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Ventas VTR secured an agreement (“2024 Kindred Agreements”) with Kindred Healthcare, LLC and its parent company, ScionHealth. This agreement is regarding 23 long-term acute care hospitals (“LTACs”) whose lease term is scheduled to mature on April 30, 2025, under the existing master lease between Ventas and Kindred.
This move enhances patient care facilities, strengthens the existing master lease and provide upside for Ventas. The company also obtains rights to additional revenue-sharing rent and warrants.
The transactions outlined in the 2024 Kindred Agreements allow Kindred to enhance its credit profile.
2024 Kindred Agreements’ Key Terms
Under the agreement, starting from May 1, 2025, Ventas has set the initial annualized cash contractual base rent for the LTACs at $80 million. This rent will escalate annually by 2.75% through the extended lease maturity date of April 30, 2030.
Moreover, Ventas is entitled to receive additional revenue-sharing rent annually if revenues generated from these assets surpass specified thresholds. Also, ScionHealth has provided Ventas with warrants for 9.9% of its common equity. Kindred has agreed to pay full contractual cash rent for the LTACs through April 2025.
The agreements encompasses Ventas's acquisition of the real estate and related property of five performing LTAC assets for $189 million. Kindred will continue to manage these assets under the existing master lease for an initial duration of 10 years, commencing with an annual cash rent of $16 million.
ScionHealth has committed to utilizing the proceeds to enhance its credit profile and for other corporate purposes.
The transactions are expected to enhance EBITDARM to rent coverage under the Master Lease to a minimum of 1.3 times. ScionHealth will continue to guarantee Kindred's obligations under the Master Lease.
Ventas anticipates that the aggregate non-cash effect on its 2024 normalized FFO per share, associated with the LTAC lease extension, will align with its guidance previously issued for the year, beginning in the third quarter. The projected annualized impact on normalized FFO from the investment in performing LTACs, entirely financed through equity, is estimated to be around 1 cent per share.
Wrapping Up
Ventas’ diverse portfolio of healthcare real estate assets in the key markets of the United States and the United Kingdom. is well-poised to capitalize on the favorable industry fundamentals. The company is well-prepared for a compelling multiyear growth opportunity and with such long-term leases and agreements, its high-quality portfolio assures steady growth in cash flows.
In the past three months, shares of this Zacks Rank #3 (Hold) company have gained 28.7%, outperforming its industry’s growth of 20.6%.
Stocks to Consider
Some better-ranked stocks from the healthcare REIT sector are Healthpeak Properties, Inc. DOC and Sabra Healthcare REIT SBRA, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Healthpeak’s 2024 FFO per share is pegged at $1.80, indicating an increase of 1.1% from the year-ago reported figure.
The Zacks Consensus Estimate for Sabra’s 2024 FFO per share is pinned at $1.41, suggesting year-over-year growth of 6%.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
Zacks Investment Research
Medical Properties Trust, Inc. MPW — also known as MPT — recently announced that it reached an agreement with Steward Health Care System, its secured lenders and the Unsecured Creditors Committee.
This agreement reinstates MPT’s control over its real estate and terminates its relationship with Steward. It also enables the immediate transition of operations at 15 hospitals in the country. The settlement agreement comprises 23 hospitals that were formerly operated by Steward.
The company has also collaborated with state regulators to establish structured transition plans aimed at preventing hospital closures, protecting jobs and ensuring the continuity of care for patients.
New Lease Agreement With Tenants
Medical Properties has secured new lease agreements with four tenants to operate 15 hospitals. Healthcare Systems of America will operate through five hospitals in Southeast Florida, two in East Texas and one in Louisiana. Honor Health will take over the operations of three hospitals in Arizona. Quorum Health will assume control of two hospitals in West Texas, and Insight Health will operate through two hospitals in Ohio.
Commencing from Sept. 11, 2024, these replacement tenants will be entitled to the operating revenue and will bear the responsibility for the expenses of the hospitals they manage on an interim basis for Steward until the purchase agreements regarding the operations can be finalized with Steward.
Based on the new lease agreements, MPT anticipates receiving nearly $160 million in total annualized cash rental payments on this portfolio’s approximate lease base of $2 billion upon reaching stabilization in the fourth quarter of 2026. This represents approximately 95% of the cash rent Steward would have owed for the same assets during that period. Moreover, the weighted average initial lease term is approximately 18 years.
The company will waive cash rent payments for all 15 properties for the remainder of 2024 in order to expedite the re-tenanting process and minimize any disruption to patient care. It is anticipated that cash rent payments will start in the first quarter of 2025, reaching approximately 50% of the total fully stabilized rent by the conclusion of 2025 and achieving complete stabilization by the fourth quarter of 2026.
Settlement Agreement
In accordance with the terms of the agreement, MPT agreed to sell three Florida hospitals to Orlando Health. A significant portion of the proceeds of that sale will be transferred to Steward. Consequently, Steward and its other stakeholders have relinquished all rights to any proceeds from future transactions related to any other hospitals that remain in the portfolio as of Sept. 11, 2024.
Hearing to Confirm Settlement
The Bankruptcy Court has set a hearing date on Sept. 17 to review and approve a final order that confirms the settlement. Additionally, the agreement is subject to the successful completion of Steward’s sales to the new operators and the necessary approvals from applicable state and local regulatory bodies.
MPW’s Transaction Conclusion
The replacement of Steward enhances the company’s ability to safeguard the essential operations of these facilities, thereby aiding their communities and preserving the value of its real estate for the benefit of shareholders.
Over the past six months, shares of this Zacks Rank #3 (Hold) company have gained 23.1% compared with the industry’s growth of 13.3%.
Stocks to Consider
Some better-ranked stocks from the healthcare REIT sector are CareTrust REIT CTRE and Sabra Healthcare REIT SBRA, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for CareTrust’s 2024 FFO per share stands at $1.48, indicating an increase of 5% from the year-ago reported figure.
The Zacks Consensus Estimate for Sabra’s 2024 FFO per share is pinned at $1.41, suggesting year-over-year growth of 6%.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
Zacks Investment Research
Ventas’ VTR senior housing operating portfolio (SHOP) is likely to benefit from the aging population and the rising healthcare expenditures by senior citizens. Its outpatient medical and research portfolio is expected to gain from the favorable outpatient visit trends and the rising need for research related to life-saving vaccines and therapeutics. A healthy balance sheet position is likely to support its growth endeavors. However, dependence on few tenants and high interest rates add to its concern.
Last August, VTR reported its second-quarter 2024 normalized FFO per share of 80 cents, which surpassed the Zacks Consensus Estimate of 79 cents. Results reflected growth in occupancy in the SHOP same-store portfolio, contributing to higher revenue generation. The company also provided an improved outlook for 2024.
Shares of this healthcare real estate investment trust (REIT), carrying a Zacks Rank #3 (Hold), have rallied 31.9% over the past three months, outperforming the industry's upside of 18.9%.
What’s Aiding Ventas?
Per the company’s second-quarter 2024 earnings presentation, the U.S. population aged 80 years and above is expected to grow by more than 24% in the next five years.This age cohort constitutes a major customer base of healthcare services and incurs higher healthcare expenditures than the average population, poising Ventas’ SHOP portfolio well to capitalize on this positive trend.
Ventas is focused on its "Right Market, Right Asset, Right Operator" strategy, enhancing its portfolio quality and operator diversification and increasing its SHOP scale. The company expects favorable supply-demand fundamentals, its well-invested properties and operators supported by its Ventas OI platform to drive growth. Ventas expects its SHOP segment's same-store cash NOI to grow between 13% and 16% in 2024.
Ventas is carrying out accretive investments to enhance its research portfolio, which is essential for the delivery of crucial healthcare services and research related to life-saving vaccines and therapeutics. Its outpatient medical and research (OM&R) assets are aligned with institutional demand with several top-tier research universities and credit tenancy.
With top-rated tenants and long-lease terms, its high-quality portfolio assures steady growth in cash flows. In the OM&R portfolio, Ventas generated more than 3% same-store cash NOI growth in the second quarter of 2024 with strong margins and stable occupancy. Ventas expects the OM&R portfolio's same-store cash NOI to grow in the range of 2.75-3.25% in 2024.
Ventas maintains a healthy balance sheet. It has been making efforts to enhance its liquidity position and financial strength. As of June 30, 2024, the company had approximately $3.3 billion of liquidity and a net debt to further adjusted EBITDA of 6.4X. It has also substantially cleared 2024 debt maturities. Its access to diverse capital sources through capital recycling, third party (VIM), on-balance sheet financing and internal cash flow provides ample financial flexibility and is likely to support its growth endeavors.
What’s Hurting Ventas?
Ventas also faces tenant concentration risk in its triple-net leased property segment. The properties leased to Brookdale Senior Living, Ardent and Kindred accounted for 7.2%, 6.6% and 6.6% of Ventas’ total NOI, respectively, in the second quarter of 2024. In case of no lease renewal, change in lease agreements or any adverse development for these three tenants, Ventas’ financial condition and results are likely to be impacted.
A high interest rate environment is a concern for Ventas. Elevated rates imply high borrowing costs for the company, which would affect its ability to purchase or develop real estate. The company has a substantial debt burden, and its total debt as of June 30, 2024 was approximately $13.18 billion. Moreover, with high interest rates still in place, the dividend payout might seem less attractive than the yields on fixed-income and money market accounts.
Stocks to Consider
Some better-ranked stocks from the broader REIT sector are Cousins Properties CUZ and Lamar Advertising LAMR, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Cousins Properties’ current-year FFO per share has been raised marginally over the past two months to $2.66.
The Zacks Consensus Estimate for Lamar Advertising’s current-year FFO per share has moved northward marginally over the past two months to $8.09.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
Zacks Investment Research
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