Ventas (NYSE: VTR) reported Q1 EPS of $0.22, versus $0.43 reported last year. Revenue for the quarter came in at $943.71 million versus the consensus estimate of $871.12 million.

Updated and Improved 2018 Guidance

Ventas updated its guidance ranges for 2018 income from continuing operations per share, NAREIT FFO per share and same-store cash NOI growth in addition to improving its expectations for 2018 normalized FFO per share.

The Company’s updated normalized FFO per share guidance range of $3.99 to $4.07 represents a three-cent improvement at the midpoint compared to its previously disclosed guidance of $3.95 to $4.05, driven by the strong start to the year and the impact of the Brookdale Agreement.

Ventas’s updated same-store cash NOI growth guidance includes the impact of the cash rent credit on the Brookdale Portfolio beginning at the time of the Agreement, resulting in modestly lower forecasted 2018 same-store triple-net and total Company cash NOI growth compared to the Company’s previously disclosed guidance. Ventas’s SHOP and Office same-store cash NOI growth guidance ranges remain unchanged.

The Company now expects $1.25 billion in proceeds from asset dispositions and loan repayments for the full year 2018 at a GAAP rate of over eight percent, the proceeds of which will principally be used to retire debt. The Company has not included dispositions of the Brookdale Sale Assets in its updated guidance. The change in income from continuing operations per share guidance is principally driven by (a) the change in disposition assumptions and the related inclusion of the previously-described impairment on an equity interest in an unconsolidated joint venture chiefly consisting of skilled nursing assets, which Ventas intends to sell in 2018; and (b) the previously-described non-cash expense related to the Brookdale Agreement.

The Company’s guidance does not include new acquisitions. Guidance continues to include the funding of $425 million for the full year 2018 in high-quality development and redevelopment projects, mostly in Ventas’s attractive university-based life science and medical office businesses. In addition, the Company expects proactive debt refinancing with longer-duration fixed rate debt to exceed $1 billion for the full year 2018.

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