Capital Senior Living Corporation Announces a Four Community Lease Transaction
Capital Senior Living Corporation (NYSE: CSU) announced today that joint ventures in which it holds a five percent partnership interest, have entered into an agreement to sell four senior living communities to Health Care REIT, Inc. (NYSE: HCN).
Upon closing the transaction, anticipated in the first quarter of 2011, the Company will lease the communities from HCN. The Company currently manages the Spring Meadows Communities under long-term management agreements.
Highlights of this transaction include:
Sales proceeds, including incentive distributions, total approximately $17.0 million, compared to original investment of $1.3 million.
Increases annual revenue by $26.0 million.
Adds $12.2 million of EBITDAR.
Additional CFFO of $0.7 million, or $0.03 per share.
Incremental earnings of $1.9 million, or $0.07 per share
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