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Mar 31, 2022
Ventas Q1 2022 Earnings Report
Ventas grew Normalized FFO and SHOP same-store cash NOI for the first time since the pandemic began.
Key Takeaways
Ventas reported Net Income per share of $0.10 and Normalized FFO per share of $0.79 for the first quarter of 2022. Total Company year-over-year same-store cash NOI grew by 5.8%, and the SHOP segment saw a 14.2% increase, driven by a nearly 10% rise in same-store revenue.
Net Income per share of $0.10
Normalized FFO per share of $0.79, inclusive of the benefit of $33 million or 8 cents per share of HHS Grants received during the quarter
Total Company year-over-year same-store cash Net Operating Income growth of 5.8% for the first quarter 2022, excluding the benefit of HHS Grants received
SHOP segment year-over-year same-store cash NOI growth of 14.2%, excluding the benefit of HHS Grants received, at the high-end of the guidance range, driven by same-store revenue growth of nearly 10%
Revenue by Segment
Forward Guidance
The Company currently expects to report second quarter 2022 Net Income (Loss) Attributable to Common Stockholders, Nareit FFO and Normalized FFO per share and same-store cash NOI growth within the following ranges
Positive Outlook
- Approximately 10% year-over-year revenue growth at the midpoint of the same-store cash NOI guidance range driven by the expected combination of approximately 400 basis points of occupancy growth and improved rates.
- SHOP same-store cash NOI guidance range principally a function of operating expense assumptions.
- Same-store cash NOI growth is expected to be driven by contractual escalators, leasing and parking.
- Ventas expects to receive the benefit of upward future performance in these assets through revenue or NOI-based payments.
Challenges Ahead
- Normalized FFO will be reduced by ($0.01) per share sequentially due to the proposed redevelopment into high demand lab space at two R&I properties, following the move-out of two tenants enabling the contemplated projects.
- Normalized FFO will be impacted by ($0.01) per share sequentially due to lease resolutions with senior housing triple-net tenants who were materially affected by the COVID-19 pandemic.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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