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Ventas Reports 2023 Full Year Results and Provides 2024 Outlook

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CHICAGO–(BUSINESS WIRE)–Ventas, Inc. (NYSE: VTR) (“Ventas” or the “Company”) today reported results for the full year and fourth quarter ended December 31, 2023.

CEO Remarks

“Ventas delivered strong growth in the fourth quarter and full year 2023, fueled by property performance. We are pleased to have achieved consecutive years of significant organic growth in our senior housing operating portfolio (“SHOP”), led by our U.S. communities and complemented by compounding contributions from our Outpatient Medical & Research portfolio,” said Debra A. Cafaro, Ventas Chairman and CEO.

“We expect unprecedented demand for senior housing in 2024 and subsequent years because of the rapidly growing senior population and the value our communities provide to residents and their families. We are focused on leveraging our differentiated platform to drive continued organic SHOP performance and investing in senior housing to expand our participation in the compelling multiyear growth opportunity that is underway.

“Accelerating demographic demand is driving advantaged growth from our portfolio. We are optimistic about the future and committed to delivering continued strong performance and value for shareholders while enabling exceptional environments that benefit the large and growing aging population,” Cafaro concluded.

Fourth Quarter and Full Year 2023 Results



Quarter Ended December 31,







$ Change


% Change

Attributable Net (Loss) Income









Nareit FFO*









Normalized FFO*











Year Ended December 31,







$ Change


% Change

Attributable Net (Loss) Income









Nareit FFO*









Normalized FFO*









* Some of the financial measures throughout this press release are non-GAAP measures. Refer to the Non-GAAP Financial Measures Reconciliation tables at the end of this press release for additional information and a reconciliation to the most directly comparable GAAP measure.

A description of full year 2023 results is as follows:

  • 2023 Net (Loss) Income Attributable to Common Stockholders per share increased $0.02 compared to 2022. Results in 2022 included a $53 million ($0.13 per share) benefit from HHS grants received and a $9 million ($0.02 per share) benefit of promote revenue in the fourth quarter of 2022 within the Company’s third-party institutional capital management business.
  • 2023 Nareit Funds From Operations* (“Nareit FFO”) per share increased $0.44 year-over-year, or approximately 16%, driven by valuation-related increases in connection with taking ownership of the Equitized Loan Portfolio and unrealized gains on warrants of Brookdale Senior Living common stock.
  • Normalized Funds from Operations* (“Normalized FFO”) per share in 2023 was $2.99, an increase of over 5% compared to the prior year excluding the HHS grants and promote revenue discussed above. Fourth quarter 2023 Normalized FFO also included an estimated ($0.01) per share impact of a cybersecurity incident at Ardent Health Services (“Ardent”) in which the Company holds a 7.5% ownership interest.
  • 2023 Total Company Net Operating Income* (“NOI”) increased year-over-year by 4.5% and Total Company Same-Store Cash NOI* was 8.1% higher year-over-year. On a Same-Store Cash NOI* basis, SHOP grew 18.3% year-over-year.

2023 Full Year Highlights

  • SHOP Occupancy Growth Accelerated: Average occupancy year-over-year growth in the SHOP same-store portfolio accelerated in the fourth quarter due to demand strength, growing 170 basis points. Average occupancy grew 120 basis points in 2023 versus 2022, exceeding guidance for average occupancy growth of approximately 110 basis points. With favorable supply/demand conditions combined with the implementation of the Ventas OITM active asset management playbook, the Company believes it is well positioned to benefit from an unprecedented multiyear growth opportunity in senior housing.
  • Attractive Capital Markets Activity: The Company raised over $4 billion of attractively priced capital ahead of rising interest rates, including proactively addressing 2024 debt maturities, strengthening the balance sheet and enhancing liquidity. This demonstrates the advantages of Ventas’s size, scale and access to diverse forms of capital.
  • Successful Execution of Equitized Loan Portfolio Transaction: Ventas successfully took ownership of and integrated the collateral for the “Santerre” mezzanine loan. The initial $486 million mezzanine loan investment yielded an 11% unlevered IRR through the date Ventas took ownership of the portfolio, based on third-party appraised values. Ventas continues to implement asset management initiatives designed to maximize NOI and value of the assets.
  • TSR Outperformance Compared to Key Benchmarks over Short- and Long-Term: Ventas’s 2023 total shareholder return (“TSR”) exceeding 15% continues the Company’s strong track record of performance.
  • 1- and 2-year annualized TSR outperformed the Nareit Healthcare REIT Index and MSCI US REIT Index

  • For the 3 years ended December 31, 2023 Ventas performed in the upper quartile of the Nareit Healthcare REIT Index

  • Annualized TSR of nearly 18% since the beginning of 2000 significantly outperformed the Nareit Healthcare REIT Index, MSCI US REIT Index and S&P 500

  • Ventas Sustainability & Governance Highlights: In 2023, Ventas continued its long history of industry-leading corporate sustainability practices that support long-term value creation. Highlights include:
  • Significantly advancing toward achievement of the Company’s 2040 Net Zero Operational Carbon goal by creating and rolling out ~800 property-specific decarbonization roadmaps and incorporating decarbonization into its capital planning processes
  • Earning the 2023 ENERGY STAR Partner of the Year Sustained Excellence in Energy Management Award, the ENERGY STAR program’s highest honor, in addition to numerous other notable recognitions
  • Earning the Gold Award in Nareit’s annual Diversity, Equity & Inclusion awards – the Company’s fourth consecutive year being recognized
  • Continuing the Company’s longstanding Board-led shareholder engagement program in the Spring and the Fall, through which our Board invites the Company’s top 50 shareholders, representing >70% of outstanding shares, to engage and share their perspectives

Full Year 2024 Guidance

The Company’s 2024 guidance contains forward-looking statements and is based on a number of assumptions; actual results may differ materially. Ventas expects to report 2024 per share Attributable Net Income to common stockholders, Nareit FFO and Normalized FFO within the following ranges:



FY 2024 Guidance



Per Share






Attributable Net Income




Nareit FFO*




Normalized FFO*





* Some of the financial measures throughout this press release are non-GAAP measures. Refer to the Non-GAAP Financial Measures Reconciliation tables at the end of this press release for additional information and a reconciliation to the most directly comparable GAAP measure.

Full Year 2024 Guidance Commentary

Consistent with 2023, the Company expects significant property NOI growth, led by SHOP in 2024 based on favorable supply/demand fundamentals and the Company’s advantaged platform.

The Company’s full year guidance for 2024 Attributable Net Income per share of $0.06 at the midpoint of the range compares to 2023 Attributable Net Loss of ($0.10).

The Company’s full year guidance for 2024 Normalized FFO per share of $3.13 at the midpoint of the range compares to 2023 Normalized FFO per share of $2.99. The year-over-year increase of $0.14 or approximately 5% per share at the midpoint of the 2024 guidance range assumes: (1) the 2024 benefit of $0.28 per share of property NOI growth primarily from the SHOP business partially offset by (2) the impact of higher interest expense approximating ($0.11) per share, and (3) the approximately ($0.03) per share impact of 2023 capital recycling activities.

The Company’s guidance is based on the assumptions described above as well as other assumptions that are subject to change, many of which are outside the control of the Company. If actual results vary from these and other assumptions, the Company’s expectations may change. There can be no assurance that the Company will achieve these results. Information regarding potential risks that could cause actual results to differ is set forth below and in our filings with the SEC.

Investor Presentation

An Earnings Presentation is posted to the Events & Presentations section of Ventas’s website at Additional information regarding the Company can be found in its Supplemental posted at The information contained on, or that may be accessed through, our website, including the information contained in the aforementioned Earnings Presentation and Supplemental, is not incorporated by reference into, and is not part of, this document.

2023 Results Conference Call

Ventas will hold a conference call to discuss this earnings release on Thursday, February 15, 2024 at 1:00 p.m. Eastern Time (12:00 p.m. Central Time).

The dial-in number for the conference call is (888) 330-3576 (or +1 (646) 960-0672 for international callers), and the participant passcode is 7655497. A live webcast can be accessed from the Investor Relations section of

A telephonic replay will be available at (800) 770-2030 (or +1 (609) 800-9909 for international callers), passcode 7655497, after the earnings call and will remain available for 30 days. The webcast replay will be posted in the Investor Relations section of

About Ventas

Ventas Inc. (NYSE: VTR) is a leading S&P 500 real estate investment trust focused on delivering strong, sustainable shareholder returns by enabling exceptional environments that benefit a large and growing aging population. The Company’s growth is fueled by its senior housing communities, which provide valuable services to residents and enable them to thrive in supported environments. Ventas leverages its unmatched operational expertise, data-driven insights from its Ventas Operational InsightsTM platform, extensive relationships and strong financial position to achieve its goal of delivering outsized performance across approximately 1,400 properties. The Ventas portfolio is composed of senior housing communities, outpatient medical buildings, research centers and healthcare facilities in North America and the United Kingdom. The Company benefits from a seasoned team of talented professionals who share a commitment to excellence, integrity and a common purpose of helping people live longer, healthier, happier lives.

Non-GAAP Financial Measures

This press release includes certain financial performance measures not defined by generally accepted accounting principles in the United States (“GAAP”), such as Nareit FFO, Normalized FFO, NOI and Same-Store Cash NOI. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in this press release. Our definitions and calculations of these non-GAAP measures may not be the same as similar measures reported by other REITs.

These non-GAAP financial measures should not be considered as alternatives for, or superior to, financial measures calculated in accordance with GAAP.

Cautionary Statements

Certain of the information contained herein, including intra-quarter operating information, has been provided by our operators and we have not verified this information through an independent investigation or otherwise. We have no reason to believe that this information is inaccurate in any material respect, but we cannot assure you of its accuracy.

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, among others, statements of expectations, beliefs, future plans and strategies, anticipated results from operations and developments and other matters that are not historical facts. Forward-looking statements include, among other things, statements regarding our and our officers’ intent, belief or expectation as identified by the use of words such as “assume,” “may,” “will,” “project,” “expect,” “believe,” “intend,” “anticipate,” “seek,” “target,” “forecast,” “plan,” “potential,” “opportunity,” “estimate,” “could,” “would,” “should” and other comparable and derivative terms or the negatives thereof.

Forward-looking statements are based on management’s beliefs as well as on a number of assumptions concerning future events. You should not put undue reliance on these forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors that could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements. We do not undertake a duty to update these forward-looking statements, which speak only as of the date on which they are made. We urge you to carefully review the disclosures we make concerning risks and uncertainties that may affect our business and future financial performance, including those made below and in our filings with the Securities and Exchange Commission, such as in the sections titled “Cautionary Statements — Summary Risk Factors,” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2023.

Certain factors that could affect our future results and our ability to achieve our stated goals include, but are not limited to: (a) our ability to achieve the anticipated benefits and synergies from, and effectively integrate, our completed or anticipated acquisitions and investments of properties, including our ownership of the properties included in our equitized loan portfolio; (b) our exposure and the exposure of our tenants, managers and borrowers to complex healthcare and other regulation, including evolving laws and regulations regarding data privacy and cybersecurity and environmental matters, and the challenges and expense associated with complying with such regulation; (c) the potential for significant general and commercial claims, legal actions, regulatory proceedings or enforcement actions that could subject us or our tenants, managers or borrowers to increased operating costs, uninsured liabilities, fines or significant operational limitations, including the loss or suspension of or moratoriums on accreditations, licenses or certificates of need, suspension of or nonpayment for new admissions, denial of reimbursement, suspension, decertification or exclusion from federal, state or foreign healthcare programs or the closure of facilities or communities; (d) the impact of market and general economic conditions on us, our tenants, managers and borrowers and in areas in which our properties are geographically concentrated, including macroeconomic trends and financial market events, such as bank failures and other events affecting financial institutions, market volatility, increases in inflation, changes in or elevated interest and exchange rates, tightening of lending standards and reduced availability of credit or capital, geopolitical conditions, supply chain pressures, rising labor costs and historically low unemployment, events that affect consumer confidence, our occupancy rates and resident fee revenues, and the actual and perceived state of the real estate markets, labor markets and public and private capital markets; (e) our reliance and the reliance of our tenants, managers and borrowers on the financial, credit and capital markets and the risk that those markets may be disrupted or become constrained, including as a result of bank failures or concerns or rumors about such events, tightening of lending standards and reduced availability of credit or capital; (f) the secondary and tertiary effects of the COVID-19 pandemic on our business, financial condition and results of operations and the implementation and impact of regulations related to the CARES Act and other stimulus legislation, including the risk that some or all of the CARES Act or other COVID-19 relief payments we or our tenants, managers or borrowers received could be recouped; (g) our ability, and the ability of our tenants, managers and borrowers, to navigate the trends impacting our or their businesses and the industries in which we or they operate, and the financial condition or business prospect of our tenants, managers and borrowers; (h) the risk of bankruptcy, inability to obtain benefits from governmental programs, insolvency or financial deterioration of our tenants, managers, borrowers and other obligors which may, among other things, have an adverse impact on the ability of such parties to make payments or meet their other obligations to us, which could have an adverse impact on our results of operations and financial condition; (i) the risk that the borrowers under our loans or other investments default or that, to the extent we are able to foreclose or otherwise acquire the collateral securing our loans or other investments, we will be required to incur additional expense or indebtedness in connection therewith, that the assets will underperform expectations or that we may not be able to subsequently dispose of all or part of such assets on favorable terms; (j) our current and future amount of outstanding indebtedness, and our ability to access capital and to incur additional debt which is subject to our compliance with covenants in instruments governing our and our subsidiaries’ existing indebtedness; (k) the recognition of reserves, allowances, credit losses or impairment charges are inherently uncertain, may increase or decrease in the future and may not represent or reflect the ultimate value of, or loss that we ultimately realize with respect to, the relevant assets, which could have an adverse impact on our results of operations and financial condition; (l) the non-renewal of any leases or management agreement or defaults by tenants or managers thereunder and the risk of our inability to replace those tenants or managers on a timely basis or on favorable terms, if at all; (m) our ability to identify and consummate future investments in or dispositions of healthcare assets and effectively manage our portfolio opportunities and our investments in co-investment vehicles, joint ventures and minority interests, including our ability to dispose of such assets on favorable terms as a result of rights of first offer or rights of first refusal in favor of third parties; (n) risks related to development, redevelopment and construction projects, including costs associated with inflation, rising or elevated interest rates, labor conditions and supply chain pressures, and risks related to increased construction and development in markets in which our properties are located, including adverse effect on our future occupancy rates; (o) our ability to attract and retain talented employees; (p) the limitations and significant requirements imposed upon our business as a result of our status as a REIT and the adverse consequences (including the possible loss of our status as a REIT) that would result if we are not able to comply with such requirements; (q) the ownership limits contained in our certificate of incorporation with respect to our capital stock in order to preserve our qualification as a REIT, which may delay, defer or prevent a change of control of our company; (r) the risk of changes in healthcare law or regulation or in tax laws, guidance and interpretations, particularly as applied to REITs, that could adversely affect us or our tenants, managers or borrowers; (s) increases in our borrowing costs as a result of becoming more leveraged, including in connection with acquisitions or other investment activity and rising or elevated interest rates; (t) our reliance on third-party managers and tenants to operate or exert substantial control over properties they manage for or rent from us, which limits our control and influence over such operations and results; (u) our exposure to various operational risks, liabilities and claims from our operating assets; (v) our dependency on a limited number of tenants and managers for a significant portion of our revenues and operating income; (w) our exposure to particular risks due to our specific asset classes and operating markets, such as adverse changes affecting our specific asset classes and the real estate industry, the competitiveness or financial viability of hospitals on or near the campuses where our outpatient medical buildings are located, our relationships with universities, the level of expense and uncertainty of our research tenants, and the limitation of our uses of some properties we own that are subject to ground lease, air rights or other restrictive agreements; (x) the risk of damage to our reputation; (y) the availability, adequacy and pricing of insurance coverage provided by our policies and policies maintained by our tenants, managers or other counterparties; (z) the risk of exposure to unknown liabilities from our investments in properties or businesses; (aa) the occurrence of cybersecurity threats and incidents that could disrupt our or our tenants’, managers’ or borrower’s operations, result in the loss of confidential or personal information or damage our business relationships and reputation; (bb) the failure to maintain effective internal controls, which could harm our business, results of operations and financial condition; (cc) the impact of merger, acquisition and investment activity in the healthcare industry or otherwise affecting our tenants, managers or borrowers; (dd) disruptions to the management and operations of our business and the uncertainties caused by activist investors; (ee) the risk of catastrophic or extreme weather and other natural events and the physical effects of climate change; (ff) the risk of potential dilution resulting from future sales or issuances of our equity securities; and (gg) the other factors set forth in our periodic filings with the Securities and Exchange Commission.



(In thousands, except per share amounts; dollars in USD; unaudited)






As of December 31,









Real estate investments:




Land and improvements








Buildings and improvements








Construction in progress








Acquired lease intangibles








Operating lease assets
















Accumulated depreciation and amortization








Net real estate property








Secured loans receivable and investments, net








Investments in unconsolidated real estate entities








Net real estate investments








Cash and cash equivalents








Escrow deposits and restricted cash
















Assets held for sale








Deferred income tax assets, net








Other assets








Total assets








Liabilities and equity








Senior notes payable and other debt








Accrued interest








Operating lease liabilities








Accounts payable and other liabilities








Liabilities related to assets held for sale








Deferred income tax liabilities








Total liabilities








Redeemable OP unitholder and noncontrolling interests








Commitments and contingencies








Ventas stockholders’ equity:




Preferred stock, $1.00 par value; 10,000 shares authorized, unissued






Common stock, $0.25 par value; 600,000 shares authorized, 402,380 and 399,707 shares issued at December 31, 2023 and 2022, respectively








Capital in excess of par value








Accumulated other comprehensive loss








Retained earnings (deficit)








Treasury stock, 279 and 10 shares issued at December 31, 2023 and 2022, respectively








Total Ventas stockholders’ equity








Noncontrolling interests








Total equity








Total liabilities and equity










BJ Grant

(877) 4-VENTAS

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