Ventas (VTR) Completes Holiday Retirement Transaction

Ventas (NYSE: VTR) has completed its previously announced all-cash acquisition of 29 Canadian senior living communities from Holiday Retirement. These private pay properties are located in seven Canadian provinces, with the majority in Ontario and Alberta. At the close, Atria Senior Living, Inc. (“Atria”) assumed management of the communities.

“Ventas continues to grow strategically and accretively with the addition of these 29 apartment-like private pay independent living communities to our balanced portfolio of high-quality healthcare and seniors housing assets, and we are excited to grow with Atria north of the border,” Ventas Chairman and Chief Executive Officer Debra A. Cafaro said. “These high-quality communities are 90 percent occupied and are located in markets with significant concentrations of seniors with high median household income. Our diverse portfolio of productive assets will benefit from the addition of these communities as we continue to focus on delivering reliable, growing cash flow and value to our shareholders.”

“We couldn’t be more excited about both continuing to grow our relationship with Ventas and the opportunity to work with and support the team that has built this portfolio into the leading retirement living business in Canada,” Atria Chief Executive Officer John A. Moore said. “The entire Canadian leadership group from Holiday Retirement has joined us in creating a new Canadian management business, Atria Retirement Canada (www.atriaretirement.ca). We are eager to start building on their strong track record of performance and quality retirement living services.”

Ventas previously included the financial impact of the acquisition in its updated 2014 normalized funds from operations guidance range announced on August 11, 2014. The acquisition was funded with a previously closed Canadian-dollar denominated term loan and assumed debt. The Company expects to replace its acquisition term loan with long-term debt financing as soon as practicable.

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