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$VTR said its triple-net lease portfolio accounts for 44% of its NOI. The 507 same-store properties within this portfolio grew 5.8% in 2015 from 2014. In 4Q15, triple net same-store cash NOI grew 2.9%. Coverage in the triple-net senior housing portfolio was 1.3 times. For 2016, $VTR expects triple-net portfolio to grow 2-3%.
$VTR continued to project 2017 income from continuing operations per common share to range between $1.72 and $1.78. Consistent with previous guidance, the company expects normalized FFO per common share in the range of $4.12-4.18. It also continues to expect FY17 same-store cash NOI growth of 1.5-2.5%.
Real estate firm $VTR posted top and bottom-line growth in 2Q17, due to improved property performance and accretive investments. Net income attributable to common stockholders rose to $151.8MM from $143.1MM a year ago, though EPS was flat at $0.42. Normalized FFO per diluted common share grew 2% to $1.06 during this period.
$VTR reaffirmed FY17 EPS from continuing operations to range between $1.72 and $1.78. Consistent with previously disclosed guidance, it expects normalized FFO per common share to range between $4.12 and $4.18. NOI growth is estimated to range from 1.5-2.5%.
$VTR said that on deliveries, the company saw increased deliveries in 2H16 and expects this to continue to increase in terms of new deliveries in 2017 compared to 2016. Similarly, on new starts, the company is seeing early signs that new starts might be slowing, but the deliveries in 2017 will be elevated compared to 2016 levels.
$VTR said that the company’s adjusted emissions, revenue and EBITDA continue to trend positively through 4Q16. For 2017, the company expects its triple-net portfolio overall to grow in the range of 2.5-3.5%, driven by more normalized in-place lease escalations in the year.
During 2017, $VTR expects to invest in future growth by funding about $300MM in development and redevelopment projects, including attractive new ground-up life science developments. During 2017, $VTR expects to refinance about $1Bil of current debt and lengthen its weighted average maturity schedule.
$VTR expects 2017 EPS from continuing operations of $1.72-1.78 and normalized FFO per share of $4.12-4.18, which is in line with the company's preliminary outlook. NAREIT FFO per share is forecast to be $4.10-4.19. The company expects to complete about $900MM in strategic dispositions in 2017.
$VTR's funds from operations (FFO) for 4Q16 rose to $371.02MM from $356.92MM last year, while FFO per share slid to $1.04 from $1.06. Normalized FFO grew to $367.33MM from $346.32MM, while normalized FFO per share remained unchanged from a year ago at $1.03.
$VTR reported a rise in 4Q16 earnings driven by accretive investments, strong property performance, profits and fees from beneficial transactions and lower transaction costs. Net income rose to $207.64MM or $0.58 per share from $124.73MM or $0.37 per share last year. Revenue grew to $875.71MM from $841.27MM.
$KND said it will continue to operate $VTR properties as it works to sell them to new owners/operators and they will remain leased under current master lease agreements until $KND exercises its purchase option or April 30, 2018, whichever comes first. The lease for any remaining $VTR properties will be automatically renewed through April 30, 2025.