Lillibridge to Commence Construction on $40 Million Medical Office
Building Located on Replacement Hospital Campus
CHICAGO, Sep 28, 2010 (BUSINESS WIRE) --
Ventas, Inc. (NYSE: VTR) ("Ventas") said today that its wholly owned
subsidiary, Lillibridge Healthcare Services, Inc. ("Lillibridge"),
expects to commence construction on a $40 million, 250,000 square foot
medical office building ("MOB") to be located on the campus of the new
$350 million Woman's Hospital in Baton Rouge, Louisiana, a replacement
hospital campus that will be aesthetically pleasing, technologically
advanced, and focused on an exceptional patient experience. Woman's
Hospital will own the entire campus, including the MOB.
"Lillibridge is honored to be chosen as the developer, architect, space
planner and construction manager of the new MOB," said Todd W.
Lillibridge, Chairman and CEO of Lillibridge and Ventas's Executive Vice
President - Medical Property Operations. "It will play a role in
advancing medical care for women and infants in the fast-growing Baton
Rouge area for years to come.
"Lillibridge has a distinguished track record of working with
not-for-profit hospitals and health systems to expand healthcare in
communities all around the country. The Woman's Hospital project
demonstrates how Lillibridge uses healthcare real estate expertise to
enable our clients to achieve their strategic objectives," Lillibridge
continued.
The new MOB will be physically connected to Woman's Hospital and will
house a comprehensive breast center, a maternal-fetal medicine center,
infrastructure for an ambulatory surgery center, retail space and other
potential outpatient services. The MOB will consist of two towers (four
and five stories) with a shared atrium lobby. It is expected to be
completed in late 2012.
The replacement campus is being built at Airline Highway and Pecue Lane
in Baton Rouge, about five miles from the current Woman's Hospital
campus, which will be vacated when the new hospital and MOB are
completed.
Ventas, Inc., an S&P 500 company, is a leading healthcare real estate
investment trust. Its diverse portfolio of nearly 600 assets in 44
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. More information about
Ventas and Lillibridge can be found at www.ventasreit.com
and www.lillibridge.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 Company's or its tenants', operators',
managers' or borrowers' 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 ("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, which speak only as of the date on which they are made.
The Company's actual future results and trends may differ materially
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 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 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 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 Company's cost of borrowing as a result
of changes in interest rates and other factors; (g) the ability of the
Company'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 Company's revenues and
its ability to access the capital markets or other sources of funds; (j)
the Company's ability to pay down, refinance, restructure and/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, 2009
and for the year ending December 31, 2010; (m) 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
reposition its properties on the same or better terms in the event such
leases expire and are not renewed by the Company's tenants or in the
event the Company exercises its right to replace an existing tenant upon
default; (n) risks associated with the Company's senior living operating
portfolio, such as factors causing volatility in the Company'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 Company's earnings; (q) the
Company'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 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) the ability and
willingness of the lenders under the Company's unsecured revolving
credit facilities to fund, in whole or in part, borrowing requests made
by the Company from time to time; (t) risks associated with the
Company's recent acquisition of businesses owned and operated by
Lillibridge, including its ability to successfully design, develop and
manage MOBs and to retain key personnel; (u) 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; (v) the Company's
ability to maintain or expand its relationships with its existing and
future hospital and health system clients; (w) risks associated with the
Company's investments in joint ventures, including its lack of sole
decision-making authority and its reliance on its joint venture
partners' financial condition;(x) the impact of market or issuer events
on the liquidity or value of the Company's investments in marketable
securities; and (y) 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.
SOURCE: Ventas, Inc.
Ventas, Inc.
David J. Smith, (877) 4-VENTAS