Ventas, Inc.

VTR 10-Q · Q3 2025
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VTR Q3 2025 request

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Income Statement

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Income Statement
Metric Q3 2025 Q3 2024 YoY
Operating Lease Lease Income 386,250 376,306 +2.6%
Show Product Lines breakouts
NNN 160,050 155,349 +3.0%
OM&R 226,200 220,957 +2.4%
Show Business Segments breakouts
NNN · Operating Segments 160,050 155,349 +3.0%
OM&R · Operating Segments 226,200 220,957 +2.4%
Operating Lease Lease Income Fees And Services (Q) — — —
Show Product Lines breakouts
Resident fees and services 1,088,546 845,532 +28.7%
Resident fees and services · SHOP 1,088,546 845,532 +28.7%
Revenue (Q) — — —
Show Product Lines breakouts
Management Service 4 4 0.0%
Third-party capital management expenses 4,492 4,392 +2.3%
Third-party capital management expenses · Corporate Non Segment 3,811 3,774 +1.0%
Third-party capital management expenses · OM&R 681 618 +10.2%
Interest Income Operating 5,524 1,881 +193.7%
Show Consolidation Items breakouts
Corporate Non Segment 5,524 1,881 +193.7%
Interest And Other Income 4,184 8,204 -49.0%
Show Consolidation Items breakouts
Corporate Non Segment 4,184 8,204 -49.0%
Revenue 1,488,996 1,236,315 +20.4%
Show Business Segments breakouts
NNN · Operating Segments 160,050 155,349 +3.0%
OM&R · Operating Segments 226,881 221,575 +2.4%
SHOP · Operating Segments 1,088,546 845,532 +28.7%
Show Consolidation Items breakouts
Corporate Non Segment 13,519 13,859 -2.5%
Interest Expense 158,124 150,437 +5.1%
Depreciation And Amortization 357,173 304,268 +17.4%
Direct Costs Of Leased And Rented Property Or Equipment 868,398 713,408 +21.7%
Show Product Lines breakouts
NNN 3,012 4,379 -31.2%
OM&R 79,136 77,479 +2.1%
SHOP 786,250 631,550 +24.5%
Show Business Segments breakouts
NNN · Operating Segments 3,012 4,379 -31.2%
OM&R · Operating Segments 79,136 77,479 +2.1%
SHOP · Operating Segments 786,250 631,550 +24.5%
Cost Of Other Property Operating Expense (Q) — — —
Show Product Lines breakouts
Third-party capital management expenses 1,517 1,553 -2.3%
Third-party capital management expenses · Corporate Non Segment 1,517 1,553 -2.3%
General & Administrative 40,387 35,092 +15.1%
Gains Losses On Extinguishment Of Debt 119 — —
Business Combination Acquisition Related Costs 5,472 8,580 -36.2%
Other Cost And Expense Operating 13,370 3,935 +239.8%
Total Costs & Expenses 1,444,560 1,217,217 +18.7%
Income Before Taxes 44,436 19,098 +132.7%
Income Loss From Equity Method Investments And Remeasurement Gain On Equity Interest In Acquiree 16,644 4,629 +259.6%
Gain Loss On Disposition Of Real Estate 1,283 271 +373.4%
Income Tax Expense (Benefit) 6,345 -3,002 +311.4%
Net Income 68,708 20,996 +227.2%
Show Equity Components breakouts
Parent 66,047 19,243 +243.2%
Retained Earnings 66,047 19,243 +243.2%
Net Income Loss Attributable To Noncontrolling Interest 2,661 1,753 +51.8%
Net Income Loss Available To Common Stockholders Basic 66,047 19,243 +243.2%
Income Loss From Continuing Operations Per Basic Share 0.15 0.05 +200.0%
EPS (Basic) 0.14 0.05 +180.0%
Income Loss From Continuing Operations Per Diluted Share 0.15 0.05 +200.0%
EPS (Diluted) 0.14 0.05 +180.0%
Comprehensive Income 62,061 -1,820 +3509.9%
Wtd Avg Shares (Basic) 456,032 414,599 +10.0%
Wtd Avg Shares (Diluted) 463,415 419,474 +10.5%

Balance Sheet

Balance Sheet
Metric Q3 2025 Q3 2024 YoY
Current Assets
Cash & Cash Equivalents 188,617 — —
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 188,617 — —
Non-Current Assets
Operating Lease Right-of-Use Assets 299,490 309,765 -3.3%
Goodwill 1,046,039 1,045,955 0.0%
Deferred Tax Assets 2,317 3,495 -33.7%
Total Assets 26,925,704 — —
Show Legal Entity breakouts
Fonds Immobilier Groupe Maurice, S.E.C. · Variable Interest Entity Primary Beneficiary 1,805,667 — —
NHP/PMB L.P. · Variable Interest Entity Primary Beneficiary 661,245 — —
Other identified VIEs · Variable Interest Entity Primary Beneficiary 1,467,060 — —
Other Assets
Investment Building And Building Improvements 30,488,097 27,626,929 +10.4%
Finite Lived Intangible Assets Gross 1,661,521 1,460,883 +13.7%
Show Finite Lived Intangible Assets By Major Class breakouts
Above Market Leases 120,684 124,597 -3.1%
In-place and other lease intangibles 1,540,837 1,336,286 +15.3%
Real Estate Investments Gross 35,716,828 32,398,415 +10.2%
Net Real Estate Property 23,924,360 21,510,258 +11.2%
Secured Notes And Loans Receivable Net 182,504 — —
Real Estate Investments Unconsolidated Real Estate And Other Joint Ventures 653,328 — —
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
All other · Unconsolidated Properties 585 — —
Atrium Health And Wake Forest Joint Venture · Unconsolidated Properties 40,706 — —
Pension Fund Joint Venture · Unconsolidated Properties 36,973 — —
Research & Innovation Development Joint Venture · Unconsolidated Properties 292,551 — —
Ventas Fund · Unconsolidated Properties 282,513 — —
Ventas Investment Management platform · Unconsolidated Properties 612,037 — —
Net Real Estate Investments 24,760,192 22,278,051 +11.1%
Escrow Deposits And Restricted Cash 53,934 — —
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 53,934 — —
Estimate Of Fair Value Fair Value Disclosure 53,934 — —
Assets Of Disposal Group Including Discontinued Operation 70,086 50,637 +38.4%
Show Business Segments breakouts
NNN 22,368 2,131 +949.6%
OM&R 2,782 21,568 -87.1%
SHOP 44,936 26,938 +66.8%
Other Assets 804,519 803,354 +0.1%
Non-Current Liabilities
Interest Payable Current And Noncurrent 113,252 113,753 -0.4%
Accounts Payable And Accrued Liabilities Current And Noncurrent 1,226,390 1,148,752 +6.8%
Deferred Tax Liabilities 20,923 36,755 -43.1%
Total Liabilities 14,151,995 15,188,823 -6.8%
Show Legal Entity breakouts
Fonds Immobilier Groupe Maurice, S.E.C. · Variable Interest Entity Primary Beneficiary 1,142,402 1,177,864 -3.0%
NHP/PMB L.P. · Variable Interest Entity Primary Beneficiary 236,500 289,867 -18.4%
Other identified VIEs · Variable Interest Entity Primary Beneficiary 442,221 380,034 +16.4%
Other Liabilities
Debt Longterm And Shortterm Combined Amount 12,571,614 13,668,871 -8.0%
Operating Lease Liability 216,108 215,440 +0.3%
Liabilities Of Disposal Group Including Discontinued Operation 3,708 5,252 -29.4%
Show Business Segments breakouts
NNN 374 — —
OM&R 338 1,497 -77.4%
SHOP 2,996 3,755 -20.2%
Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests 349,951 329,688 +6.1%
Stockholders' Equity
Common Stock 116,939 104,723 +11.7%
Additional Paid In Capital Common Stock 19,695,187 16,466,182 +19.6%
Accumulated Other Comprehensive Income -37,790 -38,472 +1.8%
Retained Earnings -7,369,240 -6,748,224 -9.2%
Treasury Stock Common Value -43,172 -25,115 -71.9%
Total Stockholders' Equity 12,361,924 9,759,094 +26.7%
Minority Interest 61,834 69,584 -11.1%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 12,423,758 9,828,678 +26.4%
Show Equity Components breakouts
Accumulated Other Comprehensive Income -37,790 -38,472 +1.8%
Common Stock 116,939 104,723 +11.7%
Common Stock Including Additional Paid In Capital 19,695,187 16,466,182 +19.6%
Noncontrolling Interest 61,834 69,584 -11.1%
Parent 12,361,924 9,759,094 +26.7%
Retained Earnings -7,369,240 -6,748,224 -9.2%
Treasury Stock Common -43,172 -25,115 -71.9%
Total Liabilities & Equity 26,925,704 25,347,189 +6.2%
Land And Land Improvements 2,921,732 2,638,649 +10.7%
Construction In Progress Gross 345,988 362,189 -4.5%
Accumulated Depreciation And Amortization -11,792,468 -10,888,157 -8.3%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q3 2025 YTD Q3 2024 YoY
Operating Activities
Amortization Of Deferred Revenue And Lease Intangibles -31,012 -41,194 +24.7%
Other Amortization Of Deferred Charges 22,484 22,347 +0.6%
Stock-Based Compensation 32,415 26,344 +23.0%
Straight Line Rent -38,784 -6,469 -499.5%
Extinguishment Of Debt Gain Loss Net Of Tax 119 672 -82.3%
Other Tax Expense Benefit -22,002 2,535 -967.9%
Gain Loss From Equity Method Investments And Other Items Non Cash Portion -12,195 5,406 -325.6%
Equity Method Investment Dividends Or Distributions 21,749 13,639 +59.5%
Other Non-Cash Items 8,417 681 +1136.0%
Increase Decrease In Other Operating Assets -14,515 -122,404 +88.1%
Increase Decrease In Interest Payable Net -30,560 -3,415 -794.9%
Increase Decrease In Accounts Payable And Accrued Liabilities 59,272 134,295 -55.9%
Net Cash from Operations 1,175,063 955,984 +22.9%
Investing Activities
Payments To Acquire Commercial Real Estate -1,985,249 -519,048 -282.5%
Payments To Acquire Loans Receivable -866 -120,695 +99.3%
Proceeds From Sale Of Real Estate Heldforinvestment 158,769 275,396 -42.3%
Show Legal Entity breakouts
Pension Fund Joint Venture · Senior Housing Communities 302.5 — —
Show Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations breakouts
Dispositions 168.8 261.4 -35.4%
Proceeds From Sale And Collection Of Loans Receivable 9,432 6,496 +45.2%
Payments To Develop Real Estate Assets -184,412 -239,564 +23.0%
Payments To Acquire Other Productive Assets -226,152 -194,035 -16.6%
Payments To Acquire Equity Method Investments -40,157 -55,503 +27.6%
Proceeds From Insurance Settlement Investing Activities 2,939 3,523 -16.6%
Net Cash from Investing -2,265,696 -840,875 -169.4%
Financing Activities
Proceeds From Repayments Of Lines Of Credit -6,768 -6,151 -10.0%
Proceeds From Issuance Of Debt 606,850 1,805,446 -66.4%
Repayments Of Other Debt -1,651,650 -1,539,869 -7.3%
Payments For Noncontrolling Interests -2,057 -11,064 +81.4%
Payments Of Financing Costs -9,560 -34,684 +72.4%
Proceeds From Issuance Of Common Stock 2,064,227 850,561 +142.7%
Payments Of Dividends Common Stock -634,376 -551,369 -15.1%
Cash Distributions To Redeemable O P Unitholders -4,740 -4,545 -4.3%
Payments For Repurchase Of Other Equity -2,092 -2,087 -0.2%
Proceeds From Minority Shareholders 80 3,646 -97.8%
Payments To Minority Shareholders -11,318 -14,140 +20.0%
Proceeds From Stock Options Exercised 45,651 10,483 +335.5%
Proceeds From Payments For Other Financing Activities -20,346 -17,208 -18.2%
Net Cash from Financing 373,901 489,019 -23.5%
Debt Repayments (YTD) — — —
Show Long-Term Debt Type breakouts
Mortgages 499 — —
Amortization of Financing Costs (YTD) — — —
Show Long-Term Debt Type breakouts
3.75% Exchangeable Senior Notes due 2026 5.3 5.1 +3.9%
Supplemental
Income Taxes Paid 8,370 2,613 +220.3%
Other Cash Flow
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect -716,732 604,128 -218.6%
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 2,050 -1,893 +208.3%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 242,551 1,165,697 -79.2%
Transfer Of Investments 54,751 10,463 +423.3%
Noncash Or Part Noncash Acquisition Other Assets Acquired1 5,149 1,171 +339.7%
Noncash Or Part Noncash Acquisition Other Liabilities -25,173 4,647 -641.7%
Noncash Or Part Noncash Acquisition Deferred Income Tax Liabilities Assumed -34,727 6,988 -597.0%

Values in thousands USD. Source: SEC EDGAR 10-Q filing.

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