Sean Ryan is associate editor of Real Estate New Jersey

Its 6,819 units are overwhelmingly funded from private-pay sources. Its properties are in 15-year leases to two tenants, Brookdale Living Communities and Alterra Healthcare Corp. Brookdale leases 21 properties with 4,474 units, and Alterra leases 47 properties with 2,345 units. Provident's expected cash rental receipts are an estimated $85.7 million in 2006.

"This transaction expands our strategic goals of increasing our private-pay revenue sources and increasing our tenant diversification by adding 68 high-quality, private-pay independent and assisted living assets to our portfolio," said Ventas chairman, president and CEO Debra A. Cafaro in a conference call.

"We had a very spirited negotiation of this transaction," added Provident chairman, president and CEO Darryl W. Copeland Jr. "The good news is--now that we're going to become [Ventas] shareholders--that Debbie is on our side now."

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