Ventas, Inc.

For the period ended Jun 30, 2026. Filed Jul 30, 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.

Jun 30, 2026 · Filed Jul 30, 2026

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

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 1. Financial Statements (Unaudited)

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS

	As of June 30, 2026	As of December 31, 2025
Assets
Real estate investments:
Land and improvements	$3,260,895	$2,962,738
Buildings and improvements	33,346,737	30,872,598
Construction in progress	253,902	358,811
Acquired lease intangibles	1,937,522	1,680,567
Operating lease assets	316,707	295,838
	39,115,763	36,170,552
Accumulated depreciation and amortization	(12,622,838)	(12,043,619)
Net real estate property	26,492,925	24,126,933
Secured loans receivable and investments, net	436,401	143,913
Investments in unconsolidated real estate entities	590,630	617,571
Net real estate investments	27,519,956	24,888,417
Cash and cash equivalents	198,956	741,067
Escrow deposits and restricted cash	24,861	45,070
Goodwill	1,045,816	1,046,072
Assets held for sale	28,744	42,993
Deferred income tax assets, net	3,134	2,797
Other assets	834,429	825,529
Total assets	$29,655,896	$27,591,945
Liabilities and equity
Liabilities:
Senior notes payable and other debt	$12,687,789	$13,011,016
Accrued interest payable	142,464	143,104
Operating lease liabilities	231,210	208,602
Accounts payable and other liabilities	1,349,477	1,240,820
Liabilities related to assets held for sale	2,584	4,032
Deferred income tax liabilities	30,739	23,409
Total liabilities	14,444,263	14,630,983
Redeemable OP unitholder and noncontrolling interests	509,069	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, 512,946 and 474,926 shares outstanding at June 30, 2026 and December 31, 2025, respectively	128,237	118,732
Capital in excess of par value	22,478,217	19,976,183
Accumulated other comprehensive loss	(31,510)	(39,851)
Retained earnings (deficit)	(7,925,545)	(7,527,777)
Treasury stock, 0 shares issued	—	(34)
Total Ventas stockholders’ equity	14,649,399	12,527,253
Noncontrolling interests	53,165	58,555
Total equity	14,702,564	12,585,808
Total liabilities and equity	$29,655,896	$27,591,945

CONSOLIDATED STATEMENTS OF INCOME

	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2026	2025	2026	2025
Revenues
Rental income:
Triple-net leased properties	$124,856	$152,702	$247,927	$308,815
Outpatient medical and research portfolio	228,605	220,814	458,709	442,133
	353,461	373,516	706,636	750,948
Resident fees and services	1,363,498	1,032,714	2,656,288	2,001,618
Third-party capital management revenues	4,245	4,397	8,656	8,733
Income from loans and investments	6,632	4,395	10,701	8,719
Interest and other income	1,778	5,871	4,277	8,949
Total revenues	1,729,614	1,420,893	3,386,558	2,778,967
Expenses
Interest	160,034	150,298	316,176	299,654
Depreciation and amortization	407,711	347,719	790,179	669,244
Property-level operating expenses:
Senior housing	959,999	746,302	1,878,331	1,450,702
Outpatient medical and research portfolio	77,781	75,001	158,082	150,958
Triple-net leased properties	3,142	3,966	6,043	7,493
	1,040,922	825,269	2,042,456	1,609,153
Third-party capital management expenses	1,706	1,627	3,539	3,452
General, administrative and professional fees	46,986	42,856	109,732	96,005
Loss on extinguishment of debt, net	83	—	532	—
Transaction, transition and restructuring costs	13,478	4,627	20,137	10,609
Other expense	4,454	5,839	14,154	7,251
Total expenses	1,675,374	1,378,235	3,296,905	2,695,368
Income before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests	54,240	42,658	89,653	83,599
Loss from unconsolidated entities	(7,812)	(1,138)	(15,162)	(4,449)
Gain on real estate dispositions	176	33,816	15,222	33,985
Income tax benefit (expense)	25,618	(3,874)	41,555	6,683
Net income	72,222	71,462	131,268	119,818
Net income attributable to noncontrolling interests	1,652	3,198	4,786	4,686
Net income attributable to common stockholders	$70,570	$68,264	$126,482	$115,132
Earnings per common share
Basic:
Net income	$0.15	$0.16	$0.27	$0.27
Net income attributable to common stockholders	0.14	0.15	0.26	0.26
Diluted:
Net income	$0.15	$0.16	$0.27	$0.26
Net income attributable to common stockholders	0.14	0.15	0.26	0.25

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2026	2025	2026	2025
Net income	$72,222	$71,462	$131,268	$119,818
Other comprehensive income:
Foreign currency translation gain	4,103	2,952	1,734	10,671
Unrealized (loss) gain on available for sale securities	(152)	141	(344)	626
Unrealized gain (loss) on derivative instruments	826	(78)	3,925	(7,829)
Total other comprehensive income	4,777	3,015	5,315	3,468
Comprehensive income	76,999	74,477	136,583	123,286
Comprehensive (loss) income attributable to noncontrolling interests	(173)	7,946	1,760	8,432
Comprehensive income attributable to common stockholders	$77,172	$66,531	$134,823	$114,854

CONSOLIDATED STATEMENTS OF EQUITY

For the Three Months Ended June 30, 2026 and 2025

	For the Three Months Ended June 30, 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 April 1, 2026	$121,524	$20,768,548	$(38,112)	$(7,726,996)	$—	13,124,964	$57,038	13,182,002
Net income	—	—	—	70,570	—	70,570	1,652	72,222
Other comprehensive income (loss)	—	—	6,602	—	—	6,602	(1,825)	4,777
Net change in noncontrolling interests	—	(7,754)	—	—	—	(7,754)	(3,700)	(11,454)
Dividends to common stockholders—$0.52 per share	—	45	—	(269,119)	—	(269,074)	—	(269,074)
Issuance of common stock for stock plans, restricted stock grants and other	6,713	1,742,384	—	—	—	1,749,097	—	1,749,097
Adjust redeemable OP unitholder interests to current fair value	—	(24,257)	—	—	—	(24,257)	—	(24,257)
Redemption of OP Units	—	(749)	—	—	—	(749)	—	(749)
Balance at June 30, 2026	$128,237	$22,478,217	$(31,510)	$(7,925,545)	$—	$14,649,399	$53,165	$14,702,564

	For the Three Months Ended June 30, 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 April 1, 2025	$112,497	$18,488,381	$(32,070)	$(7,057,776)	$(41,475)	$11,469,557	$56,559	$11,526,116
Net income	—	—	—	68,264	—	68,264	3,198	71,462
Other comprehensive (loss) income	—	—	(1,734)	—	—	(1,734)	4,749	3,015
Net change in noncontrolling interests	—	(5,471)	—	—	—	(5,471)	(1,433)	(6,904)
Dividends to common stockholders—$0.48 per share	—	25	—	(219,191)	—	(219,166)	—	(219,166)
Issuance of common stock for stock plans, restricted stock grants and other	719	201,539	—	—	(1,680)	200,578	—	200,578
Adjust redeemable OP unitholder interests to current fair value	—	18,749	—	—	—	18,749	—	18,749
Redemption of OP Units	—	(1,389)	—	—	—	(1,389)	—	(1,389)
Balance at June 30, 2025	$113,216	$18,701,834	$(33,804)	$(7,208,703)	$(43,155)	$11,529,388	$63,073	$11,592,461

CONSOLIDATED STATEMENTS OF EQUITY

For the Six Months Ended June 30, 2026 and 2025

	For the Six Months Ended June 30, 2026
	Common Stock Par Value	Capital in Excess of Par Value	Accumulated Other Comprehensive(Loss) Income	Retained Earnings (Deficit)	TreasuryStock	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	—	—	—	126,482	—	126,482	4,786	131,268
Other comprehensive income (loss)	—	—	8,341	—	—	8,341	(3,026)	5,315
Net change in noncontrolling interests	—	(16,295)	—	—	—	(16,295)	(7,150)	(23,445)
Dividends to common stockholders—$1.04 per share	—	44	—	(524,250)	—	(524,206)	—	(524,206)
Issuance of common stock for stock plans, restricted stock grants and other	9,505	2,559,769	—	—	34	2,569,308	—	2,569,308
Adjust redeemable OP unitholder interests to current fair value	—	(38,331)	—	—	—	(38,331)	—	(38,331)
Redemption of OP Units	—	(3,153)	—	—	—	(3,153)	—	(3,153)
Balance at June 30, 2026	$128,237	$22,478,217	$(31,510)	$(7,925,545)	$—	$14,649,399	$53,165	$14,702,564

	For the Six Months Ended June 30, 2025
	Common Stock Par Value	Capital in Excess of Par Value	Accumulated Other Comprehensive(Loss) Income	Retained Earnings (Deficit)	TreasuryStock	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	—	—	—	115,132	—	115,132	4,686	119,818
Other comprehensive (loss) income	—	—	(278)	—	—	(278)	3,746	3,468
Net change in noncontrolling interests	—	(2,240)	—	—	—	(2,240)	(3,688)	(5,928)
Dividends to common stockholders—$0.96 per share	—	49	—	(437,182)	—	(437,133)	—	(437,133)
Issuance of common stock for stock plans, restricted stock grants and other	4,097	1,114,320	—	—	(18,000)	1,100,417	—	1,100,417
Adjust redeemable OP unitholder interests to current fair value	—	(16,323)	—	—	—	(16,323)	—	(16,323)
Redemption of OP Units	—	(1,454)	—	—	—	(1,454)	—	(1,454)
Balance at June 30, 2025	$113,216	$18,701,834	$(33,804)	$(7,208,703)	$(43,155)	$11,529,388	$63,073	$11,592,461

CONSOLIDATED STATEMENTS OF CASH FLOWS

	For the Six Months Ended June 30,
	2026	2025
Cash flows from operating activities:
Net income	$131,268	$119,818
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	790,179	669,244
Amortization of deferred revenue and lease intangibles, net	(9,263)	(19,364)
Other non-cash amortization	17,185	14,059
Stock-based compensation	30,154	26,510
Straight-lining of rental income	(14,113)	(12,547)
Loss on extinguishment of debt, net	532	—
Gain on real estate dispositions	(15,222)	(33,985)
Gain on real estate loan investments	(11)	—
Income tax benefit	(48,255)	(13,032)
Loss from unconsolidated entities	15,161	4,449
Distributions from unconsolidated entities	18,250	15,026
Other	3,580	(2,752)
Changes in operating assets and liabilities:
Decrease in other assets	13,304	51,523
Decrease in accrued interest payable	(1,407)	(13,893)
Increase (decrease) in accounts payable and other liabilities	19,814	(8,574)
Net cash provided by operating activities	951,156	796,482
Cash flows from investing activities:
Net investment in real estate property	(2,448,803)	(960,727)
Investment in loans receivable	(301,457)	(581)
Proceeds from real estate disposals	52,574	149,014
Proceeds from loans receivable	7,146	7,848
Redevelopment and development project expenditures	(149,676)	(125,538)
Other capital expenditures	(174,797)	(133,977)
Distributions from unconsolidated entities	11,212	—
Investment in unconsolidated entities	(18,436)	(24,855)
Insurance proceeds for property damage claims	2,932	652
Net cash used in investing activities	(3,019,305)	(1,088,164)
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities	—	(5,422)
Net change in borrowings under commercial paper program	264,971	—
Proceeds from debt	891,730	587,199
Repayment of debt	(1,678,830)	(1,209,580)
Payment of deferred financing costs	(7,306)	(8,908)
Issuance of common stock, net	2,548,239	1,064,749
Cash distributions to common stockholders	(483,538)	(415,989)
Cash distributions to redeemable OP unitholders	(3,310)	(3,127)
Cash issued for redemption of OP Units	(2,844)	(1,684)
Contributions from noncontrolling interests	1,228	80
Distributions to noncontrolling interests	(8,152)	(6,086)
Proceeds from stock option exercises	13,796	26,124
Other	(28,397)	(19,526)
Net cash provided by financing activities	1,507,587	7,830
Net decrease in cash, cash equivalents and restricted cash	(560,562)	(283,852)
Effect of foreign currency translation	(1,758)	3,376
Cash, cash equivalents and restricted cash at beginning of period	786,137	957,233
Cash, cash equivalents and restricted cash at end of period	$223,817	$676,757

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

	For the Six Months Ended June 30,
	2026	2025
Supplemental disclosure of cash flow information:
Income taxes paid, net	$5,576	$7,002
Supplemental schedule of non-cash activities:
Assets acquired and liabilities assumed from acquisitions and other:
Real estate investments	$448,390	$26,010
Other assets	21,253	3,106
Debt	(289,118)	—
Other liabilities	(40,889)	10,643
Deferred income tax liability	(55,853)	18,473
Noncontrolling interests	(83,784)	—

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