Ventas Inc

Strong operating momentum in Senior Housing (SHOP) - Ventas reported 10% total company same-property NOI growth in 2Q26. - U.S. SHOP led with 18% NOI growth and +360 bps occupancy growth YoY, plus occupancy ~87% overall across SHOP (with non-same-store ~83% by design). - Same-store SHOP guidance reaffirmed: ~16% same-store SHOP NOI growth at midpoint for full-year 2026 (driven by the May–Sep “key selling season”; they said results so far are “on track”). - Operating leverage showed up: NOI margins +210 bps YoY to 31% and incremental margin flow-through 55%, implying costs are relatively more fixed as occupancy rises.

Earnings outlook raised; investment activity is the key driver - Normalized FFO per share: $0.97 in 2Q26 (+9% YoY). - Full-year 2026 normalized FFO guidance raised to $3.85–$3.90 per share (~8%–10% YoY growth, midpoint $3.88). - Capital investment guidance raised materially: 2026 investments now expected at $4.5B vs $3.0B previously. - The stronger FFO outlook was attributed to more accretive senior housing investment activity; offset partly by higher interest rates / macro factors, and a share price impact. - Full-year 2026 net income outlook also updated to $0.58–$0.63 per share (midpoint $0.61).

Investment engine accelerating—scale and returns remain central - They reported $3B+ senior housing investments year-to-date across 27 transactions (and $3.4B investments mentioned later; indicates ongoing settlement/close activity within the same timeframe). - Since beginning of 2024, Ventas has completed $8B+ investments, adding 23,000+ units across 174 communities to SHOP. - Underwriting discipline remains: year-to-date deals underwritten to double-digit to mid-teens unlevered IRRs, with ~6.6% average year-1 yield and average price per unit ~$358k, at significant discounts to replacement costs. - Deal process efficiency: underwriting/close described as ~2 months start-to-finish (helpful given competition and time-to-close dynamics).