NASHVILLE, TN - Brookdale Senior Living Inc. (NYSE: BKD) (the "Company") today announced that it has completed its previously announced acquisition of communities from affiliates of Sunrise Senior Living, Inc. ( SRZ). The Company acquired 18 communities and three additional communities were acquired directly from Sunrise by an unrelated third party. The aggregate net purchase price for the 18 communities acquired was $190 million plus customary transaction expenses.
The portfolio of 18 communities is comprised of 1,197 total units, including 92 independent living units, 746 assisted living units and 359 Alzheimer's units. For the nine months ended September 30, 2009, the 18 communities generated total revenues of approximately $51.5 million. The average unit occupancy for the month of September was approximately 91.1% for the portfolio.
The Company financed the transaction through the assumption of approximately $85.4 million of mortgage debt, with the balance of the purchase price paid from cash on hand. The Company intends to incur approximately $48.0 million of additional mortgage debt financing related to this portfolio in the near future. The existing debt assumed has a variable interest rate, currently at a weighted average rate of less than 2.5%.
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. Currently the Company owns and operates independent living, assisted living, and dementia-care communities and continuing care retirement centers, with 564 communities in 35 states and the ability to serve over 53,000 residents.
Source: Brookdale Senior Living