Ventas (VTR) Citi’s Miami Global Property CEO Conference 2026 summary

Opening remarks and business overview

• Focused on the longevity economy, serving a growing aging population with over $50 billion in enterprise value and 1,400 properties.

• Senior housing is the primary growth engine, with projected fifth consecutive year of double-digit NOI growth in the SHOP portfolio.

• Macro tailwinds include strong secular demand as baby boomers turn 80 starting in 2026, with supply at historic lows.

• Platform built over five years to capitalize on these trends and enable outperformance at scale.

• Consolidation and acquisition of senior housing assets are top capital allocation priorities.

Growth drivers and market dynamics

• Multiyear NOI growth opportunity driven by organic growth, accretive acquisitions, and scale advantages.

• Rents need to rise 20%-40% for new developments to be viable, with developments taking at least three years.

• Lender appetite for new senior housing development remains low, limiting new supply.

• Demand from aging population is expected to intensify over the next decade, supporting continued occupancy and rate growth.

• Projected 15% NOI growth at midpoint for 2026, with strong occupancy and RevPAR trends.

Operating platform and technology

• Proprietary operating platform (Ventas OI) is a key competitive advantage, focusing on market, asset, and operator selection.

• Data analytics and AI are used for occupancy forecasting, price-volume optimization, and benchmarking.

• High operator adoption rate, with new operators fully onboarded within six to nine months.

• Management contracts align incentives through NOI and revenue-based fees plus performance incentives.

• Incremental margins expected to rise to 70% as occupancy approaches full levels.