Ventas (VTR) announces transition of 90 senior living communities.

Ventas (VTR) announced today that it intends to transition 90 senior living communities to eight new operators under what it described as "incentivized management contracts."  The communities are located in 20 states and currently managed by Eclipse Senior Living, which is expected to cease operations in 2022 following an orderly transition of management services.  VTR stated that the properties were not contributors to NOI during the second quarter and that it expects to incur "certain one-time transition costs and expenses" in connection with the transitions.

Ventas is a large-cap health care REIT with interests in 1,190 properties located in the United States, Canada, and the United Kingdom. Approximately 63% of VTR's portfolio consists of investments in senior housing properties with additional concentration in medical office (18%), life science (8%), post-acute (2%), and other (8%). Ventas is a member of the S&P 500 and has a total market capitalization of approximately $34 billion.