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VTR · Ventas

50 filings

10-Q

VTR 10-Q Quarterly Reports

Ventas - 50 quarterly reports

Filing record · 2016–202610-K1110-Q348-K128

VTR filed 11 annual reports (10-K), 34 quarterly reports (10-Q) and 128 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Apr ’17Apr ’17
  2. Leadership change8-K · Oct ’19Oct ’19
  3. Leadership change8-K · Mar ’22Mar ’22
  4. Material agreement8-K · Jan ’26Jan ’26
  1. 2026-Q3

    Ventas Quarterly Report for Q3 Ended Sep 30, 2026

    Ventas, Inc. reported third-quarter 2026 total revenues of $1.83 billion, up from $1.49 billion in the third quarter of 2025, driven mainly by Resident fees and services of $1.45 billion, compared with $1.09 billion a year earlier. Net income attributable to common stockholders was $65.4 million for the quarter, versus $66.0 million in 2025, and $191.9 million for the nine months, versus $181.2 million. Total NOI rose to $723.5 million in the quarter from $614.9 million, a 17.7% increase as stated in the filing, with the SHOP segment contributing the largest gain. Normalized FFO attributable to common stockholders was $514.2 million for the quarter, compared with $414.9 million in 2025. Growth was funded largely by external capital. During the nine months, the company acquired 101 senior housing communities in its SHOP segment for an aggregate purchase price of $3.9 billion, and it settled equity forward sales agreements for net cash proceeds of $3.9 billion. Total assets grew to $30.6 billion at September 30, 2026, from $27.6 billion at December 31, 2025. Cash and cash equivalents declined to $202.0 million from $741.1 million, and the company reported $4.5 billion of liquidity, including approximately $3.5 billion of availability under its unsecured revolving credit facility. The filing also highlights a July 2026 reorganization into an UPREIT structure, real estate impairments of $49.7 million in the quarter and $110.0 million for the nine months, and a June 2026 amendment extending the Kindred long-term acute care master lease to April 30, 2039. Subsequent events include October 2026 acquisitions of 13 senior housing communities for $803.5 million, October 2026 dispositions for $135.8 million with an expected gain of $77.4 million, and the repayment of $450.0 million of 3.25% Senior Notes at maturity.

    Oct 28, 2026
  2. 2026-Q2

    Ventas Quarterly Report for Q2 Ended Jun 30, 2026

    Ventas, Inc. reported a strong second quarter of 2026, with total revenues of $1.73 billion for the three months ended June 30, 2026, up from $1.42 billion a year earlier, and net income attributable to common stockholders of $70.6 million, compared with $68.3 million in the prior-year quarter. Growth was driven by the SHOP segment: NOI rose to $403.5 million from $286.4 million, reflecting higher occupancy, revenue per occupied room, acquisitions and conversions of NNN communities to SHOP. For the six months ended June 30, 2026, total revenues were $3.39 billion and net income attributable to common stockholders was $126.5 million. Normalized FFO attributable to common stockholders was $483.7 million for the quarter and $939.3 million for the six months. The company expanded its portfolio and raised capital. It acquired 61 senior housing communities for an aggregate purchase price of $2.8 billion during the first half of 2026, and it issued common stock for net cash proceeds of $2.5 billion through equity forward sales under its ATM program. Total debt was $12.8 billion at June 30, 2026, down from $13.1 billion at December 31, 2025, after the cash settlement of $856.1 million of exchangeable notes and the repayment of $500.0 million of 4.125% senior notes. Liquidity was reported at $4.9 billion, including approximately $3.5 billion of availability under the unsecured revolving credit facility. The filing also discloses an internal reorganization completed in July 2026 into an UPREIT holding company structure, in which Ventas OP LLC became the sole direct subsidiary of Ventas, Inc. Management states that the reorganization did not change the company's consolidated financial condition or results. In June 2026, the company amended the Kindred master lease and originated a $300.0 million senior secured loan to Scion at an effective interest rate of 10.7%.

    Jul 30, 2026
  3. 2026-Q1

    Ventas Quarterly Report for Q1 Ended Mar 31, 2026

    Ventas, Inc. reported first-quarter 2026 net income attributable to common stockholders of $55.9 million, compared with $46.9 million in the first quarter of 2025. Total revenues rose to $1.66 billion from $1.36 billion, driven mainly by resident fees and services in the senior housing operating portfolio (SHOP), which increased to $1.29 billion from $968.9 million. Total NOI was $651.1 million versus $569.3 million, with SHOP NOI of $374.5 million up from $264.5 million, while NNN NOI declined to $120.2 million from $152.6 million, reflecting converted and disposed properties. Normalized FFO attributable to common stockholders was $455.6 million compared with $386.1 million, and the company notes it now excludes non-cash stock-based compensation from Normalized FFO, with prior periods recast. The balance sheet shows total assets of $27.69 billion and total debt (gross) of $12.61 billion, down from $13.10 billion at year-end 2025, following repayment of $500.0 million of 4.13% Senior Notes due 2026 and repayment of a $200 million term loan. The company amended its unsecured term loan to $700 million maturing January 2031 and established a $550 million undrawn delayed draw term loan. Cash and cash equivalents fell to $183.6 million from $741.1 million, while the company reported $5.5 billion of total liquidity as of March 31, 2026. Net cash provided by operating activities increased to $394.6 million from $321.1 million, and capital raising through common stock issuance was substantial, with 13.8 million shares of equity forward sales agreements entered into during the quarter. Subsequent to quarter end, in April 2026, Ventas acquired two senior housing communities for $59.0 million and, through a 75%-controlled subsidiary, 11 senior housing communities for $540.0 million. The company also entered into additional equity forward sales agreements for 2.5 million shares, bringing unsettled agreements to 19.6 million shares, or approximately $1.6 billion in gross proceeds.

    Apr 28, 2026
  4. 2025-Q3

    Ventas Quarterly Report for Q3 Ended Sep 30, 2025

    Ventas, Inc. (VTR) reported third-quarter 2025 results in its Form 10-Q filed October 30, 2025. Total revenues for the three months ended September 30, 2025 were $1.49 billion, up from $1.24 billion a year earlier, and net income attributable to common stockholders was $66.0 million, or $0.14 per basic share, versus $19.2 million, or $0.05, in the prior-year quarter. Total NOI rose to $614.9 million from $513.2 million, with the SHOP (senior housing operating portfolio) segment NOI reaching $302.3 million, up from $214.0 million, driven by higher occupancy, revenue per occupied room and acquisitions. Normalized FFO attributable to common stockholders was $406.2 million for the quarter, compared with $334.5 million a year earlier. For the nine months ended September 30, 2025, net income attributable to common stockholders was $181.2 million, and the company acquired 41 senior housing communities for an aggregate purchase price of $2.0 billion. Cash and cash equivalents fell to $188.6 million at September 30, 2025, from $897.9 million at December 31, 2024, while total senior notes payable and other debt decreased to $12.66 billion gross from $13.62 billion. The company funded growth in part through common stock issuance, with $2.1 billion of net cash proceeds from settled equity forward sales agreements during the nine months, and reported $4.1 billion of liquidity including $3.5 billion of availability under its unsecured revolving credit facility. The filing also notes ongoing repositioning activity: 14 Brookdale Conversion and Sale Communities were converted to the SHOP segment on October 1, 2025, and the company entered into additional equity forward sales agreements in October 2025 for 0.8 million shares, or approximately $56.7 million in gross proceeds. Management stated it believes liquidity is sufficient for the next 12 months, subject to the availability of external capital.

    Oct 30, 2025
  5. 2025-Q2

    Ventas Quarterly Report for Q2 Ended Jun 30, 2025

    Ventas, Inc. reported second-quarter 2025 results in its Form 10-Q for the period ended June 30, 2025. Total revenues for the three months ended June 30, 2025 were $1.42 billion, up from $1.20 billion a year earlier, and net income attributable to common stockholders was $68.3 million, or $0.15 per basic share, versus $19.4 million, or $0.05 per share, in the prior-year quarter. Total NOI rose to $588.1 million from $514.4 million, driven primarily by the SHOP segment, whose NOI was $286.4 million versus $214.2 million, with senior housing occupancy up to 86.5% from 83.8%. For the six months, net income attributable to common stockholders was $115.1 million and Normalized FFO attributable to common stockholders was $776.9 million, compared with $645.7 million a year earlier. The balance sheet strengthened through equity issuance and debt management. Cash and cash equivalents were $614.2 million at June 30, 2025, down from $897.9 million at year-end 2024, while senior notes payable and other debt declined to $13.06 billion from $13.52 billion. Net cash from operating activities was $796.5 million for the six months, compared with $602.3 million. Ventas reported $4.7 billion of liquidity as of June 30, 2025, including approximately $3.5 billion of availability under its unsecured revolving credit facility, which was increased from $2.75 billion in April 2025. The company also used its at-the-market program extensively, entering into forward sales agreements for 22.8 million shares for gross proceeds of $1.5 billion during the six months. The filing highlights continued portfolio growth in senior housing, with 23 communities acquired in the first half of 2025 for $961.5 million and five more acquired in July 2025 for $147.7 million. Management also disclosed that a tenant exercised an option to purchase 12 outpatient medical properties, and that the enacted H.R. 1 legislation contains provisions that may affect the company, its managers, tenants and borrowers. Gains on real estate dispositions and impairments of $34.9 million in the quarter were also recorded.

    Jul 31, 2025
  6. 2025-Q1

    Ventas Quarterly Report for Q1 Ended Mar 31, 2025

    Ventas, Inc. reported first-quarter 2025 net income attributable to common stockholders of $46.9 million, or $0.11 per basic share, compared with a net loss of $14.3 million in the first quarter of 2024. Total revenues rose to $1.36 billion from $1.20 billion, driven mainly by resident fees and services of $968.9 million, up from $813.3 million. Total NOI increased to $569.3 million from $503.9 million, with the SHOP segment contributing $264.5 million, up from $203.5 million, and Normalized FFO attributable to common stockholders was $376.7 million, compared with $316.6 million a year earlier. The balance sheet shows significant capital activity during the quarter. Cash and cash equivalents fell to $182.3 million from $897.9 million at December 31, 2024, as the company spent $767.3 million on net investment in real estate property, including the acquisition of 17 senior housing communities for an aggregate purchase price of $770.0 million. Senior notes payable and other debt declined to $12.70 billion from $13.52 billion after the repayment of $1.05 billion of 2025 senior notes. Common shares outstanding increased to 451.2 million from 437.1 million, reflecting the settlement of equity forward sales agreements that generated net cash proceeds of $876.7 million. Liquidity at March 31, 2025 was $2.9 billion, including $2.75 billion of availability under the unsecured revolving credit facility. In April 2025, the company amended that facility to increase borrowing capacity to $3.5 billion, and it entered into additional equity forward sales agreements for 2.4 million shares. The company also declared a $0.48 per share quarterly dividend.

    May 1, 2025
  7. 2024-Q3

    Ventas Quarterly Report for Q3 Ended Sep 30, 2024

    Ventas, Inc. reported third-quarter 2024 results for the three and nine months ended September 30, 2024. Net income attributable to common stockholders was $19.2 million for the quarter versus a $71.1 million loss a year earlier, and $24.3 million for the nine months versus $49.8 million in the prior-year period. Total revenues rose to $1.24 billion for the quarter from $1.15 billion, driven by resident fees and services of $845.5 million, while total NOI increased to $513.2 million from $489.1 million. The SHOP segment was the main driver, with NOI of $214.0 million for the quarter versus $180.7 million, reflecting higher occupancy and revenue per occupied room. Nine-month net income was reduced by a $7.8 million income tax expense tied to Canadian interest-deduction limits, $15.8 million in shareholder relations costs related to a proxy campaign, and $67.6 million of real estate impairments. The balance sheet strengthened on liquidity. Cash and cash equivalents rose to $1.10 billion from $508.8 million at December 31, 2023, and the company stated $4.0 billion of liquidity. Total senior notes and other debt was $13.77 billion principal at September 30, 2024. Ventas issued $550.0 million of 5.00% Senior Notes due 2035 and $500.0 million of 5.625% Senior Notes due 2034, repaid $800.0 million of 2024 maturities, and established a new $2.0 billion at-the-market equity program, with $1.9 billion remaining. Nine-month net cash from operating activities was $956.0 million, versus $840.8 million a year earlier. Portfolio activity was active. The company acquired 11 senior housing communities and five LTACs for $516.1 million during the nine months and agreed in October 2024 to acquire 25 senior housing communities for $923.0 million. It also disposed of 52 properties for $261.4 million in the nine months. Dividends of $0.45 per share were declared in each quarter of 2024, and the company stated its intent to pay dividends above 100% of taxable income for 2024.

    Oct 31, 2024
  8. 2024-Q2

    Ventas Quarterly Report for Q2 Ended Jun 30, 2024

    Ventas, Inc. (VTR) reported results for the quarter ended June 30, 2024 in this Form 10-Q filed August 2, 2024. Total revenues for the three months ended June 30, 2024 were $1.20 billion, up from $1.11 billion in the prior-year quarter, driven largely by resident fees and services of $817.6 million. Net income attributable to common stockholders was $19.4 million, or $0.05 per diluted share, compared with $103.5 million, or $0.26 per share, a year earlier. The decline reflected a $49.7 million gain on real estate dispositions offset by $44.9 million of real estate impairments, higher depreciation and amortization, a $7.8 million income tax expense tied to Canadian interest-limitation legislation, and the absence of a 2023 gain tied to a mezzanine loan equitization and a 2023 gain on Ardent ownership sale. Total NOI rose to $514.4 million for the quarter, up 6.9%, with the SHOP segment growing 20.7% on higher occupancy and revenue per occupied room. Normalized FFO attributable to common stockholders was $329.1 million for the quarter, compared with $302.3 million in the prior-year period, and $645.7 million for the six months versus $599.2 million. Management attributed the six-month increase to higher property NOI led by the SHOP segment, partially offset by higher interest expense. Liquidity totaled $3.3 billion as of June 30, 2024, including revolver availability and cash, with no commercial paper outstanding. During the first half the company issued $500 million of 5.625% senior notes due 2034 and C$650 million of 5.10% Series J notes due 2029, repaid $800 million of 2024 maturities and a C$500 million term loan, and sold 10.4 million shares under its at-the-market program for $499.4 million gross. The filing also flags tenant concentration and lease renewal items. The Kindred Group 2 lease (23 properties, roughly 5.3% of annualized NOI) expires April 30, 2025 without a renewal notice from Kindred, and the filing notes that trailing 12-month Kindred portfolio performance does not exceed its rent. The Brookdale lease expires December 31, 2025, and Brookdale may exercise a renewal option by November 30, 2024. Ventas holds 14.6 million Brookdale warrants with a fair value of $61.1 million.

    Aug 2, 2024
  9. 2024-Q1

    Ventas Quarterly Report for Q1 Ended Mar 31, 2024

    Ventas, Inc. (VTR) reported a net loss attributable to common stockholders of $14.31 million, or $(0.04) per diluted share, for the three months ended March 31, 2024, compared with net income of $17.52 million, or $0.04 per share, in the first quarter of 2023. Total revenues rose to $1.20 billion from $1.08 billion, driven by resident fees and services of $813.3 million (up from $705.0 million), while total NOI increased to $503.9 million from $465.9 million. The loss was driven mainly by a $15.7 million shareholder relations expense tied to proxy advisory costs for the 2024 annual meeting, along with higher interest expense of $149.9 million. Segment performance was led by the senior housing operating portfolio (SHOP), whose NOI rose to $203.5 million from $167.8 million on higher occupancy and revenue per occupied room. Same-store SHOP NOI grew 15.2%. Outpatient medical and research NOI increased to $145.6 million and triple-net leased NOI to $151.6 million. Normalized FFO attributable to common stockholders was $316.6 million, compared with $296.9 million a year earlier. Balance sheet and liquidity activity included the issuance of C$650.0 million of 5.10% Senior Notes due 2029, repayment of a C$500.0 million term loan, and a new $2.75 billion unsecured revolving credit facility entered in April 2024 that matures in April 2028. Cash and cash equivalents were $632.4 million at March 31, 2024, and the company reported $3.4 billion in total liquidity. The filing also discloses Kindred's Group 2 lease, covering 23 properties, expires April 30, 2025, with its renewal option extended to May 31, 2024, and Brookdale's lease expires December 31, 2025.

    May 2, 2024
  10. 2023-Q3

    Ventas Quarterly Report for Q3 Ended Sep 30, 2023

    Ventas, Inc. (VTR), a healthcare REIT, reported a net loss attributable to common stockholders of $71.1 million for the third quarter of 2023, compared with net income of $1.3 million in the third quarter of 2022, while the nine-month figure was net income of $49.8 million versus a net loss of $2.4 million a year earlier. Total revenues were $1.15 billion for the quarter and $3.33 billion for the nine months. Total NOI rose to $489.1 million for the quarter and $1.44 billion for the nine months, driven primarily by the SHOP segment, which reported resident fees and services of $754.4 million for the quarter. Normalized FFO attributable to common stockholders was $304.6 million for the quarter and $903.8 million for the nine months, against $911.4 million in the prior-year nine-month period, which included $54.2 million of HHS grants. The quarterly loss was driven by $72.7 million of real estate impairments recorded in the quarter, which primarily reflect changes in intent to hold or changes in future cash flows, and higher interest expense of $147.9 million for the quarter, up from $119.4 million. The weighted average effective interest rate rose to 4.33% from 3.72%. The company resolved its exposure to the Santerre Mezzanine Loan by taking ownership of the underlying properties in May 2023, recognizing a $29.1 million gain on foreclosure, and repaid the associated CHC Mortgage Loan in August 2023 after a June 2023 partial prepayment. Liquidity remained substantial, with over $3.1 billion available including undrawn revolver capacity and cash, and cash and cash equivalents of $433.9 million at September 30, 2023, up from $122.6 million at year-end 2022. Total debt was $13.48 billion, and the company issued $862.5 million of 3.75% Exchangeable Senior Notes due 2026 in June 2023. Operating cash flow was $840.8 million for the nine months, and the company paid $0.45 per share dividends in each of the first and second quarters, with the company stating it intends to pay dividends above 100% of taxable income for 2023.

    Nov 3, 2023
  11. 2023-Q2

    Ventas Quarterly Report for Q2 Ended Jun 30, 2023

    Ventas, Inc. (VTR), a healthcare REIT operating across the United States, Canada and the United Kingdom with approximately 1,400 properties as of June 30, 2023, reported net income attributable to common stockholders of $103.5 million ($0.26 per diluted share) for the three months ended June 30, 2023, compared with a net loss of $42.4 million in the prior-year quarter. Total revenues rose to $1.11 billion from $1.02 billion, driven by resident fees and services of $724.6 million in the SHOP segment. Net operating income was $481.1 million for the quarter versus $446.0 million a year earlier, and for the six months NOI was $946.9 million versus $919.0 million. Results were helped by non-recurring items, including a $29.1 million gain on foreclosure and $33.5 million gain on the partial sale of the Ardent interest, and by a $53.7 million increase in unrealized gains on stock warrants. The balance sheet and liquidity activity were significant in the period. Senior notes payable and other debt rose to $13.35 billion from $12.30 billion at year-end 2022, largely reflecting the issuance of $862.5 million of 3.75% Exchangeable Senior Notes due 2026 and the taking of ownership of the properties securing the Santerre Mezzanine Loan on May 1, 2023, which was converted to equity. The company reported approximately $2.7 billion in liquidity and a $974.4 million remaining ATM capacity as of June 30, 2023. Subsequent to quarter end, the company entered into a $426.8 million fixed rate mortgage loan and sold 1.8 million shares under its ATM program for $84.8 million gross proceeds in July 2023. Interest expense increased $29.3 million year over year in the quarter, primarily due to a higher effective interest rate of 4.18% versus 3.54%. The company declared dividends of $0.45 per share in each of the first and second quarters of 2023, and management stated that it expects to pay dividends exceeding 100% of 2023 taxable income after NOL usage.

    Aug 4, 2023
  12. 2023-Q1

    Ventas Quarterly Report for Q1 Ended Mar 31, 2023

    Ventas, Inc. reported a first-quarter 2023 net income attributable to common stockholders of $17.5 million ($0.04 per diluted share), compared with $38.7 million ($0.10 per share) in the first quarter of 2022. Total revenues rose to $1.08 billion from $1.02 billion, driven by resident fees and services of $705.0 million (up from $651.1 million), while total NOI declined to $465.9 million from $473.0 million. The filing attributes the NOI decline in the SHOP segment mainly to $34.0 million of HHS grants received in the prior-year period, with no such grants received in 2023. Normalized FFO attributable to common stockholders was $296.9 million, compared with $316.7 million a year earlier, and the filing notes that excluding HHS grants it increased. Balance sheet and liquidity: total assets were $23.99 billion and total debt (principal) was $12.41 billion at March 31, 2023. The company reported approximately $2.4 billion of liquidity, including $2.7 billion of undrawn capacity on its $2.75 billion unsecured revolving credit facility, and $425.0 million of commercial paper outstanding. Operating cash flow was $242.8 million, down from $274.6 million, and the weighted average effective interest rate rose to 4.04% from 3.49%. Subsequent events are significant: on May 1, 2023, Ventas took ownership of the Santerre Portfolio by converting the $486.1 million principal Santerre Mezzanine Loan to equity, subject to an existing approximately $1 billion non-recourse Santerre Senior Loan maturing June 9, 2023 (extension to June 2024 requested). In April 2023 the company issued C$600.0 million of 5.398% Senior Notes due 2028 and used the proceeds to repurchase C$613.7 million of 2024 notes. In May 2023 it sold about 24% of its Ardent ownership for about $50 million, with approximately $34 million of gain expected in the second quarter.

    May 9, 2023
  13. 2022-Q3

    Ventas Quarterly Report for Q3 Ended Sep 30, 2022

    Ventas, Inc. (VTR) reported its quarterly results for the period ended September 30, 2022 in this Form 10-Q filed November 4, 2022. For the three months ended September 30, 2022, total revenues were $1.04 billion versus $976.1 million a year earlier, and total NOI was $465.2 million versus $451.8 million. Net income attributable to common stockholders was $1.3 million ($0.00 per diluted share), compared with $60.7 million ($0.16 per diluted share) in the prior-year quarter; the decline was primarily driven by a $150.2 million lower gain on real estate dispositions and lower gains from 2021 property sales. Senior housing operating portfolio (SHOP) NOI rose to $168.6 million from $104.4 million, driven by acquisitions (including over 100 independent living communities acquired from New Senior in September 2021), occupancy gains, and $20.2 million of HHS Provider Relief grants. For the nine months ended September 30, 2022, total revenues were $3.08 billion and net loss attributable to common stockholders was $2.4 million, compared with net income of $89.9 million in the prior-year period. Net cash provided by operating activities was $852.9 million, up from $760.3 million. The company reported approximately $2.5 billion in liquidity, a $2.75 billion unsecured revolving credit facility with $31.1 million drawn, and $377.4 million of commercial paper outstanding. Total senior notes payable and other debt was $12.21 billion at carrying value, and in June 2022 Ventas Realty entered into a new $500.0 million unsecured term loan maturing in 2027. The filing states that the company continues to be affected by COVID-19 and its extended consequences, though it recognized no COVID-19 related charges in the nine-month period, and that the company is not able at this time to estimate the ultimate impact. Normalized FFO attributable to common stockholders was $305.8 million for the quarter and $911.4 million for the nine months, versus $280.0 million and $825.6 million a year earlier.

    Nov 4, 2022
  14. 2022-Q2

    Ventas Quarterly Report for Q2 Ended Jun 30, 2022

    Ventas, Inc. reported total revenues of $1.02 billion for the three months ended June 30, 2022, up from $919.2 million a year earlier, driven by resident fees and services in its senior housing operating portfolio (SHOP), which rose to $658.1 million from $536.0 million. Net loss attributable to common stockholders was $42.4 million for the quarter, compared with net income of $86.4 million in the second quarter of 2021. The filing attributes the swing mainly to a $61.1 million increase in unrealized loss on Brookdale Senior Living stock warrants, which had a fair value of $39.6 million at June 30, 2022, and to $13.1 million of transaction expenses and deal costs, which the company says were primarily related to stockholder relations matters. Normalized FFO attributable to common stockholders rose to $289.0 million for the quarter from $275.2 million, and total NOI rose to $446.0 million from $423.8 million. Property operations improved across the portfolio. Average unit occupancy in the 548 consolidated senior housing communities was 80.4% for the quarter, versus 77.4% a year earlier, and same-store SHOP occupancy was 83.7% versus 79.8%. Management cites acquisitions, including over 100 independent living communities from New Senior, along with higher occupancy and revenue per occupied room, partly offset by inflationary operating costs. Office operations NOI was roughly flat, and triple-net leased NOI declined on lease resolutions with smaller senior housing tenants affected by COVID-19. The company said it had approximately $2.5 billion of liquidity at June 30, 2022. On the balance sheet, total debt principal was $12.39 billion at June 30, 2022, and the company entered a new $500.0 million unsecured term loan maturing in 2027 to replace a $200.0 million loan due in 2023. The company paid a dividend of $0.45 per share in each of the first and second quarters of 2022, and it had $335.3 million of commercial paper outstanding. Management stated it was not able at this time to estimate the ultimate impact of COVID-19 on its business.

    Aug 5, 2022
  15. 2022-Q1

    Ventas Quarterly Report for Q1 Ended Mar 31, 2022

    Ventas, Inc. (VTR), an S&P 500 real estate investment trust operating at the intersection of healthcare and real estate, reported net income of $40.6 million for the three months ended March 31, 2022, compared with a net loss of $55.4 million in the prior-year quarter. Net income attributable to common stockholders was $38.7 million, or $0.10 per diluted share, versus a loss of $0.15 per share a year earlier. Total revenues rose to $1.02 billion from $910.3 million, driven primarily by resident fees and services in the senior living operations segment, which grew to $651.1 million from $528.7 million. Total segment NOI increased to $473.0 million from $422.7 million, with senior living operations NOI up 58.4% to $175.6 million. Normalized FFO attributable to common stockholders was $316.7 million, up from $270.5 million, which the company attributes to improved occupancy and revenue per occupied room at senior housing communities, acquisitions since the first quarter of 2021 (including over 100 independent living communities from New Senior), and higher HHS grants. The company received $34.0 million in Provider Relief Fund grants during the quarter. Triple-net leased segment NOI declined 4.8% to $147.6 million, reflecting properties transitioned to the senior housing portfolio or sold. Balance sheet and liquidity: total assets were $24.95 billion and total debt (gross senior notes payable and other debt) was $12.48 billion at March 31, 2022. The company acquired 18 MOBs leased to Ardent affiliates, a behavioral health center and a senior housing community for $349.2 million during the quarter, and cash flow from operations rose to $274.6 million from $237.6 million. The company declared a $0.45 per share dividend, and it had $2.7 billion of undrawn capacity on its $2.75 billion unsecured revolving credit facility. The company reported $12.0 million of costs related to stockholder relations matters within transaction expenses and deal costs.

    May 6, 2022
  16. 2021-Q3

    Ventas Quarterly Report for Q3 Ended Sep 30, 2021

    Ventas, Inc. (VTR) reported its Form 10-Q for the quarter ended September 30, 2021. For the nine months, total revenues were $2.81 billion versus $2.87 billion in the prior-year period, and net income attributable to common stockholders was $89.9 million, down from $328.7 million. Third-quarter net income attributable to common stockholders was $60.7 million, compared with $12.8 million a year earlier. Net cash provided by operating activities for the nine months was $760.3 million, down from $1.15 billion. Ventas also reported Normalized FFO attributable to common stockholders of $825.6 million for the nine months, versus $937.4 million a year earlier, and Adjusted EBITDA of $1.24 billion versus $1.34 billion. The filing attributes the decline principally to COVID-19's impact on the senior housing business, lower rental income from the Brookdale Senior Living lease, and dispositions. The balance sheet expanded during the period. Total assets rose to $25.04 billion from $23.93 billion at year-end 2020, largely reflecting the September 21, 2021 acquisition of New Senior Investment Group Inc. for a purchase price of $2.3 billion, funded with about 13.3 million shares, $482.5 million of assumed mortgage debt and $1.1 billion of cash. Total debt (senior notes payable and other debt) was $12.08 billion. Cash and cash equivalents fell to $143.8 million from $413.3 million. The company sold 33 properties for $497.3 million during the nine months and recognized gains of $194.1 million, and it recorded $173.0 million of real estate impairments. Management stated that the COVID-19 pandemic's future impact remains highly uncertain and that it recognized no COVID-19 related charges for the nine months ended September 30, 2021. The company noted it is transitioning 90 senior living communities from Eclipse Senior Living, with transitions expected by the end of 2021, and that Kindred's planned transactions with LifePoint may produce a fee for Ventas.

    Nov 5, 2021
  17. 2021-Q2

    Ventas Quarterly Report for Q2 Ended Jun 30, 2021

    Ventas, Inc. (VTR), a healthcare REIT operating across senior housing, life science, medical office and healthcare properties in the United States, Canada and the United Kingdom, reported net income attributable to common stockholders of $86.4 million ($0.23 per diluted share) for the three months ended June 30, 2021, compared with a loss of $157.2 million in the prior-year quarter. For the six months ended June 30, 2021, net income attributable to common stockholders was $29.2 million, versus $315.9 million in 2020, which had benefited from $227.5 million of gains on real estate dispositions. Total revenues for the quarter were $919.2 million, down from $943.2 million, and total segment NOI was $423.8 million versus $442.5 million. Management cited lower senior living occupancy (average unit occupancy of 77.4% versus 82.2%) as the main drag, partly offset by office segment growth. Normalized FFO attributable to common stockholders was $275.2 million for the quarter, compared with $288.3 million a year earlier. Liquidity remained substantial, with cash and cash equivalents of $233.8 million at June 30, 2021 and $2.5 billion of undrawn capacity on the New Credit Facility. Total indebtedness was approximately $11.8 billion. Ventas redeemed or announced make-whole redemptions of several senior notes, including $400.0 million due 2023 and $263.7 million due 2022, with expected third-quarter losses on extinguishment of debt of approximately $21 million and $8 million, respectively. The company also sold 5.1 million shares under its ATM program in July 2021 at $58.60 per share, leaving $440.6 million remaining capacity. Quarterly dividends were $0.45 per share. The most significant pending development is the June 28, 2021 merger agreement to acquire New Senior Investment Group Inc. in an all-stock transaction at 0.1561 Ventas shares per New Senior share, expected to close in the second half of 2021 subject to shareholder approval and other conditions. The filing notes that the transaction would increase Ventas' senior housing concentration, with approximately 45% of assets in senior housing currently expected to rise to about 48% after the acquisition, and would raise reliance on Atria as a manager.

    Aug 6, 2021
  18. 2021-Q1

    Ventas Quarterly Report for Q1 Ended Mar 31, 2021

    Ventas, Inc. reported a net loss attributable to common stockholders of $57.2 million, or $(0.15) per diluted share, for the three months ended March 31, 2021, compared with net income attributable to common stockholders of $473.1 million, or $1.26 per diluted share, in the first quarter of 2020. Total revenues were $910.3 million versus $1.01 billion a year earlier. The decline was driven primarily by lower senior living operations results, with resident fees and services of $528.7 million versus $576.8 million, and segment NOI of $422.7 million versus $525.5 million. The filing attributes the pressure mainly to COVID-19's impact on senior housing occupancy, which averaged 76.3% in the quarter versus 86.6% a year earlier. Depreciation and amortization rose to $314.1 million, including $78.5 million of real estate impairments, and the loss on extinguishment of debt was $27.1 million from the make-whole redemption of $400.0 million of 3.10% senior notes due 2023. The prior-year quarter included a $226.2 million gain on real estate dispositions and a $149.0 million income tax benefit, which did not recur. Liquidity remained substantial. Cash and cash equivalents were $169.7 million at March 31, 2021, and the company reported $2.7 billion of undrawn capacity on its New Credit Facility, which was amended in January 2021 to a $2.75 billion revolver priced at LIBOR plus 0.825%. Net cash provided by operating activities was $237.6 million, down from $314.5 million. Total debt was $11.85 billion at quarter end, and the company declared a dividend of $0.45 per common share. Normalized FFO attributable to common stockholders was $270.5 million, compared with $366.1 million in the prior-year quarter, and Adjusted EBITDA was $401.7 million versus $495.8 million. Management states it is not able at this time to estimate the continuing impact of COVID-19, though it notes emerging positive SHOP trends in the United States.

    May 7, 2021
  19. 2020-Q3-A

    Ventas Quarterly Report (Amendment) for Q3 Ended Sep 30, 2020

    Ventas, Inc. reported third-quarter 2020 results in this Form 10-Q, with total revenues of $918.9 million for the three months ended September 30, 2020, down from $983.2 million a year earlier, and net income attributable to common stockholders of $12.8 million, versus $85.3 million in the prior-year quarter. Segment NOI fell to $422.8 million from $520.4 million, driven by COVID-19 impacts on senior living occupancy and operating costs, the write-off of previously accrued straight-line rent, and the Holiday lease termination. Senior living occupancy was 79.8% at quarter-end versus 86.6% a year earlier. Normalized FFO attributable to common stockholders was $283.0 million for the quarter, compared with $360.6 million in the prior-year period. The balance sheet remained sizable, with total assets of $24.22 billion and total debt (senior notes payable and other debt) of $12.05 billion at September 30, 2020. Cash and cash equivalents rose to $588.3 million from $106.4 million at year-end 2019. The company stated that as of November 5, 2020 it had approximately $3.2 billion in liquidity, no commercial paper borrowings outstanding, and negligible near-term debt maturing. Management said it is not able at this time to estimate the full impact of COVID-19, which it said could be material. The quarterly dividend was reduced to $0.45 per share from $0.7925 in the first quarter, which management said conserves approximately $130 million of cash per quarter. The filing also details several portfolio transactions: formation of the Ventas Life Science and Healthcare Real Estate Fund in March 2020 (a $224.6 million gain on contributed properties), a revised Brookdale Senior Living lease in July 2020 with up-front consideration of approximately $235 million, and an October 2020 joint venture with GIC for four research and innovation development projects. The company also disclosed $74.5 million of rent adjustments and $129.5 million of real estate impairments for the nine months ended September 30, 2020.

    Nov 9, 2020
  20. 2020-Q3

    Ventas Quarterly Report for Q3 Ended Sep 30, 2020

    Ventas, Inc. (S&P 500, Chicago-based REIT) reported third-quarter 2020 results in its Form 10-Q filed November 6, 2020. Net income attributable to common stockholders was $12.8 million ($0.03 per diluted share) for the quarter, compared with $85.3 million in the third quarter of 2019, and $328.7 million for the nine months ended September 30, 2020, versus $421.6 million a year earlier. Total segment NOI fell to $422.8 million for the quarter from $520.4 million, driven by COVID-19 effects on senior living occupancy and operating costs, a write-off of previously accrued straight-line rent, and the Holiday lease transition. Normalized FFO attributable to common stockholders was $283.0 million for the quarter, down from $360.6 million. Management stated that the pandemic's ultimate effect could not be estimated but could be material. The balance sheet remained substantial, with total assets of $24.22 billion and total debt of $12.14 billion at September 30, 2020. Cash and cash equivalents rose to $588.3 million from $106.4 million at year-end 2019. As of November 5, 2020, the company reported approximately $3.2 billion in liquidity, no commercial paper outstanding, and negligible near-term debt maturing. The quarterly dividend was $0.45 per share, down from $0.7925 in the first quarter, a reduction the company said conserves approximately $130 million of cash per quarter compared with the prior dividend level. Key transactions in 2020 included the formation of the Ventas Life Science and Healthcare Real Estate Fund, in which Ventas holds a 21% interest, a revised Brookdale Senior Living lease providing up-front consideration of approximately $235 million, the termination of the Holiday lease, and a joint venture with GIC formed in October 2020. The company also disclosed $129.5 million of real estate impairments for the nine months ended September 30, 2020.

    Nov 6, 2020
  21. 2020-Q2

    Ventas Quarterly Report for Q2 Ended Jun 30, 2020

    Ventas, Inc. reported a net loss attributable to common stockholders of $157.2 million for the quarter ended June 30, 2020, compared with net income of $210.5 million in the second quarter of 2019. For the six months ended June 30, 2020, net income attributable to common stockholders was $315.9 million, versus $336.3 million a year earlier. Total revenues were $943.2 million for the quarter and $1.96 billion for the six months. The quarterly loss was driven by COVID-19 charges, including a $54.2 million adjustment to rental income, $108.8 million of real estate impairments, a $29.7 million allowance on loans and investments, and a $56.4 million deferred tax asset valuation allowance. Quarterly Adjusted EBITDA was $426.9 million and NOI was $442.5 million, while normalized FFO attributable to common stockholders was $288.3 million, down from $355.3 million a year earlier. The company's balance sheet and liquidity were strengthened during the period. Ventas drew $2.75 billion under its $3.0 billion revolver in March 2020 and has since repaid all borrowings under the facility. Cash and cash equivalents rose to $992.8 million at June 30, 2020, from $106.4 million at December 31, 2019. As of August 5, 2020, the company reported approximately $3.5 billion in liquidity with no commercial paper borrowings outstanding. The second-quarter 2020 dividend was set at $0.45 per share, a 43 percent reduction from the first-quarter dividend of $0.7925 per share, which the company said conserves about $130 million of cash per quarter. Management also reduced 2020 expected capital expenditures by $0.3 billion to $0.5 billion and eliminated over 25% of corporate positions. Portfolio actions included the formation of the Ventas Life Science and Healthcare Real Estate Fund, to which the company contributed six properties for $620 million in cash and a 21% interest, recognizing a gain of $224.6 million. The Holiday Lease was terminated in April 2020, yielding net income of $50.2 million, and a revised Brookdale Senior Living lease in July 2020 brought up-front consideration of approximately $235 million and base cash rent of $100 million per year. The company states that the ultimate impact of COVID-19 cannot yet be estimated but could be material.

    Aug 7, 2020
  22. 2020-Q1

    Ventas Quarterly Report for Q1 Ended Mar 31, 2020

    Ventas, Inc. (VTR) reported net income attributable to common stockholders of $473.1 million, or $1.26 diluted EPS from continuing operations, for the three months ended March 31, 2020, versus $125.8 million, or $0.35 per diluted share, a year earlier. The result was driven largely by a $226.2 million gain on real estate dispositions, primarily from contributing six properties to the newly formed Ventas Life Science and Healthcare Real Estate Fund, L.P., and a $149.0 million income tax benefit tied to an internal restructuring of certain US taxable REIT subsidiaries. Total revenues rose to $1.01 billion from $942.9 million, with resident fees and services up to $576.8 million from $521.4 million, while segment NOI increased 2.7% to $525.5 million. The filing is dominated by COVID-19 disclosures. Occupancy in the senior living portfolio trended lower in late March, operating costs rose materially, and these trends were expected to continue through at least May, affecting second-quarter revenue and NOI. Ventas collected substantially all triple-net healthcare rent in April and 96% of anticipated office rent, but it has provided rent deferrals to some senior housing tenants and says it cannot estimate the ultimate impact, which could be material. Liquidity was strengthened by drawing $2.75 billion on its $3.0 billion revolving credit facility, and the company reported approximately $3.2 billion in cash as of May 6, 2020, with negligible near-term debt maturing. Total debt rose to $14.26 billion from $12.25 billion at year-end 2019, and the company cut 2020 expected capital expenditures by $0.3 billion to $0.5 billion. Investors should weigh the reported earnings against the one-time nature of the gain and tax benefit, and against the pandemic's expected effect on second-quarter senior living results and tenant rent coverage. The company also disclosed a Holiday Retirement transaction effective April 1, 2020, which it expects to include a $50 million write-off of an accrued straight-line receivable.

    May 8, 2020
  23. 2019-Q3

    Ventas Quarterly Report for Q3 Ended Sep 30, 2019

    Ventas, Inc. (VTR) reported third-quarter 2019 results in this Form 10-Q, with total revenues of $983.2 million for the three months ended September 30, 2019, up from $936.5 million a year earlier, and net income attributable to common stockholders of $85.3 million, or $0.23 per diluted share, compared with $102.0 million in the prior-year quarter. For the nine months, net income attributable to common stockholders was $421.6 million, or $1.15 per diluted share, versus $347.2 million, helped by a $57.6 million reversal of valuation allowances on deferred tax assets of certain taxable REIT subsidiaries in the second quarter of 2019. Segment NOI for the quarter rose to $520.4 million from $495.2 million, driven by the office operations segment and the LGM Acquisition. The company's balance sheet grew substantially in 2019. Total assets were $24.80 billion at September 30, 2019, compared with $22.58 billion at December 31, 2018, and senior notes payable and other debt rose to $12.05 billion from $10.73 billion. Major transactions included the September 2019 acquisition of an 87% interest in 34 Canadian seniors housing communities valued at $1.8 billion through an equity partnership with Le Groupe Maurice, along with a June 2019 registered equity offering of 12.7 million shares at $62.75 per share. Normalized FFO attributable to common stockholders was $360.6 million for the three months ended September 30, 2019, compared with $354.8 million a year earlier. On the liquidity side, the company reported $148.1 million of unrestricted cash and cash equivalents and $1.7 billion of available liquidity under its unsecured revolving credit facility, after internal limits. The company established a $1.0 billion commercial paper program in January 2019 and issued several senior note series during the year, including $650.0 million of 3.00% notes due 2030 in August 2019. Dividends declared were $0.7925 per common share for the quarter.

    Oct 25, 2019
  24. 2019-Q2

    Ventas Quarterly Report for Q2 Ended Jun 30, 2019

    Ventas, Inc. (VTR) reported in its Form 10-Q for the quarter ended June 30, 2019 that total revenues for the three months rose to $950.7 million from $942.3 million a year earlier, and net income attributable to common stockholders was $210.5 million, or $0.58 per diluted share, versus $166.5 million in the prior-year quarter. The increase in net income was driven largely by a $57.6 million reversal of valuation allowances on deferred tax assets at certain taxable REIT subsidiaries, which produced a $57.8 million income tax benefit for the quarter. Segment NOI for the quarter was $505.1 million, down from $518.0 million, with the decline concentrated in the "all other" category, which fell due to lower interest income after the Ardent term loan was repaid in June 2018. The balance sheet grew to $22.99 billion in total assets from $22.58 billion at December 31, 2018, while senior notes payable and other debt declined to $10.26 billion from $10.73 billion. Management raised equity during the period, selling 12.7 million shares in a June 2019 registered offering at $62.75 per share and 1.6 million shares under its at-the-market program, and used proceeds to fund a bridge loan to Le Groupe Maurice (LGM) ahead of a pending acquisition of 31 Canadian seniors housing communities. Operating cash flow for the six months was $729.2 million, compared with $710.3 million a year earlier. Management also disclosed that $805.6 million of senior notes mature over the next 12 months. Key risks flagged in the filing include the financial health of major tenants and operators, principally Brookdale Senior Living, Ardent and Kindred, and the managers Atria, Sunrise and Eclipse Senior Living, along with exposure to interest-rate changes and the planned phase-out of LIBOR after 2021.

    Jul 26, 2019
  25. 2019-Q1

    Ventas Quarterly Report for Q1 Ended Mar 31, 2019

    Ventas, Inc. (VTR) reported its first-quarter 2019 results in this Form 10-Q, filed April 29, 2019. Total revenues for the three months ended March 31, 2019 were $942.9 million, roughly flat versus $943.7 million a year earlier. Net income attributable to common stockholders rose to $125.8 million, or $0.35 per diluted share, compared with $78.7 million, or $0.22, in the prior-year quarter. The improvement was driven largely by the absence of a $35.7 million impairment on an unconsolidated equity investment recorded in 2018, along with lower merger-related expenses and debt extinguishment losses. Segment NOI totaled $511.5 million, down from $521.0 million, with declines in all-other income from loans and investments and senior living operations partly offset by growth in triple-net leased and office operations. The balance sheet remained large, with total assets of $22.67 billion and total liabilities of $12.26 billion as of March 31, 2019. Senior notes payable and other debt was $10.69 billion net, and the company reported $82.5 million of unrestricted cash alongside $2.9 billion of available capacity under its unsecured revolving credit facility. In February 2019, Ventas Realty issued $400.0 million of 3.50% senior notes due 2024 and $300.0 million of 4.875% senior notes due 2049. The company also redeemed $258.8 million of 5.45% senior notes due 2043 in January and established a $1.0 billion commercial paper program, of which $195.0 million was outstanding at quarter end. Normalized FFO attributable to common stockholders was $356.1 million for the quarter, down from $375.920 million a year earlier, which the filing attributes principally to the dilutive effect of using 2018 disposition and loan repayment proceeds to reduce debt and fund development. Net cash provided by operating activities was $336.1 million, and the company sold 1.6 million shares under its at-the-market program for net proceeds of $98.5 million. The filing also adopted ASC 842 on January 1, 2019, recognizing $361.7 million of operating lease assets and $216.9 million of operating lease liabilities.

    Apr 29, 2019
  26. 2018-Q3

    Ventas Quarterly Report for Q3 Ended Sep 30, 2018

    Ventas, Inc. (VTR) reported results for the quarter ended September 30, 2018 in this Form 10-Q. Total revenues for the three months were $936.5 million, up from $899.9 million a year earlier, and net income attributable to common stockholders fell to $102.0 million from $614.0 million, mainly because the prior-year period included a $458.3 million gain on real estate dispositions. For the nine months, net income attributable to common stockholders was $347.2 million versus $963.9 million, and total revenues were $2.82 billion. Senior living operations grew substantially, with resident fees and services rising to $518.6 million for the quarter, partly reflecting the first-quarter 2018 transition of 75 private pay seniors housing communities from triple-net leases to senior living operations. Balance sheet and capital activity were the main focus during 2018. Total assets declined to $22.60 billion from $23.95 billion at December 31, 2017, and senior notes payable and other debt decreased to $10.48 billion from $11.28 billion. The company issued $650.0 million of 4.00% notes due 2028 in February and $750.0 million of 4.40% notes due 2029 in August, and redeemed or repaid several higher-coupon notes. A $900.0 million unsecured term loan replaced the prior 2020 term loan. Net cash provided by operating activities was $1.02 billion for the nine months, and dividends declared were $2.37 per share for the nine months. Ardent loan repayments of $713 million in June 2018 also contributed to lower loan balances. The filing also highlights tenant concentration and operator-dependence risks. Brookdale Senior Living, Ardent and Kindred are the three largest triple-net tenants, and Atria and Sunrise manage a large share of the senior living portfolio. In April 2018, Brookdale leases were consolidated into a master lease extended to December 31, 2025, which included a $21.3 million non-cash expense. The company also reported that the Kindred Go Private Transactions closed in July 2018, with a $12.3 million payment recognized in interest and other income.

    Oct 26, 2018
  27. 2018-Q2

    Ventas Quarterly Report for Q2 Ended Jun 30, 2018

    Ventas, Inc. (VTR) reported its second-quarter 2018 results in this Form 10-Q. For the three months ended June 30, 2018, total revenues were $942.3 million, up from $895.5 million a year earlier, and net income attributable to common stockholders was $166.5 million, or $0.46 per diluted share, compared with $151.8 million, or $0.42 per diluted share, in the prior-year quarter. For the six months, net income attributable to common stockholders was $245.2 million, or $0.68 per diluted share. Total segment NOI for the quarter was $518.0 million, roughly flat versus $528.9 million, as triple-net leased segment NOI fell on a $21.3 million non-cash lease expense tied to new Brookdale Senior Living lease agreements. Senior living operations and office operations NOI both increased. Balance sheet activity was significant. Total assets declined to $22.70 billion from $23.95 billion at December 31, 2017, driven largely by the repayment of $846.7 million of loans receivable, including the full repayment of a $700 million Ardent term loan in June 2018. Senior notes payable and other debt fell to $10.40 billion from $11.28 billion. The company issued $650.0 million of 4.00% senior notes due 2028, redeemed or repaid its 2018 and 2019 notes, and in July 2018 entered into a new $900.0 million unsecured term loan. Cash and cash equivalents were $93.7 million at June 30, 2018, and the company had $2.7 billion of unused capacity under its unsecured revolving credit facility. Investors should note several items that affected earnings and portfolio quality. The six-month results include a $35.7 million impairment on an unconsolidated joint venture consisting principally of skilled nursing facilities, which contributed to a loss from unconsolidated entities of $47.1 million for the period. Gains on real estate dispositions were $35.9 million for the six months. The company also disclosed that Kindred closed its go-private transaction in July 2018, and that its 25% interest in a joint venture was sold in July 2018 for $57.5 million.

    Jul 27, 2018
  28. 2018-Q1

    Ventas Quarterly Report for Q1 Ended Mar 31, 2018

    Ventas, Inc. reported first-quarter 2018 total revenues of $943.7 million, up from $883.4 million in the prior-year quarter, while net income attributable to common stockholders fell to $78.7 million from $198.1 million. The decline was driven mainly by a $35.7 million impairment on an equity-method joint venture of skilled nursing facilities, a $43.3 million gain on real estate dispositions recorded in the prior-year quarter that did not recur, and $17.3 million of merger-related expenses and deal costs tied largely to the transition of 76 seniors housing communities to Eclipse Senior Living. Normalized FFO attributable to common stockholders rose to $375.9 million from $368.1 million, and Adjusted EBITDA increased to $499.4 million from $484.8 million, per the filing's non-GAAP reconciliations. Resident fees and services grew to $514.8 million from $464.2 million, while triple-net rental income declined to $190.6 million from $209.3 million, reflecting the sale of 36 Kindred SNF properties in 2017 and the transition of the 76 communities out of triple-net leases. Total debt was $11.14 billion at March 31, 2018, with $794.4 million drawn on the $3.0 billion unsecured revolver and $650.0 million of 4.00% senior notes due 2028 issued in February 2018. The company redeemed $502.1 million of 4.00% notes due 2019 and repaid $700.0 million of 2.00% notes at maturity. Cash from operating activities was $308.0 million. Subsequent to quarter-end, on April 26, 2018, Ventas agreed with Brookdale Senior Living to consolidate its leases into one master lease, extend the term of substantially all Brookdale leased properties to December 31, 2025, and obtain a guarantee from Brookdale Senior Living Inc. The company anticipates a non-cash expense of $22 million in connection with these agreements.

    Apr 27, 2018
  29. 2017-Q3

    Ventas Quarterly Report for Q3 Ended Sep 30, 2017

    Ventas, Inc. (VTR) reported its 10-Q for the quarter ended September 30, 2017. Total revenues for the three months rose to $899.9 million from $867.1 million, and net income attributable to common stockholders was $614.0 million, driven primarily by a $458.0 million gain on the August 2017 sale of 22 SNFs (Ventas SNFs) operated by Kindred. For the nine months, net income attributable to common stockholders was $963.9 million, with total revenues of $2.68 billion. Segment NOI for the nine months was $1.57 billion, with office operations NOI up to $390.6 million from $314.2 million, while senior living operations NOI declined to $449.8 million from $457.7 million. Normalized FFO attributable to common stockholders was $372.9 million for the quarter and $1.12 billion for the nine months. The balance sheet expanded during 2017, with total assets of $23.74 billion at September 30, 2017, compared with $23.17 billion at December 31, 2016. Total senior notes payable and other debt was $11.42 billion, and the company held $85.1 million of unrestricted cash alongside $2.4 billion of unused revolving credit capacity. In April 2017, Ventas entered into a $3.0 billion unsecured revolving credit facility, and it repaid $300.0 million of 1.250% senior notes at maturity. Investments in loans receivable increased significantly, including a $700.0 million term loan to a subsidiary of Ardent Health Partners. The company disclosed ongoing concentration risk, with Atria and Sunrise managing a large share of its properties and Brookdale Senior Living, Ardent and Kindred as its largest triple-net tenants. The company expects to recognize a gain of approximately $78 million in the fourth quarter on the sale of an additional seven SNFs for $82.5 million after quarter-end. Adoption of ASC 606 is planned for January 1, 2018 under the modified retrospective method, with no significant impact expected other than a potential cumulative effect adjustment on $31.2 million of deferred gains.

    Oct 27, 2017
  30. 2017-Q2

    Ventas Quarterly Report for Q2 Ended Jun 30, 2017

    Ventas, Inc. reported second-quarter 2017 results in this Form 10-Q, with total revenues of $895.5 million for the three months ended June 30, 2017, up from $848.4 million a year earlier, and net income attributable to common stockholders of $151.8 million, compared with $143.2 million. For the six months, total revenues were $1.78 billion and net income attributable to common stockholders was $349.958 million. Normalized FFO attributable to common stockholders was $379.3 million for the quarter and $747.4 million for the six months, and Adjusted EBITDA was $504.9 million for the quarter. Segment NOI rose to $528.9 million for the quarter, driven by office operations, which grew 28.2% year over year, while senior living operations NOI declined 3.1%. The balance sheet grew over the period. Total assets were $23.86 billion at June 30, 2017, versus $23.17 billion at December 31, 2016. Senior notes payable and other debt rose to $11.91 billion from $11.13 billion, and cash fell to $103.4 million from $286.7 million. Investment activity was heavy: the company acquired 14 triple-net leased properties and one life science campus for $404.4 million, and it provided a $700.0 million term loan to a subsidiary of Ardent to fund its acquisition of LHP Hospital Group. Operating cash flow was $737.3 million for the six months, and the company paid dividends of $0.775 per share in the quarter. A significant forward-looking item is the pending Kindred transaction. Kindred agreed to acquire 36 skilled nursing facilities owned by Ventas for $700 million, or otherwise Ventas would renew those leases. The company expects to record a gain exceeding $600 million on the sale, with closings expected in phases beginning in the third quarter of 2017 and completed by year-end 2017, though the filing notes no assurance that closings will occur on that timetable.

    Jul 28, 2017
  31. 2017-Q1

    Ventas Quarterly Report for Q1 Ended Mar 31, 2017

    Ventas, Inc. (VTR) reported first-quarter 2017 results in this Form 10-Q, with total revenues of $883.4 million, up from $852.3 million in the prior-year quarter, and net income attributable to common stockholders of $198.1 million, compared with $149.0 million a year earlier. Diluted earnings per share were $0.55, versus $0.44. Segment NOI rose to $513.2 million from $492.5 million, driven mainly by the Office Operations segment, which increased to $130.2 million from $102.0 million on acquisitions and lease escalations. Normalized FFO attributable to common stockholders was $368.1 million, compared with $351.7 million in the prior-year period, and Adjusted EBITDA was $484.8 million versus $467.0 million. The balance sheet expanded considerably over the quarter. Total assets reached $23.92 billion at March 31, 2017, up from $23.17 billion at December 31, 2016, largely reflecting a $1.4 billion secured loans receivable and investments balance, including a $700 million term loan provided to a subsidiary of Ardent to fund its acquisition of LHP Hospital Group. Total debt rose to $12.02 billion from $11.19 billion, following the March 2017 issuance of $400.0 million of 3.100% senior notes due 2023 and $400.0 million of 3.850% senior notes due 2027. Cash and cash equivalents declined to $91.3 million from $286.7 million. Net cash provided by operating activities was $335.7 million, while net cash used in investing activities was $1.03 billion. Subsequent to quarter-end, on April 25, 2017, the company entered into a new unsecured credit facility comprising a $3.0 billion revolving credit facility priced at LIBOR plus 0.875%, replacing the prior $2.0 billion facility, with an accordion feature permitting expansion to $3.75 billion. The company acquired eleven triple-net leased seniors housing communities and one life science campus for an aggregate purchase price of $353.4 million during the quarter, and its quarterly dividend was $0.775 per share.

    Apr 28, 2017
  32. 2016-Q3

    Ventas Quarterly Report for Q3 Ended Sep 30, 2016

    Ventas, Inc. reported third-quarter 2016 results in its Form 10-Q for the period ended September 30, 2016. Net income attributable to common stockholders was $149.5 million, or $0.42 diluted per share, for the three months, compared with $22.9 million, or $0.07 per share, a year earlier. Total revenues were $867.1 million versus $827.6 million, and total segment NOI rose to $504.5 million from $473.3 million. For the nine months, net income attributable to common stockholders was $441.6 million ($1.28 diluted per share), and Normalized FFO attributable to common stockholders was $1.07 billion, compared with $1.15 billion in the prior-year period, which the filing attributes primarily to results from properties disposed of in the CCP Spin-Off. The most significant event in the quarter was the September 2016 acquisition of substantially all of the university-affiliated life science and innovation real estate assets of Wexford Science & Technology for total consideration of $1.5 billion, which added 23 operating properties, two development assets and nine future development sites. The company funded part of this with approximately $1.3 billion of net proceeds from common stock issuances during the nine months. Total assets grew to $23.43 billion from $22.26 billion at December 31, 2015, and total debt (senior notes payable and other debt) was $11.25 billion. Cash flow from operations was $1.00 billion for the nine months, roughly flat with the prior year, while investing outflows were $1.49 billion. The filing also discloses concentration and tenant risk: Brookdale Senior Living, Kindred and Ardent together generated notable shares of revenue, and Atria and Sunrise manage a large share of the senior living communities. Subsequent to quarter-end, the company committed to provide a $700 million secured loan to a subsidiary of Ardent to fund its acquisition of LHP Hospital Group, expected to close in the first quarter of 2017.

    Oct 28, 2016
  33. 2016-Q2

    Ventas Quarterly Report for Q2 Ended Jun 30, 2016

    Ventas, Inc. (VTR) reported results for the quarter ended June 30, 2016 in this Form 10-Q filed July 29, 2016. Total revenues for the three months ended June 30, 2016 were $848.4 million, up from $811.9 million a year earlier, and net income attributable to common stockholders was $143.2 million ($0.42 per diluted share), compared with $149.8 million ($0.45 per share) in the prior-year period. Normalized FFO attributable to common stockholders was $355.8 million for the quarter versus $394.3 million in 2015, and Adjusted EBITDA was $465.8 million versus $510.4 million. Total segment NOI rose to $494.5 million from $463.3 million, led by triple-net leased properties, whose segment NOI increased to $211.4 million from $183.1 million. Balance sheet activity centered on refinancing and capital raising. Total assets were $22.09 billion at June 30, 2016, and senior notes payable and other debt was $10.90 billion, down from $11.21 billion at December 31, 2015. During the period the company issued $400.0 million of 3.125% senior notes due 2023, redeemed $455.5 million of 1.55% senior notes due 2016, and sold 6,116,189 common shares under its at-the-market program for $378.1 million in net proceeds. In July 2016 it completed a public offering of 10,260,434 shares for $735.8 million in total proceeds, intended in part to fund its pending $1.5 billion acquisition of the real estate portfolio of Wexford Science & Technology, LLC, which the company expects to complete in the fourth quarter of 2016. Operating and tenant data show mixed trends. Senior living operations segment NOI rose to $156.4 million, and same-store senior living average unit occupancy was 90.2% in the quarter compared with 90.9% a year earlier. Brookdale Senior Living, Kindred and Ardent together accounted for a meaningful share of triple-net revenues, with Ardent newly contributing 3.1% of total revenues in the quarter. The filing also notes that net cash provided by operating activities for the six months fell to $656.5 million from $717.7 million, primarily reflecting the 2015 spin-off of Care Capital Properties, Inc. (CCP) and related items.

    Jul 29, 2016
  34. 2016-Q1

    Ventas Quarterly Report for Q1 Ended Mar 31, 2016

    Ventas, Inc. reported first-quarter 2016 net income of $149.0 million ($0.44 per diluted share), up from $120.8 million in the prior-year period, with total revenues of $852.3 million versus $805.6 million. Senior living operations (resident fees and services of $464.0 million) and triple-net leased rental income ($214.5 million) drove the top line. Interest expense rose to $103.3 million from $82.3 million, and Adjusted EBITDA was $461.5 million compared with $503.4 million a year earlier. Normalized FFO attributable to common stockholders was $351.7 million, down from $387.5 million, which the filing attributes primarily to a full quarter of results in 2015 from properties disposed of in the CCP Spin-Off. Balance sheet and capital activity were broadly steady. Total assets were $22.26 billion, essentially unchanged from December 31, 2015, and total debt (gross) was $11.31 billion. The company issued 2,621,729 shares under its at-the-market program for $149.9 million net, and has about $638.5 million of common stock remaining available for sale under that program. Cash flow from operations was $272.9 million, compared with $344.2 million in the prior-year quarter. The company made a $140.0 million secured mezzanine loan investment and sold two triple-net properties and one MOB for $54.5 million. The filing highlights tenant concentration and regulatory exposure. Brookdale Senior Living, Kindred and Ardent together accounted for a meaningful share of revenue and NOI, and the company described an April 2016 agreement with Kindred that re-allocates about $8 million of annual rent on seven LTACs, with those LTACs to be sold to a third party. The filing also notes proposed CMS rules for fiscal 2017 that would reduce LTAC payment rates by 6.9% while increasing hospital and SNF payments.

    Apr 29, 2016
  35. 2015-Q3

    Ventas Quarterly Report for Q3 Ended Sep 30, 2015

    Ventas, Inc. (VTR) reported its third-quarter 2015 results in this Form 10-Q for the period ended September 30, 2015. Total revenues for the three months rose to $827.6 million from $704.9 million, and net income attributable to common stockholders fell to $22.9 million from $109.1 million, with merger-related expenses and deal costs of $62.1 million and a $22.4 million loss from discontinued operations tied to the CCP Spin-Off. For the nine months, total revenues were $2.45 billion and net income attributable to common stockholders was $293.1 million, compared with $368.6 million a year earlier. The most significant event in the period was the August 17, 2015 spin-off of most of the company's post-acute/skilled nursing portfolio into Care Capital Properties, Inc. (CCP). The historical CCP results are presented as discontinued operations. Total assets were $22.41 billion at September 30, 2015, up from $21.17 billion at year-end 2014, driven by the January 2015 HCT acquisition and the August 2015 Ardent Health Services transaction. Goodwill rose to $1.05 billion from $364.0 million, and total senior notes payable and other debt was $11.27 billion. Operating results were supported by segment NOI of $473.3 million for the quarter, up from $393.5 million, and Adjusted EBITDA of $482.3 million, up from $440.1 million. Management reported normalized FFO attributable to common stockholders of $365.5 million for the quarter, compared with $332.8 million a year earlier. Dividends declared were $0.73 per share for the quarter and $2.31 per share for the nine months.

    Oct 26, 2015
  36. 2015-Q2

    Ventas Quarterly Report for Q2 Ended Jun 30, 2015

    Ventas, Inc. reported second-quarter 2015 results in this Form 10-Q for the period ended June 30, 2015. Total revenues for the three months ended June 30, 2015 were $891.3 million, up from $751.3 million a year earlier, and net income attributable to common stockholders was $149.8 million, or $0.45 per diluted share, versus $138.4 million, or $0.47 per diluted share, in the prior-year quarter. For the six months, total revenues were $1.78 billion and net income attributable to common stockholders was $270.3 million, or $0.82 per diluted share. Normalized FFO attributable to common stockholders was $394.3 million for the quarter and $781.9 million for the six months, and Adjusted EBITDA was $510.5 million for the quarter. The balance sheet expanded substantially with the January 2015 acquisition of American Realty Capital Healthcare Trust (HCT), which added 152 properties and was funded through about 28.4 million common shares, 1.1 million Class C units, approximately $11 million in cash and the assumption of $167 million of mortgage debt. Total assets rose to $24.28 billion at June 30, 2015 from $21.23 billion at December 31, 2014, and total senior notes payable and other debt rose to $11.51 billion. Goodwill and other intangibles grew, and the company reported $752.1 million of goodwill from 2015 acquisitions. Ventas also issued $1.1 billion of senior notes in January 2015 and, in July 2015, issued $500.0 million of 4.125% senior notes due 2026. Looking ahead, the filing describes a pending $1.75 billion cash acquisition of Ardent Medical Services, Inc. (Ardent Health Services), expected to close in the third quarter of 2015, and a planned spin-off of most of its post-acute/skilled nursing facility portfolio into Care Capital Properties, Inc., expected in August 2015. The filing also notes that Brookdale Senior Living and Kindred Healthcare are the two largest tenants, and that Atria and Sunrise manage a significant share of seniors housing communities, which the company identifies as concentration and Material Adverse Effect risks.

    Jul 27, 2015
  37. 2015-Q1

    Ventas Quarterly Report for Q1 Ended Mar 31, 2015

    Ventas, Inc. reported first-quarter 2015 total revenues of $884.0 million, up from $741.5 million in the prior-year quarter, and net income attributable to common stockholders of $120.4 million, or $0.37 per diluted share, compared with $121.0 million, or $0.41, a year earlier. Results were driven by acquisitions, most notably the January 2015 acquisition of American Realty Capital Healthcare Trust (HCT), which added 152 properties. Senior living operations revenue rose to $446.9 million from $371.1 million, and Adjusted EBITDA was $503.2 million versus $421.8 million. Merger-related expenses and deal costs increased to $35.2 million from $10.8 million, which weighed on net income. Total assets grew to $24.44 billion from $21.23 billion at December 31, 2014, and total debt was $11.58 billion at March 31, 2015. The balance sheet expanded significantly during the quarter, with net cash used in investing activities of $908.5 million, including $1.07 billion of net investment in real estate. The company funded this growth through $1.1 billion of senior notes issued in January 2015, $285.4 million of net proceeds from its at-the-market equity program, and $634.4 million of senior notes maturing over the next twelve months to be addressed. Cash flow from operations was $344.2 million, compared with $284.4 million in the prior year. Quarterly dividends were $0.79 per share, a 9% increase over the prior year's $0.725. Looking ahead, Ventas announced two significant transactions in April 2015: a plan to spin off most of its post-acute/skilled nursing facility portfolio of 353 properties into a separate publicly traded REIT, expected in the second half of 2015, and a definitive agreement to acquire Ardent Health Services for $1.75 billion in cash, expected to close mid-year 2015. Investors should weigh the growth from acquisitions against higher interest expense, rising merger and deal costs, and the execution risks of these pending transactions.

    Apr 24, 2015
  38. 2014-Q3

    Ventas Quarterly Report for Q3 Ended Sep 30, 2014

    Ventas, Inc. (VTR) reported its third-quarter 2014 results in this Form 10-Q for the period ended September 30, 2014. Net income attributable to common stockholders was $109.1 million for the three months ended September 30, 2014, compared with $118.3 million a year earlier, and $368.6 million for the nine months, compared with $345.1 million. Diluted EPS was $0.37 for the quarter versus $0.40 in the prior-year quarter, and $1.24 for the nine months versus $1.17. Total revenues rose to $779.0 million for the quarter from $711.2 million, and to $2.27 billion for the nine months from $2.08 billion. Senior living resident fees and services and triple-net rental income drove the growth, alongside 2014 acquisitions, most notably the August 2014 Holiday Canada Acquisition of 29 independent living communities for CAD 957 million. Balance sheet and financing activity grew substantially. Total assets were $20.65 billion at September 30, 2014, up from $19.73 billion at year-end 2013, and senior notes payable and other debt rose to $10.47 billion from $9.36 billion. The company issued $700 million of U.S. senior notes in April 2014 and CAD 650 million of Canadian senior notes in September 2014, and it used the proceeds to repay a CAD 791 million unsecured term loan. Net cash provided by operating activities was $919.97 million for the nine months, and cash used in investing activities was $1.24 billion, largely for real estate investments. Dividends declared were $0.725 per share in the quarter, and $2.175 for the nine months. The filing also flags several risks and pending matters. Ventas has a pending acquisition of American Realty Capital Healthcare Trust, Inc. (HCT) valued at approximately $2.9 billion, expected to close late in the fourth quarter of 2014, with 13 putative class actions filed against the transaction. Kindred Healthcare has not renewed leases on five skilled nursing facilities, which Ventas expects to transition or sell by year-end 2014. The filing also discloses that Ernst & Young LLP was determined not to be independent due to an inappropriate personal relationship with a Ventas-related individual, and that the company has contacted the SEC about the matter.

    Oct 24, 2014
  39. 2014-Q1-A

    Ventas Quarterly Report (Amendment) for Q1 Ended Mar 31, 2014

    Ventas, Inc. filed this Quarterly Report on Form 10-Q for the quarter ended March 31, 2014, with unaudited consolidated financial statements. For the three months ended March 31, 2014, total revenues were $741.47 million, up from $682.91 million in the prior-year period. Net income was $121.27 million, compared with $113.10 million, and net income attributable to common stockholders was $121.05 million, or $0.41 per diluted share, versus $0.38 a year earlier. Dividends declared were $0.725 per common share, compared with $0.67. Senior living resident fees and services of $371.06 million were the largest revenue line, followed by triple-net leased rental income of $237.85 million and medical office building rental income of $115.22 million. Total assets were $19.70 billion at March 31, 2014, and senior notes payable and other debt were $9.48 billion, against total equity of $8.81 billion. Cash and cash equivalents fell to $59.79 million from $94.82 million at year-end 2013. Net cash provided by operating activities was $284.42 million, versus $230.31 million, while net cash used in investing activities was $218.35 million, including $181.87 million of net investment in real estate property. The filing also discloses a re-audit of the December 31, 2013 balance sheet. Ernst & Young was terminated as auditor effective July 5, 2014, because it was determined not to be independent, and KPMG LLP re-audited the 2013 figures, as reflected in a Form 10-K/A filed September 4, 2014. The filing highlights concentration risk: Brookdale Senior Living and Kindred together represent significant shares of triple-net revenue and NOI, and the Kindred leases for 60 non-renewed skilled nursing and related assets expire September 30, 2014. Subsequent to quarter end, the company issued $300.0 million of 1.250% senior notes due 2017 and $400.0 million of 3.750% senior notes due 2024 in April 2014, using part of the proceeds to repay substantially all borrowings under its unsecured revolving credit facility.

    Sep 4, 2014
  40. 2014-Q2

    Ventas Quarterly Report for Q2 Ended Jun 30, 2014

    Ventas, Inc. reported second-quarter 2014 total revenues of $751.3 million, up from $684.1 million in the prior-year quarter, and net income attributable to common stockholders of $138.4 million, or $0.47 per diluted share, compared with $114.6 million, or $0.39, a year earlier. Segment NOI rose to $460.7 million from $412.2 million, led by the triple-net leased properties segment ($243.9 million) and senior living operations ($125.0 million). Adjusted EBITDA was $433.5 million versus $390.6 million, and normalized FFO was $331.6 million versus $298.4 million. Dividends declared were $0.725 per share for the quarter, and total assets were $19.79 billion at June 30, 2014. The filing also discloses a significant governance and reporting event: on July 3, 2014, Ernst & Young notified the company that it was not independent due to an inappropriate personal relationship between an EY partner and an individual in a financial reporting oversight role at Ventas. EY withdrew its audit reports for fiscal 2012 and 2013 and said its quarterly review of the March 31, 2014 quarter should no longer be relied upon. The company terminated EY on July 5, 2014 and engaged KPMG LLP, which will re-audit 2012 and 2013 and re-review the first quarter of 2014. The company plans to amend prior 10-K and 10-Q filings once that work is complete, and it has voluntarily contacted the SEC about the matter. The company also has two pending transactions: the acquisition of American Realty Capital Healthcare Trust, Inc. (HCT) for approximately $2.9 billion, funded through stock valued at $67.13 per share (aggregate consideration of $1.8 billion to $2.0 billion), debt assumption and cash, and the acquisition of 29 Canadian independent living communities from Holiday Retirement for CAD 957 million. Thirteen putative class actions have been filed by HCT stockholders challenging the HCT transaction, which the company believes lack merit.

    Aug 11, 2014
  41. 2014-Q1

    Ventas Quarterly Report for Q1 Ended Mar 31, 2014

    Ventas, Inc. (VTR) reported first-quarter 2014 total revenues of $741.5 million, up from $682.9 million in the prior-year quarter, and net income attributable to common stockholders of $121.0 million, or $0.41 per diluted share, compared with $112.2 million, or $0.38, a year earlier. Senior living operations revenue rose to $371.1 million from $339.2 million, and triple-net leased properties segment NOI increased to $239.0 million from $213.6 million. Normalized FFO was $323.4 million versus $301.6 million, and Adjusted EBITDA was $421.8 million versus $391.5 million. Dividends declared per common share were $0.725, up from $0.67. The balance sheet shows total assets of $19.70 billion and total liabilities of $10.73 billion at March 31, 2014. Senior notes payable and other debt was $9.48 billion, up from $9.36 billion at year-end 2013, driven largely by a $181.8 million net increase in revolving credit borrowings. Cash and cash equivalents declined to $59.8 million from $94.8 million. Operating cash flow was $284.4 million, while investing activities used $218.4 million, including $181.9 million of net investment in real estate. Subsequent to quarter-end, Ventas issued $300.0 million of 1.250% senior notes due 2017 and $400.0 million of 3.750% senior notes due 2024 in April 2014 and used proceeds to repay substantially all borrowings under its unsecured revolving credit facility. The filing also highlights customer concentration: Kindred and Brookdale Senior Living contributed 7.4% and 5.5% of total revenues, respectively, in the quarter, and the Kindred lease extension for 48 assets is set to step up annual rent to $95.9 million beginning October 1, 2014.

    Apr 29, 2014
  42. 2013-Q3

    Ventas Quarterly Report for Q3 Ended Sep 30, 2013

    Ventas, Inc. reported its third-quarter 2013 results in this Form 10-Q for the period ended September 30, 2013. For the three months ended September 30, 2013, total revenues were $712.4 million, up from $638.7 million a year earlier, and net income attributable to common stockholders was $118.3 million, or $0.40 per diluted share, compared with $111.9 million, or $0.38 per share, in the prior-year period. For the nine months, total revenues were $2.08 billion and net income attributable to common stockholders was $345.1 million, or $1.17 per diluted share. Normalized funds from operations (FFO) for the quarter was $307.2 million, and Adjusted EBITDA was $400.3 million, per the filing's non-GAAP reconciliations. Balance sheet growth was driven by acquisitions and debt funding. Total assets rose to $19.88 billion at September 30, 2013 from $18.98 billion at December 31, 2012, while senior notes payable and other debt increased to $9.41 billion. During the nine months, the company invested roughly $1.8 billion in 56 seniors housing communities and 13 MOBs, and issued $1.6 billion of senior notes at a weighted average interest rate of 3.3%. Dividends declared were $0.67 per quarter, an 8% increase over the prior year. Key risk items include concentration in tenants Brookdale Senior Living and Kindred, which the filing says accounted for 5.5% and 7.6% of third-quarter revenues, respectively. In September 2013 Kindred agreed to extend leases on 48 of 108 licensed assets, while 60 skilled nursing facilities were marked for re-leasing or repositioning, with the lease term accelerated to September 30, 2014. The company also noted that CMS final Medicare rules for long-term acute care hospitals and skilled nursing facilities could affect operators.

    Oct 25, 2013
  43. 2013-Q2

    Ventas Quarterly Report for Q2 Ended Jun 30, 2013

    Ventas, Inc. reported second-quarter 2013 total revenues of $685.8 million, up from $612.0 million in the prior-year quarter, and net income attributable to common stockholders of $114.6 million, or $0.39 per diluted share, compared with $74.0 million, or $0.25 per diluted share, a year earlier. Senior living operations revenue of $341.6 million and triple-net leased properties segment NOI of $215.4 million were the largest contributors, while MOB operations segment NOI rose to $73.0 million from $61.2 million. Results for the six months ended June 30, 2013 showed net income attributable to common stockholders of $226.8 million, or $0.77 per diluted share. The balance sheet shows total assets of $18.80 billion and total debt of $8.36 billion in gross principal at June 30, 2013, with $62.4 million of unrestricted cash and $1.73 billion of unused capacity under the unsecured revolving credit facility. During the six months, the company issued $500.0 million of 2.700% senior notes due 2020 and $258.8 million of 5.45% senior notes due 2043, and it established a $750 million at-the-market equity program under which it sold shares for $82.4 million of net proceeds. Dividends declared were $0.67 per share for the quarter and $1.34 per share for the six months. The filing also flags concentration risk: Atria, Sunrise, Brookdale Senior Living and Kindred managed or operated approximately 19.0%, 14.6%, 10.3% and 3.5%, respectively, of real estate investments by gross book value. Kindred and Brookdale Senior Living together accounted for a meaningful share of triple-net revenue, and the filing notes proposed Medicare reimbursement rule changes for long-term acute care hospitals and skilled nursing facilities that management is still analyzing.

    Jul 26, 2013
  44. 2013-Q1

    Ventas Quarterly Report for Q1 Ended Mar 31, 2013

    Ventas, Inc. reported first-quarter 2013 total revenues of $684.9 million, up from $566.4 million in the first quarter of 2012, and net income attributable to common stockholders of $112.2 million, or $0.38 per diluted share, compared with $90.6 million, or $0.31 per diluted share, a year earlier. Results were driven by senior living operations (resident fees and services of $339.2 million versus $285.2 million), MOB operations rental income ($111.1 million versus $64.0 million), and triple-net leased rental income ($213.8 million versus $203.6 million). Total segment NOI rose to $414.7 million from $347.6 million. Normalized FFO was $301.6 million compared with $263.9 million in the prior-year quarter, and the company declared a first-quarter dividend of $0.67 per share, up from $0.62. Balance sheet activity centered on refinancing and liquidity. In March 2013 Ventas issued $500.0 million of 2.700% senior notes due 2020 and $258.8 million of 5.45% senior notes due 2043, and repaid $269.9 million of 6.25% senior notes due 2013 in February. Revolving credit borrowings fell to $164.7 million at March 31, 2013, leaving $1.83 billion of available capacity. Total assets were $18.71 billion and total liabilities $9.53 billion, with senior notes payable and other debt of $8.30 billion. The company also established a $750 million at-the-market equity program, under which it had sold 72,300 shares for $5.1 million net by quarter-end. Cash flow from operations was $230.3 million in the quarter, compared with $245.0 million in the prior year, which management attributed primarily to working capital changes. Net cash from investing activities was $59.5 million, supported by $146.4 million of loan proceeds, while financing activities used $299.9 million. Cash and cash equivalents ended the quarter at $57.7 million. The filing notes continued dependence on Kindred and Brookdale Senior Living for triple-net lease revenue, with Kindred representing 9.3% and Brookdale Senior Living 5.8% of total revenues for the quarter.

    Apr 26, 2013
  45. 2012-Q3

    Ventas Quarterly Report for Q3 Ended Sep 30, 2012

    Ventas, Inc. reported third-quarter 2012 total revenues of $641.95 million, up from $555.38 million in the third quarter of 2011, and net income attributable to common stockholders of $111.88 million, or $0.38 per basic share, versus $102.89 million, or $0.36 per share, a year earlier. For the nine months ended September 30, 2012, total revenues were $1.83 billion and net income attributable to common stockholders was $276.53 million, or $0.95 per basic share. Segment NOI for the quarter was $387.13 million, and Adjusted EBITDA was $369.31 million, compared with $333.37 million a year earlier. The company cited the NHP, ASLG and Cogdell acquisitions, the May 2012 purchase of sixteen Sunrise-managed communities for about $362 million, and the August 2012 acquisition of controlling interests in 36 MOBs for approximately $350.0 million as drivers of growth in its MOB and senior living segments. Balance sheet activity was driven by financing. Senior notes payable and other debt rose to $7.49 billion at September 30, 2012 from $6.43 billion at December 31, 2011, reflecting new issuances of 4.25% notes due 2022, 4.00% notes due 2019, and 3.25% notes due 2022, along with redemptions of higher-coupon notes. Total Ventas stockholders' equity was $9.36 billion. Nine-month operating cash flow was $709.3 million, and cash used in investing activities was $1.21 billion. Management reported that 22.3% of consolidated debt was variable rate and that $1.29 billion of unused borrowing capacity remained under the unsecured revolving credit facility. The filing highlights concentration and tenant risk. Kindred and Brookdale Senior Living accounted for 10.2% and 6.5% of third-quarter revenues, respectively, and the Kindred leases covering 89 properties expire on April 30, 2013, with annual rent of $126 million, of which Kindred has renewed or newly leased 35 properties worth $75 million in annual rent. Management described the remaining 54 properties as the subject of a re-leasing effort.

    Oct 26, 2012
  46. 2012-Q2

    Ventas Quarterly Report for Q2 Ended Jun 30, 2012

    Ventas, Inc. reported total revenues of $616.4 million for the three months ended June 30, 2012, up from $359.5 million in the same period of 2011, and net income attributable to common stockholders of $74.0 million, or $0.25 per diluted share, versus $19.7 million, or $0.11 per diluted share, a year earlier. For the six months ended June 30, 2012, total revenues were $1.19 billion and net income attributable to common stockholders was $164.7 million, or $0.56 per diluted share. Growth was driven largely by the NHP acquisition completed in July 2011, the ASLG acquisition in May 2011, and the Cogdell Spencer acquisition completed on April 2, 2012, which the filing describes as an all-cash transaction with an investment of approximately $760 million including share of debt. Segment NOI for the quarter was $375.2 million, compared with $207.3 million a year earlier, with the triple-net leased properties segment contributing $209.0 million. The balance sheet expanded to total assets of $18.22 billion at June 30, 2012, from $17.27 billion at December 31, 2011, while senior notes payable and other debt rose to $7.20 billion from $6.43 billion. During the first half of 2012 the company issued $600.0 million of 4.25% senior notes due 2022 and $600.0 million of 4.00% senior notes due 2019, redeemed its 6 1/2% senior notes due 2016 and 6 3/4% senior notes due 2017, and completed a June 2012 common stock offering of 5,980,000 shares for $342.5 million in proceeds. Dividends declared were $0.62 per share for the quarter. Management disclosed that Kindred has renewed or entered into new leases on certain properties with lease expirations on April 30, 2013, and that the company is marketing the remaining 54 properties whose current annual rent is $57 million. The filing also highlights risk factors for investors. Kindred and Brookdale Senior Living together accounted for 10.5% and 6.7% of total revenues for the quarter respectively, and the company notes it depends on these tenants' ability to meet their obligations. As of June 30, 2012, 18.4% of consolidated debt was variable rate debt, and the company disclosed a valuation allowance of $15.1 million recorded against certain deferred tax assets in the six-month period.

    Jul 27, 2012
  47. 2012-Q1

    Ventas Quarterly Report for Q1 Ended Mar 31, 2012

    Ventas, Inc. reported first-quarter 2012 total revenues of $573.7 million, up from $268.4 million in the first quarter of 2011, driven largely by the NHP and ASLG acquisitions. Resident fees and services rose to $285.8 million from $114.5 million, and triple-net leased rental income reached $209.5 million versus $116.6 million. Net income attributable to common stockholders was $90.6 million, or $0.31 per diluted share, compared with $49.0 million, or $0.30 per diluted share, a year earlier. The quarter's net income was boosted by a $40.2 million gain on the sale of nine seniors housing communities, which was reported within discontinued operations. Income from continuing operations was $47.8 million, down from $48.3 million. Balance sheet and financing activity were significant during the quarter. Total assets were $17.19 billion at March 31, 2012, and senior notes payable and other debt was $6.43 billion. Ventas issued $600.0 million of 4.25% senior notes due 2022 in February and redeemed its $200.0 million 6.5% notes due 2016, recognizing a $29.7 million loss on extinguishment of debt. Subsequent events include an April 2012 $600.0 million 4.00% senior notes offering, a planned redemption of $225.0 million of 6.75% notes due 2017, the April 2 acquisition of Cogdell Spencer Inc. for an investment of approximately $760 million, and a pending $362 million acquisition of sixteen Sunrise-managed seniors housing communities. Operating cash flow was $245.0 million for the quarter, compared with $130.8 million a year earlier. Investors should note the company's reliance on a few tenants and operators: Kindred and Brookdale Senior Living accounted for 11.1% and 7.4% of total revenues, respectively, in the first quarter of 2012, and the filing states that the Kindred Master Lease renewal groups covering 64 properties and $77 million of annual base rent expire April 30, 2013 unless renewed.

    Apr 27, 2012
  48. 2011-Q3

    Ventas Quarterly Report for Q3 Ended Sep 30, 2011

    Ventas, Inc. (VTR) reported its Form 10-Q for the quarter ended September 30, 2011, showing a sharp expansion of its balance sheet driven by two large acquisitions. Total assets rose to $17.21 billion at September 30, 2011 from $5.76 billion at December 31, 2010, and total liabilities increased to $7.78 billion from $3.37 billion. The Atria Senior Living acquisition (May 12, 2011) and the NHP acquisition (July 1, 2011, a stock-for-stock transaction) account for most of the change; the NHP deal alone included issuance of 99,849,106 common shares valued at $5.4 billion. Results reflect the acquisitions. Total revenues were $565.96 million for the three months ended September 30, 2011, versus $264.67 million a year earlier, and $1.20 billion for the nine months versus $748.87 million. Net income attributable to common stockholders was $102.89 million for the quarter ($0.35 diluted EPS) compared with $57.90 million ($0.37 diluted) in the prior-year quarter. The quarter included an $85.3 million net litigation gain from the HCP, Inc. Sunrise REIT judgment and $69.4 million of merger-related expenses and deal costs. Diluted EPS declined year over year despite higher net income because of a much larger share count (290.8 million diluted weighted shares versus 157.9 million). Liquidity and financing activity were substantial. The company issued $700.0 million of 4.750% senior notes due 2021, replaced its unsecured revolving credit facilities with a new $2.0 billion facility maturing October 16, 2015 on October 18, 2011, and repaid the $250.0 million NHP term loan on November 1, 2011. Management noted that 18.6% of consolidated debt was variable rate at September 30, 2011. The filing also discloses concentration risks: Kindred Healthcare leases and Brookdale Senior Living leases account for significant revenue shares, and Kindred's ten bundles expiring in 2013 represent $122.8 million of annual base rent.

    Nov 7, 2011
  49. 2011-Q2

    Ventas Quarterly Report for Q2 Ended Jun 30, 2011

    Ventas, Inc. reported its 10-Q for the quarter ended June 30, 2011, showing total revenues of $364.7 million for the three months (up from $243.3 million) and $635.1 million for the six months (up from $484.2 million). Net income attributable to common stockholders was $19.7 million for the quarter versus $58.1 million a year earlier, reflecting $55.8 million of merger-related expenses and deal costs, mainly tied to the Atria Senior Living acquisition and the pending Nationwide Health Properties (NHP) transaction. Segment NOI rose to $211.6 million for the quarter from $168.0 million, led by Senior Living Operations and MOB Operations. Total assets grew to $9.63 billion at June 30, 2011 from $5.76 billion at December 31, 2010, driven by the May 2011 Atria acquisition (total purchase price of $3.4 billion, including 24.96 million shares valued at $1.38 billion) and a $600.0 million senior unsecured term loan to NHP. Senior notes payable and other debt rose to $5.01 billion, and the company issued $700.0 million of 4.750% senior notes due 2021. Only 11.1% of consolidated debt was variable rate. Subsequent to quarter-end, Ventas completed its acquisition of NHP on July 1, 2011 in a stock-for-stock transaction, issuing 99,849,106 shares and adding 654 properties to its portfolio. The filing also describes the $101.6 million compensatory damages judgment against HCP, Inc., affirmed by the Sixth Circuit on May 17, 2011, with a punitive damages trial scheduled for February 21, 2012.

    Aug 5, 2011
  50. 2011-Q1

    Ventas Quarterly Report for Q1 Ended Mar 31, 2011

    Ventas, Inc. (VTR) reported first-quarter 2011 total revenues of $270.5 million, up from $240.9 million in the prior-year period, and net income of $49.0 million, compared with $53.2 million a year earlier. Diluted EPS was $0.30 versus $0.34. Total segment NOI rose to $178.1 million from $161.7 million, led by MOB operations ($17.0 million vs. $8.0 million, reflecting Lillibridge acquisitions) and senior living operations ($36.4 million vs. $33.8 million). Results were reduced by a $16.5 million loss on extinguishment of debt from the early repayment of $307.2 million of mortgage loans and $6.4 million of merger-related expenses and deal costs. Net income attributable to common stockholders decreased 6.9%. Balance sheet and capital activity were significant in the quarter. Total assets were $5.69 billion at March 31, 2011, versus $5.76 billion at December 31, 2010, and senior notes payable and other debt fell to $2.57 billion from $2.90 billion. The company issued 5,563,000 shares in February 2011 for $300.0 million in net proceeds and used them largely to repay mortgage debt. Cash and cash equivalents rose to $41.9 million, and net cash from operating activities was $130.8 million. The company declared a $0.575 per share quarterly dividend, a 7.4% increase over its 2010 quarterly dividend. Pending transactions dominate the outlook. Ventas expects to complete the acquisition of Nationwide Health Properties, Inc. in a stock-for-stock deal valued at $7.4 billion in the third quarter of 2011, and the Atria Senior Living Group acquisition, valued at $3.1 billion, in the first half of 2011. The filing also notes concentration risk, with Sunrise, Kindred and Brookdale Senior Living accounting for significant shares of properties and revenues, and pending litigation involving the HCP judgment and NHP merger lawsuits.

    May 6, 2011