Ventas is a healthcare REIT that owns senior housing communities, outpatient medical buildings, and life sciences research centers, primarily in the U.S. with some presence in Canada and the UK. Senior housing — where elderly residents pay out of pocket for independent living, assisted living, memory care, and continuing care services — is the core of the business, generating roughly half of NOI through the Senior Housing Operating Portfolio (SHOP) segment. In SHOP, Ventas owns the real estate and bears operating risk while third-party managers run day-to-day operations for a fee, meaning revenue and expenses flow directly to Ventas. This creates significant operating leverage: as occupancy rises, incremental NOI margins are roughly 50% in the 80%-90% occupancy band and approach 70% above 90%. The remaining NOI is split roughly evenly between Outpatient Medical & Research (OM&R) and Triple-Net Leased (NNN) properties. OM&R consists of medical office buildings near hospital campuses and life sciences research centers, leased under fixed-term contracts with ~3% annual escalators. NNN properties — skilled nursing facilities, rehab facilities, and other healthcare assets — are leased to operators who bear all property-level expenses, providing Ventas with predictable but slowly growing income. Ventas also manages third-party institutional capital through a smaller investment management business. Growth strategy centers on expanding SHOP's share of NOI through acquisitions (targeting $2.5B annually) and converting NNN assets to SHOP to capture occupancy upside. The investment thesis rests on demographic tailwinds: the over-80 U.S. population is expected to grow 28% over the next five years, while new supply construction remains near historic lows.