# Ventas, Inc.

Summary updated: 2026-09-28T11:29:02.744022Z
Canonical: https://finbar.com/research/companies/ventas

## Overview

Ventas, Inc. is a real estate investment trust focused on properties serving the aging population and healthcare providers. Its portfolio includes senior housing communities, outpatient medical buildings, research centers, hospitals and other healthcare facilities across North America and the United Kingdom. Its principal businesses are operating senior housing communities through third-party operators, owning outpatient medical and research properties, and leasing healthcare properties to tenants. [1](https://app.finbar.com/go?id=P83898081)[2](https://app.finbar.com/go?id=P54306330)

Ventas describes its purpose as helping people live longer, healthier and happier lives. At the end of 2025, it owned or held investments in 1,409 properties and employed 542 people; its 2025 revenue was approximately $5.8 billion. [3](https://www.ventasreit.com/who-we-are)[1](https://app.finbar.com/go?id=P83898081)[4](https://app.finbar.com/go?id=P116682239)[5](https://www.sec.gov/Archives/edgar/data/740260/000074026026000006/vtr-20251231.htm)
[1](https://app.finbar.com/go?id=P83898081)[2](https://app.finbar.com/go?id=P54306330)[4](https://app.finbar.com/go?id=P116682239)[6](https://app.finbar.com/go?id=T8575846)[3](https://www.ventasreit.com/who-we-are)[5](https://www.sec.gov/Archives/edgar/data/740260/000074026026000006/vtr-20251231.htm)

## Products & services

Ventas’ senior housing operating portfolio consists of independent living, assisted living, memory care and continuing care retirement communities. Depending on the community, resident services include meals, housekeeping, transportation and activities; assisted living adds help with daily activities, while memory care serves people with dementia or other memory loss. Third-party managers generally operate these communities on Ventas’ behalf, while Ventas bears their operating costs and participates in their financial performance. [7](https://app.finbar.com/go?id=P91814040)[8](https://app.finbar.com/go?id=P49920598)

Ventas also owns, leases and manages outpatient medical buildings and research centers. Medical-building tenants use space for examinations, treatment, diagnostic imaging and outpatient surgery. Research centers provide laboratory and office space, typically with specialized electrical, mechanical and HVAC systems and equipment such as emergency generators, fume hoods and lab benches. Ventas offers management, leasing, marketing, development and advisory services for these properties. [9](https://app.finbar.com/go?id=P121130017)[10](https://app.finbar.com/go?id=P17699231)[11](https://app.finbar.com/go?id=P78866544)

Its triple-net leased properties include senior housing, skilled nursing, long-term acute care and inpatient rehabilitation facilities. Under these leases, tenants are responsible for property expenses including maintenance, utilities, taxes, insurance and capital expenditures. Ventas also provides investment-management services through joint ventures and other co-investment vehicles with institutional investors. In 2025, senior housing operating properties accounted for approximately 73% of reported revenue, outpatient medical and research for 15%, and triple-net properties for 10%. [12](https://app.finbar.com/go?id=P98333872)[13](https://app.finbar.com/go?id=P49032959)[14](https://app.finbar.com/go?id=P15839733)[15](https://app.finbar.com/go?id=T4582158)
[7](https://app.finbar.com/go?id=P91814040)[8](https://app.finbar.com/go?id=P49920598)[9](https://app.finbar.com/go?id=P121130017)[10](https://app.finbar.com/go?id=P17699231)[11](https://app.finbar.com/go?id=P78866544)[12](https://app.finbar.com/go?id=P98333872)[13](https://app.finbar.com/go?id=P49032959)[14](https://app.finbar.com/go?id=P15839733)[15](https://app.finbar.com/go?id=T4582158)[15](https://app.finbar.com/go?id=T4582158)[15](https://app.finbar.com/go?id=T4582158)[15](https://app.finbar.com/go?id=T4582158)

## Geographic presence

Ventas’s real estate portfolio is concentrated in the United States, with additional properties in Canada and the United Kingdom. Its geographic property table lists 1,260 U.S. properties, 84 in Canada and 14 in the U.K. The Canadian properties in that table are senior housing communities; the U.K. properties comprise 11 senior housing communities and three other healthcare facilities. [16](https://s203.q4cdn.com/581756553/files/doc_financials/2025/q4/2025-Q4-Form-10-K.pdf)

In 2025, California accounted for 12.3% of revenue, followed by Texas at 8.0%, New York at 7.4%, Quebec at 5.3% and Illinois at 4.5%; all other locations combined accounted for 62.5%. These are location-specific revenue shares, not a complete country-level revenue breakdown. Ventas is headquartered in Chicago, Illinois, and has additional corporate offices in Louisville, Kentucky, and New York, New York. [16](https://s203.q4cdn.com/581756553/files/doc_financials/2025/q4/2025-Q4-Form-10-K.pdf)[17](https://app.finbar.com/go?id=P63506749)
[18](https://app.finbar.com/go?id=T2551081)[18](https://app.finbar.com/go?id=T2551081)[18](https://app.finbar.com/go?id=T2551081)[19](https://app.finbar.com/go?id=T8271925)[19](https://app.finbar.com/go?id=T8271925)[19](https://app.finbar.com/go?id=T8271925)[19](https://app.finbar.com/go?id=T8271925)[19](https://app.finbar.com/go?id=T8271925)[19](https://app.finbar.com/go?id=T8271925)[17](https://app.finbar.com/go?id=P63506749)

## Business segments

Ventas reports three business segments: SHOP (senior housing operating portfolio), OM&R (outpatient medical and research), and NNN (triple-net leased properties). SHOP owns senior housing communities operated by third parties. OM&R owns, develops, leases and manages outpatient medical buildings and research centers. NNN owns healthcare properties—including senior housing, skilled nursing and rehabilitation facilities—leased under arrangements in which tenants bear property-related expenses. [20](https://app.finbar.com/go?id=P104746376)

In 2025, SHOP generated approximately 73% of total revenue and 49% of total property net operating income (NOI). OM&R contributed about 15% of revenue and 25% of NOI, while NNN contributed about 10% of revenue and 25% of NOI. The remaining amounts were reported outside these segments. These percentages describe revenue and property NOI, not shares of consolidated profit. [21](https://app.finbar.com/go?id=P114619103)
[20](https://app.finbar.com/go?id=P104746376)[21](https://app.finbar.com/go?id=P114619103)

## Company history

Ventas traces its origins to a May 1998 reorganization of Vencor, Inc., which separated its healthcare operations from its real estate business; the real estate company was renamed Ventas, Inc. Ventas elected to be taxed as a real estate investment trust beginning in 1999, the year Debra Cafaro joined the company and became its chief executive. [22](https://www.sec.gov/Archives/edgar/data/740260/000094018000000987/0000940180-00-000987-0003.txt)[23](https://www.sec.gov/Archives/edgar/data/740260/000089914000000390/0000899140-00-000390-0002.txt)[24](https://ventasreit.com/who-we-are/executive-team/debra-cafaro)

Ventas expanded through major healthcare-property acquisitions, including Sunrise Senior Living Real Estate Investment Trust in 2007 and Nationwide Health Properties in 2011. [25](https://www.sec.gov/Archives/edgar/data/740260/000119312507097643/dex991.htm)[26](https://www.sec.gov/Archives/edgar/data/740260/000095012311064751/c19719exv99w1.htm) In 2015, it acquired American Realty Capital Healthcare Trust and Ardent Health Services, separating Ardent’s hospital operations from the real estate it retained. That year, Ventas also spun off much of its skilled-nursing portfolio as Care Capital Properties. [27](https://ir.ventasreit.com/news/news-details/2015/Ventas-Completes-Acquisition-of-HCT/default.aspx)[28](https://www.sec.gov/Archives/edgar/data/740260/000110465915058228/a15-17358_1ex99d1.htm)[29](https://ir.ventasreit.com/news/news-details/2015/Ventas-Completes-Spin-off-of-Pure-Play-Skilled-Nursing-REIT-Care-Capital-Properties-Inc/default.aspx) Its 2016 acquisition of Wexford Science & Technology’s life-science and medical real estate extended the portfolio into life-science properties; in 2021, Ventas added senior-living communities through its acquisition of New Senior Investment Group. [30](https://ir.ventasreit.com/news/news-details/2016/Ventas-Completes-Acquisition-of-Wexfords-Life-Science-and-Medical-Real-Estate/default.aspx)[31](https://www.sec.gov/Archives/edgar/data/740260/000110465921117924/tm2128068d1_8k.htm)
[22](https://www.sec.gov/Archives/edgar/data/740260/000094018000000987/0000940180-00-000987-0003.txt)[23](https://www.sec.gov/Archives/edgar/data/740260/000089914000000390/0000899140-00-000390-0002.txt)[24](https://ventasreit.com/who-we-are/executive-team/debra-cafaro)[25](https://www.sec.gov/Archives/edgar/data/740260/000119312507097643/dex991.htm)[26](https://www.sec.gov/Archives/edgar/data/740260/000095012311064751/c19719exv99w1.htm)[27](https://ir.ventasreit.com/news/news-details/2015/Ventas-Completes-Acquisition-of-HCT/default.aspx)[28](https://www.sec.gov/Archives/edgar/data/740260/000110465915058228/a15-17358_1ex99d1.htm)[29](https://ir.ventasreit.com/news/news-details/2015/Ventas-Completes-Spin-off-of-Pure-Play-Skilled-Nursing-REIT-Care-Capital-Properties-Inc/default.aspx)[30](https://ir.ventasreit.com/news/news-details/2016/Ventas-Completes-Acquisition-of-Wexfords-Life-Science-and-Medical-Real-Estate/default.aspx)[31](https://www.sec.gov/Archives/edgar/data/740260/000110465921117924/tm2128068d1_8k.htm)

## Sources

1. [Ventas, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P83898081)
2. [Ventas, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P54306330)
3. [www.ventasreit.com](https://www.ventasreit.com/who-we-are)
4. [Ventas, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P116682239)
5. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/740260/000074026026000006/vtr-20251231.htm)
6. [Ventas, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=T8575846)
7. [Ventas, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P91814040)
8. [Ventas, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P49920598)
9. [Ventas, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P121130017)
10. [Ventas, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P17699231)
11. [Ventas, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P78866544)
12. [Ventas, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P98333872)
13. [Ventas, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P49032959)
14. [Ventas, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P15839733)
15. [Ventas, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=T4582158)
16. [s203.q4cdn.com](https://s203.q4cdn.com/581756553/files/doc_financials/2025/q4/2025-Q4-Form-10-K.pdf)
17. [Ventas, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P63506749)
18. [Ventas, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=T2551081)
19. [Ventas, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=T8271925)
20. [Ventas, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P104746376)
21. [Ventas, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P114619103)
22. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/740260/000094018000000987/0000940180-00-000987-0003.txt)
23. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/740260/000089914000000390/0000899140-00-000390-0002.txt)
24. [ventasreit.com](https://ventasreit.com/who-we-are/executive-team/debra-cafaro)
25. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/740260/000119312507097643/dex991.htm)
26. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/740260/000095012311064751/c19719exv99w1.htm)
27. [ir.ventasreit.com](https://ir.ventasreit.com/news/news-details/2015/Ventas-Completes-Acquisition-of-HCT/default.aspx)
28. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/740260/000110465915058228/a15-17358_1ex99d1.htm)
29. [ir.ventasreit.com](https://ir.ventasreit.com/news/news-details/2015/Ventas-Completes-Spin-off-of-Pure-Play-Skilled-Nursing-REIT-Care-Capital-Properties-Inc/default.aspx)
30. [ir.ventasreit.com](https://ir.ventasreit.com/news/news-details/2016/Ventas-Completes-Acquisition-of-Wexfords-Life-Science-and-Medical-Real-Estate/default.aspx)
31. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/740260/000110465921117924/tm2128068d1_8k.htm)

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