Ventas said to acquire senior housing portfolio on Long Island for $600M

• Ventas, Inc. is acquiring six senior living communities in Long Island for over $600 million, expanding its portfolio significantly.

• The acquisition is part of Ventas's strategy to capitalize on the growing aging population and involves a partnership with a respected operator in the senior housing sector.

• B2K Development will manage the acquired communities and may receive performance-based fees from the arrangement.

• Following the announcement, Ventas’ stock experienced a slight dip of 0.5% in midday trading.

Recommendation Rating: Positive Outlook on Ventas Acquisition

Ventas, Inc. (NYSE: VTR) is set to expand its portfolio by acquiring a collection of six senior living communities located in Long Island from Harrison Street Asset Management and B2K Development, with the deal valued at over $600 million, as reported by media sources on Friday.

"We are leveraging the significant trend of an increasing aging population with this promising acquisition and establishing a partnership with a highly respected operator in senior housing," stated Justin Hutchens, Chief Investment Officer of Ventas, in an email to Bloomberg.

As of the end of June, Ventas’ senior housing property portfolio included over 850 facilities.

Under the terms of the acquisition, B2K Development will continue to manage the six communities and could earn performance-based fees, according to the report.

In midday trading, Ventas’ stock dipped by 0.5%.

Ventas has not yet provided comments regarding the timing of this transaction.