Ventas Reports Beats on All Fronts in 1Q
Ventas reported a strong quarter that beat our expectations on both the top and bottom lines. However, since management didn't update their 2019 guidance, we don't expect to make any material changes to our $64 fair value estimate and no-moat rating. Occupancy in the senior housing portfolio fell 20 basis points to 86.6%, and rates were only up 0.3%, both below our estimates for the quarter. However, Ventas controlled costs better than we anticipated, with margins dropping only 70 basis points, ...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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