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Capital Senior Living acquires four communities for $64.9M

Capital Senior Living Corporation announced that it has completed the acquisition of four senior living communities in two transactions for a combined purchase price of approximately $64.9M. These communities are in Indiana and South Carolina, enhancing the company’s existing operations in these states. The communities are comprised of 388 units, consisting of 48 independent living units, 257 assisted living units and 83 memory care units. The four communities are financed with an aggregate of approximately $49.3M of 10-year fixed rate debt that is non-recourse to the Company with an interest rate of 5.56%. Highlights of these transactions include: Incremental net income of $1M, or 3c per share. Incremental cash from facility operations of $2.3M, or 8c per share. Annual revenue of approximately $14.7M. Average occupancy above 95%. Average monthly rents of approximately $3,100. The company is conducting due diligence on additional transactions consisting of high-quality senior living communities in regions with extensive existing operations. Subject to completion of due diligence and customary closing conditions, the company expects to acquire additional communities in the first quarter of 2014.