Health Care REIT, Inc., a real estate investment trust based in Toledo, Ohio, has completed the formation of an $890 million partnership with Benchmark Senior Living, which was previously announced on February 15, 2011.
The partnership, which includes 34 private-pay senior housing communities with an $890 million investment balance, closed effective March 28.
“The Benchmark Senior Living transaction underscores Health Care REIT’s ability to execute its relationship investment strategy,” said George L. Chapman, Health Care REIT’s chairperson, chief executive officer and president. “This strategy has resulted in an unprecedented $6.9 billion in gross investments announced in 2010 and 2011 with regionally dominant operators who have a track record of quality care, profitability and growth. This RIDEA partnership positions Health Care REIT for strong organic and external growth through Benchmark’s future NOI growth and the right to fund certain future real estate investments pursued by Benchmark.”
Benchmark communities are located in six northeastern states: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont. The communities have an average age of 12 years and produce rental rates and occupancy in excess of industry averages.