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Sep 30, 2024
Ventas Q3 2024 Earnings Report
Ventas reported a strong quarter driven by occupancy and revenue outperformance in senior housing, along with strategic investments and updated full-year guidance.
Key Takeaways
Ventas reported strong Q3 2024 results, driven by senior housing growth. The company saw a 15.3% year-over-year growth in SHOP Same-Store Cash NOI, led by occupancy gains. Ventas has closed or placed under contract $1.7 billion of senior housing investments year to date and updated full year guidance.
Net Income Attributable to Common Stockholders per share was $0.05.
Normalized Funds From Operations (FFO) per share increased by approximately 7% year-over-year to $0.80.
Total Company Net Operating Income (NOI) grew 4.9% year-over-year.
SHOP Same-Store Cash NOI grew 15.3% year-over-year, driven by average occupancy growth of 350 basis points.
Ventas
Ventas
Ventas Revenue by Segment
Revenue by Segment
Outpatient medical & research 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.
Positive Outlook
- Expect to close $1.7 billion of senior housing investments, with $1.4 billion closed year to date
- Expect to dispose of assets for $330 million in net proceeds
- FAD capital expenditures of ~$250 million
- General and administrative expenses expected to range from $155 million to $160 million
- Interest expense expected to range from $605 million to $609 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income