Tuesday, August 2, 2011

Ventas Leases to Senior Care 32 Assisted Living Facilities

Ventas, Inc., has agreed to lease to a subsidiary of Senior Care, Inc., a total of 32 assisted living and dementia care communities currently operated by Hearthstone Senior Services, L.P.  Simultaneously with the closing of the Transaction, Senior Care will separately acquire the operations of all 32 Senior Care II Communities directly from Hearthstone and will operate them under its "Elmcroft" brand.  The Senior Care II Communities were acquired by Ventas as part of its acquisition of Nationwide Health Properties (NHP) that closed on July 1, 2011.

The 32 Senior Care II Communities, which contain 2,189 units, are located in Arizona, New Mexico, Oklahoma, Texas, Alabama, Florida, Tennessee, Georgia, Ohio, and Michigan.  Senior Care currently operates healthcare and seniors housing assets in six of these ten states. 

Upon closing of the Transaction, Senior Care will be one of the 20 largest seniors housing operators in the United States.

The Company's lease with Senior Care for the Senior Care II Communities will have an initial term of 15 years with two 5-year renewal options.  The Transaction will not change Ventas's corporate projections for the acquisition of NHP.

Completion of the Transaction is subject to certain conditions, including confirmatory due diligence, lender consents for two properties and regulatory approvals.  The Transaction is expected to close in the third quarter of 2011, although there can be no assurance that the Transaction will occur or as to the timing or terms of the Transaction. 

Louisville, Kentucky-based Senior Care, Inc. -- http://www.seniorcare-corp.com/ -- has been a tenant in 64 seniors housing and healthcare communities owned by Ventas since 2006.  Following the Transaction, Senior Care will operate 109 seniors housing and healthcare real estate assets comprised of 84 independent living, assisted living, and dementia care communities with bed capacity of 8,035 in 20 states and 23 skilled nursing and rehabilitation communities with bed capacity of 2,126 in three states, as well as two inpatient rehabilitation hospitals with an 81 bed capacity.  

Ventas, Inc. -- http://www.ventasreit.com/ -- is a leading healthcare real estate investment trust. Its diverse portfolio of more than 1,300 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.

Information is provided by the Healthcare Prospector. For more information please follow this link http://www.healthcaredatadepot.com/healthcareProspector.php

The Healthcare Prospector identifies healthcare providers and other healthcare entities in transition. Coverage includes hospitals, nursing homes, long-term care facilities, physicians' medical groups, ambulatory care and outpatient centers, mental health facilities, healthcare real estate investment trusts (REITs), and medical laboratory and diagnostic imaging services.

No comments:

Post a Comment