Ventas

Ventas is a real estate investment trust (REIT) that owns about 1,500 properties in North America and the United Kingdom. About 1,000 of them are senior housing communities. In its senior housing operating portfolio (SHOP), Ventas owns the communities and receives their operating income, while other companies manage them.

It also owns outpatient medical buildings, research centers and other healthcare facilities, which it leases to tenants. Its headquarters are in Chicago. Debra Cafaro is Chairman and CEO.

The market prices Ventas for the risk that its fast growth in senior housing will slow and that new shares will dilute it. Ventas pays for most of its purchases with new equity. By September 30, 2026, it had settled 47.3 million shares in 2026 for $3.9 billion of gross proceeds, and it had $0.8 billion more of unsettled equity forward sales. It closed $5.2 billion of investments in 2026 by October 27, 2026.

Senior housing results depend on occupancy and rents, which can fall if new supply returns or labor costs rise. In Q3 2026, SHOP same-store cash NOI grew 16%, average occupancy rose 290 basis points and revenue per occupied room rose 5%. Net debt to further adjusted EBITDA improved to 4.4 times from 5.3 times a year earlier. For the gap to close, three things must be true.

SHOP same-store cash NOI must keep double-digit growth into 2027. The $5.2 billion of 2026 investments must earn the returns that management expects and add to normalized FFO per share. Leverage must stay near 4.4 times or lower. The Q3 2026 report passed the first test.

The 2027 guidance in early 2027 shows the growth outlook. If these checks pass, the gap can close over the next two to four quarters. The main reason it may not close is a slowdown in senior housing occupancy gains.

1. Oct 27, 2026Passed

   Q3 2026 earnings: SHOP growthSHOP same-store cash NOI growth above 10% and 2026 normalized FFO guidance kept or raised pass; a guidance cut or a large slowdown in occupancy gains fails.Outcome: SHOP same-store cash NOI grew 16%, and Ventas raised its 2026 normalized FFO guidance to $3.87 to $3.90 per share.
2. Jan 27, 2027 · est.Pending

   Q4 2026 earnings and 2027 guidanceSHOP same-store cash NOI growth above 10% and 2027 guidance for normalized FFO per share growth with leverage near 4.4 times or lower pass; flat FFO per share or higher leverage fails.

Every passed and failed checkpoint across all picks

• November 10, 2026Ventas Realty, a subsidiary of Ventas, sold $500 million of 5.500% senior notes due 2033, which Ventas guarantees. Ventas plans to use the money for general purposes, which can include repayment of other debt.
• October 27, 2026Ventas reported Q3 2026 results. Normalized FFO per share rose 10% to $0.99. SHOP same-store cash NOI rose 16%, with average occupancy up 290 basis points. Ventas raised its 2026 normalized FFO guidance to $3.87 to $3.90 per share. It closed $5.2 billion of investments in 2026, above its earlier $4.5 billion target. Net debt to further adjusted EBITDA fell to 4.4 times.
• September 15, 2026Ventas appointed a new Chief Accounting Officer and Controller, who joins from Cushman & Wakefield on or around October 5, 2026. CFO Robert Probst then stops doing the Chief Accounting Officer role on an interim basis.

Last earnings

October 27, 2026 (8-K on sec.gov)

Next earnings

Expected about January 27, 2027. The company has not confirmed the date.

• 8-KOther company newsFiled November 10, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 28, 2026 · vtr-20260930
• 8-KEarnings releaseFiled October 27, 2026 · Press release and exhibits
• 8-KChange of directors or officersFiled September 15, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 30, 2026 · vtr-20260630
• 8-KEarnings releaseFiled July 29, 2026 · Press release and exhibits
• 8-KChange of directors or officers and Other company newsFiled June 15, 2026 · Read it on sec.gov
• 8-KChange of directors or officers and Shareholder vote resultsFiled May 15, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 28, 2026 · vtr-20260331
• 8-KEarnings releaseFiled April 27, 2026 · Press release and exhibits

Every filing on SEC EDGAR (CIK 740260)

• SHOP income depends on occupancy, rents and the costs of the managers that run the communities. New supply, higher labor costs or weak operators can reduce NOI growth quickly.
• Ventas funds most of its growth with new shares. Shares outstanding rose to 528.8 million at September 30, 2026 from 474.9 million at December 31, 2025. If the $5.2 billion of 2026 investments earn less than expected, the new shares lower FFO per share.
• Total debt was $12.44 billion at September 30, 2026. Higher interest rates increase the cost to refinance it and can lower property values.
• Ventas changed its General Counsel and Chief Accounting Officer in 2026. Changes in key roles can slow work for a time.

Ventas funds its business with unsecured notes, mortgage debt, a commercial paper program and new equity. At September 30, 2026, total debt was $12.44 billion and cash was $202 million. Read more

Yield at the current rate

2.3% (current annual rate, at today’s price)

Dividend yield

2.3% (last 12 months, at today’s price of $90.42)

Paid per share

$2.04 in the last 12 months (4 payments)

Current annual rate

$2.08 ($0.52 × 4 a year)

Payout ratio

356% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 30, 2026, $0.52 per share

Dividends per share by year

From 2020 to 2025, the dividend fell by about 2.2% a year. From 2015 to 2025, the dividend fell by about 5.2% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.