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Ventas 8-K Report, Financial Results (Apr 27, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed April 27, 2026
Period End
April 27, 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. Leadership change8-K · Jul ’17Jul ’17
  2. Leadership change8-K · Jul ’19Jul ’19
  3. Deal closed8-K · Sep ’21Sep ’21
  4. Material agreement8-K · Apr ’25Apr ’25

01—Abstract

Summary

Summary of the 8-K filed April 27, 2026. Cited figures are marked; the original filing is the authoritative source.

Ventas, Inc. (NYSE: VTR) reported first quarter 2026 results on April 27, 2026, as furnished in Exhibit 99.1 to this Item 2.02 Form 8-K.

Attributable Net Income per share was $0.11a, compared with $0.10 a year earlier. Normalized FFO per share was $0.94, up 9% from $0.86, and Nareit FFO per share was $0.90, up 6% from $0.85. Growth was led by the senior housing operating portfolio (SHOP), where Same-Store Cash NOI rose more than 15% year over year, Same-Store Cash Operating Revenue grew nearly 9%, and average occupancy increased 310 basis points.

Total Company NOI grew 14% year over year. The company closed $1.0 billionb of senior housing investments in the first quarter and $1.7 billion year to date through April 2026. It raised its 2026 investment volume expectation to $3 billion from $2.5 billion.

Management also cited $1.6 billionc of unsettled equity forward sales agreements outstanding, and $0.8 billion of net proceeds from 10.6 million shares settled in the quarter, for total equity capital of $2.4 billion. Net Debt to Further Adjusted EBITDA improved to 5.0x from 5.7x a year earlier, and liquidity was $5.5 billion as of March 31, 2026. Full-year 2026 guidance was raised.

Normalized FFO per share is now projected at $3.82 to $3.89d (midpoint $3.86), up from $3.78 to $3.88 (midpoint $3.83). Nareit FFO per share is now $3.69 to $3.76, and Attributable Net Income per share is $0.56 to $0.63.

Management attributed the increase to higher property performance led by SHOP and investment accretion, partly offset by the market expectation of higher interest rates. The company also excludes non-cash stock-based compensation from Normalized FFO beginning in Q1 2026, with prior periods restated.

02—Key points

Key Highlights

  1. Normalized FFO per share of $0.94 in Q1 2026, up 9% from $0.86; Nareit FFO per share of $0.90, up 6% from $0.85.
  2. SHOP Same-Store Cash NOI rose more than 15% year over year, with Same-Store Cash Operating Revenue growth of nearly 9%, 310 basis points of average occupancy growth, and RevPOR growth of 5%.
  3. Full-year 2026 Normalized FFO per share guidance raised to $3.82–$3.89 from $3.78–$3.88; midpoint rose to $3.86 from $3.83.
  4. 2026 senior housing investment volume expectation increased to $3 billion from $2.5 billion; $1.7 billion closed year to date through April 2026.
  5. Net Debt to Further Adjusted EBITDA improved to 5.0x from 5.7x a year earlier, the tenth consecutive quarter of sequential improvement.
  6. Equity funding of $2.4 billion total, including $0.8 billion net proceeds from 10.6 million shares settled in Q1 and $1.6 billion of unsettled forward sales agreements.
  7. Liquidity of $5.5 billion as of March 31, 2026; the quarter's Attributable Net Income per share was $0.11 versus $0.10 a year earlier.

03—Questions

Frequently Asked Questions

  1. How did Ventas perform in the first quarter of 2026?

    Normalized FFO per share was $0.94, up 9% from $0.86, and Nareit FFO per share was $0.90, up 6% from $0.85. Attributable Net Income per share was $0.11, compared with $0.10 in the prior-year quarter. Total Company NOI grew 14% year over year.

  2. What drove the growth in the senior housing operating portfolio (SHOP)?

    SHOP Same-Store Cash NOI grew more than 15% year over year. Same-Store Cash Operating Revenue rose nearly 9%, including 310 basis points of average occupancy growth and RevPOR growth of 5%. The company also reported 170 basis points of NOI margin expansion, which it attributed to broad-based demand strength and its Ventas OITM platform initiatives.

  3. Did Ventas change its 2026 guidance?

    Yes. Normalized FFO per share guidance is now $3.82 to $3.89, versus $3.78 to $3.88 previously, and Nareit FFO per share is $3.69 to $3.76, versus $3.63 to $3.73. Management attributed the increase primarily to higher property performance led by SHOP and accretion from investment activity, partially offset by the market expectation of higher interest rates.

  4. How is Ventas funding its investment activity?

    The company settled 10.6 million shares under equity forward sales agreements in the first quarter for net proceeds of $0.8 billion. It also had $1.6 billion of unsettled equity forward sales agreements outstanding, for total equity capital of $2.4 billion. Liquidity was $5.5 billion as of March 31, 2026.

  5. How did Ventas' leverage change?

    Net Debt to Further Adjusted EBITDA was 5.0x as of the end of the first quarter, compared with 5.7x a year earlier, and the improvement was driven by SHOP NOI growth and equity-funded senior housing investments. The company described this as the tenth consecutive quarter of sequential improvement.

04—Continue

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