Core Insights - Ventas reported $1.36 billion in revenue for Q1 2025, a 13.2% year-over-year increase, with an EPS of $0.84 compared to -$0.03 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate of $1.3 billion by 4.08%, and the EPS also surpassed the consensus estimate of $0.82 by 2.44% [1] Revenue Breakdown - Resident fees and services generated $968.90 million, exceeding the average estimate of $908.96 million, reflecting a 19.1% year-over-year increase [4] - Interest and other income was $3.08 million, slightly below the average estimate of $3.12 million, showing a significant year-over-year decline of 54.6% [4] - Rental income from outpatient medical & research portfolio reached $221.32 million, surpassing the estimate of $216.86 million, with a year-over-year change of 1.1% [4] - Income from loans and investments was $4.32 million, slightly below the estimate of $4.38 million, but marked a substantial year-over-year increase of 235.5% [4] - Total rental income was $377.43 million, slightly above the estimate of $376.53 million [4] - Third-party capital management revenues were $4.34 million, slightly below the estimate of $4.39 million, with a year-over-year change of 0.9% [4] - Triple-net leased rental income was $156.11 million, slightly below the estimate of $157.21 million, reflecting a year-over-year change of 0.5% [4] - Net Earnings Per Share (Diluted) was $0.10, exceeding the average estimate of $0.09 [4] Stock Performance - Ventas shares returned -0.2% over the past month, matching the Zacks S&P 500 composite's -0.2% change [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]

分组1 - Ventas reported quarterly funds from operations (FFO) of $0.84 per share, exceeding the Zacks Consensus Estimate of $0.82 per share, and up from $0.78 per share a year ago, representing an FFO surprise of 2.44% [1] - The company posted revenues of $1.36 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 4.08%, compared to $1.2 billion in the same quarter last year [2] - Ventas has outperformed the market with shares increasing about 17.4% since the beginning of the year, while the S&P 500 has declined by 5.5% [3] 分组2 - The current consensus FFO estimate for the coming quarter is $0.85 on revenues of $1.33 billion, and for the current fiscal year, it is $3.44 on revenues of $5.38 billion [7] - The estimate revisions trend for Ventas is favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] - The REIT and Equity Trust - Other industry is currently in the bottom 36% of Zacks industries, which may impact stock performance [8]

First Quarter 2025 Financial Performance - Normalized FFO per share for the first quarter of 2025 was $0.84, an increase of approximately 8% year-over-year, driven by SHOP NOI growth and accretive senior housing investment activity[15] - Total Company Same-Store Cash NOI grew 7.1% year-over-year in the first quarter of 2025, led by SHOP[15] - SHOP Same-Store Cash NOI grew 13.6%, with U S growth leading at 16%[15] - The company reaffirmed previous guidance ranges for Attributable Net Income, Nareit FFO, and Normalized FFO per share, as well as segment and total company same-store cash NOI growth[15] Full Year 2025 Guidance - The guidance for Attributable Net Income per share is between $0.42 and $0.53, with a midpoint of $0.48[14] - Nareit FFO per share is projected to be in the range of $3.27 to $3.38, with a midpoint of $3.33[14] - Normalized FFO per share is expected to range from $3.35 to $3.46, with a midpoint of $3.41[14] - Same-Store Cash NOI Growth is guided as follows: SHOP between 11.0% and 16.0%, Outpatient Medical & Research between 2.0% and 3.0%, Triple-Net between (1.5%) and (0.5%), and Total Company between 5.5% and 8.0%[14] Investment and Capital Activities - Approximately $900 million of accretive senior housing investments were closed year-to-date, meeting stated criteria[15] - $1.3 billion of equity was issued, including $1.1 billion issued year-to-date via equity forward sales agreements, combined with $0.2 billion of unsettled equity forward sales agreements at year-end 2024[15] - The company increased the capacity of its unsecured credit facility by $750 million to an aggregate of $3.5 billion in April[15] - The company expects to dispose of assets for approximately $200 million in net proceeds[15]

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

Core Insights - Wall Street analysts anticipate Ventas (VTR) to report quarterly earnings of $0.82 per share, reflecting a year-over-year increase of 5.1% [1] - Expected revenues for the quarter are projected at $1.3 billion, which represents an 8.7% increase from the same quarter last year [1] - The consensus EPS estimate has been revised upward by 1.1% in the past 30 days, indicating a reassessment of initial estimates by covering analysts [1][2] Revenue Estimates - Analysts estimate 'Revenues- Rental income- Outpatient medical & research portfolio' to be $216.86 million, showing a decrease of 0.9% from the prior-year quarter [4] - 'Revenues- Interest and other income' is expected to reach $3.12 million, indicating a significant decline of 54% from the prior-year quarter [4] - 'Revenues- Resident fees and services' are projected at $908.96 million, reflecting an increase of 11.8% year over year [5] - 'Revenues- Rental income- Triple-net leased' is estimated to be $157.21 million, suggesting a year-over-year increase of 1.2% [5] - 'Revenues- Third party capital management revenues' are likely to reach $4.39 million, indicating a growth of 2.1% from the year-ago quarter [6] Other Financial Metrics - Depreciation and amortization is projected to be $310.50 million, compared to $300.26 million from the previous year [6] - Over the past month, shares of Ventas have returned -0.4%, slightly outperforming the Zacks S&P 500 composite's -0.8% change [6] - With a Zacks Rank 2 (Buy), VTR is expected to outperform the overall market in the near future [6]

Company Overview - Ventas (VTR) is headquartered in Chicago and operates in the Finance sector, with a stock price change of 16.56% since the start of the year [3] - The company currently pays a dividend of $0.48 per share, resulting in a dividend yield of 2.8%, which is lower than the REIT and Equity Trust - Other industry's yield of 5.27% and the S&P 500's yield of 1.67% [3] Dividend Performance - Ventas's current annualized dividend of $1.92 has increased by 6.7% from the previous year [4] - Over the last 5 years, the company has increased its dividend once on a year-over-year basis, with an average annual increase of 0.37% [4] - The current payout ratio for Ventas is 56%, indicating that it paid out 56% of its trailing 12-month EPS as dividends [4] Earnings Growth Expectations - For the fiscal year, Ventas expects solid earnings growth, with the Zacks Consensus Estimate for 2025 at $3.44 per share, reflecting a year-over-year earnings growth rate of 7.84% [5] Investment Considerations - Dividends are favored by investors as they enhance stock investing profits, reduce overall portfolio risk, and offer tax advantages [6] - High-growth firms or tech start-ups typically do not provide dividends, while larger, established companies are often viewed as better dividend options [7] - Ventas is considered an attractive dividend play and a compelling investment opportunity, holding a Zacks Rank of 2 (Buy) [7]

Core Viewpoint - Ventas is well-positioned for growth due to its diverse healthcare real estate portfolio, benefiting from an aging population and increased healthcare expenditures among senior citizens [1][3][4]. Group 1: Company Performance - Ventas shares have increased by 13.9% over the past three months, significantly outperforming the industry growth of 0.8% [1]. - In the fourth quarter of 2024, Ventas reported a 16.9% growth in same-store cash net operating income (NOI) for its senior housing operating portfolio (SHOP) [4]. - The company anticipates that the SHOP segment's same-store cash NOI will rise between 11.0% and 16.0% in 2025 [4]. Group 2: Market Trends - The senior citizen population is projected to grow, leading to increased national healthcare expenditures, particularly among seniors who typically incur higher healthcare costs [3]. - Favorable outpatient visit trends are expected to benefit Ventas' outpatient medical portfolio, as seniors make three times more doctor visits than the general population [5]. Group 3: Investment and Financial Position - Ventas is making accretive investments to enhance its research portfolio, which is crucial for healthcare services and research [6]. - As of December 31, 2024, Ventas had approximately $3.8 billion in liquidity, with a net debt to further adjusted EBITDA ratio improving to 6.0X from 6.9X year over year [7]. - The company expects continued leverage improvement in 2025, supported by growth in senior housing [7][9].

Core Insights - The primary focus for income investors is generating consistent cash flow from liquid investments, which can come from various sources including dividends [1][2] Company Overview: Ventas (VTR) - Ventas is a Chicago-based real estate investment trust (REIT) in the seniors housing sector, with a year-to-date share price change of 8.95% [3] - The company currently pays a dividend of $0.48 per share, resulting in a dividend yield of 2.99%, which is lower than the industry average of 5.33% and the S&P 500's yield of 1.76% [3] - Ventas has increased its annualized dividend to $1.92, reflecting a 6.7% increase from the previous year, with an average annual increase of 0.37% over the last five years [4] Dividend and Earnings Growth - The payout ratio for Ventas is currently 56%, indicating that the company distributes 56% of its trailing 12-month earnings per share as dividends [4] - The Zacks Consensus Estimate for Ventas's earnings per share in 2025 is $3.44, which represents a year-over-year growth rate of 7.84% [5] Investment Considerations - Dividends are favored by investors as they enhance stock investing profits, reduce overall portfolio risk, and offer tax advantages [6] - While high-growth firms typically do not provide dividends, established companies like Ventas are viewed as strong dividend options [7] - Ventas is considered a compelling investment opportunity, currently holding a Zacks Rank of 3 (Hold) [7]

Group 1 - The recent market downturn has negatively affected stocks across various sectors, including those not directly impacted by tariffs, exemplified by Ventas Inc. (NYSE: VTR) [2] - The focus is on defensive stocks with a medium- to long-term investment horizon, indicating a strategy aimed at stability during market volatility [2] Group 2 - iREIT+HOYA Capital emphasizes income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging opportunities [1]

Core Viewpoint - Ventas shares have increased by approximately 2.2% since the last earnings report, outperforming the S&P 500, but there are concerns about whether this positive trend will continue leading up to the next earnings release [1]. Estimates Movement - Estimates for Ventas have trended downward over the past month, indicating a negative outlook [2]. VGM Scores - Ventas has a subpar Growth Score of D, a strong Momentum Score of A, and a Value Score of D, placing it in the bottom 40% for the value investment strategy. The overall aggregate VGM Score for the stock is D [3]. Outlook - The overall direction of estimate revisions for Ventas has been downward, with a net zero change in magnitude. The stock holds a Zacks Rank of 3 (Hold), suggesting an expectation of in-line returns in the coming months [4]. Industry Performance - Ventas is part of the Zacks REIT and Equity Trust - Other industry. Healthpeak, a competitor in the same industry, has seen a slight gain of 0.4% over the past month. Healthpeak reported revenues of $697.99 million for the quarter ended December 2024, reflecting a year-over-year increase of 26.1% [5]. Healthpeak Earnings Expectations - For the current quarter, Healthpeak is projected to report earnings of $0.46 per share, which represents a year-over-year change of 2.2%. The Zacks Consensus Estimate for Healthpeak has increased by 0.3% over the last 30 days, and it also holds a Zacks Rank of 3 (Hold) with a VGM Score of D [6].