amsterdam house ccrc - november 2011 financial analysis summary package updated december 31, 2011

8/2/2019 Amsterdam House CCRC - November 2011 Financial Analysis Summary Package Updated December 31, 2011

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November 2011

Financial Analysis Summary Package

December 31, 2011


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Contents of Financial Analysis Package

A. Overview of Operations Financial Overview

Marketing Report

Occupancy Overview

Entrance Fee Analysis

Debt Redemption Analysis

Cumulative Operating Cash Covenant Requirement

Cumulative Operating Cash Covenant Calculation

Operating Ratio

Operating Reserve Fund Analysis Schedule of Occupancy Targets

Schedule of Marketing Targets

Summary Statement of Financial Position

Statement of Cash Flows

FTE Schedule

B. Summary Income Statement and Analysis

C. Detailed Balance Sheet


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A


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4

Year-To-Date

Actual Budget Variance Actual Budget Variance

Total Operating Revenues 665,098 1,577,469 (912,370) 5,245,221 10,896,815 (5,651,593)

Total Operating Expenses 1,173,123 1,310,865 137,742 10,956,186 11,978,052 1,021,866

Net Operating Income (Loss) (508,025) 266,603 (774,628) (5,710,965) (1,081,237) (4,629,727)

Investment Income 66,583 61,184 5,399 727,775 692,735 35,040Long-Term Debt Expenses (1,096,685) (1,090,956) (5,729) (12,367,081) (12,515,077) 147,997

Pre-Opening Expenses - - - (16,190) - (16,190)

Gain/Loss on Disposed Fixed Assets 100 - 100 3,800 - 3,800

Net Income (Loss) Before Non-Cash Items (1,538,027) (763,169) (774,858) (17,362,660) (12,903,580) (4,459,081)

Non-Cash Items:

Unrealized Gain/(Loss) on Swap - - - - - -

Earned Resident Entrance Fees 186,003 396,807 (210,804) 1,484,270 3,166,441 (1,682,171)

Unrealized Gain/(Loss) on Investments - - - - - -

Depreciation/Amortization (684,113) (674,660) (9,453) (7,525,245) (6,454,266) (1,070,979)

Net Income (Loss) After Non-Cash Items (2,036,137) (1,041,022) (995,115) (23,403,636) (16,191,405) (7,212,231)

General Overview:

Investment Income:

Long-Term Debt Expenses:

Long Term Debt Expense had an unfavorable variance of ($6,000) due to higher than budgeted LOC and remarketing fees.

See further explanation in Section B.

Overall, Net Operating Loss has a ($775,000) unfavorable variance from budget in November.

Operating Revenues had an unfavorable variance of ($912,000) primarily due to lower Skilled Nursing Room & Board Per

Diems resulting from lower average occupancy. Additionally, there were unfavorable variances in IL Monthly Service

Fees, Enriched Housing Monthly Service Fees, SN Ancillary & Therapy Revenue, Second Person Fees and Lifecare

Credits.

Operating Expenses had a favorable variance of $138,000 in November primarily due to positive variances in

Administrative Services of $9,000 related to lower employee benefits, payroll taxes, workers compensation and

management company travel expenses, Enriched Housing of $30,000 due to lower wage rates and lower staffing, Dining

Services of $38,000 related to lower staffing and raw food costs, Housekeeping of $17,000 due to lower staffing, Skilled

Nursing of $22,000 due to lower staffing resulting from slower fill, Ancillary & Therapy Expenses of $70,000 due to lower

census and Insurance of $8,000 related to lower premiums than budgeted. These positive variances were partially offset by

negative variances in Marketing of ($8,000) due to higher marketing costs to spur move-ins in all levels of care, as well as

Building Maintenance of ($11,000) related to electrical R&M, HVAC R&M, plumbing R&M and contract services,

Grounds Maintenance Services of ($19,000) due to snow removal services and contract services, Emergency System

Services of ($9,000) due to alarm and fire safety and security contract services and Utilities of ($11,000) related to higher

electricty usage than budgeted.

Investment Income had a favorable variance of $5,000 due to higher than budgeted interest income on the Debt Service

Reserve Fund C partially offset by lower than budgeted interest income on the Operating Reserve and Entrance Fee Fund.

The Amsterdam at Harborside

Financial Overview of Operations

For the Eleven Months Ending November 30, 2011

UNAUDITED

November

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7

Average Occupancy:

Average Actual

Occupancy

Average

Budgeted

Occupancy

Unit

Variance

Primary Resident Occupancy:

Independent Living 110.1 151.0 (40.9)

Enriched Housing 9.6 21.8 (12.2)

Memory Support 5.0 16.0 (11.0)

Skilled Nursing 20.3 44.0 (23.7)

Total 145.0 232.8 (87.8)

Secondary Resident Occupancy:

Independent Living 37.9 71.0 (33.1)

Enriched Housing 3.2 1.0 2.2

Total 41.1 72.0 (30.9)

Total Residents 186.0

Average Skilled Nursing Census by Payor Type:

Actual Budget

Private Pay 2.4 20.5

Private Pay-IL Permanent Transfer 6.8 0.5

Private Pay-IL Temporary Transfer 2.4 0.5

Medicare Part A 7.0 17.0

Medicaid (pending) 1.8 5.5

Total 20.3 44.0

Occupancy Activity for the month:

Beginning

Occupied Units

Current Month

Move-ins

Current Month

Move-Outs

& Transfers

Ending

Occupied

Units

Available

Units

%

Occupancy

Occupancy

Independent Living 109 4 (2) 111 229 48%

Assisted Living 10 3 (1) 12 26 46%

Memory Support 5 - - 5 18 28%

Skilled Nursing 18 15 (12) 21 56 38%

Total Occupied Units 142 22 (15) 149 329 45%

Lifecare Transfers:

Avg Permanent

Lifecare

Transfers

Avg Temporary

Lifecare Transfers

Budgeted

Lifecare

Transfers

(Over)/Under

Budget

Variance

First Person Transfers To:Enriched Housing 3.0 0.9 0.5 (3.4)

Memory Support 1.0 1.0 0.3 (1.7)

Skilled Nursing 0.7 2.4 0.3 (2.8)

Total 4.7 4.3 1.1 (7.9)

Second Person Transfers To:

Enriched Housing 3.0 0.2 0.9 (2.2)

Memory Support - - 0.5 0.5

Skilled Nursing 6.0 - 0.6 (5.4)

Total 9.0 0.2 2.1 (7.1)

Total Residents Transferred 13.8 4.5 3.2 (15.1)


Occupancy Overview

November 2011

UNAUDITED

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g v y g v

5

Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Beginning Reservations 192 183 158 135 118 100 82 78 75 71 72 68 63 58 56 53 47

New Reservations 0 0 2 1 3 1 2 6 7 4 4 1 4 1 2 4 5

Move-Ins (2) (18) (14) (14) (18) (16) (6) (4) (5) (1) (7) (3) (8) (2) 0 (4) (8

Cancellations (7) (7) (11) (4) (3) (3) 0 (5) (6) (2) (1) (3) (1) (1) (5) (6) (3

Ending Reservations 183 158 135 118 100 82 78 75 71 72 68 63 58 56 53 47 41

End of Month

IL Occupancy Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Feasibility (3/10 assumed opening) 75 86 96 106 115 124 133 141 149 157 164 171 178 184 190 196 202

Budget 0 18 35 51 66 76 83 90 98 106 115 124 132 140 147 154 160

Actual IL Occupancy Rollforward

Beg Occupancy 0 2 20 34 48 66 80 85 88 92 92 98 101 109 111 109 111

Move-Ins 2 18 14 14 18 16 6 4 5 1 7 3 8 2 0 4 8

AL Transfers 0 0 0 0 0 (1) 0 (1) (1) 0 (1) 0 0 0 (1) 0 0

SN Transfers 0 0 0 0 0 (1) 0 0 0 0 0 0 0 0 0 (1) 0

Move Outs 0 0 0 0 0 0 (1) 0 0 (1) 0 0 0 0 (1) (1) 0

Ending Occupancy 2 20 34 48 66 80 85 88 92 92 98 101 109 111 109 111 119

% Occupied 1% 9% 15% 21% 29% 35% 37% 38% 40% 40% 43% 44% 48% 48% 48% 48% 52%

Variance to Budget 2 2 (1) (3) - 4 2 (2) (6) (14) (17) (23) (23) (29) (38) (43) (41

Bond Covenant Minimum Occupancy Rqmt (QTR) - - - - 25 - - 57 - - 115 - - 149 - - 172

Variance Actual vs. Required - - - - 41 - - 31 - - (17) - - (38) - - (53

Bank Covenant Minimum Occupancy Rqmt (QTR) - - - - 39 - - 69 - - 95 - - 120 - - 140

Variance Actual vs. Required - 20 - - 27 - - 19 - - 3 - - (9) - - (139

Variance from Budget (2) (6) (14) (17) (23) (23) (29) (38) (43) (41

End of Month Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Reservations 183 158 135 118 100 82 78 75 71 72 68 63 58 56 53 47 41

Occupancy 2 20 34 48 66 80 85 88 92 92 98 101 109 111 109 111 119

Total Occupied and Reserved 185 178 169 166 166 162 163 163 163 164 166 164 167 167 162 158 160

1

st

Person Healthcare Transfers 0 0 0 0 0 2 2 3 4 4 5 5 5 5 6 6 6Total Reservations & Entrance Fees 185 178 169 166 166 164 165 166 167 168 171 169 172 172 168 164 166

Bond Covenant Required Reserved Units (QTR) - 175 - - 166 - - 164 - - 166 - - 169 - - 186

Variance Actual vs. Required - 3 - - (0) - - (1) - - 0 - - (2) - - (26

Note: As of December 31, 2011

Independent Living - Reservations

Independent Living - Occupancy


Sales and Occupancy Rollforward

FYE 2010 and FYE 2011



Independent Living - Entrance Fees and

10% Deposit Reservations

6


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p y g P t

P Y

P Y

P Y

6

Tuttle Center

Amsterdam at Harborside

Sales / Occupancy / Move-ins

Enriched Housing Occupancy (end of month) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Budgeted - Non-Memory Support 3 5 7 9 11 13 15 17 19 21 23 25

Budgeted - Memory Support 1 2 3 4 6 8 10 12 14 16 17 17Budget - Total 4 7 10 13 17 21 25 29 33 37 39 42

Actual - EH Non-Memory Support 4 3 5 7 6 9 9 8 9 10 12 13

Actual - EH Memory Support 1 1 1 1 1 2 2 2 3 5 5 5

Actual - Total 5 4 6 8 7 11 11 10 12 15 17 18

Variance to Budget 1 (3) (4) (5) (10) (10) (14) (19) (21) (22) (22) (24)

% Occupied 11% 9% 14% 18% 16% 25% 25% 23% 27% 34% 39% 41%

SNF Occupancy (end of month)

Budgeted 5 11 17 23 29 35 37 39 41 43 45 47

Actual - Private Pay - - - - - - - - 3 2 4 3

Actual - Private Pay Lifecare 3 6 3 4 3 4 6 7 8 9 10 9

Actual - Medicare - - 3 3 4 6 6 5 5 7 6 4

Actual - Medicaid - - - - - - - - - - 1 5

Actual - Total 3 6 6 7 7 10 12 12 16 18 21 21

Variance to Budget (2) (5) (11) (16) (22) (25) (25) (27) (25) (25) (24) (26)

% Occupied 5% 11% 11% 13% 13% 18% 21% 21% 29% 32% 38% 38%


Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Beginning Occupancy - 4 3 5 7 6 9 9 8 9 10 12

EH Move-Ins 4 - 2 2 - 3 1 - 2 4 3 2

EH Move-Outs - (1) - - (1) - (1) (1) (1) (3) (1) (1)

Net AL Occupancy 4 3 5 7 6 9 9 8 9 10 12 13

Beginning Occupancy - 1 1 1 1 1 2 2 2 3 5 5

EH MS Move-Ins 1 - - - - 1 - - 1 2 - -

EH MS Move-Outs - - - - - - - - - - - -

Net AL MS Occupancy 1 1 1 1 1 2 2 2 3 5 5 5

Total AL Occupancy 5 4 6 8 7 11 11 10 12 15 17 18

Beginning Occupancy - Private Pay - 3 6 3 4 3 4 6 7 11 11 14

SNF Move-Ins 4 3 - 1 - 1 2 1 4 3 5 4

SNF Move-Outs (1) - (3) - (1) - - - - (3) (2) (6)

Net SNF Occupancy - Private Pay 3 6 3 4 3 4 6 7 11 11 14 12

Beginning Occupancy - Medicare - - - 3 3 4 6 6 5 5 7 6

SNF Move-Ins - - 4 2 4 5 6 4 4 9 9 5

SNF Move-Outs- - (1) (2) (3) (3) (6) (5) (4) (7) (10) (7)

Net SNF Occupancy - Medicare - - 3 3 4 6 6 5 5 7 6 4

Beginning Occupany - Medicaid - - - - - - - - - - - 1

SNF Move-Ins - - - - - - - - - - 2 4

SNF Move-Outs - - - - - - - - - - (1) -

Net SNF Occupancy - Medicaid - - - - - - - - - - 1 5

-

Net SNF/Medicare Occupancy 3 6 6 7 7 10 12 12 16 18 21 21

Note: As of December 31, 2011

FYE 2011


FYE 2011

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Current Month From Inception

Entrance Fees Collected from Move-ins 2,421,305 89,474,385

Entrance Fees Due from Move-ins 599,995 599,995

Entrance Fee Refunds Paid (does not include pending refunds) (495,000) (1,239,000)

Total Net Entrance Fees 2,526,300 88,835,380

Total Net Move-ins (includes transfers and pending refunds) 4 120

Average Entrance Fee per Move-In 755,325 740,295

Approx. Uses of Entrance Fees Collected:

Bond Paydown - Series C - 17,480,000Bond Paydown - Series D - 24,900,000

Funding of Operating Reserve - 39,300,000

Amount in Entrance Fee Fund 937,950 6,632,817

Transfer of Debt Service Reserve Acccounts - (1,650,487)

Reoccupancy Entrance Fees Paid to Operations - 1,089,000

Pending Transfer to Operations - -

Less: Refunds paid by operations - -

Transfer to Interest Fund of Interest Earnings - -

Interest Income from Entrance Fee Account (net of Inv Mgt Fees) (0) (1)

Pending Transfer of Entrance Fee Deposits from Move-ins 1,335,020 1,550,750

10% Deposits and Partial Payments from Move-ins to be Transferred 148,336 172,306

Other 0 1

Total Collected 2,421,305 89,474,385


Entrance Fee Analysis

As of November 30, 2011

UNAUDITED

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10/30

13

Current Month From Inception

Operating Reserve Funding (1) - 39,300,000

Activity in Operating Reserve Fund:

Monthly Operating Draws (3,350,000) (28,051,000)

Interest Income-Transferred to Operations - -

Interest Income & Premium/Discount Amortization 0 245

Realized Gain/Loss - -

Unrealized Gain/Loss - -

Operating Reserve Balance (3,350,000) 11,249,245


Operating Reserve Fund Activity


UNAUDITED

(1) $39,303,000 of entrance fee proceeds were transferred to the Operating Reserve Fund as of 12/31/10. $3,000 was

transferred from the Operating Reserve to the Entrance Fee Redemption account in January 2011.

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Actual Cumulative Covenant

Date Operating Loss Maximum Loss (1) Variance

September 30, 2010 (952,910) (1,920,000) 967,090

October 31, 2010 (2,561,231) - -

November 30, 2010 (4,221,852) - -December 31, 2010 (6,568,648) (4,720,000) (1,848,648)

January 31, 2011 (8,283,668) - -

February 28, 2011 (9,963,255) - -

March 31, 2011 ^^ (12,136,775) (7,650,000) (4,486,775)

April 30, 2011 (14,071,337) - -

May 31, 2011 (15,941,869) - -

June 30, 2011 ** (17,531,249) (11,930,000) (5,601,249)

July 31, 2011 (18,793,582) - -

August 31, 2011 (20,676,592) - -

September 30, 2011 (22,269,864) (15,330,000) (6,939,864)

October 31, 2011 (23,880,490) - -

November 30, 2011 (25,962,360) - -

December 31, 2011 (18,610,000)

January 31, 2012 -February 29, 2012 -

March 31, 2012 (20,540,000)

April 30, 2012 -

May 31, 2012 -

June 30, 2012 (21,830,000)

July 31, 2012 -

August 31, 2012 -

September 30, 2012 (23,540,000)

October 31, 2012 -

November 30, 2012 -

December 31, 2012 (24,530,000)

January 31, 2013 -

February 28, 2013 -

March 31, 2013 (25,420,000)

April 30, 2013 -

May 31, 2013 -

June 30, 2013 (26,320,000)

July 31, 2013 -

August 31, 2013 -

September 30, 2013 (27,300,000)

October 31, 2013 -

November 30, 2013 -

December 31, 2013 (28,300,000)

January 31, 2014 -

February 28, 2014 -

March 31, 2014 (29,290,000)

April 30, 2014 -

May 31, 2014 -

June 30, 2014 and thereafter (30,300,000)

(1) As required under the Letter of Credit and Reimbursement Agreement.

** As a result of the third miss of the Cumulative Cash Operating Loss Covenant, an Event of

Default was triggered under the LOC Agreement. Amsterdam and Greystone are currently

working with Letter of Credit banks to reset the covenants.

^^ As a result of the second miss of the Cumulative Cash Operating Loss Covenant, a

Consultant's report was distributed on June 28, 2011.


Cumulative Operating Cash Covenant - LOC Bank Covenant

November 30, 2011

UNAUDITED

Note: Covenant Maximum Loss assumed six months of funded interest for Operations.

However, due to a later opening, approximately one month of interest was funded.

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11

Cumulative Operating Loss Covenant (LOC Bank Covenant):

Total

Year-to-Date

FYE 2011 FYE 2010

Net Income / (Loss) After Non-Cash Items (33,765,959) (23,403,636) (10,362,323)

Less:

Earned Entrance Fee Revenue (1,676,074) (1,484,270) (191,804)

Interest Income Funding Development (5,139) - (5,139)

Capex and Deferred Development Fees (1,586,566) (1,036,521) (550,045)

Cap Mktg Costs paid by ops (1,084,936) (844,245) (240,690)Entrance Fee Refunds Paid/Pending Refunds Due (1,239,000) (1,239,000) -

Add Back:

Turnover Entrance Fees 1,089,000 1,089,000 -

Unrealized (Gain)/Loss - - -

Depreciation/Amortization 10,224,331 7,525,245 2,699,086

Funded Pre-Opening Expenses 1,143,275 (285) 1,143,560

Funded Bond Interest Expense 938,708 - 938,708

Net Cash Used (25,962,360) (19,393,712) (6,568,648)

Total Cumulative Operating Cash (25,962,360)December 31, 2011 Covenant Limit (18,610,000)

Cumulative Cash Variance (7,352,360)

Nov-11

Net Income / (Loss) After Non-Cash Items (2,036,137)

Less:

Earned Entrance Fee Revenue (186,003)

Interest Income Funding Development -

Capex and Deferred Development Fees (47,717)Cap Mktg Costs paid by ops -

Entrance Fee Refunds Paid/Pending Refunds Due (495,000)

Add Back:

Turnover Entrance Fees -

Unrealized (Gain)/Loss -

Depreciation/Amortization 684,113

Funded Pre-Opening Expenses -

Funded Bond Interest Expense -

Net Cash Used (2,080,744)

Testing begins the first fiscal quarter ending after the earliest date a resident has taken physical possession of one of

the living units if such date is more than 30 days prior to the end of such fiscal quarter or the first full fiscal quarter

ending after the Initial Occupancy Date if such Initial Occupancy Date is less than 30 days prior to the end of a

fiscal quarter.


Cumulative Operating Cash Covenant - LOC Bank Covenant

November 30, 2011

UNAUDITED

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Independent Living Occupancy Covenant - Bond Covenant

Actual IL

Occupied Units

IL Occupancy

Covenant

Minimum Variance

September 30, 2010 20 - -

October 31, 2010 34 - -

November 30, 2010 48 - -

December 31, 2010 (1) 66 25 41

January 31, 2011 80 - -

February 28, 2011 85 - -

March 31, 2011 88 57 31

April 30, 2011 92 - -

May 31, 2011 92 - -

June 30, 2011 (2) 98 115 (17)

July 31, 2011 101 - -

August 31, 2011 109 - -

September 30, 2011 (3) 111 149 (38)

October 31, 2011 109 - -

November 30, 2011 111 - -

December 31, 2011 119 172 (53)March 31, 2012 182

June 30, 2012 193

September 30, 2012 198

December 31, 2012 203

March 31, 2013 206

June 30, 2013 206

September 30, 2013 206

December 31, 2013 and thereafter 206

(1) First testing period is quarter ending December 31, 2010 (Installment Sale Agreement)

(2) First miss requires an internal management report that was distributed on August 8, 2011.

(3) Second miss requires a third party consultant's report.

Independent Living Occupancy Covenant - LOC Bank Covenant

For the LOC Bank Covenant, the IL Occupancy Covenant is tested beginning September 30, 2010, but requires minimum of 0%.

Actual IL

Occupied Units

Required IL

Level I Event Variance

Required IL Level

II Event Variance

September 30, 2010 20 0 20 0 20

October 31, 2010 34 - - - -

November 30, 2010 48 - - - -

December 31, 2010 66 39 27 34 32

January 31, 2011 80 - - - -

February 28, 2011 85 - - - -

March 31, 2011 88 69 19 60 28

April 30, 2011 92 - - - -

May 31, 2011 92 - - - -

June 30, 2011 98 95 3 83 15

July 31, 2011 101 - - - -

August 31, 2011 109 - - - -September 30, 2011 111 120 (9) 104 7

October 31, 2011 109 - - - -

November 30, 2011 111 - - - -

December 31, 2011 119 140 (21) 123 (4)

March 31, 2012 158 139

June 30, 2012 174 153

September 30, 2012 185 163

December 31, 2012 192 169

March 31, 2013 199 175

June 30, 2013 and thereafter 206 180

Beginning the the first full calendar quarter following the issuance of the Certificate of Occupancy for the Independent Living Units.


Independent Living Occupancy Covenant Minimum

November 30, 2011

Note: LOC Bank Covenants are currently being renegotiated and amended as of September 30, 2011.

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Enriched Housing and Skilled Nursing Occupancy Covenant - Bond Covenant

Actual EH

Occupied Units

EH Occupancy

Covenant

Minimum Variance

Actual SN

Occupied Units

SN Occupancy

Covenant

Minimum VarianceSeptember 30, 2010 0 - - 0 - -

October 31, 2010 0 - - 0 - -

November 30, 2010 0 - - 0 - -

December 31, 2010 (1) 0 4 (4) 0 4 (4)

January 31, 2011 5 - - 3 - -

February 28, 2011 5 - - 6 - -

March 31, 2011 (2) 6 7 (1) 6 8 (2)

April 30, 2011 8 - - 7 - -

May 31, 2011 7 - - 7 - -

June 30, 2011 (3) 11 13 (2) 10 15 (5)

July 31, 2011 11 - - 12 - -

August 31, 2011 10 - - 12 - -

September 30, 2011 (4) 12 18 (6) 16 24 (8)

October 31, 2011 15 - - 18 - -

November 30, 2011 17 - - 21 - -

December 31, 2011 18 24 (6) 21 32 (11)

March 31, 2012 28 37

June 30, 2012 33 42

September 30, 2012 34 45

December 31, 2012 36 48

March 31, 2013 38 50

June 30, 2013 39 52

September 30, 2013 40 52

December 31, 2013 and thereafter 40 52

Note: Enriched Housing and Skilled Nursing were not licensed until January 2011.


Enriched Housing and Skilled Nursing Covenant Minimum

November 30, 2011

Beginning the the first full calendar quarter following the issuance of the Certificate of Occupancy for the Residential Units

(1) First testing period is quarter ending December 31, 2010 (Installment Sale Agreement). The first miss required a management report that was

distributed on 2/2/11.

(2) The second miss requires a Consultant's report which was distributed on June 28, 2011.

(3) The third miss requires an internal management report that was distributed on August 8, 2011.

(4) The fourth miss requires a third party consultant's report.

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Marketing Covenant Requirement:

Actual Units

Reserved and

Occupied

Marketing

Target

Marketing

Target** Variance

Level 1

Marketing

Target Variance

Level 2

Marketing

Target Variance

August 31, 2010 185 - - - - - - -

September 30, 2010 178 175 - 3 175 3 162 16

October 31, 2010 169 - - - - - - -

November 30, 2010 166 - - - - - - -

December 31, 2010 166 - 166 0 178 (12) 165 1

January 31, 2011 162 - - - - - - -

February 28, 2011 163 - - - - - - -

March 31, 2011 (1) 163 11 164 (1) 182 (19) 170 (7)

April 30, 2011 163 - - - - - - -

May 31, 2011 164 - - - - - - -

June 30, 2011 (2) 166 - 166 0 186 (20) 175 (9)

July 31, 2011 164 - - - - - - -

August 31, 2011 167 - - - - - - -

September 30, 2011 (3) 167 - 169 (2) 191 (24) 180 (13)

October 31, 2011 162 - - - - - - -

November 30, 2011 158 - - - - - - -

December 31, 2011 160 - 186 (26) 196 (36) 185 (25)January 31, 2012 - - - -

February 29, 2012 - - - -

March 31, 2012 - 191 202 188

April 30, 2012 - - - -

May 31, 2012 - - - -

June 30, 2012 - 196 207 191

July 31, 2012 - - - -

August 31, 2012 - - - -

September 30, 2012 - 202 211 195

October 31, 2012 - - - -

November 30, 2012 - - - -

December 31, 2012 - 207 - -January 31, 2013 - - - -

February 28, 2013 - - - -

March 31, 2013 - 211 - -

(1) The second miss of the LOC Bank Covenants requires a Consultant's report which was distributed on June 28, 2011.

(2) The third miss of the LOC Bank Covenant requires and internal management report that was distributed on August 8, 2011.

(3) The Amsterdam is in negotiations with the LOC Banks to revise the LOC Bank Covenants beginning September 30, 2011.

Commencing with the fiscal quarter ending March 31, 2008 and ending with the quarter in which 92% the Residential Units are occupied, the marketing

requirements are set forth below. If substantial completion occurs more than 90 days after the scheduled completion date (March 1, 2010), the

Marketing Targets shall be revised, commencing with the first full quarter following such substantial completion date.

** Due to completion more than 90 days after scheduled completion date (March 1, 2010), the Marketing Targets are revised beginning with

the quarter ending December 31, 2010.

Bond Covenants LOC Bank Covenants


Marketing Covenant Minimum


UNAUDITED

16


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17

Current Month Prior Month Variance

ASSETS

Cash and Cash Equivalents 909,540 30,809 878,731Conversion Deposits 5,591,149 4,786,022 805,127

Net A/R Residents 906,132 784,466 121,666

Other Receivables 934,305 295,113 639,192

Inventory 20,467 16,747 3,720

Deposits - - -

Prepaid Expenses 399,458 374,282 25,176

Total Current Assets 8,761,052 6,287,439 2,473,612

CIP 2,150,164 4,011,351 (1,861,187)

Fixed Assets 250,040,450 250,040,450 -

Accumulated Depreciation (7,750,010) (7,230,852) (519,158)

Intangible Assets 27,242,024 27,242,024 -

Accumulated Amortization (2,449,631) (2,286,322) (163,309)

Restricted Assets 45,429,449 46,877,967 (1,448,519)

TOTAL ASSETS 323,423,498 324,942,058 (1,518,560)

LIABILITIES

Accounts Payable 397,186 3,539,542 (3,142,356)

Resident Current Liabilities 3,926,728 4,605,942 (679,214)

Payroll Related Current Liabilities 280,189 325,765 (45,576)

Accrued Operating Expenses 4,883,001 3,803,752 1,079,250

Accrued Bond Interest Expense 4,817,655 3,854,124 963,531

Total Current Liabilities 14,304,760 16,129,126 (1,824,366)

Entrance Fee Liability 87,159,306 84,819,009 2,340,297

Subordinated Loan 3,000,000 3,000,000 -

Long Term Debt 253,775,957 253,774,311 1,646

TOTAL LIABILITIES 358,240,023 357,722,446 517,577

EQUITY

Fund Balance (Deficit) (11,412,889) (11,412,889) -

Net Income (Loss) (23,403,636) (21,367,499) (2,036,137)

TOTAL EQUITY (34,816,525) (32,780,388) (2,036,137)

TOTAL LIABILITIES & EQUITY 323,423,498 324,942,058 (1,518,560)


Statement of Financial Position


UNAUDITED

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Current Month Year-To-Date

Cash flows from Operating Activities

Increase (decrease) in net assets (2,036,137) (23,403,636)

Adjustments to reconcile change in net assets

to cash provided by operating activities:

Depreciation 519,158 5,710,743

Amortization 163,309 1,796,396

Amortization OID 1,646 18,106

Amortization of Entrance Fees (186,003) (1,484,270)

Turnover entrance Fees Received (net) (495,000) (150,000)

Changes in operating assets & liabilities:

(Increase) decrease in:

Accounts receivable (121,666) (868,921)

Other receivables (39,197) 68,694

Other current assets (28,896) (81,029)

Increase (Decrease) in:

Accounts payable (3,142,356) (3,512,248)

Accrued liabilities 1,997,204 (233,872)

Pending Entrance Fee Refunds - -

Resident liabilities (679,214) (5,015,696)

Net Cash Provided by Operating Activities (4,047,152) (27,155,732)

Cash Flows from Investing ActivitiesPurchase of property & equipment 1,861,187 (3,522,942)

(Increase) decrease in assets limited to use 643,391 32,741,727

Net Cash Used by Investing Activities 2,504,578 29,218,785

Cash Flows from Financing Activities

Deferred financing costs - -

Initial Entrance Fee Received 2,421,305 38,685,932

Principal payments on debt - (42,380,000)

Net Cash Provided by Financing Activities 2,421,305 (3,694,068)

Change in Cash 878,731 (1,631,015)

Cash & Equivalents at Beginning of Period 30,809 2,540,555

Cash & Equivalents at the end of the Period 909,540 909,540


Consolidated Statement of Cash Flows


UNAUDITED

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Actual

FTEs

Budgeted

FTEs Variance

Administration 5.1 5.0 (0.1)

Lifestyles 6.6 6.3 (0.3)

Assisted Living 13.7 21.7 8.1

Building Maintenance 6.9 5.0 (1.9)

Dining Services 39.5 44.5 5.1

Security* - - -

Grounds - 0.5 0.5

Housekeeping 12.0 17.8 5.8

Marketing 6.0 4.0 (2.0)Skilled Nursing 28.5 44.5 16.0

Transportation 1.8 4.1 2.3

Total 120.0 153.4 33.5

*Security is contracted out and included in Operating Expenses.


FTE Schedule


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22

B

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23

Actual Budget Variance Actual Budget Variance

Operating Revenue

IL Monthly Service Fees 391,440 585,012 (193,573) (A) 3,720,902 4,720,989 (1,000,088)

EH Monthly Service Fees 141,931 301,371 (159,440) (B) 879,930 1,707,299 (827,369)

SN Monthly Room & Board Per Diems 354,075 765,259 (411,184) (C) 2,027,691 5,343,769 (3,316,078)

Second Person Fees 40,791 78,272 (37,481) (D) 354,059 628,506 (274,446)Life Care Credits (206,128) (27,979) (178,149) (E) (1,344,492) (294,162) (1,050,330)

Monthly Service Fee Credits (56,952) (78,800) 21,849 (F) (459,774) (1,156,134) 696,360

Contractual Adjustments (103,065) (294,450) 191,386 (G) (380,185) (2,007,930) 1,627,745

SN Ancillary & Therapy Revenue 98,339 234,789 (136,449) (H) 401,542 1,800,549 (1,399,007)

Other Revenue 4,666 13,994 (9,328) (I) 45,549 153,929 (108,380)

Total Operating Revenue 665,098 1,577,469 (912,370) 5,245,221 10,896,815 (5,651,593)

Departmental Expenses

Administrative Services 241,340 250,819 9,478 (J) 2,160,153 2,494,438 334,285

Resident Services 31,210 29,440 (1,770) (K) 337,153 322,952 (14,201)

Enriched Housing 48,964 79,393 30,429 (L) 580,270 712,764 132,493

Building Maintenance Services 44,454 33,588 (10,866) (M) 538,848 336,641 (202,208)

Dining Services 185,219 223,656 38,438 (N) 1,897,904 2,098,979 201,075

Emergency System Services 21,195 12,369 (8,826) (O) 214,565 136,058 (78,506)

Grounds Maintenance Services 26,796 7,899 (18,898) (P) 119,856 87,073 (32,783)

Housekeeping Services 38,887 55,649 16,763 (Q) 424,908 487,242 62,334

Marketing Services 97,624 89,189 (8,435) (R) 417,206 307,117 (110,089)

Skilled Nursing 159,563 182,039 22,476 (S) 1,398,716 1,576,666 177,950

Ancillary and Therapy 36,429 106,157 69,728 (T) 336,532 811,308 474,776

Transportation Services 13,667 14,011 344 (U) 141,860 138,287 (3,573)

Total Departmental Expenses 945,348 1,084,209 138,861 8,567,972 9,509,525 941,553

Other Operating Expenses

Utilities 109,501 98,122 (11,379) (V) 1,093,146 1,063,418 (29,728)

Insurance 14,871 23,016 8,145 (W) 154,148 244,412 90,264

Taxes & HOA Fees 42,185 42,139 (46) (X) 453,000 463,524 10,524

Management Fees 61,218 63,379 2,161 (Y) 687,921 697,173 9,253

Total Other Operating Expenses 227,775 226,657 (1,119) 2,388,214 2,468,527 80,313

Total Operating Expenses 1,173,123 1,310,865 137,742 10,956,186 11,978,052 1,021,866

Net Operating Income (Loss) (508,025) 266,603 (774,628) (5,710,965) (1,081,237) (4,629,727)

Investment Income 66,583 61,184 5,399 (Z) 727,775 692,735 35,040

NI (Loss) Before LT Debt & Noncash Items (441,442) 327,787 (769,229) (4,983,190) (388,503) (4,594,687)

Long Term Debt Expenses (1,096,685) (1,090,956) (5,729) (AA) (12,367,081) (12,515,077) 147,997

Pre-Opening Expenses - - - (16,190) - (16,190)

Gain/Loss on Disposal of Fixed Assets 100 - 100 (BB) 3,800 - 3,800

NI (Loss) Before Noncash Items (1,538,027) (763,169) (774,858) (17,362,660) (12,903,580) (4,459,081)

Noncash Items

Unrealized Gain/(loss) on Investments - - - - - -

Unrealized Gain/(loss) on Swap - - - - - -

Earned Non-refundable Entrance Fees 186,003 186,003 - (CC) 1,484,270 1,484,269 1

Earned Refundable Fees - 210,804 (210,804) (CC) - 1,682,172 (1,682,172)Depreciation/Amortization (684,113) (674,660) (9,453) (DD) (7,525,245) (6,454,266) (1,070,979)

Total Noncash Items (498,110) (277,853) (220,257) (6,040,975) (3,287,825) (2,753,150)

Net Income (Loss) (2,036,137) (1,041,022) (995,115) (23,403,636) (16,191,405) (7,212,231)

Current Period Year-To-Date


Actual vs. Budget Consolidated Summary Income Statement


UNAUDITED

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Income Statement Summary Explanations

November 2011

OPERATING REVENUE:

A. IL Monthly Service Fees had an unfavorable variance of ($193,573) due to averageoccupancy being 40.9 units under budget and lower weighted average occupancy in thelarger units.

B. EH Monthly Service Fees had an unfavorable variance of ($159,440) primarily due toaverage occupancy being 12.2 units below budget in Enriched Housing and 11.0 unitsbelow in Memory Support.

C. SN Monthly Room & Board Per Diems had an unfavorable variance of ($411,184) dueto average occupancy being 23.6 units below budget.

D. Second Person Fees had an unfavorable variance of ($37,481) due to average secondpersons being 30.9 units below budget.

E. Life Care Credits had an unfavorable variance of ($178,149) due to higher first andsecond person transfers from IL to Skilled Nursing, Enriched Housing and MemorySupport.

F. Monthly Service Fee Credits had a favorable variance of $21,849 due to lower thanbudgeted credits for 50% plans, home carrying cost credits, bridge loan credits andredesign credits. These were partially offset by higher than budgeted free months,Referral Credits, SN Credits, Promotional Credits and AL and MS Monthly Discounts.

G. Contractual Adjustments had a positive variance of $191,386 due to lower thanbudgeted Medicare census.

H. SN Ancillary & Therapy Revenues had an unfavorable variance of ($136,449) due tolower than budgeted census.

I. Other Revenue had an unfavorable variance of ($9,328) primarily due to lower thanbudgeted Additional Resident Meal Revenue, Guest Meals Revenue, HousekeepingServices Revenue, Maintenance Services Revenue, and Laundry Services Revenue.

DEPARTMENTAL EXPENSES:

J. Administrative Services had a favorable variance of $9,478 consisting of $38,202 inEmployee Benefits, $11,703 in Payroll Tax, $1,447 in Workers Compensation, $1,710 inEmployee Recruitment, $5,704 in Employee Unemployment Insurance and $2,160 inTelephone Service. The variance in Employee Payroll Taxes was due to lower overall

staffing than budgeted. The variance in Workers Compensation is due to lower premiums.The variance in Employee Benefits is due to employees waiving medical benefits as theyare still covered under their parents and lower staffing than budgeted. The variance inEmployee Unemployment Insurance was due to timing. These positive variances werepartially offset by negative variances of ($39,777) in Legal & Professional Fees, ($8,899)in Management Company Travel Expense, ($2,045) in Copier/fax/printer Supplies, and($2,470) in Contract Services. The variance in Copier/fax/printer Supplies was due toCopier Overage, the variance in Contract Services was due to AOD support services, the

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November 2011

variance in Legal & Professional Fees was due to legal work done for a residents caseand Medicaid Rate Submission and the variance in Management Company Travel was dueto higher than budgeted travel.

K. Resident Services had an overall unfavorable variance of ($1,770) due to a negativevariance of ($2,317) in Contract Services. This variance in Contract Services was due toexpenses being higher than budgeted related to Community Resident activities during themonth. This was partially offset by a positive variance of $1,108 in Entertainment relatedto less than budgeted expenses.

L. Enriched Housing had a favorable variance of $30,429 due to positive variances inSalaries & Wages of $28,197 from lower wage rates and staffing than budgeted as a resultof the lower census.

M. Building Maintenance had an unfavorable variance of ($10,866) due to negativevariances Electrical R&M of ($5,803), HVAC R&M of ($3,461), Appliance R&M of

($1,379), Floor/carpet R&M of ($1,150), Plumbing R&M of ($2,792) and ContractServices of ($1,816). The variance in Electrical R&M was due to kitchen and SkilledNursing electrical repairs. The variance in HVAC R&M was due to repairs being higherthan budgeted. The variance in Appliance R&M was due to dishwasher and oven warmerrepairs. The variance in Floor/Carpet R&M was due to the cleaning of Dining Roomcarpeting. The variance in Plumbing R&M was due to sewer treatment and boiler repairs.The variance in Contract Services was due to timing of invoices. These negativevariances were partially offset by positive variances of $1,030 in Pool Supplies &Maintenance, $2,944 in Salary & Wages, $2,414 in Other R&M, and $1,717 in ElevatorR&M. These were all due to lower than budgeted expenses.

N.

Dining Services had a favorable variance of $38,438 primarily due to lower thanbudgeted Salaries & Wages of $26,673 resulting from lower staffing and Raw Food Costsof $14,778 due to lower census. Linens/Laundry had a positive variance of $2,482partially offset by negative variances in Employee Uniforms & Allowance of ($2,790)which was budgeted in Linens/Laundry as well as higher than budgeted Decorations of($1,162) related to the purchase of flowers for the Dining Room.

O. Emergency System Services had an unfavorable variance of ($8,826) due to Alarm/FireSafety System R&M of ($7,081) resulting from a higher than budgeted fire sprinklerinspection agreement and fire alarm system maintenance agreement as well as repairs tothe card access system for the employee entrance. There was also a negative variance inContract Security Services of ($1,814) due to higher than budgeted security costs.

P. Grounds Maintenance Services had a negative variance of ($18,898) due to a negativevariance in Snow Removal Services of ($16,417) due to a higher than budgeted snowremoval contract as well as Contract Services of ($3,511) which resulted from maintaininggrounds outside the scope of the agreement and fall plantings. These negative varianceswere partially offset by a positive variance in Salaries & Wages of $1,392 resulting from avacant position.

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November 2011

Q. Housekeeping Services had a favorable variance of $16,763 primarily due to Salaries &Wages of $15,378 due to lower staffing than budgeted resulting from lower occupancy,$1,030 in Paper & Plastic Supplies and $1,717 in Contract Services.

R. Marketing Services had an unfavorable variance of ($8,435) primarily due to highermarketing costs to spur move-ins in all levels of care.

S. Skilled Nursing had a favorable variance of $22,476 primarily due to Salaries & Wagesof $45,670 due to lower staffing resulting from a slower fill, and a favorable variance inMedicare Consulting of $1,030 due to timing.This was partially offset by an unfavorablevariance in Contract Labor of ($22,138) for additional staffing and Linens/Laundry of($1,762) which was higher than budgeted.

T. Ancillary and Therapy had a favorable variance of $69,728 primarily due to lower thanbudgeted Skilled Nursing census as well as timing of invoice payment.

U.

Transportation Services had a favorable variance of $344 resulting from Salaries andWages of $7,463 which was offset by Contract Services of ($7,504) related to valetparking for the Community.

OTHER OPERATING EXPENSES:

V. Utilities had a negative variance of ($11,379) primarily due to a negative variance inElectricity of ($14,259) due to higher than budgeted electricity expenses. This waspartially offset by a positive variance of $1,787 in Waste Management Contract.

W. Insurance had a favorable variance of $8,145 due to actual premiums being less thanbudget primarily with the Directors/Officers Liability Insurance as well as the General andProfessional Liability Insurance.

X. Taxes & HOA Fees were consistent with budget.Y. Management Fees had a positive variance of $2,161 primarily due to lower than

budgeted Management Fees.

Z. Investment Income had a favorable variance of $5,399 due to higher than budgetedinterest income on the Debt Service Reserve Funds B and C partially offset by lower thanbudgeted interest income on the Operating Reserve and Entrance Fee Fund.

AA. Long Term Debt Expenses had an unfavorable variance of ($5,729) due to higher thanbudgeted LOC and Remarketing Fees.

BB. Gain/Loss on Disposal of Fixed Assets were consistent with budget.CC. Earned Entrance Fees had a negative variance of ($210,804). Based on discussions

between Management, the Sponsor and Amsterdams auditors, Amsterdam determinedthat it cannot record entrance fee amortization on the refundable portion of the entrancefees. This variance will continue.

DD. Depreciation/Amortization had a negative variance of ($9,453) due to recordingCapitalized Marketing amortization for January and February. Based on discussions

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November 2011

between Management, the Sponsor and Amsterdams auditors, Amsterdam determinedCapitalized Marketing amortization should be recorded from the date of opening,however, the budget planned for amortization to begin in September 2011. This variance

will continue.

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C

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29

Current Prior

Month Month Variance

Cash

Petty Cash 750 750 -

Operating Account - Roslyn 811,159 (97,796) 908,955

Operating Account - Employee Appreciatio 124,810 84,405 40,405

Cash Development - - -

Cash - Priority Deposits - - -

Cash - Conversion Deposits 5,591,149 4,786,022 805,127

Cash - Security Deposits 54,100 - 54,100Cash - Wait List Deposits - - -

Cash - Control Acct (81,279) 43,450 (124,729)

Resident Upgrade Acct - - -

Total Cash and Cash Deposits 6,500,689 4,816,831 1,683,858

A/R Residents -

Accounts Receivable 93,822 47,789 46,033

Allowance for Doubtful Accounts - - -

Accounts Receivable - Med A 668,106 617,120 50,986

Accounts Receivable - Med B 29,682 20,647 9,035

Accounts Receivable - HMO/Insurance - - -

Accounts Receivable - CoInsurance 114,522 98,911 15,612

Net A/R Residents 906,132 784,466 121,666

Other Receivables

Accounts Receivable - Intercompany - - -

Accounts Receivable - Other - 27,382 (27,382)

Accounts Receivable - Entrance Fee Due F 599,995 - 599,995

Accounts Receivable Coinsurance Clearing 1,415 1,415 -

Accrued Int. - Interest Fund 0 0 -

Accrued Int. - Spec Int Fund - - -

Accrued Int. - DSR A 233,629 186,904 46,726

Accrued Int. - DSR B 8,532 6,826 1,706

Accrued Int. - DSR C 90,734 72,587 18,147

Accrued Int. - DSR D - - -

Accrued Int. - Project Fund - - -

Accrued Int. - COI Fund - - -

Accrd Int Inc - Entrance Fees - - -

Accrd Int Inc - Working Capital Fund - - -

Accrd Int Inc - Operating Reserve - - -

Accrued Int. Rec. - Optional Redemp Fund - - -

Accrued Int. Rec. - Leasehold - - -

Accrued Int. Rec - Other - - -

Total Other Receivables 934,305 295,113 639,192

Total Receivables 1,840,437 1,079,579 760,858

Inventory

Inventory 20,467 16,747 3,720

Total Inventory 20,467 16,747 3,720

Deposits

Deposit - Utilities - - -

Total Deposits - - -

Prepaid Expenses

Security Deposits - - -

Prepaid Expense - Development - - -

Prepaid Expense 228,126 298,887 (70,761)

Prepaid - Insurance 90,455 28,751 61,704

Prepaid Payroll - - -

Prepaid Taxes 80,877 46,645 34,233

Total Prepaid Expenses 399,458 374,282 25,176

Total Current Assets 8,761,052 6,287,439 2,473,612


Comparative Balance SheetAs of November 30, 2011

UNAUDITED

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30

Current Prior




UNAUDITED

Fixed Assets -

Total CIP 2,150,164 4,011,351 (1,861,187)

Land 19,058,908 19,058,908 -

Land - EH 1,767,825 1,767,825 -

Land - SN 1,527,162 1,527,162 -

Land Improvements 7,178,262 7,178,262 -

Land Improvements - EH 665,826 665,826 -

Land Improvements - SN 575,184 575,184 -

Buildings 190,671,104 190,671,104 -

Buildings - EH 13,445,402 13,445,402 -

Buildings - SN 11,630,407 11,630,407 -

Building Improvements 31,225 31,225 -

Building Improvements - EH - - -

Builiding Improvments - SN - - -

Equipment - Fixed 53,003 53,003 -

Equipment - Fixed - EH 9,934 9,934 -

Equipment - Fixed - SN 12,643 12,643 -

Equipment - Movable 645,471 645,471 -

Equipment - Movable - EH 52,732 52,732 -

Equipment - Movable - SN 91,006 91,006 -

Computers - Hardware & Software 285,963 285,963 -

Computers - Hardware & Software 34,588 34,588 -

#N/A 51,651 51,651 -

Furniture & Fixtures 1,471,044 1,471,044 -

Furniture & Fixtures - EH 278,959 278,959 -

Furniture & Fixtures - SN 355,039 355,039 -Vehicles 102,397 102,397 -

Vehicles - EH 19,675 19,675 -

Vehicles - SN 25,040 25,040 -

Total Fixed Assets 250,040,450 250,040,450 -

Accumulated Depreciation

Accum Depr - Land Improvements (119,047) (119,047) -

Accum Depr - Land Improvements EH (11,042) (11,042) -

Accum Depr - Land Improvements SN (9,539) (9,539) -

Accum Depr - Buildings (6,840,221) (6,361,863) (478,358)

Accum Depr - Buildings EH (111,435) (111,435) -

Accum Depr - Buildings - SN (96,369) (96,369) -

Accum Depr - Bldg. Improvements - - -

Accum Depr - Bldg. Improvements - EH - - -

Accum Depr - Bldg. Improvements - SN - - -

Accum Depr - Equipment Fixed (1,143) (1,143) -

Accum Depr - Equipment Fixed - EH (220) (220) -

Accum Depr - Equipment Fixed - SN (280) (280) -

Accum Depr - Equipment Movable (66,168) (61,097) (5,071)Accum Depr - Equipment Movable - EH (1,749) (1,749) -

Accum Depr - Equipment Movable - SN (2,801) (2,801) -

Accum Depr - Computers (62,322) (57,822) (4,500)

Accum Depr - Computers - EH (2,295) (2,295) -

Accum Depr - Computers - SN (2,920) (2,920) -

Accum Depr - Furn & Fixtures (364,171) (335,442) (28,729)

Accum Depr - Furn & Fixtures - EH (9,253) (9,253) -

Accum Depr - Furn & Fixtures - SN (11,776) (11,776) -

Accum Depr - Vehicles (34,293) (31,793) (2,500)

Accum Depr - Vehicles - EH (1,305) (1,305) -

Accum Depr - Vehicles - SN (1,661) (1,661) -

Total Accumulated Depreciation (7,750,010) (7,230,852) (519,158)

Net Fixed Assets 242,290,440 242,809,598 (519,158)

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Current Prior




UNAUDITED

Intangible Assets

Deferred Financing Costs 13,451,384 13,451,384 -

Deferred Financing Costs - EH 1,019,893 1,019,893 -

Deferred Financing Costs - SN 888,015 888,015 -

Capitalized Marketing 11,882,733 11,882,733 -

Total Intangible Assets 27,242,024 27,242,024 -

Accum Depreciation - DFC (709,083) (660,191) (48,892)Accum Depreciation - DFC - EH (12,986) (12,986) -

Accum Depreciation - DFC - SN (11,307) (11,307) -

Accum Amort - Captzld Marketing (1,716,255) (1,601,838) (114,417)

Total Accumulated Amortization (2,449,631) (2,286,322) (163,309)

Net Intangible Assets 24,792,393 24,955,702 (163,309)

Restricted Assets

Cap Int Acquisition Loan 1,896 1,896 -

Cap Int Building Loan 0 0 -

Cap Int Project Loan - - -

Building Loan Fund - - -

Project Loan Fund - - -

Debt Service Reserve A 13,696,385 13,696,385 -

Debt Service Reserve B 467,499 467,499 -

Debt Service Reserve C 4,872,594 4,872,594 -

Debt Service Reserve D - - -

Cost of Issuance Fund 460,602 460,602 -

Acquisition Loan 56 56 -REIM 2007C 80 80 -

REIM 2007D 24 24 -

Project Fund 3,230,324 3,230,324 -

Debt Serv 2007C - - -

Debt Serv 2007D - - -

Debt Serv 2007A 4,817,799 3,854,268 963,531

Debt Serv 2007B - - -

Purchase 2007 48 48 -

Pledge Collateral/MMA Acct 79 79 -

Entrance Fee Fund - - -

Operating Reserve 11,249,245 14,599,244 (3,350,000)

Series C Redemption Fund 6,632,817 5,694,867 937,950

Series D Redemption Fund - - -

Total Restricted Assets 45,429,449 46,877,967 (1,448,519)

Total Assets 323,423,498 324,942,058 (1,518,560)

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UNAUDITED

Accounts Payable

Accounts Payable - Development 62,351 92,243 (29,892)

Accounts Payable - Trade 210,023 261,748 (51,724)

Accounts Payable - Other - - -

Due to/from Amsterdam Nursing - - -

Employee Appreciation Fund Pay 124,810 84,405 40,405

Due to/from Operations 182 182 -

Due to/from Development (182) (182) -Retainage Payable - 3,101,145 (3,101,145)

State Sales Tax 1 1 -

Swap Asset/Liability - - -

Total Accounts Payable 397,186 3,539,542 (3,142,356)

Resident Current Liabilities

Priority Deposits Refundable - - -

Pending Refunds Liability - - -

Resident Refunds Due 100 100 -

Conversion Deposits Refundable 3,650,836 4,265,554 (614,718)

Security Deposits AL & SN 6,495 6,495 -

Wait List Deposit Liability - - -

Wait List Deposit Interest Accrual - - -

Conversion Deposit Interest Accrual 196,942 260,938 (63,996)

Refundable EH Deposit Liability 72,355 72,855 (500)

Total Resident Current Liabilities 3,926,728 4,605,942 (679,214)

Payroll Related Current Liabilities

Accrued Payroll Costs 149,163 137,953 11,210

Accrued Employer Payroll Taxes 10,746 10,250 496

Accrued Employee Deductions 4,022 4,373 (350)

Employee Federal Withholding Tax Liab - 24,364 (24,364)

Employee State Withholding Tax Liab 1,135 9,431 (8,295)

Employee Local Withholding Tax Liab - 2,046 (2,046)

FICA Tax Liability 0 27,767 (27,766)

Accrued PTO 115,122 109,582 5,540

Total Payroll Related Current Liabilities 280,189 325,765 (45,576)

Accrued Expenses

Accrued Expenses - Development 2,370,871 1,273,585 1,097,286

Accrued Bond Interest Expense 4,817,655 3,854,124 963,531

Accrued Bond Interest Expense - Variable - - -

Accrued Subordinated Loan Int 1,757,092 1,757,092 -

Accrued Operating Expenses 288,144 329,038 (40,895)

Accrued Audit Fees 71,508 91,670 (20,162)

Accrued Amsterdam Mgmt Fee 365,750 332,500 33,250Accrued Bonuses - - -

Accrued Remarketing Fees 29,637 19,867 9,771

Accrued LOC Fees - - -

Total Accrued Expenses 9,700,657 7,657,876 2,042,781

Total Current Liabilities 14,304,760 16,129,126 (1,824,366)

Entrance Fee Liability

Refundable Resident Deposit Liability 72,319,590 70,172,235 2,147,355

Non-refundable Entrance Fees 16,515,790 16,136,845 378,945

Accum Amort - Refundable Residency Fee - - -

Acc. Amort. Non-refundable Ent. Fees (1,676,074) (1,490,071) (186,003)

Total Entrance Fee Liability 87,159,306 84,819,009 2,340,297

Long Term Debt

Long Term Debt - Subordinated Note 3,000,000 3,000,000 -

Bonds Payable 254,015,000 254,015,000 -Original Issue Discount (263,733) (263,733) -

Accum Amort - Original Issue Discount 24,690 23,044 1,646

Total Long Term Debt 256,775,957 256,774,311 1,646

Total Liabilities 358,240,023 357,722,446 517,577

Equity -

Equity - Cash 2,500 2,500 -

Net Assets (11,415,389) (11,415,389) -

Net Income (23,403,636) (21,367,499) (2,036,137)

Total Equity (34,816,525) (32,780,388) (2,036,137)

Total Liabilities & Equity 323,423,498 324,942,058 (1,518,560)

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amsterdam house ccrc - november 2011 financial analysis summary package updated december 31, 2011

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