Ventas Q2 2026: revenue up 21.7% as guidance rises on senior housing
Ventas delivered a strong top line and a higher forecast: revenue of $1.73 billion rose 21.7% year over year, Normalized FFO per share of $0.97 rose 9.0%, and Net Debt-to-Further Adjusted EBITDA improved to 4.7x from 5.6x. GAAP earnings per share slipped to $0.14 from $0.15, so the story rests on cash NOI growth and the newly enlarged $4.5 billion investment plan, not accounting earnings.
1 · Expected vs. Actual
Free preview belowGAAP earnings per share were $0.14, down from $0.15, because depreciation and amortization climbed to $407.7 million from $347.7 million. The metric REIT investors lean on, Normalized FFO per share, rose 9.0% to $0.97 from $0.89, and Nareit FFO per share rose 15% to $0.99. The only consensus figure in the data was $0.1342 of EPS, and the $0.14 GAAP result came in slightly above it.
Revenue of $1.73 billion rose 21.7% from $1.42 billion a year earlier, and the growth is concentrated in the senior housing operating portfolio, which produced $1.36 billion, or 78.8% of the total. Outpatient medical and research added $0.23 billion and triple-net leased properties $0.12 billion. Triple-net rent was $152.7 million a year ago, so the mix is shifting decisively toward operated senior housing rather than leased properties.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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