Ventas recently reported its net income applicable to common shares for the quarter ended September 30, 2008 was $64.7 million, or $0.46 per diluted common share. These results were substantially better than last year but included a previously recorded contingent liability reversal, offset in part by the valuation allowance on real estate mortgage loans receivable and lower income tax benefit compared to the third quarter of 2007. Much of the discussion on Ventas’s conference call was related to its liquidity and balance sheet borrowings. Overall, it seems that since Ventas is in the same boat as other providers of senior housing. One interesting note was that there were loans that were made to Sunwest Managment in 2005 and foreclosure proceedings have been initiated and that the company expects to appoint a receiver to operate the assets.
Ventas, Inc. is a leading healthcare real estate investment trust and owns 518 seniors housing and healthcare-related properties located in 43 states and two Canadian provinces. Its diverse portfolio includes 253 seniors housing communities, 192 skilled nursing facilities, 41 hospitals, 32 medical office and other properties. For its full earnings press release, click here.