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Ventas, Inc.

VTR

Filing: SEC 10-Q
Period: Quarter ended 2026-03-31
Basis: Editorial filing; Read original SEC 10-Q ↗

Sankey diagram of Ventas, Inc.. A complete text table follows the diagram.

Ventas Is Both the Senior-Housing Operator and the Landlord

Operating communities captures occupancy and room-rate upside, while medical offices and triple-net leases trade that growth potential for far lighter property-level costs

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Source & review

Read original SEC 10-Q ↗

SEC accession: 0000740260-26-000018
Filed: Date not recorded
Reviewed: 2026-07-26
Status: Individual filing review complete

How to read these figures

All segment revenue, property-level expense and NOI flows are directly reported. Non-segment capital-management, loan and interest income is excluded to keep the operating-versus-landlord comparison coherent; consolidated net-income reconciliation remains available in the filing.

Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.

Senior housing supplied 79% of property-segment revenue but only 58% of total company NOI because Ventas pays the operating costs itself.
Same-store senior-housing occupancy rose from 87.3% to 90.4%, while monthly revenue per occupied room increased 5% to $5,512.
Those occupancy and rate gains lifted same-store senior-housing NOI 15.4%, demonstrating the upside Ventas captures by operating communities.
Triple-net leases retained almost 98 cents of each property-revenue dollar as NOI because tenants bear taxes, maintenance and most operating expense.
Total triple-net NOI fell 21% as properties left the portfolio, even though the same-store triple-net group grew NOI 1.7%.
Ventas invested $972M net in real estate during the quarter, financed partly by $799M of new common stock while gross debt declined about $496M.

View accessible tables

Financial categories · Quarter ended 2026-03-31 · Millions of USD
Category	Stage	Value	Notes
Operated senior housing	1	$1.3B	Resident fees from 783 communities
Outpatient medical & research	1	$231M	Rent and management revenue from 407 properties
Triple-net healthcare leases	1	$123M	Tenants pay nearly all property costs
Senior-housing NOI	2	$374M	29.0% property-level margin; +42%
Senior-housing operations	2	$918M	Labor, management and community expenses
Outpatient and research NOI	2	$151M	65.2% property-level margin
Medical-property operations	2	$80.3M	Building-level operating expense
Triple-net NOI	2	$120M	97.6% property-level margin
Landlord property costs	2	$2.9M	Most operating obligations sit with tenants
Property net operating income	3	$645M	Before interest, depreciation and corporate costs

Financial flows · Millions of USD
From	To	Value
Operated senior housing	Senior-housing NOI	$374M
Operated senior housing	Senior-housing operations	$918M
Outpatient medical & research	Outpatient and research NOI	$151M
Outpatient medical & research	Medical-property operations	$80.3M
Triple-net healthcare leases	Triple-net NOI	$120M
Triple-net healthcare leases	Landlord property costs	$2.9M
Senior-housing NOI	Property net operating income	$374M
Outpatient and research NOI	Property net operating income	$151M
Triple-net NOI	Property net operating income	$120M