We are a REIT with a geographically diverse portfolio of seniors housing and
healthcare properties in the United States and Canada. With the exception of
our seniors housing communities that are managed by Sunrise pursuant to long-term
management agreements and the majority of our MOBs, we lease our properties
to healthcare operating companies under “triple-net” or “absolute-net”
leases, which require the tenants to pay all property-related expenses.
We conduct substantially all of our business through our wholly owned subsidiaries,
Ventas Realty, Limited Partnership (“Ventas Realty”), PSLT OP, L.P.
and Ventas SSL, Inc., and ElderTrust Operating Limited Partnership (“ETOP”),
in which we own substantially all of the partnership units. Our primary business
consists of acquiring, financing and owning seniors housing and healthcare properties
and leasing those properties to third parties or operating those properties
through independent third party managers.
We were incorporated in Kentucky in 1983, commenced operations in 1985 and
reorganized as a Delaware corporation in 1987. We operate through two reportable
business segments: triple-net leased properties and senior living operations.
Seniors Housing and Healthcare Properties
Seniors Housing Communities. Our seniors housing communities include independent
and assisted living communities, and communities providing care for individuals
with Alzheimer’s disease and other forms of dementia or memory loss. These
communities offer 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. More
extensive care and personal supervision, at additional fees, are also available
for such needs as eating, bathing, grooming, transportation, limited therapeutic
programs and medication administration, all of which encourage the residents
to live as independently as possible according to their abilities. These services
are often met by home health providers, close coordination with the resident’s
physician and skilled nursing facilities.
Skilled Nursing Facilities. Our skilled nursing facilities typically provide
nursing care services to the elderly and rehabilitation and restoration services,
including physical, occupational and speech therapies, and other medical treatment
for patients and residents who do not require the high technology, care-intensive
setting of an acute care or rehabilitation hospital.
Hospitals. Substantially all of our hospitals are operated as long-term acute
care hospitals, which are hospitals that have a Medicare average length of stay
greater than 25 days, that serve medically complex, chronically ill patients
who require a high level of monitoring and specialized care, but whose conditions
do not necessitate the continued services of an intensive care unit. The operator
of these hospitals has the capability to 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. Chronic patients are often dependent on technology for continued
life support, such as mechanical ventilators, total parenteral nutrition, respiration
or cardiac monitors and dialysis machines, and, therefore, due to their severe
medical conditions, these patients generally are not clinically appropriate
for admission to a nursing facility or rehabilitation hospital. Our hospitals
are freestanding facilities, and we do not own any “hospitals within hospitals.”
We also own two rehabilitation hospitals devoted to the rehabilitation of patients
with various neurological, musculoskeletal, orthopedic and other medical conditions
following stabilization of their acute medical issues.
Medical Office Buildings. Our MOBs offer office space primarily to physicians
and other healthcare businesses. While these properties are similar to commercial
office buildings, they require more plumbing, electrical and mechanical systems
to accommodate multiple physicians’ offices and examination rooms that
may have sinks in every room, brighter lights and specialized medical equipment.
MOBs are typically multi-tenant properties leased to multiple healthcare providers
(hospitals and physician practices).
Other Properties. Our other properties consist of personal care facilities,
which provide specialized care, including supported living services, neurorehabilitation,
neurobehavioral management and vocational programs, for persons with acquired
or traumatic brain injury.
Competition
We compete for real property investments with healthcare providers, other healthcare
REITs, healthcare lenders, real estate partnerships, banks, insurance companies,
private equity and other investors. Some of our competitors are significantly
larger and have greater financial resources and lower costs of capital than
we do. Increased competition makes it more challenging for us to identify and
successfully capitalize on opportunities that meet our objectives.
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