Ventas acquired 17 senior housing communities within the SHOP segment for $770.0 million during the quarter, demonstrating a strategic focus on expanding its senior housing portfolio. An additional three senior housing communities were acquired in April 2025 for $104.5 million.

The company entered into equity forward sales agreements for 14.1 million shares of common stock, generating gross proceeds of $949.2 million. This strategy allows Ventas to secure a share price while postponing the receipt of proceeds.

The company is strategically converting senior housing properties from triple-net leases to its SHOP segment, aiming to capture more upside from operating those assets directly. This conversion impacts revenue recognition and segment performance.

While revenues increased, general, administrative, and professional fees also rose by $4.4 million, indicating potential challenges in managing expenses effectively. Increased business model conversions also resulted in higher transition costs.

Ventas repaid $450.0 million and $600.0 million of senior notes, demonstrating proactive debt management. The repayments were funded through cash on hand and commercial paper program borrowings.

The company entered into treasury locks to hedge interest rate risk on future debt issuances. The aggregate $200.0 million notional amounts of treasury locks have a blended rate of 4.2%.

The company's revenue stream is concentrated among a few key tenants like Brookdale, Kindred, and Ardent, making them vulnerable to the financial health of these operators. Any disruption in their operations could significantly impact Ventas' financial performance.

Ventas has a significant amount of variable-rate debt, making them susceptible to fluctuations in interest rates. An increase of 100 basis points in interest rates would increase interest expense by approximately $14.4 million annually.

The company is monitoring ongoing judicial review of legal challenges to SEC Release No. 33-11275, The Enhancement and Standardization of Climate Related Disclosures for Investors, which requires registrants to disclose climate-related information in registration statements and annual reports.

The company expects senior housing to benefit from strong supply/demand fundamentals, including robust projected demand growth combined with low projected supply growth.

Ventas aims to reduce dependence on any single manager or tenant, geographic location, asset type, business model or revenue source. Each of our acquisitions disclosed below was accounted for as an asset acquisition.

The performance and growth of our business will also depend on the broader macroeconomic environment, including consumer sentiment, interest rates, inflation and GDP growth.

Property-level operating expenses related to our SHOP segment include labor, food, utilities, real estate taxes, insurance, repairs and maintenance, marketing, management fees, supplies and other costs of operating the properties.

The increase in our Same-Store SHOP segment NOI for the three months ended March 31, 2025 compared to the same period in 2024 was primarily driven by higher average occupancy and revenue per occupied room, partially offset by higher property-level operating expenses due to higher occupancy.

We report revenues and property-level operating expenses within our NNN segment for real estate tax and insurance expenses that are paid from escrows collected from our tenants.

The 10-Q filing does not contain explicit discussion of specific innovation or technology initiatives. However, the company's focus on modernizing healthcare facilities and senior housing communities suggests an underlying commitment to adopting new technologies.

The company is exposed to complex and evolving governmental policy, laws and regulations, including relating to healthcare, data privacy, cybersecurity and environmental matters.

The company's focus on modernizing healthcare facilities and senior housing communities suggests an underlying commitment to adopting new technologies to improve operational efficiency.

The company entered into equity forward sales agreements for 14.1 million shares of common stock, generating gross proceeds of $949.2 million. This strategy allows Ventas to secure a share price while postponing the receipt of proceeds.

Ventas repaid $450.0 million and $600.0 million of senior notes, demonstrating proactive debt management. The repayments were funded through cash on hand and commercial paper program borrowings.

Ventas acquired 17 senior housing communities within the SHOP segment for $770.0 million during the quarter, demonstrating a strategic focus on expanding its senior housing portfolio. An additional three senior housing communities were acquired in April 2025 for $104.5 million.

The company is monitoring ongoing judicial review of legal challenges to SEC Release No. 33-11275, The Enhancement and Standardization of Climate Related Disclosures for Investors, which requires registrants to disclose climate-related information in registration statements and annual reports.

The company is exposed to complex and evolving governmental policy, laws and regulations, including relating to healthcare, data privacy, cybersecurity and environmental matters.

The 10-Q filing does not contain explicit discussion of specific environmental, social, or governance initiatives. However, the company's focus on modernizing healthcare facilities and senior housing communities suggests an underlying commitment to adopting best practices.

The company expects senior housing to benefit from strong supply/demand fundamentals, including robust projected demand growth combined with low projected supply growth.

Ventas aims to reduce dependence on any single manager or tenant, geographic location, asset type, business model or revenue source. Each of our acquisitions disclosed below was accounted for as an asset acquisition.

The performance and growth of our business will also depend on the broader macroeconomic environment, including consumer sentiment, interest rates, inflation and GDP growth.