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%.

About Brookdale Senior Living

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.

Safe Harbor Statement

Statements contained in this press release and statements made by or on behalf of the Company relating hereto may be deemed to constitute forward-looking information made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include all statements that are not historical statements of fact and those regarding the intent, belief or expectations of the Company or its management, including, without limitation, all statements regarding the Company's expectations relating to the financing of the portfolio and all statements regarding the Company's expectations concerning the future performance of the acquired communities and their effect on the Company's financial results. These forward-looking statements may be affected by certain risks and uncertainties, including without limitation the following: (i) the Company's ability to successfully integrate the acquired communities into the Company's operations, (ii) the Company's ability to obtain the mortgage debt financing, (iii) the risk that the Company will be unable to improve the acquired communities' results of operations and cash flows, (iv) the risks associated with adverse market conditions of the senior housing industry and the United States economy in general, and (v) the risk factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2008 under the caption "Risk Factors" and in the Company's other filings with the SEC. In light of the significant uncertainties inherent in the forward-looking statements included herein, the Company's actual results could differ materially from such forward-looking statements. The Company does not undertake any obligation to publicly release any revisions to any forward-looking statements contained herein to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events.

SOURCE Brookdale Senior Living Inc.

http://www.brookdaleliving.com

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In connection with the offering, the selling stockholders have granted the underwriter a 30-day option to purchase up to an aggregate of 1.65 million additional shares of common stock.

The offering is expected to close on November 13, 2009.

Earlier on the same day, Brookdale has filed with the US Securities and Exchange Commission that certain funds managed by affiliates of Fortress (Fortress stockholders) intend to offer in an underwritten public offering 11 million shares of the company's common stock.

Brookdale will not sell any shares in the offering. Following the offering, the funds managed by affiliates of Fortress will beneficially own approximately 42% of Brookdale's common stock. The Fortress stockholders are also expected to grant the underwriter a 30-day option to purchase up to 1.1 million additional common shares.

Bank of America Merrill Lynch will act as the sole book-running manager for the offering.

Deal Type    Private Equity
Sub-Category Exit
Deal Status  Announced: 2009-11-09

Deal Participants

Target (Company) Brookdale Senior Living, Inc.