Ventas, Inc. is a real estate investment trust (REIT) that specializes in healthcare and real estate, primarily catering to the aging population . The company operates through three main business segments, offering senior housing communities, outpatient medical buildings, research centers, hospitals, and healthcare facilities across North America and the United Kingdom . Ventas focuses on generating reliable and growing cash flows, maintaining a high-quality asset portfolio, and preserving financial strength and flexibility .
- Senior Housing Operating Portfolio (SHOP) - Manages and operates senior housing communities, providing resident fees and services.
- Outpatient Medical and Research Portfolio (OM&R) - Generates rental income and third-party capital management revenues from outpatient medical buildings and research centers.
- Triple-Net Leased Properties (NNN) - Secures rental income from leasing properties such as hospitals and healthcare facilities.
- Non-Segment Revenues - Includes income from loans and investments, as well as interest and other income.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Debra A. Cafaro ExecutiveBoard | Chairman and Chief Executive Officer | Director at PNC Financial Services Group; Advisory Board Member at Harvard Kennedy School Taubman Center; Member of Civic Committee and Commercial Club of Chicago; Past Chair of Real Estate Roundtable and Economic Club of Chicago | CEO since 1999, transformed Ventas into a leading REIT with a market cap of $20.2 billion as of 2023; delivered 18% annual TSR over 24 years. | View Report → |
Gregory R. Liebbe Executive | SVP, Chief Accounting Officer, Controller | None | Principal Accounting Officer; no specific achievements or external roles mentioned in documents. | |
Robert F. Probst Executive | Executive Vice President and CFO | Board Member at Chicago Botanic Garden (Audit Committee Chair); Member of Economic Club of Chicago | CFO since 2014, recognized as Chicago Public Company CFO of the Year (2018) and FEI Public Company Financial Executive of the Year (2019); previously CFO at Beam Inc.. | |
Joe V. Rodriguez, Jr. Board | Independent Director | President of Burnt Mountain Investments; Executive Member of Latino Corporate Directors Association; Member of Nareit and other real estate organizations | Director since 2024; over 40 years of real estate investment experience; former CIO at Invesco Real Estate, managing over $90 billion in assets. | |
Marguerite M. Nader Board | Independent Director | President and CEO of Equity LifeStyle Properties; Member of Nareit Executive Board; Former Director at Liberty Property Trust | Director since 2020; extensive REIT experience, overseeing over 400 resort communities; Chair of Nareit (2021-2022). | |
Matthew J. Lustig Board | Independent Director | Director at Boston Properties; Member of multiple advisory boards (e.g., Wharton School, Georgetown University); Member of Council on Foreign Relations | Director since 2011; over 35 years of real estate experience; Chairman of Investment Banking, North America at Lazard Frères & Co.. | |
Maurice S. Smith Board | Independent Director | President and CEO of Health Care Service Corporation; Director at Halliburton and Federal Reserve Bank of Chicago; Chair of Prime Therapeutics Board; Trustee at Art Institute of Chicago and Roosevelt University | Director since 2021; extensive health insurance leadership experience, overseeing $45 billion in annual revenues at HCSC. | |
Melody C. Barnes Board | Independent Director | Director at Booz Allen Hamilton; Chair of Aspen Institute for Community Solutions; Board Member at William & Flora Hewlett Foundation | Director since 2014; Chair of Nominating, Governance, and Corporate Responsibility Committee; extensive public policy experience, including as Director of White House Domestic Policy Council (2009-2012). | |
Michael J. Embler Board | Independent Director | Director at American Airlines Group and NMI Holdings | Director since 2022; former CIO at Franklin Mutual Advisers; extensive experience in distressed investments and corporate governance. | |
Roxanne M. Martino Board | Lead Independent Director | Managing Partner of OceanM19; Chairperson of Ann & Robert H. Lurie Children’s Hospital Board; Board Member at The Havi Group and The Chicago Network | Director since 2016; Chair of Compensation Committee; extensive investment management experience, managing over $14 billion in assets as CEO of Aurora Investment Management. | |
Sean P. Nolan Board | Independent Director | Chairman and CEO of Taysha Gene Therapies; Chairman of Jaguar Gene Therapy, Affinia Therapeutics, Encoded Therapeutics, and Istari Oncology | Director since 2019; extensive biotech leadership experience, including as CEO of AveXis, which was acquired by Novartis for $8.7 billion. | |
Sumit Roy Board | Independent Director | CEO and Director of Realty Income Corporation; Member of Nareit Executive Board | Director since 2022; extensive real estate and capital markets experience, overseeing a portfolio of over 15,000 properties at Realty Income. | |
Theodore R. Bigman Board | Independent Director | Executive Fellow at Harvard Business School; Founder and CIO of Bigman Holdings | Director since 2024; former Head of Global Listed Real Assets Investing at Morgan Stanley, managing over $25 billion in assets. | |
Walter C. Rakowich Board | Independent Director | Director at Host Hotels & Resorts and Iron Mountain; Member of multiple advisory boards; Chairman of Colorado UpLift | Director since 2016; former CEO of Prologis, led a $17 billion merger and turnaround; extensive ESG and governance expertise. |
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Regarding the potential 25% to 30% rent reduction from the lease negotiations with Kindred for the 23 LTACs starting May 2025, how do you plan to offset the anticipated decline in NOI of approximately $110 million annually and mitigate the impact on your financials?
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With your increased investment activity in senior housing, including plans for an additional $400 million in 2024 investments bringing the total to $750 million, how are you ensuring these investments will achieve the projected unlevered IRRs in the low to mid-teens amid current market conditions and potential risks?
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Given that your SHOP same-store NOI growth guidance implies deceleration in the back half of the year despite operating leverage and low portfolio occupancy, can you elaborate on the specific factors beyond seasonality that may limit sustaining the mid-teen growth rates achieved year-to-date?
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Considering the perception that staying at home might be cheaper than senior care, what specific strategies are you implementing to educate consumers about the benefits and cost-effectiveness of senior housing to address potential market reluctance and drive occupancy growth?
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With your exchangeable notes being in the money and a conversion price just below $55, how do you plan to account for potential dilution and manage the impact on your fully diluted shares if the stock price remains above the conversion price?
Research analysts who have asked questions during Ventas earnings calls.
Juan Sanabria
BMO Capital Markets
4 questions for VTR
Michael Carroll
RBC Capital Markets
4 questions for VTR
Omotayo Okusanya
Deutsche Bank AG
4 questions for VTR
Ronald Kamdem
Morgan Stanley
4 questions for VTR
Austin Wurschmidt
KeyBanc Capital Markets Inc.
3 questions for VTR
James Kammert
Evercore ISI
3 questions for VTR
Jeffrey Spector
BofA Securities
3 questions for VTR
Michael Stroyeck
Green Street Advisors, LLC
3 questions for VTR
Nicholas Yulico
Scotiabank
3 questions for VTR
Richard Anderson
Wedbush Securities
3 questions for VTR
Wesley Golladay
Robert W. Baird & Co.
3 questions for VTR
Georgi Dinkov
Mizuho
2 questions for VTR
Michael Mueller
JPMorgan Chase & Co.
2 questions for VTR
Nicholas Joseph
Citigroup
2 questions for VTR
Vikram Malhotra
Mizuho Financial Group, Inc.
2 questions for VTR
Elmer Chang
Scotiabank
1 question for VTR
John Kilchowski
Wells Fargo
1 question for VTR
John Kilichowski
Wells Fargo & Company
1 question for VTR
John Killechawski
Wells Fargo & Company
1 question for VTR
John Pawlowski
Green Street
1 question for VTR
Michael Muller
JPMorgan Chase & Co.
1 question for VTR
Seth Berger
Citi
1 question for VTR
Seth Bergey
Citi
1 question for VTR
William John Kilichowski
Wells Fargo
1 question for VTR
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Atria Senior Living | Manager | Senior Housing Operating | Contributed 20.1% of total NOI in 2023. |
Sunrise Senior Living | Manager | Senior Housing Operating | Contributed 4.5% of total NOI in 2023. |
Brookdale Senior Living | Triple-Net Tenant | Triple-Net Properties | Contributed 7.7% of total NOI in 2023. |
Ardent Health Partners | Triple-Net Tenant | Triple-Net Properties | Contributed 6.9% of total NOI in 2023. |
Kindred Healthcare | Triple-Net Tenant | Triple-Net Properties | Contributed 6.9% of total NOI in 2023. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Class A Senior Housing Community | 2024 | Acquired in January 2024 for $36.0 million as part of the SHOP segment, this deal expanded Ventas’ senior housing portfolio, aligning with its strategic focus on high‑quality living environments. |
Portfolio Acquisition (Nine Months Ended Sept 2022) | 2022 | Purchased 18 medical office buildings (MOBs), one behavioral health center, one research and innovation center, and two senior housing communities for $445.9 million. Assets were split between the Office Operations and SHOP segments to diversify revenue and growth prospects. |
Portfolio Acquisition (Six Months Ended June 2022) | 2022 | Acquired 18 MOBs, one behavioral health center, one research and innovation center, and one senior housing community for $395.3 million, with assets reported in both Office Operations and the SHOP segment, reinforcing the company's diversified portfolio. |
Medical Office Buildings Leased to Ardent Affiliates | 2022 | Acquired 18 MOBs in February 2022 for $204 million, featuring a 732,000-square-foot portfolio with over 90% on-campus presence and 100% leased to Ardent, expected to yield a GAAP return of 5.8%; this strengthened Ventas’ strategic relationship with Ardent Health Services. |
Senior Housing Community | 2022 | Acquired one senior housing community reported as a standalone transaction in February 2022 for $105.4 million within the senior living operations segment, with related reporting also noting its inclusion in an aggregate acquisition priced at $349.2 million. |
Recent press releases and 8-K filings for VTR.
- 8% FFO per share growth guidance for 2025, underpinned by strong organic senior housing NOI and external acquisitions.
- Quarter-to-date occupancy up 130 bps QoQ and 270 bps YoY, keeping full-year occupancy in line with targets.
- $1.8 billion of $2 billion acquisition guidance deployed, targeting low-to-mid-teens unlevered IRRs and with line of sight to an additional $0.5 billion in senior housing investments.
- 45 Brookdale assets to convert to SHOP, with ~11 transitions completed in September, ~$2 million CapEx per asset and potential for >$100 million NOI uplift.
- Orsted plans a $9.4 billion rights issue, the largest European energy share sale in over a decade, to bolster its balance sheet.
- The Trump administration ordered a halt to the nearly completed Revolution Wind project, valued at €3.4 billion ($4 billion), triggering a 16% share-price plunge.
- The Danish government, owning approximately 50% of Orsted, has committed to participate in the offering to support the company’s financial stability.
- Orsted’s credit rating was downgraded to the lowest investment-grade level amid U.S. project setbacks, and the company is exploring legal and regulatory avenues to resume work.
- Shares surged after the U.S. government clarified tax credit guidelines, requiring wind and solar projects to begin construction by mid-2026 and eliminating the previous “safe harbor” rule.
- Vestas CEO Henrik Andersen said the guidance removes the final barrier to investment by tying tax credit qualification to actual engineering work on site rather than just cost outlays.
- Analysts at Jefferies, Citigroup, and RBC Capital Markets deemed the rules more lenient than feared and forecast increased U.S. orders for Vestas through next summer.
- Despite the positive outlook, brokerage opinions remain mixed, with some rating the stock 'Outperform' and at least one 'Underperform' warning of a potential downside over 25%.
- Normalized FFO per share of $0.87, up 9% YoY; total same store cash NOI +7%, SHOP NOI +13%; raised full-year normalized FFO guidance midpoint to $3.44 (+8% YoY).
- SHOP segment: 18% same store cash NOI growth in the US (adjusted), 8.2% revenue growth, June sequential occupancy +60 bps; maintains 12–16% SHOP NOI growth guidance for 2025.
- Senior housing investments: increased full-year investment volume guidance to $2.0 B, with $1.1 B closed YTD; pipeline growing with low- to mid-teens unlevered IRR targets.
- Balance sheet strengthened: net debt/EBITDA improved to 5.6×, record liquidity $4.7 B, and $500 M senior notes issued at 5.1% refinancing 2025 maturities.
- On June 13, 2025, Ventas entered into Amendment No. 1 to its ATM Sales Agreement, increasing the aggregate gross sales price of common stock available for issuance from $2.0 billion to $2.25 billion, excluding shares already sold prior to the amendment.
- The amendment is filed as Exhibit 1.1 to the Form 8-K and is incorporated by reference into the Company’s Form S-3 Registration Statement (File No. 333-277185) and prospectus supplement.
- A legal opinion from Davis Polk & Wardwell LLP regarding the validity of the shares to be issued under the amended Sales Agreement is filed as Exhibit 5.1 and consented to in Exhibit 23.1.
- Ventas, Inc. filed an 8‑K report on May 15, 2025, detailing charter amendments that increase the authorized common stock from 600 million to 1.2 billion shares and establish a total of 1.21 billion authorized shares (including 10 million preferred shares).
- The amendments, approved at the Annual Meeting on May 13, 2025, also included provisions to limit certain officer liabilities, with strong shareholder participation evidenced by proxy voting results.
- Ventas reported normalized FFO per share of $0.84, reflecting approximately 8% YoY growth along with robust same-store cash NOI performance—including the SHOP segment up 13.6% YoY and U.S. growth at 16%.
- Investment guidance was raised from $1B to $1.5B for 2025, driven by a strong senior housing pipeline and plans for additional second-half investments.
- Senior housing performance contributed to double-digit NOI growth and improved occupancy metrics.
- The balance sheet was strengthened with $3.6B in liquidity, bolstered by an upsized revolver to $3.5B and the repayment of nearly $1B of senior notes at favorable rates.
- Ventas reaffirmed its 2025 outlook with attributable net income per share guidance of $0.42–$0.53.