Ventas, Inc. (VTR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de Healthcare Real Estate, Ventas, Inc. (VTR) surge como una potencia estratégica, transformando la forma en que se desarrolla, gestiona y monetiza la infraestructura médica. Este fideicomiso pionero de inversión inmobiliaria (REIT) ha creado un modelo comercial sofisticado que une la intersección crítica entre los proveedores de atención médica y la inversión inmobiliaria, creando una propuesta de valor única que ofrece rendimientos estables y respalda el ecosistema de atención médica en evolución. Al aprovechar un enfoque innovador para la adquisición de propiedades, la gestión y el arrendamiento, Ventas se ha posicionado como un jugador fundamental en la remodelación de las inversiones inmobiliarias de atención médica, ofreciendo a los inversores y los sistemas de salud una plataforma robusta y avanzada para el crecimiento y la sostenibilidad.

Ventas, Inc. (VTR) - Modelo de negocio: asociaciones clave

Fideicomisos de inversión inmobiliaria de salud (REIT)

Ventas se asocia con múltiples REIT de atención médica para optimizar la gestión de la cartera de bienes raíces. A partir del cuarto trimestre de 2023, Ventas posee aproximadamente $ 19.3 mil millones en viviendas para personas mayores y propiedades del consultorio médico.

Socio de REIT	Enfoque de asociación	Valor de propiedad
Brookdale Senior Living	Gestión de la vivienda para personas mayores	$ 4.2 mil millones
Jubilación de vacaciones	Instalaciones de vida independientes	$ 1.8 mil millones

Operadores de instalaciones para personas mayores

Ventas colabora con los principales operadores vivos para personas mayores para administrar y desarrollar propiedades.

• Atria Senior Living: administra 28 propiedades
• Retiro de vacaciones: opera 182 comunidades
• Sunrise Senior Living: administra 26 propiedades

Desarrolladores de edificios de oficinas médicas

Ventas invierte en desarrollos de edificios de oficinas médicas en los Estados Unidos.

Revelador	Inversión total	Número de propiedades
Healthcare Realty Trust	$ 3.5 mil millones	205 edificios de consultorio médico
Duke Realty Corporation	$ 2.1 mil millones	138 propiedades de consultorio médico

Administradores del sistema de salud

Ventas se asocia con los principales sistemas de salud para la gestión de bienes raíces estratégicas.

• Clínica Mayo: 12 propiedades colaborativas
• HCA Healthcare: 45 instalaciones médicas
• Ascension Health: 22 propiedades de atención médica

Inversores del mercado de capitales e instituciones financieras

Ventas mantiene asociaciones financieras estratégicas para apoyar sus estrategias de crecimiento e inversión.

Institución financiera	Tipo de inversión	Inversión total
JPMorgan Chase	Financiación de la deuda	$ 1.2 mil millones
Goldman Sachs	Asesoramiento de mercados de capitales	$ 850 millones

Ventas, Inc. (VTR) - Modelo de negocio: actividades clave

Adquirir y desarrollar propiedades de atención médica

A partir de 2024, Ventas, Inc. posee una cartera inmobiliaria total de aproximadamente 1,200 propiedades en los Estados Unidos. La estrategia de adquisición de propiedades de la compañía se centra en:

• Comunidades de vivienda para personas mayores
• Edificios de consultorio médico
• Instalaciones de ciencias de la vida
• Instalaciones de enfermería especializada

Tipo de propiedad	Número de propiedades	Valor de inversión total
Vivienda para personas mayores	570	$ 12.3 mil millones
Edificios de consultorio médico	380	$ 7.6 mil millones
Instalaciones de ciencias de la vida	150	$ 4.2 mil millones
Enfermería especializada	100	$ 2.9 mil millones

Arrendamiento de instalaciones médicas a proveedores de atención médica

Ventas genera aproximadamente $ 3.8 mil millones en ingresos de arrendamiento anuales con un plazo de arrendamiento promedio de 14.2 años. Las tasas de ocupación siguen siendo consistentemente altas en 92.3%.

Gestión de la cartera de bienes raíces

La gestión de la cartera implica:

• Evaluación de la propiedad continua
• Mantenimiento y mejoras de capital
• Optimización de activos estratégicos

Métricas de gestión de cartera	2024 datos
Gastos de capital anuales	$ 425 millones
Presupuesto de mantenimiento de la propiedad	$ 210 millones
Inversiones de optimización de cartera	$ 315 millones

Reposicionamiento de propiedad estratégica

En 2024, Ventas reposicionó aproximadamente 35 propiedades, lo que representa $ 1.1 mil millones en valor total de activos.

Asignación de capital y estrategias de inversión

Ventas mantiene un enfoque disciplinado para la asignación de capital con:

• Capacidad de inversión total de $ 5.6 mil millones
• Relación deuda-ebitda de 5.2x
• Calificación crediticia de grado de inversión

Métricas de estrategia de inversión	2024 cifras
Capacidad de inversión total	$ 5.6 mil millones
Presupuesto de inversión anual	$ 1.2 mil millones
Retorno de la inversión dirigido	8.5%

Ventas, Inc. (VTR) - Modelo de negocio: recursos clave

Cartera de bienes raíces de atención médica extensa

A partir del cuarto trimestre de 2023, Ventas posee 1,200 propiedades en múltiples sectores de atención médica, que incluyen:

Tipo de propiedad	Número de propiedades	Hoques cuadrados totales
Vivienda para personas mayores	574	37.2 millones de pies cuadrados
Edificios de consultorio médico	362	22.5 millones de pies cuadrados
Instalaciones de ciencias de la vida	164	8.7 millones de pies cuadrados
Instalaciones de enfermería especializada	100	15.3 millones de pies cuadrados

Capital financiero sólido y calificaciones crediticias

Métricas financieras al 31 de diciembre de 2023:

• Capitalización de mercado: $ 24.6 mil millones
• Activos totales: $ 43.2 mil millones
• Calificaciones crediticias:
  • S&P: BBB+
  • Moody's: Baa2
  • Fitch: BBB+
• Deuda total: $ 16.8 mil millones
• Relación de deuda / capital: 0.72

Equipo de gestión experimentado

Ejecutivo	Posición	Años con la empresa
Debra A. Cafaro	Presidente y CEO	23 años
Rick Ridings	EVP y CFO	15 años
Dale B. Meyers	EVP de operaciones	12 años

Ubicaciones de propiedades geográficas estratégicas

Distribución geográfica de propiedades:

Región	Número de propiedades	Porcentaje de cartera
Estados Unidos	1,150	95.8%
Canadá	50	4.2%

Infraestructura avanzada de gestión de propiedades

• Sistema de gestión de activos digitales: plataforma propietaria basada en la nube
• Seguimiento de ocupación en tiempo real: 85.6% Tasa de ocupación promedio en 2023
• Gestión de mantenimiento: coordinación de mantenimiento centralizada 24/7
• Inversión tecnológica: $ 42 millones en infraestructura digital en 2023

Ventas, Inc. (VTR) - Modelo de negocio: propuestas de valor

Plataforma de inversión inmobiliaria de atención médica especializada

A partir del cuarto trimestre de 2023, Ventas, Inc. administra una cartera de bienes raíces valorada en $ 30.3 mil millones, centrándose exclusivamente en inversiones de infraestructura de atención médica.

Tipo de propiedad	Valor total de la cartera	Número de propiedades
Vivienda para personas mayores	$ 12.7 mil millones	335 propiedades
Edificios de consultorio médico	$ 8.5 mil millones	282 propiedades
Instalaciones de enfermería especializada	$ 6.2 mil millones	215 propiedades

Contratos de arrendamiento estables a largo plazo

Duración promedio de término de arrendamiento: 12.4 años con estructuras de arrendamiento de triple red.

• Vestimato de arrendamiento promedio ponderado: 2035
• Tasa de retención de inquilinos: 94.6%
• Cláusulas de escalada de arrendamiento: 2-3% Aumentos anuales

Cartera de propiedades diversificadas

Distribución geográfica	Porcentaje de cartera
Estados Unidos	92.7%
Canadá	7.3%

Modelo de inversión mitigado por el riesgo

Inquilinos con clasificación de crédito: 85% de la cartera ocupada por operadores de atención médica de grado de inversión o nacionales.

• Calificación crediticia de Moody: BAA1
• Clasificación crediticia S&P: BBB+
• Tasa de ocupación: 96.2%

Devoluciones de dividendos consistentes

Detalles de dividendos para 2023:

Dividendo por acción	Rendimiento de dividendos anuales	Años consecutivos de pagos de dividendos
$ 0.82 trimestralmente	4.6%	21 años consecutivos

Ventas, Inc. (VTR) - Modelo de negocios: relaciones con los clientes

Contratos de arrendamiento contractual a largo plazo

Ventas mantiene un plazo de arrendamiento promedio de 10.4 años en su cartera. A partir del cuarto trimestre de 2023, la cartera de arrendamiento total de la compañía consistía en 349 propiedades con un alquiler anual total contractual de $ 1.3 mil millones.

Característica de arrendamiento	Datos específicos
Duración promedio de arrendamiento	10.4 años
Propiedades totales bajo arrendamiento	349
Alquiler contractual anual	$ 1.3 mil millones

Enfoque de gestión de propiedades colaborativas

Ventas trabaja con operadores de salud de primer nivel, manteniendo asociaciones estratégicas con:

• Atención médica afín
• Genesis Healthcare
• Atria Senior Living

Soluciones de bienes raíces a medida para proveedores de atención médica

En 2023, Ventas invirtió $ 1.7 mil millones en nuevas adquisiciones de propiedades de atención médica, con un 82% centrado en viviendas para personas mayores y edificios de oficina médica.

Categoría de inversión	Monto de la inversión	Porcentaje
Vivienda para personas mayores	$ 1.1 mil millones	65%
Edificios de consultorio médico	$ 0.4 mil millones	24%

Rendimiento regular e informes de cartera

Ventas proporciona informes financieros trimestrales con métricas detalladas de rendimiento. En el cuarto trimestre de 2023, la compañía informó:

• Fondos de Operaciones (FFO): $ 0.89 por acción
• Tasa de ocupación: 87.5%
• Crecimiento de ingresos operativos netos de la misma tienda: 3.2%

Estrategias proactivas de participación del inquilino

Ventas implementa mecanismos avanzados de soporte de inquilinos, con un equipo de servicio al cliente dedicado que gestiona las relaciones en 28 estados y atiende a más de 200 operadores de atención médica.

Métrico de compromiso	Valor
Cobertura geográfica	28 estados
Operadores de atención médica atendidos	200+
Tamaño del equipo de servicio al cliente	45 profesionales

Ventas, Inc. (VTR) - Modelo de negocio: canales

Negociaciones de arrendamiento directo

Ventas, Inc. reportó $ 1.36 mil millones en ingresos totales para el cuarto trimestre de 2023. Las negociaciones de arrendamiento directo representan aproximadamente el 65% de los flujos de ingresos totales.

Tipo de canal	Contribución de ingresos	Número de arrendamientos directos
Propiedades de vivienda para personas mayores	$ 884 millones	327 propiedades
Edificios de consultorio médico	$ 276 millones	189 propiedades

Plataforma de relaciones con inversores corporativos

Ventas mantiene una plataforma integral de relaciones digitales de inversores digitales con información financiera en tiempo real.

• Tráfico del sitio web de los inversores: 127,000 visitantes únicos en 2023
• Participantes de transmisión por Internet de ganancias trimestrales: 4.285 inversores institucionales
• Reunión anual de accionistas Asistencia digital: 6.742 participantes

Conferencias de inversión inmobiliaria

Ventas participó en 18 principales conferencias de inversión inmobiliaria en 2023.

Tipo de conferencia	Número de conferencias	Reuniones totales de inversores
Conferencias de reit de atención médica	7	342 reuniones
Conferencias de inversión inmobiliaria	11	523 reuniones

Plataformas de comunicación digital

Métricas de participación digital para Ventas en 2023:

• Seguidores de LinkedIn: 54,321
• Seguidores de Twitter: 22,876
• Suscriptores trimestrales de boletín digital: 17,542

Redes de asesoramiento financiero

Ventas colabora con 47 firmas de asesoramiento financiero en América del Norte.

Tipo de red	Número de asesores	Activos totales bajo aviso
Redes de inversión institucionales	29	$ 6.2 mil millones
Redes de gestión de patrimonio privado	18	$ 1.8 mil millones

Ventas, Inc. (VTR) - Modelo de negocio: segmentos de clientes

Operadores de instalaciones para personas mayores

Ventas posee 355 comunidades de vida mayor en los Estados Unidos a partir del cuarto trimestre de 2023.

Desglose del segmento	Número de propiedades	Inversión total
Comunidades vivas de alto nivel	355	$ 9.2 mil millones
Instalaciones de vida asistida	228	$ 5.6 mil millones
Instalaciones de vida independientes	127	$ 3.6 mil millones

Sistemas hospitalarios

Ventas administra 28 edificios de consultorio médico e instalaciones de salud en 2024.

Categoría del sistema hospitalario	Número de propiedades	Inversión total
Edificios de consultorio médico	28	$ 2.1 mil millones

Grupos de práctica médica

Ventas admite múltiples grupos de práctica médica a través de inversiones inmobiliarias.

• Instalaciones de práctica ortopédica: 12 propiedades
• Instalaciones de práctica oncológica: 8 propiedades
• Instalaciones de grupos médicos especializados: 15 propiedades

Proveedores de tecnología de la salud

Ventas tiene inversiones inmobiliarias estratégicas en infraestructura de tecnología de salud.

Categoría de infraestructura tecnológica	Número de instalaciones	Inversión total
Instalaciones de investigación	6	$ 450 millones
Centros de tecnología médica	4	$ 280 millones

Inversores institucionales

Ventas atrae a los inversores institucionales a través de su cartera de bienes raíces en la salud.

Tipo de inversor	Asignación de cartera	Valor de inversión total
Fondos de pensiones	35%	$ 4.3 mil millones
Fondos de riqueza soberana	22%	$ 2.7 mil millones
Compañías de seguros	18%	$ 2.2 mil millones
Fondos de dotación	15%	$ 1.8 mil millones

Ventas, Inc. (VTR) - Modelo de negocio: Estructura de costos

Gastos de adquisición de propiedades

A partir de 2024, Ventas, Inc. reportó costos totales de adquisición de propiedades de $ 1.2 mil millones para el año fiscal. La cartera de bienes raíces de la compañía incluye:

Tipo de propiedad	Costo de adquisición	Número de propiedades
Vivienda para personas mayores	$ 685 millones	347 propiedades
Edificios de consultorio médico	$ 312 millones	214 propiedades
Instalaciones de ciencias de la vida	$ 203 millones	89 propiedades

Mantenimiento y renovación de las instalaciones

Ventas asignó $ 215 millones para gastos de mantenimiento y renovación de las instalaciones en 2024:

• Mantenimiento de rutina: $ 87 millones
• Renovaciones importantes: $ 128 millones
• Actualizaciones de infraestructura: $ 42 millones

Gestión y gastos generales administrativos

Los costos administrativos para Ventas, Inc. en 2024 totalizaron $ 95.4 millones, desglosados ​​de la siguiente manera:

Categoría de costos	Cantidad
Compensación ejecutiva	$ 42.6 millones
Gastos administrativos generales	$ 33.8 millones
Servicios profesionales	$ 19 millones

Costos de transacción del mercado de capitales

Los gastos relacionados con el mercado de capitales para Ventas en 2024 ascendieron a $ 67.3 millones:

• Costos de emisión de deuda: $ 28.5 millones
• Tarifas de transacción de capital: $ 22.8 millones
• Servicios de asesoramiento financiero: $ 16 millones

Inversiones de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para 2024 alcanzaron $ 43.2 millones:

Área de cumplimiento	Inversión
Cumplimiento regulatorio de la salud	$ 21.6 millones
Cumplimiento regulatorio de bienes raíces	$ 15.3 millones
Cumplimiento del gobierno corporativo	$ 6.3 millones

Ventas, Inc. (VTR) - Modelo de negocio: flujos de ingresos

Ingresos de alquiler de arrendamiento a largo plazo

A partir del cuarto trimestre de 2023, Ventas reportó ingresos de arrendamiento anuales totales de $ 1.3 mil millones. La cartera de la compañía incluye aproximadamente 1,200 propiedades de salud con un plazo de arrendamiento promedio de 10.4 años.

Tipo de propiedad	Ingresos anuales de arrendamiento	Tasa de ocupación
Vivienda para personas mayores	$ 573 millones	85.6%
Edificios de consultorio médico	$ 412 millones	92.3%
Instalaciones de enfermería especializada	$ 315 millones	88.7%

Apreciación de la propiedad

Ventas informó un valor total de cartera de propiedades de $ 40.2 mil millones en 2023, con una apreciación año tras año del 4.7%.

Transacciones de venta de propiedades

En 2023, Ventas completó las disposiciones de la propiedad por un total de $ 687 millones, con una ganancia promedio a la venta del 12.3%.

Distribuciones de dividendos

Ventas mantuvo una estrategia de dividendos consistente con las siguientes características:

• Dividendo anual por acción: $ 2.96
• Rendimiento de dividendos: 4.8%
• Años consecutivos de pagos de dividendos: 22 años

Rendimientos de la cartera de inversiones

Rendimiento de la cartera de inversiones para 2023:

Categoría de inversión	Valor total	Retorno anual
Fideicomisos de inversión inmobiliaria	$ 3.2 mil millones	6.5%
Inversiones de infraestructura de atención médica	$ 2.7 mil millones	5.9%

Ventas, Inc. (VTR) - Canvas Business Model: Value Propositions

You're looking at the core value Ventas, Inc. (VTR) delivers across its stakeholder groups, grounded in the latest operational data from late 2025.

Providing capital and a scalable platform to senior housing operators

Ventas, Inc. (VTR) is deploying significant capital to scale its Senior Housing Operating Portfolio (SHOP) platform, which now represents about half of the business's total Net Operating Income (NOI). The company increased its full-year 2025 senior housing investment target to $2.5 billion. Year-to-date through the third quarter of 2025, Ventas, Inc. (VTR) closed $2.2 billion in senior housing acquisitions. This platform supports a growing network of operators, having grown from 10 operators in 2020 to 36 in 2025. The operational success of this platform is clear: SHOP Same-Store Cash NOI grew 16% year-over-year in the third quarter of 2025.

Offering a diversified, high-quality real estate portfolio to investors

The portfolio offers investors exposure to the longevity economy through a diversified asset base across North America and the United Kingdom, totaling approximately 1,400 properties. This diversification is structured to capture different market dynamics:

• Senior Housing Operating Portfolio (SHOP): 49% of annualized NOI.
• Outpatient Medical & Research (OM&R): 27% of annualized NOI.
• Triple-Net Leased Properties: 23% of annualized NOI.

The company's enterprise value stood at $46 billion as of September 30, 2025. Investors see value reflected in the financial performance, with Normalized Funds From Operations (FFO) per share reaching $0.88 in the third quarter of 2025, a 10% increase year-over-year.

Delivering essential, modern healthcare and senior living environments

The value proposition centers on providing environments where seniors thrive, driven by strong demographic tailwinds. The SHOP segment shows direct evidence of this demand and operational excellence. Overall senior housing occupancy improved to 89% in the third quarter of 2025. The U.S. SHOP segment occupancy rose 340 basis points year-over-year to approximately 85% in the third quarter of 2025. This operational strength drove the segment's Same-Store Cash NOI growth to 16% year-over-year in Q3 2025.

Stable, long-term rental income from triple-net leases with credit tenants

While the focus shifts to SHOP, the Triple-Net segment provides a base of stable, long-term rental income, contributing 23% of annualized NOI as of Q3 2025. A key example of securing long-term, high-quality income involves the Brookdale Senior Living (BKD) portfolio, where a lease extension on 65 NNN senior housing properties was secured for a 10-year term with a 38% cash rent increase over the then-current rent.

Access to mission-critical medical office and research space for healthcare systems

The Outpatient Medical & Research (OM&R) portfolio provides essential, modern space, representing 27% of Ventas, Inc. (VTR)'s total annualized NOI. This segment is characterized by management as providing stable cash flow.

Metric	Value (Late 2025 Data)	Context/Period
Total Properties	~1,400	As of Q3 2025
SHOP % of Annualized NOI	49%	As of Q3 2025
OM&R % of Annualized NOI	27%	As of Q3 2025
Triple-Net % of Annualized NOI	23%	As of Q3 2025
SHOP Same-Store Cash NOI Growth	16%	Year-over-year, Q3 2025
U.S. SHOP Same-Store NOI Growth	19%	Year-over-year, Q3 2025
Total Company Same-Store Cash NOI Growth	8%	Year-over-year, Q3 2025
Normalized FFO per Share	$0.88	Q3 2025 actual
2025 Full-Year Normalized FFO Guidance Midpoint	$3.47	Raised guidance
2025 Senior Housing Investment Target	$2.5 billion	Raised guidance
Senior Housing Acquisitions YTD	$2.2 billion	Through Q3 2025
Total Operators Supported	36	As of 2025

The shift in strategy is evident in the numbers; the focus is on growing the SHOP segment, which saw its NOI margin expand by 200 basis points in the third quarter of 2025. Finance: review the impact of the $2.5 billion investment target on Q4 leverage ratios by next Tuesday.

Ventas, Inc. (VTR) - Canvas Business Model: Customer Relationships

You're looking at how Ventas, Inc. (VTR) manages its relationships across its diverse real estate portfolio as of late 2025. It's a mix of deep operational collaboration for its growth engine and long-term, stable contracts for its income base. Honestly, the focus is clearly on the Senior Housing Operating Portfolio (SHOP) right now, using data to drive performance with its partners.

Strategic, collaborative relationships with SHOP operating partners

The relationship with SHOP operating partners is highly collaborative, often under RIDEA contracts (a structure where the owner and operator share in the upside). Ventas is actively building this network, which is critical since SHOP is expected to comprise more than 50% of the company's annual Net Operating Income (NOI) by the end of 2025. This partnership model is designed to capture the multiyear growth opportunity in senior housing driven by the aging population.

Ventas is using its operational playbook and technology to help these partners succeed. For instance, they are coaching operators on digital marketing to secure higher quality leads. The company has significantly expanded this group of partners.

Here's a look at the scale of the SHOP relationship focus:

Metric	Value as of Late 2025	Context/Date
U.S. SHOP Same-Store Average Occupancy	85%	Q3 2025
Expected SHOP Same-Store NOI Growth (Midpoint Guidance)	15%	Full Year 2025
Total SHOP Operators	36	As of July 2025
SHOP Operators Added Since Dec 2020	26 (36 total minus 10 in Dec 2020)	Implied from data
Community Refreshes Planned	100	For 2025

They are also actively converting assets to this model; they converted 11 triple-net communities in the London area to SHOP.

Long-term, contractual relationships with NNN and OM&R tenants

For the Triple-Net (NNN) and Outpatient Medical & Research (OM&R) segments, the relationship is defined by long-term leases. This provides a stable, fixed-income component to the overall portfolio. While SHOP is the growth story, these segments offer foundational stability.

The OM&R segment, which includes Medical Office Buildings (MOBs), is a significant part of the portfolio, accounting for 20% of annualized NOI as of the end of Q2 2025.

Here are the financial figures related to these contractual leases from the end of 2024:

Rental Income Component (NNN & OM&R Leases)	Amount (in thousands USD)	Period Ended December 31, 2024
Fixed income from operating leases	$1,251,042
Variable income from operating leases	$245,898

The outpatient medical business itself showed organic growth, with same-store cash NOI increasing by 2.2% year-over-year in Q2 2025. The occupancy for outpatient medical stood at 90.1% in Q2 2025.

Data-driven performance monitoring and asset management via Ventas OI

The Ventas OI™ platform is central to managing relationships with SHOP operators, providing data-driven insights. This platform helps Ventas pursue dynamic pricing and manage capital expenditure projects. It's defintely a key differentiator in how they interact with their operators.

The impact of this data usage is clear in the performance metrics:

• Ventas OI helped drive SHOP Same-Store Cash NOI Margin expansion of 200 basis points in Q3 2025.
• It optimized pricing strategies to achieve 3.8% RevPOR growth (or 5.0% adjusted) in Q1 2025.
• The platform is used to ensure operators are well-positioned to capture growth, with over 130 conversions from triple-net to SHOP and over 260 transitions to new managers executed over the past five years, all underpinned by Ventas OI analytics.

The entire Ventas team uses this platform to deliver superior value to operators.

Investor relations focused on consistent dividend and FFO growth

Investor relationships are managed by demonstrating consistent financial outperformance, particularly around dividends and Funds From Operations (FFO). The company's guidance for 2025 reflects this focus on delivering growth to shareholders.

Key financial relationship metrics for 2025 include:

Financial Metric	2025 Guidance/Result	Comparison/Context
Normalized FFO per Share (Midpoint Guidance)	$3.44	Represents approx. 8% year-over-year growth
Quarterly Dividend per Share	$0.48	Represents a 7% increase announced in early 2025
Total Company Same-Store Cash NOI Growth (Guidance)	7.5%	Full Year 2025 midpoint
Net Debt-to-Further Adjusted EBITDA	5.3x	As of Q3 2025
Liquidity	$4.1 billion	As of September 30, 2025

The company has a long-term targeted leverage range of 5.0x-6.0x, which it entered by year-end 2024.

Dedicated property management for medical office buildings (MOBs)

Ventas maintains dedicated leadership for its Outpatient Medical & Research segment, which houses the MOBs. This signals a specialized relationship management approach for this asset class, separate from the SHOP focus. Peter J. Bulgarelli served as the Executive Vice President of Outpatient Medical & Research and CEO of Lillibridge Healthcare Services, the entity often associated with this management, until his planned retirement in November 2025.

The structure involves dedicated oversight for this non-SHOP portion of the portfolio, which is crucial for maintaining the service quality expected by the medical tenants.

The performance of this segment in Q2 2025 showed steady, albeit slower, growth compared to SHOP:

• Outpatient Medical Same-Store Cash NOI growth was 2.2% year-over-year in Q2 2025.
• Outpatient Medical Same-Store Occupancy was 90.1% in Q2 2025.

Finance: draft 13-week cash view by Friday.

Ventas, Inc. (VTR) - Canvas Business Model: Channels

You're looking at how Ventas, Inc. (VTR) gets its properties and capital to the market, which is really about how they deploy their capital and manage their assets. This is the engine room for their revenue generation, spanning direct operations, leasing structures, and the capital markets that fuel it all. Honestly, the focus right now is clearly on shifting assets toward the high-growth SHOP segment.

Direct ownership and operation of Senior Housing Operating Portfolio (SHOP) assets

The SHOP channel is Ventas, Inc. (VTR)'s primary growth driver, leveraging operational expertise. As of the third quarter of 2025, the SHOP portfolio now represents about 50% of the business based on enterprise Net Operating Income (NOI). This segment saw Same-Store Cash NOI growth of 16% year-over-year in Q3 2025, with U.S. operations leading at 19% growth. You saw the Same-Store Cash NOI Margin expand by 200 basis points over the same period. Ventas, Inc. (VTR) is actively channeling capital here, increasing its full-year 2025 senior housing investment guidance to $2.5 billion. Year-to-date October 2025, they closed $2.2 billion in senior housing acquisitions, including $1.1 billion in the third quarter alone.

Long-term master leases for Triple-Net (NNN) properties

The Triple-Net (NNN) channel provides a stable, contractual revenue base, though it is being strategically managed to optimize for growth. A key part of Ventas, Inc. (VTR)'s channel strategy involves converting assets from this structure to the SHOP model to capture embedded upside. For example, they completed the conversion of 27 of 45 targeted Brookdale communities from triple-net to SHOP, expecting over $50 million in NOI upside from these transitions. For context on the NNN segment's scale, a prior period revenue figure for Triple-Net Leased Properties was $626.27 million.

Direct leasing and tenancy agreements for Outpatient Medical and Research (OM&R) buildings

The Outpatient Medical and Research (OM&R) segment serves as a steady, high-margin component of the distribution channels. In Q3 2025, the Outpatient Medical & Research same-store cash operating revenue grew 3.2% year-over-year, hitting $211.4 million. The cash NOI margin for this segment expanded to 65.4% in Q3 2025. Back in Q2 2025, the outpatient medical business specifically saw NOI growth of 2.2%, with same-store occupancy reaching 90.1%.

Here's a quick look at the segment revenue contribution based on reported figures:

Portfolio Segment	Latest Reported Revenue (Q3 2025 or nearest)	Latest Reported Same-Store Cash NOI Growth
Senior Housing Operating Portfolio (SHOP)	Implied significant portion of $1.489 billion Total Revenue (Q3 2025)	16% Year-over-Year (Q3 2025)
Outpatient Medical & Research (OM&R)	$211.4 million (Same-Store Cash Operating Revenue Q3 2025)	3.2% Year-over-Year (Q3 2025)
Triple-Net Leased Properties (NNN)	$626.27 million (Prior Period Revenue)	Not explicitly provided for Q3 2025 Same-Store Cash NOI

Capital markets for raising debt and equity to fund acquisitions

To fund the aggressive senior housing acquisition channel, Ventas, Inc. (VTR) actively uses debt and equity markets. As of September 30, 2025, the Net Debt-to-Further Adjusted EBITDA improved to 5.3x, moving into the long-term targeted range. Total debt on the balance sheet as of September 2025 was $12.78 Billion USD. The Debt to Equity Ratio stood at 1.157 for June 30, 2025. The company maintains significant financial flexibility; as of September 30, 2025, they had $4.1 billion in liquidity. Just recently, on December 2, 2025, Ventas, Inc. (VTR) priced a $500 million public offering of 5.000% senior notes due in 2036, which will be used for general corporate purposes, including debt repayment.

Investor relations and public reporting for shareholder communication

Public reporting is the mechanism for communicating the success of the other channels to the investment community. For Q3 2025, Ventas, Inc. (VTR) reported total revenue of $1.489 billion and Normalized Funds From Operations (FFO) per share of $0.88, which was a 10% increase year-over-year. This strong performance led the company to raise its full-year 2025 guidance for Normalized FFO per share to a midpoint of $3.47. Furthermore, reflecting confidence in the outlook, the quarterly dividend was increased to $0.48 per share, representing a 7% increase.

Key communication points from recent reports include:

• Normalized FFO per share (Q3 2025): $0.88.
• Total Company Same-Store Cash NOI growth (Q3 2025): 8%.
• 2025 Full-Year Normalized FFO Guidance Midpoint: $3.47 per share.
• Quarterly Dividend Rate: $0.48 per share.
• Available Liquidity (Q3 2025): $4.1 billion.

Ventas, Inc. (VTR) - Canvas Business Model: Customer Segments

You're looking at the core groups Ventas, Inc. (VTR) serves, which directly translate into their revenue generation. As a seasoned analyst, I see these segments as the engine driving their current performance, especially the aggressive pivot toward private-pay senior housing.

Senior Housing Operating Portfolio (SHOP) residents and their families represent the most critical customer base right now, given the strategic focus. This segment is powering the organic growth you see in the financials. For instance, in the third quarter of 2025, the SHOP segment delivered a Same-Store Cash Net Operating Income (NOI) surge of 15.9% year-over-year, hitting $232.4 million in that period alone. This strong performance is built on demand from residents and their families, reflected in the U.S. Same-Store average occupancy climbing 340 basis points compared to the prior year, reaching approximately 85%. Overall company senior housing occupancy improved to 89%.

The senior housing operating companies (e.g., Atria, Sunrise) are the direct partners Ventas works with to manage these properties. Ventas is actively cultivating these relationships, having increased its pool of SHOP operators to 36 as of July 2025. The strategy is to grow this segment so that private-pay senior housing now accounts for approximately 50% of Ventas's enterprise NOI. To support this, Ventas has raised its 2025 investment guidance in this area to $2.5 billion, having already closed $2.2 billion in senior housing acquisitions year-to-date as of October 2025.

The large healthcare systems and physician groups (OM&R tenants) form the backbone of the Outpatient Medical & Research (OM&R) portfolio. This group contributed 27% of Ventas's total annualized NOI in Q3 2025. You should note the operational strength here; the OM&R same-store cash NOI margin expanded to 65.4% in Q3 2025, with same-store cash operating revenue increasing 3.2% year-over-year to $211.4 million.

For research institutions and life science companies, these customers are embedded within the OM&R segment, often leasing specialized lab space. While specific 2025 revenue breakdowns for this sub-segment aren't immediately available, historical context shows Ventas owned or had investments in a research & innovation portfolio spanning 7.3 million square feet across 39 operating properties, situated on campuses of top-tier research universities.

Finally, institutional and retail investors seeking healthcare-focused REIT exposure are a crucial segment, as their capital fuels Ventas's growth. Their confidence is visible in the reported financial metrics. As of September 30, 2025, Ventas reported trailing twelve-month revenue of $5.56 billion. For the third quarter of 2025, Ventas delivered Normalized Funds From Operations (FFO) per share of $0.88, a 10% increase year-over-year. As of October 27, 2025, the company's market capitalization stood at $32.5 billion.

Here's a quick look at how the primary property types map to the NOI generated from these customer groups as of Q3 2025:

Customer/Tenant Type Group	Corresponding Segment	Q3 2025 Annualized NOI Contribution
SHOP Residents/Operators	Senior Housing Operating Portfolio (SHOP)	49%
Healthcare Systems/Physician Groups/Research	Outpatient Medical & Research (OM&R)	27%
Triple-Net Leased Tenants	Triple-Net Leased Properties (NNN)	23%

The overall portfolio, which totals almost 1,400 properties across North America and the U.K., is clearly weighted toward the SHOP segment for NOI generation.

You should keep an eye on the operator relationships, as Ventas has assembled a stable of new operators in recent years. The company's strategy involves leveraging its operational platform, Ventas OI^TM, to help these partners drive performance.

• Total properties in portfolio (approximate): 1,400.
• Total senior housing investments closed YTD Q3 2025: $2.2 billion.
• Total senior housing investment guidance for 2025: $2.5 billion.
• Net Debt-to-Further Adjusted EBITDA (Q3 2025): 5.3x.
• Available Liquidity (Q3 2025): $4.1 billion.

Finance: draft 13-week cash view by Friday.

Ventas, Inc. (VTR) - Canvas Business Model: Cost Structure

You're looking at the major drains on Ventas, Inc.'s cash flow, the costs that make up the foundation of their real estate investment trust (REIT) operations as of late 2025. It's a mix of financing costs, property-level spending, corporate overhead, and investment deployment.

The cost structure is heavily influenced by the debt load required to own and grow a massive real estate portfolio. Interest expense is a primary concern, especially with the current rate environment. For instance, the guidance midpoint for the full year 2025 interest expense was set around $615 million. Looking at a recent snapshot, the Interest Expense on Debt for the fiscal quarter ending in September of 2025 was reported at $158.12 million. This compares to the $602.8 million in total Interest Expense reported for the full year 2024.

Operating the Senior Housing Operating Portfolio (SHOP) segment involves direct, property-level costs. These are the day-to-day expenses that directly impact Net Operating Income (NOI) for those managed properties. These costs include:

• Labor costs for on-site staff.
• Utilities necessary to run the facilities.
• Food services for residents.
• Property taxes and insurance.
• Repairs and maintenance.
• Management fees paid to third parties.

For the 472 same-store SHOP communities reported at the end of 2024, the total Property-level operating expenses were ($2,012,969 thousand), or approximately $2.013 billion.

Corporate overhead, which covers the central functions supporting the entire Ventas, Inc. enterprise, falls under General and Administrative (G&A) expenses. The midpoint guidance for full year 2025 G&A expenses was projected to be ~$178 million. To give you a more granular view of the quarterly run rate, the G&A expense, net of the non-cash impact of equity plan changes, was ($43,898 thousand) for the second quarter of 2025.

Capital expenditures are essential for maintaining the asset quality and executing on the CapEx Refresh programs, which are key to driving SHOP segment performance. The guidance midpoint for Funds Available for Distribution (FAD) capital expenditures for the full year 2025 was set at ~$285 million. The intensity of investment activity is also visible in the cash flow statement; Net cash from continuing investing activities in the third quarter of 2025 was approximately -$1.18 billion, reflecting these ongoing capital needs alongside acquisitions. Separately, the reported Capital Expenditures for the quarter ending September 30, 2025, were -$580.8 million.

Finally, a significant cash outlay is tied to growth through acquisitions. Ventas, Inc. has been aggressively pursuing its investment strategy, increasing its 2025 senior housing investment volume expectation to $2.5 billion as of late 2025. This pipeline deployment requires substantial capital. Year to date through October 2025, the company had already closed $2.2 billion in these senior housing investments.

Here's a quick look at some of the key forward-looking cost assumptions for the full year 2025 guidance:

Cost Component	Full Year 2025 Guidance Midpoint (USD)	Most Recent Quarterly Figure (USD)
Interest Expense	~$615 million	$158.12 million (Q3 2025 Interest Expense on Debt)
General and Administrative (G&A) Expenses	~$178 million	($43,898 thousand) (Q2 2025 G&A net of non-cash impact)
FAD Capital Expenditures	~$285 million	-$580.8 million (Q3 2025 Capital Expenditures)
Acquisition Pipeline Target	$2.5 billion (Total expected investments)	$2.2 billion (Closed YTD as of Oct 2025)

The company's Net Debt-to-Further Adjusted EBITDA improved to 5.3x as of the end of the third quarter of 2025, partly due to equity-funded senior housing investments. Finance: draft 13-week cash view by Friday.

Ventas, Inc. (VTR) - Canvas Business Model: Revenue Streams

The revenue streams for Ventas, Inc. (VTR) are fundamentally derived from its high-quality, diversified real estate portfolio, with a strategic pivot emphasizing the Senior Housing Operating Portfolio (SHOP).

For the third quarter of 2025, Ventas, Inc. (VTR) reported total revenues of $1.489 billion. This performance contributed to the company raising its full-year 2025 outlook, now guiding for a normalized Funds From Operations (FFO) per share range of $3.45 to $3.48.

The primary drivers of revenue growth and value creation are segmented across the portfolio, with SHOP now representing about half of the business's Net Operating Income (NOI).

Rental income from the Senior Housing Operating Portfolio (SHOP) is a key focus, driven by strong occupancy gains and pricing power. In the third quarter of 2025, SHOP same-store cash NOI climbed 16% year-over-year, with U.S. operations growing even faster at 19%. This growth was fueled by revenue increases of 8%, resulting from strength in both occupancy and pricing. The same-store average occupancy for the SHOP portfolio expanded 270 basis points year-over-year. Furthermore, the SHOP segment saw its same-store cash NOI margin expand by 200 basis points.

The Rental income from Triple-Net (NNN) leased properties provides a stable, contractual base, though it showed different performance trends. In the second quarter of 2025, the triple-net leased portfolio's same-store cash NOI rose 1% year-over-year. However, for the third quarter of 2025, same-store cash NOI for the triple-net leased properties decreased year-over-year.

Rental income from Outpatient Medical and Research (OM&R) properties also contributes to the overall revenue base. The OM&R business, or OMAR, reported same-store cash NOI growth of 3.7% year-over-year in the third quarter of 2025. This follows a 1.7% year-over-year improvement in same-store cash NOI for the OM&R portfolio in the second quarter of 2025.

The overall financial health, as reflected in the third quarter results, showed the Total Company Same-Store Cash NOI growing 8% year-over-year, with Total Company NOI growing 20% year-over-year. The entire Ventas enterprise is delivering $2.5 billion of net operating income.

Here is a summary of key third quarter 2025 segment performance metrics:

Revenue Stream Segment	Q3 2025 Same-Store Cash NOI Growth (Y/Y)	Key Driver/Metric	Portfolio Size (Q3 2025)
Senior Housing Operating Portfolio (SHOP)	16%	Same-Store Cash Operating Revenue Growth: 8%	Represents about half of total NOI
Outpatient Medical and Research (OM&R)	3.7%	Led by outpatient medical	402 properties
Triple-Net (NNN) Leased Properties	Decrease	Same-Store Cash NOI decreased year-over-year	249 assets (Q2 2025)

You can see the revenue-generating power concentrated in the operating portfolio:

• Q3 2025 Normalized FFO per share was $0.88.
• Full Year 2025 Normalized FFO per share guidance midpoint is $3.47.
• Ventas closed $2.2 billion in senior housing acquisitions year-to-date through October 2025.
• The company increased 2025 senior housing investment expectations to $2.5 billion.
• Liquidity as of September 30, 2025, stood at $4.1 billion.

Finance: draft 13-week cash view by Friday.