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Ventas Reports Financial Strength, Investment, Growth and Expanded Pipeline, Partnerships

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Ventas Inc. chairman and CEO said on the firm’s Q3 call that she was pleased to “report on another solid quarter and to highlight our financial strength, our investment and growth, expanded pipeline and partnerships, and commitments and recognition to ESG.”

She said that she was also pleased to report “normalized funds from operations of $0.99 per share this quarter to improve our full-year normalized FFO expectation and to confirm our same-store cash NOI expectations for the year.”

Turning to the company’s enterprise and capital allocation strategy, “we continue to enhance the long-term durability of Ventas by following our differentiated and deliberate approach of investing in our future growth with top tier customers and extending and expanding our key partnership,” she said.

First, this quarter and immediately following, the company invested approximately a $100 million in attractive medical office building and outpatient facility with two key partners, Ardent and Pacific Medical. “We also announce our pending acquisition of a premier independent senior living community, located in the appealing Battery Park neighborhood of downtown Manhattan, firmly establishing our leadership in the high-end senior living Manhattan market.”

Second, she said, “we extended our exclusive partnership with Pacific Medical or PMB for a further 10-year term. With almost 50 years of experience and outpacing facility development with key U.S. health systems, PMB’s knowledge and expertise and development is extraordinary. The attractive MOB investments we made this quarter are an example of the benefits of our partnership with PMB. As is our trophy MOB development attached to Sutter, new flagship hospitals in downtown San Francisco, which is on track to open in early 2019.”

She also reported about the lease-up and delivery of the REIT’s university-based research and innovation centers. “Our forward pipeline of excellent projects is robust and growing. In light of strong university demand, our leading market position and the positive risk reward investment profile of this project, we intend to ramp-up our investment activity in this space.”

She also talked about another area where the company is making significant investments specifically environmental, social and governance or ESG matters. “We believe that our commitment to ESG principals underpins our long-term success. This year, we have been recognized repeatedly by leading organizations for our positive impact. Today, we are pleased to launch our inaugural corporate sustainability report showing our leadership and commitment to ESG policies and practices.”