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Brookdale Senior Living Announces Acquisition Transaction

Stocks in this article: BKD

NASHVILLE, Tenn., May 15, 2013 /PRNewswire/ -- Brookdale Senior Living Inc. (NYSE: BKD) today announced that it has entered into a definitive agreement to acquire seven senior living communities with a total of 613 units from Chartwell Retirement Residences for an aggregate purchase price of $80.9 million, plus customary transaction expenses. Brookdale has been managing six of the communities since its acquisition of Horizon Bay in September 2011.

(Logo:  http://photos.prnewswire.com/prnh/20130501/NY05812LOGO )

The seven communities consist of 80 independent living units, 493 assisted living units and 40 Alzheimer's units, and had an average occupancy of 91.8% in 2012. These communities are located in Alabama (1), Arizona (2), Georgia (2), Louisiana (1) and Oklahoma (1).  The Company expects to finance the transaction with approximately $61 million of first mortgage financing (substantially through the assumption of existing debt), with the balance of the purchase price to be paid from cash on hand.  

"The communities are well located, purpose-built, enjoy good reputations in the market and fit well with Brookdale's existing operations.  Brookdale currently manages all but the Alabama community.  This acquisition is a natural step forward following the Horizon Bay acquisition to demonstrate Brookdale's ability to execute its strategy of acquiring certain of the managed assets if and when they are sold," said Andy Smith, Brookdale's Chief Executive Officer.

The consummation of the transaction is subject to the satisfaction of certain closing conditions and contingencies, including the receipt of certain lender and regulatory approvals and consents.  The transaction is expected to close during the third quarter of 2013.

About Brookdale Senior Living

Brookdale Senior Living Inc. is a leading owner and operator of senior living communities throughout the United States.  The Company is committed to providing senior living solutions within properties that are designed, purpose-built and operated to provide the highest-quality service, care and living accommodations for residents.  Currently Brookdale operates independent living, assisted living, and dementia-care communities and continuing care retirement centers, with 650 communities in 36 states and the ability to serve approximately 67,000 residents.  Through its Innovative Senior Care program, the Company also offers a range of outpatient therapy, home health, personalized living and hospice services.

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