Ventas, Inc. reported robust financial performance for the third quarter ended September 30, 2024, with Normalized FFO increasing 7% year-over-year to $0.80 per share. Nareit FFO also saw an 8% increase, reaching $0.79 per share compared to the same period in the prior year. This growth was driven by strong operational execution within its senior housing portfolio.
The Senior Housing Operating Portfolio (SHOP) delivered significant organic growth, with Same-Store Cash NOI increasing over 15% year-over-year in the third quarter. Average occupancy in the SHOP Same-Store portfolio grew by 350 basis points year-over-year, contributing to an 8.7% increase in total revenue. U.S. SHOP average occupancy rose by 400 basis points, while Canada achieved a record 96.5% average occupancy with a 200 basis point increase.
The company also announced that it has closed or placed under contract $1.7 billion in senior housing investments year-to-date, aligning with its strategy to expand its presence in this sector. Reflecting this momentum, Ventas updated and improved its full-year 2024 guidance, narrowing the Normalized FFO per share range to $3.14 - $3.18, with the midpoint increasing to $3.16 from $3.15. The Net Debt-to-Further Adjusted EBITDA improved to 6.3x from 6.9x at year-end 2023.
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