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 Mueller
JPMorgan Chase & Co.
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
Nicholas Joseph
Citigroup
2 questions for VTR
Seth Bergey
Citi
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
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.
- Ventas delivered $1.489 billion in total revenues and $68.7 million in net income for Q3 2025, up from $1.236 billion and $21.0 million in Q3 2024.
- Nareit FFO attributable to common stockholders rose 23% to $408.8 million (or $0.88 per share), compared to $331.5 million (or $0.79 per share) a year ago.
- Outpatient Medical & Research same-store cash operating revenue increased 3.2% YoY to $211.4 million, with cash NOI margin expanding to 65.4%.
- Ventas ended Q3 2025 with $4.09 billion of available liquidity and a net debt/enterprise value ratio of 28%, reflecting net debt of $12.75 billion.
- Ventas delivered $0.88 normalized FFO per share in Q3, up 10% year-over-year, driving total company same-store cash NOI growth of 8%, led by SHOP NOI growth of 16% (U.S. SHOP +19%).
- Balance sheet strengthened as net debt/EBITDA improved by 1.0× to 5.3×, supported by over $4 billion of liquidity, and the company has fully equity-funded its $2.5 billion senior housing investment plan for 2025.
- 2025 guidance was raised: full-year normalized FFO midpoint increased to $3.47 per share (9% growth), total company same-store cash NOI growth to 7.5%, and SHOP NOI midpoint to 15%; Ventas has closed $2.2 billion of senior housing acquisitions YTD and upped its investment target to $2.5 billion.
- Private-pay senior housing now represents ~50% of enterprise NOI; Ventas has completed $4.1 billion of SHOP investments since mid-2024 and finished 27 of 45 triple-net to SHOP conversions, targeting over $50 million of NOI upside.
- Ventas delivered normalized FFO per share of $0.88, up 10% year-over-year, and total company same-store cash NOI rose 8%, led by SHOP NOI growth of 16% (19% in U.S. SHOP).
- Management raised 2025 guidance, expecting 9% normalized FFO per share growth to a midpoint of $3.47, total same-store cash NOI growth of 7.5%, and SHOP NOI growth of 15%.
- Balance sheet strength improved, with net debt to EBITDA at 5.3×, $4 billion of liquidity, and $2.6 billion of equity raised to fully fund planned investments.
- Investment activities are accelerating: $2.2 billion of private-pay U.S. senior housing acquisitions year-to-date, guidance increased to $2.5 billion, and 27 of 121 triple-net communities converted to SHOP to drive further occupancy and NOI upside.
- Ventas delivered $0.88 normalized FFO per share in Q3 2025 (up 10% YoY), with total same-store cash NOI up 8%, driven by SHOP NOI growth of 16% (US +19%).
- Full-year 2025 guidance raised: normalized FFO growth of 9% (midpoint $3.47/share), 7.5% same-store cash NOI growth, and SHOP NOI midpoint increased to 15%.
- Closed $2.2 billion of US private-pay senior housing acquisitions YTD, upped 2025 investment guidance to $2.5 billion, and completed conversion of 27/45 triple-net communities to SHOP (targeting >$50 million NOI upside).
- Balance sheet strengthened with net debt/EBITDA at 5.3×, $2.6 billion of equity raised, and >$4 billion of liquidity.
- Ventas delivered 16% YoY SHOP Same-Store Cash NOI growth to $232.4 million, with average occupancy rising 270 bp to 89.0%, led by U.S. growth of 19% NOI and 340 bp occupancy increase.
- Same-Store Cash NOI margin expanded 200 bp YoY to 28.3% in Q3, with incremental margin flow-through exceeding 50%.
- Increased FY 2025 SHOP Same-Store Cash NOI growth guidance to 14%–16%, up from 11%–16% at the start of the year.
- Progressing 45 NNN-to-SHOP conversions with 27 completed by October, offering a >$50 million NOI opportunity vs. Q3 2024 annualized and requiring ~$2 million capex per community.
- Ventas delivered $0.14 net income per share, up 180% YoY, and Normalized FFO per share of $0.88, up 10% YoY.
- Total company NOI grew 20%, with Total Company Same-Store Cash NOI up 8% year-over-year.
- SHOP segment Same-Store Cash NOI increased 16% YoY, driven by 8% revenue growth and 200 bps margin expansion.
- Closed $2.2 billion of senior housing investments YTD and raised 2025 senior housing investment guidance to $2.5 billion; liquidity stood at $4.1 billion as of September 30, 2025.
- Net debt to Further Adjusted EBITDA improved to 5.3×, reflecting stronger leverage following SHOP growth and equity-funded investments.
- Ventas delivered Q3 2025 Attributable Net Income of $0.14 per share and Normalized FFO of $0.88 per share, up 10% year-over-year.
- Total Company NOI grew 20% YoY with 8% Same-Store Cash NOI growth, and the SHOP portfolio’s Same-Store Cash NOI rose 16% YoY.
- The Company closed $1.1 billion of senior housing investments in Q3 and $2.2 billion year-to-date October, raising its 2025 senior housing investment guidance to $2.5 billion.
- Financial strength improved with Net Debt/Further Adjusted EBITDA at 5.3x and liquidity of $4.1 billion as of September 30, 2025.
- Updated full-year 2025 guidance: Attributable Net Income per share $0.49–0.52 (midpoint $0.51) and Normalized FFO per share $3.45–3.48 (midpoint $3.47).
- Chemed reported consolidated Q3 revenue of $624.9 million (+3.1%), GAAP diluted EPS of $4.46 (–10.8%) and adjusted diluted EPS of $5.27 (–6.6%).
- VITAS segment net patient revenue rose 4.2% to $407.7 million, average daily census was 22,327 (+2.5%), and adjusted EBITDA (excluding Medicare Cap) was $70.4 million (–3.8%).
- Roto-Rooter segment revenue increased 1.1% to $217.2 million, with adjusted EBITDA of $49.4 million (–12.4%) and margin of 22.7%.
- As of September 30, 2025, Chemed held $129.8 million in cash, had no debt, repurchased 407,500 shares for $180.8 million and has $301.8 million remaining under its buyback authorization.
- Management reiterated 2025 diluted EPS guidance of $22.00–$22.30 (excluding discrete items).
- 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.