third quarter 2026
Filed Oct 27, 2026Ventas Reports 2026 Third Quarter Results
Normalized FFO per share increased 10% year-over-year to $0.99, SHOP Same-Store Cash NOI increased 16%, Total Company Same-Store Cash NOI increased 11%, and the Company increased its full-year 2026 guidance.
Actuals vs. the company’s prior outlook
from its previous release| Metric | Guided | Reported | Verdict |
|---|---|---|---|
| Full Year 2026 Attributable Net Income Per Share Range | $0.58 - $0.63 | $0.64 - $0.67 | above |
| Full Year 2026 Nareit FFO Per Share Range | $3.76 - $3.81 | $3.83 - $3.86 | above |
| Full Year 2026 Normalized FFO Per Share Range | $3.85 - $3.90 | $3.87 - $3.90 | in line |
| Full Year 2026 investment assumption | Expect to close $4.5 billion of investments focused on senior housing | October YTD completed investments of $5.2 billion focused on senior housing | above |
| Full Year 2026 disposition and loan repayment proceeds assumption | ~$700 million at a ~7% blended yield | ~$700 million at a ~7% blended yield | in line |
| Full Year 2026 interest expense assumption | ~$646 million at midpoint | ~$648 million at midpoint | n/a |
| Full Year 2026 interest and other income assumption | ~$8 million at midpoint | ~$9 million at midpoint | n/a |
| Full Year 2026 weighted average diluted share count assumption | 506 million | 509 million | n/a |
| Full Year 2026 FAD capital expenditures assumption | ~$400 million at midpoint | ~$400 million at midpoint | in line |
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenues, three months ended September 30, 2026 (in thousands)GAAP | $1.83B | – | – |
| Total revenues, nine months ended September 30, 2026 (in thousands)GAAP | $5.22B | – | – |
| Total expenses, three months ended September 30, 2026 (in thousands)GAAP | $1.78B | – | – |
| Total expenses, nine months ended September 30, 2026 (in thousands)GAAP | $5.08B | – | – |
| Income before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests, three months ended September 30, 2026 (in thousands)GAAP | $52.63M | – | – |
| Income before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests, nine months ended September 30, 2026 (in thousands)GAAP | $142.3M | – | – |
| Net income, three months ended September 30, 2026 (in thousands)GAAP | $67.28M | – | – |
| Net income, nine months ended September 30, 2026 (in thousands)GAAP | $198.5M | – | – |
| Net income attributable to common stockholders, three months ended September 30, 2026 (in thousands)GAAP | $65.38M | – | (1%) |
| Net income attributable to common stockholders, nine months ended September 30, 2026 (in thousands)GAAP | $191.9M | – | – |
| Diluted net income attributable to common stockholders per share, three months ended September 30, 2026GAAP | $0.13 | – | (7%) |
| Diluted net income attributable to common stockholders per share, nine months ended September 30, 2026GAAP | $0.38 | – | – |
| Nareit FFO attributable to common stockholders, three months ended September 30, 2026 (in thousands)non-GAAP | $524.6M | – | 28% |
| Nareit FFO attributable to common stockholders per share, three months ended September 30, 2026non-GAAP | $1.01 | – | 15% |
| Normalized FFO attributable to common stockholders, three months ended September 30, 2026 (in thousands)non-GAAP | $514.2M | – | 24% |
| Normalized FFO attributable to common stockholders per share, three months ended September 30, 2026non-GAAP | $0.99 | – | 10% |
| Total Company NOI, three months ended September 30, 2026 (in thousands)non-GAAP | $723.5M | – | 18% |
| Total Company Cash NOI, three months ended September 30, 2026 (in thousands)non-GAAP | $694.0M | – | – |
| Total Company Same-Store Cash NOI, three months ended September 30, 2026 (in thousands)non-GAAP | $577.6M | – | 10.6% |
| SHOP Same-Store Cash NOI, three months ended September 30, 2026 (in thousands)non-GAAP | $318.3M | – | 15.5% |
| OM&R Same-Store Cash NOI, three months ended September 30, 2026 (in thousands)non-GAAP | $141.6M | – | 2.5% |
| NNN Same-Store Cash NOI, three months ended September 30, 2026 (in thousands)non-GAAP | $117.6M | – | 8.4% |
| SHOP Same-Store Cash Operating Revenue, three months ended September 30, 2026 (in thousands)non-GAAP | $1.04B | 1.7% | 8.3% |
| Adjusted EBITDA, three months ended September 30, 2026 (in thousands)non-GAAP | $697.0M | – | – |
| Further Adjusted EBITDA, three months ended September 30, 2026 (in thousands)non-GAAP | $711.5M | – | – |
| Further Adjusted EBITDA annualized, three months ended September 30, 2026 (in thousands)non-GAAP | $2.85B | – | – |
| Net Debt, three months ended September 30, 2026 (in thousands)non-GAAP | $12.66B | – | – |
| Net Debt / Further Adjusted EBITDA, three months ended September 30, 2026non-GAAP | 4.4 x | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Senior Housing Operating Portfolio (SHOP)SHOP Same-Store Cash NOI increased 16% year-over-year; Same-Store RevPOR grew 5%, average occupancy grew 290 basis points year-over-year, and Same-Store Cash NOI margin grew 190 basis points year-over-year. | $1,450,802 | – | – |
| Outpatient medical and research portfolio (OM&R)Same-Store Cash NOI increased 2.5%. | $233,239 | – | – |
| Triple-net leased properties (NNN)Same-Store Cash NOI increased 8.4%. | $129,484 | – | – |
| Third-party capital managementThird-party capital management revenues were reported for the three months ended September 30, 2026. | $4,140 | – | – |
| Income from loans and investmentsIncome from loans and investments was reported for the three months ended September 30, 2026. | $12,165 | – | – |
Full Year 2026 guidance as of October 27th, 2026 outlook
- NoteAttributable Net Income Per Share Range: $0.64 - $0.67
- NoteAttributable Net Income Per Share Midpoint: $0.66
- NoteNareit FFO Per Share Range: $3.83 - $3.86
- NoteNareit FFO Per Share Midpoint: $3.85
- NoteNormalized FFO Per Share Range: $3.87 - $3.90
- NoteNormalized FFO Per Share Midpoint: $3.89
- NoteNet income attributable to common stockholders: $324 to $339
- NoteNareit FFO attributable to common stockholders: $1,949 to $1,965
- NoteNormalized FFO attributable to common stockholders: $1,970 to $1,986
- NoteNormalized FFO year-over-year growth: 9% to 10%
- NoteWeighted average diluted shares: 509 million
- NoteOctober YTD completed investments: $5.2 billion focused on senior housing
- NoteDisposition and loan repayment proceeds: ~$700 million at a ~7% blended yield
- NoteInterest expense: ~$648 million at midpoint
- NoteInterest and other income: ~$9 million at midpoint
- NoteCash income tax expense: ~$14 million to ~$16 million
- NoteFAD capital expenditures: ~$400 million at midpoint
What drove it
- SHOP Same-Store Cash NOI increased 16% year-over-year, including 17% growth in the U.S.
- Same-Store RevPOR grew 5%, average occupancy grew 290 basis points year-over-year, and Same-Store Cash NOI margin grew 190 basis points year-over-year.
- The Company closed $1.2 billion of senior housing investments in the third quarter and $5.2 billion year to date.
- The increase in guidance was primarily the result of 2026 accretive senior housing investment activity.
- Net Debt-to-Further Adjusted EBITDA improved through SHOP NOI growth and equity-funded senior housing investments.
Concerns
- Attributable Net Income per share was $0.13, compared with $0.14 in the prior-year quarter.
- Net income attributable to common stockholders was $65,380 (in thousands), compared with $66,047 (in thousands) in the prior-year quarter.
- The guidance increase was partially offset by the impacts of interest rates and foreign exchange.
- Cash and cash equivalents were $202,009 (in thousands) as of September 30, 2026, compared with $741,067 (in thousands) as of December 31, 2025.
- The Company funded 2026 investment activity in part through equity forward sales agreements totaling $4.7 billion in equity capital.
What to watch
- Execution and returns from the October YTD completed investments of $5.2 billion focused on senior housing.
- SHOP occupancy, RevPOR and Same-Store Cash NOI margin trends.
- The pace of the actionable SHOP investment pipeline.
- Interest-rate and foreign-exchange impacts cited as partial offsets to the guidance increase.
- Progress in maintaining the improved Net Debt / Further Adjusted EBITDA ratio of 4.4 x.
Balance sheet and cash flow
- Cash and cash equivalents as of September 30, 2026: $202,009 (in thousands)
- Senior notes payable and other debt as of September 30, 2026: $12,436,652 (in thousands)
- Total assets as of September 30, 2026: $30,625,382 (in thousands)
- Total liabilities as of September 30, 2026: $14,272,962 (in thousands)
- Total equity as of September 30, 2026: $15,859,664 (in thousands)
- Liquidity as of September 30, 2026: $4.5 billion
- Year to date through September 30, 2026, the Company settled 47.3 million shares of common stock under equity forward sales agreements for gross proceeds of $3.9 billion.
- At September 30, 2026, the Company had $0.8 billion of unsettled equity forward sales agreements, totaling $4.7 billion in equity capital.
- Total Debt: $12,436,652 (in thousands)
- Net Debt: $12,658,364 (in thousands)
- Net Debt / Further Adjusted EBITDA: 4.4 x
Analysis
Ventas reported strong third-quarter operating performance led by senior housing. Normalized FFO attributable to common stockholders per share increased 10% year-over-year to $0.99, while Nareit FFO per share increased 15% to $1.01. GAAP results were weaker: diluted net income attributable to common stockholders per share was $0.13 versus $0.14 in the prior-year quarter, and net income attributable to common stockholders was $65,380 (in thousands) versus $66,047 (in thousands).
Property operating momentum was concentrated in SHOP. SHOP Same-Store Cash NOI increased 15.5%, with Same-Store Cash Operating Revenue increasing 8.3% year-over-year and 1.7% sequentially. Management cited 5% Same-Store RevPOR growth, 290 basis points of average occupancy growth and 190 basis points of Same-Store Cash NOI margin expansion. OM&R and NNN Same-Store Cash NOI rose 2.5% and 8.4%, respectively, while Total Company Same-Store Cash NOI increased 10.6%.
The Company continued to expand its senior-housing exposure, closing $1.2 billion of senior housing investments in the quarter and $5.2 billion year to date. Equity was a major funding source: Ventas settled 47.3 million shares under equity forward sales agreements for gross proceeds of $3.9 billion year to date through September 30, with $0.8 billion of unsettled agreements outstanding. Net Debt / Further Adjusted EBITDA improved to 4.4 x from 5.3 x in the prior-year quarter and 4.7 x in the prior quarter, while liquidity was $4.5 billion.
Ventas increased its full-year outlook. The Attributable Net Income per Share range rose to $0.64 - $0.67 from $0.58 - $0.63, and the Nareit FFO per Share range increased to $3.83 - $3.86 from $3.76 - $3.81. The Normalized FFO per Share range was revised to $3.87 - $3.90 from $3.85 - $3.90. Management attributed the increase primarily to accretive 2026 senior housing investment activity, partially offset by interest-rate and foreign-exchange impacts.
Management, verbatim
Ventas delivered strong enterprise results and growth in the third quarter, as we executed our 1-2-3 strategy and drove outperformance at scale. Our large and growing Senior Housing Operating Portfolio (“SHOP”) powered the Company’s organic property growth, and we used our differentiated platform, operating expertise and data advantages to generate results that significantly outperformed industry benchmarks.
Debra A. Cafaro, Ventas Chairman and CEO
Additionally, we are aggressively expanding our SHOP business through attractive acquisitions designed to increase our enterprise growth and enhance the Company’s multiyear growth outlook.
Debra A. Cafaro, Ventas Chairman and CEO
We are again raising our full year earnings guidance primarily because of our 2026 investment activity.
Debra A. Cafaro, Ventas Chairman and CEO
Not in the filing
stated, not guessed- Gross margin was not reported.
- Operating income was not reported.
- Operating margin was not reported.
- Cash flow from operating activities was not reported.
- Free cash flow was not reported.
- Dividends were not reported.
- Share repurchases were not reported.
- A cash-flow statement was not included.
- Quarterly revenue growth percentages for total revenue and reported revenue segments were not printed.
- Full-year 2026 revenue, gross margin, operating expenses and tax-rate guidance were not reported.
- A quantitative comparison of full-year prior guidance with full-year actual results is unavailable because full-year 2026 actual results were not reported.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.