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Guidance history, every release

Ventas (VTR) · 8 releases, Oct 30, 2024 to Jul 29, 2026 · rows are metrics, columns are releases

Raised · a change from the previous releaseSame · restated unchanged— · not stated in that releaseEvery value links to its sentence in the filing

Metric	Oct 30, 2024 FY24 Q3	Feb 12, 2025 FY24 Q4	Apr 29, 2025 FY25 Q1	Jul 30, 2025 FY25 Q2	Oct 29, 2025 FY25 Q3	Feb 5, 2026 FY25 Q4	Apr 27, 2026 FY26 Q1	Jul 29, 2026 FY26 Q2
For FY2026
Attributable Net Income Per Share Midpoint	—	—	—	—	—	New“$0.57”	Raised“$0.60”	Raised“$0.61”
Attributable Net Income Per Share Range	—	—	—	—	—	New“$0.52” – “$0.62”	Raised“$0.56” – “$0.63”	Narrowed“$0.58” – “$0.63”
For 2026 Attributable Net Income per share	—	—	—	—	—	New“$0.57”	—	—
% Year-over-year growth (Normalized FFO)	—	—	—	—	—	—	—	New“8% 10%”
Disposition and loan repayment proceeds	—	—	—	—	—	—	—	New“~$700 million at a ~7% blended yield”
Disposition proceeds ( assumption)	—	—	—	—	—	New“~$300 million”	Reiterated“~$300 million”	—
FAD capital expenditures	—	—	—	—	—	—	—	New“~$400 million at midpoint”
FAD capital expenditures ( assumption)	—	—	—	—	—	New“~$400M at midpoint”	—	—
FAD capital expenditures at midpoint ( assumption)	—	—	—	—	—	—	New“~$400 million”	—
For 2026 Normalized FFO per share	—	—	—	—	—	New“$3.83”	—	—
Interest and other income	—	—	—	—	—	—	—	New“~$8 million at midpoint”
Interest and other income ( assumption)	—	—	—	—	—	New“~$8M at midpoint”	—	—
Interest and other income at midpoint ( assumption)	—	—	—	—	—	—	New“~$8 million”	—
Interest expense	—	—	—	—	—	—	—	New“~$646 million at midpoint”
Interest expense ( assumption)	—	—	—	—	—	New“~$636M at midpoint”	—	—
Interest expense at midpoint ( assumption)	—	—	—	—	—	—	New“~$640 million”	—
Investment volume expectations for 2026	—	—	—	—	—	—	New“$3 billion”	Raised“$4.5 billion”
Investments focused on senior housing included in	—	—	—	—	—	New“approximately $2.5 billion”	—	—
Nareit FFO Per Share Midpoint*	—	—	—	—	—	New“$3.68”	Raised“$3.73”	Raised“$3.79”
Nareit FFO Per Share Range	—	—	—	—	—	New“$3.63” – “$3.73”	Raised“$3.69” – “$3.76”	Raised“$3.76” – “$3.81”
Non-cash stock-based compensation expense impact on Normalized FFO per share	—	—	—	—	—	New“$0.08 per share for the full year”	—	—
Normalized FFO Per Share Midpoint*	—	—	—	—	—	New“$3.83†”	Raised“$3.86”	Raised“$3.88”
Normalized FFO Per Share Range	—	—	—	—	—	New“$3.78” – “$3.88”	Raised“$3.82” – “$3.89”	Raised“$3.85” – “$3.90”
Quarterly dividend	—	—	—	—	—	New“$0.52 per share”	—	—
Quarterly dividend increase	—	—	—	—	—	New“8% increase”	—	—
Quarterly dividend per common share	—	—	—	—	—	New“$0.52”	—	—
SHOP segment NOI growth	—	—	—	—	—	New“significant NOI growth”	—	—
Weighted average diluted share count	—	—	—	—	—	—	—	New“506 million”
Weighted average diluted share count ( assumption)	—	—	—	—	—	New“503 million”	Raised“504 million”	—
Weighted average diluted shares (in millions)	—	—	—	—	—	New“503”	Raised“504”	Raised“506”
For FY2025
Attributable Net Income Per Share Midpoint	—	New“$0.48”	Reiterated“$0.48”	Raised“$0.50”	Raised“$0.51”	—	—	—
Attributable Net Income Per Share Range	—	New“$0.42 - $0.53”	Reiterated“$0.42 - $0.53”	Narrowed“$0.47” – “$0.52”	Narrowed“$0.49” – “$0.52”	—	—	—
For 2025 Attributable Net Income per share	—	New“$0.48 at the midpoint of the range”	—	—	—	—	—	—
Net income attributable to common stockholders ($ millions)	—	—	—	New“$215 $238”	—	—	—	—
Net income attributable to common stockholders per share (FY 2025 reconciliation table)	—	New“$0.42 - $0.53”	—	—	—	—	—	—
Net income attributable to common stockholders per share (Low-High)	—	—	New“$0.42 - $0.53”	—	—	—	—	—
% Year-over-year growth	—	New“5% 8%”	—	—	—	—	—	—
% Year-over-year growth (Normalized FFO)	—	—	—	New“7% 8%”	—	—	—	—
Asset dispositions expected net proceeds	—	New“approximately $200 million”	—	—	—	—	—	—
Disposition proceeds	—	—	—	New“~$200 million”	Raised“~$250 million”	—	—	—
Equity raised	—	—	—	New“~$1.8 billion”	—	—	—	—
FAD capital expenditures	—	New“approximately $285 million at midpoint”	Reiterated“approximately $285 million at midpoint”	Reiterated“~$285 million at midpoint”	Reiterated“~$285 million at midpoint”	—	—	—
For 2025 Normalized FFO per share	—	New“$3.41 at the midpoint of the range”	—	—	—	—	—	—
For senior housing investment volume	—	—	New“$1.5 billion”	—	—	—	—	—
General and administrative expenses	—	New“approximately $172 million at midpoint”	Reiterated“approximately $172 million at midpoint”	Raised“~$178 million at midpoint”	Reiterated“~$178 million at midpoint”	—	—	—
Interest and other income	—	New“~$11 million at midpoint”	Reiterated“approximately $11 million at midpoint”	Raised“~$15 million at midpoint”	Reiterated“~$15 million at midpoint”	—	—	—
Interest expense	—	New“~$618 million at midpoint”	Reiterated“approximately $618 million at midpoint”	Lowered“~$615 million at midpoint”	Reiterated“~$615 million at midpoint”	—	—	—
Investment volume expectations for 2025	—	—	—	New“$2 billion”	—	—	—	—
Investments	—	—	—	New“$2.0 billion”	—	—	—	—
Investments focused on senior housing included in	—	New“approximately $1 billion”	—	—	—	—	—	—
Nareit FFO attributable to common stockholders ($ millions)	—	—	—	New“$1,558 $1,581”	—	—	—	—
Nareit FFO attributable to common stockholders per share (FY 2025 reconciliation table)	—	New“$3.27 - $3.38”	—	—	—	—	—	—
Nareit FFO attributable to common stockholders per share (Low-High)	—	—	New“$3.27 - $3.38”	—	—	—	—	—
Nareit FFO Per Share Midpoint*	—	New“$3.33”	Reiterated“$3.33”	Raised“$3.41”	Raised“$3.45”	—	—	—
Nareit FFO Per Share Range*	—	New“$3.27 - $3.38”	Reiterated“$3.27 - $3.38”	Raised“$3.38” – “$3.43”	Raised“$3.43” – “$3.46”	—	—	—
Net disposition proceeds	—	—	New“approximately $200 million”	—	—	—	—	—
Net interest expense increase year-over-year	—	New“~$32M”	Reiterated“~$32 million”	—	—	—	—	—
Normalized FFO attributable to common stockholders ($ millions)	—	—	—	New“$1,573 $1,596”	—	—	—	—
Normalized FFO attributable to common stockholders per share (FY 2025 reconciliation table)	—	New“$3.35 - $3.46”	—	—	—	—	—	—
Normalized FFO attributable to common stockholders per share (Low-High)	—	—	New“$3.35 - $3.46”	—	—	—	—	—
Normalized FFO Per Share Midpoint*	—	New“$3.41”	Reiterated“$3.41”	Raised“$3.44”	Raised“$3.47”	—	—	—
Normalized FFO Per Share Range*	—	New“$3.35 - $3.46”	Reiterated“$3.35 - $3.46”	Narrowed“$3.41” – “$3.46”	Raised“$3.45” – “$3.48”	—	—	—
Normalized FFO per share year-over-year projected increase at midpoint (dollar)	—	New“$0.22”	—	—	—	—	—	—
Quarterly dividend increase	—	New“7%”	—	—	—	—	—	—
Quarterly dividend per common share	—	New“$0.48”	—	—	—	—	—	—
Senior housing investment volume	—	—	—	New“$2.0 billion”	—	—	—	—
Senior housing investment volume expectations for 2025	—	—	—	—	New“$2.5 billion”	—	—	—
Senior housing investments expected to be closed	—	New“approximately $1 billion”	—	—	—	—	—	—
Weighted average diluted share count	—	—	New“460 million”	—	Raised“462 million”	—	—	—
Weighted average diluted shares (in millions)	—	New“456”	Raised“460”	Raised“461”	Raised“462”	—	—	—
For FY2024
Attributable Net Income Per Share Midpoint	New“$0.10”	—	—	—	—	—	—	—
Attributable Net Income Per Share Range	New“$0.07 - $0.13”	—	—	—	—	—	—	—
Dispositions of assets (net proceeds)	New“$330 million”	—	—	—	—	—	—	—
FAD capital expenditures	New“~$250 million”	—	—	—	—	—	—	—
General and administrative expenses	New“$155 million to $160 million”	—	—	—	—	—	—	—
Interest expense	New“$605 million to $609 million”	—	—	—	—	—	—	—
Nareit FFO Per Share Midpoint*	New“$3.05”	—	—	—	—	—	—	—
Nareit FFO Per Share Range*	New“$3.02 - $3.08”	—	—	—	—	—	—	—
Normalized Per Share FFO Midpoint*	New“$3.15”	—	—	—	—	—	—	—
Normalized Per Share FFO Range*	New“$3.12 - $3.18”	—	—	—	—	—	—	—
Senior housing investments expected to close	New“$1.7 billion”	—	—	—	—	—	—	—
Weighted average diluted shares (in millions)	New“417”	—	—	—	—	—	—	—
No period stated
Net Debt-to-Further Adjusted EBITDA long term targeted range	—	New“5.0x-6.0x”	—	—	—	—	—	—
Net interest expense	—	New“expected to increase ~$32M year-over-year”	Reiterated“expected to increase ~$32 million year-over-year”	—	—	—	—	—
Quarterly dividend	—	New“$0.48 per share”	—	—	—	—	—	—
Senior housing investments under contract expected to close	New“$300 million”	—	—	—	—	—	—	—

Values in quotation marks are the company’s words. Change labels compare each statement with the same metric and target year in the previous release. HighGravityData does not judge whether guidance was met.