Ventas (VTR) Q4 2025 earnings summary

Executive summary

• Delivered strong 2025 results with 9% normalized FFO per share growth and over 15% same-store SHOP NOI growth, marking the fourth consecutive year of double-digit SHOP NOI growth.

• SHOP now represents over half of total NOI, reflecting significant organic growth and external acquisitions.

• Total shareholder return reached 35% in 2025, outperforming industry benchmarks.

• Board approved an 8% increase in quarterly dividend to $0.52 per share, reflecting strong performance and positive outlook.

• Positioned for continued multiyear growth, leveraging demographic tailwinds and disciplined investment.

Financial highlights

• Normalized FFO per share increased 9% year-over-year to $3.48 for 2025, at the high end of guidance.

• Q4 normalized FFO per share was $0.89, up 10% year-over-year; full-year net income per share reached $0.54, up 184%.

• Total company same-store cash NOI grew 8% year-over-year in 2025; SHOP same-store cash NOI grew 15.4%, led by 18% growth in the U.S.

• Enterprise value exceeded $50 billion, with $2.5 billion in annualized NOI and $1.3 billion in SHOP NOI for Q4.

• Net debt to Further Adjusted EBITDA improved to 5.2x at year-end 2025, with $5.3 billion in liquidity.

Outlook and guidance

• 2026 normalized FFO per share guidance: $3.78–$3.88 (midpoint $3.83), representing 8% year-over-year growth.

• Net income per share expected at $0.57 at midpoint for 2026.

• Total company same-store cash NOI growth expected to be nearly 10% in 2026, led by SHOP at 15%.

• SHOP same-store NOI growth guidance for 2026: 13%-17%, with 15% at midpoint, driven by 270 bps occupancy growth and 5% RevPOR growth.

• Guidance includes ~$2.5 billion in senior housing investments and ~$300 million in disposition proceeds.