Brookdale to acquire 41 communities ($610M) and issue $369M 2029 convertible notes

Brookdale Senior Living Inc.

Acquiring 41 communities (2,789 units) from three triple-net lease portfolios for $610M; expects $47M reduction in 2025 cash lease payments.
Issuing $369M of 3.50% convertible notes due 2029: $207M exchanged for existing 2.00% 2026 notes, $150M sold to Deerfield/Flat Footed for cash.
Completed $182M agency financing to repay $197M debt due Sept 2025; no remaining maturities without extension through June 2026.
Acquisitions expected to improve 2025 Adjusted EBITDA by $33M and Adjusted Free Cash Flow by $15M.
After transactions, Brookdale will own 66% of consolidated units, up from a lower ownership percentage.

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