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Ventas Inc VTR Stock Quote

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Ventas Reports Occupancy Gains and Double-Digit Same-Store NOI Growth for Senior Housing in 3Q

Kevin Brown, CFA Senior Analyst

Analyst Note

| Kevin Brown, CFA |

Third-quarter results for Ventas were slightly below our expectations, though we don't believe anything from the quarter will materially change our $69 fair value estimate for the no-moat company. Senior housing occupancy improved 80 basis points sequentially and is up 260 basis points year over year to 84.7%, in line with our estimate. While same-store revenue growth of 8.7% for the senior housing portfolio matched our estimate of 8.9%, same-store expense growth of 7.6% was slightly higher than our estimate of 4.6%. As a result, Ventas reported same-store net operating income growth of 13.0% that was below our estimate of 19.0% growth. Ventas also reported that same-store NOI was down 0.1% for the triple-net senior housing portfolio, worse than our estimate of 2.5% growth. However, results for the life science and medical office segments were slightly better than we anticipated, with same-store NOI growth of 3.4% for life science that beat our 2.6% estimate and same-store NOI growth of 1.5% for medical office that beat our 1.1% estimate. Combined, Ventas reported same-store NOI growth of 4.8% for the total company that was below our estimate of 7.5%, which led to the company reporting normalized funds from operations of $0.76 per share, which is $0.03 better than the $0.73 figure reported in the third quarter of 2021.

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Key Statistics VTR

Company Profile VTR

Business Description

Ventas owns a diversified healthcare portfolio of over 1,200 in-place properties spread across the senior housing, medical office, hospital, life science, and skilled nursing/post-acute care. The portfolio includes over 40 properties in both Canada and the United Kingdom as the company looks for additional investment opportunities in countries with mature healthcare systems that operate similarly to the United States. The firm also owns mortgages and other loans, contributing about 3% of NOI.

353 North Clark Street, Suite 3300
Chicago, IL, 60654
T +1 877 483-6827
Industry REIT - Healthcare Facilities
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 434

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