What Ventas's FY2025 10-K says: 11 signals
Ventas filed its latest 10-K with the SEC on Feb 6, 2026. It discusses customer concentration, AI investment and compliance burden.
Public (VTR)Leasing Real Estate1,001 to 5,000 employeesventasreit.comLinkedIn
- Filed
- Feb 6, 2026
- Period
- FY2025
- Fiscal year end
- 12/31
- Filings
- 1
10-K · latest 8
What Ventas's 10-K filings say
- SEC EDGAR
10-K · FY2025
Filed · Fiscal year ends 12/31 · 11 signals
Ventas restructures major Brookdale portfolio, converting 45 properties to direct operations
Ventas is ending its large NNN lease relationship with Brookdale, which represented 6.2% of 2025 NOI.
6.2%
Percentage of Total NOI from Brookdale-leased properties in 2025
Brookdale Senior Living, Inc.
The company has developed and relies on a proprietary, machine learning-enabled platform for real-time decision-making, BI dashboards, marketing analytics, and competitive intelligence.
machine learningbusiness intelligence dashboardsgeospatial analytics
Ventas is converting 45 properties from NNN lease to direct SHOP operations in 2025-2026.
The company is shifting 45 former Brookdale-leased properties from a passive triple-net (NNN) model to a direct-management (SHOP) model.
Brookdale Senior Living, Inc.
Three managers (Atria, Sunrise, Le Groupe Maurice) account for 30.1% of total Net Operating Income.
Ventas has a significant concentration risk in its largest segment (SHOP), with Atria, Sunrise, and Le Groupe Maurice representing 17.7%, 6.8%, and 5.6% of total NOI respectively.
30.1%
Percentage of total Net Operating Income (NOI) from three key managers (Atria, Sunrise, Le Groupe Maurice)
data and analyticsmachine learningbusiness intelligence dashboardsmarketing and sales analytics
Ardent Health and Kindred Healthcare represent 12.2% of total NOI in the NNN portfolio.
Ventas's triple-net (NNN) segment has significant tenant concentration, with Ardent Health Partners (6.4% of total NOI) and Kindred Healthcare (5.8%) being major sources of revenue.
12.2%
Percentage of total Net Operating Income (NOI) from two key tenants (Ardent and Kindred)
Ardent Health Partners, LLCKindred Healthcare, LLCBrookdale Senior Living, Inc.Atria Senior Living, Inc.
Ventas invests in high-tech research centers with advanced, specialized infrastructure needs
The company's research center portfolio requires specialized infrastructure like advanced HVAC, enhanced electrical systems, and emergency generators.
Triple-Net lease revenues are directly linked to Consumer Price Index (CPI) escalators.
Ventas's NNN segment leases include rent escalators based on CPI, creating direct revenue exposure to inflation.
REIT tax rules mandate use of third-party operators, increasing operational complexity and risk.
To maintain its tax-advantaged REIT status, Ventas is legally required to use third-party managers for most of its senior housing properties, preventing direct operational control.
data and analytics
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Questions about Ventas 10-K
When did Ventas file its latest 10-K?
What does Ventas's latest 10-K say about divestiture?
Where can I find Ventas's annual report?
Source. Annual reports (Form 10-K) filed with the SEC. Every card links to the filing on EDGAR.
Method. Insights are extracted from the filing text and grouped by category. Numbers are quoted from the filing.
Data as of .