Ventas, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Ventas, Inc. has filed its 2023 10-K report, detailing its financial performance and business segments.</b>

AI Summary

Ventas, Inc. (VTR) filed a Annual Report (10-K) with the SEC on February 15, 2024. Ventas, Inc. reported its 2023 fiscal year results on February 15, 2024. The company's primary business segments include Triple Net Leased Properties, Outpatient Medical and Research Portfolio, Senior Living Operations, Resident Fees and Services, and Third-Party Capital Management. Financial data for the fiscal years ending December 31, 2023, 2022, and 2021 are presented. Key balance sheet components such as Retained Earnings, Common Stock, Additional Paid-In Capital, and Accumulated Other Comprehensive Income are detailed for various periods. The filing includes information on the company's incorporation in Delaware and its principal business address in Chicago, IL.

Why It Matters

For investors and stakeholders tracking Ventas, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Ventas's financial health and operational structure for the fiscal year 2023, crucial for investors assessing the company's stability and growth prospects. The detailed segment information allows stakeholders to understand the revenue drivers and strategic focus areas within Ventas's real estate investment trust (REIT) portfolio.

Risk Assessment

Risk Level: medium — Ventas, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not inherently signal immediate positive or negative performance trends without further analysis of the specific figures and management's commentary.

Analyst Insight

Investors should review the detailed financial statements and segment performance within the 10-K to identify trends in revenue, net income, and debt levels to inform investment decisions.

Revenue Breakdown

Key Numbers

• 2023-12-31 — Conformed Period of Report (Fiscal year end date)
• 2024-02-15 — Filed as of Date (Date the report was filed)
• 6798 — Standard Industrial Classification (Industry code for Real Estate Investment Trusts)
• 001-10989 — SEC File Number (SEC filing identifier)

Key Players & Entities

• Ventas, Inc. (company) — Filer and subject of the report
• 353 N. CLARK STREET SUITE 3300 (company) — Business and mailing address
• CHICAGO (company) — City of business and mailing address
• IL (company) — State of business and mailing address
• DE (company) — State of incorporation

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K
• 2024-02-15: Filing Date — Date the 10-K was officially submitted to the SEC

Key Financial Figures

• $0.25 — on Which Registered VTR Common Stock, $0.25 par value New York Stock Exchange Ind
• $47.27 — a closing price of the common stock of $47.27 as reported on the New York Stock Excha

Filing Documents

• vtr-20231231.htm (10-K) — 3999KB
• vtr-ex428_123123.htm (EX-4.28) — 15KB
• vtr-ex21_123123.htm (EX-21) — 1222KB
• vtr-ex22_123123.htm (EX-22) — 13KB
• vtr-ex23_123123.htm (EX-23) — 8KB
• vtr-ex311_123123.htm (EX-31.1) — 8KB
• vtr-ex312_123123.htm (EX-31.2) — 8KB
• vtr-ex321_123123.htm (EX-32.1) — 5KB
• vtr-ex322_123123.htm (EX-32.2) — 5KB
• vtr-ex97_122323.htm (EX-97) — 46KB
• vtr-20231231_g1.jpg (GRAPHIC) — 153KB
• 0000740260-24-000067.txt (&nbsp;) — 20434KB
• vtr-20231231.xsd (EX-101.SCH) — 133KB
• vtr-20231231_cal.xml (EX-101.CAL) — 119KB
• vtr-20231231_def.xml (EX-101.DEF) — 774KB
• vtr-20231231_lab.xml (EX-101.LAB) — 1456KB
• vtr-20231231_pre.xml (EX-101.PRE) — 1089KB
• vtr-20231231_htm.xml (XML) — 2993KB

Forward-Looking Statements

Forward-Looking Statements This Annual Report includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward-looking statements include, among others, statements of expectations, beliefs, future plans and strategies, anticipated results from operations and developments and other matters that are not historical facts. Forward-looking statements include, among other things, statements regarding our and our officers' intent, belief or expectation as identified by the use of words such as "assume," "may," "will," "project," "expect," "believe," "intend," "anticipate," "seek," "target," "forecast," "plan," "potential," "opportunity," "estimate," "could," "would," "should" and other comparable and derivative terms or the negatives thereof. Forward-looking statements are based on management's beliefs as well as on a number of assumptions concerning future events. You should not put undue reliance on these forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors that could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements. We do not undertake a duty to update these forward-looking statements, which speak only as of the date on which they are made. We urge you to carefully review the disclosures we make concerning risks and uncertainties that may affect our business and future financial performance, including those made below under "Summary Risk Factors" and in "Item 1A, Risk Factors" in this report. i Summary Risk Factors Our business is subject to significant risks and uncertainties that make an investment in us speculative and risky. Below we summarize what we believe are the principal risk factors, but these risks are not the only ones we face, and y

Risk Factors

Item 1A. Risk Factors 15

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 39

Cybersecurity

Item 1C. Cybersecurity 39

Properties

Item 2. Properties 40

Legal Proceedings

Item 3. Legal Proceedings 42

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 42 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 43

[Reserved]

Item 6. [Reserved] 44

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 45

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 73

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 74

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 131

Controls and Procedures

Item 9A. Controls and Procedures 131

Other Information

Item 9B. Other Information 131

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 131 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 132

Executive Compensation

Item 11. Executive Compensation 132

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 132

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 132

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 132 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 133

Form 10-K Summary

Item 16. Form 10-K Summary 140 iv PART I

BUSINESS

BUSINESS Overview Ventas, Inc., an S&P 500 company, is a real estate investment trust ("REIT") focused on delivering strong, sustainable shareholder returns by enabling exceptional environments that benefit a large and growing aging population. We hold a portfolio that includes senior housing communities, outpatient medical buildings, research centers, hospitals and healthcare facilities located in North America and the United Kingdom. As of December 31, 2023, we owned or had investments in approximately 1,400 properties (including properties classified as held for sale). Our company is headquartered in Chicago, Illinois with additional corporate offices in Louisville, Kentucky and New York, New York. We elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code (the "Code"), commencing with our taxable year ended December 31, 1999. Provided we qualify for taxation as a REIT, we generally will not be required to pay U.S. federal corporate income taxes on our REIT taxable income that is currently distributed to our stockholders. In order to maintain our qualification as a REIT, we must satisfy a number of highly technical requirements, which impact how we invest in, operate or manage our assets. See "Risk Factors—Our REIT Status Risks" included in Part I, Item 1A of this Annual Report. We primarily invest in our portfolio of real estate assets through wholly-owned subsidiaries and other co-investment entities. We operate through three reportable business segments: senior housing operating portfolio, which we also refer to as "SHOP", outpatient medical and research portfolio, which was formerly known as office operations, and triple-net leased properties. Non-segment assets consist primarily of corporate assets, including cash, restricted cash, loans receivable and investments and miscellaneous accounts receivable as well as investments in unconsolidated entities. In addition, from time to time, we make secured and unsecured loan

View Full Filing

View this 10-K filing on SEC EDGAR