Full Press Release Details
| Capital Senior Living Corporation | ||||
| For Immediate Release | Contact: Ralph A. Beattie 972/770-5600 |
CAPITAL SENIOR LIVING CORPORATION ACQUIRES
FIVE COMMUNITIES FOR $49.4 MILLION
Increases CFFO $0.10 per share
DALLAS (BUSINESS WIRE) April 2,
2012 Capital Senior Living Corporation (the Company ) (NYSE:CSU), 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%.
Highlights of this transaction include:
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.
The forward-looking statements in this release are subject to certain risks and uncertainties
that could cause results to differ materially, including, but not without limitation to, the Company s ability to find suitable acquisition properties at favorable terms, financing, licensing, business conditions, risks of downturns in economic
conditions generally, satisfaction of closing conditions such as those pertaining to licensure, availability of insurance at commercially reasonable rates, and changes in accounting principles and interpretations among others, and other risks and
factors identified from time to time in our reports filed with the Securities and Exchange Commission.
This release contains certain
financial information not derived in accordance with generally accepted accounting principles (GAAP), including adjusted CFFO, adjusted CFFO per share and other items. The Company believes this information is useful to investors and other interested
parties. Such information should not be considered as a substitute for any measures derived in accordance with GAAP, and may not be comparable to other similarly titled measures of other companies.
Contact Ralph A. Beattie, Chief Financial Officer, at 972-770-5600 for more information.