Ventas Reports 2026 Third Quarter Results
Ventas reported Q3 2026 Normalized FFO of $0.99 per share, up 10% year-over-year, on total revenues of $1.83 billion. SHOP same-store cash NOI grew 16% YoY with RevPOR up 5% and average occupancy up 290 basis points; U.S. SHOP occupancy exceeded 90%. The company has closed $5.2 billion of senior housing investments year to date, up from prior guidance of ~$4.5 billion, funding growth via $3.9 billion of settled equity forwards.
Key figures
- Eps
- 0.13
- Revenue
- 1831791000
- Guidance
- FY26 Normalized FFO $3.87-$3.90 ($3.89 midpoint), Nareit FFO raised to $3.83-$3.86 from $3.76-$3.81; net income $0.64-$0.67 raised from $0.58-$0.63; ~$700M dispositions at ~7% blended yield unchanged
- Revenue Yoy
- 23%
- Liquidity
- $4.5 billion
- Revpor growth
- 5%
- Nareit ffo yoy
- 15%
- Q3 investments
- $1.2 billion
- Ytd investments
- $5.2 billion
- Net debt to ebitda
- 4.4x
- Normalized ffo yoy
- 10%
- Guidance share count
- 509 million diluted shares
- Nareit ffo per share
- 1.01
- Occupancy growth bps
- 290
- Total noi yoy growth
- 18%
- Normalized ffo per share
- 0.99
- Unsettled forward equity
- $0.8 billion
- Equity settled via forwards
- $3.9 billion (47.3 million shares)
- Same store cash noi yoy growth
- 11%
- Shop same store cash noi yoy growth
- 16%
AI analysis
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