Ventas Reports 2016 Results; Continued Transition Throughout 2017 Adds Uncertainty
Ventas reported fourth-quarter and full-year 2016 results, roughly in line with recent company guidance and our expectations. We are maintaining our $64 per share fair value estimate and narrow moat rating. Overall results for Ventas were positive--same-store cash net operating income grew 2.7% for the year and 2.9% for the quarter, year over year, mainly on triple net leased portfolio rent escalations and lease modifications. Other legacy segments exhibited slower growth, however, including med...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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