CHICAGO – Chicago-based real estate investment trust Ventas Inc. reported earnings Friday of $198.1 million in the 2017 first quarter, an increase of 33.6 percent on the same year-earlier period.
Total revenue, which Ventas derives largely from rental income, as well as fees and services, totaled $883.4 million in the period, a year-over-year increase of 3.7 percent. Diluted earnings per share for the company totaled 55 cents, compared with 44 cents in the same 2016 period. The company paid dividends of 77.5 cents per share, an increase from 73 cents a year earlier.
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In discussing its activity in the quarter, the company highlighted its purchase of South Street Landing and surrounding property for $151 million, noting that the nursing education center and Brown University offices in the main piece of the project accounted for $130 million of the purchase price. Ventas added that it expects the property to be fully occupied by Brown and the University of Rhode Island and Rhode Island College nursing center by late 2017.
In July, for $1.5 billion, Ventas had purchased substantially all of the assets of Wexford Science & Technology LLC, a developer of life sciences projects across the nation as well as in the I-195 Redevelopment District in Providence. Wexford also had been an investor in the South Street Landing project.
In the report Debra A. Cafaro, Ventas chairman and CEO, said, “These results were achieved while executing on our strategic priorities of enhancing our liquidity and financial profile, making excellent investments, increasing our development and redevelopment pipeline and executing successfully in the capital markets. Notably, we scaled our leading university-based research and life science platform, adding state-of-the-art facilities and expanding our partnerships with top research universities.”
Chris Bergenheim is a PBN staff writer.
