Ventas (VTR) 10-K 15 Feb 24 2023 FY Annual report Financial data

Cover

Cover - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2023	Feb. 07, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 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
Trading Symbol	VTR
Title of 12(b) Security	Common Stock, $0.25 par value
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 18.9
Entity Common Stock, Shares Outstanding (in shares)		402,461,579
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement for the 2024 Annual Meeting of Stockholders are incorporated by reference into Part III, Items 10 through 14 of this Annual Report on Form 10-K to the extent stated herein. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2023.
Entity Central Index Key	0000740260
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Auditor Information [Abstract]
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	Chicago, Illinois

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 14 – 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. Operating Leases We lease land, equipment and corporate office space. At inception, we establish an operating lease asset and operating lease liability represented as the present value of future minimum lease payments. As our leases do not provide an implicit rate, we use a discount rate that approximates our incremental borrowing rate available at lease commencement to determine the present value of lease payments. The incremental borrowing rates were adjusted for the length of the individual lease term. The weighted average discount rate and remaining lease term of our leases are 7.42% and 36.2 years, respectively. Operating lease assets and liabilities are not recognized for leases with an initial term of 12 months or less, as these short-term leases are accounted for similar to previous guidance. Our lease expense primarily consists of ground leases, which is included in interest expense in our Consolidated Statements of Income. For the years ended December 31, 2023, 2022 and 2021, we recognized $37.0 million, $31.9 million and $31.9 million of expense relating to our leases, respectively. For the years ended December 31, 2023, 2022 and 2021, cash paid for leases was $29.8 million, $24.0 million and $25.1 million, respectively, as reported within operating cash outflows in our Consolidated Statements of Cash Flows. The following table summarizes future minimum lease obligations under non-cancelable ground and other operating leases as of December 31, 2023 (dollars in thousands): 2024 $ 21,661 2025 16,871 2026 16,760 2027 15,891 2028 14,695 Thereafter 598,976 Total undiscounted minimum lease payments 684,854 Less: imputed interest (490,120) Operating lease liabilities $ 194,734

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real estate investments:
Land and improvements	$ 2,596,274	$ 2,437,905
Buildings and improvements	27,201,381	26,020,048
Construction in progress	368,143	310,456
Acquired lease intangibles	1,448,146	1,346,190
Operating lease assets	312,142	310,307
Gross real estate investment	31,926,086	30,424,906
Accumulated depreciation and amortization	(10,177,136)	(9,264,456)
Net real estate property	21,748,950	21,160,450
Secured loans receivable and investments, net	27,986	537,075
Investments in unconsolidated real estate entities	598,206	579,949
Net real estate investments	22,375,142	22,277,474
Cash and cash equivalents	508,794	122,564
Escrow deposits and restricted cash	54,668	48,181
Goodwill	1,045,176	1,044,415
Assets held for sale	56,489	44,893
Deferred income tax assets, net	1,754	10,490
Other assets	683,410	609,823
Total assets	24,725,433	24,157,840
Liabilities:
Senior notes payable and other debt	13,490,896	12,296,780
Accrued interest	117,403	110,542
Operating lease liabilities	194,734	190,440
Accounts payable and other liabilities	1,041,616	1,031,689
Liabilities related to assets held for sale	9,243	6,492
Deferred income tax liabilities	24,500	35,570
Total liabilities	14,878,392	13,671,513
Redeemable OP unitholder and noncontrolling interests	302,636	264,650
Commitments and contingencies
Ventas stockholders’ equity:
Preferred stock, $1.00 par value; 10,000 shares authorized, unissued	0	0
Common stock, $0.25 par value; 600,000 shares authorized, 402,380 and 399,707 shares issued at December 31, 2023 and 2022, respectively	100,648	99,912
Capital in excess of par value	15,650,734	15,539,777
Accumulated other comprehensive loss	(35,757)	(36,800)
Retained earnings (deficit)	(6,213,803)	(5,449,385)
Treasury stock, 279 and 10 shares issued at December 31, 2023 and 2022, respectively	(13,764)	(536)
Total Ventas stockholders’ equity	9,488,058	10,152,968
Noncontrolling interests	56,347	68,709
Total equity	9,544,405	10,221,677
Total liabilities and equity	$ 24,725,433	$ 24,157,840

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	10,000	10,000
Common stock, par value (in dollars per share)	$ 0.25	$ 0.25
Common stock, shares authorized (in shares)	600,000	600,000
Common stock, shares issued (in shares)	402,380	399,707
Treasury stock, shares (in shares)	279	10

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Rental income:
Total rental income		$ 1,486,401	$ 1,399,313	$ 1,448,120
Income from loans and investments		22,952	48,160	74,981
Interest and other income		11,414	3,635	14,809
Total revenues		4,497,827	4,129,193	3,828,007
Expenses
Interest		574,112	467,557	440,089
Depreciation and amortization		1,392,461	1,197,798	1,197,403
Property-level operating expenses:
Property-level operating expenses		2,555,145	2,276,724	2,084,064
Third party capital management expenses		6,101	6,194	4,433
General, administrative and professional fees		148,876	144,874	129,758
(Gain) loss on extinguishment of debt, net		(6,104)	581	59,299
Transaction, transition and restructuring costs		15,215	30,884	47,318
Provision for Loan, Lease, and Other Losses		(20,270)	19,757	(9,082)
Other (income) expense		(23,001)	58,268	37,110
Total expenses		4,613,408	4,223,330	3,990,392
Loss before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests		(115,581)	(94,137)	(162,385)
Income from unconsolidated entities		13,626	28,500	4,983
Gain on real estate dispositions		62,119	7,780	218,788
Income tax benefit (expense)		9,539	16,926	(4,827)
(Loss) income from continuing operations		(30,297)	(40,931)	56,559
Net (loss) income		(30,297)	(40,931)	56,559
Net income attributable to noncontrolling interests		10,676	6,516	7,551
Net (loss) income attributable to common stockholders		$ (40,973)	$ (47,447)	$ 49,008
Basic:
(Loss) income from continuing operations (USD per share)		$ (0.08)	$ (0.10)	$ 0.15
Net (loss) income attributable to common stockholders (USD per share)		(0.10)	(0.12)	0.13
Diluted:
(Loss) income from continuing operations (USD per share)	[1]	(0.08)	(0.10)	0.15
Net (loss) income attributable to common stockholders (USD per share)	[1]	$ (0.10)	$ (0.12)	$ 0.13
Gain on foreclosure of real estate		$ (29,127)	$ 0	$ 0
Shareholder relations matters		0	20,693	0
Retained Earnings (Deficit)
Property-level operating expenses:
Net (loss) income		(40,973)	(47,447)	49,008
Net (loss) income attributable to common stockholders		(40,973)
Triple-net leased properties
Rental income:
Total rental income		619,208	598,154	653,823
Property-level operating expenses:
Property-level operating expenses		14,557	15,301	15,335
Resident fees and services
Rental income:
Revenue from contracts with customers		2,959,219	2,651,886	2,270,001
Third party capital management revenues
Rental income:
Revenue from contracts with customers		17,841	26,199	20,096
SHOP
Property-level operating expenses:
Property-level operating expenses		2,247,812	2,004,420	1,811,728
Outpatient Medical And Research Portfolio
Rental income:
Total rental income		867,193	801,159	794,297
Property-level operating expenses:
Property-level operating expenses		$ 292,776	$ 257,003	$ 257,001
[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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (30,297)	$ (40,931)	$ 56,559
Other comprehensive income (loss):
Foreign currency translation gain (loss)	6,024	(11,837)	(3,357)
Unrealized loss on available for sale securities	(1,256)	(1,838)	(23,875)
Unrealized (loss) gain on derivative instruments	(2,766)	39,377	19,934
Total other comprehensive income (loss)	2,002	25,702	(7,298)
Comprehensive (loss) income	(28,295)	(15,229)	49,261
Comprehensive income attributable to noncontrolling interests	11,635	4,497	10,418
Comprehensive (loss) income attributable to common stockholders	$ (39,930)	$ (19,726)	$ 38,843

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Ventas Stockholders’ Equity	Common Stock Par Value	Capital in Excess of Par Value	Accumulated Other Comprehensive Loss	Retained Earnings (Deficit)	Non- controlling Interests	Treasury Stock, Common
Balance at beginning of period at Dec. 31, 2020	$ 10,278,191	$ 10,180,167	$ 93,635	$ 14,171,262	$ (54,354)	$ (4,030,376)	$ 98,024	$ 0
Increase (decrease) in shareholders' equity
Net (loss) income	56,559	49,008				49,008	7,551
Other comprehensive income (loss)	(7,298)	(10,166)			(10,166)		2,868
Acquisition-related activity	751,248	751,248	3,332	747,916
Net change in noncontrolling interests	(75,993)	(58,925)		(58,925)			(17,068)
Dividends to common stockholders	(698,521)	(698,521)				(698,521)
Issuance of common stock for stock plans, restricted stock grants and other	652,736	652,736	2,871	649,941				(76)
Adjust redeemable OP unitholder interests to current fair value	(11,178)	(11,178)		(11,178)
Redemption of OP Units	16	16		(60)				76
Balance at end of period at Dec. 31, 2021	10,945,760	10,854,385	99,838	15,498,956	(64,520)	(4,679,889)	91,375
Increase (decrease) in shareholders' equity
Net (loss) income	(40,931)	(47,447)				(47,447)	6,516
Other comprehensive income (loss)	25,702	27,720			27,720		(2,018)
Net change in noncontrolling interests	(36,399)	(9,235)		(9,235)			(27,164)
Dividends to common stockholders	(722,049)	(722,049)				(722,049)
Issuance of common stock for stock plans, restricted stock grants and other	37,908	37,908	74	38,370				(536)
Adjust redeemable OP unitholder interests to current fair value	11,480	11,480		11,480
Redemption of OP Units	206	206		206
Balance at end of period at Dec. 31, 2022	10,221,677	10,152,968	99,912	15,539,777	(36,800)	(5,449,385)	68,709	(536)
Increase (decrease) in shareholders' equity
Net (loss) income	(30,297)	(40,973)				(40,973)	10,676
Other comprehensive income (loss)	2,002	1,043			1,043		959
Net change in noncontrolling interests	(36,492)	(12,495)		(12,495)			(23,997)
Dividends to common stockholders	(723,405)	(723,405)		(40)		(723,445)
Issuance of common stock for stock plans, restricted stock grants and other	129,060	129,060	736	141,552				(13,228)
Adjust redeemable OP unitholder interests to current fair value	(18,056)	(18,056)		(18,056)
Redemption of OP Units	(84)	(84)		(84)				0
Balance at end of period at Dec. 31, 2023	$ 9,544,405	$ 9,488,058	$ 100,648	$ 15,650,734	$ (35,757)	$ (6,213,803)	$ 56,347	$ (13,764)

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends to common stockholders, per share (in dollars per share)	$ 1.80000	$ 1.80000	$ 1.80000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net (loss) income	$ (30,297)	$ (40,931)	$ 56,559
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	1,392,461	1,197,798	1,197,403
Amortization of deferred revenue and lease intangibles, net	(59,604)	(63,543)	(88,795)
Other non-cash amortization	22,416	12,957	17,709
Allowance on loans receivable and investments	(20,270)	19,757	(9,082)
Stock-based compensation	30,987	30,715	31,966
Straight-lining of rental income	(7,597)	(11,094)	(14,468)
(Gain) loss on extinguishment of debt, net	(6,104)	581	59,299
Gain on real estate dispositions	(62,119)	(7,780)	(218,788)
Gain on real estate loan investments	0	0	(1,448)
Income tax benefit	(15,269)	(21,348)	(1,224)
Gain and other from unconsolidated entities	(13,626)	(28,500)	(4,973)
Gain on foreclosure of real estate	(29,127)	0	0
Distributions from unconsolidated entities	16,123	19,847	19,326
Other	(44,503)	52,489	26,404
Changes in operating assets and liabilities:
Increase in other assets	(48,445)	(52,897)	(54,571)
Increase (decrease) in accrued interest	1,252	4,915	(5,922)
(Decrease) increase in accounts payable and other liabilities	(6,405)	7,197	16,721
Net cash provided by operating activities	1,119,873	1,120,163	1,026,116
Cash flows from investing activities:
Net investment in real estate property	(6,466)	(446,628)	(1,369,052)
Investment in loans receivable	(2,750)	(30,700)	(489)
Proceeds from real estate disposals	399,534	112,926	840,438
Proceeds from loans receivable	44,630	890	348,091
Proceeds from sale of interest in unconsolidated entities	50,054	0	0
Net cash assumed in foreclosure of real estate	11,615	0	0
Development project expenditures	(383,590)	(231,939)	(247,694)
Capital expenditures	(259,415)	(222,130)	(185,275)
Distributions from unconsolidated entities	74,670	28,311	17,847
Investment in unconsolidated entities	(130,522)	(83,652)	(129,291)
Insurance proceeds for property damage claims	17,576	13,704	1,285
Net cash used in investing activities	(184,664)	(859,218)	(724,140)
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities	(12,410)	(27,179)	(125,399)
Net change in borrowings under commercial paper program	(402,354)	122,414	279,929
Proceeds from debt	2,527,482	957,781	1,534,298
Repayment of debt	(1,973,132)	(575,391)	(2,109,617)
Purchase of noncontrolling interests	(110)	(170)	(24,224)
Payment of deferred financing costs	(41,837)	(8,824)	(27,166)
Issuance of common stock, net	108,455	0	617,438
Cash distribution to common stockholders	(723,559)	(720,319)	(686,888)
Cash distribution to redeemable OP unitholders	(6,191)	(6,292)	(6,761)
Cash issued for redemption of OP Units	(1,132)	(1,487)	(96)
Contributions from noncontrolling interests	20,241	5,371	1,731
Distributions to noncontrolling interests	(32,029)	(32,325)	(13,577)
Proceeds from stock option exercises	1,736	8,691	8,169
Other	(8,909)	(6,198)	(6,303)
Net cash used in financing activities	(543,749)	(283,928)	(558,466)
Net increase (decrease) in cash, cash equivalents and restricted cash	391,460	(22,983)	(256,490)
Effect of foreign currency translation	1,257	(2,869)	1,447
Cash, cash equivalents and restricted cash at beginning of year	170,745	196,597	451,640
Cash, cash equivalents and restricted cash at end of year	563,462	170,745	196,597
Supplemental disclosure of cash flow information:
Interest paid including payments and receipts for derivative instruments	548,108	467,556	402,025
Assets acquired and liabilities assumed from acquisitions and other:
Real estate investments	0	16,540	1,319,988
Other assets	7,873	875	16,913
Debt	0	0	482,482
Other liabilities	9,000	7,747	102,256
Deferred income tax liability	12,382	960	446
Noncontrolling interests	0	3,351	468
Equity issued	0	0	751,248
Settlement of loan receivable	486,082	0	0
Real estate received in settlement of loan receivable	1,566,395	0	0
Loans Assumed	1,016,804
Assumption of debt related to real estate owned		0	0
Equity issued for redemption of OP Units	0	0	76
Investment in unconsolidated entities	$ 0	$ 8,100	$ 0

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	12 Months Ended
	Dec. 31, 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”) focused on delivering strong, sustainable shareholder returns by enabling exceptional environments that benefit a large and growing aging population. We hold a portfolio that includes senior housing communities, outpatient medical buildings, research centers, hospitals and healthcare facilities located in North America and the United Kingdom. As of December 31, 2023, we owned or had investments in approximately 1,400 properties (including properties classified as held for sale). Our company is headquartered in Chicago, Illinois with additional corporate offices in Louisville, Kentucky and New York, New York. We elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code (the “Code”), commencing with our taxable year ended December 31, 1999. Provided we qualify for taxation as a REIT, we generally will not be required to pay U.S. federal corporate income taxes on our REIT taxable income that is currently distributed to our stockholders. In order to maintain our qualification as a REIT, we must satisfy a number of highly technical requirements, which impact how we invest in, operate or manage our assets. We primarily invest in our portfolio of real estate assets through wholly-owned subsidiaries and other co-investment entities. We operate through three reportable business segments: senior housing operating portfolio, which we also refer to as “SHOP”, outpatient medical and research portfolio, which was formerly known as office operations, and triple-net leased properties. Non-segment assets consist primarily of corporate assets, including cash, restricted cash, loans receivable and investments and miscellaneous accounts receivable as well as investments in unconsolidated entities. In addition, from time to time, we make secured and unsecured loans and other investments relating to real estate or operators. Our chief operating decision maker evaluates performance of the combined properties in each operating segment and determines how to allocate resources to these segments, in significant part, based on NOI and related measures for each segment. See “Note 2 – Accounting Policies” and “Note 18 – Segment Information”. For a discussion of our definition of NOI and for a reconciliation of NOI to our net income attributable to common stockholders, as computed in accordance with U.S. generally accepted accounting principles (“GAAP”), see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures.” We also have investments in unconsolidated entities, including through our third-party institutional capital management business, Ventas Investment Management (“VIM”). Through VIM, we partner with third-party institutional investors to invest in real estate through various joint ventures and other co-investment vehicles where we are the sponsor or general partner, including our open-ended investment vehicle, the Ventas Life Science & Healthcare Real Estate Fund (the “Ventas Fund”). The following table summarizes information for our reportable business segments and non-segment assets for the year ended December 31, 2023 (dollars in thousands): Segment Total NOI (1) Percentage of Total NOI Number of Properties Senior housing operating portfolio (SHOP) $ 711,407 37 % 587 Outpatient medical and research portfolio 576,932 30 % 437 Triple-net leased properties 604,651 31 % 331 Non-segment (2) 32,177 2 % — $ 1,925,167 100 % 1,355 ______________________________ (1) “NOI” is defined as total revenues, less interest and other income, property-level operating expenses and third party capital management expenses. See “Non-GAAP Financial Measures” included elsewhere in this Annual Report for additional disclosure and a reconciliation of net income attributable to common stockholders, as computed in accordance with GAAP, to NOI. (2) NOI 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.

ACCOUNTING POLICIES

ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
ACCOUNTING POLICIES	NOTE 2 – ACCOUNTING POLICIES 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. generally accepted accounting principles (“GAAP”) require us to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of variable interest entities (“VIEs”). A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity’s activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; and (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. We consolidate our investment in a VIE when we determine that we are its primary beneficiary. We may change our original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affects the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. We identify the primary beneficiary of a VIE as the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. We perform this analysis on an ongoing basis. As it relates to investments in joint ventures, GAAP may preclude consolidation by the sole general partner in certain circumstances based on the type of rights held by the limited partner or partners. We assess limited partners’ rights and their impact on our consolidation conclusions, and we reassess if there is a change to the terms or in the exercisability of the rights of the limited partners, the sole general partner increases or decreases its ownership of limited partnership (“LP”) interests or there is an increase or decrease in the number of outstanding LP interests. We also apply this guidance to managing member interests in limited liability companies (“LLCs”). We consolidate several VIEs that share the following common characteristics: • the VIE is in the legal form of an LP or LLC; • the VIE was designed to own and manage its underlying real estate investments; • we are the general partner or managing member of the VIE; • we own a majority of the voting interests in the VIE; • a minority of voting interests in the VIE are owned by external third parties, unrelated to us; • the minority owners do not have substantive kick-out or participating rights in the VIE; and • we are the primary beneficiary of the VIE. We have separately identified certain special purpose entities that were established to allow investments in research projects by tax credit investors (“TCIs”). We have determined that these special purpose entities are VIEs, we are a holder of variable interests and we are the primary beneficiary of the VIEs, and therefore, we consolidate these special purpose entities. Our primary beneficiary determination is based upon several factors, including but not limited to the rights we have in directing the activities which most significantly impact the VIEs’ economic performance as well as certain guarantees which protect the TCIs from losses should a tax credit recapture event occur. 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. Unless otherwise required by the LP or LLC agreement, any mortgage loans of the consolidated VIEs are non-recourse to us. The table below summarizes the total assets and liabilities of our consolidated VIEs as reported on our Consolidated Balance Sheets (dollars in thousands): December 31, 2023 December 31, 2022 Total Assets Total Liabilities Total Assets Total Liabilities NHP/PMB L.P. $ 759,817 $ 266,658 $ 741,890 $ 252,518 Fonds Immobilier Groupe Maurice, S.E.C. 1,971,410 1,204,619 1,957,075 1,170,928 Other identified VIEs 1,597,957 354,828 1,699,949 333,185 Tax credit VIEs 29,746 4,024 128,240 16,767 Investments in Unconsolidated Entities We report investments in unconsolidated entities over whose operating and financial policies we have the ability to exercise significant influence under the equity method of accounting. We adjust our investment in unconsolidated entities for additional contributions made, distributions received as well as our share of the investee’s earnings or losses, which is included in income from unconsolidated entities in our Consolidated Statements of Income. We base the initial carrying value of investments in unconsolidated entities on the fair value of the assets at the time we acquired the joint venture interest. We estimate fair values for our equity method investments based on discounted cash flow models that include all estimated cash inflows and outflows over a specified holding period and, where applicable, any estimated debt premiums or discounts. The capitalization rates, discount rates and credit spreads we use in these models are based upon assumptions that we believe to be within a reasonable range of current market rates for the respective investments. We generally amortize any difference between our cost basis and the basis reflected at the joint venture level, if any, over the lives of the related assets and liabilities and include that amortization in our share of income or loss from unconsolidated entities. For earnings of equity method investments with pro rata distribution allocations, net income or loss is allocated between the partners in the joint venture based on their respective stated ownership percentages. In other instances, net income or loss may be allocated between the partners in the joint venture based on the hypothetical liquidation at book value method (the “HLBV method”). Under the HLBV method, net income or loss is allocated between the partners based on the difference between each partner’s claim on the net assets of the joint venture at the end and beginning of the period, after taking into account contributions and distributions. Each partner’s share of the net assets of the joint venture is calculated as the amount that the partner would receive if the joint venture were to liquidate all of its assets at net book value and distribute the resulting cash to creditors and partners in accordance with their respective priorities. Under the HLBV method, in any given period, we could record more or less income than the joint venture has generated, than actual cash distributions we receive or than the amount we may receive in the event of an actual liquidation. Redeemable OP Unitholder and Noncontrolling Interests We own a majority interest in NHP/PMB L.P. (“NHP/PMB”), a limited partnership formed in 2008 to acquire properties from entities affiliated with Pacific Medical Buildings LLC (“PMB”). Given our wholly-owned subsidiary is the general partner and the primary beneficiary of NHP/PMB, we consolidate NHP/PMB as a VIE. As of December 31, 2023, third-party investors owned 3.8 million Class A limited partnership units in NHP/PMB (“OP Units”), which represented 34% of the total units then outstanding, and we owned 7.6 million Class B limited partnership units in NHP/PMB, representing the remaining 66%. The OP Units may be redeemed at any time at the election of the holder for cash or, at our option, 0.9051 shares of our common stock per OP Unit, subject to adjustment in certain circumstances. We are party by assumption to a registration rights agreement with the holders of the OP Units that requires us, subject to the terms and conditions and certain exceptions set forth therein, to file and maintain a registration statement relating to the issuance of shares of our common stock upon redemption of OP Units. The OP Units are classified outside of permanent equity on our Consolidated Balance Sheets because they may be redeemed by third parties under circumstances that are outside of our control. We reflect the OP Units at the greater of cost or redemption value. As of December 31, 2023 and 2022, the fair value of the OP Units was $173.5 million and $162.7 million, respectively. We recognize changes in fair value through capital in excess of par value, net of cash distributions paid and purchases by us of any OP Units. Our diluted earnings per share includes the effect of any potential shares outstanding from redemption of the OP Units. Certain noncontrolling interests of other consolidated joint ventures were also classified as redeemable at December 31, 2023 and 2022. We record the carrying amount of these noncontrolling interests at the greater of their initial carrying amount (increased or decreased for the noncontrolling interests’ share of net income or loss and distributions) or the redemption value, which is primarily based on the fair value of the underlying real estate asset. Our joint venture partners have certain redemption rights with respect to their noncontrolling interests in these joint ventures that are outside of our control, and the redeemable noncontrolling interests are classified outside of permanent equity on our Consolidated Balance Sheets. We recognize changes in the carrying value of redeemable noncontrolling interests through capital in excess of par value on our Consolidated Balance Sheets. Noncontrolling Interests Excluding the redeemable noncontrolling interests described above, we present the portion of any equity that we do not own in entities that we control (and thus consolidate) as noncontrolling interests and classify those interests as a component of consolidated equity, separate from total Ventas stockholders’ equity, on our Consolidated Balance Sheets. For consolidated joint ventures with pro rata distribution allocations, net income or loss, and comprehensive income, is allocated between the joint venture partners based on their respective stated ownership percentages. In other cases, net income or loss is allocated between the joint venture partners based on the HLBV method. We account for purchases or sales of equity interests that do not result in a change of control as equity transactions, through capital in excess of par value. We include net income attributable to the noncontrolling interests in net income in our Consolidated Statements of Income and we include the noncontrolling interests’ share of comprehensive income in our Consolidated Statements of Comprehensive Income. Accounting for Historic and New Markets Tax Credits For certain of our research centers, we are party to contractual arrangements with TCIs that were established to enable the TCIs to receive benefits of historic tax credits (“HTCs”), new markets tax credits (“NMTCs”) or both. As of December 31, 2023, we owned one property that had syndicated NMTCs to TCIs. In general, TCIs invest cash into special purpose entities that invest in entities that own the subject property and generate the tax credits. The TCIs receive substantially all of the tax credits and hold only a nominal interest in the economic risk and benefits of the special purpose entities. HTCs are delivered to the TCIs upon substantial completion of the project. NMTCs are allowed for up to 39% of a qualified investment and are delivered to the TCIs after the investment has been funded and spent on a qualified business. HTCs are subject to recapture within five years of substantial completion. The amount of the recapture is equal to 100% of the HTCs during the first year after the completion of the historic rehabilitation and is reduced by 20% each year during the subsequent five-year period. NMTCs are subject to recapture until the end of the seventh year following the qualifying investment. We have provided the TCIs with certain guarantees which protect the TCIs from losses should a tax credit recapture event occur. The contractual arrangements with the TCIs include a put/call provision whereby we may be obligated or entitled to repurchase the interest of the TCIs in the special purpose entities at the end of the tax credit recapture period. We anticipate that either the TCIs will exercise their put rights or we will exercise our call rights prior to the applicable tax credit recapture periods. The portion of the TCI’s investment that is attributed to the put is recorded at fair value at inception in accounts payable and other liabilities on our Consolidated Balance Sheets, and is accreted to the expected put price as interest expense in our Consolidated Statements of Income over the recapture period. The remaining balance of the TCI’s investment is initially recorded in accounts payable and other liabilities on our Consolidated Balance Sheets and will be relieved upon delivery of the tax credit to the TCI, as a reduction in the carrying value of the subject property, net of allocated expenses. Direct and incremental costs incurred in structuring the transaction are deferred and will be recognized as an increase in the cost basis of the subject property upon the recognition of the related tax credit as discussed above. Accounting 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. Accounting for Real Estate Acquisitions When we acquire real estate, we first make reasonable judgments about whether the transaction involves an asset or a business. Our real estate acquisitions are generally accounted for as asset acquisitions as substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. We record the cost of the assets acquired as tangible and intangible assets and liabilities based upon their relative fair values as of the acquisition date. We estimate the fair value of buildings acquired on an as-if-vacant basis or replacement cost basis and depreciate the building value over the estimated remaining life of the building, generally not to exceed 35 years. We determine the fair value of other fixed assets, such as site improvements, and furniture, fixtures and equipment, based upon the replacement cost and depreciate such value over the assets’ estimated remaining useful lives as determined at the applicable acquisition date. We determine the value of land either by considering the sales prices of similar properties in recent transactions or based on internal analyses of recently acquired and existing comparable properties within our portfolio. We generally determine the value of construction in progress based upon the replacement cost. However, for certain acquired properties that are part of a ground-up development, we determine fair value by using the same valuation approach as for all other properties and deducting the estimated cost to complete the development. During the remaining construction period, we capitalize project costs until the development has reached substantial completion. Construction in progress, including capitalized interest, is not depreciated until the development has reached substantial completion. Intangibles primarily include the value of in-place leases and acquired lease contracts. We include all lease-related intangible assets and liabilities within acquired lease intangibles and accounts payable and other liabilities, respectively, on our Consolidated Balance Sheets. The fair value of acquired lease-related intangibles, if any, reflects: (i) the estimated value of any above or below market leases, determined by discounting the difference between the estimated market rent and in-place lease rent; and (ii) the estimated value of in-place leases related to the cost to obtain tenants, including leasing commissions, and an estimated value of the absorption period to reflect the value of the rent and recovery costs foregone during a reasonable lease-up period as if the acquired space was vacant. We amortize any acquired lease-related intangibles to revenue or amortization expense over the remaining life of the associated lease plus any assumed bargain renewal periods. If a lease is terminated prior to its stated expiration or not renewed upon expiration, we recognize all unamortized amounts of lease-related intangibles associated with that lease in operations over the shortened lease term. We estimate the fair value of purchase option intangible assets and liabilities, if any, by discounting the difference between the applicable property’s acquisition date fair value and an estimate of its future option price. We do not amortize the resulting intangible asset or liability over the term of the lease, but rather adjust the recognized value of the asset or liability upon sale. In connection with an acquisition, we may assume rights and obligations under certain lease agreements pursuant to which we become the lessee of a given property. We generally assume the lease classification previously determined by the prior lessee absent a modification in the assumed lease agreement. We assess assumed operating leases, including ground leases, to determine whether the lease terms are favorable or unfavorable to us given current market conditions on the acquisition date. To the extent the lease terms are favorable or unfavorable to us relative to market conditions on the acquisition date, we recognize an intangible asset or liability at fair value and amortize that asset or liability to interest or rental expense in our Consolidated Statements of Income over the applicable lease term. Where we are the lessee, we record the acquisition date values of leases, including any above or below market value, within operating lease assets and operating lease liabilities on our Consolidated Balance Sheets. We estimate the fair value of noncontrolling interests assumed consistent with the manner in which we value all of the underlying assets and liabilities. We calculate the fair value of long-term assumed debt by discounting the remaining contractual cash flows on each instrument at the current market rate for those borrowings, which we approximate based on the rate at which we would expect to incur a replacement instrument on the date of acquisition, and recognize any fair value adjustments related to long-term debt as effective yield adjustments over the remaining term of the instrument. Impairment of Long-Lived and Intangible Assets We periodically evaluate our long-lived assets, primarily consisting of investments in real estate, for impairment indicators. If indicators of impairment are present, we evaluate the carrying value of the related real estate investments in relation to the future undiscounted cash flows of the underlying operations. In performing this evaluation, we consider market conditions and our current intentions with respect to holding or disposing of the asset. We adjust the net book value of properties and other long-lived assets to fair value if the sum of the expected future undiscounted cash flows, including sales proceeds, is less than book value. We recognize an impairment loss at the time we make any such determination. If impairment indicators arise with respect to intangible assets with finite useful lives, we evaluate impairment by comparing the carrying amount of the asset to the estimated future undiscounted net cash flows expected to be generated by the asset. If estimated future undiscounted net cash flows are less than the carrying amount of the asset, then we estimate the fair value of the asset and compare the estimated fair value to the intangible asset’s carrying value. We recognize any shortfall from carrying value as an impairment loss in the current period. We evaluate our investments in unconsolidated entities for impairment at least annually, and whenever events or changes in circumstances indicate that the carrying value of our investment may exceed its fair value. If we determine that a decline in the fair value of our investment in an unconsolidated entity is other-than-temporary, and if such reduced fair value is below the carrying value, we record an impairment. We test goodwill for impairment at least annually, and more frequently if indicators of impairment arise. We first assess qualitative factors, such as current macroeconomic conditions, state of the equity and capital markets and our overall financial and operating performance, to determine the likelihood that the fair value of a reporting unit is less than its carrying amount. If we determine it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we proceed with estimating the fair value of the operating unit. A goodwill impairment, if any, will be recognized in the period it is determined and is measured as the amount by which an operating unit’s carrying value exceeds its fair value. Estimates of fair value used in our evaluation of goodwill (if necessary based on our qualitative assessment), investments in real estate, investments in unconsolidated entities and intangible assets are based upon discounted future cash flow projections or other acceptable valuation techniques that are based, in turn, upon all available evidence including level three inputs, such as revenue and expense growth rates, estimates of future cash flows, capitalization rates, discount rates, general economic conditions and trends, or other available market data such as replacement cost or comparable sales. Our ability to accurately predict future operating results and cash flows and to estimate and determine fair values impacts the timing and recognition of impairments. While we believe our assumptions are reasonable, changes in these assumptions may have a material impact on our financial results. Assets Held for Sale and Discontinued Operations We sell properties from time to time for various reasons, including favorable market conditions or the exercise of purchase options by tenants. We classify certain long-lived assets as held for sale once the criteria, as defined by GAAP, have been met. Long-lived assets to be disposed of are reported at the lower of their carrying amount or fair value minus cost to sell and are no longer depreciated. If at any time we determine that the criteria for classifying assets as held for sale are no longer met, we reclassify assets within net real estate investments on our Consolidated Balance Sheets for all periods presented. The carrying amount of these assets is adjusted (in the period in which a change in classification is determined) to reflect any depreciation expense that would have been recognized had the asset been continuously classified as net real estate investments. We report discontinued operations when the following criteria are met: (1) a component of an entity or group of components that has been disposed of or classified as held for sale and represents a strategic shift that has or will have a major effect on an entity’s operations and financial results; or (2) an acquired business is classified as held for sale on the acquisition date. The results of operations for assets meeting the definition of discontinued operations are reflected in our Consolidated Statements of Income as discontinued operations for all periods presented. We allocate estimated interest expense to discontinued operations based on property values and our weighted average interest rate or the property’s actual mortgage interest. Loans Receivable We record loans receivable, other than those acquired in connection with asset acquisition, on our Consolidated Balance Sheets (either in secured loans receivable and investments, net or other assets, in the case of non-mortgage loans receivable) at the unpaid principal balance, net of any deferred origination fees, purchase discounts or premiums and valuation allowances. We amortize net deferred origination fees, which are comprised of loan fees collected from the borrower net of certain direct costs, and purchase discounts or premiums over the contractual life of the loan using the effective interest method and immediately recognize in income any unamortized balances if the loan is repaid before its contractual maturity. We evaluate a current estimate of all expected credit losses over the life of a financial instrument, which may result in recognition of credit losses on loans and other financial instruments before an actual event of default. We establish reserves for any estimated credit losses with a corresponding charge to allowance on loans receivable and investments in our Consolidated Statements of Income. Subsequent changes in our estimate of credit losses may result in a corresponding increase or decrease to allowance on loans receivable and investments in our Consolidated Statements of Income. Cash Equivalents Cash equivalents consist of highly liquid investments with a maturity date of three months or less when purchased. These investments are stated at cost, which approximates fair value. Escrow Deposits and Restricted Cash Escrow deposits consist of amounts held by us or our lenders to provide for future real estate tax, insurance expenditures and tenant improvements related to our properties and operations. Restricted cash generally represents amounts paid to us for security deposits and other similar purposes. Deferred Financing Costs We amortize deferred financing costs, which are reported as a reduction to senior notes payable and other debt on our Consolidated Balance Sheets, as a component of interest expense over the terms of the related borrowings using a method that approximates a level yield. Amortized costs of approximately $23.2 million, $18.2 million and $19.7 million were included in interest expense for the years ended December 31, 2023, 2022 and 2021, respectively. Available for Sale Securities We classify available for sale securities as a component of other assets on our Consolidated Balance Sheets (other than our interests in government-sponsored pooled loan investments, which are classified as secured loans receivable and investments, net on our Consolidated Balance Sheets). We record these securities at fair value and include unrealized gains and losses recorded in stockholders’ equity as a component of accumulated other comprehensive income on our Consolidated Balance Sheets. If we determine that a credit loss exists with respect to individual investments, we will recognize an allowance against the amortized cost basis of the investment with a corresponding charge to net income (in allowance on loans receivable and investments) in our Consolidated Statements of Income. We report interest income, including discount or premium amortization, on available for sale securities and gains or losses on securities sold, which are based on the specific identification method, in income from loans and investments in our Consolidated Statements of Income. Derivative Instruments We recognize all derivative instruments in other assets or accounts payable and other liabilities on our Consolidated Balance Sheets at fair value as of the reporting date. We recognize changes in the fair value of derivative instruments in other expense in our Consolidated Statements of Income or accumulated other comprehensive income on our Consolidated Balance Sheets, depending on the intended use of the derivative and our designation of the instrument. We do not use our derivative financial instruments, including interest rate caps, interest rate swaps and foreign currency forward contracts, for trading or speculative purposes. Our foreign currency forward contracts and certain of our interest rate swaps (including the interest rate swap contracts of consolidated and unconsolidated joint ventures) are designated as effectively hedging the variability of expected cash flows related to their underlying securities and, therefore, also are recorded on our Consolidated Balance Sheets at fair value, with changes in the fair value of these instruments recognized in accumulated other comprehensive income on our Consolidated Balance Sheets. We recognize any noncontrolling interests’ proportionate share of the changes in fair value of swap contracts of our consolidated joint ventures in noncontrolling interests on our Consolidated Balance Sheets. We recognize our proportionate share of the change in fair value of swap contracts of our unconsolidated joint ventures in accumulated other comprehensive income on our Consolidated Balance Sheets. Certain of our other interest rate swaps and rate caps were not designated as having a hedging relationship with the underlying securities and therefore do not meet the criteria for hedge accounting under GAAP. Accordingly, these derivative instruments are recorded on our Consolidated Balance Sheets at fair value, and changes in the fair value of these instruments are recognized in current earnings (in other expense) in our Consolidated Statements of Income. Fair Values of Financial Instruments Fair value is a market-based measurement, not an entity-specific measurement, and we determine fair value based on the assumptions that we expect market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, GAAP establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within levels one and two of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within level three of the hierarchy). Level one inputs utilize unadjusted quoted prices for identical assets or liabilities in active markets that we have the ability to access. Level two inputs are inputs other than quoted prices included in level one that are directly or indirectly observable for the asset or liability. Level two inputs may include quoted prices for similar assets and liabilities in active markets and other inputs for the asset or liability that are observable at commonly quoted intervals, such as interest rates, foreign exchange rates and yield curves. Level three inputs are unobservable inputs for the asset or liability, which typically are based on our own assumptions, because there is little, if any, related market activity. If the determination of the fair value measurement is based on inputs from different levels of the hierarchy, the level within which the entire fair value measurement falls is the lowest-level input that is significant to the fair value measurement in its entirety. If the volume and level of market activity for an asset or liability has decreased significantly relative to the normal market activity for such asset or liability (or similar assets or liabilities), then transactions or quoted prices may not accurately reflect fair value. In addition, if there is evidence that a transaction for an asset or liability is not orderly, little, if any, weight is placed on that transaction price as an indicator of fair value. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. We use the following methods and assumptions in estimating the fair value of our financial instruments whose fair value is de

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK	12 Months Ended
	Dec. 31, 2023
Risks and Uncertainties [Abstract]
CONCENTRATION OF CREDIT RISK	NOTE 3 – CONCENTRATION OF CREDIT RISK As of December 31, 2023, Atria Senior Living, Inc. (together with its subsidiaries, including Holiday Retirement (“Holiday”), “Atria”), Sunrise Senior Living, LLC (together with its subsidiaries, “Sunrise”), Brookdale Senior Living Inc. (together with its subsidiaries, “Brookdale”), Ardent Health Partners, LLC (together with its subsidiaries, “Ardent”) and Kindred Healthcare, LLC (together with its subsidiaries, “Kindred”) contributed approximately 20.1%, 4.5%, 7.7%, 6.9% and 6.9%, respectively, of our total NOI. 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, Ardent and Kindred. Based on total NOI, our SHOP, outpatient medical and research portfolio triple-net leased properties segments contributed 37.0%, 30.0% and 31.4%, respectively. Our consolidated properties were located in 47 states, the District of Columbia, seven Canadian provinces and the United Kingdom as of December 31, 2023, with properties in one state (California) accounting for more than 10% of our total consolidated revenues and NOI for each of the years ended December 31, 2023, 2022 and 2021. See “Non-GAAP Financial Measures” included elsewhere in this Annual Report 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, Ardent and Kindred accounted for a significant portion of total revenues and total NOI for the years ended December 31, 2023, 2022 and 2021. Refer to Item 1A. Risk Factors. 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 Years Ended December 31, 2023 2022 2021 Contribution as a Percentage of Total Revenues (1) : Brookdale (2) 3.3 % 3.6 % 3.9 % Ardent 3.0 3.2 3.3 Kindred 2.9 3.2 3.8 Contribution as a Percentage of Total NOI: Brookdale (2) 7.7 % 8.1 % 8.6 % Ardent 6.9 7.1 7.4 Kindred 6.9 7.3 7.8 ______________________________ (1) Total revenues include third party capital management revenues, income from loans and investments and interest and other income. (2) 2023, 2022 and 2021 results include $42.6 million, $42.6 million and $42.6 million, respectively, of amortization of up-front consideration received in 2020 from a revised master lease agreement with Brookdale. Each of our leases with Brookdale, 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, Ardent and Kindred leases is guaranteed by a corporate parent. Kindred Lease As of December 31, 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 December 31, 2023, the Kindred Lease represented approximately 6.9% 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 six 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 all of the properties (but not less than all) (a) within Group 1 for two 5-year extensions; and (b) within Group 2 for three 5-year extensions, in each case 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 all of the properties (but not less than all) within Group 2 for one such 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 leased to Kindred. As the pandemic receded, the financial performance has declined. 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 or that such financial performance will not affect Kindred’s ability to perform their obligations to us or impact any of their decisions related to the renewal of their lease. 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, 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.” included in Part I, Item 1A of this Annual Report. Brookdale Lease As of December 31, 2023, we leased 121 properties (excluding ten properties managed by Brookdale pursuant to long-term management agreements and included in the SHOP segment) to Brookdale pursuant to a single, triple-net master lease agreement (together with certain other agreements related to such master lease, collectively, the “Brookdale Lease”). Under the terms of the Brookdale Lease, base rent escalates annually at 3% per annum, which escalation commenced on January 1, 2022. The existing term of the Brookdale Lease expires December 31, 2025 and Brookdale has the option to renew the Brookdale lease with respect to all (but not less than all) of the properties for two, 10-year extensions. Base rent for the first year of each extension is the greater of (a) 103% of prior full year's base rent; and (b) fair market rent, capped at a 10% increase. Subsequent to the first year of any such renewal, base rent would continue to escalate by 3% per annum over the prior full year’s base rent. Brookdale currently has the option to renew the Brookdale Lease for its next 10-year extension by providing written notice to us after June 30, 2024 and on or before November 30, 2024. The Brookdale Lease is guaranteed by Brookdale Senior Living, Inc. In addition, we hold warrants for 16.3 million shares of Brookdale Senior Living, Inc. common stock, which are exercisable at any time prior to December 31, 2025 and have an exercise price of $3.00 per share. The warrants are classified within other assets on our Consolidated Balance Sheets and measured at fair value with changes in fair value being recognized within other expense in our Consolidated Statements of Income. Ardent Lease As of December 31, 2023, we leased 11 properties (excluding 19 outpatient medical buildings leased to Ardent under separate leases included in our outpatient medical and research portfolio segment) to Ardent pursuant to a single, triple-net master lease agreement (together with certain other agreements related to such master lease, collectively, the “Ardent Lease”). The existing term of the Ardent Lease expires August 31, 2035 and Ardent has the option to renew such term for one, 10-year extension at contractual escalated rent. The Ardent Lease is guaranteed by the Ardent parent company. Future Contractual Rents The following table sets forth the future contracted minimum rentals, excluding contingent rent escalations, assuming no renewal but including straight-line rent adjustments where applicable, under the existing lease for all of our consolidated triple-net and outpatient medical and research building leases as of December 31, 2023 (excluding properties classified as held for sale as of December 31, 2023, dollars in thousands): Brookdale Senior Living Ardent Kindred Other Total 2024 $ 149,045 $ 149,470 $ 134,372 $ 771,947 $ 1,204,834 2025 148,586 149,470 62,124 679,068 1,039,248 2026 — 148,927 25,839 611,042 785,808 2027 — 147,839 25,839 509,668 683,346 2028 — 147,839 8,613 414,148 570,600 Thereafter — 968,188 — 1,435,066 2,403,254 Total $ 297,631 $ 1,711,733 $ 256,787 $ 4,420,939 $ 6,687,090 Senior Housing Operating Portfolio As of December 31, 2023, Atria and Sunrise, collectively, provided comprehensive property management and accounting services with respect to 308 of our 587 consolidated senior housing communities, for which we pay annual management fees pursuant to long-term management agreements. On July 30, 2021, Atria acquired the management services division of Holiday, which at the time managed a pool of 26 communities for Ventas. As of December 31, 2023, Atria and its subsidiaries, including Holiday, managed a pool of 216 senior housing communities for Ventas. Ventas has the right to terminate the management contract for 67 of the communities on short notice. As of December 31, 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 with or without the payment of a fee. We successfully transitioned the operations of 90 senior living communities owned by us and operated under management agreements with Eclipse Senior Living, Inc. (“ESL”) to seven experienced managers on or before January 2, 2022. ESL ceased operation of its management business in early 2022 following completion of the transitions. We incurred certain one-time transition costs and expenses in connection with the transitions, which were recognized within transaction, transition and restructuring costs in our Consolidated Statements of Income.

ACQUISITION OF REAL ESTATE PROP

ACQUISITION OF REAL ESTATE PROPERTY	12 Months Ended
	Dec. 31, 2023
Business Combinations [Abstract]
ACQUISITION OF REAL ESTATE PROPERTY	NOTE 4 – ACQUISITIONS OF REAL ESTATE PROPERTY We acquire and invest in senior housing, outpatient medical buildings and research centers and other healthcare properties primarily to achieve an expected yield on our investment, to grow and diversify our portfolio and revenue base, and to reduce our dependence on any single tenant, operator or manager, geographic location, asset type, business model or revenue source. The following summarizes our acquisition activities. Each of our acquisitions disclosed below was accounted for as an asset acquisition. 2022 Acquisitions During the year ended December 31, 2022, for an aggregate purchase price of $453.2 million, we acquired 18 outpatient medical buildings leased to affiliates of Ardent, one behavioral health center, one research center (all of which are reported within our outpatient medical and research portfolio segment) and two senior housing communities (which are reported within our SHOP segment). 2021 Acquisitions On September 21, 2021, we acquired New Senior Investment Group Inc. (“New Senior”) for a purchase price of $2.3 billion in an all-stock transaction pursuant to an Agreement and Plan of Merger dated as of June 28, 2021 (the “Merger Agreement”) by and among Ventas, Cadence Merger Sub LLC, our wholly-owned subsidiary (“Merger Sub”), and New Senior. Under the Merger Agreement, on the acquisition date, Merger Sub merged with and into New Senior, with New Senior surviving the merger as our wholly-owned subsidiary (the “New Senior Acquisition”). The New Senior Acquisition was valued at approximately $2.4 billion. We funded the transaction through the issuance of approximately 13.3 million shares of our common stock, with each New Senior stockholder receiving 0.1561 shares of Ventas common stock for each share of New Senior common stock that they owned immediately prior to the acquisition. In addition to the equity issuance, we funded the acquisition through the assumption of $482.5 million of New Senior mortgage debt and $1.1 billion of cash paid at closing. The New Senior Acquisition added 102 independent living communities to our SHOP segment and one independent living community to our triple-net lease properties segment. We accounted for this transaction as an asset acquisition and the financial results of New Senior have been included in our consolidated financial statements from the acquisition date. During the year ended December 31, 2021, we acquired six Canadian senior housing communities reported within our SHOP segment and a behavioral health center in Plano, Texas reported within our outpatient medical and research portfolio for aggregate consideration of $240.7 million.

DISPOSITIONS AND IMPAIRMENTS

DISPOSITIONS AND IMPAIRMENTS	12 Months Ended
	Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
DISPOSITIONS AND IMPAIRMENTS	NOTE 5 – DISPOSITIONS AND IMPAIRMENTS 2023 Activity During the year ended December 31, 2023, we sold seven senior housing communities (four of which were vacant), seven outpatient medical buildings (one of which was vacant), three research centers, nine triple-net leased properties (two of which were vacant) and two land parcel for aggregate consideration of $399.5 million and recognized a gain on the sale of these assets of $62.1 million in our Consolidated Statements of Income. 2022 Activity During the year ended December 31, 2022, we sold seven senior housing communities, two outpatient medical buildings, three triple-net leased properties, one vacant land parcel and one vacant outpatient medical building for aggregate consideration of $115.1 million and recognized a net gain on the sale of these assets of $7.8 million in our Consolidated Statements of Income. 2021 Activity During the year ended December 31, 2021, we sold 34 outpatient medical buildings, eight triple-net leased properties and 23 senior housing communities for aggregate consideration of $859.7 million and recognized gains on the sale of these assets of $218.8 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 December 31, 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 13 $ 48,173 $ 6,419 3 $ 44,852 $ 5,675 Outpatient medical and research portfolio (1) 3 5,431 2,643 — 41 817 Triple-net leased properties 1 2,885 181 — — — Total 17 $ 56,489 $ 9,243 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 $226.6 million, $107.8 million and $219.4 million for the years ended December 31, 2023, 2022 and 2021, respectively, which are recorded primarily as a component of depreciation and amortization in our Consolidated Statements of Income. The impairments recorded were primarily 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	12 Months Ended
	Dec. 31, 2023
Loans Receivable And Investments [Abstract]
LOANS RECEIVABLE AND INVESTMENTS	NOTE 6 – LOANS RECEIVABLE AND INVESTMENTS As of December 31, 2023 and 2022, we held $54.1 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 December 31, 2023: Secured/mortgage loans and other, net (1) $ 27,986 $ — $ 27,986 $ 27,947 Non-mortgage loans receivable, net (2) 30,128 (3,976) 26,152 25,200 Total loans receivable and investments, net $ 58,114 $ (3,976) $ 54,138 $ 53,147 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 December 31, 2023. Other included investments have contractual maturities in 2024 and 2027. (4) Repaid at par in February 2023. 2023 Activity 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 10 – Senior Notes Payable and Other Debt.” Upon taking ownership of the portfolio, we reversed the previously recorded (in 2022) $20.0 million CECL 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 11 – Fair Values of Financial Instruments.” 2022 Activity In 2022, we provided secured debt financing in the aggregate amount of $29.1 million with terms ranging from two

INVESTMENT IN UNCONSOLIDATED EN

INVESTMENT IN UNCONSOLIDATED ENTITIES	12 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED ENTITIES	NOTE 7 – INVESTMENTS IN UNCONSOLIDATED ENTITIES We report investments in unconsolidated entities over whose operating and financial policies we have the ability to exercise significant influence under the equity method of accounting. We are not required to consolidate these entities because our joint venture partners have significant participating rights, nor are these entities considered VIEs, as they are controlled by equity holders with sufficient capital. We invest in both real estate entities and operating entities which are described further below. Investments in Unconsolidated Real Estate Entities Through VIM, which combines our extensive third-party capital ventures under a single platform, we partner with third-party institutional investors to invest in 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 December 31, 2023 and 2022, respectively (dollars in thousands): Ownership (1) Carrying Amount as of December 31, as of December 31, 2023 2022 2023 2022 Investments in unconsolidated real estate entities: Ventas Life Science & Healthcare Real Estate Fund 18.3% 21.0% $ 264,442 $ 263,979 Pension Fund Joint Venture 23.6% 22.9% 22,169 25,028 Research & Innovation Development Joint Venture 51.3% 51.0% 275,829 284,962 Ventas Investment Management platform 562,440 573,969 Atrium Health & Wake Forest Joint Venture 48.5% 48.5% 35,137 5,403 All other (2) 34.0%-37.5% 34.0%-37.5% 629 577 Total investments in unconsolidated real estate entities $ 598,206 $ 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. 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 $14.7 million, $14.5 million and $12.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. Such amounts, along with promote revenue, are included in third party capital management revenues in our Consolidated Statements of Income. 2022 Activity In 2022, we earned our first promote revenue of $9.9 million as general partner of the Ventas Life Science & Healthcare Real Estate Fund within VIM. The promote revenue was recorded in third party capital management revenues in our Consolidated Statements of Income. In 2022, we, together with our joint venture partners Wexford and Atrium Health, closed or committed to a new approximately 326,000 square foot development in Charlotte, North Carolina. 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. 2023 Activity As of December 31, 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 year ended December 31, 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%. On November 23, 2023, Ardent became aware of a cybersecurity incident, which Ardent determined to be a ransomware attack. As a result, Ardent took its network offline, suspending all user access to its information technology applications, which resulted in disruptions to certain aspects of Ardent’s clinical and financial operations. 2022 Activity During the fourth quarter of 2022, Atria combined its proprietary cloud-based senior housing management software platform, Glennis, with two other complementary companies in the Software as a Service (SaaS) technology space. The merger transaction was executed under the sponsorship and majority ownership of an experienced private equity technology investor. We own a 34% stake in Atria and recognized a $26.1 million gain on sale in the fourth quarter of 2022 in income from unconsolidated entities in our Consolidated Statements of Income. We now own nearly 10% of the new combined SaaS company. In December 2022, we recognized $11.7 million in income from unconsolidated entities in our Consolidated Statements of Income relating to our share of a net gain on real estate disposition recognized by Ardent. Pursuant to Rule 3-09 and Rule 4-08(g) of Regulation S-X under the Securities Act, we are required to present summarized financial information of the combined accounts of our unconsolidated entities accounted for by the equity method. The following table summarizes the combined unaudited financial information of our equity method investments, based on the most recent financial information available to us as of the respective reporting dates and periods (dollars in thousands): As of December 31, 2023 2022 Total assets $ 9,423,867 $ 8,815,737 Total liabilities 6,133,776 5,818,276 Total noncontrolling interests 574,575 555,783 Total equity, net of noncontrolling interests 2,715,516 2,441,678 For the Years Ended December 31, 2023 2022 2021 Total revenues $ 6,526,010 $ 6,193,393 $ 5,751,765 Total pre-tax income 43,100 335,793 243,773 Total net (loss) income, net of noncontrolling interests (44,313) 212,112 110,384

INTANGIBLES

INTANGIBLES	12 Months Ended
	Dec. 31, 2023
Intangible Assets, Intangible Liabilities, And Goodwill Disclosure [Abstract]
INTANGIBLES	NOTE 8 – INTANGIBLES The following is a summary of our intangibles (dollars in thousands): As of December 31, 2023 As of December 31, 2022 Balance Weighted Average Balance Weighted Average Intangible assets: Above-market lease intangibles (1) $ 130,371 4.8 $ 129,038 5.4 In-place and other lease intangibles (2) 1,317,775 8.3 1,217,152 8.0 Goodwill 1,045,176 N/A 1,044,415 N/A Other intangibles (2) 34,440 4.8 34,404 5.6 Accumulated amortization (1,189,817) N/A (1,061,305) N/A Net intangible assets $ 1,337,945 8.0 $ 1,363,704 7.8 Intangible liabilities: Below-market lease intangibles (1) $ 306,499 8.1 $ 333,672 8.6 Other lease intangibles 13,498 N/A 13,498 N/A Accumulated amortization (241,600) N/A (258,639) N/A Purchase option intangibles 3,568 N/A 3,568 N/A Net intangible liabilities $ 81,965 8.1 $ 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. For the years ended December 31, 2023, 2022 and 2021, our net amortization related to these intangibles was $111.2 million, $102.4 million and $29.3 million, respectively. The following is a summary of the estimated net amortization related to these intangibles for each of the next five years (dollars in thousands): Estimated Net Amortization 2024 $ 102,539 2025 24,497 2026 17,653 2027 13,942 2028 11,802 The table below reflects the carrying amount of goodwill, by segment, as of December 31, 2023 (dollars in thousands): Goodwill Outpatient medical and research portfolio $ 463,796 Triple-net leased properties 322,326 SHOP 259,054 Total goodwill $ 1,045,176

OTHER ASSETS

OTHER ASSETS	12 Months Ended
	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS	NOTE 9 – OTHER ASSETS The following is a summary of our other assets (dollars in thousands): As of December 31, 2023 2022 Straight-line rent receivables $ 194,108 $ 187,536 Deferred lease costs, net 118,556 101,185 Investment in unconsolidated operating entities 80,312 95,363 Non-mortgage loans receivable, net 26,152 24,338 Stock warrants 59,281 23,621 Other intangibles, net 5,584 6,393 Other 199,417 171,387 Total other assets $ 683,410 $ 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 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	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
SENIOR NOTES PAYABLE AND OTHER DEBT	NOTE 10 – SENIOR NOTES PAYABLE AND OTHER DEBT The following is a summary of our senior notes payable and other debt (dollars in thousands): As of December 31, 2023 2022 Unsecured revolving credit facility (1)(2) $ 14,006 $ 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) 123,256 184,515 2.80% Senior Notes, Series E due 2024 (2) 55,143 442,837 Unsecured term loan due 2025 (2) 377,501 369,031 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) 358,626 350,579 3.85% Senior Notes due 2027 400,000 400,000 4.00% Senior Notes due 2028 650,000 650,000 5.398% Senior Notes, Series I due 2028 (2) 453,001 — 4.40% Senior Notes due 2029 750,000 750,000 3.00% Senior Notes due 2030 650,000 650,000 4.75% Senior Notes due 2030 500,000 500,000 2.50% Senior Notes due 2031 500,000 500,000 3.30% Senior Notes, Series H due 2031 (2) 226,501 221,419 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 3,174,251 2,436,443 Total 13,568,598 12,361,244 Deferred financing costs, net (84,034) (63,410) Unamortized fair value adjustment 17,081 23,535 Unamortized discounts (10,749) (24,589) Senior notes payable and other debt $ 13,490,896 $ 12,296,780 ______________________________ (1) As of December 31, 2023 and 2022, respectively, zero and $3.7 million of aggregate borrowings were denominated in Canadian dollars. Aggregate borrowings of $14.0 million and $21.5 million were denominated in British pounds as of December 31, 2023 and 2022, respectively. (2) British Pound and Canadian Dollar debt obligations shown in US Dollars. (3) Our 6.90% Senior Notes due 2037 are subject to repurchase at the option of the holders, at par, on October 1, 2027, and our 6.59% Senior Notes due 2038 are subject to repurchase at the option of the holders, at par, on July 7, 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 December 31, 2023, we had $2.7 billion of undrawn capacity on our unsecured revolving credit facility with $14.0 million outstanding and an additional $1.2 million restricted to support outstanding letters of credit. We limit our use of the unsecured revolving credit facility, to the extent necessary, to support our commercial paper program when commercial paper notes are outstanding. 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 December 31, 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 December 31, 2023, Ventas Canada Finance Limited (“Ventas Canada”) and Ventas SSL Ontario II, Inc., as borrowers, had a C$500 million or $377.5 million unsecured term loan facility priced at Canadian Dollar Offered Rate (“CDOR”) plus 0.90% that matures in January 2025. As of December 31, 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. 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 December 31, 2023, we had $862.5 million aggregate principal amount of the Exchangeable Notes outstanding. During the year ended December 31, 2023, we recognized approximately $17.8 million of contractual interest expense and amortization of issuance costs of $3.6 million related to the Exchangeable Notes. Unamortized issuance costs were $17.1 million as of December 31, 2023. 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 As of December 31, 2023, we had outstanding $8.0 billion aggregate principal amount of senior notes issued by Ventas Realty, approximately $73.8 million aggregate principal amount of senior notes issued by Nationwide Health Properties, Inc. (“NHP”) and assumed by our subsidiary, Nationwide Health Properties, LLC (“NHP LLC”), as successor to NHP, in connection with our acquisition of NHP, and C$1.6 billion aggregate principal amount of senior notes issued by our subsidiary, Ventas Canada. All of the senior notes issued by Ventas Realty and Ventas Canada are unconditionally guaranteed by Ventas, Inc. Ventas Realty’s senior notes are part of our and Ventas Realty’s general unsecured obligations, ranking equal in right of payment with all of our and Ventas Realty’s existing and future senior obligations and ranking senior in right of payment to all of our and Ventas Realty’s existing and future subordinated indebtedness. However, Ventas Realty’s senior notes are effectively subordinated to our and Ventas Realty’s secured indebtedness, if any, to the extent of the value of the assets securing that indebtedness. Ventas Realty’s senior notes are also structurally subordinated to the preferred equity and indebtedness, whether secured or unsecured, of our subsidiaries (other than Ventas Realty). Ventas Canada’s senior notes are part of our and Ventas Canada’s general unsecured obligations, ranking equal in right of payment with all of Ventas Canada’s existing and future subordinated indebtedness. However, Ventas Canada’s senior notes are effectively subordinated to our and Ventas Canada’s secured indebtedness, if any, to the extent of the value of the assets securing that indebtedness. Ventas Canada’s senior notes are also structurally subordinated to the preferred equity and indebtedness, whether secured or unsecured, of our subsidiaries (other than Ventas Canada). NHP LLC’s senior notes are part of NHP LLC’s general unsecured obligations, ranking equal in right of payment with all of NHP LLC’s existing and future senior obligations and ranking senior to all of NHP LLC’s existing and future subordinated indebtedness. However, NHP LLC’s senior notes are effectively subordinated to NHP LLC’s secured indebtedness, if any, to the extent of the value of the assets securing that indebtedness. NHP LLC’s senior notes are also structurally subordinated to the preferred equity and indebtedness, whether secured or unsecured, of its subsidiaries. Ventas Realty and Ventas Canada may redeem each series of their respective senior notes in whole at any time or in part from time to time, prior to maturity at the redemption prices set forth in the applicable indenture (which include, in many instances, a make-whole premium), plus, in each case, accrued and unpaid interest thereon to the redemption date. In April 2023, our 100% owned subsidiary, 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 year ended December 31, 2023. Mortgages At December 31, 2023, we had 147 mortgage loans outstanding in the aggregate principal amount of $3.2 billion, which are secured by 140 of our properties. Of these loans, 131 loans in the aggregate principal amount of $2.8 billion bear interest at fixed rates ranging from 2.24% to 13.02% per annum, and 16 loans in the aggregate principal amount of $418.3 million bear interest at variable rates ranging from 3.61% to 7.70% per annum as of December 31, 2023. At December 31, 2023, the weighted average annual rate on our fixed rate mortgage loans was 4.2%, and the weighted average annual rate on our variable rate mortgage loans was 6.1%. Our mortgage loans had a weighted average maturity of 4.8 years as of December 31, 2023. During the years ended December 31, 2023 and 2022, we repaid in full mortgage loans in the aggregate principal amount of $50.9 million and $0.6 million, respectively. 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 matured on June 9, 2023. The CHC Mortgage Loan was recorded at fair value, which approximates par, on May 1, 2023. Between June and August 2023, we repaid in full the CHC Mortgage Loan. 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. Because valid rights of set-off exist, the loan receivable is recorded as a reduction to the mortgage loan within senior notes payable and other debt on our Consolidated Balance Sheet, and interest income received is recorded as a reduction to interest expense in our Consolidated Statement of Income. As of December 31, 2023, the loan receivable of $32.0 million reduced the mortgage loan of $426.8 million resulting in a net mortgage loan balance of $394.8 million recorded within senior notes payable and other debt on our Consolidated Balance Sheet. In December 2023, we entered into a C$93.5 million floating rate mortgage loan maturing in 2028 with an interest rate of CORRA + 1.31%. The mortgage is secured by five SHOP communities in Canada. Scheduled Maturities of Borrowing Arrangements and Other Provisions As of December 31, 2023, our indebtedness had the following maturities (dollars in thousands): Principal Amount Unsecured Revolving Credit Facility and Commercial Paper Notes Scheduled Periodic Total Maturities 2024 $ 1,211,752 $ 52,430 $ 1,264,182 2025 2,166,134 14,006 46,892 2,227,032 2026 1,896,009 40,876 1,936,885 2027 1,564,570 40,896 1,605,466 2028 1,509,621 — 33,601 1,543,222 Thereafter 4,868,317 123,494 4,991,811 Total maturities $ 13,216,403 $ 14,006 $ 338,189 $ 13,568,598 The instruments governing our outstanding indebtedness contain covenants that limit our ability and the ability of certain of our subsidiaries to, among other things: (i) incur debt; (ii) make certain dividends, distributions and investments; (iii) enter into certain transactions; and/or (iv) merge, consolidate or sell certain assets. Ventas Realty’s and Ventas Canada’s senior notes also require us and our subsidiaries to maintain total unencumbered assets of at least 150% of our unsecured debt. Our credit facilities also require us to maintain certain financial covenants pertaining to, among other things, our consolidated total leverage, secured debt, unsecured debt, fixed charge coverage and net worth. As of December 31, 2023, we were in compliance with all of these covenants. 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 December 31, 2023, our variable rate debt obligations of $1.1 billion reflect, in part, the effect of $142.7 million notional amount of interest rate swaps with maturities in March 22, 2027, that effectively convert fixed rate debt to variable rate debt. As of December 31, 2023, our fixed rate debt obligations of $12.5 billion reflect, in part, the effect of $527.3 million and C$651.5 million notional amount of interest rate swaps with maturities ranging from February 2025 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. In December 2023, in connection with our new C$93.5 million mortgage loan, we entered into an interest rate swap totaling a notional amount of C$93.5 million with a maturity of December 18, 2028 that effectively converts CDOR-based floating rate debt to fixed rate debt.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 11 – FAIR VALUES OF FINANCIAL INSTRUMENTS 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 December 31, 2023 As of December 31, 2022 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents (1) $ 508,794 $ 508,794 $ 122,564 $ 122,564 Escrow deposits and restricted cash (1) 54,668 54,668 48,181 48,181 Stock warrants (3)(5) 59,281 59,281 23,621 23,621 Secured mortgage loans and other, net (3)(4) 27,986 27,947 493,669 493,627 Non-mortgage loans receivable, net (3)(4)(5) 26,152 25,200 24,338 23,416 Government-sponsored pooled loan investments, net (3) — — 43,406 43,406 Derivative instruments (3)(5) 19,782 19,782 24,316 24,316 Liabilities: Senior notes payable and other debt, gross (3)(4) 13,568,598 13,104,091 12,361,244 11,493,824 Derivative instruments (3)(6) 2,525 2,525 145 145 Redeemable OP Units (2) 173,452 173,452 162,663 162,663 ______________________________ (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. For a discussion of the assumptions considered, refer to “Note 2 – Accounting Policies.” The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented above are not necessarily indicative of the amounts we would realize in a current market exchange. 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 5 – 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 cost or 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. 2023 Activity 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. The fair value of the real estate properties that secured the Santerre Mezzanine Loan of $1.566 billion (net of $31.8 million of capital expenditures) on May 1, 2023 was determined using unobservable inputs primarily within Level 3 of the fair value hierarchy. For SHOP and outpatient medical properties, fair value was based on either an income or market approach that took into account unobservable inputs such as direct capitalization rates, estimated NOI, market rents, costs per unit, replacement cost and estimates of future cash flows, which are based on a number of factors including historical operating results, known trends and market and economic conditions. For the majority of the SHOP properties, fair value was based on an income approach with significant unobservable inputs that included an average direct capitalization rate of 6.8% on estimated expected stabilized NOI, adjusted based on cost per unit in certain cases. For the majority of the outpatient medical properties, fair value was based on an income approach with significant unobservable inputs that included an average direct capitalization rate of 6.7% on estimated expected stabilized NOI, adjusted based on cost per square foot in certain cases. For triple-net leased properties, fair value was primarily based on an average estimated per bed value by property by state of $88,000, which was determined based on an assessment of recent transactions adjusted for property, operator and other characteristics such as contractual rent, tenant payment history, underlying operating trends, reimbursement rates and other market data. 2022 Activity As of December 31, 2022, we recognized a $20.0 million allowance on our mezzanine loan (the “Santerre Mezzanine Loan”) to Santerre Health Investors. The Santerre Mezzanine Loan had a principal balance of $486.1 million, was priced at LIBOR + 6.42% and was freely prepayable in whole or in part subject to satisfaction of certain financial and non-financial terms and conditions. The Santerre Mezzanine Loan generated $40.0 million in loan interest income to Ventas in 2022. 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. In the case of the Mezzanine Loan, the analysis took into account a variety of factors, including market conditions, cap rates for comparable assets, forecasted estimates of net operating income, discount rates, lease coverage levels and the continuing impact of COVID-19 and its secondary and tertiary effects on the operating performance of certain of the collateral, including occupancy and operating expenses such as labor. The allowance was calculated as of December 31, 2022 and did not take into account changes in the underlying facts that may have occurred after that date. The allowance was based on numerous estimates and assumptions that were inherently uncertain and subject to adjustment as the underlying facts change. The allowance may not represent the loss, if any, that we ultimately recognize.

LONG-TERM COMPENSATION

LONG-TERM COMPENSATION	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
LONG-TERM COMPENSATION	NOTE 12 – LONG-TERM COMPENSATION Compensation Plans We currently have: • one plan, the 2022 Incentive Plan, under which equity awards, including options to purchase common stock, shares of restricted stock or restricted stock units, have been or may be granted to our officers, employees and non-employee directors; and • one plan under which our non-employee directors may elect to defer receipt of all or a portion of their cash retainers and meeting fees and receive shares of common stock in lieu thereof at a later date chosen by the participating director (the Non-Employee Directors’ Cash Compensation Deferral Plan, formerly known as the Non-Employee Directors’ Deferred Stock Compensation Plan). These plans are referred to collectively as the “Plans.” The number of shares initially reserved for issuance and the number of shares available for future grants or issuance under the Plans as of December 31, 2023 were as follows: • 2022 Incentive Plan—11.4 million shares, plus any shares of common stock subject to awards granted under the 2012 Plan as of October 1, 2022, that expire, or for any reason are forfeited, cancelled or terminated either without such shares being issued or with such shares being forfeited (such shares the “2012 Plan Shares”) were reserved initially for grants or issuance to employees and non-employee directors, and 11.0 million shares were available for future issuance as of December 31, 2023. • Non-Employee Directors’ Cash Compensation Deferral Plan—0.6 million shares were reserved initially for issuance to participating non-employee directors in lieu of the payment of all or a portion of their retainer and meeting fees, at their option, and 0.4 million shares were available for future issuance as of December 31, 2023. In addition, we have two plans under which outstanding options to purchase common stock, shares of restricted stock or restricted stock units have been granted to our officers, employees and non-employee directors (the 2006 Stock Plan for Directors and the 2012 Incentive Plan). New grants are not permitted under either of these plans. Outstanding options, all of which were issued under the 2012 Plan, are exercisable at the market price on the date of grant, expire ten years from the date of grant, and are fully vested. Stock Options The following is a summary of stock option activity in 2023: Shares (000’s) Weighted Average Weighted Intrinsic Outstanding as of December 31, 2022 3,574 $ 61.95 Options granted — — Options exercised (33) 51.85 Options forfeited — — Options expired (84) 56.91 Outstanding as of December 31, 2023 3,457 62.17 2.2 $ — Exercisable as of December 31, 2023 3,457 62.17 2.2 $ — Compensation costs for all share-based awards are based on the grant date fair value and are recognized on a straight-line basis during the requisite service periods, with charges primarily recorded in general, administrative and professional fees in our Consolidated Statements of Income. As of December 31, 2023, 2022 and 2021, there was no unrecognized compensation expense relating to stock options. Aggregate proceeds received from options exercised under the Plans for the years ended December 31, 2023, 2022 and 2021 were $1.7 million, $8.7 million and $9.0 million, respectively. The total intrinsic value at exercise of options exercised during the year ended December 31, 2023 was immaterial. The total intrinsic value at exercise of options exercised during the years ended December 31, 2022 and 2021 was $0.7 million and $1.5 million, respectively. There was no deferred income tax benefit for stock options exercised. Restricted Stock and Restricted Stock Units We recognize the fair value of shares of restricted stock and restricted stock units (including time-based and performance-based awards) on the grant date of the award as stock-based compensation expense over the requisite service period, with charges primarily to general, administrative and professional fees of $30.4 million, $30.7 million and $31.9 million in 2023, 2022 and 2021, respectively, in our Consolidated Statements of Income. Restricted stock and restricted stock unit awards to employees generally vest over a three-year period, while awards to non-employee directors typically vest approximately one year from the date of grant. If provided in the applicable Plan or award agreement, the vesting of restricted stock and restricted stock units may accelerate upon a change of control (as defined in the applicable Plan) of Ventas and other specified events. In addition to customary change in control vesting provisions, awards generally vest on retirement provided certain conditions are met. Employees are typically not retirement eligible until age plus years of service equals 75, with a minimum age of 62; the retirement age for non-employee directors is 75. The following is a summary of the status of our non-vested restricted stock and restricted stock units (including time-based and performance-based awards) as of December 31, 2023, and changes during the year ended December 31, 2023: Restricted Weighted Restricted Weighted Non-vested at December 31, 2022 314 $ 51.47 1,128 $ 51.38 Granted — — 620 51.15 Vested (146) 51.80 (370) 50.58 Forfeited (12) 51.67 (69) 41.34 Non-vested at December 31, 2023 156 51.30 1,309 52.03 As of December 31, 2023, we had $17.3 million of unrecognized compensation cost related to non-vested restricted stock and restricted stock units under the Plans. We expect to recognize that cost over a weighted average period of 1.1 years. The total fair value at the vesting date for restricted stock and restricted stock units that vested during the years ended December 31, 2023, 2022 and 2021 was $25.0 million, $29.6 million and $23.4 million, respectively. Employee and Director Stock Purchase Plan We have in effect an Employee and Director Stock Purchase Plan (“ESPP”) under which our employees and directors may purchase shares of our common stock at a discount. Pursuant to the terms of the ESPP, on each purchase date, participants may purchase shares of common stock at a price not less than 90% of the market price on that date (with respect to the employee tax-favored portion of the plan) and not less than 95% of the market price on that date (with respect to the additional employee and director portion of the plan). We initially reserved 3.0 million shares for issuance under the ESPP. As of December 31, 2023, 0.2 million shares had been purchased under the ESPP and 2.8 million shares were available for future issuance. Employee Benefit Plan We maintain a 401(k) plan that allows eligible employees to defer compensation subject to certain limitations imposed by the Code. In 2023, we made contributions for each qualifying employee of up to 4.0% of his or her salary, subject to certain limitations. During 2023, 2022 and 2021, our aggregate contributions were approximately $2.0 million, $1.6 million and $1.5 million, respectively.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 13 – INCOME TAXES We have elected to be taxed as a REIT under the applicable provisions of the Code for every year beginning with the year ended December 31, 1999. We have also elected for certain of our subsidiaries to be treated as 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 we intend to continue to operate in a manner that will enable us to qualify as a REIT, such qualification depends upon our ability to meet, on a continuing basis, various distribution, stock ownership and other tests. Our tax treatment of distributions per common share was as follows: For the Years Ended December 31, 2023 2022 2021 Tax treatment of distributions: Ordinary income $ — $ — $ — Qualified ordinary income 0.04468 0.04906 0.00330 199A qualified business income 1.49465 1.75094 1.25274 Long-term capital gain 0.09136 — 0.16448 Unrecaptured Section 1250 gain — — 0.37948 Non-dividend distribution 0.16931 — — Distribution reported for 1099-DIV purposes 1.80000 1.80000 1.80000 Add: Dividend declared in current year and taxable in following year 0.45000 0.45000 0.45000 Less: Dividend declared in prior year and taxable in current year (0.45000) (0.45000) (0.45000) Distribution declared per common share outstanding $ 1.80000 $ 1.80000 $ 1.80000 We believe we have met the annual REIT distribution requirement by payment of at least 90% of our estimated taxable income for 2023, 2022 and 2021. Our consolidated expense (benefit) for income taxes was as follows (dollars in thousands): For the Years Ended December 31, 2023 2022 2021 Current - Federal $ 534 $ (2,257) $ 662 Current - State 2,564 2,662 2,116 Deferred - Federal (6,135) 338 6,431 Deferred - State 230 1,310 72 Current - Foreign 2,587 3,217 3,439 Deferred - Foreign (9,319) (22,196) (7,893) Total $ (9,539) $ (16,926) $ 4,827 The 2023 income tax benefit is primarily due to losses in certain of our TRS entities and a $3.2 million benefit from internal restructurings of U.S. TRS entities. The 2022 income tax benefit is primarily due to losses at certain TRS entities and an income tax benefit of $11.9 million from an internal restructuring of foreign TRS entities. The 2021 income tax expense is due to a $3.5 million deferred tax expense related to an internal restructuring of certain U.S. TRS entities, a $3.3 million deferred tax expense related to the revaluation of certain deferred tax liabilities as a result of enacted tax rate changes in the United Kingdom, and a $3.7 million deferred tax expense related to the release of certain residual tax effects from marketable debt securities. Although the TRS entities and certain other foreign entities have paid minimal cash federal, state and foreign income taxes for the year ended December 31, 2023, their income tax liabilities may increase in future years as we exhaust net operating loss (“NOL”) carryforwards and as our operations grow. Such increases could be significant. A reconciliation of income tax expense and benefit, which is computed by applying the federal corporate tax rate for the years ended December 31, 2023, 2022 and 2021, to the income tax expense and benefit is as follows (dollars in thousands): For the Years Ended December 31, 2023 2022 2021 Tax at statutory rate on earnings from continuing operations before unconsolidated entities, noncontrolling interest and income taxes $ (24,272) $ (19,733) $ (34,127) State income taxes, net of federal benefit (839) (5,411) (8,256) Change in valuation allowance 20,330 53,117 59,572 Tax at statutory rate on earnings not subject to federal income taxes (7,809) (31,528) (22,869) Foreign rate differential and foreign taxes 43 123 4,405 Change in tax status of TRS 9,171 (1,961) 3,485 Other differences (6,163) (11,533) 2,617 Income tax (benefit) expense $ (9,539) $ (16,926) $ 4,827 Each TRS is a tax-paying component for purposes of classifying deferred tax assets and liabilities. The tax effects of temporary differences and carryforwards included in the net deferred tax liabilities are summarized as follows (dollars in thousands): As of December 31, 2023 2022 2021 Property, primarily differences in depreciation and amortization, the tax basis of land assets and the treatment of interests and certain costs $ (26,071) $ (34,734) $ (58,691) Operating loss and interest deduction carryforwards 233,847 220,891 187,407 Expense accruals and other 26,700 16,723 21,628 Valuation allowance (257,222) (227,960) (198,450) Net deferred tax liabilities $ (22,746) $ (25,080) $ (48,106) Our net deferred tax liability decreased $1.7 million during 2023 primarily due to the impact of operating losses at certain TRS entities and the reversal of $3.2 million of net deferred tax liabilities from an internal restructuring of TRS entities, partially offset by an increase of $12.4 million in connection with our equitization of the Santerre Mezzanine Loan on May 1, 2023. Our net deferred tax liability decreased $23.0 million during 2022 primarily due to the impact of operating losses at certain TRS entities and the reversal of $11.9 million of deferred tax liabilities from an internal restructuring of foreign TRS entities. Our net deferred tax liability decreased $4.5 million during 2021 due to a $3.5 million deferred tax expense related to an internal restructuring of certain U.S. TRS entities, a $3.3 million deferred tax expense related to the revaluation of certain deferred tax liabilities as a result of enacted tax rate changes in the United Kingdom, and a $3.7 million deferred tax expense related to the release of certain residual tax effects from marketable debt securities. Due to uncertainty regarding the realization of certain deferred tax assets, we have established valuation allowances, primarily in connection with the NOL carryforwards related to certain TRSs. The amounts related to NOLs at the TRS entities for 2023, 2022 and 2021 are $179.0 million, $171.0 million and $140.6 million, respectively. We are subject to corporate-level taxes (“built-in gains tax”) for any asset dispositions during the five-year period immediately after the assets were owned by a C corporation (either prior to our REIT election, through stock acquisition or merger). The amount of income potentially subject to built-in gains tax is generally equal to the lesser of the excess of the fair value of the asset over its adjusted tax basis as of the date it became a REIT asset or the actual amount of gain. Some, but not all, future gains could be offset by available NOL carryforwards. At December 31, 2023, 2022 and 2021, the REIT had NOL carryforwards of $1.1 billion, $1.1 billion and $1.1 billion, respectively. Additionally, the REIT has $10.8 million of federal income tax credits that were carried over from acquisitions at December 31, 2023, 2022 and 2021. These amounts can be used to offset future taxable income (or taxable income for prior years if an audit determines that tax is owed), if any. The REIT will be entitled to utilize NOLs and tax credit carryforwards only to the extent that REIT taxable income exceeds our deduction for dividends paid. Certain NOL and credit carryforwards are limited as to their utilization by Section 382 of the Code. The remaining REIT carryforwards began to expire in 2023. For the years ended December 31, 2023 and 2022, the net difference between tax bases and the reported amount of REIT assets and liabilities for federal income tax purposes was approximately $2.2 billion and $3.0 billion, respectively, less than the book bases of those assets and liabilities for financial reporting purposes. Generally, we are subject to audit under the statute of limitations by the Internal Revenue Service (“IRS”) for the year ended December 31, 2020, and subsequent years and are subject to audit by state taxing authorities for the year ended December 31, 2019 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, 2019 and subsequent years. We are subject to audit in the United Kingdom generally for the periods ended in and subsequent to 2022. The following table summarizes the activity related to our unrecognized tax benefits (dollars in thousands): 2023 2022 Balance as of January 1 $ 5,828 $ 6,082 Additions to tax positions related to prior years 108 2 Subtractions to tax positions related to prior years (731) (256) Balance as of December 31 $ 5,205 $ 5,828 Included in these unrecognized tax benefits of $5.2 million and $5.8 million at December 31, 2023 and 2022, respectively, were $5.2 million and $5.0 million of tax benefits at December 31, 2023 and 2022, respectively, that, if recognized, would reduce our annual effective tax rate. We accrued no interest or penalties related to the unrecognized tax benefits during 2023. We do not expect our unrecognized tax benefits to increase or decrease materially in 2024. As a part of the transfer pricing structure in the normal course of business, the REIT enters into transactions with certain TRSs, such as leasing and sub-management transactions, other capital financing and allocation of general and administrative costs, which transactions are intended to comply with the IRS and foreign tax authority transfer pricing rules.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	NOTE 15 – EARNINGS PER SHARE The following table shows the amounts used in computing our basic and diluted earnings per share (in thousands, except per share amounts): For the Years Ended December 31, 2023 2022 2021 Numerator for basic and diluted earnings per share: (Loss) income from continuing operations $ (30,297) $ (40,931) $ 56,559 Net (loss) income (30,297) (40,931) 56,559 Net income attributable to noncontrolling interests 10,676 6,516 7,551 Net (loss) income attributable to common stockholders $ (40,973) $ (47,447) $ 49,008 Denominator: Denominator for basic earnings per share—weighted average shares 401,809 399,549 382,785 Effect of dilutive securities: Stock options — — 34 Restricted stock awards 389 390 365 OP unitholder interests 3,472 3,515 3,120 Denominator for diluted earnings per share—adjusted weighted average shares 405,670 403,454 386,304 Basic earnings per share: (Loss) income from continuing operations $ (0.08) $ (0.10) $ 0.15 Net (loss) income attributable to common stockholders (0.10) (0.12) 0.13 Diluted earnings per share: (1) (Loss) income from continuing operations $ (0.08) $ (0.10) $ 0.15 Net (loss) income attributable to common stockholders (0.10) (0.12) 0.13 ______________________________ (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. There were 3.5 million, 3.6 million and 3.1 million anti-dilutive options outstanding for the years ended December 31, 2023, 2022 and 2021, respectively.

PERMANENT AND TEMPORARY EQUITY

PERMANENT AND TEMPORARY EQUITY	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
PERMANENT AND TEMPORARY EQUITY	NOTE 16 – PERMANENT AND TEMPORARY 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 year ended December 31, 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. There were no issuances under the ATM program for the year ended December 31, 2022. During the year ended December 31, 2021, we sold 10.9 million shares of our common stock under our previous ATM program for gross proceeds of $626.4 million at an average gross price of $57.71 per share. As of December 31, 2023, the remaining amount available under our ATM program for future sales of common stock was $889.6 million. Excess Share Provision Our Amended and Restated Certificate of Incorporation (our “Charter”) contains restrictions on the ownership and transfer of our common and preferred stock to enable us to preserve our REIT status. Our Charter provides certain specified remedies if a transfer would violate one of the ownership limitations. In particular, if a person acquires beneficial or constructive ownership of more than the ownership limit (currently, 9.0%, in number or value, of our outstanding common stock or 9.9%, in number or value, of our outstanding preferred stock), or in violation of certain other limitations set forth in our Charter, then the shares that are beneficially or constructively owned in excess of the relevant limitation are considered to be “excess shares.” Excess shares are automatically deemed transferred to a trust for the benefit of a charitable institution or other qualifying organization selected by our Board of Directors. The trust is entitled to all dividends with respect to the excess shares, and the trustee may exercise all voting power over the excess shares. We have the right to buy the excess shares for a purchase price equal to the lesser of the price per share in the transaction that created the excess shares or the market price on the date we buy the shares, and we may defer payment of the purchase price for up to five years. If we do not purchase the excess shares, the trustee of the trust is required to transfer the excess shares at the direction of our Board of Directors. The owner of the excess shares is entitled to receive the lesser of the proceeds from the sale of the excess shares or the original purchase price for such excess shares, and any additional amounts are payable to the beneficiary of the trust. As of December 31, 2023, there were no shares in the trust. Our Charter also provides that a transfer of shares of common or preferred stock that would otherwise result in ownership, under the applicable attribution rules of the Code, of shares in excess of the ownership limit, would cause our shares to be beneficially owned by fewer than 100 persons, or would result in our being “closely held” (within the meaning of Section 856(h) of the Code), will be void and the purported transferee will acquire no rights in the shares. Our Board of Directors is empowered to grant waivers from the excess share provisions of our Charter under certain circumstances. Accumulated Other Comprehensive Loss The following is a summary of our accumulated other comprehensive loss (dollars in thousands): As of December 31, 2023 2022 Foreign currency translation loss $ (56,596) $ (60,364) Unrealized (loss) gain on available for sale securities (1,256) — Unrealized gain on derivative instruments 22,095 23,564 Total accumulated other comprehensive loss $ (35,757) $ (36,800) Redeemable OP Unitholder and Noncontrolling Interests The following is a roll-forward of our redeemable OP unitholder and noncontrolling interests for 2023 (dollars in thousands): Redeemable OP Unitholder Interests Redeemable Noncontrolling Interests Total Redeemable OP Unitholder and Noncontrolling Interests Balance as of December 31, 2022 $ 162,663 $ 101,987 $ 264,650 New issuances — 17,997 17,997 Change in fair value 18,056 13,498 31,554 Dispositions — (4,298) (4,298) Distributions and other (6,218) — (6,218) Redemptions (1,049) — (1,049) Balance as of December 31, 2023 $ 173,452 $ 129,184 $ 302,636

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 17 – RELATED PARTY TRANSACTIONS Atria provides comprehensive property management and accounting services with respect to our senior housing communities that Atria operates, for which we pay annual management fees pursuant to long-term management agreements. For the years ended December 31, 2023, 2022 and 2021, we incurred fees to Atria of $63.4 million, $61.5 million and $50.8 million, respectively, the majority of which are recorded within property-level operating expenses in our Consolidated Statements of Income. For the year ended December 31, 2023, we incurred fees to Atria of $1.5 million primarily in connection with the transition of senior housing communities operated by Atria, which are recorded within transaction, transition and restructuring costs in our Consolidated Statements of Income. For the years ended December 31, 2022 and 2021, we paid fees to Atria of $6.1 million and $20.3 million, respectively, in connection with the sale or transition of senior housing communities operated by Atria. These fees are considered transaction costs and are primarily recorded within depreciation and amortization expense in our Consolidated Statements of Income. We hold a 34% ownership interest in Atria, which entitles us to customary minority rights and protections, including the right to appoint two members to the Atria Board of Directors. As of December 31, 2023, we leased 11 hospitals to Ardent pursuant to a single, triple-net master lease agreement. For the years ended December 31, 2023, 2022 and 2021, we recognized rental income from Ardent of $ 133.7 million 130.5 million 127.2 million 13.4 million As of December 31, 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 year ended December 31, 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%. PMBRES provides outpatient medical building management, leasing, marketing, facility development and advisory services to highly rated hospitals and other healthcare facilities throughout the United States, for which we pay management fees and leasing commissions pursuant to long-term management agreements. For the years ended December 31, 2023, 2022 and 2021, we incurred fees to PMBRES of $10.9 million, $8.5 million and $9.2 million, respectively. Management fees are recorded within property-level operating expenses in our Consolidated Statements of Income. Leasing commissions are recorded within other assets on our Consolidated Balance Sheets and amortized over the life of the related lease. We hold a 50% ownership interest in PMBRES, which entitles us to customary rights and protections, including the right to appoint two members to the PMBRES Board of Directors.

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
SEGMENT INFORMATION	NOTE 18 – SEGMENT INFORMATION As of December 31, 2023, we operated through three reportable business segments: SHOP, outpatient medical and research portfolio and triple-net leased properties. In our SHOP segment, we invest in senior housing communities throughout the United States and Canada and engage operators to operate those communities. In our outpatient medical and research portfolio segment, we primarily acquire, own, develop, lease and manage outpatient medical buildings and research centers throughout the United States. In our triple-net leased properties segment, we invest in and own senior housing communities, skilled nursing facilities (“SNFs”), long-term acute care facilities (“LTACs”), freestanding inpatient rehabilitation facilities (“IRFs”) and other healthcare facilities throughout the United States and the United Kingdom and lease those properties to tenants 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. 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. Non-segment assets consist primarily of corporate assets, including cash, restricted cash, loans receivable and investments and miscellaneous accounts receivable as well as investments in unconsolidated entities including VIM. 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 Annual Report. See “Non-GAAP Financial Measures” included elsewhere in this Annual Report 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 Year Ended December 31, 2023 SHOP Outpatient Medical and Research Portfolio Triple-Net Non-Segment Total Revenues: Rental income $ — $ 867,193 $ 619,208 $ — $ 1,486,401 Resident fees and services 2,959,219 — — — 2,959,219 Third party capital management revenues — 2,515 — 15,326 17,841 Income from loans and investments — — — 22,952 22,952 Interest and other income — — — 11,414 11,414 Total revenues $ 2,959,219 $ 869,708 $ 619,208 $ 49,692 $ 4,497,827 Total revenues $ 2,959,219 $ 869,708 $ 619,208 $ 49,692 $ 4,497,827 Less: Interest and other income — — — 11,414 11,414 Property-level operating expenses 2,247,812 292,776 14,557 — 2,555,145 Third party capital management expenses — — — 6,101 6,101 NOI $ 711,407 $ 576,932 $ 604,651 $ 32,177 1,925,167 Interest and other income 11,414 Interest expense (574,112) Depreciation and amortization (1,392,461) General, administrative and professional fees (148,876) Gain on extinguishment of debt, net 6,104 Transaction, transition and restructuring costs (15,215) Allowance on loans receivable and investments 20,270 Gain on foreclosure of real estate 29,127 Other income 23,001 Income from unconsolidated entities 13,626 Gain on real estate dispositions 62,119 Income tax benefit 9,539 Loss from continuing operations (30,297) Net loss (30,297) Net income attributable to noncontrolling interests 10,676 Net loss attributable to common stockholders $ (40,973) For the Year Ended December 31, 2022 SHOP Outpatient Medical and Research Portfolio Triple-Net Non-Segment Total Revenues: Rental income $ — $ 801,159 $ 598,154 $ — $ 1,399,313 Resident fees and services 2,651,886 — — — 2,651,886 Third party capital management revenues — 2,448 — 23,751 26,199 Income from loans and investments — — — 48,160 48,160 Interest and other income — — — 3,635 3,635 Total revenues $ 2,651,886 $ 803,607 $ 598,154 $ 75,546 $ 4,129,193 Total revenues $ 2,651,886 $ 803,607 $ 598,154 $ 75,546 $ 4,129,193 Less: Interest and other income — — — 3,635 3,635 Property-level operating expenses 2,004,420 257,003 15,301 — 2,276,724 Third party capital management expenses — — — 6,194 6,194 NOI $ 647,466 $ 546,604 $ 582,853 $ 65,717 1,842,640 Interest and other income 3,635 Interest expense (467,557) Depreciation and amortization (1,197,798) General, administrative and professional fees (144,874) Loss on extinguishment of debt, net (581) Transaction, transition and restructuring costs (30,884) Allowance on loans receivable and investments (19,757) Shareholder relations matters (20,693) Other expense (58,268) Income from unconsolidated entities 28,500 Gain on real estate dispositions 7,780 Income tax benefit 16,926 Loss from continuing operations (40,931) Net loss (40,931) Net income attributable to noncontrolling interests 6,516 Net loss attributable to common stockholders $ (47,447) For the Year Ended December 31, 2021 SHOP Outpatient Medical and Research Portfolio Triple-Net Non-Segment Total Revenues: Rental income $ — $ 794,297 $ 653,823 $ — $ 1,448,120 Resident fees and services 2,270,001 — — — 2,270,001 Third party capital management revenues — 8,384 — 11,712 20,096 Income from loans and investments — — — 74,981 74,981 Interest and other income — — — 14,809 14,809 Total revenues $ 2,270,001 $ 802,681 $ 653,823 $ 101,502 $ 3,828,007 Total revenues $ 2,270,001 $ 802,681 $ 653,823 $ 101,502 $ 3,828,007 Less: Interest and other income — — — 14,809 14,809 Property-level operating expenses 1,811,728 257,001 15,335 — 2,084,064 Third party capital management expenses — 1,798 — 2,635 4,433 NOI $ 458,273 $ 543,882 $ 638,488 $ 84,058 1,724,701 Interest and other income 14,809 Interest expense (440,089) Depreciation and amortization (1,197,403) General, administrative and professional fees (129,758) Loss on extinguishment of debt, net (59,299) Transaction, transition and restructuring costs (47,318) Allowance on loans receivable and investments 9,082 Other expense (37,110) Income from unconsolidated entities 4,983 Gain on real estate dispositions 218,788 Income tax expense (4,827) Income from continuing operations 56,559 Net income 56,559 Net income attributable to noncontrolling interests 7,551 Net income attributable to common stockholders $ 49,008 Assets by reportable business segment are as follows (dollars in thousands): As of December 31, Assets: 2023 2022 SHOP $ 12,864,029 52.0 % $ 12,369,218 51.2 % Outpatient medical and research portfolio 6,943,446 28.1 6,558,416 27.1 Triple-net leased properties 4,120,691 16.7 4,272,303 17.7 Non-segment 797,267 3.2 957,903 4.0 Total assets $ 24,725,433 100.0 % $ 24,157,840 100.0 % Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment are as follows (dollars in thousands): For the Years Ended December 31, Capital Expenditures: 2023 2022 2021 SHOP $ 409,105 $ 423,420 $ 1,463,551 Outpatient medical and research portfolio 231,855 472,662 245,546 Triple-net leased properties 8,511 4,614 92,924 Total capital expenditures $ 649,471 $ 900,696 $ 1,802,021 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 Years Ended December 31, Revenues: 2023 2022 2021 United States $ 4,004,173 $ 3,652,327 $ 3,363,197 Canada 464,772 449,091 434,862 United Kingdom 28,882 27,775 29,948 Total revenues $ 4,497,827 $ 4,129,193 $ 3,828,007 As of December 31, Net Real Estate Property: 2023 2022 United States $ 18,702,960 $ 18,168,224 Canada 2,837,858 2,782,350 United Kingdom 208,132 209,876 Total net real estate property $ 21,748,950 $ 21,160,450

SCHEDULE III REAL ESTATE AND AC

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Dollars in thousands) For the Years Ended December 31, 2023 2022 2021 Reconciliation of real estate: Carrying cost: Balance at beginning of period $ 28,768,409 $ 28,479,870 $ 26,850,442 Additions during period: Acquisitions 1,437,729 460,959 2,413,570 Capital expenditures 645,596 443,710 423,752 Deductions during period: Foreign currency translation (776,041) (350,188) 17,030 Other (1) 90,105 (265,942) (1,224,924) Balance at end of period $ 30,165,798 $ 28,768,409 $ 28,479,870 Accumulated depreciation: Balance at beginning of period $ 8,231,160 $ 7,433,480 $ 6,967,413 Additions during period: Depreciation expense 937,767 907,134 865,627 Dispositions: Sales and/or transfers to assets held for sale (190,666) (72,047) (401,208) Foreign currency translation 37,912 (37,407) 1,648 Balance at end of period $ 9,016,173 $ 8,231,160 $ 7,433,480 ______________________________ (1) Other may include sales, transfers to assets held for sale and impairments. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2023 (Dollars in thousands ) Initial Cost to Company Gross Amount Carried Description Count Encumbrances Land and Buildings and Costs Capitalized Subsequent to Acquisition (1) Land and Buildings and Total Accumulated Net Book Value Year of Year Life on which UNITED STATES PROPERTIES Senior Housing Atria Senior Living 184 $ 870,545 $ 548,951 $ 4,982,539 $ 720,154 $ 578,414 $ 5,673,231 $ 6,251,645 $ 1,918,046 $ 4,333,598 1835 - 2013 2007 - 2021 13 - 54 years Brookdale Senior Living 130 48,040 192,994 2,047,145 151,037 193,627 2,197,549 2,391,176 1,036,727 1,354,449 1915 - 2012 2004 - 2021 24 - 35 years Sunrise Senior Living 75 — 184,905 1,976,814 200,637 197,031 2,165,325 2,362,356 1,054,605 1,307,751 1987 - 2009 2007 - 2012 35 - 35 years Sinceri Senior Living 34 — 59,273 580,266 67,694 58,964 648,269 707,233 256,006 451,227 1974 - 2005 2006 - 2015 35 -35 years Priority Life Care Properties 33 38,716 47,800 455,250 56,710 48,824 510,936 559,760 160,709 399,051 1920 - 2009 2006 - 2021 29 - 51 years Sodalis Senior Living 29 — 51,880 435,568 34,730 52,488 469,690 522,178 137,889 384,289 1987 - 2009 2006 - 2021 14 - 47 years Discovery Senior Living 23 28,525 35,757 394,045 44,023 36,848 436,977 473,825 147,233 326,592 1984 - 2009 2006 - 2021 24 - 35 years Koelsch Senior Communities 19 64,851 27,721 292,414 13,285 28,131 305,289 333,420 74,585 258,835 1972 - 2017 2011 - 2017 35 -35 years Senior Lifestyle 16 — 55,911 553,261 9,620 57,031 561,761 618,792 54,740 564,052 1982 - 2012 2011 - 2023 33 - 35 years Meridian Senior Living 14 — 19,090 104,237 (1,158) 19,090 103,079 122,169 25,070 97,099 1972 - 2012 2011 - 2023 35 -35 years Azura Memory Care 13 — 6,361 53,002 7,195 7,200 59,358 66,558 22,788 43,770 1990 - 2019 2011 - 2019 35 -35 years Matthews Senior Living 12 — 11,200 21,161 (17,358) 6,732 8,271 15,003 8,491 6,512 1985 - 2007 2011 - 2011 35 -35 years Milestone Retirement Communities 11 — 16,810 183,225 11,615 16,810 194,840 211,650 53,037 158,613 1965 - 2011 2011 - 2014 35 -35 years American House 11 — 5,438 124,369 18,494 6,842 141,459 148,301 59,778 88,523 1998 - 2000 2006 - 2014 35 -35 years Avamere Family of Companies 11 — 20,407 113,192 12,774 20,653 125,720 146,373 45,936 100,437 1998 - 2012 2011 - 2015 35 -35 years Hawthorn Senior Living 10 56,314 35,668 220,099 16,474 35,862 236,379 272,241 23,244 248,997 1998 - 2008 2021 - 2021 27 - 50 years Sonida Senior Living 10 — 14,080 118,512 30,750 14,505 148,837 163,342 66,418 96,924 1977 - 1998 2005 - 2012 35 -35 years Ridgeline Management Company 10 — 11,405 94,242 6,478 11,405 100,720 112,125 32,968 79,157 1972 - 2007 2011 - 2021 11 - 35 years Other Senior Housing Operators 64 110,220 91,739 778,568 35,133 89,651 815,789 905,440 268,815 636,625 1987 - 2020 2004 - 2023 12 - 39 years Other Senior Housing — — 336 — — 336 336 — 336 Total Senior Housing 709 1,217,211 1,437,390 13,528,245 1,418,287 1,480,108 14,903,815 16,383,923 5,447,085 10,936,837 Outpatient Medical Buildings Lillibridge 219 36,718 169,535 2,142,552 592,090 170,792 2,733,385 2,904,177 1,112,022 1,792,155 1960 - 2016 2004 - 2023 4 - 39 years PMB RES 40 206,039 81,666 992,528 137,622 83,314 1,128,502 1,211,816 399,496 812,320 1972 - 2019 2011 - 2023 19 - 35 years Cornerstone Companies, Inc. 26 — 28,336 156,018 — 28,336 156,018 184,354 4,390 179,964 1975 - 2012 2023 - 2023 35 -35 years Ardent Health Services 19 — 5,638 214,808 600 5,638 215,408 221,046 14,139 206,907 1974 - 2011 2018 - 2022 35 -35 years Memorial Health System 12 — 2,346 25,031 13,166 2,451 38,092 40,543 23,025 17,518 1976 - 2002 2010 - 2010 35 -35 years Other Medical Buildings Operators 89 — 136,691 1,012,745 49,447 133,519 1,065,364 1,198,883 320,343 878,540 1954 - 2019 2004 - 2023 25 - 35 years Other Medical Buildings 10,348 3,644 36,062 — 3,644 36,062 39,706 2,366 37,340 Total Outpatient Medical Buildings 405 253,105 427,856 4,579,744 792,925 427,694 5,372,831 5,800,525 1,875,781 3,924,744 Initial Cost to Company Gross Amount Carried Description Count Encumbrances Land and Buildings and Costs Capitalized Subsequent to Acquisition (1) Land and Buildings and Total Accumulated Net Book Value Year of Year Life on which Research Wexford 27 227,600 71,764 1,429,367 69,967 70,447 1,500,651 1,571,098 329,464 1,241,634 1923 - 2019 2016 - 2022 15 - 60 years Other Research Operators 2 — 1,194 76,515 107 1,194 76,622 77,816 9,758 68,058 2010 - 2016 2020 - 2020 35 -35 years Other Research — 65,513 111,384 — 65,513 111,384 176,897 6,555 170,342 Total Research 29 227,600 138,471 1,617,266 70,074 137,154 1,688,657 1,825,811 345,777 1,480,034 IRFs & LTACs Kindred Healthcare 29 — 33,385 222,156 (1,000) 32,385 222,156 254,541 208,817 45,724 1937 - 1995 1976 - 2020 20 - 40 years Other IRFs & LTACs 14 — 18,641 198,449 1,068 18,641 199,517 218,158 50,504 167,654 1989 - 2013 2011 - 2023 35 - 36 years Total IRFs & LTACs 43 — 52,026 420,605 68 51,026 421,673 472,699 259,321 213,378 Other Healthcare Facilities Ardent Health Services 10 — 98,428 1,126,010 78,104 97,416 1,205,126 1,302,542 288,219 1,014,323 1928 - 2020 2015 - 2020 20 - 47 years Skilled Nursing Genesis Healthcare 12 — 11,350 164,745 (5,708) 11,350 159,037 170,387 77,602 92,785 1897 - 1995 2004 - 2011 30 - 35 years Wellington 10 — 14,744 93,096 — 14,744 93,096 107,840 2,709 105,131 1969 - 1998 2023 - 2023 35 -35 years Other Skilled Nursing Operators 22 — 31,502 192,512 1,405 31,682 193,737 225,419 19,126 206,293 1920 - 2000 1991 - 2023 29 - 40 years Total Skilled Nursing 44 — 57,596 450,353 (4,303) 57,776 445,870 503,646 99,437 404,209 CANADIAN PROPERTIES Senior Housing Le Groupe Maurice 36 1,185,492 162,989 1,967,564 8,027 162,795 1,975,785 2,138,580 202,246 1,936,334 2000 - 2023 2019 - 2023 40 - 60 years Atria Senior Living 29 294,515 75,553 845,363 (47,026) 68,536 805,354 873,890 269,485 604,405 1988 - 2008 2014 - 2014 35 -35 years Sunrise Senior Living 12 — 46,600 418,821 (62,383) 39,383 363,655 403,038 175,692 227,346 2000 - 2007 2007 - 2007 35 -35 years Other Senior Housing Operators 6 — 25,172 146,694 (5,960) 24,011 141,895 165,906 10,768 155,138 2006 - 2012 2021 - 2021 35 -35 years Other Senior Housing 28,228 3,784 60,605 — 3,784 60,605 64,389 — 64,389 Total Senior Housing 83 1,508,235 314,098 3,439,047 (107,342) 298,509 3,347,294 3,645,803 658,191 2,987,612 UNITED KINGDOM PROPERTIES Senior Housing Canford Healthcare Limited 12 — 42,445 84,181 (17,168) 36,864 72,594 109,458 19,818 89,640 1980 - 2014 2015 - 2017 40 - 40 years International Hospital Spire Healthcare 3 — 11,903 136,628 (27,140) 9,727 111,664 121,391 22,544 98,847 1980 - 2010 2014 - 2014 50 - 50 years TOTAL 1,338 $ 3,206,151 $ 2,580,213 $ 25,382,079 $ 2,203,505 $ 2,596,274 $ 27,569,524 $ 30,165,798 $ 9,016,173 $ 21,149,625 ______________________________ (1) Adjustments to basis included provisions for asset impairments, partial dispositions, costs capitalized subsequent to acquisitions and foreign currency translation adjustments.

SCHEDULE IV MORTGAGE LOANS ON R

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE	SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE December 31, 2023 (Dollars in thousands) Location Interest Rate Fixed / Variable Maturity Date Periodic Payment Terms Prior Liens Face Amount of Mortgages Carrying Amount of Mortgages Principal Amount of Loans Subject to Delinquent Principal or Interest First mortgage relating to one senior housing property located in: Pennsylvania Term SOFR plus 3.75% Variable 11/4/2027 Interest only; principal payments start in 2024 $ — $ 18,161 $ 18,161 $ — First mortgage relating to two senior housing properties located in: Texas Lesser of 9.50% or SOFR + 5.50% Variable 6/16/2024 Interest only — 7,950 7,926 — Total $ — $ 26,111 $ 26,087 $ — Reconciliation of Mortgage Loans: Year Ended December 31, 2023 2022 2021 Beginning Balance $ 491,334 $ 486,200 $ 552,797 Additions: New loans — 25,247 — Construction draws 835 — — Total additions 835 25,247 — Deductions: Principal repayments — (113) (66,597) Conversions to Real Property (486,082) — — Allowance 20,000 (20,000) — Total deductions (466,082) (20,113) (66,597) Effect of foreign currency translation — — — Ending Balance $ 26,087 $ 491,334 $ 486,200

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying Consolidated Financial Statements include our accounts and the accounts of our wholly-owned subsidiaries and the joint venture entities over which we exercise control. All intercompany transactions and balances have been eliminated in consolidation, and our net earnings are reduced by the portion of net earnings attributable to noncontrolling interests.
Variable Interest Entities	We identify the primary beneficiary of a VIE as the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. We perform this analysis on an ongoing basis. As it relates to investments in joint ventures, GAAP may preclude consolidation by the sole general partner in certain circumstances based on the type of rights held by the limited partner or partners. We assess limited partners’ rights and their impact on our consolidation conclusions, and we reassess if there is a change to the terms or in the exercisability of the rights of the limited partners, the sole general partner increases or decreases its ownership of limited partnership (“LP”) interests or there is an increase or decrease in the number of outstanding LP interests. We also apply this guidance to managing member interests in limited liability companies (“LLCs”). We consolidate several VIEs that share the following common characteristics: • the VIE is in the legal form of an LP or LLC; • the VIE was designed to own and manage its underlying real estate investments; • we are the general partner or managing member of the VIE; • we own a majority of the voting interests in the VIE; • a minority of voting interests in the VIE are owned by external third parties, unrelated to us; • the minority owners do not have substantive kick-out or participating rights in the VIE; and • we are the primary beneficiary of the VIE. We have separately identified certain special purpose entities that were established to allow investments in research projects by tax credit investors (“TCIs”). We have determined that these special purpose entities are VIEs, we are a holder of variable interests and we are the primary beneficiary of the VIEs, and therefore, we consolidate these special purpose entities. Our primary beneficiary determination is based upon several factors, including but not limited to the rights we have in directing the activities which most significantly impact the VIEs’ economic performance as well as certain guarantees which protect the TCIs from losses should a tax credit recapture event occur. 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. Unless otherwise required by the LP or LLC
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities We report investments in unconsolidated entities over whose operating and financial policies we have the ability to exercise significant influence under the equity method of accounting. We adjust our investment in unconsolidated entities for additional contributions made, distributions received as well as our share of the investee’s earnings or losses, which is included in income from unconsolidated entities in our Consolidated Statements of Income. We base the initial carrying value of investments in unconsolidated entities on the fair value of the assets at the time we acquired the joint venture interest. We estimate fair values for our equity method investments based on discounted cash flow models that include all estimated cash inflows and outflows over a specified holding period and, where applicable, any estimated debt premiums or discounts. The capitalization rates, discount rates and credit spreads we use in these models are based upon assumptions that we believe to be within a reasonable range of current market rates for the respective investments. We generally amortize any difference between our cost basis and the basis reflected at the joint venture level, if any, over the lives of the related assets and liabilities and include that amortization in our share of income or loss from unconsolidated entities. For earnings of equity method investments with pro rata distribution allocations, net income or loss is allocated between the partners in the joint venture based on their respective stated ownership percentages. In other instances, net income or loss may be allocated between the partners in the joint venture based on the hypothetical liquidation at book value method (the “HLBV method”). Under the HLBV method, net income or loss is allocated between the partners based on the difference between each partner’s claim on the net assets of the joint venture at the end and beginning of the period, after taking into account contributions and distributions. Each partner’s share of the net assets of the joint venture is calculated as the amount that the partner would receive if the joint venture were to liquidate all of its assets at net book value and distribute the resulting cash to creditors and partners in accordance with their respective priorities. Under the HLBV method, in any given period, we could record more or less income than the joint venture has generated, than actual cash distributions we receive or than the amount we may receive in the event of an actual liquidation.
Redeemable OP Unitholder and Noncontrolling Interests	Redeemable OP Unitholder and Noncontrolling Interests We own a majority interest in NHP/PMB L.P. (“NHP/PMB”), a limited partnership formed in 2008 to acquire properties from entities affiliated with Pacific Medical Buildings LLC (“PMB”). Given our wholly-owned subsidiary is the general partner and the primary beneficiary of NHP/PMB, we consolidate NHP/PMB as a VIE. As of December 31, 2023, third-party investors owned 3.8 million Class A limited partnership units in NHP/PMB (“OP Units”), which represented 34% of the total units then outstanding, and we owned 7.6 million Class B limited partnership units in NHP/PMB, representing the remaining 66%. The OP Units may be redeemed at any time at the election of the holder for cash or, at our option, 0.9051 shares of our common stock per OP Unit, subject to adjustment in certain circumstances. We are party by assumption to a registration rights agreement with the holders of the OP Units that requires us, subject to the terms and conditions and certain exceptions set forth therein, to file and maintain a registration statement relating to the issuance of shares of our common stock upon redemption of OP Units. The OP Units are classified outside of permanent equity on our Consolidated Balance Sheets because they may be redeemed by third parties under circumstances that are outside of our control. We reflect the OP Units at the greater of cost or redemption value. As of December 31, 2023 and 2022, the fair value of the OP Units was $173.5 million and $162.7 million, respectively. We recognize changes in fair value through capital in excess of par value, net of cash distributions paid and purchases by us of any OP Units. Our diluted earnings per share includes the effect of any potential shares outstanding from redemption of the OP Units. Certain noncontrolling interests of other consolidated joint ventures were also classified as redeemable at December 31, 2023 and 2022. We record the carrying amount of these noncontrolling interests at the greater of their initial carrying amount (increased or decreased for the noncontrolling interests’ share of net income or loss and distributions) or the redemption value, which is primarily based on the fair value of the underlying real estate asset. Our joint venture partners have certain redemption rights with respect to their noncontrolling interests in these joint ventures that are outside of our control, and the redeemable noncontrolling interests are classified outside of permanent equity on our Consolidated Balance Sheets. We recognize changes in the carrying value of redeemable noncontrolling interests through capital in excess of par value on our Consolidated Balance Sheets. Noncontrolling Interests Excluding the redeemable noncontrolling interests described above, we present the portion of any equity that we do not own in entities that we control (and thus consolidate) as noncontrolling interests and classify those interests as a component of consolidated equity, separate from total Ventas stockholders’ equity, on our Consolidated Balance Sheets. For consolidated joint ventures with pro rata distribution allocations, net income or loss, and comprehensive income, is allocated between the joint venture partners based on their respective stated ownership percentages. In other cases, net income or loss is allocated between the joint venture partners based on the HLBV method. We account for purchases or sales of equity interests that do not result in a change of control as equity transactions, through capital in excess of par value. We include net income attributable to the noncontrolling interests in net income in our Consolidated Statements of Income and we include the noncontrolling interests’ share of comprehensive income in our Consolidated Statements of Comprehensive Income.
Accounting for Historic and New Market Tax Credits	Accounting for Historic and New Markets Tax Credits For certain of our research centers, we are party to contractual arrangements with TCIs that were established to enable the TCIs to receive benefits of historic tax credits (“HTCs”), new markets tax credits (“NMTCs”) or both. As of December 31, 2023, we owned one property that had syndicated NMTCs to TCIs. In general, TCIs invest cash into special purpose entities that invest in entities that own the subject property and generate the tax credits. The TCIs receive substantially all of the tax credits and hold only a nominal interest in the economic risk and benefits of the special purpose entities. HTCs are delivered to the TCIs upon substantial completion of the project. NMTCs are allowed for up to 39% of a qualified investment and are delivered to the TCIs after the investment has been funded and spent on a qualified business. HTCs are subject to recapture within five years of substantial completion. The amount of the recapture is equal to 100% of the HTCs during the first year after the completion of the historic rehabilitation and is reduced by 20% each year during the subsequent five-year period. NMTCs are subject to recapture until the end of the seventh year following the qualifying investment. We have provided the TCIs with certain guarantees which protect the TCIs from losses should a tax credit recapture event occur. The contractual arrangements with the TCIs include a put/call provision whereby we may be obligated or entitled to repurchase the interest of the TCIs in the special purpose entities at the end of the tax credit recapture period. We anticipate that either the TCIs will exercise their put rights or we will exercise our call rights prior to the applicable tax credit recapture periods. The portion of the TCI’s investment that is attributed to the put is recorded at fair value at inception in accounts payable and other liabilities on our Consolidated Balance Sheets, and is accreted to the expected put price as interest expense in our Consolidated Statements of Income over the recapture period. The remaining balance of the TCI’s investment is initially recorded in accounts payable and other liabilities on our Consolidated Balance Sheets and will be relieved upon delivery of the tax credit to the TCI, as a reduction in the carrying value of the subject property, net of allocated expenses. Direct and incremental costs incurred in structuring the transaction are deferred and will be recognized as an increase in the cost basis of the subject property upon the recognition of the related tax credit as discussed above.
Accounting 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.
Accounting for Real Estate Acquisitions	Accounting for Real Estate Acquisitions When we acquire real estate, we first make reasonable judgments about whether the transaction involves an asset or a business. Our real estate acquisitions are generally accounted for as asset acquisitions as substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. We record the cost of the assets acquired as tangible and intangible assets and liabilities based upon their relative fair values as of the acquisition date. We estimate the fair value of buildings acquired on an as-if-vacant basis or replacement cost basis and depreciate the building value over the estimated remaining life of the building, generally not to exceed 35 years. We determine the fair value of other fixed assets, such as site improvements, and furniture, fixtures and equipment, based upon the replacement cost and depreciate such value over the assets’ estimated remaining useful lives as determined at the applicable acquisition date. We determine the value of land either by considering the sales prices of similar properties in recent transactions or based on internal analyses of recently acquired and existing comparable properties within our portfolio. We generally determine the value of construction in progress based upon the replacement cost. However, for certain acquired properties that are part of a ground-up development, we determine fair value by using the same valuation approach as for all other properties and deducting the estimated cost to complete the development. During the remaining construction period, we capitalize project costs until the development has reached substantial completion. Construction in progress, including capitalized interest, is not depreciated until the development has reached substantial completion. Intangibles primarily include the value of in-place leases and acquired lease contracts. We include all lease-related intangible assets and liabilities within acquired lease intangibles and accounts payable and other liabilities, respectively, on our Consolidated Balance Sheets. The fair value of acquired lease-related intangibles, if any, reflects: (i) the estimated value of any above or below market leases, determined by discounting the difference between the estimated market rent and in-place lease rent; and (ii) the estimated value of in-place leases related to the cost to obtain tenants, including leasing commissions, and an estimated value of the absorption period to reflect the value of the rent and recovery costs foregone during a reasonable lease-up period as if the acquired space was vacant. We amortize any acquired lease-related intangibles to revenue or amortization expense over the remaining life of the associated lease plus any assumed bargain renewal periods. If a lease is terminated prior to its stated expiration or not renewed upon expiration, we recognize all unamortized amounts of lease-related intangibles associated with that lease in operations over the shortened lease term. We estimate the fair value of purchase option intangible assets and liabilities, if any, by discounting the difference between the applicable property’s acquisition date fair value and an estimate of its future option price. We do not amortize the resulting intangible asset or liability over the term of the lease, but rather adjust the recognized value of the asset or liability upon sale. In connection with an acquisition, we may assume rights and obligations under certain lease agreements pursuant to which we become the lessee of a given property. We generally assume the lease classification previously determined by the prior lessee absent a modification in the assumed lease agreement. We assess assumed operating leases, including ground leases, to determine whether the lease terms are favorable or unfavorable to us given current market conditions on the acquisition date. To the extent the lease terms are favorable or unfavorable to us relative to market conditions on the acquisition date, we recognize an intangible asset or liability at fair value and amortize that asset or liability to interest or rental expense in our Consolidated Statements of Income over the applicable lease term. Where we are the lessee, we record the acquisition date values of leases, including any above or below market value, within operating lease assets and operating lease liabilities on our Consolidated Balance Sheets. We estimate the fair value of noncontrolling interests assumed consistent with the manner in which we value all of the underlying assets and liabilities. We calculate the fair value of long-term assumed debt by discounting the remaining contractual cash flows on each instrument at the current market rate for those borrowings, which we approximate based on the rate at which we would expect to incur a replacement instrument on the date of acquisition, and recognize any fair value adjustments related to long-term debt as effective yield adjustments over the remaining term of the instrument.
Impairment of Long-Lived and Intangible Assets	Impairment of Long-Lived and Intangible Assets We periodically evaluate our long-lived assets, primarily consisting of investments in real estate, for impairment indicators. If indicators of impairment are present, we evaluate the carrying value of the related real estate investments in relation to the future undiscounted cash flows of the underlying operations. In performing this evaluation, we consider market conditions and our current intentions with respect to holding or disposing of the asset. We adjust the net book value of properties and other long-lived assets to fair value if the sum of the expected future undiscounted cash flows, including sales proceeds, is less than book value. We recognize an impairment loss at the time we make any such determination. If impairment indicators arise with respect to intangible assets with finite useful lives, we evaluate impairment by comparing the carrying amount of the asset to the estimated future undiscounted net cash flows expected to be generated by the asset. If estimated future undiscounted net cash flows are less than the carrying amount of the asset, then we estimate the fair value of the asset and compare the estimated fair value to the intangible asset’s carrying value. We recognize any shortfall from carrying value as an impairment loss in the current period. We evaluate our investments in unconsolidated entities for impairment at least annually, and whenever events or changes in circumstances indicate that the carrying value of our investment may exceed its fair value. If we determine that a decline in the fair value of our investment in an unconsolidated entity is other-than-temporary, and if such reduced fair value is below the carrying value, we record an impairment. We test goodwill for impairment at least annually, and more frequently if indicators of impairment arise. We first assess qualitative factors, such as current macroeconomic conditions, state of the equity and capital markets and our overall financial and operating performance, to determine the likelihood that the fair value of a reporting unit is less than its carrying amount. If we determine it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we proceed with estimating the fair value of the operating unit. A goodwill impairment, if any, will be recognized in the period it is determined and is measured as the amount by which an operating unit’s carrying value exceeds its fair value.
Assets Held-for-Sale and Discontinued Operations	Assets Held for Sale and Discontinued Operations We sell properties from time to time for various reasons, including favorable market conditions or the exercise of purchase options by tenants. We classify certain long-lived assets as held for sale once the criteria, as defined by GAAP, have been met. Long-lived assets to be disposed of are reported at the lower of their carrying amount or fair value minus cost to sell and are no longer depreciated. If at any time we determine that the criteria for classifying assets as held for sale are no longer met, we reclassify assets within net real estate investments on our Consolidated Balance Sheets for all periods presented. The carrying amount of these assets is adjusted (in the period in which a change in classification is determined) to reflect any depreciation expense that would have been recognized had the asset been continuously classified as net real estate investments. We report discontinued operations when the following criteria are met: (1) a component of an entity or group of components that has been disposed of or classified as held for sale and represents a strategic shift that has or will have a major effect on an entity’s operations and financial results; or (2) an acquired business is classified as held for sale on the acquisition date. The results of operations for assets meeting the definition of discontinued operations are reflected in our Consolidated Statements of Income as discontinued operations for all periods presented. We allocate estimated interest expense to discontinued operations based on property values and our weighted average interest rate or the property’s actual mortgage interest.
Loans Receivable	Loans Receivable
Cash Equivalents	Cash Equivalents Cash equivalents consist of highly liquid investments with a maturity date of three months or less when purchased. These investments are stated at cost, which approximates fair value.
Escrow Deposits and Restricted Cash	Escrow Deposits and Restricted Cash Escrow deposits consist of amounts held by us or our lenders to provide for future real estate tax, insurance expenditures and tenant improvements related to our properties and operations. Restricted cash generally represents amounts paid to us for security deposits and other similar purposes.
Deferred Financing Costs	Deferred Financing Costs We amortize deferred financing costs, which are reported as a reduction to senior notes payable and other debt on our Consolidated Balance Sheets, as a component of interest expense over the terms of the related borrowings using a method that approximates a level yield. Amortized costs of approximately $23.2 million, $18.2 million and $19.7 million were included in interest expense for the years ended December 31, 2023, 2022 and 2021, respectively.
Available for Sale Securities	Available for Sale Securities We classify available for sale securities as a component of other assets on our Consolidated Balance Sheets (other than our interests in government-sponsored pooled loan investments, which are classified as secured loans receivable and investments, net on our Consolidated Balance Sheets). We record these securities at fair value and include unrealized gains and losses recorded in stockholders’ equity as a component of accumulated other comprehensive income on our Consolidated Balance Sheets. If we determine that a credit loss exists with respect to individual investments, we will recognize an allowance against the amortized cost basis of the investment with a corresponding charge to net income (in allowance on loans receivable and investments) in our Consolidated Statements of Income. We report interest income, including discount or premium amortization, on available for sale securities and gains or losses on securities sold, which are based on the specific identification method, in income from loans and investments in our Consolidated Statements of Income.
Derivative Instruments	Derivative Instruments We recognize all derivative instruments in other assets or accounts payable and other liabilities on our Consolidated Balance Sheets at fair value as of the reporting date. We recognize changes in the fair value of derivative instruments in other expense in our Consolidated Statements of Income or accumulated other comprehensive income on our Consolidated Balance Sheets, depending on the intended use of the derivative and our designation of the instrument. We do not use our derivative financial instruments, including interest rate caps, interest rate swaps and foreign currency forward contracts, for trading or speculative purposes. Our foreign currency forward contracts and certain of our interest rate swaps (including the interest rate swap contracts of consolidated and unconsolidated joint ventures) are designated as effectively hedging the variability of expected cash flows related to their underlying securities and, therefore, also are recorded on our Consolidated Balance Sheets at fair value, with changes in the fair value of these instruments recognized in accumulated other comprehensive income on our Consolidated Balance Sheets. We recognize any noncontrolling interests’
Fair Values of Financial Instruments	Fair Values of Financial Instruments Fair value is a market-based measurement, not an entity-specific measurement, and we determine fair value based on the assumptions that we expect market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, GAAP establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within levels one and two of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within level three of the hierarchy). Level one inputs utilize unadjusted quoted prices for identical assets or liabilities in active markets that we have the ability to access. Level two inputs are inputs other than quoted prices included in level one that are directly or indirectly observable for the asset or liability. Level two inputs may include quoted prices for similar assets and liabilities in active markets and other inputs for the asset or liability that are observable at commonly quoted intervals, such as interest rates, foreign exchange rates and yield curves. Level three inputs are unobservable inputs for the asset or liability, which typically are based on our own assumptions, because there is little, if any, related market activity. If the determination of the fair value measurement is based on inputs from different levels of the hierarchy, the level within which the entire fair value measurement falls is the lowest-level input that is significant to the fair value measurement in its entirety. If the volume and level of market activity for an asset or liability has decreased significantly relative to the normal market activity for such asset or liability (or similar assets or liabilities), then transactions or quoted prices may not accurately reflect fair value. In addition, if there is evidence that a transaction for an asset or liability is not orderly, little, if any, weight is placed on that transaction price as an indicator of fair value. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. We use the following methods and assumptions in estimating the fair value of our financial instruments whose fair value is determined on a recurring basis. • Cash and cash equivalents - The carrying amount of unrestricted cash and cash equivalents reported on our Consolidated Balance Sheets approximates fair value due to the short maturity of these instruments. • Escrow deposits and restricted cash - The carrying amount of escrow deposits and restricted cash reported on our Consolidated Balance Sheets approximates fair value due to the short maturity of these instruments. • Loans receivable - We estimate the fair value of loans receivable using level two and level three inputs, including underlying asset performance and credit quality. We discount future cash flows using current interest rates at which similar loans with the same terms and length to maturity would be made to borrowers with similar credit ratings. • Available for sale securities - We estimate the fair value of marketable debt securities using level two inputs. We observe quoted prices for similar assets or liabilities in active markets that we have the ability to access. We estimate the fair value of certain government-sponsored pooled loan investments using level three inputs. We consider credit spreads, underlying asset performance and credit quality, default rates and confirmed settlement amounts at maturity. • Derivative instruments - We estimate the fair value of derivative instruments, including interest rate caps, interest rate swaps, and foreign currency forward contracts, using level two inputs. ◦ Interest rate caps - We observe forward yield curves and other relevant information. ◦ Interest rate swaps - We observe alternative financing rates derived from market-based financing rates, forward yield curves and discount rates. ◦ Foreign currency forward contracts - We estimate the future values of the two currency tranches using forward exchange rates that are based on traded forward points and calculate a present value of the net amount using a discount factor based on observable traded interest rates. • Stock warrants - We estimate the fair value of stock warrants using level two inputs that are obtained from public sources. Inputs include equity spot price, dividend yield, volatility and risk-free rate. • Senior notes payable and other debt - We estimate the fair value of senior notes payable and other debt using level two inputs. We discount the future cash flows using current interest rates at which we could obtain similar borrowings. For mortgage debt, we may estimate fair value using level three inputs, similar to those used in determining fair value of loans receivable (above). • Redeemable OP unitholder interests - We estimate the fair value of our redeemable OP unitholder interests using level one inputs. We base fair value on the closing price of our common stock, as OP Units may be redeemed at the election of the holder for cash or, at our option, shares of our common stock, subject to adjustment in certain circumstances.
Revenue Recognition	Revenue Recognition Triple-Net Leased Properties and Outpatient Medical and Research Portfolio Certain of our triple-net leases and most of our outpatient medical buildings and research centers’ (collectively, “outpatient medical and research portfolio”) leases provide for periodic and determinable increases in base rent. We recognize base rental revenues under these leases on a straight-line basis over the applicable lease term when collectability of substantially all rents is probable. Recognizing rental income on a straight-line basis generally results in recognized revenues during the first half of a lease term exceeding the cash amounts contractually due from our tenants, creating a straight-line rent receivable that is included in other assets on our Consolidated Balance Sheets. At December 31, 2023 and 2022, this cumulative excess totaled $194.1 million and $187.5 million, respectively (excluding properties classified as held for sale). Certain of our leases provide for periodic increases in base rent only if certain revenue parameters or other substantive contingencies are met. We recognize the increased rental revenue under these leases as the related parameters or contingencies are met, rather than on a straight-line basis over the applicable lease term. We assess the probability of collecting substantially all rents under our leases based on several factors, including, among other things, payment history, the financial strength of the tenant and any guarantors, the historical operations and operating trends of the property, the historical payment pattern of the tenant, the type of property, the value of the underlying collateral, if any, expected future performance of the property and current economic conditions. If our evaluation of these factors indicates it is not probable that we will be able to collect substantially all rents under the lease, we record a charge to rental income. If we change our conclusions regarding the probability of collecting rent payments required by a lease, we may recognize adjustments to rental income in the period we make such change in our conclusions. SHOP Our resident agreements are accounted for as leases and we recognize resident fees and services, other than move-in fees and certain rent incentives, monthly as services are provided. We recognize move-in fees and certain rent incentives on a straight-line basis over the average resident stay. Other We provide various services to our unconsolidated real estate entities in exchange for fees and reimbursements, which are determined in accordance with the terms specific to each arrangement. We recognize these fees as we provide the services. We may also earn promote revenue within the VIM platform related to the Ventas Fund, a perpetual life investment vehicle focused on investments in research centers, outpatient medical buildings and senior housing communities in North America. Within the Ventas Fund, promote revenue is generally based on the Ventas Fund’s cumulative returns over three-year performance periods. The promote revenue is based on operating performance and real estate valuation of the portfolio, including highly variable inputs such as capitalization rates, market rents, and interest rates. As the asset appreciation is an important driver of the promote and the key inputs in the valuation process can change, we generally recognize promote revenues at or near the end of the performance period. We include these revenues as a component of third party capital management revenues in our Consolidated Statements of Income. We may also earn promote revenues within the VIM platform related to our other investment vehicles. Within these other investment vehicles, promote revenues are generally earned after our partners have received distributions sufficient to provide a specified rate of return on their invested capital.
Accounting for Leased Property	Accounting for Leased Property We lease real property, primarily land and corporate office space, and equipment, primarily vehicles at our senior housing communities. At lease inception, we establish an operating lease asset and operating lease liability, calculated as the present value of future minimum lease payments on our Consolidated Balance Sheets. As our leases do not provide an implicit rate, we use a discount rate that approximates our incremental borrowing rate available at lease commencement to determine the present value. Our lease expense primarily consists of ground and corporate office leases. Ground lease expense is included in interest expense and corporate office lease expense is included in general, administrative and professional fees in our Consolidated Statements of Income.
Transaction, Transition and Restructuring Costs	Transaction, Transition and Restructuring Costs Transaction, transition and restructuring costs include transition and integration expenses incurred by properties that have undergone operator or business model transitions; costs and expenses relating to mergers, acquisitions, investments, leases, management agreements and similar arrangements, strategic transactions, such as spin-offs, joint ventures, partnerships and minority investments, and other transactions; and costs and expenses related to organizational or other restructuring activities.
Other Expense	Other Expense Other expense includes the changes in fair value of stock warrants, net expenses or recoveries related to materially disruptive events and other expenses or income.
Stock-Based Compensation	Stock-Based Compensation We recognize share-based payments to employees and directors, including grants of restricted stock and restricted stock units (including time-based and performance-based awards), included in general, administrative and professional fees in our Consolidated Statements of Income generally on a straight-line basis over the requisite service period based on the grant date fair value of the award. Forfeitures of share-based awards are recognized as they occur.
Gain on Real Estate Dispositions	Gain on Real Estate Dispositions We recognize a gain on real estate disposition when we transfer control of a property and when it is probable that we will collect substantially all of the related consideration.
Federal Income Tax	Federal Income Tax We have elected to be treated as a REIT under the applicable provisions of the Internal Revenue Code of 1986, as amended (the “Code”), for every year beginning with the year ended December 31, 1999. Accordingly, we generally are not subject to federal income tax on net income that we distribute to our stockholders, provided that we continue to qualify as a REIT. However, with respect to certain of our subsidiaries that have elected to be treated as taxable REIT subsidiaries (“TRS” or “TRS entities”), we record income tax expense or benefit, as those entities are subject to federal income tax similar to regular corporations. Certain foreign subsidiaries are subject to foreign income tax, although they did not elect to be treated as TRSs. We account for deferred income taxes using the asset and liability method and recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in our financial statements or tax returns. Under this method, we determine deferred tax assets and liabilities based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Any increase or decrease in the deferred tax liability that results from a change in circumstances, and that causes us to change our judgment about expected future tax consequences of events, is included in the tax provision when such changes occur. Deferred income taxes also reflect the impact of operating loss and tax credit carryforwards. A valuation allowance is provided if we believe it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes us to change our judgment about the realizability of the related deferred tax asset, is included in the tax provision when such changes occur.
Foreign Currency	Foreign Currency Certain of our subsidiaries’ functional currencies are the local currencies of their respective foreign jurisdictions. We translate the results of operations of our foreign subsidiaries into U.S. dollars using average rates of exchange in effect during the period, and we translate balance sheet accounts using exchange rates in effect at the end of the period. We record the resulting currency translation adjustments in accumulated other comprehensive income, a component of stockholders’ equity, on our Consolidated Balance Sheets, and we record foreign currency transaction gains and losses in other expense in our Consolidated Statements of Income. We recognize any noncontrolling interests’ proportionate share of currency translation adjustments of our foreign consolidated joint ventures in noncontrolling interests on our Consolidated Balance Sheets.
Segment Reporting	Segment Reporting As of December 31, 2023, 2022 and 2021, we operated through three reportable business segments: SHOP, outpatient medical and research portfolio and triple-net leased properties. In our SHOP segment, we invest in senior housing communities throughout the United States and Canada and engage operators to operate those communities. In our outpatient medical and research portfolio segment, we primarily acquire, own, develop, lease and manage outpatient medical buildings and research centers throughout the United States. In our triple-net leased properties segment, we invest in and own senior housing communities, skilled nursing facilities (“SNFs”), long-term acute care facilities (“LTACs”), freestanding inpatient rehabilitation facilities (“IRFs”) and other healthcare facilities throughout the United States and the United Kingdom and lease those properties to tenants 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. See “Note 18 – Segment Information.”
Government Assistance	Government Assistance Provider Relief Grants. We applied for and received grants under Phase 2, Phase 3 and Phase 4 of the Provider Relief Fund administered by the U.S. Department of Health & Human Services (“HHS”) on behalf of the assisted living communities in our senior living operations 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. We will not be required to repay distributions from the Provider Relief Fund, provided that we 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, reporting and record keeping requirements and cooperating with any government audits. See “Government Regulation— CARES Act and Similar Governmental Funding Programs ” in Part I, Item 1 of this Annual Report. Other Government Assistance. We, and our tenants, borrowers, managers and unconsolidated entities also received grants administered by other domestic, foreign, local, regional or national governments on behalf of our senior housing communities primarily to partially mitigate losses attributable to COVID-19. During 2023, we did not receive any HHS grants. During 2022 and 2021, we received $54.2 million and $15.4 million, respectively, in HHS grants. These grants are recognized as a contra expense within property-level operating expenses in our Consolidated Statements of Income in the period in which they were received. Any grants that are ultimately received and retained by us are not expected to fully offset the losses incurred in our SHOP segment that are attributable to COVID-19. Further, although we continue to monitor and evaluate the terms and conditions associated with these government grants, we cannot assure you that we will be in compliance with all requirements related to the payments received, in which case some or all of the grants received may need to be repaid.
Recently Adopted Accounting Standards	Recent Accounting Standards In November 2021, the FASB issued Accounting Standards Update 2021-10, Disclosures by Business Entities about Government Assistance (“ASU 2021-10”), which requires expanded annual disclosures for transactions involving the receipt of government assistance. Required disclosures include a description of the nature of the transactions with government entities, our accounting policies for such transactions and their impact to our Consolidated Financial Statements. We adopted ASU 2021-10 on January 1, 2022 and the adoption of this standard did not have a material impact on our Consolidated Financial Statements. In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires incremental disclosures related to a public entity’s reportable segments. Required disclosures include, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss, an amount for other segment items (which is the difference between segment revenue less segment expenses and less segment profit or loss) and a description of its composition, the title and position of the CODM, and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We are evaluating the impact of the adoption of ASU 2023-07 on our Consolidated Financial Statements. In December 2023, the FASB issued Accounting Standards Update 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public entities on an annual basis to (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income [or loss] by the applicable statutory income tax rate). ASU 2023-09 is effective for fiscal years beginning after December 15, 2025. We are evaluating the impact of the adoption of ASU 2023-09 on our Consolidated Financial Statements.
Reclassifications	Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation. In 2022, expenses related to shareholder relations matters have been reclassified from transaction, transition and restructuring costs to shareholder relations matters in our Consolidated Statements of Income.
Financing Receivable, Real Estate Acquired Through Foreclosure	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.
Debt, Policy	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 . ASC 815 requires embedded derivatives to be separated from their host non-derivative contracts and accounted for as free-standing derivative financial instruments if, and only if, each of the following three criteria is met: (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable GAAP with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. Certain contracts that involve an entity’s own equity are explicitly exempted from the requirements of ASC 815.

DESCRIPTION OF BUSINESS (Tables

DESCRIPTION OF BUSINESS (Tables)	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reportable Business Segments And Non-Segment Assets	The following table summarizes information for our reportable business segments and non-segment assets for the year ended December 31, 2023 (dollars in thousands): Segment Total NOI (1) Percentage of Total NOI Number of Properties Senior housing operating portfolio (SHOP) $ 711,407 37 % 587 Outpatient medical and research portfolio 576,932 30 % 437 Triple-net leased properties 604,651 31 % 331 Non-segment (2) 32,177 2 % — $ 1,925,167 100 % 1,355 ______________________________ (1) “NOI” is defined as total revenues, less interest and other income, property-level operating expenses and third party capital management expenses. See “Non-GAAP Financial Measures” included elsewhere in this Annual Report for additional disclosure and a reconciliation of net income attributable to common stockholders, as computed in accordance with GAAP, to NOI. (2) NOI 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.

ACCOUNTING POLICIES (Tables)

ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 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): December 31, 2023 December 31, 2022 Total Assets Total Liabilities Total Assets Total Liabilities NHP/PMB L.P. $ 759,817 $ 266,658 $ 741,890 $ 252,518 Fonds Immobilier Groupe Maurice, S.E.C. 1,971,410 1,204,619 1,957,075 1,170,928 Other identified VIEs 1,597,957 354,828 1,699,949 333,185 Tax credit VIEs 29,746 4,024 128,240 16,767

CONCENTRATION OF CREDIT RISK (T

CONCENTRATION OF CREDIT RISK (Tables)	12 Months Ended
	Dec. 31, 2023
Risks and Uncertainties [Abstract]
Concentration risk for triple-net leased properties	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 Years Ended December 31, 2023 2022 2021 Contribution as a Percentage of Total Revenues (1) : Brookdale (2) 3.3 % 3.6 % 3.9 % Ardent 3.0 3.2 3.3 Kindred 2.9 3.2 3.8 Contribution as a Percentage of Total NOI: Brookdale (2) 7.7 % 8.1 % 8.6 % Ardent 6.9 7.1 7.4 Kindred 6.9 7.3 7.8 ______________________________ (1) Total revenues include third party capital management revenues, income from loans and investments and interest and other income. (2) 2023, 2022 and 2021 results include $42.6 million, $42.6 million and $42.6 million, respectively, of amortization of up-front consideration received in 2020 from a revised master lease agreement with Brookdale.
Schedule of future contracted minimum rentals for all of triple-net and MOB leases	The following table sets forth the future contracted minimum rentals, excluding contingent rent escalations, assuming no renewal but including straight-line rent adjustments where applicable, under the existing lease for all of our consolidated triple-net and outpatient medical and research building leases as of December 31, 2023 (excluding properties classified as held for sale as of December 31, 2023, dollars in thousands): Brookdale Senior Living Ardent Kindred Other Total 2024 $ 149,045 $ 149,470 $ 134,372 $ 771,947 $ 1,204,834 2025 148,586 149,470 62,124 679,068 1,039,248 2026 — 148,927 25,839 611,042 785,808 2027 — 147,839 25,839 509,668 683,346 2028 — 147,839 8,613 414,148 570,600 Thereafter — 968,188 — 1,435,066 2,403,254 Total $ 297,631 $ 1,711,733 $ 256,787 $ 4,420,939 $ 6,687,090

DISPOSITIONS AND IMPAIRMENTS (T

DISPOSITIONS AND IMPAIRMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
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 December 31, 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 13 $ 48,173 $ 6,419 3 $ 44,852 $ 5,675 Outpatient medical and research portfolio (1) 3 5,431 2,643 — 41 817 Triple-net leased properties 1 2,885 181 — — — Total 17 $ 56,489 $ 9,243 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)	12 Months Ended
	Dec. 31, 2023
Loans Receivable And Investments [Abstract]
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 December 31, 2023: Secured/mortgage loans and other, net (1) $ 27,986 $ — $ 27,986 $ 27,947 Non-mortgage loans receivable, net (2) 30,128 (3,976) 26,152 25,200 Total loans receivable and investments, net $ 58,114 $ (3,976) $ 54,138 $ 53,147 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 December 31, 2023. Other included investments have contractual maturities in 2024 and 2027. (4) Repaid at par in February 2023.

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED ENTITIES (Tables)	12 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of investments in unconsolidated subsidiaries	Below is a summary of our investments in unconsolidated real estate entities as of December 31, 2023 and 2022, respectively (dollars in thousands): Ownership (1) Carrying Amount as of December 31, as of December 31, 2023 2022 2023 2022 Investments in unconsolidated real estate entities: Ventas Life Science & Healthcare Real Estate Fund 18.3% 21.0% $ 264,442 $ 263,979 Pension Fund Joint Venture 23.6% 22.9% 22,169 25,028 Research & Innovation Development Joint Venture 51.3% 51.0% 275,829 284,962 Ventas Investment Management platform 562,440 573,969 Atrium Health & Wake Forest Joint Venture 48.5% 48.5% 35,137 5,403 All other (2) 34.0%-37.5% 34.0%-37.5% 629 577 Total investments in unconsolidated real estate entities $ 598,206 $ 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.
CONDENSED CONSOLIDATING STATEMENT OF INCOME	For the Years Ended December 31, 2023 2022 2021 Total revenues $ 6,526,010 $ 6,193,393 $ 5,751,765 Total pre-tax income 43,100 335,793 243,773 Total net (loss) income, net of noncontrolling interests (44,313) 212,112 110,384
CONDENSED CONSOLIDATING BALANCE SHEET	The following table summarizes the combined unaudited financial information of our equity method investments, based on the most recent financial information available to us as of the respective reporting dates and periods (dollars in thousands): As of December 31, 2023 2022 Total assets $ 9,423,867 $ 8,815,737 Total liabilities 6,133,776 5,818,276 Total noncontrolling interests 574,575 555,783 Total equity, net of noncontrolling interests 2,715,516 2,441,678

INTANGIBLES (Tables)

INTANGIBLES (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2023 As of December 31, 2022 Balance Weighted Average Balance Weighted Average Intangible assets: Above-market lease intangibles (1) $ 130,371 4.8 $ 129,038 5.4 In-place and other lease intangibles (2) 1,317,775 8.3 1,217,152 8.0 Goodwill 1,045,176 N/A 1,044,415 N/A Other intangibles (2) 34,440 4.8 34,404 5.6 Accumulated amortization (1,189,817) N/A (1,061,305) N/A Net intangible assets $ 1,337,945 8.0 $ 1,363,704 7.8 Intangible liabilities: Below-market lease intangibles (1) $ 306,499 8.1 $ 333,672 8.6 Other lease intangibles 13,498 N/A 13,498 N/A Accumulated amortization (241,600) N/A (258,639) N/A Purchase option intangibles 3,568 N/A 3,568 N/A Net intangible liabilities $ 81,965 8.1 $ 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.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following is a summary of the estimated net amortization related to these intangibles for each of the next five years (dollars in thousands): Estimated Net Amortization 2024 $ 102,539 2025 24,497 2026 17,653 2027 13,942 2028 11,802
Schedule of Goodwill	The table below reflects the carrying amount of goodwill, by segment, as of December 31, 2023 (dollars in thousands): Goodwill Outpatient medical and research portfolio $ 463,796 Triple-net leased properties 322,326 SHOP 259,054 Total goodwill $ 1,045,176

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2023 2022 Straight-line rent receivables $ 194,108 $ 187,536 Deferred lease costs, net 118,556 101,185 Investment in unconsolidated operating entities 80,312 95,363 Non-mortgage loans receivable, net 26,152 24,338 Stock warrants 59,281 23,621 Other intangibles, net 5,584 6,393 Other 199,417 171,387 Total other assets $ 683,410 $ 609,823

SENIOR NOTES PAYABLE AND OTHE_2

SENIOR NOTES PAYABLE AND OTHER DEBT (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2023 2022 Unsecured revolving credit facility (1)(2) $ 14,006 $ 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) 123,256 184,515 2.80% Senior Notes, Series E due 2024 (2) 55,143 442,837 Unsecured term loan due 2025 (2) 377,501 369,031 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) 358,626 350,579 3.85% Senior Notes due 2027 400,000 400,000 4.00% Senior Notes due 2028 650,000 650,000 5.398% Senior Notes, Series I due 2028 (2) 453,001 — 4.40% Senior Notes due 2029 750,000 750,000 3.00% Senior Notes due 2030 650,000 650,000 4.75% Senior Notes due 2030 500,000 500,000 2.50% Senior Notes due 2031 500,000 500,000 3.30% Senior Notes, Series H due 2031 (2) 226,501 221,419 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 3,174,251 2,436,443 Total 13,568,598 12,361,244 Deferred financing costs, net (84,034) (63,410) Unamortized fair value adjustment 17,081 23,535 Unamortized discounts (10,749) (24,589) Senior notes payable and other debt $ 13,490,896 $ 12,296,780 ______________________________ (1) As of December 31, 2023 and 2022, respectively, zero and $3.7 million of aggregate borrowings were denominated in Canadian dollars. Aggregate borrowings of $14.0 million and $21.5 million were denominated in British pounds as of December 31, 2023 and 2022, respectively. (2) British Pound and Canadian Dollar debt obligations shown in US Dollars. (3)
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations	As of December 31, 2023, our indebtedness had the following maturities (dollars in thousands): Principal Amount Unsecured Revolving Credit Facility and Commercial Paper Notes Scheduled Periodic Total Maturities 2024 $ 1,211,752 $ 52,430 $ 1,264,182 2025 2,166,134 14,006 46,892 2,227,032 2026 1,896,009 40,876 1,936,885 2027 1,564,570 40,896 1,605,466 2028 1,509,621 — 33,601 1,543,222 Thereafter 4,868,317 123,494 4,991,811 Total maturities $ 13,216,403 $ 14,006 $ 338,189 $ 13,568,598

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2023 As of December 31, 2022 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents (1) $ 508,794 $ 508,794 $ 122,564 $ 122,564 Escrow deposits and restricted cash (1) 54,668 54,668 48,181 48,181 Stock warrants (3)(5) 59,281 59,281 23,621 23,621 Secured mortgage loans and other, net (3)(4) 27,986 27,947 493,669 493,627 Non-mortgage loans receivable, net (3)(4)(5) 26,152 25,200 24,338 23,416 Government-sponsored pooled loan investments, net (3) — — 43,406 43,406 Derivative instruments (3)(5) 19,782 19,782 24,316 24,316 Liabilities: Senior notes payable and other debt, gross (3)(4) 13,568,598 13,104,091 12,361,244 11,493,824 Derivative instruments (3)(6) 2,525 2,525 145 145 Redeemable OP Units (2) 173,452 173,452 162,663 162,663 ______________________________ (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)

LONG-TERM COMPENSATION (Tables)

LONG-TERM COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of stock option activity	The following is a summary of stock option activity in 2023: Shares (000’s) Weighted Average Weighted Intrinsic Outstanding as of December 31, 2022 3,574 $ 61.95 Options granted — — Options exercised (33) 51.85 Options forfeited — — Options expired (84) 56.91 Outstanding as of December 31, 2023 3,457 62.17 2.2 $ — Exercisable as of December 31, 2023 3,457 62.17 2.2 $ —
Summary of status of nonvested restricted stock and restricted stock units and changes during the year	The following is a summary of the status of our non-vested restricted stock and restricted stock units (including time-based and performance-based awards) as of December 31, 2023, and changes during the year ended December 31, 2023: Restricted Weighted Restricted Weighted Non-vested at December 31, 2022 314 $ 51.47 1,128 $ 51.38 Granted — — 620 51.15 Vested (146) 51.80 (370) 50.58 Forfeited (12) 51.67 (69) 41.34 Non-vested at December 31, 2023 156 51.30 1,309 52.03

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of tax treatment of distributions per common share	Our tax treatment of distributions per common share was as follows: For the Years Ended December 31, 2023 2022 2021 Tax treatment of distributions: Ordinary income $ — $ — $ — Qualified ordinary income 0.04468 0.04906 0.00330 199A qualified business income 1.49465 1.75094 1.25274 Long-term capital gain 0.09136 — 0.16448 Unrecaptured Section 1250 gain — — 0.37948 Non-dividend distribution 0.16931 — — Distribution reported for 1099-DIV purposes 1.80000 1.80000 1.80000 Add: Dividend declared in current year and taxable in following year 0.45000 0.45000 0.45000 Less: Dividend declared in prior year and taxable in current year (0.45000) (0.45000) (0.45000) Distribution declared per common share outstanding $ 1.80000 $ 1.80000 $ 1.80000
Schedule of provision (benefit) for income taxes	Our consolidated expense (benefit) for income taxes was as follows (dollars in thousands): For the Years Ended December 31, 2023 2022 2021 Current - Federal $ 534 $ (2,257) $ 662 Current - State 2,564 2,662 2,116 Deferred - Federal (6,135) 338 6,431 Deferred - State 230 1,310 72 Current - Foreign 2,587 3,217 3,439 Deferred - Foreign (9,319) (22,196) (7,893) Total $ (9,539) $ (16,926) $ 4,827
Schedule of reconciliation of income tax expense	A reconciliation of income tax expense and benefit, which is computed by applying the federal corporate tax rate for the years ended December 31, 2023, 2022 and 2021, to the income tax expense and benefit is as follows (dollars in thousands): For the Years Ended December 31, 2023 2022 2021 Tax at statutory rate on earnings from continuing operations before unconsolidated entities, noncontrolling interest and income taxes $ (24,272) $ (19,733) $ (34,127) State income taxes, net of federal benefit (839) (5,411) (8,256) Change in valuation allowance 20,330 53,117 59,572 Tax at statutory rate on earnings not subject to federal income taxes (7,809) (31,528) (22,869) Foreign rate differential and foreign taxes 43 123 4,405 Change in tax status of TRS 9,171 (1,961) 3,485 Other differences (6,163) (11,533) 2,617 Income tax (benefit) expense $ (9,539) $ (16,926) $ 4,827
Summary of tax effects of temporary differences and carryforwards included in the net deferred tax liabilities	The tax effects of temporary differences and carryforwards included in the net deferred tax liabilities are summarized as follows (dollars in thousands): As of December 31, 2023 2022 2021 Property, primarily differences in depreciation and amortization, the tax basis of land assets and the treatment of interests and certain costs $ (26,071) $ (34,734) $ (58,691) Operating loss and interest deduction carryforwards 233,847 220,891 187,407 Expense accruals and other 26,700 16,723 21,628 Valuation allowance (257,222) (227,960) (198,450) Net deferred tax liabilities $ (22,746) $ (25,080) $ (48,106)
Summary of activity related to unrecognized tax benefits	The following table summarizes the activity related to our unrecognized tax benefits (dollars in thousands): 2023 2022 Balance as of January 1 $ 5,828 $ 6,082 Additions to tax positions related to prior years 108 2 Subtractions to tax positions related to prior years (731) (256) Balance as of December 31 $ 5,205 $ 5,828

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	The following table summarizes future minimum lease obligations under non-cancelable ground and other operating leases as of December 31, 2023 (dollars in thousands): 2024 $ 21,661 2025 16,871 2026 16,760 2027 15,891 2028 14,695 Thereafter 598,976 Total undiscounted minimum lease payments 684,854 Less: imputed interest (490,120) Operating lease liabilities $ 194,734

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 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 Years Ended December 31, 2023 2022 2021 Numerator for basic and diluted earnings per share: (Loss) income from continuing operations $ (30,297) $ (40,931) $ 56,559 Net (loss) income (30,297) (40,931) 56,559 Net income attributable to noncontrolling interests 10,676 6,516 7,551 Net (loss) income attributable to common stockholders $ (40,973) $ (47,447) $ 49,008 Denominator: Denominator for basic earnings per share—weighted average shares 401,809 399,549 382,785 Effect of dilutive securities: Stock options — — 34 Restricted stock awards 389 390 365 OP unitholder interests 3,472 3,515 3,120 Denominator for diluted earnings per share—adjusted weighted average shares 405,670 403,454 386,304 Basic earnings per share: (Loss) income from continuing operations $ (0.08) $ (0.10) $ 0.15 Net (loss) income attributable to common stockholders (0.10) (0.12) 0.13 Diluted earnings per share: (1) (Loss) income from continuing operations $ (0.08) $ (0.10) $ 0.15 Net (loss) income attributable to common stockholders (0.10) (0.12) 0.13 ______________________________ (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.

PERMANENT AND TEMPORARY EQUITY

PERMANENT AND TEMPORARY EQUITY (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income	The following is a summary of our accumulated other comprehensive loss (dollars in thousands): As of December 31, 2023 2022 Foreign currency translation loss $ (56,596) $ (60,364) Unrealized (loss) gain on available for sale securities (1,256) — Unrealized gain on derivative instruments 22,095 23,564 Total accumulated other comprehensive loss $ (35,757) $ (36,800)
Redeemable OP Unitholder and Noncontrolling Interest	The following is a roll-forward of our redeemable OP unitholder and noncontrolling interests for 2023 (dollars in thousands): Redeemable OP Unitholder Interests Redeemable Noncontrolling Interests Total Redeemable OP Unitholder and Noncontrolling Interests Balance as of December 31, 2022 $ 162,663 $ 101,987 $ 264,650 New issuances — 17,997 17,997 Change in fair value 18,056 13,498 31,554 Dispositions — (4,298) (4,298) Distributions and other (6,218) — (6,218) Redemptions (1,049) — (1,049) Balance as of December 31, 2023 $ 173,452 $ 129,184 $ 302,636

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	Summary information by reportable business segment is as follows (dollars in thousands): For the Year Ended December 31, 2023 SHOP Outpatient Medical and Research Portfolio Triple-Net Non-Segment Total Revenues: Rental income $ — $ 867,193 $ 619,208 $ — $ 1,486,401 Resident fees and services 2,959,219 — — — 2,959,219 Third party capital management revenues — 2,515 — 15,326 17,841 Income from loans and investments — — — 22,952 22,952 Interest and other income — — — 11,414 11,414 Total revenues $ 2,959,219 $ 869,708 $ 619,208 $ 49,692 $ 4,497,827 Total revenues $ 2,959,219 $ 869,708 $ 619,208 $ 49,692 $ 4,497,827 Less: Interest and other income — — — 11,414 11,414 Property-level operating expenses 2,247,812 292,776 14,557 — 2,555,145 Third party capital management expenses — — — 6,101 6,101 NOI $ 711,407 $ 576,932 $ 604,651 $ 32,177 1,925,167 Interest and other income 11,414 Interest expense (574,112) Depreciation and amortization (1,392,461) General, administrative and professional fees (148,876) Gain on extinguishment of debt, net 6,104 Transaction, transition and restructuring costs (15,215) Allowance on loans receivable and investments 20,270 Gain on foreclosure of real estate 29,127 Other income 23,001 Income from unconsolidated entities 13,626 Gain on real estate dispositions 62,119 Income tax benefit 9,539 Loss from continuing operations (30,297) Net loss (30,297) Net income attributable to noncontrolling interests 10,676 Net loss attributable to common stockholders $ (40,973) For the Year Ended December 31, 2022 SHOP Outpatient Medical and Research Portfolio Triple-Net Non-Segment Total Revenues: Rental income $ — $ 801,159 $ 598,154 $ — $ 1,399,313 Resident fees and services 2,651,886 — — — 2,651,886 Third party capital management revenues — 2,448 — 23,751 26,199 Income from loans and investments — — — 48,160 48,160 Interest and other income — — — 3,635 3,635 Total revenues $ 2,651,886 $ 803,607 $ 598,154 $ 75,546 $ 4,129,193 Total revenues $ 2,651,886 $ 803,607 $ 598,154 $ 75,546 $ 4,129,193 Less: Interest and other income — — — 3,635 3,635 Property-level operating expenses 2,004,420 257,003 15,301 — 2,276,724 Third party capital management expenses — — — 6,194 6,194 NOI $ 647,466 $ 546,604 $ 582,853 $ 65,717 1,842,640 Interest and other income 3,635 Interest expense (467,557) Depreciation and amortization (1,197,798) General, administrative and professional fees (144,874) Loss on extinguishment of debt, net (581) Transaction, transition and restructuring costs (30,884) Allowance on loans receivable and investments (19,757) Shareholder relations matters (20,693) Other expense (58,268) Income from unconsolidated entities 28,500 Gain on real estate dispositions 7,780 Income tax benefit 16,926 Loss from continuing operations (40,931) Net loss (40,931) Net income attributable to noncontrolling interests 6,516 Net loss attributable to common stockholders $ (47,447) For the Year Ended December 31, 2021 SHOP Outpatient Medical and Research Portfolio Triple-Net Non-Segment Total Revenues: Rental income $ — $ 794,297 $ 653,823 $ — $ 1,448,120 Resident fees and services 2,270,001 — — — 2,270,001 Third party capital management revenues — 8,384 — 11,712 20,096 Income from loans and investments — — — 74,981 74,981 Interest and other income — — — 14,809 14,809 Total revenues $ 2,270,001 $ 802,681 $ 653,823 $ 101,502 $ 3,828,007 Total revenues $ 2,270,001 $ 802,681 $ 653,823 $ 101,502 $ 3,828,007 Less: Interest and other income — — — 14,809 14,809 Property-level operating expenses 1,811,728 257,001 15,335 — 2,084,064 Third party capital management expenses — 1,798 — 2,635 4,433 NOI $ 458,273 $ 543,882 $ 638,488 $ 84,058 1,724,701 Interest and other income 14,809 Interest expense (440,089) Depreciation and amortization (1,197,403) General, administrative and professional fees (129,758) Loss on extinguishment of debt, net (59,299) Transaction, transition and restructuring costs (47,318) Allowance on loans receivable and investments 9,082 Other expense (37,110) Income from unconsolidated entities 4,983 Gain on real estate dispositions 218,788 Income tax expense (4,827) Income from continuing operations 56,559 Net income 56,559 Net income attributable to noncontrolling interests 7,551 Net income attributable to common stockholders $ 49,008
Reconciliation of Assets from Segment to Consolidated	Assets by reportable business segment are as follows (dollars in thousands): As of December 31, Assets: 2023 2022 SHOP $ 12,864,029 52.0 % $ 12,369,218 51.2 % Outpatient medical and research portfolio 6,943,446 28.1 6,558,416 27.1 Triple-net leased properties 4,120,691 16.7 4,272,303 17.7 Non-segment 797,267 3.2 957,903 4.0 Total assets $ 24,725,433 100.0 % $ 24,157,840 100.0 %
Segment Reporting Information Expenditures for Additions to Long-Lived Assets	Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment are as follows (dollars in thousands): For the Years Ended December 31, Capital Expenditures: 2023 2022 2021 SHOP $ 409,105 $ 423,420 $ 1,463,551 Outpatient medical and research portfolio 231,855 472,662 245,546 Triple-net leased properties 8,511 4,614 92,924 Total capital expenditures $ 649,471 $ 900,696 $ 1,802,021
Long-lived Assets by Geographic Areas	As of December 31, Net Real Estate Property: 2023 2022 United States $ 18,702,960 $ 18,168,224 Canada 2,837,858 2,782,350 United Kingdom 208,132 209,876 Total net real estate property $ 21,748,950 $ 21,160,450
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas	Geographic information regarding our operations is as follows (dollars in thousands): For the Years Ended December 31, Revenues: 2023 2022 2021 United States $ 4,004,173 $ 3,652,327 $ 3,363,197 Canada 464,772 449,091 434,862 United Kingdom 28,882 27,775 29,948 Total revenues $ 4,497,827 $ 4,129,193 $ 3,828,007

DESCRIPTION OF BUSINESS - Narra

DESCRIPTION OF BUSINESS - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 segment property	Dec. 31, 2022 segment	Dec. 31, 2021 segment
Real estate properties
Number of Properties	1,355
Number of reportable segments | segment	3	3	3
Percentage of Total NOI	100%
Triple-net leased properties
Real estate properties
Number of Properties	331
Percentage of Total NOI	31%
Outpatient Medical And Research Portfolio
Real estate properties
Number of Properties	437
Percentage of Total NOI	30%

DESCRIPTION OF BUSINESS - Sched

DESCRIPTION OF BUSINESS - Schedule of reportable business segments and non-segment assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Real estate properties
NOI | $	$ 1,925,167	$ 1,842,640	$ 1,724,701
Percentage of Total NOI	100%
Number of Properties | property	1,355
Outpatient Medical And Research Portfolio
Real estate properties
Percentage of Total NOI	30%
Number of Properties | property	437
Triple-net leased properties
Real estate properties
Percentage of Total NOI	31%
Number of Properties | property	331
Non-Segment
Real estate properties
Percentage of Total NOI	2%
Number of Properties | property	0
Operating Segments | Seniors Housing Communities Managed by Independent Operators
Real estate properties
Percentage of Total NOI	37%
Number of Properties | property	587
Operating Segments | SHOP
Real estate properties
NOI | $	$ 711,407	647,466	458,273
Operating Segments | Outpatient Medical And Research Portfolio
Real estate properties
NOI | $	576,932	546,604	543,882
Operating Segments | Triple-net leased properties
Real estate properties
NOI | $	604,651	582,853	638,488
Non-Segment
Real estate properties
NOI | $	$ 32,177	$ 65,717	$ 84,058

ACCOUNTING POLICIES - Schedule

ACCOUNTING POLICIES - Schedule of VIEs (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Total Assets	$ 24,725,433	$ 24,157,840
Total Liabilities	14,878,392	13,671,513
Variable Interest Entity, Primary Beneficiary | NHP/PMB L.P.
Variable Interest Entity [Line Items]
Total Assets	759,817	741,890
Total Liabilities	266,658	252,518
Variable Interest Entity, Primary Beneficiary | Other identified VIEs
Variable Interest Entity [Line Items]
Total Assets	1,597,957	1,699,949
Total Liabilities	354,828	333,185
Variable Interest Entity, Primary Beneficiary | Tax credit VIEs
Variable Interest Entity [Line Items]
Total Assets	29,746	128,240
Total Liabilities	4,024	16,767
Variable Interest Entity, Primary Beneficiary | Fonds Immobilier Groupe Maurice, S.E.C.
Variable Interest Entity [Line Items]
Total Assets	1,971,410	1,957,075
Total Liabilities	$ 1,204,619	$ 1,170,928

ACCOUNTING POLICIES - Redeemabl

ACCOUNTING POLICIES - Redeemable OP Unitholder and Noncontrolling Interests (Details) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($)
Redeemable OP Unitholder Interests [Line Items]
Redeemable OP Unitholder interests | $	$ 173.5	$ 162.7
NHP/PMB L.P.
Redeemable OP Unitholder Interests [Line Items]
Unit conversion factor for common stock	0.9051
Capital Unit, Class A | LImited Partner | NHP/PMB L.P.
Redeemable OP Unitholder Interests [Line Items]
Limited partners' units outstanding	3.8
Capital Unit, Class A | LImited Partner | NHP/PMB L.P. | NHP/PMB L.P.
Redeemable OP Unitholder Interests [Line Items]
Percentage of ownership interest on total units outstanding	34%
Capital Unit, Class B | Redeemable OP Unitholder Interests | NHP/PMB L.P.
Redeemable OP Unitholder Interests [Line Items]
General partner's units outstanding	7.6
Capital Unit, Class B | Redeemable OP Unitholder Interests | NHP/PMB L.P. | NHP/PMB L.P.
Redeemable OP Unitholder Interests [Line Items]
Percentage of ownership interest on total units outstanding	66%

ACCOUNTING POLICIES - Accountin

ACCOUNTING POLICIES - Accounting for Historic and New Markets Tax Credits (Details)	Dec. 31, 2023 property
Real Estate [Line Items]
Number of Properties	1,355
Maximum of qualified investment potentially received as new market tax credit	39%
Amount of recapture new market tax credits are subject to until the end of the seventh year following the qualified investment	100%
Amount of recapture per year historic tax credits are subject to one year after completion of project	20%
Real Estate Properties That Qualify For Certain Tax Credits
Real Estate [Line Items]
Number of Properties	1

ACCOUNTING POLICIES - Account_2

ACCOUNTING POLICIES - Accounting for Real Estate Acquisitions (Details)	Dec. 31, 2023
Building
Business Acquisition [Line Items]
Estimated remaining life	35 years

ACCOUNTING POLICIES - Deferred

ACCOUNTING POLICIES - Deferred Financing Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Amortization of debt issuance costs	$ 23.2	$ 18.2	$ 19.7

ACCOUNTING POLICIES - Fair Valu

ACCOUNTING POLICIES - Fair Value of Financial Instruments (Details) - Mortgage-backed Securities, Issued by Private Enterprises $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Allowance	$ 20
Loan interest income	$ 40
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Variable rate spread on mezzanine loan	0.0642

ACCOUNTING POLICIES - Revenue R

ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Straight-line rent receivables, net	$ 194,108	$ 187,536

ACCOUNTING POLICIES - Segments

ACCOUNTING POLICIES - Segments (Details) - segment	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Number of reportable segments	3	3	3

ACCOUNTING POLICIES - Governmen

ACCOUNTING POLICIES - Government Assistance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
COVID-19 Impact
Government Grants [Line Items]
HHS Grants Received of Provider Relief Fund	$ 54.2	$ 15.4

CONCENTRATION OF CREDIT RISK -

CONCENTRATION OF CREDIT RISK - Narrative (Details) shares in Millions	12 Months Ended
	Dec. 31, 2023 property state renewalOption senior_housing province $ / shares shares	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2022
Concentration Risk [Line Items]
Number of Properties	1,355
Operating Lease, Lease Income, Lease Payments, Full Year's Base Rent				103%
Annual escalators percentage				3%
Outpatient Medical And Research Portfolio
Concentration Risk [Line Items]
Number of Properties	437
Triple-net leased properties
Concentration Risk [Line Items]
Number of Properties	331
Triple-net leased properties | Long-Term Acute Care Facilities | Brookdale Senior Living
Concentration Risk [Line Items]
Number of Properties	121
Triple-net leased properties | Long-Term Acute Care Facilities | Kindred
Concentration Risk [Line Items]
Number of Properties	29
Triple-net leased properties | Long-Term Acute Care Facilities | Kindred | Renewal Group One
Concentration Risk [Line Items]
Number of Properties	6
Number of renewal extensions | renewalOption	2
Renewal term	5 years
Triple-net leased properties | Long-Term Acute Care Facilities | Kindred | Renewal Group Two
Concentration Risk [Line Items]
Number of Properties	23
Triple-net leased properties | Long-Term Acute Care Facilities | Kindred | Renewal Group Two - Escalated Rent
Concentration Risk [Line Items]
Number of renewal extensions | renewalOption	1
Renewal term	5 years
Triple-net leased properties | Long-Term Acute Care Facilities | Ardent
Concentration Risk [Line Items]
Number of Properties	11
SHOP | Long-Term Acute Care Facilities | Brookdale Senior Living
Concentration Risk [Line Items]
Number of Properties	10
Outpatient Medical And Research Portfolio | Long-Term Acute Care Facilities | Ardent
Concentration Risk [Line Items]
Number of Properties	19
Brookdale Senior Living
Concentration Risk [Line Items]
Shares of common stock (in shares) | shares	16.3
Exercise price (usd per share) | $ / shares	$ 3
Experienced Operators | Senior Living Communities, Operations to be Transitioned
Concentration Risk [Line Items]
Number of Properties	90
Number of Experienced Managers | senior_housing	7
Customer Concentration Risk
Concentration Risk [Line Items]
Continuing revenues and NOI from properties located in California	10%
Customer Concentration Risk | CALIFORNIA
Concentration Risk [Line Items]
Number of states accounting for more than ten percent of revenues and net operating income | state	1
Customer Concentration Risk | Contribution as a Percentage of Total NOI: | Triple-net leased properties
Concentration Risk [Line Items]
Percentage of real estate investments based on gross book value (as a percent)	31.40%
Customer Concentration Risk | Contribution as a Percentage of Total NOI: | Triple-net leased properties | Senior Housing
Concentration Risk [Line Items]
Percentage of real estate investments based on gross book value (as a percent)	37%
Customer Concentration Risk | Contribution as a Percentage of Total NOI: | SHOP | Outpatient Medical And Research Portfolio
Concentration Risk [Line Items]
Percentage of real estate investments based on gross book value (as a percent)	30%
Customer Concentration Risk | Contribution as a Percentage of Total NOI: | Atria
Concentration Risk [Line Items]
Percentage of real estate investments based on gross book value (as a percent)	20.10%
Customer Concentration Risk | Contribution as a Percentage of Total NOI: | Sunrise
Concentration Risk [Line Items]
Percentage of real estate investments based on gross book value (as a percent)	4.50%
Customer Concentration Risk | Contribution as a Percentage of Total NOI: | Brookdale Senior Living
Concentration Risk [Line Items]
Percentage of real estate investments based on gross book value (as a percent)	7.70%	8.10%	8.60%
Customer Concentration Risk | Contribution as a Percentage of Total NOI: | Ardent
Concentration Risk [Line Items]
Percentage of real estate investments based on gross book value (as a percent)	6.90%	7.10%	7.40%
Customer Concentration Risk | Contribution as a Percentage of Total NOI: | Kindred
Concentration Risk [Line Items]
Percentage of real estate investments based on gross book value (as a percent)	6.90%	7.30%	7.80%
Geographic Concentration Risk
Concentration Risk [Line Items]
Number of US states in which entity operates | state	47
Geographic Concentration Risk | Canada
Concentration Risk [Line Items]
Number of provinces in which the company operates | province	7

CONCENTRATION OF CREDIT RISK _2

CONCENTRATION OF CREDIT RISK - Triple-Net Leased Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real estate properties
Other noncash expense	$ 44,503	$ (52,489)	$ (26,404)
Brookdale Senior Living
Real estate properties
Other noncash expense	$ (42,600)	$ (42,600)	$ (42,600)
Customer Concentration Risk | Revenues | Brookdale Senior Living
Real estate properties
Concentration risk	3.30%	3.60%	3.90%
Customer Concentration Risk | Revenues | Ardent
Real estate properties
Concentration risk	3%	3.20%	3.30%
Customer Concentration Risk | Revenues | Kindred
Real estate properties
Concentration risk	2.90%	3.20%	3.80%
Customer Concentration Risk | Contribution as a Percentage of Total NOI: | Brookdale Senior Living
Real estate properties
Concentration risk	7.70%	8.10%	8.60%
Customer Concentration Risk | Contribution as a Percentage of Total NOI: | Ardent
Real estate properties
Concentration risk	6.90%	7.10%	7.40%
Customer Concentration Risk | Contribution as a Percentage of Total NOI: | Kindred
Real estate properties
Concentration risk	6.90%	7.30%	7.80%

CONCENTRATION OF CREDIT RISK _3

CONCENTRATION OF CREDIT RISK - Minimum Rents (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Concentration Risk [Line Items]
2024	$ 1,204,834
2025	1,039,248
2026	785,808
2027	683,346
2028	570,600
Thereafter	2,403,254
Total	6,687,090
Brookdale Senior Living
Concentration Risk [Line Items]
2024	149,045
2025	148,586
2026	0
2027	0
2028	0
Thereafter	0
Total	297,631
Ardent
Concentration Risk [Line Items]
2024	149,470
2025	149,470
2026	148,927
2027	147,839
2028	147,839
Thereafter	968,188
Total	1,711,733
Kindred
Concentration Risk [Line Items]
2024	134,372
2025	62,124
2026	25,839
2027	25,839
2028	8,613
Thereafter	0
Total	256,787
Other
Concentration Risk [Line Items]
2024	771,947
2025	679,068
2026	611,042
2027	509,668
2028	414,148
Thereafter	1,435,066
Total	$ 4,420,939

CONCENTRATION OF CREDIT RISK _4

CONCENTRATION OF CREDIT RISK - Kindred Lease (Details)	Dec. 31, 2023 property renewalOption
Concentration Risk [Line Items]
Number of Properties	1,355
Kindred | Long-Term Acute Care Facilities | Triple-net leased properties
Concentration Risk [Line Items]
Number of Properties	29
Kindred | Long-Term Acute Care Facilities | Triple-net leased properties | Renewal Group One
Concentration Risk [Line Items]
Number of Properties	6
Number of renewal extensions | renewalOption	2
Renewal term	5 years
Kindred | Long-Term Acute Care Facilities | Triple-net leased properties | Renewal Group Two
Concentration Risk [Line Items]
Number of Properties	23
Kindred | Long-Term Acute Care Facilities | Triple-net leased properties | Renewal Group Two - Escalated Rent
Concentration Risk [Line Items]
Number of renewal extensions | renewalOption	1
Renewal term	5 years

CONCENTRATION OF CREDIT RISK _5

CONCENTRATION OF CREDIT RISK - Brookdale Transactions (Details) shares in Millions	Dec. 31, 2023 property $ / shares shares	Jan. 01, 2022
Concentration Risk [Line Items]
Number of Properties | property	1,355
Annual escalators percentage		3%
Brookdale Senior Living
Concentration Risk [Line Items]
Shares of common stock (in shares) | shares	16.3
Exercise price (usd per share) | $ / shares	$ 3

CONCENTRATION OF CREDIT RISK _6

CONCENTRATION OF CREDIT RISK - Senior Housing Operating Portfolio (Details) - property	Dec. 31, 2023	Jul. 30, 2021
Concentration Risk [Line Items]
Number of Properties	1,355
Senior Housing
Concentration Risk [Line Items]
Number of independent third party managed properties	587
Atria and Sunrise | Senior Housing
Concentration Risk [Line Items]
Number of independent third party managed properties	308
Holiday Retirement [Member] | Senior Living Communities, Operations to be Transitioned
Concentration Risk [Line Items]
Number of independent third party managed properties		26
Number Of Third Party Managed Properties	67
Atria | Senior Housing
Concentration Risk [Line Items]
Number of independent third party managed properties	216
Experienced Operators | Senior Living Communities, Operations to be Transitioned
Concentration Risk [Line Items]
Number of Properties	90
Sunrise | Senior Housing
Concentration Risk [Line Items]
Number of independent third party managed properties	92

ACQUISITION OF REAL ESTATE PR_2

ACQUISITION OF REAL ESTATE PROPERTY - 2022 Acquisitions (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) property
Business Acquisition [Line Items]
Value of assets acquired | $	$ 453.2
Behavioral Health Center
Business Acquisition [Line Items]
Number of real estate properties acquired	1
Research And Innovation Center
Business Acquisition [Line Items]
Number of real estate properties acquired	1
Senior Housing Community
Business Acquisition [Line Items]
Number of real estate properties acquired	2
Ardent, Outpatient Medical Buildings
Business Acquisition [Line Items]
Number of real estate properties acquired	18

ACQUISITION OF REAL ESTATE PR_3

ACQUISITION OF REAL ESTATE PROPERTY - 2021 Acquisitions (Details) $ in Millions		12 Months Ended
	Sep. 21, 2021 USD ($) shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) property
Business Acquisition [Line Items]
Value of assets acquired		$ 453.2
New Senior Investment Group Inc. Acquisition
Business Acquisition [Line Items]
Payments for asset acquisitions	$ 2,300
Value of assets acquired	$ 2,400
Number of shares issued in transaction (in shares) | shares	13,300,000
Number of shares issued for each acquiree share | shares	0.1561
Mortgage debt assumed in transaction	$ 482.5
Cash paid for transaction at closing	$ 1,100
New Senior Investment Group Inc. Acquisition | SHOP
Business Acquisition [Line Items]
Number of real estate properties acquired | property			102
New Senior Investment Group Inc. Acquisition | Triple-net leased properties
Business Acquisition [Line Items]
Number of real estate properties acquired | property			1
Canadian Senior Housing Community And Behavior Health Center Acquisition
Business Acquisition [Line Items]
Value of assets acquired			$ 240.7
Number of real estate properties acquired | property			6

ACQUISITION OF REAL ESTATE PR_4

ACQUISITION OF REAL ESTATE PROPERTY - 2024 Acquisitions (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2024	Dec. 31, 2022
Business Acquisition [Line Items]
Value of assets acquired		$ 453.2
Subsequent Event | SHOP
Business Acquisition [Line Items]
Value of assets acquired	$ 36

DISPOSITIONS AND IMPAIRMENTS -

DISPOSITIONS AND IMPAIRMENTS - 2023 Disposition Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties	1,355
Proceeds from real estate disposals | $	$ 399,534	$ 112,926	$ 840,438
Gain on real estate dispositions | $	62,119	7,780	218,788
Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from real estate disposals | $	399,500	$ 115,100	$ 859,700
Gain on real estate dispositions | $	$ 62,100
Dispositions | Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties	2	1
Dispositions | SHOP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties	7
Dispositions | Vacant Senior Living Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties	4
Dispositions | Outpatient Medical Buildings And Other
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties	7
Dispositions | Research Centers
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties	3
Dispositions | Triple-net leased properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties	9
Dispositions | Vacant Triple Net Leased Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties	2

DISPOSITIONS AND IMPAIRMENTS _2

DISPOSITIONS AND IMPAIRMENTS - 2022 Dispositions Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties	1,355
Proceeds from real estate disposals | $	$ 399,534	$ 112,926	$ 840,438
Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from real estate disposals | $	$ 399,500	115,100	859,700
Gain on real estate dispositions | $		$ 7,800	$ 218,800
Seniors Housing Communities | Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties		7
Triple-net leased properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties	331
Triple-net leased properties | Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties		3	8
Land | Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties	2	1
Building | Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties		1
Outpatient Medical Buildings And Other | Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties		2	34

DISPOSITIONS AND IMPAIRMENTS _3

DISPOSITIONS AND IMPAIRMENTS - 2021 Dispositions Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties	1,355
Proceeds from real estate disposals | $	$ 399,534	$ 112,926	$ 840,438
Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from real estate disposals | $	$ 399,500	115,100	859,700
Gain on real estate dispositions | $		$ 7,800	$ 218,800
Triple-net leased properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties	331
Triple-net leased properties | Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties		3	8
SHOP | Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties			23
Outpatient Medical Buildings And Other | Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties		2	34

DISPOSITIONS AND IMPAIRMENTS _4

DISPOSITIONS AND IMPAIRMENTS - Assets Held For Sale and Impairment (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets Held for Sale	$ 56,489	$ 44,893
Liabilities Related to Assets Held for Sale	9,243	6,492
SHOP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets Held for Sale	48,173	44,852
Liabilities Related to Assets Held for Sale	6,419	5,675
Triple-net leased properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets Held for Sale	2,885	0
Liabilities Related to Assets Held for Sale	181	0
Outpatient Medical Buildings And Other
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets Held for Sale	5,431	41
Liabilities Related to Assets Held for Sale	$ 2,643	$ 817
Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties Held for Sale | property	17	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	13	3
Disposal Group, Held-for-sale, Not Discontinued Operations | Triple-net leased properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties Held for Sale | property	1	0
Disposal Group, Held-for-sale, Not Discontinued Operations | Outpatient Medical Buildings And Other
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties Held for Sale | property	3	0
Depreciation and amortization
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate impairments related to natural disasters	$ 226,600	$ 107,800	$ 219,400

LOANS RECEIVABLE AND INVESTME_3

LOANS RECEIVABLE AND INVESTMENTS - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Loans Receivable And Investments [Abstract]
Net loans receivable and investments relating to properties	$ 54,138	$ 561,413

LOANS RECEIVABLE AND INVESTME_4

LOANS RECEIVABLE AND INVESTMENTS - Schedule of Loans Receivable and Investments (Details) $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance	$ (3,976)	$ (24,621)
Non-mortgage loans receivable, net	26,152	24,338
Secured loans, unsecured loans, and other available-for-sale securities, amortized cost	58,114	586,034
Total loans receivable and investments, net	54,138	561,413
Secured loans, unsecured loans, and other available-for-sale securities, fair value	53,147	560,449
Non-mortgage loans receivable, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance	(3,976)	(4,621)
Non-mortgage loans receivable, amortized cost	30,128	28,959
Non-mortgage loans receivable, net	26,152	24,338
Non-mortgage loans receivable, fair value	25,200	23,416
Secured/mortgage loans and other, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Held-to-maturity securities, amortized cost	27,986	513,669
Allowance	0	(20,000)
Held-to-maturity securities, carrying amount	27,986	493,669
Held-to-maturity securities, fair value	$ 27,947	493,627
Government-sponsored pooled loan investments, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance		0
Available-for-sale securities, amortized cost		43,406
Available-for-sale securities		43,406
Total investments reported as secured loans receivable and investments, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance		(20,000)
Debt securities, available-for-sale and held-to-maturity, amortized cost		557,075
Debt securities, available-for-sale and held-to-maturity, carrying amount		537,075
Debt securities, available-for-sale and held-to-maturity, fair value		$ 537,033
Mortgage-backed Securities, Issued by Private Enterprises | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Variable rate spread on mezzanine loan		0.0642

LOANS RECEIVABLE AND INVESTME_5

LOANS RECEIVABLE AND INVESTMENTS - 2022 Activity (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Mortgage-backed Securities, Issued by Private Enterprises
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance	$ 20
Mortgage-backed Securities, Issued by Private Enterprises | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Variable rate spread on mezzanine loan	0.0642
Secured Debt Financing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal amount of debt	$ 29.1
Secured Debt Financing | Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Term	2 years
Secured Debt Financing | Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Term	5 years
Secured Debt Financing | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt instrument, basis spread on variable rate	3.75%
Secured Debt Financing | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt instrument, basis spread on variable rate	5%

LOANS RECEIVABLE AND INVESTME_6

LOANS RECEIVABLE AND INVESTMENTS - 2023 Activity (Details) - Mortgage loans and other $ in Millions, $ in Millions	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CAD ($)	Jul. 31, 2023 USD ($)	May 01, 2023 USD ($)	Mar. 31, 2023 CAD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal amount of debt	$ 3,200	$ 93.5	$ 426.8		$ 271.8
Nonrecourse
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal amount of debt				$ 1,000

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED ENTITIES - Schedule of Investments in Unconsolidated Subsidiaries (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Equity method investments
Carrying Amount	$ 598,206	$ 579,949
Unconsolidated Properties | Ventas Life Science & Healthcare Real Estate Fund
Equity method investments
Ownership interests	18.30%	21%
Carrying Amount	$ 264,442	$ 263,979
Unconsolidated Properties | Pension Fund Joint Venture
Equity method investments
Ownership interests	23.60%	22.90%
Carrying Amount	$ 22,169	$ 25,028
Unconsolidated Properties | Research & Innovation Development Joint Venture
Equity method investments
Ownership interests	51.30%	51%
Carrying Amount	$ 275,829	$ 284,962
Unconsolidated Properties | Ventas Investment Management platform
Equity method investments
Carrying Amount	$ 562,440	$ 573,969
Unconsolidated Properties | Atrium Health & Wake Forest Joint Venture
Equity method investments
Ownership interests	48.50%	48.50%
Carrying Amount	$ 35,137	$ 5,403
Unconsolidated Properties | All other
Equity method investments
Carrying Amount	$ 629	$ 577
Unconsolidated Properties | All other | Minimum
Equity method investments
Ownership interests	34%	34%
Unconsolidated Properties | All other | Maximum
Equity method investments
Ownership interests	37.50%	37.50%

INVESTMENT IN UNCONSOLIDATED _4

INVESTMENT IN UNCONSOLIDATED ENTITIES - Narrative (Details) ft² in Thousands, $ in Thousands	1 Months Ended		3 Months Ended	12 Months Ended
	May 31, 2023 USD ($)	Dec. 31, 2022 USD ($) ft²	Dec. 31, 2022 USD ($) ft²	Dec. 31, 2023 USD ($) board_member	Dec. 31, 2022 USD ($) ft²	Dec. 31, 2021 USD ($)	Apr. 30, 2023
Equity method investments
Non-cash gain on sale				$ 33,500
Income recognized				13,626	$ 28,500	$ 4,973
Proceeds from sale of equity method investments	$ 50,100
Goodwill		$ 1,044,415	$ 1,044,415	1,045,176	$ 1,044,415
Outpatient Medical And Research Portfolio
Equity method investments
Goodwill				$ 463,796
Atria
Equity method investments
Ownership interests				34%
Number of board of directors members appointed | board_member				2
Non-cash gain on sale			$ 26,100
Income recognized		$ 11,700
Ardent
Equity method investments
Ownership interests				7.50%			9.80%
Number of board of directors members appointed | board_member				1
Equity Method Investment, Ownership Percentage, Disposed Of	0.24
Glennis Combined SaaS Company
Equity method investments
Ownership interests		10%	10%		10%
Ventas Fund
Equity method investments
Revenue from contracts with customers					$ 9,900
Area of Real Estate Property | ft²		326	326		326
Management Service
Equity method investments
Revenue from contracts with customers				$ 14,700	$ 14,500	$ 12,400

INVESTMENT IN UNCONSOLIDATED _5

INVESTMENT IN UNCONSOLIDATED ENTITIES - Schedule of Combined Summarized Balance Sheets of Unconsolidated Entities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real estate properties
Total Assets	$ 24,725,433	$ 24,157,840
Total Liabilities	14,878,392	13,671,513
Noncontrolling interests	56,347	68,709
Stockholders' Equity Attributable to Parent	9,488,058	10,152,968
Revenues	4,497,827	4,129,193	$ 3,828,007
Loss before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests	(115,581)	(94,137)	(162,385)
Net (loss) income	(30,297)	(40,931)	56,559
Unconsolidated Properties
Real estate properties
Total Assets	9,423,867	8,815,737
Total Liabilities	6,133,776	5,818,276
Noncontrolling interests	574,575	555,783
Stockholders' Equity Attributable to Parent	2,715,516	2,441,678
Revenues	6,526,010	6,193,393	5,751,765
Loss before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests	43,100	335,793	243,773
Net (loss) income	$ (44,313)	$ 212,112	$ 110,384

INVESTMENT IN UNCONSOLIDATED _6

INVESTMENT IN UNCONSOLIDATED ENTITIES - Schedule of Combined Summarized Statement of Income of Unconsolidated Entities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real estate properties
Revenues	$ 4,497,827	$ 4,129,193	$ 3,828,007
Loss before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests	(115,581)	(94,137)	(162,385)
Net (loss) income	(30,297)	(40,931)	56,559
Unconsolidated Properties
Real estate properties
Revenues	6,526,010	6,193,393	5,751,765
Loss before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests	43,100	335,793	243,773
Net (loss) income	$ (44,313)	$ 212,112	$ 110,384

INTANGIBLES - Summary of Intang

INTANGIBLES - Summary of Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Intangible assets:
Acquired lease intangibles	$ 1,448,146	$ 1,346,190
Goodwill	1,045,176	1,044,415
Accumulated amortization	(1,189,817)	(1,061,305)
Net intangible assets	$ 1,337,945	$ 1,363,704
Weighted Average Remaining Amortization Period in Years	8 years	7 years 9 months 18 days
Intangible liabilities:
Below-market lease intangibles	$ 306,499	$ 333,672
Other lease intangibles	13,498	13,498
Accumulated amortization	(241,600)	(258,639)
Purchase option intangibles	3,568	3,568
Net intangible liabilities	$ 81,965	$ 92,099
Below market leases, remaining weighted average amortization period	8 years 1 month 6 days	8 years 7 months 6 days
Net intangible liabilities, remaining weighted average amortization period	8 years 1 month 6 days	8 years 7 months 6 days
Intangibles
Net amortization expense	$ 111,200	$ 102,400	$ 29,300
2024	102,539
2025	24,497
2026	17,653
2027	13,942
2028	11,802
Above-market lease intangibles
Intangible assets:
Acquired lease intangibles	$ 130,371	$ 129,038
Weighted Average Remaining Amortization Period in Years	4 years 9 months 18 days	5 years 4 months 24 days
In-place and other lease intangibles
Intangible assets:
Acquired lease intangibles	$ 1,317,775	$ 1,217,152
Weighted Average Remaining Amortization Period in Years	8 years 3 months 18 days	8 years
Other intangibles
Intangible assets:
Other intangibles	$ 34,440	$ 34,404
Weighted Average Remaining Amortization Period in Years	4 years 9 months 18 days	5 years 7 months 6 days

INTANGIBLES - Goodwill (Details

INTANGIBLES - Goodwill (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Goodwill [Line Items]
Goodwill	$ 1,045,176
Triple-net leased properties
Goodwill [Line Items]
Goodwill	322,326
SHOP
Goodwill [Line Items]
Goodwill	$ 259,054

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	Dec. 31, 2023	Dec. 31, 2022
Other Assets Disclosure [Line Item]
Straight-line rent receivables	$ 194,108	$ 187,536
Non-mortgage loans receivable, net	26,152	24,338
Stock warrants	59,281	23,621
Other intangibles, net	5,584	6,393
Investment in unconsolidated operating entities	80,312	95,363
Other	199,417	171,387
Total other assets	683,410	609,823
Deferred Costs, Leasing, Net	$ 118,556	$ 101,185
Brookdale Senior Living
Other Assets Disclosure [Line Item]
Shares of common stock (in shares)	16.3
Exercise price (usd per share)	$ 3

SENIOR NOTES PAYABLE AND OTHE_3

SENIOR NOTES PAYABLE AND OTHER DEBT - Summary of Senior Notes Payable and Other Debt (Details) $ in Thousands, $ in Millions	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CAD ($)	Oct. 31, 2023 USD ($)	Jul. 31, 2023	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Commercial paper notes	$ 0				$ 403,000
Long-term debt, gross	13,568,598				12,361,244
Deferred financing costs, net	(84,034)				(63,410)
Unamortized fair value adjustment	17,081				23,535
Unamortized discounts	(10,749)				(24,589)
Senior notes payable and other debt	13,490,896				12,296,780
Unsecured revolving credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, amount outstanding	14,006				25,230
2.55% Senior Notes, Series D due 2023
Debt Instrument [Line Items]
Senior notes	$ 0				202,967
Interest rate	2.55%	2.55%
3.50% Senior Notes due 2024
Debt Instrument [Line Items]
Senior notes	$ 400,000				400,000
Interest rate	3.50%	3.50%
3.75% Senior Notes due 2024
Debt Instrument [Line Items]
Senior notes	$ 400,000				400,000
Interest rate	3.75%	3.75%
4.125% Senior Notes, Series B due 2024
Debt Instrument [Line Items]
Senior notes	$ 123,256				184,515
2.80% Senior Notes, Series E due 2024
Debt Instrument [Line Items]
Senior notes	55,143				442,837
Unsecured Term Loan due 2025
Debt Instrument [Line Items]
Unsecured debt	377,501	$ 500			369,031
3.50% Senior Notes due 2025
Debt Instrument [Line Items]
Senior notes	$ 600,000				600,000
Interest rate	3.50%	3.50%
2.65% Senior Notes due 2025
Debt Instrument [Line Items]
Senior notes	$ 450,000				450,000
Interest rate	2.65%	2.65%
4.125% Senior Notes due 2026
Debt Instrument [Line Items]
Senior notes	$ 500,000				500,000
Interest rate	4.125%	4.125%
3.25% Senior Notes due 2026
Debt Instrument [Line Items]
Senior notes	$ 450,000				450,000
Interest rate	3.25%	3.25%
3.75% Exchangeable Senior Notes due 2026
Debt Instrument [Line Items]
Senior notes	$ 862,500				0
Interest rate	3.75%	3.75%
Unsecured term loan due February 2027
Debt Instrument [Line Items]
Unsecured debt	$ 200,000				0
Unsecured term loan due June 2027
Debt Instrument [Line Items]
Unsecured debt	500,000				500,000
2.45% Senior Notes, Series G Due 2027
Debt Instrument [Line Items]
Senior notes	$ 358,626				350,579
Interest rate	2.45%	2.45%
3.85% Senior Notes due 2027
Debt Instrument [Line Items]
Senior notes	$ 400,000				400,000
Interest rate	3.85%	3.85%
4.00% Senior Notes due 2028
Debt Instrument [Line Items]
Senior notes	$ 650,000				650,000
Interest rate	4%	4%
5.398% Senior Notes, Series I due 2028
Debt Instrument [Line Items]
Senior notes	$ 453,001				0
Interest rate	5.398%	5.398%
4.40% Senior Notes due 2029
Debt Instrument [Line Items]
Senior notes	$ 750,000				750,000
Interest rate	4.40%	4.40%
3.00% Senior Notes due 2030
Debt Instrument [Line Items]
Senior notes	$ 650,000				650,000
Interest rate	3%	3%
4.75% Senior Notes due 2030
Debt Instrument [Line Items]
Senior notes	$ 500,000				500,000
Interest rate	4.75%	4.75%
2.50% Senior Notes due 2031
Debt Instrument [Line Items]
Senior notes	$ 500,000				500,000
Interest rate	2.50%	2.50%
2.50% Senior Notes, Series H Due 2031
Debt Instrument [Line Items]
Senior notes	$ 226,501				221,419
Interest rate	3.30%	3.30%
6.90% Senior Notes due 2037
Debt Instrument [Line Items]
Senior notes	$ 52,400				52,400
Interest rate	6.90%	6.90%
6.59% Senior Notes due 2038
Debt Instrument [Line Items]
Senior notes	$ 21,413				22,823
Interest rate	6.59%	6.59%
5.70% Senior Notes due 2043
Debt Instrument [Line Items]
Senior notes	$ 300,000				300,000
Interest rate	5.70%	5.70%
4.375% Senior Notes due 2045
Debt Instrument [Line Items]
Senior notes	$ 300,000				300,000
Interest rate	4.375%	4.375%
4.875% Senior Notes due 2049
Debt Instrument [Line Items]
Senior notes	$ 300,000				300,000
Interest rate	4.875%	4.875%
Mortgage loans and other
Debt Instrument [Line Items]
Long-term debt, gross	$ 3,174,251				2,436,443
Senior notes payable and other debt			$ 394,800
Interest rate				5.91%
Borrowings originally denominated in CAD | Unsecured revolving credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	0				3,700
Borrowings originally denominated in GBP | Unsecured revolving credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 14,000				$ 21,500

SENIOR NOTES PAYABLE AND OTHE_4

SENIOR NOTES PAYABLE AND OTHER DEBT - Credit Facilities and Unsecured Term Loans (Details) $ in Millions		12 Months Ended
	Sep. 06, 2023 USD ($)	Dec. 31, 2023 USD ($) period	Dec. 31, 2023 CAD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Long-term debt, gross		$ 13,568,598,000		$ 12,361,244,000
Letters of credit outstanding		15,000,000
Commercial paper program capacity		1,000,000,000
Commercial paper notes		0		403,000,000
Unsecured Debt | Ventas Realty
Debt Instrument [Line Items]
Long-term debt, gross		500,000,000
Debt Instrument, Accordion Limit	$ 500,000,000	1,250,000,000
Unsecured Debt | Secured Overnight Financing Rate (SOFR) | Ventas Realty
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.95%
Unsecured Term Loan due 2025
Debt Instrument [Line Items]
Unsecured debt		$ 377,501,000	$ 500	369,031,000
Unsecured Term Loan due 2025 | Canadian Dollar Offered Rate (CDOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0.90%
Unsecured term loan due February 2027 | Secured Overnight Financing Rate (SOFR) | Ventas Realty
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0.95%
3.75% Exchangeable Senior Notes due 2026
Debt Instrument [Line Items]
Interest rate		3.75%	3.75%
Revolving Credit Facility | Unsecured Debt
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 2,750,000,000
Additional periods | period		2
Additional period term		6 months
Accordion feature of debt		$ 3,750,000,000
Line of credit facility, remaining borrowing capacity		2,700,000,000
Letters of credit outstanding		1,200,000
Line of credit facility, amount outstanding		$ 14,006,000		$ 25,230,000
Revolving Credit Facility | Unsecured Debt | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0.925%
Letter of Credit | Unsecured Debt
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 100,000,000

SENIOR NOTES PAYABLE AND OTHE_5

SENIOR NOTES PAYABLE AND OTHER DEBT - Senior Notes (Details) $ / shares in Units, $ in Thousands, $ in Millions		12 Months Ended
	Sep. 06, 2023 USD ($)	Dec. 31, 2023 USD ($) property $ / shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 CAD ($) property	Jul. 31, 2023 USD ($) property	Jun. 30, 2023 property	May 01, 2023 property	Apr. 30, 2023 CAD ($)	Mar. 31, 2023 CAD ($)
Debt Instrument [Line Items]
Interest		$ 574,112	$ 467,557	$ 440,089
Debt issuance costs, net		84,034	63,410
Amortization of debt issuance costs		23,200	18,200	19,700
Loss on extinguishment of debt, net		6,104	(581)	$ (59,299)
Ventas Canada Finance Limited
Debt Instrument [Line Items]
Ownership Interest, Percentage									100%
Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Repurchased Face Amount									$ 613.7
Debt instrument, repurchase amount									600
Loss on extinguishment of debt, net		$ 8,300
Senior Notes | 5.398% Senior Notes, Series I due 2028
Debt Instrument [Line Items]
Principal amount of debt									$ 600
Interest rate									5.398%
Senior Notes | 2.80% Senior Notes, Series E due 2024
Debt Instrument [Line Items]
Interest rate		2.80%			2.80%
Debt Instrument, Repurchased Face Amount									$ 527
Offering Price, Percentage Of Par Value									0.976
Senior Notes | 4.125% Senior Notes, Series B due 2024
Debt Instrument [Line Items]
Interest rate		4.125%			4.125%
Debt Instrument, Repurchased Face Amount									$ 86.7
Offering Price, Percentage Of Par Value									0.985
Unsecured Debt | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0.925%
3.75% Exchangeable Senior Notes due 2026
Debt Instrument [Line Items]
Senior notes		$ 862,500	$ 0
Interest		17,800
Unamortized discount (premium) and debt issuance costs, net		17,100
Amortization of debt issuance costs		$ 3,600
Debt Instrument, Exchangeable, Exchange Rate Per One Thousand Dollars		18.2460			18.2460
Debt Instrument, Exchangeable, Exchange Price Per Share | $ / shares		$ 54.81
Debt Instrument, Exchangeable, Exchange Rate Adjustment, Quarterly Dividend Threshold Per Share | $ / shares		$ 0.45
Interest rate		3.75%			3.75%
Mortgage loans and other
Debt Instrument [Line Items]
Principal amount of debt		$ 3,200,000			$ 93.5	$ 426,800				$ 271.8
Interest rate						5.91%
Number of properties securing debt | property		140			140	19	14	153
Ventas Realty Limited Partnership | Senior Notes
Debt Instrument [Line Items]
Senior notes		$ 8,000,000
Nationwide Health Properties, LLC | Senior Notes
Debt Instrument [Line Items]
Senior notes		73,800
Ventas Canada Finance Limited | Senior Notes
Debt Instrument [Line Items]
Senior notes					$ 1,600
Ventas Realty | Unsecured Debt
Debt Instrument [Line Items]
Senior notes	$ 200,000
Debt Instrument, Accordion Limit	$ 500,000	$ 1,250,000
Ventas Realty | Unsecured Debt | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.95%

SENIOR NOTES PAYABLE AND OTHE_6

SENIOR NOTES PAYABLE AND OTHER DEBT - Mortgages (Details) $ in Thousands, $ in Millions		1 Months Ended	12 Months Ended
	May 01, 2023 USD ($) property	Mar. 31, 2023 CAD ($)	Dec. 31, 2023 USD ($) senior_housing property loan	Dec. 31, 2022 USD ($)	Dec. 31, 2023 CAD ($) property loan	Oct. 31, 2023 USD ($)	Jul. 31, 2023 USD ($) property	Jun. 30, 2023 property
Debt Instrument [Line Items]
Weighted average maturity period of mortgage loans			4 years 9 months 18 days
Unamortized fair value adjustment			$ 17,081	$ 23,535
Minimum percentage of total unencumbered assets as a percentage of unsecured debt required to be maintained (as a percent)			150%
Senior notes payable and other debt			$ 13,490,896	12,296,780
Mortgage Loans and Other
Debt Instrument [Line Items]
Number of mortgage loans | loan			147		147
Principal amount of debt		$ 271.8	$ 3,200,000		$ 93.5		$ 426,800
Number of properties securing debt | property	153		140		140		19	14
Number of mortgage loans with fixed interest rate | senior_housing			131
Mortgage loans with fixed interest rate			$ 2,800,000
Number of mortgage loans with variable interest rate | senior_housing			16
Mortgage loans with variable interest rate			$ 418,300
Repayments of debt			$ 50,900	$ 600
Number Of Properties Related To Debt Repayment | property			5		5
Interest rate							5.91%
Financing Receivable, Accrued Interest, before Allowance for Credit Loss						$ 32,000
Debt Instrument, Interest Rate, Effective Percentage			1.31%		1.31%	5.60%
Senior notes payable and other debt						$ 394,800
Mortgage Loans and Other | Nonrecourse
Debt Instrument [Line Items]
Principal amount of debt	$ 1,000,000
Mortgage Loans and Other | London Interbank Offered Rate (LIBOR) 1
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.84%
Mortgage Loans and Other | Canadian Dollar Offered Rate (CDOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		88%
Mortgage Loans and Other | Fixed Rate Debt
Debt Instrument [Line Items]
Weighted interest rate			4.20%		4.20%
Mortgage Loans and Other | Variable Rate Debt
Debt Instrument [Line Items]
Weighted interest rate			6.10%		6.10%
Mortgage Loans and Other | Minimum
Debt Instrument [Line Items]
Long-term debt, percentage bearing fixed interest			2.24%		2.24%
Long-term debt, percentage bearing variable interest			3.61%		3.61%
Mortgage Loans and Other | Maximum
Debt Instrument [Line Items]
Long-term debt, percentage bearing fixed interest			13.02%		13.02%
Long-term debt, percentage bearing variable interest			7.70%		7.70%

SENIOR NOTES PAYABLE AND OTHE_7

SENIOR NOTES PAYABLE AND OTHER DEBT - Scheduled Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2024	$ 1,264,182
2025	2,227,032
2026	1,936,885
2027	1,605,466
2028	1,543,222
Thereafter	4,991,811
Total maturities	13,568,598	$ 12,361,244
Principal Amount Due at Maturity
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2024	1,211,752
2025	2,166,134
2026	1,896,009
2027	1,564,570
2028	1,509,621
Thereafter	4,868,317
Total maturities	13,216,403
Unsecured Revolving Credit Facility
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2024
2025	14,006
2026
2027
2028	0
Thereafter
Total maturities	14,006
Scheduled Periodic Amortization
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2024	52,430
2025	46,892
2026	40,876
2027	40,896
2028	33,601
Thereafter	123,494
Total maturities	$ 338,189

SENIOR NOTES PAYABLE AND OTHE_8

SENIOR NOTES PAYABLE AND OTHER DEBT - Derivatives and Hedging (Details) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 CAD ($)	Jul. 31, 2023 USD ($)	Apr. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2023 CAD ($)
Forward Contracts, March And April 2023
Derivative [Line Items]
Derivative, notional amount					$ 250
Weighted interest rate					3.37%
Unsecured term loan due February 2027 | Interest Rate Swap
Derivative [Line Items]
Derivative, notional amount						$ 400
Mortgage loans and other
Derivative [Line Items]
Principal amount of debt	$ 3,200		$ 93.5	$ 426.8			$ 271.8
Repayments of debt	50.9	$ 0.6
Swap | Variable Rate Debt
Derivative [Line Items]
Variable rate debt amount	1,100
Derivative, notional amount	142.7
Swap | Fixed Rate Debt
Derivative [Line Items]
Variable rate debt amount	12,500
Derivative, notional amount	$ 527.3		651.5			200
Variable Rate Debt | Swap
Derivative [Line Items]
Principal amount of debt						$ 200
Fixed Rate Debt, Maturity Of March 2028 | Swap
Derivative [Line Items]
Derivative, notional amount			$ 93.5				$ 271.8

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Narrative (Details) $ in Thousands		12 Months Ended
	May 01, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Carrying amounts and fair values of financial instruments
Real estate received in settlement of loan receivable	$ 1,566,000	$ 1,566,395	$ 0	$ 0
Loans Receivable, Real Estate Received, Capital Improvements		$ 31,800
Mortgage-backed Securities, Issued by Private Enterprises
Carrying amounts and fair values of financial instruments
Cash-pay mezzanine loan			$ 486,100
Minimum | Fair Value, Inputs, Level 3 | Mortgage-backed Securities, Issued by Private Enterprises | Valuation, Income Approach
Carrying amounts and fair values of financial instruments
Debt Securities, Available-For-Sale And Held-To-Maturity, Measurement Input		0.068
Maximum | Fair Value, Inputs, Level 3 | Mortgage-backed Securities, Issued by Private Enterprises | Valuation, Income Approach
Carrying amounts and fair values of financial instruments
Debt Securities, Available-For-Sale And Held-To-Maturity, Measurement Input		0.067
Weighted Average | Fair Value, Inputs, Level 3 | Mortgage-backed Securities, Issued by Private Enterprises | Valuation, Market Approach
Carrying amounts and fair values of financial instruments
Debt Securities, Available-For-Sale And Held-To-Maturity, Measurement Input, Amount		$ 88

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of carrying amounts and fair values of our financial instruments either recorded or disclosed on a recurring basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets:
Cash and cash equivalents	$ 508,794	$ 122,564
Stock warrants	59,281	23,621
Non-mortgage loans receivable, net	$ 26,152	$ 24,338
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Liabilities:
Senior notes payable and other debt, gross, carrying amount	$ 13,568,598	$ 12,361,244
Redeemable OP Units, fair value	$ 173,500	$ 162,700
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accounts payable and other liabilities	Accounts payable and other liabilities
Non-mortgage loans receivable, net
Assets:
Non-mortgage loans receivable, net	$ 26,152	$ 24,338
Non-mortgage loans receivable, fair value	25,200	23,416
Secured/mortgage loans and other, net
Assets:
Held-to-maturity securities, amortized cost	27,986	513,669
Held-to-maturity securities, fair value	27,947	493,627
Government-Sponsored Pooled Loan Investments
Assets:
Government-sponsored pooled loan investments, net (3)		43,406
Carrying Amount
Assets:
Cash and cash equivalents	508,794	122,564
Escrow deposits and restricted cash (1)	54,668	48,181
Derivative instruments	19,782	24,316
Liabilities:
Senior notes payable and other debt, gross, carrying amount	13,568,598	12,361,244
Derivative instruments	2,525	145
Redeemable OP Units, carrying amount	173,452	162,663
Carrying Amount | Non-mortgage loans receivable, net
Assets:
Non-mortgage loans receivable, net	26,152	24,338
Carrying Amount | Secured/mortgage loans and other, net
Assets:
Held-to-maturity securities, amortized cost	27,986	493,669
Carrying Amount | Government-Sponsored Pooled Loan Investments
Assets:
Government-sponsored pooled loan investments, net (3)	0	43,406
Fair Value
Assets:
Cash and Cash Equivalents, Fair Value Disclosure	508,794	122,564
Escrow deposits and restricted cash (1)	54,668	48,181
Stock warrants	59,281	23,621
Derivative instruments	19,782	24,316
Liabilities:
Senior notes payable and other debt, gross, fair value	13,104,091	11,493,824
Derivative instruments	2,525	145
Redeemable OP Units, fair value	173,452	162,663
Fair Value | Non-mortgage loans receivable, net
Assets:
Non-mortgage loans receivable, fair value	25,200	23,416
Fair Value | Secured/mortgage loans and other, net
Assets:
Held-to-maturity securities, fair value	27,947	493,627
Fair Value | Government-Sponsored Pooled Loan Investments
Assets:
Government-sponsored pooled loan investments, net (3)	$ 0	$ 43,406

LONG-TERM COMPENSATION (Details

LONG-TERM COMPENSATION (Details) $ / shares in Units, shares in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) plan $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share-based compensation plans covering employees, officers and directors | plan	2
Expiration period of stock options	10 years
Stock Option, Intrinsic Value
Proceeds from stock option exercises | $	$ 1,736,000	$ 8,691,000	$ 8,169,000
Employee Benefit Plan
Maximum 401(K) plan contribution by employer as a percent of employee's salary	4%
Aggregate employer 401(K) plan contribution during the period | $	$ 2,000,000	$ 1,600,000	1,500,000
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for future issuance (in shares)	2,800
Number of shares authorized for issuance (in shares)	3,000
Nonvested Restricted Stock and Restricted Stock Units, Weighted Average Grant Date Fair Value
Number of shares purchased (in shares)	200
Employee Stock | Director
Nonvested Restricted Stock and Restricted Stock Units, Weighted Average Grant Date Fair Value
Discount related to the Employee Stock Purchase Plan	95%
Employee Stock | Employee
Nonvested Restricted Stock and Restricted Stock Units, Weighted Average Grant Date Fair Value
Discount related to the Employee Stock Purchase Plan	90%
Stock Options
Stock Option, Shares
Outstanding at the beginning of the period (in shares)	3,574
Granted (in shares)	0
Options exercised (in shares)	(33)
Options forfeited (in shares)	0
Options exercised (in shares)	(84)
Outstanding at the end of the period (in shares)	3,457	3,574
Exercisable at the end of the period (in shares)	3,457
Stock Option, Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share) | $ / shares	$ 61.95
Options granted (in dollars per share) | $ / shares	0
Options exercised (in dollars per share) | $ / shares	56.91
Options exercised (in dollars per share) | $ / shares	51.85
Options forfeited (in dollars per share) | $ / shares	0
Outstanding at the end of the period (in dollars per share) | $ / shares	62.17	$ 61.95
Exercisable at the end of the period (in dollars per share) | $ / shares	$ 62.17
Stock Option, Weighted Average Remaining Contractual Life (years)
Outstanding at the end of the period (in years)	2 years 2 months 12 days
Exercisable at the end of the period (in years)	2 years 2 months 12 days
Stock Option, Intrinsic Value
Outstanding at the end of the period | $	$ 0
Exercisable at the end of the period | $	0
Proceeds from stock option exercises | $	1,700,000	$ 8,700,000	9,000,000
Intrinsic value for options exercised | $		700,000	1,500,000
Deferred income tax expense (benefit) | $	0
Stock Options | General and administrative expenses
Stock Option, Intrinsic Value
Compensation cost | $	0	0	0
Restricted Stock or Restricted Stock Units
Nonvested Restricted Stock and Restricted Stock Units, Weighted Average Grant Date Fair Value
Unrecognized compensation cost related to nonvested awards | $	$ 17,300,000
Weighted average period over which cost is recognized	1 year 1 month 6 days
Intrinsic value for options vested during period | $	$ 25,000,000	29,600,000	23,400,000
Restricted Stock or Restricted Stock Units | General and administrative expenses
Stock Option, Intrinsic Value
Compensation cost | $	$ 30,400,000	$ 30,700,000	$ 31,900,000
Restricted Stock
Nonvested Restricted Stock and Restricted Stock Units, Shares
Nonvested at the beginning of the period (in shares)	314
Granted (in shares)	0
Vested (in shares)	(146)
Forfeited (in shares)	(12)
Nonvested at the end of the period (in shares)	156	314
Nonvested Restricted Stock and Restricted Stock Units, Weighted Average Grant Date Fair Value
Nonvested at the beginning of the period (in dollars per share) | $ / shares	$ 51.47
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	51.80
Forfeited (in dollars per share) | $ / shares	51.67
Nonvested at the end of the period (in dollars per share) | $ / shares	$ 51.30	$ 51.47
Restricted Stock Units
Nonvested Restricted Stock and Restricted Stock Units, Shares
Nonvested at the beginning of the period (in shares)	1,128
Granted (in shares)	620
Vested (in shares)	(370)
Forfeited (in shares)	(69)
Nonvested at the end of the period (in shares)	1,309	1,128
Nonvested Restricted Stock and Restricted Stock Units, Weighted Average Grant Date Fair Value
Nonvested at the beginning of the period (in dollars per share) | $ / shares	$ 51.38
Granted (in dollars per share) | $ / shares	51.15
Vested (in dollars per share) | $ / shares	50.58
Forfeited (in dollars per share) | $ / shares	41.34
Nonvested at the end of the period (in dollars per share) | $ / shares	$ 52.03	$ 51.38
Minimum | Restricted Stock or Restricted Stock Units | Director
Stock Option, Intrinsic Value
Vesting period	1 year
Maximum | Restricted Stock or Restricted Stock Units | Employee
Stock Option, Intrinsic Value
Vesting period	3 years
2022 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for future issuance (in shares)	11,000
Number of shares authorized for issuance (in shares)	11,400
Executive Deferred Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share-based compensation plans for executive officers | plan	1
Nonemployee Directors' Deferred Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share-based compensation plans for directors | plan	1
Number of shares available for future issuance (in shares)	400
Number of shares authorized for issuance (in shares)	600

INCOME TAXES - Tax Treatment of

INCOME TAXES - Tax Treatment of Distributions and Consolidated Benefit for Income Taxes (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Tax treatment of distributions:
Ordinary income (in dollars per share)	$ 0	$ 0	$ 0
Qualified ordinary income (in dollars per share)	0.04468	0.04906	0.00330
199A qualified business income (in dollars per share)	1.49465	1.75094	1.25274
Long-term capital gain (in dollars per share)	0.09136	0	0.16448
Unrecaptured Section 1250 gain (in dollars per share)	0	0	0.37948
Net-dividend distribution (in dollars per share)	0.16931	0	0
Distribution reported for 1099-DIV purposes (in dollars per share)	1.80000	1.80000	1.80000
Add: Dividend declared in current year and taxable in following year (in dollars per share)	0.45000	0.45000	0.45000
Less: Dividend declared in prior year and taxable in current year (in dollars per share)	(0.45000)	(0.45000)	(0.45000)
Dividends declared per common share (in dollars per share)	$ 1.80000	$ 1.80000	$ 1.80000
Provision (benefit) for income taxes
Current - Federal	$ 534	$ (2,257)	$ 662
Current - State	2,564	2,662	2,116
Deferred - Federal	(6,135)	338	6,431
Deferred - State	230	1,310	72
Current - Foreign	2,587	3,217	3,439
Deferred - Foreign	(9,319)	(22,196)	(7,893)
Income tax benefit (expense)	$ (9,539)	$ (16,926)	$ 4,827

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($)		12 Months Ended
	May 01, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
REIT distribution requirement (as a percent)		90%	90%	90%
Increase (decrease) in net deferred tax liability		$ (1,700,000)	$ (23,000,000)	$ 4,500,000
Period in which assets disposition subject to built in gains tax		5 years
Difference in bases for entity not subject to income taxes		$ 2,200,000,000	3,000,000,000
Unrecognized Tax Benefits		5,205,000	5,828,000	6,082,000
Unrecognized tax benefits that, if recognized, would reduce annual effective tax rate		5,200,000	5,000,000
Unrecognized tax benefits, income tax penalties and interest accrued		0
Internal Restructuring, Taxable REIT Subsidiaries
Operating Loss Carryforwards [Line Items]
Deferred tax expense (benefit)			11,900,000	3,500,000
Increase (decrease) in net deferred tax liability		(3,200,000)	11,900,000	3,500,000
Deferred Tax Liabilities, Revaluation
Operating Loss Carryforwards [Line Items]
Deferred tax expense (benefit)				3,300,000
Increase (decrease) in net deferred tax liability				3,300,000
Release Of Residual Tax Effect, Marketable Debt Securities
Operating Loss Carryforwards [Line Items]
Deferred tax expense (benefit)				3,700,000
Increase (decrease) in net deferred tax liability				3,700,000
Equitization Of Santerre Mezzanine Loan
Operating Loss Carryforwards [Line Items]
Increase (decrease) in net deferred tax liability	$ (12,400,000)
Operating Losses at Certain REIT Subsidiaries
Operating Loss Carryforwards [Line Items]
Deferred tax expense (benefit)		3,200,000
Taxable Reit Subsidiaries
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards, valuation allowance		179,000,000	171,000,000	140,600,000
REIT
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards, valuation allowance		1,100,000,000	$ 1,100,000,000	$ 1,100,000,000
Tax credit carryforward		$ 10,800,000

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of income tax expense computed by applying federal corporate tax rate
Tax at statutory rate on earnings from continuing operations before unconsolidated entities, noncontrolling interest and income taxes	$ (24,272)	$ (19,733)	$ (34,127)
State income taxes, net of federal benefit	(839)	(5,411)	(8,256)
Change in valuation allowance	20,330	53,117	59,572
Tax at statutory rate on earnings not subject to federal income taxes	(7,809)	(31,528)	(22,869)
Foreign rate differential and foreign taxes	43	123	4,405
Change in tax status of TRS	9,171	(1,961)	3,485
Other differences	(6,163)	(11,533)	2,617
Income tax benefit (expense)	$ (9,539)	$ (16,926)	$ 4,827

INCOME TAXES - Tax Effects of T

INCOME TAXES - Tax Effects of Temporary Differences and Carryforwards Included in Net Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Property, primarily differences in depreciation and amortization, the tax basis of land assets and the treatment of interests and certain costs	$ (26,071)	$ (34,734)	$ (58,691)
Operating loss and interest deduction carryforwards	233,847	220,891	187,407
Expense accruals and other	26,700	16,723	21,628
Valuation allowance	(257,222)	(227,960)	(198,450)
Net deferred tax liabilities	$ (22,746)	$ (25,080)	$ (48,106)

INCOME TAXES - Unrecognized Tax

INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Summary of activities related to unrecognized tax benefits
Balance at the beginning of the period	$ 5,828	$ 6,082
Additions to tax positions related to prior years	108	2
Subtractions to tax positions related to prior years	(731)	(256)
Balance at the end of the period	$ 5,205	$ 5,828

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Weighted average discount rate of leases	7.42%
Remaining lease term	36 years 2 months 12 days
Cash paid for leases	$ 29,800	$ 24,000	$ 25,100
Future minimum lease obligations under non-cancelable operating and ground leases
2024	21,661
2025	16,871
2026	16,760
2027	15,891
2028	14,695
Thereafter	598,976
Total undiscounted minimum lease payments	684,854
Less: imputed interest	(490,120)
Operating lease liabilities	194,734	190,440
General and administrative expenses
Lease expense	$ 37,000	$ 31,900	$ 31,900

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator for basic and diluted earnings per share:
(Loss) income from continuing operations		$ (30,297)	$ (40,931)	$ 56,559
Net (loss) income		(30,297)	(40,931)	56,559
Net income attributable to noncontrolling interests		10,676	6,516	7,551
Net (loss) income attributable to common stockholders		$ (40,973)	$ (47,447)	$ 49,008
Denominator:
Denominator for basic earnings per share - weighted average shares (in shares)		401,809	399,549	382,785
Stock options (in shares)		0	0	34
Restricted stock awards (in shares)		389	390	365
OP unitholder interests (in shares)		3,472	3,515	3,120
Denominator for diluted earnings per share - adjusted weighted average shares (in shares)		405,670	403,454	386,304
Basic earnings per share:
(Loss) income from continuing operations (USD per share)		$ (0.08)	$ (0.10)	$ 0.15
Net (loss) income attributable to common stockholders (USD per share)		(0.10)	(0.12)	0.13
Diluted earnings per share:
(Loss) income from continuing operations (USD per share)	[1]	(0.08)	(0.10)	0.15
Net (loss) income attributable to common stockholders (USD per share)	[1]	$ (0.10)	$ (0.12)	$ 0.13
Anti-dilutive options outstanding (in shares)		3,500	3,600	3,100
[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.

PERMANENT AND TEMPORARY EQUIT_2

PERMANENT AND TEMPORARY EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Sep. 21, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Temporary Equity [Line Items]
Acquisition-related activity				$ 751,248
Common stock outstanding percentage of beneficial ownership acquired threshold for excess shares		9%
Preferred stock outstanding percentage of beneficial ownership acquired threshold for excess shares		9.90%
Maximum deferral payment period of purchase price for excess shares		5 years
Number of excess shares held by trustee		0
New Senior Investment Group Inc. Acquisition
Temporary Equity [Line Items]
Number of shares issued in transaction (in shares)	13,300,000
At The Market Equity Offering Program
Temporary Equity [Line Items]
Equity offering program, authorized offering amount		$ 1,000,000
Stock issued during period, shares, new issues, equity offering program (in shares)			0	10,900,000
Gross proceeds				$ 626,400
Equity Offering Program, Number Of Shares Issued		2,300,000
Consideration received		$ 110,400
Shares issued, weighted average price per share		$ 47.89
Equity offering program, remaining authorized offering amount		$ 889,600
Average gross price (USD per share)				$ 57.71

PERMANENT AND TEMPORARY EQUIT_3

PERMANENT AND TEMPORARY EQUITY - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Foreign currency translation loss	$ (56,596)	$ (60,364)
Unrealized (loss) gain on available for sale securities	(1,256)	0
Unrealized gain on derivative instruments	22,095	23,564
Accumulated other comprehensive loss	$ (35,757)	$ (36,800)

PERMANENT AND TEMPORARY EQUIT_4

PERMANENT AND TEMPORARY EQUITY - Redeemable OP Unitholder and Noncontrolling Interest (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Increase (Decrease) in Temporary Equity [Roll Forward]
December 31, 2022	$ 264,650
New issuances	17,997
Change in fair value	31,554
Dispositions	(4,298)
Distributions and other	(6,218)
Redemptions	(1,049)
December 31, 2023	302,636
Redeemable Noncontrolling Interests
Increase (Decrease) in Temporary Equity [Roll Forward]
December 31, 2022	101,987
New issuances	17,997
Change in fair value	13,498
Dispositions	(4,298)
Distributions and other	0
Redemptions	0
December 31, 2023	129,184
Redeemable OP Unitholder Interests
Increase (Decrease) in Temporary Equity [Roll Forward]
December 31, 2022	162,663
New issuances	0
Change in fair value	18,056
Dispositions	0
Distributions and other	(6,218)
Redemptions	(1,049)
December 31, 2023	$ 173,452

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) member property board_member	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) property	Apr. 30, 2023
Related party transaction
Number of Properties | property	1,355
Total rental income	$ 1,486,401	$ 1,399,313	$ 1,448,120
Income from loans and investments	22,952	48,160	74,981
Interest and other income	11,414	3,635	14,809
Revenues	4,497,827	4,129,193	3,828,007
Property-level operating expenses	2,555,145	2,276,724	2,084,064
Third party capital management expenses	6,101	6,194	4,433
NOI	1,925,167	1,842,640	1,724,701
Resident fees and services
Related party transaction
Revenue from contracts with customers	2,959,219	2,651,886	2,270,001
Third party capital management revenues
Related party transaction
Revenue from contracts with customers	17,841	26,199	20,096
Operating Segments | Outpatient Medical And Research Portfolio
Related party transaction
Total rental income	867,193	801,159	794,297
Income from loans and investments	0	0	0
Interest and other income	0	0	0
Revenues	869,708	803,607	802,681
Property-level operating expenses	292,776	257,003	257,001
Third party capital management expenses	0	0	1,798
NOI	576,932	546,604	543,882
Operating Segments | Outpatient Medical And Research Portfolio | Resident fees and services
Related party transaction
Revenue from contracts with customers	0	0	0
Operating Segments | Outpatient Medical And Research Portfolio | Third party capital management revenues
Related party transaction
Revenue from contracts with customers	$ 2,515	$ 2,448	$ 8,384
Seniors Housing Communities | Dispositions
Related party transaction
Number of Properties | property		7
Eclipse Senior Living (ESL) | Seniors Housing Communities | Dispositions
Related party transaction
Number of Properties | property		90	90
Ardent | Triple-net leased properties
Related party transaction
Number of Properties | property	11
Ardent | Outpatient Medical Buildings And Other
Related party transaction
Number of Properties | property	19
PMB RES
Related party transaction
Costs and Expenses, Related Party	$ 10,900	$ 8,500	$ 9,200
Atria
Related party transaction
Ownership interests	34%
Number of board members appointed | board_member	2
Equity Method Investment, Rights To Appoint Board of Directors | member	2
Ardent
Related party transaction
Ownership interests	7.50%			9.80%
Eclipse Senior Living (ESL)
Related party transaction
Ownership interests		34%
Number of board members appointed | board_member	2
PMB RES
Related party transaction
Ownership interests	50%
Atria
Related party transaction
Costs and Expenses, Related Party	$ 63,400	$ 61,500	50,800
Atria | Sale Or Transition Of Senior Housing Communities Operated By Related Party
Related party transaction
Costs and Expenses, Related Party	$ 1,500	$ 6,100	$ 20,300
Ardent | Triple-net leased properties
Related party transaction
Revenue, Related Party, Type [Extensible Enumeration]	Other Affiliates [Member]	Other Affiliates [Member]	Other Affiliates [Member]
Ardent | Outpatient Medical Buildings And Other
Related party transaction
Revenue, Related Party, Type [Extensible Enumeration]	Other Affiliates [Member]
Eclipse Senior Living (ESL)
Related party transaction
Costs and Expenses, Related Party	$ 0	$ 0	$ 11,800
Eclipse Senior Living (ESL) | Transition Of Operations At Senior Housing Communities
Related party transaction
Costs and Expenses, Related Party			$ 24,000

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 segment	Dec. 31, 2021 segment
Segment Reporting [Abstract]
Number of reportable segments | segment	3	3	3
Intersegment activity | $	$ 0

SEGMENT INFORMATION - Income St

SEGMENT INFORMATION - Income Statement by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Rental income	$ 1,486,401	$ 1,399,313	$ 1,448,120
Interest and other income	11,414	3,635	14,809
Total revenues	4,497,827	4,129,193	3,828,007
Less:
Interest and other income	11,414	3,635	14,809
Property-level operating expenses	2,555,145	2,276,724	2,084,064
Third party capital management expenses	6,101	6,194	4,433
NOI	1,925,167	1,842,640	1,724,701
Interest expense	(574,112)	(467,557)	(440,089)
Depreciation and amortization	(1,392,461)	(1,197,798)	(1,197,403)
General, administrative and professional fees	(148,876)	(144,874)	(129,758)
Loss on extinguishment of debt, net	6,104	(581)	(59,299)
Transaction, transition and restructuring costs	(15,215)	(30,884)	(47,318)
Allowance on loans receivable and investments	20,270	(19,757)	9,082
Shareholder relations matters	0	(20,693)	0
Other (income) expense	(23,001)	58,268	37,110
Income from unconsolidated entities	13,626	28,500	4,983
Gain on real estate dispositions	62,119	7,780	218,788
Income tax benefit (expense)	9,539	16,926	(4,827)
Net (loss) income	(30,297)	(40,931)	56,559
Other comprehensive income (loss)	10,676	6,516	7,551
Net loss	(40,973)	(47,447)	49,008
Income from loans and investments	22,952	48,160	74,981
(Loss) income from continuing operations	(30,297)	(40,931)	56,559
Gain on foreclosure of real estate	29,127	0	0
Other (income) expense	(23,001)	58,268	37,110
Income from loans and investments	22,952	48,160	74,981
(Loss) income from continuing operations	(30,297)	(40,931)	56,559
Resident fees and services
Revenues
Revenue from contracts with customers	2,959,219	2,651,886	2,270,001
Third party capital management revenues
Revenues
Revenue from contracts with customers	17,841	26,199	20,096
Operating Segments | SHOP
Revenues
Rental income	0	0	0
Interest and other income	0	0	0
Total revenues	2,959,219	2,651,886	2,270,001
Less:
Interest and other income	0	0	0
Property-level operating expenses	2,247,812	2,004,420	1,811,728
Third party capital management expenses	0	0	0
NOI	711,407	647,466	458,273
Income from loans and investments	0	0	0
Income from loans and investments	0	0	0
Operating Segments | SHOP | Resident fees and services
Revenues
Revenue from contracts with customers	2,959,219	2,651,886	2,270,001
Operating Segments | SHOP | Third party capital management revenues
Revenues
Revenue from contracts with customers	0	0	0
Operating Segments | Triple-net leased properties
Revenues
Rental income	619,208	598,154	653,823
Interest and other income	0	0	0
Total revenues	619,208	598,154	653,823
Less:
Interest and other income	0	0	0
Property-level operating expenses	14,557	15,301	15,335
Third party capital management expenses	0	0	0
NOI	604,651	582,853	638,488
Income from loans and investments	0	0	0
Income from loans and investments	0	0	0
Operating Segments | Triple-net leased properties | Resident fees and services
Revenues
Revenue from contracts with customers	0	0	0
Operating Segments | Triple-net leased properties | Third party capital management revenues
Revenues
Revenue from contracts with customers	0	0	0
Operating Segments | Outpatient Medical And Research Portfolio
Revenues
Rental income	867,193	801,159	794,297
Interest and other income	0	0	0
Total revenues	869,708	803,607	802,681
Less:
Interest and other income	0	0	0
Property-level operating expenses	292,776	257,003	257,001
Third party capital management expenses	0	0	1,798
NOI	576,932	546,604	543,882
Income from loans and investments	0	0	0
Income from loans and investments	0	0	0
Operating Segments | Outpatient Medical And Research Portfolio | Resident fees and services
Revenues
Revenue from contracts with customers	0	0	0
Operating Segments | Outpatient Medical And Research Portfolio | Third party capital management revenues
Revenues
Revenue from contracts with customers	2,515	2,448	8,384
Non-Segment
Revenues
Rental income	0	0	0
Interest and other income	11,414	3,635	14,809
Total revenues	49,692	75,546	101,502
Less:
Interest and other income	11,414	3,635	14,809
Property-level operating expenses	0	0	0
Third party capital management expenses	6,101	6,194	2,635
NOI	32,177	65,717	84,058
Income from loans and investments	22,952	48,160	74,981
Income from loans and investments	22,952	48,160	74,981
Non-Segment | Resident fees and services
Revenues
Revenue from contracts with customers	0	0	0
Non-Segment | Third party capital management revenues
Revenues
Revenue from contracts with customers	$ 15,326	$ 23,751	$ 11,712

SEGMENT INFORMATION - Assets (D

SEGMENT INFORMATION - Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Total assets	$ 24,725,433	$ 24,157,840
Percentage of total assets	100%	100%
Operating Segments | SHOP
Assets
Total assets	$ 12,864,029	$ 12,369,218
Percentage of total assets	52%	51.20%
Operating Segments | Triple-net leased properties
Assets
Total assets	$ 4,120,691	$ 4,272,303
Percentage of total assets	16.70%	17.70%
Operating Segments | Outpatient Medical And Research Portfolio
Assets
Total assets	$ 6,943,446	$ 6,558,416
Percentage of total assets	28.10%	27.10%
Non-Segment
Assets
Total assets	$ 797,267	$ 957,903
Percentage of total assets	3.20%	4%

SEGMENT INFORMATION - Capital E

SEGMENT INFORMATION - Capital Expenditures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information
Total capital expenditures	$ 649,471	$ 900,696	$ 1,802,021
Operating Segments | SHOP
Segment Reporting Information
Total capital expenditures	409,105	423,420	1,463,551
Operating Segments | Triple-net leased properties
Segment Reporting Information
Total capital expenditures	8,511	4,614	92,924
Operating Segments | Outpatient Medical And Research Portfolio
Segment Reporting Information
Total capital expenditures	$ 231,855	$ 472,662	$ 245,546

SEGMENT INFORMATION - Geographi

SEGMENT INFORMATION - Geographic Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Total revenues	$ 4,497,827	$ 4,129,193	$ 3,828,007
Net Real Estate Property:
Total net real estate property	21,748,950	21,160,450
United States
Revenues:
Total revenues	4,004,173	3,652,327	3,363,197
Net Real Estate Property:
Total net real estate property	18,702,960	18,168,224
Canada
Revenues:
Total revenues	464,772	449,091	434,862
Net Real Estate Property:
Total net real estate property	2,837,858	2,782,350
United Kingdom
Revenues:
Total revenues	28,882	27,775	$ 29,948
Net Real Estate Property:
Total net real estate property	$ 208,132	$ 209,876

SCHEDULE III REAL ESTATE AND _2

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Carrying cost:
Balance at beginning of period	$ 28,768,409	$ 28,479,870	$ 26,850,442
Additions during period:
Acquisitions	1,437,729	460,959	2,413,570
Capital expenditures	645,596	443,710	423,752
Deductions during period:
Foreign currency translation	(776,041)	(350,188)	17,030
Other	90,105	(265,942)	(1,224,924)
Balance at end of period	30,165,798	28,768,409	28,479,870
Accumulated depreciation:
Balance at beginning of period	8,231,160	7,433,480	6,967,413
Additions during period:
Depreciation expense	937,767	907,134	865,627
Dispositions:
Sales and/or transfers to assets held for sale	(190,666)	(72,047)	(401,208)
Foreign currency translation	37,912	(37,407)	1,648
Balance at end of period	$ 9,016,173	$ 8,231,160	$ 7,433,480

SCHEDULE III REAL ESTATE AND _3

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate and Accumulated Depreciation
Encumbrances	$ 3,206,151
Initial Cost to Company
Land and Improvements	2,580,213
Buildings and Improvements	25,382,079
Costs Capitalized Subsequent to Acquisition	2,203,505
Gross Amount Carried at Close of Period
Land and Improvements	2,596,274
Buildings and Improvements	27,569,524
Total	30,165,798	$ 28,768,409	$ 28,479,870	$ 26,850,442
Accumulated Depreciation	9,016,173	$ 8,231,160	$ 7,433,480	$ 6,967,413
Net Book Value	21,149,625
UNITED STATES PROPERTIES | Senior Housing
Real Estate and Accumulated Depreciation
Encumbrances	1,217,211
Initial Cost to Company
Land and Improvements	1,437,390
Buildings and Improvements	13,528,245
Costs Capitalized Subsequent to Acquisition	1,418,287
Gross Amount Carried at Close of Period
Land and Improvements	1,480,108
Buildings and Improvements	14,903,815
Total	16,383,923
Accumulated Depreciation	5,447,085
Net Book Value	10,936,837
UNITED STATES PROPERTIES | Senior Housing | Atria Senior Living
Real Estate and Accumulated Depreciation
Encumbrances	870,545
Initial Cost to Company
Land and Improvements	548,951
Buildings and Improvements	4,982,539
Costs Capitalized Subsequent to Acquisition	720,154
Gross Amount Carried at Close of Period
Land and Improvements	578,414
Buildings and Improvements	5,673,231
Total	6,251,645
Accumulated Depreciation	1,918,046
Net Book Value	4,333,598
UNITED STATES PROPERTIES | Senior Housing | Brookdale Senior Living
Real Estate and Accumulated Depreciation
Encumbrances	48,040
Initial Cost to Company
Land and Improvements	192,994
Buildings and Improvements	2,047,145
Costs Capitalized Subsequent to Acquisition	151,037
Gross Amount Carried at Close of Period
Land and Improvements	193,627
Buildings and Improvements	2,197,549
Total	2,391,176
Accumulated Depreciation	1,036,727
Net Book Value	1,354,449
UNITED STATES PROPERTIES | Senior Housing | Sunrise Senior Living
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	184,905
Buildings and Improvements	1,976,814
Costs Capitalized Subsequent to Acquisition	200,637
Gross Amount Carried at Close of Period
Land and Improvements	197,031
Buildings and Improvements	2,165,325
Total	2,362,356
Accumulated Depreciation	1,054,605
Net Book Value	1,307,751
UNITED STATES PROPERTIES | Senior Housing | Sinceri Senior Living
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	59,273
Buildings and Improvements	580,266
Costs Capitalized Subsequent to Acquisition	67,694
Gross Amount Carried at Close of Period
Land and Improvements	58,964
Buildings and Improvements	648,269
Total	707,233
Accumulated Depreciation	256,006
Net Book Value	451,227
UNITED STATES PROPERTIES | Senior Housing | Priority Life Care Properties
Real Estate and Accumulated Depreciation
Encumbrances	38,716
Initial Cost to Company
Land and Improvements	47,800
Buildings and Improvements	455,250
Costs Capitalized Subsequent to Acquisition	56,710
Gross Amount Carried at Close of Period
Land and Improvements	48,824
Buildings and Improvements	510,936
Total	559,760
Accumulated Depreciation	160,709
Net Book Value	399,051
UNITED STATES PROPERTIES | Senior Housing | Sodalis Senior Living
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	51,880
Buildings and Improvements	435,568
Costs Capitalized Subsequent to Acquisition	34,730
Gross Amount Carried at Close of Period
Land and Improvements	52,488
Buildings and Improvements	469,690
Total	522,178
Accumulated Depreciation	137,889
Net Book Value	384,289
UNITED STATES PROPERTIES | Senior Housing | Discovery Senior Living
Real Estate and Accumulated Depreciation
Encumbrances	28,525
Initial Cost to Company
Land and Improvements	35,757
Buildings and Improvements	394,045
Costs Capitalized Subsequent to Acquisition	44,023
Gross Amount Carried at Close of Period
Land and Improvements	36,848
Buildings and Improvements	436,977
Total	473,825
Accumulated Depreciation	147,233
Net Book Value	326,592
UNITED STATES PROPERTIES | Senior Housing | Koelsch Senior Communities
Real Estate and Accumulated Depreciation
Encumbrances	64,851
Initial Cost to Company
Land and Improvements	27,721
Buildings and Improvements	292,414
Costs Capitalized Subsequent to Acquisition	13,285
Gross Amount Carried at Close of Period
Land and Improvements	28,131
Buildings and Improvements	305,289
Total	333,420
Accumulated Depreciation	74,585
Net Book Value	258,835
UNITED STATES PROPERTIES | Senior Housing | Senior Lifestyle
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	55,911
Buildings and Improvements	553,261
Costs Capitalized Subsequent to Acquisition	9,620
Gross Amount Carried at Close of Period
Land and Improvements	57,031
Buildings and Improvements	561,761
Total	618,792
Accumulated Depreciation	54,740
Net Book Value	564,052
UNITED STATES PROPERTIES | Senior Housing | Meridian Senior Living
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	19,090
Buildings and Improvements	104,237
Costs Capitalized Subsequent to Acquisition	(1,158)
Gross Amount Carried at Close of Period
Land and Improvements	19,090
Buildings and Improvements	103,079
Total	122,169
Accumulated Depreciation	25,070
Net Book Value	97,099
UNITED STATES PROPERTIES | Senior Housing | Azura Memory Care
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	6,361
Buildings and Improvements	53,002
Costs Capitalized Subsequent to Acquisition	7,195
Gross Amount Carried at Close of Period
Land and Improvements	7,200
Buildings and Improvements	59,358
Total	66,558
Accumulated Depreciation	22,788
Net Book Value	43,770
UNITED STATES PROPERTIES | Senior Housing | Matthews Senior Living
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	11,200
Buildings and Improvements	21,161
Costs Capitalized Subsequent to Acquisition	(17,358)
Gross Amount Carried at Close of Period
Land and Improvements	6,732
Buildings and Improvements	8,271
Total	15,003
Accumulated Depreciation	8,491
Net Book Value	6,512
UNITED STATES PROPERTIES | Senior Housing | Milestone Retirement Communities
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	16,810
Buildings and Improvements	183,225
Costs Capitalized Subsequent to Acquisition	11,615
Gross Amount Carried at Close of Period
Land and Improvements	16,810
Buildings and Improvements	194,840
Total	211,650
Accumulated Depreciation	53,037
Net Book Value	158,613
UNITED STATES PROPERTIES | Senior Housing | American House
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	5,438
Buildings and Improvements	124,369
Costs Capitalized Subsequent to Acquisition	18,494
Gross Amount Carried at Close of Period
Land and Improvements	6,842
Buildings and Improvements	141,459
Total	148,301
Accumulated Depreciation	59,778
Net Book Value	88,523
UNITED STATES PROPERTIES | Senior Housing | Avamere Family of Companies
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	20,407
Buildings and Improvements	113,192
Costs Capitalized Subsequent to Acquisition	12,774
Gross Amount Carried at Close of Period
Land and Improvements	20,653
Buildings and Improvements	125,720
Total	146,373
Accumulated Depreciation	45,936
Net Book Value	100,437
UNITED STATES PROPERTIES | Senior Housing | Hawthorn Senior Living
Real Estate and Accumulated Depreciation
Encumbrances	56,314
Initial Cost to Company
Land and Improvements	35,668
Buildings and Improvements	220,099
Costs Capitalized Subsequent to Acquisition	16,474
Gross Amount Carried at Close of Period
Land and Improvements	35,862
Buildings and Improvements	236,379
Total	272,241
Accumulated Depreciation	23,244
Net Book Value	248,997
UNITED STATES PROPERTIES | Senior Housing | Sonida Senior Living
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	14,080
Buildings and Improvements	118,512
Costs Capitalized Subsequent to Acquisition	30,750
Gross Amount Carried at Close of Period
Land and Improvements	14,505
Buildings and Improvements	148,837
Total	163,342
Accumulated Depreciation	66,418
Net Book Value	96,924
UNITED STATES PROPERTIES | Senior Housing | Ridgeline Management Company
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	11,405
Buildings and Improvements	94,242
Costs Capitalized Subsequent to Acquisition	6,478
Gross Amount Carried at Close of Period
Land and Improvements	11,405
Buildings and Improvements	100,720
Total	112,125
Accumulated Depreciation	32,968
Net Book Value	79,157
UNITED STATES PROPERTIES | Senior Housing | Other Senior Housing Operators
Real Estate and Accumulated Depreciation
Encumbrances	110,220
Initial Cost to Company
Land and Improvements	91,739
Buildings and Improvements	778,568
Costs Capitalized Subsequent to Acquisition	35,133
Gross Amount Carried at Close of Period
Land and Improvements	89,651
Buildings and Improvements	815,789
Total	905,440
Accumulated Depreciation	268,815
Net Book Value	636,625
UNITED STATES PROPERTIES | Senior Housing | Other Senior Housing
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	0
Buildings and Improvements	336
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land and Improvements	0
Buildings and Improvements	336
Total	336
Accumulated Depreciation	0
Net Book Value	336
UNITED STATES PROPERTIES | Research
Real Estate and Accumulated Depreciation
Encumbrances	227,600
Initial Cost to Company
Land and Improvements	138,471
Buildings and Improvements	1,617,266
Costs Capitalized Subsequent to Acquisition	70,074
Gross Amount Carried at Close of Period
Land and Improvements	137,154
Buildings and Improvements	1,688,657
Total	1,825,811
Accumulated Depreciation	345,777
Net Book Value	1,480,034
UNITED STATES PROPERTIES | Research | Wexford
Real Estate and Accumulated Depreciation
Encumbrances	227,600
Initial Cost to Company
Land and Improvements	71,764
Buildings and Improvements	1,429,367
Costs Capitalized Subsequent to Acquisition	69,967
Gross Amount Carried at Close of Period
Land and Improvements	70,447
Buildings and Improvements	1,500,651
Total	1,571,098
Accumulated Depreciation	329,464
Net Book Value	1,241,634
UNITED STATES PROPERTIES | Research | Other Research Operators
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	1,194
Buildings and Improvements	76,515
Costs Capitalized Subsequent to Acquisition	107
Gross Amount Carried at Close of Period
Land and Improvements	1,194
Buildings and Improvements	76,622
Total	77,816
Accumulated Depreciation	9,758
Net Book Value	68,058
UNITED STATES PROPERTIES | Research | Other Research
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	65,513
Buildings and Improvements	111,384
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land and Improvements	65,513
Buildings and Improvements	111,384
Total	176,897
Accumulated Depreciation	6,555
Net Book Value	170,342
UNITED STATES PROPERTIES | IRFs & LTACs
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	52,026
Buildings and Improvements	420,605
Costs Capitalized Subsequent to Acquisition	68
Gross Amount Carried at Close of Period
Land and Improvements	51,026
Buildings and Improvements	421,673
Total	472,699
Accumulated Depreciation	259,321
Net Book Value	213,378
UNITED STATES PROPERTIES | IRFs & LTACs | Kindred Healthcare
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	33,385
Buildings and Improvements	222,156
Costs Capitalized Subsequent to Acquisition	(1,000)
Gross Amount Carried at Close of Period
Land and Improvements	32,385
Buildings and Improvements	222,156
Total	254,541
Accumulated Depreciation	208,817
Net Book Value	45,724
UNITED STATES PROPERTIES | IRFs & LTACs | Other IRFs & LTACs
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	18,641
Buildings and Improvements	198,449
Costs Capitalized Subsequent to Acquisition	1,068
Gross Amount Carried at Close of Period
Land and Improvements	18,641
Buildings and Improvements	199,517
Total	218,158
Accumulated Depreciation	50,504
Net Book Value	167,654
UNITED STATES PROPERTIES | Other Healthcare Facilities | Ardent Health Services
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	98,428
Buildings and Improvements	1,126,010
Costs Capitalized Subsequent to Acquisition	78,104
Gross Amount Carried at Close of Period
Land and Improvements	97,416
Buildings and Improvements	1,205,126
Total	1,302,542
Accumulated Depreciation	288,219
Net Book Value	1,014,323
UNITED STATES PROPERTIES | Skilled Nursing
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	57,596
Buildings and Improvements	450,353
Costs Capitalized Subsequent to Acquisition	(4,303)
Gross Amount Carried at Close of Period
Land and Improvements	57,776
Buildings and Improvements	445,870
Total	503,646
Accumulated Depreciation	99,437
Net Book Value	404,209
UNITED STATES PROPERTIES | Skilled Nursing | Genesis Healthcare
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	11,350
Buildings and Improvements	164,745
Costs Capitalized Subsequent to Acquisition	(5,708)
Gross Amount Carried at Close of Period
Land and Improvements	11,350
Buildings and Improvements	159,037
Total	170,387
Accumulated Depreciation	77,602
Net Book Value	92,785
UNITED STATES PROPERTIES | Skilled Nursing | Wellington
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	14,744
Buildings and Improvements	93,096
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land and Improvements	14,744
Buildings and Improvements	93,096
Total	107,840
Accumulated Depreciation	2,709
Net Book Value	105,131
UNITED STATES PROPERTIES | Skilled Nursing | Other Skilled Nursing Operators
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	31,502
Buildings and Improvements	192,512
Costs Capitalized Subsequent to Acquisition	1,405
Gross Amount Carried at Close of Period
Land and Improvements	31,682
Buildings and Improvements	193,737
Total	225,419
Accumulated Depreciation	19,126
Net Book Value	206,293
UNITED STATES PROPERTIES | Outpatient Medical Buildings And Other
Real Estate and Accumulated Depreciation
Encumbrances	253,105
Initial Cost to Company
Land and Improvements	427,856
Buildings and Improvements	4,579,744
Costs Capitalized Subsequent to Acquisition	792,925
Gross Amount Carried at Close of Period
Land and Improvements	427,694
Buildings and Improvements	5,372,831
Total	5,800,525
Accumulated Depreciation	1,875,781
Net Book Value	3,924,744
UNITED STATES PROPERTIES | Outpatient Medical Buildings And Other | Lillibridge
Real Estate and Accumulated Depreciation
Encumbrances	36,718
Initial Cost to Company
Land and Improvements	169,535
Buildings and Improvements	2,142,552
Costs Capitalized Subsequent to Acquisition	592,090
Gross Amount Carried at Close of Period
Land and Improvements	170,792
Buildings and Improvements	2,733,385
Total	2,904,177
Accumulated Depreciation	1,112,022
Net Book Value	1,792,155
UNITED STATES PROPERTIES | Outpatient Medical Buildings And Other | PMB RES
Real Estate and Accumulated Depreciation
Encumbrances	206,039
Initial Cost to Company
Land and Improvements	81,666
Buildings and Improvements	992,528
Costs Capitalized Subsequent to Acquisition	137,622
Gross Amount Carried at Close of Period
Land and Improvements	83,314
Buildings and Improvements	1,128,502
Total	1,211,816
Accumulated Depreciation	399,496
Net Book Value	812,320
UNITED STATES PROPERTIES | Outpatient Medical Buildings And Other | Cornerstone Companies, Inc.
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	28,336
Buildings and Improvements	156,018
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land and Improvements	28,336
Buildings and Improvements	156,018
Total	184,354
Accumulated Depreciation	4,390
Net Book Value	179,964
UNITED STATES PROPERTIES | Outpatient Medical Buildings And Other | Ardent Health Services
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	5,638
Buildings and Improvements	214,808
Costs Capitalized Subsequent to Acquisition	600
Gross Amount Carried at Close of Period
Land and Improvements	5,638
Buildings and Improvements	215,408
Total	221,046
Accumulated Depreciation	14,139
Net Book Value	206,907
UNITED STATES PROPERTIES | Outpatient Medical Buildings And Other | Memorial Health System
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	2,346
Buildings and Improvements	25,031
Costs Capitalized Subsequent to Acquisition	13,166
Gross Amount Carried at Close of Period
Land and Improvements	2,451
Buildings and Improvements	38,092
Total	40,543
Accumulated Depreciation	23,025
Net Book Value	17,518
UNITED STATES PROPERTIES | Outpatient Medical Buildings And Other | Other Medical Buildings Operators
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	136,691
Buildings and Improvements	1,012,745
Costs Capitalized Subsequent to Acquisition	49,447
Gross Amount Carried at Close of Period
Land and Improvements	133,519
Buildings and Improvements	1,065,364
Total	1,198,883
Accumulated Depreciation	320,343
Net Book Value	878,540
UNITED STATES PROPERTIES | Outpatient Medical Buildings And Other | Other Medical Buildings
Real Estate and Accumulated Depreciation
Encumbrances	10,348
Initial Cost to Company
Land and Improvements	3,644
Buildings and Improvements	36,062
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land and Improvements	3,644
Buildings and Improvements	36,062
Total	39,706
Accumulated Depreciation	2,366
Net Book Value	37,340
CANADIAN PROPERTIES | Senior Housing
Real Estate and Accumulated Depreciation
Encumbrances	1,508,235
Initial Cost to Company
Land and Improvements	314,098
Buildings and Improvements	3,439,047
Costs Capitalized Subsequent to Acquisition	(107,342)
Gross Amount Carried at Close of Period
Land and Improvements	298,509
Buildings and Improvements	3,347,294
Total	3,645,803
Accumulated Depreciation	658,191
Net Book Value	2,987,612
CANADIAN PROPERTIES | Senior Housing | Atria Senior Living
Real Estate and Accumulated Depreciation
Encumbrances	294,515
Initial Cost to Company
Land and Improvements	75,553
Buildings and Improvements	845,363
Costs Capitalized Subsequent to Acquisition	(47,026)
Gross Amount Carried at Close of Period
Land and Improvements	68,536
Buildings and Improvements	805,354
Total	873,890
Accumulated Depreciation	269,485
Net Book Value	604,405
CANADIAN PROPERTIES | Senior Housing | Sunrise Senior Living
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	46,600
Buildings and Improvements	418,821
Costs Capitalized Subsequent to Acquisition	(62,383)
Gross Amount Carried at Close of Period
Land and Improvements	39,383
Buildings and Improvements	363,655
Total	403,038
Accumulated Depreciation	175,692
Net Book Value	227,346
CANADIAN PROPERTIES | Senior Housing | Other Senior Housing Operators
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	25,172
Buildings and Improvements	146,694
Costs Capitalized Subsequent to Acquisition	(5,960)
Gross Amount Carried at Close of Period
Land and Improvements	24,011
Buildings and Improvements	141,895
Total	165,906
Accumulated Depreciation	10,768
Net Book Value	155,138
CANADIAN PROPERTIES | Senior Housing | Other Senior Housing
Real Estate and Accumulated Depreciation
Encumbrances	28,228
Initial Cost to Company
Land and Improvements	3,784
Buildings and Improvements	60,605
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land and Improvements	3,784
Buildings and Improvements	60,605
Total	64,389
Accumulated Depreciation	0
Net Book Value	64,389
CANADIAN PROPERTIES | Senior Housing | Le Groupe Maurice
Real Estate and Accumulated Depreciation
Encumbrances	1,185,492
Initial Cost to Company
Land and Improvements	162,989
Buildings and Improvements	1,967,564
Costs Capitalized Subsequent to Acquisition	8,027
Gross Amount Carried at Close of Period
Land and Improvements	162,795
Buildings and Improvements	1,975,785
Total	2,138,580
Accumulated Depreciation	202,246
Net Book Value	1,936,334
UNITED KINGDOM PROPERTIES | Senior Housing | Canford Healthcare Limited
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	42,445
Buildings and Improvements	84,181
Costs Capitalized Subsequent to Acquisition	(17,168)
Gross Amount Carried at Close of Period
Land and Improvements	36,864
Buildings and Improvements	72,594
Total	109,458
Accumulated Depreciation	19,818
Net Book Value	89,640
UNITED KINGDOM PROPERTIES | International Hospital | Spire Healthcare
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	11,903
Buildings and Improvements	136,628
Costs Capitalized Subsequent to Acquisition	(27,140)
Gross Amount Carried at Close of Period
Land and Improvements	9,727
Buildings and Improvements	111,664
Total	121,391
Accumulated Depreciation	22,544
Net Book Value	$ 98,847

SCHEDULE IV MORTGAGE LOANS ON_2

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Loans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 0
Face Amount of Mortgages	26,111
Carrying Amount of Mortgages	26,087	$ 491,334	$ 486,200	$ 552,797
Multiple
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
First Mortgage | Pennsylvania
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of assets | loan	1
Maturity Date	Nov. 04, 2027
Prior Liens	$ 0
Face Amount of Mortgages	18,161
Carrying Amount of Mortgages	18,161
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
First Mortgage | Pennsylvania | Secured Overnight Financing Rate (SOFR)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.75%
First Mortgage | Texas
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of assets | loan	2
Interest Rate	9.50%
Maturity Date	Jun. 16, 2024
Prior Liens	$ 0
Face Amount of Mortgages	7,950
Carrying Amount of Mortgages	7,926
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
First Mortgage | Texas | Secured Overnight Financing Rate (SOFR)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.50%

SCHEDULE IV MORTGAGE LOANS ON_3

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Mortgage Loan Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning Balance	$ 491,334	$ 486,200	$ 552,797
New loans	0	25,247	0
Construction draws	835	0	0
Total additions	835	25,247	0
Principal repayments	0	(113)	(66,597)
Conversions to Real Property	(486,082)	0	0
Allowance	20,000	(20,000)	0
Total deductions	(466,082)	(20,113)	(66,597)
Effect of foreign currency translation	0	0	0
Ending Balance	$ 26,087	$ 491,334	$ 486,200