Profits increased substantially during the first quarter for Louisville-based Ventas Inc. Officials at the real estate investment trust credit the growth in part to the rent reset on its Kindred facilities.
The company’s net income was up 55% from $29 million in the first quarter of 2006 to $45 million in this year’s first quarter, according to a company release. Total revenues rose 25% from 97.8 million in the first quarter of 2006 to $122 million during the first quarter of 2007, Ventas said.
Results benefited from increased rent from the company’s 2006 acquisitions, the rent reset on 255 facilities the company leases to nursing home chain Kindred Healthcare Inc., and the strong internal growth rate from existing leases. Ventas recently completed the $1.96 billion purchase of Sunrise Senior Living Real Estate Investment Trust.