CHICAGO—Ventas Inc. has sold 12 of its senior housing living communities to Assisted Living Concepts Inc. (ALC) for $100 million in an all-cash transaction. Prior to the sale, ALC was the tenant of the communities.
At closing, the leases were terminated, Ventas no longer owns any assets that ALC operates, and the parties agreed to dismiss pending litigation in the U.S. District Court for the Northern District of Illinois.
Ventas’s total annual base rent under its leases with ALC approximated $7.2 million on a GAAP basis and $6.6 million on a cash basis.
The 12 communities sold to ALC contain 696 units in five states. Under the terms of the transaction, ALC also paid Ventas’s expenses in connection with the litigation.
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