LifeHouse Retirement Properties, Inc. Acquired Three Additional Assisted Living Communities, Expanding Its Presence in The Mid-W

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., [phone], or Fax, [phone], or

 

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