Ventas Boosts Outlook as Profit Soars

  By Imani Moise 
 

Ventas Inc., one of the nation's biggest health-care real-estate investment trusts, said profit surged in its third quarter as the company benefited from its investments and lower transaction costs.

The company also raised its current-year forecast to earnings of between $1.51 and $1.63 a share. In July, the company forecast earnings of $1.46 and $1.59 per share.

In all for the quarter, Ventas reported a profit of $149.5 million, or 42 cents a share, up from $22.9 million, or 7 cents, a year earlier.

Funds from operations, a closely watched profitability measure for real-estate investment trusts, came in at $1 a share for the latest period, up from 78 cents. Excluding the impact of the spinoff of some of its business, funds from operations rose to $1.03 from 98 cents.

Revenue rose 4.8% to $867.1 million.

Analysts polled by Thomson Reuters had forecast FFO of $1.01 on $843.2 million in revenue.

During the quarter, the company acquired the life science and medical real estate assets of Wexford Science & Technology, LLC. from affiliates of Blackstone Real Estate Partners L.P. for $1.5 billion in cash.

Shares closed Thursday at $66.40 and were inactive premarket. The stock has climbed 18% so far this year.

(END) Dow Jones Newswires

October 28, 2016 09:03 ET (13:03 GMT)

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