Ventas, Inc. Files Q1 2024 Quarterly Report

Ticker: VTR · Form: 10-Q · Filed: May 2, 2024 · CIK: 740260

Ventas, Inc. 10-Q Filing Summary
FieldDetail
CompanyVentas, Inc. (VTR)
Form Type10-Q
Filed DateMay 2, 2024
Risk Levellow
Pages15
Reading Time18 min
Key Dollar Amounts$0.25
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, quarterly-report, healthcare-REIT

Related Tickers: VTR

TL;DR

**VTR Q1 2024 10-Q FILED: All systems go for healthcare REIT.**

AI Summary

Ventas, Inc. filed its quarterly report for the period ending March 31, 2024. The company, incorporated in Delaware, is headquartered at 353 N. Clark Street, Suite 3300, Chicago, Illinois. Its common stock trades on the New York Stock Exchange under the ticker symbol VTR. Ventas is a large accelerated filer.

Why It Matters

This filing provides investors with an update on Ventas, Inc.'s financial performance and operational status for the first quarter of 2024, crucial for assessing the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a standard quarterly filing providing financial updates, not indicating any immediate or significant new risks.

Key Players & Entities

  • Ventas, Inc. (company) — Registrant
  • March 31, 2024 (date) — Quarterly period end date
  • Delaware (jurisdiction) — State of incorporation
  • 353 N. Clark Street , Suite 3300 Chicago , Illinois 60654 (address) — Principal Executive Offices
  • VTR (ticker) — Trading Symbol for Common Stock
  • New York Stock Exchange (company) — Exchange where common stock is registered

FAQ

What is the primary purpose of this Form 10-Q filing?

The Form 10-Q is a quarterly report filed by Ventas, Inc. pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended March 31, 2024.

What is Ventas, Inc.'s principal business address?

Ventas, Inc.'s principal executive offices are located at 353 N. Clark Street, Suite 3300, Chicago, Illinois 60654.

On which stock exchange is Ventas, Inc. common stock traded?

Ventas, Inc. common stock is traded on the New York Stock Exchange.

What is the trading symbol for Ventas, Inc. common stock?

The trading symbol for Ventas, Inc. common stock is VTR.

Is Ventas, Inc. required to file all reports for the preceding 12 months?

The filing indicates 'Yes' for whether the registrant has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.

Filing Stats: 4,553 words · 18 min read · ~15 pages · Grade level 15.4 · Accepted 2024-05-02 16:22:39

Key Financial Figures

  • $0.25 — hange on Which Registered Common Stock $0.25 par value VTR New York Stock Exchange

Filing Documents

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1. Consolidated Financial Statements (Unaudited) 1 Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 1 Consolidated Statements of Income for the Three Months Ended March 31, 2024 and 2023 2 Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 3 Consolidated Statements of Equity for the Three Months Ended March 31, 2024 and 2023 4 Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 5

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 49 Item 4.

Controls and Procedures

Controls and Procedures 52

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 53 Item 1A.

Risk Factors

Risk Factors 53 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 53

Defaults Upon Senior Securities 53

Item 3. Defaults Upon Senior Securities 53

Mine Safety Disclosures 53

Item 4. Mine Safety Disclosures 53 Item 5. Other Information 53 Item 6. Exhibits 54

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS VENTAS, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except per share amounts, unaudited) As of March 31, 2024 As of December 31, 2023 Assets Real estate investments: Land and improvements $ 2,573,598 $ 2,596,274 Buildings and improvements 27,201,303 27,201,381 Construction in progress 416,206 368,143 Acquired lease intangibles 1,440,122 1,448,146 Operating lease assets 318,825 312,142 31,950,054 31,926,086 Accumulated depreciation and amortization ( 10,399,248 ) ( 10,177,136 ) Net real estate property 21,550,806 21,748,950 Secured loans receivable and investments, net 29,819 27,986 Investments in unconsolidated real estate entities 601,406 598,206 Net real estate investments 22,182,031 22,375,142 Cash and cash equivalents 632,443 508,794 Escrow deposits and restricted cash 55,966 54,668 Goodwill 1,045,048 1,045,176 Assets held for sale 41,317 56,489 Deferred income tax assets, net 1,767 1,754 Other assets 714,014 683,410 Total assets $ 24,672,586 $ 24,725,433 Liabilities and equity Liabilities: Senior notes payable and other debt $ 13,555,194 $ 13,490,896 Accrued interest 123,157 117,403 Operating lease liabilities 202,197 194,734 Accounts payable and other liabilities 1,020,307 1,041,616 Liabilities related to assets held for sale 7,605 9,243 Deferred income tax liabilities 20,249 24,500 Total liabilities 14,928,709 14,878,392 Redeemable OP unitholder and noncontrolling interests 285,044 302,636 Commitments and contingencies Equity: Ventas stockholders' equity: Preferred stock, $ 1.00 par value; 10,000 shares authorized, unissued — — Common stock, $ 0.25 par value; 600,000 shares authorized, 404,433 and 402,380 shares outstanding at March 31, 2024 and December 31, 2023, respectively 101,094 100,648 Capital in excess of par value 15,756,414 15,650,734 Accumulated other comprehensive loss ( 19,554 ) ( 35,757 ) Retained earnings (deficit) ( 6,410,144 ) ( 6,213,803 ) Treasury

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 1—DESCRIPTION OF BUSINESS Ventas, Inc., (together with its consolidated subsidiaries, unless otherwise indicated or except where the context otherwise requires, "we," "us," "our," "Company" and other similar terms) an S&P 500 company, is a real estate investment trust ("REIT") focused on delivering strong, sustainable shareholder returns by enabling exceptional environments that benefit a large and growing aging population. We hold a portfolio that includes senior housing communities, outpatient medical buildings, research centers, hospitals and healthcare facilities located in North America and the United Kingdom. As of March 31, 2024, we owned or had investments in approximately 1,400 properties (including properties classified as held for sale and unconsolidated properties). Our company is headquartered in Chicago, Illinois with additional corporate offices in Louisville, Kentucky and New York, New York. We elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code (the "Code"), commencing with our taxable year ended December 31, 1999. Provided we qualify for taxation as a REIT, we generally will not be required to pay U.S. federal corporate income taxes on our REIT taxable income that is currently distributed to our stockholders. In order to maintain our qualification as a REIT, we must satisfy a number of highly technical requirements, which impact how we invest in, operate or manage our assets. We primarily invest in our portfolio of real estate assets through wholly-owned subsidiaries and other co-investment entities. We operate through three reportable business segments: senior housing operating portfolio, which we also refer to as "SHOP," outpatient medical and research portfolio, which we also refer to as "OM&R," and triple-net leased properties. Non-segment assets consist primarily of corporate assets, including cash, restricted cash, loans receivable and i

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 2—ACCOUNTING POLICIES The accompanying Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information set forth in the Accounting Standards Codification ("ASC"), as published by the Financial Accounting Standards Board ("FASB"), and with the Securities and Exchange Commission ("SEC") instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The accompanying Consolidated Financial Statements and related notes should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023 (the "2023 Annual Report"). Certain prior period amounts have been reclassified to conform to the current period presentation. Accounting Estimates The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions regarding future events that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Principles of Consolidation The accompanying Consolidated Financial Statements include our accounts and the accounts of our wholly-owned subsidiaries and the joint venture entities over which we exercise control. All intercompany transactions and bala

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) In December 2023, the FASB issued Accounting Standards Update 2023-09, Improvements to Income Tax Disclosures ("ASU 2023-09"), which requires public entities on an annual basis to (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). ASU 2023-09 is effective for fiscal years beginning after December 15, 2025. We are evaluating the impact of adopting ASU 2023-09 on our Consolidated Financial Statements. In March 2024, the SEC adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate Related Disclosures for Investors , which requires registrants to disclose climate-related information in registration statements and annual reports. The new rules would be effective for annual reporting periods beginning in fiscal year 2025. However, in April 2024, the SEC exercised its discretion to stay these rules pending the completion of judicial review of certain consolidated petitions with the United States Court of Appeals for the Eighth Circuit in connection with these rules. We are evaluating the impact of this rule on our Consolidated Financial Statements. NOTE 3—CONCENTRATION OF CREDIT RISK As of March 31, 2024, the properties managed by Atria Senior Living, Inc. (together with its subsidiaries, including Holiday Retirement ("Holiday"), "Atria") and Sunrise Senior Living, LLC (together with its subsidiaries, "Sunrise"), and leased to Brookdale Senior Living Inc. (together with its subsidiaries, "Brookdale"), Ardent Health Partners, LLC (together with its subsidiaries, "Ardent") and Kindred Healthcare, LLC (together with its subsidiaries, "Kindred") contributed approximately 19.0 %, 6.1 %

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Each of our leases with Brookdale, Ardent and Kindred is a triple-net lease that obligates the tenant to pay all property-related expenses, including maintenance, utilities, repairs, taxes, insurance and capital expenditures, and to comply with the terms of the mortgage financing documents, if any, affecting the properties. In addition, each of our Brookdale, Ardent and Kindred leases is guaranteed by a corporate parent. Kindred Lease As of March 31, 2024, we leased 29 properties to Kindred (collectively, the "Kindred Portfolio") pursuant to a single, triple-net master lease agreement (together with certain other agreements related to such master lease, collectively, the "Kindred Lease"). The Kindred Portfolio is divided into two separate renewal groups. The first group is composed of six properties ("Group 1") and the second group is composed of 23 properties ("Group 2"). As of March 31, 2024, the Kindred Lease represented approximately 6.6 % of the Company's total annualized NOI, with Group 1 representing approximately 1.3 % of total annualized NOI and Group 2 representing approximately 5.3 % of total annualized NOI. Kindred's obligations under the Kindred Lease are guaranteed by a parent company. The current term of the Kindred Lease for Group 1 expires on April 30, 2028. Under the Kindred Lease, Kindred has the option to renew the lease for all of the properties (but not less than all) within Group 1 for two 5-year extensions, in each case at the greater of escalated rent and fair market rent, by providing written notice no later than one year prior to the applicable expiration date. The current term of the Kindred Lease for Group 2 expires on April 30, 2025. Under the Kindred Lease, Kindred has the option to renew the lease for all of the properties (but not less than all) within Group 2 for three 5-year extensions, in each case at the greater of escalated rent and fair market rent, by providing

View Full Filing

View this 10-Q filing on SEC EDGAR

View on ReadTheFiling | About | Contact | Privacy | Terms

Data from SEC EDGAR. Not affiliated with the SEC. Not investment advice. © 2026 OpenDataHQ.