Analyst Report: Ventas Inc

Summary

Ventas Inc. is a real estate investment trust that invests primarily in real estate serving the healthcare industry. The company acquires, develops, leases, and manages about 1,400 senior housing and medical office properties in the U.S., Canada, and the U.K. Currently, senior housing properties account for about 60% of VTR’s portfolio and medical and research assets for about 30% of the portfolio. These offices are located in 31 states, and 95% are affiliated with hospitals or health systems. The company acquired 153 new properties in 1H23 in a loan-to-own transaction.

In 2023, about 40% of NOI comes from SHOP assets and 30% from medical offices and research properties.

The company was founded in 1998 as a spinoff of Vencor, a healthcare services company. VTR also has an asset management business (VIM) with $5.5 billion under management. VTR shares are a component of the S&P 500. The company’s market cap is $17.2 billion.

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