NEWPORT BEACH, Calif., March 11 /PRNewswire-FirstCall/ -- Nationwide Health Properties, Inc., announced today three executive promotions. The promotions include Donald D. Bradley to Executive Vice President and Chief Investment Officer, Abdo H. Khoury to Executive Vice President and Chief Financial and Portfolio Officer, and Derrick D. Pete to Vice President Corporate Development. The promotions are effective immediately.
"The promotions reflect the outstanding contributions of these individuals to NHP over the last several years as evidenced by our successes in our investment and diversification efforts, portfolio management activities and in strengthening our balance sheet and capital-raising flexibility," said Douglas M. Pasquale, NHP's President and Chief Executive Officer.
Donald D. Bradley joined NHP in March 2001 as Senior Vice President and General Counsel. Mr. Bradley added Chief Investment Officer to his responsibilities in early 2004. Since 2004, Mr. Bradley has directed our investments in over $2.5 billion of assets. In addition, Mr. Bradley led NHP's asset diversification initiative, adding medical office buildings to NHP's growing portfolio of assets through joint ventures and direct investments throughout the United States.
Abdo H. Khoury joined NHP in August 2004 as Senior Vice President and Chief Portfolio Officer. Mr. Khoury added Chief Financial Officer to his responsibilities in early 2005. Mr. Khoury's efforts have strengthened NHP's balance sheet and added tremendous flexibility to NHP's ability to raise capital by establishing a $975 million joint venture with a state pension fund advised by Morgan Stanley. Through strategic asset dispositions at attractive pricing, NHP has generated over $500 million in sale proceeds over the past few years.
Derrick D. Pete joined NHP in December 2004 and has played an instrumental role in the development of new strategic initiatives at NHP, participating in the advancement of our portfolio management analysis systems and NHP's medical office building diversification strategy. In his new role as Vice President Corporate Development, Mr. Pete will report to Douglas M. Pasquale and will be responsible for the evaluation and recommendation of new strategic initiatives for NHP, performing industry and competitor analysis, researching potential investment and business targets and developing business processes needed to support future strategic directions.
Nationwide Health Properties, Inc. is a real estate investment trust that invests in senior housing facilities, long-term care facilities and medical office buildings. The company has investments in 567 facilities in 43 states. For more information on Nationwide Health Properties, Inc., visit our website at http://www.nhp-reit.com/.
Certain information contained in this release includes forward-looking statements. Forward-looking statements include statements regarding our expectations, beliefs, intentions, plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements which are not statements of historical facts, including statements regarding the proposed transaction between NHP and PMB and the benefits of the proposed transaction. These statements may be identified, without limitation, by the use of forward-looking terminology such as "may," "will," "anticipates," "expects," "believes," "intends," "should" or comparable terms or the negative thereof. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those described in the statements. Risks and uncertainties associated with the PMB transaction include (without limitation) the following: delay or failure to obtain third party consents; the exclusion of certain properties (which may include properties described herein) from the transaction; uncertainty as to whether the transaction will be completed; the failure to achieve the perceived advantages from the transaction; larger than expected or unexpected costs associated with the transaction; unexpected liabilities resulting from the transaction; potential litigation associated with the transaction; and the retention of key personnel after the transaction. Other risks and uncertainties associated with our business, many of which will apply to the assets acquired in the PMB transaction, include (without limitation) the following: deterioration in the operating results or financial condition, including bankruptcies, of our tenants; non-payment or late payment of rent by our tenants; our reliance on two operators for a significant percentage of our revenues; occupancy levels at certain facilities; our level of indebtedness; changes in the ratings of our debt securities; access to the capital markets and the cost of capital; government regulations, including changes in the reimbursement levels under the Medicare and Medicaid programs; the general distress of the healthcare industry; increasing competition in our business sector; the effect of economic and market conditions and changes in interest rates; the amount and yield of any additional investments; our ability to meet acquisition goals; the ability of our operators to repay deferred rent or loans in future periods; the ability of our operators to obtain and maintain adequate liability and other insurance; our ability to attract new operators for certain facilities; our ability to sell certain facilities for their book value; our ability to retain key personnel; potential liability under environmental laws; the possibility that we could be required to repurchase some of our medium-term notes; the rights and influence of holders of our outstanding preferred stock; changes in or inadvertent violations of tax laws and regulations and other factors that can affect real estate investment trusts and our status as a real estate investment trust; and other factors discussed from time to time in our news releases, public statements and/or filings with the Securities and Exchange Commission, especially the "Risk Factors" sections of our Annual and Quarterly Reports on Forms 10-K and 10-Q. Forward-looking information is provided by NHP pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these factors. We disclaim any intent or obligation to update these forward-looking statements.
Abdo H. Khoury Chief Financial and Portfolio Officer (949) 718-4400
