Ventas Inc. (NYSE:VTR) reported its fourth quarter 2010 results that show funds from operations (FFO) of $121.4 million, compared to $104.0 million in Q4 2009 and for the full year of $454 million, an increase of 11% over 2009. Net income for the company rose to $77.6 million for the Q4 compared to $54.1 million for the same period in 2009. During the fourth quarter, Ventas recognized gains on sale of real estate assets totalling $19.8 million which represents the bulk of the increase in net income. During the quarter, Ventas saw its net operating income after management fees for the 79 properties managed by Sunrise Senior Living Inc. (SRZ) rise 28% on a 170 basis point increase in average occupancy, lower management fees and a 2.9 percent increase in its average daily rate.
“2010 was a banner year for Ventas,” Ventas Chairman and Chief Executive Officer Debra A. Cafaro said. “We continued our long record of delivering excellent results, with an 11 percent increase in normalized FFO. We announced nearly $4 billion of acquisitions and, at the same time, we maintained a strong, investment grade balance sheet and a cohesive, shareholder-focused management team. The future holds excellent opportunities for Ventas to execute on our strategy of building an enterprise that will deliver strong returns to stakeholders from a high-quality, diverse and productive portfolio of healthcare and seniors housing assets.”
For the 10-K
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