Ventas completes Senior Care acquisition
Ventas has completed its acquisition of 64 seniors housing and care facilities valued at $602 million, the healthcare real estate investment trust announced Tuesday.The portfolio includes 5,758 beds or units in skilled nursing, assisted living and rehabilitation facilities, as well as continuing care retirement communities. The properties are located in 15 states and were formerly owned by the Reichmann family of Canada.
They include United Rehab, Health Care Group, Outlook Pointe and Elmcroft Assisted Living holdings. The sale of two Elmcroft properties worth an additional $18.5 million was delayed, ostensibly until early 2007, pending federal approval of loan assumptions by Ventas. Another property initially mentioned in terms of the deal will not change hands due to changes in real estate taxes, Ventas said.
The blockbuster deal drops annualized revenue from Kindred Healthcare Inc., Ventas' long-time main tenant, to about 50% of the REIT's run rate total revenues. Meanwhile, annualized revenue from private pay assets in Ventas portfolio will rise to about 47% of total revenues, the company said.