Ventas (VTR) 10-Q/A 6 Nov 20 2020 Q3 Quarterly report (amended) Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2020	Nov. 03, 2020
Cover [Abstract]
Document Type	10-Q/A
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	1-10989
Entity Registrant Name	Ventas, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-1055020
Entity Address, Address Line One	353 N. Clark Street
Entity Address, Address Line Two	Suite 3300
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Country	US
Entity Address, Postal Zip Code	60654
City Area Code	877
Local Phone Number	483-6827
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Trading Symbol	VTR
Title of 12(b) Security	Common Stock, $0.25 par value
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		374,570,775
Entity Shell Company	false
Entity Central Index Key	0000740260
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	true
Amendment Description	EXPLANATORY NOTEThis Amendment No. 1 to the Form 10-Q (this “Amendment”) amends the Quarterly Report on Form 10-Q of Ventas, Inc. for the period ended September 30, 2020 (the “Form 10-Q”) filed earlier today on November 6, 2020 for the sole purpose of correcting a clerical error. The clerical error resulted in Item 6. Exhibits and the Signatures to be missing from the Form 10-Q as originally submitted.As required by Rule 12b-15 under the Securities Exchange Act of 1934, as amended, new certifications by our principal executive officer and principal financial officer are filed as exhibits to this Amendment. No other changes have been made to the Form 10-Q. For the convenience of the reader, this Amendment restates in its entirety, as amended, the original Form 10-Q. This Amendment does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way the substantive disclosures made in the Form 10-Q.

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Real estate investments:
Land and improvements	$ 2,268,583	$ 2,285,648
Buildings and improvements	24,196,730	24,386,051
Construction in progress	567,052	461,815
Acquired lease intangibles	1,246,312	1,308,077
Operating lease assets	386,946	385,225
Gross real estate investments	28,665,623	28,826,816
Accumulated depreciation and amortization	(7,687,211)	(7,092,243)
Net real estate investment property	20,978,412	21,734,573
Secured loans receivable and investments, net	604,452	704,612
Investments in unconsolidated real estate entities	162,860	45,022
Net real estate investments	21,745,724	22,484,207
Cash and cash equivalents	588,343	106,363
Escrow deposits and restricted cash	40,147	39,739
Goodwill	1,050,742	1,051,161
Assets held for sale	15,748	85,527
Deferred income tax assets, net	304	47,495
Other assets	779,475	877,716
Total assets	24,220,483	24,692,208
Liabilities:
Senior notes payable and other debt	12,047,919	12,158,773
Accrued interest	97,828	111,115
Operating lease liabilities	247,255	251,196
Accounts payable and other liabilities	1,234,933	1,145,939
Liabilities related to assets held for sale	1,987	5,224
Deferred income tax liabilities	53,711	200,831
Total liabilities	13,683,633	13,873,078
Redeemable OP unitholder and noncontrolling interests	249,143	273,678
Commitments and contingencies
Ventas stockholders’ equity:
Preferred stock, $1.00 par value; 10,000 shares authorized, unissued	0	0
Common stock, $0.25 par value; 600,000 shares authorized, 373,940 and 372,811 shares issued at September 30, 2020 and December 31, 2019, respectively	93,467	93,185
Capital in excess of par value	14,142,349	14,056,453
Accumulated other comprehensive loss	(65,042)	(34,564)
Retained earnings (deficit)	(3,972,647)	(3,669,050)
Treasury stock, 33 and 2 shares at September 30, 2020 and December 31, 2019, respectively	(1,275)	(132)
Total Ventas stockholders’ equity	10,196,852	10,445,892
Noncontrolling interests	90,855	99,560
Total equity	10,287,707	10,545,452
Total liabilities and equity	$ 24,220,483	$ 24,692,208

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value (in usd per share)	$ 1	$ 1
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Common stock, par value (in usd per share)	$ 0.25	$ 0.25
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	373,940,000	372,811,000
Treasury stock, shares	33,000	2,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Rental income	$ 354,512	$ 408,322	$ 1,126,934	$ 1,208,388
Income from loans and investments	18,666	30,164	62,203	66,819
Interest and other income	572	620	6,965	10,109
Total revenues	918,940	983,155	2,874,192	2,876,746
Interest	115,505	113,967	355,333	334,955
Depreciation and amortization	249,366	234,603	847,797	696,710
Property-level operating expenses	494,985	461,493	1,474,558	1,327,898
Office building services costs	557	627	1,827	1,775
General, administrative and professional fees	34,228	40,530	106,747	124,369
Loss on extinguishment of debt, net	7,386	37,434	7,386	41,861
Merger-related expenses and deal costs	11,325	4,304	26,129	11,084
Allowance on loans receivable and investments	4,999	0	34,654	0
Other	3,534	2,164	10,624	(9,294)
Total expenses	921,885	895,122	2,865,055	2,529,358
(Loss) income before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests	(2,945)	88,033	9,137	347,388
Income (loss) from unconsolidated entities	865	854	(15,861)	(2,621)
Gain on real estate dispositions	12,622	36	240,101	24,633
Income tax benefit (expense)	3,195	(2,005)	95,855	57,004
Income from continuing operations	13,737	86,918	329,232	426,404
Net income	13,737	86,918	329,232	426,404
Net income attributable to noncontrolling interests	986	1,659	534	4,831
Net income attributable to common stockholders	$ 12,751	$ 85,259	$ 328,698	$ 421,573
Basic:
Income from continuing operations (in usd per share)	$ 0.04	$ 0.23	$ 0.88	$ 1.17
Net income attributable to common stockholders (in usd per share)	0.03	0.23	0.88	1.16
Diluted:
Income from continuing operations (in usd per share)	0.04	0.23	0.88	1.16
Net income attributable to common stockholders (in usd per share)	$ 0.03	$ 0.23	$ 0.87	$ 1.15
Triple-Net Leased Properties
Rental income	$ 156,136	$ 193,383	$ 527,238	$ 589,833
Property-level operating expenses	5,398	6,338		20,092
Office Operations
Rental income	198,376	214,939	599,696	618,555
Property-level operating expenses	66,934	67,144		191,972
Resident fees and services
Other revenues	541,322	541,090	1,667,421	1,583,262
Office building and other services revenue
Other revenues	3,868	2,959	$ 10,669	8,168
Senior Living Operations
Property-level operating expenses	$ 422,653	$ 388,011		$ 1,115,834

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 13,737	$ 86,918	$ 329,232	$ 426,404
Other comprehensive (loss) income:
Foreign currency translation	7,907	(7,011)	(4,942)	(11,770)
Unrealized gain (loss) on available for sale securities	10,431	(3,162)	(9,828)	3,734
Derivative instruments	1,714	(10,013)	(19,661)	(32,076)
Total other comprehensive income (loss)	20,052	(20,186)	(34,431)	(40,112)
Comprehensive income	33,789	66,732	294,801	386,292
Comprehensive income (loss) attributable to noncontrolling interests	3,320	1,659	(3,419)	4,831
Comprehensive income attributable to common stockholders	$ 30,469	$ 65,073	$ 298,220	$ 381,461

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Common Stock Par Value	Capital in Excess of Par Value	Accumulated Other Comprehensive Loss	Retained Earnings (Deficit)	Treasury Stock	Total Ventas Stockholders’ Equity	Noncontrolling Interests	Cumulative effect change in accounting principles	Cumulative effect change in accounting principlesCommon Stock Par Value	Cumulative effect change in accounting principlesCapital in Excess of Par Value	Cumulative effect change in accounting principlesAccumulated Other Comprehensive Loss	Cumulative effect change in accounting principlesRetained Earnings (Deficit)	Cumulative effect change in accounting principlesTreasury Stock	Cumulative effect change in accounting principlesTotal Ventas Stockholders’ Equity	Cumulative effect change in accounting principlesNoncontrolling Interests
Beginning Balance at Dec. 31, 2018	$ 10,271,594	$ 89,125	$ 13,076,528	$ (19,582)	$ (2,930,214)	$ 0	$ 10,215,857	$ 55,737	$ 638	$ 0	$ 0	$ (163)	$ 801	$ 0	$ 638	$ 0
Increase (decrease) in stockholders' equity
Net income attributable to common stockholders	421,573	0	0	0	421,573	0	421,573
Net income attributable to noncontrolling interest	4,831							4,831
Net income	426,404
Other comprehensive income	(40,112)	0	0	(40,112)	0	0	(40,112)	0
Net change in noncontrolling interests	32,403	0	(1,546)	0	0	0	(1,546)	33,949
Dividends to common stockholders	(876,581)	0	0	0	(876,581)	0	(876,581)	0
Issuance of common stock	942,436	3,829	938,607	0	0	0	942,436	0
Stock Issued During Period, Value, Share-based Payment Arrangements, Restricted Stock Awards and Other, after Forfeiture	54,750	210	54,750	0	0	(210)	54,750	0
Adjust redeemable OP unitholder interests to current fair value	(51,024)	0	(51,024)	0	0	0	(51,024)	0
Redemption of OP Units	(285)	0	(285)	0	0	0	(285)	0
Ending Balance at Sep. 30, 2019	10,760,223	93,164	14,017,030	(59,857)	(3,384,421)	(210)	10,665,706	94,517
Beginning Balance at Jun. 30, 2019	10,876,362	92,852	13,940,117	(39,671)	(3,173,287)	0	10,820,011	56,351
Increase (decrease) in stockholders' equity
Net income attributable to common stockholders	85,259	0	0	0	85,259	0	85,259
Net income attributable to noncontrolling interest	1,659							1,659
Net income	86,918
Other comprehensive income	(20,186)	0	0	(20,186)	0	0	(20,186)	0
Net change in noncontrolling interests	37,059	0	552	0	0	0	552	36,507
Dividends to common stockholders	(296,393)	0	0	0	(296,393)	0	(296,393)	0
Issuance of common stock	76,280	276	76,004	0	0	0	76,280	0
Stock Issued During Period, Value, Share-based Payment Arrangements, Restricted Stock Awards and Other, after Forfeiture	16,483	36	16,657	0	0	(210)	16,483	0
Adjust redeemable OP unitholder interests to current fair value	(16,015)	0	(16,015)	0	0	0	(16,015)	0
Redemption of OP Units	(285)	0	(285)	0	0	0	(285)	0
Ending Balance at Sep. 30, 2019	10,760,223	93,164	14,017,030	(59,857)	(3,384,421)	(210)	10,665,706	94,517
Beginning Balance at Dec. 31, 2019	10,545,452	93,185	14,056,453	(34,564)	(3,669,050)	(132)	10,445,892	99,560
Increase (decrease) in stockholders' equity
Net income attributable to common stockholders	328,698	0	0	0	328,698	0	328,698
Net income attributable to noncontrolling interest	534
Net income	329,232
Other comprehensive income	(34,431)	0	0	(30,478)	0	0	(30,478)	(3,953)
Net change in noncontrolling interests	(10,446)	0	(5,160)	0	0	0	(5,160)	(5,286)
Dividends to common stockholders	(631,346)	0	0	0	(631,346)	0	(631,346)	0
Stock Issued During Period, Value, Share-based Payment Arrangements, Restricted Stock Awards and Other, after Forfeiture	53,157	282	54,967	0	(949)	(1,143)	53,157	0
Adjust redeemable OP unitholder interests to current fair value	36,353	0	36,353	0	0	0	36,353	0
Redemption of OP Units	(264)	0	(264)	0	0	0	(264)	0
Ending Balance at Sep. 30, 2020	10,287,707	93,467	14,142,349	(65,042)	(3,972,647)	(1,275)	10,196,852	90,855
Beginning Balance at Jun. 30, 2020	10,399,910	93,261	14,118,119	(82,761)	(3,816,460)	(947)	10,311,212	88,698
Increase (decrease) in stockholders' equity
Net income attributable to common stockholders	12,751	0	0	0	12,751	0	12,751
Net income attributable to noncontrolling interest	986							986
Net income	13,737
Other comprehensive income	20,052	0	0	17,719	0	0	17,719	2,333
Net change in noncontrolling interests	(7,335)	0	(6,173)	0	0	0	(6,173)	(1,162)
Dividends to common stockholders	(166,738)	0	0	0	(166,738)	0	(166,738)	0
Stock Issued During Period, Value, Share-based Payment Arrangements, Restricted Stock Awards and Other, after Forfeiture	39,752	206	42,074	0	(2,200)	(328)	39,752	0
Adjust redeemable OP unitholder interests to current fair value	(11,669)	0	(11,669)	0	0	0	(11,669)	0
Redemption of OP Units	(2)	0	(2)	0	0	0	(2)	0
Ending Balance at Sep. 30, 2020	$ 10,287,707	$ 93,467	$ 14,142,349	$ (65,042)	$ (3,972,647)	$ (1,275)	$ 10,196,852	$ 90,855

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Stockholders' Equity [Abstract]
Dividends to common stockholders, per share (in usd per share)	$ 0.45	$ 0.7925	$ 1.6925	$ 2.3775

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net income	$ 329,232	$ 426,404
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	847,797	696,710
Amortization of deferred revenue and lease intangibles, net	(25,343)	(6,484)
Other non-cash amortization	15,211	16,910
Allowance on loans receivable and investments	34,654	0
Stock-based compensation	17,322	26,670
Straight-lining of rental income	107,134	(25,680)
Loss on extinguishment of debt, net	7,386	41,861
Gain on real estate dispositions	(240,101)	(24,633)
Gain on real estate loan investments	(167)	0
Income tax benefit	(99,702)	(60,249)
Loss from unconsolidated entities	15,869	2,621
Distributions from unconsolidated entities	2,960	1,400
Other	15,615	9,236
Changes in operating assets and liabilities:
Increase in other assets	(68,228)	(59,366)
Decrease in accrued interest	(12,975)	(15,909)
Increase in accounts payable and other liabilities	207,749	54,057
Net cash provided by operating activities	1,154,413	1,083,548
Cash flows from investing activities:
Net investment in real estate property	(77,625)	(939,805)
Investment in loans receivable	(113,147)	(1,257,577)
Proceeds from real estate disposals	682,604	77,555
Proceeds from loans receivable	106,966	1,008,683
Development project expenditures	(309,967)	(229,845)
Payments for Capital Improvements	(94,407)	(99,787)
Distributions from unconsolidated entities	0	151
Investment in unconsolidated entities	(7,832)	(1,711)
Insurance proceeds for property damage claims	33	20,457
Net cash provided by (used in) investing activities	186,625	(1,421,879)
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities	(74,144)	278,677
Net change in borrowings under commercial paper program	(565,524)	304,508
Proceeds from debt	657,557	2,206,577
Repayment of debt	(127,528)	(2,456,135)
Payment of deferred financing costs	(7,564)	(17,867)
Issuance of common stock, net	36,395	942,250
Cash distribution to common stockholders	(760,363)	(861,789)
Cash distribution to redeemable OP unitholders	(5,954)	(6,882)
Cash issued for redemption of OP Units	(575)	(361)
Contributions from noncontrolling interests	1,138	4,959
Distributions to noncontrolling interests	(9,666)	(6,403)
Proceeds from stock option exercises	3,518	34,134
Other	(4,989)	(6,601)
Net cash (used in) provided by financing activities	(857,699)	415,067
Net increase in cash, cash equivalents and restricted cash	483,339	76,736
Effect of foreign currency translation	(951)	396
Cash, cash equivalents and restricted cash at beginning of period	146,102	131,464
Cash, cash equivalents and restricted cash at end of period	628,490	208,596
Assets and liabilities assumed from acquisitions and other:
Real estate investments	169,484	1,056,481
Other assets	1,224	11,123
Debt	55,368	907,746
Other liabilities	2,707	46,336
Deferred income tax liability	337	0
Noncontrolling interests	$ 20,259	$ 113,522

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	NOTE 1—DESCRIPTION OF BUSINESS Ventas, Inc. (together with its subsidiaries, unless otherwise indicated or except where the context otherwise requires, “we,” “us” or “our”), an S&P 500 company, is a real estate investment trust (“REIT”) with a highly diversified portfolio of senior housing, research and innovation, and healthcare properties located throughout the United States, Canada and the United Kingdom. As of September 30, 2020, we owned or managed through unconsolidated joint ventures approximately 1,200 properties (including properties classified as held for sale), consisting of senior housing communities, medical office buildings (“MOBs”), research and innovation centers, inpatient rehabilitation facilities (“IRFs”) and long-term acute care facilities (“LTACs”), and health systems. We also had 19 properties under development, including one property that is owned by an unconsolidated real estate entity. Our company was originally founded in 1983 and is headquartered in Chicago, Illinois. We primarily invest in senior housing, research and innovation, and healthcare properties through acquisitions and lease our properties to unaffiliated tenants or operate them through independent third-party managers. As of September 30, 2020, we leased a total of 377 properties (excluding properties within our office operations reportable business segment) to various healthcare operating companies under “triple-net” or “absolute-net” leases that obligate the tenants to pay all property-related expenses, including maintenance, utilities, repairs, taxes, insurance and capital expenditures. Our three largest tenants, Brookdale Senior Living Inc. (together with its subsidiaries, “Brookdale Senior Living”), Ardent Health Partners, LLC (together with its subsidiaries, “Ardent”) and Kindred Healthcare, LLC (together with its subsidiaries, “Kindred”) leased from us 121 properties (excluding seven properties managed by Brookdale Senior Living pursuant to long-term management agreements), 11 properties and 32 properties, respectively, as of September 30, 2020. As of September 30, 2020, pursuant to long-term management agreements, we engaged independent operators, such as Atria Senior Living, Inc. (“Atria”) and Sunrise Senior Living, LLC (together with its subsidiaries, “Sunrise”), to manage 439 senior housing communities for us. Through our Lillibridge Healthcare Services, Inc. subsidiary and our ownership interest in PMB Real Estate Services LLC, we also provide MOB management, leasing, marketing, facility development and advisory services to highly rated hospitals and health systems throughout the United States. In addition, from time to time, we make secured and non-mortgage loans and other investments relating to senior housing and healthcare operators or properties. COVID-19 Update The novel coronavirus (“COVID-19”) pandemic and actions taken to prevent its spread continue to affect our business in a number of differing ways. In our senior living operating portfolio, leading indicators in senior housing, including leads, tours and move-ins, showed consistent improvement from July through September, but occupancy continued to decline and operating costs related to COVID-19 remained elevated in the third quarter. Recent COVID-19 clinical trends remain dynamic and create significant uncertainty. Our NNN senior housing tenants’ performance has also been affected by COVID-19. While we received substantially all NNN senior housing rent we expected to receive in the third quarter, we have modified certain NNN senior housing leases to reset rent and have provided other modest financial accommodations to certain NNN senior housing tenants who need it as a result of COVID-19. The Company’s NNN healthcare tenants have benefitted from significant government financial support that was deployed early and has partially offset the direct financial impact of the pandemic. Substantially all expected rent was paid by the Company’s NNN healthcare tenants in the third quarter. Our office operations segment delivered steady performance in the third quarter, growing net operating income (“NOI”, which is defined as total revenues, excluding interest and other income, less property-level operating expenses and office building services costs) modestly compared to the second quarter. In the third quarter, we received 99% of contractual rents in the office segment. The federal government, as well as state and local governments, have implemented or announced programs to provide financial and other support to businesses affected by the COVID-19 pandemic, some of which have benefitted or could benefit our company, tenants, operators, borrowers and managers. In particular, in early September, the Department of Health and Human Services (“HHS”) announced that assisted living communities are eligible to apply for funding under the Phase II General Distribution allocation (“Phase II”) of the Public Health and Social Services Emergency Fund (the “Provider Relief Fund”) established pursuant to the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) and the Paycheck Protection Program and Health Care Enhancement Act (the “PPPHCE Act”). Distributions under Phase II are expected to equal 2% of annual revenues from patient care, and to benefit the assisted living communities in the Company’s senior living operating business, as well as its NNN senior housing tenants. While the guidance from HHS is subject to change, under current guidance, distributions from the Provider Relief Fund are not subject to repayment, provided that the recipient uses the funds first for expenses attributable to COVID-19 and then for lost revenue attributable to COVID-19, and is able to attest to and comply with certain terms and conditions, including not using funds received from the Provider Relief Fund to reimburse expenses or losses that other sources are obligated to reimburse, providing detailed reporting to HHS, maintaining records in accordance with law and submitting to government audit and investigation. We have applied for approximately $35 million in grants under Phase II of the Provider Relief Fund on behalf of the assisted living communities in our senior living operating business. Although we have begun to receive amounts under some of those applications, there can be no assurance that all our applications will be approved or that additional funds will ultimately be received in full or in part. The Company continues to evaluate the terms, conditions and permitted uses associated with the grants, including the requirements and restrictions imposed by HHS, and is in the process of determining what portions of these grants the Company will be able to retain and use. Any funds that are ultimately received and retained by us are not expected to fully offset the losses incurred in the Company’s senior living operating portfolio that are attributable to COVID-19. We believe that substantially all our NNN senior housing tenants have also applied for funding under Phase II to partially mitigate the losses they have incurred as a direct result of COVID-19. HHS recently announced a new $20 billion Phase III General Distribution allocation (“Phase III”) of the Provider Relief Fund, which will be made available to all healthcare providers, including assisted living communities, who have previously received distributions from the Provider Relief Fund. Phase III is expected to be distributed (i) first, to ensure that eligible providers have received funding equal to at least 2% of their annual patient care revenues and (ii) second, to provide an additional payment that considers providers’ overall financial losses caused by the COVID-19 pandemic. The actual amount paid to providers will depend in part on how many providers apply in Phase III and will be determined after all applications have been received. While we have applied for funding under Phase III on behalf of the assisted living communities in our senior living operating business, there can be no assurance that we will receive funding under Phase III or the amount of any such funding. HHS and the Department of Defense (the “DOD”) have announced agreements with CVS and Walgreens to provide and administer COVID-19 vaccines to residents of long-term care facilities nationwide (including assisted living and independent living communities) with no out-of-pocket costs to residents or the communities where they live. HHS and DOD also announced a program for the delivery of COVID-19 rapid point-of-care diagnostic tests to certain qualified assisted living facilities. While we expect both of these programs to benefit our senior living operating portfolio, as well as our NNN senior housing tenants, there can be no assurance these programs will ultimately be implemented, will be implemented on the same terms as have been currently announced or will continue once implemented. Since the start of the COVID-19 pandemic, we have taken precautionary steps to increase liquidity and preserve financial flexibility in light of the resulting uncertainty. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations; Liquidity and Capital Resources; Recent Capital Conservation Actions.” As of November 5, 2020, we had approximately $3.2 billion in liquidity, including availability under our revolving credit facility and cash and cash equivalents on hand, with no borrowings outstanding under our commercial paper program and negligible near-term debt maturing. The trajectory and future impact of the COVID-19 pandemic remains highly uncertain. COVID-19 clinical trends have worsened in recent weeks; and multiple jurisdictions have recently imposed or are re-imposing heightened preventative measures. The extent of the COVID-19 pandemic’s continuing and ultimate effect on our operational and financial performance will depend on the clinical experience, which may differ considerably across regions and fluctuate over time, and on other future developments, including the ultimate duration, spread and intensity of the outbreak; the availability and effective distribution of testing and, eventually, a vaccine; the extent to which governments across the country impose or re-impose preventative restrictions and the extent and duration of any rollback of those restrictions; and the availability of government financial support to our business, tenants and operators. Due to these uncertainties, we are not able at this time to estimate the impact of the COVID-19 pandemic on our business, results of operations, financial condition and cash flows, either in the short or long-term, but it could be material. We have not identified the COVID-19 pandemic, on its own, as a “triggering event” for purposes of evaluating impairment of real estate assets, goodwill and other intangibles, investments in unconsolidated entities and financial instruments. However, as of September 30, 2020, we considered the effect of the pandemic on certain of our assets (described below) and our ability to recover the respective carrying values of these assets. We applied our considerations to existing critical accounting policies that require us to make estimates and assumptions regarding future events that affect the reported amounts of assets and liabilities. We based our estimates on our experience and on assumptions we believe to be reasonable under the circumstances. As a result, we have recognized the following charges for the three and nine months ended September 30, 2020: • Adjustment to rental income: As of September 30, 2020, we concluded that it is probable we would not collect substantially all rents from certain tenants, primarily within our triple-net leased properties segment. As a result, we recognized adjustments to rental income of $20.3 million and $74.5 million for the three and nine months ended September 30, 2020. Rental payments from these tenants will be recognized in rental income when received. • Impairment of real estate assets: As of September 30, 2020, we compared our estimate of undiscounted cash flows, including a hypothetical terminal value, for certain real estate assets to the assets' respective carrying values. No impairment charges were recognized for the quarter ended September 30, 2020. During the quarter ended June 30, 2020 we recognized $108.8 million of impairments representing the difference between the assets' carrying value and the then estimated fair value of $192.8 million. The impaired assets, primarily senior housing communities, represent less than 1% of our consolidated net real estate property as of September 30, 2020. Impairments are recorded within depreciation and amortization in our Consolidated Statements of Income and are primarily related to our senior living operations reportable business segment. • Loss on financial instruments and impairment of unconsolidated entities: As of September 30, 2020, we concluded that credit losses exist within certain of our non-mortgage loans receivables and government-sponsored pooled loan investments. As a result, we recognized credit loss charges of $5.0 million and $34.7 million for the three and nine months ended September 30, 2020. No allowances are recorded within our portfolios of secured mortgage loans or marketable debt securities. In addition, during the quarter ended June 30, 2020 we recognized an impairment of $10.7 million in an equity investment in an unconsolidated entity. • Deferred tax asset valuation allowance: As of June 30, 2020, we concluded that it was not more likely than not that deferred tax assets (primarily US federal NOL carryforwards which begin to expire in 2032) would be realized based on our cumulative loss in recent years for certain of our taxable REIT subsidiaries. As a result, we recorded a valuation allowance of $56.4 million against these deferred tax assets on our Consolidated Balance Sheets with a corresponding charge to income tax benefit (expense) in our Consolidated Statements of Income for the quarter ended June 30, 2020. We maintained our conclusions regarding the realizability of deferred tax assets as of September 30, 2020.

ACCOUNTING POLICIES

ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
ACCOUNTING POLICIES	NOTE 2—ACCOUNTING POLICIES The accompanying Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information set forth in the Accounting Standards Codification (“ASC”), as published by the Financial Accounting Standards Board (“FASB”), and with the Securities and Exchange Commission (“SEC”) instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. Operating results for the three and nine months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. The accompanying Consolidated Financial Statements and related notes should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on February 24, 2020. Certain prior period amounts have been reclassified to conform to the current period presentation. Principles of Consolidation The accompanying Consolidated Financial Statements include our accounts and the accounts of our wholly owned subsidiaries and the joint venture entities over which we exercise control. All intercompany transactions and balances have been eliminated in consolidation, and our net earnings are reduced by the portion of net earnings attributable to noncontrolling interests. GAAP requires us to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of variable interest entities (“VIEs”). A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity’s activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; and (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. We consolidate our investment in a VIE when we determine that we are its primary beneficiary. We may change our original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affects the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. We identify the primary beneficiary of a VIE as the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. We perform this analysis on an ongoing basis. As it relates to investments in joint ventures, GAAP may preclude consolidation by the sole general partner in certain circumstances based on the type of rights held by the limited partner or partners. We assess limited partners’ rights and their impact on our consolidation conclusions, and we reassess if there is a change to the terms or in the exercisability of the rights of the limited partners, the sole general partner increases or decreases its ownership of limited partnership (“LP”) interests or there is an increase or decrease in the number of outstanding LP interests. We also apply this guidance to managing member interests in limited liability companies (“LLCs”). We consolidate several VIEs that share the following common characteristics: • the VIE is in the legal form of an LP or LLC; • the VIE was designed to own and manage its underlying real estate investments; • we are the general partner or managing member of the VIE; • we own a majority of the voting interests in the VIE; • a minority of voting interests in the VIE are owned by external third parties, unrelated to us; • the minority owners do not have substantive kick-out or participating rights in the VIE; and • we are the primary beneficiary of the VIE. We have separately identified certain special purpose entities that were established to allow investments in research and innovation projects by tax credit investors (“TCIs”). We have determined that these special purpose entities are VIEs, we are a holder of variable interests and that we are the primary beneficiary of the VIEs, and therefore we consolidate these special purpose entities. Our primary beneficiary determination is based upon several factors, including but not limited to the rights we have in directing the activities which most significantly impact the VIEs’ economic performance as well as certain guarantees which protect the TCIs from losses should a tax credit recapture event occur. In general, the assets of consolidated VIEs are available only for the settlement of the obligations of the respective entities. Unless otherwise required by the LP or LLC agreement, any mortgage loans of the consolidated VIEs are non-recourse to us. The table below summarizes the total assets and liabilities of our consolidated VIEs as reported on our Consolidated Balance Sheets. September 30, 2020 December 31, 2019 Total Assets Total Liabilities Total Assets Total Liabilities (In thousands) NHP/PMB L.P. $ 657,455 $ 246,697 $ 666,404 $ 244,934 Other identified VIEs 3,922,931 1,526,184 4,075,821 1,459,830 Tax credit VIEs 954,850 377,996 845,229 333,809 Investments in Unconsolidated Entities We report investments in unconsolidated entities over whose operating and financial policies we have the ability to exercise significant influence under the equity method of accounting. We adjust our investment in unconsolidated entities for additional contributions made, distributions received as well as our share of the investee's earnings or losses which is included in our Consolidated Statements of Income. We base the initial carrying value of investments in unconsolidated entities on the fair value of the assets at the time we acquired the joint venture interest. We estimate fair values for our equity method investments based on discounted cash flow models that include all estimated cash inflows and outflows over a specified holding period and, where applicable, any estimated debt premiums or discounts. The capitalization rates, discount rates and credit spreads we use in these models are based upon assumptions that we believe to be within a reasonable range of current market rates for the respective investments. We generally amortize any difference between our cost basis and the basis reflected at the joint venture level, if any, over the lives of the related assets and liabilities and include that amortization in our share of income or loss from unconsolidated entities. For earnings of equity method investments with pro rata distribution allocations, net income or loss is allocated between the partners in the joint venture based on their respective stated ownership percentages. In other instances, net income or loss is allocated between the partners in the joint venture based on the hypothetical liquidation at book value method (the “HLBV method”). Under the HLBV method, net income or loss is allocated between the partners based on the difference between each partner’s claim on the net assets of the joint venture at the end and beginning of the period, after taking into account contributions and distributions. Each partner’s share of the net assets of the joint venture is calculated as the amount that the partner would receive if the joint venture were to liquidate all of its assets at net book value and distribute the resulting cash to creditors and partners in accordance with their respective priorities. Under the HLBV method, in any given period, we could record more or less income than the joint venture has generated, than actual cash distributions we receive or than the amount we may receive in the event of an actual liquidation. Redeemable OP Unitholder and Noncontrolling Interests We own a majority interest in NHP/PMB L.P. (“NHP/PMB”), a limited partnership formed in 2008 to acquire properties from entities affiliated with Pacific Medical Buildings LLC (“PMB”). Given our wholly owned subsidiary is the general partner and the primary beneficiary of NHP/PMB, we consolidate it as a VIE. As of September 30, 2020, third party investors owned 3.3 million Class A limited partnership units in NHP/PMB (“OP Units”), which represented 31% of the total units then outstanding, and we owned 7.3 million Class B limited partnership units in NHP/PMB, representing the remaining 69%. At any time following the first anniversary of the date of their issuance, the OP Units may be redeemed at the election of the holder for cash or, at our option, 0.9051 shares of our common stock per OP Unit, subject to further adjustment in certain circumstances. We are party by assumption to a registration rights agreement with the holders of the OP Units that requires us, subject to the terms and conditions and certain exceptions set forth therein, to file and maintain a registration statement relating to the issuance of shares of our common stock upon redemption of OP Units. As redemption rights are outside of our control, the redeemable OP Units are classified outside of permanent equity on our Consolidated Balance Sheets. We reflect the redeemable OP Units at the greater of cost or redemption value. As of September 30, 2020 and December 31, 2019, the fair value of the redeemable OP Units was $129.6 million and $171.2 million, respectively. We recognize changes in fair value through capital in excess of par value, net of cash distributions paid and purchases by us of any OP Units. Our diluted earnings per share includes the effect of any potential shares outstanding from redemption of the OP Units. Certain noncontrolling interests of other consolidated joint ventures were also classified as redeemable at September 30, 2020 and December 31, 2019. Accordingly, we record the carrying amount of these noncontrolling interests at the greater of their initial carrying amount (increased or decreased for the noncontrolling interests’ share of net income or loss and distributions) or the redemption value, which is primarily based on the fair value of the underlying real estate asset. Our joint venture partners have certain redemption rights with respect to their noncontrolling interests in these joint ventures that are outside of our control, and the redeemable noncontrolling interests are classified outside of permanent equity on our Consolidated Balance Sheets. We recognize changes in the carrying value of redeemable noncontrolling interests through capital in excess of par value. Accounting for Historic and New Markets Tax Credits For certain of our research and innovation centers, we are party to contractual arrangements with TCIs that were established to enable the TCIs to receive benefits of historic tax credits (“HTCs”) and/or new markets tax credits (“NMTCs”). As of September 30, 2020, we owned 11 properties, including two properties in development, that had syndicated HTCs or NMTCs, or both, to TCIs. In general, TCIs invest cash into special purpose entities that invest in entities that own the subject property and generate the tax credits. The TCIs receive substantially all of the tax credits and hold only a nominal interest in the economic risk and benefits of the special purpose entities. HTCs are delivered to the TCIs upon substantial completion of the project. NMTCs are allowed for up to 39% of a qualified investment and are delivered to the TCIs after the investment has been funded and spent on a qualified business. HTCs are subject to 20% recapture per year beginning one year after the completion of the historic rehabilitation of the subject property. NMTCs are subject to 100% recapture until the end of the seventh year following the qualifying investment. We have provided the TCIs with certain guarantees which protect the TCIs from losses should a tax credit recapture event occur. The contractual arrangements with the TCIs include a put/call provision whereby we may be obligated or entitled to repurchase the interest of the TCIs in the special purpose entities at the end of the tax credit recapture period. We anticipate that either the TCIs will exercise their put rights or we will exercise our call rights prior to the applicable tax credit recapture periods. The portion of the TCI’s investment that is attributed to the put is recorded at fair value at inception in accounts payable and other liabilities on our Consolidated Balance Sheets, and is accreted to the expected put price as interest expense in our Consolidated Statements of Income over the recapture period. The remaining balance of the TCI’s investment is initially recorded in accounts payable and other liabilities on our Consolidated Balance Sheets and will be relieved upon delivery of the tax credit to the TCI, as a reduction in the carrying value of the subject property, net of allocated expenses. Direct and incremental costs incurred in structuring the transaction are deferred and will be recognized as an increase in the cost basis of the subject property upon the recognition of the related tax credit as discussed above. Fair Values of Financial Instruments Fair value is a market-based measurement, not an entity-specific measurement, and we determine fair value based on the assumptions that we expect market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, GAAP establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within levels one and two of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within level three of the hierarchy). Level one inputs utilize unadjusted quoted prices for identical assets or liabilities in active markets that we have the ability to access. Level two inputs are inputs other than quoted prices included in level one that are directly or indirectly observable for the asset or liability. Level two inputs may include quoted prices for similar assets and liabilities in active markets and other inputs for the asset or liability that are observable at commonly quoted intervals, such as interest rates, foreign exchange rates and yield curves. Level three inputs are unobservable inputs for the asset or liability, which typically are based on our own assumptions, because there is little, if any, related market activity. If the determination of the fair value measurement is based on inputs from different levels of the hierarchy, the level within which the entire fair value measurement falls is the lowest level input that is significant to the fair value measurement in its entirety. If the volume and level of market activity for an asset or liability has decreased significantly relative to the normal market activity for such asset or liability (or similar assets or liabilities), then transactions or quoted prices may not accurately reflect fair value. In addition, if there is evidence that a transaction for an asset or liability is not orderly, little, if any, weight is placed on that transaction price as an indicator of fair value. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. We use the following methods and assumptions in estimating the fair value of our financial instruments. • Cash and cash equivalents - The carrying amount of unrestricted cash and cash equivalents reported on our Consolidated Balance Sheets approximates fair value due to the short maturity of these instruments. • Escrow deposits and restricted cash - The carrying amount of escrow deposits and restricted cash reported on our Consolidated Balance Sheets approximates fair value due to the short maturity of these instruments. • Loans receivable - We estimate the fair value of loans receivable using level two and level three inputs, including underlying asset performance and credit quality. We discount future cash flows using current interest rates at which similar loans with the same terms and length to maturity would be made to borrowers with similar credit ratings. • Available for sale securities - We estimate the fair value of marketable debt securities using level two inputs. We observe quoted prices for similar assets or liabilities in active markets that we have the ability to access. We estimate the fair value of certain government-sponsored pooled loan investments using level three inputs. We consider credit spreads, underlying asset performance and credit quality, and default rates. • Derivative instruments - With the assistance of a third party, we estimate the fair value of derivative instruments, including interest rate caps, interest rate swaps, and foreign currency forward contracts, using level two inputs. ◦ Interest rate caps - We observe forward yield curves and other relevant information. ◦ Interest rate swaps - We observe alternative financing rates derived from market-based financing rates, forward yield curves and discount rates. ◦ Foreign currency forward contracts - We estimate the future values of the two currency tranches using forward exchange rates that are based on traded forward points and calculate a present value of the net amount using a discount factor based on observable traded interest rates. • Stock warrants - We estimate the fair value of stock warrants using level two inputs that are obtained from public sources. Inputs include equity spot price, strike dividend yield, volatility and a risk-free rate. • Senior notes payable and other debt - We estimate the fair value of senior notes payable and other debt using level two inputs. We discount the future cash flows using current interest rates at which we could obtain similar borrowings. For mortgage debt, we may estimate fair value using level three inputs, similar to those used in determining fair value of loans receivable (above). • Redeemable OP unitholder interests - We estimate the fair value of our redeemable OP unitholder interests using level one inputs. We base fair value on the closing price of our common stock, as OP Units may be redeemed at the election of the holder for cash or, at our option, shares of our common stock, subject to adjustment in certain circumstances. Impairment of Long-Lived and Intangible Assets We periodically evaluate our long-lived assets, primarily consisting of investments in real estate, for impairment indicators. If indicators of impairment are present, we evaluate the carrying value of the related real estate investments in relation to the future undiscounted cash flows of the underlying operations. In performing this evaluation, we consider market conditions and our current intentions with respect to holding or disposing of the asset. We adjust the net book value of leased properties and other long-lived assets to fair value if the sum of the expected future undiscounted cash flows, including sales proceeds, is less than book value. We recognize an impairment loss at the time we make any such determination. If impairment indicators arise with respect to intangible assets with finite useful lives, we evaluate impairment by comparing the carrying amount of the asset to the estimated future undiscounted net cash flows expected to be generated by the asset. If estimated future undiscounted net cash flows are less than the carrying amount of the asset, then we estimate the fair value of the asset and compare the estimated fair value to the intangible asset’s carrying value. We recognize any shortfall from carrying value as an impairment loss in the current period. We evaluate our investments in unconsolidated entities for impairment at least annually, and whenever events or changes in circumstances indicate that the carrying value of our investment may exceed its fair value. If we determine that a decline in the fair value of our investment in an unconsolidated entity is other-than-temporary, and if such reduced fair value is below the carrying value, we record an impairment. We test goodwill for impairment at least annually, and more frequently if indicators arise. We first assess qualitative factors, such as current macroeconomic conditions, state of the equity and capital markets and our overall financial and operating performance, to determine the likelihood that the fair value of a reporting unit is less than its carrying amount. If we determine it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we proceed with estimating the fair value of the reporting unit. On January 1, 2020 we adopted ASU 2017-04, Simplifying the Test for Goodwill Impairment , which removes the traditional “Step 2” of the goodwill impairment test that required a hypothetical purchase price allocation. A goodwill impairment, if any, will be recognized in the period it is determined and is now measured as the amount by which a reporting unit’s carrying value exceeds its fair value. Estimates of fair value used in our evaluation of goodwill (if necessary based on our qualitative assessment), investments in real estate, investments in unconsolidated entities and intangible assets are based upon discounted future cash flow projections or other acceptable valuation techniques that are based, in turn, upon all available evidence including level three inputs, such as revenue and expense growth rates, estimates of future cash flows, capitalization rates, discount rates, general economic conditions and trends, or other available market data such as replacement cost or comparable sales. Our ability to accurately predict future operating results and cash flows and to estimate and determine fair values impacts the timing and recognition of impairments. While we believe our assumptions are reasonable, changes in these assumptions may have a material impact on our financial results. Revenue Recognition Triple-Net Leased Properties and Office Operations Certain of our triple-net leases and most of our MOB and research and innovation centers (collectively, “office operations”) leases provide for periodic and determinable increases in base rent. We recognize base rental revenues under these leases on a straight-line basis over the applicable lease term when collectability of substantially all rents is probable. Recognizing rental income on a straight-line basis generally results in recognized revenues during the first half of a lease term exceeding the cash amounts contractually due from our tenants, creating a straight-line rent receivable that is included in other assets on our Consolidated Balance Sheets. At September 30, 2020 and December 31, 2019, this cumulative excess totaled $164.2 million and $278.8 million, respectively (excluding properties classified as held for sale). Certain of our leases provide for periodic increases in base rent only if certain revenue parameters or other substantive contingencies are met. We recognize the increased rental revenue under these leases as the related parameters or contingencies are met, rather than on a straight-line basis over the applicable lease term. We assess the probability of collecting substantially all rents under our leases based on several factors, including, among other things, payment history, the financial strength of the tenant and any guarantors, the historical operations and operating trends of the property, the historical payment pattern of the tenant, the type of property, the value of the underlying collateral, if any, expected future performance of the property and current economic conditions. If our evaluation of these factors indicates it is not probable that we will be able to collect substantially all rents, we recognize a charge to rental income. If we change our conclusions regarding the probability of collecting rent payments required by a lease, we may recognize adjustments to rental income in the period we make such change in our conclusions. Senior Living Operations Our resident agreements are accounted for as leases and we recognize resident fees and services, other than move-in fees, monthly as services are provided. We recognize move-in fees on a straight-line basis over the average resident stay. Other We recognize interest income from loans and investments, including discounts and premiums, using the effective interest method when collectability is reasonably assured. We apply the effective interest method on a loan-by-loan basis and recognize discounts and premiums as yield adjustments over the related loan term. We evaluate collectability of accrued interest receivables separate from the amortized cost basis of our loans. As such, we recognize interest income on an impaired loan to the extent we believe accrued contractual interest payments are collectable. Otherwise interest income is recognized on a cash basis. On January 1, we adopted ASU 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The amendments in ASU 2016-13 require us to evaluate a current estimate of all expected credit losses over the life of a financial instrument, which may result in earlier recognition of credit losses on loans and other financial instruments. Under prior guidance, we generally only considered past events and current conditions in measuring an incurred loss. We will establish a reserve for any estimated credit losses using this model with a corresponding charge to net income. We adopted ASU 2016-13 using the modified retrospective method and we established no reserve upon adoption. Lease Accounting We lease real property, primarily land and corporate office space, and equipment, primarily vehicles at our senior housing communities. At lease inception, we establish an operating lease asset and operating lease liability calculated as the present value of future minimum lease payments. As our leases do not provide an implicit rate, we use a discount rate that approximates our incremental borrowing rate available at lease commencement to determine the present value. Our lease expense primarily consists of ground and corporate office leases. Ground lease expense is included in interest expense and corporate office lease expense is included in general, administrative and professional fees in the Company's Consolidated Statements of Income.

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK	9 Months Ended
	Sep. 30, 2020
Risks and Uncertainties [Abstract]
CONCENTRATION OF CREDIT RISK	NOTE 3—CONCENTRATION OF CREDIT RISK As of September 30, 2020, Atria, Sunrise, Brookdale Senior Living, Ardent and Kindred managed or operated approximately 20.6%, 10.4%, 8.1%, 4.9% and 1.1%, respectively, of our consolidated real estate investments based on gross book value (excluding properties classified as held for sale as of September 30, 2020). Because Atria and Sunrise manage our properties in exchange for the receipt of a management fee from us, we are not directly exposed to the credit risk of our managers in the same manner or to the same extent as our triple-net tenants. Based on gross book value, approximately 47.3% and 16.4% of our consolidated real estate investments were senior housing communities included in the senior living operations and triple-net leased properties reportable business segments, respectively (excluding properties classified as held for sale as of September 30, 2020). MOBs, research and innovation centers, IRFs and LTACs, health systems, skilled nursing facilities (“SNFs”) and secured loans receivable and investments collectively comprised the remaining 36.3%. Our consolidated properties were located in 45 states, the District of Columbia, seven Canadian provinces and the United Kingdom as of September 30, 2020, with properties in one state (California) accounting for more than 10% of our total consolidated revenues and NOI for the three months then ended. Triple-Net Leased Properties The following table reflects the concentration risk related to our triple-net leased properties for the periods presented: For the Three Months Ended September 30, 2020 2019 Revenues (1) : Brookdale Senior Living 4.0 % 4.6 % Ardent 3.3 3.0 Kindred 3.6 3.3 NOI: Brookdale Senior Living 8.8 % 8.6 % Ardent 7.2 5.7 Kindred 7.8 6.2 (1) Total revenues include office building and other services revenue, income from loans and investments and interest and other income. Each of our leases with Brookdale Senior Living, Ardent and Kindred is a triple-net lease that obligates the tenant to pay all property-related expenses, including maintenance, utilities, repairs, taxes, insurance and capital expenditures, and to comply with the terms of the mortgage financing documents, if any, affecting the properties. In addition, each of our Brookdale Senior Living, Ardent and Kindred leases has a corporate guaranty. The properties we lease to Brookdale Senior Living, Ardent and Kindred accounted for a significant portion of our triple-net leased properties segment revenues and NOI for the three months ended September 30, 2020 and 2019. If Brookdale Senior Living, Ardent or Kindred becomes unable or unwilling to satisfy its obligations to us or to renew its leases with us upon expiration of the terms thereof, our financial condition and results of operations could decline, and our ability to service our indebtedness and to make distributions to our stockholders could be impaired. We cannot assure you that Brookdale Senior Living, Ardent and Kindred will have sufficient assets, income and access to financing to enable them to satisfy their respective obligations to us, and any failure, inability or unwillingness by Brookdale Senior Living, Ardent or Kindred to do so could have a material adverse effect on our business, financial condition, results of operations and liquidity, our ability to service our indebtedness and other obligations and our ability to make distributions to our stockholders, as required for us to continue to qualify as a REIT (a “Material Adverse Effect”). We also cannot assure you that Brookdale Senior Living, Ardent and Kindred will elect to renew their respective leases with us upon expiration of the leases or that we will be able to reposition any non-renewed properties on a timely basis or on the same or better economic terms, if at all. Brookdale Transaction In July 2020, we entered into a revised master lease agreement (the “Brookdale Lease”) and certain other agreements (together with the Brookdale Lease, the “Agreements”) with Brookdale Senior Living. The Agreements modify our current arrangements with Brookdale Senior Living as follows: We received up-front consideration approximating $235 million dollars, which will be amortized over the remaining lease term and consisted of: (a) $162 million in cash including $47 million from the transfer to Ventas of deposits under the Brookdale Lease; (b) a $45 million cash pay note (the “Note”) from Brookdale, which has an initial interest rate of 9.0%, increasing 50 basis points per annum, and matures on December 31, 2025; (c) $28 million in warrants exercisable for 16.3 million shares of Brookdale Senior Living common stock, which are exercisable at any time prior to December 31, 2025 and have an exercise price of $3.00 per share. Base cash rent under the Brookdale Lease is set at $100 million per annum starting in July 2020, with three percent annual escalators commencing on January 1, 2022. The Brookdale Lease is guaranteed by, and the Note is a direct obligation of, Brookdale Senior Living. The warrants are classified within other assets on our Consolidated Balance Sheets. These warrants are measured at fair value with changes in fair value being recognized within other expense in our Consolidated Statements of Income. Brookdale Senior Living transferred fee ownership of five senior living communities to us, in full satisfaction and repayment of a $78 million loan to Brookdale Senior Living from us that was secured by the five communities. Brookdale Senior Living will now manage those communities for us under a terminable management agreement. Holiday Transaction In April 2020, we completed a transaction with affiliates of Holiday Retirement (collectively, “Holiday”), including (a) entry into a new, terminable management agreement with Holiday Management Company for our 26 independent living assets previously subject to a triple-net lease (the “Holiday Lease”) with Holiday; (b) termination of the Holiday Lease; and (c) our receipt from Holiday of $33.8 million in cash from the transfer to us of deposits under the Holiday Lease and $66 million in principal amount of secured notes. As a result of the Holiday Lease termination, we recognized net income of $50.2 million during the second quarter, composed of $99.8 million of cash and notes received less $49.6 million from the write-off of accumulated straight-line receivable. Senior Living Operations As of September 30, 2020, Atria and Sunrise, collectively, provided comprehensive property management and accounting services with respect to 258 of our 431 consolidated senior housing communities, for which we pay annual management fees pursuant to long-term management agreements. We rely on our managers’ personnel, expertise, technical resources and information systems, proprietary information, good faith and judgment to manage our senior living operations efficiently and effectively. We also rely on our managers to set appropriate resident fees and otherwise operate our senior housing communities in compliance with the terms of our management agreements and all applicable laws and regulations. Although we have various rights as the property owner under our management agreements, including various rights to terminate and exercise remedies under the agreements as provided therein, Atria’s or Sunrise’s failure, inability or unwillingness to satisfy its respective obligations under those agreements, to efficiently and effectively manage our properties or to provide timely and accurate accounting information with respect thereto could have a Material Adverse Effect on us. In addition, significant changes in Atria’s or Sunrise’s senior management or equity ownership or any adverse developments in their businesses or financial condition could have a Material Adverse Effect on us. Brookdale Senior Living, Kindred, Atria, Sunrise and Ardent Information Brookdale Senior Living is subject to the reporting requirements of the SEC and is required to file with the SEC annual reports containing audited financial information and quarterly reports containing unaudited financial information. The information related to Brookdale Senior Living contained or referred to in this Quarterly Report on Form 10-Q/A has been derived from SEC filings made by Brookdale Senior Living or other publicly available information, or was provided to us by Brookdale Senior Living, and we have not verified this information through an independent investigation or otherwise. We have no reason to believe that this information is inaccurate in any material respect, but we cannot assure you of its accuracy. We are providing this data for informational purposes only, and you are encouraged to obtain Brookdale Senior Living’s publicly available filings, which can be found at the SEC’s website at www.sec.gov. Kindred, Atria, Sunrise and Ardent are not currently subject to the reporting requirements of the SEC. The information related to Kindred, Atria, Sunrise and Ardent contained or referred to in this Quarterly Report on Form 10-Q/A has been derived from publicly available information or was provided to us by Kindred, Atria, Sunrise or Ardent, as the case may be, and we have not verified this information through an independent investigation or otherwise. We have no reason to believe that this information is inaccurate in any material respect, but we cannot assure you of its accuracy.

DISPOSITIONS

DISPOSITIONS	9 Months Ended
	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
DISPOSITIONS	NOTE 4—DISPOSITIONS AND IMPAIRMENTS 2020 Activity In March 2020, we formed the Ventas Life Science and Healthcare Real Estate Fund, L.P. (the “Fund”), a perpetual life vehicle that focuses on investments in research and innovation centers, medical office buildings and senior housing communities in North America. To seed the Fund, we contributed six (two of which are on the same campus) stabilized research and innovation and medical office properties. We received cash consideration of $620 million and a 21% interest in the Fund. We recognized a gain on the transactions of $224.6 million. Also, during the nine months ended September 30, 2020, we sold one MOB, three senior housing communities, ten triple-net leased properties and one land parcel for aggregate consideration of $67.7 million and we recognized a gain on the sale of these assets of $15.5 million. JV Transaction In October 2020, we formed a joint venture (the “JV”) with GIC. To seed the JV, we contributed our controlling ownership interest in four in-progress university-based research and innovation development projects (the “Initial R&I JV Projects”). At closing, GIC reimbursed us for its share of costs incurred to-date. We will own an over 50 percent interest and GIC will own a 45 percent interest in the Initial R&I JV Projects. We will act as manager of the JV, with customary rights and obligations, and will receive customary fees and incentives. Our exclusive development partner, Wexford Science & Technology, remains the developer of, and a minority partner in, all of the projects. We will account for our investment in the JV under the equity method of accounting. Real Estate Impairment We recognized impairments of $129.5 million and $22.6 million, respectively, for the nine months ended September 30, 2020 and 2019, which are recorded in depreciation and amortization in our Consolidated Statements of Income. Other than charges relating to properties directly impacted by COVID-19 (See “Note 1 - Description Of Business - COVID-19 Update”), our recorded impairments were primarily the result of a change in our intent to hold the impaired assets. In most cases, we recognize an impairment in the periods in which our change in intent is made. Assets Held for Sale The table below summarizes our real estate assets classified as held for sale, including the amounts reported on our Consolidated Balance Sheets, which may include anticipated post-closing settlements of working capital for disposed properties. As of September 30, 2020 As of December 31, 2019 Number of Properties Held for Sale Assets Held for Sale Liabilities Related to Assets Number of Properties Held for Sale Assets Held for Sale Liabilities Related to Assets (Dollars in thousands) Triple-Net Leased Properties — $ — $ — 8 $ 62,098 $ 1,623 Office Operations 2 7,441 785 1 5,177 499 Senior Living Operations 2 8,307 1,202 5 18,252 3,102 Total 4 $ 15,748 $ 1,987 14 $ 85,527 $ 5,224 In September 2020, one senior housing community no longer met the criteria as being classified as held for sale. As a result, we adjusted the carrying amount of the asset by recognizing depreciation expense of $0.1 million and classified the asset within net real estate investments on our Consolidated Balance Sheets for all periods presented.

LOANS RECEIVABLE AND INVESTMENT

LOANS RECEIVABLE AND INVESTMENTS	9 Months Ended
	Sep. 30, 2020
Loans Receivable And Investments [Abstract]
LOANS RECEIVABLE AND INVESTMENTS	NOTE 5—LOANS RECEIVABLE AND INVESTMENTS As of September 30, 2020 and December 31, 2019, we had $892.5 million and $1.0 billion, respectively, of net loans receivable and investments relating to senior housing and healthcare operators or properties. The following is a summary of our loans receivable and investments, net, including amortized cost, fair value and unrealized gains or losses on available for sale investments: Carrying Amount Amortized Cost Fair Value Unrealized Gain (In thousands) As of September 30, 2020: Secured/mortgage loans and other, net $ 555,483 $ 555,483 $ 487,373 $ — Government-sponsored pooled loan investments, net (1) (3) 48,969 54,361 48,969 3,453 Total investments reported as secured loans receivable and investments, net 604,452 609,844 536,342 3,453 Non-mortgage loans receivable, net (3) 56,844 86,347 56,832 — Marketable debt securities (2) 231,168 213,264 231,168 17,905 Total loans receivable and investments, net $ 892,464 $ 909,455 $ 824,342 $ 21,358 As of December 31, 2019: Secured/mortgage loans and other, net $ 645,546 $ 645,546 $ 646,925 $ — Government-sponsored pooled loan investments, net (1) 59,066 52,178 59,066 6,888 Total investments reported as secured loans receivable and investments, net 704,612 697,724 705,991 6,888 Non-mortgage loans receivable, net 63,724 63,724 63,538 — Marketable debt securities (2) 237,360 213,062 237,360 24,298 Total loans receivable and investments, net $ 1,005,696 $ 974,510 $ 1,006,889 $ 31,186 (1) Investments in government-sponsored pool loans have contractual maturity dates in 2021 and 2023. (2) Investments in marketable debt securities have contractual maturity dates in 2024 and 2026. (3) As of September 30, 2020, the carrying amounts for government-sponsored pooled loan investments, net and non-mortgage loans receivable, net reflect allowances of $8.8 million and $29.5 million, respectively. 2020 Activity During the nine months ended September 30, 2020, we received aggregate proceeds of $106.1 million for the full repayment of the principal balances of various loans receivable with a weighted average interest rate of 8.3% that were due to mature between 2020 and 2025, resulting in total gains of $1.4 million. In April 2020, we received as consideration $66 million of notes secured by equity pledges on real estate assets with an effective interest rate of 9.2% in connection with the termination of the Holiday Lease. See “Note 3 - Concentration Of Credit Risk”. We recognized $5.0 million and $34.7 million in expense in establishing allowances on our loan and investment portfolio for the three and nine months ended September 30, 2020, respectively. See “Note 1 - Description Of Business - COVID-19 Update”. In July 2020, we entered into a $45 million Note from Brookdale Senior Living in connection with certain revised Agreements, which is included above in Non-mortgage loans receivable, net. The Note has an initial interest rate of 9.0%, increasing 50 basis points per annum, and matures on December 31, 2025. In addition, Brookdale transferred fee ownership of five senior living communities to us, in full satisfaction and repayment of a $78 million loan to Brookdale Senior Living from us that was secured by the five communities. See “Note 3 - Concentration Of Credit Risk”.

INVESTMENTS IN UNCONSOLIDATED E

INVESTMENTS IN UNCONSOLIDATED ENTITIES	9 Months Ended
	Sep. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS IN UNCONSOLIDATED ENTITIES	NOTE 6—INVESTMENTS IN UNCONSOLIDATED ENTITIES We report investments in unconsolidated entities over whose operating and financial policies we have the ability to exercise significant influence under the equity method of accounting. We are not required to consolidate these entities because our joint venture partners have significant participating rights, nor are these entities considered VIEs, as they are controlled by equity holders with sufficient capital. At September 30, 2020, we had a 25% interest in a real estate joint venture that has a majority ownership in nine properties and one property under development. In March 2020, we formed the Fund in which we are sponsor and general partner. As of September 30, 2020, we have a 21% ownership interest in the Fund. See “Note 4 - Dispositions And Impairments”. In October 2020, the Fund acquired a portfolio of three life science properties in the South San Francisco life science cluster for $1.0 billion, which increased assets under management to $1.8 billion. The acquisition was financed with a $415 million mortgage loan bearing interest at a fixed rate of 2.6% per annum. We account for our investments in unconsolidated real estate entities, including the Fund, as well as our 34% interest in Atria, 34% interest in Eclipse Senior Living (“ESL”) and 9.8% interest in Ardent, which are included within other assets on our Consolidated Balance Sheets, under the equity method of accounting. Our 34% ownership interest in Atria entitles us to customary rights and minority protections, including the right to appoint two of six members to the Atria Board of Directors. Our 34% ownership interest in ESL entitles us to customary rights and minority protections, including the right to appoint two of six members to the ESL Board of Directors. ESL management owns the 66% controlling interest. Our 9.8% ownership interest in Ardent entitles us to certain rights and minority protections, as well as the right to appoint one of 11 members on the Ardent Board of Directors. With the exception of our interests in Atria, ESL and Ardent, we provide various services to unconsolidated entities in exchange for fees and reimbursements. Total management fees earned in connection with these entities were $1.5 million and $0.9 million for the three months ended September 30, 2020 and 2019, respectively, and $3.9 million and $2.5 million for the nine months ended September 30, 2020 and 2019, respectively, which is included in office building and other services revenue in our Consolidated Statements of Income. In June 2020, as a result of COVID-19, we recognized an impairment charge of $10.7 million related to our investment in an unconsolidated entity. See “Note 1 - Description Of Business - COVID-19 Update”.

INTANGIBLES

INTANGIBLES	9 Months Ended
	Sep. 30, 2020
Intangible Assets, Intangible Liabilities, And Goodwill Disclosure [Abstract]
INTANGIBLES	NOTE 7—INTANGIBLES The following is a summary of our intangibles: As of September 30, 2020 As of December 31, 2019 Balance Remaining Balance Remaining (Dollars in thousands) Intangible assets: Above market lease intangibles $ 141,224 6.6 $ 145,891 6.9 In-place and other lease intangibles 1,105,088 10.7 1,162,187 10.6 Goodwill 1,050,742 N/A 1,051,161 N/A Other intangibles 35,796 10.2 35,837 10.9 Accumulated amortization (943,809) N/A (922,668) N/A Net intangible assets $ 1,389,041 10.3 $ 1,472,408 10.2 Intangible liabilities: Below market lease intangibles $ 339,200 14.3 $ 349,357 14.5 Other lease intangibles 13,498 N/A 13,498 N/A Accumulated amortization (208,959) N/A (203,834) N/A Purchase option intangibles 3,568 N/A 3,568 N/A Net intangible liabilities $ 147,307 14.3 $ 162,589 14.5 N/A—Not Applicable.

OTHER ASSETS

OTHER ASSETS	9 Months Ended
	Sep. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS	NOTE 8—OTHER ASSETS The following is a summary of our other assets: As of September 30, 2020 As of December 31, 2019 (In thousands) Straight-line rent receivables $ 164,161 $ 278,833 Non-mortgage loans receivable, net 56,844 63,724 Stock warrants 26,940 — Marketable debt securities 231,168 237,360 Other intangibles, net 4,748 5,149 Investment in unconsolidated operating entities 43,116 59,301 Other 252,498 233,349 Total other assets $ 779,475 $ 877,716

SENIOR NOTES PAYABLE AND OTHER

SENIOR NOTES PAYABLE AND OTHER DEBT	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
SENIOR NOTES PAYABLE AND OTHER DEBT	NOTE 9—SENIOR NOTES PAYABLE AND OTHER DEBT The following is a summary of our senior notes payable and other debt: As of September 30, 2020 As of December 31, 2019 (In thousands) Unsecured revolving credit facility (1) $ 41,484 $ 120,787 Commercial paper notes — 567,450 Secured revolving construction credit facility due 2022 164,585 160,492 Floating Rate Senior Notes, Series F due 2021 (2) 225,242 231,018 3.25% Senior Notes due 2022 500,000 500,000 3.30% Senior Notes, Series C due 2022 (2) 187,702 192,515 Unsecured term loan due 2023 200,000 200,000 3.125% Senior Notes due 2023 400,000 400,000 3.10% Senior Notes due 2023 400,000 400,000 2.55% Senior Notes, Series D due 2023 (2) 206,472 211,767 3.50% Senior Notes due 2024 400,000 400,000 3.75% Senior Notes due 2024 400,000 400,000 4.125% Senior Notes, Series B due 2024 (2) 187,702 192,515 2.80% Senior Notes, Series E due 2024 (2) 450,484 462,036 Unsecured term loan due 2025 (2) 375,404 385,030 3.50% Senior Notes due 2025 600,000 600,000 2.65% Senior Notes due 2025 450,000 450,000 4.125% Senior Notes due 2026 500,000 500,000 3.25% Senior Notes due 2026 450,000 450,000 3.85% Senior Notes due 2027 400,000 400,000 4.00% Senior Notes due 2028 650,000 650,000 4.40% Senior Notes due 2029 750,000 750,000 3.00% Senior Notes due 2030 650,000 650,000 4.75% Senior Notes due 2030 500,000 — 6.90% Senior Notes due 2037 (3) 52,400 52,400 6.59% Senior Notes due 2038 (3) 22,823 22,823 5.70% Senior Notes due 2043 300,000 300,000 4.375% Senior Notes due 2045 300,000 300,000 4.875% Senior Notes due 2049 300,000 300,000 Mortgage loans and other 2,076,369 1,996,969 Total 12,140,667 12,245,802 Deferred financing costs, net (73,444) (79,939) Unamortized fair value adjustment 14,008 20,056 Unamortized discounts (33,312) (27,146) Senior notes payable and other debt $ 12,047,919 $ 12,158,773 (1) As of September 30, 2020 and December 31, 2019, respectively, $15.8 million and $26.2 million of aggregate borrowings were denominated in Canadian dollars. Aggregate borrowings of $25.7 million and $27.6 million were denominated in British pounds as of September 30, 2020 and December 31, 2019, respectively. (2) Canadian Dollar debt obligations shown in US Dollars. (3) Our 6.90% senior notes due 2037 are subject to repurchase at the option of the holders, at par, on October 1, 2027, and our 6.59% senior notes due 2038 are subject to repurchase at the option of the holders, at par, on July 7 in each of 2023 and 2028. As of September 30, 2020, our indebtedness had the following maturities: Principal Amount Unsecured Revolving Credit Facility and Commercial Paper Notes (1) Scheduled Periodic Total Maturities (In thousands) 2020 $ 131,956 $ — $ 11,765 $ 143,721 2021 426,284 41,484 43,006 510,774 2022 1,292,027 — 36,943 1,328,970 2023 1,593,067 — 23,556 1,616,623 2024 1,559,708 — 17,502 1,577,210 Thereafter 6,859,843 — 103,526 6,963,369 Total maturities $ 11,862,885 $ 41,484 $ 236,298 $ 12,140,667 (1) At September 30, 2020, we had unrestricted cash and cash equivalents of $0.6 billion, which exceeds the borrowings outstanding under our unsecured revolving credit facility and commercial paper program. Credit Facilities, Commercial Paper and Unsecured Term Loans Our unsecured credit facility is comprised of a $3.0 billion unsecured revolving credit facility priced at LIBOR plus 0.875%. The unsecured revolving credit facility matures in April 2021, but may be extended at our option subject to the satisfaction of certain conditions, including all representations and warranties being correct in all material respects with no existing defaults, for two additional periods of six months each, to April 2022. The unsecured revolving credit facility also includes an accordion feature that permits us to increase our aggregate borrowing capacity thereunder to up to $3.75 billion. Our wholly-owned subsidiary, Ventas Realty, Limited Partnership (“Ventas Realty”), may issue from time to time unsecured commercial paper notes up to a maximum aggregate amount outstanding at any time of $1.0 billion. The notes are sold under customary terms in the United States commercial paper note market and are ranked pari passu with all of Ventas Realty’s other unsecured senior indebtedness. The notes are fully and unconditionally guaranteed by Ventas, Inc. As of September 30, 2020, we had no borrowings outstanding under our commercial paper program. As of September 30, 2020, $41.5 million was outstanding under the unsecured revolving credit facility with an additional $24.9 million restricted to support outstanding letters of credit. In addition, we limit our utilization of the unsecured revolving credit facility, to the extent necessary, to support our commercial paper program when commercial paper notes are outstanding. We had $2.9 billion in available liquidity under the unsecured revolving credit facility as of September 30, 2020. As of September 30, 2020, we had a $200.0 million unsecured term loan priced at LIBOR plus 0.90% that matures in 2023. The term loan also includes an accordion feature that effectively permits us to increase our aggregate borrowings thereunder to up to $800.0 million. As of September 30, 2020, we had a C$500 million unsecured term loan facility priced at Canadian Dollar Offered Rate (“CDOR”) plus 0.90% that matures in 2025. As of September 30, 2020, we had a $400.0 million secured revolving construction credit facility with $164.6 million of borrowings outstanding. The secured revolving construction credit facility matures in 2022 and is primarily used to finance the development of research and innovation centers and other construction projects. Senior Notes In March 2020, Ventas Realty priced a public offering of $500.0 million aggregate principal amount of 4.75% senior notes due 2030 at an amount equal to 97.86% of par. The notes were issued and proceeds were received in April 2020. In October 2020, we redeemed, pursuant to a cash tender offer, $236.3 million aggregate principal amount then outstanding of our 3.25% senior notes due 2022 at 104.14% of par value, plus accrued and unpaid interest to the payment date. Tender offer results were given in September 2020 and, as a result, we recognized a non-cash charge to loss on extinguishment of debt of $7.4 million in September 2020 and will recognize an additional loss of $3.5 million in October 2020.

FAIR VALUES OF FINANCIAL INSTRU

FAIR VALUES OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
FAIR VALUES OF FINANCIAL INSTRUMENTS	NOTE 10—FAIR VALUES OF FINANCIAL INSTRUMENTS The carrying amounts and fair values of our financial instruments were as follows: As of September 30, 2020 As of December 31, 2019 Carrying Fair Value Carrying Fair Value (In thousands) Assets: Cash and cash equivalents $ 588,343 $ 588,343 $ 106,363 $ 106,363 Escrow deposits and restricted cash 40,147 40,147 39,739 39,739 Stock warrants 26,940 26,940 — — Secured mortgage loans and other, net 555,483 487,373 645,546 646,925 Non-mortgage loans receivable, net 56,844 56,832 63,724 63,538 Marketable debt securities 231,168 231,168 237,360 237,360 Government-sponsored pooled loan investments, net 48,969 48,969 59,066 59,066 Derivative instruments 195 195 738 738 Liabilities: Senior notes payable and other debt, gross 12,140,667 12,882,340 12,245,802 12,778,758 Derivative instruments 29,925 29,925 12,987 12,987 Redeemable OP Units 129,576 129,576 171,178 171,178 For a discussion of the assumptions considered, refer to “Note 2 - Accounting Policies.” The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented above are not necessarily indicative of the amounts we would realize in a current market exchange.

LITIGATION

LITIGATION	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
LITIGATION	NOTE 11—LITIGATION Proceedings Arising in Connection with Our Business From time to time, we are party to various legal actions, regulatory proceedings and claims (some of which may not be fully insured and some of which may allege large damage amounts) arising in connection with our business, including our senior living and office operations. These claims may include, among other things, professional liability and general liability claims, unfair business practices claims, employment claims and regulatory proceedings related to our senior living operations, the risks of which has increased as a result of the COVID-19 pandemic. It is the opinion of management, except as otherwise set forth in this note, that the disposition of any such actions, investigations and claims that are currently pending will not, individually or in the aggregate, have a Material Adverse Effect on us. However, regardless of their merits, we may be forced to expend significant financial resources to defend and resolve these matters. We are unable to predict the ultimate outcome of these actions, investigations and claims, and if management’s assessment of our liability with respect thereto is incorrect, such actions, investigations and claims could have a Material Adverse Effect on us. Proceedings against Tenants, Operators and Managers From time to time, Atria, Sunrise, Brookdale Senior Living, Ardent, Kindred and our other tenants, operators and managers are parties to certain legal actions, regulatory proceedings and claims arising in the conduct of their business and operations, the risk of which has increased as a result of the COVID-19 pandemic. In other circumstances, regardless of whether we are a named party in the legal actions, regulatory proceedings or claims, we may be contractually obligated to indemnify, defend and hold harmless our tenants, operators and managers against such actions, proceedings or claims. The unfavorable resolution of any such actions, proceedings or claims could, individually or in the aggregate, materially adversely affect our or such tenants’, operators’ or managers’ liquidity, financial condition or results of operations and their ability to satisfy their respective obligations to us, which, in turn, could have a Material Adverse Effect on us. Proceedings Indemnified and Defended by Third Parties From time to time, we are party to certain legal actions, regulatory proceedings and claims for which our tenants, operators, managers and other third parties are contractually obligated to indemnify, defend and hold us harmless in whole or in part. For instance, managers of our senior living communities and tenants of our triple-net leased properties and, in some cases, their affiliates are required by the terms of their management agreements, leases or other agreements with us to indemnify, defend and hold us harmless against certain actions, investigations and claims. In addition, third parties from whom we acquired certain of our assets and, in some cases, their affiliates are required by the terms of the related conveyance documents to indemnify, defend and hold us harmless against certain actions, investigations and claims related to the acquired assets and arising prior to our ownership or related to excluded assets and liabilities. In some cases, a portion of the purchase price consideration is held in escrow for a specified period of time as collateral for these indemnification obligations. We are presently being defended by certain third parties in these types of matters. We cannot assure you that these third parties will continue to defend us in these matters, that they will have sufficient assets, income and access to financing to enable them to satisfy their defense and indemnification obligations to us or that any purchase price consideration held in escrow will be sufficient to satisfy claims for which we are entitled to indemnification. The unfavorable resolution of any such actions, investigations or claims could, individually or in the aggregate, materially adversely affect our tenants’ or other obligated third parties’ liquidity, financial condition or results of operations and their ability to satisfy their respective obligations to us, which, in turn, could have a Material Adverse Effect on us.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 12—INCOME TAXES We have elected to be taxed as a REIT under the applicable provisions of the Internal Revenue Code of 1986, as amended, for every year beginning with the year ended December 31, 1999. We have also elected for certain of our subsidiaries to be treated as taxable REIT subsidiaries (“TRS” or “TRS entities”), which are subject to federal, state and foreign income taxes. All entities other than the TRS entities are collectively referred to as the “REIT” within this note. Certain REIT entities are subject to foreign income tax. Although the TRS entities and certain other foreign entities have paid minimal federal, state and foreign income taxes for the nine months ended September 30, 2020, their income tax liabilities may increase in future periods as we exhaust net operating loss (“NOL”) carryforwards and as our senior living and other operations grow. Such increases could be significant. Our consolidated provisions for income taxes for the three months ended September 30, 2020 and 2019 were a benefit of $3.2 million and an expense of $2.0 million, respectively. Our consolidated provisions for income taxes for the nine months ended September 30, 2020 and 2019 were a benefit of $95.9 million and $57.0 million, respectively. The income tax benefit for the three months ended September 30, 2020 was primarily due to operating losses at our TRS entities. The income tax benefit for the nine months ended September 30, 2020 was primarily due to a $152.9 million net deferred tax benefit related to an internal restructuring of certain US taxable REIT subsidiaries completed in the first quarter, partially offset by a valuation allowance recorded against certain deferred tax assets in the second quarter. The benefit resulted from the transfer of assets subject to certain deferred tax liabilities from taxable REIT subsidiaries to the REIT in a tax-free transaction. The income tax benefit for the nine months ended September 30, 2019 was primarily due to the reversal of valuation allowances recorded against the net deferred tax assets of certain of our TRS entities. Each TRS is a tax paying component for purposes of classifying deferred tax assets and liabilities. Deferred tax liabilities with respect to our TRS entities totaled $53.7 million and $200.8 million as of September 30, 2020 and December 31, 2019, respectively, and related primarily to differences between the financial reporting and tax bases of fixed and intangible assets, net of loss carryforwards. Deferred tax assets with respect to our TRS entities totaled $0.3 million and $47.5 million as of September 30, 2020 and December 31, 2019, respectively, and related primarily to loss carryforwards. Generally, we are subject to audit under the statute of limitations by the Internal Revenue Service for the year ended December 31, 2017 and subsequent years and are subject to audit by state taxing authorities for the year ended December 31, 2016 and subsequent years. We are subject to audit generally under the statutes of limitation by the Canada Revenue Agency and provincial authorities with respect to the Canadian entities for the year ended December 31, 2016 and subsequent years. We are subject to audit in the United Kingdom generally for periods ended in and subsequent to 2019.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
STOCKHOLDERS' EQUITY	NOTE 13—STOCKHOLDERS' EQUITY Capital Stock From time to time, we may sell up to an aggregate of $1.0 billion of our common stock under an “at-the-market” equity offering program (“ATM program”). During the nine months ended September 30, 2020, we sold 0.8 million shares of common stock under our ATM program for gross proceeds of $45.07 per share. As of September 30, 2020, $785.0 million of our common stock remained available for sale under our ATM program. In October 2020, we sold 0.7 million shares of common stock under our ATM program for gross proceeds of $44.65 per share. Accumulated Other Comprehensive Loss The following is a summary of our accumulated other comprehensive loss: As of September 30, 2020 As of December 31, 2019 (In thousands) Foreign currency translation $ (54,966) $ (51,743) Available for sale securities 17,552 27,380 Derivative instruments (27,628) (10,201) Total accumulated other comprehensive loss $ (65,042) $ (34,564)

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
EARNINGS PER COMMON SHARE	NOTE 14—EARNINGS PER SHARE The following table shows the amounts used in computing our basic and diluted earnings per share: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 (In thousands, except per share amounts) Numerator for basic and diluted earnings per share: Income from continuing operations $ 13,737 $ 86,918 $ 329,232 $ 426,404 Net income 13,737 86,918 329,232 426,404 Net income attributable to noncontrolling interests 986 1,659 534 4,831 Net income attributable to common stockholders $ 12,751 $ 85,259 $ 328,698 $ 421,573 Denominator: Denominator for basic earnings per share—weighted average shares 373,177 372,426 372,997 363,724 Effect of dilutive securities: Stock options — 640 — 445 Restricted stock awards 163 567 147 492 OP unitholder interests 2,955 2,992 2,968 2,996 Denominator for diluted earnings per share—adjusted weighted average shares 376,295 376,625 376,112 367,657 Basic earnings per share: Income from continuing operations $ 0.04 $ 0.23 $ 0.88 $ 1.17 Net income attributable to common stockholders 0.03 0.23 0.88 1.16 Diluted earnings per share: Income from continuing operations $ 0.04 $ 0.23 $ 0.88 $ 1.16 Net income attributable to common stockholders 0.03 0.23 0.87 1.15

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
SEGMENT INFORMATION	NOTE 15—SEGMENT INFORMATION As of September 30, 2020, we operated through three reportable business segments: triple-net leased properties, senior living operations and office operations. In our triple-net leased properties segment, we invest in and own senior housing and healthcare properties throughout the United States and the United Kingdom and lease those properties to healthcare operating companies under “triple-net” or “absolute-net” leases that obligate the tenants to pay all property-related expenses. In our senior living operations segment, we invest in senior housing communities throughout the United States and Canada and engage independent operators, such as Atria and Sunrise, to manage those communities. In our office operations segment, we primarily acquire, own, develop, lease and manage MOBs and research and innovation centers throughout the United States. Information provided for “all other” includes income from loans and investments and other miscellaneous income and various corporate-level expenses not directly attributable to any of our three reportable business segments. Assets included in “all other” consist primarily of corporate assets, including cash, restricted cash, loans receivable and investments, and miscellaneous accounts receivable. Our chief operating decision makers evaluate performance of the combined properties in each reportable business segment and determine how to allocate resources to those segments, in significant part, based on segment NOI and related measures. We define segment NOI as total revenues, less interest and other income, property-level operating expenses and office building services costs. We consider segment NOI useful because it allows investors, analysts and our management to measure unlevered property-level operating results and to compare our operating results to the operating results of other real estate companies between periods on a consistent basis. In order to facilitate a clear understanding of our historical consolidated operating results, segment NOI should be examined in conjunction with net income attributable to common stockholders as presented in our Consolidated Financial Statements and other financial data included elsewhere in this Quarterly Report on Form 10-Q/A. Interest expense, depreciation and amortization, general, administrative and professional fees, income tax expense and other non-property specific revenues and expenses are not allocated to individual reportable business segments for purposes of assessing segment performance. There are no intersegment sales or transfers. Summary information by reportable business segment is as follows: For the Three Months Ended September 30, 2020 Triple-Net Senior Office All Total (In thousands) Revenues: Rental income $ 156,136 $ — $ 198,376 $ — $ 354,512 Resident fees and services — 541,322 — — 541,322 Office building and other services revenue — — 2,440 1,428 3,868 Income from loans and investments — — — 18,666 18,666 Interest and other income — — — 572 572 Total revenues $ 156,136 $ 541,322 $ 200,816 $ 20,666 $ 918,940 Total revenues $ 156,136 $ 541,322 $ 200,816 $ 20,666 $ 918,940 Less: Interest and other income — — — 572 572 Property-level operating expenses 5,398 422,653 66,934 — 494,985 Office building services costs — — 557 — 557 Segment NOI $ 150,738 $ 118,669 $ 133,325 $ 20,094 422,826 Interest and other income 572 Interest expense (115,505) Depreciation and amortization (249,366) General, administrative and professional fees (34,228) Loss on extinguishment of debt, net (7,386) Merger-related expenses and deal costs (11,325) Allowance on loans receivable and investments (4,999) Other (3,534) Income from unconsolidated entities 865 Gain on real estate dispositions 12,622 Income tax benefit 3,195 Income from continuing operations 13,737 Net income 13,737 Net income attributable to noncontrolling interests 986 Net income attributable to common stockholders $ 12,751 For the Three Months Ended September 30, 2019 Triple-Net Senior Office All Total (In thousands) Revenues: Rental income $ 193,383 $ — $ 214,939 $ — $ 408,322 Resident fees and services — 541,090 — — 541,090 Office building and other services revenue — — 2,059 900 2,959 Income from loans and investments — — — 30,164 30,164 Interest and other income — — — 620 620 Total revenues $ 193,383 $ 541,090 $ 216,998 $ 31,684 $ 983,155 Total revenues $ 193,383 $ 541,090 $ 216,998 $ 31,684 $ 983,155 Less: Interest and other income — — — 620 620 Property-level operating expenses 6,338 388,011 67,144 — 461,493 Office building services costs — — 627 — 627 Segment NOI $ 187,045 $ 153,079 $ 149,227 $ 31,064 520,415 Interest and other income 620 Interest expense (113,967) Depreciation and amortization (234,603) General, administrative and professional fees (40,530) Loss on extinguishment of debt, net (37,434) Merger-related expenses and deal costs (4,304) Other (2,164) Income from unconsolidated entities 854 Gain on real estate dispositions 36 Income tax expense (2,005) Income from continuing operations 86,918 Net income 86,918 Net income attributable to noncontrolling interests 1,659 Net income attributable to common stockholders $ 85,259 For the Nine Months Ended September 30, 2020 Triple-Net Leased Properties Senior Living Operations Office Operations All Other Total (In thousands) Revenues: Rental income $ 527,238 $ — $ 599,696 $ — $ 1,126,934 Resident fees and services — 1,667,421 — — 1,667,421 Office building and other services revenue — — 6,871 3,798 10,669 Income from loans and investments — — — 62,203 62,203 Interest and other income — — — 6,965 6,965 Total revenues $ 527,238 $ 1,667,421 $ 606,567 $ 72,966 $ 2,874,192 Total revenues $ 527,238 $ 1,667,421 $ 606,567 $ 72,966 $ 2,874,192 Less: Interest and other income — — — 6,965 6,965 Property-level operating expenses 17,004 1,265,362 192,192 — 1,474,558 Office building services costs — — 1,827 — 1,827 Segment NOI $ 510,234 $ 402,059 $ 412,548 $ 66,001 1,390,842 Interest and other income 6,965 Interest expense (355,333) Depreciation and amortization (847,797) General, administrative and professional fees (106,747) Loss on extinguishment of debt, net (7,386) Merger-related expenses and deal costs (26,129) Allowance on loans receivable and investments (34,654) Other (10,624) Loss from unconsolidated entities (15,861) Gain on real estate dispositions 240,101 Income tax benefit 95,855 Income from continuing operations 329,232 Net income 329,232 Net income attributable to noncontrolling interests 534 Net income attributable to common stockholders $ 328,698 For the Nine Months Ended September 30, 2019 Triple-Net Leased Properties Senior Living Operations Office Operations All Other Total (In thousands) Revenues: Rental income $ 589,833 $ — $ 618,555 $ — $ 1,208,388 Resident fees and services — 1,583,262 — — 1,583,262 Office building and other services revenue — — 5,685 2,483 8,168 Income from loans and investments — — — 66,819 66,819 Interest and other income — — — 10,109 10,109 Total revenues $ 589,833 $ 1,583,262 $ 624,240 $ 79,411 $ 2,876,746 Total revenues $ 589,833 $ 1,583,262 $ 624,240 $ 79,411 $ 2,876,746 Less: Interest and other income — — — 10,109 10,109 Property-level operating expenses 20,092 1,115,834 191,972 — 1,327,898 Office building services costs — — 1,775 — 1,775 Segment NOI $ 569,741 $ 467,428 $ 430,493 $ 69,302 1,536,964 Interest and other income 10,109 Interest expense (334,955) Depreciation and amortization (696,710) General, administrative and professional fees (124,369) Loss on extinguishment of debt, net (41,861) Merger-related expenses and deal costs (11,084) Other 9,294 Loss from unconsolidated entities (2,621) Gain on real estate dispositions 24,633 Income tax benefit 57,004 Income from continuing operations 426,404 Net income 426,404 Net income attributable to noncontrolling interests 4,831 Net income attributable to common stockholders $ 421,573 Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 (In thousands) Capital expenditures: Triple-net leased properties $ 11,832 $ 13,558 $ 33,000 $ 27,805 Senior living operations 46,349 780,837 129,165 845,290 Office operations 112,432 94,396 319,834 396,342 Total capital expenditures $ 170,613 $ 888,791 $ 481,999 $ 1,269,437 Our portfolio of properties and mortgage loan and other investments are located in the United States, Canada and the United Kingdom. Revenues are attributed to an individual country based on the location of each property. Geographic information regarding our operations is as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 (In thousands) Revenues: United States $ 817,949 $ 904,031 $ 2,569,467 $ 2,688,329 Canada 96,896 72,495 287,056 167,881 United Kingdom 4,095 6,629 17,669 20,536 Total revenues $ 918,940 $ 983,155 $ 2,874,192 $ 2,876,746 As of September 30, 2020 As of December 31, 2019 (In thousands) Net real estate property: United States $ 17,874,378 $ 18,636,839 Canada 2,853,245 2,830,850 United Kingdom 250,789 266,885 Total net real estate property $ 20,978,412 $ 21,734,573

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Equity Method Investments [Policy Text Block]	Investments in Unconsolidated Entities We report investments in unconsolidated entities over whose operating and financial policies we have the ability to exercise significant influence under the equity method of accounting. We adjust our investment in unconsolidated entities for additional contributions made, distributions received as well as our share of the investee's earnings or losses which is included in our Consolidated Statements of Income. We base the initial carrying value of investments in unconsolidated entities on the fair value of the assets at the time we acquired the joint venture interest. We estimate fair values for our equity method investments based on discounted cash flow models that include all estimated cash inflows and outflows over a specified holding period and, where applicable, any estimated debt premiums or discounts. The capitalization rates, discount rates and credit spreads we use in these models are based upon assumptions that we believe to be within a reasonable range of current market rates for the respective investments. We generally amortize any difference between our cost basis and the basis reflected at the joint venture level, if any, over the lives of the related assets and liabilities and include that amortization in our share of income or loss from unconsolidated entities. For earnings of equity method investments with pro rata distribution allocations, net income or loss is allocated between the partners in the joint venture based on their respective stated ownership percentages. In other instances, net income or loss is allocated between the partners in the joint venture based on the hypothetical liquidation at book value method (the “HLBV method”). Under the HLBV method, net income or loss is allocated between the partners based on the difference between each partner’s claim on the net assets of the joint venture at the end and beginning of the period, after taking into account contributions and distributions. Each partner’s share of the net assets of the joint venture is calculated as the amount that the partner would receive if the joint venture were to liquidate all of its assets at net book value and distribute the resulting cash to creditors and partners in accordance with their respective priorities. Under the HLBV method, in any given period, we could record more or less income than the joint venture has generated, than actual cash distributions we receive or than the amount we may receive in the event of an actual liquidation.
Principles of Consolidation	Principles of Consolidation The accompanying Consolidated Financial Statements include our accounts and the accounts of our wholly owned subsidiaries and the joint venture entities over which we exercise control. All intercompany transactions and balances have been eliminated in consolidation, and our net earnings are reduced by the portion of net earnings attributable to noncontrolling interests.
Variable Interest Entity	We identify the primary beneficiary of a VIE as the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. We perform this analysis on an ongoing basis. As it relates to investments in joint ventures, GAAP may preclude consolidation by the sole general partner in certain circumstances based on the type of rights held by the limited partner or partners. We assess limited partners’ rights and their impact on our consolidation conclusions, and we reassess if there is a change to the terms or in the exercisability of the rights of the limited partners, the sole general partner increases or decreases its ownership of limited partnership (“LP”) interests or there is an increase or decrease in the number of outstanding LP interests. We also apply this guidance to managing member interests in limited liability companies (“LLCs”). We consolidate several VIEs that share the following common characteristics: • the VIE is in the legal form of an LP or LLC; • the VIE was designed to own and manage its underlying real estate investments; • we are the general partner or managing member of the VIE; • we own a majority of the voting interests in the VIE; • a minority of voting interests in the VIE are owned by external third parties, unrelated to us; • the minority owners do not have substantive kick-out or participating rights in the VIE; and • we are the primary beneficiary of the VIE. We have separately identified certain special purpose entities that were established to allow investments in research and innovation projects by tax credit investors (“TCIs”). We have determined that these special purpose entities are VIEs, we are a holder of variable interests and that we are the primary beneficiary of the VIEs, and therefore we consolidate these special purpose entities. Our primary beneficiary determination is based upon several factors, including but not limited to the rights we have in directing the activities which most significantly impact the VIEs’ economic performance as well as certain guarantees which protect the TCIs from losses should a tax credit recapture event occur. In general, the assets of consolidated VIEs are available only for the settlement of the obligations of the respective entities. Unless otherwise required by the LP or LLC agreement, any mortgage loans of the consolidated VIEs are non-recourse to us. The table below summarizes the total assets and liabilities of our consolidated VIEs as reported on our Consolidated Balance Sheets. September 30, 2020 December 31, 2019 Total Assets Total Liabilities Total Assets Total Liabilities (In thousands) NHP/PMB L.P. $ 657,455 $ 246,697 $ 666,404 $ 244,934 Other identified VIEs 3,922,931 1,526,184 4,075,821 1,459,830 Tax credit VIEs 954,850 377,996 845,229 333,809
Redeemable OP Unitholder and Noncontrolling Interests	Redeemable OP Unitholder and Noncontrolling Interests We own a majority interest in NHP/PMB L.P. (“NHP/PMB”), a limited partnership formed in 2008 to acquire properties from entities affiliated with Pacific Medical Buildings LLC (“PMB”). Given our wholly owned subsidiary is the general partner and the primary beneficiary of NHP/PMB, we consolidate it as a VIE. As of September 30, 2020, third party investors owned 3.3 million Class A limited partnership units in NHP/PMB (“OP Units”), which represented 31% of the total units then outstanding, and we owned 7.3 million Class B limited partnership units in NHP/PMB, representing the remaining 69%. At any time following the first anniversary of the date of their issuance, the OP Units may be redeemed at the election of the holder for cash or, at our option, 0.9051 shares of our common stock per OP Unit, subject to further adjustment in certain circumstances. We are party by assumption to a registration rights agreement with the holders of the OP Units that requires us, subject to the terms and conditions and certain exceptions set forth therein, to file and maintain a registration statement relating to the issuance of shares of our common stock upon redemption of OP Units. As redemption rights are outside of our control, the redeemable OP Units are classified outside of permanent equity on our Consolidated Balance Sheets. We reflect the redeemable OP Units at the greater of cost or redemption value. As of September 30, 2020 and December 31, 2019, the fair value of the redeemable OP Units was $129.6 million and $171.2 million,
Accounting for Historic and New Markets Tax Credits	Accounting for Historic and New Markets Tax Credits For certain of our research and innovation centers, we are party to contractual arrangements with TCIs that were established to enable the TCIs to receive benefits of historic tax credits (“HTCs”) and/or new markets tax credits (“NMTCs”). As of September 30, 2020, we owned 11 properties, including two properties in development, that had syndicated HTCs or NMTCs, or both, to TCIs. In general, TCIs invest cash into special purpose entities that invest in entities that own the subject property and generate the tax credits. The TCIs receive substantially all of the tax credits and hold only a nominal interest in the economic risk and benefits of the special purpose entities. HTCs are delivered to the TCIs upon substantial completion of the project. NMTCs are allowed for up to 39% of a qualified investment and are delivered to the TCIs after the investment has been funded and spent on a qualified business. HTCs are subject to 20% recapture per year beginning one year after the completion of the historic rehabilitation of the subject property. NMTCs are subject to 100% recapture until the end of the seventh year following the qualifying investment. We have provided the TCIs with certain guarantees which protect the TCIs from losses should a tax credit recapture event occur. The contractual arrangements with the TCIs include a put/call provision whereby we may be obligated or entitled to repurchase the interest of the TCIs in the special purpose entities at the end of the tax credit recapture period. We anticipate that either the TCIs will exercise their put rights or we will exercise our call rights prior to the applicable tax credit recapture periods. The portion of the TCI’s investment that is attributed to the put is recorded at fair value at inception in accounts payable and other liabilities on our Consolidated Balance Sheets, and is accreted to the expected put price as interest expense in our Consolidated Statements of Income over the recapture period. The remaining balance of the TCI’s investment is initially recorded in accounts payable and other liabilities on our Consolidated Balance Sheets and will be relieved upon delivery of the tax credit to the TCI, as a reduction in the carrying value of the subject property, net of allocated expenses. Direct and incremental costs incurred in structuring the transaction are deferred and will be recognized as an increase in the cost basis of the subject property upon the recognition of the related tax credit as discussed above.
Fair Values of Financial Instruments	Fair Values of Financial Instruments Fair value is a market-based measurement, not an entity-specific measurement, and we determine fair value based on the assumptions that we expect market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, GAAP establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within levels one and two of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within level three of the hierarchy). Level one inputs utilize unadjusted quoted prices for identical assets or liabilities in active markets that we have the ability to access. Level two inputs are inputs other than quoted prices included in level one that are directly or indirectly observable for the asset or liability. Level two inputs may include quoted prices for similar assets and liabilities in active markets and other inputs for the asset or liability that are observable at commonly quoted intervals, such as interest rates, foreign exchange rates and yield curves. Level three inputs are unobservable inputs for the asset or liability, which typically are based on our own assumptions, because there is little, if any, related market activity. If the determination of the fair value measurement is based on inputs from different levels of the hierarchy, the level within which the entire fair value measurement falls is the lowest level input that is significant to the fair value measurement in its entirety. If the volume and level of market activity for an asset or liability has decreased significantly relative to the normal market activity for such asset or liability (or similar assets or liabilities), then transactions or quoted prices may not accurately reflect fair value. In addition, if there is evidence that a transaction for an asset or liability is not orderly, little, if any, weight is placed on that transaction price as an indicator of fair value. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. We use the following methods and assumptions in estimating the fair value of our financial instruments. • Cash and cash equivalents - The carrying amount of unrestricted cash and cash equivalents reported on our Consolidated Balance Sheets approximates fair value due to the short maturity of these instruments. • Escrow deposits and restricted cash - The carrying amount of escrow deposits and restricted cash reported on our Consolidated Balance Sheets approximates fair value due to the short maturity of these instruments. • Loans receivable - We estimate the fair value of loans receivable using level two and level three inputs, including underlying asset performance and credit quality. We discount future cash flows using current interest rates at which similar loans with the same terms and length to maturity would be made to borrowers with similar credit ratings. • Available for sale securities - We estimate the fair value of marketable debt securities using level two inputs. We observe quoted prices for similar assets or liabilities in active markets that we have the ability to access. We estimate the fair value of certain government-sponsored pooled loan investments using level three inputs. We consider credit spreads, underlying asset performance and credit quality, and default rates. • Derivative instruments - With the assistance of a third party, we estimate the fair value of derivative instruments, including interest rate caps, interest rate swaps, and foreign currency forward contracts, using level two inputs. ◦ Interest rate caps - We observe forward yield curves and other relevant information. ◦ Interest rate swaps - We observe alternative financing rates derived from market-based financing rates, forward yield curves and discount rates. ◦ Foreign currency forward contracts - We estimate the future values of the two currency tranches using forward exchange rates that are based on traded forward points and calculate a present value of the net amount using a discount factor based on observable traded interest rates. • Stock warrants - We estimate the fair value of stock warrants using level two inputs that are obtained from public sources. Inputs include equity spot price, strike dividend yield, volatility and a risk-free rate. • Senior notes payable and other debt - We estimate the fair value of senior notes payable and other debt using level two inputs. We discount the future cash flows using current interest rates at which we could obtain similar borrowings. For mortgage debt, we may estimate fair value using level three inputs, similar to those used in determining fair value of loans receivable (above). • Redeemable OP unitholder interests - We estimate the fair value of our redeemable OP unitholder interests using level one inputs. We base fair value on the closing price of our common stock, as OP Units may be redeemed at the election of the holder for cash or, at our option, shares of our common stock, subject to adjustment in certain circumstances.
Revenue Recognition	Revenue Recognition Triple-Net Leased Properties and Office Operations Certain of our triple-net leases and most of our MOB and research and innovation centers (collectively, “office operations”) leases provide for periodic and determinable increases in base rent. We recognize base rental revenues under these leases on a straight-line basis over the applicable lease term when collectability of substantially all rents is probable. Recognizing rental income on a straight-line basis generally results in recognized revenues during the first half of a lease term exceeding the cash amounts contractually due from our tenants, creating a straight-line rent receivable that is included in other assets on our Consolidated Balance Sheets. At September 30, 2020 and December 31, 2019, this cumulative excess totaled $164.2 million and $278.8 million, respectively (excluding properties classified as held for sale). Certain of our leases provide for periodic increases in base rent only if certain revenue parameters or other substantive contingencies are met. We recognize the increased rental revenue under these leases as the related parameters or contingencies are met, rather than on a straight-line basis over the applicable lease term. We assess the probability of collecting substantially all rents under our leases based on several factors, including, among other things, payment history, the financial strength of the tenant and any guarantors, the historical operations and operating trends of the property, the historical payment pattern of the tenant, the type of property, the value of the underlying collateral, if any, expected future performance of the property and current economic conditions. If our evaluation of these factors indicates it is not probable that we will be able to collect substantially all rents, we recognize a charge to rental income. If we change our conclusions regarding the probability of collecting rent payments required by a lease, we may recognize adjustments to rental income in the period we make such change in our conclusions. Senior Living Operations Our resident agreements are accounted for as leases and we recognize resident fees and services, other than move-in fees, monthly as services are provided. We recognize move-in fees on a straight-line basis over the average resident stay.
Recently Issued or Adopted Accounting Standards	On January 1, we adopted ASU 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The amendments in ASU 2016-13 require us to evaluate a current estimate of all expected credit losses over the life of a financial instrument, which may result in earlier recognition of credit losses on loans and other financial instruments. Under prior guidance, we generally only considered past events and current conditions in measuring an incurred loss. We will establish a reserve for any estimated credit losses using this model with a corresponding charge to net income. We adopted ASU 2016-13 using the modified retrospective method and we established no reserve upon adoption.
Lease Accounting	Lease Accounting We lease real property, primarily land and corporate office space, and equipment, primarily vehicles at our senior housing communities. At lease inception, we establish an operating lease asset and operating lease liability calculated as the present value of future minimum lease payments. As our leases do not provide an implicit rate, we use a discount rate that approximates our incremental borrowing rate available at lease commencement to determine the present value. Our lease expense primarily consists of ground and corporate office leases. Ground lease expense is included in interest expense and corporate office lease expense is included in general, administrative and professional fees in the Company's Consolidated Statements of Income.

ACCOUNTING POLICIES (Tables)

ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Schedule of Variable Interest Entities	The table below summarizes the total assets and liabilities of our consolidated VIEs as reported on our Consolidated Balance Sheets. September 30, 2020 December 31, 2019 Total Assets Total Liabilities Total Assets Total Liabilities (In thousands) NHP/PMB L.P. $ 657,455 $ 246,697 $ 666,404 $ 244,934 Other identified VIEs 3,922,931 1,526,184 4,075,821 1,459,830 Tax credit VIEs 954,850 377,996 845,229 333,809

CONCENTRATION OF CREDIT RISK (T

CONCENTRATION OF CREDIT RISK (Tables)	9 Months Ended
	Sep. 30, 2020
Risks and Uncertainties [Abstract]
Schedules of Concentration of Risk, by Risk Factor	The following table reflects the concentration risk related to our triple-net leased properties for the periods presented: For the Three Months Ended September 30, 2020 2019 Revenues (1) : Brookdale Senior Living 4.0 % 4.6 % Ardent 3.3 3.0 Kindred 3.6 3.3 NOI: Brookdale Senior Living 8.8 % 8.6 % Ardent 7.2 5.7 Kindred 7.8 6.2 (1) Total revenues include office building and other services revenue, income from loans and investments and interest and other income.

DISPOSITIONS (Tables)

DISPOSITIONS (Tables)	9 Months Ended
	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Real Estate Assets Classified As Held For Sale	The table below summarizes our real estate assets classified as held for sale, including the amounts reported on our Consolidated Balance Sheets, which may include anticipated post-closing settlements of working capital for disposed properties. As of September 30, 2020 As of December 31, 2019 Number of Properties Held for Sale Assets Held for Sale Liabilities Related to Assets Number of Properties Held for Sale Assets Held for Sale Liabilities Related to Assets (Dollars in thousands) Triple-Net Leased Properties — $ — $ — 8 $ 62,098 $ 1,623 Office Operations 2 7,441 785 1 5,177 499 Senior Living Operations 2 8,307 1,202 5 18,252 3,102 Total 4 $ 15,748 $ 1,987 14 $ 85,527 $ 5,224

LOANS RECEIVABLE AND INVESTME_2

LOANS RECEIVABLE AND INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2020
Loans Receivable And Investments [Abstract]
Summary of Net Loans Receivable and Investments	The following is a summary of our loans receivable and investments, net, including amortized cost, fair value and unrealized gains or losses on available for sale investments: Carrying Amount Amortized Cost Fair Value Unrealized Gain (In thousands) As of September 30, 2020: Secured/mortgage loans and other, net $ 555,483 $ 555,483 $ 487,373 $ — Government-sponsored pooled loan investments, net (1) (3) 48,969 54,361 48,969 3,453 Total investments reported as secured loans receivable and investments, net 604,452 609,844 536,342 3,453 Non-mortgage loans receivable, net (3) 56,844 86,347 56,832 — Marketable debt securities (2) 231,168 213,264 231,168 17,905 Total loans receivable and investments, net $ 892,464 $ 909,455 $ 824,342 $ 21,358 As of December 31, 2019: Secured/mortgage loans and other, net $ 645,546 $ 645,546 $ 646,925 $ — Government-sponsored pooled loan investments, net (1) 59,066 52,178 59,066 6,888 Total investments reported as secured loans receivable and investments, net 704,612 697,724 705,991 6,888 Non-mortgage loans receivable, net 63,724 63,724 63,538 — Marketable debt securities (2) 237,360 213,062 237,360 24,298 Total loans receivable and investments, net $ 1,005,696 $ 974,510 $ 1,006,889 $ 31,186 (1) Investments in government-sponsored pool loans have contractual maturity dates in 2021 and 2023. (2) Investments in marketable debt securities have contractual maturity dates in 2024 and 2026. (3) As of September 30, 2020, the carrying amounts for government-sponsored pooled loan investments, net and non-mortgage loans receivable, net reflect allowances of $8.8 million and $29.5 million, respectively.

INTANGIBLES (Tables)

INTANGIBLES (Tables)	9 Months Ended
	Sep. 30, 2020
Intangible Assets, Intangible Liabilities, And Goodwill Disclosure [Abstract]
Schedule of Intangibles	The following is a summary of our intangibles: As of September 30, 2020 As of December 31, 2019 Balance Remaining Balance Remaining (Dollars in thousands) Intangible assets: Above market lease intangibles $ 141,224 6.6 $ 145,891 6.9 In-place and other lease intangibles 1,105,088 10.7 1,162,187 10.6 Goodwill 1,050,742 N/A 1,051,161 N/A Other intangibles 35,796 10.2 35,837 10.9 Accumulated amortization (943,809) N/A (922,668) N/A Net intangible assets $ 1,389,041 10.3 $ 1,472,408 10.2 Intangible liabilities: Below market lease intangibles $ 339,200 14.3 $ 349,357 14.5 Other lease intangibles 13,498 N/A 13,498 N/A Accumulated amortization (208,959) N/A (203,834) N/A Purchase option intangibles 3,568 N/A 3,568 N/A Net intangible liabilities $ 147,307 14.3 $ 162,589 14.5 N/A—Not Applicable.

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	9 Months Ended
	Sep. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Summary of Other Assets	The following is a summary of our other assets: As of September 30, 2020 As of December 31, 2019 (In thousands) Straight-line rent receivables $ 164,161 $ 278,833 Non-mortgage loans receivable, net 56,844 63,724 Stock warrants 26,940 — Marketable debt securities 231,168 237,360 Other intangibles, net 4,748 5,149 Investment in unconsolidated operating entities 43,116 59,301 Other 252,498 233,349 Total other assets $ 779,475 $ 877,716

SENIOR NOTES PAYABLE AND OTHE_2

SENIOR NOTES PAYABLE AND OTHER DEBT (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Summary of Senior Notes Payable and Other Debt	The following is a summary of our senior notes payable and other debt: As of September 30, 2020 As of December 31, 2019 (In thousands) Unsecured revolving credit facility (1) $ 41,484 $ 120,787 Commercial paper notes — 567,450 Secured revolving construction credit facility due 2022 164,585 160,492 Floating Rate Senior Notes, Series F due 2021 (2) 225,242 231,018 3.25% Senior Notes due 2022 500,000 500,000 3.30% Senior Notes, Series C due 2022 (2) 187,702 192,515 Unsecured term loan due 2023 200,000 200,000 3.125% Senior Notes due 2023 400,000 400,000 3.10% Senior Notes due 2023 400,000 400,000 2.55% Senior Notes, Series D due 2023 (2) 206,472 211,767 3.50% Senior Notes due 2024 400,000 400,000 3.75% Senior Notes due 2024 400,000 400,000 4.125% Senior Notes, Series B due 2024 (2) 187,702 192,515 2.80% Senior Notes, Series E due 2024 (2) 450,484 462,036 Unsecured term loan due 2025 (2) 375,404 385,030 3.50% Senior Notes due 2025 600,000 600,000 2.65% Senior Notes due 2025 450,000 450,000 4.125% Senior Notes due 2026 500,000 500,000 3.25% Senior Notes due 2026 450,000 450,000 3.85% Senior Notes due 2027 400,000 400,000 4.00% Senior Notes due 2028 650,000 650,000 4.40% Senior Notes due 2029 750,000 750,000 3.00% Senior Notes due 2030 650,000 650,000 4.75% Senior Notes due 2030 500,000 — 6.90% Senior Notes due 2037 (3) 52,400 52,400 6.59% Senior Notes due 2038 (3) 22,823 22,823 5.70% Senior Notes due 2043 300,000 300,000 4.375% Senior Notes due 2045 300,000 300,000 4.875% Senior Notes due 2049 300,000 300,000 Mortgage loans and other 2,076,369 1,996,969 Total 12,140,667 12,245,802 Deferred financing costs, net (73,444) (79,939) Unamortized fair value adjustment 14,008 20,056 Unamortized discounts (33,312) (27,146) Senior notes payable and other debt $ 12,047,919 $ 12,158,773 (1) As of September 30, 2020 and December 31, 2019, respectively, $15.8 million and $26.2 million of aggregate borrowings were denominated in Canadian dollars. Aggregate borrowings of $25.7 million and $27.6 million were denominated in British pounds as of September 30, 2020 and December 31, 2019, respectively. (2) Canadian Dollar debt obligations shown in US Dollars.
Scheduled Maturities of Borrowing Arrangements and Other Provisions Excluding Capital Lease Obligations	As of September 30, 2020, our indebtedness had the following maturities: Principal Amount Unsecured Revolving Credit Facility and Commercial Paper Notes (1) Scheduled Periodic Total Maturities (In thousands) 2020 $ 131,956 $ — $ 11,765 $ 143,721 2021 426,284 41,484 43,006 510,774 2022 1,292,027 — 36,943 1,328,970 2023 1,593,067 — 23,556 1,616,623 2024 1,559,708 — 17,502 1,577,210 Thereafter 6,859,843 — 103,526 6,963,369 Total maturities $ 11,862,885 $ 41,484 $ 236,298 $ 12,140,667 (1) At September 30, 2020, we had unrestricted cash and cash equivalents of $0.6 billion, which exceeds the borrowings outstanding under our unsecured revolving credit facility and commercial paper program.

FAIR VALUES OF FINANCIAL INST_2

FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Carrying Amounts and Fair Values of Financial Instruments	The carrying amounts and fair values of our financial instruments were as follows: As of September 30, 2020 As of December 31, 2019 Carrying Fair Value Carrying Fair Value (In thousands) Assets: Cash and cash equivalents $ 588,343 $ 588,343 $ 106,363 $ 106,363 Escrow deposits and restricted cash 40,147 40,147 39,739 39,739 Stock warrants 26,940 26,940 — — Secured mortgage loans and other, net 555,483 487,373 645,546 646,925 Non-mortgage loans receivable, net 56,844 56,832 63,724 63,538 Marketable debt securities 231,168 231,168 237,360 237,360 Government-sponsored pooled loan investments, net 48,969 48,969 59,066 59,066 Derivative instruments 195 195 738 738 Liabilities: Senior notes payable and other debt, gross 12,140,667 12,882,340 12,245,802 12,778,758 Derivative instruments 29,925 29,925 12,987 12,987 Redeemable OP Units 129,576 129,576 171,178 171,178

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Accumulated Other Comprehensive Income	The following is a summary of our accumulated other comprehensive loss: As of September 30, 2020 As of December 31, 2019 (In thousands) Foreign currency translation $ (54,966) $ (51,743) Available for sale securities 17,552 27,380 Derivative instruments (27,628) (10,201) Total accumulated other comprehensive loss $ (65,042) $ (34,564)

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Common Share	The following table shows the amounts used in computing our basic and diluted earnings per share: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 (In thousands, except per share amounts) Numerator for basic and diluted earnings per share: Income from continuing operations $ 13,737 $ 86,918 $ 329,232 $ 426,404 Net income 13,737 86,918 329,232 426,404 Net income attributable to noncontrolling interests 986 1,659 534 4,831 Net income attributable to common stockholders $ 12,751 $ 85,259 $ 328,698 $ 421,573 Denominator: Denominator for basic earnings per share—weighted average shares 373,177 372,426 372,997 363,724 Effect of dilutive securities: Stock options — 640 — 445 Restricted stock awards 163 567 147 492 OP unitholder interests 2,955 2,992 2,968 2,996 Denominator for diluted earnings per share—adjusted weighted average shares 376,295 376,625 376,112 367,657 Basic earnings per share: Income from continuing operations $ 0.04 $ 0.23 $ 0.88 $ 1.17 Net income attributable to common stockholders 0.03 0.23 0.88 1.16 Diluted earnings per share: Income from continuing operations $ 0.04 $ 0.23 $ 0.88 $ 1.16 Net income attributable to common stockholders 0.03 0.23 0.87 1.15

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Summary information by reportable business segment	For the Three Months Ended September 30, 2020 Triple-Net Senior Office All Total (In thousands) Revenues: Rental income $ 156,136 $ — $ 198,376 $ — $ 354,512 Resident fees and services — 541,322 — — 541,322 Office building and other services revenue — — 2,440 1,428 3,868 Income from loans and investments — — — 18,666 18,666 Interest and other income — — — 572 572 Total revenues $ 156,136 $ 541,322 $ 200,816 $ 20,666 $ 918,940 Total revenues $ 156,136 $ 541,322 $ 200,816 $ 20,666 $ 918,940 Less: Interest and other income — — — 572 572 Property-level operating expenses 5,398 422,653 66,934 — 494,985 Office building services costs — — 557 — 557 Segment NOI $ 150,738 $ 118,669 $ 133,325 $ 20,094 422,826 Interest and other income 572 Interest expense (115,505) Depreciation and amortization (249,366) General, administrative and professional fees (34,228) Loss on extinguishment of debt, net (7,386) Merger-related expenses and deal costs (11,325) Allowance on loans receivable and investments (4,999) Other (3,534) Income from unconsolidated entities 865 Gain on real estate dispositions 12,622 Income tax benefit 3,195 Income from continuing operations 13,737 Net income 13,737 Net income attributable to noncontrolling interests 986 Net income attributable to common stockholders $ 12,751 For the Three Months Ended September 30, 2019 Triple-Net Senior Office All Total (In thousands) Revenues: Rental income $ 193,383 $ — $ 214,939 $ — $ 408,322 Resident fees and services — 541,090 — — 541,090 Office building and other services revenue — — 2,059 900 2,959 Income from loans and investments — — — 30,164 30,164 Interest and other income — — — 620 620 Total revenues $ 193,383 $ 541,090 $ 216,998 $ 31,684 $ 983,155 Total revenues $ 193,383 $ 541,090 $ 216,998 $ 31,684 $ 983,155 Less: Interest and other income — — — 620 620 Property-level operating expenses 6,338 388,011 67,144 — 461,493 Office building services costs — — 627 — 627 Segment NOI $ 187,045 $ 153,079 $ 149,227 $ 31,064 520,415 Interest and other income 620 Interest expense (113,967) Depreciation and amortization (234,603) General, administrative and professional fees (40,530) Loss on extinguishment of debt, net (37,434) Merger-related expenses and deal costs (4,304) Other (2,164) Income from unconsolidated entities 854 Gain on real estate dispositions 36 Income tax expense (2,005) Income from continuing operations 86,918 Net income 86,918 Net income attributable to noncontrolling interests 1,659 Net income attributable to common stockholders $ 85,259 For the Nine Months Ended September 30, 2020 Triple-Net Leased Properties Senior Living Operations Office Operations All Other Total (In thousands) Revenues: Rental income $ 527,238 $ — $ 599,696 $ — $ 1,126,934 Resident fees and services — 1,667,421 — — 1,667,421 Office building and other services revenue — — 6,871 3,798 10,669 Income from loans and investments — — — 62,203 62,203 Interest and other income — — — 6,965 6,965 Total revenues $ 527,238 $ 1,667,421 $ 606,567 $ 72,966 $ 2,874,192 Total revenues $ 527,238 $ 1,667,421 $ 606,567 $ 72,966 $ 2,874,192 Less: Interest and other income — — — 6,965 6,965 Property-level operating expenses 17,004 1,265,362 192,192 — 1,474,558 Office building services costs — — 1,827 — 1,827 Segment NOI $ 510,234 $ 402,059 $ 412,548 $ 66,001 1,390,842 Interest and other income 6,965 Interest expense (355,333) Depreciation and amortization (847,797) General, administrative and professional fees (106,747) Loss on extinguishment of debt, net (7,386) Merger-related expenses and deal costs (26,129) Allowance on loans receivable and investments (34,654) Other (10,624) Loss from unconsolidated entities (15,861) Gain on real estate dispositions 240,101 Income tax benefit 95,855 Income from continuing operations 329,232 Net income 329,232 Net income attributable to noncontrolling interests 534 Net income attributable to common stockholders $ 328,698 For the Nine Months Ended September 30, 2019 Triple-Net Leased Properties Senior Living Operations Office Operations All Other Total (In thousands) Revenues: Rental income $ 589,833 $ — $ 618,555 $ — $ 1,208,388 Resident fees and services — 1,583,262 — — 1,583,262 Office building and other services revenue — — 5,685 2,483 8,168 Income from loans and investments — — — 66,819 66,819 Interest and other income — — — 10,109 10,109 Total revenues $ 589,833 $ 1,583,262 $ 624,240 $ 79,411 $ 2,876,746 Total revenues $ 589,833 $ 1,583,262 $ 624,240 $ 79,411 $ 2,876,746 Less: Interest and other income — — — 10,109 10,109 Property-level operating expenses 20,092 1,115,834 191,972 — 1,327,898 Office building services costs — — 1,775 — 1,775 Segment NOI $ 569,741 $ 467,428 $ 430,493 $ 69,302 1,536,964 Interest and other income 10,109 Interest expense (334,955) Depreciation and amortization (696,710) General, administrative and professional fees (124,369) Loss on extinguishment of debt, net (41,861) Merger-related expenses and deal costs (11,084) Other 9,294 Loss from unconsolidated entities (2,621) Gain on real estate dispositions 24,633 Income tax benefit 57,004 Income from continuing operations 426,404 Net income 426,404 Net income attributable to noncontrolling interests 4,831 Net income attributable to common stockholders $ 421,573
Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment	Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 (In thousands) Capital expenditures: Triple-net leased properties $ 11,832 $ 13,558 $ 33,000 $ 27,805 Senior living operations 46,349 780,837 129,165 845,290 Office operations 112,432 94,396 319,834 396,342 Total capital expenditures $ 170,613 $ 888,791 $ 481,999 $ 1,269,437
Revenues from external customers by geographic area	Our portfolio of properties and mortgage loan and other investments are located in the United States, Canada and the United Kingdom. Revenues are attributed to an individual country based on the location of each property. Geographic information regarding our operations is as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 (In thousands) Revenues: United States $ 817,949 $ 904,031 $ 2,569,467 $ 2,688,329 Canada 96,896 72,495 287,056 167,881 United Kingdom 4,095 6,629 17,669 20,536 Total revenues $ 918,940 $ 983,155 $ 2,874,192 $ 2,876,746
Net real estate property by geographic area	As of September 30, 2020 As of December 31, 2019 (In thousands) Net real estate property: United States $ 17,874,378 $ 18,636,839 Canada 2,853,245 2,830,850 United Kingdom 250,789 266,885 Total net real estate property $ 20,978,412 $ 21,734,573

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details)	Sep. 30, 2020propertytenant
Real estate properties
Number of real estate properties	1,200
Largest tenants | tenant	3
Brookdale Senior Living
Real estate properties
Number of real estate properties	121
Number of Brookdale Senior Living properties excluded from count	7
Ardent
Real estate properties
Number of real estate properties	11
Kindred
Real estate properties
Number of real estate properties	32
Unconsolidated Real Estate Entities
Real estate properties
Number of real estate properties	9
Development Projects
Real estate properties
Number of real estate properties	19
Development Projects | Unconsolidated Real Estate Entities
Real estate properties
Number of real estate properties	1
Triple-Net Leased Properties
Real estate properties
Number of real estate properties	377
Seniors Housing Communities
Real estate properties
Number of real estate properties	439

DESCRIPTION OF BUSINESS - COVID

DESCRIPTION OF BUSINESS - COVID-19 Update (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2020	Nov. 03, 2020	Dec. 31, 2019
Unusual or Infrequent Item, or Both [Line Items]
Impairment of real estate	$ 129,500,000		$ 22,600,000
Allowance on loans receivable and investments	4,999,000		34,654,000
Commercial paper	$ 0		0		$ 567,450,000
Subsequent Event
Unusual or Infrequent Item, or Both [Line Items]
Commercial paper				$ 0
COVID-19 Impact
Unusual or Infrequent Item, or Both [Line Items]
Impairment of real estate		$ 108,800,000
Impairment of real estate, percent of total	1.00%
Allowance on loans receivable and investments	$ 5,000,000		34,700,000
Impairment on equity investment		10,700,000
Deferred tax assets, valuation allowance		56,400,000
Allowance for Loan and Lease Losses, Write-offs	20,300,000		74,500,000
Funds applied for under the Provider Relief Fund of the CARES ACT	35,000,000
COVID-19 Impact | Fair Value
Unusual or Infrequent Item, or Both [Line Items]
Real estate investments		$ 192,800,000
COVID-19 Impact | Non-Mortgage Loans Receivable, Net
Unusual or Infrequent Item, or Both [Line Items]
Allowance on loans receivable and investments			(29,500,000)
COVID-19 Impact | Government-sponsored pooled loan investments, net
Unusual or Infrequent Item, or Both [Line Items]
Allowance on loans receivable and investments			(8,800,000)
Revolving Credit Facility | Unsecured revolving credit facility (1)
Unusual or Infrequent Item, or Both [Line Items]
Line of credit, remaining availability less commercial paper	2,900,000,000		2,900,000,000
Revolving Credit Facility | Unsecured revolving credit facility (1) | Subsequent Event
Unusual or Infrequent Item, or Both [Line Items]
Line of credit, remaining availability less commercial paper				$ 3,200,000,000
Revolving Credit Facility | Unsecured revolving credit facility (1) | COVID-19 Impact
Unusual or Infrequent Item, or Both [Line Items]
Maximum borrowing capacity	$ 3,000,000,000		$ 3,000,000,000
Office Operations
Unusual or Infrequent Item, or Both [Line Items]
Lease, percent collected	99.00%

ACCOUNTING POLICIES - Schedule

ACCOUNTING POLICIES - Schedule of VIEs (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Variable Interest Entity
Assets	$ 24,220,483	$ 24,692,208
Liabilities	13,683,633	13,873,078
Variable Interest Entity | NHP/PMB L.P.
Variable Interest Entity
Assets	657,455	666,404
Liabilities	246,697	244,934
Variable Interest Entity | Other Identified VIEs
Variable Interest Entity
Assets	3,922,931	4,075,821
Liabilities	1,526,184	1,459,830
Variable Interest Entity | Tax Credit VIEs
Variable Interest Entity
Assets	954,850	845,229
Liabilities	$ 377,996	$ 333,809

ACCOUNTING POLICIES - Redeemabl

ACCOUNTING POLICIES - Redeemable OP Unitholder and Noncontrolling Interest (Details) shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)shares	Dec. 31, 2019USD ($)
Redeemable Noncontrolling Interest
Unit conversion factor for common stock	0.9051
Redeemable OP unitholder interest, fair value | $	$ 129.6	$ 171.2
NHP/PMB L.P. | Limited Partner | Class A
Redeemable Noncontrolling Interest
Limited partners' units outstanding	3.3
NHP/PMB L.P. | General Partner | Class B
Redeemable Noncontrolling Interest
General partners' units outstanding	7.3
NHP/PMB L.P. | Limited Partner | Class A
Redeemable Noncontrolling Interest
Percentage of limited partner ownership interest on total units outstanding	31.00%
NHP/PMB L.P. | General Partner | Class B
Redeemable Noncontrolling Interest
Percentage of general partner ownership interest on total units outstanding	69.00%

ACCOUNTING POLICIES - Accountin

ACCOUNTING POLICIES - Accounting for Historic and New Markets Tax Credits (Details)	Sep. 30, 2020property
Real Estate
Number of real estate properties	1,200
Real estate properties that qualify for certain tax credits
Real Estate
Number of real estate properties	11
Development Projects | Real estate properties that qualify for certain tax credits
Real Estate
Number of real estate properties	2

ACCOUNTING POLICIES - Revenue R

ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Straight-line rent receivables	$ 164,161
Straight-line rent receivables, net		$ 278,833

CONCENTRATION OF CREDIT RISK -

CONCENTRATION OF CREDIT RISK - Narrative (Details) $ / shares in Units, shares in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Apr. 30, 2020USD ($)senior_housing	Sep. 30, 2020USD ($)propertystateprovince	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)propertystateprovince	Sep. 30, 2019USD ($)	Jan. 01, 2022	Jul. 31, 2020USD ($)property$ / sharesshares	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Concentration Risk
Number of real estate properties | property		1,200		1,200
Cash and cash equivalents		$ 588,343,000		$ 588,343,000					$ 106,363,000
Non-mortgage loans receivable, net		56,844,000		56,844,000					63,724,000
Rental income		354,512,000	$ 408,322,000	1,126,934,000	$ 1,208,388,000
Secured/mortgage loans and other, net
Concentration Risk
Debt securities, held-to-maturity		$ 555,483,000		$ 555,483,000					$ 645,546,000
Consolidated Seniors Housing Communities
Concentration Risk
Number of real estate properties | property		431		431
Brookdale Senior Living
Concentration Risk
Cash and cash equivalents							$ 162,000,000
Non-mortgage loans receivable, net							$ 45,000,000
Loan receivable, interest rate							9.00%
Loan receivable, interest rate annual increase							0.50%
Number of securities called by warrants | shares							16.3
Warrants, exercise price | $ / shares							$ 3
Lessor, Operating Lease, Payments to be Received, Next Rolling Twelve Months							$ 100,000,000
Warrants and Rights Outstanding							28,000,000
Brookdale Senior Living | Up-front Payment Arrangement [Member]
Concentration Risk
Deferred Revenue							$ 235,000,000
Brookdale Senior Living | Forecast
Concentration Risk
Annual increase of lease payment						3.00%
Brookdale Senior Living | Secured/mortgage loans and other, net
Concentration Risk
Debt securities, held-to-maturity								$ 78,000,000
Brookdale Senior Living | Collateral Pledged [Member]
Concentration Risk
Number of real estate properties | property							5
Brookdale Senior Living | Transfer of escrow deposit to cash [Member]
Concentration Risk
Cash and cash equivalents							$ 47,000,000
Atria and Sunrise | Consolidated Seniors Housing Communities
Concentration Risk
Number of real estate properties | property		258		258
Holiday Management Company
Concentration Risk
Number of real estate properties | senior_housing	26
Loans and leases receivable, allowance	$ 49,600,000
Lease termination consideration received	99,800,000
Gain (Loss) on Contract Termination	50,200,000
Holiday Management Company | Secured/mortgage loans and other, net
Concentration Risk
Debt securities, held-to-maturity	66,000,000
Holiday Management Company | Transfer of escrow deposit to cash [Member]
Concentration Risk
Cash and cash equivalents	$ 33,800,000
Customer Concentration Risk | Total Gross Book Value of Properties | Hospitals, Medical Office Building and Other
Concentration Risk
Concentration percentage				36.30%
Customer Concentration Risk | Total Gross Book Value of Properties | Senior Living Operations | Senior Housing Communities
Concentration Risk
Concentration percentage				47.30%
Customer Concentration Risk | Total Gross Book Value of Properties | Triple-Net Leased Properties | Senior Housing Communities
Concentration Risk
Concentration percentage				16.40%
Customer Concentration Risk | Total Gross Book Value of Properties | Atria
Concentration Risk
Concentration percentage				20.60%
Customer Concentration Risk | Total Gross Book Value of Properties | Sunrise
Concentration Risk
Concentration percentage				10.40%
Customer Concentration Risk | Total Gross Book Value of Properties | Brookdale Senior Living
Concentration Risk
Concentration percentage				8.10%
Customer Concentration Risk | Total Gross Book Value of Properties | Ardent
Concentration Risk
Concentration percentage				4.90%
Customer Concentration Risk | Total Gross Book Value of Properties | Kindred
Concentration Risk
Concentration percentage				1.10%
Geographic Concentration Risk
Concentration Risk
Number of states in which entity operates | state		45		45
Number of states accounting for more than 10% of total revenues and net operating income | state		1		1
Continuing revenues and NOI threshold				10.00%
Geographic Concentration Risk | CANADA
Concentration Risk
Number of Canadian provinces in which entity operates | province		7		7

CONCENTRATION OF CREDIT RISK _2

CONCENTRATION OF CREDIT RISK - Triple-Net Leased Properties (Details) - Customer Concentration Risk	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Revenues | Brookdale Senior Living
Concentration Risk
Concentration percentage	4.00%	4.60%
Revenues | Ardent
Concentration Risk
Concentration percentage	3.30%	3.00%
Revenues | Kindred
Concentration Risk
Concentration percentage	3.60%	3.30%
NOI | Brookdale Senior Living
Concentration Risk
Concentration percentage	8.80%	8.60%
NOI | Ardent
Concentration Risk
Concentration percentage	7.20%	5.70%
NOI | Kindred
Concentration Risk
Concentration percentage	7.80%	6.20%

DISPOSITIONS - DISPOSITIONS - (

DISPOSITIONS - DISPOSITIONS - (Details) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2020USD ($)property	Jun. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)property	Sep. 30, 2019USD ($)	Oct. 30, 2020	Dec. 31, 2019USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties | property	1,200			1,200
Proceeds from real estate disposals				$ 682,604	$ 77,555
Gain on real estate dispositions	$ 12,622		$ 36	240,101	$ 24,633
Construction in progress	567,052			567,052			$ 461,815
Impairment of real estate	$ 129,500			$ 22,600
COVID-19 Impact
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of real estate		$ 108,800
Triple-Net Leased Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties | property	377			377
Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on real estate dispositions				$ 15,500
Proceeds from sale of real estate				$ 67,700
Dispositions | Triple-Net Leased Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties | property	10			10
Dispositions | Medical Office Buildings
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties | property	1			1
Dispositions | Senior Housing Communities
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties | property	3			3
Dispositions | Other Property [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties | property	1			1
The Fund
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from real estate disposals				$ 620,000
Ownership percentage	21.00%			21.00%
Gain on real estate dispositions				$ 224,600
The Fund | Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties | property	6			6
GIC JV Project | Research and Innovation Center | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage						50.00%
GIC JV Project | Research and Innovation Center | Subsequent Event | GIC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage by other owners						45.00%
Same Campus | The Fund | Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties | property	2			2

DISPOSITIONS - Real Estate Asse

DISPOSITIONS - Real Estate Assets Held For Sale (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)property	Dec. 31, 2019USD ($)property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties | property	1,200
Assets held for sale	$ 15,748	$ 85,527
Liabilities related to assets held for sale	1,987	5,224
Depreciation Expense on Reclassified Assets	100
Triple-Net Leased Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	0	62,098
Liabilities related to assets held for sale	0	1,623
Office Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	7,441	5,177
Liabilities related to assets held for sale	785	499
Senior Living Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	8,307	18,252
Liabilities related to assets held for sale	$ 1,202	$ 3,102
Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties | property	4	14
Disposal Group, Held-for-sale, Not Discontinued Operations | Triple-Net Leased Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties | property	0	8
Disposal Group, Held-for-sale, Not Discontinued Operations | Office Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties | property	2	1
Disposal Group, Held-for-sale, Not Discontinued Operations | Senior Living Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties | property	2	5
Dispositions | Medical Office Buildings
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties | property	1
Dispositions | Senior Housing Communities
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties | property	3

LOANS RECEIVABLE AND INVESTME_3

LOANS RECEIVABLE AND INVESTMENTS - LOANS RECEIVABLE AND INVESTMENTS - (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Loans Receivable And Investments [Abstract]
Total loans receivable and investments, net, carrying amount	$ 892,464	$ 1,005,696

LOANS RECEIVABLE AND INVESTME_4

LOANS RECEIVABLE AND INVESTMENTS (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable
Debt securities, available-for-sale, carrying value	$ 231,168	$ 231,168	$ 237,360
Debt securities, available-for-sale, fair value	231,168	231,168	237,360
Debt securities, available-for-sale, unrealized gain	21,358	21,358	31,186
Non-mortgage loans receivable, net	56,844	56,844	63,724
Total loans receivable and investments, net, carrying amount	892,464	892,464	1,005,696
Total loans receivable and investments, net, amortized cost	909,455	909,455	974,510
Total loans receivable and investments, net, fair value	824,342	824,342	1,006,889
Allowance on loans receivable and investments	4,999	34,654
COVID-19 Impact
Accounts, Notes, Loans and Financing Receivable
Allowance on loans receivable and investments	5,000	34,700
Non-Mortgage Loans Receivable, Net
Accounts, Notes, Loans and Financing Receivable
Non-mortgage loans receivable, net	56,844	56,844	63,724
Non-mortgage loans receivable, amortized cost	86,347	86,347	63,724
Non-mortgage loans receivable, fair value	56,832	56,832	63,538
Non-mortgage loans receivable, net, unrealized gain	0	0	0
Secured/mortgage loans and other, net
Accounts, Notes, Loans and Financing Receivable
Debt securities, held-to-maturity	555,483	555,483	645,546
Debt securities, held-to-maturity, fair value	487,373	487,373	646,925
Debt securities, held-to-maturity, accumulated unrecognized gain	0	0	0
Government-sponsored pooled loan investments, net
Accounts, Notes, Loans and Financing Receivable
Debt securities, available-for-sale, carrying value	48,969	48,969	59,066
Debt securities, available-for-sale, amortized cost	54,361	54,361	52,178
Debt securities, available-for-sale, fair value	48,969	48,969	59,066
Debt securities, available-for-sale, unrealized gain	3,453	3,453	6,888
Government-sponsored pooled loan investments, net | COVID-19 Impact
Accounts, Notes, Loans and Financing Receivable
Allowance on loans receivable and investments		(8,800)
Total investments reported as secured loans receivable and investments, net
Accounts, Notes, Loans and Financing Receivable
Debt securities, available-for-sale, unrealized gain	3,453	3,453	6,888
Debt Securities, Available-for-sale and Held-to-maturity	604,452	604,452	704,612
Debt securities, available-for-sale and held-to-maturity, amortized cost	609,844	609,844	697,724
Debt securities, Available-for-Sale and Held-to-Maturity, fair value	536,342	536,342	705,991
Marketable debt securities
Accounts, Notes, Loans and Financing Receivable
Debt securities, available-for-sale, carrying value	231,168	231,168	237,360
Debt securities, available-for-sale, amortized cost	213,264	213,264	213,062
Debt securities, available-for-sale, fair value	231,168	231,168	237,360
Debt securities, available-for-sale, unrealized gain	$ 17,905	17,905	$ 24,298
Non-Mortgage Loans Receivable, Net | COVID-19 Impact
Accounts, Notes, Loans and Financing Receivable
Allowance on loans receivable and investments		$ (29,500)

LOANS RECEIVABLE AND INVESTME_5

LOANS RECEIVABLE AND INVESTMENTS - 2020 Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Apr. 30, 2020
Accounts, Notes, Loans and Financing Receivable
Gain on real estate loan investments			$ 167	$ 0
Allowance on loans receivable and investments	$ 4,999		34,654
Allowance on loans receivable and investments	4,999	$ 0	34,654	$ 0
Holiday Management Company | Secured/mortgage loans and other, net
Accounts, Notes, Loans and Financing Receivable
Debt securities, effective interest rate					9.20%
COVID-19 Impact
Accounts, Notes, Loans and Financing Receivable
Allowance on loans receivable and investments	5,000		34,700
Allowance on loans receivable and investments	$ 5,000		34,700
Full repayments on loans receivable [Member]
Accounts, Notes, Loans and Financing Receivable
Proceeds from Collection of Loans Receivable			106,100
Gain on real estate loan investments			$ 1,400
Debt Instrument, Weighted Average Interest	8.30%		8.30%

INVESTMENTS IN UNCONSOLIDATED_2

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Details) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2020USD ($)propertyboard_member	Jun. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)propertyboard_member	Sep. 30, 2019USD ($)	Oct. 15, 2020USD ($)property	Dec. 31, 2019USD ($)
Equity method investments
Number of real estate properties | property	1,200			1,200
Non-mortgage loans receivable, net | $	$ 56,844			$ 56,844			$ 63,724
COVID-19 Impact
Equity method investments
Impairment on equity investment | $		$ 10,700
Management Service
Equity method investments
Management fees | $	$ 1,500		$ 900	$ 3,900	$ 2,500
The Fund
Equity method investments
Ownership percentage	21.00%			21.00%
Assets under Management, Carrying Amount | $	$ 1,000,000			$ 1,000,000
The Fund | Other 2020 acquisitions | Subsequent Event
Equity method investments
Number of real estate properties | property						3
Non-mortgage loans receivable, net | $						$ 415,000
Loan receivable, interest rate						2.60%
Assets under Management, Carrying Amount | $						$ 1,800,000
The Fund | Dispositions
Equity method investments
Number of real estate properties | property	6			6
Atria
Equity method investments
Ownership percentage	34.00%			34.00%
Number of board members appointed | board_member	2			2
Number of board members | board_member	6			6
Eclipse Senior Living
Equity method investments
Ownership percentage	34.00%			34.00%
Number of board members appointed | board_member	2			2
Number of board members | board_member	6			6
Remaining ownership percentage retained by investee	66.00%			66.00%
Ardent
Equity method investments
Ownership percentage	9.80%			9.80%
Number of board members appointed | board_member	1			1
Number of board members | board_member	11			11
Real Estate Joint Ventures
Equity method investments
Ownership percentage							25.00%
Unconsolidated Real Estate Entities
Equity method investments
Number of real estate properties | property	9			9
Development Projects
Equity method investments
Number of real estate properties | property	19			19
Development Projects | Unconsolidated Real Estate Entities
Equity method investments
Number of real estate properties | property	1			1

INTANGIBLES (Details)

INTANGIBLES (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Intangible assets:
Lease intangible assets	$ 1,246,312		$ 1,308,077
Goodwill	1,050,742		1,051,161
Accumulated amortization	(943,809)		(922,668)
Net intangible assets	$ 1,389,041		1,472,408
Finite-lived intangible assets, remaining amortization period	10 years 3 months 18 days	10 years 2 months 12 days
Intangible liabilities:
Below market lease intangibles	$ 339,200		349,357
Other lease intangibles	13,498		13,498
Accumulated amortization	(208,959)		(203,834)
Purchase option intangibles	3,568		3,568
Net intangible liabilities	$ 147,307		162,589
Below market leases, remaining weighted average amortization period (in years)	14 years 3 months 18 days	14 years 6 months
Net intangible liabilities, remaining weighted average amortization period (in years)	14 years 3 months 18 days	14 years 6 months
Above Market Lease Intangibles
Intangible assets:
Lease intangible assets	$ 141,224		145,891
Finite-lived intangible assets, remaining amortization period	6 years 7 months 6 days	6 years 10 months 24 days
In-place and Other Lease Intangibles
Intangible assets:
Lease intangible assets	$ 1,105,088		1,162,187
Finite-lived intangible assets, remaining amortization period	10 years 8 months 12 days	10 years 7 months 6 days
Other Intangibles
Intangible assets:
Other intangibles	$ 35,796		$ 35,837
Finite-lived intangible assets, remaining amortization period	10 years 2 months 12 days	10 years 10 months 24 days

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Straight-line rent receivables	$ 164,161
Straight-line rent receivables, net		$ 278,833
Non-mortgage loans receivable, net	56,844	63,724
Debt securities, available-for-sale, carrying value	231,168	237,360
Other intangible assets, net	4,748	5,149
Investment in unconsolidated operating entities	43,116	59,301
Other	252,498	233,349
Other assets	$ 779,475	$ 877,716

SENIOR NOTES PAYABLE AND OTHE_3

SENIOR NOTES PAYABLE AND OTHER DEBT - Summary of Senior Notes Payables and Other Debt (Details) $ in Thousands, $ in Billions	Sep. 30, 2020USD ($)	Sep. 30, 2020CAD ($)	Apr. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Debt instruments
Commercial paper	$ 0			$ 567,450
Deferred financing costs, net	(73,444)			(79,939)
Unamortized fair value adjustment	14,008			20,056
Unamortized discounts	(33,312)			(27,146)
Long-term debt and short-term borrowings, gross	12,140,667			12,245,802
Senior notes payable and other debt	12,047,919			12,158,773
Unsecured revolving credit facility (1) | Revolving Credit Facility
Debt instruments
Fair value of amount outstanding	41,484			120,787
Unsecured revolving credit facility (1) | Revolving Credit Facility | Borrowings Originally Denominated in CAD
Debt instruments
Mortgage loans and other	15,800			26,200
Unsecured revolving credit facility (1) | Revolving Credit Facility | Borrowings Originally Denominated in GBP
Debt instruments
Mortgage loans and other	25,700			27,600
Secured revolving construction credit facility due 2022 | Revolving Credit Facility
Debt instruments
Fair value of amount outstanding	164,585			160,492
Floating Rate, Series F due 2021 [Member]
Debt instruments
Senior notes	225,242			231,018
3.25% Senior Notes due 2022
Debt instruments
Senior notes	$ 500,000			500,000
Interest rate	3.25%	3.25%
3.30% Senior Notes, Series C due 2022
Debt instruments
Senior notes	$ 187,702			192,515
Interest rate	3.30%	3.30%
Unsecured Term Loan Due 2023
Debt instruments
Unsecured term loan	$ 200,000			200,000
3.125% Senior Notes due 2023
Debt instruments
Senior notes	$ 400,000			400,000
Interest rate	3.125%	3.125%
3.10% Senior Notes due 2023
Debt instruments
Senior notes	$ 400,000			400,000
Interest rate	3.10%	3.10%
2.55% Senior Notes, Series D due 2023
Debt instruments
Senior notes	$ 206,472			211,767
Interest rate	2.55%	2.55%
3.50% Senior Notes due 2024
Debt instruments
Senior notes	$ 400,000			400,000
Interest rate	3.50%	3.50%
3.75% Senior Notes due 2024
Debt instruments
Senior notes	$ 400,000			400,000
Interest rate	3.75%	3.75%
4.125% Senior Notes, Series B due 2024
Debt instruments
Senior notes	$ 187,702			192,515
Interest rate	4.125%	4.125%
2.80% Senior Notes, Series E due 2024
Debt instruments
Senior notes	$ 450,484			462,036
Interest rate	2.80%	2.80%
Unsecured Term Loan due 2025
Debt instruments
Unsecured term loan	$ 375,404	$ 0.5		385,030
3.50% Senior Notes due 2025
Debt instruments
Senior notes	$ 600,000			600,000
Interest rate	3.50%	3.50%
2.65% Senior Notes due 2025
Debt instruments
Senior notes	$ 450,000			450,000
Interest rate	2.65%	2.65%
4.125% Senior Notes due 2026
Debt instruments
Senior notes	$ 500,000			500,000
Interest rate	4.125%	4.125%
3.25% Senior Notes due 2026
Debt instruments
Senior notes	$ 450,000			450,000
Interest rate	3.25%	3.25%
3.85% Senior Notes Due 2027
Debt instruments
Senior notes	$ 400,000			400,000
Interest rate	3.85%	3.85%
4.00% Senior Notes due 2028
Debt instruments
Senior notes	$ 650,000			650,000
Interest rate	4.00%	4.00%
4.40% Senior Notes due 2029
Debt instruments
Senior notes	$ 750,000			750,000
Interest rate	4.40%	4.40%
3.00% Senior Notes due 2030
Debt instruments
Senior notes	$ 650,000			650,000
Interest rate	3.00%	3.00%
4.75% Senior Notes due 2030
Debt instruments
Senior notes	$ 500,000		$ 500,000	0
Interest rate	4.75%	4.75%	4.75%
6.90% Senior Notes due 2037
Debt instruments
Senior notes	$ 52,400			52,400
Interest rate	6.90%	6.90%
6.59% Senior Notes due 2038
Debt instruments
Senior notes	$ 22,823			22,823
Interest rate	6.59%	6.59%
5.70% Senior Notes due 2043
Debt instruments
Senior notes	$ 300,000			300,000
Interest rate	5.70%	5.70%
4.375% Senior Notes due 2045
Debt instruments
Senior notes	$ 300,000			300,000
Interest rate	4.375%	4.375%
4.875% Senior Notes due 2049
Debt instruments
Senior notes	$ 300,000			300,000
Interest rate	4.875%	4.875%
Mortgages Loans and Other
Debt instruments
Mortgage loans and other	$ 2,076,369			$ 1,996,969

SENIOR NOTES PAYABLE AND OTHE_4

SENIOR NOTES PAYABLE AND OTHER DEBT - Indebtedness of Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2019	$ 143,721
2020	510,774
2021	1,328,970
2022	1,616,623
2023	1,577,210
Thereafter	6,963,369
Long-term debt and short-term borrowings, gross	12,140,667	$ 12,245,802
Unrestricted cash and cash equivalents	588,343	$ 106,363
Unsecured Revolving Credit Facility and Commercial Paper
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2019	0
2020	41,484
2021	0
2022	0
2023	0
Thereafter	0
Long-term debt and short-term borrowings, gross	41,484
Principal Amount Due at Maturity
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2019	131,956
2020	426,284
2021	1,292,027
2022	1,593,067
2023	1,559,708
Thereafter	6,859,843
Long-term debt and short-term borrowings, gross	11,862,885
Scheduled Periodic Amortization
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2019	11,765
2020	43,006
2021	36,943
2022	23,556
2023	17,502
Thereafter	103,526
Long-term debt and short-term borrowings, gross	$ 236,298

SENIOR NOTES PAYABLE AND OTHE_5

SENIOR NOTES PAYABLE AND OTHER DEBT - Credit Facilities, Commerical Paper and Unsecured Term Loans (Details) $ in Thousands, $ in Billions	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)period	Sep. 30, 2019USD ($)	Sep. 30, 2020CAD ($)	Dec. 31, 2019USD ($)
Debt instruments
Commercial paper program capacity	$ 1,000,000		$ 1,000,000
Commercial paper	0		0			$ 567,450
Loss on extinguishment of debt, net	7,386	$ 37,434	$ 7,386	$ 41,861
Unsecured debt | Revolving Credit Facility
Debt instruments
Additional periods | period			2
Additional period term			6 months
Accordion feature of debt	3,750,000		$ 3,750,000
Fair value of amount outstanding	41,484		41,484			120,787
Letters of credit outstanding	24,900		24,900
Line of credit, remaining availability less commercial paper	2,900,000		$ 2,900,000
Unsecured debt | Revolving Credit Facility | LIBOR
Debt instruments
Variable interest rate			0.875%
Unsecured Term Loan Due 2023
Debt instruments
Accordion feature of debt	800,000		$ 800,000
Unsecured debt	200,000		$ 200,000			200,000
Unsecured Term Loan Due 2023 | LIBOR
Debt instruments
Variable interest rate			0.90%
Secured revolving construction credit facility due 2022 | Revolving Credit Facility
Debt instruments
Maximum borrowing capacity	400,000		$ 400,000
Fair value of amount outstanding	164,585		164,585			160,492
Unsecured Term Loan due 2025
Debt instruments
Unsecured debt	$ 375,404		$ 375,404		$ 0.5	$ 385,030
Unsecured Term Loan due 2025 | Canadian Dollar Offered Rate (CDOR)
Debt instruments
Variable interest rate			0.90%

SENIOR NOTES PAYABLE AND OTHE_6

SENIOR NOTES PAYABLE AND OTHER DEBT - Senior Notes (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Oct. 31, 2020	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Apr. 30, 2020	Dec. 31, 2019
Debt instruments
Loss on extinguishment of debt, net			$ 7,386	$ 37,434	$ 7,386	$ 41,861
4.75% Senior Notes due 2030
Debt instruments
Senior notes		$ 500,000	$ 500,000		$ 500,000		$ 500,000	$ 0
Interest rate		4.75%	4.75%		4.75%		4.75%
Public offering price as percent of par							97.86%
3.25% Senior Notes due 2022
Debt instruments
Senior notes		$ 500,000	$ 500,000		$ 500,000			$ 500,000
Interest rate		3.25%	3.25%		3.25%
Loss on extinguishment of debt, net		$ 7,400
3.25% Senior Notes due 2022 | Subsequent Event
Debt instruments
Interest rate	3.25%
Repurchased amount	$ 236,300
Percentage of par value	104.14%
Loss on extinguishment of debt, net	$ 3,500

FAIR VALUES OF FINANCIAL INST_3

FAIR VALUES OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jul. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Assets:
Cash and cash equivalents	$ 588,343			$ 106,363
Escrow deposits and restricted cash	40,147			39,739
Non-mortgage loans receivable, net	56,844			63,724
Debt securities, available-for-sale, carrying value	231,168			237,360
Liabilities:
Long-term debt and short-term borrowings, gross	12,140,667			12,245,802
Redeemable OP Units, fair value	129,600			171,200
Brookdale Senior Living
Assets:
Cash and cash equivalents		$ 162,000
Non-mortgage loans receivable, net		45,000
Liabilities:
Warrants and Rights Outstanding		$ 28,000
Non-Mortgage Loan Receivable
Assets:
Non-mortgage loans receivable, net	56,844			63,724
Non-mortgage loans receivable, fair value	56,832			63,538
Secured/mortgage loans and other, net
Assets:
Debt securities, held-to-maturity	555,483			645,546
Debt securities, held-to-maturity, fair value	487,373			646,925
Secured/mortgage loans and other, net | Brookdale Senior Living
Assets:
Debt securities, held-to-maturity			$ 78,000
Government-Sponsored Pooled Loan Investments
Assets:
Debt securities, available-for-sale, carrying value	48,969			59,066
Carrying Value
Assets:
Cash and cash equivalents	588,343			106,363
Escrow deposits and restricted cash	40,147			39,739
Derivative instruments	195			738
Liabilities:
Derivative instruments	29,925			12,987
Redeemable OP Units, carrying amount	129,576			171,178
Carrying Value | Brookdale Senior Living
Liabilities:
Warrants and Rights Outstanding	26,940			0
Carrying Value | Non-Mortgage Loan Receivable
Assets:
Non-mortgage loans receivable, net	56,844			63,724
Carrying Value | Secured/mortgage loans and other, net
Assets:
Debt securities, held-to-maturity	555,483			645,546
Carrying Value | Marketable debt securities
Assets:
Debt securities, available-for-sale, carrying value	231,168			237,360
Carrying Value | Government-Sponsored Pooled Loan Investments
Assets:
Debt securities, available-for-sale, carrying value	48,969			59,066
Fair Value
Assets:
Cash and cash equivalents, fair value	588,343			106,363
Escrow deposits and restricted cash	40,147			39,739
Derivative instruments	195			738
Liabilities:
Long-term debt and short-term borrowings, fair value	12,882,340			12,778,758
Derivative instruments	29,925			12,987
Redeemable OP Units, fair value	129,576			171,178
Fair Value | Brookdale Senior Living
Liabilities:
Warrants and Rights Outstanding	26,940			0
Fair Value | Non-Mortgage Loan Receivable
Assets:
Non-mortgage loans receivable, fair value	56,832			63,538
Fair Value | Secured/mortgage loans and other, net
Assets:
Debt securities, held-to-maturity, fair value	487,373			646,925
Fair Value | Marketable debt securities
Assets:
Debt securities, available-for-sale, carrying value	231,168			237,360
Fair Value | Government-Sponsored Pooled Loan Investments
Assets:
Debt securities, available-for-sale, carrying value	$ 48,969			$ 59,066

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income tax benefit (expense)	$ 3,195	$ (2,005)	$ 95,855	$ 57,004
Valuation allowance reversal	(152,900)		(152,900)
Deferred income tax liabilities	53,711		53,711		$ 200,831
Deferred Tax Assets, Net	$ 300		$ 300		$ 47,500

STOCKHOLDERS' EQUITY - Capital

STOCKHOLDERS' EQUITY - Capital Stock (Details) - At-The-Market Equity Offering Program - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended	9 Months Ended
	Oct. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Equity offering [Line Items]
Common stock authorized under equity offering program			$ 1,000
Stock issued during period, shares, new issues, equity offering program		0.8
Shares Issued, Price Per Share		$ 45.07
Equity offering program, remaining authorized offering amount		$ 785
Subsequent Event
Equity offering [Line Items]
Stock issued during period, shares, new issues, equity offering program	0.7
Shares Issued, Price Per Share	$ 44.65

STOCKHOLDERS' EQUITY - Summary

STOCKHOLDERS' EQUITY - Summary of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Equity [Abstract]
Foreign currency translation	$ (54,966)	$ (51,743)
Available for sale securities	17,552	27,380
Derivative instruments	(27,628)	(10,201)
Total accumulated other comprehensive loss	$ (65,042)	$ (34,564)

EARNINGS PER COMMON SHARE (Deta

EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Numerator for basic and diluted earnings per share:
Income from continuing operations	$ 13,737	$ 86,918	$ 329,232	$ 426,404
Net income	13,737	86,918	329,232	426,404
Net income attributable to noncontrolling interests	986	1,659	534	4,831
Net income attributable to common stockholders	$ 12,751	$ 85,259	$ 328,698	$ 421,573
Denominator:
Denominator for basic earnings per share—weighted average shares (in shares)	373,177	372,426	372,997	363,724
Effect of dilutive securities:
Stock options (in shares)	0	640	0	445
Restricted stock awards (in shares)	163	567	147	492
OP Unitholder Interests (in shares)	2,955	2,992	2,968	2,996
Denominator for diluted earnings per share—adjusted weighted average shares (in shares)	376,295	376,625	376,112	367,657
Basic earnings per share:
Income from continuing operations (in usd per share)	$ 0.04	$ 0.23	$ 0.88	$ 1.17
Net income attributable to common stockholders (in usd per share)	0.03	0.23	0.88	1.16
Diluted earnings per share:
Income from continuing operations (in usd per share)	0.04	0.23	0.88	1.16
Net income attributable to common stockholders (in usd per share)	$ 0.03	$ 0.23	$ 0.87	$ 1.15

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	9 Months Ended
	Sep. 30, 2020USD ($)segment
Segment Reporting [Abstract]
Number of reportable segments | segment	3
Intersegment sales and transfers | $	$ 0

SEGMENT INFORMATION - Income St

SEGMENT INFORMATION - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Rental income	$ 354,512	$ 408,322	$ 1,126,934	$ 1,208,388
Income from loans and investments	18,666	30,164	62,203	66,819
Interest and other income	572	620	6,965	10,109
Total revenues	918,940	983,155	2,874,192	2,876,746
Less:
Interest and other income	572	620	6,965	10,109
Property-level operating expenses	494,985	461,493	1,474,558	1,327,898
Office building services costs	557	627	1,827	1,775
Segment NOI	422,826	520,415	1,390,842	1,536,964
Interest and other income	572	620	6,965	10,109
Interest expense	(115,505)	(113,967)	(355,333)	(334,955)
Depreciation and amortization	(249,366)	(234,603)	(847,797)	(696,710)
General, administrative and professional fees	(34,228)	(40,530)	(106,747)	(124,369)
Loss on extinguishment of debt, net	(7,386)	(37,434)	(7,386)	(41,861)
Merger-related expenses and deal costs	(11,325)	(4,304)	(26,129)	(11,084)
Other	(3,534)	(2,164)	(10,624)	9,294
Income Loss from Equity Method Investments and Remeasurement Gain on Equity Interest in Acquiree		854
Income (loss) from unconsolidated entities	865	854	(15,861)	(2,621)
Gain on real estate dispositions	12,622	36	240,101	24,633
Income tax benefit (expense)	3,195	(2,005)	95,855	57,004
Income from continuing operations	13,737	86,918	329,232	426,404
Net income	13,737	86,918	329,232	426,404
Net income attributable to noncontrolling interests	986	1,659	534	4,831
Net income attributable to common stockholders	12,751	85,259	328,698	421,573
Financing receivable, Change in allowance	(4,999)		(34,654)
Resident fees and services
Revenues:
Other revenues	541,322	541,090	1,667,421	1,583,262
Office building and other services revenue
Revenues:
Other revenues	3,868	2,959	10,669	8,168
Operating Segments
Less:
Office building services costs			1,827
Operating Segments | Triple-Net Leased Properties
Revenues:
Rental income	156,136	193,383	527,238	589,833
Income from loans and investments	0	0	0	0
Interest and other income	0	0	0	0
Total revenues	156,136	193,383	527,238	589,833
Less:
Interest and other income	0	0	0	0
Property-level operating expenses	5,398	6,338	17,004	20,092
Office building services costs	0	0	0	0
Segment NOI	150,738	187,045	510,234	569,741
Interest and other income	0	0	0	0
Operating Segments | Triple-Net Leased Properties | Resident fees and services
Revenues:
Other revenues	0	0	0	0
Operating Segments | Triple-Net Leased Properties | Office building and other services revenue
Revenues:
Other revenues	0	0	0	0
Operating Segments | Senior Living Operations
Revenues:
Rental income	0	0	0	0
Income from loans and investments	0	0	0	0
Interest and other income	0	0	0	0
Total revenues	541,322	541,090	1,667,421	1,583,262
Less:
Interest and other income	0	0	0	0
Property-level operating expenses	422,653	388,011	1,265,362	1,115,834
Office building services costs	0	0	0	0
Segment NOI	118,669	153,079	402,059	467,428
Interest and other income	0	0	0	0
Operating Segments | Senior Living Operations | Resident fees and services
Revenues:
Other revenues	541,322	541,090	1,667,421	1,583,262
Operating Segments | Senior Living Operations | Office building and other services revenue
Revenues:
Other revenues	0	0	0	0
Operating Segments | Office Operations
Revenues:
Rental income	198,376	214,939	599,696	618,555
Income from loans and investments	0	0	0	0
Interest and other income	0	0	0	0
Total revenues	200,816	216,998	606,567	624,240
Less:
Interest and other income	0	0	0	0
Property-level operating expenses	66,934	67,144	192,192	191,972
Office building services costs	557	627		1,775
Segment NOI	133,325	149,227	412,548	430,493
Interest and other income	0	0	0	0
Operating Segments | Office Operations | Resident fees and services
Revenues:
Other revenues	0	0	0	0
Operating Segments | Office Operations | Office building and other services revenue
Revenues:
Other revenues	2,440	2,059	6,871	5,685
All Other
Revenues:
Rental income	0	0	0	0
Income from loans and investments	18,666	30,164	62,203	66,819
Interest and other income	572	620	6,965	10,109
Total revenues	20,666	31,684	72,966	79,411
Less:
Interest and other income	572	620	6,965	10,109
Property-level operating expenses	0	0	0	0
Office building services costs	0	0	0	0
Segment NOI	20,094	31,064	66,001	69,302
Interest and other income	572	620	6,965	10,109
All Other | Resident fees and services
Revenues:
Other revenues	0	0	0	0
All Other | Office building and other services revenue
Revenues:
Other revenues	$ 1,428	$ 900	$ 3,798	$ 2,483

SEGMENT INFORMATION - Capital E

SEGMENT INFORMATION - Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information
Payments for Capital Improvements	$ 170,613	$ 888,791	$ 481,999	$ 1,269,437
Operating Segments | Triple-Net Leased Properties
Segment Reporting Information
Payments for Capital Improvements	11,832	13,558	33,000	27,805
Operating Segments | Senior Living Operations
Segment Reporting Information
Payments for Capital Improvements	46,349	780,837	129,165	845,290
Operating Segments | Office Operations
Segment Reporting Information
Payments for Capital Improvements	$ 112,432	$ 94,396	$ 319,834	$ 396,342

SEGMENT INFORMATION - Revenue a

SEGMENT INFORMATION - Revenue and Net Real Estate Property (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Revenues:
Total revenues	$ 918,940	$ 983,155	$ 2,874,192	$ 2,876,746
Net real estate property:
Total net real estate property	20,978,412		20,978,412		$ 21,734,573
United States
Revenues:
Total revenues	817,949	904,031	2,569,467	2,688,329
Net real estate property:
Total net real estate property	17,874,378		17,874,378		18,636,839
Canada
Revenues:
Total revenues	96,896	72,495	287,056	167,881
Net real estate property:
Total net real estate property	2,853,245		2,853,245		2,830,850
United Kingdom
Revenues:
Total revenues	4,095	$ 6,629	17,669	$ 20,536
Net real estate property:
Total net real estate property	$ 250,789		$ 250,789		$ 266,885