Intrinsic value of Ventas - VTR

Previous Close

$54.47

  Intrinsic Value

$6.71

stock screener

  Rating & Target

str. sell

-88%

Previous close

$54.47

 
Intrinsic value

$6.71

 
Up/down potential

-88%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as VTR.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of VTR stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  4.81
  3.80
  3.92
  4.03
  4.13
  4.21
  4.29
  4.36
  4.43
  4.48
  4.54
  4.58
  4.62
  4.66
  4.69
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
Revenue, $m
  3,444
  3,575
  3,715
  3,865
  4,024
  4,194
  4,374
  4,564
  4,766
  4,980
  5,206
  5,444
  5,696
  5,962
  6,242
  6,536
  6,847
  7,174
  7,519
  7,881
  8,262
  8,663
  9,085
  9,529
  9,995
  10,485
  11,000
  11,542
  12,111
  12,709
  13,337
Variable operating expenses, $m
 
  2,770
  2,875
  2,986
  3,105
  3,232
  3,366
  3,508
  3,659
  3,818
  3,987
  4,062
  4,249
  4,447
  4,656
  4,876
  5,108
  5,352
  5,609
  5,879
  6,164
  6,463
  6,778
  7,108
  7,456
  7,822
  8,206
  8,610
  9,035
  9,481
  9,950
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,495
  2,770
  2,875
  2,986
  3,105
  3,232
  3,366
  3,508
  3,659
  3,818
  3,987
  4,062
  4,249
  4,447
  4,656
  4,876
  5,108
  5,352
  5,609
  5,879
  6,164
  6,463
  6,778
  7,108
  7,456
  7,822
  8,206
  8,610
  9,035
  9,481
  9,950
Operating income, $m
  948
  805
  840
  878
  919
  962
  1,008
  1,056
  1,107
  1,162
  1,219
  1,383
  1,447
  1,514
  1,585
  1,660
  1,739
  1,822
  1,910
  2,002
  2,099
  2,200
  2,308
  2,420
  2,539
  2,663
  2,794
  2,932
  3,076
  3,228
  3,388
EBITDA, $m
  1,847
  1,796
  1,866
  1,942
  2,022
  2,107
  2,197
  2,293
  2,395
  2,502
  2,616
  2,735
  2,862
  2,995
  3,136
  3,284
  3,440
  3,604
  3,777
  3,960
  4,151
  4,353
  4,565
  4,787
  5,022
  5,268
  5,527
  5,799
  6,085
  6,385
  6,701
Interest expense (income), $m
  395
  389
  405
  423
  442
  462
  483
  506
  530
  556
  583
  612
  642
  674
  708
  743
  780
  820
  861
  905
  951
  999
  1,050
  1,104
  1,160
  1,219
  1,281
  1,346
  1,415
  1,487
  1,563
Earnings before tax, $m
  523
  415
  435
  456
  477
  500
  524
  550
  577
  606
  636
  771
  805
  840
  878
  917
  959
  1,002
  1,048
  1,097
  1,148
  1,201
  1,257
  1,317
  1,379
  1,444
  1,513
  1,585
  1,661
  1,741
  1,824
Tax expense, $m
  -31
  112
  118
  123
  129
  135
  142
  148
  156
  163
  172
  208
  217
  227
  237
  248
  259
  271
  283
  296
  310
  324
  340
  355
  372
  390
  408
  428
  448
  470
  493
Net income, $m
  649
  303
  318
  333
  348
  365
  383
  401
  421
  442
  464
  563
  587
  613
  641
  670
  700
  732
  765
  801
  838
  877
  918
  961
  1,007
  1,054
  1,104
  1,157
  1,213
  1,271
  1,332

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  287
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  23,167
  23,675
  24,603
  25,594
  26,649
  27,772
  28,964
  30,227
  31,565
  32,981
  34,476
  36,056
  37,723
  39,481
  41,335
  43,288
  45,345
  47,512
  49,792
  52,192
  54,717
  57,373
  60,167
  63,104
  66,192
  69,438
  72,850
  76,436
  80,205
  84,165
  88,325
Adjusted assets (=assets-cash), $m
  22,880
  23,675
  24,603
  25,594
  26,649
  27,772
  28,964
  30,227
  31,565
  32,981
  34,476
  36,056
  37,723
  39,481
  41,335
  43,288
  45,345
  47,512
  49,792
  52,192
  54,717
  57,373
  60,167
  63,104
  66,192
  69,438
  72,850
  76,436
  80,205
  84,165
  88,325
Revenue / Adjusted assets
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
Average production assets, $m
  20,021
  20,781
  21,595
  22,465
  23,392
  24,377
  25,423
  26,533
  27,707
  28,949
  30,262
  31,648
  33,112
  34,655
  36,282
  37,997
  39,803
  41,704
  43,706
  45,812
  48,029
  50,360
  52,812
  55,390
  58,101
  60,950
  63,945
  67,093
  70,401
  73,877
  77,529
Working capital, $m
  0
  -297
  -308
  -321
  -334
  -348
  -363
  -379
  -396
  -413
  -432
  -452
  -473
  -495
  -518
  -543
  -568
  -595
  -624
  -654
  -686
  -719
  -754
  -791
  -830
  -870
  -913
  -958
  -1,005
  -1,055
  -1,107
Total debt, $m
  11,127
  11,571
  12,079
  12,621
  13,198
  13,812
  14,464
  15,155
  15,887
  16,661
  17,480
  18,344
  19,255
  20,217
  21,231
  22,300
  23,425
  24,610
  25,857
  27,170
  28,551
  30,004
  31,532
  33,139
  34,828
  36,604
  38,470
  40,432
  42,493
  44,659
  46,935
Total liabilities, $m
  12,506
  12,950
  13,458
  14,000
  14,577
  15,191
  15,843
  16,534
  17,266
  18,040
  18,859
  19,723
  20,634
  21,596
  22,610
  23,679
  24,804
  25,989
  27,236
  28,549
  29,930
  31,383
  32,911
  34,518
  36,207
  37,983
  39,849
  41,811
  43,872
  46,038
  48,314
Total equity, $m
  10,661
  10,725
  11,145
  11,594
  12,072
  12,581
  13,121
  13,693
  14,299
  14,940
  15,618
  16,333
  17,088
  17,885
  18,725
  19,609
  20,541
  21,523
  22,556
  23,643
  24,787
  25,990
  27,256
  28,586
  29,985
  31,456
  33,001
  34,626
  36,333
  38,127
  40,011
Total liabilities and equity, $m
  23,167
  23,675
  24,603
  25,594
  26,649
  27,772
  28,964
  30,227
  31,565
  32,980
  34,477
  36,056
  37,722
  39,481
  41,335
  43,288
  45,345
  47,512
  49,792
  52,192
  54,717
  57,373
  60,167
  63,104
  66,192
  69,439
  72,850
  76,437
  80,205
  84,165
  88,325
Debt-to-equity ratio
  1.044
  1.080
  1.080
  1.090
  1.090
  1.100
  1.100
  1.110
  1.110
  1.120
  1.120
  1.120
  1.130
  1.130
  1.130
  1.140
  1.140
  1.140
  1.150
  1.150
  1.150
  1.150
  1.160
  1.160
  1.160
  1.160
  1.170
  1.170
  1.170
  1.170
  1.170
Adjusted equity ratio
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  649
  303
  318
  333
  348
  365
  383
  401
  421
  442
  464
  563
  587
  613
  641
  670
  700
  732
  765
  801
  838
  877
  918
  961
  1,007
  1,054
  1,104
  1,157
  1,213
  1,271
  1,332
Depreciation, amort., depletion, $m
  899
  991
  1,026
  1,063
  1,103
  1,145
  1,190
  1,237
  1,287
  1,340
  1,397
  1,352
  1,415
  1,481
  1,551
  1,624
  1,701
  1,782
  1,868
  1,958
  2,053
  2,152
  2,257
  2,367
  2,483
  2,605
  2,733
  2,867
  3,009
  3,157
  3,313
Funds from operations, $m
  1,332
  1,294
  1,344
  1,396
  1,451
  1,510
  1,572
  1,638
  1,708
  1,782
  1,861
  1,915
  2,003
  2,094
  2,191
  2,293
  2,401
  2,514
  2,633
  2,758
  2,890
  3,029
  3,175
  3,328
  3,489
  3,659
  3,837
  4,024
  4,221
  4,428
  4,645
Change in working capital, $m
  -35
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
Cash from operations, $m
  1,367
  1,305
  1,356
  1,408
  1,464
  1,524
  1,587
  1,654
  1,725
  1,800
  1,879
  1,935
  2,023
  2,116
  2,214
  2,318
  2,427
  2,541
  2,662
  2,788
  2,922
  3,062
  3,210
  3,365
  3,528
  3,700
  3,880
  4,069
  4,268
  4,477
  4,697
Maintenance CAPEX, $m
  0
  -856
  -888
  -923
  -960
  -1,000
  -1,042
  -1,086
  -1,134
  -1,184
  -1,237
  -1,293
  -1,352
  -1,415
  -1,481
  -1,551
  -1,624
  -1,701
  -1,782
  -1,868
  -1,958
  -2,053
  -2,152
  -2,257
  -2,367
  -2,483
  -2,605
  -2,733
  -2,867
  -3,009
  -3,157
New CAPEX, $m
  -261
  -760
  -815
  -870
  -927
  -985
  -1,046
  -1,109
  -1,174
  -1,242
  -1,313
  -1,386
  -1,463
  -1,543
  -1,627
  -1,715
  -1,806
  -1,902
  -2,002
  -2,107
  -2,216
  -2,331
  -2,452
  -2,578
  -2,711
  -2,849
  -2,995
  -3,148
  -3,308
  -3,476
  -3,652
Cash from investing activities, $m
  -1,235
  -1,616
  -1,703
  -1,793
  -1,887
  -1,985
  -2,088
  -2,195
  -2,308
  -2,426
  -2,550
  -2,679
  -2,815
  -2,958
  -3,108
  -3,266
  -3,430
  -3,603
  -3,784
  -3,975
  -4,174
  -4,384
  -4,604
  -4,835
  -5,078
  -5,332
  -5,600
  -5,881
  -6,175
  -6,485
  -6,809
Free cash flow, $m
  132
  -310
  -347
  -384
  -422
  -461
  -501
  -541
  -583
  -626
  -671
  -745
  -792
  -842
  -894
  -947
  -1,003
  -1,061
  -1,122
  -1,186
  -1,252
  -1,322
  -1,394
  -1,470
  -1,550
  -1,633
  -1,720
  -1,811
  -1,907
  -2,007
  -2,112
Issuance/(repayment) of debt, $m
  -165
  444
  508
  542
  578
  614
  652
  691
  732
  774
  818
  864
  912
  962
  1,014
  1,068
  1,125
  1,185
  1,247
  1,313
  1,381
  1,453
  1,528
  1,607
  1,689
  1,776
  1,866
  1,962
  2,061
  2,166
  2,276
Issuance/(repurchase) of shares, $m
  1,287
  47
  103
  116
  130
  144
  157
  171
  185
  199
  213
  153
  168
  183
  199
  215
  232
  250
  268
  287
  306
  326
  347
  369
  392
  416
  441
  467
  495
  523
  553
Cash from financing (excl. dividends), $m  
  1,127
  491
  611
  658
  708
  758
  809
  862
  917
  973
  1,031
  1,017
  1,080
  1,145
  1,213
  1,283
  1,357
  1,435
  1,515
  1,600
  1,687
  1,779
  1,875
  1,976
  2,081
  2,192
  2,307
  2,429
  2,556
  2,689
  2,829
Total cash flow (excl. dividends), $m
  1,259
  181
  263
  274
  285
  297
  309
  321
  334
  347
  361
  272
  287
  303
  319
  337
  354
  373
  393
  413
  435
  458
  481
  506
  532
  559
  588
  618
  649
  682
  717
Retained Cash Flow (-), $m
  -900
  -351
  -420
  -449
  -478
  -509
  -540
  -572
  -606
  -641
  -678
  -716
  -755
  -797
  -840
  -885
  -932
  -981
  -1,033
  -1,087
  -1,144
  -1,203
  -1,265
  -1,331
  -1,399
  -1,471
  -1,546
  -1,624
  -1,707
  -1,794
  -1,885
Prev. year cash balance distribution, $m
 
  287
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  117
  -157
  -175
  -193
  -212
  -231
  -251
  -272
  -294
  -317
  -443
  -468
  -494
  -520
  -548
  -578
  -608
  -640
  -674
  -709
  -746
  -784
  -825
  -867
  -911
  -958
  -1,007
  -1,058
  -1,112
  -1,168
Discount rate, %
 
  8.60
  9.03
  9.48
  9.96
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.42
  27.74
  29.12
  30.58
  32.11
  33.71
  35.40
PV of cash for distribution, $m
 
  108
  -132
  -133
  -132
  -129
  -124
  -117
  -109
  -100
  -90
  -105
  -90
  -76
  -63
  -52
  -42
  -33
  -25
  -19
  -14
  -10
  -7
  -5
  -3
  -2
  -1
  -1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  99.8
  99.2
  98.7
  98.1
  97.4
  96.8
  96.1
  95.4
  94.7
  93.9
  93.4
  92.9
  92.4
  91.8
  91.2
  90.7
  90.1
  89.5
  88.8
  88.2
  87.6
  87.0
  86.3
  85.7
  85.0
  84.4
  83.7
  83.1
  82.4
  81.8

Ventas, Inc. is a real estate investment trust (REIT) with its properties located throughout the United States, Canada and the United Kingdom. The Company operates through three segments: triple-net leased properties, senior living operations and office operations. Under its triple-net leased properties segment, the Company invests in and owns seniors housing and healthcare properties throughout the United States and the United Kingdom and leases those properties to healthcare operating companies under triple-net or absolute-net leases that obligate the tenants to pay all property-related expenses. In its senior living operations segment, it invests in seniors housing communities throughout the United States and Canada and engages independent operators to manage those communities. In its office operations segment, the Company primarily acquires, owns, develops, leases and manages medical office buildings (MOBs) and life science and innovation centers throughout the United States.

FINANCIAL RATIOS  of  Ventas (VTR)

Valuation Ratios
P/E Ratio 29.7
Price to Sales 5.6
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 14.1
Price to Free Cash Flow 17.4
Growth Rates
Sales Growth Rate 4.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 15%
Cap. Spend. - 3 Yr. Gr. Rate 8.1%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 104.4%
Total Debt to Equity 104.4%
Interest Coverage 2
Management Effectiveness
Return On Assets 4.7%
Ret/ On Assets - 3 Yr. Avg. 4.3%
Return On Total Capital 3%
Ret/ On T. Cap. - 3 Yr. Avg. 2.5%
Return On Equity 6.4%
Return On Equity - 3 Yr. Avg. 5.4%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 58.1%
Gross Margin - 3 Yr. Avg. 57.2%
EBITDA Margin 52.8%
EBITDA Margin - 3 Yr. Avg. 53.5%
Operating Margin 27.6%
Oper. Margin - 3 Yr. Avg. 24.7%
Pre-Tax Margin 15.2%
Pre-Tax Margin - 3 Yr. Avg. 12.8%
Net Profit Margin 18.8%
Net Profit Margin - 3 Yr. Avg. 16.2%
Effective Tax Rate -5.9%
Eff/ Tax Rate - 3 Yr. Avg. -6.5%
Payout Ratio 157.9%

VTR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VTR stock intrinsic value calculation we used $3444 million for the last fiscal year's total revenue generated by Ventas. The default revenue input number comes from 2016 income statement of Ventas. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our VTR stock valuation model: a) initial revenue growth rate of 3.8% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.6%, whose default value for VTR is calculated based on our internal credit rating of Ventas, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Ventas.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of VTR stock the variable cost ratio is equal to 77.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for VTR stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Ventas.

Corporate tax rate of 27% is the nominal tax rate for Ventas. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the VTR stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for VTR are equal to 581.3%.

Life of production assets of 23.4 years is the average useful life of capital assets used in Ventas operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for VTR is equal to -8.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $10661 million for Ventas - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 358.607 million for Ventas is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Ventas at the current share price and the inputted number of shares is $19.5 billion.

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COMPANY NEWS

▶ New Strong Sell Stocks for January 17th   [Jan-17-18 06:35AM  Zacks]
▶ Ventas Announces Treatment of 2017 Distributions   [Jan-16-18 06:41PM  Business Wire]
▶ Welltowers Performance versus Peers   [Jan-15-18 10:32AM  Market Realist]
▶ How Welltower Is Rewarding Its Shareholders   [09:05AM  Market Realist]
▶ Put REITs In Retirement   [07:00AM  Forbes]
▶ Welltowers Key Growth Drivers   [Jan-12-18 06:00PM  Market Realist]
▶ Welltowers 3Q17 Performance and Outlook   [02:59PM  Market Realist]
▶ 52-Week Company Lows   [Jan-05-18 11:00AM  GuruFocus.com]
▶ 52-Week Company Lows   [Dec-28-17 11:14AM  GuruFocus.com]
▶ Ventas Supports the Acquisition of Kindred Healthcare   [Dec-19-17 08:29AM  Business Wire]
▶ Ventas Increases Fourth Quarter 2017 Dividend   [Dec-11-17 04:34PM  Business Wire]
▶ NYSE Top Real Estate Dividend Paying Stocks   [Nov-06-17 10:02AM  Simply Wall St.]
▶ No, the housing market isnt experiencing a Trump bump   [Nov-02-17 10:51AM  Yahoo Finance Video]
▶ Ventas reports 3Q results   [07:13AM  Associated Press]
▶ Ventas Reports 2017 Third Quarter Results   [06:56AM  Business Wire]
▶ 3 'Commission-Free' 5%+ Yields To Buy Now   [Oct-10-17 09:16AM  Forbes]
▶ In Your 40s? 3 Stocks You Should Consider Buying   [Oct-09-17 10:04AM  Motley Fool]
▶ Is Welltower Inc a Buy?   [Oct-03-17 06:31AM  Motley Fool]
▶ [$$] Three REITs Worth an Upgrade   [02:56PM  Barrons.com]
▶ How Ventass Dividend Yield Compares   [11:15AM  Market Realist]
▶ 3 Stocks You Can Keep Forever   [08:33AM  Motley Fool]
▶ Where Trump sees carnage, jobs are springing up   [10:19AM  Yahoo Finance Video]
▶ Ventas Medical REIT: Cramer's Top Takeaways   [06:25AM  TheStreet.com]
▶ Kindred Healthcare sells skilled-nursing facilities for $519 million   [Sep-01-17 11:25AM  American City Business Journals]
▶ PNC Appoints Debra A. Cafaro To Board Of Directors   [Aug-10-17 04:19PM  PR Newswire]
▶ Good, Bad And Ugly REITs   [04:02AM  Forbes]
▶ Welltower Compared to Other Industry Players after 2Q17   [Aug-04-17 09:07AM  Market Realist]
▶ How Welltower Fared in Terms of Cost Control in 2Q17   [Aug-02-17 08:57AM  Market Realist]
▶ Welltowers Main Revenue Drivers in 2Q17   [08:57AM  Market Realist]
▶ How Did Welltower Do in I2Q17 Results?   [08:57AM  Market Realist]
▶ Ventas reports 2Q results   [Jul-28-17 10:26PM  Associated Press]
▶ Ventas Reports 2017 Second Quarter Results   [07:09AM  Business Wire]
▶ ETFs with exposure to Ventas, Inc. : July 25, 2017   [Jul-25-17 02:06PM  Capital Cube]
▶ How Does Wall Street Rate Welltower among Healthcare REITs?   [Jul-19-17 09:06AM  Market Realist]
Financial statements of VTR
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