Ventas’ Senior Housing NOI Jumps 15%, Invests $2.5B and Hikes Dividend 8%
Ventas’ senior housing Same-Store Cash NOI rose over 15% in 2025, driven by 18% U.S. growth, while the REIT invested $2.5B in senior housing, raised $3.2B and held $5.3B liquidity. Q4 normalized FFO rose 10% to $0.89 per share, dividend climbed 8% to $0.52 and 2026 guidance targets $3.83 FFO.
1. 2025 Performance Highlights
Ventas reported a Same-Store Cash NOI increase of over 15% across its Senior Housing Operating Portfolio in 2025, led by an 18% gain in U.S. properties driven by higher occupancy and revenue per occupied room.
2. Q4 and Full-Year Metrics
In Q4, net income was $0.15 per share and normalized FFO rose 10% to $0.89 per share. Full-year net income reached $0.54 per share, normalized FFO was $3.48, total NOI grew 16%, and the quarterly dividend was increased 8% to $0.52 per share.
3. Capital Investments and Liquidity
During 2025, the company completed $2.5B in senior housing investments and raised $3.2B in equity, maintaining $5.3B of liquidity and a Net Debt-to-Adjusted EBITDA ratio of 5.2x. Early 2026 acquisitions exceeded $0.8B.
4. 2026 Outlook and Guidance
For 2026, the REIT plans approximately $2.5B of senior housing investments, expects net income of $0.57 per share and normalized FFO of $3.83, and has updated its FFO calculation to exclude non-cash stock-based compensation.