Earnings Releases·Oct 27, 2026, 4:32 PM ET

Ventas, Inc. — Third Quarter 2026 Earnings Summary

Reported Nareit FFO per share of $1.01 (up 15% YoY) and Normalized FFO per share of $0.99 (up 10% YoY), while Attributable Net Income per share declined 7% to $0.13; Total revenues reached $1.83 billion, up from $1.49 billion in the prior year period.
Raised full-year 2026 guidance for Attributable Net Income per share to $0.64–$0.67 and Nareit FFO per share to $3.83–$3.86, citing accretive senior housing investment activity that partially offset interest rate and foreign exchange impacts.
Closed $1.2 billion in senior housing investments during the quarter, bringing year-to-date closings to $5.2 billion, exceeding previous expectations of $4.5 billion.
Net Debt-to-Further Adjusted EBITDA ratio improved to 4.4x from 5.3x YoY, supported by $4.5 billion in total liquidity and $3.9 billion in proceeds from equity forward sales agreements settled year-to-date.
SHOP Same-Store Cash NOI grew 16% YoY (17% in the U.S.) driven by 5% RevPOR growth and a 290 basis point increase in average occupancy, with management maintaining a robust pipeline of actionable opportunities.