Ventas (VTR) 10-Q 4 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Nov. 01, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
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, Postal Zip Code	60654
City Area Code	877
Local Phone Number	483-6827
Title of 12(b) Security	Common Stock $0.25 par value
Trading Symbol	VTR
Security Exchange Name	NYSE
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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		399,717,985
Entity Central Index Key	0000740260
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Real estate investments:
Land and improvements	$ 2,421,114	$ 2,432,065
Buildings and improvements	25,975,744	25,778,490
Construction in progress	258,281	269,315
Acquired lease intangibles	1,341,483	1,369,747
Operating lease assets	312,902	317,858
Gross real estate investments	30,309,524	30,167,475
Accumulated depreciation and amortization	(9,031,591)	(8,350,637)
Net real estate property	21,277,933	21,816,838
Secured loans receivable and investments, net	529,317	530,126
Investments in unconsolidated real estate entities	547,766	523,465
Net real estate investments	22,355,016	22,870,429
Cash and cash equivalents	145,146	149,725
Escrow deposits and restricted cash	50,492	46,872
Goodwill	1,043,289	1,046,140
Assets held for sale	99,450	28,399
Deferred income tax assets, net	13,614	11,152
Other assets	593,404	565,069
Total assets	24,300,411	24,717,786
Liabilities:
Senior notes payable and other debt	12,210,984	12,027,544
Accrued interest	92,663	106,602
Operating lease liabilities	191,880	197,234
Accounts payable and other liabilities	1,063,969	1,090,254
Liabilities related to assets held for sale	9,491	10,850
Deferred income tax liabilities	40,717	59,259
Total liabilities	13,609,704	13,491,743
Redeemable OP unitholder and noncontrolling interests	258,795	280,283
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, 399,725 and 399,420 shares issued at September 30, 2022 and December 31, 2021, respectively	99,914	99,838
Capital in excess of par value	15,533,203	15,498,956
Accumulated other comprehensive loss	(47,309)	(64,520)
Retained earnings (deficit)	(5,223,902)	(4,679,889)
Treasury stock, 10 and 0 shares issued at September 30, 2022 and December 31, 2021, respectively	(547)	0
Total Ventas stockholders’ equity	10,361,359	10,854,385
Noncontrolling interests	70,553	91,375
Total equity	10,431,912	10,945,760
Total liabilities and equity	$ 24,300,411	$ 24,717,786

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in usd per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.25	$ 0.25
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	400,000	400,000
Treasury stock, shares (in shares)	10,000	0

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Rental income		$ 350,982	$ 383,052	$ 1,051,721	$ 1,100,003
Income from loans and investments		12,672	28,729	33,271	65,404
Interest and other income		489	417	2,191	1,343
Total revenues		1,037,276	976,078	3,077,768	2,805,563
Interest		119,413	108,816	344,158	329,634
Depreciation and amortization		301,481	313,596	873,620	878,444
Property-level operating expenses		569,826	523,328	1,686,906	1,504,123
Office building and other services costs		1,750	522	4,473	1,798
General, administrative and professional fees		35,421	30,259	111,334	101,156
Loss on extinguishment of debt, net		574	29,792	581	56,808
Transaction expenses and deal costs		4,782	22,662	37,852	28,000
Allowance on loans receivable and investments		(63)	(60)	(179)	(9,021)
Other		9,162	33,673	30,088	10,755
Total expenses		1,042,346	1,062,588	3,088,833	2,901,697
Loss before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests		(5,070)	(86,510)	(11,065)	(96,134)
Income (loss) from unconsolidated entities		1,970	2,772	(3,346)	7,289
Gain on real estate dispositions		136	150,292	2,557	194,083
Income tax benefit (expense)		6,027	(3,780)	14,307	(9,574)
Income from continuing operations		3,063	62,774	2,453	95,664
Net income		3,063	62,774	2,453	95,664
Net income attributable to noncontrolling interests		1,807	2,094	4,881	5,802
Net income (loss) attributable to common stockholders		$ 1,256	$ 60,680	$ (2,428)	$ 89,862
Basic:
Income from continuing operations, basic (in usd per share)		$ 0.01	$ 0.16	$ 0.01	$ 0.25
Net income (loss) attributable to common stockholders, basic (in usd per share)		0	0.16	(0.01)	0.24
Diluted:
Income from continuing operations, diluted (in usd per share)	[1]	0.01	0.16	0.01	0.25
Net income (loss) attributable to common stockholders, diluted (in usd per share)	[1]	$ 0	$ 0.16	$ (0.01)	$ 0.24
Triple-Net Leased Properties
Rental income		$ 150,115	$ 181,379	$ 451,073	$ 500,487
Property-level operating expenses		3,756	3,268		12,525
Office Operations
Rental income		200,867	201,673	600,648	599,516
Property-level operating expenses		66,098	66,401		195,297
Resident fees and services
Other revenues		668,583	558,039	1,977,760	1,622,641
Office building and other services revenue
Other revenues		4,550	5,841	$ 12,825	16,172
Senior housing
Property-level operating expenses		$ 499,972	$ 453,659		$ 1,296,301
[1]Potential common shares are not included in the computation of diluted earnings per share when a loss from continuing operations exists as the effect would be an antidilutive per share amount.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 3,063	$ 62,774	$ 2,453	$ 95,664
Other comprehensive income (loss):
Foreign currency translation loss	(3,685)	(2,763)	(24,427)	(3,795)
Unrealized loss on available for sale securities	(1,252)	(13,638)	(3,371)	(20,918)
Unrealized gain on derivative instruments	7,870	4,578	41,013	13,389
Total other comprehensive income (loss)	2,933	(11,823)	13,215	(11,324)
Comprehensive income	5,996	50,951	15,668	84,340
Comprehensive (loss) income attributable to noncontrolling interests	(4,308)	(418)	885	7,724
Comprehensive income attributable to common stockholders	$ 10,304	$ 51,369	$ 14,783	$ 76,616

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) Income	Retained Earnings (Deficit)	Treasury Stock	Total Ventas Stockholders’ Equity	Noncontrolling Interests
Beginning Balance at Dec. 31, 2020	$ 10,278,191	$ 93,635	$ 14,171,262	$ (54,354)	$ (4,030,376)	$ 0	$ 10,180,167	$ 98,024
Increase (decrease) in stockholders' equity
Net income (loss) attributable to common stockholders	89,862	0	0	0	89,862	0	89,862
Net income (loss) attributable to noncontrolling interest	5,802							5,802
Net (loss) income	95,664
Other comprehensive income (loss)	(11,324)	0	0	(13,247)	0	0	(13,247)	1,923
Acquisition-related activity	751,248	3,332	747,916	0	0	0	751,248	0
Net change in noncontrolling interests	(50,329)	0	(35,009)	0	0	0	(35,009)	(15,320)
Dividends to common stockholders	(519,116)	0	0	0	(519,116)	0	(519,116)	0
Issuance of common stock for stock plans, restricted stock grants and other	644,748	2,810	642,054	0	0	(116)	644,748	0
Adjust redeemable OP unitholder interests to current fair value	(21,953)	0	(21,953)	0	0	0	(21,953)	0
Redemption of OP Units	16	0	(60)	0	0	76	16	0
Ending Balance at Sep. 30, 2021	11,167,145	99,777	15,504,210	(67,601)	(4,459,630)	(40)	11,076,716	90,429
Beginning Balance at Jun. 30, 2021	9,983,904	93,784	14,187,577	(58,290)	(4,340,052)	(320)	9,882,699	101,205
Increase (decrease) in stockholders' equity
Net income (loss) attributable to common stockholders	60,680	0	0	0	60,680	0	60,680
Net income (loss) attributable to noncontrolling interest	2,094							2,094
Net (loss) income	62,774
Other comprehensive income (loss)	(11,823)	0	0	(9,311)	0	0	(9,311)	(2,512)
Acquisition-related activity	751,248	3,332	747,916	0	0	0	751,248	0
Net change in noncontrolling interests	(51,606)	0	(41,248)	0	0	0	(41,248)	(10,358)
Dividends to common stockholders	(180,258)	0	0	0	(180,258)	0	(180,258)	0
Issuance of common stock for stock plans, restricted stock grants and other	609,485	2,661	606,620	0	0	204	609,485	0
Adjust redeemable OP unitholder interests to current fair value	3,386	0	3,386	0	0	0	3,386	0
Redemption of OP Units	35	0	(41)	0	0	76	35	0
Ending Balance at Sep. 30, 2021	11,167,145	99,777	15,504,210	(67,601)	(4,459,630)	(40)	11,076,716	90,429
Beginning Balance at Dec. 31, 2021	10,945,760	99,838	15,498,956	(64,520)	(4,679,889)	0	10,854,385	91,375
Increase (decrease) in stockholders' equity
Net income (loss) attributable to common stockholders	(2,428)	0	0	0	(2,428)	0	(2,428)
Net income (loss) attributable to noncontrolling interest	4,881
Net (loss) income	2,453
Other comprehensive income (loss)	13,215	0	0	17,211	0	0	17,211	(3,996)
Net change in noncontrolling interests	(42,873)	0	(21,166)	0	0	0	(21,166)	(21,707)
Dividends to common stockholders	(541,585)	0	0	0	(541,585)	0	(541,585)	0
Issuance of common stock for stock plans, restricted stock grants and other	30,802	76	31,273	0	0	(547)	30,802	0
Adjust redeemable OP unitholder interests to current fair value	24,154	0	24,154	0	0	0	24,154	0
Redemption of OP Units	(14)	0	(14)	0	0	0	(14)	0
Ending Balance at Sep. 30, 2022	10,431,912	99,914	15,533,203	(47,309)	(5,223,902)	(547)	10,361,359	70,553
Beginning Balance at Jun. 30, 2022	10,603,394	99,913	15,514,015	(56,355)	(5,044,569)	(408)	10,512,596	90,798
Increase (decrease) in stockholders' equity
Net income (loss) attributable to common stockholders	1,256	0	0	0	1,256	0	1,256
Net income (loss) attributable to noncontrolling interest	1,807							1,807
Net (loss) income	3,063
Other comprehensive income (loss)	2,933	0	0	9,046	0	0	9,046	(6,113)
Net change in noncontrolling interests	(30,584)	0	(14,645)	0	0	0	(14,645)	(15,939)
Dividends to common stockholders	(180,589)	0	0	0	(180,589)	0	(180,589)	0
Issuance of common stock for stock plans, restricted stock grants and other	5,963	1	6,101	0	0	(139)	5,963	0
Adjust redeemable OP unitholder interests to current fair value	27,746	0	27,746	0	0	0	27,746	0
Redemption of OP Units	(14)	0	(14)	0	0	0	(14)	0
Ending Balance at Sep. 30, 2022	$ 10,431,912	$ 99,914	$ 15,533,203	$ (47,309)	$ (5,223,902)	$ (547)	$ 10,361,359	$ 70,553

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Dividends to common stockholders, per share (in usd per share)	$ 0.45	$ 0.45	$ 1.35	$ 1.35

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income	$ 2,453	$ 95,664
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	873,620	878,444
Amortization of deferred revenue and lease intangibles, net	(48,462)	(71,620)
Other non-cash amortization	9,483	14,686
Allowance on loans receivable and investments	(179)	(9,021)
Stock-based compensation	28,786	26,165
Straight-lining of rental income	(10,131)	(10,166)
Loss on extinguishment of debt, net	581	56,808
Gain on real estate dispositions	(2,557)	(194,083)
Gain on real estate loan investments	0	(2,006)
Income tax (benefit) expense	(16,961)	4,656
Loss (income) and other from unconsolidated entities	3,352	(7,279)
Distributions from unconsolidated entities	15,467	9,466
Other	36,422	(830)
Changes in operating assets and liabilities:
Increase in other assets	(53,433)	(49,051)
Decrease in accrued interest	(12,772)	(22,414)
Increase in accounts payable and other liabilities	27,241	40,896
Net cash provided by operating activities	852,910	760,315
Cash flows from investing activities:
Net investment in real estate property	(439,299)	(1,103,210)
Investment in loans receivable	(5,337)	(384)
Proceeds from real estate disposals	12,481	497,303
Proceeds from loans receivable	692	302,700
Development project expenditures	(126,988)	(204,649)
Capital expenditures	(154,761)	(119,311)
Distributions from unconsolidated entities	28,311	17,847
Investment in unconsolidated entities	(50,402)	(107,140)
Insurance proceeds for property damage claims	9,982	501
Net cash used in investing activities	(725,321)	(716,343)
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities	(19,442)	(144,065)
Net change in borrowings under commercial paper program	97,066	369,943
Proceeds from debt	888,927	914,879
Repayment of debt	(513,606)	(1,499,036)
Purchase of noncontrolling interests	(170)	(11,485)
Payment of deferred financing costs	(7,664)	(23,608)
Issuance of common stock, net	0	617,438
Cash distribution to common stockholders	(540,205)	(506,972)
Cash distribution to redeemable OP unitholders	(4,732)	(5,400)
Cash issued for redemption of OP Units	(328)	(96)
Contributions from noncontrolling interests	51	35
Distributions to noncontrolling interests	(27,152)	(11,785)
Proceeds from stock option exercises	8,691	5,668
Other	(6,392)	(5,128)
Net cash used in financing activities	(124,956)	(299,612)
Net increase (decrease) in cash, cash equivalents and restricted cash	2,633	(255,640)
Effect of foreign currency translation	(3,592)	522
Cash, cash equivalents and restricted cash at beginning of period	196,597	451,640
Cash, cash equivalents and restricted cash at end of period	195,638	196,522
Assets acquired and liabilities assumed from acquisitions and other:
Real estate investments	16,599	1,317,617
Other assets	856	16,132
Debt	0	484,073
Other liabilities	7,747	97,960
Deferred income tax liability	960	0
Noncontrolling interests	3,351	468
Equity issued	0	751,248
Equity issued for redemption of OP Units	0	76
Investment in unconsolidated entities	$ 8,100	$ 0

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	NOTE 1—DESCRIPTION OF BUSINESS Ventas, Inc. (together with its consolidated subsidiaries, unless otherwise indicated or except where the context otherwise requires, “we,” “us,” “our,” “Company” and other similar terms), an S&P 500 company, is a real estate investment trust (“REIT”) operating at the intersection of healthcare and real estate. We hold a highly diversified portfolio of senior housing communities, medical office buildings (“MOBs”), life science, research and innovation centers, hospitals and other healthcare facilities, which we generally refer to as “healthcare real estate,” located throughout the United States, Canada and the United Kingdom. As of September 30, 2022, we owned or had investments in approximately 1,300 properties (including properties classified as held for sale). Our company was originally founded in 1983 and is headquartered in Chicago, Illinois with additional corporate offices in Louisville, Kentucky and New York, New York. We primarily invest in a diversified portfolio of healthcare real estate assets through wholly owned subsidiaries and other co-investment entities. We operate through three reportable business segments: triple-net leased properties, senior housing operating portfolio, which we also refer to as “SHOP” and is formerly known as senior living operations, and office operations. See “Note 2 – Accounting Policies” and “Note 16 – Segment Information.” Our senior housing communities are either subject to triple-net leases, in which case they are included in our triple-net leased properties reportable business segment, or operated by independent third-party managers, in which case they are included in our SHOP reportable business segment. As of September 30, 2022, we leased a total of 331 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, 30 properties and 29 properties, respectively, as of September 30, 2022. As of September 30, 2022, pursuant to long-term management agreements, we engaged independent operators, such as Atria Senior Living, Inc. (together with its subsidiaries, including Holiday Retirement (“Holiday”), “Atria”) and Sunrise Senior Living, LLC (together with its subsidiaries, “Sunrise”), to manage 558 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. Continuing Impact of and Response to COVID-19 and Its Extended Consequences During fiscal 2020 and 2021 and continuing into fiscal 2022, our business has been and is expected to continue to be impacted by COVID-19 and its extended consequences . Accounting Considerations. We have not identified COVID-19, 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, 2022, we considered the effect of COVID-19 on certain of our assets 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. For both the nine months ended September 30, 2022 and 2021, we recognized no COVID-19 related charges in our Consolidated Statements of Income. Provider Relief Grants. We applied for grants under the Provider Relief Fund administered by the U.S. Department of Health & Human Services (“HHS”) on behalf of the assisted living communities in our SHOP reportable business segment to partially mitigate losses attributable to COVID-19. These grants are intended to reimburse eligible providers for expenses incurred to prevent, prepare for and respond to COVID-19 and lost revenues attributable to COVID-19. Recipients are not required to repay distributions from the Provider Relief Fund, provided that they attest to and comply with certain terms and conditions. We received $20.2 million and $54.2 million during the three and nine months ended September 30, 2022, respectively, as compared to zero and $13.6 million during the three and nine months ended September 30, 2021, respectively. We recognized these grants within property-level operating expenses in our Consolidated Statements of Income in the period in which they were received. Continuing Impact. The trajectory and future impact of COVID-19 and its extended consequences remain highly uncertain and will depend on a variety of factors, including the impact of new variants of the virus and the effectiveness of available vaccines against those variants; ongoing clinical experience, which may differ considerably across governmental and regulatory bodies and regions and fluctuate over time; and other future developments, including the ultimate duration, spread and intensity of the outbreak, the availability of testing, the extent to which governments impose, roll-back or re-impose preventative restrictions and the availability of ongoing government financial support to our business, tenants and operators. Due to these uncertainties, we are not able at this time to estimate the ultimate impact of COVID-19 on our business, results of operations, financial condition and cash flows.

ACCOUNTING POLICIES

ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2022
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, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. 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, 2021 (the “2021 Annual Report”). 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 life science, 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 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 (dollars in thousands): As of September 30, 2022 As of December 31, 2021 Total Assets Total Liabilities Total Assets Total Liabilities NHP/PMB L.P. $ 750,667 $ 259,720 $ 749,834 $ 251,352 Other identified VIEs 3,616,590 1,489,250 3,805,567 1,552,237 Tax credit VIEs 260,742 38,525 458,953 103,992 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 loss from unconsolidated entities 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 may be 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 NHP/PMB as a VIE. As of September 30, 2022, third party investors owned 3.9 million Class A limited partnership units in NHP/PMB (“OP Units”), which represented 34% of the total units then outstanding, and we owned 7.5 million Class B limited partnership units in NHP/PMB, representing the remaining 66%. The OP Units may be redeemed at any time at the election of the holder for cash or, at our option, 0.9051 shares of our common stock per OP Unit, subject to 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. The OP Units are classified outside of permanent equity on our Consolidated Balance Sheets because they may be redeemed by third parties under circumstances that are outside of our control. We reflect the OP Units at the greater of cost or redemption value. As of September 30, 2022 and December 31, 2021, the fair value of the OP Units was $152.9 million and $182.1 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, 2022 and December 31, 2021. 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 on our Consolidated Balance Sheets. Noncontrolling Interests Excluding the redeemable noncontrolling interests described above, we present the portion of any equity that we do not own in entities that we control (and thus consolidate) as noncontrolling interests and classify those interests as a component of consolidated equity, separate from total Ventas stockholders’ equity, on our Consolidated Balance Sheets. For consolidated joint ventures with pro rata distribution allocations, net income or loss, and comprehensive income, is allocated between the joint venture partners based on their respective stated ownership percentages. In other cases, net income or loss is allocated between the joint venture partners based on the HLBV method. We account for purchases or sales of equity interests that do not result in a change of control as equity transactions, through capital in excess of par value. We include net income attributable to the noncontrolling interests in net income in our Consolidated Statements of Income and we include the noncontrolling interests’ share of comprehensive income in our Consolidated Statements of Comprehensive Income. Accounting for Historic and New Markets Tax Credits For certain of our life science, 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”), new markets tax credits (“NMTCs”) or both. As of September 30, 2022, we owned four properties 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 recapture within five years of substantial completion. The amount of the recapture is equal to 100% of the HTCs during the first year after the completion of the historic rehabilitation and is reduced by 20% each year during the subsequent five year period. NMTCs are subject to 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. Accounting for Real Estate Acquisitions When we acquire real estate, we first make reasonable judgments about whether the transaction involves an asset or a business. Our real estate acquisitions are generally accounted for as asset acquisitions as substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. Regardless of whether an acquisition is considered a business combination or an asset acquisition, we record the cost of the businesses or assets acquired as tangible and intangible assets and liabilities based upon their estimated fair values as of the acquisition date. We estimate the fair value of buildings acquired on an as-if-vacant basis or replacement cost basis and depreciate the building value over the estimated remaining life of the building, generally not to exceed 35 years. We determine the fair value of other fixed assets, such as site improvements and furniture, fixtures and equipment, based upon the replacement cost and depreciate such value over the assets’ estimated remaining useful lives as determined at the applicable acquisition date. We determine the value of land either by considering the sales prices of similar properties in recent transactions or based on internal analyses of recently acquired and existing comparable properties within our portfolio. We generally determine the value of construction in progress based upon the replacement cost. However, for certain acquired properties that are part of a ground-up development, we determine fair value by using the same valuation approach as for all other properties and deducting the estimated cost to complete the development. During the remaining construction period, we capitalize project costs until the development has reached substantial completion. Construction in progress, including capitalized interest, is not depreciated until the development has reached substantial completion. Intangibles primarily include the value of in-place leases and acquired lease contracts. We include all lease-related intangible assets and liabilities within acquired lease intangibles and accounts payable and other liabilities, respectively, on our Consolidated Balance Sheets. The fair value of acquired lease-related intangibles, if any, reflects: (i) the estimated value of any above or below market leases, determined by discounting the difference between the estimated market rent and in-place lease rent; and (ii) the estimated value of in-place leases related to the cost to obtain tenants, including leasing commissions, and an estimated value of the absorption period to reflect the value of the rent and recovery costs foregone during a reasonable lease-up period as if the acquired space was vacant. We amortize any acquired lease-related intangibles to revenue or amortization expense over the remaining life of the associated lease plus any assumed bargain renewal periods. If a lease is terminated prior to its stated expiration or not renewed upon expiration, we recognize all unamortized amounts of lease-related intangibles associated with that lease in operations over the shortened lease term. We estimate the fair value of purchase option intangible assets and liabilities, if any, by discounting the difference between the applicable property’s acquisition date fair value and an estimate of its future option price. We do not amortize the resulting intangible asset or liability over the term of the lease, but rather adjust the recognized value of the asset or liability upon sale. In connection with an acquisition, we may assume rights and obligations under certain lease agreements pursuant to which we become the lessee of a given property. We generally assume the lease classification previously determined by the prior lessee absent a modification in the assumed lease agreement. We assess assumed operating leases, including ground leases, to determine whether the lease terms are favorable or unfavorable to us given current market conditions on the acquisition date. To the extent the lease terms are favorable or unfavorable to us relative to market conditions on the acquisition date, we recognize an intangible asset or liability at fair value and amortize that asset or liability to interest or rental expense in our Consolidated Statements of Income over the applicable lease term. Where we are the lessee, we record the acquisition date values of leases, including any above or below market value, within operating lease assets and operating lease liabilities on our Consolidated Balance Sheets. We estimate the fair value of noncontrolling interests assumed consistent with the manner in which we value all of the underlying assets and liabilities. We calculate the fair value of long-term assumed debt by discounting the remaining contractual cash flows on each instrument at the current market rate for those borrowings, which we approximate based on the rate at which we would expect to incur a replacement instrument on the date of acquisition, and recognize any fair value adjustments related to long-term debt as effective yield adjustments over the remaining term of the instrument. 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 whose fair value is determined on a recurring basis. • 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, dividend yield, volatility and 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 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 of impairment 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. A goodwill impairment, if any, will be recognized in the period it is determined and is 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 life science, 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, 2022 and December 31, 2021, this cumulative excess totaled $182.3 million and $176.9 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 under the lease, we record 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 Housing Operating Portfolio 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. We evaluate a current estimate of all expected credit losses over the life of a financial instrument, which may result in recognition of credit losses on loans and other financial instruments before an actual event of default. We establish reserves for any estimated credit losses with a corresponding charge to allowance on loans receivable and investments in our Consolidated Statements of Income. Subsequent changes in our estimate of credit losses may result in a corresponding increas

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK	9 Months Ended
	Sep. 30, 2022
Risks and Uncertainties [Abstract]
CONCENTRATION OF CREDIT RISK	NOTE 3—CONCENTRATION OF CREDIT RISK As of September 30, 2022, Atria, Sunrise, Brookdale Senior Living, Ardent and Kindred managed or operated approximately 26.7%, 9.8%, 7.8%, 5.3% and 0.8%, respectively, of our consolidated real estate investments based on gross book value (excluding properties classified as held for sale as of September 30, 2022). Because Atria and Sunrise manage our properties in exchange for a management fee from us, we are not directly exposed to their credit risk in the same manner or to the same extent as triple-net tenants like Brookdale Senior Living, Ardent and Kindred. Based on gross book value, approximately 12.6% and 53.8% of our consolidated real estate investments were senior housing communities included in the triple-net leased properties and SHOP reportable business segments, respectively (excluding properties classified as held for sale as of September 30, 2022). MOBs, life science, research and innovation centers, inpatient rehabilitation facilities (“IRFs”) and long-term acute care facilities (“LTACs”), health systems, skilled nursing facilities (“SNFs”) and secured loans receivable and investments collectively comprised the remaining 33.6%. Our consolidated properties were located in 47 states, the District of Columbia, seven Canadian provinces and the United Kingdom as of September 30, 2022, with properties in one state (California) accounting for more than 10% of our total consolidated revenues and net operating income (“NOI”) for the three months then ended. NOI is defined as total revenues, less interest and other income, property-level operating expenses and office building and other services costs. See “Non-GAAP Financial Measures” included elsewhere in this Quarterly Report on Form 10-Q for additional disclosure and a reconciliation of net income attributable to common stockholders, as computed in accordance with GAAP, to NOI. Triple-Net Leased Properties 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. The following table reflects the concentration risk related to our triple-net leased properties including assets held for sale for the periods presented: For the Three Months Ended September 30, 2022 2021 Revenues (1) : Brookdale Senior Living 3.6 % 3.8 % Ardent 3.1 3.3 Kindred 3.3 3.4 NOI (2) : Brookdale Senior Living 8.0 % 8.2 % Ardent 7.0 7.1 Kindred 7.4 7.4 (1) Total revenues include office building and other services revenue, income from loans and investments and interest and other income. (2) See “Non-GAAP Financial Measures” included elsewhere in this Quarterly Report on Form 10-Q for additional disclosure and a reconciliation of net income attributable to common stockholders, as computed in accordance with GAAP, to NOI. 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. In December 2021, Kindred Healthcare, LLC was acquired and began operating under a new healthcare system called ScionHealth. As of September 30, 2022, we leased 29 LTACs to Kindred pursuant to a master lease agreement. Pursuant to the master lease, the 29 LTACs are divided into two renewal groups. The first renewal group is composed of 6 LTACs (“Group 1”) and the second renewal group is composed of 23 LTACs (“Group 2”). In the second quarter of 2022, we and Kindred amended the master lease to, among other things, extend the lease term of Group 1 through April 30, 2028. The lease term for Group 2 ends on April 30, 2025. Although Kindred has the right to renew each of Group 1 and Group 2 for additional lease terms, we cannot assure you that Kindred will exercise any renewal options for either pool, or if the lease term is renewed, amended or extended, the terms thereof. Senior Housing Operating Portfolio As of September 30, 2022, Atria and Sunrise, collectively, provided comprehensive property management and accounting services with respect to 347 of our 549 consolidated senior housing communities, for which we pay annual management fees pursuant to long-term management agreements. On July 30, 2021, Atria acquired the management services division of Holiday, which at the time managed a pool of 26 communities for Ventas. As of September 30, 2022, Atria and its subsidiaries, including Holiday, managed a pool of 255 senior housing communities for Ventas. Ventas has the ongoing right to terminate the management contract for 91 of the communities with short term notice. As of September 30, 2022, Sunrise managed a pool of 96 senior housing communities for Ventas. Subsequent to March 31, 2022, Ventas and Sunrise Senior Living entered into a revised management agreement for 92 communities with a term expiring May 31, 2035. Under the new management agreement, Sunrise will receive a management fee based on a percentage of revenue and net operating income generated by the applicable communities. Sunrise is also entitled to certain incentive fees if specified performance targets are met. Ventas has the right to freely terminate the management agreement as to all communities if certain performance metrics are not met and may freely terminate the management agreement as to certain specified communities at any time. In addition, Ventas may also terminate the management agreement as it relates to three communities per year subject to the payment of a fee and an aggregate cap on such terminations over the term of the agreement. We successfully transitioned the operations of 90 senior living communities owned by us and operated under management agreements with Eclipse Senior Living, Inc. (“ESL”) to seven experienced managers on or before January 2, 2022. ESL ceased operation of its management business in early 2022 following completion of the transitions. We incurred certain one-time transition costs and expenses in connection with the transitions, which were recognized within transaction expenses and deal costs in our Consolidated Statements of Income. We rely on our managers’ personnel, expertise, technical resources and information systems, proprietary information, good faith and judgment to manage our senior housing operating portfolio efficiently and effectively. We also rely on our managers to set appropriate resident fees, provide accurate property-level financial results in a timely manner and otherwise operate our senior housing communities in compliance with the terms of our management agreements and all applicable laws and regulations.

ACQUISITIONS OF REAL ESTATE PRO

ACQUISITIONS OF REAL ESTATE PROPERTY	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS OF REAL ESTATE PROPERTY	NOTE 4—ACQUISITIONS OF REAL ESTATE PROPERTY We acquire and invest in senior housing, medical office buildings, life science, research and innovation centers and other healthcare properties primarily to achieve an expected yield on our investment, to grow and diversify our portfolio and revenue base, and to reduce our dependence on any single tenant, operator or manager, geographic location, asset type, business model or revenue source. Each of our acquisitions disclosed below was accounted for as an asset acquisition. 2022 Acquisitions During the nine months ended September 30, 2022, we acquired 18 MOBs leased to affiliates of Ardent, one behavioral health center and one research and innovation center, all of which are reported within our office operations segment, and two senior housing communities, which are reported within our SHOP segment, for an aggregate purchase price of $445.9 million.

DISPOSITIONS AND IMPAIRMENTS

DISPOSITIONS AND IMPAIRMENTS	9 Months Ended
	Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
DISPOSITIONS AND IMPAIRMENTS	NOTE 5—DISPOSITIONS AND IMPAIRMENTS 2022 Activity During the nine months ended September 30, 2022, we sold one vacant land parcel and one vacant office building for aggregate consideration of $12.5 million and recognized a net gain on the sales of these assets of $2.6 million. 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 (dollars in thousands): As of September 30, 2022 As of December 31, 2021 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 Triple-net leased properties 1 $ 62,463 $ 1,456 — $ — $ — SHOP 6 33,754 6,057 2 24,964 9,321 Office operations 2 3,233 1,978 2 3,435 1,529 Total 9 $ 99,450 $ 9,491 4 $ 28,399 $ 10,850 Real Estate Impairment We recognized impairments of $28.1 million and $75.9 million for the three months ended September 30, 2022 and 2021, respectively, and $55.0 million and $173.0 million for the nine months ended September 30, 2022 and 2021, respectively, which are recorded primarily as a component of depreciation and amortization in our Consolidated Statements of Income. The impairments recorded were primarily the result of a change in our intent to hold or a change in the expected future cash flows of the impaired assets.

LOANS RECEIVABLE AND INVESTMENT

LOANS RECEIVABLE AND INVESTMENTS	9 Months Ended
	Sep. 30, 2022
Loans Receivable And Investments [Abstract]
LOANS RECEIVABLE AND INVESTMENTS	NOTE 6—LOANS RECEIVABLE AND INVESTMENTS As of September 30, 2022 and December 31, 2021, we had $553.6 million and $549.2 million, 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 (dollars in thousands): Amortized Cost Allowance Unrealized (Loss) Gain Carrying Amount Fair Value As of September 30, 2022: Secured/mortgage loans and other, net (1) $ 488,515 $ — $ — $ 488,515 $ 451,781 Government-sponsored pooled loan investments, net (1) 42,335 — (1,533) 40,802 40,802 Total investments reported as secured loans receivable and investments, net 530,850 — (1,533) 529,317 492,583 Non-mortgage loans receivable, net (2) 28,942 (4,685) — 24,257 23,366 Marketable debt securities (3) — — — — — Total loans receivable and investments, net $ 559,792 $ (4,685) $ (1,533) $ 553,574 $ 515,949 As of December 31, 2021: Secured/mortgage loans and other, net (1) $ 488,913 $ — $ — $ 488,913 $ 478,931 Government-sponsored pooled loan investments, net (1) 39,376 — 1,836 41,213 41,213 Total investments reported as secured loans receivable and investments, net 528,289 — 1,836 530,126 520,144 Non-mortgage loans receivable, net (2) 24,418 (5,394) — 19,024 19,039 Total loans receivable and investments, net $ 552,707 $ (5,394) $ 1,836 $ 549,150 $ 539,183 ______________________________ (1) Includes a $486.1 million cash-pay mezzanine loan priced at LIBOR + 6.42% and secured by a diverse pool of medical office, senior housing, skilled nursing and other healthcare assets. The loan has a scheduled maturity in June 2023, subject to the borrower’s right to extend for one year, provided certain conditions are met. The loan is currently prepayable in whole or in part subject to satisfaction of certain financial and non-financial terms and conditions. Other included investments have contractual maturities in 2023. (2) Included in other assets on our Consolidated Balance Sheets.

INVESTMENTS IN UNCONSOLIDATED E

INVESTMENTS IN UNCONSOLIDATED ENTITIES	9 Months Ended
	Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS IN UNCONSOLIDATED ENTITIES	NOTE 7—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. We invest in both real estate entities and operating entities, which are described further below. Investments in Unconsolidated Real Estate Entities Through our Ventas Investment Management Platform, which consolidates our extensive third-party capital ventures under a single brand and umbrella, we partner with third-party institutional investors to invest in healthcare real estate through various joint ventures and other co-investment vehicles where we are the sponsor or general partner. Below is a summary of our investments in unconsolidated real estate entities as of September 30, 2022 and December 31, 2021, respectively (dollars in thousands): Ownership as of (1) Carrying Amount as of September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Investment in unconsolidated real estate entities: Ventas Life Science & Healthcare Real Estate Fund 20.0% 21.1% $ 258,540 $ 267,475 Pension Fund Joint Venture 22.9% 22.9% 26,422 29,192 Research & Innovation Development Joint Venture 51.5% 51.0% 261,725 221,363 Ventas Investment Management Platform 546,687 518,030 All other (2) 34.0%-38.0% 34.0%-50.0% 1,079 5,435 Total investments in unconsolidated real estate entities $ 547,766 $ 523,465 ______________________________ (1) The entities in which we have an ownership interest may have less than a 100% interest in the underlying real estate. The ownership percentages in the table reflect our interest in the underlying real estate. Joint venture members, including us in some instances, have equity participation rights based on the underlying performance of the investments which could result in non pro rata distributions. (2) Includes investments in land parcels, parking structures and other de minimis investments in unconsolidated real estate entities. We provide various services to our unconsolidated real estate entities in exchange for fees and reimbursements. Total management fees earned in connection with these services were $4.2 million and $3.2 million for the three months ended September 30, 2022 and 2021, respectively, and $11.5 million and $8.9 million for the nine months ended September 30, 2022 and 2021, respectively. Such amounts are included in office building and other services revenue in our Consolidated Statements of Income. Investments in Unconsolidated Operating Entities

INTANGIBLES

INTANGIBLES	9 Months Ended
	Sep. 30, 2022
Intangible Assets, Intangible Liabilities, And Goodwill Disclosure [Abstract]
INTANGIBLES	NOTE 8—INTANGIBLES The following is a summary of our intangibles (dollars in thousands): As of September 30, 2022 As of December 31, 2021 Balance Weighted Average Balance Weighted Average Intangible assets: Above-market lease intangibles (1) $ 129,023 5.5 $ 129,121 5.9 In-place and other lease intangibles (2) 1,212,460 7.7 1,240,626 7.2 Goodwill 1,043,289 N/A 1,046,140 N/A Other intangibles (2) 34,372 5.8 34,517 6.5 Accumulated amortization (1,024,659) N/A (944,403) N/A Net intangible assets $ 1,394,485 7.5 $ 1,506,001 7.1 Intangible liabilities: Below-market lease intangibles (1) $ 334,333 8.7 $ 334,365 9.7 Other lease intangibles 13,498 N/A 13,608 N/A Accumulated amortization (255,544) N/A (244,975) N/A Purchase option intangibles 3,568 N/A 3,568 N/A Net intangible liabilities $ 95,855 8.7 $ 106,566 9.7 ______________________________ (1) Amortization of above- and below-market lease intangibles is recorded as a decrease and an increase to revenues, respectively, in our Consolidated Statements of Income. (2) Amortization of lease intangibles is recorded in depreciation and amortization in our Consolidated Statements of Income. N/A—Not Applicable. Above-market lease intangibles and in-place and other lease intangibles are included in acquired lease intangibles within real estate investments on our Consolidated Balance Sheets. Other intangibles (including non-compete agreements, trade names and trademarks) are included in other assets on our Consolidated Balance Sheets. Below-market lease intangibles, other lease intangibles and purchase option intangibles are included in accounts payable and other liabilities on our Consolidated Balance Sheets.

OTHER ASSETS

OTHER ASSETS	9 Months Ended
	Sep. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS	NOTE 9—OTHER ASSETS The following is a summary of our other assets (dollars in thousands): As of September 30, 2022 As of December 31, 2021 Straight-line rent receivables $ 182,251 $ 176,877 Non-mortgage loans receivable, net 24,257 19,024 Stock warrants 38,187 48,884 Other intangibles, net 6,585 7,270 Investment in unconsolidated operating entities 58,399 73,602 Other 283,725 239,412 Total other assets $ 593,404 $ 565,069 Stock warrants represent warrants exercisable at any time prior to December 31, 2025, in whole or in part, for 16.3 million shares of Brookdale Senior Living common stock at an exercise price of $3.00 per share. These warrants are measured at fair value with changes in fair value being recognized within other expense in our Consolidated Statements of Income.

SENIOR NOTES PAYABLE AND OTHER

SENIOR NOTES PAYABLE AND OTHER DEBT	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
SENIOR NOTES PAYABLE AND OTHER DEBT	NOTE 10—SENIOR NOTES PAYABLE AND OTHER DEBT The following is a summary of our senior notes payable and other debt (dollars in thousands): As of September 30, 2022 As of December 31, 2021 Unsecured revolving credit facility (1) $ 31,057 $ 56,448 Commercial paper notes 377,400 280,000 Unsecured term loan due 2023 — 200,000 2.55% Senior Notes, Series D due 2023 (2) 198,901 217,667 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) 180,819 197,879 2.80% Senior Notes, Series E due 2024 (2) 433,965 474,909 Unsecured term loan due 2025 (2) 361,637 395,757 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 Unsecured term loan due 2027 500,000 — 2.45% Senior Notes, Series G due 2027 (2) 343,556 375,970 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 500,000 500,000 2.50% Senior Notes due 2031 500,000 500,000 3.30% Senior Notes, Series H due 2031 (2) 216,982 237,454 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 2,406,990 2,431,831 Total 12,276,530 12,093,138 Deferred financing costs, net (65,663) (69,925) Unamortized fair value adjustment 25,745 32,888 Unamortized discounts (25,628) (28,557) Senior notes payable and other debt $ 12,210,984 $ 12,027,544 ______________________________ (1) As of September 30, 2022 and December 31, 2021, respectively, $10.8 million and $30.9 million of aggregate borrowings were denominated in Canadian dollars. Aggregate borrowings of $20.2 million and $25.6 million were denominated in British pounds as of September 30, 2022 and December 31, 2021, respectively. (2) Canadian Dollar debt obligations shown in U.S. 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. Credit Facilities, Commercial Paper and Unsecured Term Loans We have a $2.75 billion unsecured revolving credit facility initially priced at LIBOR plus 0.825% based on the Company’s debt rating. The unsecured revolving credit facility matures in January 2025, but may be extended at our option, subject to the satisfaction of certain conditions, for two additional periods of six months each. 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, subject to the satisfaction of certain conditions, including the receipt of additional commitments for such increase. As of September 30, 2022, we had $2.7 billion of undrawn capacity on our unsecured revolving credit facility with $31.1 million borrowings outstanding and an additional $15.6 million restricted to support outstanding letters of credit. We limit our use of the unsecured revolving credit facility, to the extent necessary, to support our commercial paper program when commercial paper notes are outstanding. 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 U.S. 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, 2022, we had $377.4 million in borrowings outstanding under our commercial paper program. In June 2022, we entered into a Credit and Guaranty Agreement (the “New Credit Agreement”) with Ventas Realty, as borrower. The New Credit Agreement replaces Ventas Realty’s previous $200.0 million unsecured term loan priced at LIBOR plus 0.90% that matured in 2023 with a new $500.0 million unsecured term loan that matures in 2027 and is initially priced at Term SOFR plus 0.95% based on Ventas Realty’s debt ratings. The New Credit Agreement also includes an accordion feature that permits us to increase our aggregate borrowings thereunder to up to $1.25 billion, subject to the satisfaction of certain conditions, including the receipt of additional commitments for such increase. As of September 30, 2022, we had a C$500.0 million unsecured term loan facility priced at Canadian Dollar Offered Rate (“CDOR”) plus 0.90% that matures in 2025. As of September 30, 2022, our indebtedness had the following maturities (dollars in thousands): Principal Amount Unsecured Revolving Credit Facility and Commercial Paper Notes (1) Scheduled Periodic Total Maturities 2022 $ 95,179 $ 377,400 $ 13,047 $ 485,626 2023 460,768 — 42,519 503,287 2024 1,611,331 — 37,698 1,649,029 2025 2,007,873 31,057 32,105 2,071,035 2026 1,048,586 — 25,453 1,074,039 Thereafter 6,348,949 — 144,565 6,493,514 Total maturities $ 11,572,686 $ 408,457 $ 295,387 $ 12,276,530 ______________________________

FAIR VALUES OF FINANCIAL INSTRU

FAIR VALUES OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
FAIR VALUES OF FINANCIAL INSTRUMENTS	NOTE 11—FAIR VALUES OF FINANCIAL INSTRUMENTS The carrying amounts and fair values of our financial instruments were as follows (dollars in thousands): As of September 30, 2022 As of December 31, 2021 Carrying Fair Value Carrying Fair Value Assets: Cash and cash equivalents $ 145,146 $ 145,146 $ 149,725 $ 149,725 Escrow deposits and restricted cash 50,492 50,492 46,872 46,872 Stock warrants 38,187 38,187 48,884 48,884 Secured mortgage loans and other, net 488,515 451,781 488,913 478,931 Non-mortgage loans receivable, net (1) 24,257 23,366 19,024 19,039 Government-sponsored pooled loan investments, net 40,802 40,802 41,213 41,213 Derivative instruments (1) 26,477 26,477 1,128 1,128 Liabilities: Senior notes payable and other debt, gross 12,276,530 11,353,545 12,093,138 12,891,937 Derivative instruments (2) — — 12,290 12,290 Redeemable OP Units 152,886 152,886 182,112 182,112 ______________________________ (1) Included in other assets on our Consolidated Balance Sheets. (2) Included in accounts payable and other liabilities on our Consolidated Balance Sheets. 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.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 12—COMMITMENTS AND CONTINGENCIES From time to time, we are party to various lawsuits, investigations, claims and other legal and regulatory proceedings arising in connection with our business. These legal and regulatory matters may include, among other things, professional liability and general liability claims, commercial liability claims, unfair business practice claims and employment claims, as well as regulatory proceedings, including proceedings related to our senior housing operating portfolio, where we are typically the holder of the applicable healthcare license. In certain circumstances, regardless of whether we are a named party in a lawsuit, investigation, claim or other legal or regulatory proceeding, we may be contractually obligated to indemnify, defend and hold harmless our tenants, operators, managers or other third parties against, or may otherwise be responsible for, such actions, proceedings or claims. In other circumstances, certain of our tenants, operators, managers or other third parties may be obligated to indemnify, defend and hold us harmless in whole or in part with respect to certain actions, legal or regulatory proceedings. We cannot assure you that these third parties will be able to satisfy their defense and indemnification obligations to us. Legal and regulatory matters to which we are subject or for which we are otherwise responsible may not be fully insured and some may allege large damage amounts. It is the opinion of management that the disposition of any such lawsuits, investigations, claims and other legal and regulatory proceedings that are currently pending will not, individually or in the aggregate, have a material adverse effect on us. However, regardless of the merits of a particular legal or regulatory matter, 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 lawsuits, investigations, claims and other legal and regulatory proceedings, and if management’s assessment of our liability with respect thereto is incorrect, such legal or regulatory matters could have a material adverse effect on us.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 13—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, 2022, 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 provision for income taxes for the three months ended September 30, 2022 and 2021 was a benefit of $6.0 million and an expense of $3.8 million, respectively. Our consolidated provision for income taxes for the nine months ended September 30, 2022 and 2021 was a benefit of $14.3 million and an expense of $9.6 million, respectively. The income tax benefit for the three and nine months ended September 30, 2022 was primarily due to losses in certain of our TRS entities and a $2.0 million benefit from an internal restructuring of a U.S. taxable REIT subsidiary. The income tax expense for the three months ended September 30, 2021 was primarily due to a $3.7 million deferred tax expense related to the release of certain residual tax effects from marketable debt securities. The income tax expense for the nine months ended September 30, 2021 was primarily due to a $3.7 million deferred tax expense related to the release of certain residual tax effects from marketable debt securities, a $2.9 million net deferred tax expense related to an internal restructuring of certain U.S. taxable REIT subsidiaries, and a $3.4 million deferred tax expense related to the revaluation of certain deferred tax liabilities as a result of enacted tax rate changes in the United Kingdom. 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 $40.7 million and $59.3 million as of September 30, 2022 and December 31, 2021, 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 $13.6 million and $11.2 million as of September 30, 2022 and December 31, 2021, 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, 2018 and subsequent years and are subject to audit by state taxing authorities for the year ended December 31, 2017 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, 2017 and subsequent years. We are subject to audit in the United Kingdom generally for periods ended in and subsequent to 2020.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
STOCKHOLDERS' EQUITY	NOTE 14—STOCKHOLDERS' EQUITY Capital Stock We participate in an “at-the-market” equity offering program (“ATM program”), pursuant to which we may, from time to time, sell up to $1.0 billion aggregate gross sales price of shares of our common stock. There were no issuances under the ATM program for the nine months ended September 30, 2022. As of September 30, 2022, $1.0 billion aggregate gross sales price of shares of our common stock remains available for issuance under the ATM program. Accumulated Other Comprehensive Loss The following is a summary of our accumulated other comprehensive loss (dollars in thousands): As of September 30, 2022 As of December 31, 2021 Foreign currency translation loss $ (70,858) $ (56,227) Unrealized (loss) gain on available for sale securities (1,533) 1,836 Unrealized gain (loss) on derivative instruments 25,082 (10,129) Total accumulated other comprehensive loss $ (47,309) $ (64,520)

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
EARNINGS PER SHARE	NOTE 15—EARNINGS PER SHARE The following table shows the amounts used in computing our basic and diluted earnings per share (in thousands, except per share amounts): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Numerator for basic and diluted earnings per share: Income from continuing operations $ 3,063 $ 62,774 $ 2,453 $ 95,664 Net income 3,063 62,774 2,453 95,664 Net income attributable to noncontrolling interests 1,807 2,094 4,881 5,802 Net income (loss) attributable to common stockholders $ 1,256 $ 60,680 $ (2,428) $ 89,862 Denominator: Denominator for basic earnings per share—weighted average shares 399,646 381,996 399,513 377,271 Effect of dilutive securities: Stock options — 72 11 45 Restricted stock awards 381 404 390 340 OP unitholder interests 3,516 3,051 3,517 2,987 Denominator for diluted earnings per share—adjusted weighted average shares 403,543 385,523 403,431 380,643 Basic earnings per share: Income from continuing operations $ 0.01 $ 0.16 $ 0.01 $ 0.25 Net income (loss) attributable to common stockholders 0.00 0.16 (0.01) 0.24 Diluted earnings per share: (1) Income from continuing operations $ 0.01 $ 0.16 $ 0.01 $ 0.25 Net income (loss) attributable to common stockholders 0.00 0.16 (0.01) 0.24 ______________________________ (1) Potential common shares are not included in the computation of diluted earnings per share when a loss from continuing operations exists as the effect would be an antidilutive per share amount.

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
SEGMENT INFORMATION	NOTE 16—SEGMENT INFORMATION As of September 30, 2022, we operated through three reportable business segments: triple-net leased properties, SHOP and office operations. In our triple-net leased properties reportable business 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 SHOP reportable business 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 reportable business segment, we primarily acquire, own, develop, lease and manage MOBs and life science, research and innovation centers throughout the United States. Information provided for “non-segment” 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 “non-segment” 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 NOI and related measures. We define NOI as total revenues, less interest and other income, property-level operating expenses and office building and other services costs. We consider 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, 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. See “Non-GAAP Financial Measures” included elsewhere in this Quarterly Report on Form 10-Q for additional disclosure and reconciliations of net income attributable to common stockholders, as computed in accordance with GAAP, to NOI. 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 (dollars in thousands): For the Three Months Ended September 30, 2022 SHOP Office Triple-Net Non-Segment Total Revenues: Rental income $ — $ 200,867 $ 150,115 $ — $ 350,982 Resident fees and services 668,583 — — — 668,583 Office building and other services revenue — 547 — 4,003 4,550 Income from loans and investments — — — 12,672 12,672 Interest and other income — — — 489 489 Total revenues $ 668,583 $ 201,414 $ 150,115 $ 17,164 $ 1,037,276 Total revenues $ 668,583 $ 201,414 $ 150,115 $ 17,164 $ 1,037,276 Less: Interest and other income — — — 489 489 Property-level operating expenses 499,972 66,098 3,756 — 569,826 Office building and other services costs — — — 1,750 1,750 NOI $ 168,611 $ 135,316 $ 146,359 $ 14,925 465,211 Interest and other income 489 Interest expense (119,413) Depreciation and amortization (301,481) General, administrative and professional fees (35,421) Loss on extinguishment of debt, net (574) Transaction expenses and deal costs (4,782) Allowance on loans receivable and investments 63 Other (9,162) Income from unconsolidated entities 1,970 Gain on real estate dispositions 136 Income tax benefit 6,027 Income from continuing operations 3,063 Net income 3,063 Net income attributable to noncontrolling interests 1,807 Net income attributable to common stockholders $ 1,256 For the Three Months Ended September 30, 2021 SHOP Office Triple-Net Non-Segment Total Revenues: Rental income $ — $ 201,673 $ 181,379 $ — $ 383,052 Resident fees and services 558,039 — — — 558,039 Office building and other services revenue — 2,872 — 2,969 5,841 Income from loans and investments — — — 28,729 28,729 Interest and other income — — — 417 417 Total revenues $ 558,039 $ 204,545 $ 181,379 $ 32,115 $ 976,078 Total revenues $ 558,039 $ 204,545 $ 181,379 $ 32,115 $ 976,078 Less: Interest and other income — — — 417 417 Property-level operating expenses 453,659 66,401 3,268 — 523,328 Office building and other services costs — 522 — — 522 NOI $ 104,380 $ 137,622 $ 178,111 $ 31,698 451,811 Interest and other income 417 Interest expense (108,816) Depreciation and amortization (313,596) General, administrative and professional fees (30,259) Loss on extinguishment of debt, net (29,792) Transaction expenses and deal costs (22,662) Allowance on loans receivable and investments 60 Other (33,673) Income from unconsolidated entities 2,772 Gain on real estate dispositions 150,292 Income tax expense (3,780) Income from continuing operations 62,774 Net income 62,774 Net income attributable to noncontrolling interests 2,094 Net income attributable to common stockholders $ 60,680 For the Nine Months Ended September 30, 2022 SHOP Office Triple-Net Non-Segment Total Revenues: Rental income $ — $ 600,648 $ 451,073 $ — $ 1,051,721 Resident fees and services 1,977,760 — — — 1,977,760 Office building and other services revenue — 1,834 — 10,991 12,825 Income from loans and investments — — — 33,271 33,271 Interest and other income — — — 2,191 2,191 Total revenues $ 1,977,760 $ 602,482 $ 451,073 $ 46,453 $ 3,077,768 Total revenues $ 1,977,760 $ 602,482 $ 451,073 $ 46,453 $ 3,077,768 Less: Interest and other income — — — 2,191 2,191 Property-level operating expenses 1,482,948 192,609 11,349 — 1,686,906 Office building and other services costs — — — 4,473 4,473 NOI $ 494,812 $ 409,873 $ 439,724 $ 39,789 1,384,198 Interest and other income 2,191 Interest expense (344,158) Depreciation and amortization (873,620) General, administrative and professional fees (111,334) Loss on extinguishment of debt, net (581) Transaction expenses and deal costs (37,852) Allowance on loans receivable and investments 179 Other (30,088) Loss from unconsolidated entities (3,346) Gain on real estate dispositions 2,557 Income tax benefit 14,307 Income from continuing operations 2,453 Net income 2,453 Net income attributable to noncontrolling interests 4,881 Net loss attributable to common stockholders $ (2,428) For the Nine Months Ended September 30, 2021 SHOP Office Triple-Net Non-Segment Total Revenues: Rental income $ — $ 599,516 $ 500,487 $ — $ 1,100,003 Resident fees and services 1,622,641 — — — 1,622,641 Office building and other services revenue — 7,756 — 8,416 16,172 Income from loans and investments — — — 65,404 65,404 Interest and other income — — — 1,343 1,343 Total revenues $ 1,622,641 $ 607,272 $ 500,487 $ 75,163 $ 2,805,563 Total revenues $ 1,622,641 $ 607,272 $ 500,487 $ 75,163 $ 2,805,563 Less: Interest and other income — — — 1,343 1,343 Property-level operating expenses 1,296,301 195,297 12,525 — 1,504,123 Office building and other services costs — 1,798 — — 1,798 NOI $ 326,340 $ 410,177 $ 487,962 $ 73,820 1,298,299 Interest and other income 1,343 Interest expense (329,634) Depreciation and amortization (878,444) General, administrative and professional fees (101,156) Loss on extinguishment of debt, net (56,808) Transaction expenses and deal costs (28,000) Allowance on loans receivable and investments 9,021 Other (10,755) Income from unconsolidated entities 7,289 Gain on real estate dispositions 194,083 Income tax expense (9,574) Income from continuing operations 95,664 Net income 95,664 Net income attributable to noncontrolling interests 5,802 Net income attributable to common stockholders $ 89,862 Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment are as follows (dollars in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Capital Expenditures: SHOP $ 114,453 $ 1,093,773 $ 313,396 $ 1,193,646 Office operations 44,150 52,627 403,976 140,841 Triple-net leased properties 1,268 75,544 3,676 92,683 Total capital expenditures $ 159,871 $ 1,221,944 $ 721,048 $ 1,427,170 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 (dollars in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Revenues: United States $ 918,106 $ 859,524 $ 2,719,097 $ 2,460,534 Canada 112,550 109,046 337,503 322,422 United Kingdom 6,620 7,508 21,168 22,607 Total revenues $ 1,037,276 $ 976,078 $ 3,077,768 $ 2,805,563 As of September 30, 2022 As of December 31, 2021 Net Real Estate Property: United States $ 18,345,417 $ 18,562,738 Canada 2,736,339 3,007,008 United Kingdom 196,177 247,092 Total net real estate property $ 21,277,933 $ 21,816,838

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Accounting	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, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. 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, 2021 (the “2021 Annual Report”). Certain prior period amounts have been reclassified to conform to the current period presentation.
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 life science, 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 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.
Investments in Unconsolidated Entities	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 loss from unconsolidated entities 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 may be 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	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 NHP/PMB as a VIE. As of September 30, 2022, third party investors owned 3.9 million Class A limited partnership units in NHP/PMB (“OP Units”), which represented 34% of the total units then outstanding, and we owned 7.5 million Class B limited partnership units in NHP/PMB, representing the remaining 66%. The OP Units may be redeemed at any time at the election of the holder for cash or, at our option, 0.9051 shares of our common stock per OP Unit, subject to 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. The OP Units are classified outside of permanent equity on our Consolidated Balance Sheets because they may be redeemed by third parties under circumstances that are outside of our control. We reflect the OP Units at the greater of cost or redemption value. As of September 30, 2022 and December 31, 2021, the fair value of the OP Units was $152.9 million and $182.1 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, 2022 and December 31, 2021. 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 on our Consolidated Balance Sheets. Noncontrolling Interests Excluding the redeemable noncontrolling interests described above, we present the portion of any equity that we do not own in entities that we control (and thus consolidate) as noncontrolling interests and classify those interests as a component of consolidated equity, separate from total Ventas stockholders’ equity, on our Consolidated Balance Sheets. For consolidated joint ventures with pro rata distribution allocations, net income or loss, and comprehensive income, is allocated between the joint venture partners based on their respective stated ownership percentages. In other cases, net income or loss is allocated between the joint venture partners based on the HLBV method. We account for purchases or sales of equity interests that do not result in a change of control as equity transactions, through capital in excess of par value. We include net income attributable to the noncontrolling interests in net income in our Consolidated Statements of Income and we include the noncontrolling interests’ share of comprehensive income in our Consolidated Statements of Comprehensive Income.
Accounting for Historic and New Markets Tax Credits	Accounting for Historic and New Markets Tax Credits For certain of our life science, 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”), new markets tax credits (“NMTCs”) or both. As of September 30, 2022, we owned four properties 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 recapture within five years of substantial completion. The amount of the recapture is equal to 100% of the HTCs during the first year after the completion of the historic rehabilitation and is reduced by 20% each year during the subsequent five year period. NMTCs are subject to 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.
Accounting for Real Estate Acquisitions	Accounting for Real Estate Acquisitions When we acquire real estate, we first make reasonable judgments about whether the transaction involves an asset or a business. Our real estate acquisitions are generally accounted for as asset acquisitions as substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. Regardless of whether an acquisition is considered a business combination or an asset acquisition, we record the cost of the businesses or assets acquired as tangible and intangible assets and liabilities based upon their estimated fair values as of the acquisition date. We estimate the fair value of buildings acquired on an as-if-vacant basis or replacement cost basis and depreciate the building value over the estimated remaining life of the building, generally not to exceed 35 years. We determine the fair value of other fixed assets, such as site improvements and furniture, fixtures and equipment, based upon the replacement cost and depreciate such value over the assets’ estimated remaining useful lives as determined at the applicable acquisition date. We determine the value of land either by considering the sales prices of similar properties in recent transactions or based on internal analyses of recently acquired and existing comparable properties within our portfolio. We generally determine the value of construction in progress based upon the replacement cost. However, for certain acquired properties that are part of a ground-up development, we determine fair value by using the same valuation approach as for all other properties and deducting the estimated cost to complete the development. During the remaining construction period, we capitalize project costs until the development has reached substantial completion. Construction in progress, including capitalized interest, is not depreciated until the development has reached substantial completion. Intangibles primarily include the value of in-place leases and acquired lease contracts. We include all lease-related intangible assets and liabilities within acquired lease intangibles and accounts payable and other liabilities, respectively, on our Consolidated Balance Sheets. The fair value of acquired lease-related intangibles, if any, reflects: (i) the estimated value of any above or below market leases, determined by discounting the difference between the estimated market rent and in-place lease rent; and (ii) the estimated value of in-place leases related to the cost to obtain tenants, including leasing commissions, and an estimated value of the absorption period to reflect the value of the rent and recovery costs foregone during a reasonable lease-up period as if the acquired space was vacant. We amortize any acquired lease-related intangibles to revenue or amortization expense over the remaining life of the associated lease plus any assumed bargain renewal periods. If a lease is terminated prior to its stated expiration or not renewed upon expiration, we recognize all unamortized amounts of lease-related intangibles associated with that lease in operations over the shortened lease term. We estimate the fair value of purchase option intangible assets and liabilities, if any, by discounting the difference between the applicable property’s acquisition date fair value and an estimate of its future option price. We do not amortize the resulting intangible asset or liability over the term of the lease, but rather adjust the recognized value of the asset or liability upon sale. In connection with an acquisition, we may assume rights and obligations under certain lease agreements pursuant to which we become the lessee of a given property. We generally assume the lease classification previously determined by the prior lessee absent a modification in the assumed lease agreement. We assess assumed operating leases, including ground leases, to determine whether the lease terms are favorable or unfavorable to us given current market conditions on the acquisition date. To the extent the lease terms are favorable or unfavorable to us relative to market conditions on the acquisition date, we recognize an intangible asset or liability at fair value and amortize that asset or liability to interest or rental expense in our Consolidated Statements of Income over the applicable lease term. Where we are the lessee, we record the acquisition date values of leases, including any above or below market value, within operating lease assets and operating lease liabilities on our Consolidated Balance Sheets. We estimate the fair value of noncontrolling interests assumed consistent with the manner in which we value all of the underlying assets and liabilities. We calculate the fair value of long-term assumed debt by discounting the remaining contractual cash flows on each instrument at the current market rate for those borrowings, which we approximate based on the rate at which we would expect to incur a replacement instrument on the date of acquisition, and recognize any fair value adjustments related to long-term debt as effective yield adjustments over the remaining term of the instrument.
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 whose fair value is determined on a recurring basis. • 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, dividend yield, volatility and 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	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 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 of impairment 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. A goodwill impairment, if any, will be recognized in the period it is determined and is 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
Revenue Recognition	Revenue Recognition Triple-Net Leased Properties and Office Operations Certain of our triple-net leases and most of our MOB and life science, 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, 2022 and December 31, 2021, this cumulative excess totaled $182.3 million and $176.9 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 under the lease, we record 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 Housing Operating Portfolio 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.
Lease Accounting	Accounting for Leased Property 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 on our Consolidated Balance Sheets. 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 our Consolidated Statements of Income.
Recently Issued Accounting Standards	Recently Adopted Accounting Standards In November 2021, the FASB issued Accounting Standards Update 2021-10, Disclosures by Business Entities about Government Assistance (“ASU 2022-10”), which requires expanded annual disclosures for transactions involving the receipt of government assistance. Required disclosures include a description of the nature of the transactions with government entities, our accounting policies for such transactions and their impact to our Consolidated Financial Statements. We adopted ASU 2021-10 on January 1, 2022 and the adoption of this standard is not expected to have a material impact on our Consolidated Financial Statements.

ACCOUNTING POLICIES (Tables)

ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2022
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 (dollars in thousands): As of September 30, 2022 As of December 31, 2021 Total Assets Total Liabilities Total Assets Total Liabilities NHP/PMB L.P. $ 750,667 $ 259,720 $ 749,834 $ 251,352 Other identified VIEs 3,616,590 1,489,250 3,805,567 1,552,237 Tax credit VIEs 260,742 38,525 458,953 103,992

CONCENTRATION OF CREDIT RISK (T

CONCENTRATION OF CREDIT RISK (Tables)	9 Months Ended
	Sep. 30, 2022
Risks and Uncertainties [Abstract]
Schedules of Concentration of Risk, by Risk Factor	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. The following table reflects the concentration risk related to our triple-net leased properties including assets held for sale for the periods presented: For the Three Months Ended September 30, 2022 2021 Revenues (1) : Brookdale Senior Living 3.6 % 3.8 % Ardent 3.1 3.3 Kindred 3.3 3.4 NOI (2) : Brookdale Senior Living 8.0 % 8.2 % Ardent 7.0 7.1 Kindred 7.4 7.4 (1) Total revenues include office building and other services revenue, income from loans and investments and interest and other income. (2) See “Non-GAAP Financial Measures” included elsewhere in this Quarterly Report on Form 10-Q for additional disclosure and a reconciliation of net income attributable to common stockholders, as computed in accordance with GAAP, to NOI.

DISPOSITIONS AND IMPAIRMENTS (T

DISPOSITIONS AND IMPAIRMENTS (Tables)	9 Months Ended
	Sep. 30, 2022
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 (dollars in thousands): As of September 30, 2022 As of December 31, 2021 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 Triple-net leased properties 1 $ 62,463 $ 1,456 — $ — $ — SHOP 6 33,754 6,057 2 24,964 9,321 Office operations 2 3,233 1,978 2 3,435 1,529 Total 9 $ 99,450 $ 9,491 4 $ 28,399 $ 10,850

LOANS RECEIVABLE AND INVESTME_2

LOANS RECEIVABLE AND INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2022
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 (dollars in thousands): Amortized Cost Allowance Unrealized (Loss) Gain Carrying Amount Fair Value As of September 30, 2022: Secured/mortgage loans and other, net (1) $ 488,515 $ — $ — $ 488,515 $ 451,781 Government-sponsored pooled loan investments, net (1) 42,335 — (1,533) 40,802 40,802 Total investments reported as secured loans receivable and investments, net 530,850 — (1,533) 529,317 492,583 Non-mortgage loans receivable, net (2) 28,942 (4,685) — 24,257 23,366 Marketable debt securities (3) — — — — — Total loans receivable and investments, net $ 559,792 $ (4,685) $ (1,533) $ 553,574 $ 515,949 As of December 31, 2021: Secured/mortgage loans and other, net (1) $ 488,913 $ — $ — $ 488,913 $ 478,931 Government-sponsored pooled loan investments, net (1) 39,376 — 1,836 41,213 41,213 Total investments reported as secured loans receivable and investments, net 528,289 — 1,836 530,126 520,144 Non-mortgage loans receivable, net (2) 24,418 (5,394) — 19,024 19,039 Total loans receivable and investments, net $ 552,707 $ (5,394) $ 1,836 $ 549,150 $ 539,183 ______________________________ (1) Includes a $486.1 million cash-pay mezzanine loan priced at LIBOR + 6.42% and secured by a diverse pool of medical office, senior housing, skilled nursing and other healthcare assets. The loan has a scheduled maturity in June 2023, subject to the borrower’s right to extend for one year, provided certain conditions are met. The loan is currently prepayable in whole or in part subject to satisfaction of certain financial and non-financial terms and conditions. Other included investments have contractual maturities in 2023. (2) Included in other assets on our Consolidated Balance Sheets.

INTANGIBLES (Tables)

INTANGIBLES (Tables)	9 Months Ended
	Sep. 30, 2022
Intangible Assets, Intangible Liabilities, And Goodwill Disclosure [Abstract]
Schedule of Intangibles	The following is a summary of our intangibles (dollars in thousands): As of September 30, 2022 As of December 31, 2021 Balance Weighted Average Balance Weighted Average Intangible assets: Above-market lease intangibles (1) $ 129,023 5.5 $ 129,121 5.9 In-place and other lease intangibles (2) 1,212,460 7.7 1,240,626 7.2 Goodwill 1,043,289 N/A 1,046,140 N/A Other intangibles (2) 34,372 5.8 34,517 6.5 Accumulated amortization (1,024,659) N/A (944,403) N/A Net intangible assets $ 1,394,485 7.5 $ 1,506,001 7.1 Intangible liabilities: Below-market lease intangibles (1) $ 334,333 8.7 $ 334,365 9.7 Other lease intangibles 13,498 N/A 13,608 N/A Accumulated amortization (255,544) N/A (244,975) N/A Purchase option intangibles 3,568 N/A 3,568 N/A Net intangible liabilities $ 95,855 8.7 $ 106,566 9.7 ______________________________ (1) Amortization of above- and below-market lease intangibles is recorded as a decrease and an increase to revenues, respectively, in our Consolidated Statements of Income. (2) Amortization of lease intangibles is recorded in depreciation and amortization in our Consolidated Statements of Income. N/A—Not Applicable.

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	9 Months Ended
	Sep. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Summary of Other Assets	The following is a summary of our other assets (dollars in thousands): As of September 30, 2022 As of December 31, 2021 Straight-line rent receivables $ 182,251 $ 176,877 Non-mortgage loans receivable, net 24,257 19,024 Stock warrants 38,187 48,884 Other intangibles, net 6,585 7,270 Investment in unconsolidated operating entities 58,399 73,602 Other 283,725 239,412 Total other assets $ 593,404 $ 565,069

SENIOR NOTES PAYABLE AND OTHE_2

SENIOR NOTES PAYABLE AND OTHER DEBT (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Summary of Senior Notes Payable and Other Debt	The following is a summary of our senior notes payable and other debt (dollars in thousands): As of September 30, 2022 As of December 31, 2021 Unsecured revolving credit facility (1) $ 31,057 $ 56,448 Commercial paper notes 377,400 280,000 Unsecured term loan due 2023 — 200,000 2.55% Senior Notes, Series D due 2023 (2) 198,901 217,667 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) 180,819 197,879 2.80% Senior Notes, Series E due 2024 (2) 433,965 474,909 Unsecured term loan due 2025 (2) 361,637 395,757 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 Unsecured term loan due 2027 500,000 — 2.45% Senior Notes, Series G due 2027 (2) 343,556 375,970 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 500,000 500,000 2.50% Senior Notes due 2031 500,000 500,000 3.30% Senior Notes, Series H due 2031 (2) 216,982 237,454 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 2,406,990 2,431,831 Total 12,276,530 12,093,138 Deferred financing costs, net (65,663) (69,925) Unamortized fair value adjustment 25,745 32,888 Unamortized discounts (25,628) (28,557) Senior notes payable and other debt $ 12,210,984 $ 12,027,544 ______________________________ (1) As of September 30, 2022 and December 31, 2021, respectively, $10.8 million and $30.9 million of aggregate borrowings were denominated in Canadian dollars. Aggregate borrowings of $20.2 million and $25.6 million were denominated in British pounds as of September 30, 2022 and December 31, 2021, respectively. (2) Canadian Dollar debt obligations shown in U.S. 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.
Scheduled Maturities of Borrowing Arrangements and Other Provisions Excluding Capital Lease Obligations	As of September 30, 2022, our indebtedness had the following maturities (dollars in thousands): Principal Amount Unsecured Revolving Credit Facility and Commercial Paper Notes (1) Scheduled Periodic Total Maturities 2022 $ 95,179 $ 377,400 $ 13,047 $ 485,626 2023 460,768 — 42,519 503,287 2024 1,611,331 — 37,698 1,649,029 2025 2,007,873 31,057 32,105 2,071,035 2026 1,048,586 — 25,453 1,074,039 Thereafter 6,348,949 — 144,565 6,493,514 Total maturities $ 11,572,686 $ 408,457 $ 295,387 $ 12,276,530 ______________________________

FAIR VALUES OF FINANCIAL INST_2

FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2022
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 (dollars in thousands): As of September 30, 2022 As of December 31, 2021 Carrying Fair Value Carrying Fair Value Assets: Cash and cash equivalents $ 145,146 $ 145,146 $ 149,725 $ 149,725 Escrow deposits and restricted cash 50,492 50,492 46,872 46,872 Stock warrants 38,187 38,187 48,884 48,884 Secured mortgage loans and other, net 488,515 451,781 488,913 478,931 Non-mortgage loans receivable, net (1) 24,257 23,366 19,024 19,039 Government-sponsored pooled loan investments, net 40,802 40,802 41,213 41,213 Derivative instruments (1) 26,477 26,477 1,128 1,128 Liabilities: Senior notes payable and other debt, gross 12,276,530 11,353,545 12,093,138 12,891,937 Derivative instruments (2) — — 12,290 12,290 Redeemable OP Units 152,886 152,886 182,112 182,112 ______________________________ (1) Included in other assets on our Consolidated Balance Sheets. (2) Included in accounts payable and other liabilities on our Consolidated Balance Sheets.

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Accumulated Other Comprehensive Income	The following is a summary of our accumulated other comprehensive loss (dollars in thousands): As of September 30, 2022 As of December 31, 2021 Foreign currency translation loss $ (70,858) $ (56,227) Unrealized (loss) gain on available for sale securities (1,533) 1,836 Unrealized gain (loss) on derivative instruments 25,082 (10,129) Total accumulated other comprehensive loss $ (47,309) $ (64,520)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2022
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 (in thousands, except per share amounts): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Numerator for basic and diluted earnings per share: Income from continuing operations $ 3,063 $ 62,774 $ 2,453 $ 95,664 Net income 3,063 62,774 2,453 95,664 Net income attributable to noncontrolling interests 1,807 2,094 4,881 5,802 Net income (loss) attributable to common stockholders $ 1,256 $ 60,680 $ (2,428) $ 89,862 Denominator: Denominator for basic earnings per share—weighted average shares 399,646 381,996 399,513 377,271 Effect of dilutive securities: Stock options — 72 11 45 Restricted stock awards 381 404 390 340 OP unitholder interests 3,516 3,051 3,517 2,987 Denominator for diluted earnings per share—adjusted weighted average shares 403,543 385,523 403,431 380,643 Basic earnings per share: Income from continuing operations $ 0.01 $ 0.16 $ 0.01 $ 0.25 Net income (loss) attributable to common stockholders 0.00 0.16 (0.01) 0.24 Diluted earnings per share: (1) Income from continuing operations $ 0.01 $ 0.16 $ 0.01 $ 0.25 Net income (loss) attributable to common stockholders 0.00 0.16 (0.01) 0.24 ______________________________ (1) Potential common shares are not included in the computation of diluted earnings per share when a loss from continuing operations exists as the effect would be an antidilutive per share amount.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Summary information by reportable business segment	Summary information by reportable business segment is as follows (dollars in thousands): For the Three Months Ended September 30, 2022 SHOP Office Triple-Net Non-Segment Total Revenues: Rental income $ — $ 200,867 $ 150,115 $ — $ 350,982 Resident fees and services 668,583 — — — 668,583 Office building and other services revenue — 547 — 4,003 4,550 Income from loans and investments — — — 12,672 12,672 Interest and other income — — — 489 489 Total revenues $ 668,583 $ 201,414 $ 150,115 $ 17,164 $ 1,037,276 Total revenues $ 668,583 $ 201,414 $ 150,115 $ 17,164 $ 1,037,276 Less: Interest and other income — — — 489 489 Property-level operating expenses 499,972 66,098 3,756 — 569,826 Office building and other services costs — — — 1,750 1,750 NOI $ 168,611 $ 135,316 $ 146,359 $ 14,925 465,211 Interest and other income 489 Interest expense (119,413) Depreciation and amortization (301,481) General, administrative and professional fees (35,421) Loss on extinguishment of debt, net (574) Transaction expenses and deal costs (4,782) Allowance on loans receivable and investments 63 Other (9,162) Income from unconsolidated entities 1,970 Gain on real estate dispositions 136 Income tax benefit 6,027 Income from continuing operations 3,063 Net income 3,063 Net income attributable to noncontrolling interests 1,807 Net income attributable to common stockholders $ 1,256 For the Three Months Ended September 30, 2021 SHOP Office Triple-Net Non-Segment Total Revenues: Rental income $ — $ 201,673 $ 181,379 $ — $ 383,052 Resident fees and services 558,039 — — — 558,039 Office building and other services revenue — 2,872 — 2,969 5,841 Income from loans and investments — — — 28,729 28,729 Interest and other income — — — 417 417 Total revenues $ 558,039 $ 204,545 $ 181,379 $ 32,115 $ 976,078 Total revenues $ 558,039 $ 204,545 $ 181,379 $ 32,115 $ 976,078 Less: Interest and other income — — — 417 417 Property-level operating expenses 453,659 66,401 3,268 — 523,328 Office building and other services costs — 522 — — 522 NOI $ 104,380 $ 137,622 $ 178,111 $ 31,698 451,811 Interest and other income 417 Interest expense (108,816) Depreciation and amortization (313,596) General, administrative and professional fees (30,259) Loss on extinguishment of debt, net (29,792) Transaction expenses and deal costs (22,662) Allowance on loans receivable and investments 60 Other (33,673) Income from unconsolidated entities 2,772 Gain on real estate dispositions 150,292 Income tax expense (3,780) Income from continuing operations 62,774 Net income 62,774 Net income attributable to noncontrolling interests 2,094 Net income attributable to common stockholders $ 60,680 For the Nine Months Ended September 30, 2022 SHOP Office Triple-Net Non-Segment Total Revenues: Rental income $ — $ 600,648 $ 451,073 $ — $ 1,051,721 Resident fees and services 1,977,760 — — — 1,977,760 Office building and other services revenue — 1,834 — 10,991 12,825 Income from loans and investments — — — 33,271 33,271 Interest and other income — — — 2,191 2,191 Total revenues $ 1,977,760 $ 602,482 $ 451,073 $ 46,453 $ 3,077,768 Total revenues $ 1,977,760 $ 602,482 $ 451,073 $ 46,453 $ 3,077,768 Less: Interest and other income — — — 2,191 2,191 Property-level operating expenses 1,482,948 192,609 11,349 — 1,686,906 Office building and other services costs — — — 4,473 4,473 NOI $ 494,812 $ 409,873 $ 439,724 $ 39,789 1,384,198 Interest and other income 2,191 Interest expense (344,158) Depreciation and amortization (873,620) General, administrative and professional fees (111,334) Loss on extinguishment of debt, net (581) Transaction expenses and deal costs (37,852) Allowance on loans receivable and investments 179 Other (30,088) Loss from unconsolidated entities (3,346) Gain on real estate dispositions 2,557 Income tax benefit 14,307 Income from continuing operations 2,453 Net income 2,453 Net income attributable to noncontrolling interests 4,881 Net loss attributable to common stockholders $ (2,428) For the Nine Months Ended September 30, 2021 SHOP Office Triple-Net Non-Segment Total Revenues: Rental income $ — $ 599,516 $ 500,487 $ — $ 1,100,003 Resident fees and services 1,622,641 — — — 1,622,641 Office building and other services revenue — 7,756 — 8,416 16,172 Income from loans and investments — — — 65,404 65,404 Interest and other income — — — 1,343 1,343 Total revenues $ 1,622,641 $ 607,272 $ 500,487 $ 75,163 $ 2,805,563 Total revenues $ 1,622,641 $ 607,272 $ 500,487 $ 75,163 $ 2,805,563 Less: Interest and other income — — — 1,343 1,343 Property-level operating expenses 1,296,301 195,297 12,525 — 1,504,123 Office building and other services costs — 1,798 — — 1,798 NOI $ 326,340 $ 410,177 $ 487,962 $ 73,820 1,298,299 Interest and other income 1,343 Interest expense (329,634) Depreciation and amortization (878,444) General, administrative and professional fees (101,156) Loss on extinguishment of debt, net (56,808) Transaction expenses and deal costs (28,000) Allowance on loans receivable and investments 9,021 Other (10,755) Income from unconsolidated entities 7,289 Gain on real estate dispositions 194,083 Income tax expense (9,574) Income from continuing operations 95,664 Net income 95,664 Net income attributable to noncontrolling interests 5,802 Net income attributable to common stockholders $ 89,862

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($) property tenant	Sep. 30, 2022 USD ($) segment property tenant	Sep. 30, 2021 USD ($)
Real estate properties
Number of Properties Held for Sale	1,300	1,300
Number of Reportable Segments | segment		3
Largest tenants | tenant	3	3
COVID-19 Impact
Real estate properties
HHS Grants Received of Provider Relief Fund | $	$ 20.2	$ 54.2	$ 13.6
Brookdale Senior Living
Real estate properties
Number of Properties Held for Sale	121	121
Ardent
Real estate properties
Number of Properties Held for Sale	30	30
Kindred
Real estate properties
Number of Properties Held for Sale	29	29
Triple-Net Leased Properties
Real estate properties
Number of Properties Held for Sale	331	331
Seniors Housing Communities
Real estate properties
Number of Properties Held for Sale	558	558

ACCOUNTING POLICIES - Schedule

ACCOUNTING POLICIES - Schedule of VIEs (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Variable Interest Entity
Total Assets	$ 24,300,411	$ 24,717,786
Total Liabilities	13,609,704	13,491,743
Variable Interest Entity | NHP/PMB L.P.
Variable Interest Entity
Total Assets	750,667	749,834
Total Liabilities	259,720	251,352
Variable Interest Entity | Other identified VIEs
Variable Interest Entity
Total Assets	3,616,590	3,805,567
Total Liabilities	1,489,250	1,552,237
Variable Interest Entity | Tax credit VIEs
Variable Interest Entity
Total Assets	260,742	458,953
Total Liabilities	$ 38,525	$ 103,992

ACCOUNTING POLICIES - Redeemabl

ACCOUNTING POLICIES - Redeemable OP Unitholder and Noncontrolling Interest (Details) shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) shares	Dec. 31, 2021 USD ($)
Redeemable Noncontrolling Interest
Unit conversion factor for common stock	0.9051
Redeemable OP unitholder interest, fair value | $	$ 152.9	$ 182.1
NHP/PMB L.P. | Limited Partner | Class A
Redeemable Noncontrolling Interest
Limited partners' units outstanding (in shares)	3.9
NHP/PMB L.P. | General Partner | Class B
Redeemable Noncontrolling Interest
General partners' units outstanding (in shares)	7.5
NHP/PMB L.P. | Limited Partner | Class A
Redeemable Noncontrolling Interest
Percentage of limited partner ownership interest on total units outstanding	34%
NHP/PMB L.P. | General Partner | Class B
Redeemable Noncontrolling Interest
Percentage of general partner ownership interest on total units outstanding	66%

ACCOUNTING POLICIES - Accountin

ACCOUNTING POLICIES - Accounting for Historic and New Markets Tax Credits (Details)	Sep. 30, 2022 property
Real Estate
Number of Properties Held for Sale	1,300
Maximum of qualified investment potentially received as new market tax credit	39%
Amount of recapture per year historic tax credits are subject to one year after completion of project	20%
Amount of recapture new market tax credits are subject to until the end of the seventh year following the qualified investment	100%
Real estate properties that qualify for certain tax credits
Real Estate
Number of Properties Held for Sale	4

ACCOUNTING POLICIES - Account_2

ACCOUNTING POLICIES - Accounting for Real Estate Acquisitions (Details)	9 Months Ended
	Sep. 30, 2022
Building
Real Estate
Estimated remaining life (in years)	35 years

ACCOUNTING POLICIES - Revenue R

ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Straight-line rent receivables	$ 182,251
Straight-line rent receivables, net		$ 176,877

CONCENTRATION OF CREDIT RISK -

CONCENTRATION OF CREDIT RISK - Narrative (Details)	9 Months Ended
	Sep. 30, 2022 property state province	Apr. 21, 2022 property	Jul. 30, 2021 property
Concentration Risk
Number of real estate properties	1,300
Kindred
Concentration Risk
Number of real estate properties	29
Consolidated Seniors Housing Communities
Concentration Risk
Number of real estate properties	549
Triple-Net Leased Properties | LTAC | Kindred
Concentration Risk
Number of real estate properties	29
Triple-Net Leased Properties | LTAC | Kindred | Group 1
Concentration Risk
Number of real estate properties	6
Triple-Net Leased Properties | LTAC | Kindred | Group 2
Concentration Risk
Number of real estate properties	23
Atria | Senior Housing Communities
Concentration Risk
Number of Independent Third Party Managed Properties	255	92
Sunrise | Senior Housing Communities
Concentration Risk
Number of Independent Third Party Managed Properties	96
Atria and Sunrise | Consolidated Seniors Housing Communities
Concentration Risk
Number of real estate properties	347
Holiday Retirement | Senior Living Communities, Operations Transitioned
Concentration Risk
Number of Independent Third Party Managed Properties	91		26
Experienced Operators | Senior Living Communities, Operations Transitioned
Concentration Risk
Number of real estate properties	90
Customer Concentration Risk | Total Gross Book Value of Properties | Hospitals, Medical Office Building and Other
Concentration Risk
Concentration percentage	33.60%
Customer Concentration Risk | Total Gross Book Value of Properties | Triple-Net Leased Properties | Senior Housing Communities
Concentration Risk
Concentration percentage	12.60%
Customer Concentration Risk | Total Gross Book Value of Properties | SHOP | Senior Housing Communities
Concentration Risk
Concentration percentage	53.80%
Customer Concentration Risk | Total Gross Book Value of Properties | Atria
Concentration Risk
Concentration percentage	26.70%
Customer Concentration Risk | Total Gross Book Value of Properties | Sunrise
Concentration Risk
Concentration percentage	9.80%
Customer Concentration Risk | Total Gross Book Value of Properties | Brookdale Senior Living
Concentration Risk
Concentration percentage	7.80%
Customer Concentration Risk | Total Gross Book Value of Properties | Ardent
Concentration Risk
Concentration percentage	5.30%
Customer Concentration Risk | Total Gross Book Value of Properties | Kindred
Concentration Risk
Concentration percentage	0.80%
Geographic Concentration Risk
Concentration Risk
Number of states in which entity operates | state	47
Number of states accounting for more than 10% of total revenues and net operating income | state	1
Continuing revenues and NOI threshold	10%
Geographic Concentration Risk | CANADA
Concentration Risk
Number of Canadian provinces in which entity operates | province	7

CONCENTRATION OF CREDIT RISK _2

CONCENTRATION OF CREDIT RISK - Triple-Net Leased Properties (Details) - Customer Concentration Risk	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Revenues | Brookdale Senior Living
Concentration Risk
Concentration percentage	3.60%	3.80%
Revenues | Ardent
Concentration Risk
Concentration percentage	3.10%	3.30%
Revenues | Kindred
Concentration Risk
Concentration percentage	3.30%	3.40%
NOI | Brookdale Senior Living
Concentration Risk
Concentration percentage	8%	8.20%
NOI | Ardent
Concentration Risk
Concentration percentage	7%	7.10%
NOI | Kindred
Concentration Risk
Concentration percentage	7.40%	7.40%

ACQUISITIONS OF REAL ESTATE P_2

ACQUISITIONS OF REAL ESTATE PROPERTY (Narrative) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) property
Business Acquisition [Line Items]
Value of assets acquired | $	$ 445.9
Medical Office Buildings
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired	18
Behavioral Health Center
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired	1
Senior Housing Community
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired	2
Research And Innovation Center
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired	1

DISPOSITIONS AND IMPAIRMENTS -

DISPOSITIONS AND IMPAIRMENTS - DISPOSITIONS - (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) property	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) property	Sep. 30, 2021 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties | property	1,300		1,300
Proceeds from real estate disposals			$ 12,481	$ 497,303
Gain (loss) on real estate dispositions	$ (136)	$ (150,292)	(2,557)	(194,083)
Impairment of real estate	$ 28,100	$ 75,900	55,000	$ 173,000
Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from real estate disposals			12,500
Gain (loss) on real estate dispositions			$ (2,600)
Dispositions | Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties | property	1		1
Dispositions | Building
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties | property	1		1

DISPOSITIONS AND IMPAIRMENTS _2

DISPOSITIONS AND IMPAIRMENTS - Real Estate Assets Held For Sale (Details) $ in Thousands	Sep. 30, 2022 USD ($) property	Dec. 31, 2021 USD ($) property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties Held for Sale | property	1,300
Assets held for sale	$ 99,450	$ 28,399
Liabilities related to assets held for sale	9,491	10,850
Triple-Net Leased Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	62,463	0
Liabilities related to assets held for sale	1,456	0
SHOP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	33,754	24,964
Liabilities related to assets held for sale	6,057	9,321
Office Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	3,233	3,435
Liabilities related to assets held for sale	$ 1,978	$ 1,529
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 Properties Held for Sale | property	9	4
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 Properties Held for Sale | property	1	0
Disposal Group, Held-for-sale, Not Discontinued Operations | SHOP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties Held for Sale | property	6	2
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 Properties Held for Sale | property	2	2

LOANS RECEIVABLE AND INVESTME_3

LOANS RECEIVABLE AND INVESTMENTS (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Accounts, Notes, Loans and Financing Receivable
Debt Securities, Held-to-maturity, Allowance for Credit Loss	$ (4,685)	$ (5,394)
Debt securities, available-for-sale, unrealized gain	(1,533)	1,836
Non-mortgage loans receivable, net	24,257	19,024
Total loans receivable and investments, net, amortized cost	559,792	552,707
Total loans receivable and investments, net, carrying amount	553,574	549,150
Total loans receivable and investments, net, fair value	515,949	539,183
Non-mortgage loans receivable, net
Accounts, Notes, Loans and Financing Receivable
Debt Securities, Held-to-maturity, Allowance for Credit Loss	(4,685)	(5,394)
Non-mortgage loans receivable, amortized cost	28,942	24,418
Non-mortgage loans receivable, net, unrealized gain	0	0
Non-mortgage loans receivable, net	24,257	19,024
Non-mortgage loans receivable, fair value	23,366	19,039
Secured/mortgage loans and other, net
Accounts, Notes, Loans and Financing Receivable
Secured mortgage loans and other, net	488,515	488,913
Debt Securities, Held-to-maturity, Allowance for Credit Loss	0	0
Debt securities, held-to-maturity, accumulated unrecognized gain	0	0
Debt securities, held-to-maturity, fair value	451,781	478,931
Government-sponsored pooled loan investments, net
Accounts, Notes, Loans and Financing Receivable
Debt Securities, Held-to-maturity, Allowance for Credit Loss	0	0
Debt securities, available-for-sale, amortized cost	42,335	39,376
Debt securities, available-for-sale, unrealized gain	(1,533)	1,836
Government-sponsored pooled loan investments, net	40,802	41,213
Total investments reported as secured loans receivable and investments, net
Accounts, Notes, Loans and Financing Receivable
Debt Securities, Held-to-maturity, Allowance for Credit Loss	0	0
Debt securities, available-for-sale, unrealized gain	(1,533)	1,836
Debt securities, available-for-sale and held-to-maturity, amortized cost	530,850	528,289
Debt Securities, Available-for-sale and Held-to-maturity	529,317	530,126
Debt securities, Available-for-Sale and Held-to-Maturity, fair value	492,583	520,144
Marketable debt securities
Accounts, Notes, Loans and Financing Receivable
Debt Securities, Held-to-maturity, Allowance for Credit Loss	0
Debt securities, available-for-sale, amortized cost	0
Debt securities, available-for-sale, unrealized gain	0
Government-sponsored pooled loan investments, net	0
Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable
Debt securities, Available-for-Sale and Held-to-Maturity, fair value	$ 486,100	$ 486,100
Extension term on mezzanine loan	1 year	1 year
Mezzanine Loan | LIBOR
Accounts, Notes, Loans and Financing Receivable
Variable rate spread on mezzanine loan	0.0642	0.0642

INVESTMENTS IN UNCONSOLIDATED_2

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) board_member	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) board_member	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Equity method investments
Total investments in unconsolidated real estate entities	$ 547,766		$ 547,766		$ 523,465
Management Service
Equity method investments
Management fees	$ 4,200	$ 3,200	$ 11,500	$ 8,900
Atria
Equity method investments
Ownership percentage	34%		34%
Number of board members appointed | board_member	2		2
Ardent
Equity method investments
Ownership percentage	9.80%		9.80%
Number of board members appointed | board_member	1		1
Unconsolidated Properties | Ventas Life Science & Healthcare Real Estate Fund
Equity method investments
Ownership percentage	20%		20%		21.10%
Total investments in unconsolidated real estate entities	$ 258,540		$ 258,540		$ 267,475
Unconsolidated Properties | Pension Fund Joint Venture
Equity method investments
Ownership percentage	22.90%		22.90%		22.90%
Total investments in unconsolidated real estate entities	$ 26,422		$ 26,422		$ 29,192
Unconsolidated Properties | Research & Innovation Development Joint Venture
Equity method investments
Ownership percentage	51.50%		51.50%		51%
Total investments in unconsolidated real estate entities	$ 261,725		$ 261,725		$ 221,363
Unconsolidated Properties | Ventas Investment Management Platform
Equity method investments
Total investments in unconsolidated real estate entities	546,687		546,687		518,030
Unconsolidated Properties | All other
Equity method investments
Total investments in unconsolidated real estate entities	$ 1,079		$ 1,079		$ 5,435
Unconsolidated Properties | All other | Minimum
Equity method investments
Ownership percentage	34%		34%		34%
Unconsolidated Properties | All other | Maximum
Equity method investments
Ownership percentage	38%		38%		50%

INTANGIBLES (Details)

INTANGIBLES (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Intangible assets:
Lease intangible assets	$ 1,341,483	$ 1,369,747
Goodwill	1,043,289	1,046,140
Accumulated amortization	(1,024,659)	(944,403)
Net intangible assets	$ 1,394,485	$ 1,506,001
Weighted Average Remaining Amortization Period in Years	7 years 6 months	7 years 1 month 6 days
Intangible liabilities:
Below-market lease intangibles	$ 334,333	$ 334,365
Other lease intangibles	13,498	13,608
Accumulated amortization	(255,544)	(244,975)
Purchase option intangibles	3,568	3,568
Net intangible liabilities	$ 95,855	$ 106,566
Below market leases, remaining weighted average amortization period (in years)	8 years 8 months 12 days	9 years 8 months 12 days
Net intangible liabilities, remaining weighted average amortization period (in years)	8 years 8 months 12 days	9 years 8 months 12 days
Above-market lease intangibles
Intangible assets:
Lease intangible assets	$ 129,023	$ 129,121
Weighted Average Remaining Amortization Period in Years	5 years 6 months	5 years 10 months 24 days
In-place and other lease intangibles
Intangible assets:
Lease intangible assets	$ 1,212,460	$ 1,240,626
Weighted Average Remaining Amortization Period in Years	7 years 8 months 12 days	7 years 2 months 12 days
Other intangibles
Intangible assets:
Other intangibles	$ 34,372	$ 34,517
Weighted Average Remaining Amortization Period in Years	5 years 9 months 18 days	6 years 6 months

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	Sep. 30, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Straight-line rent receivables	$ 182,251
Straight-line rent receivables		$ 176,877
Non-mortgage loans receivable, net	24,257	19,024
Other intangibles, net	6,585	7,270
Investment in unconsolidated operating entities	58,399	73,602
Other	283,725	239,412
Total other assets	$ 593,404	$ 565,069
Brookdale Senior Living
Class of Warrant or Right [Line Items]
Number of securities called by warrants (in shares)	16.3
Warrants, exercise price (usd per share)	$ 3

SENIOR NOTES PAYABLE AND OTHE_3

SENIOR NOTES PAYABLE AND OTHER DEBT - Summary of Senior Notes Payables and Other Debt (Details) $ in Thousands, $ in Millions	Sep. 30, 2022 USD ($)	Sep. 30, 2022 CAD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt instruments
Commercial paper notes	$ 377,400			$ 280,000
Total	12,276,530			12,093,138
Deferred financing costs, net	(65,663)			(69,925)
Unamortized fair value adjustment	25,745			32,888
Unamortized discounts	(25,628)			(28,557)
Senior notes payable and other debt	12,210,984			12,027,544
Unsecured revolving credit facility | Revolving Credit Facility
Debt instruments
Fair value of amount outstanding	31,057			56,448
Unsecured revolving credit facility | Revolving Credit Facility | Borrowings Originally Denominated in CAD
Debt instruments
Mortgage loans and other	10,800			30,900
Unsecured revolving credit facility | Revolving Credit Facility | Borrowings Originally Denominated in GBP
Debt instruments
Mortgage loans and other	20,200			25,600
Unsecured term loan due 2023
Debt instruments
Unsecured term loan	$ 0		$ 200,000	200,000
2.55% Senior Notes, Series D due 2023
Debt instruments
Interest rate	2.55%	2.55%
Senior notes	$ 198,901			217,667
3.50% Senior Notes due 2024
Debt instruments
Interest rate	3.50%	3.50%
Senior notes	$ 400,000			400,000
3.75% Senior Notes due 2024
Debt instruments
Interest rate	3.75%	3.75%
Senior notes	$ 400,000			400,000
4.125% Senior Notes, Series B due 2024
Debt instruments
Interest rate	4.125%	4.125%
Senior notes	$ 180,819			197,879
2.80% Senior Notes, Series E due 2024
Debt instruments
Interest rate	2.80%	2.80%
Senior notes	$ 433,965			474,909
Unsecured Term Loan due 2025
Debt instruments
Unsecured term loan	$ 361,637	$ 500		395,757
3.50% Senior Notes due 2025
Debt instruments
Interest rate	3.50%	3.50%
Senior notes	$ 600,000			600,000
2.65% Senior Notes due 2025
Debt instruments
Interest rate	2.65%	2.65%
Senior notes	$ 450,000			450,000
4.125% Senior Notes due 2026
Debt instruments
Interest rate	4.125%	4.125%
Senior notes	$ 500,000			500,000
3.25% Senior Notes due 2026
Debt instruments
Interest rate	3.25%	3.25%
Senior notes	$ 450,000			450,000
Unsecured term loan due 2027
Debt instruments
Senior notes	$ 500,000			0
Unsecured term loan			$ 500,000
2.45% Senior Notes, Series G Due 2027
Debt instruments
Interest rate	2.45%	2.45%
Senior notes	$ 343,556			375,970
3.85% Senior Notes due 2027
Debt instruments
Interest rate	3.85%	3.85%
Senior notes	$ 400,000			400,000
4.00% Senior Notes due 2028
Debt instruments
Interest rate	4%	4%
Senior notes	$ 650,000			650,000
4.40% Senior Notes due 2029
Debt instruments
Interest rate	4.40%	4.40%
Senior notes	$ 750,000			750,000
3.00% Senior Notes due 2030
Debt instruments
Interest rate	3%	3%
Senior notes	$ 650,000			650,000
4.75% Senior Notes due 2030
Debt instruments
Interest rate	4.75%	4.75%
Senior notes	$ 500,000			500,000
2.50% Senior Notes due 2031
Debt instruments
Interest rate	2.50%	2.50%
Senior notes	$ 500,000			500,000
3.30% Senior Notes, Series H Due 2031
Debt instruments
Interest rate	3.30%	3.30%
Senior notes	$ 216,982			237,454
6.90% Senior Notes due 2037
Debt instruments
Interest rate	6.90%	6.90%
Senior notes	$ 52,400			52,400
6.59% Senior Notes due 2038
Debt instruments
Interest rate	6.59%	6.59%
Senior notes	$ 22,823			22,823
5.70% Senior Notes due 2043
Debt instruments
Interest rate	5.70%	5.70%
Senior notes	$ 300,000			300,000
4.375% Senior Notes due 2045
Debt instruments
Interest rate	4.375%	4.375%
Senior notes	$ 300,000			300,000
4.875% Senior Notes due 2049
Debt instruments
Interest rate	4.875%	4.875%
Senior notes	$ 300,000			300,000
Mortgage loans and other
Debt instruments
Mortgage loans and other	$ 2,406,990			$ 2,431,831

SENIOR NOTES PAYABLE AND OTHE_4

SENIOR NOTES PAYABLE AND OTHER DEBT - Indebtedness of Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2022	$ 485,626
2023	503,287
2024	1,649,029
2025	2,071,035
2026	1,074,039
Thereafter	6,493,514
Total maturities	12,276,530	$ 12,093,138
Unrestricted cash and cash equivalents	145,146	$ 149,725
Unsecured Revolving Credit Facility and Commercial Paper
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2022	377,400
2023	0
2024	0
2025	31,057
2026	0
Thereafter	0
Total maturities	408,457
Remaining borrowing capacity	263,300
Principal Amount Due at Maturity
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2022	95,179
2023	460,768
2024	1,611,331
2025	2,007,873
2026	1,048,586
Thereafter	6,348,949
Total maturities	11,572,686
Scheduled Periodic Amortization
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2022	13,047
2023	42,519
2024	37,698
2025	32,105
2026	25,453
Thereafter	144,565
Total maturities	$ 295,387

SENIOR NOTES PAYABLE AND OTHE_5

SENIOR NOTES PAYABLE AND OTHER DEBT - Credit Facilities, Commercial Paper and Unsecured Term Loans (Details) $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Jun. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($) period	Sep. 30, 2022 CAD ($)	Dec. 31, 2021 USD ($)
Debt instruments
Commercial paper program capacity		$ 1,000,000,000	$ 1,000,000,000
Commercial paper notes		377,400,000	377,400,000		$ 280,000,000
Unsecured debt | Revolving Credit Facility
Debt instruments
Maximum borrowing capacity		2,750,000,000	$ 2,750,000,000
Additional periods | period			2
Additional period term			6 months
Accordion feature of debt		3,750,000,000	$ 3,750,000,000
Remaining borrowing capacity		2,700,000,000	2,700,000,000
Fair value of amount outstanding		31,057,000	31,057,000		56,448,000
Letters of credit outstanding		15,600,000	$ 15,600,000
Unsecured debt | Revolving Credit Facility | LIBOR
Debt instruments
Variable interest rate			0.825%
Unsecured term loan due 2023
Debt instruments
Unsecured debt	$ 200,000,000	0	$ 0		200,000,000
Unsecured term loan due 2023 | LIBOR
Debt instruments
Variable interest rate	0.90%
Unsecured term loan due 2027
Debt instruments
Unsecured debt	$ 500,000,000
Accordion feature limit	$ 1,250,000,000
Unsecured term loan due 2027 | Secured Overnight Financing Rate (SOFR)
Debt instruments
Variable interest rate	0.95%
Unsecured Term Loan due 2025
Debt instruments
Unsecured debt		$ 361,637,000	$ 361,637,000	$ 500	$ 395,757,000
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	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Debt instruments
Loss on extinguishment of debt	$ 574	$ 29,792	$ 581	$ 56,808
2.50% Senior Notes due 2031
Debt instruments
Senior notes	$ 500,000		$ 500,000		$ 500,000
Interest rate	2.50%		2.50%

SENIOR NOTES PAYABLE AND OTHE_7

SENIOR NOTES PAYABLE AND OTHER DEBT - Mortgages (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Unamortized fair value adjustment	$ 25,745	$ 32,888

FAIR VALUES OF FINANCIAL INST_3

FAIR VALUES OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets:
Cash and cash equivalents	$ 145,146	$ 149,725
Escrow deposits and restricted cash	50,492	46,872
Non-mortgage loans receivable, net	24,257	19,024
Liabilities:
Senior notes payable and other debt, gross	12,276,530	12,093,138
Redeemable OP Units, fair value	152,900	182,100
Non-mortgage loans receivable, net
Assets:
Non-mortgage loans receivable, net	24,257	19,024
Non-mortgage loans receivable, fair value	23,366	19,039
Secured/mortgage loans and other, net
Assets:
Secured mortgage loans and other, net	488,515	488,913
Debt securities, held-to-maturity, fair value	451,781	478,931
Government-sponsored pooled loan investments, net
Assets:
Government-sponsored pooled loan investments, net	40,802	41,213
Carrying Amount
Assets:
Cash and cash equivalents	145,146	149,725
Escrow deposits and restricted cash	50,492	46,872
Derivative instruments	26,477	1,128
Liabilities:
Derivative instruments	0	12,290
OP Units	152,886	182,112
Carrying Amount | Brookdale Senior Living
Assets:
Stock warrants	38,187	48,884
Carrying Amount | Non-mortgage loans receivable, net
Assets:
Non-mortgage loans receivable, net	24,257	19,024
Carrying Amount | Secured/mortgage loans and other, net
Assets:
Secured mortgage loans and other, net	488,515	488,913
Carrying Amount | Government-sponsored pooled loan investments, net
Assets:
Government-sponsored pooled loan investments, net	40,802	41,213
Fair Value
Assets:
Cash and cash equivalents, fair value	145,146	149,725
Escrow deposits and restricted cash	50,492	46,872
Derivative instruments	26,477	1,128
Liabilities:
Long-term debt and short-term borrowings, fair value	11,353,545	12,891,937
Derivative instruments	0	12,290
Redeemable OP Units, fair value	152,886	182,112
Fair Value | Brookdale Senior Living
Assets:
Stock warrants	38,187	48,884
Fair Value | Non-mortgage loans receivable, net
Assets:
Non-mortgage loans receivable, fair value	23,366	19,039
Fair Value | Secured/mortgage loans and other, net
Assets:
Debt securities, held-to-maturity, fair value	451,781	478,931
Fair Value | Government-sponsored pooled loan investments, net
Assets:
Government-sponsored pooled loan investments, net	$ 40,802	$ 41,213

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (6,027)	$ 3,780	$ (14,307)	$ 9,574
Deferred tax expense related to restructuring	2,000	2,900	2,000	2,900
Deferred tax expense related to release of residual tax effects		3,700		3,700
Deferred tax expense revaluation of restructuring		$ 3,400		$ 3,400
Deferred income tax liabilities	40,717		40,717		$ 59,259
Deferred income tax assets, net	$ 13,614		$ 13,614		$ 11,152

STOCKHOLDERS' EQUITY - Capital

STOCKHOLDERS' EQUITY - Capital Stock (Details) $ in Billions	Sep. 30, 2022 USD ($)
At The Market Equity Offering Program
Equity offering [Line Items]
Equity offering program, remaining authorized offering amount	$ 1

STOCKHOLDERS' EQUITY - Summary

STOCKHOLDERS' EQUITY - Summary of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Equity [Abstract]
Foreign currency translation loss	$ (70,858)	$ (56,227)
Unrealized (loss) gain on available for sale securities	(1,533)	1,836
Unrealized gain (loss) on derivative instruments	25,082	(10,129)
Total accumulated other comprehensive loss	$ (47,309)	$ (64,520)

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator for basic and diluted earnings per share:
Income from continuing operations		$ 3,063	$ 62,774	$ 2,453	$ 95,664
Net income		3,063	62,774	2,453	95,664
Net income attributable to noncontrolling interests		1,807	2,094	4,881	5,802
Net income (loss) attributable to common stockholders		$ 1,256	$ 60,680	$ (2,428)	$ 89,862
Denominator:
Denominator for basic earnings per share—weighted average shares (in shares)		399,646	381,996	399,513	377,271
Effect of dilutive securities:
Stock options (in shares)		0	72	11	45
Restricted stock awards (in shares)		381	404	390	340
OP Unitholder Interests (in shares)		3,516	3,051	3,517	2,987
Denominator for diluted earnings per share—adjusted weighted average shares (in shares)		403,543	385,523	403,431	380,643
Basic earnings per share:
Income from continuing operations, basic (in usd per share)		$ 0.01	$ 0.16	$ 0.01	$ 0.25
Net income (loss) attributable to common stockholders, basic (in usd per share)		0	0.16	(0.01)	0.24
Diluted earnings per share:
Income from continuing operations, diluted (in usd per share)	[1]	0.01	0.16	0.01	0.25
Net income (loss) attributable to common stockholders, diluted (in usd per share)	[1]	$ 0	$ 0.16	$ (0.01)	$ 0.24
[1]Potential common shares are not included in the computation of diluted earnings per share when a loss from continuing operations exists as the effect would be an antidilutive per share amount.

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	9 Months Ended
	Sep. 30, 2022 USD ($) 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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Rental income	$ 350,982	$ 383,052	$ 1,051,721	$ 1,100,003
Income from loans and investments	12,672	28,729	33,271	65,404
Interest and other income	489	417	2,191	1,343
Total revenues	1,037,276	976,078	3,077,768	2,805,563
Less:
Interest and other income	489	417	2,191	1,343
Property-level operating expenses	569,826	523,328	1,686,906	1,504,123
Office building and other services costs	1,750	522	4,473	1,798
NOI	465,211	451,811	1,384,198	1,298,299
Interest and other income	489	417	2,191	1,343
Interest expense	(119,413)	(108,816)	(344,158)	(329,634)
Depreciation and amortization	(301,481)	(313,596)	(873,620)	(878,444)
General, administrative and professional fees	(35,421)	(30,259)	(111,334)	(101,156)
Loss on extinguishment of debt, net	(574)	(29,792)	(581)	(56,808)
Transaction expenses and deal costs	(4,782)	(22,662)	(37,852)	(28,000)
Allowance on loans receivable and investments	63	60	179	9,021
Other	(9,162)	(33,673)	(30,088)	(10,755)
Income (loss) from unconsolidated entities	1,970	2,772	(3,346)	7,289
Gain on real estate dispositions	136	150,292	2,557	194,083
Income tax benefit (expense)	6,027	(3,780)	14,307	(9,574)
Income from continuing operations	3,063	62,774	2,453	95,664
Net income	3,063	62,774	2,453	95,664
Net income attributable to noncontrolling interests	1,807	2,094	4,881	5,802
Net income (loss) attributable to common stockholders	1,256	60,680	(2,428)	89,862
Resident fees and services
Revenues:
Other revenues	668,583	558,039	1,977,760	1,622,641
Office building and other services revenue
Revenues:
Other revenues	4,550	5,841	12,825	16,172
Operating Segments
Less:
Office building and other services costs			4,473
Operating Segments | Triple-Net Leased Properties
Revenues:
Rental income	150,115	181,379	451,073	500,487
Income from loans and investments	0	0	0	0
Interest and other income	0	0	0	0
Total revenues	150,115	181,379	451,073	500,487
Less:
Interest and other income	0	0	0	0
Property-level operating expenses	3,756	3,268	11,349	12,525
Office building and other services costs	0	0	0	0
NOI	146,359	178,111	439,724	487,962
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 | SHOP
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	668,583	558,039	1,977,760	1,622,641
Less:
Interest and other income	0	0	0	0
Property-level operating expenses	499,972	453,659	1,482,948	1,296,301
Office building and other services costs	0	0	0	0
NOI	168,611	104,380	494,812	326,340
Interest and other income	0	0	0	0
Operating Segments | SHOP | Resident fees and services
Revenues:
Other revenues	668,583	558,039	1,977,760	1,622,641
Operating Segments | SHOP | Office building and other services revenue
Revenues:
Other revenues	0	0	0	0
Operating Segments | Office Operations
Revenues:
Rental income	200,867	201,673	600,648	599,516
Income from loans and investments	0	0	0	0
Interest and other income	0	0	0	0
Total revenues	201,414	204,545	602,482	607,272
Less:
Interest and other income	0	0	0	0
Property-level operating expenses	66,098	66,401	192,609	195,297
Office building and other services costs	0	522	0	1,798
NOI	135,316	137,622	409,873	410,177
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	547	2,872	1,834	7,756
Non-Segment
Revenues:
Rental income	0	0	0	0
Income from loans and investments	12,672	28,729	33,271	65,404
Interest and other income	489	417	2,191	1,343
Total revenues	17,164	32,115	46,453	75,163
Less:
Interest and other income	489	417	2,191	1,343
Property-level operating expenses	0	0	0	0
Office building and other services costs	1,750	0	4,473	0
NOI	14,925	31,698	39,789	73,820
Interest and other income	489	417	2,191	1,343
Non-Segment | Resident fees and services
Revenues:
Other revenues	0	0	0	0
Non-Segment | Office building and other services revenue
Revenues:
Other revenues	$ 4,003	$ 2,969	$ 10,991	$ 8,416

SEGMENT INFORMATION - Capital E

SEGMENT INFORMATION - Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information
Total capital expenditures	$ 159,871	$ 1,221,944	$ 721,048	$ 1,427,170
Operating Segments | SHOP
Segment Reporting Information
Total capital expenditures	114,453	1,093,773	313,396	1,193,646
Operating Segments | Office Operations
Segment Reporting Information
Total capital expenditures	44,150	52,627	403,976	140,841
Operating Segments | Triple-Net Leased Properties
Segment Reporting Information
Total capital expenditures	$ 1,268	$ 75,544	$ 3,676	$ 92,683

SEGMENT INFORMATION - Revenue a

SEGMENT INFORMATION - Revenue and Net Real Estate Property (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Revenues:
Total revenues	$ 1,037,276	$ 976,078	$ 3,077,768	$ 2,805,563
Net Real Estate Property:
Total net real estate property	21,277,933		21,277,933		$ 21,816,838
United States
Revenues:
Total revenues	918,106	859,524	2,719,097	2,460,534
Net Real Estate Property:
Total net real estate property	18,345,417		18,345,417		18,562,738
Canada
Revenues:
Total revenues	112,550	109,046	337,503	322,422
Net Real Estate Property:
Total net real estate property	2,736,339		2,736,339		3,007,008
United Kingdom
Revenues:
Total revenues	6,620	$ 7,508	21,168	$ 22,607
Net Real Estate Property:
Total net real estate property	$ 196,177		$ 196,177		$ 247,092