Ventas reported first-quarter 2026 attributable net income per share of $0.11, up from $0.10 a year earlier. Normalized FFO per share rose 9% to $0.94 from $0.86, while NAREIT FFO per share increased 6% to $0.90 from $0.85.
Operating performance accelerated in the senior housing operating portfolio. Same-store cash NOI grew more than 15% year over year, supported by nearly 9% same-store cash operating revenue growth, 310 basis points of average occupancy improvement, and 5% growth in revenue per occupied room. Ventas said NOI margin expanded by 170 basis points. U.S. SHOP same-store average occupancy increased 370 basis points.
Across the company, total NOI rose 14% year over year and total company same-store cash NOI increased 9%.
Investment activity picked up sharply. Ventas closed $1.0 billion of senior housing investments in the first quarter and $1.7 billion year to date through April 2026. It raised its 2026 investment target to $3 billion from $2.5 billion.
Funding activity also moved quickly. During the first quarter, the company settled 10.6 million shares under equity forward sales agreements, generating $0.8 billion in net proceeds. Combined with $1.6 billion of unsettled forward sales agreements outstanding, that brought total equity capital tied to those agreements to $2.4 billion.
Balance sheet leverage improved again. Net debt-to-further adjusted EBITDA fell to 5.0x at quarter-end, marking the tenth straight quarter of sequential improvement. Liquidity stood at $5.5 billion at March 31, 2026. Today the company's shares have moved 0.83% to a price of $83.62. For more information, read the company's full 8-K submission here.
