Ventas, Inc.

For the period ended Mar 31, 2026. Filed Apr 28, 2026.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2026 · Filed Apr 28, 2026

VTR$90.34+0.9%Stored close · as of Nov 10, 2026

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Contents

Item 1. Financial Statements (Unaudited)

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS

	As of March 31, 2026	As of December 31, 2025
Assets
Real estate investments:
Land and improvements	$3,055,461	$2,962,738
Buildings and improvements	31,722,596	30,872,598
Construction in progress	361,384	358,811
Acquired lease intangibles	1,771,369	1,680,567
Operating lease assets	293,784	295,838
	37,204,594	36,170,552
Accumulated depreciation and amortization	(12,346,970)	(12,043,619)
Net real estate property	24,857,624	24,126,933
Secured loans receivable and investments, net	137,374	143,913
Investments in unconsolidated real estate entities	611,285	617,571
Net real estate investments	25,606,283	24,888,417
Cash and cash equivalents	183,613	741,067
Escrow deposits and restricted cash	17,677	45,070
Goodwill	1,045,774	1,046,072
Assets held for sale	13,530	42,993
Deferred income tax assets, net	2,668	2,797
Other assets	817,000	825,529
Total assets	$27,686,545	$27,591,945
Liabilities and equity
Liabilities:
Senior notes payable and other debt	$12,518,493	$13,011,016
Accrued interest payable	113,612	143,104
Operating lease liabilities	207,656	208,602
Accounts payable and other liabilities	1,241,949	1,240,820
Liabilities related to assets held for sale	1,529	4,032
Deferred income tax liabilities	26,726	23,409
Total liabilities	14,109,965	14,630,983
Redeemable OP unitholder and noncontrolling interests	394,578	375,154
Commitments and contingencies
Equity:
Ventas stockholders’ equity:
Preferred stock, $1.00 par value; 10,000 shares authorized, unissued	—	—
Common stock, $0.25 par value; 1,200,000 shares authorized, 486,097 and 474,926 shares outstanding at March 31, 2026 and December 31, 2025, respectively	121,524	118,732
Capital in excess of par value	20,768,548	19,976,183
Accumulated other comprehensive loss	(38,112)	(39,851)
Retained earnings (deficit)	(7,726,996)	(7,527,777)
Treasury stock, 0 shares issued	—	(34)
Total Ventas stockholders’ equity	13,124,964	12,527,253
Noncontrolling interests	57,038	58,555
Total equity	13,182,002	12,585,808
Total liabilities and equity	$27,686,545	$27,591,945

CONSOLIDATED STATEMENTS OF INCOME

	For the Three Months Ended March 31,
	2026	2025
Revenues
Rental income:
Triple-net leased properties	$123,071	$156,113
Outpatient medical and research portfolio	230,104	221,319
	353,175	377,432
Resident fees and services	1,292,790	968,904
Third-party capital management revenues	4,411	4,336
Income from loans and investments	4,069	4,324
Interest and other income	2,499	3,078
Total revenues	1,656,944	1,358,074
Expenses
Interest	156,142	149,356
Depreciation and amortization	382,468	321,525
Property-level operating expenses:
Senior housing	918,332	704,400
Outpatient medical and research portfolio	80,301	75,957
Triple-net leased properties	2,901	3,527
	1,001,534	783,884
Third-party capital management expenses	1,833	1,825
General, administrative and professional fees	62,746	53,149
Loss on extinguishment of debt, net	449	—
Transaction, transition and restructuring costs	6,659	5,982
Other expense	9,700	1,412
Total expenses	1,621,531	1,317,133
Income before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests	35,413	40,941
Loss from unconsolidated entities	(7,350)	(3,311)
Gain on real estate dispositions	15,046	169
Income tax benefit	15,937	10,557
Net income	59,046	48,356
Net income attributable to noncontrolling interests	3,134	1,488
Net income attributable to common stockholders	$55,912	$46,868
Earnings per common share
Basic:
Net income	$0.12	$0.11
Net income attributable to common stockholders	0.12	0.11
Diluted:
Net income	$0.12	$0.11
Net income attributable to common stockholders	0.11	0.10

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	For the Three Months Ended March 31,
	2026	2025
Net income	$59,046	$48,356
Other comprehensive income:
Foreign currency translation (loss) gain	(2,369)	7,719
Unrealized (loss) gain on available for sale securities	(192)	485
Unrealized gain (loss) on derivative instruments	3,099	(7,751)
Total other comprehensive income	538	453
Comprehensive income	59,584	48,809
Comprehensive income attributable to noncontrolling interests	1,933	486
Comprehensive income attributable to common stockholders	$57,651	$48,323

CONSOLIDATED STATEMENTS OF EQUITY

For the Three Months Ended March 31, 2026 and 2025

	For the Three Months Ended March 31, 2026
	Common Stock Par Value	Capital in Excess of Par Value	Accumulated Other Comprehensive (Loss) Income	Retained Earnings (Deficit)	Treasury Stock	Total Ventas Stockholders’ Equity	Noncontrolling Interests	Total Equity
Balance at January 1, 2026	$118,732	$19,976,183	$(39,851)	$(7,527,777)	$(34)	$12,527,253	$58,555	$12,585,808
Net income	—	—	—	55,912	—	55,912	3,134	59,046
Other comprehensive income (loss)	—	—	1,739	—	—	1,739	(1,201)	538
Net change in noncontrolling interests	—	(8,541)	—	—	—	(8,541)	(3,450)	(11,991)
Dividends to common stockholders—$0.52 per share	—	(2)	—	(255,131)	—	(255,133)	—	(255,133)
Issuance of common stock for stock plans, restricted stock grants and other	2,792	817,385	—	—	34	820,211	—	820,211
Adjust redeemable OP unitholder interests to current fair value	—	(14,074)	—	—	—	(14,074)	—	(14,074)
Redemption of OP Units	—	(2,403)	—	—	—	(2,403)	—	(2,403)
Balance at March 31, 2026	$121,524	$20,768,548	$(38,112)	$(7,726,996)	$—	$13,124,964	$57,038	$13,182,002

	For the Three Months Ended March 31, 2025
	Common Stock Par Value	Capital in Excess of Par Value	Accumulated Other Comprehensive (Loss) Income	Retained Earnings (Deficit)	Treasury Stock	Total Ventas Stockholders’ Equity	Noncontrolling Interests	Total Equity
Balance at January 1, 2025	$109,119	$17,607,482	$(33,526)	$(6,886,653)	$(25,155)	$10,771,267	$58,329	$10,829,596
Net income	—	—	—	46,868	—	46,868	1,488	48,356
Other comprehensive income (loss)	—	—	1,456	—	—	1,456	(1,003)	453
Net change in noncontrolling interests	—	3,231	—	—	—	3,231	(2,255)	976
Dividends to common stockholders—$0.48 per share	—	24	—	(217,991)	—	(217,967)	—	(217,967)
Issuance of common stock for stock plans, restricted stock grants and other	3,378	912,781	—	—	(16,320)	899,839	—	899,839
Adjust redeemable OP unitholder interests to current fair value	—	(35,072)	—	—	—	(35,072)	—	(35,072)
Redemption of OP Units	—	(65)	—	—	—	(65)	—	(65)
Balance at March 31, 2025	$112,497	$18,488,381	$(32,070)	$(7,057,776)	$(41,475)	$11,469,557	$56,559	$11,526,116

CONSOLIDATED STATEMENTS OF CASH FLOWS

	For the Three Months Ended March 31,
	2026	2025
Cash flows from operating activities:
Net income	$59,046	$48,356
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	382,468	321,525
Amortization of deferred revenue and lease intangibles, net	(4,598)	(9,563)
Other non-cash amortization	9,367	7,363
Stock-based compensation	24,842	18,827
Straight-lining of rental income	(6,656)	(4,347)
Loss on extinguishment of debt, net	449	—
Gain on real estate dispositions	(15,046)	(169)
Gain on real estate loan investments	(13)	—
Income tax benefit	(19,237)	(13,781)
Loss from unconsolidated entities	7,350	3,311
Distributions from unconsolidated entities	4,360	5,091
Other	(1,561)	(4,227)
Changes in operating assets and liabilities:
Decrease in other assets	10,669	36,154
Decrease in accrued interest payable	(29,201)	(36,514)
Decrease in accounts payable and other liabilities	(27,632)	(50,882)
Net cash provided by operating activities	394,607	321,144
Cash flows from investing activities:
Net investment in real estate property	(971,504)	(767,269)
Investment in loans receivable	(115)	(462)
Proceeds from real estate disposals	47,055	13,250
Proceeds from loans receivable	6,821	2,870
Development project expenditures	(72,440)	(58,368)
Capital expenditures	(72,965)	(58,906)
Investment in unconsolidated entities	(5,913)	(14,928)
Insurance proceeds for property damage claims	556	69
Net cash used in investing activities	(1,068,505)	(883,744)
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities	—	(6,550)
Net change in borrowings under commercial paper program	64,993	242,969
Proceeds from debt	289,501	29,680
Repayment of debt	(810,684)	(1,090,710)
Payment of deferred financing costs	(7,306)	(175)
Issuance of common stock, net	799,299	876,463
Cash distributions to common stockholders	(230,188)	(199,025)
Cash distributions to redeemable OP unitholders	(1,603)	(1,503)
Cash issued for redemption of OP Units	(2,844)	(337)
Contributions from noncontrolling interests	15	80
Distributions to noncontrolling interests	(3,666)	(2,743)
Proceeds from stock option exercises	13,275	19,766
Other	(20,829)	(17,051)
Net cash provided by (used in) financing activities	89,963	(149,136)
Net decrease in cash, cash equivalents and restricted cash	(583,935)	(711,736)
Effect of foreign currency translation	(912)	466
Cash, cash equivalents and restricted cash at beginning of period	786,137	957,233
Cash, cash equivalents and restricted cash at end of period	$201,290	$245,963

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

	For the Three Months Ended March 31,
	2026	2025
Supplemental disclosure of cash flow information:
Income taxes paid, net	$3,156	$4,004
Supplemental schedule of non-cash activities:
Assets acquired and liabilities assumed from acquisitions:
Real estate investments	$30,942	$20,954
Other assets	2,954	2,736
Other liabilities	(11,061)	(8,352)
Deferred income tax liability	(22,835)	(15,337)

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.