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Common Spine Surgery Shows No Benefit - Forbes.com
An expensive and common procedure treating back pain from osteoporosis turns out to be ineffective, no better than a fake surgery, two major studies have found.
Called vertebroplasty, the procedure involves injecting surgical cement into the vertebrae of patients to relieve pain from spinal fractures due to osteoporosis. Some 750,000 Americans get these fractures each year. Vertebroplasty and a related procedure called kyphoplasty have soared in popularity in recent years after doctors reported apparently miraculous results after trying it on small numbers of patients.
But early studies reporting positive results for the vertebroplasty procedure did not have control groups, making it unclear whether the purported benefits were simply due to the placebo effect or the natural tendency of chronic pain to subside over time.
The new studies, published in the New England Journal of Medicine today, tested vertebroplasty in a far more rigorous way. They randomly assigned patients to get either vertebroplasty or a fake procedure in which patients were injected with local anesthetic but no cement. Researchers followed patients for a few months to see if there was any difference in pain or functioning.
The results? "People who got a fake procedure did just as well as people who got the real thing," says back pain researcher Richard Deyo of Oregon Health and Science University, who was not involved in either study. Both groups improved, but the placebo patients improved just as much as those who got the real thing.
"It is absolutely shocking," says Mayo Clinic interventional neuroradiologist David Kallmes, who led one of the studies in conjunction with researchers at the University of Washington. "Vertebroplasty as currently practiced in this country and around the world doesn't seem to work."
Kallmes did the study because he always though the results reported for vertebroplasty seemed too good to be true–everyone got good results no matter how much cement was injected or what technique was used. And the mechanism through which vertebroplasty provided pain relief was a bit of a mystery. He figured if vertebroplasty was as good as promised, it would be easy to prove. He never expected results as stone cold negative as they were.
Kallmes says it is too early "to kill the procedure" but that doctors need to stop doing it routinely outside research trials. Some researchers went further.
"I don't think they should be done" any more outside of research studies, saidMonash University rheumatologist Rachelle Buchbinder, who led the second study, done in Australia. "There are some risks, and we did not demonstrate any benefits."
Side effects of vertebroplasty can include cement leakage and the possibility that it could increase the risk of future fractures.
Johnson & Johnson and Stryker are among the companies that make materials using vertebroplasty.
Each year Medicare pays for roughly 40,000 vertebroplasty procedures at a cost of $3,000 or more, says Dartmouth-Hitchcock Medical Centerorthopedic surgeon James Weinstein. If the new studies' findings are correct, much of that money has been wasted. He estimates that at least that many more expensive kyphoplasty procedures are done.
They findings are likely to provide ammunition to legislators and doctors pushing for more "comparative effectiveness" studies to be done as part of health care reform. The goal is to get better data on which medical procedures and devices provide value for the money. "The results are a very big deal for all of health care," says Dartmouth's Weinstein. This is what the president is asking us to do–find the answer and pay for value. If things work lets pay for it, if it doesn't, lets not."
Researchers said the negative vertebroplasty findings raise questions about the effectiveness of a related procedure called kyphoplasty, in which the cement is injected after a small balloon is inflated to restore the shape of the broken vertebra. In 2007, device maker Medtronic spent $3.9 billion to buy the company that makes kits used to do the procedure.
"There is no plausible reason why it would work where vertebroplasty doesn't work," said Buchbinder, who calls for blinded trials looking at the benefits of kyphoplasty.
Adds University of Washington neuroradiologist Jeffrey Jarvik, who worked on the American trial: "It absolutely calls into question the benefit of kyphoplasty as well … There is no strong evidence" that kyphoplasty is better, even though it costs more.
Medtronic says kyphoplasty is different from vertebroplasty; among other things, it aims to not just relieve pain but to restore lost height. It points to a 300-patient trial published in the Lancet this year that found kyphoplasty was better than nonsurgical care for relieving spine fracture pain and improving function.
But that trial was not blinded–patients knew which treatment group they were in. This is an issue because the mere knowledge you are getting the latest in high-tech procedures can make you feel better. Studies have found that fake devices produce bigger placebo effects than placebo pills.
Medtronic argues that a sham surgery trial for kyphoplasty is not needed because the Lancet trials followed patients for a full year, and that a placebo effect would be unlikely to persist for this long. "Placebo effects have never been shown to last as long as one year," the company said in a statement.
Vertebroplasty was first pioneered in France and has been done in the U.S. since researchers at the University of Virginia reported good results in the 1990s. "It is a very simple procedure to do," says Kallmes. "Everyone picked up on it and stared doing it. Kyphoplasty, which adds in the balloon, became popular more recently.
But the new studies testing vertebroplasty's efficacy took years to perform because doctors were reluctant to enroll patients. They were convinced that vertebroplasty worked. The Mayo Clinic/University of Washington trial had to expand to locations worldwide to attract enough patients. It eventually got 131 patients to agree. The Australia trial only enrolled 78 participants, far less than originally planned.
Some doctors even said the trials were unethical. One 2005 editorial in theJournal of Neuroradiology predicted that a randomized trial of vertebroplasty "would almost assuredly merely confirm the data that we already have" and thus "does not seem necessary or ethically justifiable."
Patients may still ask for vertebroplasty no matter what the results show. Sister Rogene Fox, an 81-year-old nun at Assisi Heights convent in Minnesota, was in the placebo group of the Mayo Clinic study after getting a painful vertebra fracture in 2007. The pain went away 10 weeks after getting the placebo surgery, she says. This year, when she had a second vertebral fracture, she went back to get the real thing. Her pain went away within 10 days. "For me it was better, because within 10 days to two weeks my pain was considerably relieved. I would go back for another one," she says.


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Book, Meet Book
Today we've got two delightfully delicious books who just have to meet– so for all you foodie fiction lovers, read on.
The City Baker's Guide to Country Living by Louise Miller
When Olivia Rawlings—pastry chef extraordinaire for an exclusive Boston dinner club—sets not just her flambéed dessert but the entire building alight, she escapes to the most comforting place she can think of—the idyllic town of Guthrie, Vermont, home of Bag Balm, the country's longest-running contra dance, and her best friend Hannah. But the getaway turns into something more lasting when Margaret Hurley, the cantankerous, sweater-set-wearing owner of the Sugar Maple Inn, offers Livvy a job. Broke and knowing that her days at the club are numbered, Livvy accepts.
Livvy moves with her larger-than-life, uberenthusiastic dog, Salty, into a sugarhouse on the inn's property and begins creating her mouthwatering desserts for the residents of Guthrie. She soon uncovers the real reason she has been hired—to help Margaret reclaim the inn's blue ribbon status at the annual county fair apple pie contest.
With the joys of a fragrant kitchen, the sound of banjos and fiddles being tuned in a barn, and the crisp scent of the orchard just outside the front door, Livvy soon finds herself immersed in small town life. And when she meets Martin McCracken, the Guthrie native who has returned from Seattle to tend his ailing father, Livvy comes to understand that she may not be as alone in this world as she once thought.
But then another new arrival takes the community by surprise, and Livvy must decide whether to do what she does best and flee—or stay and finally discover what it means to belong. Olivia Rawlings may finally find out that the life you want may not be the one you expected—it could be even better.
The Secret Ingredient of Wishes by Susan Bishop Crispell
26-year-old Rachel Monroe has spent her whole life trying to keep a very unusual secret: she can make wishes come true. And sometimes the consequences are disastrous. So when Rachel accidentally grants an outlandish wish for the first time in years, she decides it's time to leave her hometown―and her past―behind for good.
Rachel isn't on the road long before she runs out of gas in a town that's not on her map: Nowhere, North Carolina―also known as the town of "Lost and Found." In Nowhere, Rachel is taken in by a spit-fire old woman, Catch, who possesses a strange gift of her own: she can bind secrets by baking them into pies. Rachel also meets Catch's neighbor, Ashe, a Southern gentleman with a complicated past, who makes her want to believe in happily-ever-after for the first time in her life.
As she settles into the small town, Rachel hopes her own secrets will stay hidden, but wishes start piling up everywhere Rachel goes. When the consequences threaten to ruin everything she's begun to build in Nowhere, Rachel must come to terms with who she is and what she can do, or risk losing the people she's starting to love―and her chance at happiness―all over again.
4 Novels I Read As A Child That Are Still Informing My Writing Today
Run The Downhill Parts
One Response to Book, Meet Book
Heather Adams October 4, 2016 at 10:17 pm #
What fun! I bet both these books are great stories — and will make me hungry!

redpajama_set_name: RedPajamaCommonCrawl


When children come up against difficulties, rather than encourage them to think through these conflicts on their own, most parents rush to solve the problems for them. Though, this is done with good intention, it doesn't improve the kids' problem-solving skills.
This means, as a parent you are doing your children a big disservice because as put by the World Economic Forum , complex problem-solving will be the No. 1 skill needed in what's been called the Fourth Industrial revolution (following on the heels of the Third — Digital — Revolution and inclusive of emerging technologies like VR and nanotechnology).
As for what's happening now, those who can't problem-solve today as kids will become adults who feel lost in the face of adversity tomorrow. And, as adults, they'll encounter substantial challenges to finding success in the changing workforce: For one thing, they almost certainly won't become leaders.
Founders come from all different backgrounds and perspectives, but they share one common trait: They can identify the right problem to solve (PTS). When a crisis flares or failure threatens, most people become emotional and fixate on the wrong things. This holds true in business, marriage, friendships, parenting — you name it. If cooler heads and clearer minds are to prevail, they must be able to cut through the noise to address the heart of the issue.
This matters as kids grow. Confidence is a natural consequence of effective problem-solving. When children fixate on the wrong aspects of a conflict, they become frustrated and discouraged because none of their solutions stick. They second-guess themselves and doubt their abilities to make good judgments in the future. That's an incredibly damaging mindset, no matter what career path they pursue.
The scientific method provides a step-by-step approach to problem-solving, from developing a hypothesis, to collecting and testing data, to drawing conclusions from what you've learned.
Neuroscientist Daniel J. Levitin agrees this method promotes critical thinking skills in kids. His latest book, Weaponized Lies: How to Think Critically in the Post-Truth Era, is all about thinking critically and methodically. He notes that, having grown up with the internet and Google at their fingertips, many kids these days are great at finding information, but they're not as strong at solving the problem of verifying a source's credibility. The scientific method, he argues, can help teach them the critical thinking skills they may lack.
A child who hasn't learned to articulate her reasons for wanting an allowance might throw a tantrum or act out to express her anger at being told "no." But one who has thought through the problem will be able to have a more enlightening discussion.
Perhaps she's craving a bit of independence as she enters her teen years, or she feels left out when her friends talk about their allowances. Those issues can spark rich conversations between parents and their children, and they create interesting opportunities for collaborative problem-solving.
When you find yourself in conflict with your children, ask probing questions to discover what's really going on. For parents, what seems like an unreasonable request may indicate deeper issues at school or among their kids' friends. By digging into your children's requests and finding out their core needs, you'll be putting your PTS lessons into action.
Many parents avoid talking about work with their kids. That's a shame because children love to hear their parents' stories. Talking about work is also a great way to impart problem-solving lessons to your kids, particularly if you're an entrepreneur.
Rather than gloss over a bad day or shield your children from your work, open up to them about the obstacles you face. If they're very young, you might need to dress up the details with colorful language and animated storytelling, but that's just an opportunity to stretch your creative muscles.
Kids understand more than we realize, and they'll be eager to learn about your work and how you deal with problems. What you share with them now will shape how they view their own roadblocks in the future. And that's a good thing: Children who have healthy relationships with conflict exhibit better social skills and higher self-esteem than peers who are shielded from problems.


Methods are reusable pieces of code written in order to execute a certain task. Writing methods makes your code more readable, less redondant and easier to test.
A method has a header and a body. The header is composed of the keyword def followed by the method name. The body is the piece of code that gets executed when you call a method. Finally, when you are done with the body, you use the keyword end, to indicates that the following code doesn't concern the method.
Defining is all good, but we need to call the method to execute the method's body.
What happens if we give more than one argument to our say_hi method?
Printing is all fine, but most of the times, you'll need to return something from the operations executed in your method. To do that, you'll use the return keyword.
Note: The last example returns the multiply method which returns a number.
Ruby provides a built-in sort method called sort.
Remember that adding the ! at the end of the method mutates the original variable.
it's the contrary. Finally, it will return 0 if both items are equal.
By default, the sort method sorts in the ascending order. You can provide a block as an optional argument to sort by descending order. You can use the combined comparison operator.


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Q: How to use varchar datatype as AutoIncrement in Hibernate..? I am developing a web application with Spring, Hibernate and SqlServer2008.
For database tables, I am using the auto increment number with int datatype. However, I want to use the varchar datatype as autoincrement.
for example:
for employee table
EMP1001 ,
EMP1002 ,
EMP1003 ,
...
...
Thanks...

redpajama_set_name: RedPajamaStackExchange


HRANA News Agency – Mostafa Azizi, prominent television producer and author, was arrested on February 1st, 2015 and is currently being held at the Evin prison. Sources indicate that Azizi was placed in solitary confinement shortly after his arrest.
According to the report of Human Rights Activists News Agency (HRANA), Azizi was held at the IRGC controlled (Ward 2-A) pending early-March when he was transferred to Evin's Ward 8/ Unit 7.
A credible source wishing to remain anonymous, confirmed that Azizi has been charged under the pretext of "insulting the supreme leader", "affronting the founder of the Islamic revolution", "propagandizing against the regime" and "conspiracy against public order". Mr. Salavati is the presiding judge over these charges. The source went on to say that Azizi is a resident of Canada and had returned to Iran for a family visit. The Iranian security forces arrested him roughly one month after his return.
Mr. Azizi was the brain behind a number of popular television series during the past two decades. His long and fruitful career began in 1986 as an editor-in-chief for the National Iranian Radio. In 1990, he made the move to network television; where he presided over Computer Animations Department and acted as a software manager for the Iran Broadcasting Corporation. He began producing network programs in this period.
Azizi is a member of International Animated Film Association (Association Internationale du Film d'Animation) and has previously held the association's Iran chair for a period of four years.


One end of Bridgewood runs in to Rockbridge Road right across from the top entrance to Rockbridge Club, about a third the way down that great big hill we loved as kids. The elevation drop from the light at Trenholm to the bottom of the hill is over 100 feet. As kids we not only took advantage of this drop by flying down Rockbridge hill full throttle on our bikes, but also by sledding down Rockbridge golf course from the very top near Trenholm all the way to the green at hole #2 along Spring Lake. Not too shabby.
All the sand had its advantages for us kids. In "The Woods" below St. Michael's church we dug huge foxholes which we used for protection in local pine cone and dirt clod wars, and for hanging out. Sometimes we dug underground tunnels connecting these fox holes. Yes I know that was very stupid. Thank goodness for the tree roots holding the sand in place.
It was always fun to turn on the hose as high as it could go and just push it into the sand. Down down down it would go as sandy water bubbled up. It seemed sometimes like the entire hose would disappear into the ground. That was some serious sand.
The top of Bridgewood is part of a sand hill plateau that extends across Trenholm and along Meadowood and the cross streets to Sylvan. Columbia has a lot of these sand hill plateaus. I am sitting on one as I type over here on South Edisto Drive in Rose Hill. I would type the official name of the neighborhood, which is "Hollywood/Rose Hill," but Hollywood is not on the plateau (sorry, Hollywood).
There is another very large such sand hill plateau off Forest Drive across from AC Flora, along Dalloz and the various side streets. There is that huge long plateau which Two Notch Road follows past Sesqui State Park. Downtown Columbia is on such a plateau as well.
I mention these plateaus because they tend to exhibit some of the older original attributes of the Sand Hill regions. Longleaf pines, ideally adapted to dry sandy conditions, dominate (that is where pines have not been cut down as they were in my neighborhood). Longleafs on these plateaus are somewhat squat in form with long side branches. Scrub oaks abound. Lawns tend to be hard to grow. It is a bit of a desert on these high sand hill regions as the rain just soaks through so fast.
Long ago the native Americans avoided these regions because they were so barren. De Soto's men about starved making their way from near what is now Augusta to near what is now Columbia. Interestingly those marauders crossed the Broad River north of Columbia and took the high sandy ground, quite possibly right through what is now downtown Columbia, on their way to the Santee area looking for the chiefdom of Cofitachequi. The sand hills were not amenable to supplying invading armies.
We had scrub oaks in our yard on Bridgewood, out by the street. Those scrub oaks were there when we moved in in 1960 and they are still there today. We also had a beautiful long leaf pine tree.
As most of you are reading this who live in Columbia know, there is clay in our sand hills. In my neighborhood it was a white clay, slippery and slimy when wet and rock hard when dry — perfect for "dirt clod" wars. I had never seen so much of the stuff as when they brought the sewer lines to Bridgewood Road. They had to lay the pipes very deep to accommodate all the houses on the down hill side of the road. And they made huge piles of dirt that seems to stay there for months. In those piles of sand was a lot of clay. This was kid heaven, a good time in the sand hills.
This clay is very very important to the natural history of the sand hills.But here I must digress. I have said nothing about where all this sand came from or why it is still here.
The traditional and likely explanation is that a very long time ago (about 85 million years ago – yep, when there were still dinosaurs afoot), the sea level was much higher, extending even further inland than Columbia is today. And over time then, just as today, rivers were eroding the rocks of the mountains and Piedmont and depositing sediments into broad delta like areas in the sea. There over the eons wave and tide would pound and pulverize. In time the sea levels fell, exposing this sediment to the further action of dune-producing winds, much like what is continually happening at the coast today. And as the sea level further and more quickly receded, it left these large dunes stranded, to be invaded by plant life, locking them in place as it were for millions of years to come.
Mixed into the sand of course was clay, clay that was also eroded from the mountains and Piedmont, different kinds of clay in different parts of the sand hills region. And this clay has had an incredibly important role in shaping the ecology of the sand hills.
It is a curiosity how there are so many streams in sand hill country given the tendency of water to drain straight down to the water table. But within the hills of sand are lateral sheets of clay redirecting the flow of water underground. Just below the Saint Michael's woods, in the backyard of a house on Shorebrook Drive, were two bubbly little springs.I was fascinated by those springs. The homeowner had taken advantage of them and dug a couple of little ponds. The water from the spring and the ponds changed the flora and fauna abruptly from what it was just fifty feet up the hill. And these two little springs meant a lot to my dog Clancey. As the water from the springs was piped under Shorebrook Road it formed first a deep pool and then a creek which ran into the lake. On hot summer days Clancey would suddenly get up, want out, run to the back of the yard, jump the fence and disappear. We knew where he was going. He was going for a swim in that pool of cool spring water. I thank the clay for that.
There are little springs like that all over the region, forming or feeding into the larger creeks, which in our case were Jackson Creek and Gills Creek. Yes, these creeks do cut into the sand hills, maiking them well, even more hilly. The water from these springs and creeks then allow for different types of plant communities, and denser growth of plants, which then itself adds organic matter and nutrients to the soils in the low lying areas. Add to this the natural diversity of plant and tree life depending on the northward or southward slope of a hill, and suddenly, in a region known mainly for sand, is an amazing diversity of small local ecologies, with diverse plant and animal populations. We lived this diversity from one end of Bridgewood to another, as there is another spring in a yard in the lowest part of Bridgewood feeding a small creek and wet land that extended at one time to Jackson Creek, but which now empties into Spring Lake. From bone dry sand plateaus at the top of Bridgewood to a wetland, in a few hundred yards – that's the sand hills!
My backyard was in the bone dry zone, and when I started gardening when I was a kid I realized very quickly the wisdom of the advice to add organic material to aid water retention in the soil. I could water tomatoes planted in that sand and the sand would be dry as a bone again in no time. But peatmoss was expensive. Over in the woods down in the damper section were a lot of old pine stumps which had been decomposing for years. I had already discovered that I could split kindling off those old stumps, and knew that there was a lot of fluffy loose decomposed wood material. So for years I took my wheelbarrow over, filled it up with this natural organic matter, and added the stuff to my garden. I had a compost pile of straw and leaves and weeds, and in time had some pretty darn good dirt, if I may say so myself!
And this brings me to a central fact of gardening in the sand hills. Amending soil is so important! And since our sandy soil over millions of years has leached out almost all calcium based materials such as calcium carbonate, the sandy soil tends to be naturally acidic. Porous, dry and acidic soil brings unique gardening challenges, which we will explore in a future article.
Thank you for your lovely writing.
Thanks, Joel ! I've missed your writing. I always learn something, and you write beautifully !


What do you tell a mother who had just lost her 10-year-old son? How do you remain stoic as a man who lost his brilliant six-year-old son breaks down? How do you assuage the guilt of a couple who scrapped to gather their children's school fees only for them to end up dead in school? How do you look the families that recorded 20 casualties in the face and assure them that all will be well?
An impossible task you might say but these were the burning questions while talking to the bereaved parents of the school pupils and other families who died last week Wednesday, March 13, after a three-storey residential building located at Itafaji caved in and buried both the residents and some pupils of the primary school located at the pent house.
Almost a week after, the shock is yet to wear off for the affected families, expectedly so. They keep hoping against hope that they will wake up from the nightmare. That was not to be so, as the government on Friday released the bodies of the 20 fatalities to the bereaved families, while medical practitioners battle against time to save those who are still fighting for their lives in the hospital.


That`s why example cloudflare is important on pool.
Yes, already I noticed that there was a problem. Although working through proxy, I notice that the server has some problems. Good luck with it!
Again the same problem. Why don't you use an online wallet which is synced already? I'm using the online ether wallet for storing most of my eth and i always have instant access to it without having to sync it.


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Brookdale Makes Further Progress on Turnaround Strategy Announced in Early 2018; Announces Fourth Quarter and Full Year 2018 Results
NASHVILLE, Tenn., -- Brookdale Senior Living Inc. (NYSE: BKD) ("Brookdale" or the "Company") announced results for the quarter and year ended December 31, 2018.
Fourth Quarter and Full Year Highlights:
Fourth quarter same-community resident fee revenue and RevPOR improved on both a sequential quarter and year-over-year basis.
Fourth quarter and full year Independent Living segment occupancy improved versus the prior year periods.
Completed significant financing transactions; extended maturities and lowered credit facility borrowing costs.
For the full year, the Company made significant progress on the real estate strategy announced in February 2018and generated net proceeds of approximately $193 million.
Lucinda ("Cindy") Baier, Brookdale's President and CEO, said, "I'm pleased with the significant progress we've made since announcing our turnaround strategy. In 2018, we improved our community leaders' retention rate and drove mid-single digit increases in leads and visits compared to 2017. I'm especially proud of the reduction of controllable move-outs, which reflects increased resident satisfaction and improved operational execution. We made significant progress on our real estate initiative and are now over 20% smaller than after the Emeritus transaction. I'm confident we are well positioned to drive our turnaround strategy and will be successful in improving the performance of our remaining portfolio."
Fourth Quarter Financial Results
Total revenue for the fourth quarter of 2018 was $1.07 billion compared to $1.17 billion for the prior year period. Resident fees decreased 11.0% from the fourth quarter of 2017 to $806.8 million. The decrease was primarily due to dispositions of 137 communities (13,702 units) through asset sales and lease terminations since the beginning of the prior year period, which generated $105.3 million less revenue than the fourth quarter of 2017. Facility operating expense for the fourth quarter of 2018 decreased 7.5% from the fourth quarter of 2017 to $586.9 million primarily due to disposition activity. General and administrative expense decreased 4.8% from the fourth quarter of 2017 to $56.2 million primarily due to a decrease in headcount as a result of organizational restructuring in 2018. Net income for the fourth quarter of 2018 was $131.5 million compared to net income of $15.0 million for the fourth quarter of 2017. Net income for the fourth quarter of 2018 included a $216.7 million net gain on sale of assets, primarily for the sale of 19 communities. Net income for the fourth quarter of 2017 included a deferred income tax benefit of $64.0 million, including a benefit of $112.4 millionresulting from the re-measurement of the Company's net deferred tax liability due to the impact of the Tax Cuts and Jobs Act. Net cash provided by operating activities for the fourth quarter of 2018 was $33.5 million, a decrease of $50.6 million compared with the fourth quarter of 2017. The decrease was attributable primarily to the impact of disposition activity and an increase in facility operating expense at the communities operated during both full periods.
Annual Financial Results
Total revenue for the full year 2018 was $4.53 billion, a decrease of 4.5% from the prior year. The decrease was primarily due to dispositions of 219 communities (21,173 units) through asset sales and lease terminations since the beginning of the prior year, which generated $351.4 million less revenue in 2018 than the prior year. Net loss for the full year 2018 was $528.4 million, versus a net loss of $571.6 million for the full year 2017. Net loss for 2018 included $489.9 million of non-cash impairment expense, partially offset by a $293.2 million net gain on sale of assets. Net loss for 2017 included $409.8 million of non-cash impairment expense. Full year 2018 net cash provided by operating activities was $204.0 million, a decrease of $174.4 million, or 46.1% compared with the prior year. The decrease was attributable primarily to an increase in facility operating expense at communities operated during both full years, cash payments to terminate community operating leases during 2018, and the impact of disposition activity.
Adjusted EBITDA and Adjusted Free Cash Flow are financial measures that are not calculated in accordance with GAAP. See "Reconciliation of Non-GAAP Financial Measures" below for the Company's definitions of such financial measures, reconciliations of such measures to their most comparable GAAP financial measures and other important information regarding the use of the Company's non-GAAP financial measures. Prior period amounts of Adjusted Free Cash Flow presented herein have been recast to conform to the new presentation of cash flows following the Company's adoption of ASU 2016-15 effective on January 1, 2018.
The Company's full year 2018 results compared to the Company's most recent full year 2018 guidance were:
Guidance as of
Actual Full
Adjusted EBITDA, excluding transaction and organizational restructuring costs
Adjusted Free Cash Flow
The Company's proportionate share of Adjusted Free Cash Flow of
unconsolidated ventures
Adjusted EBITDA decreased 20.2% to $509.6 million for the full year 2018, compared to $638.6 million for the full year 2017. The decrease in Adjusted EBITDA is primarily due to increases in community labor expense at the communities operated during both full periods and disposition activity since the beginning of the prior year period. Adjusted EBITDA includes transaction and organizational restructuring costs of $28.1 million for the year ended December 31, 2018 and transaction and strategic project costs of $25.4 million for the year ended December 31, 2017. Adjusted Free Cash Flow for the full year 2018 was $19.8 million, a decrease of 81.9% compared to the full year 2017. The decrease was attributable primarily to an increase in facility operating expense at the communities operated during both full years. The Company's proportionate share of Adjusted Free Cash Flow of unconsolidated ventures was $22.0 million for the full year 2018 compared with $35.4 million for the prior year. The decrease was primarily due to lower net entrance fee proceeds of the unconsolidated ventures and the Company's sale of its equity interest in ventures subsequent to the beginning of the prior year.
Fourth Quarter Results
Adjusted EBITDA decreased 18.6% to $112.5 million for the fourth quarter of 2018, compared to $138.1 million for the fourth quarter of 2017. Excluding transaction and organizational restructuring costs of $2.7 million for the fourth quarter of 2018 and transaction and strategic project costs of $10.9 million for the fourth quarter of 2017, Adjusted EBITDA for the fourth quarter of 2018 decreased 22.7% to $115.2 million, compared to $149.0 million for the fourth quarter of 2017. The decrease in Adjusted EBITDA was primarily due to disposition activity since the beginning of the prior year period and an increase in labor expense at the communities operated during both full periods, partially offset by a decrease in general and administrative expense and lower expense related to hurricanes period over period. Adjusted Free Cash Flow for the fourth quarter of 2018 was negative $4.3 million compared to negative $11.2 million for the fourth quarter of 2017. For the fourth quarter of 2018 Adjusted Free Cash Flow was positively impacted by lower non-development capital expenditures compared to the fourth quarter of 2017.
The Company's proportionate share of Adjusted Free Cash Flow of unconsolidated ventures was $2.0 million for the fourth quarter of 2018 compared with $12.0 million for the prior year period. The decrease was primarily due to lower net entrance fee proceeds of the unconsolidated ventures and the Company's sale of its equity interest in ventures subsequent to the beginning of the prior year period.
The Company reports information on five segments. Three segments (Independent Living, Assisted Living and Memory Care, and CCRCs) constitute the Company's consolidated senior housing portfolio. The Health Care Services segment includes the Company's home health, hospice and outpatient therapy services. The Management Services segment includes the services provided to unconsolidated communities that are operated under management agreements. The Company formerly referred to the Independent Living segment as the Retirement Centers segment, the Assisted Living and Memory Care segment as the Assisted Living segment, and the Health Care Services segment as the Brookdale Ancillary Services segment. The name changes had no effect on the underlying methodology related to, or results of operations of, the segments.
Revenue for the consolidated senior housing portfolio was $698.5 million for the fourth quarter of 2018, a decrease of 11.9% from the fourth quarter of 2017. Facility operating expense was $484.6 million for the fourth quarter of 2018, a decrease of 9.2% from the fourth quarter of 2017. Operating income for the consolidated senior housing portfolio decreased by 17.4% from the fourth quarter of 2017, to $213.9 million for the fourth quarter of 2018. These decreases were primarily due to dispositions of 137 communities since the beginning of the prior year period. RevPAR increased 2.0% for the fourth quarter of 2018 compared to the fourth quarter of 2017. RevPOR increased 3.0% for the fourth quarter of 2018 compared to the fourth quarter of 2017, and weighted average occupancy decreased by 80 basis points. The increase to RevPAR was primarily due to dispositions of communities with lower RevPAR since the beginning of the prior year period.
Same community revenue and RevPAR for the consolidated senior housing portfolio for the fourth quarter of 2018 increased 0.3% from the corresponding period in 2017 due to an increase in same community RevPOR of 1.8%, which was partially offset by a decline in weighted average occupancy of 130 basis points. Sequentially, same community weighted average occupancy for the consolidated senior housing portfolio decreased 10 basis points to 84.7% from the third quarter of 2018. Same community facility operating expense for the fourth quarter of 2018 increased by 4.7% over the fourth quarter of 2017, driven primarily by an increase in community labor expense. As a result, same community operating income for the consolidated senior housing portfolio for the fourth quarter of 2018 decreased by 8.4% from the fourth quarter of 2017, to $197.8 million, with operating margin decreasing to 30.9% from 33.8% for the fourth quarter of 2017.
Revenue for the Company's Health Care Services segment decreased $5.2 million, or 4.6%, to $108.3 million for the fourth quarter of 2018 compared to the prior year period, primarily due to a decline in home health revenue resulting from a case mix shift to lower-rate managed care and the impact of the adoption of the new revenue standard which resulted in a $2.9 million decrease to resident fee revenue. The decrease was partially offset by an increase in volume for hospice services.
Facility operating expense for the fourth quarter of 2018 increased $1.6 million, or 1.5%, over the fourth quarter of 2017. As a result, Health Care Services segment operating income for the fourth quarter of 2018 was $6.1 million, a decrease of 52.5% versus the fourth quarter of 2017, with operating margin decreasing 570 basis points to 5.6%.
Total liquidity for the Company was $592.5 million as of December 31, 2018, an increase of $134.0 million from September 30, 2018. The increase is primarily due to proceeds from asset sales of $367.9 million offset by debt payments made during the period and a lower amount available on the Company's secured credit facility. Liquidity as of December 31, 2018 included $398.3 million of unrestricted cash and cash equivalents and $179.4 million of availability on the Company's secured credit facility.
During the three months ended December 31, 2018, the Company amended its secured credit facility, which now provides for an extended maturity date of January 3, 2024, a reduced commitment amount of $250 million, and a reduced variable rate margin over LIBOR. During the period, the Company also obtained $327.0 million of debt secured by the non-recourse first mortgages on 28 communities, most of which had collaterialized the former credit facility or other loans with near-term maturity dates.
Transactions Update
During the three months ended December 31, 2018, the Company completed sales of 19 communities as part of its 2018 real estate strategy announced in February 2018, which generated proceeds of approximately $193 million, net of associated debt repayment and transaction costs. The Company recognized a net gain on sale of assets of $186.5 millionrelated to these sales. As of December 31, 2018, 13 communities (1,686 units) were classified as assets held for sale with a carrying value of $93.1 million, and $31.2 million of associated mortgage debt was included in the current portion of long-term debt. Assets held for sale as of December 31, 2018 include several communities under contract, and the Company continues to market several other communities, as part of its real estate strategy announced in 2018 to sell owned communities generating an aggregate of more than $250 million of proceeds, net of associated debt and transaction costs.
In the fourth quarter of 2018, the Company completed terminations of leases on 17 communities (1,463 units), which completed the terminations of leases provided in the November 2017 agreement with HCP, Inc. In addition, the Company paid an aggregate lease termination fee of $8.0 million to terminate underwater leases on six communities with another lessor.
During the fourth quarter of 2018, management arrangements on 52 communities were terminated, including terminations of management agreements on 11 communities as part of the November 2017 agreement with HCP, Inc., management agreements on 11 communities as part of the June 2018 agreement with Welltower Inc., and interim management arrangements entered into in connection with previous lease terminations. During 2019, the Company expects terminations of management arrangements with third parties as the Company transitions to new operators its interim management on formerly owned or leased communities and its management on certain former unconsolidated ventures in which the Company sold its interest.
The closings of the various pending and expected transactions are, or will be, subject to the satisfaction of various closing conditions, including (where applicable) the receipt of regulatory approvals. However, there can be no assurance that the transactions will close or, if they do, when the actual closings will occur.
For the full year 2019, the Company is providing the following guidance:
Adjusted EBITDA, excluding transaction costs
Adjusted Free Cash Flow, including transaction costs
($100) to ($80)
The Company's proportionate share of Adjusted EBITDA of unconsolidated ventures
The Company's proportionate share of Adjusted Free Cash Flow of unconsolidated ventures
During 2018, the Company completed an intensive review of its community-level capital expenditure needs with a focus on ensuring that its communities are in appropriate physical condition to support the Company's strategy and determining what additional investments are needed to protect the value of its portfolio. As a result of that review, the Company plans to increase its community-level capital expenditures by approximately $75 million relative to 2018, primarily attributable to major building infrastructure projects. In the aggregate, the Company expects its full-year 2019 non-development capital expenditures, net of anticipated lessor reimbursements, to be approximately $250 million.
The foregoing guidance includes the impact of transactions closed prior to the date hereof and the expected impact of the Company's plans to dispose of communities, including 13 communities classified as held for sale as of December 31, 2018, and expected lease and management terminations, and such expectations are based on the Company's estimates regarding the timing of the closings of such transactions. Except for the foregoing transactions, the Company's guidance excludes the impact of any future acquisition, disposition, financing or other transaction activity. In addition, the foregoing Adjusted EBITDA guidance includes the estimated negative non-recurring net impact of approximately $27 million resulting from the Company's adoption of the new lease accounting standard effective January 1, 2019. The lease accounting change has no impact on the Adjusted Free Cash Flow guidance. Further, the Company intends to change its definition of Adjusted Free Cash Flow to no longer adjust net cash provided by operating activities for changes in working capital items other than items related to operating lease termination and modification, beginning when the Company reports its results for the first quarter of 2019. The foregoing guidance amounts reflect this definitional change. See "Adjusted Free Cash Flow Reconciliations - Fiscal 2019 Definition" below for calculations of the Company's Adjusted Free Cash Flow and its proportionate share of Adjusted Free Cash Flow of unconsolidated ventures for the year ended December 31, 2018 using such new definition.
Reconciliations of the non-GAAP financial measures included in the foregoing guidance to the most comparable GAAP financial measures are not available without unreasonable effort due to the inherent difficulty in forecasting the timing or amounts of items required to reconcile Adjusted EBITDA, Adjusted Free Cash Flow and the Company's proportionate share of Adjusted EBITDA and Adjusted Free Cash Flow of unconsolidated ventures from the Company's net income (loss), the Company's net cash provided by (used in) operating activities and the unconsolidated ventures' net income (loss) and net cash provided by (used in) operating activities, as applicable. Variability in the timing or amounts of items required to reconcile each measure may have a significant impact on the Company's future GAAP results.
The Company will post on its website at www.brookdale.com/investor supplemental information relating to the Company's fourth quarter 2018 results, an updated investor presentation and a copy of this earnings release. The supplemental information and a copy of this earnings release will also be furnished in a Form 8-K to be filed with the SEC.
Brookdale's management will conduct a conference call to review the financial results of its fourth quarter and full year ended December 31, 2018 on February 14, 2019 at 9:00 AM ET. The conference call can be accessed by dialing (866) 900-2996 (from within the U.S.) or (706) 643-2685 (from outside of the U.S.) ten minutes prior to the scheduled start and referencing the "Brookdale Senior Living Fourth Quarter and Full Year 2018 Earnings Call."
A webcast of the conference call will be available to the public on a listen-only basis at www.brookdale.com/investor. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast. A replay of the webcast will be available through the website following the call.
For those who cannot listen to the live call, a replay will be available until 11:59 PM ET on February 28, 2019 by dialing (855) 859-2056 (from within the U.S.) or (404) 537-3406 (from outside of the U.S.) and referencing access code "9598706".
About Brookdale Senior Living
Brookdale Senior Living Inc. is the leading operator of senior living communities throughout the United States. The Company is committed to providing senior living solutions primarily within properties that are designed, purpose-built and operated to provide the highest-quality service, care and living accommodations for residents. Brookdale operates and manages independent living, assisted living, memory care and continuing care retirement communities, with approximately 892 communities in 45 states and the ability to serve approximately 84,000 residents as of December 31, 2018. The Company also offers a range of home health, hospice and outpatient therapy services. Brookdale's stock is traded on the New York Stock Exchange under the ticker symbol BKD.
Definitions of RevPAR and RevPOR
RevPAR, or average monthly senior housing resident fee revenues per available unit, is defined by the Company as resident fee revenues, excluding Health Care Services segment revenue and entrance fee amortization, for the corresponding portfolio for the period, divided by the weighted average number of available units in the corresponding portfolio for the period, divided by the number of months in the period.
RevPOR, or average monthly senior housing resident fee revenues per occupied unit, is defined by the Company as resident fee revenues, excluding Health Care Services segment revenue and entrance fee amortization, for the corresponding portfolio for the period, divided by the weighted average number of occupied units in the corresponding portfolio for the period, divided by the number of months in the period.
Certain statements in this press release and the associated earnings conference call may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to various risks and uncertainties and include all statements regarding the Company's guidance and any other statements that are not historical statements of fact and those regarding the Company's intent, belief or expectations. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "could," "would," "potential," "intend," "expect," "endeavor," "seek," "anticipate," "estimate," "believe," "project," "predict," "continue," "plan," "target" or other similar words or expressions. Although these forward looking statements are based on assumptions and expectations that the Company believes are reasonable, the Company can give no assurance that its assumptions or expectations will be attained and actual results and performance could differ materially from those projected. Factors which could have a material adverse effect on the Company's operations and future prospects or which could cause events or circumstances to differ from the forward-looking statements include, but are not limited to, events which adversely affect the ability of seniors to afford resident fees and entrance fees, including downturns in the economy, national or local housing markets, consumer confidence or the equity markets and unemployment among family members; changes in reimbursement rates, methods or timing under governmental reimbursement programs including the Medicare and Medicaid programs; the impact of ongoing healthcare reform efforts; the effects of continued new senior housing construction and development, oversupply and increased competition; disruptions in the financial markets that affect the Company's ability to obtain financing or extend or refinance debt as it matures and the Company's financing costs; the risks associated with current global economic conditions and general economic factors such as inflation, the consumer price index, commodity costs, fuel and other energy costs, interest rates and tax rates; the Company's ability to generate sufficient cash flow to cover required interest and long-term lease payments and to fund its planned capital projects; the effect of the Company's indebtedness and long-term leases on its liquidity; the effect of the Company's non-compliance with any of its debt or lease agreements (including the financial covenants contained therein), including the risk of lenders or lessors declaring a cross default in the event of the Company's non-compliance with any such agreements and the risk of loss of the Company's property securing leases and indebtedness due to any resulting lease terminations and foreclosure actions; increased competition for or a shortage of personnel, wage pressures resulting from increased competition, low unemployment levels, minimum wage increases and changes in overtime laws, and union activity; failure to maintain the security and functionality of the Company's information systems or to prevent a cybersecurity attack or breach; the Company's ability to complete pending or expected disposition or other transactions on agreed upon terms or at all, including in respect of the satisfaction of closing conditions, the risk that regulatory approvals are not obtained or are subject to unanticipated conditions, and uncertainties as to the timing of closing, and the Company's ability to identify and pursue any such opportunities in the future; the Company's ability to obtain additional capital on terms acceptable to it; the Company's ability to complete its capital expenditures in accordance with its plans; the Company's ability to identify and pursue development, investment and acquisition opportunities and its ability to successfully integrate acquisitions; competition for the acquisition of assets; delays in obtaining regulatory approvals; risks associated with the lifecare benefits offered to residents of certain of the Company's entrance fee CCRCs; terminations, early or otherwise, or non-renewal of management agreements; conditions of housing markets, regulatory changes and acts of nature in geographic areas where the Company is concentrated; terminations of the Company's resident agreements and vacancies in the living spaces it leases; departures of key officers and potential disruption caused by changes in management; risks related to the implementation of the Company's strategy, including initiatives undertaken to execute on its strategic priorities and their effect on the Company's results; actions of activist stockholders; market conditions and capital allocation decisions that may influence the Company's determination from time to time whether to purchase any shares under its existing share repurchase program and the Company's ability to fund any repurchases; the Company's ability to maintain consistent quality control; a decrease in the overall demand for senior housing; environmental contamination at any of the Company's communities; failure to comply with existing environmental laws; an adverse determination or resolution of complaints filed against the Company; the cost and difficulty of complying with increasing and evolving regulation; costs to respond to, and adverse determinations resulting from, government reviews, audits and investigations; unanticipated costs to comply with legislative or regulatory developments; as well as other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission, including those contained in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements in such SEC filings. Readers are cautioned not to place undue reliance on any of these forward-looking statements, which reflect management's views as of the date of this press release and/or associated earnings call. The Company cannot guarantee future results, levels of activity, performance or achievements, and it expressly disclaims any obligation to release publicly any updates or revisions to any of these forward-looking statements to reflect any change in its expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.
Years Ended
Resident fees
Reimbursed costs incurred on behalf of managed
Facility operating expense (excluding depreciation and
amortization of $97,416, $104,312, $407,427, and
$430,288, respectively)
General and administrative expense (including non-cash
stock-based compensation expense of $5,357, $5,285,
$26,067, and $27,832, respectively)
Transaction costs
Facility lease expense
Goodwill and asset impairment
Loss on facility lease termination and modification, net
Costs incurred on behalf of managed communities
Capital and financing lease obligations
Amortization of deferred financing costs and debt
Change in fair value of derivatives
Debt modification and extinguishment costs
Equity in loss of unconsolidated ventures
Gain on sale of assets, net
Other non-operating income
Income (loss) before income taxes
Benefit for income taxes
Net income (loss)
Net (income) loss attributable to noncontrolling interest
Net income (loss) attributable to Brookdale Senior Living
Inc. common stockholders
Basic and diluted net income (loss) per share attributable
to Brookdale Senior Living Inc. common stockholders
Weighted average shares used in computing basic net
income (loss) per share
Weighted average shares used in computing diluted net
Accounts receivable, net
Prepaid expenses and other current assets, net
Property, plant and equipment and leasehold intangibles, net
Other assets, net
Long-term debt, less current portion
Capital and financing lease obligations, less current portion
Total Brookdale Senior Living Inc. stockholders' equity
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization, net
Distributions from unconsolidated ventures from cumulative share of net earnings
Amortization of deferred gain
Amortization of entrance fees
Proceeds from deferred entrance fee revenue
Deferred income tax benefit
Straight-line lease (income) expense
Non-cash stock-based compensation expense
Non-cash interest expense on financing lease obligations
Non-cash management contract termination gain
Prepaid expenses and other assets, net
Trade accounts payable and accrued expenses
Tenant refundable fees and security deposits
Change in lease security deposits and lease acquisition deposits, net
Purchase of marketable securities
Sale of marketable securities
Additions to property, plant and equipment and leasehold intangibles, net
Acquisition of assets, net of related payables and cash received
Investment in unconsolidated ventures
Distributions received from unconsolidated ventures
Proceeds from sale of assets, net
Property insurance proceeds
Net cash provided by (used in) investing activities
Proceeds from debt
Repayment of debt and capital and financing lease obligations
Proceeds from line of credit
Repayment of line of credit
Payment of financing costs, net of related payables
Proceeds from refundable entrance fees, net of refunds
Payments for lease termination
Payments of employee taxes for withheld shares
Net cash (used in) provided by financing activities
Net increase in cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash at beginning of year
Cash, cash equivalents and restricted cash at end of year
Reconciliation of Non-GAAP Financial Measures
This earnings release contains financial measures utilized by management to evaluate the Company's operating performance and liquidity that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). Each of these measures, Adjusted EBITDA and Adjusted Free Cash Flow, should not be considered in isolation from or as superior to or as a substitute for net income (loss), income (loss) from operations, net cash provided by (used in) operating activities, or other financial measures determined in accordance with GAAP. The Company uses these non-GAAP financial measures to supplement its GAAP results in order to provide a more complete understanding of the factors and trends affecting its business.
The Company strongly urges you to review the reconciliations of the Company's Adjusted EBITDA from the Company's net income (loss), the Company's Adjusted Free Cash Flow from the Company's net cash provided by (used in) operating activities, and the Company's proportionate share of Adjusted EBITDA and Adjusted Free Cash Flow of unconsolidated ventures from such ventures' net income (loss) and net cash provided by (used in) operating activities, respectively, along with its condensed consolidated financial statements included herein. The Company also strongly urges you not to rely on any single financial measure to evaluate its business. The Company cautions investors that amounts presented in accordance with its definitions of Adjusted EBITDA and Adjusted Free Cash Flow may not be comparable to similar measures disclosed by other companies, because not all companies calculate these non-GAAP measures in the same manner.
Definition of Adjusted EBITDA
The Company defines Adjusted EBITDA as net income (loss) before: provision (benefit) for income taxes; non-operating (income) expense items; depreciation and amortization (including non-cash impairment charges); (gain) loss on sale or acquisition of communities (including gain (loss) on facility lease termination and modification); straight-line lease expense (income), net of amortization of (above) below market rents; amortization of deferred gain; non-cash stock-based compensation expense; and change in future service obligation.
The Company's proportionate share of Adjusted EBITDA of unconsolidated ventures is calculated based on its equity ownership percentage and in a manner consistent with the definition of Adjusted EBITDA for its consolidated entities. The Company's investments in unconsolidated ventures are accounted for under the equity method of accounting, and its proportionate share of Adjusted EBITDA of unconsolidated ventures does not represent its equity in earnings or loss of unconsolidated ventures on the Company's consolidated statement of operations.
Management's Use of Adjusted EBITDA
The Company uses Adjusted EBITDA to assess its overall operating performance. The Company believes this non-GAAP measure, as it has defined it, is helpful in identifying trends in its day-to-day performance because the items excluded have little or no significance on its day-to-day operations. This measure provides an assessment of controllable expenses and affords management the ability to make decisions which are expected to facilitate meeting current operating goals as well as achieve optimal operating performance. It provides an indicator for management to determine if adjustments to current spending decisions are needed.
Adjusted EBITDA provides the Company with a measure of operating performance, independent of items that are beyond the control of management in the short-term, such as the change in the liability for the obligation to provide future services under existing lifecare contracts, depreciation and amortization (including non-cash impairment charges), straight-line lease expense (income), taxation and interest expense associated with the Company's capital structure. This metric measures the Company's operating performance based on operational factors that management can impact in the short-term, namely revenues and the cost structure or expenses of the organization. Adjusted EBITDA is one of the metrics used by senior management and the board of directors to review the operating performance of the business on a regular basis. The Company believes that Adjusted EBITDA is also used by research analysts and investors to evaluate the performance of and value companies in its industry.
Limitations of Adjusted EBITDA
Adjusted EBITDA has limitations as an analytical tool. Material limitations in making the adjustments to the Company's net income (loss) to calculate Adjusted EBITDA, and using this non-GAAP financial measure as compared to GAAP net income (loss), include:
the cash portion of interest expense, income tax (benefit) provision and non-recurring charges related to gain (loss) on sale of communities (or facility lease termination and modification) and extinguishment of debt activities generally represent charges (gains), which may significantly affect the Company's operating results; and
depreciation and amortization and asset impairment represent the wear and tear and/or reduction in value of the Company's communities and other assets, which affects the services the Company provides to residents and may be indicative of future needs for capital expenditures.
In addition, the Company's proportionate share of Adjusted EBITDA of unconsolidated ventures has limitations as an analytical tool with respect to the unconsolidated ventures for similar reasons as stated above.
The Company believes Adjusted EBITDA is useful to investors in evaluating its operating performance because it is helpful in identifying trends in its day-to-day performance since the items excluded have little or no significance to the Company's day-to-day operations and it provides an assessment of its revenue and expense management. The Company believes presentation of its proportionate share of Adjusted EBITDA of unconsolidated ventures is useful to investors for similar reasons with respect to the unconsolidated ventures.
The table below reconciles the Company's Adjusted EBITDA from its net income (loss) for the three months and the years ended December 31, 2018 and 2017:
The calculation of Adjusted EBITDA includes transaction and organizational restructuring costs of $2.7 million and $28.1 million for the three months and year ended December 31, 2018, respectively, and transaction and strategic project costs of $10.9 million and $25.4 million for the three months and year ended December 31, 2017, respectively. Transaction costs include third party costs directly related to acquisition and disposition activity, community financing and leasing activity, the Company's assessment of options and alternatives to enhance stockholder value, and stockholder relations advisory matters, and are primarily comprised of legal, finance, consulting, professional fees and other third party costs. Organizational restructuring costs include those related to the Company's efforts to reduce general and administrative expense and senior leadership changes, including severance and retention costs. Strategic project costs include expense related to refining the Company's strategy, building out enterprise-wide capabilities (including the EMR roll-out project) and reducing costs and achieving synergies by capitalizing on scale.
The table below reconciles the Company's proportionate share of Adjusted EBITDA of unconsolidated ventures from net income (loss) of such unconsolidated ventures for the three months and the years ended December 31, 2018 and 2017. For purposes of this presentation, amounts for each line item represent the aggregate amounts of such line items for all of the Company's unconsolidated ventures.
Loss (gain) on sale of assets, net
Straight-line lease expense (income)
Adjusted EBITDA of unconsolidated ventures
Brookdale's proportionate share of Adjusted
EBITDA of unconsolidated ventures
Definition of Adjusted Free Cash Flow
The Company defines Adjusted Free Cash Flow as net cash provided by (used in) operating activities before: changes in operating assets and liabilities; gain (loss) on facility lease termination and modification; and distributions from unconsolidated ventures from cumulative share of net earnings; plus: proceeds from refundable entrance fees, net of refunds; and property insurance proceeds; less: lease financing debt amortization and Non-Development CapEx. Non-Development CapEx is comprised of corporate and community-level capital expenditures, including those related to maintenance, renovations, upgrades and other major building infrastructure projects for the Company's communities. Non-Development CapEx does not include capital expenditures for community expansions and major community redevelopment and repositioning projects, including the Company's Program Max initiative, and the development of new communities. Amounts of Non-Development CapEx are presented net of lessor reimbursements in the calculation of Adjusted Free Cash Flow.
The Company's proportionate share of Adjusted Free Cash Flow of unconsolidated ventures is calculated based on its equity ownership percentage and in a manner consistent with the definition of Adjusted Free Cash Flow for its consolidated entities. The Company's investments in its unconsolidated ventures are accounted for under the equity method of accounting and, therefore, its proportionate share of Adjusted Free Cash Flow of unconsolidated ventures does not represent cash available to its consolidated business except to the extent it is distributed to the Company.
The Company adopted ASU 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15") on January 1, 2018 and has applied ASU 2016-15 retrospectively for all periods presented. Among other things, ASU 2016-15 provides that debt prepayment and extinguishment costs will be classified within financing activities in the statement of cash flows. The Company has identified $0.5 million and $11.7 million of cash paid for debt modification and extinguishment costs for the three months and year ended December 31, 2017, respectively, which it has retrospectively classified as cash flows from financing activities, resulting in a corresponding increase to the amount of net cash provided by operating activities for such periods. The Company did not change its definition of Adjusted Free Cash Flow upon its adoption of ASU 2016-15. Following the Company's adoption of ASU 2016-15, the amount of Adjusted Free Cash Flow increased $0.5 million and $11.7 million for the three months and year ended December 31, 2017, respectively.
The Company intends to change its definition of Adjusted Free Cash Flow to no longer adjust net cash provided by operating activities for changes in working capital items other than items related to operating lease termination and modification, beginning when the Company reports its results for the first quarter of 2019. The Company's full year 2019 guidance amounts included in this press release reflect this definitional change. Tables are presented below under the heading "Adjusted Free Cash Flow Reconciliations - Fiscal 2019 Definition" that reconcile the 2018 amounts of the Company's Adjusted Free Cash Flow and the Company's proportionate share of Adjusted Free Cash Flow of unconsolidated ventures as calculated using such new definition.
Management's Use of Adjusted Free Cash Flow
The Company uses Adjusted Free Cash Flow to assess its overall liquidity. This measure provides an assessment of controllable expenses and affords management the ability to make decisions which are expected to facilitate meeting current financial and liquidity goals as well as to achieve optimal financial performance. It provides an indicator for management to determine if adjustments to current spending decisions are needed.
Adjusted Free Cash Flow measures the Company's liquidity based on operational factors that management can impact in the short-term, namely the cost structure or expenses of the organization. Adjusted Free Cash Flow is one of the metrics used by the Company's senior management and board of directors (i) to review its ability to service its outstanding indebtedness, including its credit facilities, (ii) to review its ability to pay dividends to stockholders or engage in share repurchases, (iii) to review its ability to make capital expenditures including development capital expenditures, (iv) for other corporate planning purposes and/or (v) in making compensation determinations for certain of its associates (including its named executive officers).
Limitations of Adjusted Free Cash Flow
Adjusted Free Cash Flow has limitations as an analytical tool. Material limitations in making the adjustments to the Company's net cash provided by (used in) operating activities to calculate Adjusted Free Cash Flow, and using this non-GAAP financial measure as compared to GAAP net cash provided by (used in) operating activities, include:
Adjusted Free Cash Flow does not represent cash available for dividends or discretionary expenditures, since the Company has mandatory debt service requirements and other non-discretionary expenditures not reflected in this measure; and
the cash portion of non-recurring charges related to gain (loss) on lease termination and modification and extinguishment of debt activities generally represent charges (gains), which may significantly affect the Company's financial results.
In addition, the Company's proportionate share of Adjusted Free Cash Flow of unconsolidated ventures has limitations as an analytical tool because such measure does not represent cash available directly for use by the Company's consolidated business except to the extent actually distributed to the Company, and the Company does not have control, or the Company shares control in determining, the timing and amount of distributions from its unconsolidated ventures and, therefore, it may never receive such cash.
The Company believes Adjusted Free Cash Flow is useful to investors because it assists their ability to meaningfully evaluate (1) its ability to service its outstanding indebtedness, including its credit facilities and capital and financing leases, (2) its ability to pay dividends to stockholders or engage in share repurchases, (3) its ability to make capital expenditures, including development capital expenditures, and (4) the underlying value of its assets, including its interests in real estate. The Company believes presentation of its proportionate share of Adjusted Free Cash Flow of unconsolidated ventures is useful to investors since such measure reflects the cash generated by the operating activities of the unconsolidated ventures for the reporting period and, to the extent such cash is not distributed to the Company, it generally represents cash used or to be used by the ventures for the repayment of debt, investing in expansions or acquisitions, reserve requirements, or other corporate uses by such ventures, and such uses reduce the Company's potential need to make capital contributions to the ventures of its proportionate share of cash needed for such items.
The table below reconciles the Company's Adjusted Free Cash Flow from its net cash provided by operating activities for the three months and the years ended December 31, 2018 and 2017:
Net increase (decrease) in cash, cash equivalents and
Changes in operating assets and liabilities
Lease financing debt amortization
Distributions from unconsolidated ventures from
cumulative share of net earnings
Non-development capital expenditures, net
Adjusted Free Cash Flow (1)
The calculation of Adjusted Free Cash Flow includes transaction and organizational restructuring costs of $2.7 million and $28.1 million for the three months and year ended December 31, 2018, respectively, and transaction and strategic project costs of $10.9 million and $25.4 million for the three months and the year ended December 31, 2017, respectively.
The table below reconciles the Company's proportionate share of Adjusted Free Cash Flow of unconsolidated ventures from net cash provided by operating activities of such unconsolidated ventures for the three months and the years ended December 31, 2018 and 2017. For purposes of this presentation, amounts for each line item represent the aggregate amounts of such line items for all of the Company's unconsolidated ventures.
Net (decrease) increase in cash, cash equivalents and
Adjusted Free Cash Flow of unconsolidated ventures
Brookdale's proportionate share of Adjusted Free
Cash Flow of unconsolidated ventures
Adjusted Free Cash Flow Reconciliations - Fiscal 2019 Definition
The following tables reconcile the Company's Adjusted Free Cash Flow from the Company's net cash provided by operating activities, and the Company's proportionate share of Adjusted Free Cash Flow of unconsolidated ventures from net cash provided by operating activities of such unconsolidated ventures, for the year ended December 31, 2018and in each case using the definition of Adjusted Free Cash Flow that the Company intends to adopt beginning when the Company reports its results for the first quarter of 2019. For purposes of the unconsolidated ventures reconciliation, amounts for each line item represent the aggregate amounts of such line items for all of the Company's unconsolidated ventures.
The Company's Adjusted Free Cash Flow
Year Ended
Net cash provided by investing activities
Changes in liabilities for lessor capital expenditure reimbursements under operating leases
Changes in operating lease liability related to lease termination
The calculation of Adjusted Free Cash Flow includes transaction and organizational restructuring costs of $28.1 million for the year ended December 31, 2018.
Brookdale's proportionate share of Adjusted Free Cash Flow of unconsolidated


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by Kindra Clineff, is beautiful.
here is a link to Amazon's website to see some of the book.
Grab the blue button on the right side of the Amazon page to scroll down to see quite a few pages.
on Friday, February 10, 2012 at noon CST to pick a winner.
random generator picked #8 which is Nana Diana.
after the ones I made for the copy cat challenge.
basics from Tovah Martin on how to make a terrarium.
during the colder winter months.
I would love a chance to win the book. Saw you at Debbiedoos copycat challenge and think you did a great job.
I had terrariums years ago and just planted a new one this year. I found some glass snails who reside there and don't mold.
Thanks for the give away~Have a great day!
Thanks for visiting my blog! I'm looking forward to exploring yours. I'd love to have a go at winning the terrarium book too. I've had so much fun making them.
I'd love to have a go at winning the terrarium book. The one you made for the challenge was fabulous and I'll be looking forward to your tips.
I would love to win the Terrarium Book. I have lots of indoor plants but no terrariums. Your Copy Cat ones were beautiful.
Lowes Creative Ideas had an article about them too!
Please enter me, never made one but would love to give it a try.
Oh, please enter me in the give-away. I'd love to win!!
I would love to try making my own terrarium and I think this book would help. Thanks for the opportunity to win!
I would love to win this book as we are going to do a terrarium project in our 4-H club this year and new ideas would be wonderful. Thank you for great ideas and a giveaway.
I've been noticing terrariums, too. I remember them from those crazy 70's I grew up in. My mom had one I made for school on her coffee table for years. Yours turned out beautifully!
You've done a beautiful job with all your terrariums! Very creative projects that grow and evolve. Thank you for the great giveaway, I'll keep my fingers crossed!!!
I would love to win a copy of this book. It brings back memories of creating terrariums when I was in college in the 70s.
I would love to have a copy of the book! I think plants under glass are the neatest thing. I adore yours under the cloche!
I would love to be entered in your fabulous giveaway.
This is such a helpful post! Thank your for sharing. I hope to get this book that you mentioned and start my terrarium gardens!


text:
package net.bytebuddy.implementation.bytecode.assign.primitive;

import net.bytebuddy.description.type.TypeDescription;
import net.bytebuddy.implementation.Implementation;
import net.bytebuddy.implementation.bytecode.StackManipulation;
import net.bytebuddy.implementation.bytecode.assign.Assigner;
import net.bytebuddy.test.utility.MockitoRule;
import net.bytebuddy.test.utility.ObjectPropertyAssertion;
import org.junit.After;
import org.junit.Rule;
import org.junit.Test;
import org.junit.rules.TestRule;
import org.mockito.Mock;
import org.objectweb.asm.MethodVisitor;

import static org.hamcrest.core.Is.is;
import static org.junit.Assert.assertThat;
import static org.mockito.Mockito.*;

public class VoidAwareAssignerTest {

    @Rule
    public TestRule mockitoRule = new MockitoRule(this);

    @Mock
    private TypeDescription sourceTypeDescription, targetTypeDescription;

    @Mock
    private Assigner chainedAssigner;

    @Mock
    private MethodVisitor methodVisitor;

    @Mock
    private Implementation.Context implementationContext;

    @After
    public void tearDown() throws Exception {
        verifyZeroInteractions(implementationContext);
        verifyZeroInteractions(methodVisitor);
    }

    @Test
    public void testAssignVoidToVoid() throws Exception {
        when(sourceTypeDescription.represents(void.class)).thenReturn(true);
        when(targetTypeDescription.represents(void.class)).thenReturn(true);
        Assigner voidAwareAssigner = new VoidAwareAssigner(chainedAssigner);
        StackManipulation stackManipulation = voidAwareAssigner.assign(sourceTypeDescription, targetTypeDescription, Assigner.Typing.STATIC);
        assertThat(stackManipulation.isValid(), is(true));
        StackManipulation.Size size = stackManipulation.apply(methodVisitor, implementationContext);
        assertThat(size.getSizeImpact(), is(0));
        assertThat(size.getMaximalSize(), is(0));
        verifyZeroInteractions(chainedAssigner);
    }

    @Test
    public void testAssignNonVoidToNonVoid() throws Exception {
        Assigner voidAwareAssigner = new VoidAwareAssigner(chainedAssigner);
        StackManipulation chainedStackManipulation = mock(StackManipulation.class);
        when(chainedAssigner.assign(sourceTypeDescription, targetTypeDescription, Assigner.Typing.STATIC)).thenReturn(chainedStackManipulation);
        StackManipulation stackManipulation = voidAwareAssigner.assign(sourceTypeDescription, targetTypeDescription, Assigner.Typing.STATIC);
        assertThat(stackManipulation, is(chainedStackManipulation));
        verify(chainedAssigner).assign(sourceTypeDescription, targetTypeDescription, Assigner.Typing.STATIC);
        verifyNoMoreInteractions(chainedAssigner);
    }

    @Test
    public void testObjectProperties() throws Exception {
        ObjectPropertyAssertion.of(VoidAwareAssigner.class).apply();
    }

    @Test
    public void testValueRemoval() throws Exception {

    }
}

redpajama_set_name: RedPajamaGithub


text:
Israel Budget Passes First Stage
Finance Minister Avigdor Liberman, left, shakes hands with Prime Minister Naftali Bennett during a Knesset vote on the state budget, September 2, 2021 (Olivier Fitoussi/Flash90)
The Bennett/Lapid Government of Israel is making huge inroads into achieving economic stability in Israel with the passing of the first reading of the 2021-2022 budget.
The Times of Israel reported that "It was the first time budget legislation was approved by parliament since 2018. Recurrent government collapses and repeated elections since the end of that year have left Israel without a budget" for three years.
The process of passing a budget in Israel seems to be long and quite different to anything we are used to in Australia. The one thing in common with Australia under its Coalition Government, is the need for there to be a Coalition Agreement for the budget to proceed.
Despite the unusual nature of this new Coalition Government in Israel, with parties from the left and right, and representing all streams of Judaism, agreement has finally been achieved. However, we are not aware of all the elements, especially as they may affect the Progressive movement.
Foreign Minister and Alternate Prime Minister, Yair Lapid is quoted as saying in praise of the government for "holding normal and responsible budget talks that led to a budget that is not designed for politicians but rather for the good of the citizens of the State of Israel – for education, security, health, the economy and Israeli innovation".
PM Bennett is quoted as saying he was "proud of the way that disagreements were solved through goodwill and real partnership. That's how we get to better results for the sake of the people of Israel".
Finance Minister Avigdor Liberman called it "the most social budget in the history of the country". While the former PM Netanyahu's one-word comment was "terrible"! He then enumerated some of his criticisms about cutbacks and higher taxes.
It appears the Knesset debate has been fairly calm and hopefully the pair of budget bills and three readings will be passed before the deadline of November 4, thus avoiding the triggering of new elections as in the past.
It is reported that the two-year budget "includes sweeping reforms of the kashrut establishment and the agriculture industry, steep taxes on disposable plasticware and sugary drinks, and considerable changes to import policies. It is said that the retirement age for women will be raised from 62 to 65 over the course of the next 11 years, but aid for women affected by the change will be boosted.
At this point, there are no details about religious reforms in the name of pluralism or changes to the funding of differing streams of Judaism. It is thought that such changes would be introduced incrementally in line with the support of the majority of Israelis as measured by the Hiddush poll on Jewish Israeli views.
Helen Shardey OAM
ARZA Australia President
UPJ Vice President
ARZA2021-10-27T13:05:16+11:00October 27th, 2021|News|
UPJ and ARZA Australia Joint Press Release on Australia's adoption of the IHRA Antisemitism Definition
Scott Morrison addresses the Malmo Forum Photo: Screenshot
The Union for Progressive Judaism and ARZA Australia (the Australian Reform/Progressive Zionist Association) join together in warmly welcoming the Australian Government's adoption of the International Holocaust Remembrance Alliance (IHRA) definition of Antisemitism.
UPJ Co-Presidents David Knoll and Brian Samuel of the UPJ with Helen Shardey, President ARZA Australia warmly welcomed the announcement today by Prime Minister Scott Morrison that the Australian Government, people and nation will embrace the International Holocaust Remembrance Alliance (IHRA) Working Definition of Antisemitism. The decision, importantly, is bipartisan, with Opposition Leader Anthony Albanese having earlier indicated his public support for the adoption of the IHRA definition.
According to the Jewish community's peak body, the Executive Council of Australian Jewry, reported antisemitic incidents in Australia in May 2021 were two to three times higher than in May 2020.
Australian Jews should not be made to feel ashamed of their traditions or religious beliefs. Nor should they be made the butt of cruel jokes about their identity as Jews. This behaviour is un-Australian and racist. It reflects poorly on the Australian belief in "a fair go for all".
David Knoll and Brian Samuel said "We have become aware of a growing concern among Jewish students on Australian campuses about displaying their Jewishness. As a result, many have stopped wearing their recognisable kippot (head covering) and other Jewish symbols, on campuses. However, it is a relief that light has now been shone on this matter and we encourage all institutions, including schools and universities to adopt the definition of Antisemitism and be prepared to discuss its implications with students. All Australians are entitled to fair go, free from racism, and education based on the IHRA definition will enable a better understanding of Antisemitism, which is racism against Jewish people."
Helen Shardey, President of ARZA Australia, also expressed the view that "while Australians should be able to disagree with the government of Israel on elements of its policies, there is a point at which such criticism is blatantly Antisemitic. It is to be hoped that there will be a better understanding of what Antisemitism is and an acceptance of its racist intent."
The definition is accompanied by 11 illustrative examples, seven of which relate to Israel, but which explain the way in which Antisemitism occurs in our daily lives.
The definition has been accepted by the European Parliament, The United States, Germany, the United Kingdom, South Korea and many other countries. Australia was made a full member of the IHRA in 2019, so it is fitting that the adoption of its working definition be accepted by the Australian Government at this time.
David D. Knoll AM and Brian Samuel OAM, Co-Presidents Union for Progressive Judaism
Helen Shardey OAM, ARZA Australia President
Contact: Jocelyn Robuck (04) 1670-0613
Issues of Gender Segregation Evolving in Israel
Israel's top court allows sex-segregated university classes to integrate Haredim – Israel News – Haaretz.com
Progressive Jews have long supported pluralism and equality in society. We value and tolerate a diversity of people with differing levels of belief and practice and differing gender identity.
Progressive Jews welcome to their Shuls and events people of any gender and do not practice gender segregation. We believe this is essential in the name of equality. We also offer people of any gender the opportunity to take on leadership roles in our Progressive Movements and recognize those with skills and experience.
Sadly it has been reported in Israeli media that the student union of Hebrew University, which was founded "to enable Jewish intellectuals to flourish and to free them from the burden of numerous Clausus" or limits to attend, decided to allow gender segregation at its events. Apparently the university moved to clarify that such segregation would only happen off campus, but this has not calmed the grave concerns.
It was also reported that there is a war being waged in relation to gender segregation in Israeli academia. It was explained by Haaretz that the intention was to bring more ultra-Orthodox Jews and Haredim into academia, but the feared result is likely to be a disaster if extremists try to push women out of public positions. Finally however, the High Court ruled yesterday that although separate gender classes are allowed, female faculty members will not be barred from teaching in all male classes and that the policy prescribing this should be repealed immediately.
The Court also determined that outside the classroom "genders must be allowed to mix freely in all other public areas of the campus". Further the Council for Higher Education will "have to abandon its plan for single-sex classes in master's degree programs".
And so the work of the Israeli High Court continues to recognise the changing views of the Israeli community which supported the election of a New National Unity Government with pleasingly more Progressive views.
ARZA2021-10-06T15:00:07+11:00October 6th, 2021|News|


The hockey team had a great day at the NI Finals on Monday and performed extremely well throughout.
We were placed in a tough group but the boys were up for the challenge.
These results meant that we finished as group runner ups and progressed to the next round of the cup competition!
We were then placed in another group to see who would progress to the semi-finals.
Unfortunately, this meant that we didn't reach the semi-finals. However, everyone should be extremely proud of their efforts throughout and exceeded all expectations by placing in the top 10 schools in the country! A massive achievement!


text:
JJules Joseph Billiau (Roeselare, 10 januari 1886 – aldaar, 20 december 1960) was een Belgisch politicus, schepen en dienstdoend burgemeester in Roeselare en actief binnen de werknemersbeweging ACW.

Biografie
Billiau was de zoon van een houtbewerker. Zijn vader Amaat was de eerste arbeider die in de gemeenteraad van Roeselare zetelde. Ook Joseph werd schrijnwerker. Hij wordt al snel actief in de nog jonge christelijke vakbeweging en in 1906 komt hij in dienst van de Gilde. Zo wordt hij onder meer vrije bode en komt hij in contact met de bouwvakarbeiders. Na de Eerste Wereldoorlog richt hij de syndicale afdeling 'Hout en Bouw' herop. In 1922 sticht hij de ziekenbond 'Broederliefde' waarvan hij zelf voorzitter wordt. Hij wordt ook bestuurslid van de Coöperatieve Vereniging 'Het Gildebrood'. In 1934 werd hij voorzitter van de lokale ACW-afdeling, een functie die hij aanhield tot 1954. Hij wordt dan erevoorzitter.

Sedert 1921 zetelt hij namens de katholieke partij in de gemeenteraad van Roeselare. Hij blijft er zetelen tot 1958. In 1934 wordt hij schepen. Met zijn aantreden versterkt de invloed van het ACW in het lokale schepencollege dat tot dan overheerst werd door de burgerij en landbouwers. Hij wordt bevoegd voor onderwijs.  Na de Tweede Wereldoorlog kreeg hij burgerlijke stand toegewezen. Hij bleef in functie tot hij in 1958 niet meer opkwam. Tijdens die oorlog werd hij in 1942 door de Duitsers uit zijn ambt gezet. Na de oorlog zou hij een tijdlang waarnemend burgemeester worden door de ziekte en afwezigheid van burgemeester Jan Mahieu. Hij was van 1929 tot 1946 ook provincieraadslid.

Joseph Billiau was in de jaren 1950 voorzitter van de Kristelijke Bond van Gepensioneerden en was actief in de lokale Muziekacademie en de sociale bouwmaatschappijen 'De Mandel' en 'Het Roeselaars Werkmanshuis'.

Bron
 Ferdy CALLEWAERT, Van De Gilde tot het Algemeen Christelijk Werknemersverbond in de XXste eeuw in Roeselare, Roeselare, 2012.

West-Vlaams provincieraadslid
Schepen van Roeselare
Burgemeester van Roeselare

redpajama_set_name: RedPajamaWikipedia


Five Oaks Crossing boasts ten unique floor plans ranging from 2,049 to 3,643 square feet and features four bedroom options starting at $480K. With the motto "minutes to everything, second to none", Mansfield is the city you've been looking for to call home. With more than 240 acres of beautiful parks,, a historic downtown area and the highly acclaimed Mansfield ISD, it's easy to understand why Mansfield is one of the fastest growing cities in America. Five Oaks Crossing keeps you close to major highways, twelve city parks, a two-mile hiking/biking trail and camping, boating and fishing at Joe Pool Lake. Come visit us today to see why you'll love coming home to your Megatel Home in Five Oaks Crossing.
The information provided herein does not necessarily represent that your home will be constructed by Megatel Homes, LLC. Megatel Homes, LLC. is a part of a group of homebuilders that operate under the brand name of Megatel Homes. The builders that construct homes under the brand of Megatel Homes offer a variety of quality homes and the information that is provided herein, including printed material and all information available on the website for Megatel Homes does not guarantee that your home will be constructed by Megatel Homes, LLC. Each individual buyer should be aware and understand what entity they have contracted with in connection with their Megatel Homes brand product. Seller does not represent/guarantee that the project will be serviced by a particular public school/ school district. You should independently confirm which school/districts serve the project prior to executing a purchase contract. Square footage/acreage shown is only an estimate and actual square footage/acreage will differ. Completion and/or move-in dates are estimated. Prices, plans and terms are subject to change without notice. Depictions of Options, Hardscape, landscape and other items shown are not included in the purchase price. This it is not an offer or the solicitation of an offer for the purchase of a new home.


Have a financial plan ready to pay off those student loans.
When many people think about student loans, they mistakenly assume that educational debt is restricted to recent college graduates, or those in their 20s and 30s.
In reality, many people carry student loans well into their 50s, 60s and beyond. Americans 60 and older still owe about $36 billion in student loans according to recent research by the Federal Reserve Bank of New York.
See also: Getting a loan with bad credit.
According to the College Board, it takes the average college student about 15 years to pay off his or her educational loans. So if you returned to school in your 40s — say to complete a bachelor's degree you always wanted to earn, or perhaps to pursue a graduate degree — you could still be grappling with those loans.
And even if you haven't racked up college debt of your own, you might have co-signed for your children's student loans, making you just as legally responsible for repayment as your offspring.
Whether you have your own educational loans that remain outstanding, or you're on the hook for college debt as a result of having co-signed for your kids' student loans, you need a financial game plan.
You don't want to let any student loans go into default, as that can damage your credit rating, hurt your chances of getting certain jobs and make you ineligible to receive future educational loans. Also, if you default on a student loan, even one you received decades ago, a lender can legally seize part of your Social Security checks to repay that debt.
Jesse Ryan, managing director of Accounting Principals, suggests the following three-phased approach to help get student loans under control.
"Government consolidation loans allow you to bundle all of your federal student loans into one monthly payment, often providing you with a lower interest rate than the average weighted rate of your existing loans," says Ryan. "As an added perk, consolidation may even lower your monthly loan payments."
Tip: For those with federal student loans, find out about your loan consolidation options by calling the Direct Loan Origination Center's Consolidation Department at 800-557-7392. Also, here are some frequently asked questions and answers about student loan consolidation.
Ryan and other experts agree that it's the student — not the parent — who needs to pay off loans that were taken for their education.
"If they are not employed full time, encourage them to consider temporary work to not only build on their résumés and augment their skills, but also to earn a paycheck," Ryan says of adult children.
Tip: If your son or daughter is still engaged in a lengthy or expensive program of study, such as law school or medical school, have him or her explore alternative methods of financing his or her education, such as scholarships, grants, paid internships and work study programs. FinAid.org is a good website to explore for money to pay for college.
If you or your child isn't working, look to defer student loan repayments until gainful employment is obtained. Deferment or forbearance options will give you (or your child) a little breathing room by either changing the terms of the original student loan agreement, or letting you delay making payments for a fixed period of time. Be aware, however, that the longer you defer payments, the more interest charges you'll rack up.
"If your children don't have jobs lined up right after graduation, requesting a six-month deferment on their student loans will help buy a little extra time and save your credit score in the process," says Ryan. "You can contact your loan servicers for information on how to do this."
Tip: Sallie Mae, the nation's largest student lender, offers deferments for more than a dozen scenarios, including unemployment, the birth of a new child, volunteering at a nonprofit agency and extreme economic hardship.
Tackling large student loan debts can seem burdensome at first. But with the right strategies and some persistence, you and your family can wipe out these debts.