VTR · Ventas, Inc.

Ventas delivered a materially stronger-than-expected first quarter, with Normalized FFO per share rising 9% year-over-year to $0.94—driven overwhelmingly by its senior housing operating portfolio (SHOP). SHOP Same-Store Cash NOI growth exceeded 15%, fueled by nearly 9% Same-Store Cash Operating Revenue growth, 310 basis points of average occupancy expansion, and 5% RevPOR growth—indicating both demand strength and pricing power. Management attributed this outperformance to its proprietary Ventas OI™ platform, data analytics, and operator partnerships, particularly amid the demographic tailwind of Baby Boomers turning 80 in 2026. The company also significantly upgraded its full-year guidance: the Normalized FFO midpoint rose from $3.83 to $3.86 per share, and 2026 senior housing investment volume expectations were increased to $3.0 billion—up from $2.5 billion—with $1.7 billion already closed year-to-date. These investments are equity-funded, contributing to improved balance sheet metrics: Net Debt-to-Further Adjusted EBITDA strengthened to 5.0x (tenth straight quarter of improvement), and liquidity stood at $5.5 billion as of March 31, 2026. While management noted that higher interest rates partially offset gains, the overall trajectory reflects accelerating execution on its 'Right Market, Right Asset, Right Operator' strategy and growing confidence in durable, SHOP-led growth. The press release explicitly frames these developments as value-creating for stakeholders and foundational to Ventas’s role in the longevity economy.