Ventas acquires Provident Senior Living Trust

Ventas acquired Provident Senior Living Trust for approximately $1.2 billion, a transaction completed in June 2005, structured as combination (cash, stock and assumed debt). The deal was a Merger.

Provident Senior Living Trust operates in Senior housing (private-pay independent & assisted living), is based in United States (68 properties; portfolio spanning 41 states post-deal). Provident Senior Living Trust contributed 68 high-quality, private-pay independent and assisted living properties containing 6,819 units. The acquisition lifted private-pay sources to 41 percent of Ventas's annualized revenues and brought the portfolio to 369 senior housing and healthcare facilities across 41 states.

Ventas framed Provident as part of a consistent focus on building a company designed to deliver reliable, growing cash flows and to benefit from positive operating and demographic fundamentals in long-term care, while diversifying the portfolio by tenant, asset type and geography.

Raised private-pay revenue mix to 41% and added high-quality independent and assisted living assets. Expected to be approximately $0.20 accretive to normalized FFO per share (per company commentary). Folded into the Ventas senior housing portfolio

The Provident acquisition demonstrates our consistent focus on building a superior company designed to deliver reliable, growing cash flows and to benefit from the positive operating and demographic fundamentals in the long term care sector. With an enterprise value of $4.5 billion, Ventas's portfolio is well diversified by tenant, by asset type and by geography.Debra A. Cafaro, Chairman, President and CEO, Ventas

Advisory firms were not disclosed for this transaction.

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