March 17, 2020 / 12:27 PM / 19 days ago

Ventas sees slowdown in move-ins to senior centers amid coronavirus pandemic

FILE PHOTO: The logo for Ventas, Inc., a real estate investment trust, is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 9, 2019. REUTERS/Brendan McDermid

(Reuters) - Ventas Inc (VTR.N) said on Tuesday it was experiencing a slowdown in move-ins at its senior housing business and withdrew its 2020 financial forecasts, as the coronavirus pandemic raises the risk of tenants moving out.

The real estate investment trust, which also runs long-term care facilities, said it expected the trends it was seeing to only accelerate, leading to its decision to withdraw its forecast.

The tally of coronavirus cases in the United States has multiplied quickly and has surpassed 4,600 infections and at least 83 deaths.

Elderly care facilities are especially vulnerable to the virus, as evidenced by multiple deaths related to coronavirus tied to a elderly nursing home in King County, Washington.

The home in King County is not connected with Ventas.

Ventas, which operates over 700 senior housing properties in the United States, said its senior housing partners and tenants were implementing best practices to respond to the outbreak.

Reporting by Manas Mishra in Bengaluru; Editing by Shailesh Kuber

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