01—Abstract
Summary
Summary of the 10-Q filed October 28, 2026. Cited figures are marked; the original filing is the authoritative source.
Ventas, Inc. reported third-quarter 2026 total revenues of $1.83 billiona, up from $1.49 billion in the third quarter of 2025, driven mainly by Resident fees and services of $1.45 billion, compared with $1.09 billion a year earlier.
Net income attributable to common stockholders was $65.4 millionb for the quarter, versus $66.0 million in 2025, and $191.9 million for the nine months, versus $181.2 million. Total NOI rose to $723.5 million in the quarter from $614.9 million, a 17.7% increase as stated in the filing, with the SHOP segment contributing the largest gain. Normalized FFO attributable to common stockholders was $514.2 million for the quarter, compared with $414.9 million in 2025.
Growth was funded largely by external capital. During the nine months, the company acquired 101 senior housing communities in its SHOP segment for an aggregate purchase price of $3.9 billionc, and it settled equity forward sales agreements for net cash proceeds of $3.9 billion. Total assets grew to $30.6 billion at September 30, 2026, from $27.6 billion at December 31, 2025.
Cash and cash equivalents declined to $202.0 milliond from $741.1 million, and the company reported $4.5 billion of liquidity, including approximately $3.5 billion of availability under its unsecured revolving credit facility. The filing also highlights a July 2026 reorganization into an UPREIT structure, real estate impairments of $49.7 million in the quarter and $110.0 million for the nine months, and a June 2026 amendment extending the Kindred long-term acute care master lease to April 30, 2039. Subsequent events include October 2026 acquisitions of 13 senior housing communities for $803.5 million, October 2026 dispositions for $135.8 million with an expected gain of $77.4 million, and the repayment of $450.0 million of 3.25% Senior Notes at maturity.
02—Key points
Key Highlights
- Q3 2026 total revenues were $1.83 billion versus $1.49 billion in Q3 2025; nine-month revenues were $5.22 billion versus $4.27 billion.
- Total NOI was $723.5 million for Q3 2026 (up 17.7% per the filing), and SHOP NOI was $430.0 million, up 42.2% per the filing.
- Net income attributable to common stockholders was $65.4 million in Q3 2026 versus $66.0 million a year earlier; diluted EPS was $0.13 versus $0.14 on this measure.
- Normalized FFO attributable to common stockholders was $514.2 million for Q3 2026 versus $414.9 million for Q3 2025, and $1.45 billion for the nine months versus $1.21 billion.
- The company acquired 101 SHOP communities for $3.9 billion in the nine months and agreed to acquire 13 more for $803.5 million in October 2026.
- Liquidity was $4.5 billion at September 30, 2026, including about $3.5 billion available under the unsecured revolver; the ATM program was increased to $3.0 billion, with $1.6 billion remaining.
- Total debt was $12.4 billion (carrying value) at September 30, 2026, down from $13.0 billion at December 31, 2025, after repaying $862.5 million of exchangeable notes in cash and settling the premium in 6.0 million shares.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2026filed October 28, 2026Financial Statements
Q3 FY2026 against Q3 FY2025
| Line item | Q3 FY2026Q3 FY2025 | Change |
|---|---|---|
| Revenue | $1.83B$1.49B | +23.0% |
| Operating Expenses | $1.78B$1.44B | +23.2% |
| Interest Expense | $161.39M$158.12M | +2.1% |
| Net Income | $65.38M$66.05M | −1.0% |
| EPS (Basic) | $0.13$0.14 | −7.1% |
| EPS (Diluted) | $0.13$0.14 | −7.1% |
| Shares Outstanding (Basic) | 513.95M456.03M | +12.7% |
| Shares Outstanding (Diluted) | 518.94M463.42M | +12.0% |
05—Questions
Frequently Asked Questions
What drove the increase in revenue and NOI this quarter?
Resident fees and services rose to $1.45 billion from $1.09 billion, and SHOP NOI rose to $430.0 million from $302.3 million. The filing attributes the SHOP increase to higher average occupancy, higher revenue per occupied room, additional properties acquired, and conversions of communities from the NNN segment to SHOP. Same-store SHOP average unit occupancy was 92.1% versus 89.2% a year earlier.
Why did net income attributable to common stockholders barely change despite higher NOI?
Depreciation and amortization rose to $446.0 million from $357.2 million, which the filing attributes mainly to $77.7 million from 2026 acquisitions and a $21.4 million increase in impairment charges. Loss from unconsolidated entities also swung to a $5.5 million loss from $16.6 million of income, primarily due to a 2025 gain at the Pension Fund Joint Venture. Interest expense and G&A also increased.
How is the company funding its growth?
The company relied heavily on equity. It settled equity forward sales for net cash proceeds of $3.9 billion in the nine months and had unsettled forward agreements for 9.1 million shares, or about $0.8 billion in gross proceeds, with maturities through April 2028. It also raised debt, including a $1.25 billion unsecured term loan due January 2031 and mortgage financings, while repaying $1.8 billion of debt during the period.
What changed in the company's structure and key lease arrangements?
In July 2026 the company completed an internal reorganization into an UPREIT structure, with Ventas OP LLC becoming the sole direct subsidiary of Ventas, Inc. The filing states this did not change consolidated financial condition or results. In June 2026, the Kindred long-term acute care leases were amended and consolidated into a master lease extended to April 30, 2039, at the existing cash base rent with a 2.75% annual escalation.
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