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Ventas
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Latest analysis
Updated Oct 28, 2026
Ventas Q3 2026: SHOP NOI surges 42% YoY as same-store occupancy hits 92.1% and $3.9B in acquisitions reshapes portfolio toward operating senior housing
Ventas delivered a structurally significant quarter: SHOP NOI reached $429.9 million in Q3 2026, up 42.2% year-over-year, with same-store occupancy at 92.1% versus 89.2% a year ago — a level that signals the recovery is approaching saturation. The $3.9 billion deployed into 101 SHOP acquisitions in the first nine months of 2026, plus $803.5 million closed in October, accelerates the portfolio's pivot away from triple-net leases toward direct operating exposure, with SHOP now representing 58.6% of total NOI versus 48.1% in the prior-year nine-month period. NNN NOI contracted 19.7% year-over-year, driven primarily by NNN-to-SHOP conversions rather than tenant deterioration, confirming that the structural shift is intentional and well underway.
Tone: bullishRevenue
$5.8B
VTR 10-K · FY 2025
Employees
542
Revenue FY2024
$4.9B
Headquarters
Chicago, IL
Profile
VTR 10-K Item 1 · Feb 6, 2026Ventas is an S&P 500 healthcare REIT owning or invested in 1,409 properties across senior housing communities, outpatient medical buildings, research centers, hospitals, and other healthcare facilities in North America and the United Kingdom. The company operates through three reportable segments — SHOP, OM&R, and NNN — and manages a third-party institutional private capital platform called Ventas Investment Management. Its strategy centers on demographic-driven demand from the aging population, particularly the 80+ cohort.
Read filing description ↓ Collapse description ↑
Ventas, Inc. is an S&P 500 company focused on delivering strong, sustainable shareholder returns by enabling exceptional environments that benefit a large and growing aging population. We hold a portfolio that includes senior housing communities, outpatient medical buildings, research centers, hospitals and healthcare facilities located in North America and the United Kingdom. As of December 31, 2025, we owned or had investments in 1,409 properties consisting of 1,374 properties in our reportable segments and 35 properties held by unconsolidated real estate entities in our non-segment operations. We operate through three reportable segments: senior housing operating portfolio (SHOP), outpatient medical and research portfolio (OM&R), and triple-net leased properties (NNN). Through VIM, we partner with third-party institutional investors to invest in real estate through various joint ventures and other co-investment vehicles where we are the sponsor or general partner, including our open-ended investment vehicle, the Ventas Life Science & Healthcare Real Estate Fund. Our investments in unconsolidated entities also include investments in operating entities, such as Ardent Health, Inc. and Atria Senior Living, Inc. For nearly three decades, Ventas has pursued a strategy focused on delivering outsized value to stockholders and other key stakeholders by enabling exceptional environments that benefit a large and growing aging population. Our objective is to generate reliable and growing cash flows from our portfolio, which enables us to pay regular cash dividends to stockholders and creates opportunities to increase stockholder value.
Primary products
- Senior housing communities (independent living, assisted living, memory care, continuing care retirement communities)
- Outpatient medical buildings
- Research centers
- Skilled nursing facilities (SNFs)
- Long-term acute care facilities (LTACs)
- Inpatient rehabilitation facilities (IRFs)
Business segments
End markets
Geographies
Named customers
The properties we lease to Brookdale Senior Living, Inc. (together with its subsidiaries, 'Brookdale'), Ardent and Kindred Healthcare, LLC (together with its subsidiaries, 'Kindred') accounted for a significant portion of our NNN segment revenues and NOI for the year ended December 31, 2025.
“We generally compete for investments in real estate with publicly traded, private and non-listed healthcare REITs, real estate partnerships, healthcare providers, healthcare lenders and other investors, including developers, banks, insurance companies, pension funds, government-sponsored entities and private equity firms, some of whom may have greater financial resources and lower costs of capital than we do.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues grew from $4.92 billion in 2024 to $5.83 billion in 2025, driven by growth across all three geographic segments.
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