Ven­tas com­pletes $3.1 bil­lion Atria deal

Modern Healthcare - - Late News -

Ven­tas, a Chicago-based real es­tate in­vest­ment trust, closed on its agree­ment to buy sub­stan­tially all the real es­tate as­sets of Atria Se­nior Liv­ing Group, Louisville, Ky., an as­sisted liv­ing com­pany, for $3.1 bil­lion. The deal price in­cludes the as­sump­tion or re­pay­ment of $1.6 bil­lion of net debt, $1.35 bil­lion in Ven­tas com­mon stock and $150 mil­lion in cash, ac­cord­ing to Ven­tas. Be­fore clos­ing the deal, Atria Se­nior Liv­ing Group spun off its man­age­ment busi­ness to Atria Se­nior Liv­ing, a new com­pany that will con­tinue to man­age the 118 pri­vate-pay se­nior liv­ing com­mu­ni­ties in­volved. Atria is owned by Lazard Real Es­tate Part­ners. When an­nounced in Oc­to­ber, Ven­tas said it ex­pects Atria’s real es­tate as­sets to gen­er­ate ap­prox­i­mately $640 mil­lion in rev­enue in 2011, and net op­er­at­ing in­come to range be­tween $186 mil­lion and $196 mil­lion. In Fe­bru­ary, Ven­tas en­tered an agree­ment to buy fel­low REIT Na­tion­wide Health Prop­er­ties, New­port Beach, Calif., in a deal val­ued at $7.4 bil­lion in stock and debt, pos­si­bly form­ing the largest health­care REIT in the coun­try (March 7, p. 6).

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