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NASHVILLE, Tenn. and CHICAGO—Brookdale Senior Living Inc. (NYSE: BKD) announced it has entered into definitive agreements with Ventas, Inc. to restructure its 120 community (10,174 units) triple-net master lease arrangements.

In addition, Brookdale has sold to Ventas five communities (471 units) formerly collateralizing Ventas loan financing in full satisfaction of the loan, and will manage the communities following the close of the asset sale.

Lucinda (“Cindy”) Baier, Brookdale’s president and CEO, said, “We are pleased to complete another positive transaction with Ventas. These agreements represent a significant step forward toward improving our long-term financial position. The lease amendment transaction provides a permanent rent reduction, which will help mitigate the business impact of COVID-19, significantly improves our cash flow and lease coverage over the remaining lease period, and eliminates financial covenants. We are grateful to the entire Ventas team for working collaboratively with us to complete this transaction, which further strengthens the relationship between our two companies.”

“We are pleased to reach mutually beneficial agreements with Brookdale that address the financial impact of the unprecedented COVID-19 pandemic on our senior living communities,” said Debra A. Cafaro, Ventas chairman and CEO. “The arrangements that we are announcing today benefit both companies, by providing Ventas shareholders with certainty, flexibility, and the opportunity for upside, enhancing Brookdale’s stability and liquidity, and creating the most conducive environment for Brookdale to operate our communities safely and productively,” she added.

Justin Hutchens, Ventas executive vice president of senior housing, also commented, “I look forward to working with the Brookdale management team to optimize the performance of the Ventas portfolio operated by Brookdale. Brookdale has devoted itself fully to protecting residents and front-line care providers during the COVID-19 pandemic. We are grateful for their strong commitment to health and safety.”

About Brookdale

Brookdale Senior Living Inc. is the leading operator of senior living communities throughout the United States. The company is committed to providing senior living solutions primarily within properties that are designed, purpose-built, and operated to provide the highest-quality service, care, and living accommodations for residents. Brookdale operates and manages independent living, assisted living, memory care, and continuing care retirement communities, with 737 communities in 44 states and the ability to serve approximately 65,000 residents as of June 30, 2020. The company also offers a range of home health, hospice, and outpatient therapy services to over 17,000 patients as of that date. Brookdale’s stock is traded on the New York Stock Exchange under the ticker symbol BKD.

About Ventas

Ventas, Inc., an S&P 500 company, is a leading real estate investment trust. Its diverse portfolio of approximately 1,200 assets in the United States, Canada and the United Kingdom consists of senior housing communities, medical office buildings, university-based research and innovation centers, inpatient rehabilitation and long-term acute care facilities, and health systems. Through its Lillibridge subsidiary, Ventas provides management, leasing, marketing, facility development and advisory services to highly rated hospitals and health systems throughout the United States. More information about Ventas and Lillibridge can be found at and

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