Ventas, Inc.
VTR · NYSE
Next quarter
Expected to report Feb 4, 2027 — estimated from last year’s reporting date.
Consensus is $1.00 EPS for Dec 2026 across 5 estimates, ranging $0.98 to $1.01.
VTR Sep 2026
- 1.02%
- -2.72%
- $0.98
- $0.99
- —
- $1.83B
Reported results
- $1.83B
- $67.28M
- $0.13
Highlights
- Normalized FFO: $0.99 per share, up 10% year over year and $0.01 above the supplied $0.98 consensus (a 1.02% beat); GAAP diluted EPS attributable to common stockholders was $0.13.
- SHOP operating growth: Same-store cash NOI rose 16% year over year, including 17% growth in U.S. SHOP; occupancy increased 290 basis points and RevPOR grew 5%.
- Investment pace: Ventas had closed $5.2 billion of senior-housing-focused investments year to date, including $1.2 billion in Q3, and said the activity drove its guidance increase.
- Guidance: 2026 normalized FFO guidance midpoint increased to $3.89 per share from $3.88; the attributable net income midpoint rose to $0.66 from $0.61 and Nareit FFO midpoint to $3.85 from $3.79.
- Portfolio NOI: Total company NOI grew 18% year over year and same-store cash NOI grew 11%; SHOP strength more than offset a 20% decline in NNN NOI.
- Capital and leverage: Net debt to further adjusted EBITDA improved to 4.4x from 5.3x a year earlier and 4.7x in Q2; liquidity was $4.5 billion.
- Equity funding: Ventas settled 47.3 million shares under equity forwards for $3.9 billion of gross proceeds year to date and had another $0.8 billion unsettled at quarter-end.
- GAAP and revenue: Revenue was $1.83 billion, up 23% year over year and 6% sequentially; net income was $67.3 million versus $68.7 million a year earlier and $72.2 million in Q2.
Analysis
Ventas’ third quarter was defined by strong senior-housing operations and a large, equity-funded acquisition program. The supplied $0.98 consensus was exceeded by reported $0.99 normalized FFO per share, a 1.02% beat; that measure grew 10% from $0.90 a year earlier. GAAP diluted EPS attributable to common stockholders was $0.13, down from $0.14, while revenue rose 23% to $1.83 billion from $1.49 billion. Revenue increased about 6% from Q2’s $1.73 billion, while net income of $67.3 million was below Q2’s $72.2 million and the year-ago $68.7 million.
The operating engine was SHOP: same-store cash NOI increased 16%, supported by higher occupancy and RevPOR, while total company NOI rose 18%. Ventas also closed $5.2 billion of senior-housing investments year to date and raised full-year guidance, primarily on the contribution from investment activity. The growth push came with substantial equity issuance: 47.3 million shares were settled for $3.9 billion of gross proceeds, with $0.8 billion of forwards unsettled at quarter-end. Leverage nevertheless improved to 4.4x net debt to further adjusted EBITDA, from 5.3x a year earlier. The NNN segment remained a counterpoint, with NOI down 20%, largely reflecting communities moved into SHOP and a prior-year non-cash rent item.
SHOP operating momentum
- Same-store cash NOI: SHOP grew 16% year over year; U.S. SHOP was up 17%. The company reported RevPOR growth of 5%, average occupancy growth of 290 basis points and 190 basis points of margin expansion.
- Occupancy: U.S. SHOP average occupancy exceeded 90%, up 320 basis points year over year. Across all SHOP communities, occupancy was 89.9% versus 87.9% a year earlier.
- Organic and acquired growth: Total SHOP NOI increased 42% to $430.0 million, reflecting same-store performance alongside acquisitions and communities converted from NNN to SHOP. On a same-store basis, SHOP NOI increased 15.3%.
Senior housing investment
- Closed investments: Ventas completed $1.2 billion of senior housing investments in Q3 and $5.2 billion year to date. The year-to-date total exceeded the previous guidance assumption of approximately $4.5 billion.
- Acquisition footprint: The filing reports 101 SHOP communities acquired for $3.9 billion through September 30. In October, Ventas acquired another 13 communities for $803.5 million.
- Strategic rationale: Management expects the investments to support multiyear growth and attractive financial returns, and cited a robust, actionable pipeline. The increased activity is the primary reason for the higher 2026 outlook.
Guidance and funding
- 2026 outlook: Normalized FFO guidance is $3.87–$3.90 per share, midpoint $3.89, versus the prior $3.85–$3.90 range and $3.88 midpoint. Nareit FFO midpoint rose to $3.85 from $3.79; attributable net income midpoint rose to $0.66 from $0.61.
- Guidance assumptions: The company now assumes $5.2 billion of completed senior-housing investments, versus approximately $4.5 billion previously. Higher investment activity is partly offset by interest rates and foreign exchange; interest expense midpoint increased to approximately $648 million from $646 million.
- Equity issuance: Through September, Ventas settled 47.3 million shares under equity forward agreements for $3.9 billion gross proceeds and had $0.8 billion of unsettled forwards. The full-year weighted-average diluted share assumption increased to 509 million from 506 million.
- Liquidity and leverage: Quarter-end liquidity was $4.5 billion. Net debt to further adjusted EBITDA fell to 4.4x from 4.7x in Q2 and 5.3x in Q3 2025, supported by SHOP NOI growth and equity-funded investment.
Earnings and portfolio mix
Revenue reached $1.832 billion, up from $1.489 billion a year earlier and $1.73 billion in Q2. Net income was $67.3 million, compared with $68.7 million a year ago and $72.2 million in Q2; net income attributable to common stockholders was $65.4 million versus $66.0 million a year earlier. Depreciation and amortization rose $88.8 million year over year, primarily reflecting recent acquisitions and higher impairment charges. The $19.3 million income tax benefit, versus $6.3 million a year ago, partly supported GAAP earnings. Nareit FFO was $1.01 per share and normalized FFO was $0.99, compared with $0.88 and $0.90, respectively, a year ago.
Other property segments
- OM&R: NOI increased 3.8% to $153.4 million. Same-store NOI rose 3.6%, with new leasing and tenant retention supporting growth.
- NNN: NOI declined 19.6% to $126.3 million. The company attributed the decrease mainly to senior housing communities transferred into SHOP and a prior-year $14.6 million non-cash straight-line rent benefit; same-store NNN NOI declined 5.2%.
- Total same-store results: Same-store cash NOI grew 11% across the company, with SHOP growth outweighing the softer NNN result.
