Brookdale was the first seniors housing company to report fourth quarter earnings, and investors liked what they saw, sending the shares up by $1.40 per share, or 5.6%, after the earnings call. Seniors housing occupancy was up 70 basis points from the third quarter and 90 basis points from the year-ago quarter, both beating the overall sector averages. Adjusted EBITDA was up only $5.4 million from the fourth quarter 2011, and the EBITDA margin increased by just 30 basis points. And the big news was that after a long search, Bill Sheriff’s successor as CEO was right under their nose the whole time. Andy Smith, the current General Counsel and EVP, will take over after the 10-K is released. No surprise here.