Ventas Triple-Net Leased Properties — Property-level operating expenses decreased by 3.3% to $2.90M in Q1 2026 compared to the prior quarter. Year-over-year, this metric declined by 17.7%, from $3.53M to $2.90M. Over 4 years (FY 2021 to FY 2025), Triple-Net Leased Properties — Property-level operating expenses shows a downward trend with a -3.1% CAGR. This is a positive signal — lower values indicate better performance for this metric.
A decrease is generally positive as it indicates effective cost-shifting to tenants or improved operational efficiency, while an unexpected increase may signal rising non-recoverable costs.
This metric captures the operating expenses incurred at the property level for assets managed under triple-net lease agr...
Peers typically monitor this to ensure that the triple-net structure is effectively insulating the landlord from property-level inflation.
vtr_segment_triple_net_leased_properties_property_level_operating_expenses| Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $4.43M | $3.27M | $2.81M | $4.01M | $3.59M | $3.76M | $3.95M | $3.80M | $3.54M | $3.85M | $3.38M | $3.74M | $3.51M | $4.38M | $4.21M | $3.53M | $3.97M | $3.01M | $3.00M | $2.90M |
| QoQ Change | — | -26.3% | -14.0% | +42.6% | -10.6% | +4.8% | +5.2% | -3.9% | -6.8% | +8.8% | -12.2% | +10.7% | -6.2% | +24.9% | -4.0% | -16.1% | +12.4% | -24.1% | -0.4% | -3.3% |
| YoY Change | — | — | — | — | -19.1% | +14.9% | +40.6% | -5.3% | -1.3% | +2.4% | -14.5% | -1.5% | -0.9% | +13.8% | +24.5% | -5.6% | +13.1% | -31.2% | -28.7% | -17.7% |