Ventas's first quarter 2026 FFO of $0.94 beat estimates, driven by 15% SHOP NOI growth and a raised FY26 outlook.

Ventas reported first quarter 2026 revenue of $1.66 billion and Normalized Funds From Operations (FFO) of $0.94 per share, beating analyst estimates. The results were driven by strong performance in its Senior Housing Operating Portfolio (SHOP), which led the company to raise its full-year guidance.

Key Highlights

• The senior housing operating portfolio (SHOP) delivered same-store cash NOI growth of more than 15% year-over-year, fueled by a 310 basis point increase in average occupancy and 5% growth in Revenue Per Occupied Room (RevPOR).
• Normalized FFO per share grew 9% year-over-year to $0.94, exceeding the prior year's $0.86.
• Ventas raised its full-year 2026 Normalized FFO guidance to a range of $3.82 - $3.89 per share, up from the prior range of $3.78 - $3.88.
• The company also increased its expected 2026 investment volume to $3.0 billion, up from $2.5 billion, reflecting a strong pipeline of senior housing opportunities.