Strong Earnings Growth: Ventas reported a 9% year-over-year increase in normalized FFO per share, reaching $0.87. Total same-store cash NOI grew 7% year-over-year, primarily driven by an 18% increase in cash NOI for the Senior Housing Operating Portfolio (SHOP). This highlights the company's effective execution of its 1-2-3 strategy.

Revised Guidance: The company raised its full-year normalized FFO guidance midpoint to $3.44 per share, implying an 8% anticipated growth year-over-year. Additionally, the same-store cash NOI growth expectations were improved to 7% at the midpoint. This reflects confidence in the ongoing recovery and demand in the senior housing sector.

Transaction Activity and Investment Pipeline: Ventas increased its 2025 senior housing investment volume guidance to $2 billion, underpinning active engagement in the market. The company closed $1.1 billion in senior housing investments year-to-date, with expected year 1 cash yields of 7.2%. The growth in investment activity presents opportunities for further enhancing the portfolio quality.