Ventas, Inc. (NYSE: VTR)

Ventas, Inc. is an S&P 500 company focused on delivering strong sustainable shareholder returns by enabling exceptional environments that benefit a large and growing aging population. The company owns and invests in senior housing communities outpatient medical buildings research centers hospitals and other healthcare facilities located across North America and the United Kingdom. As of December 31 2025 it held interests in 1 409 properties comprising 1 374 reportable segment properties and 35 properties held by unconsolidated real estate entities. Headquartered in Chicago Illinois the firm maintains additional offices in Louisville Kentucky and New York New York. It has elected to be taxed as a real estate investment trust under the Internal Revenue Code since 1999.

Ventas generates revenue principally from leasing its owned properties to tenants under various lease structures. In the senior housing operating segment the company receives a share of net operating income after paying third party managers. In the outpatient medical and research segment it collects rent from health systems academic institutions and private medical practices. In the triple net leased segment tenants pay all property related expenses plus base rent under absolute net leases. Additionally the firm earns management fees promote income and other service revenues through its third party institutional private capital management platform. Interest income from loans and returns on investments in unconsolidated entities also contribute to overall revenue.

The company operates through the following segments: senior housing operating portfolio (SHOP) outpatient medical and research portfolio (OM&R) and triple net leased properties (NNN).

• The senior housing operating portfolio SHOP consists of independent living assisted living memory care and continuing care retirement communities The company typically engages third party managers to operate these communities while retaining responsibility for operational costs expenses and liabilities Through its proprietary data and analytics platform Ventas OI it gathers information from internal and external sources to support decision making enhance resident care and guide capital expenditures As of December 31 2025 the segment comprised 752 properties managed by 39 third party operators with notable concentrations in entities such as Atria Senior Living Sunrise Senior Living and Le Groupe Maurice.

• The outpatient medical and research portfolio OM&R focuses on acquiring owning developing leasing and managing outpatient medical buildings and research centers These properties are often situated on or near health system campuses and are leased to health systems academic medical centers universities biotech firms and pharmaceutical companies Tenants require specialized space for patient examination treatment diagnostic imaging outpatient surgery and research activities The firm provides property management leasing marketing and advisory services through its Lillibridge subsidiary and its stake in PMB Real Estate Services LLC As of year end 2025 the segment included 409 properties.

• The triple net leased properties NNN segment comprises senior housing communities skilled nursing facilities long term acute care facilities freestanding inpatient rehabilitation facilities and other healthcare facilities leased to tenants under triple net or absolute net agreements Tenants assume responsibility for all property related expenses including maintenance utilities taxes insurance and capital expenditures The portfolio includes significant exposure to operators such as Brookdale Senior Living Kindred Healthcare and Ardent Health Partners As of December 31 2025 the segment contained 213 properties.

Ventas holds a prominent position among healthcare real estate investment trusts in North America The firm competes with other publicly traded and private healthcare REITs as well as with direct property owners developers banks insurance companies pension funds and private equity groups Its scale diversified portfolio and focus on assets serving an aging population provide a stable cash flow base The company benefits from its REIT structure which offers tax efficiency and from its internal data analytics platform that supports operational efficiency and informed investment decisions These strengths help it maintain access to capital and attract high quality tenants and partners

The company serves a varied mix of operators and tenants across its segments In the senior housing operating segment key managers include Atria Senior Living Sunrise Senior Living and Le Groupe Maurice In the triple net leased segment major tenants are Brookdale Senior Living Kindred Healthcare and Ardent Health Partners In the outpatient medical and research segment tenants consist of health systems academic medical centers universities biotech firms and pharmaceutical companies Additionally the firm earns income from its investments in unconsolidated entities such as its stakes in Ardent and Atria and through its third party institutional private capital management platform which works with institutional investors including state pension funds and sovereign wealth funds