Question-and-Answer Session
[Operator Instructions]. Your first question comes from the line of Karin Ford with KeyBanc Capital Markets. Please proceed.
Karin Ford - KeyBanc Capital Markets
Hi, good morning. A question for you on the $68 million of assets sale. It looks like given the NOI number that was about a 10.5% cap rate on that sale. Can you just talk about, that cap rate seemed a little high, why was at that level and where you see cap rates trending from here?
Debra A. Cafaro - Chairman, President and Chief Executive Officer
Yes, I think, good morning, Karin, and thanks for joining.
Karin Ford - KeyBanc Capital Markets
Thanks.
Debra A. Cafaro - Chairman, President and Chief Executive Officer
The sale of those assets was tremendously good outcome for Ventas. Basically, it was a strategic disposition that we thought was an excellent opportunity to recycle capital, realize the very significant gain, and frankly, dispose of asset that had been under managed. And so, we feel that the outcome and the price for that that we received were quite good and appropriate.
Karin Ford - KeyBanc Capital Markets
Okay. And where are you seeing cap rates moving, you mentioned that buyer and seller, the bid/ask spread was narrowing, can you just talk about where you see cap rates moving?
Raymond J. Lewis - Executive Vice President and Chief Investment Officer
Yeah, I think, Karin, this is Ray. That's our general sense, although market data right now remains relatively spotty. Most of the market data indicates that rates are generally holding. And so even though the risk premium is widening on cap rates, that is being mostly offset by the drop in the base rate. I think what we're seeing with regard to pricing is the bigger change in the way that buyers are underwriting the cash flow. And specifically, they are really looking at in place income and generally not giving credit to future lease-up or rent bumps, and that I think is probably the bigger impact in the way that yields are being priced and valued in the market today. So, it's kind of hard to peg a cap rate trend, but the underwriting is definitely more conservative.
Karin Ford - KeyBanc Capital Markets
Helpful. It sounded like in your comments about the Steeles, positive cash flow mark pushed a little bit later in the year, is that the case, and if so, what's driving that?
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