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Ventas VTR SHOP — Property-level operating expenses

Other product segments

OM&R
$80.3M+5.7%
NNN
$2.9M-17.7%

Similar metrics at other companies

National Health Investors logo
NHISHOP — Other senior housing operating expenses
$3.92M+79.7%
National Health Investors logo
NHISenior housing operating expenses
$28.17M+160%
American Healthcare REIT logo
AHRSHOP — Utilities Food Repairs And Maintenance And Other Operating Expenses
$28.51M+48.6%
Welltower logo
WELLSeniors Housing Operating — Property operating expenses
$2.02B+45.5%
National Health Investors logo
NHISHOP — Net Operating Income
$8.89M+188%
American Healthcare REIT logo
AHRSHOP — Operating Lease Expense
$0—

Other financials

Income statement

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Revenue$1.7B+22.0%
Net income$59.0M+22.1%
EPS (diluted)$0.11+10.0%

Balance sheet

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Cash & equivalents$183.6M+0.7%
Total debt$12.7B-1.5%
Total equity$13.1B+14.4%
Total assets$27.7B+6.4%

Cash flow

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Operating cash flow$394.6M+22.9%

Valuation

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Market cap$42.51B+50.8%
Enterprise value$55.05B+34.5%
P/E156.2×-32.7×
P/S6.9×+1.4×

Profitability

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Net margin4.4%+1.5pp
FCF margin33.1%—

Returns & leverage

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Return on equity2.2%+0.8pp
Debt / equity1×-0.2×

Where this comes from

Reported directly by Ventas in its filing.

Tagged under the XBRL concept us-gaap:DirectCostsOfLeasedAndRentedPropertyOrEquipment.

The official record: Ventas’s 10-Q, filed April 28, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Ventas's SHOP — property-level operating expenses?
Ventas (VTR) reported SHOP — property-level operating expenses of $918.33M in Q1 2026.
How has Ventas's SHOP — property-level operating expenses changed year-over-year?
Ventas's SHOP — property-level operating expenses increased by 30.4% year-over-year, from $704.4M to $918.33M.
What does SHOP — property-level operating expenses mean?
This metric aggregates all direct costs required to maintain and operate the properties within the Senior Housing Operating Portfolio, excluding labor and management fees. This includes utilities, property taxes, maintenance, and insurance. It serves as a primary measure of the cost-to-operate the physical assets and is essential for calculating net operating income.