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Ventas Appoints Cushman & Wakefield CEO Glenn J. Rufrano to Board

^{Published on 2010-06-07 22:20:29 - Market Wire}
 

CHICAGO--([ BUSINESS WIRE ])--Ventas, Inc. (NYSE: VTR) (aVentasa or the aCompanya) said today that Cushman & Wakefield President and Chief Executive Officer Glenn J. Rufrano has been appointed to its Board of Directors, effectively immediately.

"Our experienced and thoughtful independent Board has played a crucial role in achieving excellence and delivering outstanding performance to our stakeholders. We welcome Glenn to the Ventas Board and look forward to working with him."

aWith an extensive and successful career spanning 30 years, Glenn Rufrano is the consummate real estate executive, whose knowledge, integrity and insight will add to Ventasa™s strong Board,a Ventas Chairman, President and Chief Executive Officer Debra A. Cafaro said. aOur experienced and thoughtful independent Board has played a crucial role in achieving excellence and delivering outstanding performance to our stakeholders. We welcome Glenn to the Ventas Board and look forward to working with him.a

Rufrano, 60, assumed his position at Cushman & Wakefield, the worlda™s largest privately held commercial property and real estate services company with 231 offices located around the globe, in March of this year. For two years prior to that, he served as Chief Executive Officer of Centro Properties Group, an Australian-based shopping center company, which he helped to rescue by leading a successful consensual multi-party restructuring. Rufrano previously served as the Chief Executive Officer of New Plan Excel Realty Trust from 2000 until it was acquired by Centro in 2007, and, from 1983 through 2000, he was a co-founder of The Oa™Connor Group, which invests in international real estate.

Rufrano graduated from Rutgers University and holds a mastera™s degree in real estate from Florida International University. He currently serves on the Board of New York Universitya™s Real Estate Institute and was previously a director at General Growth Properties Inc. and at Trizec Properties, Inc., both publicly held REITs, and Crimi Mae Inc., a mortgage REIT.

Ventas, Inc., an S&P 500 company, 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, medical office buildings and other properties. More information about Ventas can be found on its website at [ 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 the Companya™s or its tenantsa™, operatorsa™, managersa™ or borrowersa™ expected future financial position, results of operations, cash flows, funds from operations, dividends and dividend plans, financing plans, business strategy, budgets, projected costs, operating metrics, capital expenditures, competitive positions, acquisitions, investment opportunities, merger integration, growth opportunities, dispositions, expected lease income, continued qualification as a real estate investment trust (aREITa), plans and objectives of management for future operations and statements that include words such as aanticipate,a aif,a abelieve,a aplan,a aestimate,a aexpect,a aintend,a amay,a acould,a ashould,a awilla 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 Companya™s expectations. The Company does not undertake a duty to update such forward-looking statements, which speak only as of the date on which they are made.

The Companya™s actual future results and trends may differ materially depending on a variety of factors discussed in the Companya™s filings with the Securities and Exchange Commission. These factors include without limitation: (a) the ability and willingness of the Companya™s tenants, operators, borrowers, managers and other third parties to meet and/or perform 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 Companya™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 Companya™s success in implementing its business strategy and the Companya™s ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions or investments, including those in different asset types and outside the United States; (d) the nature and extent of future competition; (e) the extent of future or pending healthcare reform and regulation, including cost containment measures and changes in reimbursement policies, procedures and rates; (f) increases in the Companya™s cost of borrowing as a result of changes in interest rates and other factors; (g) the ability of the Companya™s operators and managers, as applicable, to deliver high quality services, to attract and retain qualified personnel and to attract residents and patients; (h) the results of litigation affecting the Company; (i) changes in general economic conditions and/or economic conditions in the markets in which the Company may, from time to time, compete, and the effect of those changes on the Companya™s revenues and its ability to access the capital markets or other sources of funds; (j) the Companya™s ability to pay down, refinance, restructure and/or extend its indebtedness as it becomes due; (k) the Companya™s ability and willingness to maintain its qualification as a REIT due to economic, market, legal, tax or other considerations; (l) final determination of the Companya™s taxable net income for the year ended December 31, 2009 and for the year ending December 31, 2010; (m) the ability and willingness of the Companya™s tenants to renew their leases with the Company upon expiration of the leases and the Companya™s ability to reposition its properties on the same or better terms in the event such leases expire and are not renewed by the Companya™s tenants or in the event the Company exercises its right to replace an existing tenant upon default; (n) risks associated with the Companya™s senior living operating portfolio, such as factors causing volatility in the Companya™s operating income and earnings generated by its properties, including without limitation national and regional economic conditions, costs of 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) the movement of U.S. and Canadian exchange rates; (p) 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 Companya™s earnings; (q) the Companya™s ability and the ability of its tenants, operators, borrowers and managers to obtain and maintain adequate liability and other insurance from reputable and financially stable providers; (r) the impact of increased operating costs and uninsured professional liability claims on the liquidity, financial condition and results of operations of the Companya™s tenants, operators, borrowers and managers, and the ability of the Companya™s tenants, operators, borrowers and managers to accurately estimate the magnitude of those claims; (s) the ability and willingness of the lenders under the Companya™s unsecured revolving credit facilities to fund, in whole or in part, borrowing requests made by the Company from time to time; (t) the impact of market or issuer events on the liquidity or value of the Companya™s investments in marketable securities; and (u) the impact of any financial, accounting, legal or regulatory issues that may affect the Company or its major tenants, operators or managers.Many of these factors are beyond the control of the Company and its management.