Did Ventas beat or miss consensus estimates last quarter?

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

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

What is Ventas's gross profit margin?

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

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

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

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

- **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.


Ventas, Inc. (VTR) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

VTR

VTR fundamentals

You can ask Aime