Ventas reported Q3 2025 results, with attributable net income per share rising 180% to $0.14 from $0.05 in Q3 2024 and total net income attributable to common stockholders increasing to $66.0 million from $19.2 million.
Nareit FFO per share grew 11% to $0.88 and Normalized FFO per share rose 10% to $0.88. The Senior Housing Operating Portfolio (SHOP) Same‑Store Cash NOI increased 16% YoY, with U.S. growth at 19%. Same‑Store Cash NOI margin expanded 200 basis points, and average occupancy climbed 160 basis points sequentially and 270 basis points YoY.
Ventas completed $1.1 billion of senior housing acquisitions in Q3 and $2.2 billion year‑to‑date, prompting an upgrade of 2025 senior housing investment guidance to $2.5 billion from $2.0 billion. Liquidity stood at $4.1 billion and Net Debt‑to‑Further Adjusted EBITDA improved to 5.3×.
Management attributed the margin expansion to the deployment of the Ventas OI™ platform, which enabled cost efficiencies and pricing optimization across the portfolio. The company highlighted continued demand in the senior housing market driven by demographic trends and record low supply, while noting that rising labor costs and inflation could pressure margins in the near term.
Ventas’s focus on senior housing now represents roughly half of its business, underscoring the strategic importance of this segment. The company remains positioned to deploy capital in the sector, with a strong liquidity base and a competitive edge over peers such as Welltower.
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