Ventas said the increase in SHOP segment NOI for Q1 2025 was primarily driven by revenue growth due to increases in occupancy, revenue per occupied room and property acquisitions, partially offset by higher property-level operating expenses due to more assets and higher occupancy.

1. 01

   Ventas said the increase in SHOP segment NOI for Q1 2025 was primarily driven by revenue growth due to increases in occupancy, revenue per occupied room and property acquisitions, partially offset by higher property-level operating expenses due to more assets and higher occupancy.

2. 02

   The company said interest expense, net of capitalized interest, for Q1 2025 decreased $0.6 million compared to the same period in the prior year. Weighted average debt outstanding was $13.16 billion for Q1 2024 and $13.55 billion, and the weighted average effective interest rate was 4.47% and 4.32%, respectively.

3. 03

   Ventas repaid 2.65% Senior Notes of $450.0 million and 3.50% Senior Notes of $600.0 million at maturity on January–February in 2025. The company said net cash used in financing activities increased $154.0 million compared to the same period in the prior year.

4. 04

   Ventas said it increased the borrowing capacity under its unsecured revolving credit facility from $2.75 billion to $3.5 billion in April 2025. Operating cash flow for Q1 2025 increased $54.7 million compared to the same period in the prior year, and the company said growth in the SHOP business was a factor, partially offset by working capital cash outflows.

Key figures

Quarter ended March 31, 2025

Revenue

$1.4B

Net income

$48M

EPS

$0.10

Operating cash flow

$321M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.