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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ventas Inc | NYSE:VTR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.57 | 1.23% | 46.79 | 46.98 | 45.945 | 46.73 | 3,167,608 | 01:00:00 |
By Lisa Beilfuss
Ventas Inc., one of the nation's biggest health-care real-estate investment trusts, said profit declined in its latest quarter amid merger and acquisition activity.
The company, which focuses on property in the health-care space like hospitals and nursing homes, completed its $1.75 billion acquisition of Ardent Health Services during the quarter and spun off 355 skilled nursing facilities and outpatient recovery centers into a new real-estate investment trust.
Including operations that are now classified as discontinued and including charges associated with the transactions, earnings fell to $22.9 million, or 7 cents a share, from $109.1 million, or 37 cents a share. Funds from operations were $1.09, down from $1.12.
Revenue increased 17% to $827.6 million.
Analysts polled by FactSet expected $1.07 in funds from operations and $840.7 million in revenue.
Operating income in the company's senior housing segment slipped 3.3% to $150.3 million. Analysts at Jefferies said in a note this week that construction trends for the assisted living sector raises supply concerns that could pressure healthcare REITs like Ventas.
But for the year, the Chicago-based company raised its guidance, citing enhanced growth prospects. Ventas now sees $4.43 to $4.46 in per-share earnings this year, up from an earlier range of $4.39 to $4.45 and above the $4.40 analysts have predicted.
Shares in the company, down about 7% this year, were down 2.28% to $57.05 in early trading.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 23, 2015 10:16 ET (14:16 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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