Ventas Q1 Same-Store NOI Up 9%; Lifts Full-Year FFO Guidance to $3.89
Ventas reported Q1 2026 same-store property NOI growth of 9% and normalized FFO per share of $0.94, up 9% year-over-year. The company raised its full-year FFO guidance to $3.82–$3.89, closed $1.7 billion in senior housing investments and ended the quarter with $5.5 billion of liquidity.
1. Q1 2026 Financial Highlights
Ventas delivered 9% total same-store property NOI growth and a 5% RevPOR increase in Q1, driving normalized FFO per share of $0.94, up 9% year-over-year. US occupancy jumped by 370 basis points to bolster revenues, while operating expenses rose 5.8%, reflecting higher occupancy and weather-related costs.
2. Senior Housing Portfolio Performance
The senior housing operating portfolio (SHOP) recorded over 15% NOI growth with incremental margins of 50%, underpinned by robust demand in U.S. markets. Ventas closed $1.7 billion in SHOP investments year-to-date, targeting double-digit unlevered IRRs, despite some Revel properties still in mid-70% lease-up.
3. Balance Sheet Strength
The company ended the quarter with a record $5.5 billion of available liquidity and improved net debt to EBITDA to 5.0x. This financial flexibility supports ongoing acquisitions and debt management amid competitive cap-rate environments.
4. 2026 Investment and FFO Guidance
Ventas increased its 2026 investment volume guidance to $3 billion and raised full-year normalized FFO per share to a range of $3.82–$3.89, up $0.03 at the midpoint. Management forecasts nearly 10% same-store cash NOI growth for the year, reflecting confidence in portfolio performance.