Capital Senior Living Corporation Announces a 12
Community Assisted Living Transaction
June 28, 2010 07:03 AM Eastern Daylight Time
DALLAS--(EON: Enhanced Online News)--Capital Senior Living Corporation (the “Company”) (NYSE:CSU),
one of the country’s largest operators of senior living communities, today announced that it has entered into a
definitive agreement with Signature Assisted Living of Texas, LLC (“Signature”) to acquire Signature’s interests in 12
leases with Health Care REIT, Inc. (NYSE:HCN). The 12 leased communities are high-quality purpose-built
assisted living and memory care facilities located in Texas. The transaction is expected to close in the third quarter of
2010, subject to further due diligence, customary closing conditions and approvals.
The Signature communities have approximately 677 units and include 532 units of assisted living and 145 units of
memory care, with a combined capacity of 764 residents. The communities average less than three years of age. In
June of this year, financial occupancy at the combined communities was approximately 91%. The twelve Signature
communities will bring to 29 the total number of communities the Company operates in Texas.
“We believe this transaction is very strategic and will create tremendous value for our shareholders by increasing the
Company’s CFFO by approximately $2.3 million or $0.09 per share,” said Lawrence A. Cohen, Chief Executive
Officer of the Company. “Upon closing the transaction, the Company will operate a significantly larger platform in
Texas and benefit from the clustering of communities. The portfolio is extremely complementary to our existing
footprint and provides additional opportunities to achieve operating leverage and synergies. Furthermore, we are
pleased to complete our third transaction with HCN and continue to strengthen our relationship.”
Annualizing the 12 senior housing communities’ revenues as of May 2010 yields approximately $30.3 million, with
EBITDAR of approximately $13.5 million net