Ventas and Its Operating Partners Are Well-Positioned for the Future of Healthcare
Ventas reported fourth-quarter results and a 2019 outlook that disappointed, though there was nothing that changes our long-term outlook or our $63 fair value estimate for the no-moat company. In the operating senior housing portfolio, same-store revenue growth was only 0.9%, below our 1.3% estimate, as Ventas sacrificed rate growth to maintain occupancy in the fourth quarter. Combined with 3.1% expense growth, same-store cash net operating income growth was negative 3.5%, missing our negative 2...Ventas is a real estate investment trust with a portfolio of seniors housing, research and innovation, and healthcare properties located throughout the United States, Canada and the United Kingdom. The company has three segments: triple-net leased properties, which invests in and owns seniors housing and healthcare properties and leases those properties to healthcare operating companies under triple-net or absolute-net leases; senior living operations, which invests in seniors housing communities and engages independent operators to manage those communities; and office operations, which acquires, owns, develops, leases and manages medical office buildings and research and innovation centers.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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