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Mar 31, 2024
Ventas Q1 2024 Earnings Report
Ventas reported a strong start to 2024, driven by organic growth in the senior housing operating portfolio (SHOP) and accelerating occupancy.
Key Takeaways
Ventas reported its Q1 2024 results, showing a net loss per share of ($0.04) but a Normalized FFO per share of $0.78, which is a 5% increase year-over-year. The company saw 8.2% year-over-year growth in Total Company Net Operating Income (NOI) and 6.7% growth in Total Company Same-Store Cash NOI. SHOP grew more than 15% year-over-year led by the U.S. which grew approximately 18% year-over-year.
Net Loss Attributable to Common Stockholders per share was ($0.04).
Normalized Funds From Operations (FFO) per share was $0.78, a 5% increase compared to the prior year.
Total Company Net Operating Income (NOI) grew 8.2% year-over-year.
Total Company Same-Store Cash NOI grew 6.7% year-over-year.
Ventas
Ventas
Ventas Revenue by Segment
Revenue by Segment
Triple-net leased properties Revenue
CapyFin.comResident fees and services Revenue
CapyFin.comThird-party capital management Revenue
CapyFin.comIncome from loans & investments Revenue
CapyFin.comInterest and other income Revenue
CapyFin.com Forward Guidance
The Company is updating and improving its guidance for the full year. Normalized Per Share FFO Range is expected to be $3.10 - $3.18.
Positive Outlook
- Close ~$350M of investments focused on senior housing (no further investment activity assumed)
- Dispose of assets for $300M in net proceeds
- FAD capital expenditures of ~$250M
- General and administrative expenses expected to approximate $155M at the guidance midpoint
- Interest expense expected to range from $604M to $614M
Revenue & Expenses
Visualization of income flow from segment revenue to net income