Ventas, Inc: VTR : Key Takeaways From Non-Deal Roadshow

研报英文原文证据摘录

Ventas, Inc: VTR : Key Takeaways From Non-Deal Roadshow

Deutsche Bank

Research

Rating Company Date

Buy Ventas, Inc 16 June 2026

North America Reuters Bloomberg Rating Buy

United States VTR.N VTR US Price target (USD) 100.00 Price at 15 Jun 26 83.46

52-week range 90.35 – 62.45

Financial

REITs Valuation & Risks

VTR : Key Takeaways From Non-Deal

Roadshow OmotayoResearch OkusanyaAnalyst

+1-212-250-9284

Key Takeaway: Raising Estimates and Price Target As VTR Is Primed For Strong

Rafi Lewis Multi-Year Earnings Growth Research Associate

We were in Europe last week with the management team of Ventas (VTR) on a

non-deal roadshow (NDR) during which we met with a cross-section of investors

(long-only, hedge funds, sustainability and thematic investing focused funds), all

of whom were focused on the strong demand/supply fundamentals in the senior- Key changes

housing sector. We believe VTR remains well positioned to fully benefit from this Price target (USD) 95 100 5%

positive industry backdrop. We believe the company’s well-defined 1-2-3 Source: Deutsche Bank

strategy that focuses on growing VTR’s senior-housing operating portfolio

(SHOP) exposure, a solid acquisition outlook and solid balance sheet to fund

internal and external growth all suggest that earnings growth at VTR is likely to

keep accelerating over the next few years. This should serve as a key catalyst for

further multiple expansion. Similar to its comments recently at the NAREIT

conference, VTR reiterated its 2026 FFO/sh guidance of $3.82-$3.89 during the

NDR, which is supported by a forecasted SS NOI growth profile of 15% to 17%

for SHOP, and a $3B acquisition target ($1.7B completed YTD). We see a high

probability of management coming in at the very high end or even exceeding