Ventas Inc VTR

Ventas, Inc., incorporated on June 22, 1987, is a real estate investment trust (REIT) with its 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 office operations. Under its triple-net leased properties segment, the Company acquires and owns seniors housing and healthcare properties throughout the United States and the United Kingdom and leases those properties to healthcare operating companies under triple-net or absolute-net leases that obligate the tenants to pay all property-related expenses. In its senior living operations segment, the Company invests in seniors housing communities throughout the United States and Canada and engages independent operators to manage those communities. In its office operations segment, the Company primarily acquires, owns, develops, leases and manages medical office buildings (MOBs) and life science and innovation centers throughout the United States.

As of December 31, 2016, the Company owned approximately 1,300 properties (including properties owned through investments in unconsolidated entities and properties classified as held for sale), consisting of seniors housing communities, MOBs, life science and innovation centers, skilled nursing facilities (SNFs), specialty hospitals and general acute care hospitals, and it had six properties under development, including one property that is owned by an unconsolidated real estate entity. The Company primarily invests in seniors housing and healthcare properties through acquisitions and leases its properties to unaffiliated tenants or operates them through independent third-party managers. As of December 31, 2016, the Company leased a total of 549 properties (excluding MOBs and 33 properties owned through investments in unconsolidated entities) to various healthcare operating companies under triple-net or absolute-net leases that obligate the tenants to pay all property-related expenses, including maintenance, utilities, repairs, taxes, insurance and capital expenditures, and the Company engaged independent operators to manage 299 seniors housing communities (including one property owned through an investment in unconsolidated entities). Through its subsidiary, Lillibridge Healthcare Services, Inc. (Lillibridge), and its ownership interest in PMB Real Estate Services LLC (PMBRES), the Company also provides MOB management, leasing, marketing, facility development and advisory services to hospitals and health systems throughout the United States.

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. As of December 31, 2016, these communities offered studio, one bedroom and two bedroom residential units on a month-to-month basis primarily to elderly individuals requiring various levels of assistance. Basic 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. Its MOBs are multi-tenant properties leased to several unrelated medical practices, although in various cases they may be associated with a single specialty or multi-specialty group. Tenants include physicians, dentists, psychologists, therapists and other healthcare providers, requiring space devoted to patient examination and treatment, diagnostic imaging, outpatient surgery and other outpatient services. As of December 31, 2016, the Company owned or managed for third parties approximately 24 million square feet of MOBs that are predominantly located on or near an acute care hospital campus.

The Company's life science and innovation centers contain laboratory and office space primarily for scientific research for universities, academic medical centers, technology, biotechnology, medical device and pharmaceutical companies, and other organizations involved in the life science industry. Its life science and innovation centers are primarily located on or contiguous to university and academic medical campuses. Its skilled nursing facilities provide rehabilitative, restorative, skilled nursing and medical treatment for patients and residents not requiring technology, care-intensive 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.

As of December 31, 2016, 30 of the Company's properties are operated as Long-Term Acute Care Hospitals (LTACs). As of December 31, 2016, the Company also owned eight inpatient rehabilitation hospitals devoted to the rehabilitation of patients with various neurological, musculoskeletal, orthopedic and other medical conditions. As of December 31, 2016, 12 of the Company's properties are operated as general acute care hospitals. General acute care hospitals provide medical and surgical services, including inpatient care, intensive care, cardiac care, diagnostic services and emergency services. These hospitals also provide outpatient services, such as outpatient surgery, laboratory, radiology, respiratory therapy, cardiology and physical therapy. In the United States, these hospitals receive payments for patient services from the federal government primarily under the Medicare program, state governments under their respective Medicaid or similar programs, health maintenance organizations, preferred provider organizations, other private insurers and directly from patients.