Ventas raises 2026 FFO forecast on senior housing deals

Ventas, Inc. (VTR) reported third-quarter 2026 results on Oct. 27 and raised its full-year earnings guidance, the company said in a press release furnished with a regulatory filing.

The real estate investment trust reported Normalized funds from operations, or Normalized FFO, of $0.99 per share for the quarter, up 10% from a year earlier. Nareit FFO was $1.01 per share, up from $0.88.

Attributable net income was $0.13 per share, down 7% from $0.14 a year earlier.

The company said it closed $1.2 billion of senior housing investments in the third quarter and $5.2 billion year to date.

2026 guidance

Ventas now expects 2026 Normalized FFO of $3.87 to $3.90 per share, with a midpoint of $3.89. That compares with a range of $3.85 to $3.90 and a midpoint of $3.88 given on July 29.

The company expects Nareit FFO of $3.83 to $3.86 per share, up from $3.76 to $3.81, and attributable net income of $0.64 to $0.67 per share, up from $0.58 to $0.63.

The company said the increase is primarily the result of 2026 accretive senior housing investment activity, partially offset by the impacts of interest rates and foreign exchange.

Senior housing results

Same-store cash net operating income from the senior housing operating portfolio, or SHOP, rose 16% year over year. U.S. SHOP same-store cash NOI increased 17%.

Same-store revenue per occupied room grew 5%, and average occupancy grew 290 basis points.

Financing and balance sheet

Year to date, the company settled 47.3 million shares under equity forward sales agreements for gross proceeds of $3.9 billion. It had $0.8 billion of unsettled equity forward sales agreements at Sept. 30.

Net debt to Further Adjusted EBITDA was 4.4 times at the end of the quarter, down from 5.3 times in the third quarter of 2025. As of Sept. 30, liquidity was $4.5 billion.

The company will hold a conference call on Oct. 28 at 10:00 a.m. Eastern Time.