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Ventas Inc (VTR) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Ventas Inc

CIK: 740260 Ticker: VTR

Exhibit 99.1

Ventas Reports 2018 Fourth Quarter and Full Year Results

CHICAGO--(BUSINESS WIRE)--February 8, 2019--Ventas, Inc. (NYSE: VTR) today announced its results for the fourth quarter and full year ended December 31, 2018.

“Ventas extended its two decade track record of sustained excellence in 2018, highlighted by delivering positive total return to shareholders, increasing our dividend and continuing to invest in our future growth. We also expanded our forward university-based research and innovation development pipeline to over $1.5 billion, enhanced our financial strength and flexibility, harvested proceeds from profitable investments and added high-quality assets to our portfolio,” said Debra A. Cafaro, Ventas Chairman and CEO.

“As a result of these successful activities, we enter 2019 with a strong foundation. We are sharply focused on returning to year-over-year growth, and we expect 2019 to be the pivot year in our transition. Our collaborative and cohesive team is committed to delivering growth across our diversified businesses segments,” Cafaro added.

2018 and Fourth Quarter Performance

  • Net income attributable to common stockholders per diluted share for the full year 2018 was $1.14 compared to $3.78 in 2017. The change from 2017 results was largely due to the following factors: i) the cumulative net impact of asset dispositions and resulting lower property income, in addition to higher gains on real estate dispositions in 2017 of $1.87 per share due to such disposition activity; ii) $0.17 per share of higher debt extinguishment costs associated with proactively refinancing near-term debt to manage future interest rate risk and extend the Company’s debt maturity schedule; and iii) $0.15 per share of higher natural disaster expenses in 2018 principally due to non-cash impairments. For the fourth quarter 2018, net income attributable to common stockholders per diluted share was $0.17 compared to $1.09 in the same period in 2017. The main drivers of the year-over-year change in fourth quarter 2018 results were the same as those listed above.
  • Reported FFO per share, as defined by the National Association of Real Estate Investment Trusts (“Nareit FFO”) for the full year 2018 was $3.64 compared to $4.22 in 2017. The change from 2017 results was principally due to the factors set forth above for net income, excluding gains on sale of real estate. Fourth quarter 2018 Nareit FFO per share was $0.81 compared to $1.13 in the same period in 2017.
  • The Company’s fourth quarter and full year 2018 per share net income attributable to common stockholders and Nareit FFO are consistent with the Company’s previously published expectations, excluding the fourth quarter impact of natural disasters that affected several of the Company’s properties and increased non-cash impairments during the quarter and year. The Company believes there is sufficient insurance coverage to mitigate the impact of these natural disasters, and any recoveries will be recognized in future periods, although there can be no assurance regarding the amount or timing of any such recoveries.
  • Normalized Funds From Operations (“FFO”) per share for the full year 2018 was $4.07 compared to $4.16 in 2017. The change from 2017 was principally due to the cumulative net impact of asset dispositions and resulting lower property income. Fourth quarter normalized FFO per diluted common share was $0.96 compared to $1.03 in the same period in 2017.
  • For the full year 2018, the Company’s same-store total property portfolio (1,041 assets) cash net operating income (“NOI”) grew 1.2 percent compared to 2017, above the midpoint of the Company’s published guidance range of 0.75 to 1.5 percent.
  • For the fourth quarter 2018, the Company’s same-store total property portfolio (1,064 assets) cash NOI grew 0.2 percent compared to the same period in 2017.
  • Same-store cash NOI growth by segment for the full year and fourth quarter 2018 is as follows:
    2018 Same-Store Cash NOI
Full Year 2018   Q4 2018
Reported Growth Reported Growth
 
Triple-Net (“NNN”) 3.6% 2.1%
Seniors Housing Operating Portfolio (“SHOP”) (2.1%) (3.5%)
Office 1.7% 1.9%
Total Company 1.2% 0.2%
 
  • Fourth quarter year-over-year changes in the Company’s same-store property results were driven by:
    • NNN portfolio: Growth was due largely to in-place lease escalations.
    • SHOP portfolio: Performance was in-line with expectations and driven by the elevated number of new community openings in select markets.
    • Office portfolio: Growth was principally due to continued strength in Research & Innovation (“R&I”) properties. In the Medical Office Building (“MOB”) segment, in-place lease escalations and strong tenant retention were offset by lower occupancy from elevated 2018 lease expirations and the timing of new leasing.

The following information was filed by Ventas Inc (VTR) on Friday, February 8, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Ventas Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Schedule Ii: Valuation And Qualifying Accounts
Schedule Ii: Valuation And Qualifying Accounts (Details)
Schedule Iii: Real Estate And Accumulated Depreciation
Schedule Iii: Real Estate And Accumulated Depreciation (Properties) (Details)
Schedule Iii: Real Estate And Accumulated Depreciation (Rollforward) (Details)
Schedule Iv - Real Estate Mortgage Loans
Schedule Iv - Real Estate Mortgage Loans (Details)
Schedule Iv - Real Estate Mortgage Loans (Mortgage Loan Reconciliation) (Details)
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Equity
Consolidated Statements Of Equity (Parenthetical)
Consolidated Statements Of Income
2016 Acquisitions (Details)
2016 Acquisitions (Details) 2
2016 Dispositions Activity (Details)
2017 Acquisitions (Details)
2017 Dispositions Activity (Details)
2018 Acquisitions (Details)
2018 Dispositions Activity (Details)
Accounting For Historic And New Markets Tax Credits (Details)
Accounting For Real Estate Acquisitions (Details)
Accounting Policies
Accounting Policies (Policies)
Accounting Policies (Tables)
Acquisitions Of Real Estate Property
Acquisitions Of Real Estate Property (Tables)
Assets Held For Sale And Impairment (Details)
Borrowing Arrangements
Borrowing Arrangements (Credit Facilities And Unsecured Term Loans) (Details)
Borrowing Arrangements (Derivatives And Hedging (Details)
Borrowing Arrangements (Mortgages) (Details)
Borrowing Arrangements (Scheduled Maturities) (Details)
Borrowing Arrangements (Senior Notes) (Details)
Borrowing Arrangements (Summary Of Senior Notes Payable And Other Debt) (Details)
Borrowing Arrangements (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details)
Commitments And Contingencies (Tables)
Concentration Of Credit Risk
Concentration Of Credit Risk (Details)
Concentration Of Credit Risk (Tables)
Concentration Of Credit Risk - Senior Living Operations (Details)
Concentration Of Credit Risk - Triple-Net Leased Properties (Details)
Concentration Of Risk (Minimum Rents) (Details)
Condensed Consolidating Information
Condensed Consolidating Information (Balance Sheet) (Details)
Condensed Consolidating Information (Cash Flow Statement) (Details)
Condensed Consolidating Information (Comprehensive Income Statement) (Details)
Condensed Consolidating Information (Income Statement) (Details)
Condensed Consolidating Information (Narrative) (Details)
Condensed Consolidating Information (Tables)
Deferred Financing Costs (Details)
Description Of Business
Description Of Business (Details)
Dispositions
Dispositions (Tables)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Values Of Financial Instruments
Fair Values Of Financial Instruments (Details)
Fair Values Of Financial Instruments (Tables)
Gain On The Sale Of Assets (Details)
Income Taxes
Income Taxes (Narrative) (Details)
Income Taxes (Reconciliation Of Income Taxes) (Details)
Income Taxes (Rollforward Of Valuation Allowances) (Details)
Income Taxes (Tables)
Income Taxes (Tax Effects Of Temporary Differences And Carryforwards Included In Net Deferred Tax Liabilities) (Details)
Income Taxes (Tax Treatment Of Distributions And Consolidated Benefit For Income Taxes) (Details)
Income Taxes (Unrecognized Tax Benefits) (Details)
Intangibles
Intangibles (Details)
Intangibles (Goodwill) (Details)
Intangibles (Tables)
Investments In Unconsolidated Entities
Investments In Unconsolidated Entities (Details)
Loans Receivable And Investments
Loans Receivable And Investments 2017 Activity (Details)
Loans Receivable And Investments 2018 Activity (Details)
Loans Receivable And Investments Loans Receivable And Investments (Tables)
Loans Receivables And Investments (Details)
Loans Receivables And Investments (Details) 2
Other Assets
Other Assets (Details)
Other Assets (Tables)
Permanent And Temporary Equity
Permanent And Temporary Equity (Details)
Permanent And Temporary Equity (Redeemable Op Unitholder And Noncontrolling Interest) (Details)
Permanent And Temporary Equity (Tables)
Permanent And Temporary Equity Permanent And Temporary Equity (Accumulated Other Comprehensive Loss) (Details)
Quarterly Financial Information (Unaudited)
Quarterly Financial Information (Unaudited) (Summarized Unaudited Consolidated Quarterly Information) (Details)
Quarterly Financial Information (Unaudited) (Tables)
Recently Issued Or Adopted Accounting Standards (Details)
Redeemable Op Unitholder And Noncontrolling Interests (Details)
Related Party Transactions
Related Party Transactions (Details)
Revenue Recognition (Details)
Schedule Of Vies (Details)
Segment Information
Segment Information (Assets) (Details)
Segment Information (Capital Expenditures) (Details)
Segment Information (Geographic Information) (Details)
Segment Information (Income Statement By Segment) (Details)
Segment Information (Narrative) (Details)
Segment Information (Tables)
Segments (Details)
Stock-Based Compensation
Stock-Based Compensation (Details)
Stock-Based Compensation (Tables)
Ticker: VTR
CIK: 740260
Form Type: 10-K Annual Report
Accession Number: 0000740260-19-000037
Submitted to the SEC: Fri Feb 08 2019 5:23:47 PM EST
Accepted by the SEC: Fri Feb 08 2019
Period: Monday, December 31, 2018
Industry: Real Estate Investment Trusts

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