Land & Buildings Issues Statement on Ventas

Rhea-AI Summary

Land & Buildings Investment Management, a major shareholder of Ventas, Inc. (VTR), has issued a statement regarding its campaign focused on improving the company’s performance. They claim to have received support from many shareholders on identifying existing problems and proposed solutions aimed at restoring Ventas's blue-chip REIT status. However, due to challenges from proxy advisory firms, they are withdrawing their director nomination. Land & Buildings remains a significant shareholder and is keen on the Board's actions to enhance performance.

Positive

• Land & Buildings reports strong shareholder support for proposals to enhance company performance.
• Withdrawal of director nomination may allow for more harmonious future engagements with the existing Board.

Negative

• Proxy advisory firms' recommendations pose challenges for Land & Buildings' influence.
• Land & Buildings disagrees with Institutional Shareholder Services' assessment that efforts to improve performance could suffice.

STAMFORD, Conn.--(BUSINESS WIRE)-- Land & Buildings Investment Management, LLC (together with its affiliates, “Land & Buildings”), a significant shareholder of Ventas, Inc. (NYSE: VTR) (“Ventas”, “VTR”, or the “Company”), today issued the following statement regarding its campaign at the Company:

“During this campaign we have spoken with many Ventas shareholders who fundamentally agree with what we've identified as the problems at the Company, and with the solutions we are proposing to help Ventas regain its blue-chip REIT status. We continue to believe that a true investor perspective is needed on the Board and that immediate change at Ventas would benefit all its stakeholders.

It has also become clear to us during our conversations with shareholders that given the recommendations of the leading proxy advisory firms, it would be difficult for some investors to support us. As a result, we are withdrawing our director nomination.

Notably, Institutional Shareholder Services (“ISS”) wrote in its analysis that the current Ventas Board has an opportunity to improve relative performance – but if these efforts fail, ISS would be more supportive of change at next year’s annual meeting. While we disagree with this conclusion, we would be pleasantly surprised should it prove to be prescient.

Land & Buildings plans to remain a significant shareholder of Ventas and we are rooting for this Board and management team to take the appropriate actions to improve the Company’s performance. However, we will not hesitate to take future action if we deem it necessary to ensure that Ventas delivers for shareholders.”

View source version on businesswire.com: https://www.businesswire.com/news/home/20220425005360/en/

Media

Longacre Square Partners

Dan Zacchei

dzacchei@longacresquare.com

Investors

Saratoga Proxy Consulting

John Ferguson

(212) 257-1311

Source: Land & Buildings Investment Management, LLC

FAQ

What recent actions did Land & Buildings take regarding Ventas (VTR)?

Land & Buildings issued a statement discussing its campaign to improve Ventas's performance and withdrew its director nomination.

Why did Land & Buildings withdraw its director nomination for Ventas (VTR)?

They cited challenges stemming from recommendations of leading proxy advisory firms that may hinder investor support.

What is Land & Buildings' stance on the current Ventas (VTR) Board?

Land & Buildings believes that immediate change is needed on the Board to benefit all stakeholders but is willing to support future efforts by the current team.

What is the implication of Institutional Shareholder Services' (ISS) analysis for Ventas (VTR)?

ISS indicated that while the current Board has a chance to improve performance, they might support changes in the following year's meeting if efforts fail.