Ventas acquires Senior Care portfolio (Reichmann family / VSCRE Holdings)

Ventas acquired Senior Care portfolio (Reichmann family / VSCRE Holdings) for approximately $649 million announced; $602.4 million paid for 64 assets at close, a transaction completed in November 2006, structured as cash. The deal was a Asset purchase.

Senior Care portfolio (Reichmann family / VSCRE Holdings) operates in Diversified healthcare & seniors housing (CCRCs, assisted living, skilled nursing, rehab hospitals), is based in 16 U.S. states (southern California, Kentucky, southeastern U.S., mid-Atlantic). A diverse portfolio of healthcare and seniors housing properties acquired from entities affiliated with Canada's Reichmann family. The announced portfolio held 67 properties across 16 states and four asset groups (high-end CCRCs and dementia care in southern California, skilled nursing and rehab hospitals in Kentucky, and newer assisted living communities across the Southeast and mid-Atlantic). At close, 64 assets were purchased for $602.4 million; two Elmcroft assets ($18.5M) were delayed pending HUD loan-assumption approval and one $28M asset was excluded.

Ventas described the Senior Care acquisition as reflecting its commitment to sustained growth and diversification, adding an important new tenant relationship and increasing private-pay revenues.

Added a diversified four-segment portfolio and a new tenant-operator while increasing private-pay revenue. Expected to immediately add $0.04 to $0.05 to normalized FFO per share (per company commentary). Folded into the Ventas portfolio under new tenant-operator relationships

The Senior Care acquisition represents our commitment to sustained growth and diversification. With this transaction, we add an important new tenant relationship to our growing group of tenant-operators, increase our private pay revenues, achieve strong returns.Debra A. Cafaro, Chairman, President and CEO, Ventas

Advisory firms were not disclosed for this transaction.

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