Ventas Inc. (VTR) reported that its funds from operation for the third-quarter 2015 declined from last year. It increased its 2015 Normalized funds from operation per share guidance.
Reported funds from operation or FFO for the third quarter of 2015 was $260.7 million or $0.78 per share, down from $304.1 million, or $1.03 per share last year.
Normalized Funds From Operations for the quarter was $365.5 million, compared to $332.8 million for the 2014 period. Reported normalized FFO per share was $1.09 for the quarter ended September 30, 2015.
On a comparable basis, adjusting all current and prior periods for the effects of the Spin-Off as if the Spin-Off were completed January 1, 2014, normalized FFO for the quarter ended September 30, 2015 totaled $330.1 million or $0.98 per diluted share, representing a Comparable per share growth rate of 7 percent compared to the third quarter 2014.
Quarterly net income attributable to common stockholders fell to $22.9 million, or $0.07 per share from $109.1 million, or $0.37 per share last year. The decrease in third quarter 2015 reported net income per share from 2014 net income per share is principally due to the inclusion in the third quarter of 2014 of a full quarter's results from the properties that were spun off to Care Capital Properties or CCP; higher depreciation expense; and separation and transaction costs in the current period principally relating to the CCP Spin-Off and the Ardent transactions. The factors were partially offset by higher net operating income due to accretive investments and improved property performance in the third quarter 2015.
Total revenues for the quarter rose to $827.61 million from last year's $704.93 million.
Analysts polled by Thomson Reuters expected the company to report earnings of $1.08 per share and revenues of $848.53 million for the quarter. Analysts' estimates typically exclude special items.
Ventas currently expects its 2015 reported normalized FFO per share to increase to a range between $4.43 and $4.46, compared to its previously provided guidance range of $4.39 to $4.45. Analysts expect annual earnings of $4.46 per share. If achieved, this would represent 7 to 8 percent growth in normalized FFO per share over 2014 on a Comparable basis. Ventas currently expects its 2015 reported FFO per share to be between $4.03 and $4.07.
For comments and feedback contact: editorial@rttnews.com
Business News