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Ventas 8-K Report, Financial Results (Feb 15, 2024)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 15, 2024
Period End
February 14, 2024
Security
VTR
In the 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 · Jul ’18Jul ’18
  2. Leadership change8-K · Sep ’22Sep ’22
  3. Leadership change8-K · Sep ’26Sep ’26

01—Abstract

Summary

Summary of the 8-K filed February 15, 2024. Cited figures are marked; the original filing is the authoritative source.

Ventas, Inc. (NYSE: VTR) filed this Form 8-K on February 15, 2024 to furnish its press release, issued February 14, 2024, reporting results for the quarter and year ended December 31, 2023.

For the full year 2023, attributable net loss was ($0.10a) per share versus ($0.12) in 2022, Nareit FFO was $3.26 per share versus $2.82, and Normalized FFO was $2.99 per share, flat with 2022. The company attributes the Nareit FFO increase to valuation-related gains tied to taking ownership of the Equitized Loan Portfolio and unrealized gains on Brookdale Senior Living warrants. Results in 2022 included a $53 million ($0.13 per share) benefit from HHS grants and a $9 million ($0.02 per share) promote revenue benefit, so the company's comparison excludes those items when describing 2023 Normalized FFO growth of over 5%.

Operating metrics were strong. Total Company NOI rose 4.5%b year over year and Same-Store Cash NOI rose 8.1%, with SHOP Same-Store Cash NOI up 18.3%. Average SHOP same-store occupancy grew 120 basis points in 2023, above guidance of approximately 110 basis points, and grew 170 basis points in the fourth quarter.

Total revenues for 2023 were $4.50 billionc, and the balance sheet showed total assets of $24.73 billion and senior notes payable and other debt of $13.49 billion at year end. The company also reported raising over $4 billion of capital, including prefunding 2024 debt maturities. For 2024, Ventas guided to Attributable Net Income of $0.00 to $0.11 per share, Nareit FFO of $2.94 to $3.05 per share, and Normalized FFO of $3.07 to $3.18 per share.

Management expects significant property NOI growth led by SHOP, partly offset by higher interest expense of approximately ($0.11d) per share and about ($0.03) per share from 2023 capital recycling activities. The full press release, earnings presentation and conference call details are included in the filing.

02—Key points

Key Highlights

  1. FY2023 Nareit FFO of $3.26 per share, up from $2.82 in 2022; Normalized FFO of $2.99 per share, flat year over year.
  2. FY2023 attributable net loss of ($0.10) per share, an improvement from ($0.12) in 2022.
  3. Total Company NOI increased 4.5% and Same-Store Cash NOI increased 8.1%; SHOP Same-Store Cash NOI grew 18.3%.
  4. SHOP average occupancy grew 120 basis points in 2023, exceeding guidance of approximately 110 basis points.
  5. 2022 results included $53 million ($0.13 per share) of HHS grant benefits and $9 million ($0.02 per share) of promote revenue, which are excluded from the 2023 comparison.
  6. 2024 guidance: Normalized FFO of $3.07 to $3.18 per share and Nareit FFO of $2.94 to $3.05 per share, with higher interest expense of approximately ($0.11) per share.
  7. Raised over $4 billion of capital, including proactive refinancing of 2024 debt maturities.

03—Questions

Frequently Asked Questions

  1. How did Ventas perform in 2023 on a per-share basis?

    Nareit FFO was $3.26 per share, up from $2.82 in 2022, while Normalized FFO was $2.99 per share, unchanged from 2022. Attributable net loss improved to ($0.10) per share from ($0.12).

  2. What drove the increase in Nareit FFO?

    The company cited valuation-related increases from taking ownership of the Equitized Loan Portfolio and unrealized gains on warrants of Brookdale Senior Living common stock.

  3. How strong was senior housing (SHOP) performance?

    SHOP Same-Store Cash NOI grew 18.3% year over year in 2023, and average SHOP same-store occupancy grew 120 basis points for the year, accelerating to 170 basis points in the fourth quarter.

  4. What is the 2024 outlook?

    Normalized FFO is guided to $3.07 to $3.18 per share, versus $2.99 in 2023. Management expects property NOI growth of about $0.28 per share, led by SHOP, partly offset by higher interest expense of approximately ($0.11) per share and about ($0.03) per share from 2023 capital recycling.

  5. What capital markets activity did Ventas complete?

    The company stated it raised over $4 billion of attractively priced capital ahead of rising interest rates, including proactively addressing 2024 debt maturities and enhancing liquidity.

04—Continue

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