On Friday, news came that both company boards unanimously approved the acquisition. Brookdale executives today discussed the merger during the company's first quarter earnings call. William B. Doniger, vice chairman of Brookdale, commented that American Retirement Corp. is a great strategic fit for the company, "and this combination creates, in our opinion, the highest quality portfolio of senior housing assets in the United States," he said. "The successful expansion of American Retirement Corp.'s ancillary services business at our facilities represents significant upside to our future operating prospects."

During the company's first quarter, Brookdale completed the acquisition of 26 facilities for a total acquisition cost of $184.6 million. Subsequent to March 31, the company completed the acquisition of the Southern Assisted Living portfolio, which included 41 leased facilities with 2,887 units/beds; the first portion of the AEW portfolio, consisting of five owned facilities with 813 units/beds; and the Southland Portfolio, made up of four owned facilities with 262 units/beds.

Since Brookdale's IPO in November 2005, the company has purchased or committed to purchase $750.8 million in senior housing assets, representing 104 facilities and 9,147 units/beds. Brookdale's investment upon closing was approximately $315 million. To date, executives say $689 million in transactions--representing 92 facilities and 7,781 units/beds--have closed. Of the transactions, Brookdale invested $268 million of cash.