Ventas NNN — Property-level operating expenses decreased by 3.3% to $2.90M in Q1 2026 compared to the prior quarter. Year-over-year, this metric declined by 17.7%, from $3.53M to $2.90M. Over 4 years (FY 2021 to FY 2025), NNN — Property-level operating expenses shows a downward trend with a -3.1% CAGR. This is a positive signal — lower values indicate better performance for this metric.
An increase suggests higher landlord-borne costs, potentially due to rising vacancies or lease structures that do not fully pass through all operating expenses.
This metric tracks the direct operating costs associated with maintaining the Triple-Net (NNN) properties, such as taxes...
Comparable to 'Property Operating Expenses' in other REIT segments, though typically lower in NNN portfolios than in gross-lease portfolios.
vtr_segment_nnn_property_level_operating_expenses| Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $4.43M | $3.27M | $2.81M | $4.01M | $3.59M | $3.76M | $3.95M | $3.80M | $3.54M | $3.85M | $3.38M | $3.74M | $3.51M | $4.38M | $4.21M | $3.53M | $3.97M | $3.01M | $3.00M | $2.90M |
| QoQ Change | — | -26.3% | -14.0% | +42.6% | -10.6% | +4.8% | +5.2% | -3.9% | -6.8% | +8.8% | -12.2% | +10.7% | -6.2% | +24.9% | -4.0% | -16.1% | +12.4% | -24.1% | -0.4% | -3.3% |
| YoY Change | — | — | — | — | -19.1% | +14.9% | +40.6% | -5.3% | -1.3% | +2.4% | -14.5% | -1.5% | -0.9% | +13.8% | +24.5% | -5.6% | +13.1% | -31.2% | -28.7% | -17.7% |