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Nationwide Health Properties Inc. (NYSE: NHP) shares soared in today's trading after the company announced its acquisition by Ventas in a stock-for-stock transaction valued at $7.4 billion. The transaction is expected to close in the third quarter and is estimated to be immediately accretive to Ventas’s normalized funds from operations and funds available for distribution after the closing. As per the terms of the agreement, NHP shareholders will get 0.7866 Ventas shares for each NHP common share they own. After the completion of the transaction, NHP shareholders are expected to own approximately 35% of the combined company while Ventas shareholders are expected to own the rest.
The acquisition is expected to have a pro forma equity value of approximately $17 billion and pro forma enterprise value of approximately $23 billion. The transaction is expected to solidify Ventas’ position as the largest owner of seniors housing in the U.S. with 643 assets.
Following the announcement, shares of Nationwide Health Properties soared, and at last check, they were trading at $42.96, up 10.27% from its previous close. Nationwide Health Properties shares touched the high of $44.05 and lowest price in today's session is $41.93.
Nationwide also reported strong fourth-quarter results with, increase in quarterly revenues of 20%, adjusted diluted FFO per share of 13% and adjusted diluted FAD per share of 9%.
The company reported funds from operations for the fourth quarter was $60.37 million as compared to $61.82 million in the previ! ous year . The FFO per share was $0.47 as compared to $0.53 in the previous year. The adjusted FFO amounted to $77.39 million or $0.60 per share as compared $62.65 million or $0.53 per share a year ago. The reported profit for the quarter was $35.31 million as compared to $30.90 million in the previous year. The net income was stable at $0.27 per share for the latest quarter as well as for the prior year. The revenue for the quarter rose to $116.66 million from $97.05 million in the prior year.
The company increased its quarterly dividend by $0.01 to $0.48 per share, or $1.92 per share on an annualized basis. This represents a 9% increase in annualized dividend from the year ago quarter.
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