What is the market's earnings forecast for Ventas next quarter?

What is Ventas's latest dividend and current dividend yield?

What were the key takeaways from Ventas’s earnings call?

What guidance did Ventas's management provide for the next earnings period?

What factors drove the changes in Ventas's revenue and profit?

What is the revenue and EPS growth rate for Ventas year over year?

What is Ventas's gross profit margin?

What does Ventas do and what are its main business segments?

- **Record Growth**: 10% YoY increase in normalized FFO per share, driven by 19% Same-Store NOI growth in U.S. senior housing.
- **Expanded Guidance**: Full-year FFO guidance raised to 9%, with $2.5 billion in senior housing investments.
- **Demographic Tailwind**: Over-80 population set to grow 28% over five years, fueling demand for private pay senior housing.
- **Operational Excellence**: 85% U.S. SHOP occupancy with 270 basis points YoY growth, and 50% incremental margin in high-occupancy communities.
- **Balance Sheet Strength**: Net debt to EBITDA improved to 5.3x, supporting equity-funded growth strategy.

**【CEO Summary Section】**
- Ventas delivered 10% year-over-year growth in normalized FFO per share, driven by 19% Same-Store Cash NOI growth in U.S. senior housing.
- The company raised full-year guidance to 9% normalized FFO growth and 7.5% total Same-Store NOI, citing strong SHOP performance and $2.5 billion in senior housing investments.
- Emphasized the secular tailwind of aging demographics, with the over-80 population set to grow 28% over the next five years.
- Converted 27 of 45 Triple-Net communities to SHOP, with remaining conversions expected by year-end, targeting $50 million of NOI upside.

**【CFO Financial Commentary】**
- Third-quarter normalized FFO per share was $0.88, up 10% YoY, with total Same-Store Cash NOI growth of 8%.
- Net debt to EBITDA improved to 5.3x, down 1.0x year-over-year, reflecting equity-funded investments and organic growth.
- Raised 2025 normalized FFO guidance to $3.47 per share (midpoint), driven by SHOP performance and senior housing investments.
- Research business NOI declined $0.4 million YoY due to lower flex space rents, but 87% tenant retention rate and 90.6% occupancy in outpatient medical.

**【CFO Financial Commentary】**
- Total company Same-Store Cash NOI growth of 8%, with SHOP contributing 16% growth and U.S. senior housing leading at 19%.
- Outpatient Medical and Research (OMAR) reported 3.7% NOI growth, driven by 50 basis points sequential improvement in outpatient medical occupancy.
- Research portfolio NOI declined due to lower flex space rents, but 87% tenant retention rate and 90.6% occupancy in outpatient medical.

**【Q&A Highlights】**
- **Acquisition Strategy**: Committed to $2.5 billion in senior housing investments, targeting low to mid-teens IRRs through a mix of yield and growth. No plans to lower initial yield requirements despite strong demand.
- **Leverage Management**: Maintaining equity-funded growth strategy, with net debt to EBITDA at 5.3x, down 1.0x YoY.
- **Triple-Net to SHOP Conversions**: 27 of 45 Brookdale communities converted, with remaining transitions expected by year-end. Communities performing well with 33% rent increase beginning 2026.
- **Occupancy Growth**: U.S. SHOP portfolio at 85% occupancy, with sequential growth of 160 basis points and expectations for continued improvement into Q4.
- **Competitive Advantage**: Ventas OI platform enables data-driven decision-making, supporting 40 operators and delivering 50% incremental margin in high-occupancy communities.


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