Source: Ventas / #Apartments #Seniors
CHICAGO, IL - Ventas, Inc. announced that it has reached a definitive agreement to acquire a 100 percent interest in 16 private pay seniors living communities from affiliates of Sunrise Senior Living, Inc. and its institutional joint venture partner for $362 million.
“With the acquisition of these exceedingly high-quality seniors living communities, we continue our enterprise growth while also expanding our private pay revenue source,” Ventas Chairman and Chief Executive Officer Debra A. Cafaro said. “We are especially pleased to expand our relationship with Sunrise, the global leader in seniors living.”
The transaction is expected to be immediately accretive to normalized funds from operations (FFO) per share and will be funded through borrowings under the Company’s revolving credit facility. All of the properties will be acquired unencumbered. The transaction is expected to close in the second quarter of 2012. However, there can be no assurance that the transaction will close or as to the timing of any closing.
The acquired assets were developed by Sunrise, have a median age of four years and contain 1,274 units.
Ventas, Inc., an S&P 500 company, is a leading healthcare real estate investment trust. Its diverse portfolio of more than 1,400 assets in 47 states (including the District of Columbia) and two Canadian provinces consists of seniors housing communities, skilled nursing facilities, hospitals, medical office buildings and other properties. Through its Lillibridge subsidiary, Ventas provides management, leasing, marketing, facility development and advisory services to highly rated hospitals and health systems throughout the United States.