Mon, Jun. 15, 2:20 PM
- Genesis Healthcare (GEN +10.8%) acquires 24 skilled nursing facilities and a rehabilitation business from privately-held Revera for $240M. Under the terms of the agreement, Genesis will purchase the real estate of 20 of the 24 facilities and will lease the remaining four through Health Care REIT (HCN -0.3%). It will also acquire the operations of Premier Therapy, Revera's contract rehabilitation business.
- The transaction, which will be accretive to 2016 earnings, is expected to close by year-end.
Thu, May 14, 4:49 PM
- The team at Wells Fargo finds seven REITs most at risk of a takeover, writes Jake Mooney at SNL Financial. What they have in common are sustained discounts to NAV, market caps less than $5B, and relatively low debt ratios - important because it allows added leverage without violating debt covenants.
- At risk? The higher debt loads following a privatization could be harmful to existing bondholders. Stockholders, of course, might feel differently.
- The seven: Mack-Cali (NYSE:CLI), Education Realty Trust (NYSE:EDR), Equity One (NYSE:EQY), Healthcare Realty (NYSE:HR), Retail Opportunity Investments (NASDAQ:ROIC), Post Properties (NYSE:PPS), and Washington Real Estate (NYSE:WRE).
- In the right environment, why limit candidates to smaller REITs? Stifel's Daniel Bernstein suggests Ventas (NYSE:VTR) could go for the equivalent of a 5% cap rate or $90 per share, given Blackstone paid a 6.2% cap rate for Excel Trust, and Associated Estates sold with a cap rate below 5%. Similar cap rates would produce tasty premiums for HCP, Health Care REIT (NYSE:HCN), Healthcare Realty Trust (HR), and Healthcare Trust of America (NYSE:HTA).
Jan. 7, 2013, 7:37 PMSunrise Senior Living (SRZ) says that stockholders have voted to approve the merger with Health Care REIT (HCN), with 98.3% of the votes cast in favor of the proposal. The tally represented 69.4% of the outstanding stock entitled to vote. The merger is expected to close on January 9. | Jan. 7, 2013, 7:37 PM | Comment!
Dec. 28, 2012, 4:12 PMSunrise Senior Living (SRZ) announces that in connection with the proposed merger with Health Care REIT (HCN) and the related proposed sale of its management business, the board has declared a conditional special cash dividend of $2.10 per share of SRZ to holders as of the close of business on January 8. | Dec. 28, 2012, 4:12 PM | Comment!
Aug. 22, 2012, 7:43 AM
Apr. 16, 2012, 7:22 PMSunrise Senior Living (SRZ) sells its 20% stake in 16 retirement communities to Ventas (VTR) for about $28M. SRZ will remain the manager of the communities under the preexisting terms relating to management fees and contract length, which currently range from 18 to 27 years. | Apr. 16, 2012, 7:22 PM | Comment!
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