Benchmark Announces Partnership

Boston – Benchmark Senior Living, provider of senior living services in the northeast, has signed a definitive agreement to form an $890 million partnership with Health Care REIT, Inc. an S&P 500 company that invests across the full spectrum of senior housing and health care real estate. The partnership will include 34 Benchmark senior housing communities in six New England states, totaling 3,009 units. Benchmark Senior Living will become the largest operator in Health Care REIT’s portfolio.
Under the terms of the agreement, Health Care REIT will own a 95 percent partnership interest and Benchmark Senior Living will own the remaining five percent interest and continue to operate the communities under a management contract. The Benchmark portfolio includes communities which provide services for independent living, traditional assisted living, specialized services for the memory impaired, along with respite stay programs.
“This is a wonderful development for Benchmark, and for our residents and communities throughout New England,” said Thomas H. Grape, Benchmark’s chairman and CEO. “Health Care REIT is one of the nation’s premier investors in the field and their goals for excellence in the senior living marketplace are perfectly aligned with ours. It’s all one could hope for in a business partnership.”
“It’s important to note that Benchmark will continue to manage these communities as part of the partnership, so there will be no change in the day-to-day operations for our residents or our associates,” continued Grape.