021. | 230,000 | — | |||||||||
Other notes payable; weighted average interest rate of 8.98% as of December 31, 2020. | — | 46,557 | |||||||||
Deferred financing costs, net | (29,846) | (27,500) | |||||||||
Total long-term debt | 3,841,212 | 3,915,988 | |||||||||
Current portion | 63,125 | 68,885 | |||||||||
Total long-term debt, less current portion | $ | 3,778,087 | $ | 3,847,103 |
Year Ending December 31, | Long-term Debt | Weighted Rate | ||||||
2022 | $ | 68,609 | 3.54 | % | ||||
2023 | 234,453 | 3.49 | % | |||||
2024 | 304,294 | 4.29 | % | |||||
2025 | 348,044 | 2.81 | % | |||||
2026 | 309,269 | 2.38 | % | |||||
Thereafter | 2,606,389 | 3.43 | % | |||||
Total obligations | 3,871,058 | 3.37 | % | |||||
Less amount representing deferred financing costs, net | (29,846) | |||||||
Total | $ | 3,841,212 |
Years Ended December 31, | |||||||||||||||||
Operating Leases (in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Facility operating expense | $ | 12,606 | $ | 19,241 | $ | 18,677 | |||||||||||
Facility lease expense | 174,358 | 224,033 | 269,666 | ||||||||||||||
Operating lease expense | 186,964 | 243,274 | 288,343 | ||||||||||||||
Operating lease expense adjustment (1) | 23,280 | 136,276 | 19,453 | ||||||||||||||
Changes in operating lease assets and liabilities for lessor capital expenditure reimbursements | (30,965) | (22,242) | (31,305) | ||||||||||||||
Operating net cash outflows from operating leases | $ | 179,279 | $ | 357,308 | $ | 276,491 | |||||||||||
Years Ended December 31, | |||||||||||||||||
Financing Leases (in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Depreciation and amortization | $ | 30,542 | $ | 32,647 | $ | 46,646 | |||||||||||
Interest expense: financing lease obligations | 46,282 | 48,534 | 66,353 | ||||||||||||||
Financing lease expense | $ | 76,824 | $ | 81,181 | $ | 112,999 | |||||||||||
Operating cash outflows from financing leases | $ | 46,282 | $ | 48,534 | $ | 66,353 | |||||||||||
Financing cash outflows from financing leases | 19,874 | 18,867 | 22,242 | ||||||||||||||
Changes in financing lease assets and liabilities for lessor capital expenditure reimbursement | (11,135) | (5,603) | (3,504) | ||||||||||||||
Total net cash outflows from financing leases | $ | 55,021 | $ | 61,798 | $ | 85,091 | |||||||||||
Year Ending December 31, | Operating Leases | Financing Leases | |||||||||
2022 | $ | 204,702 | $ | 68,101 | |||||||
2023 | 193,070 | 68,840 | |||||||||
2024 | 193,796 | 70,044 | |||||||||
2025 | 191,439 | 59,413 | |||||||||
2026 | 76,228 | 60,659 | |||||||||
Thereafter | 206,388 | 52,881 | |||||||||
Total lease payments | 1,065,623 | 379,938 | |||||||||
Purchase option liability and non-cash gain on future sale of property | — | 418,542 | |||||||||
Imputed interest and variable lease payments | (235,105) | (244,193) | |||||||||
Total lease obligations | $ | 830,518 | $ | 554,287 |
As of December 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Salaries and wages | $ | 60,601 | $ | 65,310 | |||||||
Insurance reserves | 55,309 | 64,633 | |||||||||
Deferred payroll taxes (Note 3) | 31,553 | 36,336 | |||||||||
Paid time off | 26,821 | 37,848 | |||||||||
Real estate taxes | 25,826 | 25,495 | |||||||||
Interest | 11,239 | 11,453 | |||||||||
Utilities | 7,430 | 7,507 | |||||||||
Taxes payable | 1,978 | 3,806 | |||||||||
Other | 34,074 | 35,463 | |||||||||
Total | $ | 254,831 | $ | 287,851 |
(in thousands, except value per share and unit) | Number of Restricted Stock Units and Stock Awards | Weighted Average Grant Date Fair Value | |||||||||
Outstanding on January 1, 2019 | 5,756 | $ | 11.78 | ||||||||
Granted | 4,381 | 7.81 | |||||||||
Vested | (1,571) | 13.71 | |||||||||
Cancelled/forfeited | (1,314) | 11.18 | |||||||||
Outstanding on December 31, 2019 | 7,252 | 9.08 | |||||||||
Granted | 4,603 | 6.92 | |||||||||
Vested | (2,073) | 10.19 | |||||||||
Cancelled/forfeited | (1,277) | 8.83 | |||||||||
Outstanding on December 31, 2020 | 8,505 | 7.68 | |||||||||
Granted | 1,998 | 5.12 | |||||||||
Vested | (2,641) | 8.40 | |||||||||
Cancelled/forfeited | (2,851) | 6.77 | |||||||||
Outstanding on December 31, 2021 | 5,011 | 6.80 |
(in thousands, except for 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 September 30, 2021 | 3 | $ | 7.76 | $ | 22 | ||||||||||||
Three months ended December 31, 2021 | 14 | $ | 6.69 | $ | 97 |
Years Ended December 31, | |||||||||||||||||
(in thousands, except for per share amounts) | 2021 | 2020 | 2019 | ||||||||||||||
Income attributable to common stockholders: | |||||||||||||||||
Net income (loss) | $ | (99,290) | $ | 82,019 | $ | (267,931) | |||||||||||
Weighted average shares outstanding - basic | 184,975 | 183,498 | 185,907 | ||||||||||||||
Effect of dilutive securities | — | 888 | — | ||||||||||||||
Weighted average shares outstanding - diluted | 184,975 | 184,386 | 185,907 | ||||||||||||||
Net income (loss) per share attributable to common stockholders - basic | $ | (0.54) | $ | 0.45 | $ | (1.44) | |||||||||||
Net income (loss) per share attributable to common stockholders - diluted | $ | (0.54) | $ | 0.44 | $ | (1.44) |
As of December 31, | |||||||||||||||||
(in millions) | 2021(1) | 2020 | 2019(1) | ||||||||||||||
Non-performance-based restricted stock and restricted stock units | 4.7 | 6.8 | 6.4 | ||||||||||||||
Performance-based restricted stock and restricted stock units | 0.3 | 1.6 | 1.1 | ||||||||||||||
Warrant | 16.3 | — | — | ||||||||||||||
Notes | 38.3 | — | — | ||||||||||||||
Total | 59.6 | 8.4 | 7.5 |
For the Years Ended December 31, | |||||||||||
(amounts in thousands, except per share amounts) | 2020 | 2019 | |||||||||
Total number of shares repurchased | 3,063 | 3,005 | |||||||||
Average price paid per share | $ | 5.92 | $ | 6.56 | |||||||
Aggregate purchase price | $ | 18,123 | $ | 19,710 |
For the Years Ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Federal: | |||||||||||||||||
Current | $ | 161 | $ | 55 | $ | 64 | |||||||||||
Deferred | 9,837 | 5,840 | 2,654 | ||||||||||||||
Total federal | 9,998 | 5,895 | 2,718 | ||||||||||||||
State: | |||||||||||||||||
Current | (1,835) | (11,247) | (449) | ||||||||||||||
Deferred (included in federal above) | — | — | — | ||||||||||||||
Total state | (1,835) | (11,247) | (449) | ||||||||||||||
Total | $ | 8,163 | $ | (5,352) | $ | 2,269 |
For the Years Ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Tax benefit (provision) at U.S. statutory rate | $ | 22,565 | $ | (18,348) | $ | 56,742 | |||||||||||
State taxes, net of federal income tax | 7,673 | (11,909) | 10,423 | ||||||||||||||
Valuation allowance | 13,027 | 27,913 | (60,376) | ||||||||||||||
Goodwill derecognition | (31,829) | — | — | ||||||||||||||
Stock compensation | (1,856) | (2,118) | (2,639) | ||||||||||||||
Officer compensation | (1,107) | (280) | (204) | ||||||||||||||
Meals and entertainment | (146) | (169) | (416) | ||||||||||||||
Other | (164) | (441) | (1,261) | ||||||||||||||
Total | $ | 8,163 | $ | (5,352) | $ | 2,269 |
As of December 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Deferred income tax assets: | |||||||||||
Operating loss carryforwards | $ | 281,384 | $ | 237,728 | |||||||
Operating lease obligations | 208,460 | 322,122 | |||||||||
Financing lease obligations | 87,992 | 90,011 | |||||||||
Accrued expenses | 56,151 | 96,410 | |||||||||
Intangible assets | 50,576 | 60,069 | |||||||||
Tax credits | 50,415 | 50,356 | |||||||||
Investment in unconsolidated ventures | — | 5,105 | |||||||||
Capital loss carryforward | 2,205 | 2,263 | |||||||||
Other | 6,450 | 8,561 | |||||||||
Total gross deferred income tax asset | 743,633 | 872,625 | |||||||||
Valuation allowance | (367,963) | (380,990) | |||||||||
Net deferred income tax assets | 375,670 | 491,635 | |||||||||
Deferred income tax liabilities: | |||||||||||
Property, plant and equipment | (202,103) | (223,703) | |||||||||
Operating lease right-of-use assets | (158,237) | (277,489) | |||||||||
Investment in unconsolidated ventures | (15,051) | — | |||||||||
Total gross deferred income tax liability | (375,391) | (501,192) | |||||||||
Net deferred tax asset (liability) | $ | 279 | $ | (9,557) |
For the Years Ended December 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Balance at beginning of period | $ | 18,385 | $ | 18,326 | |||||||
Additions for tax positions related to the current year | — | — | |||||||||
Additions (reductions) for tax positions related to prior years | (296) | 59 | |||||||||
Balance at end of period | $ | 18,089 | $ | 18,385 |
(in thousands) | For the Years Ended December 31, | ||||||||||||||||
Supplemental Disclosure of Cash Flow Information: | 2021 | 2020 | 2019 | ||||||||||||||
Interest paid | $ | 188,791 | $ | 204,696 | $ | 244,469 | |||||||||||
Income taxes paid, net of refunds | $ | 5,923 | $ | 8,878 | $ | 1,534 | |||||||||||
Capital expenditures, net of related payables: | |||||||||||||||||
Capital expenditures - non-development, net | $ | 137,410 | $ | 139,592 | $ | 235,797 | |||||||||||
Capital expenditures - development, net | 3,208 | 13,667 | 24,595 | ||||||||||||||
Capital expenditures - non-development - reimbursable | 42,100 | 27,846 | 34,809 | ||||||||||||||
Trade accounts payable | (6,061) | 4,766 | 8,891 | ||||||||||||||
Net cash paid | $ | 176,657 | $ | 185,871 | $ | 304,092 | |||||||||||
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 | $ | — | |||||||||||
Master Agreement with Ventas: | |||||||||||||||||
Property, plant and equipment and leasehold intangibles, net | $ | — | $ | (66,444) | $ | — | |||||||||||
Operating lease right-of-use assets | — | (153,213) | — | ||||||||||||||
Other assets, net | — | (42,354) | — | ||||||||||||||
Long-term debt | — | 34,053 | — | ||||||||||||||
Financing lease obligations | — | 7,077 | — | ||||||||||||||
Operating lease obligations | — | 362,944 | — | ||||||||||||||
Additional paid-in-capital | — | (22,883) | — | ||||||||||||||
Net cash paid | $ | — | $ | 119,180 | $ | — | |||||||||||
Proceeds from HCS Sale, net: | |||||||||||||||||
Accounts receivable, net | $ | (57,582) | $ | — | $ | — | |||||||||||
Property, plant and equipment and leasehold intangibles, net | (1,806) | — | — | ||||||||||||||
Operating lease right-of-use assets | (8,145) | — | — | ||||||||||||||
Investments in unconsolidated ventures | 100,000 | — | — | ||||||||||||||
Goodwill | (126,810) | — | — | ||||||||||||||
Prepaid expenses and other assets, net | (32,963) | — | — | ||||||||||||||
Trade accounts payable | 1,387 | — | — | ||||||||||||||
Accrued expenses | 25,226 | — | — | ||||||||||||||
Refundable fees and deferred revenue | 57,314 | — | — | ||||||||||||||
Operating lease obligations | 8,145 | — | — | ||||||||||||||
Other liabilities | 9,165 | — | — | ||||||||||||||
Loss (gain) on sale of assets, net | (286,489) | — | — | ||||||||||||||
Net cash received | $ | (312,558) | $ | — | $ | — | |||||||||||
Acquisition of other assets, net of related payables and cash received: | |||||||||||||||||
Property, plant and equipment and leasehold intangibles, net | $ | — | $ | 684 | $ | 44 | |||||||||||
Other intangible assets, net | — | — | 453 | ||||||||||||||
Financing lease obligations | — | 64,260 | — | ||||||||||||||
Net cash paid | $ | — | $ | 64,944 | $ | 497 | |||||||||||
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) | $ | — | |||||||||||
Proceeds from sale of other assets, net: | |||||||||||||||||
Prepaid expenses and other assets, net | $ | (1,983) | $ | (1,318) | $ | (4,422) | |||||||||||
Assets held for sale | (16,166) | (34,348) | (79,054) | ||||||||||||||
Property, plant and equipment and leasehold intangibles, net | (878) | (938) | (379) | ||||||||||||||
Investments in unconsolidated ventures | — | — | (156) | ||||||||||||||
Other liabilities | (75) | (786) | (1,479) | ||||||||||||||
Loss (gain) on sale of assets, net | (2,346) | (4,701) | (7,245) | ||||||||||||||
Net cash received | $ | (21,448) | $ | (42,091) | $ | (92,735) | |||||||||||
Supplemental Schedule of Non-cash Operating, Investing and Financing Activities: | |||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Assets designated as held for sale: | |||||||||||||||||
Assets held for sale | $ | 3,612 | $ | 7,935 | $ | 28,608 | |||||||||||
Property, plant and equipment and leasehold intangibles, net | (3,612) | (7,935) | (28,608) | ||||||||||||||
Net | $ | — | $ | — | $ | — | |||||||||||
Healthpeak master lease modification: | |||||||||||||||||
Property, plant and equipment and leasehold intangibles, net | $ | — | $ | (57,462) | $ | — | |||||||||||
Operating lease right-of-use assets | — | 88,044 | — | ||||||||||||||
Financing lease obligations | — | 70,874 | — | ||||||||||||||
Operating lease obligations | — | (101,456) | — | ||||||||||||||
Net | $ | — | $ | — | $ | — | |||||||||||
Other non-cash lease transactions, net: | |||||||||||||||||
Prepaid expenses and other assets, net | $ | — | $ | — | $ | (636) | |||||||||||
Property, plant and equipment and leasehold intangibles, net | 4,056 | 10,707 | (1,963) | ||||||||||||||
Operating lease right-of-use assets | 17,197 | (7,941) | 18,148 | ||||||||||||||
Operating lease obligations | (17,197) | 15,126 | (18,206) | ||||||||||||||
Financing lease obligations | (4,056) | (15,483) | — | ||||||||||||||
Other liabilities | — | (77) | (731) | ||||||||||||||
Loss (gain) on facility operating lease termination, net | — | (2,332) | 3,388 | ||||||||||||||
Net | $ | — | $ | — | $ | — |
December 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Current: | |||||||||||
Real estate tax and property insurance escrows | $ | 16,272 | $ | 17,465 | |||||||
Replacement reserve escrows | 9,756 | 9,465 | |||||||||
Resident deposits | 93 | 253 | |||||||||
Other | 724 | 876 | |||||||||
Subtotal | 26,845 | 28,059 | |||||||||
Long term: | |||||||||||
Insurance deposits | 30,932 | 21,903 | |||||||||
Debt service reserve | 18,053 | 17,784 | |||||||||
CCRCs escrows | 15,346 | 15,329 | |||||||||
Letters of credit collateral | 107 | 1,653 | |||||||||
Subtotal | 64,438 | 56,669 | |||||||||
Total | $ | 91,283 | $ | 84,728 |
December 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Reconciliation of cash, cash equivalents, and restricted cash: | |||||||||||
Cash and cash equivalents | $ | 347,031 | $ | 380,420 | |||||||
Restricted cash | 26,845 | 28,059 | |||||||||
Long-term restricted cash | 64,438 | 56,669 | |||||||||
Total cash, cash equivalents, and restricted cash | $ | 438,314 | $ | 465,148 |
For the Years Ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Revenue and other operating income: | |||||||||||||||||
Independent Living (1)(2) | $ | 477,050 | $ | 524,421 | $ | 544,558 | |||||||||||
Assisted Living and Memory Care (1)(2) | 1,595,684 | 1,753,861 | 1,815,938 | ||||||||||||||
CCRCs (1)(2) | 306,213 | 340,337 | 402,175 | ||||||||||||||
All Other (3) | 202,043 | 531,879 | 847,157 | ||||||||||||||
Health Care Services (1)(2) | 177,269 | 389,697 | 447,260 | ||||||||||||||
Total revenue and other operating income | $ | 2,758,259 | $ | 3,540,195 | $ | 4,057,088 | |||||||||||
Segment operating income:(4) | |||||||||||||||||
Independent Living | $ | 146,108 | $ | 182,813 | $ | 203,741 | |||||||||||
Assisted Living and Memory Care | 294,320 | 428,601 | 518,636 | ||||||||||||||
CCRCs | 34,109 | 53,180 | 72,072 | ||||||||||||||
All Other | 20,598 | 130,690 | 57,108 | ||||||||||||||
Health Care Services | 5,816 | 1,863 | 24,987 | ||||||||||||||
Total segment operating income | 500,951 | 797,147 | 876,544 | ||||||||||||||
General and administrative expense (including non-cash stock-based compensation expense) | 184,916 | 206,575 | 219,289 | ||||||||||||||
Facility operating lease expense: | |||||||||||||||||
Independent Living | 42,162 | 60,445 | 81,680 | ||||||||||||||
Assisted Living and Memory Care | 111,117 | 137,900 | 157,823 | ||||||||||||||
CCRCs | 15,932 | 20,406 | 24,248 | ||||||||||||||
Corporate and All Other | 5,147 | 5,282 | 5,915 |
As of December 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Total assets: | |||||||||||
Independent Living | $ | 1,349,341 | $ | 1,419,838 | |||||||
Assisted Living and Memory Care | 3,601,144 | 3,787,611 | |||||||||
CCRCs | 693,386 | 738,121 | |||||||||
Corporate and All Other | 766,596 | 723,010 | |||||||||
Health Care Services | — | 233,178 | |||||||||
Total assets | $ | 6,410,467 | $ | 6,901,758 |
For the Years Ended December 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Independent Living | 1,512 | $ | 11,823 | ||||||||
Assisted Living and Memory Care | 5,963 | 62,585 | |||||||||
CCRCs | 1,788 | 18,454 | |||||||||
Health Care Services | 3,105 | 22,887 | |||||||||
Total other operating income | $ | 12,368 | $ | 115,749 | |||||||
Additions | ||||||||||||||||||||||||||||||||
Description | Balance at beginning of period | Charged to costs and expenses | Charged to other accounts | Deductions | Balance at end of period | |||||||||||||||||||||||||||
Deferred Tax Valuation Allowance: | ||||||||||||||||||||||||||||||||
Year ended December 31, 2019 | $ | 336,417 | $ | 60,376 | (1) | $ | 13,790 | (2) | $ | (1,680) | $ | 408,903 | ||||||||||||||||||||
Year ended December 31, 2020 | $ | 408,903 | $ | (27,913) | (3) | $ | — | $ | — | $ | 380,990 | |||||||||||||||||||||
Year ended December 31, 2021 | $ | 380,990 | $ | (13,027) | (4) | $ | — | $ | — | $ | 367,963 |
Number of securities to be issued upon exercise of outstanding options, warrants, and rights | Weighted average exercise price of outstanding options, warrants, and rights | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) | ||||||||||||||||||
Plan category | (a) (1) | (b) | (c) | |||||||||||||||||
Equity compensation plans approved by security holders (2) | $ | 3,591,609 | $ | — | $ | 9,915,422 | ||||||||||||||
Equity compensation plans not approved by security holders (3) | — | — | 35,936 | |||||||||||||||||
Total | $ | 3,591,609 | — | $ | 9,951,358 |
10.1.3 | Amended and Restated Guaranty dated as of July 26, 2020 by and among the Company as Guarantor, certain subsidiaries of the Company as Tenant, and Ventas and certain of its subsidiaries (incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q filed on August 10, 2020 (File No. 001-32641)).†† | |||||||
10.1.4 | ||||||||
10.1.5 | ||||||||
10.1.6 | ||||||||
10.1.7 | ||||||||
10.2 | ||||||||
10.3 | ||||||||
10.4.1 | ||||||||
10.4.2 | ||||||||
10.4.3 | ||||||||
10.5 | ||||||||
10.6 | ||||||||
10.7 | ||||||||
10.8 | ||||||||
10.9 | ||||||||
10.10 |
10.11 | ||||||||
10.12 | ||||||||
10.13 | ||||||||
10.14 | ||||||||
10.15 | ||||||||
10.16 | ||||||||
10.17 | ||||||||
10.18 | ||||||||
10.19 | ||||||||
10.20 | ||||||||
21 | ||||||||
23 | ||||||||
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 Annual Report on Form 10-K for the year ended December 31, 2021, formatted in Inline XBRL (included in Exhibit 101). |
BROOKDALE SENIOR LIVING INC. | |||||||||||
By: | /s/ Lucinda M. Baier | ||||||||||
Name: | Lucinda M. Baier | ||||||||||
Title: | President and Chief Executive Officer | ||||||||||
Date: | February 15, 2022 |
Signature | Title | Date | ||||||||||||
/s/ Guy P. Sansone | Non-Executive Chairman of the Board | February 15, 2022 | ||||||||||||
Guy P. Sansone | ||||||||||||||
/s/ Lucinda M. Baier | President, Chief Executive Officer and Director | February 15, 2022 | ||||||||||||
Lucinda M. Baier | (Principal Executive Officer) | |||||||||||||
/s/ Steven E. Swain | Executive Vice President and Chief Financial Officer | February 15, 2022 | ||||||||||||
Steven E. Swain | (Principal Financial Officer) | |||||||||||||
/s/ Dawn L. Kussow | Senior Vice President and Chief Accounting Officer | February 15, 2022 | ||||||||||||
Dawn L. Kussow | (Principal Accounting Officer) | |||||||||||||
/s/ Jordan R. Asher | Director | February 15, 2022 | ||||||||||||
Jordan R. Asher | ||||||||||||||
/s/ Marcus E. Bromley | Director | February 15, 2022 | ||||||||||||
Marcus E. Bromley | ||||||||||||||
/s/ Frank M. Bumstead | Director | February 15, 2022 | ||||||||||||
Frank M. Bumstead | ||||||||||||||
/s/ Victoria L. Freed | Director | February 15, 2022 | ||||||||||||
Victoria L. Freed | ||||||||||||||
/s/ Rita Johnson-Mills | Director | February 15, 2022 | ||||||||||||
Rita Johnson-Mills | ||||||||||||||
/s/ Denise W. Warren | Director | February 15, 2022 | ||||||||||||
Denise W. Warren | ||||||||||||||
/s/ Lee S. Wielansky | Director | February 15, 2022 | ||||||||||||
Lee S. Wielansky |
Section 1. Purpose of the Policy | |||||
Section 2. Eligible Employees | |||||
Section 3. Definitions | |||||
Section 4. Severance Pay and Severance Benefits | |||||
Section 5. Payment of Severance Pay and Severance Benefits | |||||
Section 6. Section 409A | |||||
Section 7. Waiver and Release | |||||
Section 8. Restrictive Covenants | |||||
Section 9. Policy Administration | |||||
Section 10. Claims Procedure | |||||
Section 11. Long-Term Incentive Awards | |||||
Section 12. 280G | |||||
Section 13. No Assignment | |||||
Section 14. No Employment Rights | |||||
Section 15. Policy Funding | |||||
Section 16. Survival of Policy Upon a Change in Control | |||||
Section 17. Applicable Law | |||||
Section 18. Severability | |||||
Section 19. Policy Year | |||||
Section 20. Amendment/Termination of Policy | |||||
Section 21. Recovery of Payments Made by Mistake | |||||
Section 22. Representations Contrary to the Policy | |||||
Section 23. ERISA | |||||
Section 24. Cooperation | |||||
Section 25. Miscellaneous Provisions | |||||
Section 26. No Duplication of Severance Pay or Benefits; Effect on Certain Prior Agreements |
Subsidiary | Jurisdiction of Incorporation or Formation | ||||
Abingdon Place of Gastonia Limited Partnership | NC | ||||
AH Battery Park Owner, LLC | DE | ||||
AH Illinois Huntley Member, LLC | OH | ||||
AH Illinois Huntley Owner, LLC | OH | ||||
AH Illinois Owner, LLC | DE | ||||
AH North Carolina Owner, LLC | DE | ||||
AH Ohio Columbus Owner, LLC | DE | ||||
AH Pennsylvania Owner, LP | OH | ||||
AH Texas CGP, Inc. | OH | ||||
AH Texas Owner Limited Partnership SL | OH | ||||
AHC ALS FM Holding Company, LLC | DE | ||||
AHC Bayside, Inc. | DE | ||||
AHC Exchange Corporation | DE | ||||
AHC Florham Park, LLC | DE | ||||
AHC Kansas II, Inc. | DE | ||||
AHC Monroe Township, LLC | DE | ||||
AHC PHN I, Inc. | DE | ||||
AHC Properties, Inc. | DE | ||||
AHC Purchaser, Inc. | DE | ||||
AHC Purchaser Parent, LLC | DE | ||||
AHC Richland Hills, LLC | DE | ||||
AHC Shoreline, LLC | DE | ||||
AHC Southland Lakeland, LLC | DE | ||||
AHC Southland Melbourne, LLC | FL | ||||
AHC Southland Ormond Beach, LLC | DE | ||||
AHC Sterling House of Brighton, LLC | DE | ||||
AHC Sterling House of Corsicana, LLC | DE | ||||
AHC Sterling House of Greenville, LLC | DE | ||||
AHC Sterling House of Harbison, LLC | DE | ||||
AHC Sterling House of Jacksonville, LLC | DE | ||||
AHC Sterling House of Lewisville, LLC | DE | ||||
AHC Sterling House of Mansfield, LLC | DE | ||||
AHC Sterling House of Newark, LLC | DE | ||||
AHC Sterling House of Panama City, LLC | DE | ||||
AHC Sterling House of Port Charlotte, LLC | DE | ||||
AHC Sterling House of Punta Gorda, LLC | DE | ||||
AHC Sterling House of Venice, LLC | DE | ||||
AHC Sterling House of Weatherford, LLC | DE | ||||
AHC Trailside, LLC | DE |
AHC Villas of Albany Residential, LLC | DE | ||||
AHC Villas of the Atrium, LLC | DE | ||||
AHC Villas Wynwood of Courtyard Albany, LLC | DE | ||||
AHC Villas Wynwood of River Place, LLC | DE | ||||
AHC Wynwood of Rogue Valley, LLC | DE | ||||
Alabama Somerby, LLC | DE | ||||
ALS Clare Bridge, Inc. | DE | ||||
ALS Holdings, Inc. | DE | ||||
ALS Kansas, Inc. | DE | ||||
ALS Leasing, Inc. | DE | ||||
ALS National, Inc. | DE | ||||
ALS National SPE I, Inc. | DE | ||||
ALS North America, Inc. | DE | ||||
ALS Properties Holding Company, LLC | DE | ||||
ALS Properties Tenant I, LLC | DE | ||||
ALS Properties Tenant II, LLC | DE | ||||
ALS Stonefield, Inc. | DE | ||||
ALS Venture II, Inc. | DE | ||||
ALS Wisconsin Holdings, Inc. | DE | ||||
ALS Wovenhearts, Inc. | DE | ||||
Alternative Living Services Home Care, Inc. | NY | ||||
Alternative Living Services New York, Inc. | DE | ||||
American Retirement Corporation | TN | ||||
ARC Aurora, LLC | TN | ||||
ARC Bahia Oaks, Inc. | TN | ||||
ARC Bay Pines, Inc. | TN | ||||
ARC Belmont, LLC | TN | ||||
ARC Boca Raton, Inc. | TN | ||||
ARC Boynton Beach, LLC | TN | ||||
ARC Brookmont Terrace, Inc. | TN | ||||
ARC Carriage Club of Jacksonville, Inc. | TN | ||||
ARC Cleveland Park, LLC | TN | ||||
ARC Corpus Christi, LLC | TN | ||||
ARC Countryside, LLC | TN | ||||
ARC Deane Hill, LLC | TN | ||||
ARC Delray Beach, LLC | TN | ||||
ARC Epic Holding Company, Inc. | TN | ||||
ARC Epic OpCo Holding Company, Inc. | DE | ||||
ARC FM Holding Company, LLC | DE | ||||
ARC Fort Austin Properties, LLC | TN | ||||
ARC Freedom, LLC | TN | ||||
ARC Freedom Square Management, Inc. | TN | ||||
ARC Greenwood Village, Inc. | TN |
ARC Hampton Post Oak, Inc. | TN | ||||
ARC Heritage Club, Inc. | TN | ||||
ARC Holland, Inc. | TN | ||||
ARC Holley Court, LLC | TN | ||||
ARC Holley Court Management, Inc. | TN | ||||
ARC Homewood Corpus Christi, LLC | DE | ||||
ARC Homewood Victoria, Inc. | TN | ||||
ARC Lakeway ALF Holding Company, LLC | DE | ||||
ARC Lakeway SNF, LLC | TN | ||||
ARC Lakewood, LLC | TN | ||||
ARCLP Holdings, LLC | TN | ||||
ARC Management Corporation | TN | ||||
ARC Management, LLC | TN | ||||
ARC Naples, LLC | TN | ||||
ARC North Chandler, LLC | TN | ||||
ARC Oakhurst, Inc. | TN | ||||
ARC Parklane, Inc. | TN | ||||
ARC Partners II, Inc. | TN | ||||
ARC Pearland, LP | TN | ||||
ARC Pecan Park, LP | TN | ||||
ARC Pecan Park Padgett, Inc. | TN | ||||
ARC Peoria II, Inc. | TN | ||||
ARC Peoria, LLC | TN | ||||
ARC Pinegate, LP | TN | ||||
ARC Post Oak, LP | TN | ||||
ARC Richmond Heights, LLC | TN | ||||
ARC Richmond Heights SNF, LLC | TN | ||||
ARC Rossmoor, Inc. | TN | ||||
ARC Santa Catalina, Inc. | TN | ||||
ARC SCC, Inc. | TN | ||||
ARC Scottsdale, LLC | TN | ||||
ARC Shadowlake, LP | TN | ||||
ARC Shavano, LP | TN | ||||
ARC Shavano Park, Inc. | TN | ||||
ARC Somerby Holdings, LLC | TN | ||||
ARC Spring Shadow, LP | TN | ||||
ARC Sweet Life Rosehill, LLC | TN | ||||
ARC Sweet Life Shawnee, LLC | TN | ||||
ARC Tarpon Springs, Inc. | TN | ||||
ARC Tennessee GP, Inc. | TN | ||||
ARC Victoria, LP | TN | ||||
ARC Westlake Village, Inc. | TN | ||||
ARC Westlake Village SNF, LLC | DE |
ARC Westover Hills, LP | TN | ||||
ARC Willowbrook, LLC | TN | ||||
ARC Wilora Assisted Living, LLC | TN | ||||
ARC Wilora Lake, Inc. | TN | ||||
ARCLP Charlotte, LLC | TN | ||||
ARCPI Holdings, Inc. | DE | ||||
Asheville Manor, LP | NC | ||||
Assisted Living Properties, Inc. | KS | ||||
Batus, LLC | DE | ||||
BKD Adrian PropCo, LLC | DE | ||||
BKD AGC, Inc. | DE | ||||
BKD Alabama Operator, LLC | DE | ||||
BKD Alabama SNF, LLC | DE | ||||
BKD Altamonte Springs, LLC | DE | ||||
BKD Apache Junction Operator, LLC | DE | ||||
BKD Apache Junction PropCo, LLC | DE | ||||
BKD Arbors of Santa Rosa, LLC | DE | ||||
BKD Archer 10, LLC | DE | ||||
BKD Archer 3, LLC | DE | ||||
BKD Archer 4, LLC | DE | ||||
BKD Archer 5, LLC | DE | ||||
BKD Archer 6, LLC | DE | ||||
BKD Archer 7, LLC | DE | ||||
BKD Archer 8, LLC | DE | ||||
BKD Archer 9, LLC | DE | ||||
BKD Ballwin, LLC | DE | ||||
BKD Belle Meade, LLC | DE | ||||
BKD Bossier City Operator, LLC | DE | ||||
BKD Bossier City Propco, LLC | DE | ||||
BKD BRE Knight Member Holding, LLC | DE | ||||
BKD BRE Knight Member, LLC | DE | ||||
BKD Brentwood at Niles, LLC | DE | ||||
BKD Brookdale Marketplace, LLC | DE | ||||
BKD Brookdale Place of Brookfield, LLC | DE | ||||
BKD Brookfield Opco, LLC | DE | ||||
BKD Carrollton Operator, LLC | DE | ||||
BKD Carrollton Propco, LLC | DE | ||||
BKD CCRC OpCo HoldCo Member, LLC | DE | ||||
BKD CCRC PropCo HoldCo Member, LLC | DE | ||||
BKD Chambrel Holding, LLC | DE | ||||
BKD Chandler Operator, LLC | DE | ||||
BKD Chandler PropCo, LLC | DE | ||||
BKD Charleston South Carolina, LLC | DE |
BKD Clare Bridge and Sterling House of Battle Creek, LLC | DE | ||||
BKD Clare Bridge of Beaverton, LLC | DE | ||||
BKD Clare Bridge of Bend, LLC | DE | ||||
BKD Clare Bridge of Brookfield, LLC | DE | ||||
BKD Clare Bridge of Dublin, LLC | DE | ||||
BKD Clare Bridge of Meridian, LLC | DE | ||||
BKD Clare Bridge of Oklahoma City SW, LLC | DE | ||||
BKD Clare Bridge of Olympia, LLC | DE | ||||
BKD Clare Bridge of Spokane, LLC | DE | ||||
BKD Clare Bridge of Troutdale, LLC | DE | ||||
BKD Clare Bridge of Wichita, LLC | DE | ||||
BKD Clare Bridge Place Brookfield, LLC | DE | ||||
BKD College Place, LLC | DE | ||||
BKD Conway SC, LLC | DE | ||||
BKD Corona, LLC | DE | ||||
BKD Cortona Park, LLC | DE | ||||
BKD Emeritus EI, LLC | DE | ||||
BKD Employee Services RIDEA 49, LLC | DE | ||||
BKD Englewood Colorado, LLC | DE | ||||
BKD Finance Holdco, LLC | DE | ||||
BKD FM Holding Company, LLC | DE | ||||
BKD FM Nine Holdings, LLC | DE | ||||
BKD FM PNC Holding Company I, LLC | DE | ||||
BKD FM PNC Holding Company II, LLC | DE | ||||
BKD FM PNC Holding Company III, LLC | DE | ||||
BKD FM21 Holdings I, LLC | DE | ||||
BKD FM21 Holdings II, LLC | DE | ||||
BKD FM21 Holdings III, LLC | DE | ||||
BKD FM7 HoldCo CA, LLC | DE | ||||
BKD FM7 HoldCo MI CO, LLC | DE | ||||
BKD FM7 HoldCo VA, LLC | DE | ||||
BKD Folsom, LLC | DE | ||||
BKD Franklin, LLC | DE | ||||
BKD Freedom Plaza Arizona Peoria, LLC | DE | ||||
BKD Gaines Ranch, LLC | DE | ||||
BKD Gallatin, LLC | DE | ||||
BKD Gardens Tarzana Propco, LLC | DE | ||||
BKD GC FM Holdings, LLC | DE | ||||
BKD Germantown, LLC | DE | ||||
BKD Goodlettsville PropCo, LLC | DE | ||||
BKD GV Investor, LLC | DE | ||||
BKD Hamilton Wolfe San Antonio, LLC | DE | ||||
BKD Harrisburg Opco, LLC | DE |
BKD Hartwell, LLC | DE | ||||
BKD HB Acquisition Sub, Inc. | DE | ||||
BKD HCR Master Lease 3 Tenant, LLC | DE | ||||
BKD Hillside Holdco, LLC | DE | ||||
BKD Hillside, LLC | DE | ||||
BKD Hillside Opco, LLC | DE | ||||
BKD Homewood Corpus Christi Propco, LLC | DE | ||||
BKD Horsham, LLC | DE | ||||
BKD Illinois Retail, LLC | DE | ||||
BKD Island Lake Holdings, LLC | DE | ||||
BKD Island Lake, LLC | DE | ||||
BKD Jones Farm, LLC | DE | ||||
BKD Kettleman Lane, LLC | DE | ||||
BKD Kingsport, LLC | DE | ||||
BKD Lake Orienta, LLC | DE | ||||
BKD Lawrenceville, LLC | DE | ||||
BKD Lebanon/Southfield, LLC | DE | ||||
BKD Lodi, LLC | DE | ||||
BKD Lubbock GP, LLC | DE | ||||
BKD Management Holdings FC, Inc. | DE | ||||
BKD Minnetonka Assisted Living, LLC | DE | ||||
BKD Murray, LLC | DE | ||||
BKD Nashville Office Bistro, LLC | DE | ||||
BKD New England Bay, LLC | DE | ||||
BKD Newnan, LLC | DE | ||||
BKD North Chandler, LLC | DE | ||||
BKD North Gilbert, LLC | DE | ||||
BKD North Glendale, LLC | DE | ||||
BKD Northampton OpCo, LLC | DE | ||||
BKD Northport Operator, LLC | DE | ||||
BKD Northport Propco, LLC | DE | ||||
BKD Northport Propco Member, LLC | DE | ||||
BKD Oak Park, LLC | DE | ||||
BKD Oklahoma Management, LLC | DE | ||||
BKD Ormond Beach Propco, LLC | DE | ||||
BKD Oswego, LLC | DE | ||||
BKD Owatonna, LLC | DE | ||||
BKD Palm Beach Gardens, LLC | DE | ||||
BKD Paradise Valley Propco, LLC | DE | ||||
BKD Parkplace, LLC | DE | ||||
BKD Patriot Heights, LLC | DE | ||||
BKD Pearland, LLC | DE | ||||
BKD Personal Assistance Services, LLC | DE |
BKD PHS Investor, LLC | DE | ||||
BKD Project 3 Holding Co, LLC | DE | ||||
BKD Project 3 Manager, LLC | DE | ||||
BKD Richmond Place Propco, LLC | DE | ||||
BKD River Road, LLC | DE | ||||
BKD Roanoke PropCo, LLC | DE | ||||
BKD Rome Operator, LLC | DE | ||||
BKD Rome PropCo, LLC | DE | ||||
BKD Sakonnet Bay, LLC | DE | ||||
BKD San Marcos South, LLC | DE | ||||
BKD Shadowlake, LLC | DE | ||||
BKD Sherwood Odessa, LLC | DE | ||||
BKD Shoreline, LLC | DE | ||||
BKD Skyline PropCo, LLC | DE | ||||
BKD South Bay, LLC | DE | ||||
BKD Southpaw Holdco, LLC | DE | ||||
BKD Sparks, LLC | DE | ||||
BKD Spring Shadows, LLC | DE | ||||
BKD St. Augustine, LLC | DE | ||||
BKD Sterling House of Bloomington, LLC | DE | ||||
BKD Sterling House of Bowling Green, LLC | DE | ||||
BKD Sterling House of Cedar Hill, LLC | DE | ||||
BKD Sterling House of Colorado Springs Briargate, LLC | DE | ||||
BKD Sterling House of Deland, LLC | DE | ||||
BKD Sterling House of Denton Parkway, LLC | DE | ||||
BKD Sterling House of DeSoto, LLC | DE | ||||
BKD Sterling House of Edmond, LLC | DE | ||||
BKD Sterling House of Enid, LLC | DE | ||||
BKD Sterling House of Junction City, LLC | DE | ||||
BKD Sterling House of Lawton, LLC | DE | ||||
BKD Sterling House of Loveland Orchards, LLC | DE | ||||
BKD Sterling House of Palestine, LLC | DE | ||||
BKD Sterling House of Waxahachie, LLC | DE | ||||
BKD Sterling House of West Melbourne I and II, LLC | DE | ||||
BKD Sterling House of Wichita Tallgrass, LLC | DE | ||||
BKD Tamarac Square PropCo, LLC | DE | ||||
BKD Tanque Verde, LLC | DE | ||||
BKD The Heights, LLC | DE | ||||
BKD Thirty Five OpCo, Inc. | DE | ||||
BKD Thirty Five Propco, Inc. | DE | ||||
BKD Tullahoma, LLC | DE | ||||
BKD Twenty One Management Company, Inc. | DE | ||||
BKD Twenty One Opco, Inc. | DE |
BKD Twenty One Propco, Inc. | DE | ||||
BKD University Park Holding Company, LLC | DE | ||||
BKD Vista, LLC | DE | ||||
BKD Wekiwa Springs, LLC | DE | ||||
BKD Wellington Fort Walton Beach, LLC | DE | ||||
BKD Wellington Muscle Shoals, LLC | DE | ||||
BKD West Melbourne Propco, LLC | DE | ||||
BKD Westover Hills, LLC | DE | ||||
BKD Willowbrook Propco, LLC | DE | ||||
BKD Wilsonville, LLC | DE | ||||
BKD Wooster MC, LLC | DE | ||||
BKD Wynwood of Madison West Real Estate, LLC | DE | ||||
BKD Wynwood of Richboro Northhampton, LLC | DE | ||||
BLC Acquisitions, Inc. | DE | ||||
BLC Adrian GC, LLC | DE | ||||
BLC Albuquerque GC, LLC | DE | ||||
BLC Atrium at San Jose, LLC | DE | ||||
BLC Atrium at San Jose, LP | DE | ||||
BLC Atrium Jacksonville, LLC | DE | ||||
BLC Atrium Jacksonville SNF, LLC | DE | ||||
BLC Brendenwood, LLC | DE | ||||
BLC Bristol GC, LLC | DE | ||||
BLC Brookdale Place of San Marcos, LLC | DE | ||||
BLC Brookdale Place of San Marcos, LP | DE | ||||
BLC Cedar Springs, LLC | DE | ||||
BLC Chancellor Lodi LH, LLC | DE | ||||
BLC Chancellor Murrieta LH, LLC | DE | ||||
BLC Chancellor Windsor, Inc. | DE | ||||
BLC Chancellor Windsor, LP | DE | ||||
BLC Chatfield, LLC | DE | ||||
BLC Club Hill, LLC | DE | ||||
BLC Crystal Bay, LLC | DE | ||||
BLC Dayton GC, LLC | DE | ||||
BLC Devonshire of Hoffman Estates, LLC | DE | ||||
BLC Devonshire of Lisle, LLC | DE | ||||
BLC Edina Park Plaza, LLC | DE | ||||
BLC Emerald Crossings, LLC | DE | ||||
BLC Farmington Hills GC, LLC | DE | ||||
BLC Federal Way LH, LLC | DE | ||||
BLC Federal Way, LLC | DE | ||||
BLC Finance I, LLC | DE | ||||
BLC FM Holding Company, LLC | DE | ||||
BLC Fort Myers GC, LLC | DE |
BLC Gables at Farmington, LLC | DE | ||||
BLC Gables Monrovia, Inc. | DE | ||||
BLC Gables Monrovia, LP | DE | ||||
BLC Gardens Santa Monica, Inc. | DE | ||||
BLC Gardens Santa Monica LH, LLC | DE | ||||
BLC Gardens Santa Monica, LLC | DE | ||||
BLC Gardens Tarzana Holding, LLC | DE | ||||
BLC Gardens Tarzana, Inc. | DE | ||||
BLC Gardens Tarzana, LLC | DE | ||||
BLC Gardens Tarzana, LP | DE | ||||
BLC GC Member, LLC | DE | ||||
BLC GC Texas, LP | DE | ||||
BLC GFB Member, LLC | DE | ||||
BLC Glenwood Gardens AL LH, LLC | DE | ||||
BLC Glenwood Gardens AL, LLC | DE | ||||
BLC Glenwood Gardens, Inc. | DE | ||||
BLC Glenwood Gardens SNF, Inc. | DE | ||||
BLC Glenwood Gardens SNF LH, LLC | DE | ||||
BLC Glenwood Gardens SNF, LLC | DE | ||||
BLC Hawthorne Lakes, LLC | DE | ||||
BLC Inn at the Park, Inc. | DE | ||||
BLC Inn at the Park, LLC | DE | ||||
BLC Jackson Oaks, LLC | DE | ||||
BLC Kansas City GC, LLC | DE | ||||
BLC Kenwood of Lake View, LLC | DE | ||||
BLC Las Vegas GC, LLC | DE | ||||
BLC Lexington SNF, LLC | DE | ||||
BLC Liberty FM Holding Company, LLC | DE | ||||
BLC Lodge at Paulin, Inc. | DE | ||||
BLC Lodge at Paulin, LP | DE | ||||
BLC Lubbock GC, LLC | DE | ||||
BLC Lubbock GC, LP | DE | ||||
BLC Management 3, LLC | DE | ||||
BLC Management of Texas, LLC | DE | ||||
BLC Mirage Inn, Inc. | DE | ||||
BLC Mirage Inn, LP | DE | ||||
BLC New York Holdings, Inc. | DE | ||||
BLC Nohl Ranch, Inc. | DE | ||||
BLC Nohl Ranch, LLC | DE | ||||
BLC Novi GC, LLC | DE | ||||
BLC Oak Tree Villa, Inc. | DE | ||||
BLC Oak Tree Villa, LP | DE | ||||
BLC Ocean House, Inc. | DE |
BLC Ocean House, LP | DE | ||||
BLC Overland Park GC, LLC | DE | ||||
BLC Pacific Inn, Inc. | DE | ||||
BLC Pacific Inn, LP | DE | ||||
BLC Park Place, LLC | DE | ||||
BLC Patriot Heights, LLC | DE | ||||
BLC Pennington Place, LLC | DE | ||||
BLC Phoenix GC, LLC | DE | ||||
BLC Ponce de Leon, LLC | DE | ||||
BLC River Bay Club, LLC | DE | ||||
BLC Sand Point, LLC | DE | ||||
BLC Southerland Place Germantown, LLC | DE | ||||
BLC Southerland Place Midlothian, LLC | DE | ||||
BLC Springs at East Mesa, LLC | DE | ||||
BLC Tampa GC, LLC | DE | ||||
BLC Tavares GC, LLC | DE | ||||
BLC The Berkshire of Castleton, LLC | DE | ||||
BLC The Berkshire of Castleton, LP | DE | ||||
BLC The Fairways LH, LLC | DE | ||||
BLC The Fairways, LLC | DE | ||||
BLC The Gables at Brighton, LLC | DE | ||||
BLC The Hallmark, LLC | DE | ||||
BLC The Heritage of Des Plaines, LLC | DE | ||||
BLC The Willows, LLC | DE | ||||
BLC Victorian Manor, LLC | DE | ||||
BLC Village at Skyline, LLC | DE | ||||
BLC Wellington Cleveland, LLC | DE | ||||
BLC Wellington Colonial Heights, LLC | DE | ||||
BLC Wellington FM Holding Company, LLC | DE | ||||
BLC Wellington Fort Walton Beach, LLC | DE | ||||
BLC Wellington Gardens, LLC | DE | ||||
BLC Wellington Gardens PropCo, LLC | DE | ||||
BLC Wellington Greeneville TN, LLC | DE | ||||
BLC Wellington Hampton Cove, LLC | DE | ||||
BLC Wellington Hixson, LLC | DE | ||||
BLC Wellington Johnson City, LLC | DE | ||||
BLC Wellington Kingston, LLC | DE | ||||
BLC Wellington Maryville, LLC | DE | ||||
BLC Wellington Sevierville, LLC | DE | ||||
BLC Wellington Shoals, LLC | DE | ||||
BLC Windsor Place, LLC | DE | ||||
BLC Woodside Terrace, LLC | DE | ||||
BLC Woodside Terrace, LP | DE |
BREA Atlanta Court, LLC | DE | ||||
BREA Atlanta Gardens, LLC | DE | ||||
BREA Boynton Beach, LLC | DE | ||||
BREA BREA, LLC | DE | ||||
BREA Charlotte, LLC | DE | ||||
BREA Citrus Heights, LLC | DE | ||||
BREA Colorado Springs, LLC | DE | ||||
BREA Denver, LLC | DE | ||||
BREA East Mesa, LLC | DE | ||||
BREA East Mesa PropCo, LLC | DE | ||||
BREA Emeritus, LLC | DE | ||||
BREA Emerson, LLC | DE | ||||
BREA FM Holding Company, LLC | DE | ||||
BREA Overland Park, LLC | DE | ||||
BREA Palmer Ranch, LLC | DE | ||||
BREA Peoria, LLC | DE | ||||
BREA Reno, LLC | DE | ||||
BREA Roanoke, LLC | DE | ||||
BREA Sarasota, LLC | DE | ||||
BREA Sun City West, LLC | DE | ||||
BREA Wayne, LLC | DE | ||||
BREA West Orange, LLC | DE | ||||
BREA Whittier, LLC | DE | ||||
Brookdale 20 Property Springing Member, Inc. | DE | ||||
Brookdale Castle Hills, LLC | DE | ||||
Brookdale Chancellor, Inc. | DE | ||||
Brookdale Corporate, LLC | DE | ||||
Brookdale Cypress Station, LLC | DE | ||||
Brookdale Development, LLC | DE | ||||
Brookdale Employee Services - Corporate, LLC | DE | ||||
Brookdale Employee Services, LLC | DE | ||||
Brookdale F&B, LLC | DE | ||||
Brookdale Gardens, Inc. | DE | ||||
Brookdale Lakeway, LLC | DE | ||||
Brookdale Liberty, LLC | DE | ||||
Brookdale Living Communities GC, LLC | DE | ||||
Brookdale Living Communities GC Texas, Inc. | DE | ||||
Brookdale Living Communities, Inc. | DE | ||||
Brookdale Living Communities of Florida, Inc. | DE | ||||
Brookdale Living Communities of Florida PO, LLC | DE | ||||
Brookdale Living Communities of Illinois DNC, LLC | DE | ||||
Brookdale Living Communities of Illinois GE, Inc. | DE | ||||
Brookdale Living Communities of Illinois GV, LLC | DE |
Brookdale Living Communities of Illinois Huntley, LLC | DE | ||||
Brookdale Living Communities of Missouri CC, LLC | DE | ||||
Brookdale Living Communities of New York BPC, Inc. | DE | ||||
Brookdale Living Communities of North Carolina, Inc. | DE | ||||
Brookdale Living Communities of Ohio SP, LLC | DE | ||||
Brookdale Living Communities of Pennsylvania-ML, Inc. | DE | ||||
Brookdale Living Communities of Texas Club Hill, LLC | DE | ||||
Brookdale Management II, LLC | DE | ||||
Brookdale Management of California, LLC | DE | ||||
Brookdale Management of Florida PO, LLC | DE | ||||
Brookdale Management of Illinois GV, LLC | DE | ||||
Brookdale Management of Texas, LP | DE | ||||
Brookdale Northwest Hills, LLC | DE | ||||
Brookdale Operations, LLC | DE | ||||
Brookdale Place at Fall Creek, LLC | DE | ||||
Brookdale Place at Finneytown, LLC | DE | ||||
Brookdale Place at Kenwood, LLC | DE | ||||
Brookdale Place at Oakwood, LLC | DE | ||||
Brookdale Place at Willow Lake, LLC | DE | ||||
Brookdale Place of Albuquerque, LLC | DE | ||||
Brookdale Place of Ann Arbor, LLC | DE | ||||
Brookdale Place of Augusta, LLC | DE | ||||
Brookdale Place of Bath, LLC | DE | ||||
Brookdale Place of Colorado Springs, LLC | DE | ||||
Brookdale Place of Englewood, LLC | DE | ||||
Brookdale Place of South Charlotte, LLC | DE | ||||
Brookdale Place of West Hartford, LLC | DE | ||||
Brookdale Place of Wilton, LLC | DE | ||||
Brookdale Place of Wooster, LLC | DE | ||||
Brookdale Provident Management, LLC | DE | ||||
Brookdale Provident Properties, LLC | DE | ||||
Brookdale Real Estate, LLC | DE | ||||
Brookdale Senior Housing, LLC | DE | ||||
Brookdale Senior Living Communities, Inc. | DE | ||||
Brookdale Senior Living, Inc. | DE | ||||
Brookdale Vehicle Holding, LLC | DE | ||||
Brookdale Wellington, Inc. | DE | ||||
Brookdale Wellington Lessee, Inc. | DE | ||||
Brookdale.com, LLC | DE | ||||
Burlington Manor ALZ, LLC | NC | ||||
Burlington Manor, LLC | NC | ||||
Carolina House of Asheboro, LLC | NC | ||||
Carolina House of Cary, LLC | NC |
Carolina House of Chapel Hill, LLC | NC | ||||
Carolina House of Durham, LLC | NC | ||||
Carolina House of Elizabeth City, LLC | NC | ||||
Carolina House of Forest City, LLC | NC | ||||
Carolina House of Greenville, LLC | NC | ||||
Carolina House of Lexington, LLC | NC | ||||
Carolina House of Morehead City, LLC | NC | ||||
Carolina House of Reidsville, LLC | NC | ||||
Carolina House of Smithfield, LLC | NC | ||||
Carolina House of the Village of Pinehurst, LLC | NC | ||||
Carolina House of Wake Forest, LLC | NC | ||||
CCRC OpCo Ventures II, LLC | DE | ||||
CCRC OpCo-Foxwood Springs, LLC | DE | ||||
CCRC OpCo-Robin Run, LLC | DE | ||||
CCRC PropCo Ventures II, LLC | DE | ||||
CCRC PropCo-Foxwood Springs, LLC | DE | ||||
CCRC PropCo-Robin Run, LLC | DE | ||||
Champion Oaks Investors, LLC | DE | ||||
Clare Bridge of Carmel, LLC | DE | ||||
Clare Bridge of Virginia Beach Estates, LLC | DE | ||||
Cloverset Place, LP | MO | ||||
CMCP Club Hill, LLC | DE | ||||
CMCP Island Lake, LLC | DE | ||||
CMCP Montrose, LLC | DE | ||||
CMCP Pinecastle, LLC | DE | ||||
CMCP Roswell, LLC | DE | ||||
CMCP Texas, Inc. | DE | ||||
CMCP Williamsburg, LLC | DE | ||||
Collin Oaks Investors, LLC | DE | ||||
Concord Manor Limted Partnership | NC | ||||
Coventry Corporation | KS | ||||
Crossings International Corporation | WA | ||||
Danville Place I, LLC | VA | ||||
Danville Place Special Management, LLC | NC | ||||
Duval Oaks Investors, LLC | DE | ||||
Eden Estates, LLC | NC | ||||
EmeriCal, Inc. | DE | ||||
EmeriCare Countryside Village, LLC | DE | ||||
EmeriCare DME, LLC | DE | ||||
EmeriCare Heritage, LLC | DE | ||||
EmeriCare, Inc. | DE | ||||
EmeriCare Kingwood, LLC | DE | ||||
EmeriCare NOC, LLC | DE |
EmeriCare Palmer Ranch, LLC | DE | ||||
EmeriCare Rehab, LLC | DE | ||||
EmeriCare Skylyn Place, LLC | DE | ||||
EmeriCare Sugarland, LLC | DE | ||||
EmeriChenal, LLC | DE | ||||
Emerichip Alexandria, LLC | DE | ||||
Emerichip Allentown, LLC | DE | ||||
Emerichip Auburn, LLC | DE | ||||
Emerichip Biloxi, LLC | DE | ||||
Emerichip Boise, LLC | DE | ||||
Emerichip Bozeman, LLC | DE | ||||
Emerichip Dover, LLC | DE | ||||
Emerichip Emerald Hills, LLC | DE | ||||
Emerichip Everett, LLC | DE | ||||
Emerichip Holdings, LLC | DE | ||||
Emerichip La Casa Grande, LLC | DE | ||||
Emerichip Lafayette, LLC | DE | ||||
Emerichip Lake Charles, LLC | DE | ||||
Emerichip Latrobe, LLC | DE | ||||
Emerichip Lewiston, LLC | DE | ||||
Emerichip Ocala East, LLC | DE | ||||
Emerichip Ocala West, LLC | DE | ||||
Emerichip Odessa, LP | DE | ||||
Emerichip Ontario, LLC | DE | ||||
Emerichip Painted Post, LLC | DE | ||||
Emerichip Pine Park, LLC | DE | ||||
Emerichip Puyallup, LLC | DE | ||||
Emerichip Renton, LLC | DE | ||||
Emerichip San Antonio AO, LP | DE | ||||
Emerichip San Antonio HH, LP | DE | ||||
Emerichip San Marcos, LP | DE | ||||
Emerichip Texas, LLC | DE | ||||
Emerichip Voorhees, LLC | DE | ||||
Emerichip Walla Walla, LLC | DE | ||||
EmeriClear, LLC | DE | ||||
Emerifrat, LLC | DE | ||||
Emerihrt Bloomsburg, LLC | DE | ||||
Emerihrt Creekview, LLC | DE | ||||
Emerihrt Harrisburg, LLC | DE | ||||
Emerihrt Harrisonburg, LLC | DE | ||||
Emerihrt Henderson, LLC | DE | ||||
Emerihrt Medical Center, LP | DE | ||||
Emerihrt Oakwell Farms, LLC | DE |
Emerihrt Ravenna, LLC | DE | ||||
Emerihrt Stonebridge Ranch, LLC | DE | ||||
Emerihud II, LLC | DE | ||||
Emerihud, LLC | DE | ||||
Emerikeyt Liberal Springs, LLC | DE | ||||
Emerikeyt Lo of Broadmoor, LLC | DE | ||||
Emerikeyt Palms at Loma Linda, Inc. | CA | ||||
Emerikeyt Springs at Oceanside, Inc. | CA | ||||
EmeriMand, LLC | DE | ||||
EmeriMandeville, LLC | DE | ||||
EmeriMesa, LLC | DE | ||||
Emerimont, LLC | DE | ||||
Emeripalm, LLC | DE | ||||
Emeripark SC, LLC | DE | ||||
Emeriport, Inc. | CA | ||||
EmeriPrez, LLC | DE | ||||
EmeriRock, LLC | DE | ||||
EmeriRose, LLC | DE | ||||
Emerishire, LLC | DE | ||||
Emeritol Canterbury Ridge, LLC | DE | ||||
Emeritol Colonial Park Club, LLC | DE | ||||
Emeritol Dowlen Oaks, LLC | DE | ||||
Emeritol Eastman Estates, LLC | DE | ||||
Emeritol Elmbrook Estates, LLC | DE | ||||
Emeritol Evergreen Lodge, LLC | DE | ||||
Emeritol Fairhaven Estates, LLC | DE | ||||
Emeritol Grand Terrace, LLC | DE | ||||
Emeritol Harbour Pointe Shores, LLC | DE | ||||
Emeritol Hearthstone Inn, LLC | DE | ||||
Emeritol Highland Hills, LLC | DE | ||||
Emeritol Lakeridge Place, LLC | DE | ||||
Emeritol Lo Coeur D'Alene, LLC | DE | ||||
Emeritol Lo Flagstaff, LLC | DE | ||||
Emeritol Lo Hagerstown, LLC | DE | ||||
Emeritol Lo Hattiesburg, LLC | DE | ||||
Emeritol Lo Lakewood, LLC | DE | ||||
Emeritol Lo Phoenix, LLC | DE | ||||
Emeritol Lo Staunton, LLC | DE | ||||
Emeritol Meadowbrook, LLC | DE | ||||
Emeritol Meadowlands Terrace, LLC | DE | ||||
Emeritol Park Club Brandon, LLC | DE | ||||
Emeritol Park Club Oakbridge, LLC | DE | ||||
Emeritol Pines of Tewksbury, LLC | DE |
Emeritol Ridge Wind, LLC | DE | ||||
Emeritol Saddleridge Lodge, LLC | DE | ||||
Emeritol Seville Estates, LLC | DE | ||||
Emeritol Stonecreek Lodge, LLC | DE | ||||
Emeritol Woods At Eddy Pond, LLC | DE | ||||
Emeritrace, LLC | DE | ||||
Emeritrog, LLC | DE | ||||
Emeritus Corporation | WA | ||||
Emeritus Nebraska, LLC | DE | ||||
Emeritus Properties Ark Wildflower, LLC | DE | ||||
Emeritus Properties Ark Willow Brook, LLC | DE | ||||
Emeritus Properties Arkansas, LLC | DE | ||||
Emeritus Properties II, Inc. | WA | ||||
Emeritus Properties III, Inc. | WA | ||||
Emeritus Properties IV, Inc. | WA | ||||
Emeritus Properties IX, LLC | WA | ||||
Emeritus Properties V, Inc. | WA | ||||
Emeritus Properties X, LLC | WA | ||||
Emeritus Properties XI, LLC | WA | ||||
Emeritus Properties XII, LLC | WA | ||||
Emeritus Properties XIV, LLC | WA | ||||
Emeritus Properties XVI, Inc. | NV | ||||
Emeritus Properties-NGH, LLC | WA | ||||
Emerivent Atherton Court, Inc. | DE | ||||
Emerivent Bradenton, LLC | DE | ||||
Emerivent Brighton, LLC | DE | ||||
Emerivent Lake Mary, LLC | DE | ||||
Emerivent Mentor, LLC | DE | ||||
Emerivill SC, LLC | DE | ||||
EmeriVista, LLC | DE | ||||
Emeriweg Troy, LLC | DE | ||||
Emeriweg Vestal, LLC | DE | ||||
Emeriyaf, LLC | DE | ||||
ESC Arbor Place, LLC | DE | ||||
ESC GP II, Inc. | WA | ||||
ESC III, LP | WA | ||||
ESC IV, LP | WA | ||||
ESC New Port Richey, LLC | WA | ||||
ESC NGH, LP | WA | ||||
ESC Ridgeland, LLC | WA | ||||
Estates of Oak Ridge, LLC The | DE | ||||
FEBC ALT Holdings, Inc. | DE | ||||
FEBC ALT Investors, LLC | DE |
FIT REN Holdings GP, Inc. | DE | ||||
FIT REN, LLC | DE | ||||
FIT REN Mirage Inn, LP | DE | ||||
FIT REN Nohl Ranch, LP | DE | ||||
FIT REN Oak Tree, LP | DE | ||||
FIT REN Ocean House, LP | DE | ||||
FIT REN Pacific Inn, LP | DE | ||||
FIT REN Park, LP | DE | ||||
FIT REN Paulin Creek, LP | DE | ||||
FIT REN The Gables, LP | DE | ||||
Fort Austin Limited Partnership | TX | ||||
Fortress CCRC Acquisition, LLC | DE | ||||
Foxwood Springs Garden Homes, LLC | DE | ||||
Freedom Group Naples Management Company, Inc. | TN | ||||
Freedom Village of Sun City Center Ltd | FL | ||||
Fretus Investors Austin, LP | DE | ||||
Fretus Investors Chandler, LLC | DE | ||||
Fretus Investors Dallas, LP | DE | ||||
Fretus Investors Farmers Branch, LP | DE | ||||
Fretus Investors Fort Wayne, LLC | DE | ||||
Fretus Investors Fort Worth, LP | DE | ||||
Fretus Investors Glendale, LLC | DE | ||||
Fretus Investors Greenwood, LLC | DE | ||||
Fretus Investors Hollywood Park, LP | DE | ||||
Fretus Investors Houston, LP | DE | ||||
Fretus Investors Jacksonville, LLC | DE | ||||
Fretus Investors Las Vegas, LLC | DE | ||||
Fretus Investors, LLC | WA | ||||
Fretus Investors Melbourne, LLC | DE | ||||
Fretus Investors Memorial Oaks Houston, LP | DE | ||||
Fretus Investors Mesa, LLC | DE | ||||
Fretus Investors Orange Park, LLC | DE | ||||
Fretus Investors Orlando, LLC | DE | ||||
Fretus Investors Plano, LP | DE | ||||
Fretus Investors San Antonio, LP | DE | ||||
Fretus Investors Sugar Land, LP | DE | ||||
Fretus Investors Winter Springs, LLC | DE | ||||
Gaston Manor, LLC | NC | ||||
Gaston Place, LLC | NC | ||||
Gastonia Village, LLC | NC | ||||
Greensboro Manor, LP | NC | ||||
HB Employee Services CCRC, LLC | DE | ||||
HB Employee Services, LLC | DE |
HBBHT Gen-Par, LLC | DE | ||||
HBBHT Real Estate Limited Partnership | DE | ||||
HBC II Manager, LLC | DE | ||||
HBC Manager, LLC | DE | ||||
HBP Leaseco, LLC | DE | ||||
HC3 Sunrise, LLC | DE | ||||
Heartland Retirement Services, Inc. | WI | ||||
Hickory Manor, LLC | NC | ||||
High Point Manor at Skeet Club, LP | NC | ||||
High Point Manor, LP | NC | ||||
High Point Place, LLC | NC | ||||
Home Health Care Holdings, LLC | DE | ||||
Homewood at Brookmont Terrace, LLC | TN | ||||
Horizon Bay Chartwell II, L.L.C. | DE | ||||
Horizon Bay Chartwell, L.L.C. | DE | ||||
Horizon Bay Management II, L.L.C. | DE | ||||
Horizon Bay Management, LLC | DE | ||||
Horizon Bay Realty, LLC | DE | ||||
Inn at Grove City, LLC The | DE | ||||
Inn at Medina, LLC The | DE | ||||
Integrated Living Communities of Milledgeville, LLC | DE | ||||
KG Missouri CC Owner, LLC | DE | ||||
KGC Operator, Inc. | DE | ||||
KGC Shoreline Operator, Inc. | DE | ||||
Kingsley Oaks Investors, LLC | DE | ||||
LaBarc, LP | TN | ||||
Memorial Oaks Investors, LLC | DE | ||||
Meriweg-Fairport, LLC | DE | ||||
Meriweg-Fayetteville, LLC | DE | ||||
Meriweg-Latham, LLC | DE | ||||
Meriweg-Liverpool, LLC | DE | ||||
Meriweg-Rochester, LLC | DE | ||||
Meriweg-Syracuse, LLC | DE | ||||
Meriweg-Vestal, LLC | DE | ||||
Meriweg-Williamsville BM, LLC | DE | ||||
Meriweg-Williamsville BPM, LLC | DE | ||||
Northwest Oaks Investors, LLC | DE | ||||
Park Place Investments, LLC | KY | ||||
Park Place Investments of Kentucky, LLC | CO | ||||
Peaks Home Health, LLC | DE | ||||
PHNTUS Beckett Meadows, LLC | DE | ||||
PHNTUS Canterbury Woods, LLC | DE | ||||
PHNTUS Charleston Gardens, LLC | DE |
PHNTUS Creekside, LLC | DE | ||||
PHNTUS Heritage Hills, LLC | DE | ||||
PHNTUS KP Shreveport, LLC | DE | ||||
PHNTUS Lakes, LLC | DE | ||||
PHNTUS LO Cape May, LLC | DE | ||||
PHNTUS Oak Hollow, LLC | DE | ||||
PHNTUS Pine Meadow, LLC | DE | ||||
PHNTUS Pinehurst, LLC | DE | ||||
PHNTUS Pines at Goldsboro, LLC | DE | ||||
PHNTUS Quail Ridge, LLC | DE | ||||
PHNTUS Richland Gardens, LLC | DE | ||||
PHNTUS Silverleaf Manor, LLC | DE | ||||
PHNTUS Stonebridge, LLC | DE | ||||
Plaza Professional Pharmacy, Inc. | VA | ||||
Reynolda Park, LP | NC | ||||
Ridgeland Assisted Living, LLC | WA | ||||
Robin Run Garden Homes, LLC | DE | ||||
SALI Acquisition 1 A/GP, LLC | NC | ||||
SALI Acquisition 1 A/, LP, LLC | NC | ||||
SALI Acquisition III/GP, LLC | NC | ||||
SALI Assets, LLC | NC | ||||
SALI Management Services I, LLC | NC | ||||
SALI Management Services II, LLC | NC | ||||
SALI Management Services III, LLC | NC | ||||
SALI Monroe Square, LLC | NC | ||||
SALI Tenant, LLC | NC | ||||
Salisbury Gardens, LLC | NC | ||||
Senior Lifestyle Emerald Bay Limited Partnership | DE | ||||
Senior Lifestyle Heritage, L.L.C. | DE | ||||
Senior Lifestyle Newport Limited Partnership | DE | ||||
Senior Lifestyle North Bay Limited Partnership | DE | ||||
Senior Lifestyle Sakonnet Bay Limited Partnership | DE | ||||
Senior Living Properties, LLC | DE | ||||
Senior Service Insurance LTD Cayman Island entity | |||||
Silver Lake Assisted Living, LLC | DE | ||||
SLC East Bay, Inc. | DE | ||||
SLC Emerald Bay, Inc. | DE | ||||
SLC North Bay, Inc. | DE | ||||
SLC Sakonnet Bay, Inc. | DE | ||||
South Bay Manor, L.L.C. | DE | ||||
Southern Assisted Living, LLC | NC | ||||
Statesville Manor, LP | NC | ||||
Statesville Manor on Peachtree ALZ, LLC | NC |
Statesville Place, LLC | NC | ||||
Sugar Land Investors, LLC | DE | ||||
Summerville 1, LLC | DE | ||||
Summerville 13, LLC | DE | ||||
Summerville 14, LLC | DE | ||||
Summerville 15, LLC | DE | ||||
Summerville 16, LLC | DE | ||||
Summerville 17, LLC | DE | ||||
Summerville 2, LLC | DE | ||||
Summerville 3, LLC | DE | ||||
Summerville 4, LLC | DE | ||||
Summerville 5, LLC | DE | ||||
Summerville 7, LLC | DE | ||||
Summerville 8, LLC | DE | ||||
Summerville 9, LLC | DE | ||||
Summerville at Atherton Court, LLC | DE | ||||
Summerville at Barrington Court, LLC | DE | ||||
Summerville at Camelot Place, LLC | DE | ||||
Summerville at Carrollwood, LLC | DE | ||||
Summerville at Chestnut Hill, LLC | DE | ||||
Summerville at Clearwater, LLC | DE | ||||
Summerville at Cobbco, Inc. | CA | ||||
Summerville at Cy Fair Associates, LP | DE | ||||
Summerville at Cy Fair, LLC | DE | ||||
Summerville at Fairwood Manor, LLC | DE | ||||
Summerville at Fox Run, LLC | DE | ||||
Summerville at Friendswood Associates, LP | DE | ||||
Summerville at Friendswood, LLC | DE | ||||
Summerville at Gainesville, LLC | DE | ||||
Summerville at Golden Pond, LLC | DE | ||||
Summerville at Harden Ranch, LLC | DE | ||||
Summerville at Hazel Creek, LLC | DE | ||||
Summerville at Heritage Place, LLC | DE | ||||
Summerville at Hillen Vale, LLC | DE | ||||
Summerville at Hillsborough, LLC | NJ | ||||
Summerville at Irving Associates, LP | DE | ||||
Summerville at Irving, LLC | DE | ||||
Summerville at Kenner, LLC | DE | ||||
Summerville at Lakeview, LLC | DE | ||||
Summerville at Mandarin, LLC | DE | ||||
Summerville at Mentor, LLC | DE | ||||
Summerville at North Hills, LLC | DE | ||||
Summerville at Oak Park, LLC | DE |
Summerville at Ocala East, LLC | DE | ||||
Summerville at Ocala West, LLC | DE | ||||
Summerville at Ocoee, Inc. | DE | ||||
Summerville at Outlook Manor, LLC | DE | ||||
Summerville at Oviedo, LLC | DE | ||||
Summerville at Potomac, LLC | DE | ||||
Summerville at PrInc.e William, LLC | DE | ||||
Summerville at Ridgewood Gardens, LLC | DE | ||||
Summerville at Roseville Gardens, LLC | DE | ||||
Summerville at St Augustine, LLC | DE | ||||
Summerville at Stafford, LLC | NJ | ||||
Summerville at Voorhees, LLC | NJ | ||||
Summerville at Wekiwa Springs, LLC | DE | ||||
Summerville at Westminster, LLC | MD | ||||
Summerville Investors, LLC | DE | ||||
Summerville Management, LLC | DE | ||||
Summerville Senior Living, Inc. | DE | ||||
SW Assisted Living, LLC | DE | ||||
Tanglewood Oaks Investors, LLC | DE | ||||
Texas-ESC-Lubbock, L.P. | WA | ||||
Trinity Towers Limited Partnership | TN | ||||
Union Park, LLC | NC | ||||
Village Oaks Farmers Branch Investors, LLC | DE | ||||
Village Oaks Hollywood Park Investors, LLC | DE | ||||
Weddington Park, LP | NC | ||||
Wovencare Systems, Inc. | WI |
Date: | February 15, 2022 | /s/ Lucinda M. Baier | ||||||
Lucinda M. Baier | ||||||||
President and Chief Executive Officer |
Date: | February 15, 2022 | /s/ Steven E. Swain | ||||||
Steven E. Swain | ||||||||
Executive Vice President and Chief Financial Officer |
/s/ Lucinda M. Baier | |||||
Name: | Lucinda M. Baier | ||||
Title: | President and Chief Executive Officer | ||||
Date: | February 15, 2022 |
/s/ Steven E. Swain | |||||
Name: | Steven E. Swain | ||||
Title: | Executive Vice President and Chief Financial Officer | ||||
Date: | February 15, 2022 |