Ventas Inc (NYSE: VTR) is a real estate investment trust that owns and operates a diversified portfolio of healthcare and senior housing properties across the United States and Canada. It makes money through three segments: a senior housing operating portfolio (SHOP), where properties are managed by third-party operators and Ventas captures net operating income; an outpatient medical and research portfolio (OM&R); and triple-net leased properties (NNN), where tenants pay rent plus operating costs. As of FY2025, total NOI across all segments reached $2.39B, with SHOP contributing $1.18B (up 36.7% year-over-year), OM&R contributing $590M, and NNN contributing $588M. Ventas elected REIT status commencing with its taxable year ended December 31, 1999, which exempts distributed income from U.S. federal corporate taxes. The company also holds non-segment assets including loans receivable and an institutional private capital management platform called Ventas Investment Management. Debra A. Cafaro serves as Chairman and CEO. As of December 31, 2025, Ventas held warrants for 9.9% of a parent of Kindred and an approximately 6.6% ownership interest in Ardent.

Revenue model

Net operating income from three segments: SHOP (third-party managed senior housing, Ventas captures residual NOI), OM&R (outpatient medical and research properties), and NNN (triple-net leases where tenants cover operating costs). Additional income from loans receivable, mortgage liens, and fees from Ventas Investment Management, its institutional private capital platform.

Products and services

Senior housing operating communities (SHOP segment), outpatient medical and research buildings (OM&R segment), triple-net leased healthcare properties (NNN segment), mortgage and mezzanine loans receivable, institutional private capital management (Ventas Investment Management).

Customers and end markets

Senior housing residents, healthcare operators and tenants including Kindred-affiliated entities and Ardent Health. End markets include senior housing, outpatient medical, life science and research, and acute/post-acute care. Properties span numerous U.S. states including Texas, Pennsylvania, Oregon, Washington, and others as disclosed in the FY2025 10-K property tables.

Value-chain role

Real estate owner and capital provider to the healthcare and senior housing sector. Ventas owns assets and contracts third-party managers (required by REIT rules for qualified health care properties in SHOP) to run operations, positioning it as landlord and financier rather than direct operator in most cases.

Geographic exposure

Primarily United States, with properties across dozens of states including Texas, Pennsylvania, Oregon, Washington, Tennessee, and others as listed in the FY2025 10-K. Canada referenced via the Ventas Investment Management platform. Exact international revenue split not specified in the provided excerpts.

Source: SEC 10-K, filed 2026-02-06

Industry: Real Estate Investment Trusts Peers: Healthcare Realty Trust Inc Healthpeak Properties Inc Welltower Inc Medical Properties Trust Inc Physicians Realty Trust Omega Healthcare Investors, Inc Sabra Health Care REIT Inc