Brookdale Senior Living Inc. (NYSE: BKD) announced its financial and operating results for the fourth quarter and full year 2009 that showed a net loss for the fourth quarter of 2009 was $(20.8) million. Total revenue for the fourth quarter was $518.5 million, an increase of $31.6 million, or 6.5%, from the fourth quarter of 2008. Revenue for the full year 2009 was $2.0 billion, a 4.9% increase from $1.9 billion for the full year 2008. The increase in revenue was primarily driven by an increase in average monthly revenue per unit, including growing revenues from ancillary services, and an increase in capacity through expansions and acquisitions, partially offset by a small decline in occupancy.
Average monthly revenue per unit was $4,001 in the fourth quarter, an increase of $171, or 4.5%, over the fourth quarter of 2008, and $3,985 for the full year of 2009, a 5.1% increase over the same period of 2008. Excluding expansions and acquisitions from the third and fourth quarter of 2009, average occupancy for the fourth quarter was 89.4%, compared to 89.2% for the third quarter of 2009. Average occupancy for all consolidated communities for the fourth quarter of 2009 was 88.9% compared to 89.7% for the fourth quarter of 2008.
Bill Sheriff, Brookdale’s CEO, said, "During 2009, Brookdale reached several significant milestones, including exceeding $2 billion of revenue and $200 million of CFFO for the first time. Operating in the third year of a difficult environment was not easy and required our team to execute well. For example, our sales and marketing initiatives produced approximately 18,000 move-ins (excluding skilled nursing), which exceeded move-outs by over 600 over the course of the year. And the field organization was extraordinarily effective in controlling expenses without sacrificing quality. The business model we have built, and have continued to improve, worked well in a difficult environment. We are excited about its long-term growth prospects and our ability to capitalize on the opportunities which we believe we will be presented in the future."
Brookdale also announced that it has entered into a new revolving credit facility of $100 million, with an option to increase the commitment to $120 million. The new facility replaces the Company’s existing $75 million revolving credit agreement that was scheduled to expire in August 2010. The revolving line of credit may be used to finance acquisitions and fund working capital, capital expenditures and other general corporate purposes. GE Capital, Healthcare Financial Services, acts as administrative agent as well as a lender under the new line.
