Ventas Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	251.38	81.15	-40.97	-47.45	49.01
Depreciation & Amortization	1,276	1,143	1,129	1,039	906.92
Gain (Loss) on Sale of Assets	-38.58	-57.01	-91.25	-7.78	-220.24
Asset Writedown	96.2	86	226.6	107.8	219.4
Stock-Based Compensation	38.73	30.99	30.99	30.72	31.97
Income (Loss) on Equity Investments	24.57	16.74	2.5	-8.65	14.35
Change in Accounts Payable	81.04	133.97	-6.41	7.2	16.72
Change in Other Net Operating Assets	-31.61	-90.16	-47.19	-47.98	-60.49
Other Operating Activities	-51.03	-14.93	-62.8	27.14	77.56
Operating Cash Flow	1,647	1,330	1,120	1,120	1,026
Operating Cash Flow Growth	23.85%	18.73%	-0.03%	9.16%	-29.24%
Acquisition of Real Estate Assets	-2,938	-2,530	-649.47	-900.7	-1,802
Sale of Real Estate Assets	213.16	329.09	399.53	112.93	840.44
Net Sale / Acq. of Real Estate Assets	-2,725	-2,201	-249.94	-787.77	-961.58
Investment in Marketable & Equity Securities	-22.09	-61.43	-5.8	-55.34	-111.44
Other Investing Activities	5.01	3.54	29.19	13.7	1.29
Investing Cash Flow	-2,694	-2,377	-184.66	-859.22	-724.14
Short-Term Debt Issued	-	-	-	122.41	279.93
Long-Term Debt Issued	1,130	1,913	2,527	957.78	1,534
Total Debt Issued	1,130	1,913	2,527	1,080	1,814
Short-Term Debt Repaid	-	-	-402.35	-	-
Long-Term Debt Repaid	-1,787	-1,628	-1,986	-602.57	-2,235
Total Debt Repaid	-1,787	-1,628	-2,388	-602.57	-2,235
Net Debt Issued (Repaid)	-656.03	285.01	139.59	477.63	-420.79
Issuance of Common Stock	2,455	1,991	110.19	8.69	625.61
Common Dividends Paid	-860.06	-740.33	-723.56	-720.32	-686.89
Other Financing Activities	-64.7	-90.39	-69.97	-49.93	-76.4
Foreign Exchange Rate Adjustments	2.84	-3.99	1.26	-2.87	1.45
Net Cash Flow	-171.1	393.77	392.72	-25.85	-255.04
Cash Interest Paid	579.69	575.74	548.11	467.56	402.03
Levered Free Cash Flow	1,214	1,122	877.19	840.07	874.96
Unlevered Free Cash Flow	1,597	1,499	1,236	1,132	1,150
Change in Working Capital	49.43	43.81	-53.6	-40.79	-43.77

Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.