Ventas, Inc.

Ventas, Inc. is an S&P 500 healthcare real estate investment trust that owns and manages a diversified portfolio of approximately 1,400 senior housing communities, outpatient medical buildings, research centers, and healthcare facilities across the United States, Canada, and the United Kingdom, generating $5,834 million in revenue in fiscal 2025. It is the world's second-largest owner of senior housing, with roughly 875 senior living communities serving more than 93,000 residents.

This is a story about a company positioned at the intersection of an unstoppable demographic trend and a supply-constrained asset market, executing a focused strategy that has produced four consecutive years of double-digit property-level cash flow growth in its core senior housing business. The baby boomer generation — nearly 70 million Americans — began turning 80 in 2026, and the 80-plus population is projected to grow 28% through 2030. Meanwhile, new senior housing construction starts are at historically low levels, hovering around 1,000 per quarter against annual demand from roughly 2 million new 80-year-olds. That imbalance is the engine of the investment case.

The file turns on a single question: whether Ventas can sustain and compound its senior housing operating momentum while funding a multi-billion-dollar annual acquisition program that has already transformed its portfolio composition — and whether the market's current valuation adequately reflects the durability of that growth.