Ventas Completes Acquisition Of HCT

CHICAGO & NEW YORK–(BUSINESS WIRE)–Ventas, Inc. (NYSE: VTR) (“Ventas” or the “Company”) and American Realty Capital Healthcare Trust, Inc. (NASDAQ: HCT) (“HCT”) today announced that Ventas has completed its previously announced acquisition of HCT.

“We are pleased to complete this attractive acquisition, which furthers our strategy of building a high-quality, diversified portfolio of healthcare and seniors housing assets that produce reliable growing cash flows”

“We are pleased to complete this attractive acquisition, which furthers our strategy of building a high-quality, diversified portfolio of healthcare and seniors housing assets that produce reliable growing cash flows,” Ventas Chairman and Chief Executive Officer Debra A. Cafaro said. “We have expanded our best-in-class medical office building franchise, adding 4 million square feet and over 20 new health systems to our client base and 10 new senior living operators to our business. We welcome them and look forward to working with them. Fueled by our strong balance sheet, attractive cost of capital and experienced team, we aim to deliver consistent superior performance to our constituents.”

“We are delighted to combine HCT with Ventas, one of the leading and most successful REITs globally,” HCT Chief Executive Officer Thomas P. D’Arcy said. “We assembled an excellent portfolio of medical office buildings and private pay senior living communities and delivered strong returns for our investors. In addition, our shareholders will benefit from being part of Ventas, a company with an outstanding history of value creation and dividend growth.”

Pursuant to the acquisition, HCT shares were converted into the right to receive either 0.1688 shares of Ventas common stock or $11.33 per share in cash, at the election of each HCT shareholder, and resulted in the issuance of approximately 28.4 million shares of Ventas common stock, 1.1 million units redeemable for shares of Ventas common stock (excluding cash in lieu of fractional shares) and payment of approximately $11 million in cash. In addition, Ventas assumed $167 million of mortgage debt and repaid approximately $740 million of debt, net of HCT cash on hand.