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Ventas Delivers Strong Results, Improves Full Year 2018 Expectations

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Ventas Inc. revealed its results for the second quarter ended June 30, 2018, including income from continuing operations per diluted common share of $0.37, normalized Funds From Operations per diluted common share of $1.08 and reported FFO per diluted common share, as defined by the National Association of Real Estate Investment Trusts, of $0.98.

According to Debra Cafaro, Ventas chairman and CEO, these were strong earnings and results as the company grew its property cash flows in its “high-quality, differentiated portfolio, executed on our strategic priorities and recycled capital from previous successful investments to significantly enhance our strong financial position and increase our liquidity.”

Cafaro added that the entire team remains “sharply focused on delivering results and positioning the company to extend its long track record of creating value for shareholders. Building on our achievements and strong performance year-to-date and our continued investment activity, we are pleased to again improve our full year 2018 expectations.”

According to analyst BMO Capital Markets, they are nudging up target prices and note that with cost of capital improved, VTR is on the acquisition trail.

As for more Q2 numbers, the firm reported that income from continuing operations per share was $0.37 compared to $0.42 in the same period in 2017. The change from the second quarter 2017 was mainly due to: the recognition of a previously disclosed $21 million, or $0.06 per share, non-cash expense related to the company’s mutually beneficial agreements with Brookdale Senior Living in April 2018; and the cumulative impact of using the proceeds of asset divestitures and collection of loans receivable primarily to retire and reduce the company’s debt balance.

For the second quarter 2018, the company’s same-store total property portfolio (1,057 assets) cash NOI grew 1.3% compared to the same period in 2017.