filecrux
Oct 13, 8:28 PM
$BKD (Brookdale Senior Living, US senior-living operator) agreed to buy 30 communities it leases from Welltower for
$290M, ~16x the ~
$17.8M of 2027 cash rent it expects to cut (~
$11M operating, ~
$7M financing). Funding: cash and non-recourse mortgage debt of undisclosed size; its interest offsets part of the saving. At June 30, cash was
$370.4M, net debt
$3.9B (8.4x leverage); ~
$49M cash plus
$108M debt closed another
$157M, 17-community buy Sept 30. Close expected Q4 2026; it extends ~
$36.6M/yr of other Welltower rent 4 years, to June 2036.
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