- First Quarter 2016 Normalized FFO
Grows 7 Percent on a Comparable Basis to $1.04 Per Diluted
Share
- Company Reaffirms 2016 Normalized
FFO Guidance of $4.07 to $4.15 Per Diluted Share
Ventas, Inc. (NYSE: VTR) (“Ventas” or the “Company”) today
announced that normalized Funds From Operations (“FFO”) per diluted
common share was $1.04 for the quarter ended March 31, 2016.
Normalized FFO for the quarter ended March 31, 2016 was $351.7
million. Weighted average diluted shares outstanding for the first
quarter 2016 increased to 339.2 million, compared to 329.2 million
in the first quarter 2015.
Prior period reported results include in discontinued operations
normalized FFO from the 355 properties that are now owned by Care
Capital Properties, Inc. (“CCP”) (NYSE:CCP). The spin-off of CCP as
an independent, publicly traded company (the “Spin-Off”) was
successfully completed on August 17, 2015. Ventas’s full year 2015
reported results include normalized FFO from those properties for
the period January 1 to August 17, 2015.
Normalized FFO for the quarter ended March 31, 2016 grew 7
percent on a comparable basis (“Comparable”), which adjusts all
prior periods for the effects of the Spin-Off as if the Spin-Off
were completed January 1, 2014.
Track Record of
Excellence
“We are pleased to extend our long track record of excellent
performance in the first quarter, delivering 7 percent Comparable
normalized FFO per share growth from our high quality, diverse
portfolio,” Ventas Chairman and Chief Executive Officer Debra A.
Cafaro said.
“Ventas is situated at the exciting intersection of healthcare
and real estate. Benefiting from the powerful trend of longevity,
Ventas is uniquely positioned to deliver consistent growth and
income for our shareholders by leveraging our leading people,
platforms and properties,” Cafaro added.
First Quarter Net Income & NAREIT
FFO
Reported net income attributable to common stockholders for the
quarter ended March 31, 2016 was $149.0 million, or $0.44 per
diluted common share. Reported net income attributable to common
stockholders for the quarter ended March 31, 2015 was $120.4
million, or $0.37 per diluted common share.
Reported FFO, as defined by the National Association of Real
Estate Investment Trusts (“NAREIT FFO”), for the quarter ended
March 31, 2016 was $356.9 million, or $1.05 per diluted common
share. NAREIT FFO for the first quarter 2015 was $358.8 million, or
$1.09 per diluted common share. The decrease from the first quarter
2015 is principally due to the inclusion in the prior period of
results from the properties that were spun off to CCP, partially
offset by lower merger related expenses and deal costs, higher net
operating income (“NOI”) due to accretive investments and improved
property performance in the first quarter 2016.
Portfolio Performance &
Optimization
- Same-store cash NOI growth for the
Company’s total portfolio (1,069 assets) was 2.9 percent excluding
certain items referenced below in the respective 2016 and 2015
periods and 1.7 percent on a reported basis for the quarter ended
March 31, 2016. Reported results by segment follow:
- The seniors housing operating portfolio
(“SHOP”) same-store NOI grew 2.9 percent. The current first quarter
period incurred unplanned real estate tax expenses relating to
prior periods of $1.2 million.
- Triple net portfolio same-store cash
NOI declined 0.3 percent. The comparable 2015 period included $5.2
million in fee income.
- Medical office building (MOB) portfolio
same-store cash NOI grew 4.2 percent. First quarter 2016 results
benefited from a lease termination fee with a net value of $2.3
million.
- On April 4, 2016 the Company announced
it had entered into collaborative agreements to improve the quality
and productivity of the long term acute care hospital (“LTAC”)
portfolio leased by Ventas to Kindred Healthcare, Inc. (NYSE: KND),
while retaining full current rent. The transactions are expected to
better position the Kindred and Ventas portfolio to succeed.
First Quarter 2016 Highlights,
Liquidity & Balance Sheet
- The Company made $154 million in
investments in the first quarter 2016, including a $140 million
secured debt investment in class-A life science properties located
principally in Cambridge, MA, San Francisco, CA and San Diego,
CA.
- The Company funded $37 million of
high-quality development and redevelopment projects during the
quarter of its approved and active pipeline totaling over $500
million.
- To fund these new investments, since
its year-end 2015 earnings release on February 12, 2016, Ventas
issued and sold a total of 1.6 million shares of common stock for
aggregate gross proceeds of $101 million at an average price of
$62.30. Year-to-date, Ventas has issued 3.3 million shares of
common stock for aggregate gross proceeds of $193 million under its
“at the market” equity offering program.
- During and immediately following the
quarter, the Company sold 7 properties for aggregate gross proceeds
of approximately $69 million.
- The Company further strengthened its
credit profile at quarter-end, including: a sequential improvement
in the Company’s net debt to EBITDA ratio to 6.0x as a result of
disposition activity and the previously mentioned equity-funded
investments; fixed charge coverage of 4.6x; and debt to total
capitalization of approximately 34 percent.
- The Company currently has a strong
liquidity position, with $1.8 billion available under its revolving
credit facility, and $53 million of cash or cash equivalents.
Company Reaffirms 2016 Guidance Range
for Normalized FFO of $4.07 to $4.15 Per Diluted
Share
Consistent with previous guidance, Ventas currently expects its
2016 reported normalized FFO per diluted share to range between
$4.07 and $4.15, representing 3 to 5 percent growth over 2015 on a
Comparable basis. Ventas currently expects its 2016 NAREIT reported
FFO per diluted share to be between $4.13 and $4.21.
Total reported Company same-store cash NOI is forecast to grow
1.5 to 3 percent in 2016, which is also consistent with previous
guidance.
The Company expects continued sale of assets, estimating $500
million in 2016 dispositions, including sales closed year-to-date.
The net proceeds are assumed to be reinvested in approximately $200
million of additional acquisitions and debt repayment.
Consistent with its practice, the Company’s guidance does not
include any further material investments, dispositions or capital
activity. A further modest reduction in leverage in 2016 as a
result of continued net disposition activity and strong cash flow
generation is also assumed in its 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.
FIRST 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 (866) 700-5192 (or
(617) 213-8833 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 15382774, beginning at approximately 2:00 p.m. Eastern
Time and will remain for 36 days.
Ventas, Inc., an S&P 500 company, is a leading real estate
investment trust. Its diverse portfolio of approximately 1,300
assets in the United States, Canada and the United Kingdom consists
of seniors housing communities, medical office buildings, skilled
nursing facilities, specialty hospitals and general acute care
hospitals. 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/annual-reports---supplemental-information.
A comprehensive listing of the Company’s properties is available at
www.ventasreit.com/our-portfolio/properties-by-stateprovince.
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. 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; (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 tenants, 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, 2015
and for the year ending December 31, 2016; (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, and obligations, including
indemnification obligations, the Company may incur in connection
with the replacement of an existing tenant; (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 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) 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; (v) the impact of market or issuer
events on the liquidity or value of the Company’s investments in
marketable securities; (w) consolidation 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; (x) the impact of litigation or any
financial, accounting, legal or regulatory issues that may affect
the Company or its tenants, operators, borrowers or managers; and
(y) 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.
CONSOLIDATED BALANCE SHEETS As of March 31, 2016,
December 31, 2015, September 30, 2015, June 30, 2015 and March 31,
2015 (In thousands, except per share amounts)
March 31, December 31,
September 30, June 30, March 31, 2016
2015 2015 2015 2015
Assets Real estate investments: Land and improvements $
2,060,247 $ 2,056,428 $ 2,068,467 $ 2,016,281 $ 1,974,013 Buildings
and improvements 20,395,386 20,309,599 20,220,624 19,247,902
19,049,345 Construction in progress 119,215 92,005 124,381 129,186
118,483 Acquired lease intangibles 1,343,187 1,344,422
1,347,493 1,214,702 1,197,567
23,918,035 23,802,454 23,760,965 22,608,071 22,339,408 Accumulated
depreciation and amortization (4,409,554 ) (4,177,234 ) (3,972,544
) (3,780,388 ) (3,569,773 ) Net real estate property 19,508,481
19,625,220 19,788,421 18,827,683 18,769,635 Secured loans
receivable and investments, net 1,002,598 857,112 766,707 762,312
746,793 Investments in unconsolidated real estate entities 98,120
95,707 96,208 85,461 95,147 Net
real estate investments 20,609,199 20,578,039 20,651,336 19,675,456
19,611,575 Cash and cash equivalents 51,701 53,023 65,231 60,532
120,225 Escrow deposits and restricted cash 76,710 77,896 74,491
193,960 223,772 Goodwill 1,044,983 1,047,497 1,052,321 1,058,607
947,386 Assets held for sale 54,263 93,060 152,014 2,822,553
3,012,994 Other assets 424,436 412,403 418,584
395,770 452,533
Total assets $ 22,261,292
$ 22,261,918 $ 22,413,977 $ 24,206,878
$ 24,368,485
Liabilities and equity
Liabilities: Senior notes payable and other debt $ 11,247,730 $
11,206,996 $ 11,284,957 $ 11,456,038 $ 11,549,062 Accrued interest
66,988 80,864 67,440 77,713 77,444 Accounts payable and other
liabilities 738,327 779,380 791,556 784,547 777,595 Liabilities
related to assets held for sale 12,625 34,340 48,860 225,269
222,389 Deferred income taxes 333,354 338,382 352,658
370,161 371,785 Total liabilities 12,399,024
12,439,962 12,545,471 12,913,728 12,998,275 Redeemable OP
unitholder and noncontrolling interests 191,739 196,529 198,832
199,404 257,246 Commitments and contingencies Equity:
Ventas stockholders' equity: Preferred stock, $1.00 par value;
10,000 shares authorized, unissued — — — — — Common stock, $0.25
par value; 337,486; 334,386; 333,027; 331,965 and 330,913 shares
issued at March 31, 2016, December 31, 2015, September 30, 2015,
June 30, 2015 and March 31, 2015, respectively 84,354 83,579 83,238
82,982 82,718 Capital in excess of par value 11,758,306 11,602,838
11,523,312 12,708,898 12,616,056 Accumulated other comprehensive
(loss) income (19,932 ) (7,565 ) (592 ) 10,180 4,357 Retained
earnings (deficit) (2,208,474 ) (2,111,958 ) (1,992,848 )
(1,772,529 ) (1,660,856 ) Treasury stock, 1; 44; 61; 28 and 32
shares at March 31, 2016, December 31, 2015, September 30, 2015,
June 30, 2015 and March 31, 2015, respectively (59 ) (2,567 )
(3,675 ) (2,048 ) (2,385 ) Total Ventas stockholders' equity
9,614,195 9,564,327 9,609,435 11,027,483 11,039,890 Noncontrolling
interest 56,334 61,100 60,239 66,263
73,074 Total equity 9,670,529 9,625,427
9,669,674 11,093,746 11,112,964
Total
liabilities and equity $ 22,261,292 $ 22,261,918
$ 22,413,977 $ 24,206,878 $ 24,368,485
CONSOLIDATED STATEMENTS OF INCOME For the three months
ended March 31, 2016 and 2015 (In thousands, except per
share amounts) For the Three Months Ended
March 31, 2016 2015 Revenues: Rental
income: Triple-net leased $ 214,487 $ 188,557 Medical office
buildings 144,136 137,060 358,623 325,617 Resident
fees and services 463,976 446,914 Medical office building and other
services revenue 7,185 10,543 Income from loans and investments
22,386 22,053 Interest and other income 119 471 Total
revenues 852,289 805,598
Expenses: Interest 103,273 82,328
Depreciation and amortization 236,387 216,219 Property-level
operating expenses: Senior living 312,541 298,362 Medical office
buildings 43,681 42,437 356,222 340,799 Medical
office building services costs 3,451 6,918 General, administrative
and professional fees 31,726 34,326 Loss on extinguishment of debt,
net 314 21 Merger-related expenses and deal costs 1,632 30,613
Other 4,168 4,874 Total expenses 737,173
716,098 Income before unconsolidated entities, income taxes,
discontinued operations, real estate dispositions and
noncontrolling interest 115,116 89,500 Loss from unconsolidated
entities (198 ) (251 ) Income tax benefit 8,421 7,250
Income from continuing operations 123,339 96,499 Discontinued
operations (489 ) 17,574 Gain on real estate dispositions 26,184
6,686 Net income 149,034 120,759 Net income
attributable to noncontrolling interest 54 317 Net
income attributable to common stockholders $ 148,980 $
120,442
Earnings per common share: Basic: Income from
continuing operations attributable to common stockholders,
including real estate dispositions $ 0.44 $ 0.32 Discontinued
operations (0.00 ) 0.05 Net income attributable to common
stockholders $ 0.44 $ 0.37 Diluted: Income from
continuing operations attributable to common stockholders,
including real estate dispositions $ 0.44 $ 0.32 Discontinued
operations (0.00 ) 0.05 Net income attributable to common
stockholders $ 0.44 $ 0.37
Weighted average
shares used in computing earnings per common share: Basic
335,559 325,454 Diluted 339,202 329,203 Dividends declared
per common share $ 0.73 $ 0.79
QUARTERLY CONSOLIDATED
STATEMENTS OF INCOME (In thousands, except per share
amounts) 2016 First
2015 Quarters Quarter Fourth Third
Second First Revenues: Rental income:
Triple-net leased $ 214,487 $ 208,210 $ 201,028 $ 182,006 $ 188,557
Medical office buildings 144,136 145,958 142,755
140,472 137,060 358,623 354,168 343,783
322,478 325,617 Resident fees and services 463,976 454,871 454,825
454,645 446,914 Medical office building and other services revenue
7,185 11,541 10,000 9,408 10,543 Income from loans and investments
22,386 20,361 18,924 25,215 22,053 Interest and other income 119
333 74 174 471 Total revenues
852,289 841,274 827,606 811,920 805,598
Expenses:
Interest 103,273 103,692 97,135 83,959 82,328 Depreciation and
amortization 236,387 236,795 226,332 214,711 216,219 Property-level
operating expenses: Senior living 312,541 307,261 304,540 299,252
298,362 Medical office buildings 43,681 45,073 43,305
43,410 42,437 356,222 352,334 347,845 342,662
340,799 Medical office building services costs 3,451 7,467 6,416
5,764 6,918 General, administrative and professional fees 31,726
27,636 32,114 33,959 34,326 Loss (gain) on extinguishment of debt,
net 314 (486 ) 15,331 (455 ) 21 Merger-related expenses and deal
costs 1,632 (2,079 ) 62,145 12,265 30,613 Other 4,168 4,009
4,795 4,279 4,874 Total expenses
737,173 729,368 792,113 697,144 716,098
Income before unconsolidated entities, income taxes,
discontinued operations, real estate dispositions and
noncontrolling interest 115,116 111,906 35,493 114,776 89,500
(Loss) income from unconsolidated entities (198 ) (223 ) (955 ) 9
(251 ) Income tax benefit 8,421 11,548 10,697
9,789 7,250 Income from continuing operations 123,339
123,231 45,235 124,574 96,499 Discontinued operations (489 ) (2,331
) (22,383 ) 18,243 17,574 Gain on real estate dispositions 26,184
4,160 265 7,469 6,686 Net income
149,034 125,060 23,117 150,286 120,759 Net income attributable to
noncontrolling interest 54 332 265 465
317 Net income attributable to common stockholders $ 148,980
$ 124,728 $ 22,852 $ 149,821 $ 120,442
Earnings per common share: Basic: Income from
continuing operations attributable to common stockholders,
including real estate dispositions $ 0.44 $ 0.38 $ 0.14 $ 0.39 $
0.32 Discontinued operations (0.00 ) (0.01 ) (0.07 ) 0.06
0.05 Net income attributable to common stockholders $ 0.44
$ 0.37 $ 0.07 $ 0.45 $ 0.37
Diluted: Income from continuing operations attributable to common
stockholders, including real estate dispositions $ 0.44 $ 0.38 $
0.14 $ 0.40 $ 0.32 Discontinued operations (0.00 ) (0.01 ) (0.07 )
0.05 0.05 Net income attributable to common
stockholders $ 0.44 $ 0.37 $ 0.07 $ 0.45
$ 0.37
Weighted average shares used in
computing earnings per common share: Basic 335,559 332,914
332,491 330,715 325,454 Diluted 339,202 336,406 336,338 334,026
329,203
CONSOLIDATED STATEMENTS OF CASH FLOWS For
the three months ended March 31, 2016 and 2015 (In
thousands) 2016 2015 Cash flows
from operating activities: Net income $ 149,034 $ 120,759
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization (including
amounts in discontinued operations) 236,387 247,453 Amortization of
deferred revenue and lease intangibles, net (5,037 ) (6,603 ) Other
non-cash amortization 2,446 (519 ) Stock-based compensation 5,029
6,307 Straight-lining of rental income, net (9,845 ) (8,679 ) Loss
on extinguishment of debt, net 314 21 Gain on real estate
dispositions (26,184 ) (6,686 ) Income tax benefit (9,156 ) (7,850
) Loss from unconsolidated entities 198 251 Distributions from
unconsolidated entities 1,989 649 Other 1,099 2,259 Changes in
operating assets and liabilities: (Increase) decrease in other
assets (4,835 ) 4,615 (Decrease) increase in accrued interest
(14,311 ) 15,792 Decrease in accounts payable and other liabilities
(54,237 ) (23,600 ) Net cash provided by operating activities
272,891 344,169 Cash flows from investing activities: Net
investment in real estate property (13,620 ) (1,072,539 )
Investment in loans receivable and other (146,214 ) (39,573 )
Proceeds from real estate disposals 54,211 166,341 Proceeds from
loans receivable 1,625 92,056 Funds held in escrow for future
development expenditures — 4,003 Development project expenditures
(34,767 ) (33,467 ) Capital expenditures (23,721 ) (21,171 ) Other
(4,265 ) (4,180 ) Net cash used in investing activities (166,751 )
(908,530 ) Cash flows from financing activities: Net change in
borrowings under credit facility 137,440 (452,897 ) Proceeds from
debt 145 1,092,833 Repayment of debt (151,309 ) (24,647 ) Purchase
of noncontrolling interest — (2,660 ) Payment of deferred financing
costs (76 ) (14,435 ) Issuance of common stock, net 149,631 285,327
Cash distribution to common stockholders (245,496 ) (254,910 ) Cash
distribution to redeemable OP unitholders (2,323 ) (2,365 )
Purchases of redeemable OP units — (569 ) Distributions to
noncontrolling interest (1,743 ) (1,822 ) Other 6,151 5,690
Net cash (used in) provided by financing activities (107,580
) 629,545 Net (decrease) increase in cash and cash
equivalents (1,440 ) 65,184 Effect of foreign currency translation
on cash and cash equivalents 118 (307 ) Cash and cash equivalents
at beginning of period 53,023 55,348 Cash and cash
equivalents at end of period $ 51,701 $ 120,225
Supplemental schedule of non-cash activities: Assets and
liabilities assumed from acquisitions: Real estate investments $
2,558 $ 2,542,829 Other assets acquired (66 ) 16,711 Debt assumed —
177,857 Other liabilities 2,558 45,736 Deferred income tax
liability (66 ) 44,117 Redeemable OP unitholder interests assumed —
87,245 Equity issued — 2,204,585
QUARTERLY CONSOLIDATED
STATEMENTS OF CASH FLOWS (In thousands)
2016 First 2015 Quarters
Quarter Fourth Third Second
First Cash flows from operating activities: Net income $
149,034 $ 125,060 $ 23,117 $ 150,286 $ 120,759 Adjustments to
reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amounts in discontinued
operations) 236,387 236,793 240,210 249,207 247,453 Amortization of
deferred revenue and lease intangibles, net (5,037 ) (4,817 )
(5,682 ) (7,027 ) (6,603 ) Other non-cash amortization 2,446 2,397
2,142 1,428 (519 ) Stock-based compensation 5,029 3,476 4,869 4,885
6,307 Straight-lining of rental income, net (9,845 ) (8,674 )
(8,357 ) (8,082 ) (8,679 ) Loss (gain) on extinguishment of debt,
net 314 (486 ) 15,331 (455 ) 21 Gain on real estate dispositions
(including amounts in discontinued operations) (26,184 ) (4,162 )
(217 ) (7,746 ) (6,686 ) Gain on sale of marketable securities — —
— (5,800 ) — Income tax benefit (9,156 ) (11,667 ) (12,477 )
(10,390 ) (7,850 ) Loss (income) from unconsolidated entities 198
47 955 (9 ) 251 Loss on re-measurement of equity interest upon
acquisition, net — 176 — — — Distributions from unconsolidated
entities 1,989 2,912 5,577 14,324 649 Other 1,099 3,241 170 847
2,259 Changes in operating assets and liabilities: (Increase)
decrease in other assets (4,835 ) 31,152 20,875 (14,326 ) 4,615
(Decrease) increase in accrued interest (14,311 ) 13,657 (9,770 )
316 15,792 (Decrease) increase in accounts payable and other
liabilities (54,237 ) (19,383 ) 27,578 6,097 (23,600
) Net cash provided by operating activities 272,891 369,722 304,321
373,555 344,169 Cash flows from investing activities: Net
investment in real estate property (13,620 ) (93,800 ) (1,303,078 )
(181,371 ) (1,072,539 ) Investment in loans receivable and other
(146,214 ) (96,758 ) (18,727 ) (16,086 ) (39,573 ) Proceeds from
real estate disposals 54,211 82,775 136,442 106,850 166,341
Proceeds from loans receivable 1,625 2,267 13,634 1,219 92,056
Proceeds from sale or maturity of marketable securities — — 19,575
57,225 — Funds held in escrow for future development expenditures —
— — — 4,003 Development project expenditures (34,767 ) (29,216 )
(27,828 ) (29,163 ) (33,467 ) Capital expenditures (23,721 )
(31,675 ) (32,383 ) (22,258 ) (21,171 ) Investment in
unconsolidated operating entity — — (26,282 ) — — Other (4,265 )
(2,720 ) (19,171 ) (4,633 ) (4,180 ) Net cash used in investing
activities (166,751 ) (169,127 ) (1,257,818 ) (88,217 ) (908,530 )
Cash flows from financing activities: Net change in borrowings
under credit facility 137,440 66,949 (469,072 ) 131,563 (452,897 )
Net cash impact of CCP Spin-off — — (128,749 ) — — Proceeds from
debt 145 1,686 1,403,090 15,138 1,092,833 Proceeds from debt
related to CCP Spin-off — — 1,400,000 — — Repayment of debt
(151,309 ) (106,526 ) (1,050,628 ) (253,795 ) (24,647 ) Purchase of
noncontrolling interest — — (3 ) (1,156 ) (2,660 ) Payment of
deferred financing costs (76 ) (772 ) (9,285 ) (173 ) (14,435 )
Issuance of common stock, net 149,631 73,205 65,651 66,840 285,327
Cash distribution to common stockholders (245,496 ) (243,838 )
(243,171 ) (261,494 ) (254,910 ) Cash distribution to redeemable OP
unitholders (2,323 ) (2,319 ) (8,079 ) (2,332 ) (2,365 ) Purchases
of redeemable OP units — — — (32,619 ) (569 ) Distributions to
noncontrolling interest (1,743 ) (1,399 ) (1,783 ) (7,645 ) (1,822
) Other 6,151 494 561 238 5,690
Net cash (used in) provided by financing activities (107,580 )
(212,520 ) 958,532 (345,435 ) 629,545 Net (decrease)
increase in cash and cash equivalents (1,440 ) (11,925 ) 5,035
(60,097 ) 65,184 Effect of foreign currency translation on cash and
cash equivalents 118 (283 ) (336 ) 404 (307 ) Cash and cash
equivalents at beginning of period 53,023 65,231
60,532 120,225 55,348 Cash and cash
equivalents at end of period $ 51,701 $ 53,023 $
65,231 $ 60,532 $ 120,225
QUARTERLY
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) (In
thousands) 2016 First
2015 Quarters Quarter Fourth Third
Second First Supplemental schedule of non-cash
activities: Assets and liabilities assumed from acquisitions: Real
estate investments $ 2,558 $ (1,190 ) $ 3,649 $ 20,672 $ 2,542,829
Utilization of funds held for an Internal Revenue Code Section 1031
exchange — — — (8,911 ) — Other assets acquired (66 ) (131 ) 3,716
(206 ) 16,711 Debt assumed — — — — 177,857 Other liabilities 2,558
(3,478 ) 8,149 4,052 45,736 Deferred income tax liability (66 )
1,317 (784 ) 7,503 44,117 Redeemable OP unitholder interests
assumed — — — — 87,245 Noncontrolling interests — 840 — — — Equity
issued — — — — 2,204,585 Non-cash impact of CCP Spin-Off — —
1,256,404 — —
NON-GAAP
FINANCIAL MEASURES RECONCILIATION
Funds From Operations (FFO) and Funds
Available for Distribution (FAD) Including Comparable
Earnings1
(Dollars in thousands, except per share amounts)
YOY 2015 2016 Growth
Q1 Q2 Q3 Q4
YTD Q1 '15-'16 Net income
attributable to common stockholders 2 $
120,442 $ 149,821 $ 22,852
$ 124,728 $ 417,843 $
148,980 Net income attributable to common stockholders
per share 2 $ 0.37 $ 0.45
$ 0.07 $ 0.37 $ 1.25
$ 0.44 Adjustments: Depreciation and
amortization on real estate assets 214,429
212,908 224,688 235,101 887,126
234,726 Depreciation on real estate assets related to
noncontrolling interest (2,052 ) (1,964
) (1,964 ) (1,926 )
(7,906 ) (2,075 ) Depreciation on
real estate assets related to unconsolidated entities
1,462 1,464 1,445 2,982 7,353
1,989 Loss on re-measurement of equity interest upon
acquisition, net — — — 176
176 — Gain on real estate dispositions
(6,686 ) (7,469 ) (265 )
(4,160 ) (18,580 ) (26,184
) Loss (gain) on real estate dispositions related to
unconsolidated entities — — — 19
19 (536 ) Discontinued operations:
(Gain) loss on real estate dispositions — (277
) 48 (2 ) (231 ) —
Depreciation and amortization on real estate assets
31,234 34,496
13,878 — 79,608
— Subtotal: FFO
add-backs 238,387 239,158 237,830
232,190 947,565 207,920 Subtotal: FFO
add-backs per share $ 0.72
$ 0.72 $ 0.71
$ 0.69 $ 2.84
$ 0.61 FFO
(NAREIT) attributable to common stockholders $
358,829 $ 388,979 $ 260,682
$ 356,918 $ 1,365,408 $
356,900 (1 %) FFO (NAREIT) attributable to
common stockholders per share $ 1.09
$ 1.16 $
0.78 $ 1.06
$ 4.09 $ 1.05
(4 %) Adjustments: Change in
fair value of financial instruments (46 )
70 (18 ) 454 460 (79
) Non-cash income tax benefit (7,850 )
(10,389 ) (12,477 ) (11,668
) (42,384 ) (9,157 ) Loss
(gain) on extinguishment of debt, net 21 (39
) 16,301 (486 ) 15,797
314 Merger-related expenses, deal costs and re-audit
costs 36,002 15,135 100,548 659
152,344 3,254 Amortization of other
intangibles 591 591
438 438 2,058
438 Subtotal:
normalized FFO add-backs 28,718 5,368
104,792 (10,603 ) 128,275 (5,230
) Subtotal: normalized FFO add-backs per share
$ 0.09 $ 0.02
$ 0.31 $ (0.03
) $ 0.38 $
(0.02 ) Normalized FFO attributable
to common stockholders $ 387,547 $
394,347 $ 365,474 $ 346,315
$ 1,493,683 $ 351,670 (9
%) Normalized FFO attributable to common stockholders per
share $ 1.18 $ 1.18 $
1.09 $ 1.03 $ 4.47 $
1.04 (12 %) Adjusted: Normalized FFO from CCP
spin-off
$ (68,701 ) $ (69,306
) $ (35,393 ) $ —
$ (173,400 ) — Adjusted Normalized FFO
per share from CCP spin-off
$ (0.21 ) $
(0.21 ) $ (0.11 ) $
— $ (0.52 ) $ —
Comparable Normalized FFO attributable to common
stockholders $ 318,846 $ 325,041
$ 330,081 $ 346,315 $
1,320,283 $ 351,670 10 %
Comparable Normalized FFO attributable to common stockholders
per share $ 0.97 $
0.97 $ 0.98
$ 1.03 $ 3.95
$ 1.04 7 %
Non-cash items included in normalized FFO: Amortization
of deferred revenue and lease intangibles, net (6,603
) (7,027 ) (5,682 )
(4,817 ) (24,129 ) (5,037
) Other non-cash amortization, including fair market
value of debt (519 ) 1,428 2,142
2,397 5,448 2,446 Stock-based
compensation 6,307 4,885 4,869
3,476 19,537 5,029 Straight-lining of
rental income, net (8,679 ) (8,082
) (8,357 ) (8,674
) (33,792 ) (9,845
) Subtotal: non-cash items included in
normalized FFO (9,494 ) (8,796 )
(7,028 ) (7,618 ) (32,936
) (7,407 ) Capital expenditures
(22,148 ) (23,520 )
(33,536 ) (33,496 )
(112,700 ) (24,987 )
Normalized FAD attributable to common stockholders
$ 355,905 $ 362,031 $
324,910 $ 305,201 $ 1,348,047
$ 319,276 (10 %) Normalized FAD
attributable to common stockholders per share $
1.08 $ 1.08 $ 0.97 $
0.91 $ 4.04 $ 0.94 (13
%) Adjusted: Normalized FAD from CCP spin-off
$
(61,014 ) $ (64,080 ) $
(29,987 ) $ — $ (155,081
) $ — Adjusted: Normalized FAD per share from
CCP spin-off
$ (0.19 ) $ (0.19
) $ (0.09 ) $ — $
(0.46 ) $ — Comparable Normalized
FAD attributable to common stockholders $ 294,891
$ 297,951 $ 294,923 $
305,201 $ 1,192,966 $ 319,276
8 % Comparable Normalized FAD attributable to
common stockholders per share $ 0.90
$ 0.89 $
0.88 $ 0.91
$ 3.57 $ 0.94
4 % Merger-related expenses, deal costs and
re-audit costs (36,002 )
(15,135 ) (100,548 )
(659 ) (152,344 )
(3,254 ) FAD attributable to common
stockholders $ 319,903 $ 346,896
$ 224,362 $ 304,542 $
1,195,703 $ 316,022 (1 %) FAD
attributable to common stockholders per share $
0.97 $ 1.04 $ 0.67 $
0.91 $ 3.58 $ 0.93 (4
%) Adjusted: FAD from CCP spin-off
$ (56,454
) $ (61,760 ) $ 7,204
$ 2,333 $ (108,677 ) $
489 Adjusted FAD per share from CCP spin-off
$
(0.17 ) $ (0.18 ) $
0.02 $ 0.01 $ (0.33 )
$ 0.00 Comparable FAD attributable to common
stockholders $ 263,449 $ 285,136
$ 231,566 $ 306,875 $
1,087,026 $ 316,511 20 %
Comparable FAD attributable to common stockholders per share
$ 0.80 $ 0.85
$ 0.69 $
0.91 $ 3.25
$ 0.93 16 % Weighted
average diluted shares 329,203 334,026
336,338 336,406 334,007 339,202
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. 2 CCP
impacts calculated based on net income related to discontinued
operations, less the de minimis share of discontinued operations
net income not related to CCP assets, assuming (a) G&A of $2.5
million in Q1’15 and Q2’15 ($0.01 per share per quarter), and $1.3
million in Q3’15 ($0.00 per share) and (b) interest expense of $6.9
million in Q1’15 and Q2’15 ($0.02 per share per quarter), and $4.3
million in Q3’15 ($0.01 per share); these adjustments differ from
the respective amounts found in discontinued operations.
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 historically have
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, FAD and normalized 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 (or loss) 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) the financial impact of
contingent consideration, severance-related costs and charitable
donations made to the Ventas Charitable Foundation; (e) 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.
Normalized FAD represents normalized FFO excluding non-cash
components, straight-line rental adjustments and deducting capital
expenditures, including tenant allowances and leasing commissions.
FAD represents normalized FAD after subtracting merger-related
expenses, deal costs and re-audit costs.
FFO, normalized FFO, FAD and normalized FAD presented herein may
not be identical to those presented by other real estate companies
due to the fact that not all real estate companies use the same
definitions. FFO, normalized FFO, FAD and normalized 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, FAD and normalized FAD should be examined in
conjunction with net income as presented elsewhere herein.
NON-GAAP FINANCIAL MEASURES
RECONCILIATION
EPS, FFO and FAD Guidance Attributable
to Common Shareholders 1,2
(Dollars in millions, except per share amounts)
Tentative / Preliminary and Subject to Change FY2016 -
Guidance 2016 - Per Share Low High
Low High
Net Income Attributable to Common
Stockholders $607 $623
$1.78 $1.83 Depreciation and
Amortization Adjustments 864 904 2.53 2.65 Other Adjustments 3 (60
) (90 ) (0.18 ) (0.26 )
FFO (NAREIT) Attributable to Common
Stockholders $1,411 $1,437
$4.13 $4.21 Merger-Related Expenses,
Deal Costs and Re-Audit Costs 5 10 0.01 0.03 Other Adjustments 3
(27 ) (30 ) (0.08 ) (0.09 )
Normalized FFO Attributable to
Common Stockholders $1,389 $1,417 $4.07
$4.15 % Year-Over-Year Comparable Growth
3 % 5 % Non-Cash Items Included
in Normalized FFO (15 ) (19 ) (0.05 ) (0.06 ) Capital Expenditures
(120 ) (130 ) (0.35 ) (0.38 )
Normalized FAD Attributable to
Common Stockholders $1,254 $1,268 $3.67
$3.72 % Year-Over-Year Comparable Growth
3 % 4 % Merger-Related Expense,
Deal Costs and Re-Audit Costs (5 ) (10 ) (0.01 ) (0.03 ) Other
Adjustments 3 0 0 0.00 0.00
FAD Attributable to Common
Stockholders $1,249 $1,258 $3.66
$3.69 % Year-Over-Year Comparable Growth
13 % 14 % Weighted Average
Diluted Shares 341,365 341,365
1
The Company’s guidance constitutes forward-looking
statements within the meaning of the federal securities laws and is
based on a number of assumptions that are subject to change and
many of which are outside the control of the Company. Actual
results may differ materially from the Company’s expectations
depending on factors discussed in the Company’s filings with the
Securities and Exchange Commission.
2
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
changes in the Company's weighted average diluted share count, if
any.
3
See page 11 for detailed breakout of “other adjustments” for each
respective category.
NON-GAAP FINANCIAL MEASURES
RECONCILIATION
Net Debt to Adjusted Pro Forma
EBITDA
The following information considers the pro forma effect on
net income of the Company’s investments and other capital
transactions that were completed during the three months ended
March 31, 2016, 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 (excluding
cash distributions), 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, gains or losses on re-measurement of equity interest upon
acquisition 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 $ 148,980 Pro forma adjustments for current
period investments, capital transactions and dispositions 6,726
Pro forma net income for the three months ended March 31,
2016 155,706 Add back: Pro forma interest 102,564 Pro forma
depreciation and amortization 236,371 Stock-based compensation
5,029 Gain on real estate dispositions (26,184 ) Loss on
extinguishment of debt, net 314 Loss from unconsolidated entities
198 Pro forma noncontrolling interest 35 Income tax benefit (8,421
) Change in fair value of financial instruments (79 ) Other taxes
(251 ) Pro forma merger-related expenses, deal costs and re-audit
costs 2,298 Adjusted Pro Forma EBITDA 467,580
Adjusted Pro Forma EBITDA annualized $ 1,870,320 As
of March 31, 2016: Debt $ 11,247,730 Cash, adjusted for cash
escrows pertaining to debt (73,588 ) Net debt $ 11,174,142
Net debt to Adjusted Pro Forma EBITDA 6.0 x
NON-GAAP FINANCIAL MEASURES RECONCILIATION (Dollars in
thousands) Total Portfolio Same-Store Constant Currency Cash
NOI For the Three Months Ended Percentage
March 31, Increase 2016 2015
Total Revenues, Excluding Interest and Other Income $
852,170 $ 805,127 Less: Total Property-Level Operating Expenses
(356,222 ) (340,799 ) Medical Office Building Services Costs (3,451
) (6,918 )
Net Operating Income 492,497
457,410 Adjustments: Lease Modification Fee — 5,200
NOI Not Included in Same-Store (76,667 ) (54,217 ) Straight-Lining
of Rental Income (9,781 ) (8,639 ) Non-Cash Rental Income (4,379 )
(3,533 ) Non-Segment NOI (23,396 ) (22,602 ) Constant Currency
Adjustment — (1,722 ) (114,223 ) (85,513 ) Constant
Currency NOI as Reported $ 378,274 $ 371,897
1.7 % Adjustments: Unplanned Real Estate Tax
Expenses 1,239 — Lease Modification Fee — (5,200 ) Lease
Termination Fee (2,278 ) — (1,039 ) (5,200 ) Constant
Currency NOI as Adjusted $ 377,235 $ 366,697
2.9 % NON-GAAP FINANCIAL MEASURES
RECONCILIATION (Dollars in thousands) Triple-Net
Portfolio Same-Store Constant Currency Cash NOI For
the Three Months Ended March 31, 2016
2015 Total Revenues, Excluding Interest and Other
Income $ 215,686 $ 189,693 Less: Total Property-Level Operating
Expenses — — Medical Office Building Services Costs — —
Net Operating Income 215,686 189,693
Adjustments: Lease Modification Fee — 5,200 NOI Not Included
in Same-Store (36,494 ) (18,730 ) Straight-Lining of Rental Income
(8,197 ) (5,262 ) Non-Cash Rental Income (5,215 ) (4,502 ) Constant
Currency Adjustment — (154 ) (49,906 ) (23,448 )
Constant Currency NOI as Reported $ 165,780 $ 166,245
Percentage Increase
(0.3 )% NON-GAAP
FINANCIAL MEASURES RECONCILIATION (Dollars in thousands)
Senior Housing Operating Portfolio Same-Store Constant
Currency Cash NOI For the Three Months Ended
March 31, 2016 2015 Total
Revenues, Excluding Interest and Other Income $ 463,976 $ 446,914
Less: Total Property-Level Operating Expenses (312,541 ) (298,362 )
Medical Office Building Services Costs — —
Net
Operating Income 151,435 148,552
Adjustments: NOI Not Included in Same-Store (12,219 ) (11,650 )
Constant Currency Adjustment — (1,569 ) (12,219 ) (13,219 )
Constant Currency NOI as Reported $ 139,216 $ 135,333
Percentage Increase
2.9 %
NON-GAAP FINANCIAL MEASURES RECONCILIATION (Dollars in
thousands) MOB Portfolio Same-Store Constant Currency
Cash NOI For the Three Months Ended March
31, 2016 2015 Total Revenues,
Excluding Interest and Other Income $ 149,112 $ 145,918 Less: Total
Property-Level Operating Expenses (43,681 ) (42,437 ) Medical
Office Building Services Costs (3,451 ) (6,918 )
Net Operating
Income 101,980 96,563 Adjustments: NOI Not
Included in Same-Store (27,954 ) (23,837 ) Straight-Lining of
Rental Income (1,584 ) (3,377 ) Non-Cash Rental Income 836
969 (28,702 ) (26,245 ) Constant Currency NOI as
Reported $ 73,278 $ 70,318 Percentage Increase
4.2 %
Click here to subscribe to Mobile Alerts for
Ventas, Inc.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160429005443/en/
Ventas, Inc.Ryan K. Shannon(877) 4-VENTAS
Ventas (NYSE:VTR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Ventas (NYSE:VTR)
Historical Stock Chart
From Apr 2023 to Apr 2024