Ventas Completes $7.6 Billion Acquisition of
Nationwide Health Properties CHI
CAGO, Jul 01, 2011 (BUSINESS WIRE) -- Ventas, Inc. (NYSE: VTR) ("Ventas" or the "Company") said today that it has completed its previously
announced acquisition of Nationwide Health Properties, Inc. (NYS
E: NHP) ("NHP") in a stock-for-stock transaction, creating one of the largest publicly-traded REITs and the
leading healthcare REIT by equity value. "With the completion of the NHP acquisition, Ventas is
a $23 billion enterprise poised to thrive in the dynamic and growing healthcare
real estate space," Ventas Chairman and Chief Executive Officer Debra A. Cafaro said. "Ventas owns a highly diversified and
productive portfolio supported by powerful
demographic demand. With 70 percent of our net operating income derived from private pay sources, a strong and flexible investment grade balance sheet and a powerfu
l combined
investment platform, Ventas is uniquely positioned to compete for a broad spectrum of seniors housing and healthcare real estate opportunities. We are confident that the NHP
acquisition will benef
it Ventas's shareholders, bondholders and customers as we seek to deliver another decade of excellence. "NHP has a rich and successful 25 year history
and we are delighted that three NHP directors have jo
ined the Ventas Board: Douglas M. Pasquale, NHP's Chairman and Chief Executive Officer, Richard I. Gilchrist, and Robert
D. Paulson, NHP's Lead Independent Director. I look forward to working with Doug as
a Senior Advisor to ensure a successful transition, and am pleased to welcome our new
colleagues as we continue to enhance value for all stakeholders," Cafaro added. Ventas has previously stated that the N
HP acquisition will be accretive to 2011 earnings. The
Company expects to provide detailed financial projections for the year when it reports results for the second quarter of 2011. The Company also announc
ed that shareholders of
both companies overwhelmingly voted in favor of the acquisition and certain related matters. At a special meeting of Ventas shareholders held today in Chicago, more than 99.8
percent
of the votes cast - representing approximately 87.7 percent of Ventas's shares outstanding - voted to approve the issuance of additional shares of Ventas common stock
to NHP shareholders in connection with
the acquisition. At a special meeting of NHP shareholders held today in Newport Beach, approximately 98.9 percent of the votes cast -
representing approximately 84.7 percent of NHP's shares outstanding -
voted to adopt the merger agreement and approve the acquisition of NHP by Ventas. Effective today,
shares of NHP common stock will no longer be traded on the New York Stock Exchange. Ventas, Inc., an S&
;P 500 company, is a leading healthcare real estate investment trust.
Its diverse portfolio of more than 1,300 assets in 47 states (including the District of Columbia) and two Canadian provinces consists of
seniors housing communities, skilled
nursing facilities, hospitals, medical office buildings and other properties. Through its Lillibridge subsidiary, Ventas provides management, leasing, marketing, facility
development and advisory services to highly rated hospitals and health systems throughout the United States.
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