NASHVILLE, Tenn., July 27, 2016 /PRNewswire/ -- Brookdale
Senior Living Inc. (NYSE: BKD) today announced that it has entered
into an agreement with a third party to sell 44 communities for an
aggregate sales price of $252.5
million. The 12-state portfolio comprises 2,453 units,
including 1,874 assisted living units and 579 memory care units.
The portfolio communities' revenue for the twelve months ended
March 31, 2016 was approximately
$89 million, and the portfolio's
average occupancy for the first quarter of 2016 was 79%.
Andy Smith, Brookdale's President
and CEO, said, "We are pleased to continue our portfolio
rationalization initiative to simplify our business model and
divest communities that do not fit with our strategy. This single
transaction divests a diverse group of communities spread across 12
states and minimizes any operational disruption. We expect to
use the proceeds of the transaction to primarily repay debt in
another step towards deleveraging the balance sheet."
The closing of the disposition transaction, expected by the end
of 2016, is subject to the receipt of regulatory approvals and the
satisfaction of other customary closing conditions. There can be no
assurance that the disposition transaction will close or, if it
does, when the closing will occur.
About Brookdale Senior Living
Brookdale Senior Living Inc. is the leading operator of senior
living communities throughout the United States. The Company
is committed to providing senior living solutions primarily within
properties that are designed, purpose-built and operated to provide
the highest-quality service, care and living accommodations for
residents. Brookdale operates independent living, assisted
living, and dementia-care communities and continuing care
retirement centers, with approximately 1,114 communities in 47
states and the ability to serve approximately 107,000 residents.
Through its ancillary services program, the Company also
offers a range of outpatient therapy, home health, personalized
living and hospice services. Brookdale's stock is traded on
the New York Stock Exchange under the ticker symbol BKD.
Safe Harbor
Certain statements in this press release
may constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including all
statements regarding our intent or expectations relating to the
44-community disposition, the effect of such disposition on the
Company's operations, and the Company's planned use of proceeds
from the transaction; and the Company's plans to continue its
portfolio rationalization initiative and the effect of such
initiative on the Company's operations, performance and financial
condition. Actual results could differ materially from those
projected. Factors which could cause results to differ
include, but are not limited to, the ability of the Company to
complete the 44-community divestiture on the currently agreed upon
terms or at all, including in respect of the satisfaction of
closing conditions, the risk that regulatory approvals are not
obtained or are subject to unanticipated conditions, and
uncertainties as to the timing of the closing; the Company's
ability to identify transactions favorable to the Company and close
such transactions as part of its portfolio rationalization
initiative; the Company's ability to achieve the expected benefits
of such identified transactions within expected time-frames; as
well as other risks detailed from time to time in the Company's
filings with the Securities and Exchange Commission, including its
Annual Report on Form 10-K and Quarterly Reports on Form
10-Q. These forward-looking statements reflect management's
views as of the date of this press release, and the Company
expressly disclaims any obligation to release publicly any updates
or revisions to any of these forward-looking statements to reflect
any change in its expectations.
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SOURCE Brookdale Senior Living Inc.