A month has gone by since the last earnings report for Ventas (VTR Quick QuoteVTR - Free Report) . Shares have added about 1.1% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Ventas due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent drivers for Ventas, Inc. before we dive into how investors and analysts have reacted as of late.

Ventas Q2 FFO & Revenues Beat Estimates on Strong SHOP Growth

Ventas reported second-quarter 2026 normalized FFO per share of 97 cents, beating the Zacks Consensus Estimate of 96 cents by 1.04%. The metric increased 9% from the year-ago quarter.

Revenues climbed 21.7% year over year to $1.73 billion and surpassed the consensus estimate of $1.67 billion by 3.72%. Growth was led by the SHOP, where same-store cash NOI rose 16.3%.

Senior Housing Revenues Fuel the Top Line

Resident fees and services increased 32% year over year to $1.36 billion, accounting for most of the company’s revenue expansion. The increase reflected both portfolio growth and stronger same-store senior housing performance.

Rental income from the OM&R portfolio rose 3.5% to $228.6 million. However, rental income from triple-net leased properties declined 18.2% to $124.9 million.

SHOP Metrics Show Stronger Demand

SHOP same-store average occupancy improved 300 bps year over year to 90.9%. Average monthly RevPOR increased 5% to $5,528, supporting an 8.6% rise in same-store cash operating revenues to $979.6 million.

Same-store SHOP operating expenses increased 4.9% to $621.1 million, while management fees rose 12.3% to $53.8 million. Revenue growth outpaced these costs, lifting the same-store cash NOI margin by 210 bps to 31.1%.

Same-Store NOI Rise Across Major Segments

Total company same-store cash NOI advanced 10.3% year over year to $563 million. SHOP remained the primary contributor, with same-store cash NOI increasing 16.3% to $304.7 million.

The OM&R portfolio generated same-store cash NOI of $142.7 million, up 4.6%. Its cash operating revenues rose 4.2% to $214.9 million, while the cash NOI margin expanded 30 bps to 66.4%.

Triple-net same-store cash NOI increased 3.1% to $115.6 million. Together, gains across all three operating segments supported the company’s double-digit same-store NOI growth.

Ventas Expands Investments

Ventas closed $2.2 billion of senior housing investments during the second quarter, bringing year-to-date investment volume to $3.4 billion. Management expects these investments to enhance the company’s multiyear growth rate and generate attractive financial returns.

To fund its 2026 investment activity, Ventas settled 31.4 million shares of common stock under equity forward sales agreements year to date for gross proceeds of $2.6 billion. It also had $1.6 billion of unsettled equity forward sales agreements, bringing total equity capital to $4.2 billion.

Strengthens Leverage & Liquidity

Net debt to further adjusted EBITDA improved to 4.7 times at quarter-end from 5.0 times sequentially and 5.6 times year-over-year. Management attributed the improvement to SHOP NOI growth and equity-funded senior housing investments.

Ventas ended June with $4.9 billion of available liquidity, including credit facility availability, cash and cash equivalents and unsettled equity forward sales agreements outstanding. Cash and cash equivalents totaled $199 million.

Raises 2026 FFO Outlook

Management raised its 2026 normalized FFO per-share guidance to $3.85-$3.90 from $3.82-$3.89. The midpoint increased to $3.88 from $3.86, primarily due to higher accretive senior housing investment activity.

The company reaffirmed expectations for SHOP same-store cash NOI growth of 15%-17%, supported by occupancy growth of roughly 300 bps and RevPOR growth of about 5%.

The updated outlook assumes total company same-store cash NOI growth of 9%-10.5%. The guidance also incorporates approximately $646 million of interest expense at the midpoint. The company raised its 2026 senior housing investment target to $4.5 billion from $3 billion.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a upward trend in estimates revision.

VGM Scores

Currently, Ventas has a average Growth Score of C, a grade with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a score of D on the value side, putting it in the bottom 40% for value investors.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been trending upward for the stock, and the magnitude of this revision looks promising. Interestingly, Ventas has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

Ventas belongs to the Zacks REIT and Equity Trust - Other industry. Another stock from the same industry, SL Green (SLG Quick QuoteSLG - Free Report) , has gained 7.9% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026.

SL Green reported revenues of $171.85 million in the last reported quarter, representing a year-over-year change of +16.5%. EPS of -$0.38 for the same period compares with $1.63 a year ago.

SL Green is expected to post earnings of $1.50 per share for the current quarter, representing a year-over-year change of -5.1%. Over the last 30 days, the Zacks Consensus Estimate has changed +19.4%.

SL Green has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of D.