Ventas, Inc. (VTR): Business Model Canvas [Dec-2025 Updated]

You're digging into the engine room of Ventas, Inc. (VTR) as of late 2025, and honestly, the whole thing runs on that massive demographic shift toward older Americans. After two decades analyzing these plays, I can tell you their model is a tight weave of owning senior housing operations-the SHOP segment-and locking in long-term rent from triple-net leases. With liquidity sitting at $4.1 billion as of September 30, 2025, and a full-year Normalized FFO per share guidance between $3.45 and $3.48, they are clearly positioned to deploy that capital, targeting $2.5 billion in senior housing buys this year. To see exactly how this real estate giant balances operational risk with stable, long-term income, check out the full breakdown of their nine building blocks below.

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

You're mapping out Ventas, Inc.'s (VTR) core relationships that drive its real estate investment trust (REIT) model, which is heavily focused on the longevity economy. These partnerships aren't just service providers; they are the operators and capital sources that bring the physical assets to life. As of late 2025, Ventas, Inc. owns or has investments in approximately 1,388 properties across the U.S., Canada, and the U.K..

The relationship with operating partners in the Senior Housing Operating Portfolio (SHOP) is central, as SHOP represented 49% of Ventas, Inc.'s total annualized Net Operating Income (NOI) of $2.43 billion as of the third quarter of 2025. Ventas, Inc. is increasing its scale here, working with over 40+ senior housing operators as of September 30, 2025. The strategy is clearly to grow the private-pay SHOP segment, with an expected closing of $2.5 billion in U.S. senior housing investments for 2025.

Here's a look at the key operators, though the most granular data on their specific 2025 portfolio share is from the end of 2023, which still shows their foundational importance:

To be fair, Atria and Sunrise together accounted for two-thirds of Ventas, Inc.'s SHOP NOI, and about 24.6% of the total portfolio NOI back in 2023. Ventas, Inc. also continues to convert communities from Triple-Net to SHOP; for example, 27 of 45 Brookdale communities were converted, anticipating over $50 million of NOI upside.

For the Triple-Net (NNN) segment, which made up 23% of annualized NOI in Q3 2025, the partnership is structured around long-term master leases. These tenants provide steady, predictable cash flow, though some major leases are nearing expiration or renewal.

• Brookdale Senior Living, Inc. (BKD): Leased 121 properties, contributing 7.7% of total NOI (2023 data).
• Kindred Healthcare, LLC (private): Leased 29 properties, contributing 6.9% of total NOI (2023 data).
• Ardent Health Partners, LLC (private): Leased 11 properties, contributing 6.9% of total NOI (2023 data).

The single master lease with Brookdale Senior Living, Inc. for all 121 properties was set to expire on December 31, 2025, carrying a 3% annual escalator. That's a key date you'll want to track closely.

Financing these large-scale real estate investments requires strong capital markets relationships. Ventas, Inc. recently priced a $500 million underwritten public offering of 5.000% senior notes due 2036 in December 2025. This transaction involved several major financial players acting as joint book-running managers.

The investment banks that helped Ventas, Inc. execute this recent debt offering include:

• J.P. Morgan Securities LLC
• Wells Fargo Securities, LLC
• BBVA Securities Inc.
• Mizuho Securities USA LLC
• RBC Capital Markets, LLC

Finally, the Outpatient Medical and Research (OM&R) portfolio, which accounted for 27% of annualized NOI in Q3 2025, relies on deep ties with major healthcare systems and universities. Ventas, Inc. positions itself at the intersection of medicine, research, and universities. A significant portion of this segment's value comes from its location and tenant quality; 94% of the outpatient medical building space is affiliated with health systems or hospitals. For the research component, Ventas, Inc. has historically partnered with entities like Wexford Science + Technology to develop its life science assets. You see these partnerships in action with tenants like Sutter Health, Ascension, and universities such as Brown University and Arizona State University.

Finance: review the Q4 2025 debt maturity schedule against the expected cash flow from the recently converted SHOP assets by end of week.

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

Strategic real estate investment activity focused on senior housing acquisitions, with the full-year 2025 target set at $2.5 billion. Ventas, Inc. had completed 20 transactions for 50 communities with approximately 6,200 units across 15 states year to date in 2025. As of the third quarter of 2025, the company had closed $2.2 billion in senior housing investments for the year.

Active asset management and oversight of the Senior Housing Operating Portfolio (SHOP) segment is a core activity, driven by the Ventas OI platform. The SHOP Same-Store Cash NOI grew by 16% year-over-year for the third quarter of 2025, with U.S. communities leading at 19% growth. The SHOP Same-Store Cash NOI Margin expanded by 200 basis points year-over-year in the third quarter of 2025. U.S. Same-Store average occupancy grew by 340 basis points year-over-year in the third quarter of 2025.

Capital allocation and financial management activities resulted in a Net Debt-to-Further Adjusted EBITDA ratio strengthening to 5.3x as of the end of the third quarter of 2025. Liquidity stood at $4.1 billion as of September 30, 2025. Total company Same-Store Cash NOI growth for the third quarter of 2025 was 8% year-over-year. Normalized Funds From Operations (FFO) per share for the third quarter of 2025 was reported at $0.88.

Leasing and property management for the Outpatient Medical and Research (OM&R) portfolio contributed to overall NOI. Same-store cash NOI for the OM&R portfolio grew by 3.7% year-over-year in the third quarter of 2025. The Outpatient Medical segment specifically delivered 4.7% NOI growth. As of December 31, 2024, the OM&R segment comprised 426 properties.

Maintaining strong operator relationships is key to driving NOI growth. Ventas, Inc. increased its pool of SHOP operators from 10 in December 2020 to 36 as of July 2025. The company closed on acquisitions with three new operating partners in the first quarter of 2025. Ventas, Inc. also formed a relationship with operator CCG, which has 100 locations across England and Scotland.

Here's a look at the portfolio contribution to annualized NOI as of the third quarter of 2025:

The company's portfolio spanned 1,388 properties across senior housing, outpatient medical facilities, research centers, and triple-net leased healthcare properties as of December 31, 2024.

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

You're looking at the core assets Ventas, Inc. (VTR) relies on to operate in the longevity economy. These aren't just buildings; they are the data, the capital, and the people that drive the business.

The physical foundation is a diversified portfolio of healthcare properties. As of Q3 2025, this portfolio spanned 1,388 properties across North America and the United Kingdom, encompassing senior housing, outpatient medical facilities, research centers, and triple-net leased healthcare properties. This scale is essential for capturing the secular demand from the aging population.

Financial muscle is a key resource, providing the flexibility to act on opportunities. As of September 30, 2025, Ventas maintained $4.1 billion in liquidity. This figure supports growth initiatives while maintaining a prudent capital structure, evidenced by a Net Debt-to-Further Adjusted EBITDA ratio that strengthened to 5.3x as of the end of the third quarter 2025.

Here's a quick look at the composition of the portfolio's annualized Net Operating Income (NOI) as of Q3 2025, which highlights where the operational focus lies:

The intellectual capital is centered around the proprietary Ventas OI data and asset management platform (Ventas Operational Insights). This platform leverages over 1 billion data points amassed from the extensive portfolio and operator relationships. It provides the data-driven insights that help drive performance, such as expanding the SHOP segment's same-store cash NOI margin by 200 basis points year-over-year in Q3 2025.

The management team's expertise is a critical, non-tangible asset. The interdisciplinary team, which includes over 200 professionals, specializes in the longevity economy. This team's proven, long-tenured nature supports the execution of the Right Market, Right Asset, Right Operator strategy. Key operational achievements powered by this team include:

• SHOP Same-Store Cash NOI growth of 15.9% year-over-year in Q3 2025.
• Successfully transitioning more than 150 communities using the Ventas OI™ playbook since 2020.
• Completing approximately $1.2 billion in senior housing investments during Q3 2025 alone.

The long-term, high-quality real estate assets are strategically located in key US and UK markets, which are characterized by strong demographic trends. For instance, U.S. SHOP Same-Store Cash NOI grew 19% year-over-year in the third quarter of 2025. Finance: draft 13-week cash view by Friday.

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.

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:

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:

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:

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:

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:

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:

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:

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.