On November 28, 2024, Extendicare Inc. announced a $60.3 million acquisition agreement with Revera Inc. to purchase nine Class C long-term care (LTC) homes in Ontario and Manitoba, along with one parcel of vacant land in Ontario. The acquisition includes 1,396 beds—822 LTC and 574 private-pay retirement beds—across homes such as Blenheim Community Village, Carlingview Manor, and Poseidon. The deal will be funded through Extendicare’s cash on hand and existing senior secured credit facilities, and is expected to close in mid-2025 pending regulatory approvals.

This acquisition will bolster Extendicare’s LTC segment by adding approximately $124 million in annualized revenue and $13 million in NOI, while offsetting an anticipated $14.7 million drop in managed services revenue due to the simultaneous Third-Party Sale of 21 other Revera homes. Overall, the combined transactions are expected to increase Extendicare’s consolidated annualized revenue and NOI by $109.3 million and $6.8 million, respectively, with a $1.4 million boost to adjusted funds from operations (AFFO).

Following the transaction, Extendicare will operate 61 LTC homes with capacity for 8,509 residents and continue to manage 40 homes under Extendicare Assist. Legal counsel for Extendicare is Torys LLP. Revera is advised by financial advisor Stormont Partners and legal counsel Goodmans LLP.