Ventas (VTR) 10-Q 4 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Aug. 01, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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)		402,377,931
Entity Central Index Key	0000740260
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Amendment Flag	false
Document Fiscal Year Focus	2023

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Real estate investments:
Land and improvements	$ 2,630,480	$ 2,437,905
Buildings and improvements	27,438,274	26,020,048
Construction in progress	387,194	310,456
Acquired lease intangibles	1,498,639	1,346,190
Operating lease assets	321,344	310,307
Gross real estate investments	32,275,931	30,424,906
Accumulated depreciation and amortization	(9,792,822)	(9,264,456)
Net real estate property	22,483,109	21,160,450
Secured loans receivable and investments, net	27,749	537,075
Investments in unconsolidated real estate entities	629,184	579,949
Net real estate investments	23,140,042	22,277,474
Cash and cash equivalents	138,648	122,564
Escrow deposits and restricted cash	71,699	48,181
Goodwill	1,045,147	1,044,415
Assets held for sale	21,027	44,893
Deferred income tax assets, net	6,980	10,490
Other assets	647,319	609,823
Total assets	25,070,862	24,157,840
Liabilities:
Senior notes payable and other debt	13,354,740	12,296,780
Accrued interest	112,788	110,542
Operating lease liabilities	200,968	190,440
Accounts payable and other liabilities	1,069,590	1,031,689
Liabilities related to assets held for sale	2,959	6,492
Deferred income tax liabilities	29,702	35,570
Total liabilities	14,770,747	13,671,513
Redeemable OP unitholder and noncontrolling interests	271,671	264,650
Commitments and contingencies
Ventas stockholders’ equity:
Preferred stock	0	0
Common stock	100,206	99,912
Capital in excess of par value	15,584,858	15,539,777
Accumulated other comprehensive loss	(14,552)	(36,800)
Retained earnings (deficit)	(5,688,499)	(5,449,385)
Treasury stock	(13,631)	(536)
Total Ventas stockholders’ equity	9,968,382	10,152,968
Noncontrolling interests	60,062	68,709
Total equity	10,028,444	10,221,677
Total liabilities and equity	$ 25,070,862	$ 24,157,840

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in usd per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	10,000	10,000
Common stock, par value (in usd per share)	$ 0.25	$ 0.25
Common stock, shares authorized (in shares)	600,000	600,000
Common stock, shares issued (in shares)	400,620	399,707
Common stock, shares outstanding (in shares)	400,620	399,707
Treasury Stock, Common, Shares	276	10

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Rental income		$ 370,162	$ 348,638	$ 722,905	$ 700,739
Income from loans and investments		6,554	10,752	20,143	20,599
Interest and other income		1,032	1,166	2,775	1,702
Total revenues		1,106,358	1,022,938	2,183,603	2,040,492
Expenses
Interest		143,265	113,951	271,340	224,745
Depreciation and amortization		304,689	283,075	586,808	572,139
Property-level operating expenses		622,818	574,359	1,230,749	1,117,080
Third party capital management expenses		1,436	1,410	3,142	2,723
General, administrative and professional fees		34,399	32,915	79,197	75,913
(Gain) loss on extinguishment of debt, net		(6,801)	7	(6,801)	7
Transaction expenses and deal costs		3,069	13,078	4,455	33,070
Allowance on loans receivable and investments		(12,065)	(62)	(20,129)	(116)
Gain on foreclosure of real estate		(29,127)	0	(29,127)	0
Other		(17,959)	48,116	(10,197)	20,926
Total expenses		1,043,724	1,066,849	2,109,437	2,046,487
Income (loss) before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests		62,634	(43,911)	74,166	(5,995)
Income (loss) from unconsolidated entities		31,254	(1,047)	25,631	(5,316)
Gain (loss) on real estate dispositions		1,405	(34)	11,606	2,421
Income tax benefit		9,773	3,790	12,575	8,280
Income (loss) from continuing operations		105,066	(41,202)	123,978	(610)
Net income (loss)		105,066	(41,202)	123,978	(610)
Net income attributable to noncontrolling interests		1,613	1,214	3,008	3,074
Net income (loss) attributable to common stockholders		$ 103,453	$ (42,416)	$ 120,970	$ (3,684)
Basic:
Income from continuing operations (in usd per share)		$ 0.26	$ (0.10)	$ 0.31	$ 0
Net income attributable to common stockholders (in usd per share)		0.26	(0.11)	0.30	(0.01)
Diluted:
Income from continuing operations (in usd per share)	[1]	0.26	(0.10)	0.31	0
Net income attributable to common stockholders (in usd per share)	[1]	$ 0.26	$ (0.11)	$ 0.30	$ (0.01)
Triple-Net Leased Properties
Revenues:
Rental income		$ 154,355	$ 149,397	$ 304,094	$ 300,958
Expenses
Property-level operating expenses		3,537	3,585	7,333	7,593
Outpatient Medical and Research Portfolio
Revenues:
Rental income		215,807	199,241	418,811	399,781
Expenses
Property-level operating expenses		72,171	63,328	139,084	126,511
Resident fees and services
Revenues:
Other revenues		724,614	658,056	1,429,607	1,309,177
Third party capital management revenues
Revenues:
Other revenues		3,996	4,326	8,173	8,275
Senior housing
Expenses
Property-level operating expenses		$ 547,110	$ 507,446	$ 1,084,332	$ 982,976
[1]Potential common shares are not included in the computation of diluted earnings per share (“EPS”) 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 105,066	$ (41,202)	$ 123,978	$ (610)
Other comprehensive income:
Foreign currency translation income (loss)	1,881	(11,429)	5,780	(20,742)
Unrealized loss on available for sale securities	0	(1,531)	0	(2,119)
Unrealized gain on derivative instruments	28,001	14,107	19,199	33,143
Total other comprehensive income	29,882	1,147	24,979	10,282
Comprehensive income (loss)	134,948	(40,055)	148,957	9,672
Comprehensive income (loss) attributable to noncontrolling interests	5,578	(580)	5,739	5,191
Comprehensive income (loss) attributable to common stockholders	$ 129,370	$ (39,475)	$ 143,218	$ 4,481

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, 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	(3,684)	0	0	0	(3,684)	0	(3,684)
Net income (loss) attributable to noncontrolling interest	3,074
Net income	(610)
Other comprehensive income	10,282	0	0	8,165	0	0	8,165	2,117
Net change in noncontrolling interests	(12,289)	0	(6,521)	0	0	0	(6,521)	(5,768)
Dividends to common stockholders	(360,996)	0	0	0	(360,996)	0	(360,996)	0
Issuance of common stock for stock plans, restricted stock grants and other	24,839	75	25,172	0	0	(408)	24,839	0
Adjust redeemable OP unitholder interests to current fair value	(3,592)	0	(3,592)	0	0	0	(3,592)	0
Ending Balance at Jun. 30, 2022	10,603,394	99,913	15,514,015	(56,355)	(5,044,569)	(408)	10,512,596	90,798
Beginning Balance at Mar. 31, 2022	10,792,690	99,888	15,478,467	(59,296)	(4,821,653)	0	10,697,406	95,284
Increase (decrease) in stockholders' equity
Net income (loss) attributable to common stockholders	(42,416)	0	0	0	(42,416)	0	(42,416)
Net income (loss) attributable to noncontrolling interest	1,214							1,214
Net income	(41,202)
Other comprehensive income	1,147	0	0	2,941	0	0	2,941	(1,794)
Net change in noncontrolling interests	(11,285)	0	(7,379)	0	0	0	(7,379)	(3,906)
Dividends to common stockholders	(180,500)	0	0	0	(180,500)	0	(180,500)	0
Issuance of common stock for stock plans, restricted stock grants and other	9,499	25	9,882	0	0	(408)	9,499	0
Adjust redeemable OP unitholder interests to current fair value	33,045	0	33,045	0	0	0	33,045	0
Ending Balance at Jun. 30, 2022	10,603,394	99,913	15,514,015	(56,355)	(5,044,569)	(408)	10,512,596	90,798
Beginning Balance at Dec. 31, 2022	10,221,677	99,912	15,539,777	(36,800)	(5,449,385)	(536)	10,152,968	68,709
Increase (decrease) in stockholders' equity
Net income (loss) attributable to common stockholders	120,970	0	0	0	120,970	0	120,970
Net income (loss) attributable to noncontrolling interest	3,008
Net income	123,978
Other comprehensive income	24,979	0	0	22,248	0	0	22,248	2,731
Net change in noncontrolling interests	(9,530)	0	4,856	0	0	0	4,856	(14,386)
Dividends to common stockholders	(360,074)	0	10	0	(360,084)	0	(360,074)	0
Issuance of common stock for stock plans, restricted stock grants and other	35,416	294	48,217	0	0	(13,095)	35,416	0
Adjust redeemable OP unitholder interests to current fair value	(7,933)	0	(7,933)	0	0	0	(7,933)	0
Adjustments to Equity, Redemption of Limited Partnership Units	(69)	0	(69)	0	0	0	(69)	0
Ending Balance at Jun. 30, 2023	10,028,444	100,206	15,584,858	(14,552)	(5,688,499)	(13,631)	9,968,382	60,062
Beginning Balance at Mar. 31, 2023	10,064,602	100,065	15,562,017	(40,469)	(5,611,067)	(13,555)	9,996,991	67,611
Increase (decrease) in stockholders' equity
Net income (loss) attributable to common stockholders	103,453	0	0	0	103,453	0	103,453
Net income (loss) attributable to noncontrolling interest	1,613							1,613
Net income	105,066
Other comprehensive income	29,882	0	0	25,917	0	0	25,917	3,965
Net change in noncontrolling interests	(9,664)	0	3,463	0	0	0	3,463	(13,127)
Dividends to common stockholders	(180,875)	0	10	0	(180,885)	0	(180,875)	0
Issuance of common stock for stock plans, restricted stock grants and other	30,443	141	30,378	0	0	(76)	30,443	0
Adjust redeemable OP unitholder interests to current fair value	(11,010)	0	(11,010)	0	0	0	(11,010)	0
Ending Balance at Jun. 30, 2023	$ 10,028,444	$ 100,206	$ 15,584,858	$ (14,552)	$ (5,688,499)	$ (13,631)	$ 9,968,382	$ 60,062

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends to common stockholders, per share (in usd per share)	$ 0.45	$ 0.45	$ 0.90	$ 0.90

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ 123,978	$ (610)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	586,808	572,139
Amortization of deferred revenue and lease intangibles, net	(29,592)	(33,491)
Other non-cash amortization	8,969	6,412
Allowance on loans receivable and investments	(20,129)	(116)
Stock-based compensation	20,389	22,601
Straight-lining of rental income	(1,884)	(7,559)
(Gain) loss on extinguishment of debt, net	(6,801)	7
Gain on real estate dispositions	(11,606)	(2,421)
Income tax benefit	(15,813)	(11,184)
(Gain) loss and other from unconsolidated entities	(25,618)	5,322
Gain on foreclosure of real estate	(29,127)	0
Distributions from unconsolidated entities	9,682	10,719
Other	(14,279)	25,128
Changes in operating assets and liabilities:
Increase (Decrease) in Other Operating Assets	(17,341)	(32,622)
Increase (Decrease) in Interest Payable, Net	(3,524)	(2,008)
Increase (Decrease) in Accounts Payable and Accrued Liabilities	(19,468)	315
Net cash provided by operating activities	554,644	552,632
Cash flows from investing activities:
Net investment in real estate property	(977)	(388,295)
Investment in loans receivable	(589)	(5,225)
Proceeds from real estate disposals	64,405	6,171
Proceeds from loans receivable	43,822	487
Proceeds from sale of interest in unconsolidated entities	50,054	0
Net cash assumed in foreclosure of real estate	11,615	0
Development project expenditures	(144,809)	(81,878)
Capital expenditures	(96,271)	(91,004)
Distributions from unconsolidated entities	0	25,652
Investment in unconsolidated entities	(64,247)	(33,086)
Insurance proceeds for property damage claims	9,390	7,918
Net cash used in investing activities	(127,607)	(559,260)
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities	8,293	(7,822)
Net change in borrowings under commercial paper program	(267,414)	55,184
Proceeds from debt	1,748,532	706,915
Repayment of debt	(1,489,112)	(394,395)
Purchase of noncontrolling interests	(110)	(170)
Payment of deferred financing costs	(27,356)	(4,126)
Issuance of common stock, net	25,007	0
Cash distribution to common stockholders	(361,703)	(360,098)
Cash distribution to redeemable OP unitholders	(3,089)	(3,072)
Cash issued for redemption of OP Units	(655)	0
Contributions from noncontrolling interests	7,979	39
Distributions to noncontrolling interests	(17,388)	(7,873)
Proceeds from stock option exercises	1,736	8,691
Other	(12,805)	(6,219)
Net cash used in financing activities	(388,085)	(12,946)
Net increase (decrease) in cash, cash equivalents and restricted cash	38,952	(19,574)
Effect of foreign currency translation	650	(992)
Cash, cash equivalents and restricted cash at beginning of period	170,745	196,597
Cash, cash equivalents and restricted cash at end of period	210,347	176,031
Assets acquired and liabilities assumed from acquisitions and other:
Real estate investments	0	3,176
Other assets	7,873	362
Other liabilities	9,000	2,944
Deferred income tax liability	12,382	594
Settlement of loan receivable	486,082	0
Real estate received in settlement of loan receivable	1,566,395	0
Assumption of debt related to real estate owned	$ 1,016,804	$ 0

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	6 Months Ended
	Jun. 30, 2023
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, outpatient medical buildings, research centers, hospitals and other healthcare facilities, which we generally refer to collectively as “healthcare real estate,” located throughout the United States, Canada and the United Kingdom. As of June 30, 2023, we owned or had investments in approximately 1,400 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 which was formerly known as senior living operations, and outpatient medical and research portfolio, which was formerly known as office operations. See “Note 2 – Accounting Policies” and “Note 15 – 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 June 30, 2023, we leased a total of 355 properties (excluding properties within our outpatient medical and research portfolio 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 (including 19 outpatient medical buildings) and 29 properties, respectively, as of June 30, 2023. As of June 30, 2023, 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 579 senior housing communities. As of June 30, 2023, we owned or had investments in a total of 460 properties in our outpatient medical and research portfolio reportable business segment. These properties generally consist of outpatient medical buildings that are predominantly located on or contiguous to a health system campus and research properties that are affiliated with and often located on or contiguous to a university or academic medical campus. Through our Lillibridge Healthcare Services, Inc. subsidiary and our ownership interest in PMB Real Estate Services LLC, we also provide outpatient medical building 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 unsecured loans and other investments relating to healthcare real estate or operators. We have a third-party institutional capital management business, Ventas Investment Management (“VIM”), which includes our open-ended investment vehicle, the Ventas Life Science & Healthcare Real Estate Fund (the “Ventas Fund”). Through VIM, 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.

ACCOUNTING POLICIES

ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2023
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 six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. 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, 2022 (the “2022 Annual Report”). Certain prior period amounts have been reclassified to conform to the current period presentation. Accounting Estimates The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions regarding future events that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 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”). Substantially all of the assets of the VIEs are real estate investments, and substantially all of the liabilities of the VIEs are mortgage loans. Assets of the consolidated VIEs can only be used to settle obligations of such VIEs. Liabilities of the consolidated VIEs represent claims against the specific assets of the VIEs. 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 June 30, 2023 As of December 31, 2022 Total Assets Total Liabilities Total Assets Total Liabilities NHP/PMB L.P. $ 746,467 $ 252,293 $ 741,890 $ 252,518 Fonds Immobilier Groupe Maurice, S.E.C. 2,009,243 1,213,624 1,957,075 1,170,928 Other identified VIEs 1,704,600 359,247 1,699,949 333,185 Tax credit VIEs 121,771 16,504 128,240 16,767 U.S. Department of Health & Human Services 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, including not using grants received from the Provider Relief Fund to reimburse expenses or losses that other sources are obligated to reimburse, complying with reporting and record keeping requirements and cooperating with any government audits. During the three and six months ended June 30, 2023, we did not receive any HHS grants. During the three and six months ended June 30, 2022, we received $0 and $34.0 million, respectively, in HHS grants in connection with our applications and recognized these grants within property-level operating expenses in our Consolidated Statements of Income in the period in which they were received. Accounting for Foreclosed Properties The Company may receive properties pursuant to a foreclosure, deed in lieu of foreclosure or other legal action in full or partial settlement of loans receivable by taking legal title or physical possession of the properties. We refer to such actions as a “foreclosure” and to such properties as “foreclosed properties”. We account for foreclosed properties received in settlement of loans receivable in accordance with ASC 310, Receivables . Foreclosed real estate received in full or partial satisfaction of a loan and any debt assumed upon foreclosure is recorded at fair value at the time of foreclosure. If the amortized cost basis in the loan exceeds the fair value of the collateral received, the difference is recorded as an allowance on loans receivable and investments in the Consolidated Statements of Income. Conversely, if the fair value of the collateral received is higher than the amortized cost basis in the loan, the difference, less the fair value of any debt assumed, less the principal amount of the loan receivable (after the reversal of previously recorded allowances), and net of working capital assumed and transaction costs, is recorded as a gain on foreclosure of real estate in the Consolidated Statements of Income. Exchangeable Senior Notes We account for our exchangeable senior notes in accordance with ASC 470-20, Debt - Debt with Conversion and Other Options (after the adoption of Accounting Standards Update ( “ ASU ” ) 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ( “ ASU 2020-06 ” )). We evaluate the exchange features embedded in our exchangeable senior notes in accordance with ASC 815, Derivatives and Hedging

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK	6 Months Ended
	Jun. 30, 2023
Risks and Uncertainties [Abstract]
CONCENTRATION OF CREDIT RISK	NOTE 3—CONCENTRATION OF CREDIT RISK As of June 30, 2023, Atria, Sunrise, Brookdale Senior Living, Ardent and Kindred managed or operated approximately 25.1%, 9.5%, 7.6%, 5.1% and 0.8%, respectively, of our consolidated real estate investments based on gross book value (excluding properties classified as held for sale as of June 30, 2023). 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 11.1% and 54.5% 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 June 30, 2023). Outpatient medical buildings, research 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 34.4%. Our consolidated properties were located in 47 states, the District of Columbia, seven Canadian provinces and the United Kingdom as of June 30, 2023, with properties in one state (California) accounting for more than 10% of our total consolidated revenues and net operating income (“NOI,” which is defined as total revenues, less interest and other income, property-level operating expenses and third party capital management expenses) for each of the three months ended June 30, 2023 and 2022. 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 triple-net leased to Brookdale Senior Living, Ardent and Kindred accounted for a significant portion of total revenues and total NOI for the three months ended June 30, 2023 and 2022. 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 June 30, 2023 2022 Contribution as a Percentage of Total Revenues (1) : Brookdale Senior Living 3.4 % 3.6 % Ardent 3.0 3.2 Kindred 3.0 3.3 Contribution as a Percentage of Total NOI (2) : Brookdale Senior Living 7.8 % 8.4 % Ardent 6.9 7.3 Kindred 6.9 7.6 ____________________________ (1) Total revenues include third party capital management revenues, 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 is guaranteed by a corporate parent. Kindred Lease As of June 30, 2023, we leased 29 properties to Kindred pursuant to a single, triple-net master lease agreement (together with certain other agreements related to such master lease, collectively, the “Kindred Lease”). Pursuant to the Kindred Lease, the 29 properties are divided into two groups. The first group is composed of 6 properties (“Group 1”) and the second group is composed of 23 properties (“Group 2”). The existing term of the Kindred Lease expires on April 30, 2028 for Group 1 and April 30, 2025 for Group 2. Kindred has the option to renew the Group 1 properties for two, 5-year extension at the greater of escalated rent and fair market rental. Kindred has the option to renew the Group 2 properties for one, 5-year extension at escalated rent, and following that, two additional 5-year extensions at the greater of escalated rent and fair market rent. The Kindred Lease is guaranteed by a parent company. Senior Housing Operating Portfolio As of June 30, 2023, Atria and Sunrise, collectively, provided comprehensive property management and accounting services with respect to 334 of our 570 consolidated senior housing communities, for which we pay annual management fees pursuant to long-term management agreements. As of June 30, 2023, Atria and its subsidiaries, including Holiday, managed a pool of 242 senior housing communities for Ventas. Ventas has the right to terminate the management contract for 91 of the communities on short notice. As of June 30, 2023, Sunrise managed 92 communities for Ventas pursuant to multiple management agreements (collectively, the “Sunrise Management Agreements”). Our Sunrise Management Agreements have initial terms expiring between 2035 and 2040. Ventas has the ability to terminate some or all of the Sunrise Management Agreements under certain circumstances.

DISPOSITIONS AND IMPAIRMENTS

DISPOSITIONS AND IMPAIRMENTS	6 Months Ended
	Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
DISPOSITIONS AND IMPAIRMENTS	NOTE 4—DISPOSITIONS AND IMPAIRMENTS 2023 Activity During the six months ended June 30, 2023, we sold six senior housing communities (three of which were vacant), five outpatient medical buildings, one research center and three triple-net leased properties (two of which were vacant) for aggregate consideration of $64.4 million and recognized a gain on the sale of these assets of $11.6 million in our Consolidated Statements of Income. 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 June 30, 2023 As of December 31, 2022 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 SHOP 2 $ 21,027 $ 1,910 3 $ 44,852 $ 5,675 Outpatient Medical and Research Portfolio (1) — — 1,049 — 41 817 Total 2 $ 21,027 $ 2,959 3 $ 44,893 $ 6,492 ______________________________ (1) Primarily relates to sold assets that will be settled post close. Real Estate Impairments We recognized impairments of $10.7 million and $12.6 million for the three months ended June 30, 2023 and 2022, respectively, and $19.2 million and $26.9 million for the six months ended June 30, 2023 and 2022, respectively, which are recorded primarily as a component of depreciation and amortization in our Consolidated Statements of Income. The impairments recorded were primarily a result of a change in our intent to hold or a change in the future cash flows of the impaired assets.

LOANS RECEIVABLE AND INVESTMENT

LOANS RECEIVABLE AND INVESTMENTS	6 Months Ended
	Jun. 30, 2023
Loans Receivable And Investments [Abstract]
LOANS RECEIVABLE AND INVESTMENTS	NOTE 5—LOANS RECEIVABLE AND INVESTMENTS As of June 30, 2023 and December 31, 2022, we had $52.2 million and $561.4 million, respectively, of loans receivable and investments, net of allowance, 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 Carrying Amount Fair Value As of June 30, 2023: Secured/mortgage loans and other, net (1) $ 27,749 $ — $ 27,749 $ 27,790 Non-mortgage loans receivable, net (2) 28,992 (4,492) 24,500 23,626 Total loans receivable and investments, net $ 56,741 $ (4,492) $ 52,249 $ 51,416 As of December 31, 2022: Secured/mortgage loans and other, net (3) $ 513,669 $ (20,000) $ 493,669 $ 493,627 Government-sponsored pooled loan investments, net (4) 43,406 — 43,406 43,406 Total investments reported as secured loans receivable and investments, net 557,075 (20,000) 537,075 537,033 Non-mortgage loans receivable, net (2) 28,959 (4,621) 24,338 23,416 Total loans receivable and investments, net $ 586,034 $ (24,621) $ 561,413 $ 560,449 ______________________________ (1) Investments have contractual maturities in 2024 and 2027. (2) Included in other assets on our Consolidated Balance Sheets. (3) Includes the Company’s cash-pay non-recourse mezzanine loan to Santerre Health Investors (the “Santerre Mezzanine Loan”), which was no longer outstanding as of June 30, 2023. Other included investments have contractual maturities in 2024 and 2027. (4) Repaid at par in February 2023. On May 1, 2023, we took ownership of the properties that secured the Santerre Mezzanine Loan by converting the outstanding principal amount of the Santerre Mezzanine Loan to equity, with no additional consideration being paid. As a result, the Santerre Mezzanine Loan is no longer outstanding. The properties consisted of a diverse pool of outpatient medical buildings, senior housing operating portfolio communities, triple-net leased skilled nursing facilities and hospital assets in the United States, which, at the time, also secured a $1 billion non-recourse senior mortgage loan issued under the CHC Commercial Mortgage Trust 2019-CHC (the “CHC Mortgage Loan”). For additional information regarding the CHC Mortgage Loan, see “Note 9 – Senior Notes Payable And Other Debt.” As of December 31, 2022, we recognized a $20.0 million allowance on the Santerre Mezzanine Loan in our Consolidated Statements of Income. The allowance for the Santerre Mezzanine Loan was calculated using the “current expected credit loss”, or “CECL”, model, which considers relevant information about past events, current conditions and reasonable and supportable forecasts to estimate expected losses as of the most recent balance sheet date. During the three months ended March 31, 2023, we recorded an $8.0 million partial reversal of the allowance in our Consolidated Statements of Income resulting in a $12.0 million allowance as of March 31, 2023. In connection with our equitization of the Santerre Mezzanine Loan on May 1, 2023, we recognized $41.1 million in valuation-related items in our Consolidated Statements of Income consisting of: (a) the reversal of the $12.0 million and $20.0 million of allowances on the Santerre Mezzanine Loan for the three and six months ended June 30, 2023, respectively, and (b) a gain on foreclosure of real estate of $29.1 million for the three and six months ended June 30, 2023. The gain is the fair value of the properties that secured the Santerre Mezzanine Loan, less the fair value of the CHC Mortgage Loan, less the principal amount of the Santerre Mezzanine Loan on May 1, 2023 (after the reversal of previously recorded allowances), and net of non-real estate assets and liabilities and transaction costs. For additional information, see “Note 10 – Fair Value Measurements”.

INVESTMENTS IN UNCONSOLIDATED E

INVESTMENTS IN UNCONSOLIDATED ENTITIES	6 Months Ended
	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS IN UNCONSOLIDATED ENTITIES	NOTE 6—INVESTMENTS IN UNCONSOLIDATED ENTITIES We report investments in unconsolidated entities over whose operating and financial policies we have the ability to exercise significant influence under the equity method of accounting. We are not required to consolidate these entities because our joint venture partners have significant participating rights, nor are these entities considered VIEs, as they are controlled by equity holders with sufficient capital. 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 combines our extensive third-party capital ventures under a single platform, 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 June 30, 2023 and December 31, 2022, respectively (dollars in thousands): Ownership as of (1) Carrying Amount as of June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 Investments in unconsolidated real estate entities: Ventas Life Science & Healthcare Real Estate Fund 21.0% 21.0% $ 258,200 $ 263,979 Pension Fund Joint Venture 23.5% 22.9% 26,934 25,028 Research & Innovation Development Joint Venture 51.4% 51.0% 328,535 284,962 Ventas Investment Management Platform 613,669 573,969 Atrium Health & Wake Forest Joint Venture 48.5% 48.5% 14,877 5,403 All other (2) 34.0%-38.0% 34.0%-38.0% (2,316) 577 Total investments in unconsolidated real estate entities $ 626,230 $ 579,949 ______________________________ (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 parking structures and other de minimis investments in unconsolidated real estate entities. The balance as of June 30, 2023 includes investments in unconsolidated real estate entities that are recorded in accounts payable and other liabilities as of June 30, 2023 on our Consolidated Balance Sheets. 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 $3.6 million and $3.8 million for the three months ended June 30, 2023 and 2022, respectively, and $7.2 million and $7.3 million for the six months ended June 30, 2023 and 2022, respectively. Such amounts are included in third party capital management revenues in our Consolidated Statements of Income. Investments in Unconsolidated Operating Entities We own investments in unconsolidated operating entities such as Ardent and Atria, which are included within other assets on our Consolidated Balance Sheets. Our 34% ownership interest in Atria entitles us to customary minority rights and protections, including the right to appoint two members to the Atria Board of Directors. As of June 30, 2023, we held a 7.5% ownership interest in Ardent, which entitles us to customary minority rights and protections, including the right to appoint one member to the Ardent Board of Directors. In May 2023, we sold approximately 24% of our ownership interest in Ardent to a third-party investor for $50.1 million in total proceeds. As a result of the sale, we recognized $33.5 million of gain for both the three and six months ended June 30, 2023 in income from unconsolidated entities in our Consolidated Statements of Income and our ownership interest in Ardent was reduced from 9.8% to 7.5%.

INTANGIBLES

INTANGIBLES	6 Months Ended
	Jun. 30, 2023
Intangible Assets, Intangible Liabilities, And Goodwill Disclosure [Abstract]
INTANGIBLES	NOTE 7—INTANGIBLES The following is a summary of our intangibles (dollars in thousands): As of June 30, 2023 As of December 31, 2022 Balance Weighted Average Balance Weighted Average Intangible assets: Above-market lease intangibles (1) $ 141,098 6.4 $ 129,038 5.4 In-place and other lease intangibles (2) 1,357,541 7.2 1,217,152 8.0 Goodwill 1,045,147 N/A 1,044,415 N/A Other intangibles (2) 34,441 5.2 34,404 5.6 Accumulated amortization (1,137,288) N/A (1,061,305) N/A Net intangible assets $ 1,440,939 7.1 $ 1,363,704 7.8 Intangible liabilities: Below-market lease intangibles (1) $ 342,741 7.7 $ 333,672 8.6 Other lease intangibles 13,498 N/A 13,498 N/A Accumulated amortization (261,079) N/A (258,639) N/A Purchase option intangibles 3,568 N/A 3,568 N/A Net intangible liabilities $ 98,728 7.7 $ 92,099 8.6 ______________________________ (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	6 Months Ended
	Jun. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS	NOTE 8—OTHER ASSETS The following is a summary of our other assets (dollars in thousands): As of June 30, 2023 As of December 31, 2022 Straight-line rent receivables $ 193,583 $ 187,536 Non-mortgage loans receivable, net 24,500 24,338 Stock warrants 40,451 23,621 Other intangibles, net 5,997 6,393 Investment in unconsolidated operating entities 79,417 95,363 Other 303,371 272,572 Total other assets $ 647,319 $ 609,823 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	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
SENIOR NOTES PAYABLE AND OTHER DEBT	NOTE 9—SENIOR NOTES PAYABLE AND OTHER DEBT The following is a summary of our senior notes payable and other debt (dollars in thousands): As of June 30, 2023 As of December 31, 2022 Unsecured revolving credit facility (1)(2) $ 35,019 $ 25,230 Commercial paper notes 135,000 403,000 2.55% Senior Notes, Series D due 2023 (2) — 202,967 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) 123,339 184,515 2.80% Senior Notes, Series E due 2024 (2) 55,181 442,837 Unsecured term loan due 2025 (2) 377,758 369,031 3.50% Senior Notes due 2025 600,000 600,000 2.65% Senior Notes due 2025 450,000 450,000 4.125% Senior Notes due 2026 500,000 500,000 3.25% Senior Notes due 2026 450,000 450,000 3.75% Exchangeable Senior Notes due 2026 862,500 — Unsecured term loan due 2027 500,000 500,000 2.45% Senior Notes, Series G due 2027 (2) 358,870 350,579 3.85% Senior Notes due 2027 400,000 400,000 4.00% Senior Notes due 2028 650,000 650,000 5.398% Senior Notes, Series I due 2028 (2) 453,309 — 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) 226,655 221,419 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 3,086,088 2,436,443 Total 13,438,942 12,361,244 Deferred financing costs, net (81,363) (63,410) Unamortized fair value adjustment 19,510 23,535 Unamortized discounts (22,349) (24,589) Senior notes payable and other debt $ 13,354,740 $ 12,296,780 ______________________________ (1) As of June 30, 2023 and December 31, 2022, respectively, $12.8 million and $3.7 million of aggregate borrowings were denominated in Canadian dollars. Aggregate borrowings of $22.2 million and $21.5 million were denominated in British pounds as of June 30, 2023 and December 31, 2022, respectively. (2) British Pound and Canadian Dollar debt obligations shown in US Dollars. (3) Our 6.90% senior notes due 2037 are subject to repurchase at the option of the holders, at par, on October 1, 2027, and our 6.59% senior notes due 2038 are subject to repurchase at the option of the holders, at par, on July 7 in each of 2023 and 2028. Credit Facilities, Commercial Paper, Unsecured Term Loans and Letters of Credit We have a $2.75 billion unsecured revolving credit facility priced at SOFR plus 0.925%, which is subject to adjustment 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. Our unsecured credit facility imposed certain customary restrictions on us, including restrictions pertaining to: (i) liens; (ii) investments; (iii) the incurrence of additional indebtedness; (iv) mergers and dissolutions; (v) certain dividend, distribution and other payments; (vi) permitted businesses; (vii) transactions with affiliates; (viii) agreements limiting certain liens; and (ix) the maintenance of certain consolidated total leverage, secured debt leverage, unsecured debt leverage and fixed charge coverage ratios and minimum consolidated adjusted net worth, and contains customary events of default. As of June 30, 2023, we had $2.7 billion of undrawn capacity on our unsecured revolving credit facility with $35.0 million outstanding and an additional $1.2 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. As of June 30, 2023, our $100.0 million uncommitted line for standby letters of credit had an outstanding balance of $14.7 million. The agreement governing the line contains certain customary covenants and, under its terms, we are required to pay a commission on each outstanding letter of credit at a fixed rate. 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 June 30, 2023, we had $135.0 million in borrowings outstanding under our commercial paper program. As of June 30, 2023, 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. Exchangeable Senior Notes In June 2023, Ventas Realty issued $862.5 million aggregate principal amount of its 3.75% Exchangeable Senior Notes due 2026 (the “Exchangeable Notes”) in a private placement. The Exchangeable Notes are senior, unsecured obligations of Ventas Realty and are fully and unconditionally guaranteed on an unsecured and unsubordinated basis by Ventas. The Exchangeable Notes bear interest at a rate of 3.75% per year, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2023. The Exchangeable Notes mature on June 1, 2026, unless earlier exchanged, redeemed or repurchased. The net proceeds from the Exchangeable Notes were primarily used to repay the CHC Mortgage Loan. As of June 30, 2023, we had $862.5 million aggregate principal amount of the Exchangeable Notes outstanding. The Exchangeable Notes are exchangeable at an initial exchange rate of 18.2460 shares of our common stock per $1,000 principal amount of Exchangeable Notes (equivalent to an initial exchange price of approximately $54.81 per share of common stock). The initial exchange rate is subject to adjustment, including in the event of the payment of a quarterly dividend in excess of $0.45 per share, but will not be adjusted for any accrued and unpaid interest. Upon exchange of the Exchangeable Notes, Ventas Realty will pay cash up to the aggregate principal amount of the Exchangeable Notes to be exchanged and pay or deliver (or cause to be delivered), as the case may be, cash, shares of common stock or a combination of cash and shares of common stock, at Ventas Realty’s election, in respect of the remainder, if any, of its exchange obligation in excess of the aggregate principal amount of the Exchangeable Notes being exchanged. Prior to the close of business on the business day immediately preceding March 1, 2026, the Exchangeable Notes will be exchangeable at the option of the noteholders only upon the satisfaction of specified conditions and during certain periods described in the indenture governing the Exchangeable Notes. On or after March 1, 2026, until the close of business on the business day immediately preceding the maturity date, the Exchangeable Notes will be exchangeable at the option of the noteholders at any time regardless of these conditions or periods. We have evaluated and concluded that the exchange options embedded in our exchangeable senior notes are eligible for the entity’s own equity scope exception from ASC 815 and therefore, do not need to be bifurcated. Accordingly, we record our exchangeable senior notes as liabilities (included in senior notes payable and other debt on our Consolidated Balance Sheets). Senior Notes In April 2023, our 100% owned subsidiary, Ventas Canada Finance Limited (“Ventas Canada”), issued and sold C$600.0 million aggregate principal amount of 5.398% Senior Notes due 2028 in a private placement at par. Pursuant to cash tender offers, we used the proceeds to repurchase C$613.7 million in aggregate principal amount of outstanding senior notes due in 2024 for an aggregate purchase price of C$600.0 million plus accrued and unpaid interest as disclosed below: • In April 2023, we repurchased C$527.0 million principal amount of our 2.80% Senior Notes, Series E due April 2024 at 97.6% of par value, plus accrued and unpaid interest to, but not including, the settlement date. • In April 2023, we repurchased C$86.7 million principal amount of our 4.125% Senior Notes, Series B due September 2024 at 98.5% of par value, plus accrued and unpaid interest to, but not including, the settlement date. As a result of the tender offers, we recognized a gain on extinguishment of debt of $8.3 million in our Consolidated Statements of Income for both the three and six months ended June 30, 2023. Mortgages In March 2023, we entered into a C$271.8 million floating rate mortgage loan maturing in 2028 with an interest rate of CDOR + 0.88%. The mortgage is secured by 14 SHOP communities in Canada. On May 1, 2023, we took ownership of the properties that supported the Santerre Mezzanine Loan by converting the outstanding principal amount of the Santerre Mezzanine Loan to equity, with no additional consideration being paid. The properties consisted of a diverse pool of 153 assets, which, at the time, also secured the CHC Mortgage Loan. At the time of the equitization of the Santerre Mezzanine Loan, there was $1 billion outstanding under the CHC Mortgage Loan and it accrued interest at a weighted average rate of LIBOR + 1.84% and had matured on June 9, 2023. The CHC Mortgage Loan was recorded at fair value, which approximates par, on May 1, 2023. On June 8, 2023, we voluntary prepaid, without penalty, $656.6 million of the CHC Mortgage Loan. In connection with the prepayment, 83 properties were released from the collateral securing the CHC Mortgage Loan. As of June 30, 2023, $360.2 million remained outstanding under the CHC Mortgage Loan, which was secured by 70 outpatient medical buildings, triple-net leased skilled nursing facilities and hospital assets in the United States. On June 9, 2023, we extended the maturity date of the CHC Mortgage Loan to June 9, 2024 and amended the CHC Mortgage Loan to replace its LIBOR-based rates with SOFR-based rates. As of June 30, 2023, the CHC Mortgage Loan had a weighted average rate of SOFR + 2.69%. In July 2023, we provided notice that we intend to repay the full balance of the CHC Mortgage Loan in August 2023. In July 2023, we entered into a $426.8 million fixed rate mortgage loan, which accrues interest at 5.91%, matures in 2033 and is secured by 19 SHOP communities in the United States. As of June 30, 2023, our indebtedness had the following maturities (dollars in thousands): Principal Amount Unsecured Revolving Credit Facility and Commercial Paper Notes (1)(2) Scheduled Periodic Total Maturities 2023 $ 105,539 $ — $ 27,090 $ 132,629 2024 1,630,168 — 50,170 1,680,338 2025 2,026,619 170,019 44,973 2,241,611 2026 1,912,832 — 38,787 1,951,619 2027 1,341,775 — 38,550 1,380,325 Thereafter 5,897,892 — 154,528 6,052,420 Total maturities $ 12,914,825 $ 170,019 $ 354,098 $ 13,438,942 ______________________________ (1) At June 30, 2023, we had $31.4 million of aggregate borrowings outstanding under our unsecured revolving credit facility and commercial paper program, net of $138.6 million of unrestricted cash and cash equivalents. (2) Commercial paper program borrowings are backstopped by the revolving credit facility. As such, our commercial paper program balances are presented at the maturity date of the revolving credit facility. Derivatives and Hedging In the normal course of our business, interest rate fluctuations affect future cash flows under our variable rate debt obligations, loans receivable and marketable debt securities, and foreign currency exchange rate fluctuations affect our operating results. We follow established risk management policies and procedures, including the use of derivative instruments, to mitigate the impact of these risks. We do not use derivative instruments for trading or speculative purposes, and we have a policy of entering into contracts only with major financial institutions based upon their credit ratings and other factors. When considered together with the underlying exposure that the derivative is designed to hedge, we do not expect that the use of derivatives in this manner would have any material adverse effect on our future financial condition or results of operations. As of June 30, 2023, our variable rate debt obligations of $1.4 billion reflect, in part, the effect of $143.8 million notional amount of interest rate swaps with maturities in March 2027, that effectively convert fixed rate debt to variable rate debt. As of June 30, 2023, our fixed rate debt obligations of $12.0 billion reflect, in part, the effect of $537.5 million and C$564.6 million notional amount of interest rate swaps with maturities ranging from October 2023 to April 2031, in each case, that effectively convert variable rate debt to fixed rate debt. 2023 Activity In the first quarter of 2023, we hedged an incremental $200.0 million of variable rate debt to fixed rate debt through the execution in March 2023 of two-year $400.0 million notional swaps on our unsecured term loan due in 2027, replacing a $200.0 million notional swap that matured in January 2023. The swap instruments are designated as cash flow hedges. In March 2023, in connection with our new C$271.8 million mortgage loan, we entered into an interest rate swap totaling a notional amount of C$271.8 million with a maturity of March 14, 2028 that effectively converts CDOR-based floating rate debt to fixed rate debt. In March and April 2023, we entered into a total of $250.0 million aggregate forward starting swaps with a ten-year weighted average rate of 3.37%: • In March 2023, we entered into a total of $200.0 million of notional forward starting swaps that reduced our exposure to fluctuations in interest rates related to changes in rates between the trade dates of the swaps and the forecasted issuance of long-term debt. The rate on the notional amounts was locked at a ten-year weighted average rate of 3.41%. The forward-starting interest rate swap instruments are designated as cash flow hedges. • In April 2023, we entered into a total of $50.0 million of notional forward starting swaps that reduced our exposure to fluctuations in interest rates related to changes in rates between the trade dates of the swap and the forecasted issuance of long-term debt. The rate on the notional amounts was locked at a ten-year weighted average rate of 3.17%. The forward-starting interest rate swap instruments are designated as cash flow hedges. • In July 2023, we terminated the above-mentioned forward starting swaps in conjunction with the issuance of the $426.8 million fixed rate mortgage loan due in 2033.

FAIR VALUES MEASUREMENTS

FAIR VALUES MEASUREMENTS	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
FAIR VALUES MEASUREMENTS	NOTE 10—FAIR VALUE MEASUREMENTS Overview Accounting guidance on fair value measurements for certain financial assets and liabilities requires that financial assets and liabilities carried at fair value be classified and disclosed in one of the following categories: • Level 1: Fair value calculated based on unadjusted quoted prices for identical assets or liabilities in active markets that we have the ability to access. • Level 2: Fair value calculated using 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 3: Fair value calculated using unobservable inputs for the asset or liability, which typically are based on our own assumptions, because there is little, if any, related market activity. 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 are not necessarily indicative of the amounts we would realize in a current market exchange or transaction. Financial Instruments Measured at Fair Value The table below summarizes the carrying amounts and fair values of our financial instruments either recorded or disclosed on a recurring basis (dollars in thousands): As of June 30, 2023 As of December 31, 2022 Carrying Fair Value Carrying Fair Value Assets: Cash and cash equivalents (1) $ 138,648 $ 138,648 $ 122,564 $ 122,564 Escrow deposits and restricted cash (1) 71,699 71,699 48,181 48,181 Stock warrants (3)(5) 40,451 40,451 23,621 23,621 Secured mortgage loans and other, net (3)(4) 27,749 27,790 493,669 493,627 Non-mortgage loans receivable, net (3)(4)(5) 24,500 23,626 24,338 23,416 Government-sponsored pooled loan investments, net (3) — — 43,406 43,406 Derivative instruments (3)(5) 44,005 44,005 24,316 24,316 Liabilities: Senior notes payable and other debt, gross (3)(4) 13,438,942 12,633,140 12,361,244 11,493,824 Derivative instruments (3)(6) 317 317 145 145 Redeemable OP Units (2) 166,894 166,894 162,663 162,663 ______________________________ (1) The carrying amount approximates fair value due to the short maturity of these instruments. (2) Level 1 within fair value hierarchy. (3) Level 2 within fair value hierarchy. (4) Level 3 within fair value hierarchy. (5) Included in other assets on our Consolidated Balance Sheets. (6) Included in accounts payable and other liabilities on our Consolidated Balance Sheets. Other Items Measured at Fair Value on a Nonrecurring Basis Real estate recorded as held for sale and any associated real estate impairment recorded due to the shortening of the expected hold period due to our change in intent to hold the asset (see “Note 4 – Dispositions And Impairments”) are measured at fair value on a nonrecurring basis. We estimate the fair value of assets held for sale and any associated impairment charges based primarily on current sales price expectations, which reside within Level 2 of the fair value hierarchy. Real estate impairment charges recorded due to our evaluation of recoverability when events or changes in circumstances indicate the carrying amount may not be recoverable are based on company-specific inputs and our assumptions about the marketability of the properties as observable inputs are not available. As such, we have determined that these fair value measurements generally reside within Level 3 of the fair value hierarchy. We estimate the fair value of real estate deemed to not be recoverable using the income approach and unobservable data such as net operating income and estimated capitalization and discount rates, and giving consideration to local and national industry market data including comparable sales. The fair value of the collateral received in connection with the equitization of the Santerre Mezzanine Loan was determined using fair value determinations within Level 1, 2 and 3 of the fair value hierarchy. The fair value of the non-real estate assets and liabilities was based on their cost, given the short term nature of those balances and because cost was the best information available, which reside within Level 1 of the fair value hierarchy. The fair value of the CHC Mortgage Loan, which approximates par, was based on the absence of recent underlying trading activity, consideration of the near-term maturity date and adjustments for the credit-worthiness of the borrower, which reside within Level 2 of the fair value hierarchy. The fair value of the real estate properties that secured the Santerre Mezzanine Loan of $1.566 billion (net of $31.8 million of capital expenditures) was determined using unobservable inputs primarily within Level 3 of the fair value hierarchy. For SHOP and outpatient medical properties, fair value was based on either an income or market approach that took into account unobservable inputs such as direct capitalization rates, estimated NOI, market rents, costs per unit, replacement

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 11—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. 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. These claims may include, among other things, professional liability and general liability claims, commercial liability claims, unfair business practices 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. These claims 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 action, investigation or claim, 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 actions, investigations and claims could have a material adverse effect on us.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 12—INCOME TAXES We have elected to be taxed as a REIT under the applicable provisions of the Internal Revenue Code of 1986, as amended, for every year beginning with the year ended December 31, 1999. We have also elected for certain of our subsidiaries to be treated as taxable REIT subsidiaries (“TRS” or “TRS entities”), which are subject to federal, state and foreign income taxes. All entities other than the TRS entities are collectively referred to as the “REIT” within this note. Certain REIT entities are subject to foreign income tax. Although the TRS entities and certain other foreign entities have paid minimal federal, state and foreign income taxes for the six months ended June 30, 2023, 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 June 30, 2023 and 2022 was a benefit of $9.8 million and a benefit of $3.8 million, respectively. Our consolidated provision for income taxes for the six months ended June 30, 2023 and 2022 was a benefit of $12.6 million and a benefit of $8.3 million, respectively. The income tax benefit for the three and six months ended June 30, 2023 was primarily due to losses in certain of our TRS entities and an $8.0 million benefit from internal restructurings of U.S. TRS entities. The income tax benefit for the three and six months ended June 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. TRS. 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 $29.7 million and $35.6 million as of June 30, 2023 and December 31, 2022, 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 $7.0 million and $10.5 million as of June 30, 2023 and December 31, 2022, 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, 2019 and subsequent years and are subject to audit by state taxing authorities for the year ended December 31, 2018 and subsequent years. We are subject to audit generally under the statutes of limitation by the Canada Revenue Agency

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
STOCKHOLDERS' EQUITY	NOTE 13—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. During the six months ended June 30, 2023, we sold 0.5 million shares of our common stock under our ATM program for gross proceeds of $25.6 million, representing an average price of $46.93 per share. As of June 30, 2023, the remaining amount available under our ATM program for future sales of common stock was $974.4 million. In July 2023, we sold 1.8 million shares of our common stock under our ATM program for gross proceeds of $84.8 million, representing an average price of $48.19 per share. As of July 31, 2023, the remaining amount available under our ATM program for future sales of common stock was $889.6 million. Accumulated Other Comprehensive Loss The following is a summary of our accumulated other comprehensive loss (dollars in thousands): As of June 30, 2023 As of December 31, 2022 Foreign currency translation loss $ (56,997) $ (60,364) Unrealized gain on derivative instruments 42,445 23,564 Total accumulated other comprehensive loss $ (14,552) $ (36,800)

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	NOTE 14—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 June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Numerator for basic and diluted earnings per share: Income (loss) from continuing operations $ 105,066 $ (41,202) $ 123,978 $ (610) Net income (loss) 105,066 (41,202) 123,978 (610) Net income attributable to noncontrolling interests 1,613 1,214 3,008 3,074 Net income (loss) attributable to common stockholders $ 103,453 $ (42,416) $ 120,970 $ (3,684) Denominator: Denominator for basic earnings per share—weighted average shares 400,431 399,592 400,211 399,445 Effect of dilutive securities: Stock options — 41 — 33 Restricted stock awards 220 376 268 398 OP unitholder interests 3,471 3,517 3,478 3,517 Denominator for diluted earnings per share—adjusted weighted average shares 404,122 403,526 403,957 403,393 Basic earnings per share: Income (loss) from continuing operations $ 0.26 $ (0.10) $ 0.31 $ — Net income (loss) attributable to common stockholders 0.26 (0.11) 0.30 (0.01) Diluted earnings per share: (1) Income (loss) from continuing operations $ 0.26 $ (0.10) $ 0.31 $ — Net income (loss) attributable to common stockholders 0.26 (0.11) 0.30 (0.01) ______________________________ (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. The dilutive effect of our Exchangeable Notes is calculated using the if-converted method in accordance with ASU 2020-06. We are required, pursuant to the indenture governing the Exchangeable Notes, to settle the aggregate principal amount of the Exchangeable Notes in cash and may elect to settle any remaining exchange obligation (i.e., the stock price in excess of the exchange obligation) in cash, shares of our common stock, or a combination thereof. Under the if-converted method, we include the number of shares required to satisfy the exchange obligation, assuming all the Exchangeable Notes are exchanged. The average closing price of our common stock for the three and six months ended June 30, 2023 is used as the basis for determining the dilutive effect on earnings per share. The average price of our common stock for each of the three and six months ended June 30, 2023 was less than the initial exchange price of $54.81 and, therefore, all associated shares were antidilutive.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
SEGMENT INFORMATION	NOTE 15—SEGMENT INFORMATION As of June 30, 2023, we operated through three reportable business segments: triple-net leased properties, SHOP and outpatient medical and research portfolio. 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 outpatient medical and research portfolio reportable business segment, we primarily acquire, own, develop, lease and manage outpatient medical buildings and research centers throughout the United States. Information provided for “non-segment” includes management fees and promote revenues, net of expenses related to our third-party institutional capital management business, income from loans and investments 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 maker evaluates performance of the combined properties in each reportable business segment and determines how to allocate resources to those segments, in significant part, based on NOI and related measures for each segment. We define NOI as total revenues, less interest and other income, property-level operating expenses and third party capital management expenses. 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 June 30, 2023 SHOP Outpatient Medical and Research Portfolio Triple-Net Non-Segment Total Revenues: Rental income $ — $ 215,807 $ 154,355 $ — $ 370,162 Resident fees and services 724,614 — — — 724,614 Third party capital management revenues — 559 — 3,437 3,996 Income from loans and investments — — — 6,554 6,554 Interest and other income — — — 1,032 1,032 Total revenues $ 724,614 $ 216,366 $ 154,355 $ 11,023 $ 1,106,358 Total revenues $ 724,614 $ 216,366 $ 154,355 $ 11,023 $ 1,106,358 Less: Interest and other income — — — 1,032 1,032 Property-level operating expenses 547,110 72,171 3,537 — 622,818 Third party capital management expenses — — — 1,436 1,436 NOI $ 177,504 $ 144,195 $ 150,818 $ 8,555 481,072 Interest and other income 1,032 Interest expense (143,265) Depreciation and amortization (304,689) General, administrative and professional fees (34,399) Gain on extinguishment of debt, net 6,801 Transaction expenses and deal costs (3,069) Allowance on loans receivable and investments 12,065 Gain on foreclosure of real estate 29,127 Other 17,959 Income from unconsolidated entities 31,254 Gain on real estate dispositions 1,405 Income tax benefit 9,773 Income from continuing operations 105,066 Net income 105,066 Net income attributable to noncontrolling interests 1,613 Net income attributable to common stockholders $ 103,453 For the Three Months Ended June 30, 2022 SHOP Outpatient Medical and Research Portfolio Triple-Net Non-Segment Total Revenues: Rental income $ — $ 199,241 $ 149,397 $ — $ 348,638 Resident fees and services 658,056 — — — 658,056 Third party capital management revenues — 670 — 3,656 4,326 Income from loans and investments — — — 10,752 10,752 Interest and other income — — — 1,166 1,166 Total revenues $ 658,056 $ 199,911 $ 149,397 $ 15,574 $ 1,022,938 Total revenues $ 658,056 $ 199,911 $ 149,397 $ 15,574 $ 1,022,938 Less: Interest and other income — — — 1,166 1,166 Property-level operating expenses 507,446 63,328 3,585 — 574,359 Third party capital management expenses — — — 1,410 1,410 NOI $ 150,610 $ 136,583 $ 145,812 $ 12,998 446,003 Interest and other income 1,166 Interest expense (113,951) Depreciation and amortization (283,075) General, administrative and professional fees (32,915) Loss on extinguishment of debt, net (7) Transaction expenses and deal costs (13,078) Allowance on loans receivable and investments 62 Other (48,116) Loss from unconsolidated entities (1,047) Loss on real estate dispositions (34) Income tax benefit 3,790 Loss from continuing operations (41,202) Net loss (41,202) Net income attributable to noncontrolling interests 1,214 Net loss attributable to common stockholders $ (42,416) For the Six Months Ended June 30, 2023 SHOP Outpatient Medical and Research Portfolio Triple-Net Non-Segment Total Revenues: Rental income $ — $ 418,811 $ 304,094 $ — $ 722,905 Resident fees and services 1,429,607 — — — 1,429,607 Third party capital management revenues — 1,187 — 6,986 8,173 Income from loans and investments — — — 20,143 20,143 Interest and other income — — — 2,775 2,775 Total revenues $ 1,429,607 $ 419,998 $ 304,094 $ 29,904 $ 2,183,603 Total revenues $ 1,429,607 $ 419,998 $ 304,094 $ 29,904 $ 2,183,603 Less: Interest and other income — — — 2,775 2,775 Property-level operating expenses 1,084,332 139,084 7,333 — 1,230,749 Third party capital management expenses — — — 3,142 3,142 NOI $ 345,275 $ 280,914 $ 296,761 $ 23,987 946,937 Interest and other income 2,775 Interest expense (271,340) Depreciation and amortization (586,808) General, administrative and professional fees (79,197) Gain on extinguishment of debt, net 6,801 Transaction expenses and deal costs (4,455) Allowance on loans receivable and investments 20,129 Gain on foreclosure of real estate 29,127 Other 10,197 Income from unconsolidated entities 25,631 Gain on real estate dispositions 11,606 Income tax benefit 12,575 Income from continuing operations 123,978 Net income 123,978 Net income attributable to noncontrolling interests 3,008 Net income attributable to common stockholders $ 120,970 For the Six Months Ended June 30, 2022 SHOP Outpatient Medical and Research Portfolio Triple-Net Non-Segment Total Revenues: Rental income $ — $ 399,781 $ 300,958 $ — $ 700,739 Resident fees and services 1,309,177 — — — 1,309,177 Third party capital management revenues — 1,287 — 6,988 8,275 Income from loans and investments — — — 20,599 20,599 Interest and other income — — — 1,702 1,702 Total revenues $ 1,309,177 $ 401,068 $ 300,958 $ 29,289 $ 2,040,492 Total revenues $ 1,309,177 $ 401,068 $ 300,958 $ 29,289 $ 2,040,492 Less: Interest and other income — — — 1,702 1,702 Property-level operating expenses 982,976 126,511 7,593 — 1,117,080 Third party capital management expenses — — 2,723 2,723 NOI $ 326,201 $ 274,557 $ 293,365 $ 24,864 918,987 Interest and other income 1,702 Interest expense (224,745) Depreciation and amortization (572,139) General, administrative and professional fees (75,913) Loss on extinguishment of debt, net (7) Transaction expenses and deal costs (33,070) Allowance on loans receivable and investments 116 Other (20,926) Loss from unconsolidated entities (5,316) Gain on real estate dispositions 2,421 Income tax benefit 8,280 Loss from continuing operations (610) Net loss (610) Net income attributable to noncontrolling interests 3,074 Net loss attributable to common stockholders $ (3,684) 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 June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Capital Expenditures: SHOP $ 87,548 $ 55,540 $ 155,680 $ 198,943 Outpatient medical and research portfolio 39,814 85,752 80,618 359,826 Triple-net leased properties 2,039 1,774 5,759 2,408 Total capital expenditures $ 129,401 $ 143,066 $ 242,057 $ 561,177 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 June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Revenues: United States $ 983,749 $ 903,057 $ 1,941,875 $ 1,800,990 Canada 115,324 112,809 227,446 224,953 United Kingdom 7,285 7,072 14,282 14,549 Total revenues $ 1,106,358 $ 1,022,938 $ 2,183,603 $ 2,040,492 As of June 30, 2023 As of December 31, 2022 Net Real Estate Property: United States $ 19,423,245 $ 18,168,224 Canada 2,845,233 2,782,350 United Kingdom 214,631 209,876 Total net real estate property $ 22,483,109 $ 21,160,450

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2023
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 six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. 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, 2022 (the “2022 Annual Report”). Certain prior period amounts have been reclassified to conform to the current period presentation.
Accounting Estimates	Accounting Estimates The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions regarding future events that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
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.
U.S. Department of Health & Human Services Grants	U.S. Department of Health & Human Services 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, including not using grants received from the Provider Relief Fund to reimburse expenses or losses that other sources are obligated to reimburse, complying with reporting and record keeping requirements and cooperating with any government audits.
Accounting for Foreclosed Properties	Accounting for Foreclosed Properties The Company may receive properties pursuant to a foreclosure, deed in lieu of foreclosure or other legal action in full or partial settlement of loans receivable by taking legal title or physical possession of the properties. We refer to such actions as a “foreclosure” and to such properties as “foreclosed properties”. We account for foreclosed properties received in settlement of loans receivable in accordance with ASC 310, Receivables . Foreclosed real estate received in full or partial satisfaction of a loan and any debt assumed upon foreclosure is recorded at fair value at the time of foreclosure. If the amortized cost basis in the loan exceeds the fair value of the collateral received, the difference is recorded as an allowance on loans receivable and investments in the Consolidated Statements of Income. Conversely, if the fair value of the collateral received is higher than the amortized cost basis in the loan, the difference, less the fair value of any debt assumed, less the principal amount of the loan receivable (after the reversal of previously recorded allowances), and net of working capital assumed and transaction costs, is recorded as a gain on foreclosure of real estate in the Consolidated Statements of Income.
Exchangeable Senior Notes	Exchangeable Senior Notes We account for our exchangeable senior notes in accordance with ASC 470-20, Debt - Debt with Conversion and Other Options (after the adoption of Accounting Standards Update ( “ ASU ” ) 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ( “ ASU 2020-06 ” )). We evaluate the exchange features embedded in our exchangeable senior notes in accordance with ASC 815, Derivatives and Hedging

ACCOUNTING POLICIES (Tables)

ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 As of December 31, 2022 Total Assets Total Liabilities Total Assets Total Liabilities NHP/PMB L.P. $ 746,467 $ 252,293 $ 741,890 $ 252,518 Fonds Immobilier Groupe Maurice, S.E.C. 2,009,243 1,213,624 1,957,075 1,170,928 Other identified VIEs 1,704,600 359,247 1,699,949 333,185 Tax credit VIEs 121,771 16,504 128,240 16,767

CONCENTRATION OF CREDIT RISK (T

CONCENTRATION OF CREDIT RISK (Tables)	6 Months Ended
	Jun. 30, 2023
Risks and Uncertainties [Abstract]
Schedules of Concentration of Risk, by Risk Factor	The properties we triple-net leased to Brookdale Senior Living, Ardent and Kindred accounted for a significant portion of total revenues and total NOI for the three months ended June 30, 2023 and 2022. 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 June 30, 2023 2022 Contribution as a Percentage of Total Revenues (1) : Brookdale Senior Living 3.4 % 3.6 % Ardent 3.0 3.2 Kindred 3.0 3.3 Contribution as a Percentage of Total NOI (2) : Brookdale Senior Living 7.8 % 8.4 % Ardent 6.9 7.3 Kindred 6.9 7.6 ____________________________ (1) Total revenues include third party capital management revenues, 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)	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 As of December 31, 2022 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 SHOP 2 $ 21,027 $ 1,910 3 $ 44,852 $ 5,675 Outpatient Medical and Research Portfolio (1) — — 1,049 — 41 817 Total 2 $ 21,027 $ 2,959 3 $ 44,893 $ 6,492 ______________________________ (1) Primarily relates to sold assets that will be settled post close.

LOANS RECEIVABLE AND INVESTME_2

LOANS RECEIVABLE AND INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
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 Carrying Amount Fair Value As of June 30, 2023: Secured/mortgage loans and other, net (1) $ 27,749 $ — $ 27,749 $ 27,790 Non-mortgage loans receivable, net (2) 28,992 (4,492) 24,500 23,626 Total loans receivable and investments, net $ 56,741 $ (4,492) $ 52,249 $ 51,416 As of December 31, 2022: Secured/mortgage loans and other, net (3) $ 513,669 $ (20,000) $ 493,669 $ 493,627 Government-sponsored pooled loan investments, net (4) 43,406 — 43,406 43,406 Total investments reported as secured loans receivable and investments, net 557,075 (20,000) 537,075 537,033 Non-mortgage loans receivable, net (2) 28,959 (4,621) 24,338 23,416 Total loans receivable and investments, net $ 586,034 $ (24,621) $ 561,413 $ 560,449 ______________________________ (1) Investments have contractual maturities in 2024 and 2027. (2) Included in other assets on our Consolidated Balance Sheets. (3) Includes the Company’s cash-pay non-recourse mezzanine loan to Santerre Health Investors (the “Santerre Mezzanine Loan”), which was no longer outstanding as of June 30, 2023. Other included investments have contractual maturities in 2024 and 2027. (4) Repaid at par in February 2023.

INVESTMENTS IN UNCONSOLIDATED_2

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables)	6 Months Ended
	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Below is a summary of our investments in unconsolidated real estate entities as of June 30, 2023 and December 31, 2022, respectively (dollars in thousands): Ownership as of (1) Carrying Amount as of June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 Investments in unconsolidated real estate entities: Ventas Life Science & Healthcare Real Estate Fund 21.0% 21.0% $ 258,200 $ 263,979 Pension Fund Joint Venture 23.5% 22.9% 26,934 25,028 Research & Innovation Development Joint Venture 51.4% 51.0% 328,535 284,962 Ventas Investment Management Platform 613,669 573,969 Atrium Health & Wake Forest Joint Venture 48.5% 48.5% 14,877 5,403 All other (2) 34.0%-38.0% 34.0%-38.0% (2,316) 577 Total investments in unconsolidated real estate entities $ 626,230 $ 579,949 ______________________________ (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 parking structures and other de minimis investments in unconsolidated real estate entities. The balance as of June 30, 2023 includes investments in unconsolidated real estate entities that are recorded in accounts payable and other liabilities as of June 30, 2023 on our Consolidated Balance Sheets.

INTANGIBLES (Tables)

INTANGIBLES (Tables)	6 Months Ended
	Jun. 30, 2023
Intangible Assets, Intangible Liabilities, And Goodwill Disclosure [Abstract]
Schedule of Intangibles	The following is a summary of our intangibles (dollars in thousands): As of June 30, 2023 As of December 31, 2022 Balance Weighted Average Balance Weighted Average Intangible assets: Above-market lease intangibles (1) $ 141,098 6.4 $ 129,038 5.4 In-place and other lease intangibles (2) 1,357,541 7.2 1,217,152 8.0 Goodwill 1,045,147 N/A 1,044,415 N/A Other intangibles (2) 34,441 5.2 34,404 5.6 Accumulated amortization (1,137,288) N/A (1,061,305) N/A Net intangible assets $ 1,440,939 7.1 $ 1,363,704 7.8 Intangible liabilities: Below-market lease intangibles (1) $ 342,741 7.7 $ 333,672 8.6 Other lease intangibles 13,498 N/A 13,498 N/A Accumulated amortization (261,079) N/A (258,639) N/A Purchase option intangibles 3,568 N/A 3,568 N/A Net intangible liabilities $ 98,728 7.7 $ 92,099 8.6 ______________________________ (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)	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 As of December 31, 2022 Straight-line rent receivables $ 193,583 $ 187,536 Non-mortgage loans receivable, net 24,500 24,338 Stock warrants 40,451 23,621 Other intangibles, net 5,997 6,393 Investment in unconsolidated operating entities 79,417 95,363 Other 303,371 272,572 Total other assets $ 647,319 $ 609,823

SENIOR NOTES PAYABLE AND OTHE_2

SENIOR NOTES PAYABLE AND OTHER DEBT (Tables)	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 As of December 31, 2022 Unsecured revolving credit facility (1)(2) $ 35,019 $ 25,230 Commercial paper notes 135,000 403,000 2.55% Senior Notes, Series D due 2023 (2) — 202,967 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) 123,339 184,515 2.80% Senior Notes, Series E due 2024 (2) 55,181 442,837 Unsecured term loan due 2025 (2) 377,758 369,031 3.50% Senior Notes due 2025 600,000 600,000 2.65% Senior Notes due 2025 450,000 450,000 4.125% Senior Notes due 2026 500,000 500,000 3.25% Senior Notes due 2026 450,000 450,000 3.75% Exchangeable Senior Notes due 2026 862,500 — Unsecured term loan due 2027 500,000 500,000 2.45% Senior Notes, Series G due 2027 (2) 358,870 350,579 3.85% Senior Notes due 2027 400,000 400,000 4.00% Senior Notes due 2028 650,000 650,000 5.398% Senior Notes, Series I due 2028 (2) 453,309 — 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) 226,655 221,419 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 3,086,088 2,436,443 Total 13,438,942 12,361,244 Deferred financing costs, net (81,363) (63,410) Unamortized fair value adjustment 19,510 23,535 Unamortized discounts (22,349) (24,589) Senior notes payable and other debt $ 13,354,740 $ 12,296,780 ______________________________ (1) As of June 30, 2023 and December 31, 2022, respectively, $12.8 million and $3.7 million of aggregate borrowings were denominated in Canadian dollars. Aggregate borrowings of $22.2 million and $21.5 million were denominated in British pounds as of June 30, 2023 and December 31, 2022, respectively. (2) British Pound and Canadian Dollar debt obligations shown in US Dollars. (3) Our 6.90% senior notes due 2037 are subject to repurchase at the option of the holders, at par, on October 1, 2027, and our 6.59% senior notes due 2038 are subject to repurchase at the option of the holders, at par, on July 7 in each of 2023 and 2028.
Scheduled Maturities of Borrowing Arrangements and Other Provisions Excluding Capital Lease Obligations	As of June 30, 2023, our indebtedness had the following maturities (dollars in thousands): Principal Amount Unsecured Revolving Credit Facility and Commercial Paper Notes (1)(2) Scheduled Periodic Total Maturities 2023 $ 105,539 $ — $ 27,090 $ 132,629 2024 1,630,168 — 50,170 1,680,338 2025 2,026,619 170,019 44,973 2,241,611 2026 1,912,832 — 38,787 1,951,619 2027 1,341,775 — 38,550 1,380,325 Thereafter 5,897,892 — 154,528 6,052,420 Total maturities $ 12,914,825 $ 170,019 $ 354,098 $ 13,438,942 ______________________________ (1) At June 30, 2023, we had $31.4 million of aggregate borrowings outstanding under our unsecured revolving credit facility and commercial paper program, net of $138.6 million of unrestricted cash and cash equivalents. (2) Commercial paper program borrowings are backstopped by the revolving credit facility. As such, our commercial paper program balances are presented at the maturity date of the revolving credit facility.

FAIR VALUES MEASUREMENTS (Table

FAIR VALUES MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Carrying Amounts and Fair Values of Financial Instruments	The table below summarizes the carrying amounts and fair values of our financial instruments either recorded or disclosed on a recurring basis (dollars in thousands): As of June 30, 2023 As of December 31, 2022 Carrying Fair Value Carrying Fair Value Assets: Cash and cash equivalents (1) $ 138,648 $ 138,648 $ 122,564 $ 122,564 Escrow deposits and restricted cash (1) 71,699 71,699 48,181 48,181 Stock warrants (3)(5) 40,451 40,451 23,621 23,621 Secured mortgage loans and other, net (3)(4) 27,749 27,790 493,669 493,627 Non-mortgage loans receivable, net (3)(4)(5) 24,500 23,626 24,338 23,416 Government-sponsored pooled loan investments, net (3) — — 43,406 43,406 Derivative instruments (3)(5) 44,005 44,005 24,316 24,316 Liabilities: Senior notes payable and other debt, gross (3)(4) 13,438,942 12,633,140 12,361,244 11,493,824 Derivative instruments (3)(6) 317 317 145 145 Redeemable OP Units (2) 166,894 166,894 162,663 162,663 ______________________________ (1) The carrying amount approximates fair value due to the short maturity of these instruments. (2) Level 1 within fair value hierarchy. (3) Level 2 within fair value hierarchy. (4) Level 3 within fair value hierarchy. (5) Included in other assets on our Consolidated Balance Sheets. (6) Included in accounts payable and other liabilities on our Consolidated Balance Sheets.

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Accumulated Other Comprehensive Income	The following is a summary of our accumulated other comprehensive loss (dollars in thousands): As of June 30, 2023 As of December 31, 2022 Foreign currency translation loss $ (56,997) $ (60,364) Unrealized gain on derivative instruments 42,445 23,564 Total accumulated other comprehensive loss $ (14,552) $ (36,800)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2023
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 June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Numerator for basic and diluted earnings per share: Income (loss) from continuing operations $ 105,066 $ (41,202) $ 123,978 $ (610) Net income (loss) 105,066 (41,202) 123,978 (610) Net income attributable to noncontrolling interests 1,613 1,214 3,008 3,074 Net income (loss) attributable to common stockholders $ 103,453 $ (42,416) $ 120,970 $ (3,684) Denominator: Denominator for basic earnings per share—weighted average shares 400,431 399,592 400,211 399,445 Effect of dilutive securities: Stock options — 41 — 33 Restricted stock awards 220 376 268 398 OP unitholder interests 3,471 3,517 3,478 3,517 Denominator for diluted earnings per share—adjusted weighted average shares 404,122 403,526 403,957 403,393 Basic earnings per share: Income (loss) from continuing operations $ 0.26 $ (0.10) $ 0.31 $ — Net income (loss) attributable to common stockholders 0.26 (0.11) 0.30 (0.01) Diluted earnings per share: (1) Income (loss) from continuing operations $ 0.26 $ (0.10) $ 0.31 $ — Net income (loss) attributable to common stockholders 0.26 (0.11) 0.30 (0.01) ______________________________ (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)	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 SHOP Outpatient Medical and Research Portfolio Triple-Net Non-Segment Total Revenues: Rental income $ — $ 215,807 $ 154,355 $ — $ 370,162 Resident fees and services 724,614 — — — 724,614 Third party capital management revenues — 559 — 3,437 3,996 Income from loans and investments — — — 6,554 6,554 Interest and other income — — — 1,032 1,032 Total revenues $ 724,614 $ 216,366 $ 154,355 $ 11,023 $ 1,106,358 Total revenues $ 724,614 $ 216,366 $ 154,355 $ 11,023 $ 1,106,358 Less: Interest and other income — — — 1,032 1,032 Property-level operating expenses 547,110 72,171 3,537 — 622,818 Third party capital management expenses — — — 1,436 1,436 NOI $ 177,504 $ 144,195 $ 150,818 $ 8,555 481,072 Interest and other income 1,032 Interest expense (143,265) Depreciation and amortization (304,689) General, administrative and professional fees (34,399) Gain on extinguishment of debt, net 6,801 Transaction expenses and deal costs (3,069) Allowance on loans receivable and investments 12,065 Gain on foreclosure of real estate 29,127 Other 17,959 Income from unconsolidated entities 31,254 Gain on real estate dispositions 1,405 Income tax benefit 9,773 Income from continuing operations 105,066 Net income 105,066 Net income attributable to noncontrolling interests 1,613 Net income attributable to common stockholders $ 103,453 For the Three Months Ended June 30, 2022 SHOP Outpatient Medical and Research Portfolio Triple-Net Non-Segment Total Revenues: Rental income $ — $ 199,241 $ 149,397 $ — $ 348,638 Resident fees and services 658,056 — — — 658,056 Third party capital management revenues — 670 — 3,656 4,326 Income from loans and investments — — — 10,752 10,752 Interest and other income — — — 1,166 1,166 Total revenues $ 658,056 $ 199,911 $ 149,397 $ 15,574 $ 1,022,938 Total revenues $ 658,056 $ 199,911 $ 149,397 $ 15,574 $ 1,022,938 Less: Interest and other income — — — 1,166 1,166 Property-level operating expenses 507,446 63,328 3,585 — 574,359 Third party capital management expenses — — — 1,410 1,410 NOI $ 150,610 $ 136,583 $ 145,812 $ 12,998 446,003 Interest and other income 1,166 Interest expense (113,951) Depreciation and amortization (283,075) General, administrative and professional fees (32,915) Loss on extinguishment of debt, net (7) Transaction expenses and deal costs (13,078) Allowance on loans receivable and investments 62 Other (48,116) Loss from unconsolidated entities (1,047) Loss on real estate dispositions (34) Income tax benefit 3,790 Loss from continuing operations (41,202) Net loss (41,202) Net income attributable to noncontrolling interests 1,214 Net loss attributable to common stockholders $ (42,416) For the Six Months Ended June 30, 2023 SHOP Outpatient Medical and Research Portfolio Triple-Net Non-Segment Total Revenues: Rental income $ — $ 418,811 $ 304,094 $ — $ 722,905 Resident fees and services 1,429,607 — — — 1,429,607 Third party capital management revenues — 1,187 — 6,986 8,173 Income from loans and investments — — — 20,143 20,143 Interest and other income — — — 2,775 2,775 Total revenues $ 1,429,607 $ 419,998 $ 304,094 $ 29,904 $ 2,183,603 Total revenues $ 1,429,607 $ 419,998 $ 304,094 $ 29,904 $ 2,183,603 Less: Interest and other income — — — 2,775 2,775 Property-level operating expenses 1,084,332 139,084 7,333 — 1,230,749 Third party capital management expenses — — — 3,142 3,142 NOI $ 345,275 $ 280,914 $ 296,761 $ 23,987 946,937 Interest and other income 2,775 Interest expense (271,340) Depreciation and amortization (586,808) General, administrative and professional fees (79,197) Gain on extinguishment of debt, net 6,801 Transaction expenses and deal costs (4,455) Allowance on loans receivable and investments 20,129 Gain on foreclosure of real estate 29,127 Other 10,197 Income from unconsolidated entities 25,631 Gain on real estate dispositions 11,606 Income tax benefit 12,575 Income from continuing operations 123,978 Net income 123,978 Net income attributable to noncontrolling interests 3,008 Net income attributable to common stockholders $ 120,970 For the Six Months Ended June 30, 2022 SHOP Outpatient Medical and Research Portfolio Triple-Net Non-Segment Total Revenues: Rental income $ — $ 399,781 $ 300,958 $ — $ 700,739 Resident fees and services 1,309,177 — — — 1,309,177 Third party capital management revenues — 1,287 — 6,988 8,275 Income from loans and investments — — — 20,599 20,599 Interest and other income — — — 1,702 1,702 Total revenues $ 1,309,177 $ 401,068 $ 300,958 $ 29,289 $ 2,040,492 Total revenues $ 1,309,177 $ 401,068 $ 300,958 $ 29,289 $ 2,040,492 Less: Interest and other income — — — 1,702 1,702 Property-level operating expenses 982,976 126,511 7,593 — 1,117,080 Third party capital management expenses — — 2,723 2,723 NOI $ 326,201 $ 274,557 $ 293,365 $ 24,864 918,987 Interest and other income 1,702 Interest expense (224,745) Depreciation and amortization (572,139) General, administrative and professional fees (75,913) Loss on extinguishment of debt, net (7) Transaction expenses and deal costs (33,070) Allowance on loans receivable and investments 116 Other (20,926) Loss from unconsolidated entities (5,316) Gain on real estate dispositions 2,421 Income tax benefit 8,280 Loss from continuing operations (610) Net loss (610) Net income attributable to noncontrolling interests 3,074 Net loss attributable to common stockholders $ (3,684)
Reconciliation of Assets from Segment to Consolidated	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 June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Capital Expenditures: SHOP $ 87,548 $ 55,540 $ 155,680 $ 198,943 Outpatient medical and research portfolio 39,814 85,752 80,618 359,826 Triple-net leased properties 2,039 1,774 5,759 2,408 Total capital expenditures $ 129,401 $ 143,066 $ 242,057 $ 561,177
Revenues from external customers by geographic area	Geographic information regarding our operations is as follows (dollars in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Revenues: United States $ 983,749 $ 903,057 $ 1,941,875 $ 1,800,990 Canada 115,324 112,809 227,446 224,953 United Kingdom 7,285 7,072 14,282 14,549 Total revenues $ 1,106,358 $ 1,022,938 $ 2,183,603 $ 2,040,492 As of June 30, 2023 As of December 31, 2022 Net Real Estate Property: United States $ 19,423,245 $ 18,168,224 Canada 2,845,233 2,782,350 United Kingdom 214,631 209,876 Total net real estate property $ 22,483,109 $ 21,160,450

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details)	6 Months Ended
	Jun. 30, 2023 segment property tenant
Real estate properties
Number of real estate properties	1,400
Number of reportable segments | segment	3
Largest tenants | tenant	3
Outpatient Medical and Research Portfolio
Real estate properties
Number of real estate properties	460
Brookdale Senior Living
Real estate properties
Number of real estate properties	121
Ardent
Real estate properties
Number of real estate properties	30
Ardent MOBs
Real estate properties
Number of real estate properties	19
Kindred
Real estate properties
Number of real estate properties	29
Triple-Net Leased Properties
Real estate properties
Number of real estate properties	355
Seniors Housing Communities
Real estate properties
Number of real estate properties	579

ACCOUNTING POLICIES - Schedule

ACCOUNTING POLICIES - Schedule of VIEs (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Variable Interest Entity
Total Assets	$ 25,070,862	$ 24,157,840
Total Liabilities	14,770,747	13,671,513
Variable Interest Entity | NHP/PMB L.P.
Variable Interest Entity
Total Assets	746,467	741,890
Total Liabilities	252,293	252,518
Variable Interest Entity | Fonds Immobilier Groupe Maurice, S.E.C.
Variable Interest Entity
Total Assets	2,009,243	1,957,075
Total Liabilities	1,213,624	1,170,928
Variable Interest Entity | Other identified VIEs
Variable Interest Entity
Total Assets	1,704,600	1,699,949
Total Liabilities	359,247	333,185
Variable Interest Entity | Tax credit VIEs
Variable Interest Entity
Total Assets	121,771	128,240
Total Liabilities	$ 16,504	$ 16,767

ACCOUNTING POLICIES - Narrative

ACCOUNTING POLICIES - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
COVID-19 Impact
Unusual or Infrequent Item, or Both [Line Items]
HHS Grants Received of Provider Relief Fund	$ 34

CONCENTRATION OF CREDIT RISK -

CONCENTRATION OF CREDIT RISK - Narrative (Details)	6 Months Ended
	Jun. 30, 2023 property renewalOption state province
Concentration Risk
Number of real estate properties	1,400
Kindred
Concentration Risk
Number of real estate properties	29
Consolidated Seniors Housing Communities
Concentration Risk
Number of real estate properties	570
Triple-Net Leased Properties | LTAC | Kindred
Concentration Risk
Number of real estate properties	29
Triple-Net Leased Properties | LTAC | Kindred | Group 2
Concentration Risk
Number of real estate properties	23
Triple-Net Leased Properties | LTAC | Kindred | Group 1
Concentration Risk
Number of real estate properties	6
Real Estate Properties, Number Of Renewal Extensions | renewalOption	2
Real Estate Properties, Renewal Term	5 years
Triple-Net Leased Properties | LTAC | Kindred | Renewal Group Two - Escalated Rent
Concentration Risk
Real Estate Properties, Number Of Renewal Extensions | renewalOption	1
Real Estate Properties, Renewal Term	5 years
Triple-Net Leased Properties | LTAC | Kindred | Renewal Group Two - Greater of Escalated Rent And Fair Market Rent
Concentration Risk
Real Estate Properties, Number Of Renewal Extensions | renewalOption	2
Real Estate Properties, Renewal Term	5 years
Atria | Senior Housing Communities
Concentration Risk
Number of Independent Third Party Managed Properties	242
Sunrise | Senior Housing Communities
Concentration Risk
Number of Independent Third Party Managed Properties	92
Atria and Sunrise | Consolidated Seniors Housing Communities
Concentration Risk
Number of real estate properties	334
Holiday Retirement | Senior Living Communities, Operations Transitioned
Concentration Risk
Number of Independent Third Party Managed Properties	91
Customer Concentration Risk | Total Gross Book Value of Properties | Outpatient Medical Buildings and Other
Concentration Risk
Concentration percentage	34.40%
Customer Concentration Risk | Total Gross Book Value of Properties | Triple-Net Leased Properties | Senior Housing Communities
Concentration Risk
Concentration percentage	11.10%
Customer Concentration Risk | Total Gross Book Value of Properties | SHOP | Senior Housing Communities
Concentration Risk
Concentration percentage	54.50%
Customer Concentration Risk | Total Gross Book Value of Properties | Atria
Concentration Risk
Concentration percentage	25.10%
Customer Concentration Risk | Total Gross Book Value of Properties | Sunrise
Concentration Risk
Concentration percentage	9.50%
Customer Concentration Risk | Total Gross Book Value of Properties | Brookdale Senior Living
Concentration Risk
Concentration percentage	7.60%
Customer Concentration Risk | Total Gross Book Value of Properties | Ardent
Concentration Risk
Concentration percentage	5.10%
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
	Jun. 30, 2023	Jun. 30, 2022
Revenues | Brookdale Senior Living
Concentration Risk
Concentration percentage	3.40%	3.60%
Revenues | Ardent
Concentration Risk
Concentration percentage	3%	3.20%
Revenues | Kindred
Concentration Risk
Concentration percentage	3%	3.30%
NOI | Brookdale Senior Living
Concentration Risk
Concentration percentage	7.80%	8.40%
NOI | Ardent
Concentration Risk
Concentration percentage	6.90%	7.30%
NOI | Kindred
Concentration Risk
Concentration percentage	6.90%	7.60%

DISPOSITIONS AND IMPAIRMENTS -

DISPOSITIONS AND IMPAIRMENTS - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) property	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) property	Jun. 30, 2022 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties	1,400		1,400
Proceeds from real estate disposals | $			$ 64,405	$ 6,171
Gain (loss) on real estate dispositions | $			11,600
Impairment of real estate | $	$ 10,700	$ 12,600	$ 19,200	$ 26,900
Triple-Net Leased Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties	355		355
Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from real estate disposals | $			$ 64,400
Dispositions | Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties	6		6
Dispositions | Vacant Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties	3		3
Dispositions | Building
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties	5		5
Dispositions | Research Centers
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties	1		1
Dispositions | Triple-Net Leased Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties	3		3
Dispositions | Vacant Triple Net Leased Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties	2		2

DISPOSITIONS AND IMPAIRMENTS _2

DISPOSITIONS AND IMPAIRMENTS - Real Estate Assets Held For Sale (Details) $ in Thousands	Jun. 30, 2023 USD ($) property	Dec. 31, 2022 USD ($) property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties Held for Sale | property	1,400
Assets held for sale	$ 21,027	$ 44,893
Liabilities related to assets held for sale	2,959	6,492
SHOP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	21,027	44,852
Liabilities related to assets held for sale	$ 1,910	5,675
Outpatient Medical and Research Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties Held for Sale | property	460
Assets held for sale	$ 0	41
Liabilities related to assets held for sale	$ 1,049	$ 817
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	2	3
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	2	3
Disposal Group, Held-for-sale, Not Discontinued Operations | Outpatient Medical and Research Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties Held for Sale | property	0	0

LOANS RECEIVABLE AND INVESTME_3

LOANS RECEIVABLE AND INVESTMENTS (Details) $ in Thousands, $ in Millions		3 Months Ended			6 Months Ended
	May 01, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	May 31, 2023 USD ($)	Mar. 31, 2023 CAD ($)	Dec. 31, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable
Debt Securities, Held-to-maturity, Allowance for Credit Loss		$ 4,492			$ 4,492				$ 24,621
Non-mortgage loans receivable, net		24,500			24,500				24,338
Total loans receivable and investments, net, amortized cost		56,741			56,741				586,034
Total loans receivable and investments, net, carrying amount		52,249			52,249				561,413
Total loans receivable and investments, net, fair value		51,416			51,416				560,449
Allowance for loan			$ 12,000
Partial reversal of allowance		12,000			20,000
Valuation-related items recognized	$ 41,100
Gain on foreclosure of real estate		29,127		$ 0	29,127	$ 0
Mortgage loans and other
Accounts, Notes, Loans and Financing Receivable
Debt instrument, face amount		360,200			360,200			$ 271.8
Mortgage loans and other | Nonrecourse
Accounts, Notes, Loans and Financing Receivable
Debt instrument, face amount							$ 1,000,000
Non-mortgage loans receivable, net
Accounts, Notes, Loans and Financing Receivable
Debt Securities, Held-to-maturity, Allowance for Credit Loss		4,492			4,492				4,621
Non-mortgage loans receivable, amortized cost		28,992			28,992				28,959
Non-mortgage loans receivable, net		24,500			24,500				24,338
Non-mortgage loans receivable, fair value		23,626			23,626				23,416
Secured/mortgage loans and other, net
Accounts, Notes, Loans and Financing Receivable
Secured mortgage loans and other, net		27,749			27,749				513,669
Debt Securities, Held-to-maturity, Allowance for Credit Loss		0			0				20,000
Debt securities, held-to-maturity, carrying amount		27,749			27,749				493,669
Debt securities, held-to-maturity, fair value		$ 27,790			$ 27,790				493,627
Government-sponsored pooled loan investments, net
Accounts, Notes, Loans and Financing Receivable
Debt Securities, Held-to-maturity, Allowance for Credit Loss									0
Debt securities, available-for-sale, amortized cost									43,406
Government-sponsored pooled loan investments, net									43,406
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									20,000
Debt securities, available-for-sale and held-to-maturity, amortized cost									557,075
Debt Securities, Available-for-sale and Held-to-maturity									537,075
Debt securities, Available-for-Sale and Held-to-Maturity, fair value									537,033
Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable
Allowance for loan									$ 20,000
Partial reversal of allowance			$ 8,000

INVESTMENTS IN UNCONSOLIDATED_3

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2023 USD ($) board_member	Jun. 30, 2023 USD ($) board_member	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) board_member	Jun. 30, 2022 USD ($)	Apr. 30, 2023	Dec. 31, 2022 USD ($)
Equity method investments
Total investments in unconsolidated real estate entities		$ 626,230		$ 626,230			$ 579,949
Proceeds from Sale of Equity Method Investments	$ 50,100
Equity Method Investment, Realized Gain (Loss) on Disposal		33,500		33,500
Management Service
Equity method investments
Management fees		$ 3,600	$ 3,800	$ 7,200	$ 7,300
Atria
Equity method investments
Ownership percentage		34%		34%
Number of board members appointed | board_member		2		2
Ardent
Equity method investments
Ownership percentage	7.50%	7.50%		7.50%		9.80%
Number of board members appointed | board_member	1
Ownership percentage sold	0.24
Unconsolidated Properties | Ventas Life Science & Healthcare Real Estate Fund
Equity method investments
Ownership percentage		21%		21%			21%
Total investments in unconsolidated real estate entities		$ 258,200		$ 258,200			$ 263,979
Unconsolidated Properties | Pension Fund Joint Venture
Equity method investments
Ownership percentage		23.50%		23.50%			22.90%
Total investments in unconsolidated real estate entities		$ 26,934		$ 26,934			$ 25,028
Unconsolidated Properties | Research & Innovation Development Joint Venture
Equity method investments
Ownership percentage		51.40%		51.40%			51%
Total investments in unconsolidated real estate entities		$ 328,535		$ 328,535			$ 284,962
Unconsolidated Properties | Ventas Investment Management Platform
Equity method investments
Total investments in unconsolidated real estate entities		$ 613,669		$ 613,669			$ 573,969
Unconsolidated Properties | Atrium Health And Wake Forest Joint Venture
Equity method investments
Ownership percentage		48.50%		48.50%			48.50%
Total investments in unconsolidated real estate entities		$ 14,877		$ 14,877			$ 5,403
Unconsolidated Properties | All other
Equity method investments
Total investments in unconsolidated real estate entities		$ (2,316)		$ (2,316)			$ 577
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%

INTANGIBLES (Details)

INTANGIBLES (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Intangible assets:
Lease intangible assets	$ 1,498,639	$ 1,346,190
Goodwill	1,045,147	1,044,415
Accumulated amortization	(1,137,288)	(1,061,305)
Net intangible assets	$ 1,440,939	$ 1,363,704
Weighted Average Remaining Amortization Period in Years	7 years 1 month 6 days	7 years 9 months 18 days
Intangible liabilities:
Below-market lease intangibles	$ 342,741	$ 333,672
Other lease intangibles	13,498	13,498
Accumulated amortization	(261,079)	(258,639)
Purchase option intangibles	3,568	3,568
Net intangible liabilities	$ 98,728	$ 92,099
Below market leases, remaining weighted average amortization period (in years)	7 years 8 months 12 days	8 years 7 months 6 days
Net intangible liabilities, remaining weighted average amortization period (in years)	7 years 8 months 12 days	8 years 7 months 6 days
Above-market lease intangibles
Intangible assets:
Lease intangible assets	$ 141,098	$ 129,038
Weighted Average Remaining Amortization Period in Years	6 years 4 months 24 days	5 years 4 months 24 days
In-place and other lease intangibles
Intangible assets:
Lease intangible assets	$ 1,357,541	$ 1,217,152
Weighted Average Remaining Amortization Period in Years	7 years 2 months 12 days	8 years
Other intangibles
Intangible assets:
Other intangibles	$ 34,441	$ 34,404
Weighted Average Remaining Amortization Period in Years	5 years 2 months 12 days	5 years 7 months 6 days

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	Jun. 30, 2023	Dec. 31, 2022
Class of Warrant or Right [Line Items]
Straight-line rent receivables	$ 193,583
Straight-line rent receivables		$ 187,536
Non-mortgage loans receivable, net	24,500	24,338
Other intangibles, net	5,997	6,393
Investment in unconsolidated operating entities	79,417	95,363
Other	303,371	272,572
Total other assets	$ 647,319	$ 609,823
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	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CAD ($)	Apr. 30, 2023	Dec. 31, 2022 USD ($)
Debt instruments
Interest rate			3.17%
Commercial paper notes	$ 135,000			$ 403,000
Total	13,438,942			12,361,244
Deferred financing costs, net	(81,363)			(63,410)
Unamortized fair value adjustment	19,510			23,535
Unamortized discounts	(22,349)			(24,589)
Senior notes payable and other debt	13,354,740			12,296,780
Unsecured revolving credit facility | Revolving Credit Facility
Debt instruments
Fair value of amount outstanding	35,019			25,230
Unsecured revolving credit facility | Revolving Credit Facility | Borrowings Originally Denominated in CAD
Debt instruments
Mortgage loans and other	12,800			3,700
Unsecured revolving credit facility | Revolving Credit Facility | Borrowings Originally Denominated in GBP
Debt instruments
Mortgage loans and other	$ 22,200			21,500
2.55% Senior Notes, Series D due 2023
Debt instruments
Interest rate	2.55%	2.55%
Senior notes	$ 0			202,967
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
Senior notes	123,339			184,515
2.80% Senior Notes, Series E due 2024
Debt instruments
Senior notes	55,181			442,837
Unsecured Term Loan due 2025
Debt instruments
Unsecured term loan	$ 377,758	$ 500		369,031
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
3.75% Exchangeable Senior Notes due 2026
Debt instruments
Interest rate	3.75%	3.75%
Senior notes	$ 862,500			0
Unsecured term loan due 2027
Debt instruments
Senior notes	$ 500,000			500,000
2.45% Senior Notes, Series G Due 2027
Debt instruments
Interest rate	2.45%	2.45%
Senior notes	$ 358,870			350,579
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
5.398% Senior Notes due 2028
Debt instruments
Interest rate	5.398%	5.398%
Senior notes	$ 453,309			0
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	$ 226,655			221,419
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	$ 3,086,088			$ 2,436,443

SENIOR NOTES PAYABLE AND OTHE_4

SENIOR NOTES PAYABLE AND OTHER DEBT - Credit Facilities, Commercial Paper, Unsecured Term Loans and Letters of Credit (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($) period	Jun. 30, 2023 CAD ($)	Dec. 31, 2022 USD ($)
Debt instruments
Letters of credit outstanding	$ 14,700,000	$ 14,700,000
Commercial paper program capacity	1,000,000,000	1,000,000,000
Commercial paper notes	135,000,000	135,000,000		$ 403,000,000
Letter of Credit
Debt instruments
Maximum borrowing capacity	100,000,000	100,000,000
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	35,019,000	35,019,000		25,230,000
Letters of credit outstanding	1,200,000	$ 1,200,000
Unsecured debt | Revolving Credit Facility | SOFR
Debt instruments
Variable interest rate		0.925%
Unsecured Term Loan due 2025
Debt instruments
Unsecured debt	$ 377,758,000	$ 377,758,000	$ 500	$ 369,031,000
Unsecured Term Loan due 2025 | Canadian Dollar Offered Rate (CDOR)
Debt instruments
Variable interest rate	0.90%

SENIOR NOTES PAYABLE AND OTHE_5

SENIOR NOTES PAYABLE AND OTHER DEBT - Exchangeable Senior Notes (Details) - 3.75% Exchangeable Senior Notes due 2026 $ / shares in Units, $ in Thousands	Jun. 30, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($)
Debt instruments
Senior notes | $	$ 862,500	$ 0
Exchange rate	18.2460
Exchange rate per share (in dollars per share)	$ 54.81
Quarterly dividend threshold for exchange rate adjustment	$ 0.45

SENIOR NOTES PAYABLE AND OTHE_6

SENIOR NOTES PAYABLE AND OTHER DEBT - Senior Notes (Details) $ in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Apr. 30, 2023 CAD ($)
Debt instruments
Interest rate					3.17%
Gain on extinguishment of debt, net	$ 6,801	$ (7)	$ 6,801	$ (7)
Senior Notes
Debt instruments
Debt Instrument, Repurchased Face Amount					$ 613.7
Repurchased amount					600
Gain on extinguishment of debt, net	$ 8,300		$ 8,300
Senior Notes | 5.398% Senior Notes due 2028
Debt instruments
Debt instrument, face amount					$ 600
Interest rate					5.398%
Senior Notes | 2.80% Senior Notes, Series E due 2024
Debt instruments
Interest rate					2.80%
Debt Instrument, Repurchased Face Amount					$ 527
Percentage of par value					0.976
Senior Notes | 4.125% Senior Notes, Series B due 2024
Debt instruments
Interest rate					4.125%
Debt Instrument, Repurchased Face Amount					$ 86.7
Percentage of par value					0.985
Ventas Canada Finance Limited
Debt instruments
Ownership Interest, Percentage					100%

SENIOR NOTES PAYABLE AND OTHE_7

SENIOR NOTES PAYABLE AND OTHER DEBT - Mortgages (Details) - Mortgage loans and other $ in Millions, $ in Millions				1 Months Ended
	Jun. 09, 2023	Jun. 08, 2023 USD ($)	May 01, 2023 USD ($) property	Mar. 31, 2023 CAD ($) property	Jul. 31, 2023 USD ($) property	Jun. 30, 2023 USD ($) property	Jun. 05, 2023 USD ($)	May 31, 2023 USD ($)
Business Acquisition [Line Items]
Debt instrument, face amount				$ 271.8		$ 360.2
Number of properties secured | property			153	14		70
Prepayment of debt		$ 656.6
Number of properties related to prepayment of debt | property						83
Subsequent Event
Business Acquisition [Line Items]
Debt instrument, face amount					$ 426.8
Number of properties secured | property					19
Nonrecourse
Business Acquisition [Line Items]
Debt instrument, face amount								$ 1,000
Canadian Dollar Offered Rate (CDOR)
Business Acquisition [Line Items]
Variable interest rate				0.88%
LIBOR
Business Acquisition [Line Items]
Debt instrument, face amount			$ 1,500				$ 360.2
Variable interest rate			1.84%
SOFR
Business Acquisition [Line Items]
Variable interest rate	2.69%

SENIOR NOTES PAYABLE AND OTHE_8

SENIOR NOTES PAYABLE AND OTHER DEBT - Indebtedness of Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2023	$ 132,629
2024	1,680,338
2025	2,241,611
2026	1,951,619
2027	1,380,325
Thereafter	6,052,420
Total maturities	13,438,942	$ 12,361,244
Unrestricted cash and cash equivalents	138,648	$ 122,564
Unsecured Revolving Credit Facility and Commercial Paper
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2023	0
2024	0
2025	170,019
2026	0
2027	0
Thereafter	0
Total maturities	170,019
Remaining borrowing capacity	31,400
Principal Amount Due at Maturity
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2023	105,539
2024	1,630,168
2025	2,026,619
2026	1,912,832
2027	1,341,775
Thereafter	5,897,892
Total maturities	12,914,825
Scheduled Periodic Amortization
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2023	27,090
2024	50,170
2025	44,973
2026	38,787
2027	38,550
Thereafter	154,528
Total maturities	$ 354,098

SENIOR NOTES PAYABLE AND OTHE_9

SENIOR NOTES PAYABLE AND OTHER DEBT - Derivatives and Hedging (Details) $ in Millions, $ in Millions	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CAD ($)	Apr. 30, 2023 USD ($)
Derivative [Line Items]
Derivative notional amount			$ 50
Forward Starting Swap | Variable Rate Debt Member
Derivative [Line Items]
Long-term Debt, Percentage Bearing Variable Interest, Amount	$ 1,400
Derivative notional amount	143.8
Forward Starting Swap | Fixed Rate Debt Member
Derivative [Line Items]
Long-term Debt, Percentage Bearing Variable Interest, Amount	12,000
Forward Starting Swap | Fixed Rate Debt, Maturities Between October 2023 And April 2031
Derivative [Line Items]
Derivative notional amount	$ 537.5	$ 564.6

SENIOR NOTES PAYABLE AND OTH_10

SENIOR NOTES PAYABLE AND OTHER DEBT - 2023 Activity (Details) $ in Millions, $ in Millions			1 Months Ended
	Jun. 09, 2023	May 01, 2023 USD ($)	Apr. 30, 2023 USD ($)	Mar. 31, 2023 CAD ($)	Jun. 30, 2023 USD ($)	Jun. 05, 2023 USD ($)	Mar. 31, 2023 USD ($)
Debt instruments
Derivative, term			10 years
Derivative notional amount			$ 50
Interest rate			3.17%
Interest Rate Swap | Unsecured term loan due 2027
Debt instruments
Derivative, term				2 years
Derivative notional amount							$ 400
Forward Contracts, March And April 2023
Debt instruments
Derivative, term			10 years
Derivative notional amount			$ 250
Weighted average interest rate			3.37%
Forward Contracts
Debt instruments
Derivative, term				10 years
Derivative notional amount							$ 200
Weighted average interest rate				3.41%			3.41%
Forward Starting Swap | Variable Rate Debt Member
Debt instruments
Debt instrument, face amount							$ 200
Derivative notional amount					$ 143.8
Forward Starting Swap | Fixed Rate Debt, Maturity Of March 2028
Debt instruments
Derivative notional amount				$ 271.8
Fixed Rate Debt Member | Forward Starting Swap
Debt instruments
Derivative notional amount							$ 200
Mortgage loans and other
Debt instruments
Debt instrument, face amount				$ 271.8	$ 360.2
Mortgage loans and other | LIBOR
Debt instruments
Debt instrument, face amount		$ 1,500				$ 360.2
Variable interest rate		1.84%
Mortgage loans and other | SOFR
Debt instruments
Variable interest rate	2.69%
Mortgage loans and other | Nonrecourse | SOFR
Debt instruments
Variable interest rate		9.42%

FAIR VALUES MEASUREMENTS (Detai

FAIR VALUES MEASUREMENTS (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Assets:
Cash and cash equivalents	$ 138,648		$ 122,564
Escrow deposits and restricted cash	71,699		48,181
Non-mortgage loans receivable, net	24,500		24,338
Liabilities:
Senior notes payable and other debt, gross	13,438,942		12,361,244
Real estate received in settlement of loan receivable	1,566,395	$ 0
Capital expenditures	31,800
Non-mortgage loans receivable, net
Assets:
Non-mortgage loans receivable, net	24,500		24,338
Non-mortgage loans receivable, fair value	23,626		23,416
Secured/mortgage loans and other, net
Assets:
Secured mortgage loans and other, net	27,749		513,669
Debt securities, held-to-maturity, fair value	$ 27,790		493,627
Government-sponsored pooled loan investments, net
Assets:
Government-sponsored pooled loan investments, net			43,406
Mezzanine Loan | Minimum | Fair Value, Inputs, Level 3 | Direct Cap Approach
Liabilities:
Fair value measurement input, percentage	0.068
Mezzanine Loan | Maximum | Fair Value, Inputs, Level 3 | Direct Cap Approach
Liabilities:
Fair value measurement input, percentage	0.067
Mezzanine Loan | Weighted Average | Fair Value, Inputs, Level 3 | Market Approach
Liabilities:
Fair value measurement input, amount	$ 88
Carrying Amount
Assets:
Cash and cash equivalents	138,648		122,564
Escrow deposits and restricted cash	71,699		48,181
Derivative instruments	44,005		24,316
Liabilities:
Derivative instruments	317		145
Redeemable Noncontrolling Interest, Equity, Carrying Amount	166,894		162,663
Carrying Amount | Brookdale Senior Living
Assets:
Stock warrants	40,451		23,621
Carrying Amount | Non-mortgage loans receivable, net
Assets:
Non-mortgage loans receivable, net	24,500		24,338
Carrying Amount | Secured/mortgage loans and other, net
Assets:
Secured mortgage loans and other, net	27,749		493,669
Carrying Amount | Government-sponsored pooled loan investments, net
Assets:
Government-sponsored pooled loan investments, net	0		43,406
Fair Value
Assets:
Cash and cash equivalents, fair value	138,648		122,564
Escrow deposits and restricted cash	71,699		48,181
Derivative instruments	44,005		24,316
Liabilities:
Long-term debt and short-term borrowings, fair value	12,633,140		11,493,824
Derivative instruments	317		145
Redeemable OP Units, fair value	166,894		162,663
Fair Value | Brookdale Senior Living
Assets:
Stock warrants	40,451		23,621
Fair Value | Non-mortgage loans receivable, net
Assets:
Non-mortgage loans receivable, fair value	23,626		23,416
Fair Value | Secured/mortgage loans and other, net
Assets:
Debt securities, held-to-maturity, fair value	27,790		493,627
Fair Value | Government-sponsored pooled loan investments, net
Assets:
Government-sponsored pooled loan investments, net	$ 0		$ 43,406

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Income Tax Examination [Line Items]
Income tax benefit	$ 9,773	$ 3,790	$ 12,575	$ 8,280
Deferred tax expense related to release of residual tax effects		$ 2,000		$ 2,000
Deferred income tax liabilities	29,702		29,702		$ 35,570
Deferred income tax assets, net	6,980		6,980		$ 10,490
Restructuring of U.S TRS Entities
Income Tax Examination [Line Items]
Income tax benefit	$ 8,000		$ 8,000

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Details) - At The Market Equity Offering Program - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended	6 Months Ended
	Jul. 31, 2023	Jun. 30, 2023
Equity offering [Line Items]
Equity offering program, maximum aggregate amount authorized		$ 1,000
Equity offering program, issued		0.5
Equity offering program, proceeds		$ 25.6
Equity offering program, price per share (in dollars per share)		$ 46.93
Equity offering program, remaining authorized offering amount		$ 974.4
Subsequent Event
Equity offering [Line Items]
Equity offering program, issued	1.8
Equity offering program, proceeds	$ 84.8
Equity offering program, price per share (in dollars per share)	$ 48.19
Equity offering program, remaining authorized offering amount	$ 889.6

STOCKHOLDERS' EQUITY - Summary

STOCKHOLDERS' EQUITY - Summary of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Equity [Abstract]
Foreign currency translation loss	$ (56,997)	$ (60,364)
Unrealized gain on derivative instruments	42,445	23,564
Total accumulated other comprehensive loss	$ (14,552)	$ (36,800)

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Apr. 30, 2023
Numerator for basic and diluted earnings per share:
Income (loss) from continuing operations		$ 105,066	$ (41,202)	$ 123,978	$ (610)
Net income (loss)		105,066	(41,202)	123,978	(610)
Net income attributable to noncontrolling interests		1,613	1,214	3,008	3,074
Net income (loss) attributable to common stockholders		$ 103,453	$ (42,416)	$ 120,970	$ (3,684)
Denominator:
Denominator for basic earnings per share—weighted average shares (in shares)		400,431	399,592	400,211	399,445
Effect of dilutive securities:
Stock options (in shares)		0	41	0	33
Restricted stock awards (in shares)		220	376	268	398
OP Unitholder Interests (in shares)		3,471	3,517	3,478	3,517
Denominator for diluted earnings per share—adjusted weighted average shares (in shares)		404,122	403,526	403,957	403,393
Basic earnings per share:
Income from continuing operations, basic (in usd per share)		$ 0.26	$ (0.10)	$ 0.31	$ 0
Net income (loss) attributable to common stockholders, basic (in usd per share)		0.26	(0.11)	0.30	(0.01)
Diluted earnings per share:
Income from continuing operations, diluted (in usd per share)	[1]	0.26	(0.10)	0.31	0
Net income (loss) attributable to common stockholders, diluted (in usd per share)	[1]	$ 0.26	$ (0.11)	$ 0.30	$ (0.01)
Interest rate						3.17%
3.75% Exchangeable Senior Notes due 2026
Diluted earnings per share:
Interest rate		3.75%		3.75%
Exchange rate per share (in dollars per share)		$ 54.81		$ 54.81
[1]Potential common shares are not included in the computation of diluted earnings per share (“EPS”) when a loss from continuing operations exists as the effect would be an antidilutive per share amount.

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	6 Months Ended
	Jun. 30, 2023 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Rental income	$ 370,162	$ 348,638	$ 722,905	$ 700,739
Income from loans and investments	6,554	10,752	20,143	20,599
Interest and other income	1,032	1,166	2,775	1,702
Total revenues	1,106,358	1,022,938	2,183,603	2,040,492
Less:
Interest and other income	1,032	1,166	2,775	1,702
Property-level operating expenses	622,818	574,359	1,230,749	1,117,080
Third party capital management expenses	1,436	1,410	3,142	2,723
NOI	481,072	446,003	946,937	918,987
Interest and other income	1,032	1,166	2,775	1,702
Interest expense	(143,265)	(113,951)	(271,340)	(224,745)
Depreciation and amortization	(304,689)	(283,075)	(586,808)	(572,139)
General, administrative and professional fees	(34,399)	(32,915)	(79,197)	(75,913)
Transaction expenses and deal costs	(3,069)	(13,078)	(4,455)	(33,070)
Allowance on loans receivable and investments	12,065	62	20,129	116
Gain on foreclosure of real estate	29,127	0	29,127	0
Other	17,959	(48,116)	10,197	(20,926)
Income (loss) from unconsolidated entities	31,254	(1,047)	25,631	(5,316)
Gain on real estate dispositions	1,405	(34)	11,606	2,421
Income tax benefit	9,773	3,790	12,575	8,280
Income (loss) from continuing operations	105,066	(41,202)	123,978	(610)
Net income (loss)	105,066	(41,202)	123,978	(610)
Net income attributable to noncontrolling interests	1,613	1,214	3,008	3,074
Net income (loss) attributable to common stockholders	103,453	(42,416)	120,970	(3,684)
Resident fees and services
Revenues:
Other revenues	724,614	658,056	1,429,607	1,309,177
Third party capital management revenues
Revenues:
Other revenues	3,996	4,326	8,173	8,275
Operating Segments
Less:
Third party capital management expenses			3,142
Operating Segments | Triple-Net Leased Properties
Revenues:
Rental income	154,355	149,397	304,094	300,958
Income from loans and investments	0	0	0	0
Interest and other income	0	0	0	0
Total revenues	154,355	149,397	304,094	300,958
Less:
Interest and other income	0	0	0	0
Property-level operating expenses	3,537	3,585	7,333	7,593
Third party capital management expenses	0	0	0	0
NOI	150,818	145,812	296,761	293,365
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 | Third party capital management revenues
Revenues:
Other revenues	0	0	0	0
Operating Segments | Outpatient Medical and Research Portfolio
Revenues:
Rental income	215,807	199,241	418,811	399,781
Income from loans and investments	0	0	0	0
Interest and other income	0	0	0	0
Total revenues	216,366	199,911	419,998	401,068
Less:
Interest and other income	0	0	0	0
Property-level operating expenses	72,171	63,328	139,084	126,511
Third party capital management expenses	0	0	0
NOI	144,195	136,583	280,914	274,557
Interest and other income	0	0	0	0
Operating Segments | Outpatient Medical and Research Portfolio | Resident fees and services
Revenues:
Other revenues	0	0	0	0
Operating Segments | Outpatient Medical and Research Portfolio | Third party capital management revenues
Revenues:
Other revenues	559	670	1,187	1,287
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	724,614	658,056	1,429,607	1,309,177
Less:
Interest and other income	0	0	0	0
Property-level operating expenses	547,110	507,446	1,084,332	982,976
Third party capital management expenses	0	0	0	0
NOI	177,504	150,610	345,275	326,201
Interest and other income	0	0	0	0
Operating Segments | SHOP | Resident fees and services
Revenues:
Other revenues	724,614	658,056	1,429,607	1,309,177
Operating Segments | SHOP | Third party capital management revenues
Revenues:
Other revenues	0	0	0	0
Non-Segment
Revenues:
Rental income	0	0	0	0
Income from loans and investments	6,554	10,752	20,143	20,599
Interest and other income	1,032	1,166	2,775	1,702
Total revenues	11,023	15,574	29,904	29,289
Less:
Interest and other income	1,032	1,166	2,775	1,702
Property-level operating expenses	0	0	0	0
Third party capital management expenses	1,436	1,410	3,142	2,723
NOI	8,555	12,998	23,987	24,864
Interest and other income	1,032	1,166	2,775	1,702
Non-Segment | Resident fees and services
Revenues:
Other revenues	0	0	0	0
Non-Segment | Third party capital management revenues
Revenues:
Other revenues	$ 3,437	$ 3,656	$ 6,986	$ 6,988

SEGMENT INFORMATION - Capital E

SEGMENT INFORMATION - Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information
Total capital expenditures	$ 129,401	$ 143,066	$ 242,057	$ 561,177
Gain on foreclosure of real estate	29,127	0	29,127	0
Operating Segments | SHOP
Segment Reporting Information
Total capital expenditures	87,548	55,540	155,680	198,943
Operating Segments | Outpatient Medical and Research Portfolio
Segment Reporting Information
Total capital expenditures	39,814	85,752	80,618	359,826
Operating Segments | Triple-Net Leased Properties
Segment Reporting Information
Total capital expenditures	$ 2,039	$ 1,774	$ 5,759	$ 2,408

SEGMENT INFORMATION - Revenue a

SEGMENT INFORMATION - Revenue and Net Real Estate Property (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Revenues:
Total revenues	$ 1,106,358	$ 1,022,938	$ 2,183,603	$ 2,040,492
Net Real Estate Property:
Total net real estate property	22,483,109		22,483,109		$ 21,160,450
United States
Revenues:
Total revenues	983,749	903,057	1,941,875	1,800,990
Net Real Estate Property:
Total net real estate property	19,423,245		19,423,245		18,168,224
Canada
Revenues:
Total revenues	115,324	112,809	227,446	224,953
Net Real Estate Property:
Total net real estate property	2,845,233		2,845,233		2,782,350
United Kingdom
Revenues:
Total revenues	7,285	$ 7,072	14,282	$ 14,549
Net Real Estate Property:
Total net real estate property	$ 214,631		$ 214,631		$ 209,876