Ventas, Inc.

For the period ended Sep 30, 2026. Filed Oct 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.

Sep 30, 2026 · Filed Oct 28, 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 September 30, 2026	As of December 31, 2025
Assets
Real estate investments:
Land and improvements	$3,390,024	$2,962,738
Buildings and improvements	34,209,438	30,872,598
Construction in progress	248,737	358,811
Acquired lease intangibles	2,046,823	1,680,567
Operating lease assets	314,623	295,838
	40,209,645	36,170,552
Accumulated depreciation and amortization	(12,912,169)	(12,043,619)
Net real estate property	27,297,476	24,126,933
Secured loans receivable and investments, net	442,287	143,913
Investments in unconsolidated real estate entities	584,905	617,571
Net real estate investments	28,324,668	24,888,417
Cash and cash equivalents	202,009	741,067
Escrow deposits and restricted cash	27,623	45,070
Goodwill	1,045,824	1,046,072
Assets held for sale	100,813	42,993
Deferred income tax assets, net	2,807	2,797
Other assets	921,638	825,529
Total assets	$30,625,382	$27,591,945
Liabilities and equity
Liabilities:
Senior notes payable and other debt	$12,436,652	$13,011,016
Accrued interest payable	97,664	143,104
Operating lease liabilities	230,568	208,602
Accounts payable and other liabilities	1,469,788	1,240,820
Liabilities related to assets held for sale	6,489	4,032
Deferred income tax liabilities	31,801	23,409
Total liabilities	14,272,962	14,630,983
Redeemable OP unitholder and noncontrolling interests	492,756	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, 528,820 and 474,926 shares outstanding at September 30, 2026 and December 31, 2025, respectively	132,205	118,732
Capital in excess of par value	23,834,762	19,976,183
Accumulated other comprehensive loss	(23,689)	(39,851)
Retained earnings (deficit)	(8,136,215)	(7,527,777)
Treasury stock, 0 shares issued	—	(34)
Total Ventas stockholders’ equity	15,807,063	12,527,253
Noncontrolling interests	52,601	58,555
Total equity	15,859,664	12,585,808
Total liabilities and equity	$30,625,382	$27,591,945

CONSOLIDATED STATEMENTS OF INCOME

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2026	2025	2026	2025
Revenues
Rental income:
Triple-net leased properties	$129,484	$160,050	$377,411	$468,865
Outpatient medical and research portfolio	233,239	226,200	691,948	668,333
	362,723	386,250	1,069,359	1,137,198
Resident fees and services	1,450,802	1,088,546	4,107,090	3,090,164
Third-party capital management revenues	4,140	4,492	12,796	13,225
Income from loans and investments	12,165	5,524	22,866	14,243
Interest and other income	1,961	4,184	6,238	13,133
Total revenues	1,831,791	1,488,996	5,218,349	4,267,963
Expenses
Interest	161,388	158,124	477,564	457,778
Depreciation and amortization	446,013	357,173	1,236,192	1,026,417
Property-level operating expenses:
Senior housing	1,020,832	786,250	2,899,163	2,236,952
Outpatient medical and research portfolio	80,529	79,136	238,611	230,094
Triple-net leased properties	3,201	3,012	9,244	10,505
	1,104,562	868,398	3,147,018	2,477,551
Third-party capital management expenses	1,794	1,517	5,333	4,969
General, administrative and professional fees	47,698	40,387	157,430	136,392
Loss on extinguishment of debt, net	14	119	546	119
Transaction, transition and restructuring costs	7,872	5,472	28,009	16,081
Other expense	9,821	13,370	23,975	20,621
Total expenses	1,779,162	1,444,560	5,076,067	4,139,928
Income before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests	52,629	44,436	142,282	128,035
(Loss) income from unconsolidated entities	(5,464)	16,644	(20,626)	12,195
Gain on real estate dispositions	815	1,283	16,037	35,268
Income tax benefit	19,301	6,345	60,856	13,028
Net income	67,281	68,708	198,549	188,526
Net income attributable to noncontrolling interests	1,901	2,661	6,687	7,347
Net income attributable to common stockholders	$65,380	$66,047	$191,862	$181,179
Earnings per common share
Basic:
Net income	$0.13	$0.15	$0.40	$0.42
Net income attributable to common stockholders	0.13	0.14	0.39	0.40
Diluted:
Net income	$0.13	$0.15	$0.40	$0.41
Net income attributable to common stockholders	0.13	0.14	0.38	0.40

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2026	2025	2026	2025
Net income	$67,281	$68,708	$198,549	$188,526
Other comprehensive income (loss):
Foreign currency translation gain (loss)	674	(4,364)	2,408	6,307
Unrealized (loss) gain on available for sale securities	(986)	129	(1,330)	755
Unrealized gain (loss) on derivative instruments	8,981	(2,775)	12,906	(10,604)
Total other comprehensive income (loss)	8,669	(7,010)	13,984	(3,542)
Comprehensive income	75,950	61,698	212,533	184,984
Comprehensive income (loss) attributable to noncontrolling interests	2,749	(363)	4,509	8,069
Comprehensive income attributable to common stockholders	$73,201	$62,061	$208,024	$176,915

CONSOLIDATED STATEMENTS OF EQUITY

For the Three Months Ended September 30, 2026 and 2025

	For the Three Months Ended September 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 July 1, 2026	$128,237	$22,478,217	$(31,510)	$(7,925,545)	$—	14,649,399	$53,165	14,702,564
Net income	—	—	—	65,380	—	65,380	1,901	67,281
Other comprehensive income	—	—	7,821	—	—	7,821	848	8,669
Net change in noncontrolling interests	—	(6,536)	—	—	—	(6,536)	(3,313)	(9,849)
Dividends to common stockholders—$0.52 per share	—	45	—	(276,050)	—	(276,005)	—	(276,005)
Issuance of common stock for stock plans, restricted stock grants and other	3,968	1,351,754	—	—	—	1,355,722	—	1,355,722
Adjust redeemable OP unitholder interests to current fair value	—	16,182	—	—	—	16,182	—	16,182
Redemption of OP Units	—	(4,900)	—	—	—	(4,900)	—	(4,900)
Balance at September 30, 2026	$132,205	$23,834,762	$(23,689)	$(8,136,215)	$—	$15,807,063	$52,601	$15,859,664

	For the Three Months Ended September 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 July 1, 2025	$113,216	$18,701,834	$(33,804)	$(7,208,703)	$(43,155)	$11,529,388	$63,073	$11,592,461
Net income	—	—	—	66,047	—	66,047	2,661	68,708
Other comprehensive loss	—	—	(3,986)	—	—	(3,986)	(3,024)	(7,010)
Net change in noncontrolling interests	—	(3,133)	—	—	—	(3,133)	(876)	(4,009)
Dividends to common stockholders—$0.48 per share	—	34	—	(226,584)	—	(226,550)	—	(226,550)
Issuance of common stock for stock plans, restricted stock grants and other	3,723	1,021,108	—	—	(17)	1,024,814	—	1,024,814
Adjust redeemable OP unitholder interests to current fair value	—	(24,265)	—	—	—	(24,265)	—	(24,265)
Redemption of OP Units	—	(391)	—	—	—	(391)	—	(391)
Balance at September 30, 2025	$116,939	$19,695,187	$(37,790)	$(7,369,240)	$(43,172)	$12,361,924	$61,834	$12,423,758

CONSOLIDATED STATEMENTS OF EQUITY

For the Nine Months Ended September 30, 2026 and 2025

	For the Nine Months Ended September 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	—	—	—	191,862	—	191,862	6,687	198,549
Other comprehensive income (loss)	—	—	16,162	—	—	16,162	(2,178)	13,984
Net change in noncontrolling interests	—	(22,831)	—	—	—	(22,831)	(10,463)	(33,294)
Dividends to common stockholders—$1.56 per share	—	89	—	(800,300)	—	(800,211)	—	(800,211)
Issuance of common stock for stock plans, restricted stock grants and other	13,473	3,911,523	—	—	34	3,925,030	—	3,925,030
Adjust redeemable OP unitholder interests to current fair value	—	(22,149)	—	—	—	(22,149)	—	(22,149)
Redemption of OP Units	—	(8,053)	—	—	—	(8,053)	—	(8,053)
Balance at September 30, 2026	$132,205	$23,834,762	$(23,689)	$(8,136,215)	$—	$15,807,063	$52,601	$15,859,664

	For the Nine Months Ended September 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	—	—	—	181,179	—	181,179	7,347	188,526
Other comprehensive (loss) income	—	—	(4,264)	—	—	(4,264)	722	(3,542)
Net change in noncontrolling interests	—	(5,373)	—	—	—	(5,373)	(4,564)	(9,937)
Dividends to common stockholders—$1.44 per share	—	83	—	(663,766)	—	(663,683)	—	(663,683)
Issuance of common stock for stock plans, restricted stock grants and other	7,820	2,135,428	—	—	(18,017)	2,125,231	—	2,125,231
Adjust redeemable OP unitholder interests to current fair value	—	(40,588)	—	—	—	(40,588)	—	(40,588)
Redemption of OP Units	—	(1,845)	—	—	—	(1,845)	—	(1,845)
Balance at September 30, 2025	$116,939	$19,695,187	$(37,790)	$(7,369,240)	$(43,172)	$12,361,924	$61,834	$12,423,758

CONSOLIDATED STATEMENTS OF CASH FLOWS

	For the Nine Months Ended September 30,
	2026	2025
Cash flows from operating activities:
Net income	$198,549	$188,526
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,236,192	1,026,417
Amortization of deferred revenue and lease intangibles, net	(14,424)	(31,012)
Other non-cash amortization	24,607	22,484
Stock-based compensation	36,080	32,415
Straight-lining of rental income	(25,399)	(38,784)
Loss on extinguishment of debt, net	546	119
Gain on real estate dispositions	(16,037)	(35,268)
Gain on real estate loan investments	(11)	—
Income tax benefit	(72,155)	(22,002)
Loss (income) from unconsolidated entities	20,625	(12,195)
Distributions from unconsolidated entities	23,708	21,749
Other	8,529	8,417
Changes in operating assets and liabilities:
Increase in other assets	(67,704)	(14,515)
Decrease in accrued interest payable	(46,157)	(30,560)
Increase in accounts payable and other liabilities	133,810	59,272
Net cash provided by operating activities	1,440,759	1,175,063
Cash flows from investing activities:
Net investment in real estate property	(3,545,476)	(1,985,249)
Investment in loans receivable	(309,870)	(866)
Proceeds from real estate disposals	66,818	158,769
Proceeds from loans receivable	12,126	9,432
Redevelopment and development project expenditures	(214,325)	(184,412)
Other capital expenditures	(319,345)	(226,152)
Distributions from unconsolidated entities	11,212	—
Investment in unconsolidated entities	(25,394)	(40,157)
Insurance proceeds for property damage claims	7,199	2,939
Net cash used in investing activities	(4,317,055)	(2,265,696)
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities	—	(6,768)
Net change in borrowings under commercial paper program	16,998	—
Proceeds from debt	1,023,231	606,850
Repayment of debt	(1,812,156)	(1,651,650)
Purchase of noncontrolling interests	—	(2,057)
Payment of deferred financing costs	(8,571)	(9,560)
Issuance of common stock, net	3,898,732	2,064,227
Cash distributions to common stockholders	(750,582)	(634,376)
Cash distributions to redeemable OP unitholders	(4,697)	(4,740)
Cash issued for redemption of OP Units	(9,987)	(2,092)
Contributions from noncontrolling interests	1,238	80
Distributions to noncontrolling interests	(15,555)	(11,318)
Proceeds from stock option exercises	13,275	45,651
Other	(30,000)	(20,346)
Net cash provided by financing activities	2,321,926	373,901
Net decrease in cash, cash equivalents and restricted cash	(554,370)	(716,732)
Effect of foreign currency translation	(2,135)	2,050
Cash, cash equivalents and restricted cash at beginning of period	786,137	957,233
Cash, cash equivalents and restricted cash at end of period	$229,632	$242,551

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

	For the Nine Months Ended September 30,
	2026	2025
Supplemental disclosure of cash flow information:
Income taxes paid, net	$6,033	$8,370
Supplemental schedule of non-cash activities:
Assets acquired and liabilities assumed from acquisitions and other:
Real estate investments	$482,698	$54,751
Other assets	25,601	5,149
Debt	(289,118)	—
Other liabilities	(53,356)	(25,173)
Deferred income tax liability	(81,082)	(34,727)
Noncontrolling interests	(84,743)	—

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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.