Core Insights - Ventas reported strong financial performance in Q3 2025, driven by its senior housing operating portfolio (SHOP), which saw double-digit organic growth year-over-year [2][3] - The company completed $2.2 billion in senior housing acquisitions in attractive markets, enhancing earnings and future growth [3][11] - Ventas is increasing its full-year guidance due to strong SHOP performance and closed investments, with SHOP now representing about half of its business [3][14] Financial Performance - For Q3 2025, net income attributable to common stockholders was $0.14 per share, a 180% increase from $0.05 in Q3 2024 [8][31] - Normalized Funds From Operations (FFO) per share increased by 10% to $0.88 compared to the prior year [7][32] - Total Company Net Operating Income (NOI) grew by 20% year-over-year, with Same-Store Cash NOI growth of 8% [7][9] SHOP Performance - SHOP Same-Store Cash NOI increased by 16% year-over-year, with U.S. growth leading at 19% [9] - Same-Store average occupancy grew by 160 basis points sequentially and 270 basis points year-over-year [10] - The SHOP portfolio's cash operating revenue grew by 8%, with a Same-Store Cash NOI margin expansion of 200 basis points [9][10] Investment Activity - Ventas closed $1.1 billion in senior housing investments during Q3 2025, totaling $2.2 billion year-to-date [11] - The company is raising its senior housing investment volume expectations for 2025 to $2.5 billion, up from $2.0 billion [11] Financial Strength - As of Q3 2025, Ventas had a Net Debt-to-Further Adjusted EBITDA ratio of 5.3x, improving by 1.0x compared to Q3 2024 [12] - The company reported $4.1 billion in liquidity, supporting growth and financial flexibility [13] Full Year Guidance - Ventas increased its full-year 2025 guidance for Attributable Net Income and FFO per share, reflecting strong SHOP performance and investment activity [14][38] - The updated guidance includes a range for Attributable Net Income per share of $0.49 - $0.52 and for Normalized FFO per share of $3.45 - $3.48 [14][38]