Ventas has a lot to prove with its long-term wager on the future of healthcare real estate.
Nothing in Ventas' second-quarter results is enough to change our long-term outlook on the company or sector, which leads us to maintain our $65 fair value estimate and no-moat rating. That said, the company's results for the second quarter were a disappointment. Normalized funds from operation came in at $1.08 for the quarter but included $27 million in prepayment fees collected on the early retirement of a $735 million secured debt loan made to hospital partner Ardent. Removing the $0.08 impac...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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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