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Jun 30
Ventas Q2 2025 Earnings Report
Ventas reported strong second quarter 2025 results, driven by significant growth in its Senior Housing Operating Portfolio.
Key Takeaways
Ventas delivered robust earnings growth in the second quarter of 2025, primarily fueled by strong organic and external growth within its Senior Housing Operating Portfolio (SHOP). The company saw a significant increase in Normalized FFO per share and total company NOI, leading to an improved full-year guidance for 2025.
Net Income Attributable to Common Stockholders per share increased by 200% to $0.15.
Normalized FFO per share grew by 9% year-over-year to $0.87.
Total Company Net Operating Income (NOI) experienced a 14% year-over-year growth.
The Senior Housing Operating Portfolio (SHOP) Same-Store Cash NOI increased by 13% year-over-year.
Ventas
Ventas
Ventas Revenue by Segment
Revenue by Segment
Triple-net leased properties Revenue
CapyFin.comOutpatient medical & research Revenue
CapyFin.comResident fees and services Revenue
CapyFin.comThird-party capital management Revenue
CapyFin.comIncome from loans & investments Revenue
CapyFin.comInterest and other income Revenue
CapyFin.com Forward Guidance
Ventas has increased its full-year 2025 guidance for Normalized FFO per share, driven by expected NOI growth in the SHOP segment and accretive senior housing investment activity.
Positive Outlook
- Increased full-year 2025 Normalized FFO per share guidance to a range of $3.41 - $3.46.
- Increased senior housing investment volume expectations for 2025 to $2.0 billion, up from $1.5 billion.
- Expected NOI growth in the Company’s SHOP segment.
- Accretive senior housing investment activity from 2024 and expected in 2025.
- Anticipated funding of future investments primarily with existing unsettled forward equity commitments.
Challenges Ahead
- Impact of higher net interest expense.
- Dilutive impact of a higher share price.
- Interest expense expected to be ~$615 million at midpoint.
- General and administrative expenses expected to be ~$178 million at midpoint.
- Disposition proceeds expected to be ~$200 million, which is a reduction in assets.