Ventas(US:VTR)2025-10-29 20:23Financial Performance - Attributable Net Income per share for Q3 2025 was $0.14, a 180% increase from $0.05 in Q3 2024[8] - Normalized Funds From Operations (FFO) per share increased by 10% year-over-year to $0.88[7] - Total revenues for Q3 2025 reached $1,488,996,000, a 20.5% increase from $1,236,315,000 in Q3 2024[34] - Net income for the nine months ended September 30, 2025, was $188,526,000, compared to $29,624,000 for the same period in 2024, indicating a significant increase[34] - Net income attributable to common stockholders for Q3 2025 was $66,047,000, a 243% increase from $19,243,000 in Q3 2024[36] - Nareit FFO attributable to common stockholders for Q3 2025 was $408,774,000, representing a 23% increase from $331,485,000 in Q3 2024[36] - Normalized FFO attributable to common stockholders for Q3 2025 was $406,175,000, a 21% increase from $334,519,000 in Q3 2024[36] - Full year 2025 guidance for net income attributable to common stockholders is projected between $225 million and $239 million, with per share estimates of $0.49 to $0.52[41] - Full year 2025 Nareit FFO attributable to common stockholders is projected between $1,588 million and $1,602 million, with per share estimates of $3.43 to $3.46[41] - The company anticipates a year-over-year growth of 8% to 9% for Normalized FFO in 2025[41] Operational Metrics - Total Company Net Operating Income (NOI) grew by 20% year-over-year, with Same-Store Cash NOI growth of 8%[7] - The senior housing operating portfolio (SHOP) achieved a Same-Store Cash NOI growth of 16% year-over-year, with a margin expansion of 200 basis points[9] - SHOP's average occupancy increased by 270 basis points year-over-year, with U.S. occupancy growing by 340 basis points[9] - Same-Store Cash NOI for Q3 2025 was $475,350,000, reflecting a 7.8% increase compared to Q3 2024[48] - Cash NOI for Q3 2025 totaled $571,204,000, with a breakdown of $303,302,000 from SHOP, $144,000,000 from OM&R, and $123,902,000 from NNN[47] - The percentage increase in Same-Store Cash NOI for SHOP was 15.9%, for OM&R was 3.7%, and for NNN was a decrease of 2.1%[47] Financial Position - The company's Net Debt-to-Further Adjusted EBITDA improved to 5.3x, a reduction of 1.0x compared to Q3 2024[11] - As of September 30, 2025, the company had $4.1 billion in liquidity, enhancing its financial flexibility[12] - Total assets as of September 30, 2025, amounted to $26,925,704,000, compared to $26,186,906,000 as of December 31, 2024, showing a growth of 2.8%[32] - The company reported a decrease in senior notes payable and other debt to $12,571,614,000 as of September 30, 2025, down from $13,522,551,000 at the end of 2024, a reduction of 7.0%[32] - The company’s total liabilities decreased to $14,151,995,000 as of September 30, 2025, from $15,047,081,000 at the end of 2024, a decrease of 6.0%[32] - Net Debt for Q3 2025 was $12,745,829,000, compared to $12,869,727,000 in Q3 2024, showing a decrease of 1%[50] - Total debt as of Q3 2025 was $12,571,614,000, down from $13,668,871,000 in Q3 2024[50] Investment and Growth - Year-to-date, the company has completed $2.2 billion in senior housing acquisitions, with an expectation to increase investment volume to $2.5 billion for 2025[10] - Senior housing investments are expected to increase to $2.5 billion from the previous $2.0 billion[43] - The company raised approximately $2.6 billion in equity, including about $0.5 billion of unsettled equity forward sales agreements as of October 2025[43] - The company anticipates continued growth driven by the aging population and a high-quality senior housing portfolio[4] Expenses and Costs - Depreciation and amortization expenses for Q3 2025 were $357,173,000, compared to $304,268,000 in Q3 2024, an increase of 17.4%[34] - General and administrative expenses are projected to be approximately $178 million at midpoint for 2025[43] - Interest expense is expected to be around $615 million at midpoint for 2025[43] - Interest expense for Q3 2025 was $158,124,000, slightly higher than $150,437,000 in Q3 2024[50] - The company incurred transaction, transition, and restructuring costs of $5,472,000 in Q3 2025, down from $8,580,000 in Q3 2024[50] Taxation - The company reported a net income tax benefit of $6,345,000 for Q3 2025, contrasting with a tax expense of $3,002,000 in Q3 2024[50] Methodology - The company utilizes constant currency methodology to adjust Same-Store NOI for SHOP and NNN segments, ensuring accurate performance comparisons[61] - The current period's results are reported in actual USD, while prior periods are adjusted based on the average monthly exchange rate for the current period[61]