Company to Expand Its Louisville Office
LOUISVILLE, Ky., April 24 /PRNewswire-FirstCall/ -- Ventas, Inc. (NYSE:VTR) ("Ventas" or the "Company") said today that, effective with its May 19, 2008 annual meeting of shareholders, the Company's headquarters will be located in Chicago, Illinois.
"As a $10 billion NYSE-listed real estate investment trust with assets in two countries and 43 states, we believe that identifying Chicago as our headquarters will provide the Company with increased visibility and access to the city's robust real estate community, including other REITs, private real estate companies and real estate investors important to our success," Ventas Chairman, President and Chief Executive Officer Debra A. Cafaro said. "We look forward to becoming active members of the Chicago business community." Ventas said its Louisville office, which has been its corporate headquarters, will continue to be the Company's largest location. Three of the Company's five members of its Management Committee, and over 60 percent of its employees, will remain based in Louisville. Also, Ventas recently agreed to expand its Louisville office space by about 50 percent to provide capacity for its growing workforce. The Company's Chicago employees will continue to be based in its offices in Chicago's central business district.
"Our Louisville-based employees have been and will continue to be essential to our success," Cafaro said. "We are very fortunate to be able to draw on Louisville's excellent talent pool, especially in accounting, tax, legal and asset management. We expect to add jobs in both cities as warranted by our future growth." The Company also said it intends to continue supporting civic and philanthropic causes important to its employees in both Chicago and Louisville through the Ventas Charitable Foundation.
"We're delighted that Ventas selected Chicago for its corporate headquarters and welcome the Company to our vibrant and highly-engaged business community," said Rita Athas, executive director of World Business Chicago. "Companies that have moved their headquarters here cite numerous business advantages to locating in Chicago, including our strong pro-business environment, talented workforce and convenient access to North American and global markets. A company as strong as Ventas with a demonstrated track record of success is an excellent addition to our corporate community." Ventas, Inc. is a leading healthcare real estate investment trust. Its diverse portfolio of properties located in 43 states and two Canadian provinces includes seniors housing communities, skilled nursing facilities, hospitals and medical office and other properties. More information about Ventas can be found on its website at http://www.ventasreit.com/.
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding Ventas, Inc.'s ("Ventas" or the "Company") and its subsidiaries' expected future financial position, results of operations, cash flows, funds from operations, dividends and dividend plans, financing plans, business strategy, budgets, projected costs, capital expenditures, competitive positions, acquisitions, investment opportunities, merger integration, growth opportunities, expected lease income, continued qualification as a real estate investment trust ("REIT"), plans and objectives of management for future operations and statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will" and other similar expressions are forward-looking statements. Such forward-looking statements are inherently uncertain, and security holders must recognize that actual results may differ from the Company's expectations. The Company does not undertake a duty to update these forward-looking statements, which speak only as of the date on which they are made.
The Company's actual future results and trends may differ materially depending on a variety of factors discussed in the Company's filings with the Securities and Exchange Commission. Factors that may affect the Company's plans or results include without limitation: (a) the ability and willingness of the Company's operators, tenants, borrowers, managers and other third parties, as applicable, to meet and/or perform the obligations under their various contractual arrangements with the Company; (b) the ability and willingness of Kindred Healthcare, Inc. (together with its subsidiaries, "Kindred"), Brookdale Living Communities, Inc. (together with its subsidiaries, "Brookdale") and Alterra Healthcare Corporation (together with its subsidiaries, "Alterra") to meet and/or perform their obligations to indemnify, defend and hold the Company harmless from and against various claims, litigation and liabilities under the Company's respective contractual arrangements with Kindred, Brookdale and Alterra; (c) the ability of the Company's operators, tenants, borrowers and managers, as applicable, to maintain the financial strength and liquidity necessary to satisfy their respective obligations and liabilities to third parties, including without limitation obligations under their existing credit facilities; (d) the Company's success in implementing its business strategy and the Company's ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions or investments, including those in different asset types and outside the United States; (e) the nature and extent of future competition; (f) the extent of future or pending healthcare reform and regulation, including cost containment measures and changes in reimbursement policies, procedures and rates; (g) increases in the Company's cost of borrowing; (h) the ability of the Company's operators and managers, as applicable, to deliver high quality services, to attract and retain qualified personnel and to attract residents and patients; (i) the results of litigation affecting the Company; (j) changes in general economic conditions and/or economic conditions in the markets in which the Company may, from time to time, compete; (k) the Company's ability to pay down, refinance, restructure and/or extend its indebtedness as it becomes due; (l) the movement of interest rates and the resulting impact on the value of and the accounting for the Company's interest rate swap agreement; (m) the Company's ability and willingness to maintain its qualification as a REIT due to economic, market, legal, tax or other considerations; (n) final determination of the Company's taxable net income for the year ended December 31, 2007 and for the year ending December 31, 2008; (o) the ability and willingness of the Company's tenants to renew their leases with the Company upon expiration of the leases and the Company's ability to relet its properties on the same or better terms in the event such leases expire and are not renewed by the existing tenants; (p) risks associated with the Company's seniors housing communities managed by Sunrise Senior Living, Inc. ("Sunrise"), including the timely delivery of accurate property-level financial results for the Company's properties; (q) factors causing volatility in the Company's revenues generated by its seniors housing communities managed by Sunrise, including without limitation national and regional economic conditions, costs of materials, energy, labor and services, employee benefit costs and professional and general liability claims; (r) the movement of U.S. and Canadian exchange rates; (s) year-over- year changes in the Consumer Price Index and the effect of those changes on the rent escalators, including the rent escalator for Master Lease 2 with Kindred, and the Company's earnings; (t) the impact on the liquidity, financial condition and results of operations of the Company's operators, tenants, borrowers and managers, as applicable, resulting from increased operating costs and uninsured liabilities for professional liability claims, and the ability of the Company's operators, tenants, borrowers and managers to accurately estimate the magnitude of such liabilities; and (u) the impact of the Sunrise strategic review process and accounting, legal and regulatory issues. Many of these factors are beyond the control of the Company and its management.
Contacts: Debra A. Cafaro
Chairman, President and CEO
or
Richard A. Schweinhart
Executive Vice President and CFO
(502) 357-9000
DATASOURCE: Ventas, Inc.
CONTACT: Debra A. Cafaro, President and CEO, or Richard A. Schweinhart, Executive Vice President and CFO, both of Ventas, Inc., +1-502-357-9000 Web site: http://www.ventasreit.com/
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