Brookdale Senior Living will buy 30 communities it currently leases from Toledo, OH-based real estate investment trust Welltower for $290 million, the company announced Tuesday. The transaction is expected to close during the fourth quarter, funded with cash on hand and non-recourse mortgage debt.
Additionally, Brentwood, TN-based Brookdale announced that it has completed the previously announced acquisition of 17 formerly leased communities for approximately $157 million. That move will eliminate about $11 million of annual cash rent in 2027.
“The completed acquisition of 17 communities and the agreement to acquire 30 communities from Welltower together represent another significant step forward in our strategy to own more of the real estate we currently operate,” Brookdale CEO Nick Stengle said in a statement Tuesday. “Ownership allows Brookdale to capture the full benefit of future operating growth, while reducing our long-term lease obligations.”…