Ventas(US:VTR)2026-02-05 21:47Financial Performance - Ventas reported a 15% year-over-year growth in Same-Store Cash Net Operating Income (NOI) for its senior housing operating portfolio in 2025[3]. - Attributable Net Income per share for Q4 2025 was $0.15, a 15% increase from $0.13 in Q4 2024[5]. - For the full year 2025, Attributable Net Income per share reached $0.54, up 184% from $0.19 in 2024[5]. - Normalized Funds From Operations (FFO) per share for Q4 2025 was $0.89, reflecting a 10% increase compared to the prior year[5]. - Total revenues for Q4 2025 reached $1,566,017, an increase of 21.7% compared to $1,287,057 in Q4 2024[29]. - Net income attributable to common stockholders for Q4 2025 was $70,202, representing a 23.5% increase from $56,835 in Q4 2024[30]. - Earnings per common share (diluted) for Q4 2025 was $0.15, up 7.1% from $0.14 in Q4 2024[30]. - Funds From Operations (FFO) attributable to common stockholders for Q4 2025 was $436,071, a 20% increase from $363,867 in Q4 2024[31]. - Normalized FFO attributable to common stockholders for Q4 2025 was $427,136, reflecting a 23% increase compared to $347,234 in Q4 2024[31]. - The company reported a net income of $261,518 for the full year 2025, compared to $88,351 for the full year 2024[30]. Investments and Growth Strategy - The company completed $2.5 billion in accretive investments in senior housing during 2025, contributing to its growth strategy[4]. - Ventas expects 2026 Attributable Net Income per share to be in the range of $0.52 to $0.62, with a midpoint of $0.57, indicating a 6% increase from 2025[12]. - The company anticipates 2026 Normalized FFO per share to be between $3.78 and $3.88, with a midpoint of $3.83, representing an 8% growth compared to 2025[13]. - The company anticipates closing approximately $2.5 billion in investments focused on senior housing and expects disposition proceeds of around $300 million[39]. Financial Position and Liquidity - As of December 31, 2025, Ventas had $5.3 billion in liquidity, enhancing its financial flexibility for future growth[10]. - Total assets increased to $27,591,945 thousand as of December 31, 2025, compared to $26,186,906 thousand in 2024, reflecting a growth of approximately 5.4%[27]. - Net real estate property rose to $24,126,933 thousand in 2025 from $22,600,545 thousand in 2024, marking an increase of about 6.7%[27]. - Senior notes payable and other debt decreased to $13,011,016 thousand in 2025 from $13,522,551 thousand in 2024, a reduction of approximately 3.8%[27]. - Total liabilities decreased to $14,630,983 thousand in 2025 from $15,047,081 thousand in 2024, indicating a decline of about 2.8%[27]. - Common stock outstanding increased to 474,926 shares in 2025 from 437,085 shares in 2024, representing an increase of approximately 8.7%[27]. - Total equity increased to $12,585,808 thousand in 2025 from $10,829,596 thousand in 2024, a growth of about 16.2%[27]. - The company reported cash and cash equivalents of $741,067 thousand in 2025, down from $897,850 thousand in 2024, a decrease of approximately 17.5%[27]. Operational Metrics - Same-Store Cash NOI for the fourth quarter of 2025 is reported at $486.3 million, representing a 7.8% increase compared to the previous year[40]. - Same-Store Cash NOI for 2025 was $1,845,375,000, reflecting a 7.6% increase compared to the previous year[42]. - Cash NOI for the fourth quarter of 2025 is reported at $591.988 million, with significant contributions from various segments[40]. - Cash NOI for the year ended December 31, 2025, totaled $2,221,622,000, with a breakdown of $1,190,120,000 from SHOP, $570,154,000 from OM&R, and $461,348,000 from NNN[42]. - The company reported a percentage increase in Same-Store Cash NOI of 15.4% for SHOP, 2.5% for OM&R, and a slight decrease of 0.2% for NNN[42]. Expenses and Costs - Total expenses for Q4 2025 were $1,489,731, an increase from $1,287,565 in Q4 2024[29]. - Depreciation and amortization on real estate assets for Q4 2025 was $351,039, compared to $308,054 in Q4 2024[31]. - Interest expenses for Q4 2025 were $154,468, slightly up from $153,206 in Q4 2024[29]. - Interest expense for the year was $612,246,000, up from $602,835,000 in 2024[46]. - The company experienced a loss on extinguishment of debt, netting $172,000 for 2025[46]. Future Projections - Net income attributable to common stockholders for FY 2026 is projected to be between $260 million and $310 million, translating to a per share amount of $0.52 to $0.62[37]. - Nareit FFO attributable to common stockholders is expected to range from $1.826 billion to $1.876 billion, with a per share amount of $3.63 to $3.73[37]. - Normalized FFO attributable to common stockholders is forecasted to be between $1.902 billion and $1.952 billion, equating to a per share amount of $3.78 to $3.88, reflecting a year-over-year growth of 6% to 9%[37]. - Interest expense is projected to be approximately $636 million at the midpoint, with interest and other income estimated at $8 million[39]. - Depreciation and amortization adjustments for FY 2026 are expected to be $1.566 billion[37]. - The weighted average diluted shares for FY 2026 is projected to be 503 million[39]. Operational Risks - The company has significant exposure to various operational risks and regulatory challenges that could impact future performance[24]. - The company emphasizes the importance of NOI and Cash NOI as measures to assess unlevered property-level operating results[49]. - Ventas reported its Q4 2025 results, focusing on property-level expenditures aimed at maximizing value and increasing NOI[55]. - The company utilizes constant currency methodology to present portfolio performance, adjusting prior period results based on current average monthly exchange rates[56].