** These web pages concerning Provident Senior Living Trust are for information purposes only. **
The principals of Provident Realty Partners were the officers of Provident Senior Living Trust,
which was acquired by Ventas, Inc. on June 7, 2005. For more information, please visit ventasreit.com.
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| About Us |
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Corporate Profile
Provident Senior Living Trust is a self-administered
and self-managed real estate investment trust headquartered
in Princeton, New Jersey. Provident focuses on acquiring
income producing senior living properties, primarily
independent and assisted living properties, located
in the United States, that derive substantially
all of their revenues from private pay sources.
The Company currently has invested approximately
$1 billion in 68 properties in 19 states containing
approximately 6,820 units, which are triple-net
leased to experienced operators with substantial
senior living expertise. In August 2004, the Company
raised $430 million of equity
through a private placement
offering. Following the closing
of the private placement, Provident
acquired 68 senior living properties
with a value of approximately
$1 billion, which was funded
from the proceeds of the private
placement, the assumption of
existing mortgage debt and proceeds
from the Company's line of credit.
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Darryl
W. Copeland, Jr. is our chief executive officer,
president and chairman of our Board of Trustees.
From August 2001 until April 2004, Mr. Copeland
was a managing director of an affiliate of Fortress
Investment Group LLC ("Fortress"). Fortress is a
global alternative investment and asset management
firm with over $6.5 billion of capital currently
under management. Mr. Copeland was responsible for
senior living and healthcare related investments
for the private equity funds of Fortress, which
transactions involved BLCI and Alterra, as well
as other financings and asset acquisitions in the
senior living field. Mr. Copeland served on the
board of directors of BLCI from September 2001 until
April 2004 and on the board of directors of Alterra
from December 2003 to April 2004. Mr. Copeland is
also a member of the executive board of the American
Seniors Housing Association. Prior to joining Fortress,
Mr. Copeland was chief executive officer and majority
shareholder of DWC Web Corp. ("DWC"), an internet
technology company that he founded in March 2000
and subsequently liquidated under Chapter 7 of the
Bankruptcy Code in June 2001 in order to wind down
the company's operations in the most efficient manner.
Mr. Copeland was the principal lender to DWC. From
February 1997 to December 1999, Mr. Copeland served
as executive vice president, chief financial officer
and a director of BLCI. From 1989 to 1997, Mr. Copeland
was an investment banker with Donaldson, Lufkin
& Jenrette Securities as senior vice president in
the Healthcare and Leveraged Finance groups, during
which time he completed many transactions for publicly
traded healthcare REITs. Mr. Copeland received a
B.S.E. in Biomedical Engineering from Duke University,
an M.S. in Computer and Information Science from
the New Jersey Institute of Technology, and an M.B.A.,
with distinction, from the Wharton School at the
University of Pennsylvania. |
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Charles
A. Post is our chief operating officer, director
of business development and trustee. From June 2000
until joining us, Mr. Post was senior vice president,
corporate strategy and capital markets for Sunrise
Senior Living, Inc. ("Sunrise"), the nation's largest
provider of senior living services with over 34,000
team members and 380 communities with a resident
capacity of approximately 43,000. Mr. Post was responsible
for structuring and completing corporate transactions
including the Marriott Senior Living Service acquisition,
the early redemption of $150 million of convertible
notes and a $125 million convertible note offering.
Mr. Post was also responsible for developing the
corporate business plan, ensuring compliance with
corporate governance requirements and preparing
and reviewing corporate filings. Prior to Sunrise,
Mr. Post spent seven years with Friedman, Billings,
Ramsey & Co., Inc., an investment banking and research
firm, where he served as a vice president in Investment
Banking and later Research in the Real Estate Group.
During that time period, Mr. Post worked on numerous
initial and secondary public offerings and later
managed a group of analysts with coverage of over
25 companies. From 1990 to 1993, Mr. Post was a
portfolio manager in the special assets division
for First Union National Bank where he oversaw,
negotiated and restructured underperforming commercial
and residential real estate loans. Mr. Post received
a B.S. in Finance from the University of Maryland. |
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William
P. Ciorletti is our senior vice president
and chief financial officer. From September 2002
to March 2004, Mr. Ciorletti served as senior vice
president and chief financial officer of American
Financial Realty Trust ("AFRT"), a publicly-held
real estate investment trust formed to acquire and
operate properties leased to regulated financial
institutions in the United States with a total market
capitalization of $2.8 billion and total annual
revenues of approximately $300 million. During his
tenure with AFRT, AFRT completed an $800 million
initial public offering in June 2003, a $400 million
private placement in September 2002 and acquired
over 600 properties with a net asset value in excess
of $1.8 billion. From April 1998 to September 2002,
Mr. Ciorletti was chief financial officer of American
Financial Resource Group, Inc. ("AFRG"), the predecessor
to AFRT, where he was president of AFRG's operating
companies and was active in the merger and acquisition
activity of all AFRG affiliates. From August 1982
to January 1992, Mr. Ciorletti served as president
and chief executive officer of Central Atlantic
Distributors, Inc., an engineering and commercial
building equipment distributor, and also served
on the boards of several industry organizations,
until he sold the company in 1992. From January
1992 to 1995, he was employed by the company that
acquired Central Atlantic Distributors, and from
1995 to April 1998, he was involved with restructurings
and acquisitions for various companies. Mr. Ciorletti
began his career with Touche Ross & Co., an international
accounting and consulting firm. Mr. Ciorletti is
a certified public accountant with over 23 years
of experience in financial and operational management.
Mr. Ciorletti graduated from LaSalle University
in 1978 with a B.S., magna cum laude, in business
administration. |
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Saul
A. Behar is our senior vice president, general
counsel and secretary. From December 2000 to August
2004, he served as senior vice president, general
counsel and secretary of Keystone Property Trust
("Keystone"), an NYSE-listed real estate investment
trust headquartered in West Conshohocken, Pennsylvania
that owned approximately 140 industrial properties
aggregating more than 31 million square feet in
the eastern United States. At Keystone, Mr. Behar
was responsible for legal and corporate governance
matters and was involved in all of the company's
real estate and capital markets transactions, including
equity offerings and joint ventures. In August 2004,
Keystone merged with and into a partnership indirectly
owned by ProLogis, an NYSE-listed real estate investment
trust, and certain affiliates of investment funds
managed by Eaton Vance Management in a transaction
valued at $1.5 billion. From May 2000 to December
2000, Mr. Behar was vice president, general counsel
and secretary of Keystone. From August 1993 to May
2000, he served as a senior in-house counsel at
Pep Boys in Philadelphia, where he handled numerous
corporate and real estate matters. From September
1986 to August 1993, he practiced law at Dechert
Price and Rhoads (now Dechert LLP) in Philadelphia.
Mr. Behar received an A.B. from Cornell University,
cum laude in government and with distinction in
all subjects, and a J.D. from The University of
Chicago Law School. He is a member of the Pennsylvania
bar. |
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Mark
A. Doyle is one of our trustees. Mr. Doyle
has been the president of Sterling Grace Municipal
Securities Corp. since 1984 ("Sterling Grace").
Sterling Grace is a broker-dealer specializing in
trading activities in municipal bonds. The firm
invests in such municipal debt both for its own
account and for its owners. Mr. Doyle has researched
and invested in financings of projects and companies,
including multi-family housing projects, senior
and assisted living, higher education, alternative
energy, airline special facilities, industrial development,
acute care hospitals, skilled nursing facilities,
and land development financings. Through these investment
activities, Mr. Doyle has gained extensive knowledge
and experience in such organizations and businesses
as well as in the recapitalization and re-financing
thereof. Mr. Doyle is a registered representative
and licensed principal. Mr. Doyle graduated from
Brown University in 1975 with a B.A. in psychology. |
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Randolph
W. Jones is one of our trustees. Mr. Jones
has more than two decades of senior level management
experience in healthcare and related businesses.
From 1997 to 2002, Mr. Jones was chief executive
officer of CareerStaff Unlimited, a Sun Healthcare
Group company providing temporary staffing services
to hospitals, nursing homes and related healthcare
providers. From 1990 to 1996, Mr. Jones was president
of the medical divisions of Henry Schein, Inc.,
a medical and dental products distributor which
went public during his tenure. Mr. Jones was president
and chief operating officer of Heraeus Lasersonics,
a U.S.-based manufacturer of medical lasers, from
1988 through 1990. His earlier career assignments
included extensive terms at Johnson and Johnson
and Warner Lambert, in the Deseret Medical division.
Mr. Jones also has extensive experience in acquisitions
and mergers, having acted as lead negotiator in
many of such transactions, both as buyer and seller.
Mr. Jones graduated from Georgetown University,
with a B.A., English Major (Honors program), and
a minor in Economics. |
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Frederic
H. Lindeberg is one of our trustees and the
designated "financial expert" under the Sarbanes-Oxley
Act of 2002. Mr. Lindeberg has been a consultant
on mergers and acquisitions, management and investment
counsel and advisor on accounting and tax matters
to a diverse group of public and privately-held
clients in finance, real estate, manufacturing and
retailing for the past 13 years. Mr. Lindeberg retired
from KPMG in 1991 after 24 years of service including
16 years as a partner-in-charge or managing partner
of four different offices. Mr. Lindeberg was formerly
an adjunct professor at the Penn State Graduate
School of Business. Mr. Lindeberg graduated from
Drexel University in 1967 with a B.S. in Business
Administration and from Temple University School
of Law in 1971 with a J.D. Mr. Lindeberg is a certified
public accountant and member of the Pennsylvania
bar and U.S. Tax and District Courts. |
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