NYSE$VTR
Ventas Inc · Q4 2022 earnings
Q4 2022 earnings · · Investor relations
Briefing
Ventas delivered a strong Q4 2022, driven by SHOP growth and strategic initiatives.
Ventas reported a net loss attributable to common stockholders of ($0.11) per share for Q4 2022. However, the company saw a year-over-year total company NOI growth of 7.5%. Same-store cash NOI grew by 8.5%, with SHOP leading the growth at 19.1%.
- Delivered a strong fourth quarter, reflecting attractive operating and financial results.
- Accelerating SHOP top- and bottom-line growth fueled outstanding total Company performance.
- Began a multiyear growth and recovery cycle in the SHOP portfolio.
- Proactive steps position Ventas to capitalize on exciting demographically led demand.
Headline financials
Revenue & EPS history
Ventas · Revenue · Quarterly
$1.05B
Revenue by segment
Ventas · $851M total across 5 segments · Q4 2022
- Resident fees and services$674M+4.1%79.2%
- Triple-net leased properties$147M—17.3%
- Income from loans and investments$14.9M+55.5%1.7%
- Third-party capital management revenues$13.4M—1.6%
- Interest and other income$1.44M-89.3%0.2%
Forward guidance
Ventas reintroduces full year guidance for 2023, expecting per share attributable net income to common stockholders, Nareit FFO and Normalized FFO within specified ranges, based on several assumptions.
Tailwinds
- Lower projected 2023 non-cash impairments and allowances of $0.26 per share.
- Lower projected 2023 transaction expenses and natural disaster expenses of $0.13 per share.
- The 2023 benefit of $0.29 per share of organic growth in NOI from the SHOP business.
- Receipt of over $300 million in capital recycling proceeds.
- No material changes in the impact of COVID-19 on the Company’s business.
Headwinds
- Impact of higher interest rates and foreign exchange approximating ($0.16) per share.
- Approximately $500 million in 2023 maturing debt expected to be refinanced during the year.
- Guidance is based on assumptions that are subject to change, many of which are outside the control of the Company.
- Assumes 404 million weighted average fully-diluted shares.
- No additional promote revenue
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2022
+0.6%
Avg return
Earnings day
+1.1%
Avg return
5 days after
+2.3%
Avg return
30 days after
58%
42 / 73 earnings
Positive
+13.9%
Q3 2020
Best reaction
-10.8%
Q3 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.8% | +3.9% | +1.7% | |
| Q4 2025 | +3.4% | +7.3% | +6.3% | |
| Q3 2025 | +6.8% | +7.4% | +15.5% | |
| Q2 2025 | +0.5% | +2.0% | +1.3% | |
| Q1 2025 | -6.5% | -6.1% | -8.3% | |
| Q4 2024 | +8.3% | +11.4% | +11.6% | |
| Q3 2024 | -0.8% | -2.5% | -3.0% | |
| Q2 2024 | +3.6% | +5.0% | +14.1% | |
| Q1 2024 | +4.4% | +6.3% | +13.5% | |
| Q4 2023 | -0.6% | -1.6% | -4.5% | |
| Q3 2023 | +3.0% | +2.3% | +9.3% | |
| Q2 2023 | -7.3% | -6.2% | -11.1% | |
| Q1 2023 | -2.1% | -2.8% | -3.1% | |
| Q4 2022 | -1.7% | -2.0% | -13.9% | |
| Q3 2022 | +5.7% | +13.0% | +23.7% | |
| Q2 2022 | -5.1% | -1.9% | -8.2% | |
| Q1 2022 | -1.4% | -8.9% | -2.7% | |
| Q4 2021 | +1.0% | +0.9% | +13.4% | |
| Q3 2021 | -0.5% | +3.7% | -10.7% | |
| Q2 2021 | -4.3% | -5.1% | -6.1% | |
| Q1 2021 | +1.7% | -3.4% | +5.1% | |
| Q4 2020 | +3.5% | +7.9% | +7.6% | |
| Q3 2020 | +13.9% | +17.8% | +20.3% | |
| Q2 2020 | +7.8% | +4.0% | +12.8% | |
| Q1 2020 | +7.2% | -1.1% | +59.8% | |
| Q4 2019 | +6.5% | +1.1% | -63.4% | |
| Q3 2019 | -10.8% | -10.4% | -20.8% | |
| Q2 2019 | +0.1% | -0.3% | +6.7% | |
| Q1 2019 | +0.7% | +2.8% | +10.9% | |
| Q4 2018 | -1.1% | -0.4% | -3.8% | |
| Q3 2018 | +0.6% | +2.0% | +8.0% | |
| Q2 2018 | -3.3% | -0.9% | +2.4% | |
| Q1 2018 | +8.3% | +10.3% | +13.0% | |
| Q4 2017 | -0.9% | -2.6% | -2.4% | |
| Q3 2017 | +3.5% | +3.2% | +5.9% | |
| Q2 2017 | -0.1% | -2.1% | +0.7% | |
| Q1 2017 | -0.2% | -2.1% | +3.8% | |
| Q4 2016 | +1.6% | -0.2% | -2.1% | |
| Q3 2016 | +2.0% | -4.8% | -9.3% | |
| Q2 2016 | +2.7% | -1.1% | -3.2% | |
| Q1 2016 | +0.6% | — | — | |
| Q4 2015 | +2.1% | — | — | |
| Q3 2015 | -5.7% | — | — | |
| Q2 2015 | +3.8% | — | — | |
| Q1 2015 | -1.0% | — | — | |
| Q4 2014 | -0.7% | — | — | |
| Q3 2014 | -0.6% | — | — | |
| Q2 2014 | -0.3% | — | — | |
| Q1 2014 | +2.2% | — | — | |
| Q4 2013 | -1.9% | — | — | |
| Q3 2013 | +0.9% | — | — | |
| Q2 2013 | -1.1% | — | — | |
| Q1 2013 | +0.5% | — | — | |
| Q4 2012 | +2.3% | — | — | |
| Q3 2012 | +0.4% | — | — | |
| Q2 2012 | +2.2% | — | — | |
| Q1 2012 | +0.1% | — | — | |
| Q4 2011 | +1.1% | — | — | |
| Q3 2011 | +0.9% | — | — | |
| Q2 2011 | -9.3% | — | — | |
| Q1 2011 | -1.7% | — | — | |
| Q4 2010 | -6.2% | — | — | |
| Q3 2010 | -0.5% | — | — | |
| Q2 2010 | +4.0% | — | — | |
| Q1 2009 | -0.8% | — | — | |
| Q1 2010 | -1.6% | — | — | |
| Q4 2007 | +0.2% | — | — | |
| Q4 2009 | +0.2% | — | — | |
| Q3 2008 | -2.1% | — | — | |
| Q3 2009 | -2.1% | — | — | |
| Q2 2008 | +1.7% | — | — | |
| Q2 2009 | +1.7% | — | — | |
| Q4 2008 | +1.7% | — | — |
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