Ventas, Inc. (NYSE: VTR) ("Ventas" or the "Company") today announced that HCP, Inc. ("HCP") has agreed to pay it $125 million to settle the Company's outstanding lawsuit against HCP arising out of the Company's 2007 acquisition of Sunrise Senior Living REIT. Including HCP's recent payment to Ventas of $102.8 million in compensatory damages, Ventas's aggregate proceeds from the litigation total $228 million.
“We are pleased with the outcome and intend to put the proceeds to good use on their behalf.”
"This settlement concludes our litigation against HCP with a favorable result that will benefit our shareholders immediately," said Ventas Chairman and Chief Executive Officer Debra A. Cafaro. "We are pleased with the outcome and intend to put the proceeds to good use on their behalf."
As part of the settlement, both parties have agreed to dismissals of their cases, appeals and petitions, and all aspects of the litigation will be terminated. The Company expects to receive the $125 million in settlement proceeds today.