Brookdale Senior Living Inc. said Tuesday it is suspending quarterly cash dividends indefinitely as it seeks to be more flexible in the current market.
The company had been paying a regular quarterly dividend of 25 cents per share.The decision by the board of directors was based on the need to strengthen the company's balance sheet by decreasing leverage, said Bill Sheriff, Brookdale's chief executive.
"Brookdale continues to generate solid operating cash flow and, by taking this action, will be better positioned to take advantage of potential attractive investment opportunities as they may arise," Sheriff said in a statement.
Brookdale, the nation's largest provider of senior-care facilities, owns and operates about 550 senior living communities in 35 states. Last month, Brookdale reported a bigger-than-expected loss of $35.9 million for the third quarter, citing higher operating costs.
Shares of Brookdale rose 53 cents, or 9.8 percent, to $5.92 during the regular session Tuesday.
via yahoo
The company had been paying a regular quarterly dividend of 25 cents per share.The decision by the board of directors was based on the need to strengthen the company's balance sheet by decreasing leverage, said Bill Sheriff, Brookdale's chief executive.
"Brookdale continues to generate solid operating cash flow and, by taking this action, will be better positioned to take advantage of potential attractive investment opportunities as they may arise," Sheriff said in a statement.
Brookdale, the nation's largest provider of senior-care facilities, owns and operates about 550 senior living communities in 35 states. Last month, Brookdale reported a bigger-than-expected loss of $35.9 million for the third quarter, citing higher operating costs.
Shares of Brookdale rose 53 cents, or 9.8 percent, to $5.92 during the regular session Tuesday.
via yahoo
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