Ventas Invests in C$2.4 Billion Portfolio Through 85/15%
Partnership with Le Groupe Maurice (“LGM”); LGM to Continue to Manage
31 Class A Apartment-Like Seniors Housing Communities in Attractive
Well-Occupied, Stable Portfolio and Lease-Up Assets Expected to
Deliver 4% NOI CAGR over Next 5 Years
- Additional Growth Expected from Four In-Progress Developments
- Exclusive Rights to Future Development Pipeline
Establishes High Quality New Platform for Growth with LGM; Builds
on Ventas’s Successful Strategy with Leading Operators
Diversification of Ventas’s Portfolio, Business Model and Operator
- Transaction is Expected to be Accretive to Normalized FFO in 2020
CHICAGO–(BUSINESS WIRE)–$VTR–Ventas, Inc. (NYSE: VTR) (“Ventas” or the “Company”) today announced
that it has signed a definitive agreement to acquire a Class A portfolio
of 31 purpose-built seniors housing communities and four in-progress
developments in the attractive Quebec market by investing through an
85/15 percent equity partnership with Le Groupe Maurice (“LGM”). The
portfolio is valued at C$2.4 billion (USD $1.8 billion) including
construction in progress. The deal establishes a new platform for growth
with leading developer and operator, LGM, a market leader in the design,
development and management of seniors housing communities in Quebec who
will continue to manage and further develop the portfolio under the Le
Groupe Maurice brand, maintaining its vision of quality and innovation.
Ventas will also have exclusive rights to fund and own all additional
developments under a pipeline agreement with LGM.
Le Groupe Maurice is a market leader in the design, development and
management of apartment like, independent living seniors housing
communities in Quebec. Founded in 1998, LGM has over 2,000 employees, a
seasoned, high-quality management team with deep industry knowledge and
a strong track record of development and operating success. LGM has
grown from one property in 2000 to 35 communities, all through
purpose-built development, and has a leading 9 percent market share in
Quebec with a highly regarded and recognized brand. The investment will
diversify and expand Ventas’s leading seniors housing operating
portfolio (“SHOP”) presence in the attractive and growing Canadian
market with a preferred seniors housing brand in Quebec.
“We are delighted to announce this accretive investment with Le Groupe
Maurice to obtain a strong portfolio with built-in growth potential from
existing and new developments in high-quality, attractive urban
markets,” said Ventas Chairman and Chief Executive Officer, Debra A.
Cafaro. “This transaction demonstrates the Ventas team’s commitment to
our pivot to growth as we execute on accelerating external growth
opportunities. The transaction enhances and diversifies our leading
portfolio and underscores our successful strategy of partnering with
best-in-class operators and developers,” Cafaro added.
The President and Founder of Le Groupe Maurice, Luc Maurice, said: “We
have built a leading seniors housing business over 20 years with very
strong brand awareness and market share across Quebec through a
commitment to quality and an energetic independent lifestyle for our
residents. Le Groupe Maurice’s team and employees are excited about this
partnership with Ventas and we look forward to expanding the business
and capitalizing on the significant opportunities we see in the growing
and attractive Canadian senior housing market.”
Highlights of the Transaction
High Quality Portfolio of 31 Communities and Four In-Progress
Developments Managed by LGM
Includes 28 stable, Class A, institutional quality apartment-like
communities containing 7,885 units in high density, core urban
markets with occupancy of nearly 97 percent, average units per
community of 282, average age of 8 years and revenue per occupied
unit of over C$2,600 per month.
Adds lease-up portfolio of three assets opening in 2019 containing
1,032 units. LGM’s ten most recently completed and stabilized
developments averaged 25 percent occupancy in month one and leased
to over 90 percent occupancy on average in just 12 months.
These 31 communities are forecast to deliver four percent compound
annual growth in net operating income (“NOI”) over the next five
The transaction also includes four in-progress developments
expected to contain about 1,400 units in attractive locations in
Montreal that are projected to open in late 2020 and 2021.
- Includes 28 stable, Class A, institutional quality apartment-like
Participation in Attractive Quebec Senior Housing Market
Canada’s senior housing market has delivered stable and growing
cash flows, with limited new supply and attractive demand growth
via an aging population.
Quebec offers a large, thriving senior housing market with a
penetration rate approximating 18 percent (two times the Canadian
The Canadian 75 and over senior population is forecast to grow
nearly 50 percent between 2018 and 2028.
- Canada’s senior housing market has delivered stable and growing
Attractive Valuation for Stable Cash Flows with Embedded Growth
C$2.4 billion total portfolio valuation (at 100
percent, including assumption of C$1.3 billion of debt) for 31
communities and four in-progress developments:
28 stable assets: C$2.0 billion purchase price, estimated 5.5
percent yield, acquired at or below replacement cost with a
per unit cost of C$255 thousand.
Three lease-up assets: C$0.3 billion purchase price, estimated
5.5 percent stabilized yield with a per unit cost of C$290
Four in-progress developments: C$0.1 billion invested to date;
C$0.4 billion projected total cost, estimated 6.5 percent stabilized
yield with a per unit cost of C$280 thousand.
Exclusive arrangement to fund and own all LGM development
projects provides long-term sustainable growth.
- 28 stable assets: C$2.0 billion purchase price, estimated 5.5
Ventas investment equals 85 percent of C$2.4 billion total
portfolio valuation and pro-rata share of partnership returns.
- C$2.4 billion total portfolio valuation (at 100
Establishes New Platform for Growth with Exclusive Development
Ventas and LGM will enter into an 85/15 percent partnership
agreement that will own the 35 assets and future developments.
Ventas has secured exclusive rights to own and fund all LGM future
developments under a pipeline agreement, which should provide
long-term sustainable growth. New incremental developments are
expected to average two to three new starts per year.
- Ventas and LGM will enter into an 85/15 percent partnership
Diversification of Portfolio, Business Model and Operator Base
Ventas’s pro forma Canadian portfolio increases from 41 properties
to 76 properties and the NOI contribution from Canadian assets is
expected to grow to seven percent of Ventas’s NOI; NOI from the
Company’s Canadian SHOP portfolio is expected to represent 21
percent of its total SHOP NOI.
These new communities offer an outstanding lifestyle for seniors,
with a la carte services, active adult options, and apartment-like
units, resulting in longer length of stay. Demand for the top-tier
amenities for an active senior lifestyle at the assets is strong.
With the transaction, LGM would become a top ten Ventas operator
by NOI, and is expected to represent approximately 4 percent of
Ventas’s pro forma NOI by year end 2019.
- Ventas’s pro forma Canadian portfolio increases from 41 properties
Positive Financial Impact
NOI from the 31 communities in 2020 is expected to range from
C$123 to C$129 million (at 100 percent). The portfolio of 31
assets is expected to deliver 4 percent compound annual growth
rate in NOI over the next five years.
The transaction is expected to be neutral to 2019 normalized Funds
from Operations (“FFO”) per share and accretive to 2020 normalized
FFO by approximately $0.03 per share.
- NOI from the 31 communities in 2020 is expected to range from
Approvals, Timing and Funding
The LGM transaction is expected to close in two phases. The first phase
– expected to close early in the third quarter of 2019 – includes a
C$987 million bridge loan from Ventas to LGM to enable it to buy out its
current private equity partner. The second phase, full investment and
partnership closing, is subject to the satisfaction of customary closing
conditions, including receipt of regulatory approvals, and is expected
to occur in the third quarter of 2019.
As part of the LGM transaction, TD Securities is serving as exclusive
financial advisor, and Osler, Hoskin & Harcourt LLP is serving as legal
advisor, to Ventas. National Bank Financial Inc. is serving as exclusive
financial advisor, and McCarthy Tetrault LLP is serving as strategic and
legal advisor, to Le Groupe Maurice.
About Le Groupe Maurice
LGM is a market leader in design, development and management of
progressive residences for seniors in Quebec. Founded in 1998, LGM has a
portfolio of 35 communities, built and maintained to the highest
standard in the industry.
Ventas, an S&P 500 company, is a leading real estate investment trust.
Its diverse portfolio of approximately 1,200 assets in the United
States, Canada and the United Kingdom consists of seniors housing
communities, medical office buildings, university-based research and
innovation centers, inpatient rehabilitation and long-term acute care
facilities, and health systems. Through its Lillibridge
subsidiary, Ventas provides management, leasing, marketing, facility
development and advisory services to highly rated hospitals and health
systems throughout the United States.
This press release includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. All
statements regarding the Company’s or its tenants’, operators’,
borrowers’ or managers’ expected future financial condition, results of
operations, cash flows, funds from operations, dividends and dividend
plans, financing opportunities and plans, capital markets transactions,
business strategy, budgets, projected costs, operating metrics, capital
expenditures, competitive positions, acquisitions, investment
opportunities, dispositions, merger or acquisition integration, growth
opportunities, expected lease income, continued qualification as a real
estate investment trust (“REIT”), plans and objectives of management for
future operations and statements that include words such as
“anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,”
“may,” “could,” “should,” “will” and other similar expressions are
forward-looking statements. These forward-looking statements are
inherently uncertain, and actual results may differ from the Company’s
expectations. The Company does not undertake a duty to update these
forward-looking statements, which speak only as of the date on which
they are made.
The Company’s actual future results and trends may differ materially
from expectations depending on a variety of factors discussed in the
Company’s filings with the Securities and Exchange Commission. These
factors include without limitation: (a) the ability and willingness of
the Company’s tenants, operators, borrowers, managers and other third
parties to satisfy their obligations under their respective contractual
arrangements with the Company, including, in some cases, their
obligations to indemnify, defend and hold harmless the Company from and
against various claims, litigation and liabilities; (b) the ability of
the Company’s tenants, operators, borrowers and managers to maintain the
financial strength and liquidity necessary to satisfy their respective
obligations and liabilities to third parties, including without
limitation obligations under their existing credit facilities and other
indebtedness; (c) the Company’s success in implementing its business
strategy and the Company’s ability to identify, underwrite, finance,
consummate and integrate diversifying acquisitions and investments; (d)
the accuracy of estimates and assumptions that the Company used to
underwrite its acquisition of the interests in the partnership with LGM
and to determine the projected impact and benefits (including financial)
of the transaction, and the potential for the Company’s estimates or
assumptions, as well as the expected impact and benefits, to change as
additional information becomes available; (e) macroeconomic conditions
such as a disruption of or lack of access to the capital markets,
changes in the debt rating on U.S. government securities, default or
delay in payment by the United States of its obligations, and changes in
the federal or state budgets resulting in the reduction or nonpayment
of Medicare or Medicaid reimbursement rates; (f) the nature and extent
of future competition, including new construction in the markets in
which the Company’s seniors housing communities and office buildings are
located; (g) the extent and effect of future or pending healthcare
reform and regulation, including cost containment measures and changes
in reimbursement policies, procedures and rates; (h) increases in the
Company’s borrowing costs as a result of changes in interest rates and
other factors, including the potential phasing out of the London
Inter-bank Offered Rate after 2021; (i) the ability of the Company’s
tenants, operators and managers, as applicable, to comply with laws,
rules and regulations in the operation of the Company’s properties, to
deliver high-quality services, to attract and retain qualified personnel
and to attract residents and patients; (j) changes in general economic
conditions or economic conditions in the markets in which the Company
may, from time to time, compete, and the effect of those changes on the
Company’s revenues, earnings and funding sources; (k) the Company’s
ability to pay down, refinance, restructure or extend its indebtedness
as it becomes due; (l) the Company’s ability and willingness to maintain
its qualification as a REIT in light of economic, market, legal, tax and
other considerations; (m) final determination of the Company’s taxable
net income for the year ended December 31, 2018 and for the year
ending December 31, 2019; (n) the ability and willingness of the
Company’s tenants to renew their leases with the Company upon expiration
of the leases, the Company’s ability to reposition its properties on the
same or better terms in the event of nonrenewal or in the event the
Company exercises its right to replace an existing tenant, and
obligations, including indemnification obligations, the Company may
incur in connection with the replacement of an existing tenant; (o)
risks associated with the Company’s senior living operating portfolio,
such as factors that can cause volatility in the Company’s operating
income and earnings generated by those properties, including without
limitation national and regional economic conditions, development of new
competing properties, costs of food, materials, energy, labor and
services, employee benefit costs, insurance costs and professional and
general liability claims, and the timely delivery of accurate
property-level financial results for those properties; (p) changes in
exchange rates for any foreign currency in which the Company may, from
time to time, conduct business; (q) year-over-year changes in the
Consumer Price Index or the U.K. Retail Price Index and the effect of
those changes on the rent escalators contained in the Company’s leases
and the Company’s earnings; (r) the Company’s ability and the ability of
its tenants, operators, borrowers and managers to obtain and maintain
adequate property, liability and other insurance from reputable,
financially stable providers; (s) the impact of damage to the Company’s
properties for catastrophic weather and other natural events and the
physical effects of climate change; (t) the impact of increased
operating costs and uninsured professional liability claims on the
Company’s liquidity, financial condition and results of operations or
that of the Company’s tenants, operators, borrowers and managers, and
the ability of the Company and the Company’s tenants, operators,
borrowers and managers to accurately estimate the magnitude of those
claims; (u) risks associated with the Company’s office building
portfolio and operations, including the Company’s ability to
successfully design, develop and manage office buildings and to retain
key personnel; (v) the ability of the hospitals on or near whose
campuses the Company’s medical office buildings are located and their
affiliated health systems to remain competitive and financially viable
and to attract physicians and physician groups; (w) risks associated
with the Company’s investments in joint ventures and unconsolidated
entities, including its lack of sole decision-making authority and its
reliance on its joint venture partners’ financial condition; (x) the
Company’s ability to obtain the financial results expected from its
development and redevelopment projects; (y) the impact of market or
issuer events on the liquidity or value of the Company’s investments in
marketable securities; (z) consolidation in the seniors housing and
healthcare industries resulting in a change of control of, or a
competitor’s investment in, one or more of the Company’s tenants,
operators, borrowers or managers or significant changes in the senior
management of the Company’s tenants, operators, borrowers or managers;
(aa) the impact of litigation or any financial, accounting, legal or
regulatory issues that may affect the Company or its tenants, operators,
borrowers or managers; and (bb) changes in accounting principles, or
their application or interpretation, and the Company’s ability to make
estimates and the assumptions underlying the estimates, which could have
an effect on the Company’s earnings.
Valens expands Exclusive Licence Agreement to Bring Leading Cannabis-Infusion Technology to New International Markets
Valens GroWorks Corp. (TSXV: VGW) (OTCQX: VGWCF) (the “Company” or “Valens“), a cannabinoid-based product company with industry leading extraction, next generation cannabinoid delivery formats and an ISO 17025 accredited analytical lab, is pleased to announce that it has entered an amended manufacturing and sales licence agreement with SōRSE Technology Corporation (“SōRSE“) which grants Valens an exclusive licence for Canada, Europe, Australia and Mexico to use the proprietary SōRSE emulsion technology (“the Technology“) to produce, market, package, sell and distribute cannabis-infused products (the “Agreement“).
“This Agreement shows Valens’ commitment to invest and broaden its IP portfolio and enable its customers to bring differentiated, next generation products to market,” said Jeff Fallows, President of Valens. “As we move into “Cannabis 2.0” in Canada, we believe the products that offer consistent, high quality and predictable user experiences, like those we are able to create with SōRSE, will capture the lion’s share of attention and be the hallmark for brand development in a strict regulatory environment. With this expanded agreement in place, we have extended this opportunity for our existing customers to key international markets and at the same time established a platform for international consumer brands to add high quality, cannabis infused products to their portfolios.”
The SōRSE Emulsion Technology
The SōRSE emulsion technology transforms cannabis oil into water-soluble forms for use in beverages, edibles, topicals and other consumer products without the burden of cannabis taste, colour or smell. The Technology allows these cannabis infused products to maintain potency when heated, chilled or frozen and provides a number of other key advantages as well, including: (1) a faster observed onset time compared to other infused beverages and edibles, (2) a significant reduction of offset time, (3) an ability to use lower doses of cannabinoids due to the enhanced bioavailability provided by the Technology, and (4) increased consistency and stability with some product formulations achieving more than one-year shelf stability with no evidence of separation.
“We are proud to expand our partnership with Valens and leverage their near-term access to various global markets,” says Howard Lee, CEO of SōRSE. “Over the last year, our team of more than 40 plus professionals has continued to actively focus on creating and developing innovative, desirable products and formats of consumption for cannabis consumers. As emulsion technology becomes more popular through new delivery methods such as ingestion, transdermal, topical and more, it is imperative that quality and safety in consumption leads all innovation in this sector. This is a shared value and mandate that our teams at SōRSE and Valens both prioritize. We look forward to continuing this working relationship with Valens and introducing our award-winning emulsion technology to the global markets.”
The Agreement grants Valens an exclusive licence to use the Technology in Canada, Europe, Australia and Mexico (except in respect of medical applications requiring clinical trials) during the initial 5-year term, subject to certain performance milestones. This increases the addressable market from 37 million in the current Canada only agreement to 700 million people in the new Agreement, an increase of almost 20x. Furthermore, the Agreement provides a framework for Valens to obtain rights to establish non-exclusive agreements to sell cannabis-infused products using the Technology in the U.S. market and other markets, globally.
Bolstering “Cannabis 2.0” Platform
With the expanded exclusivity, Valens and its white label clients are positioned to not only succeed in the Canadian market, but also in the rapidly emerging legal cannabis and hemp-derived CBD markets in Europe, Australia, Mexico and beyond. The Agreement adds to the Company’s leading white label product offerings across numerous “Cannabis 2.0” categories such as beverages, edibles, transdermal products and more, enabling Valens to better serve its current and future partners.
“We have seen incredible interest from our current and potential clients regarding the SōRSE emulsion technology and we are thrilled to finalize the expanded licence agreement with SōRSE,” said Tyler Robson, CEO of Valens. “We expect the expanded exclusive territory will provide our clients with improved visibility and greater opportunity as they look to build global businesses around cannabis-infused products over the long term.
This is an exciting time in the evolution of ingestible cannabis products such as beverages and edibles. Historically, ingestible products have been lacking the necessary technology to provide a consistent, predictable experience, ultimately giving little reason to consume in this manner. At Valens, we expect that properly formulated, extract-based cannabis products, and infused beverages in particular, could disrupt many established beverage categories such as soft drinks, sports drinks, value-added water and alcohol, the latter of which has a monthly spend per capita that is roughly 16 times higher compared to legal cannabis spend in Canada. We believe the ability to plan an occasion and predict the outcome of use will be a game changer in the market and be the catalyst to bring about the full market potential of cannabis infused beverages and edibles, globally.”
Future White Label Services
The Agreement furthers the existing relationship between Valens and SōRSE and enables Valens to produce and sell SōRSE’s portfolio of branded products in Canada and the other exclusive markets at the option of the Company. These branded products include Happy Apple, a cannabis-infused sparkling cider and Major, a cannabis-infused fruit drink, both recognized as top selling cannabis beverages in the State of Washington, Pearl20, a cannabis-infused food and beverage mixer, and the Utopia line of cannabis-infused sparkling water, among others.
The consideration at closing for the exclusivity in the expanded geography was US$10 million, comprised of US$6 million in cash and US$4 million to be issued in common shares of the Company (the “Common Shares“). The Agreement carries an initial 5-year exclusive term with a 2-year renewal of the exclusivity, subject to certain performance milestones related to operational and financial achievements (the “Milestones“). As part of the Agreement, Valens will transfer to SōRSE royalty payments calculated as a percentage of sales (the “Royalty Payments“) and the Royalty Payments will be subject to an annual minimum of $2 million over the 5-year term. The Agreement also provides for a continuation of the Agreement on a non-exclusive basis after the 2-year renewal, subject to annual minimum royalty payments.
All Common Shares pursuant to the Agreement were issued at an indicative price of CDN$3.0471, being the volume-weighted average price of the Common Shares on the TSX Venture Exchange (“TSXV“) for the ten (10) trading days ending December 9, 2019. The Agreement remains subject to approval from the TSXV. All Common Shares issued in connection with the Agreement will be subject to a restricted period of four months and one day. There are no finders’ fees payable by the Company in connection with the Agreement.
SOURCE Valens GroWorks Corp.
Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Energy Transfer LP, Grubhub, Aurora Cannabis, and The RealReal and Encourages Investors to Contact the Firm
Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, reminds investors that class action lawsuits have been commenced on behalf of stockholders of Energy Transfer LP (NYSE: ET), Grubhub, Inc. (NYSE: GRUB), Aurora Cannabis, Inc. (NYSE: ACB), and The RealReal, Inc. (NASDAQ: REAL). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Energy Transfer LP (NYSE: ET)
Class Period: February 25, 2017 to November 11, 2019
Lead Plaintiff Deadline: January 20, 2020
On November 12, 2019, the Associated Press reported that Energy Transfer’s Mariner East pipeline project was under investigation by the Federal Bureau of Investigation (“FBI”). Citing interviews with current and former state employees, the Associated Press reported that the FBI’s investigation “involves the permitting of the pipeline, whether [Pennsylvania Governor Tom] Wolf and his administration forced environmental protection staff to approve construction permits and whether Wolf or his administration received anything in return.”
On this news, Energy Transfer’s stock price fell $0.81 per share, or 6.77%, over the following two trading sessions, closing at $11.16 per share on November 13, 2019.
The complaint, filed on November 20, 2019, alleges that throughout the Class Period, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) Energy Transfer’s permits to conduct the Mariner East pipeline project in Pennsylvania were secured via bribery and/or other improper conduct; (ii) the foregoing misconduct increased the risk that the Company and/or certain of its employees would be subject to government and/or regulatory action; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
SOURCE Bragar Eagel & Squire, P.C.
iX Biopharma secures Australian cannabis manufacture licence
Specialty pharmaceutical company iX Biopharma Ltd (SGX:42C) (“iX Biopharma” or, together with its subsidiaries, “the Group”) is pleased to announce today that its wholly-owned subsidiary, iX Syrinx (“Syrinx”), has been awarded a cannabis manufacture license from the Australian Office of Drug Control under the Narcotics Drugs Act 1967. Under the said licence, the Group is permitted to manufacture and supply extracts and tinctures of cannabis and cannabis resins.
This marks a significant milestone for the Group. Syrinx operates a TGA cGMP certified facility and holds import and export licences for cannabis and State poisons licences; together with the newly granted cannabis manufacture licence, the Group is now able to fully participate in the global medicinal cannabis business.
Importantly, the Group will be able to manufacture and distribute its newly formulated Xativa™ sublingual cannabis wafers in Australia through the Australian Special Access Scheme and in overseas markets. Xativa™ leverages on iX Biopharma’s novel and patented WaferiX™ technology to improve the speed and level of absorption and predictability of effect of medicinal cannabis. Xativa™ provides patients with a more elegant and discreet way to consume medicinal cannabis compared to existing dosage forms for cannabis such as joints, vapes and tinctures, and hence offers a superior user experience. The Group has received feedback from physicians in Australia that the advantages of Xativa™ and its differentiation from the rest of the market offerings are clear and highly desired.
Produced via iX Biopharma’s proprietary freeze-drying technique, the porous and amorphous WaferiX™ matrix holding the active CBD molecules is designed to collapse quickly within the sublingual space. The actives are then transported rapidly across the sublingual membrane into the blood vessels for a rapid onset of action.
“Globally, the use of cannabis for the treatment of a wide range of medical conditions has been growing at an exponential pace. The grant of the cannabis manufacturing licence has come at a most opportune time, allowing us to manufacture, distribute and promote Xativa™ as the gold standard in medicinal cannabis delivery, thereby charting a new growth trajectory for the Group,” said Ms Eva Tan, Director of Corporate and Commercial Strategy of iX Biopharma.
SOURCE iX Biopharma Ltd
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