2013 Q2 Form 10-Q Financial Statement

#000074026013000106 Filed on July 26, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q4 2012 Q2
Revenue $684.1M $655.7M $610.2M
YoY Change 12.11% 19.16% 69.73%
Cost Of Revenue $271.2M $263.1M $240.5M
YoY Change 12.77% 23.0% 58.12%
Gross Profit $413.0M $389.2M $370.2M
YoY Change 11.56% 15.7% 78.5%
Gross Profit Margin 60.37% 59.35% 60.67%
Selling, General & Admin $27.30M $23.00M $26.40M
YoY Change 3.41% -2.13% 69.23%
% of Gross Profit 6.61% 5.91% 7.13%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $194.0M $201.8M $201.8M
YoY Change -3.87% 21.42% 150.06%
% of Gross Profit 46.97% 51.85% 54.51%
Operating Expenses $198.9M $204.6M $146.0M
YoY Change 36.23% 12.11% 67.62%
Operating Profit $214.1M $184.6M $224.2M
YoY Change -4.5% 19.95% 86.37%
Interest Expense $82.24M -$74.00M $72.77M
YoY Change 13.01% 20.52% -239.67%
% of Operating Profit 38.41% -40.09% 32.46%
Other Income/Expense, Net -$4.400M
YoY Change
Pretax Income $121.5M $97.70M $36.75M
YoY Change 230.71% -47.1% 196.36%
Income Tax -$12.06M -$3.600M -$5.179M
% Of Pretax Income -9.93% -3.68% -14.09%
Net Earnings $114.5M $86.30M $73.74M
YoY Change 55.33% -55.26% 274.29%
Net Earnings / Revenue 16.74% 13.16% 12.08%
Basic Earnings Per Share $0.39 $0.30 $0.26
Diluted Earnings Per Share $0.39 $0.30 $0.25
COMMON SHARES
Basic Shares Outstanding 292.6M shares 295.6M shares 290.2M shares
Diluted Shares Outstanding 295.1M shares 292.6M shares

Balance Sheet

Concept 2013 Q2 2012 Q4 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $62.00M $68.00M $53.00M
YoY Change 16.98% 47.83% 96.3%
Cash & Equivalents $54.67M $67.91M $54.67M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $62.00M $68.00M $53.00M
YoY Change 16.98% 47.83% 96.3%
LONG-TERM ASSETS
Property, Plant & Equipment $17.14B $17.11B $16.72B
YoY Change 2.46% 7.53% 94.9%
Goodwill $457.3M $490.5M
YoY Change 9.38%
Intangibles
YoY Change
Long-Term Investments $93.00M $101.0M $148.0M
YoY Change -37.16% -3.81% 886.67%
Other Assets $259.0M $260.0M $296.0M
YoY Change -12.5% 152.43% 270.0%
Total Long-Term Assets $18.73B $18.91B $18.17B
YoY Change 3.11% 9.79% 89.12%
TOTAL ASSETS
Total Short-Term Assets $62.00M $68.00M $53.00M
Total Long-Term Assets $18.73B $18.91B $18.17B
Total Assets $18.80B $18.98B $18.22B
YoY Change 3.15% 9.89% 89.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $887.0M $995.0M $1.059B
YoY Change -16.24% -8.38% 164.09%
Accrued Expenses $51.00M $48.00M $48.00M
YoY Change 6.25% 26.32% 77.78%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $938.0M $1.043B $1.107B
YoY Change -15.27% -7.21% 158.64%
LONG-TERM LIABILITIES
Long-Term Debt $8.420B $8.414B $7.205B
YoY Change 16.86% 30.88% 43.9%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $8.420B $8.414B $7.205B
YoY Change 16.86% 30.88% 43.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $938.0M $1.043B $1.107B
Total Long-Term Liabilities $8.420B $8.414B $7.205B
Total Liabilities $9.606B $9.716B $8.687B
YoY Change 10.58% 24.36% 51.95%
SHAREHOLDERS EQUITY
Retained Earnings -$943.4M -$777.9M
YoY Change 88.73%
Common Stock $10.07B $9.995B
YoY Change 3.4%
Preferred Stock
YoY Change
Treasury Stock (at cost) $221.1M $221.2M
YoY Change 29507.1%
Treasury Stock Shares 3.698M shares 3.699M shares 3.699M shares
Shareholders Equity $8.926B $9.019B $9.535B
YoY Change
Total Liabilities & Shareholders Equity $18.80B $18.98B $18.22B
YoY Change 3.15% 9.89% 89.14%

Cashflow Statement

Concept 2013 Q2 2012 Q4 2012 Q2
OPERATING ACTIVITIES
Net Income $114.5M $86.30M $73.74M
YoY Change 55.33% -55.26% 274.29%
Depreciation, Depletion And Amortization $194.0M $201.8M $201.8M
YoY Change -3.87% 21.42% 150.06%
Cash From Operating Activities $277.4M $283.5M $215.8M
YoY Change 28.54% -13.91% 288.83%
INVESTING ACTIVITIES
Capital Expenditures -$39.30M -$51.00M -$43.10M
YoY Change -8.82% 10.39% 284.82%
Acquisitions
YoY Change
Other Investing Activities -$163.7M -$904.8M -$891.7M
YoY Change -81.64% 734.69% 16.56%
Cash From Investing Activities -$203.1M -$955.8M -$934.8M
YoY Change -78.27% 518.64% 20.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -69.60M 681.6M 718.5M
YoY Change -109.69% -465.47% 1.83%
NET CHANGE
Cash From Operating Activities 277.4M 283.5M 215.8M
Cash From Investing Activities -203.1M -955.8M -934.8M
Cash From Financing Activities -69.60M 681.6M 718.5M
Net Change In Cash 4.700M 9.300M -500.0K
YoY Change -1040.0% -179.49% -96.71%
FREE CASH FLOW
Cash From Operating Activities $277.4M $283.5M $215.8M
Capital Expenditures -$39.30M -$51.00M -$43.10M
Free Cash Flow $316.7M $334.5M $258.9M
YoY Change 22.33% -10.92% 288.16%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">DESCRIPTION OF BUSINESS</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Ventas,&#160;Inc. (together with its subsidiaries, unless otherwise indicated or except where the context otherwise requires, &#8220;we,&#8221; &#8220;us&#8221; or &#8220;our&#8221;), an S&amp;P 500 company, is a real estate investment trust (&#8220;REIT&#8221;) with a highly diversified portfolio of seniors housing and healthcare properties throughout the United States and Canada. As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2013</font><font style="font-family:inherit;font-size:10pt;">, we owned more than </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">1,400</font><font style="font-family:inherit;font-size:10pt;"> properties, including seniors housing communities, skilled nursing and other facilities, medical office buildings (&#8220;MOBs&#8221;), and hospitals, in </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">46</font><font style="font-family:inherit;font-size:10pt;"> states, the District of Columbia and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">two</font><font style="font-family:inherit;font-size:10pt;"> Canadian provinces, and we had </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">four</font><font style="font-family:inherit;font-size:10pt;"> new projects under development. Our company is currently headquartered in Chicago, Illinois.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We primarily acquire and own seniors housing and healthcare properties and lease them to unaffiliated tenants or operate them through independent third-party managers. As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2013</font><font style="font-family:inherit;font-size:10pt;">, we leased a total of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">889</font><font style="font-family:inherit;font-size:10pt;"> properties (excluding MOBs and properties classified as held for sale) to various healthcare operating companies under &#8220;triple-net&#8221; or &#8220;absolute-net&#8221; leases that obligate the tenants to pay all property-related expenses, including maintenance, utilities, repairs, taxes, insurance and capital expenditures, with Brookdale Senior Living Inc. (together with its subsidiaries, &#8220;Brookdale Senior Living&#8221;) and Kindred Healthcare, Inc. (together with its subsidiaries, &#8220;Kindred&#8221;) accounting for </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">148</font><font style="font-family:inherit;font-size:10pt;"> properties (excluding </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">six</font><font style="font-family:inherit;font-size:10pt;"> properties included in investments in unconsolidated entities) and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">143</font><font style="font-family:inherit;font-size:10pt;"> properties, respectively. As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2013</font><font style="font-family:inherit;font-size:10pt;">, we also engaged independent operators, such as Atria Senior Living,&#160;Inc. (&#8220;Atria&#8221;) and Sunrise Senior Living,&#160;LLC (together with its subsidiaries, &#8220;Sunrise&#8221;), to manage a total of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">229</font><font style="font-family:inherit;font-size:10pt;"> of our seniors housing communities pursuant to long-term management agreements.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Through our Lillibridge Healthcare Services,&#160;Inc. (&#8220;Lillibridge&#8221;) subsidiary and our ownership interest in PMB Real Estate Services&#160;LLC (&#8220;PMBRES&#8221;), we also provide MOB management, leasing, marketing, facility development and advisory services to highly rated hospitals and health systems throughout the United States. In addition, from time to time, we make secured and unsecured loans and other investments relating to seniors housing and healthcare operators or properties.</font></div></div>
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Noi
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CY2013Q2 vtr Intercompany Liabilities
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CY2013Q2 vtr Number Of Provinces In Which Entity Operates
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CY2012Q2 vtr Segment Reporting Information Segment Profit
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dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Period End Date
DocumentPeriodEndDate
2013-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000740260
CY2013Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
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dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
VENTAS INC

Files In Submission

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