Ventas, Inc. (VTR): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico do Healthcare Real Estate, a Ventas, Inc. (VTR) surge como uma potência estratégica, transformando a maneira como a infraestrutura médica é desenvolvida, gerenciada e monetizada. Esse Pioneering Real Estate Investment Trust (REIT) criou um modelo de negócios sofisticado que preenche a interseção crítica entre os prestadores de serviços de saúde e o investimento imobiliário, criando uma proposta de valor exclusiva que fornece retornos estáveis ​​e apoia o ecossistema de assistência médica em evolução. Ao alavancar uma abordagem inovadora para a aquisição, gerenciamento e leasing de propriedades, a Ventas se posicionou como um participante fundamental na reformulação dos investimentos imobiliários da saúde, oferecendo aos investidores e sistemas de saúde uma plataforma robusta e inovadora para o crescimento e a sustentabilidade.

Ventas, Inc. (VTR) - Modelo de negócios: Parcerias -chave

Healthcare Real Estate Investment Trusts (REITs)

A Ventas faz parceria com vários REITs de saúde para otimizar o gerenciamento de portfólio imobiliário. A partir do quarto trimestre de 2023, Ventas possui aproximadamente US $ 19,3 bilhões em propriedades de moradia e consultório médico seniores.

REIT Partner	Foco em parceria	Valor da propriedade
Brookdale Senior Living	Gestão de habitação sênior	US $ 4,2 bilhões
Aposentadoria de férias	Instalações de vida independentes	US $ 1,8 bilhão

Operadores de instalações de vida seniores

Ventas colabora com os principais operadores de vida seniores para gerenciar e desenvolver propriedades.

• ATRIA Senior Living: gerencia 28 propriedades
• Aposentadoria de férias: opera 182 comunidades
• Sunrise Senior Living: gerencia 26 propriedades

Desenvolvedores de edifícios de escritórios médicos

Ventas investe em desenvolvimentos de edifícios de escritórios médicos nos Estados Unidos.

Desenvolvedor	Investimento total	Número de propriedades
Healthcare Realty Trust	US $ 3,5 bilhões	205 edifícios de consultórios médicos
Duke Realty Corporation	US $ 2,1 bilhões	138 Propriedades do consultório médico

Administradores de sistemas de saúde

A Ventas faz parceria com os principais sistemas de saúde para gerenciamento estratégico de imóveis.

• Clínica Mayo: 12 propriedades colaborativas
• HCA Healthcare: 45 Instalações Médicas
• Saúde de Ascensão: 22 propriedades de saúde

Investidores do mercado de capitais e instituições financeiras

Ventas mantém parcerias financeiras estratégicas para apoiar suas estratégias de crescimento e investimento.

Instituição financeira	Tipo de investimento	Investimento total
JPMorgan Chase	Financiamento da dívida	US $ 1,2 bilhão
Goldman Sachs	Capital Markets Advisory	US $ 850 milhões

Ventas, Inc. (VTR) - Modelo de negócios: Atividades -chave

Adquirir e desenvolver propriedades de saúde

A partir de 2024, a Ventas, Inc. possui um portfólio imobiliário total de aproximadamente 1.200 propriedades nos Estados Unidos. A estratégia de aquisição de propriedades da empresa se concentra:

• Comunidades habitacionais seniores
• Edifícios de consultórios médicos
• Instalações científicas da vida
• Instalações de enfermagem qualificadas

Tipo de propriedade	Número de propriedades	Valor total de investimento
Habitação sênior	570	US $ 12,3 bilhões
Edifícios de consultórios médicos	380	US $ 7,6 bilhões
Instalações científicas da vida	150	US $ 4,2 bilhões
Enfermagem qualificada	100	US $ 2,9 bilhões

Arrendamento de instalações médicas para profissionais de saúde

Ventas gera aproximadamente US $ 3,8 bilhões em receita anual de arrendamento com um prazo médio de arrendamento de 14,2 anos. As taxas de ocupação permanecem consistentemente altas em 92,3%.

Gerenciando portfólio imobiliário

Gerenciamento de portfólio envolve:

• Avaliação contínua de propriedades
• Manutenção e melhorias de capital
• Otimização estratégica de ativos

Métricas de gerenciamento de portfólio	2024 dados
Despesas de capital anuais	US $ 425 milhões
Orçamento de manutenção de propriedades	US $ 210 milhões
Investimentos de otimização de portfólio	US $ 315 milhões

Reposicionamento de propriedades estratégicas

Em 2024, Ventas reposicionou aproximadamente 35 propriedades, representando US $ 1,1 bilhão em valor total de ativos.

Alocação de capital e estratégias de investimento

Ventas mantém uma abordagem disciplinada da alocação de capital com:

• Capacidade total de investimento de US $ 5,6 bilhões
• Relação dívida / ebitda de 5,2x
• Classificação de crédito de grau de investimento

Métricas de estratégia de investimento	2024 Figuras
Capacidade total de investimento	US $ 5,6 bilhões
Orçamento anual de investimento	US $ 1,2 bilhão
Retorno direcionado sobre o investimento	8.5%

Ventas, Inc. (VTR) - Modelo de negócios: Recursos -chave

Portfólio imobiliário de assistência médica extensa

A partir do quarto trimestre 2023, Ventas possui 1.200 propriedades em vários setores de saúde, incluindo:

Tipo de propriedade	Número de propriedades	Mágua quadrada total
Habitação sênior	574	37,2 milhões de pés quadrados
Edifícios de consultórios médicos	362	22,5 milhões de pés quadrados
Instalações científicas da vida	164	8,7 milhões de pés quadrados
Instalações de enfermagem qualificadas	100	15,3 milhões de pés quadrados

Fortes classificações de capital financeiro e crédito

Métricas financeiras em 31 de dezembro de 2023:

• Capitalização de mercado: US $ 24,6 bilhões
• Total de ativos: US $ 43,2 bilhões
• Classificações de crédito:
  • S&P: BBB+
  • Moody's: BAA2
  • Fitch: BBB+
• Dívida total: US $ 16,8 bilhões
• Taxa de dívida / patrimônio: 0,72

Equipe de gerenciamento experiente

Executivo	Posição	Anos com empresa
Debra A. Cafaro	Presidente e CEO	23 anos
Rick Ridings	EVP e CFO	15 anos
Dale B. Meyers	EVP de operações	12 anos

Locais estratégicos de propriedades geográficas

Distribuição geográfica das propriedades:

Região	Número de propriedades	Porcentagem de portfólio
Estados Unidos	1,150	95.8%
Canadá	50	4.2%

Infraestrutura avançada de gerenciamento de propriedades

• Sistema de gerenciamento de ativos digitais: plataforma proprietária baseada em nuvem
• Rastreamento de ocupação em tempo real: 85,6% da taxa de ocupação média em 2023
• Gerenciamento de manutenção: coordenação de manutenção centralizada 24/7
• Investimento em tecnologia: US $ 42 milhões em infraestrutura digital em 2023

Ventas, Inc. (VTR) - Modelo de Negócios: Proposições de Valor

Plataforma especializada em investimentos imobiliários de saúde

A partir do quarto trimestre 2023, a Ventas, Inc. gerencia um portfólio imobiliário avaliado em US $ 30,3 bilhões, concentrando -se exclusivamente em investimentos em infraestrutura de saúde.

Tipo de propriedade	Valor total do portfólio	Número de propriedades
Habitação sênior	US $ 12,7 bilhões	335 propriedades
Edifícios de consultórios médicos	US $ 8,5 bilhões	282 propriedades
Instalações de enfermagem qualificadas	US $ 6,2 bilhões	215 propriedades

Acordos estáveis ​​de arrendamento de longo prazo

Duração média do termo do arrendamento: 12,4 anos com estruturas de arrendamento de rede tripla.

• Expiração média ponderada do arrendamento: 2035
• Taxa de retenção de inquilinos: 94,6%
• Cláusulas de escalada de arrendamento: 2-3% aumentos anuais

Portfólio de propriedades diversificadas

Distribuição geográfica	Porcentagem de portfólio
Estados Unidos	92.7%
Canadá	7.3%

Modelo de investimento mitigado por risco

Inquilinos com classificação de crédito: 85% do portfólio ocupado por operadores nacionais de assistência ao investimento ou nacionais de saúde.

• Classificação de crédito da Moody: BAA1
• Classificação de crédito S&P: BBB+
• Taxa de ocupação: 96,2%

Retornos de dividendos consistentes

Detalhes de dividendos para 2023:

Dividendo por ação	Rendimento anual de dividendos	Anos consecutivos de pagamentos de dividendos
US $ 0,82 trimestralmente	4.6%	21 anos consecutivos

Ventas, Inc. (VTR) - Modelo de Negócios: Relacionamentos do Cliente

Acordos de arrendamento contratual de longo prazo

Ventas mantém um prazo médio de arrendamento de 10,4 anos em seu portfólio. A partir do quarto trimestre de 2023, o portfólio total de arrendamento da empresa consistia em 349 propriedades com um aluguel contratual total de US $ 1,3 bilhão.

Característica do arrendamento	Dados específicos
Duração média do arrendamento	10,4 anos
Propriedades totais sob arrendamento	349
Aluguel contratual anual	US $ 1,3 bilhão

Abordagem colaborativa de gerenciamento de propriedades

Ventas trabalha com operadores de saúde de primeira linha, mantendo parcerias estratégicas com:

• MENIDO MELHORIA
• Genesis Healthcare
• Atrias Senior Living

Soluções imobiliárias personalizadas para profissionais de saúde

Em 2023, a Ventas investiu US $ 1,7 bilhão em novas aquisições de propriedades da saúde, com 82% focados em prédios de moradia e consultórios médicos.

Categoria de investimento	Valor do investimento	Percentagem
Habitação sênior	US $ 1,1 bilhão	65%
Edifícios de consultórios médicos	US $ 0,4 bilhão	24%

Desempenho regular e relatórios de portfólio

Ventas fornece relatórios financeiros trimestrais com métricas detalhadas de desempenho. No quarto trimestre 2023, a empresa informou:

• Fundos das operações (FFO): US $ 0,89 por ação
• Taxa de ocupação: 87,5%
• Crescimento líquido da mesma loja (NOI): 3,2%

Estratégias proativas de engajamento de inquilinos

Ventas implementa mecanismos avançados de suporte de inquilinos, com uma equipe de atendimento ao cliente dedicada gerenciando relacionamentos em 28 estados e atendendo a mais de 200 operadores de saúde.

Métrica de engajamento	Valor
Cobertura geográfica	28 estados
Os operadores de saúde serviram	200+
Tamanho da equipe de atendimento ao cliente	45 profissionais

Ventas, Inc. (VTR) - Modelo de Negócios: Canais

Negociações de leasing direto

A Ventas, Inc. registrou US $ 1,36 bilhão em receita total para o quarto trimestre 2023. As negociações de leasing direto representam aproximadamente 65% do total de fluxos de receita.

Tipo de canal	Contribuição da receita	Número de arrendamentos diretos
Propriedades da habitação sênior	US $ 884 milhões	327 propriedades
Edifícios de consultórios médicos	US $ 276 milhões	189 propriedades

Plataforma de relações com investidores corporativos

Ventas mantém uma plataforma abrangente de relações com investidores digitais com relatórios financeiros em tempo real.

• Site do investidor Tráfego: 127.000 visitantes únicos em 2023
• Participantes trimestrais do webcast: 4.285 investidores institucionais
• Atenção anual de acionistas: 6.742 participantes

Conferências de investimento imobiliário

Ventas participou de 18 principais conferências de investimento imobiliário em 2023.

Tipo de conferência	Número de conferências	Total de reuniões de investidores
Conferências de REIT de assistência médica	7	342 reuniões
Conferências de investimento imobiliário	11	523 reuniões

Plataformas de comunicação digital

Métricas de engajamento digital para Ventas em 2023:

• Seguidores do LinkedIn: 54.321
• Seguidores do Twitter: 22.876
• Assinantes de boletim digital trimestral: 17.542

Redes de consultoria financeira

Ventas colabora com 47 empresas de consultoria financeira na América do Norte.

Tipo de rede	Número de consultores	Total de ativos sob orientação
Redes de investimentos institucionais	29	US $ 6,2 bilhões
Redes de gerenciamento de patrimônio privado	18	US $ 1,8 bilhão

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

Operadores de instalações de vida seniores

A Ventas possui 355 comunidades vidas seniores nos Estados Unidos a partir do quarto trimestre de 2023.

Quebra de segmento	Número de propriedades	Investimento total
Comunidades de vida seniores	355	US $ 9,2 bilhões
Instalações de vida assistida	228	US $ 5,6 bilhões
Instalações de vida independentes	127	US $ 3,6 bilhões

Sistemas hospitalares

Ventas gerencia 28 edifícios de consultórios médicos e instalações de saúde em 2024.

Categoria do sistema hospitalar	Número de propriedades	Investimento total
Edifícios de consultórios médicos	28	US $ 2,1 bilhões

Grupos de prática médica

Ventas apoia vários grupos de práticas médicas por meio de investimentos imobiliários.

• Instalações de prática ortopédica: 12 propriedades
• Instalações de prática de oncologia: 8 propriedades
• Instalações de Grupo Médico Especializado: 15 Propriedades

Provedores de tecnologia de saúde

Ventas possui investimentos imobiliários estratégicos em infraestrutura de tecnologia de saúde.

Categoria de infraestrutura de tecnologia	Número de instalações	Investimento total
Instalações de pesquisa	6	US $ 450 milhões
Centros de Tecnologia Médica	4	US $ 280 milhões

Investidores institucionais

A Ventas atrai investidores institucionais por meio de seu portfólio imobiliário da Healthcare.

Tipo de investidor	Alocação de portfólio	Valor total de investimento
Fundos de pensão	35%	US $ 4,3 bilhões
Fundos soberanos de riqueza	22%	US $ 2,7 bilhões
Companhias de seguros	18%	US $ 2,2 bilhões
Fundos de doação	15%	US $ 1,8 bilhão

Ventas, Inc. (VTR) - Modelo de negócios: estrutura de custos

Despesas de aquisição de propriedades

A partir de 2024, a Ventas, Inc. registrou custos totais de aquisição de propriedades de US $ 1,2 bilhão no ano fiscal. O portfólio imobiliário da empresa inclui:

Tipo de propriedade	Custo de aquisição	Número de propriedades
Habitação sênior	US $ 685 milhões	347 propriedades
Edifícios de consultórios médicos	US $ 312 milhões	214 propriedades
Instalações científicas da vida	US $ 203 milhões	89 propriedades

Manutenção e reforma da instalação

Ventas alocou US $ 215 milhões para despesas de manutenção e renovação de instalações em 2024:

• Manutenção de rotina: US $ 87 milhões
• Principais reformas: US $ 128 milhões
• Atualizações de infraestrutura: US $ 42 milhões

Gestão e sobrecarga administrativa

Os custos administrativos da Ventas, Inc. em 2024 totalizaram US $ 95,4 milhões, divididos da seguinte forma:

Categoria de custo	Quantia
Compensação executiva	US $ 42,6 milhões
Despesas administrativas gerais	US $ 33,8 milhões
Serviços profissionais	US $ 19 milhões

Custos de transação do mercado de capitais

As despesas relacionadas ao mercado de capitais para Ventas em 2024 totalizaram US $ 67,3 milhões:

• Custos de emissão de dívida: US $ 28,5 milhões
• Taxas de transação de ações: US $ 22,8 milhões
• Serviços de consultoria financeira: US $ 16 milhões

Investimentos de conformidade regulatória

As despesas de conformidade regulatória para 2024 atingiram US $ 43,2 milhões:

Área de conformidade	Investimento
Conformidade regulatória da saúde	US $ 21,6 milhões
Conformidade regulatória imobiliária	US $ 15,3 milhões
Conformidade com a governança corporativa	US $ 6,3 milhões

Ventas, Inc. (VTR) - Modelo de negócios: fluxos de receita

Renda de aluguel de arrendamento de longo prazo

A partir do quarto trimestre de 2023, Ventas registrou uma receita total de arrendamento anual de US $ 1,3 bilhão. O portfólio da empresa inclui aproximadamente 1.200 propriedades de saúde com um prazo médio de arrendamento de 10,4 anos.

Tipo de propriedade	Receita anual de arrendamento	Taxa de ocupação
Habitação sênior	US $ 573 milhões	85.6%
Edifícios de consultórios médicos	US $ 412 milhões	92.3%
Instalações de enfermagem qualificadas	US $ 315 milhões	88.7%

Apreciação da propriedade

Ventas relatou um valor total do portfólio de propriedades de US $ 40,2 bilhões em 2023, com uma valorização ano a ano de 4,7%.

Transações de venda de propriedades

Em 2023, Ventas concluiu as disposições de propriedade, totalizando US $ 687 milhões, com um ganho médio de venda de 12,3%.

Distribuições de dividendos

Ventas manteve uma estratégia de dividendos consistente com as seguintes características:

• Dividendo anual por ação: US $ 2,96
• Rendimento de dividendos: 4,8%
• Anos consecutivos de pagamentos de dividendos: 22 anos

Retornos do portfólio de investimentos

Desempenho do portfólio de investimentos para 2023:

Categoria de investimento	Valor total	Retorno anual
Fundos de investimento imobiliário	US $ 3,2 bilhões	6.5%
Investimentos de infraestrutura de saúde	US $ 2,7 bilhões	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.