Ventas VTR Business Segments
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Revenue by Business | ||||||
| NNN | $123.07M-21.2% | $132.71M-15.7% | $160.05M+3.0% | $152.7M-0.8% | $156.11M+0.5% | |
| OM&R | $230.9M+4.0% | $227.54M+4.9% | $226.88M+2.4% | $221.49M+0.9% | $222M+1.1% | |
| SHOP | $1.29B+33.4% | —— | $1.09B+28.7% | $1.03B+26.3% | $968.9M+19.1% | |
| 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-21.2% | $132.71M-15.7% | $160.05M+3.0% | $152.7M-0.8% | $156.11M+0.5% | |
| Outpatient medical and research portfolio (OM&R) | $230.1M+4.0% | $226.76M+4.9% | $226.2M+2.4% | $220.81M+0.9% | $221.32M+1.1% | |
| Other segment expenses by Business | ||||||
| NNN | $2.9M-17.7% | $3M-28.7% | $3.01M-31.2% | $3.97M+13.1% | $3.53M-5.6% | |
| OM&R | $80.3M+5.7% | $77.64M+5.5% | $79.14M+2.1% | $75M+2.3% | $75.96M+2.7% | |
| SHOP | $336.81M+29.0% | —— | $286.72M+22.6% | —— | $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%-1.2pp | 6.2%-1.2pp | 6.2%-1.2pp | 6.2%-1.2pp | |
| OM&R | 23.1%+16.9pp | 6.2%-0.8pp | 6.2%-0.8pp | 6.2%-0.8pp | 6.2%-0.8pp | |
| SHOP | 57.5%— | 1.3%-9.2pp | —— | —— | —— | |
| NOI by Business | ||||||
| NNN | $120.17M-21.2% | $129.71M-15.3% | $157.04M+4.0% | $148.74M-1.1% | $152.59M+0.6% | |
| OM&R | $150.6M+3.1% | $149.9M+4.6% | $147.75M+2.5% | $146.49M+0.1% | $146.04M+0.3% | |
| SHOP | $374.46M+41.6% | $330.85M+41.0% | $302.3M+41.3% | $286.41M+33.7% | $264.5M+30.0% | |
| Property-level operating expenses by Business | ||||||
| Outpatient medical and research portfolio (OM&R) | $80.3M+5.7% | $77.64M+5.5% | $79.14M+2.1% | $75M+2.3% | $75.96M+2.7% | |
| Triple-Net Leased Properties | $2.9M-17.7% | $3M-28.7% | $3.01M-31.2% | $3.97M+13.1% | $3.53M-5.6% | |
| Number of real estate properties by Business | ||||||
| NNN | 10— | 213+76.0% | 1210.0% | 11-90.9% | —— | |
| OM&R | 1-94.7% | 409-4.0% | 4-78.9% | 12-36.8% | 190.0% | |
| SHOP | 1-88.9% | 752+19.6% | 1-94.1% | 9-10.0% | 9-10.0% | |
| Assets Held for Sale by Business | ||||||
| NNN | $0-100% | $22.19M— | $22.37M+950% | $1.16M— | $137.96M+2,292% | |
| OM&R | $379K+2,006% | $468K+3,500% | $2.78M-87.1% | $7.33M-70.1% | $18K-99.5% | |
| SHOP | $13.15M-22.3% | $20.34M+9.3% | $44.94M+66.8% | $41.61M+122% | $16.93M-47.1% | |
| Liabilities related to assets held for sale by Business | ||||||
| NNN | $0-100% | $1.12M— | $374K— | $189K— | $196K-46.9% | |
| OM&R | $96K-69.6% | $130K-77.1% | $338K-77.4% | $401K-72.8% | $316K-79.7% | |
| SHOP | $1.43M-23.0% | $2.79M+29.1% | $3M-20.2% | $2.85M-18.9% | $1.86M-67.2% | |
| Management fees by Business | ||||||
| NNN | $0— | $0— | $0— | $0— | $0— | |
| OM&R | $0— | $0— | $0— | $0— | $0— | |
| SHOP | $67.56M+33.5% | —— | $56.98M+32.2% | —— | $50.61M— | |
| Impairment of real estate by Business | ||||||
| NNN | $3.7M+3,600% | $400K-97.5% | $3.2M— | $0-100% | $100K-87.5% | |
| OM&R | $22.2M+54.2% | $1.9M+850% | $24.3M+8,000% | $16.5M— | $14.4M+1,340% | |
| SHOP | $2.4M-68.4% | $8.5M+305% | $700K-95.9% | $18.4M-12.4% | $7.6M+111% | |
| Number of Properties Classified as Held-for-sale by Business | ||||||
| NNN | 0-100% | 10— | 13+1,200% | 2— | 9-25.0% | |
| OM&R | 0— | 0— | 1— | 3— | 0-100% | |
| SHOP | 5+400% | 6+200% | 4+33.3% | 4+33.3% | 1-90.9% | |
| Labor by Business | ||||||
| NNN | $0— | $0— | $0— | $0— | $0— | |
| OM&R | $0— | $0— | $0— | $0— | $0— | |
| SHOP | $513.96M+30.9% | —— | $442.55M+24.8% | —— | $392.62M— | |
| Rental income by Product | ||||||
| NNN | $123.07M-21.2% | $132.71M-15.7% | $160.05M+3.0% | $152.7M-0.8% | $156.11M+0.5% | |
| OM&R | $230.1M+4.0% | $226.76M+4.9% | $226.2M+2.4% | $220.81M+0.9% | $221.32M+1.1% | |
| Property-level operating expenses by Product | ||||||
| NNN | $2.9M-17.7% | $3M-28.7% | $3.01M-31.2% | $3.97M+13.1% | $3.53M-5.6% | |
| OM&R | $80.3M+5.7% | $77.64M+5.5% | $79.14M+2.1% | $75M+2.3% | $75.96M+2.7% | |
| SHOP | $918.33M+30.4% | —— | $786.25M+24.5% | $746.3M+23.7% | $704.4M+15.5% |
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.
