Ventas, Inc. (NYSE: VTR) released its results for first quarter 2010 that showed earnings fell to $52.6 million from $74.2 million a year earlier. Normalized Funds From Operations (“FFO”) for the quarter ended March 31, 2010 increased 9.9 percent to $105.2 million, from $95.7 million for the comparable 2009 period. Average occupancy rates increased to 88.4% from 88.3% and saw the performance on the company’s portfolio of Sunrise Senior Living Properties improve. Ventas saw a 10.9 percent improvement in NOI which was due to a 4.8 percent increase in average daily rate, a 170 basis point improvement in margin and a ten basis point increase in occupancy.
“Ventas experienced another quarter of strong and growing cash flows, along with continued improving fundamentals in our portfolio of diversified assets,” Ventas Chairman, President and Chief Executive Officer Debra A. Cafaro said. “We intend to use our financial strength and resources to execute our growth and diversification strategy in 2010.”