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-8.7% | $601.58M-3.3% | $626.27M+1.0% | $621.57M-0.5% | $622.8M-0.3% | |
| OM&R | $906.81M+3.0% | $897.9M+2.3% | $887.32M+0.4% | $882.01M-0.8% | $880.08M-0.6% | |
| 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-8.7% | $601.58M-3.3% | $626.27M+1.0% | $621.57M-0.5% | $622.8M-0.3% | |
| Outpatient medical and research portfolio (OM&R) | $903.87M+3.0% | $895.09M+2.3% | $884.53M+0.4% | $879.29M-0.8% | $877.33M-0.6% | |
| Other segment expenses by Business | ||||||
| NNN | $12.88M-17.5% | $13.51M-14.7% | $14.71M-3.6% | $16.08M+10.7% | $15.62M+6.6% | |
| OM&R | $312.08M+3.9% | $307.73M+3.2% | $303.71M+2.0% | $302.05M+2.9% | $300.34M+2.3% | |
| Percentage of Total NOI by Business | ||||||
| NNN | 37%+8.8pp | 24.6%-4.7pp | 25.8%— | 26.9%— | 28.1%— | |
| OM&R | 41.6%+14.4pp | 24.7%-3.3pp | 25.5%— | 26.4%— | 27.2%— | |
| NOI by Business | ||||||
| NNN | $555.66M-8.5% | $588.07M-3.0% | $611.56M+1.1% | $605.49M-0.7% | $607.18M-0.5% | |
| OM&R | $594.73M+2.6% | $590.17M+1.9% | $583.61M0.0% | $579.96M-1.3% | $579.74M-1.0% | |
| SHOP | $1.29B+39.5% | $1.18B+36.7% | $1.09B— | $999.58M— | $927.4M— | |
| Property-level operating expenses by Business | ||||||
| Outpatient medical and research portfolio (OM&R) | $312.08M+3.9% | $307.73M+3.2% | $303.71M+1.4% | $302.05M+0.4% | $300.34M+0.2% | |
| Triple-Net Leased Properties | $12.88M-17.5% | $13.51M-14.7% | $14.71M-1.9% | $16.08M+11.1% | $15.62M+7.7% | |
| Number of real estate properties by Business | ||||||
| NNN | 355— | —— | —— | —— | —— | |
| OM&R | 426-11.8% | 444-8.1% | 461+507% | 476-8.1% | 483-49.6% | |
| SHOP | 763+14.7% | 771+15.8% | 648— | 664— | 665— | |
| Assets Held for Sale by Business | ||||||
| NNN | $45.71M-67.4% | $183.67M+2,225% | $161.49M+1,397% | $141.25M+1,412% | $140.09M— | |
| OM&R | $10.96M-76.3% | $10.6M-78.7% | $10.14M-81.6% | $28.93M-17.1% | $46.14M+346% | |
| SHOP | $120.03M+47.8% | $123.81M+28.6% | $122.09M-3.0% | $104.09M— | $81.21M— | |
| Liabilities related to assets held for sale by Business | ||||||
| NNN | $1.68M+757% | $1.88M+408% | $759K+38.0% | $385K-44.4% | $196K— | |
| OM&R | $965K-75.0% | $1.19M-76.8% | $1.62M-77.4% | $2.78M-55.1% | $3.85M-33.2% | |
| SHOP | $10.07M-10.8% | $10.5M-30.5% | $9.87M-49.0% | $10.63M— | $11.29M— | |
| 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-81.8% | $3.7M-90.9% | $19.4M-32.9% | $16.2M-51.1% | $40.1M+198% | |
| OM&R | $64.9M+336% | $57.1M+3,707% | $55.4M+808% | $31.4M+196% | $14.9M-3.2% | |
| SHOP | $30M-37.1% | $35.2M-19.5% | $28.8M-67.7% | $45.1M-62.4% | $47.7M-67.4% | |
| Number of Properties Classified as Held-for-sale by Business | ||||||
| NNN | 25+150% | 34+162% | 24+71.4% | 12— | 10— | |
| OM&R | 4— | 4+300% | 40.0% | 3— | 0— | |
| SHOP | 19+111% | 15-21.1% | 11-63.3% | 10— | 9— | |
| Labor by Business | ||||||
| NNN | $0— | $0— | $0— | $0— | $0— | |
| OM&R | $0— | $0— | $0— | $0— | $0— | |
| Rental income by Product | ||||||
| NNN | $568.54M-8.7% | $601.58M-3.3% | $626.27M+1.0% | $621.57M-0.5% | $622.8M-0.3% | |
| OM&R | $903.87M+3.0% | $895.09M+2.3% | $884.53M+0.4% | $879.29M-0.8% | $877.33M-0.6% | |
| Property-level operating expenses by Product | ||||||
| NNN | $12.88M-17.5% | $13.51M-14.7% | $14.71M-1.9% | $16.08M+11.1% | $15.62M+7.7% | |
| OM&R | $312.08M+3.9% | $307.73M+3.2% | $303.71M+1.4% | $302.05M+0.4% | $300.34M+0.2% |
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.
