Sunrise and Brookdale Announce Completion Of Sale-Purchase Of Assisted Living Communities

Brookdale Senior Living Inc. (NYSE: BKD) (“Brookdale") and Sunrise Senior Living, Inc. (NYSE: SRZ) announced last week that they completed the previously announced purchase/sale of 18 wholly owned assisted living communities.  Sunrise sold three other properties to an unrelated third party.  The aggregate net purchase price for the 18 communities acquired was $190 million plus customary transaction expenses and 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.  The average unit occupancy for the month of September was approximately 91.1% for the portfolio.

Sunrise received approximately $60 million in net proceeds after payment or assumption of approximately $134 million of mortgage loans, the posting of required escrows, various prorations and adjustments, and payments of expenses by Sunrise.  As previously disclosed, Sunrise will use $25 million of the proceeds to pay down its bank credit facility and will place $20 million into a collateral account for the benefit of other creditors.

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For more information, visit the Sunrise announcement or the Brookdale announcement.

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