Ventas Inc. is a healthcare-focused real estate investment trust established in 1998, with a diversified portfolio that includes senior housing, medical offices, hospitals, and life science centers. The company generates revenue via long-term lease agreements and strategic acquisitions aimed at addressing the growing healthcare demands of an aging population. Under CEO Debra A. Reed’s leadership, Ventas consistently ranks among the top healthcare REITs in the United States. Strategic initiatives in portfolio optimization and expansion into life science segments further underscore its growth potential.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Property Revenue
1,496,670
1,496,940
1,486,400
1,399,310
Service and Other Revenue
4,293,710
3,390,160
2,977,060
2,678,090
Total Revenues
5,790,380
4,887,100
4,463,460
4,077,400
Property Expenses
3,413,340
2,820,560
2,555,150
2,276,720
Service and Other Expenses
6,579
6,507
6,101
6,194
Total Property Expenses
3,419,920
2,827,070
2,561,250
2,282,920
Gross Profit
2,370,460
2,060,030
1,902,220
1,794,480
Selling, General & Administrative Expenses
177,400
162,990
148,876
144,874
Depreciation & Amortization Expenses
1,379,140
1,253,140
1,392,460
1,197,800
Other Operating Expenses
40,785
85,704
(7,786)
89,152
Operating Profit
773,136
558,189
368,664
362,656
Net Gains on Disposal of Properties
38,579
57,009
62,119
7,780
Interest and Investment Income
48,071
38,734
47,992
80,295
Interest Expense
(612,246)
(602,835)
(574,112)
(467,557)
Non-Operating Income
(172)
(521)
(2,753)
355
Total Non-Operating Income
(525,768)
(507,613)
(466,754)
(379,127)
Income Before Provision for Income Taxes
247,368
50,576
(98,090)
(16,471)
Provision for Income Taxes
(14,150)
(37,775)
(9,539)
(16,926)
Consolidated Net Income
261,518
88,351
(30,297)
(40,931)
Net Income Attributable to Minority Interests and Other
10,137
7,198
10,676
6,516
Net Income Attributable to Common Shareholders
251,381
81,153
(40,973)
(47,447)
Basic EPS
0.55
0.20
-0.10
-0.12
Diluted EPS
0.54
0.19
-0.10
-0.12
Basic Weighted Average Shares Outstanding
455,082
411,770
401,809
399,549
Diluted Weighted Average Shares Outstanding
462,615
416,366
405,670
403,454
Shares Outstanding
474,926
437,095
402,380
399,697
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
741,067
897,850
508,794
122,564
Total Cash and Cash Equivalents
741,067
897,850
508,794
122,564
Restricted Cash
45,070
59,383
54,668
48,181
Total Current Assets
786,137
957,233
563,462
170,745
Net Property, Plant & Equipment
24,126,900
22,600,500
21,749,000
21,160,500
Goodwill
1,046,070
1,044,920
1,045,180
1,044,420
Long-Term Investments
761,484
770,994
626,192
1,117,020
Other Long-Term Assets
871,319
813,219
741,653
665,206
Total Assets
27,591,900
26,186,900
24,725,400
24,157,800
Accounts Payable
1,240,820
1,152,310
1,041,620
1,031,690
Accrued Expenses
143,104
143,345
117,403
110,542
Total Current Liabilities
1,383,920
1,295,650
1,159,020
1,142,230
Long-Term Debt
13,011,000
13,522,600
13,490,900
12,296,800
Leases
208,602
218,003
194,734
190,440
Other Long-Term Liabilities
27,441
10,876
33,743
42,062
Total Long-Term Liabilities
13,247,100
13,751,400
13,719,400
12,529,300
Total Liabilities
14,631,000
15,047,100
14,878,400
13,671,500
Common Stock
118,732
109,119
100,648
99,912
Treasury Stock
(34)
(25,155)
(13,764)
(536)
Additional Paid-in Capital
19,976,200
17,607,500
15,650,700
15,539,800
Accumulated Other Comprehensive Income
(39,851)
(33,526)
(35,757)
(36,800)
Retained Earnings
(7,527,780)
(6,886,650)
(6,213,800)
(5,449,390)
Total Common Shareholders' Equity
12,527,300
10,771,300
9,488,060
10,153,000
Minority Interests and Other
433,709
368,558
358,983
333,359
Total Shareholders' Equity
12,585,800
10,829,600
9,544,410
10,221,700
Total Liabilities and Shareholders' Equity
27,591,900
26,186,900
24,725,400
24,157,800
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
261,518
88,351
(30,297)
(40,931)
Depreciation & Amortization
1,411,470
1,283,290
1,414,880
1,210,760
Share-Based Compensation Expense
38,733
30,991
30,987
30,715
Other Adjustments
(114,423)
(116,814)
(242,096)
(39,591)
Changes in Accounts Payable
81,035
133,969
(6,405)
7,197
Changes in Accrued Expenses
(922)
27,205
1,252
4,915
Changes in Other Operating Activities
(30,683)
(117,363)
(48,445)
(52,897)
Cash from Operating Activities
1,646,730
1,329,630
1,119,870
1,120,160
Capital Expenditure
(2,938,380)
(2,529,800)
(649,471)
(900,697)
Proceeds from Sale of Property, Plant & Equipment
213,161
329,094
399,534
112,926
Purchases of Investments
(935)
(125,363)
(2,750)
(30,700)
Proceeds from Sale of Investments
48,815
6,870
44,630
890
Proceeds from Business Divestments
—
—
50,054
—
Other Investing Activities
(17,075)
(57,887)
(26,661)
(41,637)
Cash from Investing Activities
(2,694,420)
(2,377,090)
(184,664)
(859,218)
Issuance of Short-Term Debt
(6,768)
(7,103)
(414,764)
95,235
Net Issuance / (Repayments) of Short-Term Debt
(6,768)
(7,103)
(414,764)
95,235
Issuance of Long-Term Debt
1,130,500
1,913,430
2,527,480
957,781
Repayments of Long-Term Debt
(1,779,760)
(1,621,320)
(1,973,130)
(575,391)
Net Issuance / (Repayments) of Long-Term Debt
(649,264)
292,115
554,350
382,390
Issuance of Common Shares
2,454,550
1,990,920
110,191
8,691
Net Issuance / (Repurchases) of Common Shares
2,454,550
1,990,920
110,191
8,691
Common Share Dividends Paid
(860,060)
(740,326)
(723,559)
(720,319)
Other Financing Activities
(64,701)
(90,385)
(69,967)
(49,925)
Cash from Financing Activities
873,757
1,445,220
(543,749)
(283,928)
Effect of Exchange Rate Changes on Cash and Cash Equivalents
2,839
(3,985)
1,257
(2,869)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash