Ventas Inc VTR
Q4 2012 Earnings Call Transcript

Transcript Call Date 02/15/2013

Operator: Good day, ladies and gentlemen and welcome to the Fourth Quarter 2012 Ventas Earnings Conference Call. My name is Erin and I'll be your coordinator for today. At this time, all participants are in a listen-only mode. We will be facilitating a question-and-answer session towards the end of today's conference. As a reminder this conference is being recorded for replay purposes.

I will now turn the presentation over to your host for today's conference, Ms. Lori Wittman, Vice President, Capital Markets. Please proceed, ma'am.

Lori Wittman - VP, Capital Markets: Thank you. Good morning, and welcome to the Ventas conference call to review the Company's announcement today regarding its results for the quarter and year ended December 31, 2012. As we start, let me express that all projections and predictions and certain other statements to be made during this conference call may be considered forward-looking statements within the meaning of Federal Securities laws.

These projections, predictions and statements are based on management's current beliefs as well as on a number of assumptions concerning future events. The forward-looking statements are subject to many risks, uncertainties and contingencies, and stockholders and others should recognize that actual results may differ materially from the Company's expectations, whether expressed or implied.

We refer you to the Company's reports filed with the Securities and Exchange Commission, including the Company's annual report on Form 10-K for the year ended December 31, 2011, and the Company's other reports filed periodically with the SEC for a discussion of these forward-looking statements and other factors that could affect these forward-looking statements. Many of these factors are beyond the control of the Company and its management. The information being provided today is as of this date only, and Ventas expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any changes in expectations.

Please note that quantitative reconciliations between each non-GAAP financial measure contained in this presentation and its most directly comparable GAAP measure as well as the Company's supplemental disclosure schedule are available in the Investor Relations section of our website at

I will now turn the call over to Debra A. Cafaro, Chairman and CEO of the Company.

Debra A. Cafaro - Chairman and CEO: Thanks, Lori, and good morning to everyone. Welcome to our year-end 2012 earnings call. I'm delighted to discuss the highlights of our successful year and our expectations for a strong 2013. This morning Ray Lewis will also discuss our portfolio performance, and Rich Schweinhart will review our financial results in detail. Following those remarks we'll be happy to take your questions.

2012 was the year of successfully executing our strategy and harnessing the power of the diverse assets, platforms, and people we acquired over the past several years to deliver outstanding results for our stakeholders. Our total return to investors for the year was over 22%, and over the last 13 years Ventas has delivered 32% compound annual returns to shareholders. As you know we have built a balanced business model to provide consistent superior returns in a variety of economic, reimbursement and capital markets environment and our performance demonstrates the success of that approach. Ventas' total return has exceeded the U.S. REIT Index and the S&P 500 in each of the trailing; one, three, five and 10 year time periods. Our strategy is simple and consistent. Increased diversification and private pay assets in our portfolio, grow cash flows, maintain financial strength and flexibility, improve of our cost of capital, make disciplined investments and actively manage our portfolio and enterprise risk.

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