Ventas Q3 2026 Normalized FFO $0.99/Share Beats Prior Guidance Midpoint; FY 2026 Guidance Raised
Ventas reported Q3 2026 Normalized FFO of $0.99 per share, beating the prior guidance midpoint of $0.965 per share by approximately $0.025. The company raised its full-year 2026 guidance, with Normalized FFO per share now expected at $3.87-$3.90 (midpoint $3.89), up from the prior range of $3.85-$3.90 (midpoint $3.88), driven by accretive senior housing investment activity. Total revenues for Q3 2026 were $1.83 billion, up 23% year-over-year, while Total Company Same-Store Cash NOI grew 11% year-over-year.
Guidance comparison
Guidance updates
Forward guidance
Key takeaways
Normalized FFO per share of $0.99 beat prior guidance midpoint of $0.965, with Nareit FFO at $1.01 (up 15% YoY) and Attributable Net Income at $0.13 per share.
Full-year 2026 Normalized FFO guidance raised to $3.87-$3.90 (midpoint $3.89) from $3.85-$3.90 (midpoint $3.88), primarily due to $5.2 billion year-to-date senior housing investments.
SHOP Same-Store Cash NOI grew 16% YoY with U.S. SHOP occupancy exceeding 90%, up 320 basis points year-over-year.
Net Debt-to-Further Adjusted EBITDA strengthened to 4.4x, nearly a full turn improvement from the prior year period.
Company closed $1.2 billion of senior housing investments in Q3 2026, funding activity through $4.7 billion in equity capital from settled and unsettled forward sales agreements.
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