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Dec 31, 2022
Ventas Q4 2022 Earnings Report
Ventas delivered a strong Q4 2022, driven by SHOP growth and strategic initiatives.
Key Takeaways
Ventas reported a net loss attributable to common stockholders of ($0.11) per share for Q4 2022. However, the company saw a year-over-year total company NOI growth of 7.5%. Same-store cash NOI grew by 8.5%, with SHOP leading the growth at 19.1%.
Delivered a strong fourth quarter, reflecting attractive operating and financial results.
Accelerating SHOP top- and bottom-line growth fueled outstanding total Company performance.
Began a multiyear growth and recovery cycle in the SHOP portfolio.
Proactive steps position Ventas to capitalize on exciting demographically led demand.
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
Ventas reintroduces full year guidance for 2023, expecting per share attributable net income to common stockholders, Nareit FFO and Normalized FFO within specified ranges, based on several assumptions.
Positive Outlook
- Lower projected 2023 non-cash impairments and allowances of $0.26 per share.
- Lower projected 2023 transaction expenses and natural disaster expenses of $0.13 per share.
- The 2023 benefit of $0.29 per share of organic growth in NOI from the SHOP business.
- Receipt of over $300 million in capital recycling proceeds.
- No material changes in the impact of COVID-19 on the Company’s business.
Challenges Ahead
- Impact of higher interest rates and foreign exchange approximating ($0.16) per share.
- Approximately $500 million in 2023 maturing debt expected to be refinanced during the year.
- Guidance is based on assumptions that are subject to change, many of which are outside the control of the Company.
- Assumes 404 million weighted average fully-diluted shares.
- No additional promote revenue
Revenue & Expenses
Visualization of income flow from segment revenue to net income