Oct. 9, 2009 (PR Newswire) --
NASHVILLE, Tenn., Oct. 9 /PRNewswire-FirstCall/ -- Brookdale Senior Living Inc. (NYSE: BKD) (the "Company") today announced that it has entered into a definitive asset purchase agreement with affiliates of Sunrise Senior Living, Inc. (NYSE: SRZ) to acquire 21 senior living communities that are currently owned by those affiliates for an aggregate purchase price of $204 million plus customary transaction expenses. The portfolio has a total of 1,389 units, comprised of 92 independent living units, 876 assisted living units and 421 Alzheimer's units. The communities are located in 11 states -- California, Colorado, Connecticut (2), Georgia, Indiana (4), Michigan, New Mexico, North Carolina, Ohio (6), Pennsylvania (2) and Virginia.
"We are extremely pleased to be adding these high-quality assets to our portfolio. Many of these communities are in markets where we have either built or are building a continuum network. We see significant upside potential in these assets and expect to leverage the full resources of Brookdale to quickly add operating and marketing support as well as introduce our array of ancillary services. In fact, over 80% of the units are in markets that we can immediately serve with therapy and 55% with home health. We expect that the transaction will be accretive beginning in 2010. We look forward to building on the success of these communities, providing high-quality care and services to these residents and welcoming the communities' associates into the Brookdale family," said Bill Sheriff, CEO of the Company.
The Company expects to finance the transaction with approximately $134 million of mortgage debt (substantially through the assumption of existing debt), with the balance of the purchase price to be paid from cash on hand. The consummation of the transaction is subject to the satisfaction of certain closing conditions and contingencies and the receipt of certain lender approvals. The transaction is expected to close in November 2009.
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 an exceptional living experience through properties that are designed, purpose-built and operated to provide the highest-quality service, care and living accommodations for residents.
