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Ventas 8-K Report, Financial Results (Feb 5, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 5, 2026
Period End
February 5, 2026
Security
VTR
In the record · 2016–202610-K1110-Q348-K128

VTR filed 11 annual reports (10-K), 34 quarterly reports (10-Q) and 128 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Apr ’17Apr ’17
  2. Leadership change8-K · Oct ’19Oct ’19
  3. Leadership change8-K · Mar ’22Mar ’22
  4. Material agreement8-K · Apr ’24Apr ’24

01—Abstract

Summary

Summary of the 8-K filed February 5, 2026. Cited figures are marked; the original filing is the authoritative source.

Ventas, Inc. (NYSE: VTR) reported results for the fourth quarter and full year ended December 31, 2025, in a press release furnished as Exhibit 99.1 under Item 2.02.

For the full year 2025, Attributable Net Income per share was $0.54a (versus $0.19 in 2024), Nareit FFO per share was $3.50 (versus $3.14), and Normalized FFO per share was $3.48 (versus $3.19). For the fourth quarter, Normalized FFO per share was $0.89 versus $0.81 a year earlier, and Total Company Same-Store Cash NOI grew 8%. Senior housing operating portfolio (SHOP) Same-Store Cash NOI grew over 15% for both the quarter and the year, led by 18% growth in the U.S. portfolio.

The company closed $2.5 billionb of senior housing investments in 2025 and raised $3.2 billion of equity during the year. Management issued 2026 guidance calling for Normalized FFO per share of $3.78 to $3.88 (midpoint $3.83) and Attributable Net Income per share of $0.52 to $0.62. Beginning in the first quarter of 2026, the company will exclude non-cash stock-based compensation expense from Normalized FFO, a change it says affects Normalized FFO per share by $0.08 in both 2025 and 2026.

Guidance includes approximately $2.5 billionc of 2026 senior housing investments and notes the expiry of non-cash rental income from the Brookdale lease on December 31, 2025. The company reported a Net Debt to Further Adjusted EBITDA ratio of 5.2x at year-end 2025, improved from 6.0x a year earlier, and $5.3 billion in liquidity.

The board declared a quarterly common dividend of $0.52d per share, an 8% increase, payable April 16, 2026 to holders of record on March 31, 2026. The company also reported closing over $0.8 billion of senior housing investments so far in 2026.

02—Key points

Key Highlights

  1. Full-year 2025 Normalized FFO per share of $3.48, up from $3.19 in 2024; Nareit FFO per share of $3.50, up from $3.14.
  2. SHOP Same-Store Cash NOI grew over 15% year over year in Q4 2025 and for the full year, with U.S. SHOP growth of 18% in the quarter.
  3. Quarterly dividend increased to $0.52 per share, an 8% increase, payable April 16, 2026.
  4. 2026 guidance: Normalized FFO per share of $3.78 to $3.88 (midpoint $3.83) and Attributable Net Income per share of $0.52 to $0.62.
  5. Normalized FFO definition change beginning Q1 2026 excludes non-cash stock-based compensation, affecting Normalized FFO per share by $0.08.
  6. Net Debt to Further Adjusted EBITDA improved to 5.2x at December 31, 2025, from 6.0x a year earlier; liquidity of $5.3 billion.
  7. Over $0.8 billion of senior housing investments closed year to date 2026, with approximately $2.5 billion assumed in 2026 guidance.

03—Questions

Frequently Asked Questions

  1. How did Ventas perform in 2025 on a per-share basis?

    Attributable Net Income per share was $0.54 for 2025 versus $0.19 in 2024. Nareit FFO per share was $3.50 versus $3.14, and Normalized FFO per share was $3.48 versus $3.19.

  2. What is driving growth in the senior housing portfolio?

    SHOP Same-Store Cash NOI grew over 15% in both the fourth quarter and full year 2025, with U.S. average occupancy up 370 basis points in the quarter, including 490 basis points at U.S. independent living communities. Management also cites $2.5 billion of senior housing investments completed in 2025.

  3. What changed in how Ventas calculates Normalized FFO?

    Beginning with first-quarter 2026 results, the company will exclude the full amount of non-cash stock-based compensation expense from Normalized FFO. Management says this aligns with industry peers and with its Adjusted EBITDA and credit covenant calculations, and it affects Normalized FFO per share by $0.08 in both 2025 and 2026.

  4. What does the dividend increase mean for investors?

    The board declared a quarterly common dividend of $0.52 per share, an 8% increase, payable in cash on April 16, 2026 to stockholders of record on March 31, 2026. The company attributes the increase to its expected cash flow growth and positive outlook.

  5. What is the company's balance sheet position?

    Net Debt to Further Adjusted EBITDA was 5.2x at December 31, 2025, improved from 6.0x at December 31, 2024. Liquidity was $5.3 billion, and the company had $1.2 billion of unsettled equity forward sales agreements outstanding.

04—Continue

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