Ventas (VTR) draws $2.75 billion from bank credit facilities.
Ventas (VTR) announced today that it has drawn $2.75 billion under its $3.0 billion revolving credit facility to enhance liquidity "through dynamic and challenging market conditions." The company also said that it received $0.6 billion in proceeds from the March 1 contribution of properties to an institutional investment fund.
VTR also commented that the company has received substantially all of its NNN rent payments thus far in 2020. However, it has also received indications that oncoming patient flow in the senior housing segment has slowed down, and that operating costs are rising as operators experience elevated labor and cleaning costs in response to the COVID 19 outbreak. Based on these factors, Ventas has withdrawn its 2020 guidance.
Ventas is one of the largest health care REITs in the U.S. with investments in over 1,200 properties including senior housing, medical office, and life science.