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Brookdale Senior Living

(BKD) - Get Brookdale Senior Living Inc. Report

raised its dividend to 40 cents a share for the third quarter and named a new financial chief.

The dividend represents an increase of 5 cents, or 14%, from Brookdale's second quarter. The payment will be made Oct. 16 to holders of record on Sept. 29.

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"As we realize the benefits of our recent acquisitions including the

American Retirement

transaction, we expect to evaluate further increases to our dividend in the coming quarters," said Bill Doniger, Brookdale's vice chairman. Earlier in the summer, Brookdale acquired American Retirement for around $1.2 billion.

Additionally, Brookdale said its executive vice president and chief financial officer, R. Stanley Young, plans to retire from the company next March. Young, who has acted as Brookdale's CFO since 1999, will be replaced by Mark Ohlendorf, the company's current co-president.

"I have valued the opportunity to be a part of building one of the leading senior housing companies," Young said in a statement. "It has been an exciting experience growing and taking Brookdale public. Now, I look forward to devoting more time and attention to my family after 30 years in business."