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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 30, 1998
- --------------------------------------------------------------------------------
BROOKDALE LIVING COMMUNITIES, INC.
-----------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 0-22253 36-4103821
- ------------------------------- ------- ----------------------
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation or organization) Identification Number)
77 West Wacker Drive, Suite 4400, Chicago, Illinois 60601
- --------------------------------------------------- ----------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (312) 977-3700.
NOT APPLICABLE
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) The following table describes the ratio of earnings to combined
fixed charges of Brookdale Living Communities, Inc. (the "Company") and its
consolidated subsidiaries for the periods indicated.
<TABLE>
<CAPTION>
The Predecessor Properties (a) The Company
- ------------------------------------------------------ ------------------------------------------------------
Year Ended December 31, January 1, 1997 May 7, 1997 May 7, 1997 Six Months
- ------------------------------- to to to Ended
1993 1994 1995 1996 May 6, 1997 June 30, 1997 December 31, 1997 June 30, 1998
- ---- ---- ---- ---- -------------- -------------- ----------------- -------------
<S><C> <C> <C> <C> <C> <C> <C> <C>
- --(b) --(b) --(b) 1.44 --(b) --(b) --(b) 1.33
</TABLE>
- -----------
(a) As used herein, the "Predecessor Properties" refers to the former
senior independent and assisted living division of The Prime Group,
Inc., which division was the predecessor in interest to the Company.
(b) The Predecessor Properties' historical earnings were insufficient to
cover fixed charges by approximately $2.1 million, $3.4 million, $1.4
million and $0.3 million for the years ended December 31, 1993, 1994
and 1995, and the period from January 1, 1997 to May 6, 1997,
respectively. The Company's historical earnings were insufficient to
cover fixed charges by approximately $0.2 million for the period from
May 7, 1997 to June 30, 1997 and by $0.2 million for the period from
May 7, 1997 to December 31, 1997.
For purposes of calculating the ratio of earnings to fixed charges,
"earnings" include income before income taxes, extraordinary items and the
cumulative effects of changes in accounting principles and combined fixed
charges. "Combined fixed charges" consist of interest on all indebtedness and
that portion of rental expense that management believes to be representative of
interest.
(b) Exhibits:
Exhibit
No. Description
------- -----------
12 Computation of Ratio of Earnings to Combined Fixed
Charges for the Six Months Ended June 30, 1998.
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BROOKDALE LIVING COMMUNITIES, INC.
Registrant
Dated: November 19, 1998 By: /s/ Robert J. Rudnik
---------------------
Robert J. Rudnik
Executive Vice President/
General Counsel
BROOKDALE LIVING COMMUNITIES, INC. (THE COMPANY)
AND PREDECESSOR PROPERTIES (THE PREDECESSOR TO THE COMPANY)
STATEMENTS REGARDING COMPUTATION OF RATIOS
(IN 000'S)
<TABLE>
<CAPTION>
PREDECESSOR HISTORICAL
---------------------------------------------------------------------
YEARS ENDED DECEMBER 31, JANUARY 1, 1997
----------------------------------------------- to
1993 1994 1995 1996 MAY 6, 1997
----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
EARNINGS
Income (loss) before income
tax, preferred share dividends
per consolidated/combined
financial statements.......... $(2,059) $ (3,404) $(1,424) $ 2,365 $ (290)
Interest cost................. 1,394 3,465 5,626 4,740 3,872
Interest cost (capitalized)... - - - - -
Amortization of debt
expense..................... 453 743 878 581 287
Preferred share
dividends................... - - - - -
----------------------------------------------------------------------
Earnings...................... $ (212) $ 804 $ 5,080 $ 7,686 $ 3,869
======================================================================
FIXED CHARGES
Interest cost................. $ 1,394 $ 3,465 $ 5,626 $ 4,740 $ 3,872
Amortization of debt
expense..................... 453 743 878 581 287
Preferred share
dividends................... - - - - -
----------------------------------------------------------------------
Total fixed charges........... $ 1,847 $ 4,208 $ 6,504 $ 5,321 $ 4,159
======================================================================
RATIO OF EARNINGS TO
COMBINED FIXED CHARGES
AND PREFERRED SHARE
DIVIDENDS................... - - - 1.44 -
======================================================================
EXCESS (DEFICIT) OF
EARNINGS TO COMBINED
FIXED CHARGES AND
PREFERRED SHARE ----------------------------------------------------------------------
DIVIDENDS................... $(2,059) $ (3,404) $(1,424) $ 2,365 $ (290)
======================================================================
</TABLE>
<TABLE>
<CAPTION>
BROOKDALE LIVING COMMUNITIES, INC.
--------------------------------------------------------------
SIX
MAY 7, 1997 MAY 7, 1997 MONTHS
to to ENDED
JUNE 30, 1997 DECEMBER 31, 1997 JUNE 30, 1998
--------------------------------------------------------------
<S> <C> <C> <C>
EARNINGS
Income (loss) before
preferred share dividends
per consolidated/combined
financial statements.......... $ (217) $ (77) $ 4,135
Interest cost................. 2,259 10,065 10,233
Interest cost (capitalized)... - (103) (602)
Amortization of debt
expense..................... 204 760 617
Preferred share
dividends................... - - -
--------------------------------------------------------------
Earnings...................... $2,246 $10,645 $14,383
==============================================================
FIXED CHARGES
Interest cost................. $2,259 $10,065 $10,233
Amortization of debt
expense..................... 204 760 617
Preferred share
dividends................... - - -
--------------------------------------------------------------
Total fixed charges........... $2,463 $10,825 $10,850
==============================================================
RATIO OF EARNINGS TO
COMBINED FIXED CHARGES
AND PREFERRED SHARE
DIVIDENDS................... - - 1.33
==============================================================
EXCESS (DEFICIT) OF
EARNINGS TO COMBINED
FIXED CHARGES AND
PREFERRED SHARE --------------------------------------------------------------
DIVIDENDS................... $ (217) $ (180) $ 3,533
==============================================================
</TABLE>
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