Ventas raises 2025 FFO guidance as Q3 normalized FFO rises 10% to $0.88 per share
Ventas reported third-quarter 2025 results with normalized FFO of $0.88 per share, up 10% from $0.80 a year earlier, and net income attributable to common stockholders of $66.0 million, versus $19.2 million in the prior-year quarter. The company raised its full-year 2025 guidance for normalized FFO per share to a range of $3.45 to $3.48 from $3.41 to $3.46, and lifted its senior housing investment volume expectation to $2.5 billion from $2.0 billion.
Key points
- Q3 2025 total revenues were $1.49 billion, up from $1.24 billion in Q3 2024.
- Q3 2025 same-store cash NOI for the senior housing operating portfolio (SHOP) grew 16% year over year, with same-store cash NOI margin up 200 basis points.
- Full-year 2025 normalized FFO per share guidance midpoint rose to $3.47 from $3.44 as of July 30, 2025.
- Net debt to further adjusted EBITDA improved to 5.3x at September 30, 2025, a 1.0x improvement from Q3 2024.
The filing
Written by AI on Nov 8, 2026, 1:30 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 29, 2025.
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