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Exhibit 99.1
Ventas Reports 2018 Third Quarter Results
CHICAGO--(BUSINESS WIRE)--October 26, 2018--Ventas, Inc. (NYSE: VTR) today announced its results for the third quarter ended September 30, 2018.
“Ventas continued to deliver solid results in the third quarter. We grew property cash flows from our high-quality, balanced portfolio, further strengthened our financial position and drove positive investment momentum, including with existing best-in-class developer and operator relationships in our outpatient and medical office building footprint and university-based research platform,” said Debra A. Cafaro, Ventas Chairman and Chief Executive Officer. “Our talented team is sharply focused on executing on our key priorities, achieving our stated financial goals and positioning Ventas for a strong and profitable future.”
Third Quarter Performance
Same-Store Cash NOI | |||
Q3 2018 | |||
Reported Growth | |||
Triple-Net (“NNN”) | 3.0% | ||
Seniors Housing Operating Portfolio (“SHOP”) | (2.7%) | ||
Office | 3.5% | ||
Total Company | 1.3% | ||
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Ventas Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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Cash Flows from Investing Activities Cash used in investing activities decreased $1.4 billion during the nine months ended September 30, 2018 over the same period in 2017 primarily due to decreased investment in real estate property and loans receivable during 2018 and the second quarter 2018 full repayment of the $700.0 million term loan that we made to Ardent in March 2017, partially offset by decreased proceeds from real estate disposals principally due to the 2017 sale of 36 SNFs owned by us and operated by Kindred.
The decrease in our triple-net leased properties rental income in the third quarter of 2018 over the same period in 2017 is attributable primarily to the sale of 36 Kindred SNF properties during 2017, the first quarter 2018 transition of 75 private pay seniors housing communities from triple-net leased properties to senior living operations and a decrease in management fees related to the July 2018 sale of our 25% interest in an unconsolidated real estate joint venture consisting principally of SNFs.
However, from time to time, we may fund the capital expenditures for our triple-net leased properties through loans or advances to the tenants, which may increase the amount of rent payable with respect to the properties in certain cases.
We aim to enhance shareholder value by delivering consistent, superior total returns through a strategy of: (1) generating reliable and growing cash flows; (2) maintaining a balanced, diversified portfolio of high-quality assets; and (3) preserving our financial strength, flexibility and liquidity.
We define Adjusted EBITDA as...Read more
64 64 Adjusted EBITDA We...Read more
We also received a $14.0...Read more
Described below are the non-GAAP...Read more
The following table sets forth...Read more
The decrease in normalized FFO...Read more
You should not consider these...Read more
67 67 Cash Flows The...Read more
As of September 30, 2018,...Read more
Other The $11.8 million decrease...Read more
All statements regarding our or...Read more
Our chief operating decision makers...Read more
However, since real estate values...Read more
We apply the effective interest...Read more
We recognize the increased rental...Read more
Merger-Related Expenses and Deal Costs...Read more
ASC 842 allows for several...Read more
We calculate the fair value...Read more
However, for certain acquired properties...Read more
We assess assumed operating leases,...Read more
In addition, from time to...Read more
If our evaluation of these...Read more
As of September 30, 2018,...Read more
Our ability to access capital...Read more
We do not amortize the...Read more
As of September 30, 2018,...Read more
However, an inability to access...Read more
A VIE is broadly defined...Read more
The primary differences between business...Read more
During the nine months ended...Read more
The redemption was funded using...Read more
The redemption was funded using...Read more
We include all lease-related intangible...Read more
We expect to elect these...Read more
Our effective interest rate was...Read more
Our effective interest rate was...Read more
We determine the fair value...Read more
Other We recognize interest income...Read more
To the extent the lease...Read more
nm - not meaningful Segment...Read more
48 48 We identify the...Read more
The notes have an effective...Read more
Through our Lillibridge Healthcare Services,...Read more
We adjust the net book...Read more
As of September 30, 2018,...Read more
Current GAAP provides for the...Read more
These assets, substantially all of...Read more
However, if our judgment or...Read more
Impairment of Long-Lived and Intangible...Read more
For that reason, we consider...Read more
The following table sets forth...Read more
Recognizing rental income on a...Read more
We may change our original...Read more
We estimate the fair value...Read more
We expect that these liquidity...Read more
We expect that these liquidity...Read more
The non-GAAP financial measures we...Read more
56 56 Interest and Other...Read more
NAREIT defines FFO as net...Read more
The secured revolving construction credit...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
Ventas Inc provided additional information to their SEC Filing as exhibits
Ticker: VTR
CIK: 740260
Form Type: 10-Q Quarterly Report
Accession Number: 0000740260-18-000179
Submitted to the SEC: Fri Oct 26 2018 12:08:10 PM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Sunday, September 30, 2018
Industry: Real Estate Investment Trusts