Ventas (NYSE:VTR) announced its earnings for the third quarter 2010 last week that showed net income of $57.9 million, or $0.37 per diluted common share, compared with net income attributable to common stockholders for the quarter ended September 30, 2009 of $49.8 million. Cash flow funds from operations (“FFO”) for the quarter ended September 30, 2010 were $115.4 million, or $0.73 per diluted common share, as compared to $103.4 million, or $0.66 per diluted common share, for the quarter ended September 30, 2009 and the company raised its earnings guidance for 2010 to $2.84 to $ 2.86 a share as the company begins to digest it acquisitions announced in October.
Ventas announced in October that it would acquire 118 private pay seniors housing communities managed by Atria Senior Living Group from funds affiliated with Lazard Real Estate Partners for a purchase price of $3.1 billion. Additionally, it agreed in October to acquire Sunrise’s joint venture interests in 58 communities for a total purchase price of $41.5 million.
“Our third quarter results were outstanding, demonstrating strong operating cash flow and FFO growth,” Ventas Chairman and Chief Executive Officer Debra A. Cafaro said. “And, with three significant transactions, we believe that Ventas is well positioned for another decade of excellence. Additionally, we continue to implement our strategy to build an enterprise that will deliver strong returns to stakeholders through a high-quality, diverse and productive portfolio of healthcare and seniors housing assets.”