Ventas announced Monday that it is offering a 25% deferred rent payment for April for its operators in triple-net leases — about 20% of its portfolio by net operating income.

The Chicago-based real estate investment trust is making the move “so the tenants could care for seniors, pay their employees and purchase necessary supplies during this critical period,” Ventas CEO Debra Cafaro told the Wall Street Journal.

The deferred amount will be payable on Oct. 1 or earlier, if the operators receive assistance under new government financial rescue programs. Ventas estimated that total April deferrals likely will total $3 million to $9 million, according to the document filed with the Securities and Exchange Commission. The REIT said it collected “substantially all” of its March rent.

Additional senior housing rent deferral offerings may be forthcoming as operators take into account the already approved government assistance through the recently signed $2.2 trillion stimulus package.

Ventas also announced Monday that it has priced a public offering of $500 million of 4.750% senior unsecured notes due 2030 at 97.862% of the principal amount. The notes were issued by Ventas Realty, Limited Partnership, a wholly owned subsidiary of the company, and the sale is expected to close Wednesday.

The REIT expects to use the proceeds from the offering for working capital and other general corporate purposes, which may include repayment of existing indebtedness or any other general corporate purpose the company may deem necessary or advisable, and to pay related fees and expenses.

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