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Ventas Reports 19 Percent Increase In Second Quarter 2012 Normalized FFO To $0.95 Per Diluted Share

SECOND QUARTER CONFERENCE CALL

Ventas will hold a conference call to discuss this earnings release today at 10:00 a.m. Eastern Time (9:00 a.m. Central Time). The dial-in number for the conference call is (617) 213-8839. The participant passcode is “Ventas.” The conference call is being webcast live by Thomson Reuters and can be accessed at the Company’s website at www.ventasreit.com or www.earnings.com. A replay of the webcast will be available today online, or by calling (617) 801-6888, passcode 86631807, beginning at approximately 12:00 p.m. Eastern Time and will be archived for 28 days.

Ventas, Inc., an S&P 500 company, is a leading healthcare real estate investment trust. Its diverse portfolio of more than 1,400 assets in 47 states (including the District of Columbia) and two Canadian provinces consists of seniors housing communities, skilled nursing facilities, hospitals, medical office buildings and other properties. Through its Lillibridge subsidiary, Ventas provides management, leasing, marketing, facility development and advisory services to highly rated hospitals and health systems throughout the United States. More information about Ventas and Lillibridge can be found at www.ventasreit.com and www.lillibridge.com.

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding the Company’s or its tenants’, operators’, managers’ or borrowers’ expected future financial condition, results of operations, cash flows, funds from operations, dividends and dividend plans, financing opportunities and plans, capital markets transactions, business strategy, budgets, projected costs, operating metrics, capital expenditures, competitive positions, acquisitions, investment opportunities, dispositions, merger integration, growth opportunities, expected lease income, continued qualification as a real estate investment trust (“REIT”), plans and objectives of management for future operations and statements that include words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will” and other similar expressions are forward-looking statements. These forward-looking statements are inherently uncertain, and actual results may differ from the Company’s expectations. The Company does not undertake a duty to update these forward-looking statements, which speak only as of the date on which they are made.

The Company’s actual future results and trends may differ materially from expectations depending on a variety of factors discussed in the Company’s filings with the Securities and Exchange Commission. These factors include without limitation: (a) the ability and willingness of the Company’s tenants, operators, borrowers, managers and other third parties to satisfy their obligations under their respective contractual arrangements with the Company, including, in some cases, their obligations to indemnify, defend and hold harmless the Company from and against various claims, litigation and liabilities; (b) the ability of the Company’s tenants, operators, borrowers and managers to maintain the financial strength and liquidity necessary to satisfy their respective obligations and liabilities to third parties, including without limitation obligations under their existing credit facilities and other indebtedness; (c) the Company’s success in implementing its business strategy and the Company’s ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments, including its recent acquisition of Cogdell and investments in different asset types and outside the United States; (d) macroeconomic conditions such as a disruption of or lack of access to the capital markets, changes in the debt rating on U.S. government securities, default or delay in payment by the United States of its obligations, and changes in the federal budget resulting in the reduction or nonpayment of Medicare or Medicaid reimbursement rates; (e) the nature and extent of future competition; (f) the extent of future or pending healthcare reform and regulation, including cost containment measures and changes in reimbursement policies, procedures and rates; (g) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors; (h) the ability of the Company’s operators and managers, as applicable, to comply with laws, rules and regulations in the operation of the Company’s properties, to deliver high quality services, to attract and retain qualified personnel and to attract residents and patients; (i) changes in general economic conditions or economic conditions in the markets in which the Company may, from time to time, compete, and the effect of those changes on the Company’s revenues, earnings and funding sources; (j) the Company’s ability to pay down, refinance, restructure or extend its indebtedness as it becomes due; (k) the Company’s ability and willingness to maintain its qualification as a REIT due to economic, market, legal, tax or other considerations; (l) final determination of the Company’s taxable net income for the year ended December 31, 2011 and the year ending December 31, 2012; (m) the ability and willingness of the Company’s tenants to renew their leases with the Company upon expiration of the leases, the Company’s ability to reposition its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations, including indemnification obligations, the Company may incur in connection with the replacement of an existing tenant; (n) risks associated with the Company’s senior living operating portfolio, such as factors that can cause volatility in the Company’s operating income and earnings generated by those properties, including without limitation national and regional economic conditions, costs of food, materials, energy, labor and services, employee benefit costs, insurance costs and professional and general liability claims, and the timely delivery of accurate property-level financial results for those properties; (o) changes in U.S. and Canadian currency exchange rates; (p) year-over-year changes in the Consumer Price Index and the effect of those changes on the rent escalators contained in the Company’s leases, including the rent escalator for Master Lease 2 with Kindred, and the Company’s earnings; (q) the Company’s ability and the ability of its tenants, operators, borrowers and managers to obtain and maintain adequate property, liability and other insurance from reputable, financially stable providers; (r) the impact of increased operating costs and uninsured professional liability claims on the liquidity, financial condition and results of operations of the Company’s tenants, operators, borrowers and managers, and the ability of the Company’s tenants, operators, borrowers and managers to accurately estimate the magnitude of those claims; (s) risks associated with the Company’s MOB portfolio and operations, including the Company’s ability to successfully design, develop and manage MOBs, to accurately estimate its costs in fixed fee-for-service projects and to retain key personnel; (t) the ability of the hospitals on or near whose campuses the Company’s MOBs are located and their affiliated health systems to remain competitive and financially viable and to attract physicians and physician groups; (u) the Company’s ability to build, maintain and expand its relationships with existing and prospective hospital and health system clients; (v) risks associated with the Company’s investments in joint ventures and unconsolidated entities, including its lack of sole decision-making authority and its reliance on its joint venture partners’ financial condition; (w) the impact of market or issuer events on the liquidity or value of the Company’s investments in marketable securities; and (x) the impact of litigation or any financial, accounting, legal or regulatory issues that may affect the Company or its tenants, operators, borrowers or managers. Many of these factors are beyond the control of the Company and its management.

 
 
CONSOLIDATED BALANCE SHEETS
As of June 30, 2012, March 31, 2012, December 31, 2011, September 30, 2011 and June 30, 2011
(In thousands, except per share amounts)
         
June 30, March 31, December 31, September 30, June 30,
2012 2012 2011 2011 2011
Assets
Real estate investments:
Land and improvements $ 1,744,752 $ 1,616,947 $ 1,614,847 $ 1,584,842 $ 854,055
Buildings and improvements 16,181,392 15,329,730 15,337,919 15,289,744 8,969,465
Construction in progress 133,890 85,418 76,638 60,978 41,240
Acquired lease intangibles   920,116     799,136     800,858     821,613     317,850  
18,980,150 17,831,231 17,830,262 17,757,177 10,182,610
Accumulated depreciation and amortization   (2,256,197 )   (2,084,212 )   (1,916,530 )   (1,761,135 )   (1,601,662 )
Net real estate property 16,723,953 15,747,019 15,913,732 15,996,042 8,580,948
Secured loans receivable, net 213,193 222,218 212,577 302,264 634,472
Investments in unconsolidated entities   104,636     106,086     105,303     119,322     14,765  
Net real estate investments 17,041,782 16,075,323 16,231,612 16,417,628 9,230,185
Cash and cash equivalents 52,803 53,224 45,807 57,482 26,702
Escrow deposits and restricted cash 114,883 114,420 76,590 84,783 64,261
Deferred financing costs, net 25,750 26,601 26,669 12,424 16,129
Other assets   987,043     919,391     891,232     633,453     296,756  
Total assets $ 18,222,261   $ 17,188,959   $ 17,271,910   $ 17,205,770   $ 9,634,033  
 
Liabilities and equity
Liabilities:
Senior notes payable and other debt $ 7,204,727 $ 6,430,364 $ 6,429,116 $ 6,313,141 $ 5,007,080
Accrued interest 47,842 58,041 37,694 65,985 26,558
Accounts payable and other liabilities 1,059,385 1,060,647 1,085,597 1,128,706 401,151
Deferred income taxes   271,066     271,408     260,722     274,852     279,668  
Total liabilities 8,583,020 7,820,460 7,813,129 7,782,684 5,714,457
 
Redeemable OP unitholder interests 116,635 106,264 102,837 92,817 -
 
Commitments and contingencies
 
Equity:
Ventas stockholders' equity:

Preferred stock, $1.00 par value; 10,000 shares authorized, unissued

- - - - -

Common stock, $0.25 par value; 295,370, 289,027, 288,823, 287,962 and 188,106 shares issued at June 30, 2012, March 31, 2012, December 31, 2011, September 30, 2011 and June 30, 2011, respectively

73,855 72,273 72,240 72,025 47,063
Capital in excess of par value 9,932,839 9,591,880 9,593,583 9,595,495 4,254,137
Accumulated other comprehensive income 21,404 23,926 22,062 19,237 28,212
Retained earnings (deficit) (609,487 ) (500,808 ) (412,181 ) (439,015 ) (412,694 )

Treasury stock, 0, 10,14, 37 and 0 shares at June 30, 2012, March 31, 2012, December 31, 2011, September 30, 2011 and June 30, 2011, respectively

  -     (536 )   (747 )   (1,980 )   -  
Total Ventas stockholders' equity 9,418,611 9,186,735 9,274,957 9,245,762 3,916,718
Noncontrolling interest   103,995     75,500     80,987     84,507     2,858  
Total equity   9,522,606     9,262,235     9,355,944     9,330,269     3,919,576  
Total liabilities and equity $ 18,222,261   $ 17,188,959   $ 17,271,910   $ 17,205,770   $ 9,634,033  
 

 
CONSOLIDATED STATEMENTS OF INCOME
For the three and six months ended June 30, 2012 and 2011
(In thousands, except per share amounts)
           
For the Three Months For the Six Months
Ended June 30, Ended June 30,
 
2012 2011 2012 2011
Revenues:
Rental income:
Triple-net leased $ 207,898 $ 116,150 $ 415,026 $ 230,771
Medical office buildings   89,674     23,758     154,183     47,994  
297,572 139,908 569,209 278,765
Resident fees and services 304,020 201,307 589,815 315,809
Medical office building and other services revenue 6,639 9,822 12,247 16,779
Income from loans and investments 8,152 8,391 16,188 14,476
Interest and other income   65     78     112     156  
Total revenues 616,448 359,506 1,187,571 625,985
 
Expenses:
Interest 74,428 52,043 144,056 92,830
Depreciation and amortization 189,349 79,509 351,605 130,070
Property-level operating expenses:
Senior living 207,548 135,894 403,214 214,005
Medical office buildings   29,846     8,278     50,744     16,954  
237,394 144,172 453,958 230,959
Medical office building services costs 3,839 7,954 6,827 13,490
General, administrative and professional fees 26,710 15,554 48,907 30,386
Loss on extinguishment of debt 9,989 6 39,533 16,526
Merger-related expenses and deal costs 36,668 55,807 44,649 62,256
Other   1,510     (8,056 )   3,086     (8,055 )
Total expenses   579,887     346,989     1,092,621     568,462  

Income before income/loss from unconsolidated entities, income taxes, discontinued operations and noncontrolling interest

36,561 12,517 94,950 57,523
Income (loss) from unconsolidated entities 514 (83 ) 831 (253 )
Income tax benefit (expense)   5,179     6,110     (6,159 )   9,307  
Income from continuing operations 42,254 18,544 89,622 66,577
Discontinued operations   31,482     1,190     74,206     2,203  
Net income 73,736 19,734 163,828 68,780
Net (loss) income attributable to noncontrolling interest   (289 )   58     (823 )   120  
Net income attributable to common stockholders $ 74,025   $ 19,676   $ 164,651   $ 68,660  
 
Earnings per common share:
Basic:

Income from continuing operations attributable to common stockholders

$ 0.15 $ 0.10 $ 0.31 $ 0.40
Discontinued operations   0.11     0.01     0.26     0.01  
Net income attributable to common stockholders $ 0.26   $ 0.11   $ 0.57   $ 0.41  
Diluted:

Income from continuing operations attributable to common stockholders

$ 0.14 $ 0.10 $ 0.31 $ 0.39
Discontinued operations   0.11     0.01     0.25     0.01  

Net income attributable to common stockholders

$ 0.25   $ 0.11   $ 0.56   $ 0.40  
 
Weighted average shares used in computing earnings per common share:
Basic 290,170 176,262 289,281 168,369
Diluted 292,592 177,945 291,711 170,013
 
Dividends declared per common share $ 0.62 $ 0.7014

 

$ 1.24 $ 1.2764

             
 
QUARTERLY CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
 
2012 Quarters 2011 Quarters
Second First Fourth Third Second
 
Revenues:
Rental income:
Triple-net leased $ 207,898 $ 207,128 $ 206,109 $ 204,554 $ 116,150
Medical office buildings   89,674     64,509     60,369     58,159     23,758  
297,572 271,637 266,478 262,713 139,908
Resident fees and services 304,020 285,795 277,992 274,294 201,307
Medical office building and other services revenue 6,639 5,608 10,421 9,271 9,822
Income from loans and investments 8,152 8,036 9,867 10,072 8,391
Interest and other income   65     47     688     373     78  
Total revenues 616,448 571,123 565,446 556,723 359,506
 
Expenses:
Interest 74,428 69,628 68,972 70,596 52,043
Depreciation and amortization 189,349 162,256 162,737 157,387 79,509
Property-level operating expenses:
Senior living 207,548 195,666 188,790 187,356 135,894
Medical office buildings   29,846     20,898     20,153     20,071     8,278  
237,394 216,564 208,943 207,427 144,172
Medical office building services costs 3,839 2,988 7,245 6,347 7,954
General, administrative and professional fees 26,710 22,197 23,527 20,624 15,554
Loss on extinguishment of debt 9,989 29,544 2,393 8,685 6
Litigation proceeds, net - - (116,932 ) (85,327 ) -
Merger-related expenses and deal costs 36,668 7,981 22,317 69,350 55,807
Other   1,510     1,576     1,443     13,882     (8,056 )
Total expenses   579,887     512,734     380,645     468,971     346,989  

Income before income/loss from unconsolidated entities, income taxes, discontinued operations and noncontrolling interest

36,561 58,389 184,801 87,752 12,517
Income (loss) from unconsolidated entities 514 317 19 182 (83 )
Income tax benefit (expense)   5,179     (11,338 )   7,622     13,732     6,110  
Income from continuing operations 42,254 47,368 192,442 101,666 18,544
Discontinued operations   31,482     42,724     55     318     1,190  
Net income 73,736 90,092 192,497 101,984 19,734
Net (loss) income attributable to noncontrolling interest   (289 )   (534 )   (451 )   (901 )   58  
Net income attributable to common stockholders $ 74,025   $ 90,626   $ 192,948   $ 102,885   $ 19,676  
 
Earnings per common share:
Basic:
Income from continuing operations attributable to common stockholders $ 0.15 $ 0.16 $ 0.67 $ 0.36 $ 0.10
Discontinued operations   0.11     0.15     0.00     0.00     0.01  
Net income attributable to common stockholders $ 0.26   $ 0.31   $ 0.67   $ 0.36   $ 0.11  
Diluted:
Income from continuing operations attributable to common stockholders $ 0.14 $ 0.16 $ 0.66 $ 0.35 $ 0.10
Discontinued operations   0.11     0.15     0.00     0.00     0.01  
Net income attributable to common stockholders $ 0.25   $ 0.31   $ 0.66   $ 0.35   $ 0.11  
 
Weighted average shares used in computing earnings per common share:
Basic 290,170 288,375 287,793 287,365 176,262
Diluted 292,592 290,813 290,607 290,794 177,945
 
Dividends declared per common share $ 0.62 $ 0.62 $ 0.575 $ 0.4486 $ 0.7014
 

       
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the six months ended June 30, 2012 and 2011
(In thousands)
 
2012 2011
Cash flows from operating activities:
Net income $ 163,828 $ 68,780
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amounts in discontinued operations) 366,405 132,514
Amortization of deferred revenue and lease intangibles, net (8,829 ) (1,550 )
Other non-cash amortization (21,185 ) 3,139
Stock-based compensation 11,086 8,368
Straight-lining of rental income, net (10,470 ) (3,749 )
Loss (gain) on real estate loan investments 559 (3,255 )
Gain on sale of marketable securities - (733 )
Change in fair value of financial instruments 93 (8,887 )
Loss on extinguishment of debt 39,533 16,526
Gain on real estate dispositions, net (including amounts in discontinued operations) (78,791 ) -
Income tax expense (benefit) (including amounts in discontinued operations) 6,138 (9,404 )
(Income) loss from unconsolidated entities (831 ) 253
Other 5,897 689
Changes in operating assets and liabilities:
Decrease (increase) in other assets 861 (9,940 )
Increase in accrued interest 10,259 4,008
Decrease in accounts payable and other liabilities   (23,745 )   (10,459 )
Net cash provided by operating activities 460,808 186,300
Cash flows from investing activities:
Net investment in real estate property (899,404 ) (264,464 )
Purchase of noncontrolling interest (3,934 ) (3,319 )
Investment in loans receivable (27,260 ) (612,925 )
Proceeds from sale of marketable securities - 23,050
Proceeds from real estate disposals 8,847 -
Proceeds from loans receivable 33,223 132,363
Development project expenditures (60,561 ) (5,687 )
Capital expenditures (23,812 ) (13,549 )
Other   (2,150 )   (75 )
Net cash used in investing activities (975,051 ) (744,606 )
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities (88,654 ) 99,500
Proceeds from debt 1,269,315 704,111
Repayment of debt (645,722 ) (337,427 )
Payment of deferred financing costs (2,980 ) (1,363 )
Issuance of common stock, net 342,469 299,926
Cash distribution to common stockholders (361,957 ) (201,949 )
Cash distribution to redeemable OP unitholders (2,241 ) -
Purchases of redeemable OP units (611 ) -
Distributions to noncontrolling interest (2,907 ) (616 )
Other   14,509     913  
Net cash provided by financing activities   521,221     563,095  
Net increase in cash and cash equivalents 6,978 4,789
Effect of foreign currency translation on cash and cash equivalents 18 101
Cash and cash equivalents at beginning of period   45,807     21,812  
Cash and cash equivalents at end of period $ 52,803   $ 26,702  
 
 
Supplemental schedule of non-cash activities:
Assets and liabilities assumed from acquisitions:
Real estate investments $ 364,883 $ 3,140,924
Utilization of escrow funds held for an Internal Revenue Code Section 1031 exchange (134,003 ) -
Other assets acquired 81,509 110,722
Debt assumed 250,363 1,621,641
Other liabilities 26,639 200,962
Deferred income tax liability 5,895 48,087
Noncontrolling interests 25,166 -
Equity issued 4,326 1,380,956
 

 
QUARTERLY CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
             
2012 Quarters 2011 Quarters
Second First Fourth Third Second
Cash flows from operating activities:
Net income $ 73,736 $ 90,092 $ 192,497 $ 101,984 $ 19,734
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amounts in discontinued operations) 201,769 164,636 166,163 161,027 80,755
Amortization of deferred revenue and lease intangibles, net (3,669 ) (5,160 ) (4,701 ) (5,908 ) (882 )
Other non-cash amortization (11,077 ) (10,108 ) (7,734 ) (8,568 ) 626
Stock-based compensation 6,252 4,834 5,750 5,228 4,352
Straight-lining of rental income, net (5,580 ) (4,890 ) (5,631 ) (5,505 ) (1,977 )
Loss (gain) on real estate loan investments - 559 - - (3,078 )
Gain on sale of marketable securities - - - - -
Change in fair value of financial instruments 60 33 61 11,785 (8,887 )
Loss on extinguishment of debt 9,989 29,544 2,393 8,685 6
Gain on real estate dispositions, net (including amounts in discontinued operations) (38,558 ) (40,233 ) - - -
Income tax (benefit) expense (including amounts in discontinued operations) (5,167 ) 11,305 (7,827 ) (13,906 ) (6,207 )
(Income) loss from unconsolidated entities (514 ) (317 ) (19 ) (182 ) 83
Other 2,848 3,049 2,442 1,315 291
Changes in operating assets and liabilities:
(Increase) decrease in other assets (414 ) 1,275 27,433 (17,069 ) (8,400 )
(Decrease) increase in accrued interest (10,193 ) 20,452 (28,291 ) 15,133 (11,245 )
(Decrease) increase in accounts payable and other liabilities   (3,635 )   (20,110 )   (13,240 )   3,582     (9,640 )
Net cash provided by operating activities 215,847 244,961 329,296 257,601 55,531
Cash flows from investing activities:
Net investment in real estate property (898,904 ) (500 ) (186,918 ) (80,223 ) (264,464 )
Purchase of noncontrolling interest (3,934 ) - - - -
Investment in loans receivable (4,787 ) (22,473 ) (8,274 ) (6,934 ) (612,925 )
Proceeds from sale of marketable securities - - - - -
Proceeds from real estate disposals - 8,847 5,657 14,961 -
Proceeds from loans receivable 15,979 17,244 81,245 6,571 112,413
Development project expenditures (29,287 ) (31,274 ) (24,358 ) (17,546 ) (5,556 )
Capital expenditures (13,793 ) (10,019 ) (21,815 ) (15,109 ) (5,717 )
Other   (13 )   (2,137 )   (52 )   (38 )   (38 )
Net cash used in investing activities (934,739 ) (40,312 ) (154,515 ) (98,318 ) (776,287 )
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities 293,744 (382,398 ) 103,452 334,500 131,500
Proceeds from debt 601,985 667,330 385,887 253,642 689,481
Repayment of debt (346,921 ) (298,801 ) (493,919 ) (557,616 ) (6,358 )
Payment of deferred financing costs (1,187 ) (1,793 ) (18,142 ) (535 ) (1,049 )
Issuance of common stock, net 342,469 - (79 ) - -
Cash distribution to common stockholders (182,704 ) (179,253 ) (166,114 ) (152,983 ) (108,211 )
Cash distribution to redeemable OP unitholders (1,129 ) (1,112 ) 1,679 (4,038 ) -
Purchases of redeemable OP units (378 ) (233 ) (185 ) - -
Contributions from noncontrolling interest - - - 2 -
Distributions to noncontrolling interest (1,315 ) (1,592 ) (559 ) (1,381 ) (267 )
Other   13,944     565     1,472     104     455  
Net cash provided by (used in) financing activities   718,508     (197,287 )   (186,508 )   (128,305 )   705,551  
Net (decrease) increase in cash and cash equivalents (384 ) 7,362 (11,727 ) 30,978 (15,205 )
Effect of foreign currency translation on cash and cash equivalents (37 ) 55 52 (198 ) 8
Cash and cash equivalents at beginning of period   53,224     45,807     57,482     26,702     41,899  
Cash and cash equivalents at end of period $ 52,803   $ 53,224   $ 45,807   $ 57,482   $ 26,702  
 
 
Supplemental schedule of non-cash activities:
Assets and liabilities assumed from acquisitions:
Real estate investments $ 310,002 $ 54,881 $ (61,527 ) $ 7,893,696 $ 3,140,924
Utilization of escrow funds held for an Internal Revenue Code Section 1031 exchange (96,204 ) (37,799 ) - - -
Other assets acquired 86,635 (5,126 ) 162,497 320,957 110,722
Debt assumed 232,629 17,734 142,863 1,886,585 1,621,641
Other liabilities 33,628 (6,989 ) (39,843 ) 791,160 200,962
Deferred income tax liability 5,895 - - (4,198 ) 48,087
Redeemable OP unitholder interests - - 458 100,430 -
Noncontrolling interests 28,281 (3,115 ) (2,510 ) 83,702 -
Equity issued - 4,326 2 5,356,974 1,380,956
 

 
QUARTERLY FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO
(In thousands, except per share amounts)
             
2012 Quarters 2011 Quarters
Second First Fourth Third Second
 
Net income attributable to common stockholders $ 74,025 $ 90,626 $ 192,948 $ 102,885 $ 19,676
Adjustments:
Depreciation and amortization on real estate assets 188,348 161,354 162,103 156,763 78,926

Depreciation on real estate assets related to noncontrolling interest

(2,336 ) (1,511 ) (1,744 ) (1,313 ) (210 )

Depreciation on real estate assets related to unconsolidated entities

2,131 2,175 2,339 2,247 931
Discontinued operations:
Gain on real estate dispositions, net (38,558 ) (40,233 ) - - -
Depreciation and amortization on real estate assets   12,420     2,380     3,426     3,640     1,246  
FFO 236,030 214,791 359,072 264,222 100,569
Merger-related expenses and deal costs 36,668 7,981 22,317 69,350 55,807
Litigation proceeds, net - - (116,932 ) (85,327 ) -
Loss on extinguishment of debt 9,989 29,544 2,393 8,685 6
Income tax (benefit) expense (5,166 ) 11,305 (7,827 ) (13,904 ) (6,209 )
Change in fair value of financial instruments 60 33 61 11,785 (8,887 )
Amortization of other intangibles   255     256     255     256     255  
Normalized FFO $ 277,836   $ 263,910   $ 259,339   $ 255,067   $ 141,541  
 
Per diluted share (1) :
Net income attributable to common stockholders $ 0.25 $ 0.31 $ 0.66 $ 0.35 $ 0.11
Adjustments:
Depreciation and amortization on real estate assets 0.64 0.55 0.56 0.54 0.44

Depreciation on real estate assets related to noncontrolling interest

(0.01 ) (0.01 ) (0.01 ) (0.00 ) (0.00 )

Depreciation on real estate assets related to unconsolidated entities

0.01 0.01 0.01 0.01 0.01
Discontinued operations:
Gain on real estate dispositions, net (0.13 ) (0.14 ) - - -
Depreciation and amortization on real estate assets   0.04     0.01     0.01     0.01     0.01  
FFO 0.81 0.74 1.24 0.91 0.57
Merger-related expenses and deal costs 0.13 0.03 0.08 0.24 0.31
Litigation proceeds, net - - (0.40 ) (0.29 ) -
Loss on extinguishment of debt 0.03 0.10 0.01 0.03 0.00
Income tax (benefit) expense (0.02 ) 0.04 (0.03 ) (0.05 ) (0.03 )
Change in fair value of financial instruments 0.00 0.00 0.00 0.04 (0.05 )
Amortization of other intangibles   0.00     0.00     0.00     0.00     0.00  
Normalized FFO $ 0.95   $ 0.91   $ 0.89   $ 0.88   $ 0.80  
 
 
(1) Per share amounts may not add due to rounding.
 




Stock quotes in this article: VTR 

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