Ventas Augments Credit Facility

Ventas Inc. (VTR - Analyst Report), a leading healthcare real estate investment trust (REIT), recently increased its revolving credit facility to $1 billion. The first portion of the credit facility, which contains $765 million of borrowing capacity, is scheduled to mature in Apr 2012, while the balance would mature in Apr 2010. 

The increase in credit facility was made possible by a $50 million loan commitment by an unnamed financial institution, which joined the company’s bankers as an additional lender. The increased credit facility provides Ventas with the financial flexibility to drive future growth through potential acquisitions. 

Ventas is one of the leading healthcare REITs in the U.S., with a portfolio of 501 healthcare-related facilities containing approximately 50,000 licensed beds and senior housing units, strategically located in 43 states and two Canadian provinces. 

Ventas currently has an operating portfolio of 79 senior housing communities in North America that are managed by Sunrise Senior Living Inc. (SRZ - Snapshot Report). In about 19 of these, Ventas has 100% ownership, while in the remaining 60 communities it has a share of 75% to 85% with the balance being owned by Sunrise. 

Ventas leases some of its owned healthcare related and senior housing facilities to third party operators under "triple net" leases, under which the tenant pays taxes, insurance, and maintenance for the properties, in addition to rent. The company also owns healthcare related and senior housing facilities that are managed by third party operators.

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