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VentasVTR

Legal name
Ventas, Inc.
Sector
Financial Services
Industry
Real Estate Investment Trusts
Exchange
NYSE

Stock Price $VTR

Latest filings

You are here#9 of 17 in Real Estate by market cap

Filing record · 2016–202610-K1110-Q348-K128

VTR filed 11 annual reports (10-K), 34 quarterly reports (10-Q) and 128 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Apr ’17Apr ’17
  2. Leadership change8-K · Oct ’19Oct ’19
  3. Leadership change8-K · Mar ’22Mar ’22
  4. Material agreement8-K · Jan ’26Jan ’26

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $5.83B
YoY changeLargest recent move+9.5%in FY24Latest +18.5%

3 older moves run past ±20% (largest +73.1%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All VTR Financial Metrics46 metrics

Income Statement12

Balance Sheet15

Cash Flow14

Per Share5

02—Overview

Ventas Financial Overview 2021–2025

Updated Nov 4, 2026

Ventas swung from a $47.4 million net loss in FY2022 to $251.4 milliona of net income in FY2025, and the market noticed. At the close of FY2025, the stock sat at $77.38, a 143.3x trailing P/E on $0.54 of EPS, with a $36.7 billion market cap. That multiple is a bet on earnings power, not on current GAAP profit. The thesis: senior housing is now the engine, and Ventas is financing it with equity while it shrinks leverage.

The long-term arc is clear. Total revenue grew from $3.83 billion in FY2021 to $4.13 billionb in FY2022, and total NOI climbed from $1.72 billion in FY2021 to $2.39 billion in FY2025. Normalized FFO rose from $1.12 billion to $1.61 billion over the same stretch. SHOP NOI did the heavy lifting, up 36.7% to $1.18 billion in FY2025, or 49.4% of the total.

The balance sheet moved the right way. Total debt principal fell to $13.10 billionc from $13.62 billion, and year-end liquidity reached $5.3 billion. Net debt to adjusted EBITDA improved to 5.2x from 6.0x. The cost is dilution: forward sales covered 46.2 million shares for $3.2 billion gross. The dividend rose to $1.92 per share in FY2025 from $1.80. Earnings per share is thin, so the 143.3x multiple depends on continued SHOP growth.

Recent Developments (Q2 and Q3 2026)

SHOP drove both quarters. SHOP NOI rose 40.9% to $403.5 milliond in Q2 2026 and 42.2% to $430.0 million in Q3 2026. Normalized FFO per share reached $0.99 in Q3 2026, up 10% from $0.90. GAAP earnings lagged: net income per share fell to $0.13 from $0.14, and impairments hit $110.0 million over nine months. Management raised full-year Normalized FFO guidance to $3.87–$3.90. Net debt to Further Adjusted EBITDA improved to 4.4x from 5.3x. The company bought 101 communities for $3.9 billion and settled $3.9 billion of equity forwards. It also named a new chief accounting officer after the general counsel left for Blackstone.

Bull case: occupancy above 90% and 16% same-store NOI growth support rising cash flow. Bear case: at 150.1x earnings as of the Q3 2026 report date (October 27, 2026), the stock leaves little room for error, and share issuance dilutes per-share gains.

What to watch: conversion of the $0.8 billione of unsettled forwards and new acquisitions into FFO per share; GAAP EPS catching up to the $0.64–$0.67 guidance

03—Filings

Recent SEC Filings

  1. 8-KVentas 8-K Report, Financial Results (Oct 27, 2026)Ventas, Inc. (NYSE: VTR) reported results for the third quarter ended September 30, 2026, and raised its full-year 2026 guidance, citing 2026 accretive senior housing investment activity. Third-quarter Normalized FFO per share was $0.99, up 10% year-over-year, and Attributable Net Income per share was $0.13, down 7% from $0.14. Nareit FFO per share was $1.01, up 15%. Total Company Same-Store Cash NOI grew 11% year-over-year, with SHOP Same-Store Cash NOI up 16% (U.S. SHOP up 17%) and average occupancy in U.S. SHOP above 90%. The company closed $1.2 billion of senior housing investments in the third quarter and $5.2 billion year to date. To fund this activity, it settled 47.3 million shares under equity forward sales agreements for gross proceeds of $3.9 billion year to date, and had $0.8 billion of unsettled forward sales at September 30, 2026, totaling $4.7 billion of equity capital. Net Debt to Further Adjusted EBITDA improved to 4.4x from 5.3x in the year-earlier quarter, and liquidity was $4.5 billion. Full-year 2026 Normalized FFO per share guidance was raised to $3.87–$3.90 (midpoint $3.89) from $3.85–$3.90 (midpoint $3.88), and Attributable Net Income per share guidance rose to $0.64–$0.67 from $0.58–$0.63. Management attributed the increase primarily to accretive senior housing investments, partially offset by interest rates and foreign exchange. The filing furnishes the earnings release as Exhibit 99.1 under Item 2.02, and it is not deemed filed for purposes of Section 18 of the Exchange Act.
  2. 8-KVentas 8-K Report, Executive Changes (Sep 15, 2026)Ventas, Inc. filed a Current Report on Form 8-K dated September 15, 2026, reporting under Item 5.02 (Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers) the appointment of Laurida Sayed as Senior Vice President, Chief Accounting Officer and Controller. The Company approved the appointment on September 10, 2026, effective on or around October 5, 2026. Upon her start date, Robert F. Probst, Executive Vice President and Chief Financial Officer, will stop serving as interim Chief Accounting Officer but will remain Chief Financial Officer. Ms. Sayed, age 44, has served as Chief Accounting Officer of Cushman & Wakefield Ltd. since May 2024, and previously served there as Senior Vice President, Global Corporate Controller and as Vice President, Assistant Global Controller & Global Finance Transformation. She holds a Bachelor of Business Administration in Accounting from Grand Valley State University and is a registered Certified Public Accountant. Her offer letter provides an annual base salary of $500,000, a target annual bonus of 60% of base salary, and eligibility for the long-term incentive plan, with 2026 bonus and long-term incentive award prorated for her service during 2026. She will also receive a one-time cash sign-on bonus of $150,000 and a one-time restricted stock unit grant with a grant date fair value of $350,000 vesting ratably over three years, intended to offset compensation she forfeits by leaving her current employer. She entered into the Company's standard Employee Protection and Noncompetition Agreement. The filing states there are no arrangements or understandings relating to her selection, no family relationships with directors or executive officers, and no material interest in related-party transactions under Item 404(a).
  3. 8-KVentas 8-K Report, Financial Results (Jul 29, 2026)Ventas, Inc. (NYSE: VTR) furnished an 8-K on July 29, 2026 under Item 2.02 (Results of Operations and Financial Condition), attaching its press release reporting results for the quarter ended June 30, 2026. The company reported second-quarter Attributable Net Income of $0.14 per share (versus $0.15 a year earlier), Nareit FFO of $0.99 per share (versus $0.86), and Normalized FFO of $0.97 per share (versus $0.89, up 9%). Total Company NOI grew 17% year-over-year and Same-Store Cash NOI grew 10%, with the senior housing operating portfolio (SHOP) same-store cash NOI up 16%. Management raised its full-year 2026 guidance, primarily because of increased senior housing investment activity. Normalized FFO per share guidance moved to $3.85–$3.90 (midpoint $3.88) from $3.82–$3.89 (midpoint $3.86), and the 2026 investment volume expectation rose to $4.5 billion from $3 billion. The company closed $2.2 billion of investments in the second quarter and $3.4 billion year to date, and settled 31.4 million shares under equity forward sales agreements for $2.6 billion gross proceeds year to date. Balance sheet metrics improved, with Net Debt to Further Adjusted EBITDA at 4.7x compared with 5.6x a year earlier and liquidity of $4.9 billion as of June 30, 2026. Cash and cash equivalents declined to $198.956 million from $741.067 million at December 31, 2025, while senior notes payable and other debt decreased to $12.69 billion from $13.01 billion. The earnings release and its appendix are furnished rather than filed, and the company is holding a conference call on July 30, 2026.
  4. 8-KVentas 8-K Report, Executive Changes (Jun 15, 2026)Ventas, Inc. (VTR) disclosed in an 8-K filed June 15, 2026 that Carey S. Roberts, Executive Vice President, General Counsel, Ethics & Compliance Officer and Corporate Secretary, has notified the Company of her intention to resign effective June 26, 2026. The filing states that Ms. Roberts intends to join Blackstone, Inc. as Senior Managing Director and General Counsel - Real Estate, and that she will remain in her role through the Effective Date. The Board thanked her for her contributions. Under an Item 8.01 disclosure, the filing states that Kevin M. Bohl, currently Senior Vice President, Deputy General Counsel and Assistant Corporate Secretary, will assume the responsibilities of General Counsel, Ethics & Compliance Officer and Corporate Secretary on an interim basis as of the Effective Date. The filing notes that Mr. Bohl has been with the Company since 2011. For investors, the filing is a leadership transition in the legal and governance function rather than a disclosure of financial results or operational changes. The filing does not state a permanent successor or the reasons for the departure.
  5. 8-KVentas 8-K Report, Executive Changes (May 15, 2026)Ventas, Inc. (VTR) filed this Form 8-K on May 15, 2026 to report three matters: a separation agreement with an executive officer, the results of its 2026 Annual Meeting of Stockholders, and an amendment to its at-the-market (ATM) equity sales program. On May 12, 2026, the company entered into a separation and release agreement with Peter J. Bulgarelli, Executive Vice President, Outpatient Medical & Research, and President and CEO of Lillibridge Healthcare Services, Inc., in connection with his previously disclosed retirement on May 1, 2026. He will receive a prorated 2026 annual incentive bonus based on target performance through his retirement date, contingent on a standard release of claims and continued compliance with restrictive covenants. At the Annual Meeting held May 13, 2026, stockholders representing 444,592,209 shares, or 93.50%, of the 475,463,173 shares outstanding and entitled to vote were present. All 12 director nominees were elected to serve until the 2027 Annual Meeting. Stockholders also approved, on an advisory basis, the compensation of the named executive officers, with 392,256,709 votes for and 35,413,128 against. KPMG LLP was ratified as the independent registered public accounting firm for 2026, with 437,540,505 votes for and 6,812,572 against. On May 15, 2026, Ventas entered into Amendment No. 3 to its ATM Sales Agreement. The aggregate gross sales price of common stock now available for issuance under the agreement is $3.0 billion, excluding shares previously sold under the agreement before the amendment. Other material terms are unchanged. Shares will be sold under the company's Form S-3 registration statement (File No. 333-277185) and a related prospectus supplement, and the amendment includes forward sale provisions with a group of sales agents and forward purchasers.
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04—See also

Related Companies

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