Ventas Q4 Revenues Jump 21.7% to $1.57B; FFO Rises 9.9%
Ventas reported Q4 normalized FFO of $0.89 per share, up 9.9% year-over-year and in line with consensus, while revenues rose 21.7% to $1.57 billion, beating estimates. Same-store cash NOI climbed 7.8%, led by a 15.4% increase in senior housing and 3.7% growth in medical and research, though triple-net leased NOI fell 1.3%.
1. Q4 Financial Results
Ventas delivered normalized FFO per share of $0.89 for Q4 2025, matching expectations and representing a 9.9% increase from the prior year. Total revenues surged 21.7% to $1.57 billion, surpassing the consensus estimate of $1.50 billion.
2. Segment Performance
Same-store cash NOI for the full portfolio rose 7.8% to $486.3 million. The senior housing operating portfolio (SHOP) led growth with a 15.4% NOI gain driven by a 4.7% RevPOR increase and a 300-basis-point occupancy lift to 90.1%, while the medical and research portfolio (OM&R) saw 3.7% NOI growth and triple-net leased assets dipped 1.3%.
3. Balance Sheet and Liquidity
At quarter end, cash and equivalents totaled $741.1 million, up from $188.6 million in Q3, and total liquidity reached $5.3 billion. Net debt to adjusted EBITDA stood at a 5.2x ratio, underpinning the company’s financial flexibility.
4. 2026 Guidance
Ventas forecast normalized FFO of $3.78–$3.88 per share for 2026, exceeding the $3.74 consensus. It projects same-store cash NOI growth of 8.5–10.5% overall, with SHOP up 13–17%, OM&R up 2–3%, and triple-net leased NOI up 3.75–4.75%, alongside $2.5 billion in senior housing investments.