Enters US Market Through Transaction Involving 21 Independent
TORONTO, Feb. 25, 2021
/CNW/ -- Atria Senior Living, a
leading operator of senior living communities across Canada and the
United States, has announced the expansion of its presence
in the US by assuming management of 21 Independent Living
communities that are owned by New Senior Investment Group
Inc. ("New Senior," NYSE: SNR). The communities are spread
across nine states, and are concentrated in the Northeast, Midwest,
and Pacific Coast.
Atria will manage these new communities through its Atria
Retirement brand, previously known as Atria Retirement Canada
(ARC), which will continue to be led by Kristy Grange, who has served as president of
ARC since 2014. The move underscores Atria's commitment to continue
to grow in the moderately priced senior living segment as the
company enters what it considers the "Seniors Decade" of the
"We are excited to take what Kristy and her team have done with
Atria Retirement Canada and apply their successful management model
in the US, as we work to grow each of our key brand segments. In
many ways, Atria Retirement is at the leading edge of our future,"
John Moore, Atria Chairman and CEO
said. "Kristy and her Canada-based
team have outperformed the competition before and during the
pandemic, making Atria a place for residents to live their best
lives in all circumstances. Respecting the fact that it's Kristy
and her Canadian team's leadership that has put us in a position to
expand this brand in the U.S., we are proud to continue to include
the maple leaf in the new logo for Atria Retirement."
Moore added, "I also couldn't be more excited to start this
relationship with New Senior. President and Chief Executive Officer
Susan Givens and her team are great
to work with. Together we've worked hard to design a management
contract that features true alignment. Our management arrangement
creates a partnership that is well-positioned to drive value for
both New Senior and Atria stakeholders alike."
"Atria Senior Living is one of
the most well-respected operators in the business and has a proven
track record of driving strong occupancy and financial performance
at communities similar to those in our transition
portfolio. We have worked collaboratively with the Atria team
to ensure meaningful alignment between our companies, and we look
forward to beginning this new strategic partnership and finding
ways to build upon it as we move forward," said Susan Givens, President and Chief Executive
Officer of New Senior.
Atria Retirement President Kristy
Grange said, "Our team is excited and prepared to 'cross the
border' and apply the things that we've learned and to continue
growing our platform. These communities have been well-managed by
Holiday Retirement and have the timeless, resident-centric design
heritage of William Colson. That
history, combined with redevelopment and capital projects, will
help independent seniors live their best lives both in the current
environment and as we move forward into the future," she said.
In addition to operating the 21 communities for New Senior,
Atria expects to also carry out capital management, development and
redevelopment services. Transition of the communities to Atria
Retirement is expected to be complete in April.
Moore said the transaction is a major step for Atria in
augmenting its robust, segmented senior living management business.
Atria Retirement, a lower price point independent living product,
complements the rest of Atria's portfolio which includes the brands
of Atria®, Atria Signature, Atria Park® and its new lower
price point assisted living brand, Gladwell™. A new luxury brand is
also coming soon through Atria's joint venture with the Related
Atria is also moving beyond management and development services
in senior housing through its recently launched software
subsidiary, which offers best-in-class, end-to-end community
management applications to other owners and providers under the
Glennis™ brand, Moore said.
About Atria Senior
Atria Senior Living is a leading operator
of independent living, assisted living, supportive living and
memory care communities serving more than 200 locations in 28
states and seven Canadian provinces, after the New Senior
transaction is complete. Atria is the residence of choice for more
than 18,000 older people, and the workplace of choice for more than
13,000 employees. We create vibrant communities where older adults
can thrive and participate, know that their contributions are
valued, and enjoy access to opportunities and support that help
them keep making a positive difference in our world. For more
information about Atria, visit AtriaSeniorLiving.com.
About New Senior
New Senior Investment Group Inc.
(NYSE: SNR) is a publicly-traded real estate investment trust with
a diversified portfolio of senior housing properties located across
the United States. New Senior is
one of the largest owners of senior housing properties, with 103
properties across 36 states. More information about New Senior can
be found at www.newseniorinv.com.
SOURCE Atria Senior Living