Ventas, Inc. (NYSE:VTR) recently announced that closed on the sale of Samaritan acute care hospital to affiliates of the University of Kentucky (“UK”) for $35.0 million in an all cash transaction. The property is located in Lexington, Kentucky and is currently operated by UK. The purchase price represents a 6.8 percent capitalization rate on cash rent under a lease between UK and Ventas. The sale includes a 50,000 square foot medical office building that was also subject to the lease. The lease will terminate in connection with the sale. Ventas expects to record a gain of approximately $18 million on the sale. The net cash proceeds of $35 million will be used to pay down debt or for general corporate purposes.
“Ventas has excellent liquidity and balance sheet strength,” Ventas Chairman, President and Chief Executive Officer Debra A. Cafaro said. “This sale further enhances our strong financial position.”
For more information on the sale, click here.
