Late News: Ventas completes $3.1 billion Atria deal

Ventas, a Chicago-based real estate investment trust, closed on its agreement to buy substantially all the real estate assets of Atria Senior Living Group, Louisville, Ky., an assisted living company, for $3.1 billion.

The deal price includes the assumption or repayment of $1.6 billion of net debt, $1.35 billion in Ventas common stock and $150 million in cash, according to Ventas. Before closing the deal, Atria Senior Living Group spun off its management business to Atria Senior Living, a new company that will continue to manage the 118 private-pay senior living communities involved. Atria is owned by Lazard Real Estate Partners. When announced in October, Ventas said it expects Atria’s real estate assets to generate approximately $640 million in revenue in 2011, and net operating income to range between $186 million and $196 million. In February, Ventas entered an agreement to buy fellow REIT Nationwide Health Properties, Newport Beach, Calif., in a deal valued at $7.4 billion in stock and debt, possibly forming the largest healthcare REIT in the country (March 7, p. 6).