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Mar 31, 2025
Ventas Q1 2025 Earnings Report
Ventas reported a profitable Q1 2025 driven by strong growth in its senior housing segment.
Key Takeaways
Ventas delivered solid Q1 2025 results with positive net income and 8% growth in normalized FFO. The senior housing operating portfolio (SHOP) was a key performance driver, supported by strong occupancy gains and effective cost management.
Revenue by Segment
Forward Guidance
Ventas reaffirmed its FY25 guidance, supported by strong SHOP performance and expanded investment activity, though higher interest expense and equity dilution are expected to weigh on results.
Positive Outlook
- Reaffirmed 2025 Normalized FFO guidance at $3.35–$3.46/share
- Raised senior housing investment target to $1.5B
- Strong SHOP NOI growth expected to continue
- Utilizing forward equity to fund growth without increasing leverage
- Maintained liquidity at $2.9B with expanded credit facility
Challenges Ahead
- Higher interest expense expected due to refinancing
- Equity dilution from forward sales agreements
- Foreign exchange headwinds remain a risk
- General and administrative expenses remain elevated
Historical Earnings Impact
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Avg. Return Before/After Earnings
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