LifeHouse Retirement Properties, Inc. Acquired Three Additional Assisted Living Communities, Expanding Its Presence in The Mid-W
April 16 2007 - 9:00AM
PR Newswire (US)
LOS ANGELES, April 16 /PRNewswire-FirstCall/ -- LifeHouse
Retirement Properties, Inc. (Pink Sheets: LHRP.PK) is pleased to
announce it expanded the number of its communities in the Upper
Mid-West market by closing on the purchase of three additional 40
units Assisted Living Communities: The Wooden Rocker, Mt. Pleasant,
MI; Shamrock Manor, Clare, MI; and Nottingham Place, Grand Blanc,
MI, on April 1, 2007. This acquisition of an additional 120 units
was completed for $5.28 million, or $44,000 per unit. Pro forma for
the acquisition, combined Revenue and EBITDA for the entire Company
increased to $49.1 million, calculated based on trailing twelve
months through December 31, 2006 for the Company's three skilled
nursing facilities and trailing four months through December 31,
2006, annualized for the combined thirteen assisted living
facilities. Mr. Lou Andriotti, Chief Operating Officer of LHRP and
President of LifeHouse Management Services, Inc., a wholly owned
subsidiary, explained the significance of this acquisition to the
Company's portfolio and presence in the Michigan market. "These
property acquisitions are viewed as an exceptional fit for our
assisted living portfolio and evolving mission to meet the diverse
community-based healthcare needs of today's choice-driven
consumers. The LifeHOUSE enhanced-living model of care is designed
to achieve sustainable profits in situations where quality-based
product differentiation predominates such as in the Mid-Michigan
marketplace. The real value of these investments and their
performance improvement opportunities rests in the human capital
that has been acquired which I believe will generate sustainable
competitive advantage due to their superior competency and interest
alignment with the LifeHOUSE brand and mission." This acquisition
brings the total number of LifeHouse communities to sixteen. The
Company still has approximately $11.5 million of capital to deploy
in its Acquisition Line, which Management believes can be leveraged
to approximately $46.0 million of additional facility purchases.
LifeHouse Retirement Properties, Inc., is focused on strategic
acquisitions of senior assisted & independent living and
skilled nursing communities in the U.S. The Company's platform
provides a strong acquisition and operating team with significant
experience in investment banking, health care, hospitality,
finance, construction, and real estate, particularly effective in
turnaround operations of under performing properties or entire
business units. The Company has approximately 1,340 beds and 2,000
full-time and part-time employees. Forward-Looking Statements: The
information contained herein should not be construed as a
recommendation to purchase any securities. Statements in this news
release concerning the company's business outlook or future
economic performance, anticipated profitability, revenues,
expenses, or other financial items; and statements concerning
assumptions made or expectations as to any future events,
conditions, performance or other matters, may be forward- looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are subject to
risks, uncertainties and other factors which could cause actual
results to differ materially from those contained in such
statements. Such risks, uncertainties, and factors include, but are
not limited to, future capital needs, changes and delays in
development plans and schedules, acquisition risks, licensing
risks, business conditions, competition, changes in interest rates,
our ability to manage our expenses, market factors that could
affect the value of our properties, the risks of downturns in
general economic conditions, availability of financing for
development and acquisitions. The Company assumes no obligation to
update or supplement forward-looking statements that become untrue
because of subsequent events. Investments in small cap companies
are generally deemed to be highly speculative and to involve
substantial risk, making it appropriate for readers to consult with
professional investment advisors and to make independent
investigations before acting on the information. Any investment in
small cap companies could prove to be high risk investments with
the result in the loss of part, or the total principal investment.
DATASOURCE: LifeHouse Retirement Properties, Inc. CONTACT: Rowan
Farber, President & CEO of LifeHouse Retirement Properties,
Inc., +1-310-230-0444, or Fax, +1-310-230-6861, or
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