Ventas, Inc. Q2 2024 10-Q Filed

TL;DR

Ventas Q2 10-Q is in: $413M+ in assets reported. REIT performance details inside.

AI Summary

Ventas, Inc. filed its 10-Q for the period ending June 30, 2024, reporting financial results for the second quarter. The company's total assets were $413,153,787 as of June 30, 2024. The filing details performance across its Triple Net Leased Properties and Outpatient Medical and Research Portfolio segments.

Why It Matters

This filing provides investors with Ventas's financial performance and operational details for the second quarter of 2024, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial information.

Key Numbers

• $413.15B — Total Assets (As of June 30, 2024)

Key Players & Entities

• Ventas, Inc. (company) — Filer
• 353 N. CLARK STREET SUITE 3300 CHICAGO IL 60654 (company) — Business Address
• 413,153,787 (dollar_amount) — Total Assets as of June 30, 2024

FAQ

Key Financial Figures

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

Filing Documents

• vtr-20240630.htm (10-Q) — 2321KB
• vtr-ex22_063024.htm (EX-22) — 14KB
• vtr-ex311_063024.htm (EX-31.1) — 8KB
• vtr-ex312_063024.htm (EX-31.2) — 8KB
• vtr-ex321_063024.htm (EX-32.1) — 5KB
• vtr-ex322_063024.htm (EX-32.2) — 5KB
• 0000740260-24-000200.txt ( ) — 10547KB
• vtr-20240630.xsd (EX-101.SCH) — 70KB
• vtr-20240630_cal.xml (EX-101.CAL) — 83KB
• vtr-20240630_def.xml (EX-101.DEF) — 387KB
• vtr-20240630_lab.xml (EX-101.LAB) — 656KB
• vtr-20240630_pre.xml (EX-101.PRE) — 542KB
• vtr-20240630_htm.xml (XML) — 1757KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1. Consolidated Financial Statements (Unaudited) 1 Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 1 Consolidated Statements of Income for the Three and Six Months Ended June 30, 2024 and 2023 2 Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023 3 Consolidated Statements of Equity for the Three and Six Months Ended June 30, 2024 and 2023 4 Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8 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 31 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 58 Item 4.

Controls and Procedures

Controls and Procedures 60

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 61 Item 1A.

Risk Factors

Risk Factors 61 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 61

Defaults Upon Senior Securities 61

Item 3. Defaults Upon Senior Securities 61

Mine Safety Disclosures 61

Item 4. Mine Safety Disclosures 61 Item 5. Other Information 61 Item 6. Exhibits 62

—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 June 30, 2024 As of December 31, 2023 Assets Real estate investments: Land and improvements $ 2,588,599 $ 2,596,274 Buildings and improvements 27,358,282 27,201,381 Construction in progress 410,663 368,143 Acquired lease intangibles 1,454,473 1,448,146 Operating lease assets 312,812 312,142 32,124,829 31,926,086 Accumulated depreciation and amortization ( 10,647,898 ) ( 10,177,136 ) Net real estate property 21,476,931 21,748,950 Secured loans receivable and investments, net 36,195 27,986 Investments in unconsolidated real estate entities 608,844 598,206 Net real estate investments 22,121,970 22,375,142 Cash and cash equivalents 557,082 508,794 Escrow deposits and restricted cash 58,202 54,668 Goodwill 1,045,071 1,045,176 Assets held for sale 43,261 56,489 Deferred income tax assets, net 1,657 1,754 Other assets 702,986 683,410 Total assets $ 24,530,229 $ 24,725,433 Liabilities and equity Liabilities: Senior notes payable and other debt $ 13,175,077 $ 13,490,896 Accrued interest 122,132 117,403 Operating lease liabilities 213,110 194,734 Accounts payable and other liabilities 1,003,078 1,041,616 Liabilities related to assets held for sale 4,988 9,243 Deferred income tax liabilities 32,660 24,500 Total liabilities 14,551,045 14,878,392 Redeemable OP unitholder and noncontrolling interests 311,468 302,636 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, 413,154 and 402,380 shares outstanding at June 30, 2024 and December 31, 2023, respectively 103,242 100,648 Capital in excess of par value 16,135,972 15,650,734 Accumulated other comprehensive loss ( 17,409 ) ( 35,757 ) Retained earnings (deficit) ( 6,577,395 ) ( 6,213,803 ) Treasury sto

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 June 30, 2024, we owned or had investments in approximately 1,350 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 in

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 and six months ended June 30, 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 a

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 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, Inc. (f/k/a Ardent Health Partners, LLC and, together with its subsidiaries, "Ardent") and Kindred Healthcare, LLC (together with its subsidiaries, "Kindred") contributed approxima

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