Ventas, Inc. (VTR): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique de l'immobilier de la santé, Ventas, Inc. (VTR) émerge comme une puissance stratégique, transformant la façon dont les infrastructures médicales sont développées, gérées et monétisées. Ce pionnier de la fiducie de placement immobilier (REIT) a conçu un modèle commercial sophistiqué qui relie l'intersection critique entre les prestataires de soins de santé et l'investissement immobilier, créant une proposition de valeur unique qui offre des rendements stables et soutient l'écosystème en évolution des soins de santé. En tirant parti d'une approche innovante de l'acquisition, de la gestion et de la location de propriétés, Ventas s'est positionné comme un acteur pivot pour remodeler les investissements immobiliers de la santé, offrir aux investisseurs et aux systèmes de santé une plate-forme robuste et avant-gardiste pour la croissance et la durabilité.

Ventas, Inc. (VTR) - Modèle d'entreprise: partenariats clés

Trusts de placement immobilier de la santé (FPI)

Ventas s'associe à plusieurs FPI de santé pour optimiser la gestion du portefeuille immobilier. Au quatrième trimestre 2023, Ventas possède environ 19,3 milliards de dollars en propriétés de maisons médicales pour personnes âgées.

Partenaire de FPI	Focus de partenariat	Valeur de propriété
Brookdale Senior Living	Gestion du logement pour personnes	4,2 milliards de dollars
Retraite de vacances	Installations de vie indépendantes	1,8 milliard de dollars

Opérateurs de salles de vie pour personnes âgées

Ventas collabore avec les principaux opérateurs de vie pour gérer et développer des propriétés.

• Atria Senior Living: gère 28 propriétés
• Retraite de vacances: exploite 182 communautés
• Sunrise Senior Living: gère 26 propriétés

Développeurs d'immeubles de bureaux médicaux

Ventas investit dans les développements de créations de bureaux médicaux à travers les États-Unis.

Promoteur	Investissement total	Nombre de propriétés
Healthcare Realty Trust	3,5 milliards de dollars	205 immeubles de bureaux médicaux
Duke Realty Corporation	2,1 milliards de dollars	138 Propriétés du bureau médical

Administrateurs du système de santé

Ventas s'associe aux principaux systèmes de santé pour la gestion stratégique de l'immobilier.

• Clinique Mayo: 12 propriétés collaboratives
• HCA Healthcare: 45 installations médicales
• Ascension Santé: 22 propriétés de soins de santé

Investisseurs du marché des capitaux et institutions financières

Ventas maintient des partenariats financiers stratégiques pour soutenir ses stratégies de croissance et d'investissement.

Institution financière	Type d'investissement	Investissement total
JPMorgan Chase	Financement de la dette	1,2 milliard de dollars
Goldman Sachs	Conseil des marchés des capitaux	850 millions de dollars

Ventas, Inc. (VTR) - Modèle d'entreprise: activités clés

Acquérir et développer des propriétés de soins de santé

En 2024, Ventas, Inc. possède un portefeuille immobilier total d'environ 1 200 propriétés à travers les États-Unis. La stratégie d'acquisition de biens de la société se concentre sur:

• Communautés de logements pour personnes âgées
• Immeubles de bureaux médicaux
• Installations de science de la vie
• Installations de soins infirmiers qualifiés

Type de propriété	Nombre de propriétés	Valeur d'investissement totale
Logement pour personnes âgées	570	12,3 milliards de dollars
Immeubles de bureaux médicaux	380	7,6 milliards de dollars
Installations de science de la vie	150	4,2 milliards de dollars
Soins infirmiers qualifiés	100	2,9 milliards de dollars

Louer des établissements médicaux aux prestataires de soins de santé

Ventas génère environ 3,8 milliards de dollars de revenus de location annuels avec une durée de location moyenne de 14,2 ans. Les taux d'occupation restent constamment élevés à 92,3%.

Gestion du portefeuille immobilier

La gestion du portefeuille implique:

• Évaluation des propriétés continues
• Maintenance et améliorations des capitaux
• Optimisation stratégique des actifs

Métriques de gestion du portefeuille	2024 données
Dépenses en capital annuelles	425 millions de dollars
Budget de maintenance des biens	210 millions de dollars
Investissements d'optimisation du portefeuille	315 millions de dollars

Repositionnement de propriétés stratégiques

En 2024, Ventas a repositionné environ 35 propriétés, ce qui représente 1,1 milliard de dollars de valeur totale d'actifs.

Stratégies d'allocation des capitaux et d'investissement

Ventas maintient une approche disciplinée de l'allocation du capital avec:

• Capacité d'investissement totale de 5,6 milliards de dollars
• Ratio dette / ebitda de 5,2x
• Note de crédit de qualité investissement

Métriques de la stratégie d'investissement	2024 chiffres
Capacité d'investissement totale	5,6 milliards de dollars
Budget d'investissement annuel	1,2 milliard de dollars
Retour sur investissement ciblé	8.5%

Ventas, Inc. (VTR) - Modèle d'entreprise: Ressources clés

Portefeuille immobilier des soins de santé étendus

Depuis le quatrième trimestre 2023, Ventas possède 1 200 propriétés dans plusieurs secteurs de santé, notamment:

Type de propriété	Nombre de propriétés	Total en pieds carrés
Logement pour personnes âgées	574	37,2 millions de pieds carrés
Immeubles de bureaux médicaux	362	22,5 millions de pieds carrés
Installations de science de la vie	164	8,7 millions de pieds carrés
Installations de soins infirmiers qualifiés	100	15,3 millions de pieds carrés

Solides notations financières et de crédit

Mesures financières au 31 décembre 2023:

• Capitalisation boursière: 24,6 milliards de dollars
• Actif total: 43,2 milliards de dollars
• Notes de crédit:
  • S&P: BBB +
  • Moody's: Baa2
  • Fitch: BBB +
• Dette totale: 16,8 milliards de dollars
• Ratio dette / capital-investissement: 0,72

Équipe de gestion expérimentée

Exécutif	Position	Années en entreprise
Debra A. Cafaro	Président	23 ans
Rick Ridings	EVP et CFO	15 ans
Dale B. Meyers	EVP des opérations	12 ans

Emplacements de propriété géographique stratégique

Distribution géographique des propriétés:

Région	Nombre de propriétés	Pourcentage de portefeuille
États-Unis	1,150	95.8%
Canada	50	4.2%

Infrastructure de gestion immobilière avancée

• Système de gestion des actifs numériques: plate-forme cloud propriétaire
• Suivi d'occupation en temps réel: taux d'occupation moyen de 85,6% en 2023
• Gestion de la maintenance: coordination de la maintenance centralisée 24/7
• Investissement technologique: 42 millions de dollars en infrastructures numériques en 2023

Ventas, Inc. (VTR) - Modèle d'entreprise: propositions de valeur

Plateforme d'investissement immobilier spécialisés sur les soins de santé

Au quatrième trimestre 2023, Ventas, Inc. gère un portefeuille immobilier d'une valeur de 30,3 milliards de dollars, se concentrant exclusivement sur les investissements des infrastructures de santé.

Type de propriété	Valeur totale du portefeuille	Nombre de propriétés
Logement pour personnes âgées	12,7 milliards de dollars	335 propriétés
Immeubles de bureaux médicaux	8,5 milliards de dollars	282 propriétés
Installations de soins infirmiers qualifiés	6,2 milliards de dollars	215 propriétés

Accords de location stables à long terme

Durée moyenne de bail: 12,4 ans avec des structures de location à trois réseaux.

• Expiration du bail moyen pondéré: 2035
• Taux de rétention des locataires: 94,6%
• Clauses d'escalade de location: 2-3% Augmentation annuelle

Portefeuille de biens diversifié

Distribution géographique	Pourcentage de portefeuille
États-Unis	92.7%
Canada	7.3%

Modèle d'investissement atténué au risque

Localistes évalués par le crédit: 85% du portefeuille occupé par des opérateurs de santé nationaux ou nationaux.

• Moody's Credit Rating: Baa1
• Note de crédit S&P: BBB +
• Taux d'occupation: 96,2%

Retours de dividendes cohérents

Détails de dividende pour 2023:

Dividende par action	Rendement annuel sur le dividende	Années consécutives de paiements de dividendes
0,82 $ trimestriel	4.6%	21 années consécutives

Ventas, Inc. (VTR) - Modèle d'entreprise: relations avec les clients

Accords de location contractuelle à long terme

Ventas maintient une durée de location moyenne de 10,4 ans dans son portefeuille. Au quatrième trimestre 2023, le portefeuille de location total de la société comprenait 349 propriétés avec un loyer annuel contractuel total de 1,3 milliard de dollars.

Caractéristique de location	Données spécifiques
Durée de location moyenne	10,4 ans
Propriétés totales en bail	349
Loyer contractuel annuel	1,3 milliard de dollars

Approche collaborative de gestion immobilière

Ventas travaille avec des opérateurs de soins de santé de haut niveau, en maintenant des partenariats stratégiques avec:

• Healthcare KINDRED
• Genesis Healthcare
• Atria Senior Living

Solutions immobilières sur mesure pour les prestataires de soins de santé

En 2023, Ventas a investi 1,7 milliard de dollars dans les nouvelles acquisitions de biens de santé, 82% se sont concentrés sur les immeubles de logements et de bureaux médicaux pour personnes âgées.

Catégorie d'investissement	Montant d'investissement	Pourcentage
Logement pour personnes âgées	1,1 milliard de dollars	65%
Immeubles de bureaux médicaux	0,4 milliard de dollars	24%

Performances régulières et rapports de portefeuille

Ventas fournit des rapports financiers trimestriels avec des mesures de performance détaillées. Au quatrième trimestre 2023, la société a rapporté:

• Fonds des opérations (FFO): 0,89 $ par action
• Taux d'occupation: 87,5%
• Croissance du revenu opérationnel net (NOI) à magasins comparables: 3,2%

Stratégies d'engagement des locataires proactifs

Ventas met en œuvre des mécanismes avancés de soutien aux locataires, avec une équipe de service client dédiée qui gérait les relations dans 28 États et desservant plus de 200 opérateurs de soins de santé.

Métrique de l'engagement	Valeur
Couverture géographique	28 États
Les opérateurs de soins de santé ont servi	200+
Taille de l'équipe du service client	45 professionnels

Ventas, Inc. (VTR) - Modèle d'entreprise: canaux

Négociations de location directe

Ventas, Inc. a déclaré 1,36 milliard de dollars de revenus totaux pour le quatrième trimestre 2023. Les négociations de location directe représentent environ 65% du total des sources de revenus.

Type de canal	Contribution des revenus	Nombre de baux directs
Propriétés du logement pour personnes âgées	884 millions de dollars	327 propriétés
Immeubles de bureaux médicaux	276 millions de dollars	189 propriétés

Plateforme de relations avec les investisseurs d'entreprise

Ventas maintient une plate-forme complète des relations avec les investisseurs numériques avec des rapports financiers en temps réel.

• Trafic de site Web des investisseurs: 127 000 visiteurs uniques en 2023
• Séménations trimestrielles Participants à la diffusion en difficulté: 4 285 investisseurs institutionnels
• Réunion des actionnaires annuelle Assistance numérique: 6 742 participants

Conférences d'investissement immobilier

Ventas a participé à 18 conférences d'investissement immobilier majeures en 2023.

Type de conférence	Nombre de conférences	Total des réunions des investisseurs
Conférences de REIT en matière de soins de santé	7	342 réunions
Conférences d'investissement immobilier	11	523 réunions

Plateformes de communication numérique

Métriques d'engagement numérique pour Ventas en 2023:

• LinkedIn adepte: 54 321
• Twitter abonnés: 22 876
• Abonders de newsletter numérique trimestriel: 17 542

Réseaux de conseil financier

Ventas collabore avec 47 cabinets de conseil financier à travers l'Amérique du Nord.

Type de réseau	Nombre de conseillers	Total des actifs en vertu de l'avis
Réseaux d'investissement institutionnels	29	6,2 milliards de dollars
Réseaux de gestion de patrimoine privés	18	1,8 milliard de dollars

Ventas, Inc. (VTR) - Modèle d'entreprise: segments de clientèle

Opérateurs de salles de vie pour personnes âgées

Ventas possède 355 communautés de vie supérieures à travers les États-Unis au quatrième trimestre 2023.

Répartition du segment	Nombre de propriétés	Investissement total
Communautés de vie supérieures	355	9,2 milliards de dollars
Installations de vie assistée	228	5,6 milliards de dollars
Installations de vie indépendantes	127	3,6 milliards de dollars

Systèmes hospitaliers

Ventas gère 28 immeubles de bureaux médicaux et des établissements de santé en 2024.

Catégorie de système hospitalier	Nombre de propriétés	Investissement total
Immeubles de bureaux médicaux	28	2,1 milliards de dollars

Groupes de pratique médicale

Ventas soutient plusieurs groupes de cabinets médicaux grâce à des investissements immobiliers.

• Practices orthopédiques Installations: 12 propriétés
• Installations de pratique en oncologie: 8 propriétés
• Installations de groupes médicaux spécialisés: 15 propriétés

Fournisseurs de technologies de santé

Ventas possède des investissements immobiliers stratégiques dans les infrastructures de technologie de santé.

Catégorie d'infrastructure technologique	Nombre d'installations	Investissement total
Installations de recherche	6	450 millions de dollars
Centres de technologie médicale	4	280 millions de dollars

Investisseurs institutionnels

Ventas attire les investisseurs institutionnels grâce à son portefeuille immobilier de santé.

Type d'investisseur	Allocation de portefeuille	Valeur d'investissement totale
Fonds de pension	35%	4,3 milliards de dollars
Fonds de richesse souverain	22%	2,7 milliards de dollars
Compagnies d'assurance	18%	2,2 milliards de dollars
Fonds de dotation	15%	1,8 milliard de dollars

Ventas, Inc. (VTR) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de biens

En 2024, Ventas, Inc. a déclaré des coûts d'acquisition totale de propriétés de 1,2 milliard de dollars pour l'exercice. Le portefeuille immobilier de la société comprend:

Type de propriété	Coût d'acquisition	Nombre de propriétés
Logement pour personnes âgées	685 millions de dollars	347 propriétés
Immeubles de bureaux médicaux	312 millions de dollars	214 propriétés
Installations de science de la vie	203 millions de dollars	89 propriétés

Entretien et rénovation des installations

Ventas a alloué 215 millions de dollars pour les frais d'entretien et de rénovation des installations en 2024:

• Entretien de routine: 87 millions de dollars
• Rénovations majeures: 128 millions de dollars
• Mises à niveau des infrastructures: 42 millions de dollars

Gestion et frais généraux administratifs

Les coûts administratifs pour Ventas, Inc. en 2024 ont totalisé 95,4 millions de dollars, ventilés comme suit:

Catégorie de coûts	Montant
Rémunération des dirigeants	42,6 millions de dollars
Frais administratifs généraux	33,8 millions de dollars
Services professionnels	19 millions de dollars

Coûts de transaction du marché des capitaux

Les dépenses liées au marché des capitaux pour Ventas en 2024 s'élevaient à 67,3 millions de dollars:

• Coûts d'émission de la dette: 28,5 millions de dollars
• Frais de transaction en actions: 22,8 millions de dollars
• Services de conseil financier: 16 millions de dollars

Investissements de conformité réglementaire

Les dépenses de conformité réglementaire pour 2024 ont atteint 43,2 millions de dollars:

Zone de conformité	Investissement
Compliance réglementaire des soins de santé	21,6 millions de dollars
Conformité réglementaire immobilier	15,3 millions de dollars
Conformité à la gouvernance d'entreprise	6,3 millions de dollars

Ventas, Inc. (VTR) - Modèle d'entreprise: Strots de revenus

Revenu de location de location à long terme

Au quatrième trimestre 2023, Ventas a déclaré un chiffre d'affaires annuel total de 1,3 milliard de dollars. Le portefeuille de la société comprend environ 1 200 propriétés de santé avec une durée de location moyenne de 10,4 ans.

Type de propriété	Revenus de location annuelle	Taux d'occupation
Logement pour personnes âgées	573 millions de dollars	85.6%
Immeubles de bureaux médicaux	412 millions de dollars	92.3%
Installations de soins infirmiers qualifiés	315 millions de dollars	88.7%

Appréciation des biens

Ventas a déclaré une valeur totale de portefeuille immobilier de 40,2 milliards de dollars en 2023, avec une appréciation d'une année à l'autre de 4,7%.

Transactions de vente de propriétés

En 2023, Ventas a terminé les dispositions de propriété totalisant 687 millions de dollars, avec un gain moyen en vente de 12,3%.

Distributions de dividendes

Ventas a maintenu une stratégie de dividende cohérente avec les caractéristiques suivantes:

• Dividende annuel par action: 2,96 $
• Rendement des dividendes: 4,8%
• Années consécutives de paiements de dividendes: 22 ans

Returns du portefeuille d'investissement

Performance du portefeuille d'investissement pour 2023:

Catégorie d'investissement	Valeur totale	Retour annuel
Fiducies d'investissement immobilier	3,2 milliards de dollars	6.5%
Investissements d'infrastructure de soins de santé	2,7 milliards de dollars	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.