On the heels of Welltower’s blockbuster second quarter earnings report, Ventas turned in another solid performance as well. Same-community, SHOP occupancy jumped by 240 basis points year over year to 87.6%, NOI margin increased by 130 basis points to 28.4%, cash NOI increased 13.3% and RevPOR was up by 5.3%. The U.S. portfolio had a 290-basis point census increase, led by secondary markets that jumped by 360 basis points year over year. The Canadian portfolio, which was already over 95% occupied, held back the total increase but jumped by 80 basis points. How much higher can it really go?
Ventas has made $1.1 billion in new seniors housing investments year to date, and that led management to up its forecast of $1.5 billion in 2025 to $2.0 billion. The enhanced performance also resulted in management upping the company’s guidance for net income per share and funds from operations per share. In an otherwise down market, this resulted in a jump in the share price of more than 1%.
