Ventas Closes on Sale of Four Seniors Housing Assets to Benchmark

CHICAGO--(BUSINESS WIRE)--Ventas, Inc. (NYSE: VTR - News) (“Ventas” or the “Company”) said today that it has closed on the sale of four seniors housing assets to affiliates of Benchmark Assisted Living (collectively, “Benchmark”) for an aggregate sale price of $58.7 million. The assets are located in Massachusetts and contain 403 units.

The purchase price represents an 8.5 percent capitalization rate on cash rent. The sale was made pursuant to a purchase option that Benchmark held, which was in place prior to Ventas’s ownership of the assets. Prior to the sale, Benchmark was the tenant in these four seniors housing assets. Ventas expects to record a gain of approximately $11 million on the sale.

“Ventas continues to generate additional liquidity in this difficult capital market environment,” Ventas Chairman, President and Chief Executive Officer Debra A. Cafaro said. “We continue to enhance Ventas’s 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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