Source: Capital Senior Living / #Apartments #SeniorHousing
DALLAS, TX - Capital Senior Living Corporation, one of the country’s largest operators of senior living communities, today announced that it has completed the acquisition of five senior living communities for a purchase price of $49.4 million. These communities are in Texas and Indiana, enhancing the Company’s existing operations in these states. The levels of care offered in the portfolio include independent living, assisted living and memory care. The five communities are financed with approximately $37.5 million of 10-year fixed rate debt that is non-recourse to the Company with a blended interest rate of 4.71%.
Additionally, the Company has completed due diligence on additional transactions consisting of high-quality senior living communities in regions with existing extensive operations. Subject to customary closing conditions, the Company expects to acquire these communities in the second quarter of 2012.
“These acquisitions increase the Company’s ownership of high-quality senior living communities, enhance our operations in geographic concentrations and add to the Company’s growing profitability with incremental earnings and CFFO,” said Lawrence A. Cohen, Chief Executive Officer of the Company. “Our competitive strengths enable us to continue to find attractive acquisitions and take advantage of historically low interest rates. The exceptional returns generated by these acquisitions complement the positive results we are achieving in our operations with increases in occupancy and average monthly rents. These encouraging trends reflect the fundamental strength of our substantially all private-pay business as we benefit from need-driven demand and limited new supply.”
Capital Senior Living Corporation is one of the nation’s largest operators of residential communities for senior adults. The Company’s operating philosophy emphasizes 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 currently operates 90 senior living communities in geographically concentrated regions with an aggregate capacity of approximately 12,500 residents.