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    Ventas Inc (VTR)

    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 .

    1. Senior Housing Operating Portfolio (SHOP) - Manages and operates senior housing communities, providing resident fees and services.
    2. Outpatient Medical and Research Portfolio (OM&R) - Generates rental income and third-party capital management revenues from outpatient medical buildings and research centers.
    3. Triple-Net Leased Properties (NNN) - Secures rental income from leasing properties such as hospitals and healthcare facilities.
    4. Non-Segment Revenues - Includes income from loans and investments, as well as interest and other income.

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    NamePositionExternal RolesShort 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.

    1. 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?

    2. 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?

    3. 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?

    4. 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?

    5. 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 Inc earnings calls.

    Juan Sanabria

    BMO Capital Markets

    4 questions for VTR

    Also covers: AMH, BRX, CTRE +18 more

    Michael Carroll

    RBC Capital Markets

    4 questions for VTR

    Also covers: AHR, ARE, COLD +15 more

    Omotayo Okusanya

    Deutsche Bank AG

    4 questions for VTR

    Also covers: AMH, ARE, BDN +39 more

    Ronald Kamdem

    Morgan Stanley

    4 questions for VTR

    Also covers: AAT, ADC, AHR +30 more

    Austin Wurschmidt

    KeyBanc Capital Markets Inc.

    3 questions for VTR

    Also covers: AHR, AMH, APLE +19 more

    James Kammert

    Evercore Inc.

    3 questions for VTR

    Also covers: ADC, ARE, EPRT +5 more

    Jeffrey Spector

    Bank of America

    3 questions for VTR

    Also covers: AKR, AMH, AVB +24 more

    Michael Stroyeck

    Green Street Advisors, LLC

    3 questions for VTR

    Also covers: AHR, DOC, OHI +1 more

    Nicholas Yulico

    Scotiabank

    3 questions for VTR

    Also covers: AHR, AVB, BXP +19 more

    Richard Anderson

    Wedbush Securities

    3 questions for VTR

    Also covers: ARE, AVB, BXP +20 more

    Wesley Golladay

    Robert W. Baird & Co.

    3 questions for VTR

    Also covers: ADC, ARE, CPT +21 more

    Georgi Dinkov

    Mizuho Securities

    2 questions for VTR

    Also covers: ARE, MPW, SBRA +1 more

    Michael Mueller

    JPMorgan Chase & Co.

    2 questions for VTR

    Also covers: AKR, BRX, COLD +22 more

    Nicholas Joseph

    Citigroup

    2 questions for VTR

    Also covers: AMH, ARE, CUBE +13 more

    Vikram Malhotra

    Mizuho Financial Group, Inc.

    2 questions for VTR

    Also covers: ARE, BXP, DOC +13 more

    Analyst from Baird

    Robert W. Baird & Co.

    1 question for VTR

    Also covers: TENB

    Elmer Chang

    Scotiabank

    1 question for VTR

    Also covers: NTST, O, SBRA

    John Kilchowski

    Wells Fargo

    1 question for VTR

    John Kilichowski

    Wells Fargo

    1 question for VTR

    Also covers: ADC, CTRE, EPRT +13 more

    John Killechawski

    Wells Fargo & Company

    1 question for VTR

    John Pawlowski

    Green Street

    1 question for VTR

    Also covers: AMH, AVB, ELME +11 more

    Michael Muller

    JPMorgan Chase & Co.

    1 question for VTR

    Also covers: DOC, REG, REXR

    Seth Berger

    Citi

    1 question for VTR

    Seth Bergey

    Citigroup Inc.

    1 question for VTR

    Also covers: AHR, BDN, CBRE +13 more

    William John Kilichowski

    Wells Fargo

    1 question for VTR

    Also covers: ADC, CTRE, EPR +13 more
    Program DetailsProgram 1
    Approval DateN/A
    End Date/DurationN/A
    Total additional amountN/A
    Remaining authorizationN/A
    DetailsThe company does not have a publicly announced repurchase plan or program in effect. The repurchases of common stock that have been made are primarily for the purpose of withholding shares to pay taxes on the vesting of restricted stock and restricted stock units (including time-based and performance-based awards), or to pay taxes and/or exercise price on the exercise of stock options granted to employees.
    YearAmount Due (in billions)Debt TypeInterest Rate (%)% of Total Debt
    20251.822 2.65% Senior Notes, 3.50% Senior Notes, Unsecured Term Loan 2.65 - 3.50 13.2% = (1.822 / 13.772) * 100
    20262.077 4.125% Senior Notes, 3.75% Exchangeable Senior Notes, 3.25% Senior Notes 3.25 - 4.125 15.1% = (2.077 / 13.772) * 100
    20271.618 Unsecured Term Loans, 2.45% Senior Notes Series G (CAD), 3.85% Senior Notes 2.45 - 3.85 11.7% = (1.618 / 13.772) * 100
    20281.530 4.00% Senior Notes, 5.398% Senior Notes Series I (CAD) 4.00 - 5.398 11.1% = (1.530 / 13.772) * 100
    Thereafter6.668 Various Senior Notes maturing 2029-2049 2.50 - 6.90 48.4% = (6.668 / 13.772) * 100
    CustomerRelationshipSegmentDetails

    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.

    NameStart DateEnd DateReason for Change
    KPMG LLPJuly 9, 2014 PresentCurrent auditor.
    Ernst & Young LLP (EY)N/AJuly 5, 2014 EY determined it was not independent due to an inappropriate personal relationship.

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    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.

    Vestas surges as U.S. clarifies clean energy tax credit rules
    $VTR
    Guidance Update
    New Projects/Investments
    • 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%.
    4 days ago
    Ventas reports Q2 2025 results and raises full-year guidance
    $VTR
    Earnings
    Guidance Update
    Debt Issuance
    • 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.
    Jul 31, 2025, 2:00 PM
    Ventas amends ATM sales agreement to raise equity issuance capacity
    $VTR
    • 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.
    Jun 13, 2025, 12:00 AM
    Ventas, Inc. Updates Charter with Authorized Share Increase and Amendments
    $VTR
    Proxy Vote Outcomes
    • 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.
    May 15, 2025, 12:00 AM
    Ventas Q1 2025 Results & Senior Housing Investment Update
    $VTR
    Earnings
    Guidance Update
    New Projects/Investments
    • 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.
    May 1, 2025, 2:01 PM