Brentwood, TN-based Brookdale Senior Living will acquire 41 communities for $610 million, the company announced Monday morning.
The transactions, involving a total of 2,789 units, were privately negotiated and occurred off-market, Brookdale said. After the transactions, Brookdale will own 66% of its consolidated units, putting it closer to its goal of increasing its owned real estate portfolio.
Brookdale President and CEO Lucinda “Cindy” Bowers said she was “incredibly proud” of the deals.
“The immediate and long-term benefits of these real estate transactions are wide-ranging, including future portfolio flexibility that comes through asset ownership, the opportunity to fully realize the long-term benefits of the powerful senior housing outlook and, following closing, the expected immediate improvement in adjusted [earnings before interest, taxes, depreciation and amortization] and adjusted free cash flow from a lower-cost capital structure,” she said in a statement.
Baier thanked the companies involved in the deals.
The moves mark the acquisition of three portfolios of senior living communities currently leased by the company:
- 11 senior living communities (1,228 units) will be acquired for $300 million from a joint venture between Toledo, OH-based real estate investment trust Welltower and its joint venture partners. The communities — with a total 470 independent living units, 723 assisted living units and 36 memory care units — are primarily located on the West Coast and have an average occupancy of about 80%.
- 5 communities (686 units) will be acquired from Welltower for $175 million. This portfolio — with 270 independent living units, 170 assisted living units, 152 memory care units and 94 skilled nursing units — is largely located in “affluent or very affluent markets,” Brookdale said; among them are Nashville, TN, Overland Park, KS, and Denver. Weighted average portfolio occupancy is more than 90%.
- 25 senior living communities (875 units) will be acquired from real estate investment trust Diversified Healthcare Trust for $135 million. “This portfolio’s communities are diversely located, range in size from 19 units to 92 units, and include a total of 556 assisted living units and 319 memory care units with weighted average portfolio occupancy of approximately 80%,” Brookdale said.
Brookdale said that in a financing led by Deerfield Management, it is addressing 83% of all of its 2026 debt maturities and securing capital to support “immediately accretive acquisition opportunities.” The company said it also has refinanced its 2025 agency debt maturity at a favorable rate.
Read more in the press release.
