Here are 1-3 brief analogies for Ventas (VTR):

• American Tower, but for healthcare properties like hospitals, senior living, and medical offices.
• Prologis for the healthcare industry's real estate.
• Equinix for physical healthcare infrastructure (hospitals, clinics, senior care) instead of digital infrastructure.

• Senior Housing Operating Properties: Ventas owns these properties and partners with third-party managers to operate senior living communities, generating revenue from their financial performance.
• Triple-Net Lease Properties: Ventas leases various healthcare properties (including senior housing, medical office buildings, and life science facilities) to operators under long-term agreements, with tenants responsible for most property expenses.
• Medical Office Buildings: Ventas owns and leases purpose-built facilities for healthcare providers offering outpatient services, often located on hospital campuses or in community settings.
• Research & Innovation Properties: Ventas provides real estate solutions for life science companies and universities, owning facilities designed for research, development, and innovation.

Ventas (NYSE: VTR) is a Real Estate Investment Trust (REIT) that owns and manages healthcare real estate. As such, its primary "customers" are the companies that lease its properties and operate healthcare facilities within them, rather than individuals directly.

Based on their financial filings and investor information, Ventas's major customers (lessees/operating partners) include:

• Brookdale Senior Living Inc. (NYSE: BKD)
• Atria Senior Living
• Sunrise Senior Living
• Ardent Health Services
• LCS
• Holiday Retirement

Debra A. Cafaro, Chairman and Chief Executive Officer

Debra A. Cafaro has served as CEO of Ventas, Inc. since 1999 and is recognized as the longest-serving female CEO of an S&P 500 company. Under her leadership, Ventas's equity market capitalization grew significantly from $200 million in 1999 to over $20 billion in less than two decades. Prior to joining Ventas, Cafaro was the President and a Director of an NYSE-listed apartment company, which she was instrumental in selling. She is a lawyer by training and previously served as a U.S. Court of Appeals judicial clerk. Cafaro is also an owner of the MLB Baltimore Orioles, the NHL Pittsburgh Penguins, and the NWSL Chicago Red Stars.

Robert F. Probst, Executive Vice President and Chief Financial Officer

Robert F. Probst has been Ventas's Executive Vice President and Chief Financial Officer since October 2014. Before joining Ventas, he was the Senior Vice President and Chief Financial Officer of Beam Inc., a publicly traded spirits company, from its inception in October 2011 until its sale to Suntory Holdings Limited in May 2014. Probst's previous experience includes serving as Vice President of Finance, Strategy and M&A for the Medication Delivery business division at Baxter International, Inc., and eight years with Diageo PLC, where he was Chief Financial Officer, Global Supply. He began his finance career with roles at The Pillsbury Company and as a Commercial Lending Officer with The Northern Trust Bank.

J. Justin Hutchens, Executive Vice President, Senior Housing and Chief Investment Officer

J. Justin Hutchens has served as Ventas's Executive Vice President, Senior Housing since March 2020 and became Chief Investment Officer in January 2023. He is responsible for Ventas's Senior Housing portfolio and the company's capital allocation strategy. Before Ventas, Hutchens was the Chief Executive Officer for HC-One, which he grew into Britain's largest residential and nursing care home operator. His background includes senior executive and leadership roles in both publicly traded and private equity-backed organizations. He served as President and Chief Investment Officer of HCP (now Healthpeak Properties, Inc.), Chief Executive Officer, Chief Operating Officer, and President of National Health Investors (NYSE: NHI), and Chief Operating Officer of Emeritus Corporation, which was acquired by Brookdale Senior Living, Inc. in 2014.

Peter J. Bulgarelli, Executive Vice President, Outpatient Medical & Research, Ventas, Inc. President and CEO, Lillibridge Healthcare Services, Inc.

Peter J. Bulgarelli holds the titles of Executive Vice President, Outpatient Medical & Research for Ventas, Inc., and President and CEO of Lillibridge Healthcare Services, Inc. Ventas acquired Lillibridge Healthcare Services Inc. in 2010, which has since served as a platform for growth in the medical office buildings market.

Carey S. Roberts, Executive Vice President, General Counsel and Ethics & Compliance Officer

Carey S. Roberts is the Executive Vice President, General Counsel, and Ethics & Compliance Officer for Ventas.

Key Risks to Ventas (VTR) Business:

1. Labor Cost Pressures and Staffing Shortages: Ventas faces significant exposure to rising labor costs and staffing shortages, particularly within its Senior Housing Operating Portfolio (SHOP). This can lead to increased wage expenses, pressure on profit margins, challenges in staff retention, and difficulties in maintaining or increasing occupancy rates at its properties.
2. High Interest Rates and Substantial Debt Burden: The company carries a considerable amount of debt, which exposes it to the risks associated with a high interest rate environment. Elevated interest rates increase Ventas's borrowing costs, impacting its financial performance and its capacity to acquire or develop new real estate assets. Its leverage is also noted as being higher than some of its peers.
3. Tenant Concentration and Operator Performance Risk: In its triple-net-leased property segment, Ventas has a concentration risk, with a significant portion of its net operating income reliant on a limited number of key tenants, such as Brookdale Senior Living, Ardent, and Kindred. Additionally, for its SHOP segment, the company is exposed to the performance of its third-party operators; a failure in execution or persistent labor cost pressures affecting these operators could hinder expected margin expansion.

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The addressable markets for Ventas's main products and services are as follows:

• Senior Housing: The U.S. senior living market was estimated at USD 907.59 billion in 2024 and is projected to reach USD 1.33 trillion by 2033, demonstrating a compound annual growth rate (CAGR) of 4.42% from 2025 to 2033.
• Medical Office Buildings (MOBs): The U.S. medical office buildings market generated a revenue of USD 14.08 billion in 2023 and is anticipated to reach USD 22.04 billion by 2030.
• Life Science Real Estate: The global life sciences real estate market is forecasted to be USD 3.75 billion in 2025, increasing to USD 4 billion in 2026, and is expected to approach USD 6.76 billion by 2034, with a CAGR of 6.76% over the forecast period of 2025-2034. North America, particularly the U.S., holds a significant share of this market, with North America accounting for 48% of the market share in 2024, and the U.S. alone constituting over 60% of the global footprint in 2023.

Ventas (NYSE: VTR) is expected to drive future revenue growth over the next two to three years through a combination of strong performance in its Senior Housing Operating Portfolio (SHOP), strategic investments in senior housing, and steady contributions from its Outpatient Medical & Research (OMAR) segment, which includes university-based research and innovation centers.

Expected Drivers of Future Revenue Growth:

1. Robust Performance in the Senior Housing Operating Portfolio (SHOP): Ventas consistently highlights its SHOP segment as the primary engine for future growth. This is fueled by increasing occupancy rates and strong pricing power (Revenue Per Occupied Room or RevPOR). For example, in Q3 2024, the SHOP same-store portfolio experienced 8.7% revenue growth, driven by a 350 basis point year-over-year increase in average occupancy. Similarly, Q3 2025 saw SHOP same-store cash NOI growth of 16% year-over-year, with revenue increasing 8% due to strength in both occupancy and pricing. The company anticipates continued occupancy growth of approximately 270 basis points in 2025, along with higher RevPOR driven by increasing move-in rents and in-house rates. This growth is supported by the demographic trend of a rapidly expanding 80+ population and historically low new construction in the senior housing market, creating an "unprecedented multiyear growth opportunity".
2. Strategic Senior Housing Investments and Acquisitions: Ventas is actively expanding its senior housing footprint through accretive investments and the conversion of triple-net properties to the SHOP model. The company closed or placed under contract $1.7 billion in senior housing investments year-to-date as of Q3 2024, with expectations to generate attractive net operating income (NOI) yields and significant multiyear NOI growth potential. For 2025, Ventas has increased its senior housing investment guidance to $2.5 billion. This strategy involves identifying attractive opportunities and expanding its portfolio with high-performing operators to increase its overall enterprise growth rate.
3. Growth in the Outpatient Medical & Research (OMAR) Segment: The OMAR segment, which includes medical office buildings (MOBs) and university-based research & innovation centers, also contributes to revenue growth. In Q3 2025, this segment reported a 3.7% year-over-year cash NOI growth, primarily driven by outpatient medical properties. Occupancy in medical office buildings is reaching new highs, with demand for space substantially outpacing new construction. Ventas has a diversified portfolio in this segment and continues to capitalize on the stable cash flow it provides, along with some growth.
4. Expansion of University-Based Research & Innovation (R&I) Portfolio: Ventas's R&I portfolio, often developed in partnership with Wexford Science & Technology, benefits from growing university demand for knowledge communities and strong capital flows into the life science sector. These properties are typically anchored by leading research universities in top life science clusters, such as South San Francisco and Cambridge, and contribute to the company's diversified revenue streams.

Share Repurchases

• Ventas does not currently have a publicly announced share repurchase plan or program in effect.
• Minor share repurchases were observed, including approximately $1.68 million in Q2 2025 and $16.32 million in Q1 2025.

Share Issuance

• Ventas issued 37.3 million shares of common stock in 2024, generating gross proceeds of approximately $2.2 billion.
• In September 2024, the company entered into an "at-the-market" (ATM) Sales Agreement, allowing for the potential sale of up to $2 billion in common stock. This agreement was amended in June 2025, increasing the aggregate gross sales price available for issuance to $2.25 billion.
• Through Q2 2025, Ventas settled 16.4 million shares of common stock under outstanding forward sales agreements for gross proceeds of $1.1 billion, with an additional $0.7 billion of unsettled equity forward sales outstanding.

Outbound Investments

• Ventas completed over $2 billion in investments during 2024, with a primary focus on senior housing.
• Year-to-date in 2025 (as of Q3 2025), the company has closed $2.2 billion in senior housing acquisitions.
• In 2025, Ventas increased its investment volume expectations to $2 billion, up from an earlier estimate of $1.5 billion, with future investments anticipated to be funded mainly through existing unsettled forward equity commitments.

Capital Expenditures

• Ventas's FAD (Funds Available for Distribution) capital expenditures were projected at approximately $285 million at the midpoint for 2025.
• Capital expenditures are primarily focused on routine and non-routine projects that extend the useful life of properties, as well as second-generation leasing commissions and tenant improvements for Outpatient Medical and Research and Triple-Net Leased Properties.
• Over the last two and a half years, Ventas has completed 250 community renovation projects, with an additional 100 planned for completion by the end of 2025.