EX-25.1 9 a2168654zex-25_1.htm EXHIBIT 25.1
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EXHIBIT 25.1

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549


FORM T-1

STATEMENT OF ELIGIBILITY UNDER
THE TRUST INDENTURE ACT OF 1939 OF A
CORPORATION DESIGNATED TO ACT AS TRUSTEE

Check if an Application to Determine Eligibility of
a Trustee Pursuant to Section 305(b)(2)      


U.S. BANK NATIONAL ASSOCIATION
(Exact name of trustee as specified in its charter)

31-0841368
I.R.S. Employer Identification Number

800 Nicollet Mall
Minneapolis, Minnesota		   55402
(Address of principal executive offices)   (Zip Code)

Robert T. Jones
U.S. Bank National Association
425 Walnut Street, CN-WN-06CT
Cincinnati, Ohio 45202
(513) 632-4427
(Name, address and telephone number of agent for service)

VENTAS, INC.
VENTAS CAPITAL CORPORATION
VENTAS REALTY, LIMITED PARTNERSHIP
SEE "TABLE OF CO-OBLIGORS" ON THE FOLLOWING PAGE.
(Exact name of obligor as specified in its charter)

Delaware   61-1055020
35-2168770
61-1324573
(State or other jurisdiction of
incorporation or organization)		   (I.R.S. Employer Identification No.)

10350 Ormsby Park Place, Suite 300
Louisville, Kentucky
 
40207-1642
(Address of principal executive offices)   (Zip Code)

Senior Debt Securities
(Title of indenture securities)


TABLE OF CO-OBLIGORS

        The following direct or indirect subsidiaries of Ventas, Inc. may be co-obligors for the purpose of providing guarantees, if any, of payments on the senior debt securities of Ventas, Inc. and on the senior debt securities of Ventas Capital Corporation and Ventas Realty, Limited Partnership. Ventas, Inc. may also provide guarantees of payments on the senior debt securities of Ventas Capital Corporation and Ventas Realty, Limited Partnership. Ventas Capital Corporation and Ventas Realty, Limited Partnership may also provide guarantees of payments on the senior debt securities of Ventas, Inc. The principal executive offices of each co-registrant set forth below are located at 10350 Ormsby Park Place, Suite 300, Louisville, Kentucky 40207-1642, telephone (502) 357-9000.

Name
   State or other
jurisdiction of
incorporation or
organization
   I.R.S. Employer
Identification
Number
Ventas LP Realty, L.L.C.   Delaware   52-2093507
Ventas Healthcare Properties, Inc.   Delaware   26-0055985
Ventas TRS, LLC   Delaware   43-1981928
Ventas Management, LLC   Delaware   43-2068276
Ventas Framingham, LLC   Delaware   43-2068275
Ventas Sun LLC   Delaware   20-3032275
Ventas Cal Sun LLC   Delaware   20-3032284
Ventas Provident, LLC   Delaware   20-2954370
Ventas Finance I, Inc.   Delaware   61-1399115
Ventas Finance I, LLC   Delaware   61-1399116
Ventas Specialty I, Inc.   Delaware   61-1399117
Ventas Specialty I, LLC   Delaware   61-1399118
ElderTrust   Maryland   23-2932973
ElderTrust Operating Limited Partnership   Delaware   23-2915846
ET Capital Corp.   Delaware   23-2945788
ET Sub-Berkshire Limited Partnership   Delaware   23-2946053
ET Berkshire, LLC   Delaware   23-3074121
Cabot ALF, L.L.C.   Delaware   23-2975032
Cleveland ALF, L.L.C.   Delaware   23-2974999
ET Sub-Heritage Woods, L.L.C.   Delaware   23-2946017
ET Sub-Highgate, L.P.   Pennsylvania   23-2946046
ET GENPAR, L.L.C.   Delaware   23-2945800
ET Sub-Lacey I, L.L.C.   Delaware   23-2946020
ET Sub-Lehigh Limited Partnership   Delaware   23-3074122
ET Lehigh, LLC   Delaware   23-3074118
ET Sub-Lopatcong, L.L.C.   Delaware   23-2945801
ET Sub-Pennsburg Manor Limited Partnership, L.L.P.   Virginia   23-2946005
ET Pennsburg Finance, L.L.C.   Delaware   23-3024248
ET Sub-Phillipsburg I, L.L.C.   Delaware   23-2945793
ET Sub-Pleasant View, L.L.C.   Delaware   23-2946018
ET Sub-Rittenhouse Limited Partnership, L.L.P.   Virginia   23-2946049
ET Sub-Riverview Ridge Limited Partnership, L.L.P.   Virginia   23-2946044
ET Sub-Sanatoga Limited Partnership   Delaware   23-3074124
ET Sanatoga, LLC   Delaware   23-3074120
ET Sub-SMOB, L.L.C.   Delaware   23-2945798
Vernon ALF, L.L.C.   Delaware   23-2975030
ET Sub-Willowbrook Limited Partnership, L.L.P.   Virginia   23-2946022
ET Sub-Wayne I Limited Partnership, L.L.P.   Virginia   23-2946052
ET Wayne Finance, L.L.C.   Delaware   23-3024250
ET Wayne Finance, Inc.   Delaware   23-3024252
ET Sub-Woodbridge, L.P.   Pennsylvania   23-2946047
         

2

PSLT GP, LLC   Delaware   57-1212440
PSLT OP, L.P.   Delaware   02-0718666
PSLT-BLC Properties Holdings, LLC   Delaware   36-4103821
Brookdale Living Communities of Arizona-EM, LLC   Delaware   36-4390859
Brookdale Living Communities of California, LLC   Delaware   36-4174019
Brookdale Living Communities of California-RC, LLC   Delaware   36-4255656
Brookdale Living Communities of California-San Marcos, LLC   Delaware   36-4400348
Brookdale Living Communities of Illinois-2960, LLC   Delaware   36-4390860
Brookdale Living Communities of Illinois-II, LLC   Delaware   36-4140070
BLC of California-San Marcos, L.P.   Delaware   36-4400350
Brookdale Holdings, LLC   Delaware   36-4140074
Brookdale Living Communities of Indiana-OL, LLC   Delaware   36-4309483
Brookdale Living Communities of Massachusetts-RB, LLC   Delaware   36-4255655
Brookdale Living Communities of Minnesota, LLC   Delaware   36-4105750
Brookdale Living Communities of New York-GB, LLC   Delaware   36-4390861
Brookdale Living Communities of Washington-PP, LLC   Delaware   36-4390858
The Ponds of Pembroke Limited Partnership   Illinois   36-3550345
River Oaks Partners   Illinois   36-3650842
PSLT-ALS Properties Holdings, LLC   Delaware   20-1574771
PSLT-ALS Properties I, LLC   Delaware   39-1912087

3


FORM T-1

Item 1.    GENERAL INFORMATION. Furnish the following information as to the trustee.

    a)
    Name and address of each examining or supervising authority to which it is subject.
            Comptroller of the Currency
            Washington, D.C.

    b)
    Whether it is authorized to exercise corporate trust powers.
            Yes

Item 2.    AFFILIATIONS WITH OBLIGOR. If the obligor is an affiliate of the trustee, describe each such affiliation.

        None

Items 3-15    Items 3-15 are not applicable because to the best of the trustee's knowledge, the obligor is not in default under any Indenture for which the trustee acts as Trustee.

Item 16.    LIST OF EXHIBITS: List below all exhibits filed as a part of this statement of eligibility and qualification.

 
   Exhibit
Number
    
    1   A copy of the Articles of Association of the Trustee.*

 
 
2
 
A copy of the certificate of authority of the Trustee to commence business.*

 
 
3
 
A copy of the certificate of authority of the Trustee to exercise corporate trust powers.*

 
 
4
 
A copy of the existing bylaws of the Trustee.*

 
 
5
 
A copy of each Indenture referred to in Item 4, if the obligor is in default. Not applicable.

 
 
6
 
The consent of the Trustee required by Section 321(b) of the Trust Indenture Act of 1939, attached as Exhibit 6.

 
 
7
 
Report of Condition of the Trustee as of September 30, 2005, published pursuant to law or the requirements of its supervising or examining authority, attached as Exhibit 7.

 
 
8
 
A copy of any order pursuant to which the foreign trustee is authorized to act as sole trustee under indentures qualified or to be qualified under the Act. Not applicable.

 
 
9
 
A consent to service of process on Form F-X. Not applicable.
*
Incorporated by reference to Registration Number 333-67188.

4

SIGNATURE

        Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the Trustee, U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of America, has duly caused this statement of eligibility and qualification to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of St. Paul, State of Minnesota on the 7th day of April, 2006.


 
 
U.S. BANK NATIONAL ASSOCIATION

 
 
By:
/s/ Robert T. Jones
Name: Robert T. Jones
Title: Vice President

By:
/s/ William Sicking
William Sicking
Vice President
 
 

5

Exhibit 6

CONSENT

        In accordance with Section 321(b) of the Trust Indenture Act of 1939, the undersigned, U.S. BANK NATIONAL ASSOCIATION hereby consents that reports of examination of the undersigned by Federal, State, Territorial or District authorities may be furnished by such authorities to the Securities and Exchange Commission upon its request therefor.

Dated: April 7, 2006


 
 
 
U.S. BANK NATIONAL ASSOCIATION

 
 
 
By:
/s/ Robert T. Jones
Robert T. Jones
Vice President

By:
/s/ William Sicking
William Sicking
Vice President
 
 
 

6

Exhibit 7

U.S. Bank National Association
Statement of Financial Condition
As of 12/31/2005

($000's)

 
   12/31/2005
Assets      
  Cash and Due From Depository Institutions   $ 8,000,884
  Securities     39,572,460
  Federal Funds     3,106,359
  Loans & Lease Financing Receivables     134,097,750
  Fixed Assets     1,759,753
  Intangible Assets     11,264,248
  Other Assets     11,065,956
   
  Total Assets   $ 208,867,410

Liabilities
 
 
 
  Deposits   $ 135,603,591
  Fed Funds     13,987,126
  Treasury Demand Notes     0
  Trading Liabilities     186,413
  Other Borrowed Money     24,865,833
  Acceptances     60,785
  Subordinated Notes and Debentures     6,606,929
  Other Liabilities     6,323,045
   
  Total Liabilities   $ 187,633,722

Equity
 
 
 
  Minority Interest in Subsidiaries   $ 1,025,113
  Common and Preferred Stock     18,200
  Surplus     11,804,040
  Undivided Profits     8,386,335
   
    Total Equity Capital   $ 21,233,688

Total Liabilities and Equity Capital
 
$
208,867,410

        To the best of the undersigned's determination, as of the date hereof, the above financial information is true and correct.

U.S. Bank National Association


By:
/s/ Robert T. Jones
Vice President
 
 

Date: April 7, 2006
 
 

7



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TABLE OF CO-OBLIGORS
FORM T-1