Ventas reported results for the quarter ended June 30, 2026, with Normalized FFO of $0.97 per share (up 9% YoY) and Nareit FFO of $0.99 per share (up 15% YoY). Net income attributable to common stockholders was $70.6 million, or $0.14 per diluted share, and the company raised its full-year 2026 guidance reflecting increased senior housing investment activity. Ventas also reported Total Company Same-Store Cash NOI growth of 10% andSHOP Same-Store Cash NOI growth of 16% for the quarter.

Financial Highlights

  • Net income attributable to common stockholders: $70.6 million for Q2 2026; $0.14 per diluted share.
  • Nareit FFO attributable to common stockholders: $0.99 per diluted share for Q2 2026 (15% YoY increase).
  • Normalized FFO attributable to common stockholders: $0.97 per diluted share for Q2 2026 (9% YoY increase).
  • Total revenues for Q2 2026: $1,729.6 million (consolidated).
  • Net Debt / Further Adjusted EBITDA: 4.7x as of June 30, 2026; liquidity of $4.9 billion as of quarter end.

Business Highlights

  • Senior Housing Operating Portfolio (SHOP) momentum: Same-Store Cash NOI rose 16% YoY, driven by 9% Same-Store Cash Operating Revenue growth, a 5% RevPOR increase and average occupancy improvement of 300 basis points YoY.
  • Investment activity focused on senior housing: $2.2 billion closed in Q2 and $3.4 billion year-to-date; company increased 2026 investment volume expectation to $4.5 billion (from prior $3.0 billion).
  • SHOP U.S. performance: U.S. SHOP Same-Store Cash NOI increased 18% YoY with average occupancy up 360 basis points YoY.
  • Capital formation: settled 31.4 million shares under equity forward sales agreements for gross proceeds of $2.6 billion year-to-date and had $1.6 billion of unsettled equity forwards, totaling $4.2 billion of equity capital capacity.
  • Operational scale and portfolio mix: approximately 1,450 properties across North America and the U.K., including more than 900 senior housing communities supporting the company’s growth strategy.

Original SEC Filing:

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