Earnings summaries and quarterly performance for Ventas.
Executive leadership at Ventas.
Debra A. Cafaro
Detailed
Chief Executive Officer
CEO
CS
Carey S. Roberts
Executive Vice President, General Counsel, Ethics & Compliance Officer and Corporate Secretary
JJ
J. Justin Hutchens
Executive Vice President, Senior Housing and Chief Investment Officer
PJ
Peter J. Bulgarelli
Executive Vice President, Outpatient Medical and Research; President and Chief Executive Officer, Lillibridge Healthcare Services, Inc.
RF
Robert F. Probst
Executive Vice President and Chief Financial Officer
Board of directors at Ventas.
JV
Joe V. Rodriguez, Jr.
Detailed
Director
MM
Marguerite M. Nader
Detailed
Director
MJ
Matthew J. Lustig
Detailed
Director
MS
Maurice S. Smith
Detailed
Director
MC
Melody C. Barnes
Detailed
Director
MJ
Michael J. Embler
Detailed
Director
RM
Roxanne M. Martino
Detailed
Lead Independent Director
SP
Sean P. Nolan
Detailed
Director
SR
Sumit Roy
Detailed
Director
TR
Theodore R. Bigman
Detailed
Director
WC
Walter C. Rakowich
Detailed
Director
Research analysts who have asked questions during Ventas earnings calls.
Juan Sanabria
BMO Capital Markets
4 questions for VTR
Also covers: AMH, BRX, CTRE +20 more
MC
Michael Carroll
RBC Capital Markets
4 questions for VTR
Also covers: AHR, ARE, COLD +16 more
OO
Omotayo Okusanya
Deutsche Bank AG
4 questions for VTR
Also covers: AMH, ARE, AVB +42 more
RK
Ronald Kamdem
Morgan Stanley
4 questions for VTR
Also covers: AAT, ADC, AHR +37 more
AW
Austin Wurschmidt
KeyBanc Capital Markets Inc.
3 questions for VTR
Also covers: AHR, AIV, AMH +20 more
JK
James Kammert
Evercore ISI
3 questions for VTR
Also covers: ADC, ARE, CHCT +6 more
Jeffrey Spector
BofA Securities
3 questions for VTR
Also covers: AKR, AMH, AVB +25 more
MM
Michael Mueller
JPMorgan Chase & Co.
3 questions for VTR
Also covers: AKR, BRX, CBL +26 more
Michael Stroyeck
Green Street Advisors, LLC
3 questions for VTR
Also covers: AHR, DOC, OHI +1 more
Nicholas Yulico
Scotiabank
3 questions for VTR
Also covers: AHR, ALX, AVB +20 more
RA
Richard Anderson
Wedbush Securities
3 questions for VTR
Also covers: AIV, ARE, AVB +25 more
WG
Wesley Golladay
Robert W. Baird & Co.
3 questions for VTR
Also covers: ADC, AHR, ARE +23 more
GD
Georgi Dinkov
Mizuho
2 questions for VTR
Also covers: ARE, DLR, MPW +2 more
Nicholas Joseph
Citigroup
2 questions for VTR
Also covers: AMH, ARE, CUBE +13 more
Seth Bergey
Citi
2 questions for VTR
Also covers: AHR, BDN, BXP +16 more
VM
Vikram Malhotra
Mizuho Financial Group, Inc.
2 questions for VTR
Also covers: ALX, ARE, BXP +17 more
Elmer Chang
Scotiabank
1 question for VTR
Also covers: NTST, O, OHI +1 more
JK
John Kilchowski
Wells Fargo
1 question for VTR
John Kilichowski
Wells Fargo & Company
1 question for VTR
Also covers: ADC, CTRE, EPRT +15 more
JK
John Killechawski
Wells Fargo & Company
1 question for VTR
John Pawlowski
Green Street
1 question for VTR
Also covers: AIV, AMH, AVB +13 more
WJ
William John Kilichowski
Wells Fargo
1 question for VTR
Also covers: ADC, CTRE, EPR +14 more
Recent press releases and 8-K filings for VTR.
Ventas reports Q4 and FY2025 earnings results
VTR
Earnings
Guidance Update
New Projects/Investments
- For full-year 2025, Ventas delivered normalized FFO per share of $3.48, up 9% yoy, and total company same-store cash NOI grew nearly 10%, led by SHOP’s 15% growth.
- In Q4 2025, the SHOP portfolio achieved 15.4% NOI growth, with occupancy up 300 bps year-over-year and RevPOR up 4.7% (U.S. occupancy led at 370 bps).
- Ventas closed $2.5 billion of senior housing investments in 2025 and has already deployed $800 million in 2026 YTD, targeting $2.5 billion of senior housing acquisitions in 2026.
- 2026 guidance includes normalized FFO per share of $3.78–$3.88 (+8% yoy), total same-store cash NOI growth of nearly 10%, and SHOP NOI growth of 13%–17%.
- The board approved an 8% increase in the quarterly dividend, reflecting strong 2025 performance and confidence in the multi-year outlook.
7 hours ago
Ventas reports Q4 and full-year 2025 results
VTR
Earnings
Guidance Update
New Projects/Investments
- Ventas delivered $3.48 normalized FFO per share (+9% YoY) and 15% same-store SHOP cash NOI growth in 2025
- Raised $7 billion of capital in 2025 (nearly $4 billion debt, $3.2 billion equity) with $1.2 billion unsettled equity, reducing leverage to 5.2x by year-end
- Issued 2026 guidance: normalized FFO of $3.78–$3.88 per share (+8% YoY, $3.83 midpoint), total same-store cash NOI growth ~10% (SHOP +15%), $2.5 billion senior housing investments, and an 8% dividend increase
- Strategic senior housing focus: SHOP now 53% of NOI with >83 k units, closed $2.5 billion of SHOP acquisitions in 2025 and >$800 million YTD 2026, leveraging proprietary OI platform to sustain double-digit growth
8 hours ago
Ventas reports Q4 and full-year 2025 results
VTR
Earnings
Guidance Update
New Projects/Investments
- Delivered 10% y/y growth in Q4 normalized FFO per share and full-year normalized FFO of $3.48 per share (+9%), driven by 15% same-store SHOP NOI growth, with SHOP contributing 53% of total NOI and enterprise value exceeding $50 billion.
- Raised $7 billion of capital in 2025 (debt and equity) and closed $2.5 billion of accretive senior housing investments, owning over 83,000 SHOP units by year-end; leverage improved to 5.2× (pro forma ~5×).
- 2026 guidance calls for 8% normalized FFO per share growth to $3.83, ~10% total same-store cash NOI growth, SHOP NOI growth of 13–17% (15% midpoint), $2.5 billion of senior housing investments, and an 8% dividend increase.
- Positioned to capitalize on demographic tailwinds as the over-80 population is projected to grow 28% over five years, while senior housing starts remain at multi-decade lows, underpinning sustained demand for the SHOP platform.
9 hours ago
Ventas reports Q4 2025 results
VTR
Earnings
Guidance Update
Dividends
- Normalized FFO per share of $0.89, up 10% YoY; 2025 normalized FFO/sh $3.48, up 9%.
- SHOP same-store cash NOI rose 15% YoY with RevPOR +4.7% and occupancy up 300 bps.
- Ended Q4 2025 at 5.2× net debt/Further Adjusted EBITDA and $5.3 B of liquidity.
- 2026 guidance: normalized FFO/sh $3.78–$3.88 (midpoint $3.83, +8% YoY) and quarterly dividend raised 8% to $0.52.
1 day ago
Ventas amends credit agreement to expand facilities
VTR
Debt Issuance
- Ventas executed a Second Amendment to its Credit and Guaranty Agreement effective January 7, 2026, increasing aggregate commitments from $500 million to $1.25 billion (via a $700 million term facility increase and a $550 million delayed-draw term loan) and granting the right to further expand facilities up to $1.75 billion.
- The amendment adds nine New Lenders, including BBVA NY Branch, Citibank, M&T Bank, Mizuho, Morgan Stanley, TD NY, UBS Stamford Branch, Banco de Sabadell and U.S. Bank, each with specified term and delayed-draw commitments.
- All terms of the existing Credit Agreement and related Loan Documents remain ratified, and Ventas Inc.’s guarantee of the Obligations continues in full force and effect.
Jan 7, 2026, 9:30 PM
Ventas, Inc. issues $500M 5.000% Senior Notes due 2036
VTR
Debt Issuance
- 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.
Dec 4, 2025, 9:52 PM
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
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
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
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
Quarterly earnings call transcripts for Ventas.
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