Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
Ventas now runs most of what it owns
Resident fees, not rent, now drive revenue, so occupancy and pricing move results more than lease escalators do.
For investorsWhat the operating spread has to do from here
For foundersWhen to stop renting out the asset and start running it
Operating costs took 72.2% of fees a year earlier; fuller buildings and higher prices widened the share Ventas keeps.
The gap is funded mostly with new shares, so revenue rose 23.0% while the interest bill rose 2.1%.
Income before taxes and joint ventures rose 18.4%, yet net income slipped; a tax accounting benefit filled much of the gap.
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Business Lens describes Ventas from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
