VTR
Ventas, Inc.78.25
-0.46-0.58%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Confident on acquisitions despite competition
Q&A reinforced Ventas' high confidence in hitting $2.5 billion senior housing acquisitions despite increased competition and sub-7% cap rates, backed by a growing $35 billion US pipeline and repeat seller/operator ties. Management detailed triple-net escalators averaging 3% run-rate after the outsized Brookdale bump, with modest 2026 NOI from those transitions but doubling potential later. Flu proved minimal amid stronger infection controls; severe weather hit Q1 expenses but sits within guidance. Incremental margins to hit 50s%. Competition heats up, yet Ventas wins. Watch deal closes and occupancy gains for thesis durability.
Key Stats
Market Cap
36.76BP/E (TTM)
147.64Basic EPS (TTM)
0.53Dividend Yield
0.02%Recent Filings
8-K
CAO resigns; CFO interim
Ventas' Senior VP, Chief Accounting Officer, and Controller Gregory R. Liebbe resigned on February 16, 2026, effective February 27, to pursue other opportunities—no disagreements on accounting or reporting. CFO Robert F. Probst steps in as interim Chief Accounting Officer during the successor search. Smooth transition planned.
10-K
FY2025 results
Ventas delivered FY2025 NOI of $2.4B, up 15.7% y/y, powered by SHOP's $1.2B surge (49% of total) from 52 acquisitions at $2.3B and 63 NNN-to-SHOP conversions that boosted occupancy to 87% (up 280bps) and RevPOR to $5,255 (up 6.7%). Q4 momentum accelerated with same-store SHOP NOI +15% y/y on 280bps occupancy gains to 89% and RevPOR +5%; OM&R held steady at $590M (flat y/y) while NNN dipped 3% to $588M on conversions. Liquidity swelled to $5.3B amid $13.1B debt (4.3% rate). Brookdale lease extensions lock 65 assets to 2035. Yet tenant bankruptcies loom large.
8-K
Ventas crushes 2025 earnings
Ventas crushed 2025 with SHOP Same-Store Cash NOI soaring over 15%, fueled by 370bps U.S. occupancy gains and $2.5B in accretive senior housing deals. Normalized FFO hit $3.48 per share, up 9%; net debt/EBITDA tightened to 5.2x. Board hiked dividend 8% to $0.52 quarterly. 2026 guides 8% Normalized FFO growth amid $2.5B more investments.
8-K
Ventas expands term loans $750M
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