Strong Q3 Performance and Strategic Acquisitions Drive Ventas's Buy Rating and Raised Guidance3Q25 delivered a modest earnings beat, with SHOP solid (SSNOI +15.9%), but not spectacular. Earnings guidance (+3¢) was increased modestly (in line), driven by SHOP (SSNOI +15% y/y; +100bps from prior) and acquisitions (now $2.5B; +$0.5B). We expect the shares to react well with SHOP guidance assumptions largely maintained (REVPOR now >4.5%), despite prior occupancy concerns. We look for color on 4QTD SHOP trends and on the investment pipeline for 2026. Maintain Outperform.