Ventas cited increases in average occupancy and revenue per occupied room and more assets from acquisitions as drivers of the increase in SHOP segment NOI for the quarter ended September 30, 2025, partially offset by higher property-level operating expenses.

10-QQuarterly reportFiled Oct 30, 2025Period of report Sep 30, 2025Summary published (UTC) Oct 10, 2026

Key points

AI summary

Ventas cited increases in average occupancy and revenue per occupied room and more assets from acquisitions as drivers of the increase in SHOP segment NOI for the quarter ended September 30, 2025, partially offset by higher property-level operating expenses.
The company said NNN segment NOI increased $6.1 million for the quarter ended September 30, 2025, driven primarily by a $14.6 million increase in rental income from the net non-cash revenue impact of changed revenue recognition from cash to straight-line related to a senior housing triple-net tenant.
Ventas said Interest expense, net of capitalized interest, increased $7.7 million for the quarter ended September 30, 2025, with a weighted average effective interest rate of 4.59% compared to 4.44% in the same quarter of 2024, and Depreciation and amortization increased $52.9 million.
The company said cash flows from operating activities increased $219.1 million for the 9 months ended September 30, 2025, net cash used in investing activities increased $1.4 billion and net cash provided by financing activities decreased $115.1 million.

Key figures

Quarter ended September 30, 2025

Revenue: $1.5B
Net income: $69M
EPS: $0.14

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

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.

Company explanation of SHOP segment NOI increase

Ventas cited increases in average occupancy and revenue per occupied room and more assets from acquisitions as drivers of the increase in SHOP segment NOI for the quarter ended September 30, 2025, partially offset by higher property-level operating expenses.

Source · Based on the MD&A text of the filing

NNN segment NOI increased $6.1 million

The company said NNN segment NOI increased $6.1 million for the quarter ended September 30, 2025, driven primarily by a $14.6 million increase in rental income from the net non-cash revenue impact of changed revenue recognition from cash to straight-line related to a senior housing triple-net tenant.

Source · Based on the MD&A text of the filing

Quarterly interest expense and depreciation increases

Ventas said Interest expense, net of capitalized interest, increased $7.7 million for the quarter ended September 30, 2025, with a weighted average effective interest rate of 4.59% compared to 4.44% in the same quarter of 2024, and Depreciation and amortization increased $52.9 million.

Source · Based on the MD&A text of the filing

9-month cash flow changes

The company said cash flows from operating activities increased $219.1 million for the 9 months ended September 30, 2025, net cash used in investing activities increased $1.4 billion and net cash provided by financing activities decreased $115.1 million.

Source · Based on the MD&A text of the filing

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

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