Ventas (VTR) Q3 2026 earnings summary

Executive summary

• Q3 Normalized FFO per share was $0.99, up 10% YoY; total NOI rose 17.7% and same-store cash NOI grew 10.6%, led by SHOP.

• FY26 Normalized FFO guidance increased to $3.87–$3.90 per share; $5.2B of senior housing investments had closed year to date.

• Net debt to Further Adjusted EBITDA improved to 4.4x, with $4.5B of available liquidity at September 30.

Financial highlights

• Q3 revenue was $1.832B versus $1.489B YoY; net income attributable to common stockholders was $65.4M versus $66.0M.

• Nareit FFO per share was $1.01, up 15% YoY; Normalized FFO was $514.2M, or $0.99 per share, up 24% and 10%, respectively.

• Nine-month Normalized FFO was $1.454B versus $1.210B; operating cash flow increased 22.6% to $1.441B.

Outlook and guidance

• FY26 guidance: attributable net income of $0.64–$0.67/share, Nareit FFO of $3.83–$3.86/share, and Normalized FFO of $3.87–$3.90/share, implying 9%–10% YoY growth.

• Normalized FFO guidance midpoint rose $0.01/share, reflecting $0.02 from investment activity, partly offset by $0.01 from higher rates and FX.

• Same-store cash NOI guidance was reaffirmed across segments; SHOP guidance remained 15%–17%.

• Guidance assumes $5.2B of YTD investments, $700M of dispositions and loan repayments at a 7% blended yield, and $400M of FAD capital expenditures at midpoint.