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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%
Ventas
Ventas
Ventas Revenue by Segment
Revenue by Segment
Triple-net leased properties Revenue
CapyFin.comResident fees and services Revenue
CapyFin.comIncome from loans & investments Revenue
CapyFin.comInterest and other income Revenue
CapyFin.com 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.
- We anticipate the Normalized FFO impact of second quarter general and administrative expenses to be approximately $34 million to $36 million.
- The guidance does not assume any new or unannounced material acquisitions or capital markets activities.
Revenue & Expenses
Visualization of income flow from segment revenue to net income