Robert Reed to Retire from the Board at 2023
Annual Meeting
Ventas, Inc. (NYSE: VTR) today announced that Sumit Roy,
President and Chief Executive Officer of Realty Income Corporation
– a real estate investment trust (REIT) with a diversified
portfolio of over 11,400 freestanding commercial properties across
the United States, Puerto Rico, the United Kingdom and Spain – has
been appointed as an independent member of the Ventas Board of
Directors, effective October 1, 2022. Mr. Roy has also been
appointed to serve on the Investment Committee of the Ventas
Board.
Mr. Roy, 53, is a highly accomplished REIT executive. At Realty
Income, he was appointed Chief Executive Officer in 2018 after
being named President of the company in 2015. He previously served
as Realty Income’s Chief Operating Officer from 2014 to 2018, Chief
Investment Officer from 2013 to 2014 and Chairman of the Investment
Committee. Prior to Realty Income, Mr. Roy was an Executive
Director at UBS Investment Bank, where he was responsible for more
than $57 billion in real estate capital markets and advisory
transactions.
“Sumit is an exceptional executive with deep industry knowledge
and capital allocation expertise, making him a terrific addition to
the Ventas Board,” said Debra A. Cafaro, Ventas Chairman and CEO.
“He brings an impressive track record of successful strategic
planning and execution and has demonstrated leadership in employing
predictive analytics in decision-making and risk management. Under
Sumit’s leadership, Realty Income has doubled in size while
delivering outstanding growth and returns for investors.”
Denny Shelton, Ventas’ Lead Independent Director, added, “We are
pleased to appoint Sumit to the Ventas Board, which continues our
longstanding multi-year process of regular and proactive Board
refreshment. We are confident that Sumit’s unique skillset will be
a strong complement to our highly qualified, diverse and
fit-for-purpose Board, and look forward to working closely with him
as we oversee performance and value creation for shareholders.”
“Ventas is a forward-thinking organization with a high-quality
portfolio and long track record of success. I am excited and
humbled to join this accomplished Board to help oversee Ventas’
continued growth, and I look forward to sharing my experience and
insights to contribute to the Company’s future success,” said Mr.
Roy.
The Company also announced that Robert D. Reed, who has served
as a director since 2008, will retire from the Board and not stand
for re-election when his term expires at Ventas’s 2023 Annual
Meeting of Stockholders. The Board thanks Mr. Reed for his
outstanding service and valuable contributions during his
tenure.
With Mr. Roy’s appointment, the Ventas Board will expand to 12
directors, 11 of whom are independent and 50% of whom identify as
diverse by gender or ethnicity. The Board is expected to once again
comprise 11 directors following the Company’s 2023 Annual Meeting
of Stockholders.
About Ventas
Ventas Inc., an S&P 500 company, operates at the
intersection of two large and dynamic industries – healthcare and
real estate. Fueled by powerful demographic demand from growth in
the aging population, Ventas owns a diversified portfolio of over
1,200 properties in the United States, Canada, and the United
Kingdom. Ventas uses the power of its capital to unlock the value
of senior living communities; life science, research &
innovation properties; medical office & outpatient facilities,
hospitals and other healthcare real estate. A globally-recognized
real estate investment trust, Ventas follows a successful long-term
strategy, proven over more than 20 years, built on diversification
of property types, capital sources and industry leading partners,
financial strength and flexibility, consistent and reliable growth
and industry leading ESG achievements, managed by a collaborative
and experienced team dedicated to its stakeholders.
Forward-Looking Statements
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. These forward-looking statements include, among others,
statements of expectations, beliefs, future plans and strategies,
anticipated results from operations and developments and other
matters that are not historical facts. Forward-looking statements
include, among other things, statements regarding our and our
officers’ intent, belief or expectation as identified by the use of
words such as “may,” “will,” “project,” “expect,” “believe,”
“intend,” “anticipate,” “seek,” “target,” “forecast,” “plan,”
“potential,” “opportunity,” “estimate,” “could,” “would,” “should”
and other comparable and derivative terms or the negatives
thereof.
Forward-looking statements are based on management’s beliefs as
well as on a number of assumptions concerning future events. You
should not put undue reliance on these forward-looking statements,
which are not a guarantee of performance and are subject to a
number of uncertainties and other factors that could cause actual
events or results to differ materially from those expressed or
implied by the forward-looking statements. We do not undertake a
duty to update these forward-looking statements, which speak only
as of the date on which they are made. You are urged to carefully
review the disclosures we make concerning risks and uncertainties
that may affect our business and future financial performance,
including those made below and in our filings with the Securities
and Exchange Commission, such as in the sections titled “Cautionary
Statements — Summary Risk Factors,” “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” in our Annual Report on Form 10-K for the
year ended December 31, 2021 and “Risk Factors” in our Quarterly
Report on Form 10-Q for the quarter ended March 31, 2022.
Certain factors that could affect our future results and our
ability to achieve our stated goals include, but are not limited
to: (a) the impact of the ongoing COVID-19 pandemic and its
extended consequences, including of the Delta, Omicron or any other
variant, on our revenue, level of profitability, liquidity and
overall risk exposure and the implementation and impact of
regulations related to the CARES Act and other stimulus legislation
and any future COVID-19 relief measures; (b) our ability to achieve
the anticipated benefits and synergies from, and effectively
integrate, our acquisitions and investments, including our
acquisition of New Senior Investment Group Inc.; (c) our exposure
and the exposure of our tenants, managers and borrowers to complex
healthcare and other regulation and the challenges and expense
associated with complying with such regulation; (d) the potential
for significant general and commercial claims, legal actions,
regulatory proceedings or enforcement actions that could subject us
or our tenants, managers or borrowers to increased operating costs
and uninsured liabilities; (e) the impact of market and general
economic conditions, including economic and financial market
events, inflation, changes in interest rates, supply chain
pressures, events that affect consumer confidence, our occupancy
rates and resident fee revenues, and the actual and perceived state
of the real estate markets, labor markets and public capital
markets; (f) our ability, and the ability of our tenants, managers
and borrowers, to navigate the trends impacting our or their
businesses and the industries in which we or they operate; (g) the
risk of bankruptcy, insolvency or financial deterioration of our
tenants, managers, borrowers and other obligors and our ability to
foreclose successfully on the collateral securing our loans and
other investments in the event of a borrower default; (h) our
ability to identify and consummate future investments in or
dispositions of healthcare assets and effectively manage our
portfolio opportunities and our investments in co-investment
vehicles, joint ventures and minority interests; (i) risks related
to development, redevelopment and construction projects, including
costs associated with inflation, rising interest rates, labor
conditions and supply chain pressures; (j) our ability to attract
and retain talented employees; (k) the limitations and significant
requirements imposed upon our business as a result of our status as
a REIT and the adverse consequences (including the possible loss of
our status as a REIT) that would result if we are not able to
comply; (l) the risk of changes in healthcare law or regulation or
in tax laws, guidance and interpretations, particularly as applied
to REITs, that could adversely affect us or our tenants, managers
or borrowers; (m) increases in our borrowing costs as a result of
becoming more leveraged, rising interest rates and the phasing out
of LIBOR rates; (n) our reliance on third parties to operate a
majority of our assets and our limited control and influence over
such operations and results; (o) our dependency on a limited number
of tenants and managers for a significant portion of our revenues
and operating income; (p) the adequacy of insurance coverage
provided by our policies and policies maintained by our tenants,
managers or other counterparties; (q) the occurrence of cyber
incidents that could disrupt our operations, result in the loss of
confidential information or damage our business relationships and
reputation; (r) the impact of merger, acquisition and investment
activity in the healthcare industry or otherwise affecting our
tenants, managers or borrowers; (s) disruptions to the management
and operations of our business and the uncertainties caused by
activist investors; and (t) the risk of catastrophic or extreme
weather and other natural events and the physical effects of
climate change.
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version on businesswire.com: https://www.businesswire.com/news/home/20220911005091/en/
BJ Grant (877) 4-VENTAS
Ventas (NYSE:VTR)
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