Ventas Buying Big Health Care/Seniors Portfolio

Ventas, a Louisville, Ky.-based health care real estate investment trust, is acquiring a portfolio of 67 health care and seniors housing properties from affiliates of Canada's Reichmann family for about $649 million.The facilities are located in 16 states, and the portfolio includes four main assets with 5,855 beds/units, Ventas reported. "In one step, we are adding an important new tenant relationship, acquiring a diverse portfolio of assets with a large component of private-pay revenues, and continuing our commitment to strong internal growth from rental escalations," said Debra A. Cafaro, president and chief executive officer of Ventas. Ventas said it plans to lease the properties to subsidiaries of Senior Care on a 15-year triple-net basis, with two five-year extensions. The transaction is expected to initially add about $50 million in annual rent to Ventas's rental revenue. Ventas can be found online at http://www.ventasreit.com.