Ventas, Inc. (VTR) Q1 2022 Earnings Call Transcript

For the period ending March 31, 2022

May 6, 2022 10:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen, good morning. My name is Abbie and I will be your conference operator today. At this time, I would like to welcome everyone to the Ventas First Quarter 2022 Earnings Conference Call. Today’s conference is being recorded. Thank you.

And at this time, I would like to turn the conference over to Sarah Whitford. Ms. Whitford, you may begin your conference.

Sarah Whitford - IR

Thank you, Abby. Good morning and welcome to the Ventas first quarter financial results conference call. Yesterday, we issued our first quarter earnings release, supplemental and investor presentation. These materials are available on the Ventas website at ir.ventasreit.com.

As a reminder, remarks made today may include forward-looking statements, including certain expectations related to COVID-19 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 by 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. For a reconciliation of these measures to the most closely comparable GAAP measures, please refer to our supplemental posted on the Investor Relations section of our website.

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

Debra Cafaro - Chairman and CEO

Thank you, Sarah. Good morning to all of our shareholders and other participants. I want to welcome you to the Ventas first quarter earnings call. I am delighted to be joined by my Ventas colleagues who have worked so hard for shareholders, each other, our partners and our other stakeholders over the past 2 plus years.

We are off to a strong start in 2022. We are delighted to deliver on our commitment to grow normalized FFO and same-store shop NOI year-over-year for the first time since the pandemic began. It is certainly worth pausing to appreciate a quarter that returns us to growth and underscores our positive momentum and the senior housing recovery that is underway. In the quarter, we continued to benefit from stability and growth in our office and healthcare triple-net lease businesses. And in SHOP, we saw outstanding year-over-year NOI revenue and occupancy growth that overcame meaningful impacts of COVID-19 and inflationary pressures during the quarter.