Ventas, Inc.VTR
Ventas, Inc. Segments Disclosure
NOTE 18 – SEGMENT INFORMATION
As of December 31, 2025, we operated through three reportable segments: SHOP, OM&R and NNN. In our SHOP segment, we own and invest in senior housing communities and engage operators to operate those communities. In our OM&R segment, we primarily acquire, own, develop, lease and manage outpatient medical buildings and research centers. In our NNN segment, we invest in and own senior housing communities, skilled nursing facilities (“SNFs”), long-term acute care facilities (“LTACs”), freestanding inpatient rehabilitation facilities (“IRFs”) and other healthcare facilities and lease the properties in our NNN segment to tenants under triple-net or absolute-net leases that obligate the tenants to pay all property-related expenses, including maintenance, utilities, repairs, taxes, insurance and capital expenditures. Information provided for “non-segment” includes management fees and promote revenues, net of expenses related to our third-party institutional private capital management platform, income from loans and investments and corporate-level expenses not directly attributable to any of our three reportable segments. Non-segment assets consist primarily of corporate assets, including cash and cash equivalents, restricted cash, loans receivable and investments and accounts receivable. Total assets by reportable segment is not disclosed as the CODM does not review such information to evaluate business performance and allocate resources.
Our CODM is the Chief Executive Officer of the Company. Our CODM evaluates performance of the combined properties in each operating segment and determines how to allocate resources to these segments, based on NOI for each segment. Our CODM uses NOI to assess the performance of each segment and to allocate resources (including employees and financial or capital resources) primarily during the quarterly or annual business review and annual budget and forecasting process. We define NOI as total revenues, less interest and other income, property-level operating expenses and third-party capital management expenses.
Interest expense, depreciation and amortization, general, administrative and professional fees, income tax expense and other non-property-specific revenues and expenses are not allocated to individual reportable segments for purposes of assessing segment performance. There are no intersegment sales or transfers.
Summary information by reportable segment is as follows (dollars in thousands):
| For the Year Ended December 31, 2025 | |||||||||||||||||||||||||||||
| SHOP | OM&R | NNN | Non-Segment | Total | |||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||
| Rental income | $ | — | $ | 895,089 | $ | 601,578 | $ | — | $ | 1,496,667 | |||||||||||||||||||
| Resident fees and services | 4,276,163 | — | — | — | 4,276,163 | ||||||||||||||||||||||||
| Third-party capital management revenues | — | 2,813 | — | 14,734 | 17,547 | ||||||||||||||||||||||||
| Income from loans and investments | — | — | — | 22,593 | 22,593 | ||||||||||||||||||||||||
| Interest and other income | — | — | — | 21,010 | 21,010 | ||||||||||||||||||||||||
| Total revenues | $ | 4,276,163 | $ | 897,902 | $ | 601,578 | $ | 58,337 | $ | 5,833,980 | |||||||||||||||||||
| Total revenues | $ | 4,276,163 | $ | 897,902 | $ | 601,578 | $ | 58,337 | $ | 5,833,980 | |||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||
| Interest and other income | — | — | — | 21,010 | 21,010 | ||||||||||||||||||||||||
Labor (1) | 1,740,819 | — | — | — | 1,740,819 | ||||||||||||||||||||||||
Management fees | 224,473 | — | — | — | 224,473 | ||||||||||||||||||||||||
Other segment expenses (2) | 1,126,807 | 307,733 | 13,505 | — | 1,448,045 | ||||||||||||||||||||||||
| Property-level operating expenses | 3,092,099 | 307,733 | 13,505 | — | 3,413,337 | ||||||||||||||||||||||||
| Third-party capital management expenses | — | — | — | 6,579 | 6,579 | ||||||||||||||||||||||||
| NOI | $ | 1,184,064 | $ | 590,169 | $ | 588,073 | $ | 30,748 | 2,393,054 | ||||||||||||||||||||
| Interest and other income | 21,010 | ||||||||||||||||||||||||||||
| Interest expense | (612,246) | ||||||||||||||||||||||||||||
| Depreciation and amortization | (1,379,140) | ||||||||||||||||||||||||||||
| General, administrative and professional fees | (177,400) | ||||||||||||||||||||||||||||
| Loss on extinguishment of debt, net | (172) | ||||||||||||||||||||||||||||
| Transaction, transition and restructuring costs | (10,073) | ||||||||||||||||||||||||||||
| Other expense | (30,712) | ||||||||||||||||||||||||||||
| Income from unconsolidated entities | 4,468 | ||||||||||||||||||||||||||||
| Gain on real estate dispositions | 38,579 | ||||||||||||||||||||||||||||
| Income tax benefit | 14,150 | ||||||||||||||||||||||||||||
| Net income | 261,518 | ||||||||||||||||||||||||||||
| Net income attributable to noncontrolling interests | 10,137 | ||||||||||||||||||||||||||||
| Net income attributable to common stockholders | $ | 251,381 | |||||||||||||||||||||||||||
______________________________
(1) Labor expense primarily includes salaries, benefits and related taxes.
(2) Other segment expenses include:
•SHOP — food, utilities, real estate taxes, insurance, repairs and maintenance, marketing, supplies and other expenses.
•OM&R — utilities, real estate taxes, insurance, repairs and maintenance, cleaning, roads and grounds expense and other expenses.
•NNN — real estate taxes and insurance.
The CODM does not regularly receive significant expense details for the OM&R or the NNN segments and focused on monitoring revenues and NOI because a significant majority or all of the property-level operating expenses are recovered from the tenants.
| For the Year Ended December 31, 2024 | |||||||||||||||||||||||||||||
| SHOP | OM&R | NNN | Non-Segment | Total | |||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||
| Rental income | $ | — | $ | 874,886 | $ | 622,054 | $ | — | $ | 1,496,940 | |||||||||||||||||||
| Resident fees and services | 3,372,796 | — | — | — | 3,372,796 | ||||||||||||||||||||||||
| Third-party capital management revenues | — | 2,705 | — | 14,654 | 17,359 | ||||||||||||||||||||||||
| Income from loans and investments | — | — | — | 9,057 | 9,057 | ||||||||||||||||||||||||
| Interest and other income | — | — | — | 28,114 | 28,114 | ||||||||||||||||||||||||
| Total revenues | $ | 3,372,796 | $ | 877,591 | $ | 622,054 | $ | 51,825 | $ | 4,924,266 | |||||||||||||||||||
| Total revenues | $ | 3,372,796 | $ | 877,591 | $ | 622,054 | $ | 51,825 | $ | 4,924,266 | |||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||
| Interest and other income | — | — | — | 28,114 | 28,114 | ||||||||||||||||||||||||
Labor (1) | 1,418,320 | — | — | — | 1,418,320 | ||||||||||||||||||||||||
| Management fees | 174,491 | — | — | — | 174,491 | ||||||||||||||||||||||||
Other segment expenses (2) | 913,602 | 298,320 | 15,829 | — | 1,227,751 | ||||||||||||||||||||||||
| Property-level operating expenses | 2,506,413 | 298,320 | 15,829 | — | 2,820,562 | ||||||||||||||||||||||||
| Third-party capital management expenses | — | — | — | 6,507 | 6,507 | ||||||||||||||||||||||||
| NOI | $ | 866,383 | $ | 579,271 | $ | 606,225 | $ | 17,204 | 2,069,083 | ||||||||||||||||||||
| Interest and other income | 28,114 | ||||||||||||||||||||||||||||
| Interest expense | (602,835) | ||||||||||||||||||||||||||||
| Depreciation and amortization | (1,253,143) | ||||||||||||||||||||||||||||
| General, administrative and professional fees | (162,990) | ||||||||||||||||||||||||||||
| Loss on extinguishment of debt, net | (687) | ||||||||||||||||||||||||||||
| Transaction, transition and restructuring costs | (20,369) | ||||||||||||||||||||||||||||
| Reversal of allowance on loans receivable and investments, net | 166 | ||||||||||||||||||||||||||||
| Shareholder relations matters | (15,751) | ||||||||||||||||||||||||||||
| Other expense | (49,584) | ||||||||||||||||||||||||||||
| Income from unconsolidated entities | 1,563 | ||||||||||||||||||||||||||||
| Gain on real estate dispositions | 57,009 | ||||||||||||||||||||||||||||
| Income tax benefit | 37,775 | ||||||||||||||||||||||||||||
| Net income | 88,351 | ||||||||||||||||||||||||||||
| Net income attributable to noncontrolling interests | 7,198 | ||||||||||||||||||||||||||||
| Net income attributable to common stockholders | $ | 81,153 | |||||||||||||||||||||||||||
______________________________
(1) Labor expense primarily includes salaries, benefits and related taxes.
(2) Other segment expenses include:
•SHOP — food, utilities, real estate taxes, insurance, repairs and maintenance, marketing, supplies and other expenses.
•OM&R — utilities, real estate taxes, insurance, repairs and maintenance, cleaning, roads and grounds expense and other expenses.
•NNN — real estate taxes and insurance.
The CODM does not regularly receive significant expense details for the OM&R or the NNN segments and focused on monitoring revenues and NOI because a significant majority or all of the property-level operating expenses are recovered from the tenants.
| For the Year Ended December 31, 2023 | |||||||||||||||||||||||||||||
| SHOP | OM&R | NNN | Non-Segment | Total | |||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||
| Rental income | $ | — | $ | 867,193 | $ | 619,208 | $ | — | $ | 1,486,401 | |||||||||||||||||||
| Resident fees and services | 2,959,219 | — | — | — | 2,959,219 | ||||||||||||||||||||||||
| Third-party capital management revenues | — | 2,515 | — | 15,326 | 17,841 | ||||||||||||||||||||||||
| Income from loans and investments | — | — | — | 22,952 | 22,952 | ||||||||||||||||||||||||
| Interest and other income | — | — | — | 11,414 | 11,414 | ||||||||||||||||||||||||
| Total revenues | $ | 2,959,219 | $ | 869,708 | $ | 619,208 | $ | 49,692 | $ | 4,497,827 | |||||||||||||||||||
| Total revenues | $ | 2,959,219 | $ | 869,708 | $ | 619,208 | $ | 49,692 | $ | 4,497,827 | |||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||
| Interest and other income | — | — | — | 11,414 | 11,414 | ||||||||||||||||||||||||
Labor (1) | 1,279,296 | — | — | — | 1,279,296 | ||||||||||||||||||||||||
| Management fees | 146,162 | — | — | — | 146,162 | ||||||||||||||||||||||||
Other segment expenses (2) | 822,354 | 292,776 | 14,557 | — | 1,129,687 | ||||||||||||||||||||||||
| Property-level operating expenses | 2,247,812 | 292,776 | 14,557 | — | 2,555,145 | ||||||||||||||||||||||||
| Third-party capital management expenses | — | — | — | 6,101 | 6,101 | ||||||||||||||||||||||||
| NOI | $ | 711,407 | $ | 576,932 | $ | 604,651 | $ | 32,177 | 1,925,167 | ||||||||||||||||||||
| Interest and other income | 11,414 | ||||||||||||||||||||||||||||
| Interest expense | (574,112) | ||||||||||||||||||||||||||||
| Depreciation and amortization | (1,392,461) | ||||||||||||||||||||||||||||
| General, administrative and professional fees | (148,876) | ||||||||||||||||||||||||||||
| Gain on extinguishment of debt, net | 6,104 | ||||||||||||||||||||||||||||
| Transaction, transition and restructuring costs | (15,215) | ||||||||||||||||||||||||||||
Reversal of allowance on loans receivable and investments, net | 20,270 | ||||||||||||||||||||||||||||
| Gain on foreclosure of real estate | 29,127 | ||||||||||||||||||||||||||||
| Other income | 23,001 | ||||||||||||||||||||||||||||
| Income from unconsolidated entities | 13,626 | ||||||||||||||||||||||||||||
| Gain on real estate dispositions | 62,119 | ||||||||||||||||||||||||||||
| Income tax benefit | 9,539 | ||||||||||||||||||||||||||||
| Net loss | (30,297) | ||||||||||||||||||||||||||||
| Net income attributable to noncontrolling interests | 10,676 | ||||||||||||||||||||||||||||
| Net loss attributable to common stockholders | $ | (40,973) | |||||||||||||||||||||||||||
______________________________
(1) Labor expense primarily includes salaries, benefits and related taxes.
(2) Other segment expenses include:
•SHOP — food, utilities, real estate taxes, insurance, repairs and maintenance, marketing, supplies and other expenses.
•OM&R — utilities, real estate taxes, insurance, repairs and maintenance, cleaning, roads and grounds expense and other expenses.
•NNN — real estate taxes and insurance.
The CODM does not regularly receive significant expense details for the OM&R or the NNN segments and focused on monitoring revenues and NOI because a significant majority or all of the property-level operating expenses are recovered from the tenants.
Capital expenditures, including investments in real estate property and development project expenditures, by reportable segment are as follows (dollars in thousands):
| For the Years Ended December 31, | |||||||||||||||||
Capital Expenditures: | 2025 | 2024 | 2023 | ||||||||||||||
| SHOP | $ | 2,642,415 | $ | 2,061,741 | $ | 409,105 | |||||||||||
| OM&R | 269,580 | 273,615 | 231,855 | ||||||||||||||
| NNN | 16,074 | 194,447 | 8,511 | ||||||||||||||
| Total capital expenditures | $ | 2,928,069 | $ | 2,529,803 | $ | 649,471 | |||||||||||
Our portfolio of properties and loans and other investments are located in the United States, Canada and the United Kingdom. Revenues are attributed to an individual country based on the location of each property. Geographic information regarding our operations is as follows (dollars in thousands):
| As of December 31, | |||||||||||
Net Real Estate Property: | 2025 | 2024 | |||||||||
| United States | $ | 21,138,000 | $ | 19,690,838 | |||||||
| Canada | 2,783,873 | 2,719,078 | |||||||||
| United Kingdom | 205,060 | 190,629 | |||||||||
| Total net real estate property | $ | 24,126,933 | $ | 22,600,545 | |||||||
| For the Years Ended December 31, | |||||||||||||||||
| Revenues: | 2025 | 2024 | 2023 | ||||||||||||||
| United States | $ | 5,209,830 | $ | 4,366,953 | $ | 4,004,173 | |||||||||||
| Canada | 552,924 | 526,575 | 464,772 | ||||||||||||||
| United Kingdom | 71,226 | 30,738 | 28,882 | ||||||||||||||
| Total revenues | $ | 5,833,980 | $ | 4,924,266 | $ | 4,497,827 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 6, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
| 2023 | Feb 15, 2024 | |
| 2022 | Feb 10, 2023 | |
| 2021 | Feb 18, 2022 | |
| 2020 | Feb 23, 2021 | |
| 2019 | Feb 24, 2020 | |
| 2018 | Feb 8, 2019 | |
| 2017 | Feb 9, 2018 | |
| 2016 | Feb 14, 2017 | |
| 2015 | Feb 12, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.