[VENTAS LOGO]
Ventas, Inc. 4360 Brownsboro Road Suite 115 Louisville, Kentucky 40207-1642
(502) 357.9000 (502) 357.9001 Fax
Contacts: Debra A. Cafaro
Chairman, President and CEO
or
Richard A. Schweinhart
Senior Vice President and CFO
(502) 357-9000
VENTAS ANNOUNCES SECOND QUARTER EARNINGS
RELEASE DATE AND CONFERENCE CALL
Louisville, KY (July 2, 2003) - Ventas, Inc. (NYSE:VTR) ("Ventas" or the
"Company") will issue its second quarter 2003 earnings on Wednesday evening,
July 23, 2003. A conference call to discuss those earnings will be held on the
morning of Thursday, July 24, 2003 at 10:00 a.m. Eastern Time (9:00 a.m. Central
Time). The call will be webcast live by CCBN and can be accessed at the Ventas
website at www.ventasreit.com or at www.companyboardroom.com.
Ventas, Inc. is a healthcare real estate investment trust that owns 44
hospitals, 204 nursing facilities and nine other healthcare and senior housing
facilities in 37 states. The Company also has investments in 25 additional
healthcare and senior housing facilities. 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 (the "Securities Act"),
and Section 21E of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"). 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 (the
"Spin 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
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 healthcare 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
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Ventas, Inc.
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July 2, 2003
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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 the
Company's interest rate swap agreements and the Company's net worth, (m) the
ability and willingness of the Company to maintain its qualification as a REIT
due to economic, market, legal, tax or other considerations, including without
limitation, the risk that the Company may fail to qualify as a REIT due to its
ownership of common stock in Kindred ("Kindred Common Stock"), (n) final
determination of the Company's taxable net income for the year ending December
31, 2003, (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, (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, and (q) the value of the Company's Kindred Common Stock and the
limitations on the ability of the Company to sell, transfer or otherwise dispose
of its common stock in Kindred arising out of the securities laws and the
registration rights agreement the Company entered into with Kindred and certain
of the holders of common stock in Kindred. Many of such factors are beyond the
control of the Company and its management.
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