V
Velarion™Intelligence
Sign InFree TrialBook a Walkthrough
Real Estate

Ventas Executive Compensation (FY25)

VTR · Chicago, IL · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Debra Cafaro
Latest say-on-pay support
=
May 13, 2026
Chief executive pay ratio
◇
To the median employee
Velarion Member: every covered company in Real Estate, with dashboards, peer screens and board-ready briefs. Three seats, one year.

The Ventas brief, $1,500

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
Both reports for $2,400.
Get the executive briefGet the board briefNo account needed.
Data as of October 22, 2026Latest filing (8-K): May 15, 2026
13 filings cited on this page
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
Ventas brief$1,500Get the executive brief
Velarion Member, one year
243 figures on this page: 235 cited to the filing that reported them, 8 calculated from figures it prints. See the citations
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Debra Cafaro: $14,438,118 → $17,501,073 (21.2% higher)
CEO pay ratio: 117:1 → 142:1 (21.4% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is Ventas' chief executive and what were they paid?
Total compensation for Debra Cafaro, Chairman and Chief Executive Officer, came to $17,501,073 in fiscal 2025. Cafaro's total was 21.2% higher than the $14,438,118 reported for fiscal 2024.
What was Ventas' say-on-pay result?
The say-on-pay proposal drew 91.7% of votes cast for or against in favor at the meeting held May 13, 2026 for fiscal 2025.
Which companies are in Ventas' peer group?
The disclosed peer group names Alexandria Real Estate Equities, Inc., American Tower Corp., AvalonBay Communities, Inc., Boston Properties, Inc. and Crown Castle International Corp., among others.
What is Ventas' chief executive pay ratio?
The company reported a chief executive pay ratio of 142:1 for fiscal 2025, against median employee compensation of $123,420.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Debra Cafaro
Chairman and Chief Executive Officer Chairman and Chief Executive Officer
◇—◇—◇—◇◇
Robert Probst
Executive Vice President and Chief Financial Officer Executive Vice President and Chief Financial Officer
◇—◇—◇—◇◇
J. Justin Hutchens
Executive Vice President Senior Housing and Chief Investment Officer
◇—◇—◇—◇◇
Carey Roberts
Executive Vice President General Counsel and Ethics & Compliance Officer
◇—◇—◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Debra Cafaro
Chairman and Chief Executive Officer Chairman and Chief Executive Officer
◇—◇—◇—◇◇
Robert Probst
Executive Vice President and Chief Financial Officer Executive Vice President and Chief Financial Officer
◇—◇—◇—◇◇
J. Justin Hutchens
Executive Vice President Senior Housing and Chief Investment Officer
◇—◇—◇—◇◇
Carey Roberts
Executive Vice President General Counsel and Ethics & Compliance Officer Executive Vice President General Counsel and Ethics & Compliance Officer
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Debra Cafaro
Chairman and Chief Executive Officer Chairman and Chief Executive Officer
◇—◇—◇—◇◇
Robert Probst
Executive Vice President and Chief Financial Officer Executive Vice President and Chief Financial Officer
◇—◇—◇—◇◇
J. Justin Hutchens
Executive Vice President Senior Housing and Chief Investment Officer
◇—◇—◇—◇◇
Peter Bulgarelli
Executive Vice President, Outpatient Medical and Research, Ventas, Inc. President and CEO, Lillibridge Healthcare Services, Inc.
◇—◇—◇—◇◇
Carey Roberts
Executive Vice President General Counsel and Ethics & Compliance Officer Executive Vice President General Counsel and Ethics & Compliance Officer
◇—◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Debra Cafaro
Chairman and Chief Executive Officer
◇—◇—◇—◇◇
Robert Probst
Executive Vice President and Chief Financial Officer
◇—◇—◇—◇◇
J. Justin Hutchens
Executive Vice President, Senior Housing and Chief Investment Officer
◇—◇—◇—◇◇
Carey Roberts
Executive Vice President, General Counsel, Ethics & Compliance Officer and Corporate Secretary
◇—◇—◇—◇◇
Peter Bulgarelli
Executive Vice President, Outpatient Medical and Research, Ventas, Inc. President and CEO, Lillibridge Healthcare Services, Inc.
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Carey S. RobertsRSU◇——◇——◇
Carey S. RobertsPSU◇◇◇—◇—◇
Debra A. CafaroRSU◇——◇——◇
Debra A. CafaroPSU◇◇◇—◇—◇
J. Justin HutchensPSU◇◇◇—◇—◇
J. Justin HutchensRSU◇——◇——◇
Peter J. BulgarelliRSU◇——◇——◇
Peter J. BulgarelliPSU◇◇◇—◇—◇
Robert F. ProbstPSU◇◇◇—◇—◇
Robert F. ProbstRSU◇——◇——◇
Fiscal 2022, 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Robert ProbstRSU◇◇——
PSU◇◇——
Peter BulgarelliPSU◇◇——
RSU◇◇——
Debra CafaroRSU◇◇——
PSU◇◇——
Carey RobertsRSU◇◇——
PSU◇◇——
J. HutchensPSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
J. Justin Hutchens
Executive Vice President, Senior Housing and Chief Investment Officer · Severance agreement
Severance multiple◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Non-compete period◇
Non-solicit period◇
Robert Probst
Executive Vice President and Chief Financial Officer · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance multiple◇
Change-in-control multiple◇
Equity acceleration on change in control◇
Benefits continuation on change in control◇
Benefits continuation◇
Excise tax treatment◇
Non-compete period◇
Non-solicit period◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Roxanne M. Martino
Lead independent director
◇◇————◇
Walter C. Rakowich
◇◇————◇
Maurice S. Smith
◇◇————◇
Marguerite M. Nader
◇◇————◇
Michael J. Embler
◇◇————◇
Sean P. Nolan
◇◇————◇
Melody C. Barnes
◇◇————◇
Matthew J. Lustig
◇◇————◇
Sumit Roy
◇◇————◇
Theodore R. Bigman
◇◇————◇
Joe V. Rodriguez, Jr
◇◇————◇
Debra A. Cafaro served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Lead independent director premium◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Compensation committee member◇
Nominating and governance chair◇
Nominating and governance member◇
Board meeting fee◇
Committee meeting fee◇
Equity is delivered as restricted stock units.
Stock ownership guideline: 5x annual cash retainer ($550,000)

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Alexandria Real Estate Equities, Inc. ARE
  • American Tower Corp. AMT
  • AvalonBay Communities, Inc. AVB
  • Boston Properties, Inc. BSX
  • Crown Castle International Corp. CCI
  • Digital Realty Trust, Inc. DLR
  • Equinix, Inc. EQIX
  • Equity Residential EQR
  • Healthpeak Properties, Inc. DOC
  • Invitation Homes Inc. INVH
  • Kimco Realty Corp. KIM
  • Medical Properties Trust MPT
  • Mid-America Apartment Communities, Inc. MAA
  • Prologis, Inc. PLD
  • Public Storage, Inc. PSA
  • Realty Income Corp. O
  • Simon Property Group, Inc. SPG
  • UDR, Inc. UDR
  • Welltower, Inc. WELL
  • Weyerhaeuser Co. WY

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 13, 2026=◇◇◇
2024May 13, 2025=◇◇◇
2023May 14, 2024=◇◇◇
2022May 16, 2023=◇◇◇
2021April 27, 2022=◇◇◇
2020May 25, 2021=◇◇◇
2019May 18, 2020=◇◇◇
2018May 14, 2019=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

Velarion Pro: every company page, peer tools and exports, one seat

One seat, one person. It opens the whole platform: the peer tools, the written analysis and the exports, on every company we cover. Join the list and you will hear from us when it opens.
Your address is used for this and nothing else, and you can unsubscribe in one click. See the privacy policy.

Ask our research desk — $99, 24h, every figure cited to its filing.

Sample answer — “What is the CEO’s total compensation?”
- Debra Cafaro (Chairman and Chief Executive Officer), FY2025 total compensation $17,501,073 (base salary $1,162,720) [exec_comp, SEC accession 0000740260-26-000010, filed 2026-04-01]

Answered within 24 hours, every figure cited to its SEC filing. If our database cannot answer your question, you are refunded automatically.

Email me this page as a cited PDF — sent in 2 minutes
The same figures, the same citations, formatted to hand to a committee. Nothing is added that is not on this page.
Your address is used for this and nothing else. Unsubscribe in one click.
Tell me when Ventas files
You get a note when this company’s compensation data changes.
Your address is used for this and nothing else. Unsubscribe in one click.

What this page does not include

Everything above is a fact Ventas disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Ventas sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $499
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
Inquire about access
Multiple companies at once
Cross-company views, cohort screens, and data export across the industries we cover. This page is one company; the platform is all of them.
Velarion Intelligence
Join the list for Peer Group Review
Whether Ventas' disclosed peer group is defensible, who names Ventas back in their own benchmarking group, and how pay tracks performance across it. This is the analysis a compensation consultant delivers on the group above. We will email you when it opens.
Your address is used for this and nothing else. Unsubscribe in one click.

Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
243 figures on this page: 235 cited to the filing that reported them, 8 calculated from figures it prints.
235 cited to the filing
8 calculated from the filing

Documents cited

  1. 0001104659-26-062795
    Proposal 2: To approve, on an advisory basis, the compensation of the Company’s Named Executive Officers Votes For Votes Against Votes Abstained Broker Non-Votes
  2. 0000740260-26-000010
    2025 Non-Employee Director Compensation Table · 2025 Outstanding Equity Awards at Fiscal Year-End Table · 2025 Summary Compensation Table · CEO Pay Ratio · and 2 more sections
  3. 0001104659-25-048666
    Proposal 2: To approve, on an advisory basis, the compensation of the Company’s Named Executive Officers Votes For Votes Against Votes Abstained Broker Non-Votes
  4. 0000740260-25-000098
    2024 Summary Compensation Table · Compensation Discussion and Analysis · Executive Compensation Tables
  5. 0000740260-24-000167
  6. 0000740260-24-000094
    2023 Summary Compensation Table
  7. 0001104659-23-062791
  8. 0001308179-23-000537
    2022 Summary Compensation Table
  9. 0001104659-22-054185
  10. 0001104659-21-073299
  11. 0001157523-20-000790
    Item 5.07 Submission of Matters to a Vote of Security Holders
  12. 0000740260-20-000092
    Employment Agreement
  13. 0001157523-19-001228
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Ventas executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/VTR (accessed 2026).
Short form: data: Velarion

The Ventas brief, $1,500

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
Both reports for $2,400.
Get the executive briefGet the board briefNo account needed.
13 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
Embed this data
A small, cited view of this data for your own page or newsletter. Every embed carries a visible link back here, so the attribution travels with it.
The headline figures, each with its citation.
Connect an AI assistant
Ask your own assistant about Ventas and roughly 3,000 other US public companies, and get back the same figures on this page with the same citations. Free read access, no account. Add this to your assistant's connector settings.
Setup guide and the full list of questions it answers

Real Estate rankings

Chief executive pay — Real EstateCEO pay ratio — Real EstateSay-on-pay support — Real Estate

Peers Ventas discloses

The companies named in VTR's own disclosed peer group.

Alexandria Real Estate Equities, Inc.American Tower Corp.AvalonBay Communities, Inc.Boston Properties, Inc.Crown Castle International Corp.Digital Realty Trust, Inc.Equinix, Inc.Equity ResidentialHealthpeak Properties, Inc.Invitation Homes Inc.Kimco Realty Corp.Medical Properties TrustMid-America Apartment Communities, Inc.Prologis, Inc.Public Storage, Inc.Realty Income Corp.Simon Property Group, Inc.UDR, Inc.Welltower, Inc.Weyerhaeuser Co.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
For informational purposes only. Not investment, legal, or compensation advice.  All companies · The Pay Desk · Methodology · Terms · Privacy