Ventas, Inc. (VTR)

Ventas, Inc. is a Chicago-headquartered, S&P 500 real estate investment trust (REIT) that owns and invests in a diversified portfolio of healthcare-related real estate across North America and the United Kingdom, aiming to deliver sustainable shareholder returns by serving the needs of a large and growing aging population. As of December 31, 2025, the company owned or held investments in 1,409 properties, operating through three reportable segments: the Senior Housing Operating Portfolio (SHOP), which comprises 752 properties including independent living, assisted living, memory care and continuing care retirement communities operated through 39 third-party managers (notably Atria Senior Living, Sunrise Senior Living and Le Groupe Maurice), generating 49.4% of total NOI; the Outpatient Medical and Research Portfolio (OM&R), with 409 properties including multi-tenant medical office buildings leased to health systems and physician groups and research centers leased to universities, academic medical centers and biotech/pharmaceutical companies, contributing 24.7% of NOI, supported by property management and leasing services through its Lillibridge subsidiary and PMB Real Estate Services joint venture; and the Triple-Net Leased Properties (NNN) segment, with 213 properties including senior housing communities, skilled nursing facilities, long-term acute care facilities, inpatient rehabilitation facilities and other healthcare facilities leased under triple-net arrangements to tenants such as Brookdale Senior Living, Kindred Healthcare and Ardent Health Partners, contributing 24.6% of NOI. The company also maintains non-segment assets (1.3% of NOI) consisting of cash, loans receivable and investments, and equity stakes in unconsolidated entities, including a 34% interest in Atria and roughly 6.6% interest in Ardent, as well as its third-party institutional private capital management platform, Ventas Investment Management (VIM), through which it sponsors joint ventures such as the Ventas Fund (focused on life science, outpatient medical and senior housing real estate), a state pension fund joint venture (senior housing development/redevelopment) and a sovereign wealth fund joint venture (university-based research and innovation projects).

Ventas's customers and counterparties include healthcare operators, health systems, physician practices, universities, academic medical centers, biotechnology and pharmaceutical companies, and institutional investors, and the company competes for investments with other REITs, real estate partnerships, healthcare providers and lenders, private equity firms and other institutional investors. To support operations and investment decisions, particularly in its SHOP segment, Ventas utilizes its proprietary Ventas OI™ data and analytics platform. The company elected REIT status in 1999 and, provided it meets REIT qualification requirements, is generally not subject to U.S. federal corporate income tax on income distributed to stockholders, enabling it to pay regular cash dividends while pursuing growth through property acquisitions, developments, redevelopments and strategic joint ventures.