The purchase had an 8.2% cap rate on in-place operating income, and will appear on Ventas' funds from operations numbers in 2010.
"This transaction enhances both the size and quality of Ventas's MOB portfolio, which now comprises more than 1.6 million square feet," says Debra Cafaro, chairman, president and CEO, in a statement. "In addition, the acquisition increases our private pay revenues and allows us to grow our relationships with two well-established, A-rated not-for-profit health systems."
Alexian Brothers and Adventist are both non-profit health systems with major holdings in Chicago and Denver. The exact locations and size of the individual properties was not released.
The buildings were constructed by NexCore Group. That company will continue to act as management and leasing agent for the facilities.
Ventas, which focuses on medical office properties, skilled nursing facilities, hospitals and senior housing communities, owns property in 43 states and Canada.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.