EXHIBIT 99.1
[LETTERHEAD OF VENTAS]
Contact: Debra A. Cafaro
President and CEO
(502) 357-9000
VENTAS NAMES SHELI Z. ROSENBERG TO BOARD OF DIRECTORS;
VENTAS TO APPEAR AT WARBURG HEALTHCARE SERVICES CONFERENCE;
VENTAS ANNOUNCES TAX TREATMENT OF DIVIDENDS
LOUISVILLE, KY (January 30, 2001) - Ventas, Inc. (NYSE:VTR) ("Ventas" or the
"Company") said today that Sheli Z. Rosenberg, Vice Chairman of Chicago-based
Equity Group Investments Inc., has been elected to its board of directors.
Rosenberg, 58, has held a number of senior positions with Equity Group -- a
privately held investment company -- for more than 20 years and has been
instrumental in the company's growth and success. In the mid-1990s, Equity Group
converted its private real estate portfolio into three publicly traded REITs,
which are now among the nation's largest and most well-respected owners of
apartments, offices and manufactured home communities: Equity Residential
Properties Trust, Equity Office Properties Trust, and Manufactured Home
Communities. Rosenberg has served continuously as a board member of each of
those companies since their initial public offerings.
Rosenberg is also a board member of Dynegy Inc., Cendant Corp., CVS Corp.,
Anixter International Inc., and Capital Trust. She additionally sits on the
boards of The Chicago Network, National Partnership of Women and Families,
Women's Issues Network Foundation, and Rush Presbyterian-St. Luke's Medical
Center.
"Sheli Rosenberg has a distinguished record of achievement, excellence and
integrity. Ventas will benefit greatly from her valuable experience and
perspective as we begin to implement our strategic business plan," Ventas
President and CEO Debra A. Cafaro said. "Sheli's appointment is consistent with
our goal of building around our strong core of current directors to develop a
board of directors that is knowledgeable and committed to our shareholders."
VENTAS TO APPEAR AT WARBURG HEALTHCARE SERVICES CONFERENCE
Ventas announced today that it will participate in the UBS Warburg Global
Healthcare Services Conference, which will be held in New York City on February
5-8. Ventas is scheduled to make its presentation on February 6 at 11 am EST.
Shareholders and other members of the public will be able to listen in to
the conference live by dialing 719.457.2605 or 888.515.2781. A recording of the
session will also be available by calling 402.220.0705 or 877.803.5524. The
recorded line will be available for up to four weeks after the conference.
TAX TREATMENT OF DIVIDENDS
Ventas also said today that the common stock dividends it paid or declared
in 2000, including those paid in January 2001 to shareholders of record December
30, 2000, qualify to be treated as ordinary income in 2000, in accord with
Internal Revenue Code Section 857 governing REITs. Shareholders are encouraged
to consult with their personal tax advisors as to their specific tax treatment
of the Ventas dividends.
Ventas is a real estate investment trust whose properties include 45
hospitals, 216 nursing centers, and eight personal care facilities operating in
36 states.
This Press Release includes forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, (the "Securities Act")
and Section 21E of the Securities Exchange Act of 1934, as amended, (the
"Exchange Act"). All statements regarding the Company's 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, plans and objectives of management for future
operations and statements that include words such as "anticipate," "believe,"
"plan," "estimate," "expect," "intend," "may," "could," and other similar
expressions are forward-looking statements. Such forward-looking statements are
inherently uncertain, and stockholders must recognize that actual results may
differ from the Company's expectations. The Company does not undertake any 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. Factors that may affect the plans or results
of the Company include, without limitation, (a) the treatment of the Company's
claims in the chapter 11 cases of its primary tenant, Vencor, Inc. and certain
of its affiliates (collectively referred to in this paragraph as "Vencor"), as
well as certain of its other tenants, (b) the ability and willingness of Vencor
to continue to meet and/or honor its obligations under the agreements the
Company and Vencor entered into in connection with the 1998 spin off by the
Company of Vencor (the "1998 Spin Off"), including, without limitation, the
obligation to indemnify and defend the Company for all litigation and other
claims relating to the health care operations and other assets and liabilities
transferred to Vencor in the 1998 Spin Off, (c) the ability of Vencor and the
Company's other operators 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, (e) the nature and
extent of future competition, (f) the extent of future health care reform and
regulation, including cost containment measures and changes in reimbursement
policies and procedures, (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) the
results of the settlement discussions Vencor and the Company have been engaged
in with the federal government seeking to resolve federal civil and
administrative claims against them arising from the participation of Vencor
facilities in various federal health benefit programs, (k) changes in general
economic conditions and/or economic conditions in the markets in which the
Company may, from time to time, compete,(l) the ability of the Company to pay
down, refinance, restructure, and/or extend its indebtedness as it becomes due,
(m) the ability and willingness of the Company to maintain its qualification as
a real estate investment trust due to economic, market, legal, tax or other
considerations, and (n) final determination of the Company's taxable net income
for 2000. Many of such factors are beyond the control of the Company and its
management