Ventas acquires Atria Senior Living Group (real estate assets)

Ventas acquired Atria Senior Living Group (real estate assets) for approximately $3.1 billion ($1.35 billion Ventas stock, $150 million cash, plus assumption/repayment of $1.6 billion net debt), a transaction completed in May 2011, structured as combination (stock, cash and assumed debt).

Atria Senior Living Group (real estate assets) operates in Private-pay seniors housing, is based in United States (New York metro, New England, Boston, California; 118 assets, ~13,500 units). Ventas acquired substantially all of the real estate assets of privately-owned Atria Senior Living Group for $3.1 billion. The deal added 118 high-quality, private-pay seniors housing assets (110 stable plus eight redevelopment) with approximately 13,500 units, concentrated in strong-demographic markets including the New York metro area, New England, Boston and California. Atria was the 4th largest U.S. operator of assisted living and was owned by funds managed by Lazard Real Estate Partners. Prior to closing Atria spun off its management company, which continued to operate the assets under a contract with Ventas.

Ventas said the addition of 118 exceptional seniors housing assets in highly desirable locations would increase private-pay NOI to over two-thirds of total NOI and establish Ventas as the largest owner of seniors housing communities in the United States.

Made Ventas the largest U.S. owner of seniors housing and pushed private-pay NOI above two-thirds. Atria Management Co. retained to operate the assets under contract post-closing. Operated by Atria Management Co. under management contract with Ventas