Ventas, Inc. reported financial results for the third quarter ended September 30, 2026, and announced an increase to its full-year guidance. The company reported Normalized Funds From Operations (Normalized FFO) per share of $0.99 for the quarter, representing a 10% year-over-year increase. Reported Attributable Net Income per share was $0.13, a decrease of 7% compared to the same period in 2025.
Operational metrics for the company’s Senior Housing Operating Portfolio (SHOP) showed significant growth. Same-Store Cash NOI increased by 16% year-over-year, driven by a 5% increase in Same-Store revenue per occupied room and a 290 basis point increase in average occupancy. In the United States specifically, SHOP Same-Store Cash NOI grew by 17%, with average occupancy exceeding 90%, an increase of 320 basis points.
Ventas has increased its full-year 2026 guidance across all three primary metrics: Attributable Net Income Per Share, Nareit FFO Per Share, and Normalized FFO Per Share. The updated ranges for Normalized FFO Per Share are $3.87 to $3.90, with a midpoint of $3.89. The company attributes this upward revision primarily to accretive senior housing investment activity, though it notes that the changes are partially offset by the impacts of interest rates and foreign exchange.
The company has been active in expanding its SHOP business, closing $1.2 billion of senior housing investments in the third quarter. Year-to-date, the company has closed $5.2 billion of investments focused on senior housing. To fund this activity, Ventas settled 47.3 million shares of common stock under equity forward sales agreements for gross proceeds of $3.9 billion as of September 30, 2026. The company reported a Net Debt-to-Further Adjusted EBITDA ratio of 4.4x as of the end of the third quarter and maintained $4.5 billion in liquidity.
