Another good REIT story was made in the long-term care sector. Last week Health Care REIT, Inc. (NYSE: HCN) one of the largest diversified healthcare REITS in the country, agreed to pay $623 million for Regal Lifestyle Communities Inc. (TSX: RLC). Regal operates 23 independent living communities with more than 3,600 units—13 in Ontario, seven in Quebec, and one each in British Columbia, Saskatchewan and Newfoundland. Far-flung as that sounds, about 83% of the NOI is derived from four large metro markets. HCN will be buying this portfolio in an existing RIDEA joint venture with Revera, Inc., with HCN owning 75% and Revera 25%.
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