Ventas Boosts Outlook as Profit Soars
October 28 2016 - 9:18AM
Dow Jones News
By Imani Moise
Ventas Inc., one of the nation's biggest health-care real-estate
investment trusts, said profit surged in its third quarter as the
company benefited from its investments and lower transaction
costs.
The company also raised its current-year forecast to earnings of
between $1.51 and $1.63 a share. In July, the company forecast
earnings of $1.46 and $1.59 per share.
In all for the quarter, Ventas reported a profit of $149.5
million, or 42 cents a share, up from $22.9 million, or 7 cents, a
year earlier.
Funds from operations, a closely watched profitability measure
for real-estate investment trusts, came in at $1 a share for the
latest period, up from 78 cents. Excluding the impact of the
spinoff of some of its business, funds from operations rose to
$1.03 from 98 cents.
Revenue rose 4.8% to $867.1 million.
Analysts polled by Thomson Reuters had forecast FFO of $1.01 on
$843.2 million in revenue.
During the quarter, the company acquired the life science and
medical real estate assets of Wexford Science & Technology,
LLC. from affiliates of Blackstone Real Estate Partners L.P. for
$1.5 billion in cash.
Shares closed Thursday at $66.40 and were inactive premarket.
The stock has climbed 18% so far this year.
(END) Dow Jones Newswires
October 28, 2016 09:03 ET (13:03 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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