Industry Pulse: February 2011

CHICAGO   The consolidation trend among companies involved in healthcare real estate continues. In a deal that was announced just as this issue was going to press, Chicago-based Ventas Inc. (NYSE: VTR) entered an agreement to acquire Newport Beach, Calif.-based Nationwide Health Properties Inc. (NYSE: NHP). The two companies say the deal is valued at about $7.4 billion. If the deal goes through as planned, it would be the biggest transaction ever among healthcare real estate investment trusts (REITs). It would also result in the formation of the country’s largest healthcare REIT, with Ventas replacing Long Beach, Calif.-based HCP Inc. (NYSE: HCP) at the top spot. According to a statement from Ventas and NHP, Ventas would have a pro forma equity value of about $17 billion and a pro forma enterprise value of about $23 billion. And while Ventas would solidify its position as the country’s largest

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