01—Abstract
Summary
Summary of the 10-Q filed April 28, 2026. Cited figures are marked; the original filing is the authoritative source.
Ventas, Inc. reported first-quarter 2026 net income attributable to common stockholders of $55.9 milliona, compared with $46.9 million in the first quarter of 2025.
Total revenues rose to $1.66 billionb from $1.36 billion, driven mainly by resident fees and services in the senior housing operating portfolio (SHOP), which increased to $1.29 billion from $968.9 million. Total NOI was $651.1 million versus $569.3 million, with SHOP NOI of $374.5 million up from $264.5 million, while NNN NOI declined to $120.2 million from $152.6 million, reflecting converted and disposed properties. Normalized FFO attributable to common stockholders was $455.6 million compared with $386.1 million, and the company notes it now excludes non-cash stock-based compensation from Normalized FFO, with prior periods recast.
The balance sheet shows total assets of $27.69 billionc and total debt (gross) of $12.61 billion, down from $13.10 billion at year-end 2025, following repayment of $500.0 million of 4.13% Senior Notes due 2026 and repayment of a $200 million term loan. The company amended its unsecured term loan to $700 million maturing January 2031 and established a $550 million undrawn delayed draw term loan. Cash and cash equivalents fell to $183.6 million from $741.1 million, while the company reported $5.5 billion of total liquidity as of March 31, 2026.
Net cash provided by operating activities increased to $394.6 milliond from $321.1 million, and capital raising through common stock issuance was substantial, with 13.8 million shares of equity forward sales agreements entered into during the quarter. Subsequent to quarter end, in April 2026, Ventas acquired two senior housing communities for $59.0 million and, through a 75%-controlled subsidiary, 11 senior housing communities for $540.0 million. The company also entered into additional equity forward sales agreements for 2.5 million shares, bringing unsettled agreements to 19.6 million shares, or approximately $1.6 billion in gross proceeds.
02—Key points
Key Highlights
- Net income attributable to common stockholders rose to $55.9 million from $46.9 million; diluted EPS was $0.11 versus $0.10.
- Total revenues increased to $1.66 billion from $1.36 billion, led by SHOP resident fees and services of $1.29 billion (up from $968.9 million).
- SHOP NOI reached $374.5 million (57.5% of total NOI), while NNN NOI fell to $120.2 million from $152.6 million due to converted and disposed properties.
- Normalized FFO attributable to common stockholders was $455.6 million, compared with $386.1 million in the prior-year quarter.
- Gross debt declined to $12.61 billion from $13.10 billion after repaying $500.0 million of 4.13% Senior Notes due 2026 and a $200 million term loan.
- Liquidity totaled $5.5 billion at March 31, 2026, including about $3.5 billion available under the unsecured revolving credit facility.
- Subsequent to quarter end, the company acquired communities for $59.0 million and $540.0 million (the latter through a 75%-controlled subsidiary).
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2026filed April 28, 2026Financial Statements
Q1 FY2026 against Q1 FY2025
| Line item | Q1 FY2026Q1 FY2025 | Change |
|---|---|---|
| Revenue | $1.66B$1.36B | +22.0% |
| Operating Expenses | $1.62B$1.32B | +23.1% |
| Interest Expense | $156.14M$149.36M | +4.5% |
| Net Income | $55.91M$46.87M | +19.3% |
| EPS (Basic) | $0.12$0.11 | +9.1% |
| EPS (Diluted) | $0.11$0.10 | +10.0% |
| Shares Outstanding (Basic) | 476.19M439.93M | +8.2% |
| Shares Outstanding (Diluted) | 486.71M446.42M | +9.0% |
05—Questions
Frequently Asked Questions
What drove the increase in revenue and NOI this quarter?
Resident fees and services in the SHOP segment rose to $1.29 billion from $968.9 million, reflecting higher average occupancy (88.5% versus 86.0%), higher revenue per occupied room, and additional acquired properties. SHOP NOI increased to $374.5 million from $264.5 million, while total NOI rose to $651.1 million from $569.3 million.
Why did NNN segment NOI decline?
The filing attributes the $32.4 million decrease in NNN NOI primarily to a $23.2 million decrease in rental income from senior housing communities that converted to the SHOP segment and a $9.6 million decrease in rental income from dispositions.
How did the company's debt position change during the quarter?
Gross debt fell to $12.61 billion from $13.10 billion, mainly due to repayment of $500.0 million of 4.13% Senior Notes due 2026 and repayment of a $200 million term loan. The company also amended its unsecured term loan to $700 million maturing January 2031 and established a $550 million undrawn delayed draw term loan.
What is the status of the company's equity issuance program?
During the quarter, Ventas entered into equity forward sales agreements for 13.8 million shares at an average price of $84.62 per share, and settled 10.6 million shares for net cash proceeds of $800.0 million. As of April 28, 2026, unsettled forward agreements covered 19.6 million shares, or about $1.6 billion in gross proceeds, and $1.2 billion remained available under the ATM Program.
What does the company say about its REIT distribution requirements?
The company declared a dividend of $0.52 per share during the quarter and states it intends to pay dividends greater than 100% of its taxable income, after the use of any net operating loss carryforwards, for 2026.
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