Brookdale amends master lease with Ventas: renews 65 communities, extends term to 2035, secures $35M capex

Brookdale Senior Living Inc.

Annual minimum rent for renewal properties set at ~$64M from 2026, escalating 3% annually; lease term extended to Dec 2035 with one 10-year option.
Ventas commits up to $35M in capex funding (2025-2027, max $15M/yr); rent increases by funded amount × 8% or 10yr Treasury+3.5%.
Of 55 non-renewal communities, 11 to be sold and 44 transitioned starting Sep 2025; rent continues through Dec 2025 for sales, ends at transition for others.
Unsold/untransitioned properties after Dec 2025 can be managed by Brookdale at 5% fee through Dec 2026.
Amended Guaranty reduces change-of-control fee from $25M to $12.5M.

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