Ventas (VTR) Company Report

Ventas Realty, Limited Partnership and Ventas, Inc. will issue $500 million of 5.000% Senior Notes due 2036 under the Base Indenture dated February 23, 2018 and an Eleventh Supplemental Indenture effective December 4, 2025.
The Notes bear interest at 5.000% per annum, payable semi-annually on February 15 and August 15, with the first payment on August 15, 2026.
The obligations under the Notes are fully and unconditionally guaranteed by Ventas, Inc..
Wells Fargo Securities, BBVA Securities, J.P. Morgan Securities, Mizuho Securities USA and RBC Capital Markets are acting as representatives of the underwriters for this offering.

7 hours ago

8-K

Ventas reports Q3 2025 earnings

VTR

Earnings

Ventas delivered $1.489 billion in total revenues and $68.7 million in net income for Q3 2025, up from $1.236 billion and $21.0 million in Q3 2024.
Nareit FFO attributable to common stockholders rose 23% to $408.8 million (or $0.88 per share), compared to $331.5 million (or $0.79 per share) a year ago.
Outpatient Medical & Research same-store cash operating revenue increased 3.2% YoY to $211.4 million, with cash NOI margin expanding to 65.4%.
Ventas ended Q3 2025 with $4.09 billion of available liquidity and a net debt/enterprise value ratio of 28%, reflecting net debt of $12.75 billion.

Oct 30, 2025, 2:00 PM

Presentation

Ventas reports Q3 2025 results

VTR

Earnings

Guidance Update

New Projects/Investments

Ventas delivered $0.88 normalized FFO per share in Q3, up 10% year-over-year, driving total company same-store cash NOI growth of 8%, led by SHOP NOI growth of 16% (U.S. SHOP +19%).
Balance sheet strengthened as net debt/EBITDA improved by 1.0× to 5.3×, supported by over $4 billion of liquidity, and the company has fully equity-funded its $2.5 billion senior housing investment plan for 2025.
2025 guidance was raised: full-year normalized FFO midpoint increased to $3.47 per share (9% growth), total company same-store cash NOI growth to 7.5%, and SHOP NOI midpoint to 15%; Ventas has closed $2.2 billion of senior housing acquisitions YTD and upped its investment target to $2.5 billion.
Private-pay senior housing now represents ~50% of enterprise NOI; Ventas has completed $4.1 billion of SHOP investments since mid-2024 and finished 27 of 45 triple-net to SHOP conversions, targeting over $50 million of NOI upside.

Oct 30, 2025, 2:00 PM

Transcript

Ventas delivers Q3 2025 results

VTR

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Ventas delivered normalized FFO per share of $0.88, up 10% year-over-year, and total company same-store cash NOI rose 8%, led by SHOP NOI growth of 16% (19% in U.S. SHOP).
Management raised 2025 guidance, expecting 9% normalized FFO per share growth to a midpoint of $3.47, total same-store cash NOI growth of 7.5%, and SHOP NOI growth of 15%.
Balance sheet strength improved, with net debt to EBITDA at 5.3×, $4 billion of liquidity, and $2.6 billion of equity raised to fully fund planned investments.
Investment activities are accelerating: $2.2 billion of private-pay U.S. senior housing acquisitions year-to-date, guidance increased to $2.5 billion, and 27 of 121 triple-net communities converted to SHOP to drive further occupancy and NOI upside.

Oct 30, 2025, 2:00 PM

Transcript

Ventas reports Q3 2025 earnings and raises 2025 guidance

VTR

Earnings

Guidance Update

New Projects/Investments

Ventas delivered $0.88 normalized FFO per share in Q3 2025 (up 10% YoY), with total same-store cash NOI up 8%, driven by SHOP NOI growth of 16% (US +19%).
Full-year 2025 guidance raised: normalized FFO growth of 9% (midpoint $3.47/share), 7.5% same-store cash NOI growth, and SHOP NOI midpoint increased to 15%.
Closed $2.2 billion of US private-pay senior housing acquisitions YTD, upped 2025 investment guidance to $2.5 billion, and completed conversion of 27/45 triple-net communities to SHOP (targeting >$50 million NOI upside).
Balance sheet strengthened with net debt/EBITDA at 5.3×, $2.6 billion of equity raised, and >$4 billion of liquidity.

Oct 30, 2025, 2:00 PM

Transcript

Ventas reports Q3 2025 earnings

VTR

Earnings

Guidance Update

Ventas delivered 16% YoY SHOP Same-Store Cash NOI growth to $232.4 million, with average occupancy rising 270 bp to 89.0%, led by U.S. growth of 19% NOI and 340 bp occupancy increase.
Same-Store Cash NOI margin expanded 200 bp YoY to 28.3% in Q3, with incremental margin flow-through exceeding 50%.
Increased FY 2025 SHOP Same-Store Cash NOI growth guidance to 14%–16%, up from 11%–16% at the start of the year.
Progressing 45 NNN-to-SHOP conversions with 27 completed by October, offering a >$50 million NOI opportunity vs. Q3 2024 annualized and requiring ~$2 million capex per community.

Oct 30, 2025, 2:00 PM

Presentation

Ventas reports Q3 2025 results

VTR

Earnings

New Projects/Investments

Guidance Update

Ventas delivered $0.14 net income per share, up 180% YoY, and Normalized FFO per share of $0.88, up 10% YoY.
Total company NOI grew 20%, with Total Company Same-Store Cash NOI up 8% year-over-year.
SHOP segment Same-Store Cash NOI increased 16% YoY, driven by 8% revenue growth and 200 bps margin expansion.
Closed $2.2 billion of senior housing investments YTD and raised 2025 senior housing investment guidance to $2.5 billion; liquidity stood at $4.1 billion as of September 30, 2025.
Net debt to Further Adjusted EBITDA improved to 5.3×, reflecting stronger leverage following SHOP growth and equity-funded investments.

Oct 29, 2025, 8:23 PM

8-K

Ventas reports Q3 2025 earnings

VTR

Earnings

Guidance Update

New Projects/Investments

Ventas delivered Q3 2025 Attributable Net Income of $0.14 per share and Normalized FFO of $0.88 per share, up 10% year-over-year.
Total Company NOI grew 20% YoY with 8% Same-Store Cash NOI growth, and the SHOP portfolio’s Same-Store Cash NOI rose 16% YoY.
The Company closed $1.1 billion of senior housing investments in Q3 and $2.2 billion year-to-date October, raising its 2025 senior housing investment guidance to $2.5 billion.
Financial strength improved with Net Debt/Further Adjusted EBITDA at 5.3x and liquidity of $4.1 billion as of September 30, 2025.
Updated full-year 2025 guidance: Attributable Net Income per share $0.49–0.52 (midpoint $0.51) and Normalized FFO per share $3.45–3.48 (midpoint $3.47).

Oct 29, 2025, 8:10 PM

Press Release

Chemed reports third-quarter 2025 results

VTR

Earnings

Share Buyback

Guidance Update

Chemed reported consolidated Q3 revenue of $624.9 million (+3.1%), GAAP diluted EPS of $4.46 (–10.8%) and adjusted diluted EPS of $5.27 (–6.6%).
VITAS segment net patient revenue rose 4.2% to $407.7 million, average daily census was 22,327 (+2.5%), and adjusted EBITDA (excluding Medicare Cap) was $70.4 million (–3.8%).
Roto-Rooter segment revenue increased 1.1% to $217.2 million, with adjusted EBITDA of $49.4 million (–12.4%) and margin of 22.7%.
As of September 30, 2025, Chemed held $129.8 million in cash, had no debt, repurchased 407,500 shares for $180.8 million and has $301.8 million remaining under its buyback authorization.
Management reiterated 2025 diluted EPS guidance of $22.00–$22.30 (excluding discrete items).

Oct 28, 2025, 8:15 PM

Press Release

Ventas outlines 2025 FFO guidance, occupancy growth, and investment pipeline

VTR

Guidance Update

M&A

New Projects/Investments

8% FFO per share growth guidance for 2025, underpinned by strong organic senior housing NOI and external acquisitions.
Quarter-to-date occupancy up 130 bps QoQ and 270 bps YoY, keeping full-year occupancy in line with targets.
$1.8 billion of $2 billion acquisition guidance deployed, targeting low-to-mid-teens unlevered IRRs and with line of sight to an additional $0.5 billion in senior housing investments.
45 Brookdale assets to convert to SHOP, with ~11 transitions completed in September, ~$2 million CapEx per asset and potential for >$100 million NOI uplift.

Sep 10, 2025, 7:45 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for Ventas.

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