NEWPORT BEACH, Calif., April 16 /PRNewswire-FirstCall/ -- Nationwide Health Properties, Inc. today announced that Douglas M. Pasquale has succeeded R. Bruce Andrews as its President and Chief Executive Officer. Mr. Andrews will continue as a director.
Mr. Pasquale joined NHP in November 2003 as Executive Vice President, Chief Operating Officer and a director after having served as the President and Chief Executive Officer of Atria Senior Living Group. Atria was formed in April 2003 as a combination of ARV Assisted Living and Atria Retirement and Assisted Living, both customers of NHP. Mr. Pasquale had been ARV’s Chairman and CEO since 1999 after joining the company as President and Chief Operating Officer in 1998. Previously, Mr. Pasquale served as President and CEO (1996 to 1998) and as CFO (1994 to 1996) of Richfield Hospitality Services, Inc. and Regal Hotels International - North America, a leading hotel ownership and hotel management company. Earlier in his career, Mr. Pasquale had experience with a “Big 4" public accounting firm and a large regional investment banking firm.
Charles D. Miller, NHP’s Chairman, said: “The appointment of Doug as CEO today successfully completes the implementation of our succession plan for Bruce Andrews sooner than we had expected. Clearly, the fact that Bruce and Doug were able to work closely together over the past almost six months has permitted a very smooth transition.”
Mr. Andrews, who had served as NHP’s President and CEO since 1989, said: “Obviously while I look forward to continuing as a director, I will miss the ability to work directly with the talented NHP management team in achieving what looks like a very promising future. I really could not be more pleased with my successor. Doug’s senior housing background -- with a special emphasis in independent and assisted living operations -- coupled with the obvious leadership talents he displayed over the course of his career, let alone the last five months at NHP, provides the complete package that should enable NHP to achieve its strategic goals -- and then some.”
Mr. Pasquale said: “I am extremely grateful to Chuck, Bruce and the Board for giving me this opportunity. In my short tenure so far, I have become even more impressed with the management team that has been assembled and am very excited about pursuing new opportunities in the senior housing and long-term care industry.”
Nationwide Health Properties, Inc. is a real estate investment trust that invests in health care facilities. The Company and its joint venture have investments in 398 facilities in 38 states. For more information on Nationwide Health Properties, Inc., visit the Company’s website at http://www.nhp-reit.com/.
Certain information contained in this news release, especially that related to the proposed investment described above, 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. 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. All forward-looking statements included in this news release are based on information available to us on the date hereof. These statements speak only as of the date hereof, and we assume no obligation to update such forward-looking statements for any reason or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. These statements involve risks and uncertainties that could cause actual results to differ materially from those described in the statements. These risks and uncertainties include (without limitation) the following: failure to negotiate acceptable definitive documentation or consummate one or more of the expected closings due to the inability to obtain third party consents or otherwise; continued deterioration of the operating results or financial condition, including bankruptcies, of our tenants; occupancy levels at certain facilities; 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; the effect of economic and market conditions and changes in interest rates; the amount and yield of any additional investments; 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; changes in tax laws and regulations affecting real estate investment trusts; and the risk factors described in our annual report on Form 10-K filed with the SEC on March 9, 2004.
Nationwide Health Properties, Inc.
CONTACT: Douglas M. Pasquale, President & CEO, or Mark L. Desmond, ChiefFinancial Officer, or Donald D. Bradley, Senior Vice President, all ofNationwide Health Properties, Inc., +1-949-718-4400
Web site: http://www.nhp-reit.com/
