Ventas Completes Sale of Four Seniors Housing Properties
Ventas Inc. (NYSE: VTR) recently closed on the sale of four seniors housing properties to affiliates of Benchmark Assisted Living for $58.7 million. The assets are located in Massachusetts and include 403 units.
Ventas expects to record a gain of approximately $11 million on the sale. The purchase price represents an 8.5% capitalization rate.
The sale was made pursuant to a purchase option that Benchmark held, which was in place prior to Ventas acquiring the assets. Prior to the sale, Benchmark was the tenant in these four seniors housing properties.
“Ventas continues to generate additional liquidity in this difficult capital market environment,” says Debra Cafaro, Ventas chairman, president and CEO. “We continue to enhance Ventas’ financial strength and flexibility to achieve the dual aims of managing successfully through a protracted downturn and positioning the company to take advantage of opportunities when circumstances warrant.”
Net cash proceeds to Ventas of $20 million will be used to pay down debt or for general corporate purposes. Benchmark assumed $38.8 million of existing mortgage debt in the transaction.
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