- 2015 Second Quarter Normalized FFO
Grows Five Percent to $1.18 Per Diluted Share
- 2015 Normalized FFO Guidance
Increases to $4.70 to $4.76 Per Diluted Share
- CCP Spin-Off and Ardent Hospital
Transactions on Track to Close in Third Quarter 2015
Ventas, Inc. (NYSE: VTR) (“Ventas” or the “Company”) today
reported that normalized Funds From Operations (“FFO”) for the
quarter ended June 30, 2015 increased 19 percent to $394.3 million,
from $331.6 million for the comparable 2014 period. Normalized FFO
per diluted common share grew five percent to $1.18 for the quarter
ended June 30, 2015, as compared to $1.12 for the comparable 2014
period. Weighted average diluted shares outstanding for the second
quarter of 2015 increased to 334.0 million, compared to 296.5
million in the second quarter of 2014.
Strong Results and Near-Term Completion
of Spin-Off and Ardent Transactions
“We are pleased to report strong second quarter results and
increase our expectations for the full year. We drove positive
same-store NOI growth in our seniors housing portfolio, generated
attractive cash flow and closed accretive acquisitions,” Ventas
Chairman and Chief Executive Officer Debra A. Cafaro said. “We are
on track to complete our innovative and value creating spin-off of
Care Capital Properties and the Ardent hospital acquisition during
the third quarter, positioning Ventas to finish 2015 as a superior,
faster growing company with outstanding dividend growth and
portfolio and operator quality.”
Net income attributable to common stockholders for the quarter
ended June 30, 2015 was $149.8 million, or $0.45 per diluted common
share. Net income attributable to common stockholders for the
quarter ended June 30, 2014 was $138.4 million, or $0.47 per
diluted common share.
FFO, as defined by the National Association of Real Estate
Investment Trusts (“NAREIT”), for the second quarter of 2015 was
$389.0 million, or $1.16 per diluted common share. NAREIT FFO for
the second quarter of 2014 was $315.8 million, or $1.07 per diluted
common share, a per share growth rate of eight percent.
Portfolio Performance
- Total seniors housing operating
portfolio (“SHOP”) net operating income (“NOI”) was $155.4 million
in the second quarter, an increase of 24 percent over the
comparable 2014 period. Same-store SHOP NOI grew four percent,
expressed in constant currency, for the 234 same-store properties
over second quarter 2014 results.
- Same-store cash NOI growth for the
Company’s total portfolio (1,342 assets) was 2.4 percent, expressed
in constant currency, for the quarter ended June 30, 2015 compared
to the same period in 2014. Year-to-date, same-store cash NOI
growth for the Company’s total portfolio was 2.8 percent.
Recent Developments
- As announced on July 7, 2015, the
Company reached an agreement with Equity Group Investments (EGI) to
capitalize Ardent’s hospital operating company at an implied
valuation of $475 million, subject to working capital and other
adjustments. Ardent’s equity will be owned by a consortium of EGI,
Ardent’s existing management and Ventas (9.9 percent). At closing,
Ventas expects to have approximately $1.4 billion invested in high
quality owned hospital real estate, and Ardent will enter long term
triple net leases with Ventas at an expected going in cash yield
approximating 7.5 percent. Funding for the Ardent investment is
expected to include a five year unsecured term loan, as well as
proceeds of fixed income securities, asset sales and equity.
- In connection with Ventas’s previously
announced plan to spin off (the “Spin-Off”) most of its skilled
nursing facility portfolio into an independent, publicly traded
REIT named Care Capital Properties, Inc. (“CCP”), CCP filed
Amendment No. 2 to its Form 10 registration statement relating to
the Spin-Off with the Securities and Exchange Commission on July
15, 2015. The transaction is expected to be completed in August
2015, subject to applicable approvals.
- Ventas made investments totaling $222
million during the second quarter of 2015 at an expected unlevered
cash yield of 6.8 percent. These include an investment in the U.K.
with an existing customer and development and redevelopment funding
approximating $29 million.
Balance Sheet and
Liquidity
- During the second and third quarters of
2015, Ventas issued and sold a total of 1.6 million shares of
common stock for aggregate proceeds of approximately $105 million
(before sales commissions) under its “at the market” equity
offering program at an average price per share of $64.30.
- In July 2015, Ventas issued $500
million of 4.125 percent senior notes due 2026.
- Year-to-date, Ventas has sold assets,
including real estate and fixed income securities, and received
final loan repayments, generating approximately $591 million in
aggregate proceeds. The GAAP yield on the dispositions was seven
percent.
- Ventas generated $373.6 million in
operating cash flow in the second quarter of 2015, an increase of
20 percent over Q2 2014. On a per share basis, operating cash flow
increased seven percent.
- The Company’s Net Debt to Adjusted Pro
Forma EBITDA at June 30, 2015 was 5.6x. Current debt-to-enterprise
value now stands at 35 percent.
- The Company currently has a strong
liquidity position, with approximately $1.7 billion available under
its revolving credit facility, as well as $410 million of cash on
hand.
Increasing 2015 Normalized FFO Per
Share Guidance
Ventas currently expects its 2015 normalized FFO per diluted
share to increase to a range between $4.70 and $4.76. This updated
guidance range represents five to six percent growth in normalized
FFO per share over 2014. Ventas currently expects its 2015 NAREIT
FFO per diluted share to increase to a range between $4.51 and
$4.61.
The Company’s expectations include its pending acquisition of
Ardent upon the terms and timing discussed above. This guidance
does not take into account any impact from the Spin-Off. No further
investment or disposition activity is included in the Company’s
guidance range. Same-store cash NOI is forecast to grow 2.5 to 3.5
percent in 2015, which is consistent with previous guidance. A
reconciliation of the Company’s guidance to the Company’s projected
GAAP earnings is included in this press release.
The Company’s guidance is based on a number of other assumptions
that are subject to change and many of which are outside the
control of the Company. If actual results vary from these
assumptions, the Company’s expectations may change. There can be no
assurance that the Company will achieve these results. The Company
intends to update its publicly announced guidance following
completion of the Spin-Off, but it is not obligated to do so.
SECOND QUARTER CONFERENCE CALL
Ventas will hold a conference call to discuss this earnings
release today at 10:00 a.m. Eastern Time (9:00 a.m. Central Time).
The dial-in number for the conference call is (877) 474-9505 (or
(857) 244-7558 for international callers). The participant passcode
is “Ventas.” The conference call is being webcast live by NASDAQ
OMX and can be accessed at the Company’s website at
www.ventasreit.com. A replay of the
webcast will be available following the call online, or by calling
(888) 286-8010 (or (617) 801-6888 for international callers),
passcode 84642312, beginning at approximately 2:00 p.m. Eastern
Time and will remain for 35 days.
Ventas, Inc., an S&P 500 company, is a leading real estate
investment trust. Its diverse portfolio of more than 1,600 assets
in the United States, Canada and the United Kingdom consists of
seniors housing communities, medical office buildings, skilled
nursing facilities, hospitals and other properties. Through its
Lillibridge subsidiary, Ventas provides management, leasing,
marketing, facility development and advisory services to highly
rated hospitals and health systems throughout the United States.
More information about Ventas and Lillibridge can be found at
www.ventasreit.com and www.lillibridge.com.
Supplemental information regarding the Company can be found on
the Company’s website under the “Investor Relations” section or at
www.ventasreit.com/investor-relations/financial-information/supplemental-information.
A comprehensive listing of the Company’s properties is available at
www.ventasreit.com/our-portfolio/properties-by-location.
This press release includes forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These statements include, but are not limited to,
statements regarding the expected timing of the completion of the
proposed transaction with Ardent Medical Services, Inc. ("Ardent
Medical Services") and the Spin-Off, the benefits of the proposed
transaction with Ardent Medical Services and the Spin-Off,
including future financial and operating results, statements
regarding plans, objectives, and expectations relating to the
proposed transaction with Ardent Medical Services and the Spin-Off
and other statements that are not historical facts. In addition,
all statements regarding the Company’s or its tenants’, operators’,
borrowers’ or managers’ expected future financial condition,
results of operations, cash flows, funds from operations, dividends
and dividend plans, financing opportunities and plans, capital
markets transactions, business strategy, budgets, projected costs,
operating metrics, capital expenditures, competitive positions,
acquisitions, investment opportunities, dispositions, merger or
acquisition integration, growth opportunities, expected lease
income, continued qualification as a real estate investment trust
(“REIT”), plans and objectives of management for future operations
and statements that include words such as “anticipate,” “if,”
“believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,”
“should,” “will” and other similar expressions are forward-looking
statements. These forward-looking statements are inherently
uncertain, and actual results may differ from the Company’s
expectations. The Company does not undertake a duty to update these
forward-looking statements, which speak only as of the date on
which they are made.
The Company’s actual future results and trends may differ
materially from expectations depending on a variety of factors
discussed in the Company’s filings with the Securities and Exchange
Commission. These factors include without limitation: (a) the
ability and willingness of the Company’s tenants, operators,
borrowers, managers and other third parties to satisfy their
obligations under their respective contractual arrangements with
the Company, including, in some cases, their obligations to
indemnify, defend and hold harmless the Company from and against
various claims, litigation and liabilities; (b) the ability of the
Company’s tenants, operators, borrowers and managers to maintain
the financial strength and liquidity necessary to satisfy their
respective obligations and liabilities to third parties, including
without limitation obligations under their existing credit
facilities and other indebtedness; (c) the Company’s success in
implementing its business strategy and the Company’s ability to
identify, underwrite, finance, consummate and integrate
diversifying acquisitions and investments, including investments in
different asset types and outside the United States; (d)
macroeconomic conditions such as a disruption of or lack of access
to the capital markets, changes in the debt rating on U.S.
government securities, default or delay in payment by the United
States of its obligations, and changes in the federal or state
budgets resulting in the reduction or nonpayment of Medicare or
Medicaid reimbursement rates; (e) the nature and extent of future
competition, including new construction in the markets in which the
Company’s seniors housing communities and medical office buildings
(“MOBs”) are located; (f) the extent of future or pending
healthcare reform and regulation, including cost containment
measures and changes in reimbursement policies, procedures and
rates; (g) increases in the Company’s borrowing costs as a result
of changes in interest rates and other factors; (h) the ability of
the Company’s operators and managers, as applicable, to comply with
laws, rules and regulations in the operation of the Company’s
properties, to deliver high-quality services, to attract and retain
qualified personnel and to attract residents and patients; (i)
changes in general economic conditions or economic conditions in
the markets in which the Company may, from time to time, compete,
and the effect of those changes on the Company’s revenues, earnings
and funding sources; (j) the Company’s ability to pay down,
refinance, restructure or extend its indebtedness as it becomes
due; (k) the Company’s ability and willingness to maintain its
qualification as a REIT in light of economic, market, legal, tax
and other considerations; (l) final determination of the Company’s
taxable net income for the year ended December 31, 2014 and for the
year ending December 31, 2015; (m) the ability and willingness of
the Company’s tenants to renew their leases with the Company upon
expiration of the leases, the Company’s ability to reposition its
properties on the same or better terms in the event of nonrenewal
or in the event the Company exercises its right to replace an
existing tenant or manager, and obligations, including
indemnification obligations, the Company may incur in connection
with the replacement of an existing tenant or manager; (n) risks
associated with the Company’s senior living operating portfolio,
such as factors that can cause volatility in the Company’s
operating income and earnings generated by those properties,
including without limitation national and regional economic
conditions, costs of food, materials, energy, labor and services,
employee benefit costs, insurance costs and professional and
general liability claims, and the timely delivery of accurate
property-level financial results for those properties; (o) changes
in exchange rates for any foreign currency in which the Company
may, from time to time, conduct business; (p) year-over-year
changes in the Consumer Price Index or the UK Retail Price Index
and the effect of those changes on the rent escalators contained in
the Company’s leases and the Company’s earnings; (q) the Company’s
ability and the ability of its tenants, operators, borrowers and
managers to obtain and maintain adequate property, liability and
other insurance from reputable, financially stable providers; (r)
the impact of increased operating costs and uninsured professional
liability claims on the Company’s liquidity, financial condition
and results of operations or that of the Company’s tenants,
operators, borrowers and managers, and the ability of the Company
and the Company’s tenants, operators, borrowers and managers to
accurately estimate the magnitude of those claims; (s) risks
associated with the Company’s MOB portfolio and operations,
including the Company’s ability to successfully design, develop and
manage MOBs, to accurately estimate its costs in fixed
fee-for-service projects and to retain key personnel; (t) the
ability of the hospitals on or near whose campuses the Company’s
MOBs are located and their affiliated health systems to remain
competitive and financially viable and to attract physicians and
physician groups; (u) the Company’s ability to build, maintain and
expand its relationships with existing and prospective hospital and
health system clients; (v) risks associated with the Company’s
investments in joint ventures and unconsolidated entities,
including its lack of sole decision-making authority and its
reliance on its joint venture partners’ financial condition; (w)
the impact of market or issuer events on the liquidity or value of
the Company’s investments in marketable securities; (x) merger and
acquisition activity in the seniors housing and healthcare
industries resulting in a change of control of, or a competitor’s
investment in, one or more of the Company’s tenants, operators,
borrowers or managers or significant changes in the senior
management of the Company’s tenants, operators, borrowers or
managers; (y) the impact of litigation or any financial,
accounting, legal or regulatory issues that may affect the Company
or its tenants, operators, borrowers or managers; (z) changes in
accounting principles, or their application or interpretation, and
the Company’s ability to make estimates and the assumptions
underlying the estimates, which could have an effect on the
Company’s earnings; (aa) the inability to complete the acquisition
of Ardent Medical Services and the separation and sale of Ardent
Medical Services’ hospital operations on terms acceptable to Ventas
or at all; (bb) the failure to satisfy any conditions to completion
of the Ardent Medical Services transaction on terms acceptable to
Ventas or at all; (cc) the occurrence of any event, change or other
circumstances that could give rise to the termination of the Ardent
Medical Services purchase agreement or any other agreement relating
to the transaction; (dd) the risk that the expected benefits of the
Ardent Medical Services transaction, including financial results,
may not be fully realized or may take longer to realize than
expected; (ee) risks related to disruption of management’s
attention from ongoing business operations due to the proposed
Ardent Medical Services transaction; (ff) the effect of the
announcement of the proposed Ardent Medical Services transaction on
Ventas’s or Ardent Medical Services’ relationships with their
respective customers, tenants, lenders, operating results and
businesses generally; (gg) uncertainties as to the completion and
timing of the Spin-Off; and (hh) the impact of the Spin-Off on the
businesses of Ventas and CCP. Many of these factors are beyond the
control of the Company and its management.
CONSOLIDATED BALANCE SHEETS As of June 30, 2015,
March 31, 2015, December 31, 2014, September 30, 2014 and June 30,
2014 (In thousands, except per share amounts)
June 30, March 31,
December 31, September 30, June 30,
2015 2015 2014 2014 2014
Assets Real estate investments: Land and improvements $
2,288,356 $ 2,252,402 $ 1,956,128 $ 1,937,888 $ 1,848,922 Buildings
and improvements 22,051,067 21,933,742 19,895,043 19,664,973
18,591,786 Construction in progress 145,873 134,195 120,123 116,975
93,629 Acquired lease intangibles 1,308,052 1,300,654
1,039,651 1,039,949 1,009,474 25,793,348
25,620,993 23,010,945 22,759,785 21,543,811 Accumulated
depreciation and amortization (4,428,252 ) (4,202,334 ) (4,025,386
) (3,833,974 ) (3,657,541 ) Net real estate property 21,365,096
21,418,659 18,985,559 18,925,811 17,886,270 Secured loans
receivable and investments, net 789,408 773,773 829,756 407,551
414,051 Investments in unconsolidated entities 85,461 95,147
91,872 88,175 89,423 Net real estate
investments 22,239,965 22,287,579 19,907,187 19,421,537 18,389,744
Cash and cash equivalents 60,532 120,225 55,348 64,595 86,635
Escrow deposits and restricted cash 193,960 223,772 71,771 78,746
75,514 Deferred financing costs, net 68,284 71,386 60,328 64,898
63,399 Other assets 1,712,421 1,736,909 1,131,537
1,021,389 1,175,494
Total assets $
24,275,162 $ 24,439,871 $ 21,226,171 $
20,651,165 $ 19,790,786
Liabilities and
equity Liabilities: Senior notes payable and other debt $
11,507,861 $ 11,603,925 $ 10,888,092 $ 10,469,106 $ 9,602,439
Accrued interest 77,631 77,359 62,097 69,112 56,722 Accounts
payable and other liabilities 1,026,359 1,016,592 1,005,232 965,240
975,282 Deferred income taxes 370,161 371,785 344,337
361,454 256,392 Total liabilities 12,982,012
13,069,661 12,299,758 11,864,912 10,890,835 Redeemable OP
unitholder and noncontrolling interests 199,404 257,246 172,016
163,080 169,292 Commitments and contingencies Equity:
Ventas stockholders' equity: Preferred stock, $1.00 par value;
10,000 shares authorized, unissued — — — — — Common stock, $0.25
par value; 331,965; 330,913; 298,478; 294,359; and 294,358 shares
issued at June 30, 2015, March 31, 2015, December 31, 2014,
September 30, 2014 and June 30, 2014, respectively 82,982 82,718
74,656 73,603 73,602 Capital in excess of par value 12,708,898
12,616,056 10,119,306 9,859,490 9,849,301 Accumulated other
comprehensive income 10,180 4,357 13,121 16,156 26,255 Retained
earnings (deficit) (1,772,529 ) (1,660,856 ) (1,526,388 )
(1,398,378 ) (1,294,048 ) Treasury stock, 28; 32; 7; 32; and 0
shares at June 30, 2015, March 31, 2015, December 31, 2014,
September 30, 2014 and June 30, 2014, respectively (2,048 ) (2,385
) (511 ) (2,075 ) — Total Ventas stockholders' equity
11,027,483 11,039,890 8,680,184 8,548,796 8,655,110 Noncontrolling
interest 66,263 73,074 74,213 74,377
75,549 Total equity 11,093,746 11,112,964
8,754,397 8,623,173 8,730,659
Total
liabilities and equity $ 24,275,162 $ 24,439,871
$ 21,226,171 $ 20,651,165 $ 19,790,786
CONSOLIDATED STATEMENTS OF INCOME For the three and six
months ended June 30, 2015 and 2014 (In thousands, except
per share amounts) For the Three
Months Ended For the Six Months Ended June 30,
June 30, 2015 2014 2015 2014
Revenues: Rental income: Triple-net leased $ 260,562 $
242,726 $ 526,768 $ 480,572 Medical office buildings 140,403
114,890 277,393 230,113 400,965 357,616
804,161 710,685 Resident fees and services 454,645 374,473 901,559
745,534 Medical office building and other services revenue 9,408
4,367 19,951 10,667 Income from loans and investments 26,068 14,625
48,967 25,392 Interest and other income 236 173 708
446 Total revenues 891,322 751,254 1,775,346
1,492,724
Expenses: Interest 107,591 91,501 214,181 179,342
Depreciation and amortization 249,195 190,818 496,636 384,412
Property-level operating expenses: Senior living 299,252 249,424
597,614 497,719 Medical office buildings 43,321 39,335
85,670 78,680 342,573 288,759 683,284 576,399
Medical office building services costs 5,764 1,626 12,682 4,997
General, administrative and professional fees 33,962 31,306 68,292
64,172 (Gain) loss on extinguishment of debt, net (455 ) 2,924 (434
) 2,665 Merger-related expenses and deal costs 14,585 9,599 49,757
20,359 Other 5,091 4,863 10,387 10,092
Total expenses 758,306 621,396 1,534,785
1,242,438 Income before income (loss) from unconsolidated
entities, income taxes, discontinued operations, real estate
dispositions and noncontrolling interest 133,016 129,858 240,561
250,286 Income (loss) from unconsolidated entities 9 348 (242 ) 596
Income tax benefit (expense) 9,789 (3,274 ) 17,039
(6,707 ) Income from continuing operations 142,814 126,932 257,358
244,175 Discontinued operations 67 (255 ) (356 ) 2,776 Gain on real
estate dispositions 7,469 11,889 14,155 12,889
Net income 150,350 138,566 271,157 259,840 Net income
attributable to noncontrolling interest 529 168 894
395 Net income attributable to common stockholders $
149,821 $ 138,398 $ 270,263 $ 259,445
Earnings per common share: Basic: Income from continuing
operations attributable to common stockholders, including real
estate dispositions $ 0.45 $ 0.47 $ 0.82 $ 0.87 Discontinued
operations 0.00 (0.00 ) (0.00 ) 0.01 Net income
attributable to common stockholders $ 0.45 $ 0.47 $
0.82 $ 0.88 Diluted: Income from continuing
operations attributable to common stockholders, including real
estate dispositions $ 0.45 $ 0.47 $ 0.82 $ 0.87 Discontinued
operations 0.00 (0.00 ) (0.00 ) 0.01 Net income
attributable to common stockholders $ 0.45 $ 0.47 $
0.82 $ 0.88
Weighted average shares used in
computing earnings per common share: Basic 330,715 293,988
327,890 293,932 Diluted 334,026 296,504 331,424 296,369
Dividends declared per common share $ 0.79 $ 0.725 $ 1.58 $ 1.45
QUARTERLY CONSOLIDATED STATEMENTS OF INCOME (In
thousands, except per share amounts)
2015 Quarters 2014 Quarters
Second First Fourth Third Second
Revenues: Rental income: Triple-net leased $ 260,562
$ 266,206 $ 245,599 $ 244,206 $ 242,726 Medical office buildings
140,403 136,990 116,907 116,598 114,890
400,965 403,196 362,506 360,804 357,616 Resident fees and
services 454,645 446,914 411,170 396,247 374,473 Medical office
building and other services revenue 9,408 10,543 11,124 7,573 4,367
Income from loans and investments 26,068 22,899 15,734 14,043
14,625 Interest and other income 236 472 3,453
368 173 Total revenues 891,322 884,024 803,987
779,035 751,254
Expenses: Interest 107,591 106,590
99,031 98,469 91,501 Depreciation and amortization 249,195 247,441
241,275 201,224 190,818 Property-level operating expenses: Senior
living 299,252 298,362 273,563 265,274 249,424 Medical office
buildings 43,321 42,349 38,715 41,147
39,335 342,573 340,711 312,278 306,421 288,759 Medical
office building services costs 5,764 6,918 7,527 4,568 1,626
General, administrative and professional fees 33,962 34,330 28,108
29,466 31,306 (Gain) loss on extinguishment of debt, net (455 ) 21
485 2,414 2,924 Merger-related expenses and deal costs 14,585
35,172 7,943 16,749 9,599 Other 5,091 5,296 13,604
15,229 4,863 Total expenses 758,306
776,479 710,251 674,540 621,396
Income before income (loss) from unconsolidated entities, income
taxes, discontinued operations, real estate dispositions and
noncontrolling interest 133,016 107,545 93,736 104,495 129,858
Income (loss) from unconsolidated entities 9 (251 ) (688 ) (47 )
348 Income tax benefit (expense) 9,789 7,250 13,552
1,887 (3,274 ) Income from continuing operations
142,814 114,544 106,600 106,335 126,932 Discontinued operations 67
(423 ) (411 ) (259 ) (255 ) Gain on real estate dispositions 7,469
6,686 1,456 3,625 11,889 Net
income 150,350 120,807 107,645 109,701 138,566 Net income
attributable to noncontrolling interest 529 365 455
569 168 Net income attributable to common
stockholders $ 149,821 $ 120,442 $ 107,190 $
109,132 $ 138,398
Earnings per common
share: Basic: Income from continuing operations attributable to
common stockholders, including real estate dispositions $ 0.45 $
0.37 $ 0.36 $ 0.37 $ 0.47 Discontinued operations 0.00 (0.00
) (0.00 ) (0.00 ) (0.00 ) Net income attributable to common
stockholders $ 0.45 $ 0.37 $ 0.36 $ 0.37
$ 0.47 Diluted: Income from continuing operations
attributable to common stockholders, including real estate
dispositions $ 0.45 $ 0.37 $ 0.36 $ 0.37 $ 0.47 Discontinued
operations 0.00 (0.00 ) (0.00 ) (0.00 ) (0.00 ) Net income
attributable to common stockholders $ 0.45 $ 0.37 $
0.36 $ 0.37 $ 0.47
Weighted average
shares used in computing earnings per common share: Basic
330,715 325,454 294,810 294,030 293,988 Diluted 334,026 329,203
297,480 296,495 296,504
CONSOLIDATED STATEMENTS OF CASH
FLOWS For the six months ended June 30, 2015 and 2014
(In thousands) 2015 2014 Cash
flows from operating activities: Net income $ 271,157 $ 259,840
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization (including
amounts in discontinued operations) 496,660 385,940 Amortization of
deferred revenue and lease intangibles, net (13,630 ) (9,879 )
Other non-cash amortization 909 (2,928 ) Stock-based compensation
11,192 11,411 Straight-lining of rental income, net (16,761 )
(17,231 ) (Gain) loss on extinguishment of debt, net (434 ) 2,665
Gain on real estate dispositions (including amounts in discontinued
operations) (14,432 ) (14,142 ) Gain on sale of marketable
securities (5,800 ) — Income tax (benefit) expense (18,240 ) 6,407
Loss (income) from unconsolidated entities 242 (596 ) Other 17,967
6,494 Changes in operating assets and liabilities: (Increase)
decrease in other assets (9,711 ) 11,208 Increase in accrued
interest 16,108 2,374 Decrease in accounts payable and other
liabilities (17,503 ) (45,861 ) Net cash provided by operating
activities 717,724 595,702 Cash flows from investing activities:
Net investment in real estate property (1,253,910 ) (271,526 )
Investment in loans receivable and other (55,659 ) (44,488 )
Proceeds from real estate disposals 273,191 52,350 Proceeds from
loans receivable 93,275 5,980 Purchase of marketable securities —
(46,689 ) Proceeds from sale or maturity of marketable securities
57,225 — Funds held in escrow for future development expenditures
4,003 2,602 Development project expenditures (62,630 ) (44,423 )
Capital expenditures (43,429 ) (35,526 ) Other (8,813 ) (3,713 )
Net cash used in investing activities (996,747 ) (385,433 ) Cash
flows from financing activities: Net change in borrowings under
credit facility (321,334 ) (199,951 ) Proceeds from debt 1,107,971
696,661 Repayment of debt (278,442 ) (272,726 ) Purchase of
noncontrolling interest (3,816 ) — Payment of deferred financing
costs (14,608 ) (6,846 ) Issuance of common stock, net 352,167 —
Cash distribution to common stockholders (516,404 ) (426,952 ) Cash
distribution to redeemable OP unitholders (4,697 ) (2,762 )
Purchases of redeemable OP units (33,188 ) — Distributions to
noncontrolling interest (9,467 ) (4,908 ) Other 5,928 (574 )
Net cash provided by (used in) financing activities 284,110
(218,058 ) Net increase (decrease) in cash and cash equivalents
5,087 (7,789 ) Effect of foreign currency translation on cash and
cash equivalents 97 (392 ) Cash and cash equivalents at beginning
of period 55,348 94,816 Cash and cash equivalents at
end of period $ 60,532 $ 86,635 Supplemental
schedule of non-cash activities: Assets and liabilities assumed
from acquisitions: Real estate investments $ 2,554,590 $ 54,282
Other assets acquired 16,505 1,634 Debt assumed 177,857 51,115
Other liabilities 49,788 3,675 Deferred income tax liability 51,620
1,126 Noncontrolling interests 87,245 — Equity issued 2,204,585 —
QUARTERLY CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) 2015
Quarters 2014 Quarters Second First
Fourth Third Second Cash flows from operating
activities: Net income $ 150,350 $ 120,807 $ 107,645 $ 109,701 $
138,566 Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization (including
amounts in discontinued operations) 249,207 247,453 241,291 201,236
192,064 Amortization of deferred revenue and lease intangibles, net
(7,027 ) (6,603 ) (4,096 ) (4,896 ) (4,496 ) Other non-cash
amortization 1,428 (519 ) 304 2,312 (963 ) Stock-based compensation
4,885 6,307 4,202 5,381 5,367 Straight-lining of rental income, net
(8,082 ) (8,679 ) (9,043 ) (12,413 ) (9,317 ) (Gain) loss on
extinguishment of debt, net (455 ) 21 485 2,414 2,924 Gain on real
estate dispositions (including amounts in discontinued operations)
(7,746 ) (6,686 ) (1,457 ) (3,584 ) (11,705 ) Gain on real estate
loan investments — — (1,206 ) (249 ) — Gain on sale of marketable
securities (5,800 ) — — — — Income tax (benefit) expense (10,390 )
(7,850 ) (13,851 ) (1,987 ) 2,974 (Income) loss from unconsolidated
entities (9 ) 251 688 47 (348 ) Other 15,107 2,860 2,140 7,105
3,418 Changes in operating assets and liabilities: (Increase)
decrease in other assets (14,326 ) 4,615 8,623 (14,514 ) 4,967
Increase (decrease) in accrued interest 316 15,792 (6,877 ) 12,461
(4,379 ) Increase (decrease) in accounts payable and other
liabilities 6,097 (23,600 ) 6,025 21,256
(7,791 ) Net cash provided by operating activities 373,555 344,169
334,873 324,270 311,281 Cash flows from investing activities: Net
investment in real estate property (181,371 ) (1,072,539 ) (284,250
) (912,510 ) (89,660 ) Investment in loans receivable and other
(16,086 ) (39,573 ) (432,556 ) (21,948 ) (43,296 ) Proceeds from
real estate disposals 106,850 166,341 5,500 60,396 26,200 Proceeds
from loans receivable 1,219 92,056 17,984 49,593 4,817 Purchase of
marketable securities — — (50,000 ) — (21,689 ) Proceeds from sale
or maturity of marketable securities 57,225 — — 21,689 — Funds held
in escrow for future development expenditures — 4,003 1,988 — —
Development project expenditures (29,163 ) (33,467 ) (35,613 )
(26,952 ) (20,475 ) Capital expenditures (22,258 ) (21,171 )
(31,219 ) (20,709 ) (19,392 ) Other (4,633 ) (4,180 ) (10,704 )
(296 ) (3,588 ) Net cash used in investing activities (88,217 )
(908,530 ) (818,870 ) (850,737 ) (167,083 ) Cash flows from
financing activities: Net change in borrowings under credit
facility 131,563 (452,897 ) 693,887 46,267 (381,705 ) Proceeds from
debt 15,138 1,092,833 — 1,311,046 696,661 Repayment of debt
(253,795 ) (24,647 ) (246,278 ) (632,391 ) (204,953 ) Purchase of
noncontrolling interest (1,156 ) (2,660 ) — — — Payment of deferred
financing costs (173 ) (14,435 ) 726 (8,100 ) (6,679 ) Issuance of
common stock, net 66,840 285,327 242,107 — — Cash distribution to
common stockholders (261,494 ) (254,910 ) (235,200 ) (213,462 )
(213,479 ) Cash distribution to redeemable OP unitholders (2,332 )
(2,365 ) (1,548 ) (1,452 ) (1,360 ) Purchases of redeemable OP
units (32,619 ) (569 ) (503 ) — — Contributions from noncontrolling
interest — — 491 — — Distributions to noncontrolling interest
(7,645 ) (1,822 ) (2,799 ) (1,852 ) (2,671 ) Other 238 5,690
25,153 23 (2,215 ) Net cash (used in) provided
by financing activities (345,435 ) 629,545 476,036
500,079 (116,401 ) Net (decrease) increase in cash and cash
equivalents (60,097 ) 65,184 (7,961 ) (26,388 ) 27,797 Effect of
foreign currency translation on cash and cash equivalents 404 (307
) (1,286 ) 4,348 (953 ) Cash and cash equivalents at beginning of
period 120,225 55,348 64,595 86,635
59,791 Cash and cash equivalents at end of period $ 60,532
$ 120,225 $ 55,348 $ 64,595 $ 86,635
Supplemental schedule of non-cash activities: Assets
and liabilities assumed from acquisitions: Real estate investments
$ 11,761 $ 2,542,829 $ 16,746 $ 299,713 $ 51,330 Other assets
acquired (206 ) 16,711 11,597 2,049 1,634 Debt assumed — 177,857
12,926 177,035 51,115 Other liabilities 4,052 45,736 4,598 15,766
723 Deferred income tax liability 7,503 44,117 641 108,961 1,126
Noncontrolling interests — 87,245 — — — Equity issued — 2,204,585
10,178 — —
NON-GAAP FINANCIAL MEASURES RECONCILIATION
Funds From Operations (FFO) and Funds Available for Distribution
(FAD)(1) (Dollars in thousands, except per share
amounts) Tentative Estimates Preliminary
and Midpoint YOY Subject to Change
YOY 2014 2015
Growth FY2015 - Guidance Growth
Q2 Q3 Q4 FY
Q1 Q2
YTD
'14-'15 Low High
'14-'15E Net income attributable to common
stockholders $ 138,398 $ 109,132
$ 107,190 $ 475,767 $
120,442 $ 149,821 $ 270,263
$ 570,305 $ 584,808 Net
income attributable to common stockholders per share $
0.47 $ 0.37 $ 0.36 $
1.60 $ 0.37 $ 0.45 $
0.82 $ 1.70 $ 1.75
Adjustments: Depreciation and amortization on real estate
assets 189,219 199,617 239,465
820,344 245,651 247,392 493,043
964,000 988,000 Depreciation on real estate assets
related to noncontrolling interest (2,661 )
(2,503 ) (2,506 ) (10,314
) (2,052 ) (1,964 )
(4,016 ) (7,800 ) (8,200
) Depreciation on real estate assets related to
unconsolidated entities 1,495 1,471 1,332
5,792 1,462 1,464 2,926 5,700
6,100 Gain on real estate dispositions (11,889
) (3,625 ) (1,456 )
(17,970 ) (6,686 ) (7,469
) (14,155 ) (22,500 )
(27,500 ) Discontinued operations: (Gain)
loss on real estate dispositions (45 ) 41
(52 ) (1,494 ) — (277
) (277 ) (277 ) (277
) Depreciation and amortization on real estate assets
1,247 12 15
1,555 12 12
24 48
48 Subtotal: FFO add-backs
177,366 195,013 236,798 797,913
238,387 239,158 477,545 939,171
958,171 Subtotal: FFO add-backs per share
$ 0.60 $ 0.66
$ 0.80 $ 2.69
$ 0.72 $
0.72 $ 1.44
$ 2.80 $ 2.86
FFO (NAREIT) attributable to common
stockholders $ 315,764 $ 304,145
$ 343,988 $ 1,273,680 $
358,829 $ 388,979 $ 747,808
23 % $ 1,509,476 $
1,542,979 20 % FFO (NAREIT) attributable to
common stockholders per share $ 1.07
$ 1.03 $
1.16 $ 4.29
$ 1.09 $ 1.16
$ 2.26 8 %
$ 4.51 $ 4.61
6 % Adjustments: Change in
fair value of financial instruments 109 4,595
485 5,121 (46 ) 70 24
500 (1,100 ) Non-cash income tax expense
(benefit) 2,974 (1,987 ) (13,851
) (9,431 ) (7,850 )
(10,389 ) (18,239 ) (27,000
) (33,000 ) Loss (gain) on extinguishment
of debt, net 2,924 2,414 485 5,013
21 (39 ) (18 ) 1,000
2,000 Merger-related expenses, deal costs and re-audit
costs 9,602 23,401 10,625 54,389
36,002 15,135 51,137 88,500
81,500 Amortization of other intangibles 255
255 480
1,246 591 591
1,182 2,300
2,500 Subtotal: normalized FFO
add-backs 15,864 28,678 (1,776 )
56,338 28,718 5,368 34,086
65,300 51,900 Subtotal: normalized FFO add-backs
per share $ 0.05 $
0.10 $ (0.01 )
$ 0.19 $ 0.09
$ 0.02 $ 0.10
$ 0.19
$ 0.15 Normalized FFO
attributable to common stockholders $ 331,628
$ 332,823 $ 342,212 $
1,330,018 $ 387,547 $ 394,347
$ 781,894 19 % $
1,574,776 $ 1,594,879 19 %
Normalized FFO attributable to common stockholders per share
$ 1.12 $ 1.12
$ 1.15 $
4.48 $ 1.18
$ 1.18 $ 2.36
5 % $ 4.70
$ 4.76 6 %
Non-cash items included in normalized FFO: Amortization
of deferred revenue and lease intangibles, net (4,496
) (4,896 ) (4,096 )
(18,871 ) (6,603 ) (7,027
) (13,630 ) (27,100 )
(28,100 ) Other non-cash amortization, including
fair market value of debt (963 ) 2,312
304 (312 ) (519 ) 1,428
909 4,700 5,700 Stock-based
compensation 5,367 5,381 4,202
20,994 6,307 4,885 11,192 20,700
22,700 Straight-lining of rental income, net
(9,317 ) (12,413 )
(9,043 ) (38,687 )
(8,679 ) (8,082 )
(16,761 ) (32,100
) (33,100 ) Subtotal: non-cash items
included in normalized FFO (9,409 ) (9,616
) (8,633 ) (36,876 )
(9,494 ) (8,796 ) (18,290
) (33,800 ) (32,800 ) Capital
expenditures (21,445 )
(21,822 ) (32,527 )
(92,928 ) (22,148 )
(23,520 ) (45,668 )
(112,500 ) (120,000
) Normalized FAD attributable to common
stockholders $ 300,774 $ 301,385
$ 301,052 $ 1,200,214 $
355,905 $ 362,031 $ 717,936
20 % $ 1,428,476 $
1,442,079 20 % Normalized FAD attributable
to common stockholders per share $ 1.01
$ 1.02 $
1.01 $ 4.05
$ 1.08 $ 1.08
$ 2.17 7 %
$ 4.26 $ 4.30
6 % Merger-related expenses, deal costs and
re-audit costs (9,602 )
(23,401 ) (10,625 )
(54,389 ) (36,002 )
(15,135 ) (51,137 )
(88,500 ) (81,500
) FAD attributable to common
stockholders $ 291,172 $ 277,984
$ 290,427 $ 1,145,825 $
319,903 $ 346,896 $ 666,799
19 % $ 1,339,976 $
1,360,579 18 % FAD attributable to common
stockholders per share $ 0.98
$ 0.94 $ 0.98
$ 3.86 $
0.97 $ 1.04
$ 2.01 6 %
$ 4.00 $ 4.06
4 % Weighted average diluted shares
296,504 296,495 297,480 296,677
329,203 334,026 331,424 335,059
335,059 1 Totals and per
share amounts may not add due to rounding. Per share quarterly
amounts may not add to annual per share amounts due to material
changes in the Company’s weighted average diluted share count, if
any.
Historical cost accounting for real estate assets implicitly
assumes that the value of real estate assets diminishes predictably
over time. However, since real estate values have historically
risen or fallen with market conditions, many industry investors
deem presentations of operating results for real estate companies
that use historical cost accounting to be insufficient by
themselves. For that reason, the Company considers FFO, normalized
FFO and FAD to be appropriate measures of operating performance of
an equity REIT. In particular, the Company believes that normalized
FFO is useful because it allows investors, analysts and Company
management to compare the Company’s operating performance to the
operating performance of other real estate companies and between
periods on a consistent basis without having to account for
differences caused by unanticipated items and other events such as
transactions and litigation. In some cases, the Company provides
information about identified non-cash components of FFO and
normalized FFO because it allows investors, analysts and Company
management to assess the impact of those items on the Company’s
financial results.
The Company uses the NAREIT definition of FFO. NAREIT defines
FFO as net income attributable to common stockholders (computed in
accordance with GAAP) excluding gains (or losses) from sales of
real estate property, including gain on re-measurement of equity
method investments, and impairment write-downs of depreciable real
estate, plus real estate depreciation and amortization, and after
adjustments for unconsolidated partnerships and joint ventures.
Adjustments for unconsolidated partnerships and joint ventures will
be calculated to reflect FFO on the same basis. The Company defines
normalized FFO as FFO excluding the following income and expense
items (which may be recurring in nature): (a) merger-related costs
and expenses, including amortization of intangibles, transition and
integration expenses, and deal costs and expenses, including
expenses and recoveries relating to acquisition lawsuits; (b) the
impact of any expenses related to asset impairment and valuation
allowances, the write-off of unamortized deferred financing fees,
or additional costs, expenses, discounts, make-whole payments,
penalties or premiums incurred as a result of early retirement or
payment of the Company’s debt; (c) the non-cash effect of income
tax benefits or expenses and derivative transactions that have
non-cash mark-to-market impacts on the Company’s income statement;
(d) except as specifically stated in the case of guidance, the
impact of future acquisitions or divestitures (including pursuant
to tenant options to purchase) and capital transactions; (e) the
financial impact of contingent consideration, charitable donations
made to the Ventas Charitable Foundation, gains and losses for
non-operational foreign currency hedge agreements and changes in
the fair value of financial instruments; and (f) expenses related
to the re-audit and re-review in 2014 of the Company’s historical
financial statements and related matters. FAD represents normalized
FFO excluding non-cash components, straight-line rental adjustments
and capital expenditures, including tenant allowances and leasing
commissions.
FFO, normalized FFO and FAD presented herein may not be
comparable to similar measures presented by other real estate
companies due to the fact that not all real estate companies use
the same definitions. FFO, normalized FFO and FAD should not be
considered as alternatives to net income (determined in accordance
with GAAP) as indicators of the Company’s financial performance or
as alternatives to cash flow from operating activities (determined
in accordance with GAAP) as measures of the Company’s liquidity,
nor are they necessarily indicative of sufficient cash flow to fund
all of the Company’s needs. The Company believes that in order to
facilitate a clear understanding of the consolidated historical
operating results of the Company, FFO, normalized FFO and FAD
should be examined in conjunction with net income as presented
elsewhere herein.
NON-GAAP FINANCIAL MEASURES
RECONCILIATION
Net Debt to Adjusted Pro Forma
EBITDA
The following information considers the pro forma effect on net
income, interest, depreciation and amortization, and noncontrolling
interest of the Company’s investments and other capital
transactions that were completed during the three months ended
June 30, 2015, as if the transactions had been consummated as
of the beginning of the period. The following table illustrates net
debt to pro forma earnings before interest, taxes, depreciation and
amortization (including non-cash stock-based compensation expense),
excluding gains or losses on extinguishment of debt, income or loss
from noncontrolling interest and unconsolidated entities,
merger-related expenses and deal costs, expenses related to the
re-audit and re-review in 2014 of the Company’s historical
financial statements, net gains on real estate activity and changes
in the fair value of financial instruments (including amounts in
discontinued operations) (“Adjusted Pro Forma EBITDA”) (dollars in
thousands):
Net income attributable to common
stockholders $ 149,821 Pro forma adjustments for current
period investments, capital transactions and dispositions (2,458 )
Pro forma net income for the three months ended June 30, 2015
147,363 Add back: Pro forma interest 106,384 Pro forma depreciation
and amortization 250,092 Stock-based compensation 4,885 Gain on
real estate dispositions (7,746 )
Gain on extinguishment of debt, net
(455 )
Gain from unconsolidated entities
(9 ) Pro forma noncontrolling interest 226 Income tax benefit
(9,789 ) Change in fair value of financial instruments 70 Other
taxes 1,220 Merger-related expenses, deal costs and re-audit costs
15,010 Adjusted Pro Forma EBITDA 507,251 Adjusted Pro
Forma EBITDA annualized $ 2,029,004 As of June
30, 2015: Debt $ 11,507,861 Cash, adjusted for cash escrows
pertaining to debt (204,761 ) Net debt $ 11,303,100
Net debt to Adjusted Pro Forma EBITDA 5.6 x
NON-GAAP FINANCIAL MEASURES RECONCILIATION 1, 2
NOI by Segment (In thousands)
2015 Quarters 2014 Quarters
Second First Fourth Third Second
Revenues Triple-Net Triple-Net Rental Income $
260,562 $ 266,206 $ 245,599 $ 244,206 $ 242,726 Medical
Office Buildings Medical Office - Stabilized 129,145 123,211
104,171 103,780 101,795 Medical Office - Lease up 8,129 8,429 6,675
6,767 6,839 Medical Office - Other 3,129 5,350 6,061
6,051 6,256 Total Medical Office Buildings - Rental
Income 140,403 136,990 116,907 116,598
114,890 Total Rental Income 400,965 403,196 362,506 360,804 357,616
Medical Office Building Services Revenue 7,749 8,858
9,218 5,937 2,722 Total Medical Office
Buildings - Revenue 148,152 145,848 126,125 122,535 117,612
Triple-Net Services Revenue 1,139 1,136 1,136 1,136 1,145
Non-Segment Services Revenue 520 549 770 500
500 Total Medical Office Building and Other Services Revenue
9,408 10,543 11,124 7,573 4,367 Seniors Housing Operating
Seniors Housing - Stabilized 438,110 431,890 398,855 385,511
363,618 Seniors Housing - Lease up 16,535 15,024 12,083 10,109
10,227 Seniors Housing - Other — — 232 627
628 Total Resident Fees and Services 454,645 446,914 411,170
396,247 374,473 Non-Segment Income from Loans and
Investments 26,068 22,899 15,734 14,043
14,625 Total Revenues, excluding Interest and Other Income 891,086
883,552 800,534 778,667 751,081
Property-Level Operating
Expenses Medical Office Buildings Medical Office -
Stabilized 38,491 36,807 33,331 34,807 33,641 Medical Office -
Lease up 3,087 3,242 2,509 2,738 2,733 Medical Office - Other 1,743
2,300 2,875 3,602 2,961 Total Medical
Office Buildings 43,321 42,349 38,715 41,147 39,335 Seniors
Housing Operating Seniors Housing - Stabilized 286,321 286,277
262,915 256,702 241,380 Seniors Housing - Lease up 12,931 12,085
10,421 7,972 7,473 Seniors Housing - Other — — 227
600 571 Total Seniors Housing 299,252 298,362
273,563 265,274 249,424 Total Property-Level
Operating Expenses 342,573 340,711 312,278 306,421 288,759
Medical Office Building Services Costs 5,764 6,918 7,527
4,568 1,626
Net Operating Income Triple-Net
Triple-Net Properties 260,562 266,206 245,599 244,206 242,726
Triple-Net Services Revenue 1,139 1,136 1,136
1,136 1,145 Total Triple-Net 261,701 267,342 246,735 245,342
243,871 Medical Office Buildings Medical Office - Stabilized
90,654 86,404 70,840 68,973 68,154 Medical Office - Lease up 5,042
5,187 4,166 4,029 4,106 Medical Office - Other 1,386 3,050 3,186
2,449 3,295 Medical Office Building Services 1,985 1,940
1,691 1,369 1,096 Total Medical Office
Buildings 99,067 96,581 79,883 76,820 76,651 Seniors Housing
Operating Seniors Housing - Stabilized 151,789 145,613 135,940
128,809 122,238 Seniors Housing - Lease up 3,604 2,939 1,662 2,137
2,754 Seniors Housing - Other — — 5 27
57 Total Seniors Housing 155,393 148,552 137,607 130,973 125,049
Non-Segment 26,588 23,448 16,504 14,543
15,125
Net Operating Income $ 542,749 $ 535,923
$ 480,729 $ 467,678 $ 460,696 1 Amounts
above are adjusted to exclude discontinued operations for all
periods presented. 2 Amounts above are not restated for changes
between categories from quarter to quarter.
NON-GAAP
FINANCIAL MEASURES RECONCILIATION (Dollars in thousands)
Total Portfolio Same-Store Constant Currency Cash NOI
For the Three Months Ended June 30,
2015 2014 Net Operating Income
$ 542,749 $ 460,696 Adjustments:
NOI Not Included in Same-Store (75,173 ) (14,974 ) Straight-Lining
of Rental Income (8,081 ) (9,319 ) Non-Cash Rental Income (6,199 )
(3,629 ) Non-Segment NOI (26,588 ) (15,125 ) Constant Currency
Adjustment — (945 ) (116,041 ) (43,992 ) Constant
Currency NOI as Reported $ 426,708 $ 416,704
Percentage Increase
2.4 % NON-GAAP
FINANCIAL MEASURES RECONCILIATION (Dollars in thousands)
Total Portfolio Same-Store Constant Currency Cash NOI
For the Six Months Ended June 30,
2015 2014 Net Operating Income
$ 1,078,672 $ 910,882
Adjustments: Lease Modification Fee 5,200 — NOI Not Included in
Same-Store (159,137 ) (34,810 ) Straight-Lining of Rental Income
(16,760 ) (17,217 ) Non-Cash Rental Income (12,008 ) (8,353 )
Non-Segment NOI (50,038 ) (26,392 ) Constant Currency Adjustment —
(1,256 ) (232,743 ) (88,028 ) Constant Currency NOI
as Reported $ 845,929 $ 822,854 Percentage
Increase
2.8 % NON-GAAP FINANCIAL MEASURES
RECONCILIATION (Dollars in thousands) Senior
Housing Operating Portfolio Same-Store Constant Currency NOI
For the Three Months Ended June 30,
2015 2014 Net Operating Income
$ 155,393 $ 125,049 Less: NOI
Not Included in Same-Store (28,013 ) (1,862 ) Constant Currency
Adjustment — (667 ) (28,013 ) (2,529 ) Constant
Currency NOI as Reported $ 127,380 $ 122,520
Percentage Increase
4.0 %
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Ventas, Inc.Lori B. Wittman(877) 4-VENTAS
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