Capital Senior Living Corporation and GE Healthcare Financial Services Form Joint Venture to Acquire Five Senior Housing Communities; New Venture Demonstrates Commitment to Long-Term Care Real Estate.DALLAS -- Capital Senior Living Corporation (NYSE NYSE See: New York Stock Exchange :CSU See DSU/CSU. 1. CSU - California State University. 2. CSU - Cleveland State University. 3. CSU - Channel Service Unit. ) and GE Healthcare GE Healthcare is a $18 billion (USD) unit of General Electric (GE). It employs more than 46,000 people worldwide and is headquartered in Chalfont St. Giles, Buckinghamshire, United Kingdom. GE Healthcare is the first GE business segment headquartered outside the United States. Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. today announced the formation of a joint venture to acquire five senior housing communities from a third party. The new venture will be funded by Capital Senior Living and GE Healthcare Financial Services, demonstrating both companies' significant commitment to long-term care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. real estate. Under the venture agreement, Capital Senior Living will earn management fees and may receive additional incentive distributions. "We are excited to form this new joint venture with GE Healthcare Financial Services that represents a significant investment in the senior housing sector," said James A. Stroud This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. , Chairman of Capital Senior Living. "This transaction combines the financial strength and reputation of GE Healthcare Financial Services with the operational expertise of Capital Senior Living to form a dynamic partnership for this acquisition, as well as future growth opportunities." The five communities will be purchased by the venture for $46.85 million. These communities comprise 293 assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. units and will increase Capital Senior Living's resident capacity by 389. Current combined occupancy at the five communities is approximately 92 percent. The acquisition should close early 2006, pending approvals and other customary closing conditions. "We are pleased to form a new joint venture with a quality partner like GE Healthcare Financial Services," said Lawrence A. Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , Chief Executive Officer at Capital Senior Living. "We are confident that this venture will further enhance our track record of successful returns for the company and our joint venture partners. These properties are an excellent complement to our existing midwest communities." "We saw an opportunity to expand our offerings through a direct investment in the growing long-term care real estate arena," said Thad Wilson, Vice President of Real Estate Equity for GE Healthcare Financial Services. "Capital Senior Living's operational excellence complements our deep capabilities in healthcare and real estate. The combination of one of the nation's largest senior housing operators and our comprehensive financing abilities will be a strong one." About Capital Senior Living Capital Senior Living Corporation is one of the nation's largest operators of residential communities for senior adults. The Company's operating philosophy emphasizes a continuum of care, which integrates independent living, assisted living and home care services, to provide residents the opportunity to age in place. The Company currently operates 55 senior living communities in 20 states with an aggregate capacity of approximately 8,900 residents, including 33 senior living communities which the Company owns or in which the Company has an ownership interest, 7 leased communities and 15 communities it manages for third parties. In the communities operated by the company, 85 percent of residents live independently and 15 percent of residents require assistance with activities of daily living. About GE Healthcare Financial Services GE Healthcare Financial Services is a provider of capital, financial solutions, and related services for the global healthcare market. With over $13 billion of capital committed to the healthcare industry, GE Healthcare Financial Services offers a full range of capabilities from equipment financing and real estate financing to working capital lending Capital lending is the process of a large company, or corporation, offering financing on large "ticket" items to encourage the customer to purchase that item. Many major corporations have set up finance divisions, or subsidiaries, to help the customer purchase their product over , vendor programs, and practice acquisition financing. With its knowledge of all aspects of healthcare from hospitals and long-term care facilities long-term care facility n. See skilled nursing facility. to physicians' practices and life sciences, GE Healthcare Financial Services works with customers to create tailored financial solutions that help them improve their productivity and profitability. For more information, visit www.gehealthcarefinance.com. The forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. in this release are subject to certain risks and uncertainties that could cause results to differ materially, including, but not without limitation to, the Company's ability to find suitable acquisition properties at favorable terms, financing, licensing, business conditions, risks of downturns in economic conditions generally, satisfaction of closing conditions such as those pertaining per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. to licensure, availability of insurance at commercially reasonable rates, and changes in accounting principles and interpretations among others, and other risks and factors identified from time to time in our reports filed with the Securities and Exchange Commission. |
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