Income StatementBalance SheetCash FlowSegments
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Ventas Business Segments

Business, geographic, and product segment breakdowns

Ventas generates $6.1B in annual revenue across 3 key segments: NNN ($568.5M), OM&R ($906.8M), and SHOP ($1.3B). Based on the Q1 2026 filing.

NNN (TTM)$568.5MOM&R (TTM)$906.8MSHOP$1.3B
Latest FilingQ1 2026
Report Date2026-04-28
Market Cap$43.9B
P/E Ratio161.37
ROE2.21%

Products & Services

Other revenues

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Third-party capital management expenses$4.3M$4.4M$4.5M$4.3M$4.4M—

Property-level operating expenses

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
NNN$3.5M$4.0M$3.0M$3.0M$2.9M—
OM&R$76.0M$75.0M$79.1M$77.6M$80.3M—
SHOP$704.4M$746.3M$786.3M—$918.3M—

Rental income

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
NNN$156.1M$152.7M$160.1M$132.7M$123.1M—
OM&R$221.3M$220.8M$226.2M$226.8M$230.1M—

Resident fees and services

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Resident fees and services$968.9M—$1.1B—$1.3B—

Third-party capital management expenses

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Third-party capital management expenses$1.8M$1.6M$1.5M—$1.8M—

Geographic

MetricQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Principal Amount of Loans Subject to Delinquent Principal or Interest———$0.0——

Business Segments

Assets Held for Sale

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
NNN$138.0M$1.2M$22.4M$22.2M$0.0—
OM&R$18.0K$7.3M$2.8M$468.0K$379.0K—
Outpatient Medical Buildings And Other———$468.0K——
SHOP$16.9M$41.6M$44.9M$20.3M$13.2M—

Impairment of real estate

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
NNN$100.0K$0.0$3.2M$400.0K$3.7M—
OM&R$14.4M$16.5M$24.3M$2.1M$22.2M—
SHOP$7.6M$18.4M$700.0K$8.5M$2.4M—

Income from loans and investments

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
NNN$0.0—$0.0—$0.0—
OM&R$0.0—$0.0—$0.0—
SHOP$0.0$0.0$0.0—$0.0—

Interest and other income

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
NNN$0.0$0.0$0.0$0.0$0.0—
OM&R$0.0$0.0$0.0$0.0$0.0—
SHOP$0.0$0.0$0.0—$0.0—

Labor

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
NNN$0.0$0.0$0.0$0.0$0.0—
OM&R$0.0$0.0$0.0$0.0$0.0—
SHOP$392.6M—$442.6M—$514.0M—

Liabilities related to assets held for sale

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
NNN$196.0K$189.0K$374.0K$1.1M$0.0—
OM&R$316.0K$401.0K$338.0K$130.0K$96.0K—
SHOP$1.9M$2.9M$3.0M$2.8M$1.4M—

Management fees

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
NNN$0.0$0.0$0.0$0.0$0.0—
OM&R$0.0$0.0$0.0$0.0$0.0—
SHOP$50.6M—$57.0M—$67.6M—

NOI

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
NNN$152.6M$148.7M$157.0M$129.7M$120.2M—
OM&R$146.0M$146.5M$147.7M$149.9M$150.6M—
SHOP$264.5M—$302.3M—$374.5M—

Number of Properties Classified as Held-for-sale

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
NNN9.002.0013.0010.000.00—
OM&R0.003.001.000.000.00—
SHOP1.004.004.006.005.00—

Number of real estate properties

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
NNN—11.00121.00213.0010.00—
OM&R19.0012.004.00409.001.00—
SHOP9.009.001.00752.001.00—

Other segment expenses

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
NNN$3.5M$4.0M$3.0M$3.0M$2.9M—
OM&R$76.0M$75.0M$79.1M$77.6M$80.3M—
SHOP$261.2M—$286.7M—$336.8M—

Percentage of Total NOI

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
NNN6.2%6.2%6.2%6.2%18.5%—
OM&R6.2%6.2%6.2%6.2%23.1%—
SHOP12.3%12.3%12.3%12.3%57.5%—

Revenue

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
NNN$156.1M$152.7M$160.1M$132.7M$123.1M—
OM&R$222.0M$221.5M$226.9M$227.5M$230.9M—
SHOP$968.9M$1.0B$1.1B—$1.3B—

Total rental income

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
NNN$156.1M$152.7M$160.1M$132.7M$123.1M—
Outpatient medical and research portfolio (OM&R)$221.3M$220.8M$226.2M$226.8M$230.1M—

Goodwill

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Outpatient medical and research portfolio (OM&R)———$467.0M——

Property-level operating expenses

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Outpatient medical and research portfolio (OM&R)$76.0M$75.0M$79.1M$77.6M$80.3M—
Triple-Net Leased Properties$3.5M$4.0M$3.0M$3.0M$2.9M—

Liabilities Related to Assets Held for Sale

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Outpatient Medical Buildings And Other———$130.0K——

Segment Properties Held for Sale

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Outpatient Medical Buildings And Other———0.00——

Number of real estate properties acquired

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
SHOP17.003.005.006.0029.0011.00

Rental income

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
SHOP$0.0$0.0$0.0—$0.0—

Value of assets acquired

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
SHOP$770.0M$104.5M$147.7M$161.4M$983.4M$540.0M