Ventas Q3 income from new investments helps drive Q3 beat

Ventas (NYSE:VTR) Q3 normalized FFO per share of 96 cents beats the average analyst estimate of 94 cents and slips from 99 cents in Q3 2018.

Growth in income from new investments in the most recent quarter was more than offset by the receipt of a $12M cash fee in Q3 2018.

Ventas Chairman and CEO Debra A. Cafaro notes “robust performance in our medical office, healthcare and research & innovation portfolios, our high quality and accretive investments and effective capital markets execution.”

Q3 total revenue of $983.2M sails past the average analyst estimate of $935.4M and increases from $936.5M in the year-ago quarter.

Q3 same-store total property portfolio cash net operating income rose 0.1% Y/Y, with triple-net up 2.1%, senior housing operating properties down 5.0%, and office up 3.7%.

2019 guidance update: Now sees 2019 normalized FFO per share of $3.81-$3.85 vs. previous range of $3.80-$3.86.

Sees same-store total company cash NOI up 0%-0.3% vs. prior range of 0%-1%; cuts SHOP portion of cash NOI to down 4%-5% vs prior expectation of flat to down 3%.

Conference call at 10:00 AM ET.

Previously: Ventas FFO beats by $0.02, beats on revenue (Oct. 25)

https://seekingalpha.com/news/3509652-ventas-q3-income-new-investments-helps-drive-q3-beat