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Sep 30, 2022
Ventas Q3 2022 Earnings Report
Ventas experienced growth in Q3 2022, driven by strong performance in the SHOP segment and overall same-store cash NOI growth.
Key Takeaways
Ventas reported a net income attributable to common stockholders per share of $0.00 and Normalized FFO per share of $0.76 for Q3 2022. The company's SHOP segment saw a 13% year-over-year increase in same-store cash NOI, contributing to a total company same-store cash NOI growth of 4.8%.
Net Income Attributable to Common Stockholders per share was $0.00.
Normalized FFO per share was $0.76, including $0.05 per share from HHS grants.
Total Company year-over-year same-store cash NOI grew by 4.8%.
SHOP segment year-over-year same-store cash NOI grew by 13%, driven by revenue growth of approximately 9%.
Revenue by Segment
Forward Guidance
The Company expects to report fourth quarter 2022 Attributable Net Income to Common Stockholders, Nareit FFO and Normalized FFO per share and same-store cash NOI growth within the provided ranges.
Positive Outlook
- SHOP same-store cash NOI is expected to grow in the range of 15% to 21% year-over-year.
- Ventas anticipates year-over-year revenue growth of approximately 8% at the midpoint of the same-store cash NOI guidance range, driven by continued strong rate growth and occupancy growth of 100 to 150 basis points.
- Same-store cash NOI growth year-over-year is expected to be driven by occupancy growth, contractual escalators and favorable expense controls for Office segment.
- Same-store cash NOI growth is expected to be driven by contractual escalators for Triple-Net segment.
- The Company is expected to earn its first promote revenue from its third-party institutional capital management business (VIM), approximating $0.01 per share in the fourth quarter.
Challenges Ahead
- Rising interest rates on floating rate debt and a strengthening U.S. dollar are expected to reduce Normalized FFO by ($0.02) per share in the fourth quarter versus the third quarter 2022.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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