Ventas accelerates SHOP expansion with $1B+ acquisitions, lifts dividend 8% amid leverage rise

Filed April 28, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 1, 2025 · ~2 min read

Key Changes

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  Acquired 29 senior housing communities for $1.0B in Q1 2026 (vs. 17 for $770M in Q1 2025), driving SHOP segment NOI up 42% and expanding the portfolio to 783 properties. SHOP now represents 58% of total NOI, up from 47% a year ago.

  MD&A: SHOP Acquisitions & NOI verify on EDGAR →
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  Liquidity nearly doubled to $5.5B from $2.9B year-over-year, driven by upsized credit facility ($3.5B), new $550M delayed draw term loan, and $1.4B in unsettled equity forwards. Funded via ATM program at $84.62/share average (26% premium to prior year).

  MD&A: Liquidity & Capital verify on EDGAR →
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  Quarterly dividend raised 8.3% to $0.52/share from $0.48, reflecting confidence in cash flow generation. Operating cash flow grew 23% to $395M, supporting both dividend and acquisition activity.

  MD&A: Dividend & Cash Flow verify on EDGAR →