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VENTAS SELLS FIVE SENIOR HOUSING ASSETS FOR $62.5 MILLION

CHICAGO — Chicago-based Ventas Inc. has sold five senior housing assets to affiliates of Emeritus Corp. for an aggregate sale price of $62.5 million. The facilities, which are located in four states, house a total of 432 units. Prior to the sale, Emeritus was the operator of the five assets. The acquisition price represents a 6.7 percent capitalization rate on current annualized cash rent of $4.2 million. Ventas Inc. expects to record a gain of approximately $23 million on the sale. In addition to providing $10 million in seller financing for the transaction, the company was released from approximately $7 million of existing mortgage debt. The loan is guaranteed by Emeritus, and bears an interest at an average rate of 8.25 percent, which is payable monthly, and matures in 3 years. The company can accelerate the loan on the occurrence of various events. Emeritus remains a operator in 11 other senior housing properties owned by Ventas.

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