A Decade of Transformation
Leads global consensual restructuring of main tenant, which has a fresh start with a sustainable capital structure and is renamed Kindred Healthcare (NYSE: KND). Begins to refinance debt at lower costs, access the capital markets and stagger debt maturities.
Pays annual dividend of $0.92 per share.
Executive management team hired and long-term financing and diversification strategy established. Completes first equity offering, issues first unsecured bonds and receives first corporate credit rating..
Dividend increases 3%.
Strategic plan execution begins and asset management and investment infrastructure is built. Profitable asset sales strengthen portfolio and fund growth. Douglas Crocker II appointed Presiding Director and Debra A. Cafaro named Chairman of the Board.
Dividend increases 13%.
Completes first merger with ElderTrust. Acquires 15 ILFs and ALFs leased to Brookdale (NYSE: BKD). Added to Russell 1000 Index.
Dividend increases 21%.
Completes second merger, acquiring $1.2 billion Provident Senior Living Trust, with Brookdale as tenant, and completes lease transaction with Capital Senior Living (NYSE: CSU). Private pay annualized NOI grows to 44%.
Dividend increases 11%.
Increases annual rent by $33.1 million from reset right with Kindred. Earns first investment grade corporate credit rating from Fitch Ratings. Completes third merger, acquiring Senior Care’s 64 seniors housing and healthcare assets.
Dividend increases 10%.
Completes fourth merger, the transformational $2 billion Sunrise Senior Living REIT acquisition. Adds 79 high-quality private pay seniors housing communities to portfolio, including first international expansion. Fortifies balance sheet by raising $1.1 billion of equity and selling assets.
Dividend increases 20%.
Accelerates balance sheet and liquidity improvement by raising equity, selling assets and increasing bank lines of credit. Prudently minimizes acquisitions. Receives investment grade corporate credit rating from S&P and invests in healthcare debt to capitalize on market distress.
Dividend increases 8%.
Accesses multiple capital markets, establishing leadership position in REIT recapitalization wave. Transactions reduce debt and demonstrate strength and staying power. Joins S&P 500 and named top-performing financial company of the decade. Kindred extends lease on 108 properties until 2015.
Maintains $2.05 annual cash dividend.
Announces acquisition of 118 Atria Senior Living Group (Atria) seniors housing properties. Completes $186 million acquisition of minority interests in 58 seniors housing properties managed by Sunrise Senior Living, Inc. (Sunrise) and $381 million acquisition of Lillibridge Healthcare Services, Inc. (Lillibridge) and its 96 medical office buildings.
Dividend increases 4.4%.
Completes the $7.6 billion acquisition of Nationwide Health Properties, Inc. (NHP) and its more than 600 healthcare properties and the $3.1 billion acquisition of 117 Atria seniors housing assets.
Dividend increases 7.5%.
Completes the $760 million acquisition of Cogdell Spencer Inc. (Cogdell) and it’s 71 medical office buildings, as well as a strategic investment resulting in minority ownership in Atria Senior Living, increasing alignment and future growth opportunities.
Dividend increases 8%.