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Ventas VTR Triple-Net Leased Properties — Property-level operating expenses

Other segment segments

Outpatient medical and research portfolio (OM&R)
$80.3M+5.7%

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AHRTriple Net Leased Properties — Operating Lease Lease Income
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CTREProperty operating expenses
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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 / equity-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 triple-net leased properties — property-level operating expenses?
Ventas (VTR) reported triple-net leased properties — property-level operating expenses of $2.9M in Q1 2026.
How has Ventas's triple-net leased properties — property-level operating expenses changed year-over-year?
Ventas's triple-net leased properties — property-level operating expenses decreased by 17.7% year-over-year, from $3.53M to $2.9M.
What is the long-term trend for Ventas's triple-net leased properties — property-level operating expenses?
Over 4 years (2021 to 2025), Ventas's triple-net leased properties — property-level operating expenses has grown at a -3.1% compound annual growth rate (CAGR), from $15.34M to $13.51M.
What does triple-net leased properties — property-level operating expenses mean?
This metric captures the operating expenses incurred at the property level for assets managed under triple-net lease agreements. In a true triple-net structure, most expenses are passed to the tenant, so this metric often highlights residual costs, maintenance, or non-recoverable items.