Ventas, Inc. (VTR) Q2 2022 Earnings Call Transcript

For the period ending June 30, 2022

August 5, 2022 10:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Ventas 2022 Second Quarter Earnings 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] As a reminder, today's call is being recorded.

I will now hand today's call over to BJ Grant, SVP of Investor Relations. Please go ahead.

BJ Grant - SVP of IR

Good morning, and welcome to the Ventas second quarter financial result conference. Yesterday, we issued our second 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 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 be also 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'll turn the call over to Debra A. Cafaro, Chairman and CEO.

Debra Cafaro - Chairman and CEO

Thanks, BJ, and good morning to all of our shareholders and other participants. I want to welcome you to the Ventas second quarter earnings call. I'm delighted to be joined by my colleagues, including our newest addition, BJ Grant, who has already made many contributions to Ventas in a short tenure.

Today, I'll recap our strong second quarter results, highlight the momentum in our life science, research and innovation business and address the macro trends in the economy and labor markets. We believe that Ventas is in an advantaged position to deliver value in this dynamic business environment because of our high-quality diversified portfolio and our team's industry insights and deep experience. Let's start with results.

Ventas delivered a very positive second quarter with $0.72 of normalized FFO at the higher end of our guidance range. Property performance was at or above our expectations led by 9% year-over-year SHOP same-store net operating income growth. I'm excited to showcase our differentiated life science, research and innovation business, which now spans 11 million square feet and accounts for 10% of our property portfolio. This portfolio has significant momentum in deliveries, leasing and investment activity.