Ventas Establishes “At-the-Market” Equity Offering Program

  Ventas Establishes “At-the-Market” Equity Offering Program

Business Wire

CHICAGO -- March 7, 2013

Ventas, Inc. (NYSE: VTR) (“Ventas” or the “Company”) announced today that it
has established an “at-the-market” equity offering program through which it
may sell up to an aggregate of $750 million of its common stock. Under the
program, the Company may offer and sell shares of its common stock from time
to time through BofA Merrill Lynch, Barclays, Citigroup, Goldman, Sachs & Co.,
J.P. Morgan, and RBC Capital Markets, as sales agents.

Sales, if any, of the Company’s common stock pursuant to the program will be
made primarily in “at-the-market” offerings, including sales made directly on
the New York Stock Exchange or sales made to or through a market maker or
through an electronic communications network. Sales may also be made in
privately negotiated transactions.

The Company intends to use the net proceeds for general corporate purposes,
including to fund acquisitions and investments and to repay indebtedness.

The shares of common stock will be offered under the Company’s existing shelf
registration statement. A prospectus supplement and accompanying prospectus
describing the terms of the offering has been filed with the Securities and
Exchange Commission, copies of which may be obtained from: BofA Merrill Lynch,
222 Broadway, New York, NY 10038, Attn: Prospectus Department,
dg.prospectus_requests@baml.com; Barclays, c/o Broadridge Financial Solutions,
1155 Long Island Avenue, Edgewood, NY 11717,
barclaysprospectus@broadridge.com, (888) 603-5847; Citigroup, c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, (800)
831-9146; Goldman, Sachs & Co., Attention: Prospectus Department, 200 West
Street, New York, NY 10282, (866) 471-2526; J.P. Morgan, c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, (866)
803-9204; and RBC Capital Markets, Attention: Equity Syndicate, Three World
Financial Center, 200 Vesey Street, 8th floor, New York, New York 10281-8098,
(877) 822-4089.

This press release shall not constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sales of these securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such
jurisdiction.

Ventas, Inc., an S&P 500 company, is a leading healthcare real estate
investment trust. Its diverse portfolio of more than 1,400 assets in 47 states
(including the District of Columbia) and two Canadian provinces consists of
seniors housing communities, skilled nursing facilities, hospitals, medical
office buildings and other properties. Through its Lillibridge subsidiary,
Ventas provides management, leasing, marketing, facility development and
advisory services to highly rated hospitals and health systems throughout the
United States.

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
Company’s or its tenants’, operators’, borrowers’ or managers’ expected future
financial condition, results of operations, cash flows, funds from operations,
dividends and dividend plans, financing opportunities and plans, capital
markets transactions, business strategy, budgets, projected costs, operating
metrics, capital expenditures, competitive positions, acquisitions, investment
opportunities, dispositions, merger integration, 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. These forward-looking
statements are inherently uncertain, and actual results may differ from the
Company’s expectations. The Company does not undertake a duty to update these
forward-looking statements, which speak only as of the date on which they are
made.

The Company’s actual future results and trends may differ materially from
expectations depending on a variety of factors discussed in the Company’s
filings with the Securities and Exchange Commission. These factors include
without limitation: (a) the ability and willingness of the Company’s tenants,
operators, borrowers, managers and other third parties to satisfy 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 Company’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 Company’s success in implementing
its business strategy and the Company’s ability to identify, underwrite,
finance, consummate and integrate diversifying acquisitions and investments,
including investments in different asset types and outside the United States;
(d) macroeconomic conditions such as a disruption of or lack of access to the
capital markets, changes in the debt rating on U.S. government securities,
default or delay in payment by the United States of its obligations, and
changes in the federal budget resulting in the reduction or nonpayment of
Medicare or Medicaid reimbursement rates; (e) the nature and extent of future
competition; (f) the extent of future or pending healthcare reform and
regulation, including cost containment measures and changes in reimbursement
policies, procedures and rates; (g) increases in the Company’s borrowing costs
as a result of changes in interest rates and other factors; (h) the ability of
the Company’s operators and managers, as applicable, to comply with laws,
rules and regulations in the operation of the Company’s properties, to deliver
high quality services, to attract and retain qualified personnel and to
attract residents and patients; (i) changes in general economic conditions or
economic conditions in the markets in which the Company may, from time to
time, compete, and the effect of those changes on the Company’s revenues,
earnings and funding sources; (j) the Company’s ability to pay down,
refinance, restructure or extend its indebtedness as it becomes due; (k) the
Company’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 Company’s taxable net income for the year ended December
31, 2012 and the year ending December 31, 2013; (m) the ability and
willingness of the Company’s tenants to renew their leases with the Company
upon expiration of the leases, the Company’s ability to reposition its
properties on the same or better terms in the event of nonrenewal or in the
event the Company exercises its right to replace an existing tenant, and
obligations, including indemnification obligations, the Company may incur in
connection with the replacement of an existing tenant; (n) risks associated
with the Company’s senior living operating portfolio, such as factors that can
cause volatility in the Company’s operating income and earnings generated by
those properties, including without limitation national and regional economic
conditions, costs of food, 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) changes in U.S. and Canadian currency exchange rates; (p)
year-over-year changes in the Consumer Price Index and the effect of those
changes on the rent escalators contained in the Company’s leases, including
the rent escalators for two of the Company’s master lease agreements with
Kindred, and the Company’s earnings; (q) the Company’s ability and the ability
of its tenants, operators, borrowers and managers to obtain and maintain
adequate property, liability and other insurance from reputable, 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 Company’s tenants, operators, borrowers and
managers, and the ability of the Company’s tenants, operators, borrowers and
managers to accurately estimate the magnitude of those claims; (s) risks
associated with the Company’s MOB portfolio and operations, including the
Company’s ability to successfully design, develop and manage MOBs, to
accurately estimate its costs in fixed fee-for-service projects and to retain
key personnel; (t) the ability of the hospitals on or near whose campuses the
Company’s MOBs are located and their affiliated health systems to remain
competitive and financially viable and to attract physicians and physician
groups; (u) the Company’s ability to build, maintain and expand its
relationships with existing and prospective hospital and health system
clients; (v) risks associated with the Company’s investments in joint ventures
and unconsolidated entities, including its lack of sole decision-making
authority and its reliance on its joint venture partners’ financial condition;
(w) the impact of market or issuer events on the liquidity or value of the
Company’s investments in marketable securities; (x) merger and acquisition
activity in the healthcare and seniors housing industries resulting in a
change of control of, or a competitor’s investment in, one or more of our
tenants, operators, borrowers or managers or significant changes in the senior
management of our tenants, operators, borrowers or managers; and (y) the
impact of litigation or any financial, accounting, legal or regulatory issues
that may affect the Company or its tenants, operators, borrowers or managers.
Many of these factors are beyond the control of the Company and its
management.

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Contact:

Ventas, Inc.
Lori B. Wittman, (877) 4-VENTAS
 
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