One of the big REITs, Ventas, reported its fourth quarter and full-year 2025 results, and its activity was impressive, with the company continuing to outperform many of its peers. A full comparison will have to wait for Welltower’s earnings release, but Ventas nonetheless posted a strong year.
In the fourth quarter, Ventas’ U.S. portfolio average occupancy increased by more than 370 basis points year over year. This operating momentum drove year-over-year same-community NOI growth of more than 15% in its seniors housing operating portfolio (SHOP), led by 18% growth in its U.S. portfolio, marking the company’s fourth consecutive year of double-digit growth.
Ventas closed $2.5 billion of senior housing investments in 2025, and more than $800 million year to date, and it anticipates closing an additional $2.5 billion of seniors housing investments during 2026. The company’s 2026 guidance implies solid year-over-year growth, partially offset by the expiration of Brookdale’s lease income December 31. However, those communities were not among Ventas’ stronger performers and did not meaningfully contribute to cash flow, which positions Ventas more favorably over time despite the near-term offset.
The REIT announced an 8% increase in its dividend, unsurprising given the company’s performance. At the open after the news, its share price increased by 1.2% and rode the wave of the day to an intraday high of 3.71% above the prior close.
