Ventas acquires 14 facilities for $115 million
Nursing home owner Ventas announced it has agreed to acquire 14 independent and assisted living facilities in ten states for $115 million. Brookdale Living Communities will lease and operate the 2,000 units with a 93% average occupancy for 15 years.
The Louisville, KY-based company said it will fund the purchase with cash, draws on its credit facility and $41 million of non-recourse property-level debt on some of the facilities. The annual rent on the 14 properties is expected to be $10.6 million.
Ventas, a healthcare real estate investment trust, owns 42 hospitals, 194 nursing facilities and 13 other healthcare and senior housing facilities, and is invested in 25 healthcare and senior housing facilities. The REIT is expected to report its earnings Feb. 26.