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Ventas (NYSE:VTR) on Thursday posted Q4 earnings that matched the average analyst estimate and the revenue beat the consensus, as growth in its senior housing portfolio rebounded.
The company expects full-year 2023 normalized FFO per share of $2.90-$3.04, or $2.97 at midpoint, less than the $3.07 consensus. The guidance includes $0.29 per share of organic growth in net operating income (NOI) for its senior housing operating portfolio (SHOP), partly offset by the impact of higher interest rates and foreign exchange, estimated at $0.16 per share.
Q4 normalized FFO of $0.73, matching the Wall Street consensus, fell from $0.76 in Q3 and flat with $0.73 in Q4 2021.
Q4 revenue of $1.05B, topping the $1.04B consensus, rose from $1.04B in the prior quarter and from $1.02B in the year-ago period.
“Accelerating SHOP top- and bottom-line growth fueled outstanding total company performance in the fourth quarter,” said Chairman and CEO Debra A. Cafaro. “In 2022, we began a multiyear growth and recovery cycle in our SHOP portfolio supported by improving supply demand fundamentals, actions we have taken in the portfolio and our post-pandemic rebound.”
Total expenses of $1.13B increased from $1.04B in Q3 and from $1.09B in Q4 2021.
Total company same-store cash NOI increased 8.5% Y/Y.
SHOP same-store cash NOI rose 19.1% Y/Y, driven by margin expansion and same-store revenue growth of ~8%.
Office same-store NOI rose 4.3% Y/Y.
Triple-net same-store cash NOI increased 1.8% Y/Y.
Conference call on Feb. 10. at 10:00 AM ET.
Earlier, Ventas FFO of $0.73 in-line, revenue of $1.05B beats by $10M
