Ventas, Five Star companies report stronger earnings for fiscal year 2009
Funds from operations (FFO) at Ventas Inc., a healthcare real estate investment firm, increased in fiscal year 2009, the company reported Thursday.
In the fourth quarter of fiscal year 2009, normalized FFO rose by 11.5% to about $105 million. During FY 2009, normalized FFO climbed to $409 million—a 7.8% increase compared to the year before. The company was the best performing real estate investment trust of the last 10 years, according to Ventas chairman, president and CEO Debra A. Cafaro. Its compound annual total shareholder return exceeded 35%. Ventas' operating portfolio includes Kindred Healthcare Inc. and Sunrise Senior Living Inc. facilities.
Senior living provider Five Star Quality Care Inc. also reported strong earnings Thursday. The company made a profit of $272,000 in the fourth quarter of 2009. That compares to a loss of $7.3 million for the same period of FY 2008. Total income for the year topped $38 million. It lost about $5 million last year. Revenues for the year rose 8.5% to $1.2 billion from $1.1 billion the year before.