Ventas
30 named things its latest annual report says its results depend on, each in the company's own words. 18 of them are also named by other companies we've read.
Customers
Ardent Health
earns from · 6.4named as a riskThe portfolios leased by us to Ardent and Kindred represent a substantial portion of our NNN portfolio and account for a significant portion of our NNN revenues and NOI.Risk factors (Item 1A)
Kindred Healthcare, LLC
earns from · 5.8named as a riskThe portfolios leased by us to Ardent and Kindred represent a substantial portion of our NNN portfolio and account for a significant portion of our NNN revenues and NOI.Risk factors (Item 1A)
Brookdale Senior Living, Inc.
earns from · 6.2%The properties we lease to Brookdale Senior Living, Inc. (together with its subsidiaries, “Brookdale”), Ardent and Kindred Healthcare, LLC (together with its subsidiaries, “Kindred”) accounted for a significant portion of our NNN segment revenues and NOI for the year ended December 31, 2025.Business (Item 1)
Partners and platforms
Atria Senior Living, Inc.
depends on · 17.7%named as a riskWe rely on Atria, Sunrise and Le Groupe Maurice to manage a significant portion of the properties in our SHOP segment, including by setting appropriate resident fees, managing expenses, providing accurate property-level financial results in a timely manner and otherwise managing risk and operating our senior housing communities profitably and in compliance with the terms of our management agreements and all applicable law and regulation.Risk factors (Item 1A)
Sunrise Senior Living, LLC
depends on · 6.8named as a riskThe properties in our SHOP segment managed by Atria, Sunrise Senior Living, LLC (together with its subsidiaries, “Sunrise”) and Le Groupe Maurice (together with its subsidiaries, “Le Groupe Maurice”) accounted for a significant portion of our SHOP segment revenues and NOI for the year ended December 31, 2025.Business (Item 1)
Le Groupe Maurice
depends on · 5.6named as a riskThe properties in our SHOP segment managed by Atria, Sunrise Senior Living, LLC (together with its subsidiaries, “Sunrise”) and Le Groupe Maurice (together with its subsidiaries, “Le Groupe Maurice”) accounted for a significant portion of our SHOP segment revenues and NOI for the year ended December 31, 2025.Business (Item 1)
Ventas Investment Management (VIM)
earns fromnamed as a riskIn these arrangements, we are typically the general partner and earn fees as a result of that service.Business (Item 1)
Places
California
concentrated in · more than 10% of our total revenuesnamed as a riskOur portfolio of assets is broadly diversified by geographic location throughout the United States, Canada and the United Kingdom, with properties in only one state (California) accounting for more than 10% of our total revenues for the year ended December 31, 2025.Business (Item 1)
Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more
Canada
operates in · 9.5% of our total revenuesnamed as a riskWe own properties and operate in the United Kingdom and Canada, which represent 1.2% and 9.5% of our total revenues, respectively.Risk factors (Item 1A)
Also named by AAP, AJG, ALL, AMRC, AOS, ARE, BBY, BF/B and 97 more
United Kingdom
operates in · 1.2% of our total revenuesnamed as a riskWe own properties and operate in the United Kingdom and Canada, which represent 1.2% and 9.5% of our total revenues, respectively.Risk factors (Item 1A)
Also named by AGX, AJG, AMP, BAC, BF/B, BGC, BRO, C and 59 more
Texas
concentrated innamed as a riskA substantial portion of our revenues are derived from properties in California, Texas, New York, Quebec, Canada and Illinois.Risk factors (Item 1A)
Also named by ABR, AFRM, ALLY, AN, ASO, ASTS, ATO, AXP and 70 more
New York
concentrated innamed as a riskA substantial portion of our revenues are derived from properties in California, Texas, New York, Quebec, Canada and Illinois.Risk factors (Item 1A)
Also named by ABR, AXP, BJ, BPOP, BRO, BWA, CHE, CINF and 12 more
Illinois
concentrated innamed as a riskA substantial portion of our revenues are derived from properties in California, Texas, New York, Quebec, Canada and Illinois.Risk factors (Item 1A)
Also named by AEE, ALL, AWK, CASY, CINF, DRVN, FPI, NNN and 4 more
Quebec
concentrated innamed as a riskA substantial portion of our revenues are derived from properties in California, Texas, New York, Quebec, Canada and Illinois.Risk factors (Item 1A)
Also named by DRVN
Commodities and inputs
Secured Overnight Financing Rate (SOFR)
exposed to its price · approximately $13.1 billion of outstanding principal indebtednessnamed as a riskWe receive a significant portion of our revenues by leasing assets under long-term triple-net leases that generally provide for fixed rental rates subject to annual escalations, while certain of our debt obligations are variable rate obligations with interest and related payments that vary with the movement of the Secured Overnight Financing Rate (“SOFR”), Bankers’ Acceptance or other indexes.Risk factors (Item 1A)
Also named by ABR, ADBE, AGM, AMG, ARCC, BCSF, BRO, CAT and 21 more
Canadian dollar
exposed to its pricenamed as a riskOur ownership of properties in Canada and the United Kingdom currently subjects us to fluctuations in the exchange rates between U.S. dollars and Canadian dollars or the British pound, which may, from time to time, impact our financial condition and results of operations.Risk factors (Item 1A)
Also named by ABBV, ADBE, AMG, AYI, BBY, BWXT, CBRE, CDRE and 67 more
British pound
exposed to its pricenamed as a riskOur ownership of properties in Canada and the United Kingdom currently subjects us to fluctuations in the exchange rates between U.S. dollars and Canadian dollars or the British pound, which may, from time to time, impact our financial condition and results of operations.Risk factors (Item 1A)
Also named by ABBV, ADBE, AJG, AME, AMP, APA, BF/B, BRO and 39 more
Regulators
National Institutes of Health (NIH)
depends onnamed as a riskCertain of our tenants, including certain university tenants, may depend on NIH grants and reimbursements to partially fund research and in some cases to pay rent for space in our properties.Risk factors (Item 1A)
Laws and programs
U.K. GDPR
subject to · up to 4% of annual worldwide turnover or £17.5 millionnamed as a riskThe U.K. Data Protection Laws impose a significant number of obligations on data controllers with the potential for fines of up to 4% of annual worldwide turnover or £17.5 million, whichever is greater.Business (Item 1)
Also named by GTLB
Medicare
subject tonamed as a riskOther of our tenants, such as LTACs, SNFs, IRFs and certain healthcare facilities, may rely on reimbursement from Medicare and/or Medicaid.Risk factors (Item 1A)
Also named by ABT, ARWR, AXGN, BAX, BDX, BMY, BSX, CAH and 48 more
One Big Beautiful Bill Act (OBBBA, H.R. 1)
subject tonamed as a riskFor example, the federal budget reconciliation bill, H.R. 1, enacted on July 4, 2025, (the “OBBBA”), includes several healthcare policy changes that are expected to result in Medicaid spending reductions and changes in administration of state Medicaid programs.Business (Item 1)
Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more
Medicaid
subject tonamed as a riskThe OBBBA also contains numerous provisions that may affect our or our managers’, tenants’ or borrowers’ operations, including but not limited to provisions that pertain to funding of government reimbursement programs, which in turn may affect our business, financial condition or results of operations.Business (Item 1)
Also named by ABBV, ABT, ARE, ARWR, BAX, BMY, BSX, CHE and 39 more
HIPAA
subject tonamed as a riskWe and our managers, tenants and borrowers may be subject to data privacy and cybersecurity regulations issued pursuant to the Health Insurance Portability and Accountability Act of 1996, as amended (“HIPAA”).Business (Item 1)
Also named by AFL, BAX, BBSI, CI, DHR, DOC, DOCN, DOCU and 19 more
REIT qualification (Internal Revenue Code Sections 856-860)
subject tonamed as a riskLoss of our status as a REIT would have significant adverse consequences for us and the value of our common stock.Risk factors (Item 1A)
Also named by ABR, AMT, CCI, DLR, ENSG, FPI, KIM, LAMR and 6 more
State certificate of need (CON) laws
subject tonamed as a riskCON laws and regulations may restrict our or our tenants’ ability to expand and grow in certain circumstances, which could have an adverse effect on our or their revenues.Business (Item 1)
Also named by DOC
Health and Social Care Act 2008
subject tonamed as a riskIn the United Kingdom, operations in our senior housing communities are principally regulated as “care home services” under the Health and Social Care Act 2008 (as amended) and other regulations including the Health and Care Act 2022 and the Health and Social Care Act 2008 (Regulated Activities) (Amendment) Regulations 2023.Business (Item 1)
Quebec rent control regulations
subject tonamed as a riskAlso, certain provinces (such as Quebec) impose rent control regulations that apply to our senior living communities.Business (Item 1)
Canada interest expense deductibility legislation
subject tonamed as a riskIn particular, legislation related to interest expense deductibility in Canada may have a significant impact on our income tax expense and cash taxes.Business (Item 1)
CARES Act
subject tonamed as a riskWe, and our managers, tenants and borrowers, applied for and received grants under these types of government programs.Business (Item 1)
Tariffs on imported construction materials
exposed to its pricenamed as a riskFor example, our costs and the costs of our tenants and borrowers may be impacted by rising construction costs from tariffs on imported materials and rising labor costs.Risk factors (Item 1A)