Ventas, Inc. acquisition history.

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.

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 acquired the assets of Sunrise Senior Living REIT (TSX: SZR.UN), a portfolio of 77 high-quality private-pay senior housing communities, for Cdn $1.2 billion in cash plus assumption of all outstanding debt, valuing the transaction at approximately Cdn $2.26 billion. All outstanding units were redeemed at Cdn $16.50 per unit. The deal included exclusive development arrangements with Sunrise Senior Living, Inc.

Ventas acquired substantially all of the real estate assets of privately-owned Atria Senior Living Group for $3.1 billion. The deal added 118 high-quality, private-pay seniors housing assets (110 stable plus eight redevelopment) with approximately 13,500 units, concentrated in strong-demographic markets including the New York metro area, New England, Boston and California. Atria was the 4th largest U.S. operator of assisted living and was owned by funds managed by Lazard Real Estate Partners. Prior to closing Atria spun off its management company, which continued to operate the assets under a contract with Ventas.

Ventas acquired all outstanding shares of Nationwide Health Properties, Inc. (NYSE: NHP) in a stock-for-stock merger valued at $7.4 billion at announcement and approximately $7.6 billion at close, creating the leading healthcare REIT by equity value with pro forma equity value of approximately $17 billion and enterprise value of approximately $23 billion. NHP shareholders received 0.7866 Ventas shares per NHP share; Ventas holders were expected to own ~65% and NHP holders ~35% of the combined company. Three NHP directors joined the Ventas board.

Ventas acquired Cogdell Spencer Inc. (NYSE: CSA) and its 72 high-quality medical office buildings plus its MOB property management business (managing 44 additional MOBs) in an all-cash transaction at $4.25 per share. The deal expanded Ventas's MOB business to over 20 million square feet (over 21 million at close) and made Ventas the largest owner of MOBs in the U.S. Cogdell sold its Erdman design-build business prior to closing.

Ventas acquired American Realty Capital Healthcare Trust, Inc. (NASDAQ: HCT) via an Agreement and Plan of Merger. The deal expanded Ventas's medical office building franchise by 4 million square feet, added over 20 new health systems to its client base and 10 new senior living operators. HCT shares converted into the right to receive either 0.1688 Ventas shares or $11.33 cash per share at each holder's election, resulting in issuance of approximately 28.4 million Ventas shares plus ~1.1 million redeemable units.

Ventas acquired privately-owned Ardent Medical Services, Inc. (Ardent Health Services), one of the ten largest for-profit hospital companies in the U.S., for $1.75 billion in cash. Concurrent with closing, Ventas separated Ardent's hospital operations from its owned real estate, folded the real estate into the Ventas portfolio under long-term triple-net leases, and an Equity Group Investments (EGI)-controlled entity acquired a majority stake in the operating company while Ventas retained a 9.9 percent interest. Ardent (owned by funds managed by Welsh, Carson, Anderson & Stowe) generated approximately $2 billion in annual revenue with over 50 percent from commercial payors, operating in Amarillo TX, Tulsa OK and Albuquerque NM.

Ventas acquired New Senior Investment Group Inc. (NYSE: SNR) in an all-stock merger valued at approximately $2.3 billion including ~$1.5 billion of New Senior debt. New Senior brought a high-quality, geographically diversified portfolio of 103 private-pay senior living communities (102 independent living) totaling 12,404 units across 36 states. New Senior shareholders received 0.1561 newly issued Ventas shares per share (~$9.10 per share, a 31% premium to the 30-day average).