Ventas VTR Business Segments
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Revenue by Business | ||||||
| NNN | $123.07M-7.3% | $132.71M-17.1% | $160.05M+4.8% | $152.7M-2.2% | $156.11M-0.8% | |
| OM&R | $230.9M+1.5% | $227.54M+0.3% | $226.88M+2.4% | $221.49M-0.2% | $222M+2.3% | |
| SHOP | $1.29B— | —— | $1.09B+5.4% | $1.03B+6.6% | $968.9M— | |
| Interest and other income by Business | ||||||
| NNN | $0— | $0— | $0— | $0— | $0— | |
| OM&R | $0— | $0— | $0— | $0— | $0— | |
| SHOP | $0— | —— | $0— | $0— | $0— | |
| Total rental income by Business | ||||||
| NNN | $123.07M-7.3% | $132.71M-17.1% | $160.05M+4.8% | $152.7M-2.2% | $156.11M-0.8% | |
| Outpatient medical and research portfolio (OM&R) | $230.1M+1.5% | $226.76M+0.2% | $226.2M+2.4% | $220.81M-0.2% | $221.32M+2.4% | |
| Other segment expenses by Business | ||||||
| NNN | $2.9M-3.3% | $3M-0.4% | $3.01M-24.1% | $3.97M+12.4% | $3.53M-16.1% | |
| OM&R | $80.3M+3.4% | $77.64M-1.9% | $79.14M+5.5% | $75M-1.3% | $75.96M+3.2% | |
| SHOP | $336.81M— | —— | $286.72M— | —— | $261.17M— | |
| Income from loans and investments by Business | ||||||
| NNN | $0— | —— | $0— | —— | $0— | |
| OM&R | $0— | —— | $0— | —— | $0— | |
| SHOP | $0— | —— | $0— | $0— | $0— | |
| Percentage of Total NOI by Business | ||||||
| NNN | 18.5%+12.4pp | 6.2%0.0pp | 6.2%0.0pp | 6.2%0.0pp | 6.2%-1.2pp | |
| OM&R | 23.1%+16.9pp | 6.2%0.0pp | 6.2%0.0pp | 6.2%0.0pp | 6.2%-0.8pp | |
| SHOP | 57.5%+56.2pp | 1.3%— | —— | —— | —— | |
| NOI by Business | ||||||
| NNN | $120.17M-7.4% | $129.71M-17.4% | $157.04M+5.6% | $148.74M-2.5% | $152.59M-0.4% | |
| OM&R | $150.6M+0.5% | $149.9M+1.5% | $147.75M+0.9% | $146.49M+0.3% | $146.04M+1.9% | |
| SHOP | $374.46M+13.2% | $330.85M+9.4% | $302.3M+5.5% | $286.41M+8.3% | $264.5M+12.7% | |
| Property-level operating expenses by Business | ||||||
| Outpatient medical and research portfolio (OM&R) | $80.3M+3.4% | $77.64M-1.9% | $79.14M+5.5% | $75M-1.3% | $75.96M+3.2% | |
| Triple-Net Leased Properties | $2.9M-3.3% | $3M-0.4% | $3.01M-24.1% | $3.97M+12.4% | $3.53M-16.1% | |
| Number of real estate properties by Business | ||||||
| NNN | 10-95.3% | 213+76.0% | 121+1,000% | 11— | —— | |
| OM&R | 1-99.8% | 409+10,125% | 4-66.7% | 12-36.8% | 19-95.5% | |
| SHOP | 1-99.9% | 752+75,100% | 1-88.9% | 90.0% | 9-98.6% | |
| Assets Held for Sale by Business | ||||||
| NNN | $0-100% | $22.19M-0.8% | $22.37M+1,835% | $1.16M-99.2% | $137.96M— | |
| OM&R | $379K-19.0% | $468K-83.2% | $2.78M-62.0% | $7.33M+40,611% | $18K+38.5% | |
| SHOP | $13.15M-35.3% | $20.34M-54.7% | $44.94M+8.0% | $41.61M+146% | $16.93M-9.0% | |
| Liabilities related to assets held for sale by Business | ||||||
| NNN | $0-100% | $1.12M+198% | $374K+97.9% | $189K-3.6% | $196K— | |
| OM&R | $96K-26.2% | $130K-61.5% | $338K-15.7% | $401K+26.9% | $316K-44.4% | |
| SHOP | $1.43M-48.6% | $2.79M-7.0% | $3M+5.0% | $2.85M+53.2% | $1.86M-13.7% | |
| Management fees by Business | ||||||
| NNN | $0— | $0— | $0— | $0— | $0— | |
| OM&R | $0— | $0— | $0— | $0— | $0— | |
| SHOP | $67.56M— | —— | $56.98M— | —— | $50.61M— | |
| Impairment of real estate by Business | ||||||
| NNN | $3.7M+825% | $400K-87.5% | $3.2M— | $0-100% | $100K-99.4% | |
| OM&R | $22.2M+1,068% | $1.9M-92.2% | $24.3M+47.3% | $16.5M+14.6% | $14.4M+7,100% | |
| SHOP | $2.4M-71.8% | $8.5M+1,114% | $700K-96.2% | $18.4M+142% | $7.6M+262% | |
| Number of Properties Classified as Held-for-sale by Business | ||||||
| NNN | 0-100% | 10-23.1% | 13+550% | 2-77.8% | 9— | |
| OM&R | 0— | 0-100% | 1-66.7% | 3— | 0— | |
| SHOP | 5-16.7% | 6+50.0% | 40.0% | 4+300% | 1-50.0% | |
| Labor by Business | ||||||
| NNN | $0— | $0— | $0— | $0— | $0— | |
| OM&R | $0— | $0— | $0— | $0— | $0— | |
| SHOP | $513.96M— | —— | $442.55M— | —— | $392.62M— | |
| Rental income by Product | ||||||
| NNN | $123.07M-7.3% | $132.71M-17.1% | $160.05M+4.8% | $152.7M-2.2% | $156.11M-0.8% | |
| OM&R | $230.1M+1.5% | $226.76M+0.2% | $226.2M+2.4% | $220.81M-0.2% | $221.32M+2.4% | |
| Property-level operating expenses by Product | ||||||
| NNN | $2.9M-3.3% | $3M-0.4% | $3.01M-24.1% | $3.97M+12.4% | $3.53M-16.1% | |
| OM&R | $80.3M+3.4% | $77.64M-1.9% | $79.14M+5.5% | $75M-1.3% | $75.96M+3.2% | |
| SHOP | $918.33M— | —— | $786.25M+5.4% | $746.3M+5.9% | $704.4M— |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- How does Ventas break its business down?
- Ventas (VTR) reports revenue by business across 3 parts — NNN, OM&R and SHOP. Each is extracted from the segment footnotes and tracked over time.
- Where does Ventas's segment data come from?
- Segment breakdowns are pulled from the segment footnotes in Ventas's SEC filings (the XBRL dimensional tags), so every line ties back to a reported figure. Switch between quarterly, annual, and TTM, or open any segment for its full history.
