Q2 2026 Ventas Inc Earnings Call Transcript
Key Points
- Ventas Inc (VTR) delivered 10% total company same-property NOI growth in Q2 2026, driven by strong senior housing performance.
- US SHOP NOI grew 18% year-over-year with 360 basis points of occupancy growth, outperforming the industry.
- The company raised its full-year 2026 investment guidance to $4.5 billion, up from $3 billion, reflecting strong acquisition momentum.
- Net debt to EBITDA improved to 4.7x, the best leverage level in over a decade, indicating strengthened financial position.
- Normalized FFO per share guidance was raised to $3.85-$3.90, representing 8%-10% year-over-year growth.
- The company faces headwinds from higher interest rates and a stronger dollar, which partially offset earnings growth.
- Occupancy in the non-same-store SHOP portfolio remains lower at 83%, indicating a longer runway to stabilization.
- The research portfolio experienced occupancy loss due to tenant non-renewals, impacting year-over-year performance.
- Expense growth, though moderating, remains volume-driven and could pressure margins if not managed carefully.
- The key selling season for senior housing is still underway, creating uncertainty in achieving full-year occupancy targets.
Thank you for standing by. My name is Greg, and I will be your conference operator today. At this time, I would like to welcome everyone to today's Ventas second quarter 2026 earnings call. (Operator Instructions)
I'd now like to turn the call over to BJ Grant, Senior Vice President, Investor Relations. BJ, you have the floor.
Thank you, Greg. Good morning, everyone, and welcome to the Ventas second quarter 2026 results conference call. Yesterday, we issued our second quarter 2026 earnings release, presentation materials and supplemental information package, which are available on the Ventas website at ir.ventasreit.com.
As a reminder, remarks today may include forward-looking statements and other matters. Forward-looking statements are subject to risks and uncertainties, and a variety of topics may cause actual results to differ materially from those contemplated in such statements. For a more detailed discussion of those factors, please refer to our earnings release for this quarter and to our most
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