Ventas, Inc. (VTR) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

August 4, 2023 10:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Hello. And welcome to the Ventas Reports 2023 Second Quarter Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions]

I will now turn the conference over to BJ Grant, Senior Vice President of Investor Relations. Please go ahead.

BJ Grant

Thank you, Sarah. Good morning, everyone. And welcome to the Ventas second quarter financial results conference call. Yesterday, we issued our second 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 factors 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 most recent SEC filings, all of which are available on the Ventas website.

Certain non-GAAP financial measures will also be discussed on this call and for a reconciliation of these measures to the most closely comparable GAAP measures, please refer to our supplemental posted on the Investor Relations website.

And with that, I will turn the call over to Debra A. Cafaro, Chairman and CEO.

Debra Cafaro

Thank you, BJ, and good morning to all of our shareholders and other participants. We want to welcome you to the Ventas second quarter 2023 earnings call. We are pleased with our enterprise results this quarter of normalized FFO of $0.75 per share. This strong result reflects broad-based property NOI growth across our diverse portfolio, with all segments contributing positively and same-store year-over-year cash NOI growth of 7%.

Our SHOP communities led the way, as we continued to benefit from the multiyear growth and recovery cycle underway in senior housing. Notably, our U.S. Assisted Living portfolio grew NOI 32% year-over-year. Our Outpatient Medical and Research and our Triple-Net leased portfolios complemented the SHOP growth.

We are also reaffirming the full year normalized FFO per share outlook we provided to you earlier in the year. At the midpoint of $2.97 per share, our guidance reflects 5% year-over-year growth and the sixth consecutive quarter of year-over-year growth.