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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.
Revenue by Segment
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
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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