Ventas, Inc. (VTR) SEC Filings & Earnings Calls
EquiReason read 17 Ventas, Inc. SEC filings in the last 12 months. Latest: 8-K on 2026-09-15 — Ventas appoints Laurida Sayed as SVP, Chief Accounting Officer and Controller, effective October 5, 2026..
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
- Market cap
- 44.5B
- P/E TTM
- 163.8
- Dividend yield
- 2.3%
- 52-week
- —
- Next earnings
- 27 Oct, in 3 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
30 Jul 202610-QVentas reported Q2 2026 total revenues of $1.73B, up 21.7% YoY, driven by SHOP growth and acquisitions.earningsopen
Figures in the filing · each found in the filing text
| Net cash provided by operating activities · H1-2026 | $951M | +19% y/y |
| SHOP Resident fees and services · SHOP · Q2-2026 | $1.36B | +32% y/y |
| OM&R Rental income · OM&R · Q2-2026 | $229M | +4% y/y |
| NNN Rental income · NNN · Q2-2026 | $125M | -18% y/y |
| SHOP NOI · SHOP · H1-2026 | $778M | |
| OM&R NOI · OM&R · H1-2026 | $302M | |
| NNN NOI · NNN · H1-2026 | $242M | |
| Total NOI · H1-2026 | $1.34B | |
| Net investment in real estate property · H1-2026 | $2.45B | +155% y/y |
| Impairments · H1-2026 | $60M | +5% y/y |
Risks flagged
Real Estate Impairment Risk
“For the six months ended June 30, 2026, we recognized impairments of $ 60.3 million” · word for word
Concentration Risk (Kindred, Ardent)
“Kindred 2.0 2.5 2.0 2.6” · word for word
Interest Rate Risk
“Interest 160,034 150,298” · word for word
29 Jul 20268-K · 2.02Ventas reported strong Q2 2026 results: Normalized FFO per share $0.97 (+9% YoY), Total Company NOI growth 17%, Same-Store Cash NOI growth 10%, SHOP Same-Store Cash NOI +16% YoY. Raised FY2026 guidance and increased investment volume expectearningsopen
Figures in the filing · each found in the filing text
| Normalized FFO per share · Q2-2026 | $0.97 | +9% y/y |
| Nareit FFO per share · Q2-2026 | $0.99 | +15% y/y |
| Attributable Net Income per share · Q2-2026 | $0.14 | -7% y/y |
| Total Company NOI growth · Q2-2026 | 17.0% | |
| Same-Store Cash NOI growth · Q2-2026 | 10.0% | |
| SHOP Same-Store Cash NOI growth · Senior Housing Operating Portfolio · Q2-2026 | 16.0% | |
| SHOP Same-Store Cash Operating Revenue growth · Senior Housing Operating Portfolio · Q2-2026 | 9.0% | |
| SHOP Same-Store Cash NOI margin expansion · Senior Housing Operating Portfolio · Q2-2026 | $210.00 | |
| RevPOR growth · Senior Housing Operating Portfolio · Q2-2026 | 5.0% | |
| Average occupancy growth · Senior Housing Operating Portfolio · Q2-2026 | $300.00 |
Guidance
FY2026 Attributable Net Income per share raised to $0.58-$0.63 from $0.56-$0.63; Nareit FFO per share raised to $3.76-$3.81 from $3.69-$3.76; Normalized FFO per share raised to $3.85-$3.90 from $3.82-$3.89
Guidance raised primarily due to increased accretive senior housing investment activity; strong demand and margin expansion expected to continue.
Risks flagged
Attributable Net Income per share declined 7% YoY, indicating GAAP earnings pressure despite strong operational metrics.
“Attributable Net Income per share $0.14 vs $0.15 prior year, -7%”
15 Jun 20268-K · 5.02, 8.01Reported the departure of a director or principal officer (CEO/CFO change); disclosed a material event under other events (litigation, recall, contract loss, or major announcement)open
Risks flagged
Potential disruption in legal and compliance leadership; transition risk.
“Resignation of General Counsel; interim appointment of Kevin M. Bohl.”
15 May 20268-K · 5.02, 5.07, 8.01Reported the departure of a director or principal officer (CEO/CFO change); submitted matters to a vote of security holdersopen
Risks flagged
Potential dilution from increased ATM offering; executive transition risk.
“ATM capacity increased to $3B; retirement of key executive.”
28 Apr 202610-QTotal Revenues $1.66B (+22% y/y); Net Income Attributable to Common Stockholders $56M (+19% y/y); Normalized FFO Attributable to Common Stockholders $456M (+18% y/y)open
Figures in the filing · each found in the filing text
| Total Revenues · Q1-2026 | $1.66B | +22% y/y |
| Net Income Attributable to Common Stockholders · Q1-2026 | $56M | +19% y/y |
| Normalized FFO Attributable to Common Stockholders · Q1-2026 | $456M | +18% y/y |
| SHOP Segment NOI · SHOP · Q1-2026 | $374M | +42% y/y |
| Same-Store SHOP NOI · SHOP · Q1-2026 | $287M | +15% y/y |
| Same-Store SHOP Average Unit Occupancy · SHOP · Q1-2026 | 90.4% | |
| Same-Store SHOP Average Monthly Revenue Per Occupied Room · SHOP · Q1-2026 | $5512.00 | +5% y/y |
| OM&R Segment NOI · OM&R · Q1-2026 | $151M | +3% y/y |
| NNN Segment NOI · NNN · Q1-2026 | $120M | -21% y/y |
| Net Cash Provided by Operating Activities · Q1-2026 | $395M | +23% y/y |
Risks flagged
NNN Segment Shrinkage from Conversions/Dispositions
“NNN NOI decreased $32.4M or 21.2% YoY, primarily due to conversions to SHOP and dispositions.”
Interest Rate Exposure
“Interest expense increased $6.8M or 4.5% YoY due to higher rates; weighted average rate 4.58% vs 4.47%.”
27 Apr 20268-K · 2.02Q1 2026 Normalized FFO $0.94/share (+9% YoY); SHOP Same-Store Cash NOI +15% YoY; occupancy +310bps; investments $1.7B YTD; guidance raised: Normalized FFO $3.82-$3.89 from $3.78-$3.88; investment volume guidance increased to $3B from $2.5B.earningsopen
Figures in the filing · each found in the filing text
| Normalized FFO per share · Q1-2026 | $0.94 | +9% y/y |
| Nareit FFO per share · Q1-2026 | $0.90 | +6% y/y |
| Attributable Net Income per share · Q1-2026 | $0.11 | +10% y/y |
| SHOP Same-Store Cash NOI growth · SHOP · Q1-2026 | 15.0% | |
| SHOP Same-Store average occupancy growth · SHOP · Q1-2026 | 310.0% | |
| SHOP RevPOR growth · SHOP · Q1-2026 | 5.0% | |
| Total Company Same-Store Cash NOI growth · Q1-2026 | 9.0% | |
| Total Company NOI growth · Q1-2026 | 14.0% | |
| Net Debt-to-Further Adjusted EBITDA · Q1-2026 | $5.00 | |
| Liquidity · Q1-2026 | $5.50B |
Guidance
FY2026 Normalized FFO per share raised to $3.82-$3.89 from $3.78-$3.88; FY2026 Attributable Net Income per share raised to $0.56-$0.63 from $0.52-$0.62; FY2026 Nareit FFO per share raised to $3.69-$3.76 from $3.63-$3.73; FY2026 investment volume increased to $3B from $2.5B
Guidance raised across all metrics due to strong SHOP performance and investment activity.
Risks flagged
Interest rate risk: higher rates could impact financing costs and investment returns.
“partially offset by the market expectation of higher interest rates.” · word for word
Execution risk on $3B investment target: large pipeline may face competition or delays.
“The Company is increasing its investment volume expectations for 2026 to $3 billion of investments focused on senior housing” · word for word
1 Apr 2026DEF 14AProxy statement for 2026 Annual Meeting, detailing executive compensation, governance, and 2025 performance highlights.open
Figures in the filing · each found in the filing text
| Normalized Funds From Operations per share · FY2025 | $3.48 | +9% y/y |
| Nareit Funds From Operations per share · FY2025 | $3.50 | +11% y/y |
| Net Income Attributable to Common Stockholders per share · FY2025 | $0.54 | +184% y/y |
| Total Company Same-Store Cash NOI Growth · FY2025 | 8.0% | |
| SHOP Same-Store Cash NOI Growth · SHOP · FY2025 | 15.0% | |
| Total Shareholder Return (1-year) · FY2025 | 35.1% | |
| Enterprise Value · Q4-2025 | $50.00B | +25% y/y |
| Net Debt to Further Adjusted EBITDA · Q4-2025 | $5.20 | |
| Liquidity · Q4-2025 | $5.30B | |
| Senior Housing Investments Closed · SHOP · FY2025 | $2.50B |
Guidance
Quarterly dividend increased 8% to $0.52 per share in Q1 2026
Dividend increase signals management confidence in future cash flows and growth, supported by strong 2025 results and positive outlook.
Risks flagged
Interest Rate Sensitivity
“Net Debt to Further Adjusted EBITDA* improved to 5.2x as of the end of the fourth quarter 2025. (Leverage is moderate, but interest rate changes could impact refinancing costs.)” · word for word
Operator Concentration Risk
“40+ operators (Implies diversification, but reliance on third-party operators for SHOP segment.)”
20 Feb 20268-K · 5.02Reported a director or officer change (departure, election, appointment or pay arrangement)open
Risks flagged
Loss of long-tenured CAO (20 years) could create temporary gap in accounting leadership, but CFO assuming duties mitigates risk.
“Gregory R. Liebbe, Senior Vice President, Chief Accounting Officer and Controller informed Ventas that he is resigning” · word for word
9 Feb 20268-K · 8.01Disclosed a material event under other events (litigation, recall, contract loss, or major announcement); filed financial statements and exhibits with this reportopen
Risks flagged
Potential dilution from increased ATM capacity
“Increase in aggregate gross sales price to $2.5 billion for common stock issuance.”
6 Feb 202610-KTotal NOI $2.39B; SHOP NOI $1.18B; OM&R NOI $590Mopen
Figures in the filing · each found in the filing text
| Total NOI · FY2025 | $2.39B | |
| SHOP NOI · SHOP · FY2025 | $1.18B | |
| OM&R NOI · OM&R · FY2025 | $590M | |
| NNN NOI · NNN · FY2025 | $588M | |
| Number of Properties · 2025-12-31 | 1,409 | |
| SHOP Properties · SHOP · 2025-12-31 | 752 | |
| OM&R Properties · OM&R · 2025-12-31 | 409 | |
| NNN Properties · NNN · 2025-12-31 | 213 | |
| Employees · 2025-12-31 | 542 |
Risks flagged
Tenant/Manager Concentration
“A significant portion of our revenues and operating income is dependent on a limited number of tenants and managers, including Ardent, Kindred, Atria, Sunrise and Le Groupe Maurice.” · word for word
Macroeconomic Sensitivity
“Macroeconomic trends, including trends relating to labor costs, unemployment, inflation, interest rates and exchange rates, may affect our business and financial results.” · word for word
Government Funding Changes
“Changes in the U.S. political and regulatory environment could affect availability of government funding that we or our managers, tenants or borrowers rely on.” · word for word
5 Feb 20268-K · 2.02Normalized FFO per share $0.89 (+10% y/y); Nareit FFO per share $0.91 (+7% y/y); Attributable Net Income per share $0.15 (+15% y/y); Guidance: 2026 Normalized FFO midpoint $3.83 (+8% YoY); Attributable Net Income midpoint $0.57 (+6% YoY)earningsopen
Figures in the filing · each found in the filing text
| Normalized FFO per share · Q4-2025 | $0.89 | +10% y/y |
| Nareit FFO per share · Q4-2025 | $0.91 | +7% y/y |
| Attributable Net Income per share · Q4-2025 | $0.15 | +15% y/y |
| Total Company Same-Store Cash NOI growth · Q4-2025 | 8.0% | |
| SHOP Same-Store Cash NOI growth · SHOP · Q4-2025 | 15.0% | |
| Net Debt-to-Further Adjusted EBITDA · Q4-2025 | $5.20 | |
| Liquidity · Q4-2025 | $5.30B | |
| 2026 Normalized FFO per share midpoint guidance · FY2026 | $3.83 | +8% y/y |
| 2026 Attributable Net Income per share midpoint guidance · FY2026 | $0.57 | +6% y/y |
| 2026 Nareit FFO per share midpoint guidance · FY2026 | $3.68 | +5% y/y |
Guidance
2026 Normalized FFO midpoint $3.83 (+8% YoY); Attributable Net Income midpoint $0.57 (+6% YoY)
2026 guidance raised above 2025 results; strong SHOP growth and accretive investments expected to continue.
Risks flagged
No material risks identified; strong balance sheet with 5.2x leverage and $5.3B liquidity.
7 Jan 20268-K · 1.01, 2.03Entered a material definitive agreement (acquisition, partnership, or major contract); took on a material direct financial obligation, increasing leverageopen
Risks flagged
Increased leverage from new debt facilities, though offset by repayment of existing debt.
“proceeds from the increase to the Term Loan Facility will be applied to repay in full all outstanding indebtedness under that certain Credit and Guaranty Agreement, dated as of September 6, 2023” · word for word
4 Dec 20258-K · 8.01Aggregate principal amount of notes $500Mopen
Figures in the filing · each found in the filing text
| aggregate principal amount of notes · 2025-12-04 | $500M |
Risks flagged
Increased leverage from new debt issuance.
“Issued $500M in senior notes, increasing total debt.”
17 Nov 20258-K · 5.02Reported the departure of a director or principal officer (CEO/CFO change); filed financial statements and exhibits with this reportopen
Risks flagged
Minimal risk; orderly transition with lead time for replacement search.
“Advance notice allows lead time for comprehensive search and orderly transition.”
30 Oct 202510-QVentas reported strong Q3 2025 results with significant revenue and net income growth, driven by SHOP segment expansion.earningsopen
Figures in the filing · each found in the filing text
| Resident fees and services revenue · SHOP · Q3-2025 | $1.09B | +29% y/y |
| Net income attributable to common stockholders · Q3-2025 | $66M | +243% y/y |
| Net investment in real estate property · 9M-2025 | $1.99B | +283% y/y |
| SHOP NOI · SHOP · 9M-2025 | $853M |
Risks flagged
Impairment losses on real estate
“For the nine months ended September 30, 2025, we recognized impairments of $85.4 million comprising $26.7 million, $55.4 million and $3.3 million in our SHOP, OM&R and NNN segments, respectively.” · word for word
Concentration risk with major tenants
“Brookdale, Ardent, and Kindred contributed 6.8%, 6.3%, and 5.5% of total NOI, respectively, for Q3 2025.”
29 Oct 20258-K · 2.02Normalized FFO per share $0.88 (+10% y/y); Total Company Same-Store Cash NOI growth 8; SHOP Same-Store Cash NOI growth 16; Guidance: Normalized FFO per share midpoint raised from $3.44 to $3.47earningsopen
Figures in the filing · each found in the filing text
| Normalized FFO per share · total_company · Q3-2025 | $0.88 | +10% y/y |
| Total Company Same-Store Cash NOI growth · total_company · Q3-2025 | 8.0% | |
| SHOP Same-Store Cash NOI growth · senior_housing_operating_portfolio · Q3-2025 | 16.0% | |
| SHOP Same-Store Cash NOI Margin expansion · senior_housing_operating_portfolio · Q3-2025 | 200.0% | |
| Same-Store average occupancy growth (sequential) · senior_housing_operating_portfolio · Q3-2025 | 160.0% | |
| Same-Store average occupancy growth (YoY) · senior_housing_operating_portfolio · Q3-2025 | 270.0% | |
| Senior housing investments YTD · senior_housing · YTD-2025 | $2.20B | |
| Net Debt-to-Further Adjusted EBITDA · total_company · Q3-2025 | $5.30 | |
| Liquidity · total_company · Q3-2025 | $4.10B | |
| Normalized FFO per share guidance midpoint (raised) · total_company · FY2025 | $3.47 |
Guidance
Normalized FFO per share midpoint raised from $3.44 to $3.47
Guidance raised on strong SHOP performance and accretive investments; demand accelerating, margins expanding, capex increasing.
Risks flagged
Interest expense and share dilution from equity issuance may partially offset NOI growth.
“Impact of higher net interest expense and the dilutive impact of a higher share price.” · word for word
Ventas, Inc. — questions
- What did Ventas, Inc. file recently?
- 17 SEC filings in the last 12 months. Latest: 8-K on 2026-09-15 — Ventas appoints Laurida Sayed as SVP, Chief Accounting Officer and Controller, effective October 5, 2026.
Every figure on this page comes from Ventas, Inc.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.