Ventas is one of the largest US healthcare REITs. Its three reporting segments are the Senior Housing Operating Portfolio (SHOP), Outpatient Medical and Research (OM&R), and Triple-Net Leased Properties (NNN). In the SHOP model Ventas owns communities and hires operators such as Atria to run them, so it takes on operating risk in exchange for the upside of rising occupancy and rents. In OM&R and NNN it collects contractual rent from health systems, research tenants and care operators. The company traces back to the 1998 split of Vencor, a Louisville nursing-home and hospital operator, into an operating company and a real estate company. Under Debra Cafaro, CEO since 1999, Ventas grew through deals such as the $3.1 billion Atria real estate purchase and the $7.4 billion Nationwide Health Properties acquisition in 2011. The company is headquartered in Chicago, Illinois.
Ventas operates an S&P 500 healthcare real estate investment trust (REIT) business model, acquiring, owning, and leasing mission-critical healthcare, senior living, and life science properties across the United States, Canada, and the United Kingdom. The company generates revenue across three complementary property categories: Senior Housing Operating Portfolio (SHOP), collecting resident fees and service revenues under the RIDEA structure with regional operators; Triple-Net Leased Properties, earning predictable long-term rental income from skilled nursing facilities, inpatient rehabilitation hospitals, and specialty clinics; and Outpatient Medical and Research, collecting contractual lease payments from healthcare system medical office buildings and university-affiliated life science research campuses.