Ventas Inc.reported a 12% decline in normalized FFO per share in the first quarter andaffirmed its full-year guidance.

FFO as defined by NAREIT totaled $356.9 million, or $1.05 pershare, compared to $358.8 million, or $1.09 per share in the 2015 period,representing decreases of 1% and 4% on an aggregate and per-share basis,respectively.

Results from the prior period included normalized FFOspun off toCare Capital Properties Inc.

Normalized FFO totaled $351.7 million, or $1.04 per share,compared to $387.5 million, or $1.18 per share, in the prior-year period,representing a 9% drop on an aggregate basis.

The S&P Capital IQ consensus FFO-per-share estimate forthe first quarter was $1.02.

Looking ahead, the company its 2016 normalizedFFO-per-share guidance in a range between $4.07 and $4.15. The increaserepresents 3% to 5% growth in normalized FFO per share over 2015. Ventasexpects its 2016 NAREIT FFO per share to range between $4.13 and $4.21.

The S&P Capital IQ consensus FFO-per-share estimate forthe full year is $4.13.

During the quarter, Ventas issued and sold 3.3 millionshares of common stock for aggregate proceeds of approximately $193 millionbefore sales commissions under its at-the-market equity-offering program.