Ventas, Inc. (NYSE:VTR) Q3 2023 Earnings Conference Call November 3, 2023 10:00 AM ET

Company Participants

BJ Grant - SVP, IR

Debra Cafaro - Chairman and CEO

Justin Hutchens - CIO and EVP, Senior Housing

Bob Probst - EVP and CFO

Pete Bulgarelli - EVP and President and CEO, Lillibridge Healthcare Services, Inc.

Conference Call Participants

Austin Wurschmidt - KeyBanc Capital Markets

Steve Sakwa - Evercore ISI

Nick Joseph - Citi

Juan Sanabria - BMO Capital Markets

Mike Mueller - JPMorgan

Ronald Kamdem - Morgan Stanley

Joshua Dennerlein - Bank of America

Rich Anderson - Wedbush

Michael Stroyeck - Green Street

Vikram Malhotra - Mizuho

Nick Yulico - Scotiabank

Michael Carroll - RBC Capital Markets

Operator

Thank you for standing by and welcome to the Ventas Reports Third Quarter Results Conference Call.

I would now like to welcome BJ Grant, Senior Vice President of Investor Relations to begin the call. BJ, over to you.

BJ Grant

Thank you, Manny. 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.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 topics 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 investor package posted on the Investor Relations website.

And with that, I'll turn the call over to Debra A. Cafaro, Chairman and CEO of Ventas.

Debra Cafaro

Thank you, BJ. Good morning to all of our shareholders and other participants. I'm happy to welcome you to the Ventas third quarter 2023 earnings call. We're pleased to deliver a strong quarter of normalized FFO of $0.75 per share, representing 6% year-over-year growth and total company same-store cash NOI growth of nearly 8%.

Our results reflect both the actions we have taken to drive performance and the powerful demand across our diversified portfolio, that is unified in serving the needs of a large and growing aging population. We are also pleased to raise our full year 2023 normalized FFO guidance midpoint to $2.98 per share.