DANIEL CORPORATION SELLS ITS ALABAMA RETIREMENT COMMUNITIES to CNL RETIREMENT PROPERTIES, INC.

Daniel Corporation announces the sale of its Somerby at University Park in Birmingham, Alabama and Somerby at Jones Farm in Huntsville, Alabama. The residential retirement communities were sold to an affiliate of CNL Retirement Properties, Inc., one of the nation's largest owners of housing for seniors. The properties offer independent living, assisted living and Alzheimer's care. The combined unit mix is comprised of 378 independent living units, 132 assisted living units and 28 Alzheimer's care units.



The sale was structured with a contemporaneous long-term lease of the communities by CNL to a joint venture between Daniel and American Retirement Corporation. American Retirement has been Daniel's management and marketing partner since the inception of these communities in 1999. Daniel developed both communities, which opened in April 1999 and both were expanded in 2001. Financing for the communities was provided by The Retirement Systems of Alabama, which debt was repaid to RSA upon closing with CNL.



Company Profiles
Daniel Corporation, the developer of the Somerby communities, is a real estate investment, development and management company established in 1964, with headquarters in Birmingham, Alabama, and offices in Raleigh and Richmond. Daniel's projects include commercial office, commercial office parks, multi-family communities, large scale planned urban developments and senior living properties in the Southeast and Mid-Atlantic States.



American Retirement Corporation is a national senior living and health care services provider offering a broad range of care and services to seniors. Established in 1978, the Company believes that it is a leader in the management of senior living communities, including independent living communities, continuing care retirement communities, free-standing assisted living communities, and specialized care programs for residents with Alzheimer's and other forms of dementia. The Company currently operates 65 senior living communities in 14 states, with an aggregate unit capacity of approximately 12,900 units and resident capacity of approximately 14,500.


CNL Retirement Properties, Inc., a real estate investment trust, is affiliated with CNL Financial Group, Inc., and specializes in the acquisition of premium independent and assisted living communities and continuing care retirement communities. Headquartered in Orlando, Florida, CNL Financial Group, Inc. is one of the nation's largest privately held real estate investment and finance companies. CNL Financial Group, Inc., and the entities it has formed or acquired have more than $5.5 billion in assets, representing more than 2,800 properties in 49 states. The company and those entities focus on properties in the retirement, hospitality, corporate facility, community development, retail and restaurant sectors