Loading
Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Ron Kamdem | Morgan Stanley | 14 (0%) |
| Mike Carroll | RBC Capital Markets | 14 (14%) |
| Juan Sanabria | BMO Capital Markets | 14 (0%) |
| Michael Stroyeck | Green Street | 12 (0%) |
| Vikram Malhotra | Mizuho Securities | 12 (8%) |
| Rich Anderson | Cantor Fitzgerald | 11 (36%) |
| Jim Kammert | Evercore ISI | 10 (0%) |
| John Kilichowski | Wells Fargo | 9 (22%) |
| Omotayo Okusanya | Deutsche Bank | 9 (33%) |
| Nick Joseph | Citigroup | 8 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Green Street | 2 | 14 (0%) |
| Mizuho Securities | 2 | 14 (7%) |
| BMO Capital Markets | 1 | 14 (0%) |
| RBC Capital Markets |
| 1 |
| 14 (14%) |
| Morgan Stanley | 1 | 14 (0%) |
| Bank of America | 2 | 12 (0%) |
| Citigroup | 2 | 12 (8%) |
| Cantor Fitzgerald | 1 | 11 (36%) |
Ventas delivered Q1 normalized FFO of $0.94 per share, up 9% year-over-year, raising the full-year midpoint to $3.86 as total company same-store property-level growth reached nearly 9% and SHOP same-store NOI surged 16%. Average occupancy increased 310 basis points year-over-year to 90.4%, and senior housing investment accelerated as demographic demand and supply constraints created a multi-year tailwind. Revenue and pricing momentum continued building across the portfolio, and balance sheet and liquidity strength supported the investment thesis.
Revenue Growth | M&A | Capital Allocation | Competitive Dynamics | Subscriber Growth | Demand | Pricing | Capex Investment | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 9 | 9 | 8 | 6 | 6 | 4 | 3 | 2 |
| 2025Q1 | 12 | 4 | 5 | 5 | 7 | 5 | 4 | |
| 2025Q2 | 11 | 4 | 5 | 3 | 8 | 1 | 4 | 1 |
| 2025Q3 | 7 | 7 | 8 | 7 | 4 | 3 | 2 | 1 |
| 2025Q4 | 5 | 9 | 9 | 4 | 6 | 4 | 4 | 1 |
| 2026Q1 | 4 | 8 | 4 | 13 | 8 | 4 | 8 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 9 | 12 | 11 | 7 | 5 | 4 |
| M&A | 9 | 4 | 4 | 7 | 9 | 8 |
| Capital Allocation | 8 | 5 | 5 | 8 | 9 | 4 |
| Competitive Dynamics | 6 | 5 | 3 | 7 | 4 | 13 |
| Subscriber Growth | 6 | 7 | 8 | 4 | 6 | |
| Demand | 4 | 5 | 1 | 3 | 4 | 8 |
| Pricing | 3 | 4 | 4 | 2 | 4 | 4 |
| Capex Investment | 2 | 1 | 1 | 1 | 8 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $1.29B | +10.5% | $0.13 | +159.1% | 15.2% | 4.4% | $292M |
| FY2025 Q1 | $1.36B | +13.2% | $0.11 | +413.4% | 14.6% | 3.5% | $262M |
| FY2025 Q2 | $1.42B | +18.3% | $0.15 | +218.5% | 14.3% |
What VTR and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“they're high-quality real estate and our colleagues at Ventas will do very well.”
Welltower evaluated but passed on a senior-housing portfolio that competitor Ventas acquired, characterizing it as high-quality real estate that Ventas will do well with.
| 4.8% |
| $400M |
| FY2025 Q3 | $1.49B | +20.4% | $0.14 | +205.0% | 14.9% | 4.4% | $286M |
| FY2025 Q4 | $1.57B | +21.7% | $0.15 | +15.4% | 13.0% | 4.5% | $368M |
| FY2026 Q1 | $1.66B | +22.0% | $0.11 | 0.0% | 11.6% | 3.4% | $-577M |
| FY2026 Q2 | $1.73B | +21.7% | $0.14 | -6.7% | 13.4% | 4.1% | — |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
“same-store occupancy increased 370 basis points year over year and outperformed the NIC top 99 markets by 150 basis points.”
Ventas's U.S. SHOP occupancy growth outperformed the NIC top-99-market benchmark by 150 basis points.
“This is a portfolio that was built by Wolff Company, which is a large multifamily developer with a very long history based in Scottsdale.”
The Revel portfolio was developed by Wolff Company, which retained a stake and remains a JV partner sharing in Ventas OI upside.
“earlier this month, we completed a $540 million acquisition of the Revel portfolio, which represents a value-add lease-up opportunity at scale.”
Ventas acquired the $540M Revel luxury independent-living portfolio as a value-add lease-up play, with the seller retaining a 25% JV interest.
“benefiting from the 35% Brookdale cash rent escalator which went into effect 01/01/2026.”
Ventas's triple-net segment benefited from a 35% cash rent escalator on its Brookdale lease effective Jan 1 2026; 45 former Brookdale-leased communities have also transitioned into SHOP.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
VTR Ventas | 8 | +22.0% | |
| DOC Healthpeak Properties | 6 | +7.1% | |
| WELL Welltower | 8 | +38.4% |