Ventas (VTR) FY2025 results: revenue $5.8 billion, up 18.5% on the year

Ventas owns senior housing communities, outpatient medical buildings, research centres, hospitals and healthcare facilities in North America and the United Kingdom. It has been taxed as a REIT since its 1999 taxable year. Head office is in Chicago, with further corporate offices in Louisville and New York.

The portfolio

At the end of 2025 Ventas owned or had investments in 1,409 properties: 1,374 inside its reportable segments and 35 held by unconsolidated real estate entities outside them.

Three segments, and how the money splits

By share of total net operating income in 2025: the senior housing operating portfolio, which the company calls SHOP, 49.4 percent; the outpatient medical and research portfolio, OM&R, 24.7 percent; triple-net leased properties, NNN, 24.6 percent; and non-segment items the remaining 1.3 percent. The property counts behind those three segments were 752, 409 and 213 respectively.

In SHOP, Ventas owns and invests in senior housing communities and participates directly in how those communities perform, and is generally responsible for all their operating costs, expenses and other liabilities. In NNN, the property is leased out and the tenant carries that.

What sits outside the segments

Corporate assets, mainly cash and cash equivalents, restricted cash, loans receivable and investments, accounts receivable, and investments in unconsolidated entities. Non-segment net operating income includes management fees and promote revenues from the third-party capital platform, income from loans and investments, and corporate-level expenses not attributable to any of the three segments.

Managing other people's money

Ventas Investment Management is a third-party institutional private capital platform. Through it Ventas partners with institutional investors in joint ventures and other co-investment vehicles where Ventas is the sponsor or general partner, including an open-ended vehicle, the Ventas Life Science & Healthcare Real Estate Fund. That is where the management fee and promote income comes from.

Stakes in operating companies

The unconsolidated investments also include operating businesses rather than buildings: Ardent Health and Atria Senior Living.

What the company says it is pursuing

Four things. Delivering organic growth in senior housing. Capturing external growth focused on senior housing. Generating cash flow across a portfolio unified in meeting demographic demand. And maintaining financial strength, flexibility and liquidity. Its stated objective is reliable and growing cash flow from the portfolio, which lets it pay regular cash dividends to stockholders.

How performance is judged internally

The chief operating decision maker evaluates the combined properties in each operating segment and allocates resources between them based on net operating income for each, which the company defines as total revenues less interest and other income, property-level operating expenses and third-party capital management expenses.

The REIT constraint

Provided it qualifies, Ventas is generally not required to pay US federal corporate income taxes on REIT taxable income it currently distributes to stockholders. To keep that status it must satisfy a number of technical requirements, which the filing says affect how it invests in, operates and manages its assets.

From Ventas's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 6 February 2026: read the full 10-K.