Ventas, Inc. reported strong financial performance for the fourth quarter and full year ended December 31, 2024. For Q4 2024, Normalized FFO per share increased 7% year-over-year to $0.81, while Nareit FFO per share rose 8% to $0.85. For the full year 2024, Normalized FFO per share grew 7% to $3.19, demonstrating consistent growth in its senior housing operating portfolio.
The Senior Housing Operating Portfolio (SHOP) delivered a 15.8% same-store cash Net Operating Income (NOI) growth for the full year 2024, marking the third consecutive year of double-digit growth. Average occupancy in the SHOP same-store portfolio increased by 300 basis points year-over-year, contributing to 8.2% revenue growth. Ventas also closed over $2 billion in senior housing investments in 2024, which are expected to generate attractive NOI yields.
Reflecting its strong results and positive outlook, Ventas's Board of Directors declared a quarterly dividend of $0.48 per share, representing a 7% increase from the previous dividend. This dividend is payable on April 17, 2025. The company's balance sheet also strengthened, with Net Debt-to-Further Adjusted EBITDA improving to 6.0x, now within its long-term targeted range.
Ventas introduced its full-year 2025 guidance, projecting Normalized FFO per share in the range of $3.35 to $3.46, with a midpoint of $3.41. This represents an approximate 7% increase per share year-over-year at the midpoint. The guidance includes approximately $1 billion of planned senior housing investments for 2025, signaling continued external growth and expansion in its core market.
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