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Sep 30, 2025
Ventas Q3 2025 Earnings Report
Ventas posted strong third quarter results driven by double-digit growth in its SHOP segment.
Key Takeaways
Ventas reported robust Q3 2025 results, with strong earnings from its senior housing operating portfolio (SHOP), higher same-store occupancy, and improved NOI margins.
Normalized FFO per share reached $0.88, up from $0.80 last year.
Net income attributable to common stockholders was $66 million.
Total revenue rose to approximately $1.49 billion for the quarter.
Same-Store SHOP Cash NOI increased 16% YoY, driven by U.S. growth of 19%.
Revenue by Segment
Forward Guidance
Ventas raised its full-year guidance based on strong SHOP performance and recent acquisitions, projecting solid FFO growth into FY25.
Positive Outlook
- Raised 2025 Normalized FFO guidance midpoint to $3.47 per share
- Expected senior housing investment volume increased to $2.5 billion
- Strong SHOP organic and external growth supports outlook
- Liquidity position remains strong at $4.1 billion
- Net Debt to EBITDA improved to 5.3x
Challenges Ahead
- Higher net interest expense anticipated for FY25
- Dilutive impact from increased share count
- General and administrative expenses projected at $178 million
- Interest expense expected to reach $615 million
- Guidance dependent on continued demand and margin stability in SHOP
Historical Earnings Impact
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Avg. Return Before/After Earnings
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