Ventas, Inc. (VTR)

Ventas, Inc. is an S&P 500 healthcare real estate investment trust (REIT) focused on delivering shareholder returns by enabling environments that benefit a large and growing aging population. Its portfolio includes senior housing communities, outpatient medical buildings, research centers, hospitals and other healthcare facilities in North America and the United Kingdom. As of December 31, 2025, it owned or had investments in 1,409 properties, of which 1,374 were in its reportable segments and 35 were held by unconsolidated real estate entities. It has elected REIT status since 1999 and aims to generate reliable, growing cash flows that support regular dividends.

The company operates through three reportable segments. The senior housing operating portfolio (SHOP, 752 properties, about 49.4% of 2025 NOI of $2.39 billion) comprises independent living, assisted living, memory care and continuing care retirement communities, where Ventas participates directly in operating results and typically engages third-party managers. It supports the segment with Ventas OI, a proprietary data and analytics platform. The outpatient medical and research portfolio (OM&R, 409 properties, about 24.7% of NOI) consists of multi-tenant outpatient medical buildings and research centers, with management, leasing and development services provided through its Lillibridge subsidiary and a 50% interest in PMB Real Estate Services. The triple-net leased portfolio (NNN, 213 properties, about 24.6% of NOI) includes senior housing communities, skilled nursing facilities, long-term acute care facilities, inpatient rehabilitation facilities and other healthcare facilities leased under triple-net or absolute-net leases. Non-segment assets include cash, loans receivable and investments, and unconsolidated entities, including the Ventas Investment Management (VIM) platform, which partners with institutional investors through the Ventas Life Science & Healthcare Real Estate Fund and state pension fund and sovereign wealth fund joint ventures. Ventas also holds stakes in Atria Senior Living (34%) and Ardent Health (about 6.6%), as well as warrants for 9.9% of a parent company of Kindred. It also engages in development and redevelopment activities.

Customers include senior housing residents who pay largely from private sources, tenants such as health systems, medical practices, universities, academic medical centers and biotechnology, medical device and pharmaceutical companies, and healthcare operators leasing NNN properties. In SHOP, 39 third-party managers operate the communities, with Atria (17.7% of total NOI), Sunrise Senior Living (6.8%) and Le Groupe Maurice (5.6%) the most significant. Significant NNN tenants are Brookdale, Kindred and Ardent. Brookdale is not expected to remain significant in 2026 after lease expirations, conversions to SHOP and sales. The portfolio is geographically diversified across the United States, Canada and the United Kingdom, and only California accounts for more than 10% of revenues.

Ventas is headquartered in Chicago, Illinois, with additional corporate offices in Louisville, Kentucky and New York, New York. It competes for real estate investments with public, private and non-listed healthcare REITs, real estate partnerships, healthcare providers and lenders, developers, banks, insurance companies, pension funds, government-sponsored entities and private equity firms, some of which have greater financial resources or lower costs of capital. Its managers, tenants and borrowers generally compete locally and regionally with other providers of comparable services.