Core Insights - Ventas, Inc. (VTR) reported third-quarter 2025 normalized funds from operations (FFO) per share of 88 cents, exceeding the Zacks Consensus Estimate of 87 cents, marking a 10% increase from the prior-year quarter [1][8] - The company recorded revenues of $1.49 billion, surpassing the Zacks Consensus Estimate of $1.43 billion, and reflecting a year-over-year increase of 20.4% [3][8] - Ventas has increased its guidance for 2025 normalized FFO per share to a range of $3.45-$3.48, compared to the previous range of $3.41-$3.46 [8][9] Financial Performance - Same-store cash net operating income (NOI) for the total property portfolio increased by 7.8% year over year to $475.4 million [5][8] - The senior housing operating portfolio (SHOP) saw a significant increase in same-store cash NOI, climbing 15.9% year over year to $232.4 million, supported by a 4.7% growth in average monthly revenues per occupied room [5][6] - The outpatient medical and research (OM&R) portfolio's same-store cash NOI improved by 3.7% year over year to $138.3 million, while the triple-net leased properties' same-store cash NOI decreased by 2.1% year over year to $104.7 million [6][8] Strategic Outlook - The company aims to capitalize on the growth opportunities in senior housing, driven by an aging population and low supply levels, with expectations of increasing demand and occupancy rates [4][8] - Ventas has increased its investment volume guidance for the senior housing segment to $2.5 billion from the earlier guidance of $2 billion [9] Balance Sheet Position - As of the end of the third quarter, Ventas had cash and cash equivalents of $188.6 million, down from $614.2 million as of June 30, 2025, and total liquidity of $4.1 billion, down from $4.7 billion [7][8]

Financial Results - Net income available to common stockholders for the first quarter of 2025 was $42.5 million, or $0.70 per diluted share, an increase from $19.3 million, or $0.32 per diluted share, in the same period of 2024 [5][24] - Funds from Operations (FFO) per diluted share, excluding lease termination fees and litigation income, decreased 10% year-over-year to $0.52 for the first quarter of 2025, compared to $0.58 in the first quarter of 2024 [5][6] - Same-store cash Net Operating Income (NOI) increased by 3.1% year-over-year for the first quarter of 2025 [5][13] Disposition and Acquisition Activity - The company completed the sale of Del Monte Center for $123.5 million on February 25, 2025 [5] - The acquisition of Genesee Park, a 192-unit apartment community in San Diego, was completed for $67.9 million on February 28, 2025 [5] Leasing Activity - Approximately 44,000 square feet of office space were leased with average contractual rent increases of 15% on a straight-line basis and 8% on a cash basis during the first quarter [5] - Approximately 156,000 square feet of retail space were leased with average contractual rent increases of 21% on a straight-line basis and 13% on a cash basis during the first quarter [5] - The portfolio leased status as of March 31, 2025, showed office occupancy at 85.5%, retail at 97.4%, and multifamily at 90.0% [8] Balance Sheet and Liquidity - As of March 31, 2025, the company had gross real estate assets of $3.7 billion and liquidity of $543.9 million, which includes $143.9 million in cash and cash equivalents [15] - The company had only 1 out of 31 assets encumbered by a mortgage as of March 31, 2025 [15] Dividends - The company declared dividends of $0.340 per share for the first quarter of 2025, which were paid on March 20, 2025 [17] - A similar dividend of $0.340 per share has been declared for the second quarter of 2025, payable on June 19, 2025 [17] Guidance - The company affirms its guidance for full year 2025 FFO per diluted share in the range of $1.87 to $2.01, with a midpoint of $1.94 [18]