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Ventas' Q3 attributable normalized per-share FFO drops YOY, guidance revised

Ventas Inc. reported third-quarter normalized funds from operations attributable to common stockholders of $360.6 million, or 96 cents per share, a decrease on a per-share basis from $354.8 million, or 99 cents per share, in the 2018 third quarter.

Nareit FFO declined year over year on a per-share basis to $315.3 million, or 84 cents per share, from $317.2 million, or 88 cents per share. The S&P Global Market Intelligence consensus FFO per share estimate for the third quarter was 94 cents per share.

Nareit is the U.S.-based trade association for real estate investment trusts and publicly traded real estate companies.

In September, the healthcare REIT entered into a new C$500 million unsecured term loan facility priced at the Canadian Dollar Offered Rate plus 0.90% that matures in 2025. The company said it used the proceeds to fund a portion of its recent investment in a seniors housing portfolio in Canada's Quebec market through an equity partnership with Le Groupe Maurice Inc.

Ventas expects normalized FFO per share in the range of $3.81 to $3.85 for the full year, compared with previous guidance in the range of $3.80 to $3.86. The company forecasts Nareit FFO for the full year between $3.82 and $3.87 per share.

The S&P Global Market Intelligence consensus FFO per-share estimate for the full year is $3.85.