Q1 2024 Ventas Inc Earnings Call Transcript
Key Points
- Ventas Inc (VTR) reported a strong start to the year with $0.78 of normalized FFO per share and over $2 billion in annualized NOI.
- The company experienced nearly 7% same-store property NOI growth, led by SHOP at over 15%.
- Ventas Inc (VTR) has seen demand-driven occupancy gains in its SHOP portfolio, with a year-over-year increase of 240 basis points.
- The company has closed or placed under contract about $350 million of investments focused on senior housing, meeting target yields and growth expectations.
- Ventas Inc (VTR) raised its 2024 normalized FFO guidance to between $3.10 and $3.18 per share, and increased its full year 2024 total company same-store cash NOI guidance to 7% at the midpoint.
- The Kindred lease for 23 LTAC, representing approximately 5% of Ventas' NOI, remains a concern with stable but not improved trailing rent coverage.
- There is uncertainty around the renewal of the Kindred lease, with discussions ongoing and a recent extension of the lease renewal notice date.
- Ventas Inc (VTR) reported a net loss attributable to common stockholders of $0.04 per share for the first quarter.
- The company faces challenges with certain outpatient medical assets, including a sequential occupancy decline during the quarter.
- Ventas Inc (VTR) is still dealing with high leverage, although there has been a 20-basis-point sequential improvement in net debt-to-EBITDA in the first quarter.
Thank you for standing by. My name is Kathleen, and I will be your conference operator today. At this time, I would like to welcome everyone to the Ventas First Quarter 2024 Earnings Call. (Operator Instructions) Thank you.
I would now like to turn the call over to BJ Grant, Senior Vice President of Investor Relations. Please go ahead.
Thank you, Kathleen. Good morning, everyone, and welcome to the Ventas First Quarter Financial Results Conference Call.
Yesterday, we issued our first quarter earnings release, supplemental investor package and presentation materials which are available on the Ventas website at ir.ventasreit.com. As a reminder, remarks today may include forward-looking statements and other matters. Forward-looking statements are subject to risks and uncertainties, and a variety of topics may cause actual results to differ materially from those contemplated in such statements. For a more detailed discussion of those factors, please refer to our earnings release for this quarter and to our
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