Ventas(US:VTR)2023-11-03 14:33Financial Performance - Normalized FFO per share was $0.75, a 6% increase compared to the prior year, excluding $0.05 per share of HHS grants received in Q3 2022[11] - Total Company Same-Store Cash NOI grew by 7.9% YoY, driven by SHOP demand and growth in Outpatient Medical and Research Portfolio[11] - The company raised ~$2.8 billion year-to-date at a ~4.9% average cash interest rate to refinance debt and improve liquidity, which stood at $3.1 billion as of September 30[11] SHOP Portfolio - SHOP Same-Store Cash NOI increased by 18.2% YoY, with U S growth at 23.8%[11] - U S AL NOI grew by 38.3% YoY[11] - SHOP portfolio experienced spot occupancy growth of +180bp from June 30 to September 30, led by the U S at +210bp[11] - Canadian portfolio, 95% occupied, grew Same-Store Cash NOI by 6.0% YoY[11] Guidance - The company updated its full-year 2023 Normalized FFO per share guidance, increasing the midpoint to $2.98[11, 13] - Full-Year Total Company Same-Store Cash NOI growth is projected at ~8% at the midpoint[16] - SHOP Same-Store Cash NOI is projected to increase 17%-19%[16] Outpatient Medical and Research Portfolio - Outpatient Medical and Research Portfolio Same-Store Cash NOI grew by 3.1% YoY[11] - The company's outpatient medical platform has 94% affiliation with a health system or hospital[71]