Ventas (VTR) Q4 2025 earnings summary

Executive summary

• Achieved strong 2025 results with 9% normalized FFO per share growth, 15% same-store SHOP NOI growth, and four consecutive years of double-digit SHOP growth, with SHOP now representing over half of total NOI.

• Total shareholder return reached 35% in 2025, outperforming industry benchmarks and the S&P 500.

• Completed $2.5 billion in senior housing investments in 2025, expanding the portfolio and adding new operators.

• Board approved an 8% increase in the quarterly dividend to $0.52 per share.

• Positioned for continued multiyear growth, leveraging demographic tailwinds and a disciplined investment approach.

Financial highlights

• Q4 2025 normalized FFO per share was $0.89, up 10% year-over-year; full-year normalized FFO per share reached $3.48, up 9% year-over-year and at the high end of guidance.

• Total company same-store cash NOI grew 8% year-over-year in 2025; SHOP same-store cash NOI grew 15.4% for the year, led by 18% growth in the U.S.

• U.S. SHOP average occupancy increased 370 basis points year-over-year in Q4 2025.

• Outpatient Medical & Research segment posted 3.7% same-store cash NOI growth in Q4 2025; triple-net segment declined 1.3% in Q4.

• Net debt to Further Adjusted EBITDA was 5.2x at year-end, with $5.3 billion in liquidity.

Outlook and guidance

• 2026 guidance: normalized FFO per share of $3.78–$3.88 (midpoint $3.83), representing 8% year-over-year growth.

• Net income expected at $0.57 per share at the midpoint for 2026.

• SHOP same-store NOI growth expected at 13–17% in 2026, with 15% at the midpoint and average occupancy growth of ~270 basis points.

• $2.5 billion in senior housing investments planned for 2026, with $300 million in disposition proceeds anticipated.

• G&A expected in the low $150 million range for 2026; FAD capital expenditures projected at ~$400 million.