Ventas today announced that Peter J. Bulgarelli, Executive Vice President of Outpatient Medical & Research and Chief Executive Officer of Lillibridge Healthcare Services, will retire on May 1 2026. Bulgarelli has led the two segments since 2018, driving tenant satisfaction, operational excellence, and revenue growth while building a strong leadership bench.
Prior to joining Ventas, Bulgarelli spent 28 years at Jones Lang LaSalle, where he specialized in healthcare and life‑sciences real‑estate. His deep industry knowledge helped Ventas expand its outpatient and research portfolio, positioning the company to capture demand from a growing aging population and increasing need for specialized medical facilities.
Ventas has begun a search for a successor and has emphasized that the transition will be managed to preserve continuity of operations. The company’s leadership team has already identified internal candidates who have overseen the same segments, ensuring that client relationships and service delivery remain stable.
The retirement announcement follows Ventas’ strong Q3 2025 earnings, in which the company reported a 10% year‑over‑year increase in normalized Funds From Operations (FFO) per share to $0.88, beating analyst expectations. Revenue rose to $1.489 billion, driven by a 16% same‑store cash NOI growth in the Senior Housing Operating Portfolio (SHOP) and robust performance in the outpatient and research segments. Ventas raised its full‑year 2025 guidance, reflecting confidence in continued demand and operational leverage.
Bulgarelli’s departure is unlikely to disrupt the company’s momentum. His leadership has already established a resilient operating model, and the succession plan ensures that the Outpatient Medical & Research and Lillibridge businesses will continue to benefit from the strategic initiatives and client relationships he built. The company’s focus on senior housing, outpatient facilities, and research centers remains unchanged, and the leadership transition is framed as a planned, orderly step that preserves the firm’s growth trajectory.
Investors and analysts have noted that the retirement announcement did not trigger a significant market reaction, underscoring the confidence in Ventas’ management structure and the strength of its underlying business model. The company’s recent earnings beat and guidance raise reinforce the view that the transition will be smooth and that the firm is well positioned to sustain its performance in the coming years.
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