Track market-moving stories before they get noisy

The 70 million baby boomers have just started turning 80, and five landlords are racing to collect on that wave. But their yields split into two very different stories about risk, and one of them just posted a nine-figure loss…

Senior housing landlords are now collecting on the largest age wave in U.S. history. On the company’s July 30, 2026 earnings call, Ventas (NYSE:VTR) CEO Debra A. Cafaro said: “The leading edge of the nearly 70 million baby boomers has just begun turning 80 this year, ushering in a decade where the growth rate of the senior population more than doubles.” She also laid out the supply gap in one line: “There were a little over 1,000 starts this quarter, and 2 million people are turning 80 just in 2026.”

All five REITs below are equity REITs. They own buildings and collect rent or operating income. That sets them apart from mortgage REITs, which hold property loans and carry interest rate and credit risk that landlords avoid. (Some of these REITs do make loans to operators, and we flag that below.) Their yields split them into two groups. Welltower (NYSE:WELL) and Ventas are large owners of private-pay senior housing, and the market prices them for growth. CareTrust REIT (NYSE:CTRE), Sabra Health Care REIT (NASDAQ:SBRA), and LTC Properties (NYSE:LTC) pay more because more of their income comes from skilled nursing operators, who depend on Medicare and Medicaid. Every dividend-safety read below uses funds from operations (FFO) or adjusted FFO/funds available for distribution (FAD). Those REIT cash-flow measures add back depreciation, which makes a GAAP earnings payout ratio misleading for property owners.

REIT
Price
Dividend Yield
Annualized Dividend
Payout vs. 2026 Guidance Midpoint

Welltower
$237.38
1.31%
$3.40
About 53% of Normalized FFO

Ventas
$86.55
2.34%
$2.08
About 54% of Normalized FFO

CareTrust REIT
$36.85
4.07%
$1.56
About 76% of Normalized FAD

Sabra Health Care REIT
$19.57
6.18%
$1.20
About 75% of Normalized AFFO

LTC Properties
$43.48
5.43%
$2.28
About 80% of Core FAD

Welltower: A Fresh Dividend Hike With Half the Cash Flow Left Over
What it owns: Welltower is the biggest name in the group, with a market cap of about $170.8 billion. It owns operating and triple-net senior housing, outpatient medical buildings, and long-term/post-acute care properties. Its senior housing operating portfolio (SHOP) produced about 70% of total NOI in the second quarter. The company expanded into Canada by acquiring Amica Senior Lifestyles, which added 38 communities worth C$4.1 billion on a pro rata basis. That deal closed on April 1, 2026.

Demand background: SHOP same-store NOI grew 20.5% in Q2. Same-store occupancy rose to 89.4% from 86.1%, and revenue per occupied room (RevPOR) increased 5.2%. Management called it the 15th consecutive quarter of NOI growth above 20%.

Yield and coverage: The stock yields 1.31%. Welltower raised its quarterly dividend 15% to $0.85, which was its 221st consecutive quarterly dividend. Against full-year Normalized FFO guidance of $6.36 to $6.44 per share, the $3.40 annualized payout uses about 53% of FFO. Leverage is also light, with net debt to adjusted EBITDA at 2.99x.

Bull case: Welltower’s customers have the money to keep paying higher rents. CEO Shankh S. Mitra put it this way on the call: “We serve the wealthiest age cohorts in history, with a significant concentration of wealth held by the baby boomer generation.” The company has completed or signed about $15.5 billion of investments so far this year. Investors have already priced in much of that growth: shares are up 29.25% year to date.

Risk: In a SHOP structure, Welltower bears operating costs directly, so the health of the operator workforce matters. Mitra said long-term labor availability remains a concern because the labor force is shrinking and there are fewer family caregivers. If wage inflation outpaces RevPOR, the margin story starts to unwind.

Ventas: Payout Growth Backed by an Occupancy Runway
What it owns: Ventas, with a market cap of about $44.4 billion, reports three segments: SHOP, Outpatient Medical and Research, and Triple-Net Leased Properties. Management expects SHOP to make up 60% of a $60 billion enterprise by year-end.

Demand background: SHOP same-store cash NOI grew 16.3% in Q2, and U.S. SHOP grew 18%. U.S. same-store occupancy rose 360 basis points, and RevPOR increased 5%. U.S. senior housing occupancy remains at only 87%, leaving room for further gains.

Yield and coverage: The stock yields 2.34%. The quarterly dividend is $0.52, up from $0.48 through 2025, for an annualized $2.08. Full-year Normalized FFO guidance rose to $3.85-$3.90 per share, so the payout uses about 54% of FFO at the center. Net debt to adjusted EBITDA improved to 4.7x from 5.6x. Retirees should know the history, though. Ventas cut its quarterly payout from $0.7925 to $0.45 in 2020, and the current dividend is still below that pre-pandemic level.

Bull case: Fuller buildings earn significantly more. Justin Hutchens, who runs the senior housing business, said: “The communities currently 90% or more occupied delivered 25% NOI growth.” Ventas raised its 2026 investment target to $4.5 billion, with an average expected year-one yield of 6.6%.

Risk: Much of the growth depends on operator turnarounds. Non-same-store assets, a large share of them former Brookdale communities now moving to new operators, account for about 25% of SHOP NOI. Ventas is also funding growth with equity: it has raised $4.2 billion, and $1.6 billion of that is still pending. If the turnarounds stall, those new shares dilute existing holders.

CareTrust REIT: Skilled Nursing Income With Low Leverage
What it owns: CareTrust’s portfolio leans toward triple-net skilled nursing. It also has a growing book of senior housing leases, a small SHOP segment, and U.K. care homes acquired through Care REIT plc, which make up about 18% of annualized rent. The portfolio includes 628 properties and 58,775 beds/units. Its loans, which add credit exposure, go almost entirely to skilled nursing operators and usually come attached to purchase options on the real estate.

Operator health: Because CareTrust collects rent from operators, the key measure is EBITDARM coverage: operator earnings before interest, taxes, depreciation, amortization, rent, and management fees, divided by rent. It was at 3.21x for skilled nursing and 2.16x for senior housing. CareTrust collected 100% of contractual rent and interest. Stabilized portfolio occupancy was 83.9%.

Yield and coverage: The stock yields 4.07% on a $0.39 quarterly dividend. The company puts its payout at about 76% of Normalized FAD, and full-year FAD guidance is $2.01 to $2.04 per share. Net debt to normalized run-rate EBITDA is just 1.0x, and the company has no scheduled debt maturities before 2028.

Bull case: CareTrust is growing FFO per share faster than anyone else in this group. Normalized FFO guidance of $2.03 to $2.06 means 16.2% growth over 2025 at the center. It closed $899.6 million in Q2 investments at a combined stabilized yield of 8.9%. Chief Investment Officer James Callister explained the math behind favoring skilled nursing: stabilized SHOP assets trade at “mid- to low-5 cap,” while “SNF and other opportunities” offer yields in the “high-8s or 9s.”

Risk: Medicare and Medicaid reimbursement, along with federal staffing rules such as the CMS minimum staffing requirement, ultimately decide whether operators can pay rent. CEO David Sedgwick called the environment “stable from a regulatory and reimbursement standpoint,” but CareTrust still recorded a $4.67 million provision for loan losses in Q2.

Sabra Health Care REIT: An Ultra-High Yield With a Write-Down in the Numbers
What it owns: Sabra owns skilled nursing and transitional care facilities, leased and managed senior housing, behavioral health hospitals, and specialty hospitals. CEO Rick Matros said the company will soon be “roughly 95% senior housing and skilled nursing.”

Demand background: Same-store managed senior housing cash NOI grew 13.7%. Managed portfolio occupancy rose to 85.4% from 82.8%, and margin extended to 31.2% from 27.3%. Skilled nursing EBITDARM coverage reached 2.49x.

Yield and coverage: At 6.18%, Sabra is the only ultra-high-yield name here, so check coverage first. The quarterly dividend of $0.30 was 75% of Q2 Normalized AFFO. Full-year Normalized AFFO guidance is $1.59 to $1.61 per share, and Normalized FFO guidance of $1.53 to $1.55 means about a 78% FFO payout. GAAP results show why earnings payout ratios mislead for REITs. Sabra posted a GAAP loss of $0.10 per share, mostly because of a non-cash $102.4 million loan-loss provision, while Normalized FFO came in at $0.38. The dividend has held at $0.30 since Sabra cut it from $0.45 in 2020.

Bull case: The combined SHOP portfolio grew from 73 to 94 properties over the past year. Year-to-date investments total about $599 million at a 7.5% initial cash yield. The Avamere rent reset lifted annualized fixed cash rent to $48 million from $41 million. On reimbursement, the final Medicare market basket came in at 2.4%, and management expects Medicaid rates to rise about 2%.

Risk: Operator credit is the main risk. The $102.4 million reserve shows how fast a struggling tenant or borrower can hit results. With 51.1% of its debt at variable rates, Sabra also has less room to bear that kind of hit if borrowing costs rise.

LTC Properties: A Monthly Payer Moving Out of Skilled Nursing
What it owns: LTC, the smallest REIT here with a market cap of about $2.3 billion, is moving quickly from triple-net skilled nursing into SHOP. It now has 39 SHOP communities run by 12 operators. Management expects SHOP to reach about 50% of NOI by year-end and 75% by the end of 2028. Skilled nursing, which made up more than 50% of NOI in 2024, is expected to fall to the low-20s range.

Demand background: The core 27-property SHOP portfolio averaged 90.0% occupancy with a 26.9% NOI margin and produced $13.3 million of NOI.

Yield and coverage: LTC is a high-yield name at 5.43%. It pays $0.19 monthly, or $2.28 a year, and that rate has not changed since 2020. Against Core FFO guidance of $2.76 to $2.78, the payout is about 82%. Against Core FAD of $2.83 to $2.85, it is about 80%. The dividend is covered, but LTC has the smallest buffer in the group. Co-CEO Pam Kessler described this year’s growth this way: “This has been a heavy lift transformation year, turning over the portfolio as we did, and the 1.5% growth this year is the price we paid for that investment.”

Bull case: LTC raised its SHOP investment guidance by 50% to $900 million, and it expects $730 million from asset sales and loan repayments to help fund the shift. Debt to annualized adjusted EBITDA is 4.2x. The market has rewarded the change: shares are up 32.75% year to date.

Risk: LTC now depends on how well its operators run the buildings. Core portfolio occupancy is about 90 basis points behind internal projections. Standalone memory care, which accounts for roughly 30% to 32% of core units, can swing from quarter to quarter.

Yields Rise as the Cushion Shrinks
Welltower and Ventas pay out roughly half of their FFO and raised their dividends within the past year. Sabra and LTC pay out 75% to 82% of cash flow, and neither has raised its dividend since 2020. CareTrust falls between the two groups, combining a sub-80% FAD payout with the lowest leverage on the list. Across these five, the extra yield is what the market pays investors to take on skilled nursing operator and reimbursement risk, so check FFO and FAD coverage before the yield (we wrote up the seven warning signs that a big yield is about to be cut in a free report here: Dividend Traps).

Contact [email protected] for any questions or corrections.

Ventas (NYSE: VTR - Get Free Report) is anticipated to issue its Q3 2026 results after the market closes on Tuesday, October 27th. Analysts expect Ventas to announce earnings of $0.1621 per share and revenue of $1.77 billion for the quarter. Individuals are encouraged to explore the company's upcoming Q3 2026 earnings report page for the

Getting big returns from financial portfolios, whether through stocks, bonds, ETFs, other securities, or a combination of all, is an investor's dream. However, when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.

While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yield, a metric that measures the dividend as a percent of the current stock price. Many academic studies show that dividends make up large portions of long-term returns, and in many cases, dividend contributions surpass one-third of total returns.

Based in Chicago, Ventas (VTR - Free Report) is in the Finance sector, and so far this year, shares have seen a price change of 5.14%. The seniors housing real estate investment trust is paying out a dividend of $0.52 per share at the moment, with a dividend yield of 2.56% compared to the REIT and Equity Trust - Other industry's yield of 4.41% and the S&P 500's yield of 1.43%.

Looking at dividend growth, the company's current annualized dividend of $2.08 is up 8.3% from last year. Over the last 5 years, Ventas has increased its dividend 1 times on a year-over-year basis for an average annual increase of 0.70%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. Ventas's current payout ratio is 57%, meaning it paid out 57% of its trailing 12-month EPS as dividend.

Earnings growth looks solid for VTR for this fiscal year. The Zacks Consensus Estimate for 2026 is $3.89 per share, with earnings expected to increase 11.78% from the year ago period.

Investors like dividends for many reasons; they greatly improve stock investing profits, decrease overall portfolio risk, and carry tax advantages, among others. But, not every company offers a quarterly payout.

For instance, it's a rare occurrence when a tech start-up or big growth business offers its shareholders a dividend. It's more common to see larger companies with more established profits give out dividends. During periods of rising interest rates, income investors must be mindful that high-yielding stocks tend to struggle. With that in mind, VTR is a compelling investment opportunity. Not only is it a strong dividend play, but the stock currently sits at a Zacks Rank of #3 (Hold).

Five senior housing REITs all raised their dividends in 2026, but the cash flow cushions behind those payouts vary wildly, and at least one carries a tenant whose survival is already in question.

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Every REIT in this senior housing and skilled nursing roster raised its quarterly dividend during 2026, so the useful question is how much cash flow stands behind each payout, and who carries the risk when an operator stumbles. The demand driver is real: Ventas said two million people are turning 80 in 2026, while new supply stays historically thin. The five names below are all equity REITs that own buildings. None is a mortgage REIT, so none carries the rate-spread and credit-book risk that mREITs do. Dividend safety here is measured on funds from operations (FFO), adjusted FFO (AFFO), or funds available for distribution (FAD), the cash-flow measures REITs pay from, instead of a GAAP earnings payout ratio.

Welltower: Widest FFO Cushion in the Group, Biggest Operating Exposure The largest senior housing REIT is Welltower (NYSE:WELL), with a market cap of about $166.9B. It owns seniors housing operating communities, seniors housing triple-net properties, outpatient medical buildings, and skilled nursing and rehabilitation facilities across the US, UK, and Canada. The operating piece dominates: SHOP contributed approximately 70% of total NOI in the second quarter.

That mix matters for anyone holding this stock in retirement. In a triple-net lease, the operator pays the REIT a fixed rent plus taxes, insurance, and maintenance. The landlord’s income is steady until the operator can no longer afford the rent. In an operating (SHOP or RIDEA) structure, the REIT keeps the community’s profits and bears its losses, paying a manager to run it. Occupancy and pricing gains flow straight to the REIT, and so do wage inflation and empty units. Welltower is mostly an operator-side owner, which is why its results swing harder in both directions.

Dividend and coverage: The quarterly dividend rose 15% to $0.85 from $0.74, the 221st consecutive quarterly dividend. The annualized forward payout is $3.40 for each share, with shares trading at $231.54. Welltower does not publish a company-wide AFFO figure, so coverage is read from normalized FFO guidance of $6.36 to $6.44 per diluted share, putting the payout at roughly 53% of FFO at the midpoint. That is the deepest buffer on this list.

Bull case: Same-store SHOP NOI grew 20.5%, same-store occupancy reached 89.4% (up from 86.1%), and RevPOR rose 5.2%. SHOP operating margin expanded 300 basis points to over 32%, exceeding pre-COVID levels, and 93.0% of revenue comes from private pay, which limits government reimbursement exposure. Shares are up 26.07% year to date.

Risk: integration at scale. Welltower owns approximately 2,500 assets and expects to add 600 to 700 this year, many bought at roughly 75% occupancy. Its operating platform, WBS, runs across about 250 communities, with another three years needed to reach the existing portfolio. Management framed it simply: “Closing an acquisition is not the culmination of the work. It is the moment the work begins.” Retirees should also remember that the payout was reset from $0.87 to $0.61 in 2020. Operating exposure cuts both ways.

Ventas: Strong Occupancy Gains Funded With a Lot of New Stock Ventas (NYSE:VTR), with a market cap of about $43.9B, runs three segments: a senior housing operating portfolio, outpatient medical and research, and triple-net leased properties. SHOP is projected to account for 60% of a $60 billion enterprise by year-end 2026, so Ventas is moving deeper into the operator-side model that Welltower already adopts.

Dividend and coverage: Ventas declared a quarterly dividend of $0.52 on September 14, 2026, payable October 15, 2026, up from $0.48 through 2025. The annualized forward payout is $2.08 against a share price of $85.69. Second-quarter normalized FFO of $0.97/share compares with that $0.52 quarterly payment, and full-year normalized FFO guidance was raised to $3.85–$3.90/share, or 8%–10% growth. The dividend stands comfortably inside FFO. Every payout in this group now competes with a 10-year Treasury paying 5.24%, the high of the past year.

Bull case: US SHOP NOI grew 18% with 360 basis points of occupancy growth year-over-year. Communities already at 90% or more occupancy delivered 25% NOI growth, a sign that full buildings keep compounding. Leverage improved to 4.7x from 5.6x. Chief executive Debra A. Cafaro put the setup this way: “Demographic demand is strong and getting stronger as the baby boomers begin turning 80 this year. Meanwhile, new supply remains at historic lows, setting up a compelling multiyear runway for growth.”

Risk: dilution. Ventas is funding growth primarily with equity. Year-to-date equity raised was $4.2 billion, including $1.6 billion currently unsettled, and investment guidance rose to $4.5 billion. Each new share needs its own piece of FFO, so the per-share growth math only works if acquisitions keep producing. Shares have slipped 6.67% over the past month. Like Welltower, Ventas lowered its payout in 2020, from $0.7925 to $0.45.

Omega Healthcare: Thinnest AFFO Cushion, Improving Tenant Credit Omega Healthcare Investors (NYSE:OHI) is a skilled nursing-focused triple-net landlord with a growing senior housing operating portfolio, carrying a market cap of about $13.85B. Here the operator carries the day-to-day risk, and Omega’s exposure shows up in one number: rent coverage, the operator’s cash flow divided by its rent. Trailing 12-month operator EBITDA coverage was 1.65 times, up from 1.58 times at the end of 2025. Operator occupancy stands at 82.6%.

Dividend and coverage: The quarterly dividend rose to $0.68 from $0.67, the first increase since the payout reached $0.67 in 2019. The annualized forward rate is $2.72 against a share price of $46.39. Full-year AFFO guidance was raised to $3.22 to $3.26 per share, putting the payout at about 84% of AFFO at the midpoint. Second-quarter FAD was $0.78 per share. The dividend is covered, with the least room of any name here.

Operator concentration, explained: When one operator pays a large share of a landlord’s rent, that operator’s balance sheet effectively becomes part of the REIT’s. Omega is focusing into its best tenants on purpose, moving the troubled Laurels portfolio, which ran at 0.87 times coverage, to Sabre and HHC with “no negative FAD impact related to this transaction.” Management said it “won’t let diversification be the defining decision” when growing with strong partners.

Bull case: Omega sold assets at an effective 6.7% cap rate and expects triple-net deals to return low double digits and RIDEA deals low to mid-teens. Leverage is at 3.3 times, and management said “6-7% annualized FAD growth is eminently achievable.”

Risk: Genesis. With Genesis Healthcare in Chapter 11, Omega’s guidance includes approximately $148 million in Genesis loans expected to be repaid when the bankruptcy concludes, with closing expected by the end of the year. A delay or shortfall lands directly on AFFO at a company with the tightest buffer in the group. Leadership also changes hands: Taylor Pickett called the July call his “100th and final Omega earnings call,” with Matthew Gourmand set to lead.

CareTrust: Deep Tenant Coverage and the Fastest Dividend Growth CareTrust REIT (NYSE:CTRE), with a market cap of about $8.66B, owns 628 properties with 58,775 beds/units, mostly skilled nursing and senior housing on triple-net leases, plus a small new operating segment. Its tenants look well-cushioned: stabilized EBITDARM coverage is 3.21x (SNF) / 2.16x (senior housing), with 100% rent/interest collection.

Dividend and coverage: The quarterly dividend is $0.39, up from $0.335, with the next payment on October 15, 2026. The annualized rate is $1.56 against a share price of $36.70. On normalized FAD, the payout runs at approximately 76%, with full-year normalized FAD guidance raised to $2.01 to $2.04 per share. The payout has risen every year in the supplied history, from $0.16 in 2015 to today’s rate.

Bull case: CareTrust deployed about $1.5 billion year to date, including roughly $900 million in the second quarter at an 8.9% blended stabilized yield. Net debt to normalized EBITDA was just 1.0 times, with no debt maturities before 2028. Chief executive Dave Sedgwick said the company would rather have “an excellent operator in a B market than settle for a mediocre operator in a great market.”

Risk: growth outpacing underwriting. Loans made up about $240 million of year-to-date investments, and the company reserved a $4.67M provision for loan losses in Q2. With the UK now about 18% of yearly rent, currency swings also reach the dividend. The stock has eased 5.97% over the past month.

National Health Investors: Covered Payout, Shrinking Guidance, a Tenant on Watch National Health Investors (NYSE:NHI), the smallest name here at about $3.22B, is mid-transformation from triple-net landlord to operator-side owner. SHOP investment grew 137% to about $850 million, or 24% of the company, with a goal of 40% to 50%. Triple-net coverage remains healthy at 1.62 for senior housing and 2.66 for skilled nursing.

Dividend and coverage: NHI raised its quarterly dividend to $0.94 from $0.92, payable November 6, 2026 to holders of record on September 30, 2026. The annualized rate is $3.76 against a share price of $65.70. Normalized FFO guidance was cut to $4.74–$4.79 from $4.94–$4.99 after the NHC portfolio sale, leaving the payout at about 79% of FFO. FAD grew 5.8% to $61.6 million. Income investors should know this payout was reset from $1.1025 to $0.90 in 2021.

Bull case: The $560 million NHC sale brought net leverage down to 4.1 times times EBITDA, and liquidity stood at about $792.4 million, with about $334 million available for tax-deferred reinvestment. Chief executive Eric Mendelsohn said, “we’ll do everything we can to avoid the special dividend,” indicating the proceeds go back into property. Shares are down 11.94% year to date, the only name in this group in negative territory.

Risk: Bickford. Bickford Senior Living is on a cash basis with going-concern uncertainty, yet its annual base rent was reset upward to $38.4 million from $35 million. That is a large rent stream riding on a tenant whose survival is in question, at a company already bears an FFO step-down.

Where the Coverage Math Lands Welltower and CareTrust offer the most cash flow behind each dividend dollar, at roughly 53% of normalized FFO and 76% of FAD. Ventas pairs solid FFO coverage with heavy dilution, while Omega’s 84% AFFO payout leaves the least room for a Genesis setback. NHI’s payout is covered today, but the Bickford situation and a lowered FFO guide make it the name to monitor closest through the next two quarterly reports. A high headline yield is only as good as the cash flow behind it, which is the whole reason we listed the seven warning signs of a dividend about to be cut in a free report.

Contact [email protected] for any questions or corrections.

Ventas is rated a buy yet again, supported by four consecutive earnings beats and positive FFO trends amid strong sector tailwinds. VTR's geographically diverse portfolio, ambitious 2026 investment target, and scale in senior housing and outpatient care underpin its growth thesis. Dividend coverage is robust at 1.9x, with a conservative 52% payout ratio, though yield is below sector median.

Welltower, AGNC Investment, Ventas, Prologis, and Realty Income are the five Real Estate stocks to watch today, according to MarketBeat’s stock screener tool. Real estate stocks are shares of publicly traded companies that own, develop, manage, or finance real estate properties. For stock market investors, they provide a way to gain exposure to the real estate sector, often through real estate investment trusts (REITs), which may generate income by distributing rental or property-related earnings as dividends. These companies had the highest dollar trading volume of any Real Estate stocks within the last several days.

Welltower (WELL) Welltower Inc. (NYSE:WELL), a real estate investment trust (“REIT”) and S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. Welltower invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate infrastructure needed to scale innovative care delivery models and improve people’s wellness and overall health care experience.

Read Our Latest Research Report on WELL AGNC Investment (AGNC) AGNC Investment Corp., formerly American Capital Agency Corp., is a real estate investment trust. The Company invests in agency residential mortgage-backed securities on a leveraged basis. Its investments consist of residential mortgage pass-through securities and collateralized mortgage obligations (CMOs) for which the principal and interest payments are guaranteed by a government-sponsored enterprise, such as the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), or by the United States Government agency, such as the Government National Mortgage Association (Ginnie Mae) (collectively, GSEs).

Read Our Latest Research Report on AGNC

Ventas (VTR) Ventas Inc. (NYSE: VTR) is a leading S&P 500 real estate investment trust focused on delivering strong, sustainable shareholder returns by enabling exceptional environments that benefit a large and growing aging population. The Company's growth is fueled by its senior housing communities, which provide valuable services to residents and enable them to thrive in supported environments.

Read Our Latest Research Report on VTR

Prologis (PLD) Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At March 31, 2024, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 1.2 billion square feet (115 million square meters) in 19 countries.

Read Our Latest Research Report on PLD

Realty Income (O) Realty Income, The Monthly Dividend Company, is an S&P 500 company and member of the S&P 500 Dividend Aristocrats index. We invest in people and places to deliver dependable monthly dividends that increase over time. The company is structured as a real estate investment trust (“REIT”), and its monthly dividends are supported by the cash flow from over 15,450 real estate properties (including properties acquired in the Spirit merger in January 2024) primarily owned under long-term net lease agreements with commercial clients.

Read Our Latest Research Report on O

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Two million Americans turn 80 in 2026, and the senior housing industry is nowhere near ready for what comes next. Three REITs are quietly capitalizing on a supply gap that took decades to build.

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Senior housing and skilled nursing sit at the intersection of the most predictable demand curve in real estate. Baby boomers are aging into the demand side of this trade faster than supply is being built, and the operating data now reflects it. Ventas management framed the setup bluntly on its Q2 call: “The leading edge of the nearly 70 million baby boomers has just begun turning 80 this year, ushering in a decade where the growth rate of the senior population more than doubles, yet new starts remain at record lows.” Three NYSE-listed equity REITs that own properties directly are positioned squarely for that gap: Ventas, Welltower, and Omega Healthcare Investors.

One structural point matters before the roster. Ventas and Welltower run large Senior Housing Operating Portfolios (SHOP or SHO) under a RIDEA structure, meaning the REIT captures net operating income directly and bears the operating exposure to occupancy, labor, and rate. Omega is primarily a triple-net landlord: tenants operate the buildings and pay contractual rent, so the REIT takes tenant credit and reimbursement risk instead of operating risk. Same demographic tailwind, very different transmission mechanism.

Ventas (VTR): SHOP Momentum With a Fortified Balance Sheet Ventas (NYSE:VTR | VTR Price Prediction) owns a senior housing operating portfolio, outpatient medical and research assets, and a smaller triple-net leased book. In Q2 2026, the segment mix was SHOP at $1.36 billion in revenue, Outpatient Medical & Research at $228.6 million, and triple-net at $124.9 million. Market cap sits near $46.2 billion, with shares last at $89.98 and a year-to-date (YTD) gain of 17.72%.

Demand is showing up in the operating metrics. SHOP same-store cash NOI grew 16.3% year over year (U.S. SHOP at 18%), with occupancy up 300 basis points and RevPOR up 5%. Ventas raised full-year 2026 guidance to Normalized FFO per share of $3.85 to $3.90, midpoint $3.88, representing 8% to 10% growth, and lifted its investment target to $4.5B, from $3B, focused on senior housing.

On dividend safety, the correct read is Normalized FFO coverage. The quarterly dividend is 52 cents per share, with an annualized forward of $2.08, sitting well beneath a full-year FFO midpoint of $3.88. The dividend has stepped up from 45 cents to 48 cents to 52 cents over the past two years.

Bull case: Ventas is deploying capital into private-market senior housing at an average expected year-one yield of 6.6% and average price per unit of $358,000, while its balance sheet has strengthened to 4.7x net debt to further adjusted EBITDA, from 5.6x. CEO Debra A. Cafaro described the setup as “an exceptional opportunity for outsized growth and value creation in the coming years.”

Risk: The SHOP model puts operating exposure on the REIT. Occupancy and rate are working now, but labor cost inflation, FX from UK and Canada exposure, and equity issuance dilution (31.4M shares settled for $2.6B year-to-date, plus $1.6B unsettled forwards) are the offsets to fund the investment ramp.

Welltower (WELL): The Scale Compounder in Senior Housing Welltower (NYSE:WELL) is the largest of the group at a ~$169.7 billion market cap, with shares last at $235.47 after a 28.29% YTD advance and a 41.89% one-year gain. The portfolio is anchored by Senior Housing Operating (SHO), with smaller triple-net senior housing, long-term/post-acute care, and outpatient medical exposure. Q2 SHO revenue was $3.03 billion, dominating the mix.

The operating engine is running hot. SHO same-store NOI grew 20.5% year over year, same-store occupancy hit 89.4% (up 330 basis points), RevPOR rose 5.2%, and 93.0% of SHO revenue is private-pay. Management noted this was the 15th consecutive quarter with NOI growth above 20%, with SHOP operating margin expanding 300 basis points to over 32%, surpassing pre-COVID levels.

Dividend safety again reads on Normalized FFO. Q2 Normalized FFO per share came in at $1.60, and 2026 guidance was raised to $6.36 to $6.44 per diluted share. Welltower declared a quarterly dividend of 85 cents, a 15% increase, marking the 221st consecutive quarterly dividend. Trailing 12-month distributions total $3.07 per share against an annualized forward of $3.40, comfortably below the FFO run rate.

Bull case: Welltower is compounding via M&A on top of organic growth. It closed the C$4.1 billion Amica Senior Lifestyles acquisition on April 1, with $15.5 billion in year-to-date pro rata gross investments closed or under contract. Net debt to adjusted EBITDA is at 2.99x, among the lowest leverage in the sector, giving management dry powder to keep rolling up discounted, lower-occupied assets. Management said the pipeline was acquired at approximately a 20% discount to replacement cost, with 96% of transactions off-market.

Risk: Execution and integration risk on the Amica deal, alongside operator credit exposure and the same labor-cost concerns that come with a RIDEA model. Management flagged labor availability directly: “From a long-term standpoint, availability of labor is something that I worry about just purely from numbers standpoint.”

Omega Healthcare (OHI): Triple-Net Skilled Nursing With a RIDEA Kicker Omega Healthcare Investors (NYSE:OHI) is the different animal in this roster. It is primarily a triple-net landlord to skilled nursing operators, with an emerging RIDEA senior housing segment. Market cap is ~$14.1B, with shares at $46.98 after a 10.64% YTD gain. Q2 revenue split was $324.4 million in triple-net investments and $5.4 million in the new RIDEA operating portfolio.

The relevant safety metric here is AFFO coverage. Q2 AFFO per share was 83 cents versus 77 cents in the prior year, and FAD per share was 78 cents, up 5.4% year over year. Full-year 2026 AFFO guidance was raised to $3.22 to $3.26 per diluted share, midpoint $3.24. Omega raised its quarterly dividend by a penny to 68 cents, with the annualized forward at $2.72 and a trailing 12-month total of $2.69.

Tenant credit is the bright line for triple-net skilled nursing. Trailing 12-month EBITDAR coverage improved to 1.65x from 1.55x, and operator occupancy sits at 82.6%. Retiring CEO Taylor Pickett described the environment as “the most favorable operating backdrop that I have known in my career,” and on the earnings call added that “the long anticipated baby boomer aging is here and is showing up in demand for both SNFs and senior housing.”

Bull case: Omega is redeploying $479.9 million in gross proceeds from the sale of 26 facilities into higher-quality operators and geographies, with stabilized unlevered returns targeted in the low double digits for triple-net deals and low to mid-teens for RIDEA deals. CFO commentary put a marker on growth: “6-7% annualized FAD growth is eminently achievable.” Balance sheet is conservative at 3.3x leverage with a 6.5x fixed charge coverage ratio.

Risk: Tenant credit and reimbursement policy. Genesis Healthcare has been in Chapter 11 since July 2025, with $148.5 million in loans outstanding expected to be repaid in Q4 2026, and Ciena Laurels ran EBITDAR coverage of only 0.87x. Medicaid and Medicare reimbursement, potential minimum staffing rules, and a CEO transition sit on top of that. The demand tailwind is real, but Omega’s payout is only as safe as the operators writing the rent checks.

Bottom Line Welltower is the scale play with the strongest current operating momentum and the lowest leverage. Ventas offers a similar SHOP-driven growth story at a smaller size, with an investment pipeline that just doubled. Omega is a different risk profile entirely: triple-net skilled nursing with operator credit exposure, priced accordingly, with the highest current cash yield of the three. The demographic setup, two million people turning 80 in 2026 against a little over 1,000 new starts in the quarter, is the multiyear anchor. Match the operating model to the risk tolerance, and read dividend safety on FFO or AFFO.

Contact [email protected] for any questions or corrections.

CHICAGO--(BUSINESS WIRE)--Ventas, Inc. (NYSE: VTR) today announced that its Board of Directors has declared a quarterly dividend of $0.52 per common share. The dividend will be payable in cash on October 15, 2026, to stockholders of record as of the close of business on September 30, 2026. About Ventas Ventas, Inc. (NYSE: VTR) is an S&P 500 company enabling exceptional environments that benefit a large and growing aging population. With approximately 1,450 properties in North America and th.

Arizona State Retirement System boosted its stake in shares of Ventas, Inc. (NYSE:VTR – Free Report) by 6.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 136,321 shares of the real estate investment trust’s stock after acquiring an additional 8,670 shares during the quarter. Arizona State Retirement System’s holdings in Ventas were worth $12,105,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of VTR. Deutsche Bank AG increased its holdings in Ventas by 0.7% during the 4th quarter. Deutsche Bank AG now owns 3,904,293 shares of the real estate investment trust’s stock valued at $302,114,000 after purchasing an additional 27,688 shares in the last quarter. Bank of New York Mellon Corp raised its position in Ventas by 2.5% in the 4th quarter. Bank of New York Mellon Corp now owns 2,868,962 shares of the real estate investment trust’s stock valued at $222,000,000 after purchasing an additional 70,459 shares during the last quarter. Norges Bank acquired a new position in Ventas in the fourth quarter worth $474,571,000. Sei Investments Co. boosted its stake in Ventas by 3.3% in the first quarter. Sei Investments Co. now owns 660,428 shares of the real estate investment trust’s stock worth $54,010,000 after purchasing an additional 21,378 shares in the last quarter. Finally, Cbre Investment Management Listed Real Assets LLC boosted its stake in Ventas by 5.8% in the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 1,851,968 shares of the real estate investment trust’s stock worth $143,305,000 after purchasing an additional 101,370 shares in the last quarter. 94.18% of the stock is currently owned by institutional investors and hedge funds.

Ventas Stock Down 0.6% Shares of VTR opened at $89.37 on Thursday. The business’s fifty day moving average price is $92.98 and its two-hundred day moving average price is $87.92. The firm has a market capitalization of $45.84 billion, a price-to-earnings ratio of 165.49, a PEG ratio of 3.51 and a beta of 0.70. Ventas, Inc. has a 52 week low of $66.54 and a 52 week high of $101.60. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.44 and a current ratio of 0.44.

Ventas (NYSE:VTR – Get Free Report) last released its earnings results on Wednesday, July 29th. The real estate investment trust reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.01. Ventas had a return on equity of 1.99% and a net margin of 4.08%.The company had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the previous year, the company posted $0.87 earnings per share. The firm’s quarterly revenue was up 21.7% on a year-over-year basis. On average, analysts predict that Ventas, Inc. will post 3.89 earnings per share for the current year. Wall Street Analysts Forecast Growth A number of brokerages have recently weighed in on VTR. Royal Bank Of Canada raised their target price on Ventas from $98.00 to $99.00 and gave the company an “outperform” rating in a research note on Friday, August 14th. Weiss Ratings raised Ventas from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, July 21st. The Goldman Sachs Group reissued a “buy” rating and set a $110.00 price objective on shares of Ventas in a report on Tuesday, May 19th. Scotiabank raised their price objective on shares of Ventas from $93.00 to $95.00 and gave the company a “sector perform” rating in a research report on Wednesday, September 2nd. Finally, Cantor Fitzgerald boosted their target price on shares of Ventas from $97.00 to $102.00 and gave the stock an “overweight” rating in a research note on Friday, July 31st. Fourteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Ventas presently has a consensus rating of “Moderate Buy” and an average price target of $99.00.

Get Our Latest Stock Analysis on Ventas

Ventas Company Profile (Free Report)

Ventas, Inc is a real estate investment trust (REIT) that owns and manages a diversified portfolio of healthcare and senior living properties. Its real estate platform includes senior housing communities, medical office buildings, life science and innovation centers, and other healthcare-related facilities.

The company generally leases or operates its properties through relationships with healthcare providers, senior living operators, universities, and research institutions. Its properties support services such as independent and assisted living, skilled nursing, outpatient care, physician practices, medical research, and biotechnology development.

Ventas serves major healthcare and life science markets in the United States and Canada.

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All investors love getting big returns from their portfolio, whether it's through stocks, bonds, ETFs, or other types of securities. But when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.

While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yield, a metric that measures the dividend as a percent of the current stock price. Many academic studies show that dividends account for significant portions of long-term returns, with dividend contributions exceeding one-third of total returns in many cases.

Headquartered in Chicago, Ventas (VTR - Free Report) is a Finance stock that has seen a price change of 18.98% so far this year. Currently paying a dividend of $0.52 per share, the company has a dividend yield of 2.26%. In comparison, the REIT and Equity Trust - Other industry's yield is 4.06%, while the S&P 500's yield is 1.39%.

Looking at dividend growth, the company's current annualized dividend of $2.08 is up 8.3% from last year. Over the last 5 years, Ventas has increased its dividend 1 times on a year-over-year basis for an average annual increase of 0.70%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. Ventas's current payout ratio is 57%, meaning it paid out 57% of its trailing 12-month EPS as dividend.

Looking at this fiscal year, VTR expects solid earnings growth. The Zacks Consensus Estimate for 2026 is $3.89 per share, which represents a year-over-year growth rate of 11.78%.

Investors like dividends for a variety of different reasons, from tax advantages and decreasing overall portfolio risk to considerably improving stock investing profits. However, not all companies offer a quarterly payout.

For instance, it's a rare occurrence when a tech start-up or big growth business offers its shareholders a dividend. It's more common to see larger companies with more established profits give out dividends. During periods of rising interest rates, income investors must be mindful that high-yielding stocks tend to struggle. With that in mind, VTR is a compelling investment opportunity. Not only is it a strong dividend play, but the stock currently sits at a Zacks Rank of #3 (Hold).

A month has gone by since the last earnings report for Ventas (VTR - Free Report) . Shares have added about 1.1% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Ventas due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent drivers for Ventas, Inc. before we dive into how investors and analysts have reacted as of late.

Ventas Q2 FFO & Revenues Beat Estimates on Strong SHOP GrowthVentas reported second-quarter 2026 normalized FFO per share of 97 cents, beating the Zacks Consensus Estimate of 96 cents by 1.04%. The metric increased 9% from the year-ago quarter.

Revenues climbed 21.7% year over year to $1.73 billion and surpassed the consensus estimate of $1.67 billion by 3.72%. Growth was led by the SHOP, where same-store cash NOI rose 16.3%.

Senior Housing Revenues Fuel the Top LineResident fees and services increased 32% year over year to $1.36 billion, accounting for most of the company’s revenue expansion. The increase reflected both portfolio growth and stronger same-store senior housing performance.

Rental income from the OM&R portfolio rose 3.5% to $228.6 million. However, rental income from triple-net leased properties declined 18.2% to $124.9 million.

SHOP Metrics Show Stronger DemandSHOP same-store average occupancy improved 300 bps year over year to 90.9%. Average monthly RevPOR increased 5% to $5,528, supporting an 8.6% rise in same-store cash operating revenues to $979.6 million.

Same-store SHOP operating expenses increased 4.9% to $621.1 million, while management fees rose 12.3% to $53.8 million. Revenue growth outpaced these costs, lifting the same-store cash NOI margin by 210 bps to 31.1%.

Same-Store NOI Rise Across Major SegmentsTotal company same-store cash NOI advanced 10.3% year over year to $563 million. SHOP remained the primary contributor, with same-store cash NOI increasing 16.3% to $304.7 million.

The OM&R portfolio generated same-store cash NOI of $142.7 million, up 4.6%. Its cash operating revenues rose 4.2% to $214.9 million, while the cash NOI margin expanded 30 bps to 66.4%.

Triple-net same-store cash NOI increased 3.1% to $115.6 million. Together, gains across all three operating segments supported the company’s double-digit same-store NOI growth.

Ventas Expands InvestmentsVentas closed $2.2 billion of senior housing investments during the second quarter, bringing year-to-date investment volume to $3.4 billion. Management expects these investments to enhance the company’s multiyear growth rate and generate attractive financial returns.

To fund its 2026 investment activity, Ventas settled 31.4 million shares of common stock under equity forward sales agreements year to date for gross proceeds of $2.6 billion. It also had $1.6 billion of unsettled equity forward sales agreements, bringing total equity capital to $4.2 billion.

Strengthens Leverage & LiquidityNet debt to further adjusted EBITDA improved to 4.7 times at quarter-end from 5.0 times sequentially and 5.6 times year-over-year. Management attributed the improvement to SHOP NOI growth and equity-funded senior housing investments.

Ventas ended June with $4.9 billion of available liquidity, including credit facility availability, cash and cash equivalents and unsettled equity forward sales agreements outstanding. Cash and cash equivalents totaled $199 million.

Raises 2026 FFO OutlookManagement raised its 2026 normalized FFO per-share guidance to $3.85-$3.90 from $3.82-$3.89. The midpoint increased to $3.88 from $3.86, primarily due to higher accretive senior housing investment activity.

The company reaffirmed expectations for SHOP same-store cash NOI growth of 15%-17%, supported by occupancy growth of roughly 300 bps and RevPOR growth of about 5%.

The updated outlook assumes total company same-store cash NOI growth of 9%-10.5%. The guidance also incorporates approximately $646 million of interest expense at the midpoint. The company raised its 2026 senior housing investment target to $4.5 billion from $3 billion.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a upward trend in estimates revision.

VGM ScoresCurrently, Ventas has a average Growth Score of C, a grade with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a score of D on the value side, putting it in the bottom 40% for value investors.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been trending upward for the stock, and the magnitude of this revision looks promising. Interestingly, Ventas has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry PlayerVentas belongs to the Zacks REIT and Equity Trust - Other industry. Another stock from the same industry, SL Green (SLG - Free Report) , has gained 7.9% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026.

SL Green reported revenues of $171.85 million in the last reported quarter, representing a year-over-year change of +16.5%. EPS of -$0.38 for the same period compares with $1.63 a year ago.

SL Green is expected to post earnings of $1.50 per share for the current quarter, representing a year-over-year change of -5.1%. Over the last 30 days, the Zacks Consensus Estimate has changed +19.4%.

SL Green has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of D.

Allworth Financial LP purchased a new position in Ventas, Inc. (NYSE:VTR – Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 26,486 shares of the real estate investment trust’s stock, valued at approximately $2,352,000.

Other institutional investors also recently added to or reduced their stakes in the company. Deutsche Bank AG lifted its holdings in Ventas by 0.7% during the fourth quarter. Deutsche Bank AG now owns 3,904,293 shares of the real estate investment trust’s stock worth $302,114,000 after buying an additional 27,688 shares during the period. Bank of New York Mellon Corp boosted its position in Ventas by 2.5% during the 4th quarter. Bank of New York Mellon Corp now owns 2,868,962 shares of the real estate investment trust’s stock valued at $222,000,000 after acquiring an additional 70,459 shares in the last quarter. Norges Bank purchased a new position in shares of Ventas in the 4th quarter valued at $474,571,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Ventas by 7.4% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,346,111 shares of the real estate investment trust’s stock valued at $104,095,000 after acquiring an additional 92,236 shares during the period. Finally, Cbre Investment Management Listed Real Assets LLC raised its position in shares of Ventas by 5.8% in the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 1,851,968 shares of the real estate investment trust’s stock worth $143,305,000 after acquiring an additional 101,370 shares in the last quarter. Hedge funds and other institutional investors own 94.18% of the company’s stock.

Ventas Trading Up 0.7% Ventas stock opened at $93.32 on Friday. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.86. Ventas, Inc. has a 12 month low of $66.38 and a 12 month high of $101.60. The stock’s 50 day simple moving average is $91.36 and its two-hundred day simple moving average is $87.08. The firm has a market cap of $47.87 billion, a PE ratio of 172.81, a P/E/G ratio of 2.14 and a beta of 0.69.

Ventas (NYSE:VTR – Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The real estate investment trust reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.01. Ventas had a net margin of 4.08% and a return on equity of 1.99%. The business had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.68 billion. During the same quarter last year, the company earned $0.87 EPS. The business’s revenue was up 21.7% on a year-over-year basis. Analysts anticipate that Ventas, Inc. will post 3.89 earnings per share for the current year. Insiders Place Their Bets In other news, Director Michael J. Embler acquired 2,500 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The stock was acquired at an average price of $78.81 per share, for a total transaction of $197,025.00. Following the completion of the transaction, the director owned 19,202 shares in the company, valued at approximately $1,513,309.62. The trade was a 14.97% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.53% of the company’s stock.

Wall Street Analyst Weigh In A number of equities research analysts recently weighed in on VTR shares. Weiss Ratings upgraded Ventas from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, July 21st. UBS Group boosted their target price on shares of Ventas from $85.00 to $93.00 and gave the stock a “neutral” rating in a report on Monday, May 4th. Royal Bank Of Canada raised their price target on shares of Ventas from $98.00 to $99.00 and gave the company an “outperform” rating in a report on Friday, August 14th. JPMorgan Chase & Co. lifted their price objective on shares of Ventas from $93.00 to $94.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. Finally, Raymond James Financial started coverage on shares of Ventas in a research note on Tuesday, June 16th. They set an “outperform” rating and a $94.00 price objective for the company. Fifteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Ventas has an average rating of “Moderate Buy” and a consensus price target of $98.00.

View Our Latest Stock Analysis on Ventas

Ventas Company Profile (Free Report)

Ventas, Inc (NYSE: VTR) is a real estate investment trust (REIT) that specializes in healthcare-related real estate. The company acquires, owns and manages a diversified portfolio of properties serving the healthcare continuum, including senior housing communities, skilled nursing facilities, medical office buildings, life science and research centers, and other properties leased to healthcare providers and operators. Ventas generates revenue through long-term leases, property management and selective development activities focused on meeting the real estate needs of the healthcare sector.

Ventas’ business model combines property ownership with active asset management and capital markets activity.

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CHICAGO--(BUSINESS WIRE)--Ventas, Inc. (NYSE: VTR) (“Ventas” or the “Company”) today announced the release of its 2025-2026 Corporate Sustainability Report (“CSR”). The report details the Company's corporate sustainability initiatives that support Ventas's business strategy; strengthen asset performance and resilience; and create long-term value amid increasing demand from a large and growing aging population. The CSR is available at https://www.ventasreit.com/csr2026. “As a leader in the longe.

Why Welltower's Growth Story Might Outrun Its Rich ValuationVentas NYSE: VTR raised its 2026 investment and earnings outlook after reporting second-quarter growth led by its senior housing operating portfolio, or SHOP, as occupancy gains and rent growth lifted property-level results.

Chairman and Chief Executive Officer Debra A. Cafaro said the company generated 10% total-company same-property net operating income, or NOI, growth in the quarter. U.S. SHOP NOI rose 18% year over year, accompanied by 360 basis points of occupancy growth, she said. Normalized funds from operations, or FFO, increased 9% from a year earlier to $0.97 per share.

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6 largest healthcare REITs to buy and how to invest The company increased its full-year normalized FFO guidance to a range of $3.85 to $3.90 per share, representing projected growth of 8% to 10%. Ventas also lifted its expected 2026 investment volume to $4.5 billion from $3 billion, primarily focused on senior housing.

Senior Housing Drives Operating Results Executive Vice President, Senior Housing and Chief Investment Officer Justin Hutchens said same-store SHOP NOI increased 16% year over year during the second quarter, with the U.S. portfolio contributing 18% growth. Same-store average occupancy rose 300 basis points across the portfolio and 360 basis points in the U.S.

Analysts See Strong Upside Trade for Undervalued REITsWithin NIC’s top 99 markets, Ventas’ same-store communities outperformed industry occupancy averages by about 150 basis points, according to Hutchens. Revenue per occupied room, or RevPOR, increased 5%, reflecting both in-place rent increases and higher move-in rents.

Same-store revenue grew nearly 9%, while operating expenses increased 5%. That combination expanded NOI margins by 210 basis points to 31%, while incremental margin flow-through reached 55%.

Hutchens said the company’s U.S. senior housing portfolio is 87% occupied, while its non-same-store portfolio is 83% occupied. The non-same-store group represents about 25% of SHOP NOI and includes acquisitions, transitions and redevelopment projects.

Ventas is maintaining its same-store SHOP NOI growth outlook of 16% at the midpoint. The company raised its full-year occupancy-growth target to 300 basis points from 270 basis points after a strong start to the year, and management said the May-through-September key selling season was tracking in line with its expectations.

Hutchens highlighted performance at more highly occupied communities as evidence of further opportunity. The approximately half of U.S. same-store communities that were at least 90% occupied posted 25% NOI growth and 6% RevPOR growth. About 10% of the company’s SHOP communities were at or near full occupancy, and those U.S. properties were producing about 7% RevPOR growth and roughly 20% NOI growth, he said.

Investment Outlook Raised to $4.5 Billion Ventas completed more than $3 billion of senior housing-focused investments across 27 transactions year to date, Hutchens said. The investments were underwritten to double-digit to mid-teens unlevered internal rates of return, had an average expected first-year yield of 6.6%, and were acquired at an average price of $358,000 per unit.

The company expects to complete approximately another $1 billion of investments under contract, with that group expected to produce yields and returns similar to its completed investments. About two-thirds of that pending activity is value-add product with a higher growth profile, Hutchens said.

More than 90% of year-to-date investments were relationship-driven, including off-market transactions and transactions involving repeat sellers or existing operating partners. Hutchens said Ventas’ underwriting and data capabilities have helped the company close transactions in about two months from start to finish.

Cafaro said Ventas has completed more than $8 billion of investments since the beginning of 2024, adding more than 23,000 units across 174 communities to its SHOP portfolio. The company expects SHOP to represent 60% of its $60 billion enterprise by the end of 2026.

Management said demographic demand and limited new supply continue to support its senior housing strategy. Cafaro said the leading edge of the nearly 70 million baby boomers began turning 80 in 2026, while new senior housing construction starts remain at record lows.

On development, Hutchens said Ventas is primarily focused on acquiring in-place cash flows rather than developing new properties. He said current rents would generally need to be at least 25% higher for projects to generate the roughly 8% development yield that developers may seek, though luxury projects in select markets could be exceptions.

Balance Sheet Strength and Capital Recycling Chief Financial Officer Robert Probst said net debt to EBITDA improved to 4.7 times at the end of the second quarter, the company’s lowest leverage level in more than a decade. That was a 90-basis-point improvement from a year earlier and a 30-basis-point sequential improvement.

Ventas completed $3.4 billion of investments year to date and raised $4.2 billion of equity, including $1.6 billion that remained unsettled at quarter-end. Liquidity totaled $4.9 billion.

The updated normalized FFO guidance midpoint of $3.88 per share is $0.02 above the prior midpoint. Probst said higher senior housing investment activity, net of additional capital recycling, contributed $0.03 per share to the improvement. That was partly offset by $0.01 per share from higher interest rates and a higher share price.

The company increased its disposition and loan repayment assumptions to $700 million, with sales expected to focus on non-SHOP and non-strategic assets. Probst characterized the disposition activity as portfolio “hygiene” intended to improve the company’s growth rate. Management said approximately $100 million of anticipated loan repayments carry an 11% yield.

Other Portfolio Performance Ventas’ outpatient medical and research portfolio, known as OMAR, generated 5% same-store cash NOI growth in the second quarter. After adjusting for cash fee income, outpatient medical same-store cash NOI growth was 3%, supported by a 50-basis-point occupancy improvement and 88% tenant retention.

The triple-net portfolio generated 3% same-store cash NOI growth, and Probst said the company expects the portfolio’s year-over-year NOI growth rate to increase in the second half.

In the research portfolio, Hutchens said several tenants did not renew leases, producing an expected year-over-year NOI impact of about $900,000. He said the second-quarter run rate in research is expected to reflect the remainder of the year.

About Ventas (NYSE:VTR)Ventas, Inc NYSE: VTR is a real estate investment trust (REIT) that specializes in healthcare-related real estate. The company acquires, owns and manages a diversified portfolio of properties serving the healthcare continuum, including senior housing communities, skilled nursing facilities, medical office buildings, life science and research centers, and other properties leased to healthcare providers and operators. Ventas generates revenue through long-term leases, property management and selective development activities focused on meeting the real estate needs of the healthcare sector.

Ventas' business model combines property ownership with active asset management and capital markets activity.

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Ventas, Inc. (VTR) Q2 2026 Earnings Call July 30, 2026 10:00 AM EDT

Company Participants

Bill Grant - Senior Vice President of Investor Relations
Debra Cafaro - Chairman & CEO
J. Hutchens - Executive VP of Senior Housing & Chief Investment Officer
Robert Probst - Executive VP & CFO

Conference Call Participants

Julien Blouin - Goldman Sachs Group, Inc., Research Division
Jeffrey Spector - BofA Securities, Research Division
David Rodgers - Raymond James & Associates, Inc., Research Division
Seth Bergey - Citigroup Inc., Research Division
Vikram Malhotra - Mizuho Securities USA LLC, Research Division
James Kammert - Evercore ISI Institutional Equities, Research Division
Juan Sanabria - BMO Capital Markets Equity Research
Michael Goldsmith - UBS Investment Bank, Research Division
Michael Carroll - RBC Capital Markets, Research Division
Richard Anderson - Cantor Fitzgerald & Co., Research Division
Jesus Garcia - Wells Fargo Securities, LLC, Research Division
Michael Mueller - JPMorgan Chase & Co, Research Division
Michael Stroyeck - Green Street Advisors, LLC, Research Division
Ronald Kamdem - Morgan Stanley, Research Division
Omotayo Okusanya - Deutsche Bank AG, Research Division

Presentation

Operator

Thank you for standing by. My name is Greg, and I will be your conference operator today. At this time, I would like to welcome everyone to today's Ventas Second Quarter 2026 Earnings Call. [Operator Instructions].

I'd now like to turn the call over to BJ Grant, Senior Vice President, Investor Relations. BJ, you have the floor.

Bill Grant
Senior Vice President of Investor Relations

Thank you, Greg. Good morning, everyone, and welcome to the Ventas second quarter 2026 results conference call. Yesterday, we issued our second quarter 2026 earnings release, presentation materials and supplemental information package, which are available on the Ventas website at ir.ventasreit.com.

As a reminder, remarks today may include forward-looking statements and other matters. Forward-looking statements are subject to risks and uncertainties, and a variety of topics may cause actual results to differ materially

Ventas Inc (VTR) released its 8-K filing on July 29, 2026, detailing its financial performance for the second quarter ended June 30, 2026. The company showed re

Ventas (VTR - Free Report) reported $1.73 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 21.7%. EPS of $0.97 for the same period compares to $0.15 a year ago.

The reported revenue represents a surprise of +3.72% over the Zacks Consensus Estimate of $1.67 billion. With the consensus EPS estimate being $0.96, the EPS surprise was +1.04%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Ventas performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Revenues- Interest and other income: $1.78 million versus $1.88 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -69.7% change.Revenues- Resident fees and services: $1.36 billion versus $1.29 billion estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +32% change.Revenues- Income from loans and investments: $6.63 million compared to the $4.31 million average estimate based on three analysts. The reported number represents a change of +50.9% year over year.Revenues- Rental income- Outpatient medical & research portfolio: $228.61 million versus $230.35 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +3.5% change.Revenues- Rental income- Triple-net leased properties: $124.86 million versus the two-analyst average estimate of $124.21 million. The reported number represents a year-over-year change of -18.2%.Revenues- Rental income: $353.46 million versus $354.18 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -5.4% change.NOI- Senior housing operating portfolio (SHOP): $403.5 million versus the two-analyst average estimate of $381.35 million.Net Earnings Per Share (Diluted): $0.14 versus $0.16 estimated by two analysts on average.NOI- Triple-net leased properties (NNN): $121.71 million compared to the $121.48 million average estimate based on two analysts.NOI- Outpatient medical & research portfolio (OM&R): $151.53 million versus the two-analyst average estimate of $152.09 million.View all Key Company Metrics for Ventas here>>>

Shares of Ventas have returned +10.5% over the past month versus the Zacks S&P 500 composite's +1.9% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.

Posted by Defense World Staff on Jul 29th, 2026

Arrowstreet Capital Limited Partnership grew its stake in shares of Ventas, Inc. (NYSE:VTR – Free Report) by 142.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 396,563 shares of the real estate investment trust’s stock after acquiring an additional 233,254 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.08% of Ventas worth $32,431,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in VTR. Capital World Investors acquired a new stake in shares of Ventas in the fourth quarter worth $594,116,000. Norges Bank purchased a new stake in shares of Ventas during the fourth quarter worth $474,571,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Ventas by 32,509.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,648,776 shares of the real estate investment trust’s stock worth $359,722,000 after purchasing an additional 4,634,520 shares during the last quarter. Cohen & Steers Inc. grew its holdings in Ventas by 228.1% in the 4th quarter. Cohen & Steers Inc. now owns 4,606,355 shares of the real estate investment trust’s stock valued at $356,440,000 after buying an additional 3,202,323 shares in the last quarter. Finally, Daiwa Securities Group Inc. increased its holdings in shares of Ventas by 188.7% during the 4th quarter. Daiwa Securities Group Inc. now owns 4,705,591 shares of the real estate investment trust’s stock worth $364,119,000 after buying an additional 3,075,450 shares during the last quarter. Hedge funds and other institutional investors own 94.18% of the company’s stock.

Insider Activity In other Ventas news, Director Michael J. Embler purchased 2,500 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The shares were purchased at an average cost of $78.81 per share, with a total value of $197,025.00. Following the purchase, the director owned 19,202 shares in the company, valued at approximately $1,513,309.62. This represents a 14.97% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Walter C. Rakowich sold 1,152 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $90.20, for a total transaction of $103,910.40. Following the transaction, the director directly owned 28,349 shares of the company’s stock, valued at $2,557,079.80. This trade represents a 3.90% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.53% of the company’s stock.

Ventas Stock Performance NYSE:VTR opened at $98.30 on Wednesday. The firm’s fifty day simple moving average is $88.61 and its 200-day simple moving average is $85.24. Ventas, Inc. has a fifty-two week low of $65.60 and a fifty-two week high of $101.60. The company has a quick ratio of 0.25, a current ratio of 0.25 and a debt-to-equity ratio of 0.95. The stock has a market cap of $47.79 billion, a PE ratio of 178.73, a price-to-earnings-growth ratio of 2.15 and a beta of 0.70.

Ventas (NYSE:VTR – Get Free Report) last issued its quarterly earnings data on Monday, April 27th. The real estate investment trust reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.01). The business had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.59 billion. Ventas had a net margin of 4.25% and a return on equity of 2.09%. Ventas’s revenue was up 22.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.84 earnings per share. Analysts expect that Ventas, Inc. will post 3.88 earnings per share for the current fiscal year.

Ventas Announces Dividend The firm also recently declared a quarterly dividend, which was paid on Thursday, July 16th. Shareholders of record on Tuesday, June 30th were paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend was Tuesday, June 30th. Ventas’s dividend payout ratio is currently 378.18%.

Wall Street Analyst Weigh In A number of research firms have commented on VTR. Royal Bank Of Canada upped their target price on shares of Ventas from $91.00 to $98.00 and gave the company an “outperform” rating in a research report on Monday, May 4th. Mizuho upped their target price on shares of Ventas from $98.00 to $104.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 22nd. Evercore reissued an “outperform” rating and issued a $95.00 price target on shares of Ventas in a research report on Wednesday, April 29th. Scotiabank dropped their price target on shares of Ventas from $95.00 to $88.00 and set a “sector perform” rating for the company in a research note on Thursday, June 18th. Finally, Raymond James Financial assumed coverage on Ventas in a report on Tuesday, June 16th. They issued an “outperform” rating and a $94.00 target price for the company. Fifteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $96.50.

Check Out Our Latest Report on VTR

Ventas Profile (Free Report)

Ventas, Inc (NYSE: VTR) is a real estate investment trust (REIT) that specializes in healthcare-related real estate. The company acquires, owns and manages a diversified portfolio of properties serving the healthcare continuum, including senior housing communities, skilled nursing facilities, medical office buildings, life science and research centers, and other properties leased to healthcare providers and operators. Ventas generates revenue through long-term leases, property management and selective development activities focused on meeting the real estate needs of the healthcare sector.

Ventas’ business model combines property ownership with active asset management and capital markets activity.

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In its upcoming report, Ventas (VTR - Free Report) is predicted by Wall Street analysts to post quarterly earnings of $0.96 per share, reflecting an increase of 10.3% compared to the same period last year. Revenues are forecasted to be $1.67 billion, representing a year-over-year increase of 17.4%.

The consensus EPS estimate for the quarter has been revised 0.2% higher over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.

Before a company reveals its earnings, it is vital to take into account any changes in earnings projections. These revisions play a pivotal role in predicting the possible reactions of investors toward the stock. Multiple empirical studies have consistently shown a strong association between trends in earnings estimates and the short-term price movements of a stock.

While investors typically use consensus earnings and revenue estimates as a yardstick to evaluate the company's quarterly performance, scrutinizing analysts' projections for some of the company's key metrics can offer a more comprehensive perspective.

With that in mind, let's delve into the average projections of some Ventas metrics that are commonly tracked and projected by analysts on Wall Street.

The consensus among analysts is that 'Revenues- Interest and other income' will reach $1.88 million. The estimate indicates a year-over-year change of -68%.

It is projected by analysts that the 'Revenues- Resident fees and services' will reach $1.29 billion. The estimate points to a change of +24.8% from the year-ago quarter.

Based on the collective assessment of analysts, 'Revenues- Income from loans and investments' should arrive at $4.31 million. The estimate indicates a year-over-year change of -2%.

Analysts forecast 'Revenues- Rental income- Outpatient medical & research portfolio' to reach $230.35 million. The estimate indicates a year-over-year change of +4.3%.

The collective assessment of analysts points to an estimated 'Revenues- Rental income- Triple-net leased properties' of $124.21 million. The estimate indicates a change of -18.7% from the prior-year quarter.

The consensus estimate for 'Revenues- Rental income' stands at $354.18 million. The estimate indicates a year-over-year change of -5.2%.

The combined assessment of analysts suggests that 'NOI- Senior housing operating portfolio (SHOP)' will likely reach $381.35 million. Compared to the current estimate, the company reported $286.41 million in the same quarter of the previous year.

Analysts expect 'NOI- Triple-net leased properties (NNN)' to come in at $121.48 million. The estimate is in contrast to the year-ago figure of $148.74 million.

Analysts' assessment points toward 'NOI- Outpatient medical & research portfolio (OM&R)' reaching $152.09 million. The estimate is in contrast to the year-ago figure of $146.49 million.

Analysts predict that the 'Depreciation and amortization' will reach $377.40 million.

View all Key Company Metrics for Ventas here>>>

Over the past month, Ventas shares have recorded returns of +12% versus the Zacks S&P 500 composite's +0.6% change. Based on its Zacks Rank #3 (Hold), VTR will likely exhibit a performance that aligns with the overall market in the upcoming period. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Whether it's through stocks, bonds, ETFs, or other types of securities, all investors love seeing their portfolios score big returns. But for income investors, generating consistent cash flow from each of your liquid investments is your primary focus.

Cash flow can come from bond interest, interest from other types of investments, and, of course, dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yield, a metric that measures the dividend as a percent of the current stock price. Many academic studies show that dividends make up large portions of long-term returns, and in many cases, dividend contributions surpass one-third of total returns.

Headquartered in Chicago, Ventas (VTR - Free Report) is a Finance stock that has seen a price change of 19.41% so far this year. The seniors housing real estate investment trust is paying out a dividend of $0.52 per share at the moment, with a dividend yield of 2.25% compared to the REIT and Equity Trust - Other industry's yield of 3.98% and the S&P 500's yield of 1.34%.

Looking at dividend growth, the company's current annualized dividend of $2.08 is up 8.3% from last year. Over the last 5 years, Ventas has increased its dividend 1 times on a year-over-year basis for an average annual increase of 0.70%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. Ventas's current payout ratio is 58%, meaning it paid out 58% of its trailing 12-month EPS as dividend.

VTR is expecting earnings to expand this fiscal year as well. The Zacks Consensus Estimate for 2026 is $3.87 per share, which represents a year-over-year growth rate of 11.21%.

Investors like dividends for a variety of different reasons, from tax advantages and decreasing overall portfolio risk to considerably improving stock investing profits. However, not all companies offer a quarterly payout.

For instance, it's a rare occurrence when a tech start-up or big growth business offers its shareholders a dividend. It's more common to see larger companies with more established profits give out dividends. Income investors must be conscious of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. With that in mind, VTR is a compelling investment opportunity. Not only is it a strong dividend play, but the stock currently sits at a Zacks Rank of #3 (Hold).

CHICAGO--(BUSINESS WIRE)--Ventas, Inc. (NYSE: VTR) will issue its second quarter 2026 earnings release after the close of trading on the New York Stock Exchange on Wednesday, July 29, 2026. A conference call to discuss those earnings will be held on Thursday, July 30, 2026 at 10:00 a.m. Eastern Time (9:00 a.m. Central Time). The dial-in number for the conference call is (888) 330-3576 (or +1 (646) 960-0672 for international callers), and the participant passcode is 7655497. A live webcast can b.

CHICAGO--(BUSINESS WIRE)--Ventas, Inc. (NYSE: VTR) (“Ventas” or the “Company”) today announced that the Company has named Andrew L. Wattula Executive Vice President, Outpatient Medical & Research and CEO of Lillibridge Healthcare Services, a wholly-owned property management and leasing subsidiary of Ventas, effective August 2026. He will oversee the Company’s differentiated outpatient medical and research business, which is a leading owner and manager of properties operating at the intersection of medicine, research and universities. He succeeds Peter J. Bulgarelli, who retired from Ventas in May 2026.

Wattula brings deep operational, leasing and tenant engagement expertise to Ventas. Working with the Company’s in-place expert teams, Andy will focus on driving operational excellence and maximizing the performance of our portfolio. He will report to Debra A. Cafaro, Ventas Chairman and CEO.

“Andy has an exceptional combination of leadership, operational rigor, real estate expertise and client focus that will further strengthen our in-place expert outpatient medical and research teams. His ability to integrate operations, leasing and client engagement aligns with our focus on maximizing performance and creating value for Ventas stockholders and key stakeholders including physicians, patients and researchers. We are delighted to welcome Andy to the Ventas team,” said Debra A. Cafaro, Ventas Chairman and CEO.

Wattula is an accomplished commercial real estate leader, with more than twenty years of experience in operations, strategy and leasing. Most recently, he served as Chief Operating Officer at Hudson Pacific Properties, Inc. (NYSE: HPP), where he led operations for a 16.5 million square foot office and retail portfolio serving more than 1,000 tenants. Prior to Hudson Pacific, Wattula held roles of increasing responsibility at Beacon Capital Partners and Hines.

Before his career in commercial real estate, Wattula served as a Naval Flight Officer in the United States Navy, leading mission-critical teams in operations, training, budgeting and personnel development. Wattula was a mission commander overseas and was awarded the Navy Air Medal for his service.

Wattula holds a Bachelor of Science with honors from Vanderbilt University and a Master in Business Administration from Harvard Business School. He serves on the Leadership Council of the Cystic Fibrosis Foundation and is actively engaged with health systems, researchers and donors on pediatric pulmonary research and care.

About Ventas

Ventas, Inc. (NYSE: VTR) is an S&P 500 company enabling exceptional environments that benefit a large and growing aging population. With more than 1,400 properties in North America and the United Kingdom, Ventas occupies an essential role in the longevity economy. The Company’s growth is fueled by its approximately 900 senior housing communities, which provide valuable services to residents and enable them to thrive in supported environments. Ventas aims to deliver outsized performance by leveraging its operational expertise, data-driven insights from its Ventas OITM platform, extensive relationships and strong financial position. The Ventas portfolio also includes outpatient medical buildings, research centers and healthcare facilities. Ventas’s seasoned team of talented professionals shares a commitment to excellence, integrity and a common purpose of helping people live longer, healthier, happier lives.

More News From Ventas, Inc.

CHICAGO--(BUSINESS WIRE)--Ventas, Inc. (NYSE: VTR) (“Ventas” or the “Company”) today reported results for the first quarter ended March 31, 2026.

CEO Remarks

“Ventas delivered excellent first quarter results, powered by our senior housing operating portfolio (“SHOP”). We generated outsized organic growth in SHOP and drove significant occupancy gains, utilizing our differentiated platform, proprietary data and analytics capabilities, operating expertise and industry relationships. As the nearly 70 million Baby Boomers begin turning 80 in 2026, we expect durable demand for our attractive senior housing communities located in favorable markets to increase and provide a sustainable growth and value creation opportunity for Ventas,” said Debra A. Cafaro, Ventas Chairman and CEO.

“We continue to make additional investments focused on senior housing that should further increase our enterprise growth rate. We have increased our 2026 investment volume expectations to $3 billion reflecting our strong market momentum, clear competitive advantages and large, active pipeline of senior housing investment opportunities.

“Fueled by our strong start to the year in SHOP and investments, we are increasing our full year guidance. The Ventas team is focused on delivering value and outperformance for our stakeholders as we enable exceptional environments that benefit a large, growing aging population,” Cafaro concluded.

First Quarter and Other 2026 Highlights

Net Income Attributable to Common Stockholders (“Attributable Net Income”) per share of $0.11 Normalized Funds From Operations* (“Normalized FFO”) per share of $0.94, an increase of 9% compared to the prior year Total Company Net Operating Income* (“NOI”) year-over-year growth of 14% and Total Company Same-Store Cash NOI* year-over-year growth of 9% On a Same-Store Cash NOI* basis, the senior housing operating portfolio (“SHOP”) grew more than 15% year-over-year, with Same-Store Cash Operating Revenue* growth of nearly 9% including 310 basis points of average occupancy growth and Revenue Per Occupied Room (“RevPOR”) growth of 5% Year to date, the Company closed $1.7 billion of senior housing investments with attractive financial return expectations, consistent with its Right Market, Right Asset, Right OperatorTM strategy To fund expected 2026 investment activity, the Company currently has $1.6 billion of unsettled equity forward sales agreements outstanding and during the first quarter settled 10.6 million shares of common stock under equity forward sales agreements for net proceeds of $0.8 billion, totaling $2.4 billion in equity capital *Some of the financial measures throughout this press release are non-GAAP measures. Refer to the Non-GAAP Financial Measures Reconciliation tables at the end of this press release for additional information and a reconciliation to the most directly comparable GAAP measure.

First Quarter 2026 Company Results

For the First Quarter 2026, reported per share results were:

Quarter Ended March 31,

2026

2025

$ Change

% Change

Attributable Net Income

$0.11

$0.10

$0.01

10%

Nareit FFO*

$0.90

$0.85

$0.05

6%

Normalized FFO*

$0.94

$0.86

$0.08

9%

SHOP Growth

In the first quarter, SHOP Same-Store Cash NOI increased more than 15% year-over-year, led by Same-Store Cash Operating Revenue growth of nearly 9% combined with favorable operating leverage and 170 basis points of NOI margin expansion.

Total SHOP Same-Store average occupancy grew 310 basis points year-over-year due to broad-based demand strength and successful Ventas OITM platform initiatives to drive outperformance. U.S. SHOP Same-Store average occupancy grew 370 basis points year-over-year.

Senior Housing Investment Activity

Ventas closed senior housing investments of $1.0 billion in the first quarter and $1.7 billion year to date through April 2026. The Company expects these investments to increase its growth rate on a multiyear basis and generate attractive financial returns.

The Company is increasing its investment volume expectations for 2026 to $3 billion of investments focused on senior housing, up from the prior guidance of $2.5 billion.

Financial Strength and Flexibility

The Company’s Net Debt-to-Further Adjusted EBITDA* strengthened to 5.0x as of the end of the first quarter, representing the tenth consecutive quarter of sequential improvement. The improvement was driven by SHOP NOI growth and equity-funded senior housing investments.

As of March 31, 2026, the Company had $5.5 billion in liquidity, supporting Ventas’s growth and financial flexibility. Liquidity includes availability under its unsecured credit facilities, cash and cash equivalents and unsettled equity forward sales agreements outstanding.

Increased Full Year 2026 Guidance

The Company is increasing its guidance for the full year. The Company’s 2026 guidance contains forward-looking statements and is based on a number of assumptions, including those identified later in this press release; actual results may differ materially. Ventas expects to report 2026 per share Attributable Net Income to common stockholders, Nareit FFO and Normalized FFO within the following ranges:

As of 2/5/26

As of 4/27/26

Attributable Net Income Per Share Range

$0.52 - $0.62

$0.56 - $0.63

Attributable Net Income Per Share Midpoint

$0.57

$0.60

Nareit FFO Per Share Range*

$3.63 - $3.73

$3.69 - $3.76

Nareit FFO Per Share Midpoint*

$3.68

$3.73

Normalized FFO Per Share Range*

$3.78 - $3.88

$3.82 - $3.89

Normalized FFO Per Share Midpoint*

$3.83

$3.86

Full Year 2026 Guidance Commentary Update

The increase in the Company’s guidance is primarily the result of higher property performance led by SHOP and accretion from investment activity, partially offset by the market expectation of higher interest rates. Certain additional assumptions are set forth in the appendix.

Investor Presentation

An Earnings Presentation is posted to the Events & Presentations section of Ventas’s website at ir.ventasreit.com/events-and-presentations. Additional information regarding the Company can be found in its Supplemental posted at ir.ventasreit.com. The information contained on, or that may be accessed through, the Company’s website, including the information contained in the aforementioned Earnings Presentation and Supplemental, is not incorporated by reference into, and is not part of, this document.

First Quarter 2026 Results Conference Call

Ventas will hold a conference call to discuss this earnings release on Tuesday, April 28, 2026 at 10:00 a.m. Eastern Time (9:00 a.m. Central Time).

The dial-in number for the conference call is (888) 330-3576 (or +1 (646) 960-0672 for international callers), and the participant passcode is 7655497. A live webcast can be accessed from the Investor Relations section of www.ventasreit.com.

A telephonic replay will be available at (800) 770-2030 (or +1 (609) 800-9909 for international callers), passcode 7655497, after the earnings call and will remain available for 30 days. The webcast replay will be posted in the Investor Relations section of www.ventasreit.com.

About Ventas

Ventas, Inc. (NYSE: VTR) is an S&P 500 company enabling exceptional environments that benefit a large and growing aging population. With more than 1,400 properties in North America and the United Kingdom, Ventas occupies an essential role in the longevity economy. The Company’s growth is fueled by its approximately 900 senior housing communities, which provide valuable services to residents and enable them to thrive in supported environments. Ventas aims to deliver outsized performance by leveraging its operational expertise, data-driven insights from its Ventas OITM platform, extensive relationships and strong financial position. The Ventas portfolio also includes outpatient medical buildings, research centers and healthcare facilities. Ventas’s seasoned team of talented professionals shares a commitment to excellence, integrity and a common purpose of helping people live longer, healthier, happier lives.

Non-GAAP Financial Measures

This press release of Ventas, Inc. (the “Company,” “we,” “us,” “our” and similar terms) includes certain financial performance measures not defined by generally accepted accounting principles in the United States (“GAAP”), such as Nareit FFO, Normalized FFO, Net Operating Income (“NOI”), Same-Store Cash NOI, Same-Store Cash NOI Growth, Same-Store Cash NOI Margin, Cash Operating Revenue and Net Debt to Further Adjusted EBITDA. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in the appendix to this press release. Our definitions and calculations of these non-GAAP measures may not be the same as similar measures reported by other REITs.

These non-GAAP financial measures should not be considered as alternatives for, or superior to, financial measures calculated in accordance with GAAP.

Cautionary Statements

Certain of the information contained herein, including intra-quarter operating information, has been provided by our operators and we have not verified this information through an independent investigation or otherwise. We have no reason to believe that this information is inaccurate in any material respect, but we cannot assure you of its accuracy.

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, among others, statements of expectations, beliefs, future plans and strategies, anticipated results from operations and developments and other matters that are not historical facts. Forward-looking statements include, among other things, statements regarding our and our officers’ intent, belief or expectation as identified by the use of phrases or words such as “assume,” “may,” “will,” “project,” “expect,” “believe,” “intend,” “anticipate,” “seek,” “target,” “forecast,” “plan,” “line-of-sight,” “outlook,” “potential,” “opportunity,” “estimate,” “could,” “would,” “should” and other comparable and derivative terms or the negatives thereof.

Forward-looking statements are based on management’s beliefs as well as on a number of assumptions concerning future events. You should not put undue reliance on these forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors that could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements. We do not undertake a duty to update these forward-looking statements, which speak only as of the date on which they are made. We urge you to carefully review the disclosures we make concerning risks and uncertainties that may affect our business and future financial performance, including those made below and in our filings with the Securities and Exchange Commission, such as in the sections titled “Cautionary Statements — Summary Risk Factors” and “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our subsequent Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K as we file them with the Securities and Exchange Commission.

Certain factors that could affect our future results and our ability to achieve our stated goals include, but are not limited to: (a) our exposure and the exposure of our managers, tenants and borrowers to complex and evolving governmental policy, laws and regulations, including relating to healthcare, data privacy, cybersecurity, international trade and environmental matters, the impact of such policies, laws and regulations on our and our managers’, tenants’ and borrowers’ business and the challenges and expense associated with complying with such policies, laws and regulations; (b) the impact of market, macroeconomic, general economic conditions and fiscal policy on us, our managers, tenants and borrowers and in areas in which our properties are geographically concentrated, including changes in or elevated inflation, interest rates and exchange rates, labor market dynamics and rises in unemployment, tightening of lending standards and reduced availability of credit or capital, events that affect consumer confidence, our occupancy rates and resident fee revenues, and the actual and perceived state of the real estate markets and public and private capital markets; (c) the potential for significant general and commercial claims, legal actions, investigations, regulatory proceedings and enforcement actions that could subject us or our managers, tenants or borrowers to increased operating costs, uninsured liabilities, including fines and other penalties, reputational harm or significant operational limitations, including the loss or suspension of or moratoriums on accreditations, licenses or certificates of need, suspension of or nonpayment for new admissions, denial of reimbursement, suspension, decertification or exclusion from federal, state or foreign healthcare programs or the closure of facilities or communities; (d) our reliance on third-party managers and tenants to operate or exert substantial control over properties they manage for, or rent from, us, which limits our control and influence over such properties, their operations and their performance; (e) our reliance and the reliance of our managers, tenants and borrowers on the financial, credit and capital markets and the risk that those markets may be disrupted or become constrained; (f) our ability, and the ability of our managers, tenants and borrowers, to navigate the trends impacting our or their businesses and the industries in which we or they operate, including their ability to respond to the impact of the U.S. political environment on government funding and reimbursement programs, and the financial condition or business prospect of our managers, tenants and borrowers; (g) our ability to achieve the anticipated benefits and synergies from, and effectively integrate, our completed or anticipated acquisitions and investments; (h) the risk of bankruptcy, inability to obtain benefits from governmental programs, insolvency or financial deterioration of our managers, tenants borrowers and other obligors which may, among other things, have an adverse impact on the ability of such parties to make payments or meet their other obligations to us, which could have an adverse impact on our results of operations and financial condition; (i) the risk that the borrowers under our loans or other investments default or that, to the extent we are able to foreclose or otherwise acquire the collateral securing our loans or other investments, we will be required to incur additional expense or indebtedness in connection therewith, that the assets will underperform expectations or that we may not be able to subsequently dispose of all or part of such assets on favorable terms; (j) our current and future amount of outstanding indebtedness, and our ability to access capital and to incur additional debt which is subject to our compliance with covenants in instruments governing our and our subsidiaries’ existing indebtedness; (k) risks related to the recognition of reserves, allowances, credit losses or impairment charges which are inherently uncertain and may increase or decrease in the future and may not represent or reflect the ultimate value of, or loss that we ultimately realize with respect to, the relevant assets, which could have an adverse impact on our results of operations and financial condition; (l) the risk that our management agreements or leases are not renewed or are renewed on less favorable terms, that our managers or tenants default under those agreements or that we are unable to replace managers or tenants on a timely basis or on favorable terms, if at all; (m) our ability to identify and consummate future investments in, or dispositions of, healthcare assets and effectively manage our portfolio opportunities and our investments in co-investment vehicles, joint ventures and minority interests, including our ability to dispose of such assets on favorable terms as a result of rights of first offer or rights of first refusal in favor of third parties; (n) risks related to development, redevelopment and construction projects, including costs associated with inflation, rising or elevated interest rates, labor conditions and supply chain pressures, and risks related to increased construction and development in markets in which our properties are located, including adverse effect on our future occupancy rates; (o) our ability to attract and retain talented employees; (p) the limitations and significant requirements imposed upon our business as a result of our status as a REIT and the adverse consequences (including the possible loss of our status as a REIT) that would result if we are not able to comply with such requirements; (q) the ownership limits contained in our certificate of incorporation with respect to our capital stock in order to preserve our qualification as a REIT, which may delay, defer or prevent a change of control of our company; (r) increases in our borrowing costs as a result of becoming more leveraged, including in connection with acquisitions or other investment activity and rising or elevated interest rates; (s) our exposure to various operational risks, liabilities and claims from our operating assets; (t) our dependency on a limited number of managers and tenants for a significant portion of our revenues and operating income; (u) our exposure to particular risks due to our specific asset classes and operating markets, such as adverse changes affecting our specific asset classes and the healthcare real estate sector, the competitiveness or financial viability of hospitals on or near the campuses where our outpatient medical buildings are located, our relationships with universities, the level of expense and uncertainty of our research tenants, and the limitation of our uses of some properties we own that are subject to ground lease, air rights or other restrictive agreements; (v) our ability to maintain a positive reputation for quality and service with our key stakeholders; (w) the availability, adequacy and pricing of insurance coverage provided by our policies and policies maintained by our managers, tenants, borrowers or other counterparties; (x) the risk of exposure to unknown liabilities from our investments in properties or businesses; (y) the risks or uncertainties relating to the use of, or inability to use, artificial intelligence by us or our managers, tenants or borrowers; (z) the occurrence of cybersecurity threats and incidents that could disrupt our or our managers’, tenants’ or borrower’s operations, result in the loss of confidential or personal information or damage our business relationships and reputation; (aa) the failure to maintain effective internal controls, which could harm our business, results of operations and financial condition; (bb) the impact of merger, acquisition and investment activity in the healthcare industry or otherwise affecting our managers, tenants or borrowers; (cc) disruptions to the management and operations of our business and the uncertainties caused by activist investors; (dd) the risk of catastrophic or extreme weather and other natural events and the physical effects of climate change; (ee) the risk of potential dilution resulting from future sales or issuances of our equity securities; and (ff) the other factors set forth in our periodic filings with the Securities and Exchange Commission.

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share amounts; dollars in USD; unaudited)

As of March 31, 2026

As of December 31, 2025

Assets

Real estate investments:

Land and improvements

$

3,055,461

$

2,962,738

Buildings and improvements

31,722,596

30,872,598

Construction in progress

361,384

358,811

Acquired lease intangibles

1,771,369

1,680,567

Operating lease assets

293,784

295,838

37,204,594

36,170,552

Accumulated depreciation and amortization

(12,346,970

)

(12,043,619

)

Net real estate property

24,857,624

24,126,933

Secured loans receivable and investments, net

137,374

143,913

Investments in unconsolidated real estate entities

611,285

617,571

Net real estate investments

25,606,283

24,888,417

Cash and cash equivalents

183,613

741,067

Escrow deposits and restricted cash

17,677

45,070

Goodwill

1,045,774

1,046,072

Assets held for sale

13,530

42,993

Deferred income tax assets, net

2,668

2,797

Other assets

817,000

825,529

Total assets

$

27,686,545

$

27,591,945

Liabilities and equity

Liabilities:

Senior notes payable and other debt

$

12,518,493

$

13,011,016

Accrued interest payable

113,612

143,104

Operating lease liabilities

207,656

208,602

Accounts payable and other liabilities

1,241,949

1,240,820

Liabilities related to assets held for sale

1,529

4,032

Deferred income tax liabilities

26,726

23,409

Total liabilities

14,109,965

14,630,983

Redeemable OP unitholder and noncontrolling interests

394,578

375,154

Commitments and contingencies

Equity:

Ventas stockholders’ equity:

Preferred stock, $1.00 par value; 10,000 shares authorized, unissued

—

—

Common stock, $0.25 par value; 1,200,000 shares authorized, 486,097 and 474,926 shares outstanding at March 31, 2026 and December 31, 2025, respectively

121,524

118,732

Capital in excess of par value

20,768,548

19,976,183

Accumulated other comprehensive loss

(38,112

)

(39,851

)

Retained earnings (deficit)

(7,726,996

)

(7,527,777

)

Treasury stock, 0 shares issued

—

(34

)

Total Ventas stockholders’ equity

13,124,964

12,527,253

Noncontrolling interests

57,038

58,555

Total equity

13,182,002

12,585,808

Total liabilities and equity

$

27,686,545

$

27,591,945

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts; dollars in USD; unaudited)

For the Three Months Ended March 31,

2026

2025

Revenues

Rental income:

Triple-net leased properties

$

123,071

$

156,113

Outpatient medical and research portfolio

230,104

221,319

353,175

377,432

Resident fees and services

1,292,790

968,904

Third-party capital management revenues

4,411

4,336

Income from loans and investments

4,069

4,324

Interest and other income

2,499

3,078

Total revenues

1,656,944

1,358,074

Expenses

Interest

156,142

149,356

Depreciation and amortization

382,468

321,525

Property-level operating expenses:

Senior housing

918,332

704,400

Outpatient medical and research portfolio

80,301

75,957

Triple-net leased properties

2,901

3,527

1,001,534

783,884

Third-party capital management expenses

1,833

1,825

General, administrative and professional fees

62,746

53,149

Loss on extinguishment of debt, net

449

—

Transaction, transition and restructuring costs

6,659

5,982

Recovery of allowance on loans receivable and investments, net

—

—

Shareholder relations matters

—

—

Other expense

9,700

1,412

Total expenses

1,621,531

1,317,133

Income before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests

35,413

40,941

Loss from unconsolidated entities

(7,350

)

(3,311

)

Gain on real estate dispositions

15,046

169

Income tax benefit

15,937

10,557

Net income

59,046

48,356

Net income attributable to noncontrolling interests

3,134

1,488

Net income attributable to common stockholders

$

55,912

$

46,868

Earnings per common share

Basic:

Net income

$

0.12

$

0.11

Net income attributable to common stockholders

0.12

0.11

Diluted:

Net income

$

0.12

$

0.11

Net income attributable to common stockholders

0.11

0.10

Weighted average shares used in computing earnings per common share

Basic

476,185

439,931

Diluted

486,715

446,424

NON-GAAP FINANCIAL MEASURES RECONCILIATION

Funds From Operations Attributable to Common Stockholders (FFO)

(In thousands, except per share amounts; dollars in USD; totals may not sum due to rounding; unaudited)

  For the Three Months Ended March 31,

Q1 YoY Change

2026

2025

’26-’25

Net income attributable to common stockholders

$

55,912

$

46,868

19

%

Net income attributable to common stockholders per share

$

0.11

$

0.10

10

%

Adjustments:

Depreciation and amortization on real estate assets

380,811

320,198

Depreciation on real estate assets related to noncontrolling interests

(4,255

)

(4,171

)

Depreciation on real estate assets related to unconsolidated entities

22,099

15,995

Gain on real estate dispositions

(15,046

)

(169

)

Loss on real estate dispositions related to unconsolidated entities

34

38

Subtotal: Nareit FFO adjustments

383,643

331,891

Subtotal: Nareit FFO adjustments per share

$

0.79

$

0.74

Nareit FFO attributable to common stockholders

$

439,555

$

378,759

16

%

Nareit FFO attributable to common stockholders per share

$

0.90

$

0.85

6

%

Adjustments:

Gain on derivatives, net

(114

)

(8,384

)

Non-cash impact of income tax benefit

(19,237

)

(13,781

)

Loss on extinguishment of debt, net

449

—

Transaction, transition and restructuring costs

6,659

5,982

Amortization of other intangibles

119

121

Non-cash stock-based compensation expense (1)

24,842

18,827

Significant disruptive events, net

2,185

4,066

Normalizing items related to noncontrolling interests and unconsolidated entities, net

1,160

488

Subtotal: Normalized FFO adjustments

16,063

7,319

Subtotal: Normalized FFO adjustments per share

$

0.03

$

0.02

Normalized FFO attributable to common stockholders (1)

$

455,618

$

386,078

18

%

Normalized FFO attributable to common stockholders per share

$

0.94

$

0.86

9

%

Weighted average diluted shares

486,715

446,424

Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. However, since real estate values historically have risen or fallen with market conditions, many industry investors deem presentations of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. For that reason, the Company considers Funds From Operations attributable to common stockholders (“FFO”) and Normalized FFO attributable to common stockholders (“Normalized FFO”) to be appropriate supplemental measures of operating performance of an equity REIT. The Company believes that the presentation of FFO, combined with the presentation of required GAAP financial measures, has improved the understanding of operating results of REITs among the investing public and has helped make comparisons of REIT operating results more meaningful. Management generally considers FFO to be a useful measure for understanding and comparing our operating results because, by excluding gains and losses related to sales of previously depreciated operating real estate assets, impairment losses on depreciable real estate and real estate asset depreciation and amortization (which can differ across owners of similar assets in similar condition based on historical cost accounting and useful life estimates), FFO can help investors compare the operating performance of a company’s real estate across reporting periods and to the operating performance of other companies. The Company believes that Normalized FFO is useful because it allows investors, analysts and Company management to compare the Company’s operating performance across periods on a consistent basis. In some cases, the Company provides information about identified non-cash components of FFO and Normalized FFO because it allows investors, analysts and our management to assess the impact of those items on our financial results.

Nareit Funds From Operations Attributable to Common Stockholders (“Nareit FFO”)

The Company uses the National Association of Real Estate Investment Trusts (“Nareit”) definition of FFO. Nareit defines FFO as net income attributable to common stockholders (computed in accordance with GAAP) excluding gains (or losses) from sales of real estate property, including gain (or loss) on re-measurement of equity method investments and impairment write-downs of depreciable real estate, plus real estate depreciation and amortization, and after adjustments for unconsolidated entities and noncontrolling interests. Adjustments for unconsolidated entities and noncontrolling interests will be calculated to reflect FFO on the same basis.

Normalized FFO Attributable to Common Stockholders (“Normalized FFO”)

The Company defines Normalized FFO as Nareit FFO excluding the following income and expense items, without duplication: (a) gains and losses on derivatives, net and changes in the fair value of financial instruments; (b) the non-cash impact of income tax benefits or expenses; (c) gains and losses on extinguishment of debt, net including the write-off of unamortized deferred financing fees or additional costs, expenses, discounts, make-whole payments, penalties or premiums incurred as a result of early retirement or payment of our debt; (d) transaction, transition and restructuring costs; (e) amortization of other intangibles; (f) non-cash stock-based compensation expense; (g) net expenses or recoveries related to significant disruptive events; (h) the impact of expenses related to asset impairment and valuation allowances; (i) the financial impact of contingent consideration; (j) gains and losses on non-real estate dispositions and other normalizing items related to noncontrolling interests and unconsolidated entities; and (k) other items set forth in the Normalized FFO reconciliation included herein.

Nareit FFO and Normalized FFO presented herein may not be comparable to those presented by other companies, which may define similarly titled measures differently than the Company does. Nareit FFO and Normalized FFO should not be considered as alternatives to net income attributable to common stockholders (determined in accordance with GAAP) as indicators of the Company’s financial performance or as alternatives to cash flow from operating activities (determined in accordance with GAAP) as measures of the Company’s liquidity, nor are they necessarily indicative of sufficient cash flow to fund all of the Company’s needs. The Company believes that in order to facilitate a clear understanding of the consolidated historical operating results of the Company, Nareit FFO and Normalized FFO should be examined in conjunction with net income attributable to common stockholders as presented elsewhere herein.

NON-GAAP FINANCIAL MEASURES RECONCILIATION

Full Year 2026 Guidance as of April 27, 20261

Net Income and FFO Attributable to Common Stockholders2

(In millions, except per share amounts; dollars in USD; totals may not sum due to rounding; unaudited)

  FY 2026

FY 2026 - Per Share

Low

High

Low

High

Net income attributable to common stockholders

$

282

$

317

$

0.56

$

0.63

Depreciation and amortization adjustments

1,593

1,593

$

3.16

$

3.16

Gain on real estate dispositions

(15

)

(15

)

($

0.03

)

($

0.03

)

Nareit FFO attributable to common stockholders

$

1,860

$

1,895

$

3.69

$

3.76

Other adjustments3

64

64

$

0.13

$

0.13

Normalized FFO attributable to common stockholders

$

1,924

$

1,959

$

3.82

$

3.89

% Year-over-year growth

7

%

9

%

Weighted average diluted shares (in millions)

504

504

  1 The Company’s guidance constitutes forward-looking statements within the meaning of the federal securities laws and is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. Actual results may differ materially from the Company’s expectations depending on factors discussed herein and in the Company’s filings with the Securities and Exchange Commission.

  2 Totals may not add due to minor corporate-level adjustments.

  3 Other adjustments include the categories of adjustments presented in our “Non-GAAP Financial Measures Reconciliation – Funds From Operations Attributable to Common Stockholders (FFO)”.

Select Guidance Assumptions:

The Company’s guidance includes the following investment and disposition assumptions: Expect to close ~$3 billion of investments focused on senior housing Disposition proceeds of ~$300 million Additional guidance assumptions include: Interest expense of ~$640 million at midpoint Interest and other income of ~$8 million at midpoint Full year weighted average diluted share count of 504 million FAD capital expenditures of ~$400 million at midpoint NON-GAAP FINANCIAL MEASURES RECONCILIATION

Full Year 2026 Guidance as of February 5, 20261

Net Income and FFO Attributable to Common Stockholders2

(In millions, except per share amounts; dollars in USD; totals may not sum due to rounding; unaudited)

  FY 2026

FY 2026 - Per Share

Low

High

Low

High

Net income attributable to common stockholders

$

260

$

310

$

0.52

$

0.62

Depreciation and amortization adjustments

1,566

1,566

$

3.11

$

3.11

Nareit FFO attributable to common stockholders

$

1,826

$

1,876

$

3.63

$

3.73

Other adjustments3,4

76

76

$

0.15

$

0.15

Normalized FFO attributable to common stockholders4

$

1,902

$

1,952

$

3.78

$

3.88

% Year-over-year growth4

6

%

9

%

Weighted average diluted shares (in millions)

503

503

  1 The Company’s guidance constitutes forward-looking statements within the meaning of the federal securities laws and is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. Actual results may differ materially from the Company’s expectations depending on factors discussed herein and in the Company’s filings with the Securities and Exchange Commission.

  2 Totals may not add due to minor corporate-level adjustments.

  3 Other adjustments include the categories of adjustments presented in our FFO and FAD Reconciliation.

  4 Beginning with the first quarter of 2026, the Company excludes non-cash stock-based compensation expense from the calculation of Normalized FFO. Results for prior periods have been updated to conform to this presentation.

Select Guidance Assumptions:

The Company’s guidance includes the following investment and disposition assumptions: Expect to close ~$2.5 billion of investments focused on senior housing Disposition proceeds of ~$300 million Additional guidance assumptions include: Interest expense of ~$636M at midpoint Interest and other income of ~$8M at midpoint Full year weighted average diluted share count of 503 million FAD capital expenditures of ~$400M at midpoint NON-GAAP FINANCIAL MEASURES RECONCILIATION

First Quarter 2026 Same-Store Cash NOI by Segment

(In thousands, unless otherwise noted; dollars in USD; totals may not sum due to rounding; unaudited)

  For the Three Months Ended March 31, 2026

SHOP

OM&R

NNN

Non-Segment

Total

Net income attributable to common stockholders

$

55,912

Adjustments:

Interest and other income

(2,499

)

Interest expense

156,142

Depreciation and amortization

382,468

General, administrative and professional fees

62,746

Loss on extinguishment of debt, net

449

Transaction, transition and restructuring costs

6,659

Other expense

9,700

Loss from unconsolidated entities

7,350

Gain on real estate dispositions

(15,046

)

Income tax benefit

(15,937

)

Net income attributable to noncontrolling interests

3,134

NOI

$

374,458

$

150,603

$

120,170

$

5,847

$

651,078

Adjustments:

Straight-lining of rental income

—

(2,865

)

(3,790

)

—

(6,655

)

Non-cash rental income

—

(2,979

)

(1,500

)

—

(4,479

)

Cash payments, fees and other consideration

—

1,403

—

—

1,403

NOI not included in Cash NOI (1)

941

(417

)

122

—

646

Non-segment NOI

—

—

—

(5,847

)

(5,847

)

Cash NOI

$

375,399

$

145,745

$

115,002

$

—

$

636,146

Adjustments:

Cash NOI not included in Same-Store

(88,531

)

(4,394

)

(130

)

—

(93,055

)

Same-Store Cash NOI

$

286,868

$

141,351

$

114,872

$

—

$

543,091

Percentage increase

15.4

%

2.4

%

1.6

%

8.7

%

For the Three Months Ended March 31, 2025

SHOP

OM&R

NNN

Non-Segment

Total

Net income attributable to common stockholders

$

46,868

Adjustments:

Interest and other income

(3,078

)

Interest expense

149,356

Depreciation and amortization

321,525

General, administrative and professional fees

53,149

Transaction, transition and restructuring costs

5,982

Other expense

1,412

Loss from unconsolidated entities

3,311

Gain on real estate dispositions

(169

)

Income tax benefit

(10,557

)

Net income attributable to noncontrolling interests

1,488

NOI

$

264,504

$

146,042

$

152,586

$

6,155

$

569,287

Adjustments:

Straight-lining of rental income

—

(2,079

)

(2,268

)

—

(4,347

)

Non-cash rental income

—

(1,822

)

(7,656

)

—

(9,478

)

Cash payments, fees and other consideration

—

950

—

—

950

NOI not included in Cash NOI (1)

1,127

(2,190

)

(29,478

)

—

(30,541

)

Non-segment NOI

—

—

—

(6,155

)

(6,155

)

NOI impact from change in FX

2,423

—

239

—

2,662

Cash NOI

$

268,054

$

140,901

$

113,423

$

—

$

522,378

Adjustments:

Cash NOI not included in Same-Store

(19,348

)

(2,845

)

(380

)

—

(22,573

)

NOI impact from change in FX not in Same-Store

(173

)

—

—

—

(173

)

Same-Store Cash NOI

$

248,533

$

138,056

$

113,043

$

—

$

499,632

NON-GAAP FINANCIAL MEASURES RECONCILIATION

Adjusted EBITDA and Net Debt

(Dollars in thousands USD; totals may not sum due to rounding; unaudited)

  For the Three Months Ended March 31,

2026

2025

Net income attributable to common stockholders

$

55,912

$

46,868

Adjustments:

Interest expense

156,142

149,356

Loss on extinguishment of debt, net

449

—

Taxes (including tax amounts in general, administrative and professional fees)

(14,800

)

(9,601

)

Depreciation and amortization

382,468

321,525

Non-cash stock-based compensation expense

24,842

18,827

Transaction, transition and restructuring costs

6,659

5,982

Net income attributable to noncontrolling interests, adjusted for partners’ share of consolidated entity EBITDA

(8,034

)

(7,440

)

Income from unconsolidated entities, adjusted for Ventas’ share of EBITDA from unconsolidated entities

40,991

32,603

Gain on real estate dispositions

(15,046

)

(169

)

Unrealized foreign currency gain

(204

)

(116

)

Gain on derivatives, net

—

(7,926

)

Significant disruptive events, net

2,185

4,066

Adjusted EBITDA

$

631,564

$

553,975

Adjustment for current period activity

7,924

13,059

Further Adjusted EBITDA

$

639,488

$

567,034

Further Adjusted EBITDA annualized

$

2,557,952

$

2,268,136

Total Debt

$

12,518,493

$

12,701,675

Cash and cash equivalents

(183,613

)

(182,335

)

Restricted cash pertaining to debt

(3,230

)

(34,607

)

Partners’ share of consolidated debt

(327,241

)

(312,650

)

Ventas’s share of unconsolidated debt

754,296

692,842

Net Debt

$

12,758,705

$

12,864,925

Net Debt / Further Adjusted EBITDA

5.0 x

5.7 x

The Company believes that Further Adjusted EBITDA and Net Debt are useful to investors, analysts and Company management because they allow the comparison of the Company’s credit strength between periods and to other real estate companies without the effect of items that by their nature are not comparable from period to period.

Adjusted EBITDA

The Company defines Adjusted EBITDA as consolidated earnings before interest, taxes, depreciation and amortization (including non-cash stock-based compensation expense, asset impairment and valuation allowances), excluding (a) gains or losses on extinguishment of debt; (b) transaction, transition and restructuring costs; (c) noncontrolling interests’ share of adjusted EBITDA; (d) net gains or losses on real estate activity; (e) gains or losses on re-measurement of equity interest upon acquisition; (f) unrealized foreign currency gains or losses; (g) gains or losses on derivatives, net and changes in the fair value of financial instruments; (h) net expenses or recoveries related to significant disruptive events; and including (x) Ventas’ share of adjusted EBITDA from unconsolidated entities and (y) the impact of other items set forth in the Adjusted EBITDA reconciliation included herein.

Further Adjusted EBITDA

Further Adjusted EBITDA is Adjusted EBITDA further adjusted for transactions and events that were completed during the period, as if the transaction or event had been consummated at the beginning of the relevant period and considers any other incremental items set forth in the Further Adjusted EBITDA reconciliation included herein.

The Company considers NOI and Cash NOI as important supplemental measures because they allow investors, analysts and the Company’s management to assess its unlevered property-level operating results and to compare its operating results with those of other real estate companies and between periods on a consistent basis.

NOI

The Company defines NOI as total revenues, less interest and other income, property-level operating expenses and third-party capital management expenses.

Cash NOI

The Company defines Cash NOI as NOI for its reportable business segments (i.e., SHOP, OM&R and NNN), determined on a Constant Currency basis, excluding the impact of, without duplication (i) non-cash items such as straight-line rent and the amortization of lease intangibles, (ii) sold assets, assets held for sale, development properties not yet operational and land parcels and (iii) other items set forth in the Cash NOI reconciliation included herein. In certain cases, results may be adjusted to reflect the receipt of cash payments, fees, and other consideration that is not fully recognized as NOI in the period.

Same-Store

The Company defines same-store as properties owned, consolidated and operational for the full period in both comparison periods and that are not otherwise excluded; provided, however, that the Company may include selected properties that otherwise meet the same-store criteria if they are included in substantially all of, but not a full, period for one or both of the comparison periods, and in the Company’s judgment such inclusion provides a more meaningful presentation of its segment performance.

Newly acquired development properties and recently developed or redeveloped properties in the Company’s SHOP reportable business segment will be included in same-store once they are stabilized for the full period in both periods presented. These properties are considered stabilized upon the earlier of (a) the achievement of 80% sustained occupancy or (b) 24 months from the date of acquisition or substantial completion of work. Recently developed or redeveloped properties in the Company’s OM&R and NNN reportable business segments will be included in same-store once substantial completion of work has occurred for the full period in both periods presented. Our SHOP and NNN that have undergone operator or business model transitions will be included in same-store once operating under consistent operating structures for the full period in both periods presented.

Properties are excluded from same-store if they are: (i) sold, classified as held for sale or properties whose operations were classified as discontinued operations in accordance with GAAP; (ii) impacted by significant disruptive events such as flood or fire; (iii) for SHOP, those properties that are currently undergoing a significant disruptive redevelopment; (iv) for OM&R and NNN reportable business segments, those properties for which management has an intention to institute, or has instituted, a redevelopment plan because the properties may require major property-level expenditures to maximize value, increase NOI, or maintain a market-competitive position and/or achieve property stabilization, most commonly as the result of an expected or actual material change in occupancy or NOI; or (v) for SHOP and NNN reportable business segments, those properties that are scheduled to undergo operator or business model transitions, or have transitioned operators or business models after the start of the prior comparison period.

Constant Currency

To eliminate the impact of exchange rate movements, certain of our performance-based disclosures, including Same-Store NOI for SHOP and NNN, assume constant exchange rates across comparable periods, using the following methodology: the current period’s results are shown in actual reported USD, while prior comparison period’s results are adjusted and converted to USD based on the average monthly exchange rate for the current period.

More News From Ventas, Inc.

Ventas (VTR - Free Report) reported $1.66 billion in revenue for the quarter ended March 2026, representing a year-over-year increase of 22%. EPS of $0.94 for the same period compares to $0.10 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $1.58 billion, representing a surprise of +4.58%. The company delivered an EPS surprise of +3.4%, with the consensus EPS estimate being $0.91.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Ventas performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Revenues- Rental income- Outpatient medical & research portfolio: $230.1 million versus the three-analyst average estimate of $228.94 million. The reported number represents a year-over-year change of +4%.Revenues- Resident fees and services: $1.29 billion compared to the $1.22 billion average estimate based on three analysts. The reported number represents a change of +33.4% year over year.Revenues- Interest and other income: $2.5 million versus the three-analyst average estimate of $2.25 million. The reported number represents a year-over-year change of -18.8%.Revenues- Rental income- Triple-net leased properties: $123.07 million versus $124.96 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -21.2% change.Revenues- Rental income: $353.18 million versus $352.63 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -6.4% change.Revenues- Income from loans and investments: $4.07 million versus $6.6 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -5.9% change.Net Earnings Per Share (Diluted): $0.11 compared to the $0.12 average estimate based on three analysts.View all Key Company Metrics for Ventas here>>>

Shares of Ventas have returned +2.1% over the past month versus the Zacks S&P 500 composite's +9.3% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.

Ventas, Inc. (VTR) Q1 2026 Earnings Call Transcript