Ventas Announces Underwritten Offering of 10.6 Million Shares of Common Stock
Ventas (NYSE: VTR) announced an underwritten public offering of 10.6 million shares of common stock, with an additional 30-day option for 1.59 million shares. The company is entering a forward sale agreement with a Wells Fargo Securities affiliate, where shares will be physically settled within approximately 12 months. Wells Fargo Securities is acting as the sole underwriter. The proceeds will be used for working capital, general corporate purposes, potential acquisitions and investments, or debt repayment.
Ventas (NYSE: VTR) ha annunciato un'offerta pubblica sottoscritta di 10,6 milioni di azioni ordinarie, con un'opzione aggiuntiva di 30 giorni per 1,59 milioni di azioni. L'azienda sta stipulando un accordo di vendita anticipata con un'affiliata di Wells Fargo Securities, in cui le azioni saranno fisicamente liquidate entro circa 12 mesi. Wells Fargo Securities funge da unico sottoportatore. I proventi saranno utilizzati per il capitale circolante, scopi aziendali generali, potenziali acquisizioni e investimenti, o per il rimborso del debito.
Ventas (NYSE: VTR) anunció una oferta pública bajo suscripción de 10.6 millones de acciones ordinarias, con una opción adicional de 30 días para 1.59 millones de acciones. La compañía está entrando en un acuerdo de venta anticipada con una afiliada de Wells Fargo Securities, donde las acciones se liquidarán físicamente en aproximadamente 12 meses. Wells Fargo Securities está actuando como el único suscriptor. Los ingresos se utilizarán para capital de trabajo, fines corporativos generales, adquisiciones e inversiones potenciales, o para el pago de deuda.
Ventas (NYSE: VTR)는 1,060만 주의 보통주 공개 발행을 발표했으며, 추가로 159만 주의 30일 옵션이 있습니다. 회사는 Wells Fargo Securities의 계열사와 함께 선판매 계약을 체결하고 있으며, 주식은 약 12개월 이내에 물리적으로 결제될 예정입니다. Wells Fargo Securities는 유일한 인수자 역할을 하고 있습니다. 수익금은 운영 자본, 일반 기업 목적, 잠재적 인수 및 투자 또는 채무 상환에 사용될 것입니다.
Ventas (NYSE: VTR) a annoncé une offre publique souscrite de 10,6 millions d'actions ordinaires, avec une option supplémentaire de 30 jours pour 1,59 million d'actions. L'entreprise entre dans un accord de vente à terme avec une filiale de Wells Fargo Securities, où les actions seront réglées physiquement dans environ 12 mois. Wells Fargo Securities agit en tant que seul souscripteur. Les produits seront utilisés pour le fonds de roulement, des fins corporatives générales, des acquisitions et des investissements potentiels, ou le remboursement de dettes.
Ventas (NYSE: VTR) gab eine unterzeichnete öffentliche Angebot von 10,6 Millionen Aktien von Stammaktien bekannt, mit einer zusätzlichen 30-tägigen Option für 1,59 Millionen Aktien. Das Unternehmen geht eine Forward-Verkaufsvereinbarung mit einer Affiliate von Wells Fargo Securities ein, wobei die Aktien innerhalb von etwa 12 Monaten physisch abgerechnet werden. Wells Fargo Securities agiert als alleiniger Underwriter. Die Erlöse werden für Betriebskapital, allgemeine Unternehmenszwecke, potenzielle Übernahmen und Investitionen oder zur Schuldentilgung verwendet.
- Flexibility in settlement options (physical, cash, or net share settlement)
- 12-month window for settlement provides strategic timing advantage
- Proceeds can be used for multiple strategic purposes including acquisitions and debt reduction
- Potential dilution of existing shareholders through 10.6 million new shares (plus possible 1.59 million additional shares)
- No immediate proceeds from the share sale due to forward sale structure
Insights
This 10.6 million share offering with an additional 1.59 million share option represents a significant capital raising event through a forward sale agreement structure. Based on the current stock price, this could raise approximately
The forward sale agreement with Wells Fargo provides Ventas flexibility in timing the actual share issuance within 12 months, while securing the current price. This structure helps minimize immediate dilution and allows strategic timing of capital deployment. The company's focus on acquisitions, investments and debt repayment suggests potential strategic moves ahead.
The dilutive impact on existing shareholders would be approximately
Ventas intends to grant the underwriter a 30-day option to purchase up to an additional 1,590,000 shares of its common stock. If such option is exercised, then Ventas plans to enter into an additional forward sale agreement with the forward purchaser in respect of the number of additional shares of Ventas’s common stock that are subject to the exercise of such option.
Wells Fargo Securities, LLC is acting as the underwriter for the offering. The underwriter may offer the shares from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices, subject to receipt and acceptance by it and subject to its right to reject any order in whole or in part.
In connection with the offering, Ventas intends to enter into a forward sale agreement with an affiliate of Wells Fargo Securities, LLC (the “forward purchaser”), pursuant to which Ventas will agree to sell shares of its common stock to the forward purchaser at an initial forward sale price per share equal to the price per share at which the underwriter purchases the shares in the offering, subject to certain adjustments. In connection with the forward sale agreement, the forward purchaser or its affiliate expects to borrow from third parties an aggregate of 10,600,000 shares of Ventas’s common stock. Such borrowed shares of Ventas’s common stock will be delivered by Wells Fargo Securities, LLC or an affiliate (in such capacity, the “forward seller”) for sale to the underwriter in the offering. Ventas expects to physically settle the forward sale agreement (by delivery of shares of its common stock) and receive proceeds from the sale of those shares of its common stock upon one or more forward settlement dates within approximately 12 months from the date of the forward sale agreement, subject to certain conditions. Ventas may also elect cash settlement or net share settlement for all or a portion of its obligations under the forward sale agreement. If the forward purchaser or its affiliate does not borrow and deliver to the forward seller for sale all of the shares of Ventas’s common stock to be delivered and sold by it pursuant to the terms of the underwriting agreement, Ventas will issue and sell directly to the underwriter the number of shares of its common stock not borrowed and delivered for sale by the forward purchaser or its affiliate, and under such circumstances the number of shares of Ventas’s common stock underlying the forward sale agreement will be decreased by the number of shares of its common stock that Ventas issues and sells.
Ventas will not initially receive any proceeds from the sale of the shares of its common stock by the forward seller to the underwriter. Ventas intends to use any net proceeds that it receives upon physical settlement of the forward sale agreement (and from the sale of any shares of common stock sold by Ventas to the underwriter in connection with this offering) and the additional forward sale agreement, if any, for working capital and other general corporate purposes, which may include funding acquisitions and investments or repayment of existing indebtedness, and to pay fees and expenses related to the offering.
Ventas has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the “SEC”) and will be filing a preliminary prospectus supplement for the offering to which this communication relates. Before you invest, you should read the preliminary prospectus supplement, the accompanying prospectus in that registration statement and the other documents Ventas has filed or will file with the SEC for more complete information about the Company and this offering. You may get these documents for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, the Company, the underwriter or any dealer participating in the offering will arrange to send you the preliminary prospectus supplement and the accompanying prospectus if you request it by contacting: Wells Fargo Securities, 90 South 7th Street, 5th Floor,
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.
About Ventas
Ventas, Inc. (NYSE: VTR) is a leading S&P 500 real estate investment trust enabling exceptional environments that benefit a large and growing aging population. With approximately 1,350 properties in
Safe Harbor Statement
This press release of Ventas, Inc. (the “Company,” “we,” “us,” “our” and similar terms) 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. These forward-looking statements include, among others, statements of expectations, beliefs, future plans and strategies, anticipated results from operations and developments and other matters that are not historical facts. Forward-looking statements include, among other things, statements regarding our and our officers’ intent, belief or expectation as identified by the use of words such as “assume,” “may,” “will,” “project,” “expect,” “believe,” “intend,” “anticipate,” “seek,” “target,” “forecast,” “plan,” “potential,” “opportunity,” “estimate,” “could,” “would,” “should” and other comparable and derivative terms or the negatives thereof.
Forward-looking statements are based on management’s beliefs as well as on a number of assumptions concerning future events. You should not put undue reliance on these forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors that could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements. We do not undertake a duty to update these forward-looking statements, which speak only as of the date on which they are made. We urge you to carefully review the disclosures we make concerning risks and uncertainties that may affect our business and future financial performance, including those made below and in our filings with the SEC, such as in the sections titled “Cautionary Statements — Summary Risk Factors,” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2023 and our subsequent Quarterly Reports on Form 10-Q.
Certain factors that could affect our future results and our ability to achieve our stated goals include, but are not limited to: (a) our ability to achieve the anticipated benefits and synergies from, and effectively integrate, our completed or anticipated acquisitions and investments; (b) our exposure and the exposure of our tenants, managers and borrowers to complex healthcare and other regulations, including evolving laws and regulations regarding data privacy, cybersecurity and environmental matters, and the challenges and expense associated with complying with such regulation; (c) the potential for significant general and commercial claims, legal actions, investigations, regulatory proceedings and enforcement actions that could subject us or our tenants, managers or borrowers to increased operating costs, uninsured liabilities, including fines and other penalties, reputational harm or significant operational limitations, including the loss or suspension of or moratoriums on accreditations, licenses or certificates of need, suspension of or nonpayment for new admissions, denial of reimbursement, suspension, decertification or exclusion from federal, state or foreign healthcare programs or the closure of facilities or communities; (d) our reliance on third-party managers and tenants to operate or exert substantial control over properties they manage for, or rent from, us, which limits our control and influence over such properties, their operations and their performance; (e) the impact of market and general economic conditions on us, our tenants, managers and borrowers and in areas in which our properties are geographically concentrated, including macroeconomic trends and financial market events, such as bank failures and other events affecting financial institutions, market volatility, increases in inflation, changes in or elevated interest and exchange rates, tightening of lending standards and reduced availability of credit or capital, geopolitical conditions, supply chain pressures, rising labor costs and historically low unemployment, events that affect consumer confidence, our occupancy rates and resident fee revenues, and the actual and perceived state of the real estate markets, labor markets and public and private capital markets; (f) our reliance and the reliance of our tenants, managers and borrowers on the financial, credit and capital markets and the risk that those markets may be disrupted or become constrained; (g) our ability, and the ability of our tenants, managers and borrowers, to navigate the trends impacting our or their businesses and the industries in which we or they operate, and the financial condition or business prospect of our tenants, managers and borrowers; (h) the risk of bankruptcy, inability to obtain benefits from governmental programs, insolvency or financial deterioration of our tenants, managers, borrowers and other obligors which may, among other things, have an adverse impact on the ability of such parties to make payments or meet their other obligations to us, which could have an adverse impact on our results of operations and financial condition; (i) the risk that the borrowers under our loans or other investments default or that, to the extent we are able to foreclose or otherwise acquire the collateral securing our loans or other investments, we will be required to incur additional expense or indebtedness in connection therewith, that the assets will underperform expectations or that we may not be able to subsequently dispose of all or part of such assets on favorable terms; (j) our current and future amount of outstanding indebtedness, and our ability to access capital and to incur additional debt which is subject to our compliance with covenants in instruments governing our and our subsidiaries’ existing indebtedness; (k) risks related to the recognition of reserves, allowances, credit losses or impairment charges which are inherently uncertain and may increase or decrease in the future and may not represent or reflect the ultimate value of, or loss that we ultimately realize with respect to, the relevant assets, which could have an adverse impact on our results of operations and financial condition; (l) the risk that our leases or management agreement are not renewed or are renewed on less favorable terms, that our tenants or managers default under those agreements or that we are unable to replace tenants or managers on a timely basis or on favorable terms, if at all; (m) our ability to identify and consummate future investments in, or dispositions of, healthcare assets and effectively manage our portfolio opportunities and our investments in co-investment vehicles, joint ventures and minority interests, including our ability to dispose of such assets on favorable terms as a result of rights of first offer or rights of first refusal in favor of third parties; (n) risks related to development, redevelopment and construction projects, including costs associated with inflation, rising or elevated interest rates, labor conditions and supply chain pressures, and risks related to increased construction and development in markets in which our properties are located, including adverse effect on our future occupancy rates; (o) our ability to attract and retain talented employees; (p) the limitations and significant requirements imposed upon our business as a result of our status as a real estate investment trust (“REIT”) and the adverse consequences (including the possible loss of our status as a REIT) that would result if we are not able to comply with such requirements; (q) the ownership limits contained in our certificate of incorporation with respect to our capital stock in order to preserve our qualification as a REIT, which may delay, defer or prevent a change of control of our company; (r) the risk of changes in healthcare law or regulation or in tax laws, guidance and interpretations, particularly as applied to REITs, that could adversely affect us or our tenants, managers or borrowers; (s) increases in our borrowing costs as a result of becoming more leveraged, including in connection with acquisitions or other investment activity and rising or elevated interest rates; (t) our exposure to various operational risks, liabilities and claims from our operating assets; (u) our dependency on a limited number of tenants and managers for a significant portion of our revenues and operating income; (v) our exposure to particular risks due to our specific asset classes and operating markets, such as adverse changes affecting our specific asset classes and the real estate industry, the competitiveness or financial viability of hospitals on or near the campuses where our outpatient medical buildings are located, our relationships with universities, the level of expense and uncertainty of our research tenants, and the limitation of our uses of some properties we own that are subject to ground lease, air rights or other restrictive agreements; (w) the risk of damage to our reputation; (x) the availability, adequacy and pricing of insurance coverage provided by our policies and policies maintained by our tenants, managers or other counterparties; (y) the risk of exposure to unknown liabilities from our investments in properties or businesses; (z) the occurrence of cybersecurity threats and incidents that could disrupt our or our tenants’, managers’ or borrower’s operations, result in the loss of confidential or personal information or damage our business relationships and reputation; (aa) the failure to maintain effective internal controls, which could harm our business, results of operations and financial condition; (bb) the impact of merger, acquisition and investment activity in the healthcare industry or otherwise affecting our tenants, managers or borrowers; (cc) disruptions to the management and operations of our business and the uncertainties caused by activist investors; (dd) the risk of catastrophic or extreme weather and other natural events and the physical effects of climate change; (ee) the risk of potential dilution resulting from future sales or issuances of our equity securities; and (ff) the other factors set forth in our periodic filings with the SEC.
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Ventas, Inc.
BJ Grant
(877) 4-VENTAS
Source: Ventas, Inc.
FAQ
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