Ventas Appoints Christopher T. Hannon to Board
September 09 2004 - 7:59PM
PR Newswire (US)
Ventas Appoints Christopher T. Hannon to Board LOUISVILLE, Ky.,
Sept. 9 /PRNewswire-FirstCall/ -- Ventas, Inc. (NYSE:VTR) ("Ventas"
or the "Company") said today that it has appointed Christopher T.
Hannon, senior vice president and chief financial officer of
Province Healthcare Company (NYSE:PRV), to its Board of Directors,
effective immediately. "As a senior executive with one of the
nation's largest non-urban hospital companies, Chris brings to our
Board deep experience and credibility in the hospital sector and in
healthcare finance," Ventas Chairman, CEO and President Debra A.
Cafaro said. "He will be an important asset to Ventas, particularly
as we continue our growth and diversification efforts. "With the
appointment of Chris, six of our seven Board members are
independent Directors. This underscores our commitment to best
practices in corporate governance, which we believe is an important
component for building shareholder value," Cafaro added. Since
2002, Hannon, who is 42, has been senior vice president and chief
financial officer of Province, which he joined in 1997. (Province
has recently announced that it has agreed to be acquired by
LifePoint Hospitals, Inc. (NASDAQ:LPNT).) Prior to 1997, Hannon was
a vice president with SunTrust Banks, Inc. where he was a senior
healthcare lender. Hannon will serve on the Company's Audit and
Compliance Committee. He will replace Jay M. Gellert, who will
continue to chair Ventas's Executive Committee and sit on its
Nominating and Governance Committee. Ventas was assisted in its
search by Heidrick & Struggles. Ventas, Inc. is a leading
healthcare real estate investment trust that owns healthcare and
senior housing assets in 39 states. Its properties include
hospitals, nursing facilities and assisted and independent living
facilities. 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,
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 such forward-looking statements. Actual future results and
trends for the Company may differ materially depending on a variety
of factors discussed in the Company's filings with the Securities
and Exchange Commission (the "Commission"). Factors that may affect
the plans or results of the Company include, without limitation,
(a) the ability and willingness of Kindred Healthcare, Inc.
("Kindred") and certain of its affiliates to continue to meet
and/or perform their obligations under their contractual
arrangements with the Company and the Company's subsidiaries,
including without limitation the lease agreements and various
agreements entered into by the Company and Kindred at the time of
the Company's spin off of Kindred on May 1, 1998 (the "1998 Spin
Off"), as such agreements may have been amended and restated in
connection with Kindred's emergence from bankruptcy on April 20,
2001, (b) the ability and willingness of Kindred to continue to
meet and/or perform its obligation to indemnify and defend the
Company for all litigation and other claims relating to the
healthcare operations and other assets and liabilities transferred
to Kindred in the 1998 Spin Off, (c) the ability of Kindred and the
Company's other operators, tenants and borrowers to maintain the
financial strength and liquidity necessary to satisfy their
respective obligations and duties under the leases and other
agreements with the Company, and their existing credit agreements,
(d) the Company's success in implementing its business strategy and
the Company's ability to identify, consummate and integrate
diversifying acquisitions or investments, (e) the nature and extent
of future competition, (f) the extent of future healthcare reform
and regulation, including cost containment measures and changes in
reimbursement policies, procedures and rates, (g) increases in the
cost of borrowing for the Company, (h) the ability of the Company's
operators to deliver high quality care and to attract 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 ability of the Company 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
ability and willingness of the Company 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 ending December 31, 2004, (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, and (p) the impact on the liquidity, financial
condition and results of operations of Kindred and the Company's
other operators resulting from increased operating costs and
uninsured liabilities for professional liability claims, and the
ability of Kindred and the Company's other operators to accurately
estimate the magnitude of such liabilities. Many of such factors
are beyond the control of the Company and its management.
DATASOURCE: Ventas, Inc. CONTACT: Debra A. Cafaro, Chairman,
President and CEO, or Richard A. Schweinhart, Senior Vice President
and CFO, +1-502-357-9000, both of Ventas, Inc. Web site:
http://www.ventasreit.com/
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