Ventas acquires 18 properties from ElderTrust
Ventas, a healthcare real estate investment trust, acquired ElderTrust on Thursday for $184 million in cash.
The deal includes 18 properties -- nine assisted living, one independent and five skilled nursing in Pennsylvania, Massachusetts and New Jersey. Nine of the tenants are subsidiaries of Genesis HealthCare Corporation.
Louisville, KY-based Ventas said it funded the $101 million equity portion of the purchase price from proceeds it received in December 2003 from the sale of 10 facilities to its primary tenant, Kindred Healthcare.