Ventas, Inc. (VTR)

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Ventas Inc. (VTR)

Q1 2010 Earnings Call

April 28, 2010 10:00 am ET


David Smith - IR

Debra Cafaro - Chairman, President and CEO

Ray Lewis - EVP and CIO

Rick Schweinhart - EVP and CFO


Michael Bilerman - Citi

David Shamas - Citigroup

Craig Schmidt - Bank of America

Jerry Doctrow - Stifel Nicolaus

Brian Sekino - Barclays Capital

Karin Ford - KeyBanc

Rich Anderson - BMO Capital Markets

Omotayo Okusanya - Jefferies & Co.

Rob Mains - Morgan Keegan



Good day, ladies and gentlemen and welcome to the Q1 2010 Ventas earnings conference call. My name is Tamina and I will be your operator for today. At this time, all participants are listen only mode. Later, we will conduct a question-and-answer session. (Operator Instructions)

As a reminder this conference is being recorded for replay purposes. I would now like to turn the conference over to your host for today Mr. David Smith. Please proceed, sir.

David Smith

Good morning and welcome to the Ventas conference call to review the company's announcement today regarding its results for the quarter ended March 31st, 2010. As we start, let me express that all projections and predictions and certain other statements to be made during this conference call maybe considered forward-looking statements within the meaning under Federal Securities Laws.

These projections, predictions and statements are based on management's current beliefs, as well as on a number of assumptions concerning future events. The forward-looking statements are subject to many risks, uncertainties, and contingencies and stockholders and others should recognize that actual results may differ materially from the company's expectations whether expressed or implied.

We refer you to the company's reports filed with the Securities and Exchange Commission including the company's Annual Report on Form 10-K for the year ended December 31st, 2009 and the company's other reports filed periodically with the SEC for discussion of these forward-looking statements and other factors that could affect these forward-looking statements. Many of these factors are beyond the control of the company and its management.

The information being provided today is as of this date only and Ventas expressly disclaims any obligation to release publicly, any updates or revisions to any forward-looking statements to reflect any changes in expectations.

Please note that quantitative reconciliations between each non-GAAP financial measure contained in this presentation and its most directly comparable GAAP measure as well as the company supplementary disclosure schedule are available in the investor relations sections of our web site at I will now turn the call to Debra Cafaro, Chairman, President and CEO of the company.

Debra Cafaro

Thanks David and good morning to all of our share holders and participants and welcome to the Ventas 2010 first quarter earnings call. My Ventas colleagues and I are pleased to be joining you today from our Chicago office. Today, we will have a brief overview of the quarter followed by a portfolio performance review and investment outlook from Ray Lewis and a detailed discussed of financial results from Rich Schweinhart. After our prepared remarks, we will be happy to answer your questions.

Ventas first quarter results showed continued strong and improving financial results including and normalized FSO per share at $0.57 at the clinical growth rate of 1.6% in an ally for our Sunrise managed portfolio and reliable and increasing rent in our tripe net leased portfolio. Overall, our portfolio of high quality productive senior housing and house care assets enjoying 4.3% same store cash NOI growth in the quarter compared to last year. During the quarter, we were very pleased to share our growing cash flows with our stock holders by paying the cash dividends at annual rate at $2.14 per share. This represents a 4.4% increase from our 2009 dividend level and demonstrates the confidence we have in our company, our assets our assets and our process. We have also made continued significant progress on the credit rating and liquidity side.

We believe strongly and have stated consistently that reducing our cost of capital and managing risk. Our team measures of our ability to succeed on behalf of shareholders. Having three investment grade ratings and a recent positive outlook revision for S&P will help us achieve our goal of lower debt cost. They also serve as important indicator that we continue to manage the firm prudently on your behalf. Turning to our balance sheet, our unsecured line of credit stand at a $1 billion of committed capital, maturing in 2012. We have received a total of $410 million in additional commitment since we extended our line in March 2009 including over 200 million of additional commitments received from the beginning of this year. This liquidity condition creates excellent financial flexibility and provides a ready source of capital progress. We are sincerely delighted to have a great lineup of quality vendor, those long time Ventas supporters and new institutions backing us on with their participation in our line of credit.

Finally, I want to emphasize the consistency and reliability of a tax growth in the health care and senior housing real estate phase. Throughout the recent and severe economic downturn, Ventas delivered positive same store underlying growth and FFO. And our ability to deliver the carrier returns to stakeholders is not limited to recessionary period. In fact, healthcare race for the top performing sector for the tax re-size and tenure period all of all real property factors.

Our business model relationship, rate management team and financial strength should allow us to drive in a variety of economic capital market and reimbursement environment. The healthcare real estate representing a $700 billion growing market, Ventas is an excellent position to capitalize on opportunities and it continues to build shareholder value. Ray?

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