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Brookdale Agrees to Sell Brookdale Battery Park; Will Continue to Manage the Premier Manhattan Community Following Closing

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Brookdale Agrees to Sell Brookdale Battery Park; Will Continue to Manage the Premier Manhattan Community Following Closing

PR Newswire

NASHVILLE, Tenn., Aug. 20, 2018 /PRNewswire/ -- Brookdale Senior Living Inc. (NYSE:BKD) ("Brookdale" or the "Company") announced today that it has entered into a definitive agreement to sell its Brookdale Battery Park independent living community for approximately $194 million to Ventas, Inc. ("Ventas").  The price represents a cap rate of approximately 5%.

(PRNewsfoto/Brookdale Senior Living Inc.)

Ventas has selected Brookdale to manage the community under a separate management agreement following the closing of the sale. This prime real estate, located in downtown Manhattan, is a well-established senior housing community with strong community leadership and high occupancy.

"I am pleased with this continued progress in delivering on our real estate strategy, which we introduced earlier this year," said Lucinda ("Cindy") Baier, Brookdale's President and Chief Executive Officer. "I am thrilled that we will continue to operate Battery Park after closing, as we have since the community opened in 2000, and thank Debra Cafaro and the Ventas team for their continued partnership and another mutually-beneficial transaction."

The Company expects the proceeds from the sale of this community to be approximately $140 million, net of associated debt and transaction costs and that the transaction will close by year-end 2018. However, the sale remains subject to customary closing conditions and there can be no assurance whether or when the closing will occur.  The sale of Brookdale Battery Park is a significant component of the Company's previously-announced plan to market in 2018 and sell 28 owned communities, which the Company expects will generate aggregate proceeds in excess of $250 million, net of associated debt and transaction costs.  Brookdale Battery Park was included in the Company's assets held for sale as of June 30, 2018.

Brookdale was represented by HFF as broker in the sale of this community.

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 988 communities in 46 states and the ability to serve approximately 95,000 residents as of June 30, 2018.  Through its ancillary services program, the Company also offers a range of home health, hospice and outpatient therapy 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. These forward-looking statements are subject to various risks and uncertainties and include all statements that are not historical statements of fact and those regarding the Company's expectations with respect to the transactions with Ventas described herein and the Company's real estate strategy (including the expected timing of such transactions). Actual results could differ materially from such forward-looking statements.  Factors which could cause actual results to differ include, but are not limited to, the Company's ability to complete disposition transactions (including the sale transaction with Ventas described herein) on 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 closing, as well as other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission, including those contained in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on any of these forward-looking statements, which 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 the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.

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SOURCE Brookdale Senior Living Inc.

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