Ventas acquires Cogdell

Ventas, Inc. (NYSE:VTR) ("Ventas" or the "Company") announced today that it has completed its previously announced acquisition of Cogdell Spencer Inc. (NYSE:CSA) ("Cogdell").    

"With the closing of the accretive Cogdell acquisition, Ventas is now the largest owner of medical office buildings ("MOBs") in the U.S. with over 21 million square feet of owned and managed properties," Ventas Chairman and Chief Executive Officer Debra A. Cafaro said. "This transaction increases our MOB portfolio from 12 percent to 15 percent of our total business, and we now have a coast-to-coast presence that is second to none in the healthcare real estate industry. We welcome our new colleagues from Cogdell, who have built a well occupied, attractive portfolio of 72 high quality MOBs."

"With over 25 years serving leading healthcare systems, hospitals and physicians, we look forward to working with Cogdell's clients," Ventas Executive Vice President of Medical Property Operations Todd W. Lillibridge said. "We now have over 60 strong hospital relationships, making Ventas well positioned to grow and to continue delivering value to our clients and stakeholders."

Upon the closing of today's transaction, the Cogdell MOB portfolio and employees were integrated into Ventas's Lillibridge Healthcare Services operating platform. In addition, consistent with the terms of the definitive transaction agreement, Cogdell has completed the sale of its Marshall Erdman design-build and development business to an affiliate of Lubar & Co., a well regarded private equity firm affiliated with David Lubar.

The Company's 2012 normalized FFO per share guidance issued on February 17, 2012 included the impact of the Cogdell acquisition in the second quarter of 2012. This guidance is subject to all assumptions and estimates set forth in the Company's February 17, 2012 press release.

Effective today, shares of Cogdell common stock will no longer be traded on the New York Stock Exchange.