Ventas, Inc. (NYSE:VTR) (“Ventas” or the “Company”) announced yesterday that normalized Funds From Operations (“FFO”) for the year ended December 31, 2008 rose two percent to $2.74, from $2.69 for the comparable 2007 period. Normalized FFO for the year ended December 31, 2008 increased 16 percent to $383.2 million, from $330.6 million for the comparable 2007 period.
Fourth quarter normalized FFO per share benefited from rental increases from the Company’s triple-net lease portfolio, higher revenues at the Company’s medical office building (“MOB”) operating portfolio, additional investments and lower interest expense, offset in part by lower Net Operating Income after management fees (“NOI”) at the Company’s senior living operating portfolio, the movement in foreign exchange rates and higher weighted average diluted shares outstanding.
“In 2008, we took defensive, proactive steps to build liquidity and financial strength, while still delivering positive FFO per share growth,” Ventas Chairman, President and Chief Executive Officer Debra A. Cafaro said. “Our focus on protecting shareholder value is clear and unequivocal as we move into 2009. Low leverage, staggered debt maturities, a stable, cash flowing portfolio and negligible forward commitments provide a sound foundation to accomplish this goal and position us for growth when conditions change.”
For the press release, click here.
For the full 8-K, click here.