LEVITTOWN, Pa. - StoneMor Partners L.P. announced that it executed a lease and a management agreement with the Archdiocese of Philadelphia. Under this arrangement, StoneMor will operate for a period of 60 years, 13 archdiocesan cemeteries located throughout the five-county Philadelphia region. Upon closing, subject to satisfaction of certain conditions precedent, StoneMor will provide an initial lease payment of $53 million to the archdiocese as well as $36 million in future annual rent payments, which will begin to accrue in year six of the arrangement.
Speaking of the arrangement, Larry Miller, president and chief executive officer of StoneMor Partners, commented, "We are delighted with this transaction. The 13 cemeteries we will be managing have performed a combined average of about 7,000 burials per year. In terms of providing services to so many families per year, this transaction marks the second largest enterprise we have taken on since becoming public in 2004. As with previous transactions, we will be bringing to each property our unique expertise in offering and managing pre-need planning for families. StoneMor has been successful to date in effectively transitioning management and operations of properties that are new to our portfolio, and we anticipate a continuation of that trend here."
"Although there will be a change in management," continued Miller, "All 13 Catholic cemeteries will continue to be owned by the archdiocese throughout the term of the arrangement. Operations will be conducted in a manner consistent with Catholic values and the core mission of the cemeteries. The cemeteries will continue to carry out the sacred duty of providing dignified Catholic burials for the faithful departed according to all current practices and policies. There will be no perceptible change for visitors to the cemeteries or individuals seeking to provide interment rights for themselves or their loved ones. It should be noted that parish cemeteries will not be affected as they are operated at the local level and are not part of this arrangement. We will also provide a level of care for the properties consistent with historical practices."
About StoneMor Partners L.P.
StoneMor Partners L.P., headquartered in Levittown, Pa., is an owner and operator of cemeteries and funeral homes in the United States, with 277 cemeteries and 92 funeral homes in 28 states and Puerto Rico. StoneMor is the only publicly traded death care company structured as a partnership. StoneMor's cemetery products and services, which are sold on both a pre-need (before death) and at-need (at death) basis, include: burial lots, lawn and mausoleum crypts, burial vaults, caskets, memorials, and all services that provide for the installation of this merchandise.
For additional information about StoneMor Partners L.P., please visit StoneMor's website, and the Investor Relations section, at http://www.stonemor.com.
About Catholic Cemeteries in the Archdiocese of Philadelphia
Founded in 1849, the Catholic Cemeteries Office of the Archdiocese of Philadelphia operates 13 cemeteries located in Chester, Delaware, Bucks, Montgomery and Philadelphia counties. Last year, it conducted about 7,000 burials. It is staffed by approximately 160 full-time, year-round and approximately 30 seasonal employees in its central office at the Archdiocesan Pastoral Center and at individual cemeteries.
For additional information about the Catholic Cemeteries of the Archdiocese of Philadelphia, please visit http://www.archphila-cemeteries.org.