Ventas, Inc. (VTR) Q3 2022 Earnings Call Transcript

For the period ending September 30, 2022

November 4, 2022 10:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the Ventas 2022 Third Quarter Results Conference Call. Today’s conference is being recorded. All lines have been placed on mute to prevent any background noise.

At this time, I would like to turn the conference over to BJ Grant, SVP of Investor Relations. Please go ahead.

BJ Grant – SVP-IR

Thanks, Audra. Good morning, everyone, and welcome to the Ventas third quarter financial results conference call. Yesterday, we issued our third quarter earnings release, supplemental investor package and presentation materials, which are available on the Ventas website at ir.ventas.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 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’ll turn the call over to Debra A. Cafaro, Chairman and CEO.

Debra A. [Author ID1: at Mon Nov 7 22:16:00 2022

]Cafaro

Thanks, BJ,[Author ID1: at Mon Nov 7 22:16:00 2022

] and good morning to all of our shareholders and other participants. Welcome to the Ventas third quarter 2022 earnings call. We’re very pleased with our enterprise and property results this quarter, led by our SHOP growth. Let’s begin with some highlights.

Normalized FFO per share was $0.76, right in line with our forecast,[Author ID1: at Mon Nov 7 22:17:00 2022

] with 13% SHOP growth led by an outstanding 9% increase in year-over-year revenue, and nearly 5% total company year-over-year same-store cash NOI growth. Our $0.71 normalized FFO ex HHS grants grew 3% from last year’s comparable period. [Author ID1: at Mon Nov 7 22:17:00 2022

][Author ID1: at Mon Nov 7 22:17:00 2022

]

[Author ID1: at Mon Nov 7 22:17:00 2022

]

We are very pleased that we have delivered on our guidance once again and more importantly, that we continue to realize sustained growth in our senior housing business that is accelerating. With year-over-year SHOP growth of 9% in the second quarter, 13% this quarter and 15% to 21% projected in the fourth quarter, this is what we have been waiting for.