If you are using a screen reader and having difficulty,please call (844) 327-3441. Cision Distribution 888-776-0942 Since the beginning of 2018, the company has sold or ended leases for 118 communities containing more than 11,000 units. We expect to use the proceeds of the transaction to primarily repay debt in another step towards deleveraging the balance sheet.". 2023 Brookdale Health Care Services agencies, which are not located in areas served by HCA Healthcare, include 23 home health locations, 11 hospice agencies and 13 therapy agencies across 22 states.. 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All Rights Reserved. CEO Andy Smith has been openabout plans to trim the huge Brookdale portfolio, which grew to more than 1,100 properties in 46 states following a mega-merger with Emeritus Corp. in 2014. Its currently implementing a turnaround strategy. The Brentwood senior living company Brookdale continued to sell its senior living communities in the first quarter of 2019. Responsibilities Oversees and directs the sales efforts for multiple communities and products within district, major markets, networks and stand-alone communities. Please note, Brookdale is committed to complying with all applicable laws and regulations regarding mandatory COVID-19 vaccination. Our College values all students and strives for inclusion and safety . Andy Smith, Brookdales president and CEO, says the divestment was part of a plan to simplify our business model and divest communities that do not fit with our strategy., This single transaction divests a diverse group of communities spread across 12 states and minimizes any operational disruption, Smith continues. Cook. Truist Securities acted as exclusive financial advisor to HCA Healthcare in connection with this transaction. The communities revenue for the 12 months ended March 31 was approximately $89 million, according to Brookdale, and the portfolios average occupancy for the first quarter of this year was 79%. Through its ancillary services program, the Company also offers a range of outpatient therapy, home health, personalized living and hospice services. Actual results could differ materially from those projected. 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/or the associated conference call. Jessica Hazel Monday isnt the first time rumors have swirled around a sale of Brookdales home health and hospice operations. Equal Employment Opportunity Commission (EEOC), the federal agency announced today. Amazon Is Closing Its Cashierless Stores in NYC, San Francisco and Seattle, Amazon Pauses Construction on Second Headquarters in Virginia as It Cuts Jobs, Stock Traders Are Ignoring Blaring Bond Alarms, iPhone Maker Plans $700 Million India Plant in Shift From China, Russia Is Getting Around Sanctions to Secure Supply of Key Chips for War. The transaction comes as Smith and his colleagues have been touting a new phase in the integration of Emeritus. Do Not Sell or . who collaborates with us to provide the email alerts. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, This Week in Crypto: Ukraine War, Marathon Digital, FTX, Brookdale Senior Living Inc., one of the biggest operators of senior-living communities in the US, is exploring options including a potential sale, according to people familiar with the matter. These forward-looking statements are based on certain assumptions and expectations, and Brookdale's ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Brookdale sells six communities, hands over 40 to new management in first quarter, Future Smith Park mountain bike trail moves forward, Five Free and Cheap Family Things To Do in Middle Tennessee, Freeman: Marsha Blackburn ignoring news media means ignoring constituents, Franklin Fire investigating cause of Tuesday afternoon house fire, Tanner leads Brentwood Academy to DII-AA state semifinals, As State Legislation Targets the LGBTQ Community, Pride Celebrations Adapt, Montgomery's 25-point night leads Independence to Region 6-4A title over Hillsboro, Father Ryan's Pat Simpson named National Prep Wrestling Coach of the Year. As a learning health system, HCA Healthcare uses its more than 32 million annual patient encounters to advance science, improve patient care and save lives. Brookdale Senior Living Inc. Reports Earnings Results for the Full Year Ended December .. Earnings Flash (BKD) BROOKDALE SENIOR LIVING Posts Q4 Revenue $700.6M, vs. Street Est o.. Stifel Downgrades Brookdale Senior Living to Hold From Buy, Adjusts Price Target to $4 .. RBC Cuts Price Target on Brookdale Senior Living to $6 From $8 to Reflect Lingering Cos.. Brookdale has agreed to sell 80% of the equity in BHS to HCA Healthcare for a purchase price of, Brookdale will retain a 20% equity interest in the venture with HCA Healthcare, For more transaction financial information, see the investor presentation posted on, The purchase agreement is subject to customary closing conditions. Brookdale is the largest senior living provider in the United States and also the sixth-largest home health provider, data from LexisNexis suggests. Although Brookdale believes that expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its assumptions or expectations will be attained and actual results and performance could differ materially from those projected. Brookdale sold six communities and terminated a lease on one other community. Brookdale operates independent living, assisted living, and dementia-care communities and continuing care retirement centers, with approximately 1,114 communities in 47 states and the ability to serve approximately 107,000 residents. brookdale selling 44 communities. See Less home details. According to a press release, the company handed over 40 managed communities to new operators. articles a month for anyone to read, even non-subscribers! That total implies a $500 million value for the segment, according to Brookdale. Overall, its U.S. footprint includes 242 home health locations and 83 hospice locations. For more information, visit brookdale.com or connect with Brookdale on Facebook or Twitter. Event Details Price; 10/31/2022. -, Brookdale to Present at the Barclays Global Healthcare Conference, LTC Properties Plans to Diversify Portfolio Via Possible Sale of Certain Brookdale Senior Living Properties, LTC Properties to Transition or Sell Some Properties in Brookdale Portfolio, http://www.prnewswire.com/news-releases/brookdale-enters-into-definitive-agreement-to-sell-a-majority-stake-in-its-home-health-hospice-and-outpatient-therapy-business-to-hca-healthcare-301234907.html. Whispers of a potential sale come on the heels of a troubled year for the senior housing and health care giant. July 20, 2023 Washington, D.C. Factors which could have a material adverse effect on Brookdale's operations and future prospects or which could cause events or circumstances to differ from the forward-looking statements include, but are not limited to, the risk that conditions to the closing of the Transaction may not be satisfied, including due to Brookdale's or HCA Healthcare's inability to satisfy the closing conditions or industry, regulatory or economic conditions outside of Brookdale's control, including those related to the ongoing COVID-19 pandemic and, if those conditions are neither satisfied nor, where permissible, waived on a timely basis, Brookdale may be unable to complete the Transaction, or the Transaction may be delayed or completed on terms that are less favorable, perhaps materially, to Brookdale than the terms currently contemplated; the risk that if the Transaction is delayed or not completed for any reason, investor confidence could decline, Brookdale could face negative publicity and possible litigation, and Brookdale's business, results of operations, financial condition, cash flows and stock price may be adversely affected; and the risks detailed from time to time in Brookdale's filings with the Securities and Exchange Commission ("SEC"), including those set forth its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The properties, in 12 states, total 2,453 units, including 1,874 assisted living units and 579 memory care units. The portfolio communities' revenue for the twelve months ended March 31, 2016 was approximately $89 million, and the portfolio's average occupancy for the first quarter of 2016 was 79%. We represented Brookdale Senior Living Inc. (NYSE: BKD) in its sale of 41 communities to a third party for an aggregate sales price of $252.5 million. The cost at this community starts at $4,046, while the average cost for a senior living community in Gilbert, AZ is $3,800. Receive industry updates and breaking news from SHN, Why a Big Year for Operator Consolidation Could Spur Senior Living Innovation, CLC CEO: Senior Living Industry Can Trim Costs, Improve Services By Embracing Value-Based Care, LCS President: Senior Living in an Even Better Spot Today Than Nearly 3 Decades Ago, SHN+ Report: The Medicare Advantage Opportunity for Senior Housing, What Integra Blowback Means for Welltowers Senior Living Strategy, the SNF Investment Landscape, ProMedica Selling Hospice, Home Care Business to Gentiva in $710M Deal, Nobodys Buying, Nobodys Selling: Tepid Market for Distressed Senior Living M&A in Early 2023, Transactions & Financings: CPF, Grace Management Add 2; Blueprint Closes Sale in Texas. To opt-in for investor email alerts, please enter your email address in the field below and select at Sold: 3 beds, 1.5 baths house located at 246 Watchung Ave, Bloomfield, NJ 07003 sold for $530,000 on Feb 24, 2023. Before becoming a reporter, and then editor, for HHCN, Andrew received journalism degrees from the University of Iowa and Northwestern University. Unfortunately, this job posting is expired. . . HCA Healthcare is one of the nation's leading providers of healthcare services, comprising more than 2,000 sites of care. We expect to use the proceeds of the transaction to primarily repay debt in another step towards deleveraging the balance sheet.". Safe HarborCertain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including all statements regarding our intent or expectations relating to the 44-community disposition, the effect of such disposition on the Company's operations, and the Company's planned use of proceeds from the transaction; and the Company's plans to continue its portfolio rationalization initiative and the effect of such initiative on the Company's operations, performance and financial condition.
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brookdale selling 44 communities