Ventas Closes Acquisition Of HCT - Quick Facts

(RTTNews) - Ventas, Inc. (VTR) and American Realty Capital Healthcare Trust, Inc. (HCT) announced that Ventas has completed its earlier announced acquisition of HCT.

Ventas Chairman and Chief Executive 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."

As per the acquisition, HCT shares were converted into the right to receive either 0.1688 common shares of Ventas or $11.33 per share cash, at the election of each HCT shareholder, and resulted in the issuance of about 28.4 million shares of Ventas common stock, 1.1 million units redeemable for shares of Ventas common stock and payment of about $11 million cash. Further, Ventas assumed $167 million of mortgage debt and repaid nearly $740 million of debt, net of HCT cash on hand.