Ventas, Inc., (NYSE: VTR) (“Ventas” or the “Company”) said today
that it has elected Walter C. Rakowich, retired Chief Executive
Officer of Prologis, and Roxanne M. Martino, Chief Executive
Officer of Aurora Investment Management, to its Board of Directors,
effective immediately. Mr. Rakowich will serve on the Company’s
Audit and Compliance Committee and Ms. Martino will serve on its
Executive Compensation Committee.
“We are delighted to add Walt Rakowich and Roxanne Martino to
our Board of Directors. Their appointments underscore our
commitment to excellence through strong corporate governance, Board
refreshment, independence and diversity. Each is a highly respected
individual with an enduring record of accomplishment, strong values
and a demonstrated focus on investors,” Ventas Chairman and CEO
Debra A. Cafaro said.
“Walt’s experience in the real estate industry globally and his
deep understanding of REITs and large corporate customers, and
Roxanne’s entrepreneurial success and expertise in investment
markets, will enhance our outstanding Board. We look forward to
working with them for the benefit of Ventas shareholders, customers
and employees,” added Cafaro.
Mr. Rakowich served as CEO of Prologis (NYSE: PLD) from November
2008 through June 2011, when Prologis and AMB Property Corporation
merged. Following the merger, he served as co-CEO of Prologis until
December 31, 2012, when he retired. Before becoming CEO, Mr.
Rakowich held a number of senior management positions at Prologis,
including managing director and chief financial officer and
president and chief operating officer. He served on the Prologis
Board from January 2005 through December 2012. Prior to joining
Prologis, Mr. Rakowich was a partner and principal with real estate
provider Trammell Crow Company. He began his career at Price
Waterhouse. He received his MBA from Harvard Business School and a
BS, with distinction, from Pennsylvania State University.
Mr. Rakowich is a member of the Board of Directors of Host
Hotels & Resorts, Inc. (NYSE: HST), where he is the company’s
Lead Independent Director and Chairman of the Nominating and
Governance Committee, and Iron Mountain Inc. (NYSE: IRM), where he
is Chairman of the Audit Committee. He also serves on the Board of
the Global Food Exchange. He was appointed to the Board of Trustees
at The Pennsylvania State University in 2014 and serves as Chairman
of the University Board’s Audit and Risk Committee. He is also
Chairman of the Board of Colorado UpLift and a Board member of the
Alliance for School Choice in Education.
Ms. Martino has served as President and then CEO of Aurora
Investment Management fund-of-funds since 1990. Over nearly three
decades, Ms. Martino built the Chicago firm into one of the largest
managers in the fund-of-funds industry, managing $14 billion at
Aurora's peak. In 2012 Aurora won Hedge Funds Review’s Best
Diversified Fund of Hedge Funds over 10 years. Prior to joining
Aurora, Ms. Marino was a trailblazer in fund-of-funds as a General
Partner in Grosvenor Capital Management. She began her career at
Coopers & Lybrand. Ms. Martino holds an MBA in 1988 from the
University of Chicago and graduated in 1977 with a BBA from
University of Notre Dame.
Ms. Martino is the Co-chair of the Business Council at the
University of Chicago’s Booth School of Business and a member of
the Boards of the Lurie Children’s Hospital and The Economics Club
of Chicago. She is a Director of Thresholds, a not-for-profit
psychiatric rehabilitation organization, and serves on the
Investment Subcommittee of Catholic Relief Services. In 2015, Ms.
Martino was an inaugural inductee into the InvestHedge Hall of Fame
and was recognized as one of “50 Leading Women in Hedge Funds,” by
the Hedge Fund Journal.
Ventas, Inc., an S&P 500 company, is a leading real estate
investment trust. Its diverse portfolio of approximately 1,300
assets in the United States, Canada and the United Kingdom consists
of seniors housing communities, medical office buildings, skilled
nursing facilities, specialty hospitals and general acute care
hospitals. Through its Lillibridge subsidiary, Ventas provides
management, leasing, marketing, facility development and advisory
services to highly rated hospitals and health systems throughout
the United States. More information about Ventas and Lillibridge
can be found at www.ventasreit.com and
www.lillibridge.com.
This press release includes forward-looking statements. All
statements regarding the Company’s or its tenants’, operators’,
borrowers’ or managers’ expected future financial condition,
results of operations, cash flows, funds from operations, dividends
and dividend plans, financing opportunities and plans, capital
markets transactions, business strategy, budgets, projected costs,
operating metrics, capital expenditures, competitive positions,
acquisitions, investment opportunities, dispositions, merger or
acquisition 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. These forward-looking statements are inherently
uncertain, and 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 from expectations depending on a variety of factors
discussed in the Company’s filings with the Securities and Exchange
Commission. These factors include without limitation: (a) the
ability and willingness of the Company’s tenants, operators,
borrowers, managers and other third parties to satisfy their
obligations under their respective contractual arrangements with
the Company, including, in some cases, their obligations to
indemnify, defend and hold harmless the Company from and against
various claims, litigation and liabilities; (b) the ability of the
Company’s tenants, operators, borrowers and managers 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 and other indebtedness; (c) the Company’s success in
implementing its business strategy and the Company’s ability to
identify, underwrite, finance, consummate and integrate
diversifying acquisitions and investments; (d) macroeconomic
conditions such as a disruption of or lack of access to the capital
markets, changes in the debt rating on U.S. government securities,
default or delay in payment by the United States of its
obligations, and changes in the federal or state budgets resulting
in the reduction or nonpayment of Medicare or Medicaid
reimbursement rates; (e) the nature and extent of future
competition, including new construction in the markets in which the
Company’s seniors housing communities and medical office buildings
(“MOBs”) are located; (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 borrowing costs as a result
of changes in interest rates and other factors; (h) the ability of
the Company’s tenants, operators and managers, as applicable, to
comply with laws, rules and regulations in the operation of the
Company’s properties, to deliver high-quality services, to attract
and retain qualified personnel and to attract residents and
patients; (i) changes in general economic conditions or economic
conditions in the markets in which the Company may, from time to
time, compete, and the effect of those changes on the Company’s
revenues, earnings and funding sources; (j) the Company’s ability
to pay down, refinance, restructure or extend its indebtedness as
it becomes due; (k) the Company’s ability and willingness to
maintain its qualification as a REIT in light of economic, market,
legal, tax and other considerations; (l) final determination of the
Company’s taxable net income for the year ended December 31, 2015
and for the year ending December 31, 2016; (m) the ability and
willingness of the Company’s tenants to renew their leases with the
Company upon expiration of the leases, the Company’s ability to
reposition its properties on the same or better terms in the event
of nonrenewal or in the event the Company exercises its right to
replace an existing tenant, and obligations, including
indemnification obligations, the Company may incur in connection
with the replacement of an existing tenant; (n) risks associated
with the Company’s senior living operating portfolio, such as
factors that can cause volatility in the Company’s operating income
and earnings generated by those properties, including without
limitation national and regional economic conditions, costs of
food, materials, energy, labor and services, employee benefit
costs, insurance costs and professional and general liability
claims, and the timely delivery of accurate property-level
financial results for those properties; (o) changes in exchange
rates for any foreign currency in which the Company may, from time
to time, conduct business; (p) year-over-year changes in the
Consumer Price Index or the UK Retail Price Index and the effect of
those changes on the rent escalators contained in the Company’s
leases and the Company’s earnings; (q) the Company’s ability and
the ability of its tenants, operators, borrowers and managers to
obtain and maintain adequate property, liability and other
insurance from reputable, financially stable providers; (r) the
impact of increased operating costs and uninsured professional
liability claims on the Company’s liquidity, financial condition
and results of operations or that of the Company’s tenants,
operators, borrowers and managers, and the ability of the Company
and the Company’s tenants, operators, borrowers and managers to
accurately estimate the magnitude of those claims; (s) risks
associated with the Company’s MOB portfolio and operations,
including the Company’s ability to successfully design, develop and
manage MOBs and to retain key personnel; (t) the ability of the
hospitals on or near whose campuses the Company’s MOBs are located
and their affiliated health systems to remain competitive and
financially viable and to attract physicians and physician groups;
(u) risks associated with the Company’s investments in joint
ventures and unconsolidated entities, including its lack of sole
decision-making authority and its reliance on its joint venture
partners’ financial condition; (v) the impact of market or issuer
events on the liquidity or value of the Company’s investments in
marketable securities; (w) consolidation activity in the seniors
housing and healthcare industries resulting in a change of control
of, or a competitor’s investment in, one or more of the Company’s
tenants, operators, borrowers or managers or significant changes in
the senior management of the Company’s tenants, operators,
borrowers or managers; (x) the impact of litigation or any
financial, accounting, legal or regulatory issues that may affect
the Company or its tenants, operators, borrowers or managers; and
(y) changes in accounting principles, or their application or
interpretation, and the Company’s ability to make estimates and the
assumptions underlying the estimates, which could have an effect on
the Company’s earnings.
Click here to subscribe to Mobile Alerts for Ventas, Inc.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160607005662/en/
Ventas, Inc.Ryan Shannon(877) 4-VENTAS
Ventas (NYSE:VTR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Ventas (NYSE:VTR)
Historical Stock Chart
From Apr 2023 to Apr 2024