Highlights

  • Third quarter 2026 Normalized FFO was $0.99 per share, up 10% year-over-year, and attributable net income was $0.13 per share.
  • Total Company Same-Store Cash NOI grew 11% year-over-year, and senior housing operating portfolio Same-Store Cash NOI grew 16%.
  • The company closed $5.2 billion of senior housing investments year to date and settled 47.3 million shares under equity forwards.
  • Full-year 2026 Normalized FFO guidance was increased to $3.87 to $3.90 per share from $3.85 to $3.90.

Ventas, Inc. (NYSE:VTR) shares were trading at USD 80.62 on October 28, 2026, down 3.26%, with a relative volume at time of 3.38. The healthcare real estate company closed senior housing investments throughout 2026, reported third quarter 2026 results on October 27, 2026 and increased its full-year guidance.

Ventas is incorporated in Delaware and lists its principal executive offices in Chicago, Illinois. The company states that it has approximately 1,500 properties in North America and the United Kingdom, including approximately 1,000 senior housing communities. Its portfolio includes the Senior Housing Operating Portfolio (SHOP) as well as outpatient medical buildings, research centers and healthcare facilities. Ventas is an S&P 500 company and reports non-GAAP measures such as Nareit FFO, Normalized FFO and Net Operating Income (NOI).

Third Quarter Results

For the quarter ended September 30, 2026, Ventas reported total revenues of $1,831,791 thousand, compared with $1,488,996 thousand a year earlier. Net income was $67,281 thousand, and net income attributable to common stockholders was $65,380 thousand, or $0.13 per diluted share, compared with $66,047 thousand, or $0.14 per diluted share.

Nareit FFO, a non-GAAP measure, was $1.01 per share, compared with $0.88, an increase of 15%. Normalized FFO was $0.99 per share, compared with $0.90, an increase of 10%.

Total Company NOI grew 18% year-over-year, and Total Company Same-Store Cash NOI grew 11%. SHOP Same-Store Cash NOI grew 16%, led by U.S. growth of 17%. SHOP Same-Store revenue per occupied room grew 5% and average occupancy grew 290 basis points year-over-year. Same-Store Cash NOI margin grew 190 basis points.

For the nine months, total revenues were $5,218,349 thousand and net income attributable to common stockholders was $191,862 thousand, or $0.38 per diluted share, compared with $4,267,963 thousand and $181,179 thousand, or $0.40.

Investments, Balance Sheet and Capital

Ventas closed $1.2 billion of senior housing investments in the third quarter and $5.2 billion year to date. To fund 2026 investment activity, it settled 47.3 million shares of common stock under equity forward sales agreements for gross proceeds of $3.9 billion year to date through September 30, 2026. At that date, it had $0.8 billion of unsettled equity forward sales agreements, totaling $4.7 billion in equity capital.

Net Debt to Further Adjusted EBITDA, a non-GAAP measure, was 4.4x at the end of the third quarter. Senior notes payable and other debt were $12,436,652 thousand, compared with $13,011,016 thousand at the prior year end. Cash and cash equivalents were $202,009 thousand. Total assets were $30,625,382 thousand. Liquidity was $4.5 billion, which includes availability under unsecured credit facilities, cash and cash equivalents and unsettled equity forward sales agreements.

Increased 2026 Guidance

Ventas increased its full-year 2026 guidance as of October 27, 2026, compared with guidance as of July 29, 2026. Net income attributable to common stockholders is expected at $0.64 to $0.67 per share, compared with $0.58 to $0.63. Nareit FFO is expected at $3.83 to $3.86 per share, compared with $3.76 to $3.81. Normalized FFO is expected at $3.87 to $3.90 per share, compared with $3.85 to $3.90.

The company said the increase is primarily the result of 2026 senior housing investment activity, partially offset by the impacts of interest rates and foreign exchange. Assumptions include interest expense of approximately $648 million at the midpoint, a full-year weighted average diluted share count of 509 million and disposition and loan repayment proceeds of approximately $700 million at a blended yield of approximately 7%. On the call, management said the majority of dispositions are expected to close in the fourth quarter.