Ventas reports stable first-quarter earnings
Ventas reported first-quarter earnings of $23.3 million, compared with $37.3 million a year ago. First-quarter revenues topped $54 million, compared with $47 million a year ago.
The Louisville, KY-based real estate investment trust's normalized funds from operations rose 22% to $34 million, compared with $28 million the year ago. Funds from operations, the nationally accepted performance measure, is net income excluding gains from property sales, plus depreciation and amortization, and after adjustments for unconsolidated partnerships.
The healthcare REIT increased its rents, acquired 32 assets, and paid off early settlements with the U.S. Department of Justice.
Ventas gets 83% of its expected real estate revenues from nursing home operator Kindred Healthcare. Kindred leases 75% of the company's properties.