Lillibridge to be acquired by Ventas
CHICAGO, June 23, 2010 - Ventas, Inc. (NYSE: VTR) ("Ventas") announced today that it has entered into a definitive agreement to acquire 100% of Lillibridge Healthcare Services, Inc. (with its related entities, "Lillibridge"), and real estate interests in 95 medical office buildings ("MOBs") and ambulatory care facilities.
Lillibridge is a premier Chicago-based healthcare real estate firm specializing in the acquisition, development and management of outpatient healthcare real estate facilities that are strategically aligned with investment grade, high-quality, not-for-profit healthcare systems nationwide. Ventas, an S&P 500 company headquartered in Chicago, is a leading healthcare real estate investment trust (REIT) with a diverse portfolio of healthcare and senior housing assets strategically located in 43 states and two Canadian provinces. Ventas has an enterprise value of approximately $10 billion, has been the "Top Performing REIT" over the past ten years, and was named "Top Financial of the Decade."
Completion of the transaction will be subject to satisfaction of certain closing conditions. The acquisition is expected to be completed in the third-quarter 2010, although there can be no assurance that the transaction will close or, if it does, when the closing will occur. Upon completion of the acquisition, Lillibridge will operate as a wholly-owned subsidiary of Ventas.
STRATEGIC OVERVIEW
The unique business model features a powerful combination of Lillibridge's integrated operating platform, strong client relationships and prominent brand in the medical office sector with Ventas's ready access to the public debt and equity markets, strong balance sheet and ample liquidity.
"Ventas has been the best performing publicly traded REIT over the past ten years," said Debra A. Cafaro, Chairman of the Board, President and Chief Executive Officer of Ventas. "The acquisition of Lillibridge is a major step in executing our strategic growth and diversification plan that will allow us to continue to create value for our clients, employees, and shareholders."
Healthcare reform and demographic shifts, driven by an aging population of Baby Boomers, will increase demand for outpatient medical services - further enhancing development and financing opportunities for the combined organization.
"Now more than ever, hospitals and other healthcare providers will demand real estate partners that can quickly and reliably deploy cost effective capital, facility development and property management solutions across the entire continuum of care," said Todd W. Lillibridge, Chairman and Chief Executive Officer of Lillibridge.
ACQUISITION CREATES A LEADING NATIONAL INTEGRATED HEALTHCARE REAL ESTATE COMPANY
- Over 250 employees
- 154 medical office buildings and other outpatient facilities encompassing 8.4 million square feet across 20 states and 65 distinct markets
- 244 senior housing facilities
- 40 hospitals
- 187 skilled nursing centers
COMMITMENT TO HEALTHCARE
"Lillibridge's commitment to working closely with sponsoring hospitals and health systems in the planning, design, development and financing of healthcare real estate has allowed us to build a company with a leadership position in attractive growth areas such as medical office, ambulatory surgery centers, medical "malls" and outpatient cancer treatment facilities. Our employees should be enormously proud of the company we have built over the past 20 years and confident that our acquisition by Ventas will enhance our ability to deliver comprehensive real estate solutions to health system clients," Mr. Lillibridge added.
"Ventas brings an unprecedented track record of financial performance and shares our exclusive commitment to the healthcare industry," he continued. "In combining with Ventas, we have uniquely positioned the company to support our hospital and health system clients as they continue to grow and serve their patients amidst an uncertain reimbursement and capital market environment."
"Todd Lillibridge and his team have built a remarkable firm characterized by integrity, strong relationships with clients, a nationally-recognized brand and an excellent track record. We look forward to welcoming Todd and his team to Ventas," said Ms. Cafaro.
ABOUT VENTAS, INC.
Ventas, Inc., an S&P 500 company, is a leading healthcare real estate investment trust. Its diverse portfolio of more than 500 properties located in 43 states and two Canadian provinces includes seniors housing communities, skilled nursing facilities, hospitals, medical office buildings and other properties. More information about Ventas can be found on its website at www.ventasreit.com.