Capital Senior Living Corporation (the “Company”) (NYSE:CSU), one of the country’s largest operators of senior living communities, today announced that it has completed the acquisition of four senior living communities in two transactions for a combined purchase price of approximately $64.9 million. These communities are in Indiana and South Carolina, enhancing the Company’s existing operations in these states. The communities are comprised of 388 units, consisting of 48 independent living units, 257 assisted living units and 83 memory care units. The four communities are financed with an aggregate of approximately $49.3 million of 10-year fixed rate debt that is non-recourse to the Company with an interest rate of 5.56%. Highlights of these transactions include:
- Incremental net income of $1.0 million, or $0.03 per share.
- Incremental Cash From Facility Operations (“CFFO”) of $2.3 million, or $0.08 per share.
- Annual revenue of approximately $14.7 million.
- Average occupancy above 95%.
- Average monthly rents of approximately $3,100.
ABOUT THE COMPANYCapital Senior Living Corporation is one of the nation’s largest operators of residential communities for senior adults. The Company’s operating strategy is to provide value to residents by providing quality senior living services at reasonable prices. The Company’s communities emphasize a continuum of care, which integrates independent living, assisted living, and home care services, to provide residents the opportunity to age in place. The Company operates 112 senior living communities in geographically concentrated regions with an aggregate capacity of approximately 14,600 residents.