Ventas (VTR) 10-Q 3 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Nov. 01, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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)		402,380,747
Entity Central Index Key	0000740260
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Amendment Flag	false
Document Fiscal Year Focus	2023

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Real estate investments:
Land and improvements	$ 2,601,218	$ 2,437,905
Buildings and improvements	27,220,110	26,020,048
Construction in progress	458,988	310,456
Acquired lease intangibles	1,469,998	1,346,190
Operating lease assets	317,369	310,307
Gross real estate investments	32,067,683	30,424,906
Accumulated depreciation and amortization	(9,978,902)	(9,264,456)
Net real estate property	22,088,781	21,160,450
Secured loans receivable and investments, net	27,823	537,075
Investments in unconsolidated real estate entities	579,172	579,949
Net real estate investments	22,695,776	22,277,474
Cash and cash equivalents	433,937	122,564
Escrow deposits and restricted cash	57,809	48,181
Goodwill	1,044,536	1,044,415
Assets held for sale	43,191	44,893
Deferred income tax assets, net	7,165	10,490
Other assets	684,195	609,823
Total assets	24,966,609	24,157,840
Liabilities:
Senior notes payable and other debt	13,388,498	12,296,780
Accrued interest	119,685	110,542
Operating lease liabilities	197,666	190,440
Accounts payable and other liabilities	1,090,028	1,031,689
Liabilities related to assets held for sale	5,098	6,492
Deferred income tax liabilities	26,141	35,570
Total liabilities	14,827,116	13,671,513
Redeemable OP unitholder and noncontrolling interests	265,374	264,650
Commitments and contingencies
Ventas stockholders’ equity:
Preferred stock	0	0
Common stock	100,647	99,912
Capital in excess of par value	15,678,031	15,539,777
Accumulated other comprehensive loss	(6,182)	(36,800)
Retained earnings (deficit)	(5,941,303)	(5,449,385)
Treasury stock	(13,634)	(536)
Total Ventas stockholders’ equity	9,817,559	10,152,968
Noncontrolling interests	56,560	68,709
Total equity	9,874,119	10,221,677
Total liabilities and equity	$ 24,966,609	$ 24,157,840

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Sep. 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)	402,381	399,707
Common stock, shares outstanding (in shares)	402,381	399,707
Treasury Stock, Common, Shares	277	10

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Rental income		$ 386,138	$ 350,982	$ 1,109,043	$ 1,051,721
Income from loans and investments		1,208	12,672	21,351	33,271
Interest and other income		2,754	489	5,529	2,191
Total revenues		1,149,832	1,037,276	3,333,435	3,077,768
Expenses
Interest		147,919	119,413	419,259	344,158
Depreciation and amortization		370,377	301,481	957,185	873,620
Property-level operating expenses		656,477	569,826	1,887,226	1,686,906
Third party capital management expenses		1,472	1,750	4,614	4,473
General, administrative and professional fees		33,297	35,421	112,494	111,334
Loss (gain) on extinguishment of debt, net		612	574	(6,189)	581
Transaction expenses and deal costs		7,125	4,782	11,580	37,852
Allowance on loans receivable and investments		(66)	(63)	(20,195)	(179)
Gain on foreclosure of real estate		0	0	(29,127)	0
Other		9,432	9,162	(765)	30,088
Total expenses		1,226,645	1,042,346	3,336,082	3,088,833
Loss before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests		(76,813)	(5,070)	(2,647)	(11,065)
(Loss) income from unconsolidated entities		(5,119)	1,970	20,512	(3,346)
Gain on real estate dispositions		10,711	136	22,317	2,557
Income tax benefit		1,662	6,027	14,237	14,307
(Loss) income from continuing operations		(69,559)	3,063	54,419	2,453
Net (loss) income		(69,559)	3,063	54,419	2,453
Net income attributable to noncontrolling interests		1,565	1,807	4,573	4,881
Net (loss) income attributable to common stockholders		$ (71,124)	$ 1,256	$ 49,846	$ (2,428)
Basic:
Income from continuing operations (in usd per share)		$ (0.17)	$ 0.01	$ 0.14	$ 0.01
Net income attributable to common stockholders (in usd per share)		(0.18)	0	0.12	(0.01)
Diluted:
Income from continuing operations (in usd per share)	[1]	(0.17)	0.01	0.13	0.01
Net income attributable to common stockholders (in usd per share)	[1]	$ (0.18)	$ 0	$ 0.12	$ (0.01)
Non-Segment
Revenues:
Rental income		$ 0	$ 0	$ 0	$ 0
Income from loans and investments		1,208	12,672	21,351	33,271
Interest and other income		2,754	489	5,529	2,191
Total revenues		8,615	17,164	38,519	46,453
Expenses
Property-level operating expenses		0	0	0	0
Third party capital management expenses		1,472	1,750	4,614	4,473
Triple-Net Leased Properties
Revenues:
Rental income		159,812	150,115	463,906	451,073
Expenses
Property-level operating expenses		3,847	3,756	11,180	11,349
Outpatient Medical and Research Portfolio
Revenues:
Rental income		226,326	200,867	645,137	600,648
Expenses
Property-level operating expenses		78,915	66,098	217,999	192,609
Resident fees and services
Revenues:
Other revenues		754,417	668,583	2,184,024	1,977,760
Resident fees and services | Non-Segment
Revenues:
Other revenues		0	0	0	0
Third party capital management revenues
Revenues:
Other revenues		5,315	4,550	13,488	12,825
Third party capital management revenues | Non-Segment
Revenues:
Other revenues		4,653	4,003	11,639	10,991
Senior housing
Expenses
Property-level operating expenses		$ 573,715	$ 499,972	$ 1,658,047	$ 1,482,948
[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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (69,559)	$ 3,063	$ 54,419	$ 2,453
Other comprehensive income:
Foreign currency translation (loss) income	(2,858)	(3,685)	2,922	(24,427)
Unrealized loss on available for sale securities	0	(1,252)	0	(3,371)
Unrealized gain on derivative instruments	10,042	7,870	29,241	41,013
Total other comprehensive income	7,184	2,933	32,163	13,215
Comprehensive (loss) income	(62,375)	5,996	86,582	15,668
Comprehensive income (loss) attributable to noncontrolling interests	379	(4,308)	6,118	885
Comprehensive (loss) income attributable to common stockholders	$ (62,754)	$ 10,304	$ 80,464	$ 14,783

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 (loss) income attributable to common stockholders	(2,428)	0	0	0	(2,428)	0	(2,428)
Net income (loss) attributable to noncontrolling interest	4,881
Net income	2,453
Other comprehensive income (loss)	13,215	0	0	17,211	0	0	17,211	(3,996)
Net change in noncontrolling interests	(42,873)	0	(21,166)	0	0	0	(21,166)	(21,707)
Dividends to common stockholders	(541,585)	0	0	0	(541,585)	0	(541,585)	0
Issuance of common stock for stock plans, restricted stock grants and other	30,802	76	31,273	0	0	(547)	30,802	0
Adjust redeemable OP unitholder interests to current fair value	24,154	0	24,154	0	0	0	24,154	0
Adjustments to Equity, Redemption of Limited Partnership Units	(14)	0	(14)	0	0	0	(14)	0
Ending Balance at Sep. 30, 2022	10,431,912	99,914	15,533,203	(47,309)	(5,223,902)	(547)	10,361,359	70,553
Beginning Balance at Jun. 30, 2022	10,603,394	99,913	15,514,015	(56,355)	(5,044,569)	(408)	10,512,596	90,798
Increase (decrease) in stockholders' equity
Net (loss) income attributable to common stockholders	1,256	0	0	0	1,256	0	1,256
Net income (loss) attributable to noncontrolling interest	1,807							1,807
Net income	3,063
Other comprehensive income (loss)	2,933	0	0	9,046	0	0	9,046	(6,113)
Net change in noncontrolling interests	(30,584)	0	(14,645)	0	0	0	(14,645)	(15,939)
Dividends to common stockholders	(180,589)	0	0	0	(180,589)	0	(180,589)	0
Issuance of common stock for stock plans, restricted stock grants and other	5,963	1	6,101	0	0	(139)	5,963	0
Adjust redeemable OP unitholder interests to current fair value	27,746	0	27,746	0	0	0	27,746	0
Adjustments to Equity, Redemption of Limited Partnership Units	(14)	0	(14)	0	0	0	(14)	0
Ending Balance at Sep. 30, 2022	10,431,912	99,914	15,533,203	(47,309)	(5,223,902)	(547)	10,361,359	70,553
Beginning Balance at 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 (loss) income attributable to common stockholders	49,846	0	0	0		0	49,846
Net income (loss) attributable to noncontrolling interest	4,573
Net income	54,419
Other comprehensive income (loss)	32,163	0	0	30,618	0	0	30,618	1,545
Net change in noncontrolling interests	(20,048)	0	(1,781)	0	0	0	(1,781)	(18,267)
Dividends to common stockholders	(541,745)	0	19	0	(541,764)	0	(541,745)	0
Issuance of common stock for stock plans, restricted stock grants and other	123,852	735	136,215	0	0	(13,098)	123,852	0
Adjust redeemable OP unitholder interests to current fair value	3,852	0	3,852	0	0	0	3,852	0
Adjustments to Equity, Redemption of Limited Partnership Units	(51)	0	(51)	0	0	0	(51)	0
Ending Balance at Sep. 30, 2023	9,874,119	100,647	15,678,031	(6,182)	(5,941,303)	(13,634)	9,817,559	56,560
Beginning 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
Increase (decrease) in stockholders' equity
Net (loss) income attributable to common stockholders	(71,124)	0	0	0	(71,124)	0	(71,124)
Net income (loss) attributable to noncontrolling interest	1,565							1,565
Net income	(69,559)
Other comprehensive income (loss)	7,184	0	0	8,370	0	0	8,370	(1,186)
Net change in noncontrolling interests	(10,518)	0	(6,637)	0	0	0	(6,637)	(3,881)
Dividends to common stockholders	(181,671)	0	9	0	(181,680)	0	(181,671)	0
Issuance of common stock for stock plans, restricted stock grants and other	88,436	441	87,998	0	0	(3)	88,436	0
Adjust redeemable OP unitholder interests to current fair value	11,785	0	11,785	0	0	0	11,785	0
Adjustments to Equity, Redemption of Limited Partnership Units	18	0	18	0	0	0	18	0
Ending Balance at Sep. 30, 2023	$ 9,874,119	$ 100,647	$ 15,678,031	$ (6,182)	$ (5,941,303)	$ (13,634)	$ 9,817,559	$ 56,560

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends to common stockholders, per share (in usd per share)	$ 0.45	$ 0.45	$ 1.35	$ 1.35

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net (loss) income	$ 54,419	$ 2,453
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	957,185	873,620
Amortization of deferred revenue and lease intangibles, net	(44,543)	(48,462)
Other non-cash amortization	15,499	9,483
Allowance on loans receivable and investments	(20,195)	(179)
Stock-based compensation	25,298	28,786
Straight-lining of rental income	(4,425)	(10,131)
(Gain) loss on extinguishment of debt, net	(6,189)	581
Gain on real estate dispositions	(22,317)	(2,557)
Income tax benefit	(19,230)	(16,961)
(Gain) loss and other from unconsolidated entities	(20,512)	3,352
Gain on foreclosure of real estate	(29,127)	0
Distributions from unconsolidated entities	12,953	15,467
Other	(15,777)	36,422
Changes in operating assets and liabilities:
Increase (Decrease) in Other Operating Assets	(55,339)	(53,433)
Increase (Decrease) in Interest Payable, Net	3,775	(12,772)
Increase (Decrease) in Accounts Payable and Accrued Liabilities	9,314	27,241
Net cash provided by operating activities	840,789	852,910
Cash flows from investing activities:
Net investment in real estate property	(4,625)	(439,299)
Investment in loans receivable	(883)	(5,337)
Proceeds from real estate disposals	167,296	12,481
Proceeds from loans receivable	44,036	692
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	(239,639)	(126,988)
Capital expenditures	(160,369)	(154,761)
Distributions from unconsolidated entities	74,670	28,311
Investment in unconsolidated entities	(97,989)	(50,402)
Insurance proceeds for property damage claims	14,446	9,982
Net cash used in investing activities	(141,388)	(725,321)
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities	6,169	(19,442)
Net change in borrowings under commercial paper program	(402,354)	97,066
Proceeds from debt	2,404,069	888,927
Repayment of debt	(1,891,003)	(513,606)
Purchase of noncontrolling interests	(110)	(170)
Payment of deferred financing costs	(39,225)	(7,664)
Issuance of common stock, net	108,455	0
Cash distribution to common stockholders	(542,236)	(540,205)
Cash distribution to redeemable OP unitholders	(4,642)	(4,732)
Cash issued for redemption of OP Units	(845)	(328)
Contributions from noncontrolling interests	11,187	51
Distributions to noncontrolling interests	(20,867)	(27,152)
Proceeds from stock option exercises	1,736	8,691
Other	(8,628)	(6,392)
Net cash used in financing activities	(378,294)	(124,956)
Net increase in cash, cash equivalents and restricted cash	321,107	2,633
Effect of foreign currency translation	(106)	(3,592)
Cash, cash equivalents and restricted cash at beginning of period	170,745	196,597
Cash, cash equivalents and restricted cash at end of period	491,746	195,638
Assets acquired and liabilities assumed from acquisitions and other:
Real estate investments	0	16,599
Other assets	7,873	856
Other liabilities	9,000	7,747
Deferred income tax liability	12,382	960
Noncontrolling interests	0	3,351
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
Investment in unconsolidated entities	$ 0	$ 8,100

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	9 Months Ended
	Sep. 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 September 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 third-party managers, in which case they are included in our SHOP reportable business segment. As of September 30, 2023, we leased a total of 335 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 September 30, 2023. As of September 30, 2023, pursuant to long-term management agreements, we engaged 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 594 senior housing communities. As of September 30, 2023, we owned or had investments in a total of 461 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	9 Months Ended
	Sep. 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 nine months ended September 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 September 30, 2023 As of December 31, 2022 Total Assets Total Liabilities Total Assets Total Liabilities NHP/PMB L.P. $ 755,811 $ 260,651 $ 741,890 $ 252,518 Fonds Immobilier Groupe Maurice, S.E.C. 1,952,453 1,177,733 1,957,075 1,170,928 Other identified VIEs 1,719,853 366,903 1,699,949 333,185 Tax credit VIEs 118,994 14,158 128,240 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 nine months ended September 30, 2023, we did not receive any HHS grants. During the three and nine months ended September 30, 2022, we received $20.2 million and $54.2 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	9 Months Ended
	Sep. 30, 2023
Risks and Uncertainties [Abstract]
CONCENTRATION OF CREDIT RISK	NOTE 3—CONCENTRATION OF CREDIT RISK As of September 30, 2023, Atria, Sunrise, Brookdale Senior Living, Ardent and Kindred managed or operated approximately 23.6%, 9.3%, 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 September 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 10.6% and 55.0% of our consolidated real estate investments were senior housing communities included in the triple-net leased properties and SHOP reportable business segments, respectively (excluding properties classified as held for sale as of September 30, 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 September 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 September 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 September 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 September 30, 2023 2022 Contribution as a Percentage of Total Revenues (1) : Brookdale Senior Living 3.3 % 3.6 % Ardent 2.9 3.1 Kindred 2.9 3.3 Contribution as a Percentage of Total NOI (2) : Brookdale Senior Living 7.6 % 8.0 % Ardent 6.8 7.0 Kindred 6.8 7.4 ____________________________ (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 September 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”). As of September 30, 2023, the Kindred Lease represented approximately 6.8% of the Company’s Total NOI. 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 Kindred Lease for the Group 1 properties for two 5-year extensions at the greater of escalated rent and fair market rent by providing written notice no later than one year prior to the applicable expiration date. Kindred currently has the option to renew the Kindred Lease for the Group 2 properties for one 5-year extension by providing written notice to us before May 1, 2024. The Kindred Lease is guaranteed by a parent company. The COVID-19 pandemic led to elevated volumes and financial performance at the properties. As the pandemic receded, the financial performance has declined, largely driven by significantly elevated labor expense, including contract labor, and lower volumes. While we believe that Kindred has taken and is taking targeted actions to attempt to improve the performance of the properties, there can be no assurance that Kindred will be able to do so. See also “Part I—Item 1A. Risk Factors—Risks Related to Our Business Operations and Strategy—If we need to replace any of our tenants or managers, we may be unable to do so on as favorable terms, if at all, and we could be subject to delays, limitations and expenses, which could adversely affect our business, financial condition and results of operations”, “Part I—Item 1A. Risk Factors—Risks Related to Our Business Operations and Strategy—A significant portion of our revenues and operating income is dependent on a limited number of tenants and managers, including Brookdale Senior Living, Ardent, Kindred, Atria and Sunrise” and “Part I—Item 1A. Risk Factors—Risks Related to Our Business Operations and Strategy—We face potential adverse consequences from the bankruptcy, insolvency or financial deterioration of our tenants, managers, borrowers and other obligors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. Senior Housing Operating Portfolio As of September 30, 2023, Atria and Sunrise, collectively, provided comprehensive property management and accounting services with respect to 313 of our 583 consolidated senior housing communities, for which we pay annual management fees pursuant to long-term management agreements. As of September 30, 2023, Atria and its subsidiaries, including Holiday, managed a pool of 221 senior housing communities for Ventas. Ventas has the right to terminate the management contract for 70 of the communities on short notice. As of September 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. We rely on our managers’ personnel, expertise, technical resources and information systems, proprietary information, good faith and judgment to manage our senior housing operating portfolio efficiently and effectively. We also rely on our managers to set appropriate resident fees, provide accurate property-level financial results in a timely manner and otherwise operate our senior housing communities in compliance with the terms of our management agreements and all applicable laws and regulations.

DISPOSITIONS AND IMPAIRMENTS

DISPOSITIONS AND IMPAIRMENTS	9 Months Ended
	Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
DISPOSITIONS AND IMPAIRMENTS	NOTE 4—DISPOSITIONS AND IMPAIRMENTS 2023 Activity During the nine months ended September 30, 2023, we sold seven senior housing communities (four of which were vacant), five outpatient medical buildings, two research centers, nine triple-net leased properties (two of which were vacant) and one land parcel for aggregate consideration of $167.3 million and recognized a gain on the sale of these assets of $22.3 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 September 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 7 $ 41,108 $ 4,435 3 $ 44,852 $ 5,675 Outpatient Medical and Research Portfolio (1) 1 1,393 520 — 41 817 Triple-net leased properties 1 690 143 — — — Total 9 $ 43,191 $ 5,098 3 $ 44,893 $ 6,492 ______________________________ (1) Balances as of December 31, 2022 primarily relate to sold assets that will be settled post close. Real Estate Impairments We recognized impairments of $72.7 million and $28.1 million for the three months ended September 30, 2023 and 2022, respectively, and $92.0 million and $55.0 million for the nine months ended September 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	9 Months Ended
	Sep. 30, 2023
Loans Receivable And Investments [Abstract]
LOANS RECEIVABLE AND INVESTMENTS	NOTE 5—LOANS RECEIVABLE AND INVESTMENTS As of September 30, 2023 and December 31, 2022, we had $52.4 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 September 30, 2023: Secured/mortgage loans and other, net (1) $ 27,823 $ — $ 27,823 $ 27,853 Non-mortgage loans receivable, net (2) 29,012 (4,425) 24,587 23,396 Total loans receivable and investments, net $ 56,835 $ (4,425) $ 52,410 $ 51,249 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 September 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 nine months ended September 30, 2023, we reversed the $20.0 million allowance and recognized a gain on foreclosure of real estate of $29.1 million in our Consolidated Statements of Income. 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	9 Months Ended
	Sep. 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 September 30, 2023 and December 31, 2022, respectively (dollars in thousands): Ownership as of (1) Carrying Amount as of September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Investments in unconsolidated real estate entities: Ventas Life Science & Healthcare Real Estate Fund 20.6% 21.0% $ 268,514 $ 263,979 Pension Fund Joint Venture 23.6% 22.9% 27,052 25,028 Research & Innovation Development Joint Venture 51.4% 51.0% 260,526 284,962 Ventas Investment Management platform 556,092 573,969 Atrium Health & Wake Forest Joint Venture 48.5% 48.5% 22,443 5,403 All other (2) 34.0%-37.5% 34.0%-37.5% 637 577 Total investments in unconsolidated real estate entities $ 579,172 $ 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 September 30, 2023 includes investments in unconsolidated real estate entities that are recorded in accounts payable and other liabilities 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 $4.2 million for the three months ended September 30, 2023 and 2022, respectively, and $10.9 million and $11.5 million for the nine months ended September 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 September 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 the nine months ended September 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	9 Months Ended
	Sep. 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 September 30, 2023 As of December 31, 2022 Balance Weighted Average Balance Weighted Average Intangible assets: Above-market lease intangibles (1) $ 136,506 5.1 $ 129,038 5.4 In-place and other lease intangibles (2) 1,333,492 7.7 1,217,152 8.0 Goodwill 1,044,536 N/A 1,044,415 N/A Other intangibles (2) 34,400 5.0 34,404 5.6 Accumulated amortization (1,163,233) N/A (1,061,305) N/A Net intangible assets $ 1,385,701 7.5 $ 1,363,704 7.8 Intangible liabilities: Below-market lease intangibles (1) $ 330,143 8.0 $ 333,672 8.6 Other lease intangibles 13,498 N/A 13,498 N/A Accumulated amortization (259,958) N/A (258,639) N/A Purchase option intangibles 3,568 N/A 3,568 N/A Net intangible liabilities $ 87,251 8.0 $ 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	9 Months Ended
	Sep. 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 September 30, 2023 As of December 31, 2022 Straight-line rent receivables $ 192,137 $ 187,536 Deferred lease costs 112,194 101,185 Non-mortgage loans receivable, net 24,587 24,338 Stock warrants 34,906 23,621 Other intangibles, net 5,774 6,393 Investment in unconsolidated operating entities 80,039 95,363 Other 234,558 171,387 Total other assets $ 684,195 $ 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	9 Months Ended
	Sep. 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 September 30, 2023 As of December 31, 2022 Unsecured revolving credit facility (1)(2) $ 31,677 $ 25,230 Commercial paper notes — 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) 120,242 184,515 2.80% Senior Notes, Series E due 2024 (2) 53,795 442,837 Unsecured term loan due 2025 (2) 368,270 369,031 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 February 2027 200,000 — Unsecured term loan due June 2027 500,000 500,000 2.45% Senior Notes, Series G due 2027 (2) 349,856 350,579 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) 441,924 — 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) 220,962 221,419 6.90% Senior Notes due 2037 (3) 52,400 52,400 6.59% Senior Notes due 2038 (3) 21,413 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 3,106,323 2,436,443 Total 13,479,362 12,361,244 Deferred financing costs, net (87,172) (63,410) Unamortized fair value adjustment 17,547 23,535 Unamortized discounts (21,239) (24,589) Senior notes payable and other debt $ 13,388,498 $ 12,296,780 ______________________________ (1) As of September 30, 2023 and December 31, 2022, respectively, $12.5 million and $3.7 million of aggregate borrowings were denominated in Canadian dollars. Aggregate borrowings of $19.2 million and $21.5 million were denominated in British pounds as of September 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, 2037, and our 6.59% senior notes due 2038 are subject to repurchase at the option of the holders, at par, on July 7, 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 ratings. 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 revolving 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 September 30, 2023, we had $2.7 billion of undrawn capacity on our unsecured revolving credit facility with $31.7 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 September 30, 2023, our $100.0 million uncommitted line for standby letters of credit had an outstanding balance of $15.0 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 September 30, 2023, we had no borrowings outstanding under our commercial paper program. Ventas Realty has a $500.0 million unsecured term loan priced at Term SOFR plus 0.95%, which is subject to adjustment based on Ventas Realty’s debt ratings. This term loan is fully and unconditionally guaranteed by Ventas, Inc. It matures in June 2027 and includes an accordion feature that permits Ventas Realty to increase the aggregate borrowings thereunder to up to $1.25 billion, subject to the satisfaction of certain conditions, including the receipt of additional commitments for such increase. On September 6, 2023, Ventas Realty entered into a $200.0 million unsecured term loan priced at SOFR plus 0.95%, which is subject to adjustment based on Ventas Realty’s debt ratings. This term loan is fully and unconditionally guaranteed by Ventas, Inc. It matures in February 2027 and includes an accordion feature that permits Ventas Realty to increase the aggregate borrowings thereunder to up to $500.0 million, subject to the satisfaction of certain conditions, including the receipt of additional commitments for such increase. As of September 30, 2023, Ventas Canada Finance Limited, Ventas SSL Ontario II, Inc. and Ventas SSL Ontario III, Inc., as borrowers, had a C$500.0 million unsecured term loan facility priced at Canadian Dollar Offered Rate (“CDOR”) plus 0.90% that matures in January 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 September 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 the nine months ended September 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. 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. In August 2023, we repaid the remaining balance of the CHC Mortgage Loan of $360.2 million at which time the CHC Mortgage Loan was no longer outstanding. 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. In October 2023, we purchased a $32.0 million tranche of this Company indebtedness at a discounted price, reducing the net effective interest rate of the mortgage loan to 5.60% and the net amount of the mortgage loan to $394.8 million. As of September 30, 2023, our indebtedness had the following maturities (dollars in thousands): Principal Amount Unsecured Revolving Credit Facility and Commercial Paper Notes (1) Scheduled Periodic Total Maturities 2023 $ 69,697 $ — $ 14,068 $ 83,765 2024 1,226,139 — 49,573 1,275,712 2025 2,064,351 31,677 44,432 2,140,460 2026 1,911,778 — 38,272 1,950,050 2027 1,542,951 — 38,051 1,581,002 Thereafter 6,295,814 — 152,559 6,448,373 Total maturities $ 13,110,730 $ 31,677 $ 336,955 $ 13,479,362 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 September 30, 2023, our variable rate debt obligations of $1.1 billion reflect, in part, the effect of $143.7 million notional amount of interest rate swaps with maturities in March 2027, that effectively convert fixed rate debt to variable rate debt. As of September 30, 2023, our fixed rate debt obligations of $12.4 billion reflect, in part, the effect of $537.2 million and C$561.3 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 June 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 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	9 Months Ended
	Sep. 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 September 30, 2023 As of December 31, 2022 Carrying Fair Value Carrying Fair Value Assets: Cash and cash equivalents (1) $ 433,937 $ 433,937 $ 122,564 $ 122,564 Escrow deposits and restricted cash (1) 57,809 57,809 48,181 48,181 Stock warrants (3)(5) 34,906 34,906 23,621 23,621 Secured mortgage loans and other, net (3)(4) 27,823 27,853 493,669 493,627 Non-mortgage loans receivable, net (3)(4)(5) 24,587 23,396 24,338 23,416 Government-sponsored pooled loan investments, net (3) — — 43,406 43,406 Derivative instruments (3)(5) 48,713 48,713 24,316 24,316 Liabilities: Senior notes payable and other debt, gross (3)(4) 13,479,362 12,503,789 12,361,244 11,493,824 Derivative instruments (3)(6) 44 44 145 145 Redeemable OP Units (2) 153,351 153,351 162,663 162,663 ______________________________ (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 on May 1, 2023 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.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 nine months ended September 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 September 30, 2023 and 2022 was a benefit of $1.7 million and a benefit of $6.0 million, respectively. Our consolidated provision for income taxes for the nine months ended September 30, 2023 and 2022 was a benefit of $14.2 million and a benefit of $14.3 million, respectively. The income tax benefit for the three and nine months ended September 30, 2023 was primarily due to losses in certain of our TRS entities and a $8.0 million benefit from internal restructurings of U.S. TRS entities. The income tax benefit for the three and nine months ended September 30, 2022 was primarily due to losses in certain of our TRS entities and a $2.0 million benefit from an internal restructuring of a U.S. 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 $26.1 million and $35.6 million as of September 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 $7.2 million and $10.5 million as of September 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 and provincial authorities with respect to the Canadian entities for the year ended December 31, 2018 and subsequent years. We are subject to audit in the United Kingdom generally for periods ended in and subsequent to 2021.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 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 three months ended September 30, 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. During the nine months ended September 30, 2023, we sold 2.3 million shares of our common stock under our ATM program for gross proceeds of $110.4 million, representing an average price of $47.89 per share. As of September 30, 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 September 30, 2023 As of December 31, 2022 Foreign currency translation loss $ (57,252) $ (60,364) Unrealized gain on derivative instruments 51,070 23,564 Total accumulated other comprehensive loss $ (6,182) $ (36,800)

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 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 September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Numerator for basic and diluted earnings per share: (Loss) income from continuing operations $ (69,559) $ 3,063 $ 54,419 $ 2,453 Net (loss) income (69,559) 3,063 54,419 2,453 Net income attributable to noncontrolling interests 1,565 1,807 4,573 4,881 Net (loss) income attributable to common stockholders $ (71,124) $ 1,256 $ 49,846 $ (2,428) Denominator: Denominator for basic earnings per share—weighted average shares 402,859 399,646 401,424 399,513 Effect of dilutive securities: Stock options — — — 11 Restricted stock awards 327 381 268 390 OP unitholder interests 3,469 3,516 3,474 3,517 Denominator for diluted earnings per share—adjusted weighted average shares 406,655 403,543 405,166 403,431 Basic earnings per share: (Loss) income from continuing operations $ (0.17) $ 0.01 $ 0.14 $ 0.01 Net (loss) income attributable to common stockholders (0.18) 0.00 0.12 (0.01) Diluted earnings per share: (1) (Loss) income from continuing operations $ (0.17) $ 0.01 $ 0.13 $ 0.01 Net (loss) income attributable to common stockholders (0.18) 0.00 0.12 (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 nine months ended September 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 nine months ended September 30, 2023 was less than the initial exchange price of $54.81 and, therefore, all associated shares were antidilutive.

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
SEGMENT INFORMATION	NOTE 15—SEGMENT INFORMATION As of September 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 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 September 30, 2023 SHOP Outpatient Medical and Research Portfolio Triple-Net Non-Segment Total Revenues: Rental income $ — $ 226,326 $ 159,812 $ — $ 386,138 Resident fees and services 754,417 — — — 754,417 Third party capital management revenues — 662 — 4,653 5,315 Income from loans and investments — — — 1,208 1,208 Interest and other income — — — 2,754 2,754 Total revenues $ 754,417 $ 226,988 $ 159,812 $ 8,615 $ 1,149,832 Total revenues $ 754,417 $ 226,988 $ 159,812 $ 8,615 $ 1,149,832 Less: Interest and other income — — — 2,754 2,754 Property-level operating expenses 573,715 78,915 3,847 — 656,477 Third party capital management expenses — — — 1,472 1,472 NOI $ 180,702 $ 148,073 $ 155,965 $ 4,389 489,129 Interest and other income 2,754 Interest expense (147,919) Depreciation and amortization (370,377) General, administrative and professional fees (33,297) Loss on extinguishment of debt, net (612) Transaction expenses and deal costs (7,125) Allowance on loans receivable and investments 66 Other (9,432) Loss from unconsolidated entities (5,119) Gain on real estate dispositions 10,711 Income tax benefit 1,662 Loss from continuing operations (69,559) Net loss (69,559) Net income attributable to noncontrolling interests 1,565 Net loss attributable to common stockholders $ (71,124) For the Three Months Ended September 30, 2022 SHOP Outpatient Medical and Research Portfolio Triple-Net Non-Segment Total Revenues: Rental income $ — $ 200,867 $ 150,115 $ — $ 350,982 Resident fees and services 668,583 — — — 668,583 Third party capital management revenues — 547 — 4,003 4,550 Income from loans and investments — — — 12,672 12,672 Interest and other income — — — 489 489 Total revenues $ 668,583 $ 201,414 $ 150,115 $ 17,164 $ 1,037,276 Total revenues $ 668,583 $ 201,414 $ 150,115 $ 17,164 $ 1,037,276 Less: Interest and other income — — — 489 489 Property-level operating expenses 499,972 66,098 3,756 — 569,826 Third party capital management expenses — — — 1,750 1,750 NOI $ 168,611 $ 135,316 $ 146,359 $ 14,925 465,211 Interest and other income 489 Interest expense (119,413) Depreciation and amortization (301,481) General, administrative and professional fees (35,421) Loss on extinguishment of debt, net (574) Transaction expenses and deal costs (4,782) Allowance on loans receivable and investments 63 Other (9,162) Income from unconsolidated entities 1,970 Gain on real estate dispositions 136 Income tax benefit 6,027 Income from continuing operations 3,063 Net income 3,063 Net income attributable to noncontrolling interests 1,807 Net income attributable to common stockholders $ 1,256 For the Nine Months Ended September 30, 2023 SHOP Outpatient Medical and Research Portfolio Triple-Net Non-Segment Total Revenues: Rental income $ — $ 645,137 $ 463,906 $ — $ 1,109,043 Resident fees and services 2,184,024 — — — 2,184,024 Third party capital management revenues — 1,849 — 11,639 13,488 Income from loans and investments — — — 21,351 21,351 Interest and other income — — — 5,529 5,529 Total revenues $ 2,184,024 $ 646,986 $ 463,906 $ 38,519 $ 3,333,435 Total revenues $ 2,184,024 $ 646,986 $ 463,906 $ 38,519 $ 3,333,435 Less: Interest and other income — — — 5,529 5,529 Property-level operating expenses 1,658,047 217,999 11,180 — 1,887,226 Third party capital management expenses — — — 4,614 4,614 NOI $ 525,977 $ 428,987 $ 452,726 $ 28,376 1,436,066 Interest and other income 5,529 Interest expense (419,259) Depreciation and amortization (957,185) General, administrative and professional fees (112,494) Gain on extinguishment of debt, net 6,189 Transaction expenses and deal costs (11,580) Allowance on loans receivable and investments 20,195 Gain on foreclosure of real estate 29,127 Other 765 Income from unconsolidated entities 20,512 Gain on real estate dispositions 22,317 Income tax benefit 14,237 Income from continuing operations 54,419 Net income 54,419 Net income attributable to noncontrolling interests 4,573 Net income attributable to common stockholders $ 49,846 For the Nine Months Ended September 30, 2022 SHOP Outpatient Medical and Research Portfolio Triple-Net Non-Segment Total Revenues: Rental income $ — $ 600,648 $ 451,073 $ — $ 1,051,721 Resident fees and services 1,977,760 — — — 1,977,760 Third party capital management revenues — 1,834 — 10,991 12,825 Income from loans and investments — — — 33,271 33,271 Interest and other income — — — 2,191 2,191 Total revenues $ 1,977,760 $ 602,482 $ 451,073 $ 46,453 $ 3,077,768 Total revenues $ 1,977,760 $ 602,482 $ 451,073 $ 46,453 $ 3,077,768 Less: Interest and other income — — — 2,191 2,191 Property-level operating expenses 1,482,948 192,609 11,349 — 1,686,906 Third party capital management expenses — — — 4,473 4,473 NOI $ 494,812 $ 409,873 $ 439,724 $ 39,789 1,384,198 Interest and other income 2,191 Interest expense (344,158) Depreciation and amortization (873,620) General, administrative and professional fees (111,334) Loss on extinguishment of debt, net (581) Transaction expenses and deal costs (37,852) Allowance on loans receivable and investments 179 Other (30,088) Loss from unconsolidated entities (3,346) Gain on real estate dispositions 2,557 Income tax benefit 14,307 Income from continuing operations 2,453 Net income 2,453 Net income attributable to noncontrolling interests 4,881 Net loss attributable to common stockholders $ (2,428) Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment are as follows (dollars in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Capital Expenditures: SHOP $ 99,115 $ 114,453 $ 254,795 $ 313,396 Outpatient medical and research portfolio 62,455 44,150 143,073 403,976 Triple-net leased properties 1,006 1,268 6,765 3,676 Total capital expenditures $ 162,576 $ 159,871 $ 404,633 $ 721,048 Our portfolio of properties and mortgage loan and other investments are located in the United States, Canada and the United Kingdom. Revenues are attributed to an individual country based on the location of each property. Geographic information regarding our operations is as follows (dollars in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Revenues: United States $ 1,025,544 $ 918,106 $ 2,967,419 $ 2,719,097 Canada 116,926 112,550 344,372 337,503 United Kingdom 7,362 6,620 21,644 21,168 Total revenues $ 1,149,832 $ 1,037,276 $ 3,333,435 $ 3,077,768 As of September 30, 2023 As of December 31, 2022 Net Real Estate Property: United States $ 19,110,447 $ 18,168,224 Canada 2,775,041 2,782,350 United Kingdom 203,293 209,876 Total net real estate property $ 22,088,781 $ 21,160,450

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 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 nine months ended September 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)	9 Months Ended
	Sep. 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 September 30, 2023 As of December 31, 2022 Total Assets Total Liabilities Total Assets Total Liabilities NHP/PMB L.P. $ 755,811 $ 260,651 $ 741,890 $ 252,518 Fonds Immobilier Groupe Maurice, S.E.C. 1,952,453 1,177,733 1,957,075 1,170,928 Other identified VIEs 1,719,853 366,903 1,699,949 333,185 Tax credit VIEs 118,994 14,158 128,240 16,767

CONCENTRATION OF CREDIT RISK (T

CONCENTRATION OF CREDIT RISK (Tables)	9 Months Ended
	Sep. 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 September 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 September 30, 2023 2022 Contribution as a Percentage of Total Revenues (1) : Brookdale Senior Living 3.3 % 3.6 % Ardent 2.9 3.1 Kindred 2.9 3.3 Contribution as a Percentage of Total NOI (2) : Brookdale Senior Living 7.6 % 8.0 % Ardent 6.8 7.0 Kindred 6.8 7.4 ____________________________ (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)	9 Months Ended
	Sep. 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 September 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 7 $ 41,108 $ 4,435 3 $ 44,852 $ 5,675 Outpatient Medical and Research Portfolio (1) 1 1,393 520 — 41 817 Triple-net leased properties 1 690 143 — — — Total 9 $ 43,191 $ 5,098 3 $ 44,893 $ 6,492 ______________________________ (1) Balances as of December 31, 2022 primarily relate to sold assets that will be settled post close.

LOANS RECEIVABLE AND INVESTME_2

LOANS RECEIVABLE AND INVESTMENTS (Tables)	9 Months Ended
	Sep. 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 September 30, 2023: Secured/mortgage loans and other, net (1) $ 27,823 $ — $ 27,823 $ 27,853 Non-mortgage loans receivable, net (2) 29,012 (4,425) 24,587 23,396 Total loans receivable and investments, net $ 56,835 $ (4,425) $ 52,410 $ 51,249 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 September 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)	9 Months Ended
	Sep. 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 September 30, 2023 and December 31, 2022, respectively (dollars in thousands): Ownership as of (1) Carrying Amount as of September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Investments in unconsolidated real estate entities: Ventas Life Science & Healthcare Real Estate Fund 20.6% 21.0% $ 268,514 $ 263,979 Pension Fund Joint Venture 23.6% 22.9% 27,052 25,028 Research & Innovation Development Joint Venture 51.4% 51.0% 260,526 284,962 Ventas Investment Management platform 556,092 573,969 Atrium Health & Wake Forest Joint Venture 48.5% 48.5% 22,443 5,403 All other (2) 34.0%-37.5% 34.0%-37.5% 637 577 Total investments in unconsolidated real estate entities $ 579,172 $ 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 September 30, 2023 includes investments in unconsolidated real estate entities that are recorded in accounts payable and other liabilities on our Consolidated Balance Sheets.

INTANGIBLES (Tables)

INTANGIBLES (Tables)	9 Months Ended
	Sep. 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 September 30, 2023 As of December 31, 2022 Balance Weighted Average Balance Weighted Average Intangible assets: Above-market lease intangibles (1) $ 136,506 5.1 $ 129,038 5.4 In-place and other lease intangibles (2) 1,333,492 7.7 1,217,152 8.0 Goodwill 1,044,536 N/A 1,044,415 N/A Other intangibles (2) 34,400 5.0 34,404 5.6 Accumulated amortization (1,163,233) N/A (1,061,305) N/A Net intangible assets $ 1,385,701 7.5 $ 1,363,704 7.8 Intangible liabilities: Below-market lease intangibles (1) $ 330,143 8.0 $ 333,672 8.6 Other lease intangibles 13,498 N/A 13,498 N/A Accumulated amortization (259,958) N/A (258,639) N/A Purchase option intangibles 3,568 N/A 3,568 N/A Net intangible liabilities $ 87,251 8.0 $ 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)	9 Months Ended
	Sep. 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 September 30, 2023 As of December 31, 2022 Straight-line rent receivables $ 192,137 $ 187,536 Deferred lease costs 112,194 101,185 Non-mortgage loans receivable, net 24,587 24,338 Stock warrants 34,906 23,621 Other intangibles, net 5,774 6,393 Investment in unconsolidated operating entities 80,039 95,363 Other 234,558 171,387 Total other assets $ 684,195 $ 609,823

SENIOR NOTES PAYABLE AND OTHE_2

SENIOR NOTES PAYABLE AND OTHER DEBT (Tables)	9 Months Ended
	Sep. 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 September 30, 2023 As of December 31, 2022 Unsecured revolving credit facility (1)(2) $ 31,677 $ 25,230 Commercial paper notes — 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) 120,242 184,515 2.80% Senior Notes, Series E due 2024 (2) 53,795 442,837 Unsecured term loan due 2025 (2) 368,270 369,031 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 February 2027 200,000 — Unsecured term loan due June 2027 500,000 500,000 2.45% Senior Notes, Series G due 2027 (2) 349,856 350,579 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) 441,924 — 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) 220,962 221,419 6.90% Senior Notes due 2037 (3) 52,400 52,400 6.59% Senior Notes due 2038 (3) 21,413 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 3,106,323 2,436,443 Total 13,479,362 12,361,244 Deferred financing costs, net (87,172) (63,410) Unamortized fair value adjustment 17,547 23,535 Unamortized discounts (21,239) (24,589) Senior notes payable and other debt $ 13,388,498 $ 12,296,780 ______________________________ (1) As of September 30, 2023 and December 31, 2022, respectively, $12.5 million and $3.7 million of aggregate borrowings were denominated in Canadian dollars. Aggregate borrowings of $19.2 million and $21.5 million were denominated in British pounds as of September 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, 2037, and our 6.59% senior notes due 2038 are subject to repurchase at the option of the holders, at par, on July 7, 2028.
Scheduled Maturities of Borrowing Arrangements and Other Provisions Excluding Capital Lease Obligations	As of September 30, 2023, our indebtedness had the following maturities (dollars in thousands): Principal Amount Unsecured Revolving Credit Facility and Commercial Paper Notes (1) Scheduled Periodic Total Maturities 2023 $ 69,697 $ — $ 14,068 $ 83,765 2024 1,226,139 — 49,573 1,275,712 2025 2,064,351 31,677 44,432 2,140,460 2026 1,911,778 — 38,272 1,950,050 2027 1,542,951 — 38,051 1,581,002 Thereafter 6,295,814 — 152,559 6,448,373 Total maturities $ 13,110,730 $ 31,677 $ 336,955 $ 13,479,362

FAIR VALUES MEASUREMENTS (Table

FAIR VALUES MEASUREMENTS (Tables)	9 Months Ended
	Sep. 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 September 30, 2023 As of December 31, 2022 Carrying Fair Value Carrying Fair Value Assets: Cash and cash equivalents (1) $ 433,937 $ 433,937 $ 122,564 $ 122,564 Escrow deposits and restricted cash (1) 57,809 57,809 48,181 48,181 Stock warrants (3)(5) 34,906 34,906 23,621 23,621 Secured mortgage loans and other, net (3)(4) 27,823 27,853 493,669 493,627 Non-mortgage loans receivable, net (3)(4)(5) 24,587 23,396 24,338 23,416 Government-sponsored pooled loan investments, net (3) — — 43,406 43,406 Derivative instruments (3)(5) 48,713 48,713 24,316 24,316 Liabilities: Senior notes payable and other debt, gross (3)(4) 13,479,362 12,503,789 12,361,244 11,493,824 Derivative instruments (3)(6) 44 44 145 145 Redeemable OP Units (2) 153,351 153,351 162,663 162,663 ______________________________ (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)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Accumulated Other Comprehensive Income	The following is a summary of our accumulated other comprehensive loss (dollars in thousands): As of September 30, 2023 As of December 31, 2022 Foreign currency translation loss $ (57,252) $ (60,364) Unrealized gain on derivative instruments 51,070 23,564 Total accumulated other comprehensive loss $ (6,182) $ (36,800)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 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 September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Numerator for basic and diluted earnings per share: (Loss) income from continuing operations $ (69,559) $ 3,063 $ 54,419 $ 2,453 Net (loss) income (69,559) 3,063 54,419 2,453 Net income attributable to noncontrolling interests 1,565 1,807 4,573 4,881 Net (loss) income attributable to common stockholders $ (71,124) $ 1,256 $ 49,846 $ (2,428) Denominator: Denominator for basic earnings per share—weighted average shares 402,859 399,646 401,424 399,513 Effect of dilutive securities: Stock options — — — 11 Restricted stock awards 327 381 268 390 OP unitholder interests 3,469 3,516 3,474 3,517 Denominator for diluted earnings per share—adjusted weighted average shares 406,655 403,543 405,166 403,431 Basic earnings per share: (Loss) income from continuing operations $ (0.17) $ 0.01 $ 0.14 $ 0.01 Net (loss) income attributable to common stockholders (0.18) 0.00 0.12 (0.01) Diluted earnings per share: (1) (Loss) income from continuing operations $ (0.17) $ 0.01 $ 0.13 $ 0.01 Net (loss) income attributable to common stockholders (0.18) 0.00 0.12 (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)	9 Months Ended
	Sep. 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 September 30, 2023 SHOP Outpatient Medical and Research Portfolio Triple-Net Non-Segment Total Revenues: Rental income $ — $ 226,326 $ 159,812 $ — $ 386,138 Resident fees and services 754,417 — — — 754,417 Third party capital management revenues — 662 — 4,653 5,315 Income from loans and investments — — — 1,208 1,208 Interest and other income — — — 2,754 2,754 Total revenues $ 754,417 $ 226,988 $ 159,812 $ 8,615 $ 1,149,832 Total revenues $ 754,417 $ 226,988 $ 159,812 $ 8,615 $ 1,149,832 Less: Interest and other income — — — 2,754 2,754 Property-level operating expenses 573,715 78,915 3,847 — 656,477 Third party capital management expenses — — — 1,472 1,472 NOI $ 180,702 $ 148,073 $ 155,965 $ 4,389 489,129 Interest and other income 2,754 Interest expense (147,919) Depreciation and amortization (370,377) General, administrative and professional fees (33,297) Loss on extinguishment of debt, net (612) Transaction expenses and deal costs (7,125) Allowance on loans receivable and investments 66 Other (9,432) Loss from unconsolidated entities (5,119) Gain on real estate dispositions 10,711 Income tax benefit 1,662 Loss from continuing operations (69,559) Net loss (69,559) Net income attributable to noncontrolling interests 1,565 Net loss attributable to common stockholders $ (71,124) For the Three Months Ended September 30, 2022 SHOP Outpatient Medical and Research Portfolio Triple-Net Non-Segment Total Revenues: Rental income $ — $ 200,867 $ 150,115 $ — $ 350,982 Resident fees and services 668,583 — — — 668,583 Third party capital management revenues — 547 — 4,003 4,550 Income from loans and investments — — — 12,672 12,672 Interest and other income — — — 489 489 Total revenues $ 668,583 $ 201,414 $ 150,115 $ 17,164 $ 1,037,276 Total revenues $ 668,583 $ 201,414 $ 150,115 $ 17,164 $ 1,037,276 Less: Interest and other income — — — 489 489 Property-level operating expenses 499,972 66,098 3,756 — 569,826 Third party capital management expenses — — — 1,750 1,750 NOI $ 168,611 $ 135,316 $ 146,359 $ 14,925 465,211 Interest and other income 489 Interest expense (119,413) Depreciation and amortization (301,481) General, administrative and professional fees (35,421) Loss on extinguishment of debt, net (574) Transaction expenses and deal costs (4,782) Allowance on loans receivable and investments 63 Other (9,162) Income from unconsolidated entities 1,970 Gain on real estate dispositions 136 Income tax benefit 6,027 Income from continuing operations 3,063 Net income 3,063 Net income attributable to noncontrolling interests 1,807 Net income attributable to common stockholders $ 1,256 For the Nine Months Ended September 30, 2023 SHOP Outpatient Medical and Research Portfolio Triple-Net Non-Segment Total Revenues: Rental income $ — $ 645,137 $ 463,906 $ — $ 1,109,043 Resident fees and services 2,184,024 — — — 2,184,024 Third party capital management revenues — 1,849 — 11,639 13,488 Income from loans and investments — — — 21,351 21,351 Interest and other income — — — 5,529 5,529 Total revenues $ 2,184,024 $ 646,986 $ 463,906 $ 38,519 $ 3,333,435 Total revenues $ 2,184,024 $ 646,986 $ 463,906 $ 38,519 $ 3,333,435 Less: Interest and other income — — — 5,529 5,529 Property-level operating expenses 1,658,047 217,999 11,180 — 1,887,226 Third party capital management expenses — — — 4,614 4,614 NOI $ 525,977 $ 428,987 $ 452,726 $ 28,376 1,436,066 Interest and other income 5,529 Interest expense (419,259) Depreciation and amortization (957,185) General, administrative and professional fees (112,494) Gain on extinguishment of debt, net 6,189 Transaction expenses and deal costs (11,580) Allowance on loans receivable and investments 20,195 Gain on foreclosure of real estate 29,127 Other 765 Income from unconsolidated entities 20,512 Gain on real estate dispositions 22,317 Income tax benefit 14,237 Income from continuing operations 54,419 Net income 54,419 Net income attributable to noncontrolling interests 4,573 Net income attributable to common stockholders $ 49,846 For the Nine Months Ended September 30, 2022 SHOP Outpatient Medical and Research Portfolio Triple-Net Non-Segment Total Revenues: Rental income $ — $ 600,648 $ 451,073 $ — $ 1,051,721 Resident fees and services 1,977,760 — — — 1,977,760 Third party capital management revenues — 1,834 — 10,991 12,825 Income from loans and investments — — — 33,271 33,271 Interest and other income — — — 2,191 2,191 Total revenues $ 1,977,760 $ 602,482 $ 451,073 $ 46,453 $ 3,077,768 Total revenues $ 1,977,760 $ 602,482 $ 451,073 $ 46,453 $ 3,077,768 Less: Interest and other income — — — 2,191 2,191 Property-level operating expenses 1,482,948 192,609 11,349 — 1,686,906 Third party capital management expenses — — — 4,473 4,473 NOI $ 494,812 $ 409,873 $ 439,724 $ 39,789 1,384,198 Interest and other income 2,191 Interest expense (344,158) Depreciation and amortization (873,620) General, administrative and professional fees (111,334) Loss on extinguishment of debt, net (581) Transaction expenses and deal costs (37,852) Allowance on loans receivable and investments 179 Other (30,088) Loss from unconsolidated entities (3,346) Gain on real estate dispositions 2,557 Income tax benefit 14,307 Income from continuing operations 2,453 Net income 2,453 Net income attributable to noncontrolling interests 4,881 Net loss attributable to common stockholders $ (2,428)
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 September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Capital Expenditures: SHOP $ 99,115 $ 114,453 $ 254,795 $ 313,396 Outpatient medical and research portfolio 62,455 44,150 143,073 403,976 Triple-net leased properties 1,006 1,268 6,765 3,676 Total capital expenditures $ 162,576 $ 159,871 $ 404,633 $ 721,048
Revenues from external customers by geographic area	Geographic information regarding our operations is as follows (dollars in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Revenues: United States $ 1,025,544 $ 918,106 $ 2,967,419 $ 2,719,097 Canada 116,926 112,550 344,372 337,503 United Kingdom 7,362 6,620 21,644 21,168 Total revenues $ 1,149,832 $ 1,037,276 $ 3,333,435 $ 3,077,768 As of September 30, 2023 As of December 31, 2022 Net Real Estate Property: United States $ 19,110,447 $ 18,168,224 Canada 2,775,041 2,782,350 United Kingdom 203,293 209,876 Total net real estate property $ 22,088,781 $ 21,160,450

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details)	9 Months Ended
	Sep. 30, 2023 tenant property segment
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	461
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	335
Seniors Housing Communities
Real estate properties
Number of real estate properties	594

ACCOUNTING POLICIES - Schedule

ACCOUNTING POLICIES - Schedule of VIEs (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Variable Interest Entity
Total Assets	$ 24,966,609	$ 24,157,840
Total Liabilities	14,827,116	13,671,513
Variable Interest Entity | NHP/PMB L.P.
Variable Interest Entity
Total Assets	755,811	741,890
Total Liabilities	260,651	252,518
Variable Interest Entity | Fonds Immobilier Groupe Maurice, S.E.C.
Variable Interest Entity
Total Assets	1,952,453	1,957,075
Total Liabilities	1,177,733	1,170,928
Variable Interest Entity | Other identified VIEs
Variable Interest Entity
Total Assets	1,719,853	1,699,949
Total Liabilities	366,903	333,185
Variable Interest Entity | Tax credit VIEs
Variable Interest Entity
Total Assets	118,994	128,240
Total Liabilities	$ 14,158	$ 16,767

ACCOUNTING POLICIES - Narrative

ACCOUNTING POLICIES - Narrative (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
COVID-19 Impact
Unusual or Infrequent Item, or Both [Line Items]
HHS Grants Received of Provider Relief Fund	$ 20,200,000	$ 54,200,000

CONCENTRATION OF CREDIT RISK -

CONCENTRATION OF CREDIT RISK - Narrative (Details)	9 Months Ended
	Sep. 30, 2023 state property 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	583
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
Atria | Senior Housing Communities
Concentration Risk
Number of Independent Third Party Managed Properties	221
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	313
Holiday Retirement | Senior Living Communities, Operations Transitioned
Concentration Risk
Number of Independent Third Party Managed Properties	70
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	10.60%
Customer Concentration Risk | Total Gross Book Value of Properties | SHOP | Senior Housing Communities
Concentration Risk
Concentration percentage	55%
Customer Concentration Risk | Total Gross Book Value of Properties | Atria
Concentration Risk
Concentration percentage	23.60%
Customer Concentration Risk | Total Gross Book Value of Properties | Sunrise
Concentration Risk
Concentration percentage	9.30%
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
	Sep. 30, 2023	Sep. 30, 2022
Revenues | Brookdale Senior Living
Concentration Risk
Concentration percentage	3.30%	3.60%
Revenues | Ardent
Concentration Risk
Concentration percentage	2.90%	3.10%
Revenues | Kindred
Concentration Risk
Concentration percentage	2.90%	3.30%
NOI | Brookdale Senior Living
Concentration Risk
Concentration percentage	7.60%	8%
NOI | Ardent
Concentration Risk
Concentration percentage	6.80%	7%
NOI | Kindred
Concentration Risk
Concentration percentage	6.80%	7.40%

DISPOSITIONS AND IMPAIRMENTS -

DISPOSITIONS AND IMPAIRMENTS - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($)
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 | $			$ 167,296	$ 12,481
Gain on real estate dispositions | $	$ 10,711	$ 136	22,317	2,557
Impairment of real estate | $	$ 72,700	$ 28,100	92,000	$ 55,000
Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from real estate disposals | $			167,300
Gain on real estate dispositions | $			$ 22,300
Dispositions | Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties	1		1
Dispositions | SHOP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties	7		7
Dispositions | Vacant SHOP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties	4		4
Dispositions | Outpatient Medical Buildings and Other
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	2		2
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	9		9
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	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($)	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		1,400
Assets held for sale	$ 43,191		$ 43,191		$ 44,893
Liabilities related to assets held for sale	5,098		5,098		6,492
Gain on real estate dispositions	10,711	$ 136	22,317	$ 2,557
SHOP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	41,108		41,108		44,852
Liabilities related to assets held for sale	$ 4,435		$ 4,435		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	461		461
Assets held for sale	$ 1,393		$ 1,393		41
Liabilities related to assets held for sale	520		520		817
Triple-Net Leased Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	690		690		0
Liabilities related to assets held for sale	$ 143		$ 143		$ 0
Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties Held for Sale | property	9		9		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	7		7		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	1		1		0
Disposal Group, Held-for-sale, Not Discontinued Operations | Triple-Net Leased Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties Held for Sale | property	1		1		0

LOANS RECEIVABLE AND INVESTME_3

LOANS RECEIVABLE AND INVESTMENTS (Details) $ in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jul. 31, 2023 USD ($)	May 01, 2023 USD ($)	Mar. 31, 2023 CAD ($)	Dec. 31, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable
Debt Securities, Held-to-maturity, Allowance for Credit Loss	$ 4,425		$ 4,425					$ 24,621
Non-mortgage loans receivable, net	24,587		24,587					24,338
Total loans receivable and investments, net, amortized cost	56,835		56,835					586,034
Total loans receivable and investments, net, carrying amount	52,410		52,410					561,413
Total loans receivable and investments, net, fair value	51,249		51,249					560,449
Debt instrument, face amount	1,566,000		1,566,000
Gain on foreclosure of real estate	0	$ 0	29,127	$ 0
Mortgage loans and other
Accounts, Notes, Loans and Financing Receivable
Debt instrument, face amount					$ 426,800		$ 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	4,425		4,425					4,621
Non-mortgage loans receivable, amortized cost	29,012		29,012					28,959
Non-mortgage loans receivable, net	24,587		24,587					24,338
Non-mortgage loans receivable, fair value	23,396		23,396					23,416
Secured/mortgage loans and other, net
Accounts, Notes, Loans and Financing Receivable
Secured mortgage loans and other, net	27,823		27,823					513,669
Debt Securities, Held-to-maturity, Allowance for Credit Loss	0		0					20,000
Debt securities, held-to-maturity, carrying amount	27,823		27,823					493,669
Debt securities, held-to-maturity, fair value	$ 27,853		$ 27,853					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

INVESTMENTS IN UNCONSOLIDATED_3

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2023 USD ($)	Sep. 30, 2023 USD ($) board_member	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) board_member	Sep. 30, 2022 USD ($)	Apr. 30, 2023	Dec. 31, 2022 USD ($)
Equity method investments
Total investments in unconsolidated real estate entities		$ 579,172		$ 579,172			$ 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	$ 4,200	$ 10,900	$ 11,500
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%		9.80%
Number of board members appointed | board_member		1		1
Ownership percentage sold	0.24
Unconsolidated Properties | Ventas Life Science & Healthcare Real Estate Fund
Equity method investments
Ownership percentage		20.60%		20.60%			21%
Total investments in unconsolidated real estate entities		$ 268,514		$ 268,514			$ 263,979
Unconsolidated Properties | Pension Fund Joint Venture
Equity method investments
Ownership percentage		23.60%		23.60%			22.90%
Total investments in unconsolidated real estate entities		$ 27,052		$ 27,052			$ 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		$ 260,526		$ 260,526			$ 284,962
Unconsolidated Properties | Ventas Investment Management platform
Equity method investments
Total investments in unconsolidated real estate entities		$ 556,092		$ 556,092			$ 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		$ 22,443		$ 22,443			$ 5,403
Unconsolidated Properties | All other
Equity method investments
Total investments in unconsolidated real estate entities		$ 637		$ 637			$ 577
Unconsolidated Properties | All other | Minimum
Equity method investments
Ownership percentage		34%		34%			34%
Unconsolidated Properties | All other | Maximum
Equity method investments
Ownership percentage							37.50%

INTANGIBLES (Details)

INTANGIBLES (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Intangible assets:
Lease intangible assets	$ 1,469,998	$ 1,346,190
Goodwill	1,044,536	1,044,415
Accumulated amortization	(1,163,233)	(1,061,305)
Net intangible assets	$ 1,385,701	$ 1,363,704
Weighted Average Remaining Amortization Period in Years	7 years 6 months	7 years 9 months 18 days
Intangible liabilities:
Below-market lease intangibles	$ 330,143	$ 333,672
Other lease intangibles	13,498	13,498
Accumulated amortization	(259,958)	(258,639)
Purchase option intangibles	3,568	3,568
Net intangible liabilities	$ 87,251	$ 92,099
Below market leases, remaining weighted average amortization period (in years)	8 years	8 years 7 months 6 days
Net intangible liabilities, remaining weighted average amortization period (in years)	8 years	8 years 7 months 6 days
Above-market lease intangibles
Intangible assets:
Lease intangible assets	$ 136,506	$ 129,038
Weighted Average Remaining Amortization Period in Years	5 years 1 month 6 days	5 years 4 months 24 days
In-place and other lease intangibles
Intangible assets:
Lease intangible assets	$ 1,333,492	$ 1,217,152
Weighted Average Remaining Amortization Period in Years	7 years 8 months 12 days	8 years
Other intangibles
Intangible assets:
Other intangibles	$ 34,400	$ 34,404
Weighted Average Remaining Amortization Period in Years	5 years	5 years 7 months 6 days

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	Sep. 30, 2023	Dec. 31, 2022
Class of Warrant or Right [Line Items]
Straight-line rent receivables	$ 192,137
Deferred lease costs	112,194	$ 101,185
Straight-line rent receivables		187,536
Non-mortgage loans receivable, net	24,587	24,338
Other intangibles, net	5,774	6,393
Investment in unconsolidated operating entities	80,039	95,363
Other	234,558	171,387
Total other assets	$ 684,195	$ 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	Sep. 30, 2023 USD ($)	Sep. 30, 2023 CAD ($)	Sep. 06, 2023 USD ($)	Jul. 31, 2023	Dec. 31, 2022 USD ($)
Debt instruments
Commercial paper notes	$ 0				$ 403,000
Total	13,479,362				12,361,244
Deferred financing costs, net	(87,172)				(63,410)
Unamortized fair value adjustment	17,547				23,535
Unamortized discounts	(21,239)				(24,589)
Senior notes payable and other debt	13,388,498				12,296,780
Unsecured revolving credit facility | Ventas Realty
Debt instruments
Senior notes			$ 200,000
Mortgage loans and other	500,000
Unsecured revolving credit facility | Revolving Credit Facility
Debt instruments
Fair value of amount outstanding	31,677				25,230
Unsecured revolving credit facility | Revolving Credit Facility | Borrowings Originally Denominated in CAD
Debt instruments
Mortgage loans and other	12,500				3,700
Unsecured revolving credit facility | Revolving Credit Facility | Borrowings Originally Denominated in GBP
Debt instruments
Mortgage loans and other	$ 19,200				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	120,242				184,515
2.80% Senior Notes, Series E due 2024
Debt instruments
Senior notes	53,795				442,837
Unsecured Term Loan due 2025
Debt instruments
Unsecured term loan	$ 368,270	$ 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 February 2027
Debt instruments
Senior notes	$ 200,000				0
Unsecured term loan due June 2027
Debt instruments
Senior notes					500,000
2.45% Senior Notes, Series G Due 2027
Debt instruments
Interest rate	2.45%	2.45%
Senior notes	$ 349,856				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	$ 441,924				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	$ 220,962				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	$ 21,413				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
Interest rate				5.91%
Mortgage loans and other	$ 3,106,323				$ 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	9 Months Ended
	Sep. 06, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($) period	Sep. 30, 2023 CAD ($)	Dec. 31, 2022 USD ($)
Debt instruments
Letters of credit outstanding		$ 15,000,000	$ 15,000,000
Commercial paper program capacity		1,000,000,000	1,000,000,000
Commercial paper notes		0	0		$ 403,000,000
Letter of Credit
Debt instruments
Maximum borrowing capacity		100,000,000	100,000,000
Unsecured debt | Ventas Realty
Debt instruments
Accordion feature of debt	$ 500,000,000	1,250,000,000	1,250,000,000
Mortgage loans and other		$ 500,000,000	500,000,000
Senior notes	$ 200,000,000
Unsecured debt | SOFR | Ventas Realty
Debt instruments
Variable interest rate	0.95%	0.95%
Unsecured debt | Revolving Credit Facility
Debt instruments
Maximum borrowing capacity		$ 2,750,000,000	$ 2,750,000,000
Additional periods | period			2
Additional period term			6 months
Accordion feature of debt		3,750,000,000	$ 3,750,000,000
Remaining borrowing capacity		2,700,000,000	2,700,000,000
Fair value of amount outstanding		31,677,000	31,677,000		25,230,000
Letters of credit outstanding		1,200,000	1,200,000
Unsecured debt | Revolving Credit Facility | Borrowings Originally Denominated in GBP
Debt instruments
Mortgage loans and other		19,200,000	$ 19,200,000		21,500,000
Unsecured debt | Revolving Credit Facility | SOFR
Debt instruments
Variable interest rate			0.925%
Unsecured Term Loan due 2025
Debt instruments
Unsecured debt		$ 368,270,000	$ 368,270,000	$ 500	369,031,000
Unsecured Term Loan due 2025 | Canadian Dollar Offered Rate (CDOR)
Debt instruments
Variable interest rate		0.90%
Unsecured term loan due June 2027
Debt instruments
Senior notes					500,000,000
Unsecured term loan due February 2027
Debt instruments
Senior notes		$ 200,000,000	$ 200,000,000		$ 0

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	Sep. 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		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Apr. 30, 2023 CAD ($)
Debt instruments
Debt instrument, face amount	$ 1,566,000		$ 1,566,000
Loss on extinguishment of debt, net	$ (612)	$ (574)	6,189	$ (581)
Senior Notes
Debt instruments
Debt Instrument, Repurchased Face Amount					$ 613.7
Repurchased amount					600
Loss on extinguishment of debt, net			$ 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) $ in Millions, $ in Millions			1 Months Ended
	Jun. 08, 2023 USD ($)	May 01, 2023 USD ($) property	Aug. 31, 2023 USD ($)	Mar. 31, 2023 CAD ($) property	Oct. 31, 2023 USD ($)	Sep. 30, 2023 USD ($) property	Jul. 31, 2023 USD ($) property
Business Acquisition [Line Items]
Debt instrument, face amount						$ 1,566
Mortgage loans and other
Business Acquisition [Line Items]
Debt instrument, face amount				$ 271.8			$ 426.8
Number of properties secured | property		153		14			19
Prepayment of debt	$ 656.6		$ 360.2
Number of properties related to prepayment of debt | property						83
Interest rate							5.91%
Mortgage loans and other | Subsequent Event
Business Acquisition [Line Items]
Long-Term Debt					$ 394.8
Financing Receivable, Accrued Interest, before Allowance for Credit Loss					$ 32
Debt Instrument, Interest Rate, Effective Percentage					5.60%
Mortgage loans and other | Nonrecourse
Business Acquisition [Line Items]
Debt instrument, face amount		$ 1,000
Mortgage loans and other | Canadian Dollar Offered Rate (CDOR)
Business Acquisition [Line Items]
Variable interest rate				0.88%
Mortgage loans and other | LIBOR
Business Acquisition [Line Items]
Variable interest rate		1.84%

SENIOR NOTES PAYABLE AND OTHE_8

SENIOR NOTES PAYABLE AND OTHER DEBT - Indebtedness of Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2023	$ 83,765
2024	1,275,712
2025	2,140,460
2026	1,950,050
2027	1,581,002
Thereafter	6,448,373
Total maturities	13,479,362	$ 12,361,244
Unsecured Revolving Credit Facility and Commercial Paper
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2023	0
2024	0
2025	31,677
2026	0
2027	0
Thereafter	0
Total maturities	31,677
Principal Amount Due at Maturity
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2023	69,697
2024	1,226,139
2025	2,064,351
2026	1,911,778
2027	1,542,951
Thereafter	6,295,814
Total maturities	13,110,730
Scheduled Periodic Amortization
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2023	14,068
2024	49,573
2025	44,432
2026	38,272
2027	38,051
Thereafter	152,559
Total maturities	$ 336,955

SENIOR NOTES PAYABLE AND OTHE_9

SENIOR NOTES PAYABLE AND OTHER DEBT - Derivatives and Hedging (Details) - Sep. 30, 2023 - Forward Starting Swap $ in Thousands, $ in Millions	USD ($)	CAD ($)
Variable Rate Debt Member
Derivative [Line Items]
Long-term Debt, Percentage Bearing Variable Interest, Amount	$ 1,100,000
Derivative notional amount	143,700
Fixed Rate Debt Member
Derivative [Line Items]
Long-Term Debt, Percentage Bearing Fixed Interest, Amount	12,400,000
Fixed Rate Debt, Maturities Between October 2023 And April 2031
Derivative [Line Items]
Derivative notional amount	$ 537,200	$ 561.3

SENIOR NOTES PAYABLE AND OTH_10

SENIOR NOTES PAYABLE AND OTHER DEBT - 2023 Activity (Details) $ in Millions, $ in Millions		1 Months Ended
	May 01, 2023	Apr. 30, 2023 USD ($)	Mar. 31, 2023 CAD ($)	Sep. 30, 2023 USD ($)	Jul. 31, 2023 USD ($)	Jun. 30, 2023 CAD ($)	Mar. 31, 2023 USD ($)
Debt instruments
Debt instrument, face amount				$ 1,566
Interest Rate Swap | Unsecured term loan due June 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 Starting Swap | Variable Rate Debt Member
Debt instruments
Debt instrument, face amount							200
Derivative notional amount				$ 143.7
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		$ 426.8
Interest rate					5.91%
Mortgage loans and other | LIBOR
Debt instruments
Variable interest rate	1.84%

FAIR VALUES MEASUREMENTS (Detai

FAIR VALUES MEASUREMENTS (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Assets:
Cash and cash equivalents	$ 433,937		$ 122,564
Escrow deposits and restricted cash	57,809		48,181
Non-mortgage loans receivable, net	24,587		24,338
Liabilities:
Senior notes payable and other debt, gross	13,479,362		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	24,587		24,338
Non-mortgage loans receivable, fair value	23,396		23,416
Secured/mortgage loans and other, net
Assets:
Secured mortgage loans and other, net	27,823		513,669
Debt securities, held-to-maturity, fair value	$ 27,853		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	433,937		122,564
Escrow deposits and restricted cash	57,809		48,181
Derivative instruments	48,713		24,316
Liabilities:
Derivative instruments	44		145
Redeemable Noncontrolling Interest, Equity, Carrying Amount	153,351		162,663
Carrying Amount | Brookdale Senior Living
Assets:
Stock warrants	34,906		23,621
Carrying Amount | Non-mortgage loans receivable, net
Assets:
Non-mortgage loans receivable, net	24,587		24,338
Carrying Amount | Secured/mortgage loans and other, net
Assets:
Secured mortgage loans and other, net	27,823		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	433,937		122,564
Escrow deposits and restricted cash	57,809		48,181
Derivative instruments	48,713		24,316
Liabilities:
Long-term debt and short-term borrowings, fair value	12,503,789		11,493,824
Derivative instruments	44		145
Redeemable OP Units, fair value	153,351		162,663
Fair Value | Brookdale Senior Living
Assets:
Stock warrants	34,906		23,621
Fair Value | Non-mortgage loans receivable, net
Assets:
Non-mortgage loans receivable, fair value	23,396		23,416
Fair Value | Secured/mortgage loans and other, net
Assets:
Debt securities, held-to-maturity, fair value	27,853		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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Income Tax Examination [Line Items]
Income tax benefit	$ 1,662	$ 6,027	$ 14,237	$ 14,307
Deferred income tax liabilities	26,141		26,141		$ 35,570
Deferred income tax assets, net	7,165		7,165		$ 10,490
Restructuring of U.S TRS Entities
Income Tax Examination [Line Items]
Income tax benefit	$ 8,000	$ 2,000	$ 8,000	$ 2,000

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Details) - At The Market Equity Offering Program $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares
Equity offering [Line Items]
Equity offering program, maximum aggregate amount authorized	$ 1,000,000	$ 1,000,000
Equity offering program, issued | shares	1.8	2.3
Equity offering program, proceeds	$ 84,800	$ 110,400
Equity offering program, remaining authorized offering amount	$ 889,600	$ 889,600
Shares Issued, Weighted Average Price Per Share | $ / shares	$ 48.19	$ 47.89

STOCKHOLDERS' EQUITY - Summary

STOCKHOLDERS' EQUITY - Summary of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Equity [Abstract]
Foreign currency translation loss	$ (57,252)	$ (60,364)
Unrealized gain on derivative instruments	51,070	23,564
Total accumulated other comprehensive loss	$ (6,182)	$ (36,800)

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator for basic and diluted earnings per share:
(Loss) income from continuing operations		$ (69,559)	$ 3,063	$ 54,419	$ 2,453
Net (loss) income		(69,559)	3,063	54,419	2,453
Net income attributable to noncontrolling interests		1,565	1,807	4,573	4,881
Net (loss) income attributable to common stockholders		$ (71,124)	$ 1,256	$ 49,846	$ (2,428)
Denominator:
Denominator for basic earnings per share—weighted average shares (in shares)		402,859	399,646	401,424	399,513
Effect of dilutive securities:
Stock options (in shares)		0	0	0	11
Restricted stock awards (in shares)		327	381	268	390
OP Unitholder Interests (in shares)		3,469	3,516	3,474	3,517
Denominator for diluted earnings per share—adjusted weighted average shares (in shares)		406,655	403,543	405,166	403,431
Basic earnings per share:
Income from continuing operations, basic (in usd per share)		$ (0.17)	$ 0.01	$ 0.14	$ 0.01
Net income (loss) attributable to common stockholders, basic (in usd per share)		(0.18)	0	0.12	(0.01)
Diluted earnings per share:
Income from continuing operations, diluted (in usd per share)	[1]	(0.17)	0.01	0.13	0.01
Net income (loss) attributable to common stockholders, diluted (in usd per share)	[1]	$ (0.18)	$ 0	$ 0.12	$ (0.01)
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)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Rental income	$ 386,138	$ 350,982	$ 1,109,043	$ 1,051,721
Income from loans and investments	1,208	12,672	21,351	33,271
Interest and other income	2,754	489	5,529	2,191
Total revenues	1,149,832	1,037,276	3,333,435	3,077,768
Less:
Interest and other income	2,754	489	5,529	2,191
Property-level operating expenses	656,477	569,826	1,887,226	1,686,906
Third party capital management expenses	1,472	1,750	4,614	4,473
NOI	489,129	465,211	1,436,066	1,384,198
Interest and other income	2,754	489	5,529	2,191
Interest expense	(147,919)	(119,413)	(419,259)	(344,158)
Depreciation and amortization	(370,377)	(301,481)	(957,185)	(873,620)
General, administrative and professional fees	(33,297)	(35,421)	(112,494)	(111,334)
Transaction expenses and deal costs	(7,125)	(4,782)	(11,580)	(37,852)
Allowance on loans receivable and investments	66	63	20,195	179
Gain on foreclosure of real estate	0	0	29,127	0
Other	(9,432)	(9,162)	765	(30,088)
(Loss) income from unconsolidated entities	(5,119)	1,970	20,512	(3,346)
Gain on real estate dispositions	10,711	136	22,317	2,557
Income tax benefit	1,662	6,027	14,237	14,307
(Loss) income from continuing operations	(69,559)	3,063	54,419	2,453
Net (loss) income	(69,559)	3,063	54,419	2,453
Net income attributable to noncontrolling interests	1,565	1,807	4,573	4,881
Net (loss) income attributable to common stockholders	(71,124)	1,256	49,846	(2,428)
Resident fees and services
Revenues:
Other revenues	754,417	668,583	2,184,024	1,977,760
Third party capital management revenues
Revenues:
Other revenues	5,315	4,550	13,488	12,825
Operating Segments | Triple-Net Leased Properties
Revenues:
Rental income	159,812	150,115	463,906	451,073
Income from loans and investments	0	0	0	0
Interest and other income	0	0	0	0
Total revenues	159,812	150,115	463,906	451,073
Less:
Interest and other income	0	0	0	0
Property-level operating expenses	3,847	3,756	11,180	11,349
Third party capital management expenses	0	0	0	0
NOI	155,965	146,359	452,726	439,724
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	226,326	200,867	645,137	600,648
Income from loans and investments	0	0	0	0
Interest and other income	0	0	0	0
Total revenues	226,988	201,414	646,986	602,482
Less:
Interest and other income	0	0	0	0
Property-level operating expenses	78,915	66,098	217,999	192,609
Third party capital management expenses	0	0	0	0
NOI	148,073	135,316	428,987	409,873
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	662	547	1,849	1,834
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	754,417	668,583	2,184,024	1,977,760
Less:
Interest and other income	0	0	0	0
Property-level operating expenses	573,715	499,972	1,658,047	1,482,948
Third party capital management expenses	0	0	0	0
NOI	180,702	168,611	525,977	494,812
Interest and other income	0	0	0	0
Operating Segments | SHOP | Resident fees and services
Revenues:
Other revenues	754,417	668,583	2,184,024	1,977,760
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	1,208	12,672	21,351	33,271
Interest and other income	2,754	489	5,529	2,191
Total revenues	8,615	17,164	38,519	46,453
Less:
Interest and other income	2,754	489	5,529	2,191
Property-level operating expenses	0	0	0	0
Third party capital management expenses	1,472	1,750	4,614	4,473
NOI	4,389	14,925	28,376	39,789
Interest and other income	2,754	489	5,529	2,191
Non-Segment | Resident fees and services
Revenues:
Other revenues	0	0	0	0
Non-Segment | Third party capital management revenues
Revenues:
Other revenues	$ 4,653	$ 4,003	$ 11,639	$ 10,991

SEGMENT INFORMATION - Capital E

SEGMENT INFORMATION - Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information
Total capital expenditures	$ 162,576	$ 159,871	$ 404,633	$ 721,048
Gain on foreclosure of real estate	0	0	29,127	0
Operating Segments | SHOP
Segment Reporting Information
Total capital expenditures	99,115	114,453	254,795	313,396
Operating Segments | Outpatient Medical and Research Portfolio
Segment Reporting Information
Total capital expenditures	62,455	44,150	143,073	403,976
Operating Segments | Triple-Net Leased Properties
Segment Reporting Information
Total capital expenditures	$ 1,006	$ 1,268	$ 6,765	$ 3,676

SEGMENT INFORMATION - Revenue a

SEGMENT INFORMATION - Revenue and Net Real Estate Property (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Revenues:
Total revenues	$ 1,149,832	$ 1,037,276	$ 3,333,435	$ 3,077,768
Net Real Estate Property:
Total net real estate property	22,088,781		22,088,781		$ 21,160,450
United States
Revenues:
Total revenues	1,025,544	918,106	2,967,419	2,719,097
Net Real Estate Property:
Total net real estate property	19,110,447		19,110,447		18,168,224
Canada
Revenues:
Total revenues	116,926	112,550	344,372	337,503
Net Real Estate Property:
Total net real estate property	2,775,041		2,775,041		2,782,350
United Kingdom
Revenues:
Total revenues	7,362	$ 6,620	21,644	$ 21,168
Net Real Estate Property:
Total net real estate property	$ 203,293		$ 203,293		$ 209,876