WASHINGTON (dpa-AFX) - Ventas Inc. (VTR) reported first-quarter net income attributable to stockholders of $112.2 million or $0.38 per share including discontinued operations of $5.6 million, compared to profit to stockholders of $90.6 million or $0.31 per share including discontinued operations of $43.4 million for the prior year period. The company said the $21.6 million increase in net income is primarily the result of the increases for normalized FFO, changes in losses on extinguishment of debt and income taxes, partially offset by year-over-year changes in discontinued operations and additional depreciation and amortization.
Normalized funds from operations increased 14.3 percent to $301.6 million, from $263.9 million last year. Normalized FFO per share was $1.03 compared to $0.91 prior year. Funds from operations, as defined by the National Association of Real Estate Investment Trusts, increased to $295.3 million from $214.8 million last year. NAREIT FFO per share was $1.00, compared to $0.74 prior year.
Total revenues rose to $684.87 million, from $566.42 million last year.
On average, 14 analysts polled by Thomson Reuters expected the company to report profit of $1.00 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $660.67 million for the quarter.
Ventas continues to expect 2013 normalized FFO per share, excluding the impact of unannounced acquisitions, divestitures and capital transactions, to range between $3.99 and $4.07. Analysts expect the company to report fiscal 2013 profit per share of $4.05.
Copyright(c) 2013 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2013 AFX News
