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Ventas Withdraws 2020 Guidance in View of COVID-19
Ventas Inc. said Tuesday it was withdrawing its 2020 guidance while carefully monitoring the impact of the COVID-19 pandemic, and the ongoing efforts to manage and contain it. At its senior housing properties, for example, the Chicago-based healthcare REIT is implementing protocols and best practices in response to the coronavirus.
“In our senior housing portfolio, and enterprise wide, our 2020 results through February were in-line with our previously announced expectations,” said Ventas CEO Debra A. Cafaro. “However, until we have a clearer understanding of the depth, duration and geographic reach of the COVID-19 pandemic, we believe it is appropriate to withdraw our previously provided 2020 financial guidance.”
She added, “While we cannot predict how long this situation will last, we are focused on maintaining a strong balance sheet, liquidity and financial flexibility. As a precautionary measure, we recently drew on the company’s revolving credit facility in the amount of $2.75 billion.”
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