Extendicare (EXE.TO) has entered into an agreement with Revera and certain of its affiliates to acquire nine Class C long-term care homes located in Ontario and Manitoba and one parcel of vacant land located in Ontario. The aggregate cash consideration for the transaction is approximately $60.3 million. The acquisition adds approximately 1,100 beds to redevelopment pipeline, Extendicare noted.
Extendicare has been advised by Revera that Revera has entered into a sale agreement with a third party pursuant to which that third party will acquire 21 of Reveras Class C LTC homes located in Ontario that are currently managed by Extendicare.
On a combined basis, the annualized net effect of the transaction and Third-Party Sale, would be an increase in the companys consolidated revenue and net operating income of approximately $109.3 million and $6.8 million, respectively. On the same basis, the annualized impact on adjusted funds from operations would add approximately $1.4 million or AFFO/basic share of $0.02.
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