Profile: Ventas Inc (VTR)
30 Nov 2015
Ventas, Inc., incorporated on June 22, 1987, is a real estate investment trust (REIT). The Company has a portfolio of seniors housing and healthcare properties located throughout the United States, Canada and the United Kingdom. The Company operates through three segments: triple-net leased properties, senior living operations and MOB operations. The triple-net leased properties segment invests in seniors housing and healthcare properties throughout the United States and the United Kingdom and lease those properties to healthcare operating companies under triple-net or absolute-net leases that obligate the tenants to pay all property-related expenses. The senior living operations segment invests in seniors housing communities throughout the United States and Canada and engages independent operators, such as Atria and Sunrise, to manage those communities. The MOB operations segment, acquires, owns, develops, leases, and manages MOBs throughout the United States.
The Company invests in seniors housing and healthcare properties through acquisitions and lease its properties to unaffiliated tenants or operate them through independent third-party managers. Through its Lillibridge Healthcare Services, Inc. (Lillibridge) subsidiary and its ownership interest in PMB Real Estate Services LLC (PMBRES), it also provides medical office buildings (MOB) management, leasing, marketing, facility development and advisory services to hospitals and health systems throughout the United States. As of December 31, 2014, it owned more than 1,500 properties (including properties classified as held for sale), consisting of seniors housing communities, MOBs, skilled nursing and other facilities, and hospitals, and it had one new property under development. As of December 31, 2014, it leased a total of 922 properties (excluding MOBs and properties classified as held for sale) to various healthcare operating companies under triple-net or absolute-net leases.
Seniors Housing Communities
The Company’s seniors housing communities include independent and assisted living communities, continuing care retirement communities and communities providing care for individuals with Alzheimer’s disease and other forms of dementia or memory loss. These communities offer studio, one bedroom and two bedroom residential units on a month-to-month basis to elderly individuals requiring various levels of assistance. The services for residents of these communities include housekeeping, meals in a central dining area and group activities organized by the staff with input from the residents. Extensive care and personal supervision, at additional fees, are also available for needs, such as eating, bathing, grooming, transportation, limited therapeutic programs and medication administration, which allow residents certain conveniences and enable them to live as independently as possible according to their abilities.
Medical Office Buildings
The Company’s medical office buildings (MOB) are multi-tenant properties leased to several unrelated medical practices. Tenants are physicians, dentists, psychologists, therapists and other healthcare providers, who require space for patient examination and treatment, diagnostic imaging, outpatient surgery and other outpatient services. As of December 31, 2014, the Company owned or managed for third-parties approximately 21 million square feet of MOBs.
Skilled Nursing and Other Facilities
The Company’s skilled nursing facilities provide rehabilitative, restorative, skilled nursing and medical treatment for patients and residents who do not require the technology, care-intensive, cost setting of an acute care or rehabilitation hospital. Treatment programs include physical, occupational, speech, respiratory and other therapies, including sub-acute clinical protocols, such as wound care and intravenous drug treatment. The personal care facilities provide specialized care, including supported living services, neurorehabilitation, neurobehavioral management and vocational programs, for persons with acquired or traumatic brain injury.
The Company’s hospitals are operated as long-term acute care hospitals, which have a Medicare average length of stay of more than 25 days and serve medically complex, chronically ill patients. The operators of these hospitals can treat patients who suffer from multiple systemic failures or conditions, such as neurological disorders, head injuries, brain stem and spinal cord trauma, cerebral vascular accidents, chemical brain injuries, central nervous system disorders, developmental anomalies and cardiopulmonary disorders. The Company has two hospitals focused on providing children’s care and five rehabilitation hospitals to the rehabilitation of patients with various neurological, musculoskeletal, orthopedic and other medical conditions following stabilization of their acute medical issues.
353 N Clark St Ste 3300
CHICAGO IL 60654-4708