Ventas VTR Business Segments
| TTM Q1 '26 | TTM Q4 '25 | TTM Q3 '25 | TTM Q2 '25 | TTM Q1 '25 | ||
|---|---|---|---|---|---|---|
| Revenue by Business | ||||||
| NNN | $568.54M-5.5% | $601.58M-3.9% | $626.27M+0.8% | $621.57M-0.2% | $622.8M+0.1% | |
| OM&R | $906.81M+1.0% | $897.9M+1.2% | $887.32M+0.6% | $882.01M+0.2% | $880.08M+0.3% | |
| Interest and other income by Business | ||||||
| NNN | $0— | $0— | $0— | $0— | $0— | |
| OM&R | $0— | $0— | $0— | $0— | $0— | |
| Total rental income by Business | ||||||
| NNN | $568.54M-5.5% | $601.58M-3.9% | $626.27M+0.8% | $621.57M-0.2% | $622.8M+0.1% | |
| Outpatient medical and research portfolio (OM&R) | $903.87M+1.0% | $895.09M+1.2% | $884.53M+0.6% | $879.29M+0.2% | $877.33M+0.3% | |
| Other segment expenses by Business | ||||||
| NNN | $12.88M-4.6% | $13.51M-8.2% | $14.71M-8.5% | $16.08M+2.9% | $15.62M-1.3% | |
| OM&R | $312.08M+1.4% | $307.73M+1.3% | $303.71M+0.5% | $302.05M+0.6% | $300.34M+0.7% | |
| Percentage of Total NOI by Business | ||||||
| NNN | 37%+12.4pp | 24.6%-1.2pp | 25.8%-1.2pp | 26.9%-1.2pp | 28.1%-1.2pp | |
| OM&R | 41.6%+16.9pp | 24.7%-0.8pp | 25.5%-0.8pp | 26.4%-0.8pp | 27.2%-0.8pp | |
| NOI by Business | ||||||
| NNN | $555.66M-5.5% | $588.07M-3.8% | $611.56M+1.0% | $605.49M-0.3% | $607.18M+0.2% | |
| OM&R | $594.73M+0.8% | $590.17M+1.1% | $583.61M+0.6% | $579.96M0.0% | $579.74M+0.1% | |
| SHOP | $1.29B+9.3% | $1.18B+8.8% | $1.09B+8.8% | $999.58M+7.8% | $927.4M+7.0% | |
| Property-level operating expenses by Business | ||||||
| Outpatient medical and research portfolio (OM&R) | $312.08M+1.4% | $307.73M+1.3% | $303.71M+0.5% | $302.05M+0.6% | $300.34M+0.7% | |
| Triple-Net Leased Properties | $12.88M-4.6% | $13.51M-8.2% | $14.71M-8.5% | $16.08M+2.9% | $15.62M-1.3% | |
| Number of real estate properties by Business | ||||||
| NNN | 355— | —— | —— | —— | —— | |
| OM&R | 426-4.1% | 444-3.7% | 461-3.2% | 476-1.4% | 4830.0% | |
| SHOP | 763-1.0% | 771+19.0% | 648-2.4% | 664-0.2% | 665-0.2% | |
| Assets Held for Sale by Business | ||||||
| NNN | $45.71M-75.1% | $183.67M+13.7% | $161.49M+14.3% | $141.25M+0.8% | $140.09M+1,674% | |
| OM&R | $10.96M+3.4% | $10.6M+4.5% | $10.14M-64.9% | $28.93M-37.3% | $46.14M-7.1% | |
| SHOP | $120.03M-3.1% | $123.81M+1.4% | $122.09M+17.3% | $104.09M+28.2% | $81.21M-15.7% | |
| Liabilities related to assets held for sale by Business | ||||||
| NNN | $1.68M-10.5% | $1.88M+147% | $759K+97.1% | $385K+96.4% | $196K-46.9% | |
| OM&R | $965K-18.6% | $1.19M-27.0% | $1.62M-41.7% | $2.78M-27.8% | $3.85M-24.4% | |
| SHOP | $10.07M-4.1% | $10.5M+6.4% | $9.87M-7.1% | $10.63M-5.9% | $11.29M-25.3% | |
| Management fees by Business | ||||||
| NNN | $0— | $0— | $0— | $0— | $0— | |
| OM&R | $0— | $0— | $0— | $0— | $0— | |
| Impairment of real estate by Business | ||||||
| NNN | $7.3M+97.3% | $3.7M-80.9% | $19.4M+19.8% | $16.2M-59.6% | $40.1M-1.7% | |
| OM&R | $64.9M+13.7% | $57.1M+3.1% | $55.4M+76.4% | $31.4M+111% | $14.9M+893% | |
| SHOP | $30M-14.8% | $35.2M+22.2% | $28.8M-36.1% | $45.1M-5.5% | $47.7M+9.2% | |
| Number of Properties Classified as Held-for-sale by Business | ||||||
| NNN | 25-26.5% | 34+41.7% | 24+100% | 12+20.0% | 10-23.1% | |
| OM&R | 40.0% | 40.0% | 4+33.3% | 3— | 0-100% | |
| SHOP | 19+26.7% | 15+36.4% | 11+10.0% | 10+11.1% | 9-52.6% | |
| Labor by Business | ||||||
| NNN | $0— | $0— | $0— | $0— | $0— | |
| OM&R | $0— | $0— | $0— | $0— | $0— | |
| Rental income by Product | ||||||
| NNN | $568.54M-5.5% | $601.58M-3.9% | $626.27M+0.8% | $621.57M-0.2% | $622.8M+0.1% | |
| OM&R | $903.87M+1.0% | $895.09M+1.2% | $884.53M+0.6% | $879.29M+0.2% | $877.33M+0.3% | |
| Property-level operating expenses by Product | ||||||
| NNN | $12.88M-4.6% | $13.51M-8.2% | $14.71M-8.5% | $16.08M+2.9% | $15.62M-1.3% | |
| OM&R | $312.08M+1.4% | $307.73M+1.3% | $303.71M+0.5% | $302.05M+0.6% | $300.34M+0.7% |
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.
