Ventas, Inc.

Listed Company

VTRCIK 0000740260NYSELarge AcceleratedReal Estate Investment TrustsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$5.83B

Net Income

$261.52M

Total Assets

$27.59B

Equity

$12.53B

Shares Out

486.17M

Op. Cash Flow

$1.65B

+ 13F Filer

Business

Ventas, Inc. is a real estate investment trust that acquires, owns, invests in and manages healthcare real estate serving the aging population. It offers senior housing communities, outpatient medical buildings, research centers, hospitals and other healthcare facilities, together with third‑party institutional private capital management and related property management and development services. The company operates through three reportable segments—Senior Housing Operating Portfolio (SHOP), Outpatient Medical & Research (OM&R) and Triple‑Net Leased properties (NNN)—plus non‑segment corporate and investment assets. Its properties and services are located across the United States, Canada and the United Kingdom and are leased or managed via third‑party operators, health systems, research tenants and joint‑venture investment platforms.

Summary from filing dated 2025-02-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total rental income	1,497	1,497	1,486	1,399	1,448
Income from loans and investments	23	9	23	48	75
Interest and other income	21	28	11	4	15
Total revenues	5,834	4,924	4,498	4,129	3,828
Interest	612	603	574	468	440
Depreciation and amortization	1,379	1,253	1,392	1,198	1,197
Property-level operating expenses	3,413	2,821	2,555	2,277	2,084
Third-party capital management expenses	7	7	6	6	4
General, administrative and professional fees	177	163	149	145	130
Loss (gain) on extinguishment of debt, net	172,000	687,000	−6	581,000	59
Transaction, transition and restructuring costs	10	20	15	31	47
Reversal of allowance on loans receivable and investments, net	0	−166,000	−20	20	−9
Gain on foreclosure of real estate	0	0	−29	0	0
Shareholder relations matters	0	16	0	21	0
Other expense (income)	31	50	−23	58	37
Total expenses	5,630	4,932	4,613	4,223	3,990
Income (loss) before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests	204	−8	−116	−94	−162
Income from unconsolidated entities	4	2	14	29	5
Gain on real estate dispositions	39	57	62	8	219
Income tax benefit	14	38	10	17	−5
Net income (loss)	262	88	−30	−41	57
Net income attributable to noncontrolling interests	10	7	11	7	8
Net income (loss) attributable to common stockholders	251	81	−41	−47	49
(Loss) income from continuing operations (USD per share)	0.57	0.21	−0.08	−0.1	0.15
Net (loss) income attributable to common stockholders (USD per share)	0.55	0.2	−0.1	−0.12	0.13
(Loss) income from continuing operations (USD per share)	0.57	0.21	−0.08	−0.1	0.15
Net (loss) income attributable to common stockholders (USD per share)	0.54	0.19	−0.1	−0.12	0.13

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land and improvements	2,963	2,776	2,596	2,438	2,432
Buildings and improvements	30,873	28,718	27,201	26,020	25,778
Construction in progress	359	336	368	310	269
Acquired lease intangibles	1,681	1,559	1,448	1,346	1,370
Operating lease assets	296	308	312	310	318
Gross real estate investment	36,171	33,697	31,926	30,425	30,167
Accumulated depreciation and amortization	−12,044	−11,096	−10,177	−9,264	−8,351
Net real estate property	24,127	22,601	21,749	21,160	21,817
Secured loans receivable and investments, net	144	145	28	537	530
Investments in unconsolidated real estate entities	618	626	598	580	523
Net real estate investments	24,888	23,372	22,375	22,277	22,870
Cash and cash equivalents	741	898	509	123	150
Escrow deposits and restricted cash (1)	45	59	—	—	—
Goodwill	1,046	1,045	1,045	1,044	1,046
Assets held for sale	43	19	56	45	28
Deferred income tax assets, net	3	2	2	10	11
Other assets	826	793	683	610	565
Total assets	27,592	26,187	24,725	24,158	24,718
Senior notes payable and other debt	13,011	13,523	13,491	12,297	12,028
Accrued interest payable	143	143	117	111	107
Operating lease liabilities	209	218	195	190	197
Accounts payable and other liabilities	1,241	1,152	1,042	1,032	1,090
Liabilities related to assets held for sale	4	3	9	6	11
Deferred income tax liabilities	23	8	25	36	59
Total liabilities	14,631	15,047	14,878	13,672	13,492
Redeemable OP unitholder and noncontrolling interests	375	310	303	265	280
Commitments and contingencies	—	—	—	—	—
Preferred stock, $1.00 par value; 10,000 shares authorized, unissued	0	0	0	0	0
Common stock, $0.25 par value; 1,200,000 shares authorized, 474,926 and 437,085 shares outstanding at December 31, 2025 and 2024, respectively	119	109	101	100	100
Capital in excess of par value	19,976	17,607	15,651	15,540	15,499
Accumulated other comprehensive loss	−40	−34	−36	−37	−65
Retained earnings (deficit)	−7,528	−6,887	−6,214	−5,449	−4,680
Treasury stock, 0 and 4 shares issued at December 31, 2025 and 2024, respectively	−34,000	−25	−14	−536,000	0
Total Ventas stockholders equity	12,527	10,771	9,488	10,153	10,854
Noncontrolling interests	59	58	56	69	91
Total equity	12,586	10,830	9,544	10,222	10,946
Total liabilities and equity	27,592	26,187	24,725	24,158	24,718

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	1,379	1,253	1,392	1,198	1,197
Amortization of deferred revenue and lease intangibles, net	−39	−54	−60	−64	−89
Other non-cash amortization	32	30	22	13	18
Stock-based compensation	39	31	31	31	32
Straight-lining of rental income	−49	−5	−8	−11	−14
Loss (gain) on extinguishment of debt, net	172,000	687,000	−6	581,000	59
Income tax benefit	−24	−43	−15	−21	−1
Income from unconsolidated entities	−4	−2	−14	−29	−5
Distributions from unconsolidated entities	29	18	16	20	19
Other	12	26	−45	52	26
Increase in other assets	−31	−117	−48	−53	−55
(Decrease) increase in accrued interest payable	−922,000	27	1	5	−6
Increase (decrease) in accounts payable and other liabilities	81	134	−6	7	17
Net cash provided by operating activities	1,647	1,330	1,120	1,120	1,026
Net investment in real estate property	−2,294	−1,926	−6	−447	−1,369
Investment in loans receivable	−935,000	−125	−3	−31	−489,000
Proceeds from real estate disposals	213	329	400	113	840
Proceeds from loans receivable	49	7	45	890,000	348
Proceeds from sale of interest in unconsolidated entities	0	0	50	0	0
Net cash assumed in foreclosure of real estate	0	0	12	0	0
Development project expenditures	−281	−322	−384	−232	−248
Capital expenditures	−364	−282	−259	−222	−185
Distributions from unconsolidated entities	34	8	75	28	18
Investment in unconsolidated entities	−56	−70	−131	−84	−129
Insurance proceeds for property damage claims	5	4	18	14	1
Net cash used in investing activities	−2,694	−2,377	−185	−859	−724
Net change in borrowings under revolving credit facilities	−7	−7	−12	−27	−125
Net change in borrowings under commercial paper program	0	0	−402	122	280
Proceeds from debt	1,130	1,913	2,527	958	1,534
Repayment of debt	−1,780	−1,621	−1,973	−575	−2,110
Purchase of noncontrolling interests	−2	−11	−110,000	−170,000	−24
Payment of deferred financing costs	−14	−36	−42	−9	−27
Issuance of common stock, net	2,344	1,965	108	0	617
Cash distribution to common stockholders	−860	−740	−724	−720	−687
Cash distribution to redeemable OP unitholders	−6	−6	−6	−6	−7
Cash issued for redemption of OP Units	−2	−2	−1	−1	−96,000
Contributions from noncontrolling interests	80,000	4	20	5	2
Distributions to noncontrolling interests	−16	−22	−32	−32	−14
Proceeds from stock option exercises	111	26	2	9	8
Other	−23	−16	−9	−6	−6
Net cash provided by (used in) financing activities	874	1,445	−544	−284	−558
Net (decrease) increase in cash, cash equivalents and restricted cash	−174	398	391	−23	−256
Effect of foreign currency translation	3	−4	1	−3	1
Interest paid excluding capitalized interest	580	576	548	468	402
Capitalized interest	10	16	12	—	—
Real estate investments	56	43	0	17	1,320
Other assets	6	13	8	875,000	17
Other liabilities	30	23	9	8	102
Deferred income tax liability	39	29	12	960,000	446,000
Settlement of loan receivable	0	0	486	0	0
Real estate received in settlement of loan receivable	0	0	1,566	0	0
Assumption of debt related to real estate owned	0	0	1,017	0	—
Equity issued for redemption of OP Units	0	434,000	0	0	76,000

Filings

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Holdings (13F)

Portfolio as of 2025-12-31 · 1 positions

Reported AUM

$82.49M

Holdings

Top sector

$82.49M

Top sectors

Sector	Value	% of portfolio
Uncategorized	$82.49M	100.0%

Top holdings

Issuer	Ticker	Shares	Value	%
Ardent Health, Inc.	—	9.34M	$82.49M	100.0%