Ventas(VTR)2025-04-30 20:33Financial Performance - Ventas reported a first quarter 2025 Attributable Net Income per share of $0.10, a significant increase from a loss of $0.04 in the prior year[9]. - Normalized Funds From Operations (FFO) per share for the first quarter was $0.84, reflecting an 8% increase year-over-year[8]. - The total Company Net Operating Income (NOI) grew approximately 13% year-over-year, with Same-Store Cash NOI growth of about 7%[8]. - Year-to-date, Ventas has closed approximately $900 million in senior housing investments, aligning with its financial criteria[10]. - Total revenues for Q1 2025 reached $1,358,074, an increase of 13.2% compared to $1,199,914 in Q1 2024[32]. - Net income attributable to common stockholders for Q1 2025 was $46,868, compared to a net loss of $14,312 in Q1 2024[32]. - Earnings per common share for Q1 2025 was $0.11, compared to a loss of $0.03 per share in Q1 2024[32]. - The company reported a significant increase in resident fees and services, totaling $968,904 in Q1 2025, compared to $813,304 in Q1 2024[32]. - Nareit FFO attributable to common stockholders increased by 29% year-over-year to $378,759,000, with per share FFO rising 18% to $0.85[33]. - Normalized FFO attributable to common stockholders was $376,722,000, reflecting a 19% increase from $316,573,000 in the previous year, with per share normalized FFO at $0.84, an 8% increase[33]. - Adjusted EBITDA for Q1 2025 was $553,975,000, up from $493,352,000 in Q1 2024, indicating a strong operational performance[52]. Investment and Guidance - The company reaffirmed its 2025 guidance, expecting Attributable Net Income per share to be in the range of $0.42 to $0.53[14]. - Ventas has raised its 2025 guidance for senior housing investment volume to $1.5 billion, up from the previous $1 billion[15]. - The company provided full-year 2025 guidance for Nareit FFO attributable to common stockholders between $1,503 million and $1,556 million, with a year-over-year growth rate of 5% to 8%[41]. - Senior housing investment volume is projected to increase to $1.5 billion, up from $1 billion, with investments expected to be weighted towards the second half of the year[43]. Debt and Liquidity - Ventas increased its unsecured credit facility by $750 million to a total of $3.5 billion, enhancing its liquidity to $2.9 billion as of March 31, 2025[12]. - The Net Debt-to-Further Adjusted EBITDA improved to 5.7x, a reduction of 0.3x from year-end 2024[11]. - Total debt as of March 31, 2025, was $12,701,675,000, with net debt at $12,864,925,000, resulting in a Net Debt to Further Adjusted EBITDA ratio of 5.7x[52]. - Cash and cash equivalents decreased significantly to $182,335 as of March 31, 2025, from $897,850 as of December 31, 2024[30]. - Senior notes payable and other debt decreased to $12,701,675 as of March 31, 2025, down from $13,522,551 as of December 31, 2024[30]. - Total liabilities decreased to $14,166,450 as of March 31, 2025, compared to $15,047,081 as of December 31, 2024[30]. Operational Highlights - The senior housing operating portfolio (SHOP) experienced a Same-Store Cash NOI increase of approximately 14% year-over-year, with an NOI margin growth of 150 basis points[8]. - Cash NOI for Q1 2025 was $543,109,000, with a notable increase in the SHOP segment by 13.6%[47]. - Same-Store Cash NOI for Q1 2025 reached $485,438,000, reflecting a 7.1% increase compared to Q1 2024[47]. - The percentage increase in NOI for the NNN segment was 3.2% in Q1 2025 compared to the previous year[47]. Costs and Expenses - The company reported depreciation and amortization adjustments of $1,311 million for FY 2025 guidance[41]. - The company reported a depreciation and amortization expense of $321,525,000 for Q1 2025, compared to $300,255,000 in Q1 2024[52]. - Interest expense for Q1 2025 was $149,356,000, slightly lower than $149,933,000 in Q1 2024[52]. - The company incurred transaction, transition, and restructuring costs of $5,982,000 in Q1 2025, compared to $4,677,000 in Q1 2024[52]. - The company’s cash modification fees for Q1 2025 amounted to $950,000, reflecting ongoing operational adjustments[47]. Other Considerations - Newly acquired and recently developed properties will be included in same-store once stabilized, defined as achieving 80% occupancy or 24 months post-acquisition[60]. - Properties are excluded from same-store if sold, undergoing significant redevelopment, or impacted by disruptive events like floods or fires[61]. - Portfolio performance disclosures assume constant exchange rates, with current period results in actual USD and prior periods adjusted based on average monthly exchange rates[62].