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Segment Net Operating Income Breakdown
Shows the operating income generated by each property type (senior housing, medical office, life sciences, etc.), revealing which segments drive cash flow and margin. For Ventas, segment NOI highlights where rental cash is most productive and where operating risk or capital needs may pressure earnings and dividends.Senior-housing (SHOP) has become the clear growth engine—its NOI exploded and is driving the FFO raise and ~16% SHOP same‑store NOI guidance—while outpatient NOI is steady ballast. At the same time, Triple‑Net contributions have drifted lower (a meaningful drop late‑2025/early‑2026), concentrating risk in operationally sensitive, lease‑up heavy assets. Management’s bigger SHOP deployment and strong liquidity underpin upside, but execution (Revel/Brookdale lease‑ups), higher OpEx, and cap‑rate competition are the key execution risks to watch.
Date | Triple Net Leased Properties | SHOP | Outpatient Medical & Research Portfolio | Other |
|---|---|---|---|---|
Jun 30, 2026 | $121.71M | $403.50M | $151.53M | $8.46M |
Mar 31, 2026 | $120.17M | $374.46M | $150.60M | $5.85M |
Dec 31, 2025 | $129.71M | $330.85M | $149.90M | $10.28M |
Sep 30, 2025 | $157.04M | $302.30M | $147.75M | $7.82M |
Jun 30, 2025 | $148.74M | $286.41M | $146.49M | $6.49M |
Mar 31, 2025 | $152.59M | $264.50M | $146.04M | $6.16M |
Dec 31, 2024 | $153.20M | $234.68M | $143.33M | $6.49M |
Sep 30, 2024 | $150.97M | $213.98M | $144.10M | $4.10M |
Jun 30, 2024 | $150.43M | $214.24M | $146.27M | $3.41M |
Mar 31, 2024 | $151.63M | $203.48M | $145.57M | $3.20M |