Real Estate
Ventas Executive Compensation (FY25)
VTR · Chicago, IL · Executive and director compensation, fiscal 2022 to 2025
Data as of September 7, 2026Latest filing (8-K): May 15, 2026
229 figures on this page: 221 cited to the filing that reported them, 8 calculated from figures it prints. See the citations
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. Meanwhile, total compensation for Debra Cafaro, Chairman and Chief Executive Officer, came to $17,501,073 in fiscal 2025, and Cafaro's total was 21.2% higher than the $14,438,118 reported for fiscal 2024, and the company reported a chief executive pay ratio of 142:1 for fiscal 2025, against median employee compensation of $123,420. 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.
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
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
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
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
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
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
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 2025
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
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
| Officer | Award | Grant date | Threshold units | Target units | Units granted | Maximum units | Exercise price | Grant date fair value |
|---|---|---|---|---|---|---|---|---|
| Carey S. Roberts | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Carey S. Roberts | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Debra A. Cafaro | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Debra A. Cafaro | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| J. Justin Hutchens | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| J. Justin Hutchens | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Peter J. Bulgarelli | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Peter J. Bulgarelli | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Robert F. Probst | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Robert F. Probst | RSU | ◇ | — | — | ◇ | — | — | ◇ |
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
| Officer | Award | Unvested units | Market value of unvested units | Exercise price | Expires |
|---|---|---|---|---|---|
| Robert Probst | RSU | ◇ | ◇ | — | — |
| PSU | ◇ | ◇ | — | — | |
| Peter Bulgarelli | PSU | ◇ | ◇ | — | — |
| RSU | ◇ | ◇ | — | — | |
| Debra Cafaro | RSU | ◇ | ◇ | — | — |
| PSU | ◇ | ◇ | — | — | |
| Carey Roberts | RSU | ◇ | ◇ | — | — |
| PSU | ◇ | ◇ | — | — | |
| J. Hutchens | PSU | ◇ | ◇ | — | — |
| 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.
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
| Director | Fees earned in cash | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|
Roxanne M. Martino Lead independent director | ◇ | ◇ | — | — | — | — | ◇ |
Walter C. Rakowich | ◇ | ◇ | — | — | — | — | ◇ |
Maurice S. Smith | ◇ | ◇ | — | — | — | — | ◇ |
Sean P. Nolan | ◇ | ◇ | — | — | — | — | ◇ |
Michael J. Embler | ◇ | ◇ | — | — | — | — | ◇ |
Marguerite M. Nader | ◇ | ◇ | — | — | — | — | ◇ |
Melody C. Barnes | ◇ | ◇ | — | — | — | — | ◇ |
Matthew J. Lustig | ◇ | ◇ | — | — | — | — | ◇ |
Joe V. Rodriguez, Jr | ◇ | ◇ | — | — | — | — | ◇ |
Theodore R. Bigman | ◇ | ◇ | — | — | — | — | ◇ |
Sumit Roy | ◇ | ◇ | — | — | — | — | ◇ |
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 | ◇ |
| Total board retainer | ◇ |
| Lead independent director premium | ◇ |
| Audit committee member | ◇ |
| Compensation committee member | ◇ |
| Nominating and governance member | ◇ |
| 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.
| Year | Meeting | Support | Votes for | Votes against | Abstentions |
|---|---|---|---|---|---|
| 2025 | May 13, 2026 | = | ◇ | ◇ | ◇ |
| 2024 | May 13, 2025 | = | ◇ | ◇ | ◇ |
| 2023 | May 14, 2024 | = | ◇ | ◇ | ◇ |
| 2022 | May 16, 2023 | = | ◇ | ◇ | ◇ |
| 2021 | April 27, 2022 | = | ◇ | ◇ | ◇ |
| 2020 | May 25, 2021 | = | ◇ | ◇ | ◇ |
| 2019 | May 18, 2020 | = | ◇ | ◇ | ◇ |
| 2018 | May 14, 2019 | = | ◇ | ◇ | ◇ |
Chief executive pay ratio
As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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 — $1,500Written 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 — $1,500Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200Realizable 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 IntelligenceAdviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
Enquire about accessMultiple 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 IntelligenceCitations
Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
229 figures on this page: 221 cited to the filing that reported them, 8 calculated from figures it prints.
221 cited to the filing
8 calculated from the filing
Documents cited
- 0001104659-26-062795
- 0000740260-26-0000102025 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
- 0001104659-25-048666
- 0000740260-25-0000982024 Summary Compensation Table · Compensation Discussion and Analysis
- 0000740260-24-000167
- 0000740260-24-0000942023 Summary Compensation Table
- 0001104659-23-062791
- 0001308179-23-0005372022 Summary Compensation Table
- 0001104659-22-054185
- 0001104659-21-073299
- 0001157523-20-000790Item 5.07 Submission of Matters to a Vote of Security Holders
- 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
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.
Real Estate rankings
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
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}
}