Q2 2024 Ventas Inc Earnings Call Transcript
Key Points
- Ventas Inc (VTR) reported strong Q2 2024 results with $0.8 normalized FFO per share, reflecting a 7% year-over-year growth.
- The Senior Housing Operating Portfolio (SHOP) led with same-store cash NOI growth of over 15%, and total company same-store cash NOI grew nearly 8%.
- Occupancy in the senior housing portfolio grew by 320 basis points year-over-year, significantly outperforming industry benchmarks.
- Ventas Inc (VTR) raised its 2024 normalized FFO per share guidance and total company same-store NOI expectation.
- The company is on track to close about $750 million of investments in senior housing this year, with a robust pipeline for quality acquisitions.
- The potential lease resolution with Kindred could result in a 25% to 30% full-year rent reduction on 23 properties starting May 1, 2025.
- There is a non-cash impact from the potential Kindred lease resolution in 2024, which could affect financial results.
- The SHOP guidance implies some deceleration in same-store NOI growth in the second half of the year due to seasonality and potential expense increases.
- The company faces challenges in maintaining high occupancy rates as it approaches historical peaks, which could impact future growth.
- There is uncertainty around the impact of labor costs and inflation on operating expenses, which could affect profitability.
Please stand by for streaming text.
Thank you for standing by. My name is Valerie and I will be your conference operator today. At this time, I would like to welcome everyone to the Ventas second quarter 2024 earnings call. (Operator Instructions) I would now like to turn the call over to BJ Grant, Senior Vice President of Investor Relations. You may begin.
Thank you Valerie. And good morning, everyone, and welcome to the Ventas certain quarter 2024 results conference call. Yesterday, we issued our second quarter 2024 results release presentation materials and supplemental investor package, which are all available on the Ventas website at ir dot 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,
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