The company said it took ownership of the properties that secured the Santerre Mezzanine Loan on May 1, 2023 by converting the outstanding principal amount of the loan to equity, with no additional consideration paid. It said the loan is no longer outstanding. The transaction resulted in the company recognizing a gain on foreclosure of real estate of $29.1 million.

1. 01

   The company said it took ownership of the properties that secured the Santerre Mezzanine Loan on May 1, 2023 by converting the outstanding principal amount of the loan to equity, with no additional consideration paid. It said the loan is no longer outstanding. The transaction resulted in the company recognizing a gain on foreclosure of real estate of $29.1 million.

2. 02

   The company said the NOI increase in its SHOP segment in 2023 reflected gains in occupancy and revenue per occupied room. It also said HHS grants reduced property-level operating expenses by $54.2 million in 2022, and that it did not receive any HHS grants in 2023.

3. 03

   The company said total interest expense increased by $106.6 million over the prior year in 2023. It attributed $69.9 million of the increase to a higher effective interest rate and $29.3 million to higher average debt balances. Its GAAP weighted average effective interest rate was 4.23% for 2023, compared with 3.66% for 2022.

4. 04

   The company said that in June 2023, Ventas Realty privately placed 3.75% Exchangeable Senior Notes due 2026 in an aggregate amount of $862.5 million. It said it used the net proceeds mainly to repay the CHC Mortgage Loan. The initial exchange price is approximately $54.81 per share.

Key figures

Fiscal year ended December 31, 2023

Revenue

$4.5B

Net income

−$30M

EPS

−$0.10

Operating cash flow

$1.1B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.