Ventas, Inc. (NYSE: VTR) said on Friday it completed the acquisition of Nationwide Health Properties, Inc. (NYSE: NHP) in a stock-for-stock transaction for $7.6 billion, creating one of the largest publicly-traded REITs.
“With the completion of the NHP acquisition, Ventas is a $23 billion enterprise poised to thrive in the dynamic and growing healthcare real estate space,” said Debra A. Cafaro, Chairman and Chief Executive Officer in a statement. “Ventas owns a highly diversified and productive portfolio supported by powerful demographic demand.”
With 70% of Ventas’ net operating income derived from private pay sources, it’s uniquely positioned to compete for a broad spectrum of seniors housing and healthcare real estate opportunities said Cafaro. “We are confident that the NHP acquisition will benefit Ventas’ shareholders, bondholders and customers as we seek to deliver another decade of excellence.”
Ventas says the NHP acquisition will be accretive to 2011 earnings and expects it to provide detailed financial projections for the year when it reports results for the second quarter of 2011.
Ventas has a 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.