Ventas, Inc., (NYSE: VTR) announced a partnership with the Real Estate Executive Council’s (“REEC”) Diversity Initiative. As the “Founding Diversity Partner – Healthcare Real Estate,” Ventas will make a four-year, $100,000 commitment to support REEC’s mission to serve as a conduit for increasing diversity, equality and inclusivity throughout the commercial real estate (“CRE”) industry. Founded in 2003, REEC is the leading professional trade association formed to promote the interests of minority executives doing business in CRE.
“At Ventas, we are committed to driving lasting change on racial equity and inclusion in our company, our communities and our industry. It is now more important than ever that we take tangible steps and make significant progress towards these objectives,” said Debra A. Cafaro, Ventas Chairman and Chief Executive Officer. “We are excited by this opportunity to partner with REEC and its network of leaders to help build inclusive cultures, establish supportive organizational structures, facilitate equitable pay and find and retain diverse talent at all levels. A diverse company will deliver better outcomes for all stakeholders.”
“We are honored to have Ventas on board for this important initiative,” said Ken McIntyre, REEC Chief Executive Officer. “Our Diversity initiative is committed to building and expanding the platforms, programs and relationships needed to increase the participation of minorities and to support diverse talent throughout the CRE industry.”
Ventas, an S&P 500 company, operates at the intersection of two powerful and dynamic industries – healthcare and real estate. As one of the world’s foremost Real Estate Investment Trusts (REIT), we use the power of capital to unlock the value of real estate, partnering with leading care providers, developers, research and medical institutions, innovators and healthcare organizations whose success is buoyed by the demographic tailwind of an aging population. For more than twenty years, Ventas has followed a successful strategy that endures: combining a high-quality diversified portfolio of properties and capital sources to manage through cycles, working with industry leading partners, and a collaborative and experienced team focused on producing consistent growing cash flows and superior returns on a strong balance sheet, ultimately rewarding Ventas stakeholders. As of September 30, 2020, Ventas owned or managed through unconsolidated joint ventures approximately 1,200 properties.
Since its inception in 2003, the Real Estate Executive Council has grown to include over 130 members with varying backgrounds including many of the most senior executives of color throughout the nation, along with the rising stars in the commercial real estate industry with at least ten years of experience. Members are professionals with careers allied to investment, management, leasing, financing and property development. REEC programming includes networking events, roundtables and receptions across the country several times throughout the year, as well as specific programming like the Real Estate Exchange (“REEX”), a summer intensive program to introduce minority high school students to commercial real estate; a Mentorship Program partnering young professionals with executives; and a Board Readiness Development Series preparing executives for seats on public boards of directors. REEC also awards grants to local real estate organizations and has endowed a fellowship for minority scholars at the University of Pennsylvania/Wharton School. For more information, please visit www.reec.org