Ventas (VTR) 10-Q 2 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Jul. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	1-10989
Entity Registrant Name	Ventas, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-1055020
Entity Address, Address Line One	353 N. Clark Street
Entity Address, Address Line Two	Suite 3300
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60654
City Area Code	877
Local Phone Number	483-6827
Title of 12(b) Security	Common Stock $0.25 par value
Trading Symbol	VTR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		413,153,787
Entity Central Index Key	0000740260
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Amendment Flag	false
Document Fiscal Year Focus	2024

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Real estate investments:
Land and improvements	$ 2,588,599	$ 2,596,274
Buildings and improvements	27,358,282	27,201,381
Construction in progress	410,663	368,143
Acquired lease intangibles	1,454,473	1,448,146
Operating lease assets	312,812	312,142
Gross real estate investments	32,124,829	31,926,086
Accumulated depreciation and amortization	(10,647,898)	(10,177,136)
Net real estate property	21,476,931	21,748,950
Secured loans receivable and investments, net	36,195	27,986
Investments in unconsolidated real estate entities	608,844	598,206
Net real estate investments	22,121,970	22,375,142
Cash and cash equivalents	557,082	508,794
Escrow deposits and restricted cash	58,202	54,668
Goodwill	1,045,071	1,045,176
Assets held for sale	43,261	56,489
Deferred income tax assets, net	1,657	1,754
Other assets	702,986	683,410
Total assets	24,530,229	24,725,433
Liabilities:
Senior notes payable and other debt	13,175,077	13,490,896
Accrued interest	122,132	117,403
Operating lease liabilities	213,110	194,734
Accounts payable and other liabilities	1,003,078	1,041,616
Liabilities related to assets held for sale	4,988	9,243
Deferred income tax liabilities	32,660	24,500
Total liabilities	14,551,045	14,878,392
Redeemable OP unitholder and noncontrolling interests	311,468	302,636
Commitments and contingencies
Ventas stockholders’ equity:
Preferred stock	0	0
Common stock	103,242	100,648
Capital in excess of par value	16,135,972	15,650,734
Accumulated other comprehensive loss	(17,409)	(35,757)
Retained earnings (deficit)	(6,577,395)	(6,213,803)
Treasury stock	(25,060)	(13,764)
Total Ventas stockholders’ equity	9,619,350	9,488,058
Noncontrolling interests	48,366	56,347
Total equity	9,667,716	9,544,405
Total liabilities and equity	$ 24,530,229	$ 24,725,433

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in usd per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	10,000	10,000
Common stock, par value (in usd per share)	$ 0.25	$ 0.25
Common stock, shares authorized (in shares)	600,000	600,000
Common stock, shares issued (in shares)	413,154	402,380
Common stock, shares outstanding (in shares)	413,154	402,380
Treasury Stock, Common, Shares	2	279

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Rental income		$ 372,787	$ 370,162	$ 747,032	$ 722,905
Income from loans and investments		1,436	6,554	2,725	20,143
Interest and other income		4,825	1,032	11,605	2,775
Total revenues		1,200,980	1,106,358	2,400,894	2,183,603
Expenses
Interest		149,259	143,265	299,192	271,340
Depreciation and amortization		339,848	304,689	640,103	586,808
Property-level operating expenses		680,151	622,818	1,367,648	1,230,749
Third party capital management expenses				3,403	3,142
General, administrative and professional fees		37,727	34,399	86,464	79,197
Loss (gain) on extinguishment of debt, net		420	(6,801)	672	(6,801)
Transaction, transition and restructuring costs		2,886	3,069	7,563	4,455
Allowance on loans receivable and investments, net		(42)	(12,065)	(110)	(20,129)
Gain on foreclosure of real estate		0	(29,127)	0	(29,127)
Shareholder relations matters		37	0	15,751	0
Other expense (income)		8,128	(17,959)	6,794	(10,197)
Total expenses		1,220,064	1,043,724	2,427,480	2,109,437
(Loss) income before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests		(19,084)	62,634	(26,586)	74,166
Loss from unconsolidated entities		(1,652)	31,254	(10,035)	25,631
Gain on real estate dispositions		49,670	1,405	50,011	11,606
Income tax expense		(7,766)	9,773	(4,762)	12,575
Income from continuing operations		21,168	105,066	8,628	123,978
Net income		21,168	105,066	8,628	123,978
Net income attributable to noncontrolling interests		1,781	1,613	3,553	3,008
Net income attributable to common stockholders		$ 19,387	$ 103,453	$ 5,075	$ 120,970
Basic:
(Loss) income from continuing (in usd per share)		$ 0.05	$ 0.26	$ 0.02	$ 0.31
Net (loss) income attributable to common stockholders (in usd per share)		0.05	0.26	0.01	0.30
Diluted:
(Loss) income from continuing (in usd per share)	[1]	0.05	0.26	0.02	0.31
Net (loss) income attributable to common stockholders (in usd per share)	[1]	$ 0.05	$ 0.26	$ 0.01	$ 0.30
Triple-Net Leased Properties
Revenues
Rental income		$ 153,934	$ 154,355	$ 309,302	$ 304,094
Expenses
Property-level operating expenses		3,506	3,537	7,244	7,333
Outpatient Medical and Research Portfolio
Revenues
Rental income		218,853	215,807	437,730	418,811
Expenses
Property-level operating expenses		73,286	72,171	147,224	139,084
Resident fees and services
Revenues
Other revenues		817,600	724,614	1,630,904	1,429,607
Senior housing
Expenses
Property-level operating expenses		603,359	547,110	1,213,180	1,084,332
Third party capital management expenses
Revenues
Other revenues		4,332	3,996	8,628	8,173
Expenses
Third party capital management expenses		$ 1,650	$ 1,436	$ 3,403	$ 3,142
[1]Potential common shares are not included in the computation of diluted earnings per share (“EPS”) when a loss from continuing operations exists as the effect would be an antidilutive per share amount.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 21,168	$ 105,066	$ 8,628	$ 123,978
Other comprehensive income:
Foreign currency translation gain	3,189	1,881	7,124	5,780
Unrealized loss on available for sale securities	(842)	0	(722)	0
Unrealized (loss) gain on derivative instruments	(1,570)	28,001	9,452	19,199
Total other comprehensive income	777	29,882	15,854	24,979
Comprehensive income	21,945	134,948	24,482	148,957
Comprehensive income attributable to noncontrolling interests	413	5,578	1,059	5,739
Comprehensive income attributable to common stockholders	$ 21,532	$ 129,370	$ 23,423	$ 143,218

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Common Stock Par Value	Capital in Excess of Par Value	Accumulated Other Comprehensive (Loss) Income	Retained Earnings (Deficit)	Treasury Stock	Total Ventas Stockholders’ Equity	Noncontrolling Interests
Beginning Balance at Dec. 31, 2022	$ 10,221,677	$ 99,912	$ 15,539,777	$ (36,800)	$ (5,449,385)	$ (536)	$ 10,152,968	$ 68,709
Increase (decrease) in stockholders' equity
Net income	120,970	0	0	0	120,970	0	120,970
Net income (loss) attributable to noncontrolling interest	3,008							3,008
Net income	123,978
Other comprehensive income (loss)	24,979	0	0	22,248	0	0	22,248	2,731
Net change in noncontrolling interests	(9,530)	0	4,856	0	0	0	4,856	(14,386)
Dividends to common stockholders	(360,074)	0	10	0	(360,084)	0	(360,074)	0
Issuance of common stock for stock plans, restricted stock grants and other	35,416	294	48,217	0	0	(13,095)	35,416	0
Adjust redeemable OP unitholder interests to current fair value	(7,933)	0	(7,933)	0	0	0	(7,933)	0
Adjustments to Equity, Redemption of Limited Partnership Units	(69)	0	(69)	0	0	0	(69)	0
Ending Balance at Jun. 30, 2023	10,028,444	100,206	15,584,858	(14,552)	(5,688,499)	(13,631)	9,968,382	60,062
Beginning Balance at Mar. 31, 2023	10,064,602	100,065	15,562,017	(40,469)	(5,611,067)	(13,555)	9,996,991	67,611
Increase (decrease) in stockholders' equity
Net income	103,453	0	0	0	103,453	0	103,453
Net income (loss) attributable to noncontrolling interest	1,613							1,613
Net income	105,066
Other comprehensive income (loss)	29,882	0	0	25,917	0	0	25,917	3,965
Net change in noncontrolling interests	(9,664)	0	3,463	0	0	0	3,463	(13,127)
Dividends to common stockholders	(180,875)	0	10	0	(180,885)	0	(180,875)	0
Issuance of common stock for stock plans, restricted stock grants and other	30,443	141	30,378	0	0	(76)	30,443	0
Adjust redeemable OP unitholder interests to current fair value	(11,010)	0	(11,010)	0	0	0	(11,010)	0
Ending Balance at Jun. 30, 2023	10,028,444	100,206	15,584,858	(14,552)	(5,688,499)	(13,631)	9,968,382	60,062
Beginning Balance at Dec. 31, 2023	9,544,405	100,648	15,650,734	(35,757)	(6,213,803)	(13,764)	9,488,058	56,347
Increase (decrease) in stockholders' equity
Net income	5,075	0	0	0		0	5,075
Net income (loss) attributable to noncontrolling interest	3,553							3,553
Net income	8,628
Other comprehensive income (loss)	15,854	0	0	18,348	0	0	18,348	(2,494)
Net change in noncontrolling interests	(28,239)	0	(19,199)	0	0	0	(19,199)	(9,040)
Dividends to common stockholders	(368,634)	0	33	0	(368,667)	0	(368,634)	0
Issuance of common stock for stock plans, restricted stock grants and other	502,406	2,594	511,108	0	0	(11,296)	502,406	0
Adjust redeemable OP unitholder interests to current fair value	(5,108)	0	(5,108)	0	0	0	(5,108)	0
Adjustments to Equity, Redemption of Limited Partnership Units	(1,596)	0	(1,596)	0	0	0	(1,596)	0
Ending Balance at Jun. 30, 2024	9,667,716	103,242	16,135,972	(17,409)	(6,577,395)	(25,060)	9,619,350	48,366
Beginning Balance at Mar. 31, 2024	9,458,833	101,094	15,756,414	(19,554)	(6,410,144)	(24,970)	9,402,840	55,993
Increase (decrease) in stockholders' equity
Net income	19,387	0	0	0	19,387	0	19,387
Net income (loss) attributable to noncontrolling interest	1,781							1,781
Net income	21,168
Other comprehensive income (loss)	777	0	0	2,145	0	0	2,145	(1,368)
Net change in noncontrolling interests	(20,256)	0	(12,216)	0	0	0	(12,216)	(8,040)
Dividends to common stockholders	(186,616)	0	22	0	(186,638)	0	(186,616)	0
Issuance of common stock for stock plans, restricted stock grants and other	420,077	2,148	418,019	0	0	(90)	420,077	0
Adjust redeemable OP unitholder interests to current fair value	(25,467)	0	(25,467)	0	0	0	(25,467)	0
Adjustments to Equity, Redemption of Limited Partnership Units	(800)	0	(800)	0	0	0	(800)	0
Ending Balance at Jun. 30, 2024	$ 9,667,716	$ 103,242	$ 16,135,972	$ (17,409)	$ (6,577,395)	$ (25,060)	$ 9,619,350	$ 48,366

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends to common stockholders, per share (in usd per share)	$ 0.45	$ 0.45	$ 0.45	$ 0.90

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 8,628	$ 123,978
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	640,103	586,808
Amortization of deferred revenue and lease intangibles, net	(27,412)	(29,592)
Other non-cash amortization	14,852	8,969
Allowance on loans receivable and investments, net	(110)	(20,129)
Stock-based compensation	22,076	20,389
Straight-lining of rental income	(5,350)	(1,884)
Loss (gain) on extinguishment of debt, net	672	(6,801)
Gain on real estate dispositions	(50,011)	(11,606)
Income tax expense (benefit)	1,378	(15,813)
Loss (gain) from unconsolidated entities	10,035	(25,618)
Gain on foreclosure of real estate	0	(29,127)
Distributions from unconsolidated entities	10,063	9,682
Other	129	(14,279)
Changes in operating assets and liabilities:
Increase in other assets	(16,523)	(17,341)
Increase (decrease) in accrued interest	5,281	(3,524)
Decrease in accounts payable and other liabilities	(11,491)	(19,468)
Net cash provided by operating activities	602,320	554,644
Cash flows from investing activities:
Net investment in real estate property	(325,244)	(977)
Investment in loans receivable	(11,847)	(589)
Proceeds from real estate disposals	238,091	64,405
Proceeds from loans receivable	584	43,822
Proceeds from sale of interest in unconsolidated entities	0	50,054
Net cash assumed in foreclosure of real estate	0	11,615
Development project expenditures	(164,828)	(144,809)
Capital expenditures	(121,908)	(96,271)
Investment in unconsolidated entities	(29,069)	(64,247)
Insurance proceeds for property damage claims	2,834	9,390
Net cash used in investing activities	(411,387)	(127,607)
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities	(10,770)	8,293
Net change in borrowings under commercial paper program	0	(267,414)
Proceeds from debt	1,216,336	1,748,532
Repayment of debt	(1,405,872)	(1,489,112)
Purchase of noncontrolling interests	(11,000)	(110)
Payment of deferred financing costs	(29,147)	(27,356)
Issuance of common stock, net	491,797	25,007
Cash distribution to common stockholders	(365,163)	(361,703)
Cash distribution to redeemable OP unitholders	(3,060)	(3,089)
Cash issued for redemption of OP Units	(2,087)	(655)
Contributions from noncontrolling interests	3,580	7,979
Distributions to noncontrolling interests	(9,967)	(17,388)
Proceeds from stock option exercises	0	1,736
Other	(10,074)	(12,805)
Net cash used in financing activities	(135,427)	(388,085)
Net increase in cash, cash equivalents and restricted cash	55,506	38,952
Effect of foreign currency translation	(3,684)	650
Cash, cash equivalents and restricted cash at beginning of period	563,462	170,745
Cash, cash equivalents and restricted cash at end of period	615,284	210,347
Assets acquired and liabilities assumed from acquisitions and other:
Real estate investments	10,530	0
Other assets	1,171	7,873
Other liabilities	4,713	9,000
Deferred income tax liability	6,988	12,382
Settlement of loan receivable	0	486,082
Real estate received in settlement of loan receivable	0	1,566,395
Assumption of debt related to real estate owned	$ 0	$ 1,016,804

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024, we owned or had investments in approximately 1,350 properties (including properties classified as held for sale and unconsolidated properties). 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 we also refer to as “OM&R,” 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 net operating income (“NOI”) and related measures for each segment. See “Note 16 – 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 consolidated reportable business segments and non-segment assets for the six months ended June 30, 2024 (dollars in thousands): Segment Total NOI (1) Percentage of Total NOI Number of Consolidated Properties Senior housing operating portfolio (SHOP) $ 417,724 41.0 % 582 Outpatient medical and research portfolio (OM&R) 291,842 28.7 % 428 Triple-net leased properties 302,058 29.7 % 308 Non-segment (2) 6,614 0.6 % — $ 1,018,238 100 % 1,318 ______________________________ (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 Quarterly Report on Form 10-Q for additional disclosure and a reconciliation of net income attributable to common stockholders, as computed in accordance with GAAP, to NOI. (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	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
ACCOUNTING POLICIES	NOTE 2—ACCOUNTING POLICIES The accompanying Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information set forth in the Accounting Standards Codification (“ASC”), as published by the Financial Accounting Standards Board (“FASB”), and with the Securities and Exchange Commission (“SEC”) instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The accompanying Consolidated Financial Statements and related notes should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”). Certain prior period amounts have been reclassified to conform to the current period presentation. Accounting Estimates The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions regarding future events that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Principles of Consolidation The accompanying Consolidated Financial Statements include our accounts and the accounts of our wholly-owned subsidiaries and the joint venture entities over which we exercise control. All intercompany transactions and balances have been eliminated in consolidation, and our net earnings are reduced by the portion of net earnings attributable to noncontrolling interests. GAAP requires us to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of variable interest entities (“VIEs”). Substantially all of the assets of the VIEs are real estate investments and substantially all of the liabilities of the VIEs are mortgage loans. Assets of the consolidated VIEs can only be used to settle obligations of such VIEs. Liabilities of the consolidated VIEs represent claims against the specific assets of the VIEs. Unless otherwise required by an operating agreement, any mortgage loans of the consolidated VIEs are non-recourse to us. The table below summarizes the total assets and liabilities of our consolidated VIEs as reported on our Consolidated Balance Sheets (dollars in thousands): As of June 30, 2024 As of December 31, 2023 Total Assets Total Liabilities Total Assets Total Liabilities NHP/PMB L.P. $ 748,205 $ 280,103 $ 759,817 $ 266,658 Fonds Immobilier Groupe Maurice, S.E.C. 1,894,840 1,169,211 1,971,410 1,204,619 Other identified VIEs 1,602,668 361,854 1,597,957 354,828 Tax credit VIEs 27,879 4,400 29,746 4,024 Recent Accounting Standards 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. The standard also permits disclosure of more than one measure of segment profit. 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 adopting ASU 2023-07 and expect to have additional disclosures in our Form 10-K for the year ended December 31, 2024. 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 adopting ASU 2023-09 on our Consolidated Financial Statements. In March 2024, the SEC adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate Related Disclosures for Investors , which requires registrants to disclose climate-related information in registration statements and annual reports. The new rules would be effective for annual reporting periods beginning in fiscal year 2025. However, in April 2024, the SEC exercised its discretion to stay these rules pending the completion of judicial review of certain consolidated petitions with the United States Court of Appeals for the Eighth Circuit in connection with these rules. We are evaluating the impact of this rule on our Consolidated Financial Statements.

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK	6 Months Ended
	Jun. 30, 2024
Risks and Uncertainties [Abstract]
CONCENTRATION OF CREDIT RISK	NOTE 3—CONCENTRATION OF CREDIT RISK The properties managed by Atria Senior Living, Inc. (together with its subsidiaries, including Holiday Retirement (“Holiday”), “Atria”) and Sunrise Senior Living, LLC (together with its subsidiaries, “Sunrise”), and leased to Brookdale Senior Living Inc. (together with its subsidiaries, “Brookdale”), Ardent Health Partners, Inc. (f/k/a Ardent Health Partners, LLC and, together with its subsidiaries, “Ardent”) and Kindred Healthcare, LLC (together with its subsidiaries, “Kindred”) contributed approximately 19.2%, 5.9%, 7.2%, 6.6% and 6.6%, respectively, of our total NOI for the three months ended June 30, 2024. 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. Our SHOP, outpatient medical and research portfolio and triple-net leased properties segments contributed 41.7%, 28.4%, and 29.2%, respectively, of our total NOI for the three months ended June 30, 2024. Our consolidated properties were located in 47 states, the District of Columbia, seven Canadian provinces and the United Kingdom as of June 30, 2024, with properties in one state (California) accounting for more than 10% of our total consolidated revenues and NOI for each of the three months ended June 30, 2024 and 2023. See “Non-GAAP Financial Measures” included elsewhere in this Quarterly Report on Form 10-Q for additional disclosure and a reconciliation of net income attributable to common stockholders, as computed in accordance with GAAP, to NOI. Triple-Net Leased Properties The properties we triple-net leased to Brookdale, Ardent and Kindred accounted for a significant portion of total revenues and total NOI for the three months ended June 30, 2024 and 2023. The following table reflects the concentration risk related to our triple-net leased properties including assets held for sale for the periods presented: For the Three Months Ended June 30, 2024 2023 Contribution as a Percentage of Total Revenues (1) : Brookdale 3.1 % 3.4 % Ardent (2) 2.8 3.0 Kindred 2.8 3.0 Contribution as a Percentage of Total NOI (3) : Brookdale 7.2 % 7.8 % Ardent (2) 6.6 6.9 Kindred 6.6 6.9 ____________________________ (1) Total revenues include third party capital management revenues, income from loans and investments and interest and other income. (2) Results exclude 19 outpatient medical buildings included in our outpatient medical and research portfolio segment. (3) See “Non-GAAP Financial Measures” included elsewhere in this Quarterly Report on Form 10-Q for additional disclosure and a reconciliation of net income attributable to common stockholders, as computed in accordance with GAAP, to NOI. Each of our leases with Brookdale, 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 June 30, 2024, we leased 29 properties to Kindred (collectively, the “Kindred Portfolio”) pursuant to a single, triple-net master lease agreement (together with certain other agreements related to such master lease, collectively, the “Kindred Lease”). The Kindred Portfolio is divided into two separate renewal groups. The first group is composed of six properties (“Group 1”) and the second group is composed of 23 properties (“Group 2”). As of June 30, 2024, the Kindred Lease represented approximately 6.6% of the Company’s total annualized NOI, with Group 1 representing approximately 1.3% of total annualized NOI and Group 2 representing approximately 5.3% of the Company’s total annualized NOI. Kindred’s obligations under the Kindred Lease are guaranteed by a parent company. The current term of the Kindred Lease for Group 1 expires on April 30, 2028. Under the Kindred Lease, Kindred has the option to renew the lease for all of the properties (but not less than all) within Group 1 for two 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. The current term of the Kindred Lease for Group 2 expires on April 30, 2025. Under the Kindred Lease, Kindred had the option to renew the lease for all of the properties (but not less than all) 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. Although Kindred did not provide such notice, we and Kindred could still reach a negotiated agreement to extend the Kindred Lease with respect to some or all of the Group 2 properties. For any properties that Kindred does not continue to lease, there are other options we may choose to pursue, including, without limitation, transitions to replacement operators, conversions of properties to alternative uses and sale transactions. There can be no assurance that any negotiated agreement we reach with Kindred or any other options we may pursue with respect to the Group 2 properties would be as favorable to us as the current Kindred Lease. If the Kindred Lease is renewed or otherwise extended for some or all of the Group 2 properties, the total contractual cash rent for those properties for the period from the date of the renewal or extension agreement to the end of the new or extended lease term would be straightlined for accounting purposes. If in such renewal or extension agreement we were to agree to continue to lease to Kindred some or all of the Group 2 properties after the current expiration date of April 30, 2025 for a lower base rent than the rent currently in place for such properties, we would recognize a non-cash GAAP reduction in revenue during the period after we reach such agreement through April 30, 2025 even if existing contractual cash rent remains unchanged and is fully paid at such higher level prior to such date. Since the COVID-19 pandemic began to recede, the financial performance of the Kindred Portfolio has declined such that financial performance for the trailing 12-month period ending June 30, 2024 does not exceed the rent under the Kindred Lease for such period. 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 its obligations to us or impact any of its decisions related to the renewal of the lease. We believe there are many factors in addition to portfolio coverage that will influence the ultimate outcome as it relates to the Group 2 properties. See “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.” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Brookdale Lease As of June 30, 2024, we leased 121 properties (excluding 10 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”). The aggregate cash base rent due to us from Brookdale in 2024 is approximately $110.3 million, and the current aggregate contractual base rent (computed in accordance with GAAP) is approximately $148.9 million. The difference between the aggregate cash base rent due in 2024 and the current aggregate contractual base rent (computed in accordance with GAAP) is, in part, a result of the amortization over the remaining lease term of $235 million of up-front consideration received as part of amendments to the Brookdale Lease that were entered into in July 2020 (the “2020 Consideration”). The 2020 Consideration consisted of: (a) $162 million in cash; (b) a $45 million note (repaid by Brookdale in 2021); and (c) $28 million, representing the initial value of warrants exercisable for 16.3 million shares of Brookdale Senior Living, Inc. common stock. As of June 30, 2024, approximately $170.6 million of such 2020 Consideration has been amortized, leaving approximately $64.0 million unamortized. The Brookdale Lease is guaranteed by Brookdale Senior Living, Inc. Under the terms of the Brookdale Lease, base rent escalates annually at 3% per annum, commencing on January 1, 2022. The term of the Brookdale Lease expires December 31, 2025. 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. If Brookdale does not timely exercise its renewal option, we and Brookdale may nonetheless reach a negotiated agreement to continue the Brookdale Lease in whole or in part prior to its expiration date. If all or any part of the Brookdale Lease is renewed or otherwise extended, the then remaining unamortized portion of the 2020 Consideration would be re-amortized and the new GAAP rent for the period from the date of the renewal or extension agreement to the end of the new or extended lease term would be straightlined. See “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.” and “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.” included in Part 1, Item 1A in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. During the three months ended June 30, 2024, we exercised warrants for 1.7 million shares of Brookdale Senior Living, Inc. common stock (“Brookdale Common Stock”) on a cashless basis, resulting in our receipt of 0.9 million shares of Brookdale Common Stock (net of the $3.00 exercise price), which we sold for net cash proceeds of $6.1 million (recorded within operating cashflows in our Consolidated Statements of Cash Flows). We recognized a $1.0 million net realized loss relative to the fair market value of the warrants as of March 31, 2024 (recorded in Other Expense in our Consolidated Statements of Income). As of June 30, 2024, we continued to hold 14.6 million warrants for Brookdale Common Stock, which are exercisable at any time prior to December 31, 2025 and have an exercise price of $3.00 per share. The remaining 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 June 30, 2024, 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. In July 2024, Ardent Health Partners, Inc., the parent company of the tenants under, and guarantor of, the Ardent Lease, consummated an initial public offering (the “Ardent IPO”). See “Note 7 – Investments in Unconsolidated Entities.” Senior Housing Operating Portfolio As of June 30, 2024, Atria and Sunrise, collectively, provided comprehensive property management and accounting services with respect to 298 of our 582 consolidated senior housing communities, for which we pay annual management fees pursuant to long-term management agreements. As of June 30, 2024, Atria managed a pool of 205 senior housing communities for Ventas. Ventas has the right to terminate the management contract for 57 of the communities on short notice. As of June 30, 2024, Sunrise managed 93 senior housing communities for Ventas pursuant to multiple management agreements (collectively, the “Sunrise Management Agreements”). Our Sunrise Management Agreements have initial terms expiring between 2034 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 rely on our managers’ personnel, expertise, technical resources and information systems, proprietary information, good faith and judgment to manage our senior housing operating portfolio efficiently and effectively. We also rely on our managers to set appropriate resident fees, provide accurate property-level financial results in a timely manner and otherwise operate our senior housing communities in compliance with the terms of our management agreements and all applicable laws and regulations.

ACQUISITIONS OF REAL ESTATE PRO

ACQUISITIONS OF REAL ESTATE PROPERTY	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
ACQUISITIONS OF REAL ESTATE PROPERTY	NOTE 4—ACQUISITIONS OF REAL ESTATE PROPERTY We acquire and invest in senior housing, outpatient medical buildings, 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. Each of our acquisitions disclosed below was accounted for as an asset acquisition. 2024 Acquisitions During the six months ended June 30, 2024, we acquired 11 senior housing communities reported within our SHOP segment for an aggregate purchase price of $327.4 million.

DISPOSITIONS AND IMPAIRMENTS

DISPOSITIONS AND IMPAIRMENTS	6 Months Ended
	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
DISPOSITIONS AND IMPAIRMENTS	NOTE 5—DISPOSITIONS AND IMPAIRMENTS 2024 Activity During the six months ended June 30, 2024, we sold 15 senior housing communities, 10 outpatient medical buildings (one of which was vacant) and 23 triple-net leased properties for aggregate consideration of $234.1 million and recognized a gain on the sale of these assets of $50.0 million in our Consolidated Statements of Income. Assets Held for Sale The table below summarizes our real estate assets classified as held for sale including the amounts reported on our Consolidated Balance Sheets, which may include anticipated post-closing settlements of working capital for disposed properties (dollars in thousands): As of June 30, 2024 As of December 31, 2023 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 3 $ 18,725 $ 3,515 13 $ 48,173 $ 6,419 Outpatient medical and research portfolio (1) — 24,536 1,473 3 5,431 2,643 Triple-net leased properties — — — 1 2,885 181 Total 3 $ 43,261 $ 4,988 17 $ 56,489 $ 9,243 ______________________________ (1) The balances as of June 30, 2024 relate to a partial sale of a building, as such, no property count is allocated. Real Estate Impairments We recognized impairments of $44.9 million and $10.7 million for the three months ended June 30, 2024 and 2023, respectively, and $50.3 million and $19.2 million for the six months ended June 30, 2024 and 2023 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 expected future cash flows of the impaired assets.

LOANS RECEIVABLE AND INVESTMENT

LOANS RECEIVABLE AND INVESTMENTS	6 Months Ended
	Jun. 30, 2024
Loans Receivable And Investments [Abstract]
LOANS RECEIVABLE AND INVESTMENTS	NOTE 6—LOANS RECEIVABLE AND INVESTMENTS As of June 30, 2024 and December 31, 2023, we held $65.5 million and $54.1 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, if applicable (dollars in thousands): Amortized Cost Allowance Carrying Amount Fair Value As of June 30, 2024: Secured/mortgage loans and other, net (1) $ 36,195 $ — $ 36,195 $ 36,248 Non-mortgage loans receivable, net (2) 33,213 (3,866) 29,347 28,314 Total loans receivable and investments, net $ 69,408 $ (3,866) $ 65,542 $ 64,562 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 ______________________________ (1) Investments have contractual maturities ranging from 2024 to 2027. (2) Included in other assets on our Consolidated Balance Sheets.

INVESTMENTS IN UNCONSOLIDATED E

INVESTMENTS IN UNCONSOLIDATED ENTITIES	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS IN UNCONSOLIDATED ENTITIES	NOTE 7—INVESTMENTS IN UNCONSOLIDATED ENTITIES We report investments in unconsolidated entities over whose operating and financial policies we have the ability to exercise significant influence under the equity method of accounting. We are not required to consolidate these entities because our joint venture partners have significant participating rights, nor are these entities considered VIEs, as they are controlled by equity holders with sufficient capital. Our investments in unconsolidated entities include investments in both real estate entities and operating entities as described further below. Investments in Unconsolidated Real Estate Entities Below is a summary of our investments in unconsolidated real estate entities, including through VIM, as of June 30, 2024 and December 31, 2023, respectively (dollars in thousands): Ownership as of (1) Carrying Amount as of June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Investments in unconsolidated real estate entities: Ventas Life Science & Healthcare Real Estate Fund 20.1% 20.1% $ 262,374 $ 264,442 Pension Fund Joint Venture 25.0% 25.0% 19,125 22,169 Research & Innovation Development Joint Venture 53.0% 53.0% 290,619 275,829 Ventas Investment Management platform 572,118 562,440 Atrium Health & Wake Forest Joint Venture 48.5% 48.5% 36,112 35,137 All other (2) 34.0%-37.5% 34.0%-37.5% 614 629 Total investments in unconsolidated real estate entities $ 608,844 $ 598,206 ______________________________ (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 entities. 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 $3.9 million and $3.6 million for the three months ended June 30, 2024 and 2023, respectively, and $7.7 million and $7.2 million for the six months ended June 30, 2024 and 2023, respectively. Such amounts, along with any promote revenue, are included in third party capital management revenues in our Consolidated Statements of Income. Investments in Unconsolidated Operating Entities We own investments in unconsolidated operating entities such as Ardent and Atria, which are included within other assets on our Consolidated Balance Sheets. As of June 30, 2024, we held 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 June 30, 2024, we held a 7.5% ownership interest in Ardent, which entitled us to customary minority rights and protections, including the right to appoint one member to the Ardent Board of Directors. Following Ardent’s initial public offering, which was consummated in July 2024 (the “Ardent IPO”), we held an approximately 6.5% ownership interest in Ardent. In connection with the Ardent IPO, we entered into a nomination agreement with Ardent, which provides us the right (but not the obligation) to nominate one member of the Ardent Board of Directors for so long as we beneficially own 4% or more of the total voting power of Ardent.

INTANGIBLES

INTANGIBLES	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 As of December 31, 2023 Balance Weighted Average Balance Weighted Average Intangible assets: Above-market lease intangibles (1) $ 128,773 4.5 $ 130,371 4.8 In-place and other lease intangibles (2) 1,325,700 9.3 1,317,775 8.3 Goodwill 1,045,071 N/A 1,045,176 N/A Other intangibles (2) 34,389 4.3 34,440 4.8 Accumulated amortization (1,253,521) N/A (1,189,817) N/A Net intangible assets $ 1,280,412 8.8 $ 1,337,945 8.0 Intangible liabilities: Below-market lease intangibles (1) $ 306,094 7.8 $ 306,499 8.1 Other lease intangibles 13,498 N/A 13,498 N/A Accumulated amortization (246,908) N/A (241,600) N/A Purchase option intangibles 3,568 N/A 3,568 N/A Net intangible liabilities $ 76,252 7.8 $ 81,965 8.1 ______________________________ (1) Amortization of above- and below-market lease intangibles is recorded as a decrease and an increase to revenues, respectively, in our Consolidated Statements of Income. (2) Amortization of lease intangibles is recorded in depreciation and amortization in our Consolidated Statements of Income. N/A—Not Applicable Above-market lease intangibles and in-place and other lease intangibles are included in acquired lease intangibles within real estate investments on our Consolidated Balance Sheets. Other intangibles (including non-compete agreements, trade names and trademarks) are included in other assets on our Consolidated Balance Sheets. Below-market lease intangibles, other lease intangibles and purchase option intangibles are included in accounts payable and other liabilities on our Consolidated Balance Sheets.

OTHER ASSETS

OTHER ASSETS	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 As of December 31, 2023 Straight-line rent receivables $ 198,668 $ 194,108 Deferred lease costs, net 130,862 118,556 Investment in unconsolidated operating entities 77,880 80,312 Stock warrants 61,100 59,281 Non-mortgage loans receivable, net 29,347 26,152 Other intangibles, net 5,153 5,584 Other 199,976 199,417 Total other assets $ 702,986 $ 683,410 Stock warrants represent warrants exercisable at any time prior to December 31, 2025, in whole or in part, for 14.6 million shares of Brookdale Senior Living, Inc. common stock at an exercise price of $3.00 per share. See Note 3 – Concentration of Credit Risk. The remaining warrants are measured at fair value with changes in fair value being recognized within Other Expense in our Consolidated Statements of Income.

SENIOR NOTES PAYABLE AND OTHER

SENIOR NOTES PAYABLE AND OTHER DEBT	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 As of December 31, 2023 Unsecured revolving credit facility (1)(2) $ 3,161 $ 14,006 Commercial paper notes — — 3.50% Senior Notes due 2024 — 400,000 3.75% Senior Notes due 2024 — 400,000 4.125% Senior Notes, Series B due 2024 (2) 119,362 123,256 2.80% Senior Notes, Series E due 2024 (2) — 55,143 Unsecured term loan due 2025 (2) — 377,501 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 862,500 862,500 Unsecured term loan due February 2027 200,000 200,000 Unsecured term loan due June 2027 500,000 500,000 2.45% Senior Notes, Series G due 2027 (2) 347,298 358,626 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) 438,693 453,001 4.40% Senior Notes due 2029 750,000 750,000 5.10% Senior Notes, Series J due 2029 (2) 475,250 — 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) 219,346 226,501 5.625% Senior Note due 2034 500,000 — 6.90% Senior Notes due 2037 (3) 52,400 52,400 6.59% Senior Notes due 2038 (3) 21,413 21,413 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 3,186,118 3,174,251 Total 13,275,541 13,568,598 Deferred financing costs, net (99,445) (84,034) Unamortized fair value adjustment (15,516) 17,081 Unamortized discounts 14,497 (10,749) Senior notes payable and other debt $ 13,175,077 $ 13,490,896 ______________________________ (1) As of June 30, 2024 and December 31, 2023, respectively, no aggregate borrowings were denominated in Canadian dollars. Aggregate borrowings of $3.2 million and $14.0 million were denominated in British pounds as of June 30, 2024 and December 31, 2023, 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 As of June 30, 2024, we have a $2.75 billion unsecured revolving credit facility priced at SOFR plus 0.10% applied in connection with the transition from LIBOR to SOFR (“Adjusted SOFR”) plus 0.775% which is subject to adjustment based on the Company’s debt ratings. Our unsecured revolving credit facility matures in April 2028, and may be extended at our option, subject to the satisfaction of certain conditions, for two additional periods of six months each. The 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 imposes 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; and (viii) the maintenance of certain consolidated total leverage, secured debt leverage, unsecured debt leverage and fixed charge coverage ratios and minimum consolidated adjusted net worth, and contains customary events of default. As of June 30, 2024, we had $2.7 billion of undrawn capacity under our unsecured revolving credit facility with $3.2 million outstanding and an additional $0.8 million restricted to support outstanding letters of credit. We use our unsecured revolving credit facility to support our commercial paper program and for general corporate purposes. Our wholly-owned subsidiary, Ventas Realty, Limited Partnership (“Ventas Realty”), may issue from time to time unsecured commercial paper notes up to a maximum aggregate amount outstanding at any time of $1.0 billion. The notes are sold under customary terms in the U.S. commercial paper note market and are ranked pari passu with all of Ventas Realty’s other unsecured senior indebtedness. The notes are fully and unconditionally guaranteed by Ventas, Inc. As of June 30, 2024, we had no borrowings outstanding under our commercial paper program. Ventas Realty has a $500.0 million unsecured term loan priced at Adjusted SOFR plus 0.85%, 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. Ventas Realty has a $200.0 million unsecured term loan priced at Adjusted SOFR plus 0.85%, 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. During the six months ended June 30, 2024, we repaid and extinguished a C$500.0 million or $367.9 million unsecured term loan facility priced at Canadian Dollar Offered Rate (“CDOR”) plus 0.90% that would otherwise have matured in January 2025. We also repaid C$73.0 million or $53.4 million aggregate principal amount of 2.80% Senior Notes, Series E due 2024 at maturity. As of June 30, 2024, our $100.0 million uncommitted line for standby letters of credit had an outstanding balance of $14.7 million. The agreement governing the line contains certain customary covenants and, under its terms, we are required to pay a commission on each outstanding letter of credit at a fixed rate. 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, Inc. 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. As of June 30, 2024, we had $862.5 million aggregate principal amount of the Exchangeable Notes outstanding. During the three and six months ended June 30, 2024, we recognized approximately $8.1 million and $16.2 million respectively, of contractual interest expense and amortization of issuance costs of $1.7 million and $3.4 million, respectively, related to the Exchangeable Notes. Unamortized issuance costs of $13.7 million as of June 30, 2024 were recorded as an offset to senior notes payable and other debt on our Consolidated Balance Sheet. The Exchangeable Notes are exchangeable at an initial exchange rate of 18.2460 shares of our common stock per $1,000 principal amount of Exchangeable Notes (equivalent to an initial exchange price of approximately $54.81 per share of common stock). The initial exchange rate is subject to adjustment, including in the event of the payment of a quarterly dividend in excess of $0.45 per share, but will not be adjusted for any accrued and unpaid interest. Upon exchange of the Exchangeable Notes, Ventas Realty will pay cash up to the aggregate principal amount of the Exchangeable Notes to be exchanged and pay or deliver (or cause to be delivered), as the case may be, cash, shares of common stock or a combination of cash and shares of common stock, at Ventas Realty’s election, in respect of the remainder, if any, of its exchange obligation in excess of the aggregate principal amount of the Exchangeable Notes being exchanged. Prior to the close of business on the business day immediately preceding March 1, 2026, the Exchangeable Notes will be exchangeable at the option of the noteholders only upon the satisfaction of specified conditions and during certain periods described in the indenture governing the Exchangeable Notes. On or after March 1, 2026, until the close of business on the business day immediately preceding the maturity date, the Exchangeable Notes will be exchangeable at the option of the noteholders at any time regardless of these conditions or periods. We have evaluated and concluded that the exchange options embedded in our exchangeable senior notes are eligible for the entity’s own equity scope exception from ASC 815 and therefore, do not need to be bifurcated. Accordingly, we record our exchangeable senior notes as liabilities (included in senior notes payable and other debt on our Consolidated Balance Sheets). Senior Notes In February 2024, Ventas Canada Finance Limited (“Ventas Canada”) issued and sold $475.3 million (C$650.0 million) aggregate principal amount of 5.10% Senior Notes, Series J due 2029 in a private placement. The proceeds were primarily used to repay a $367.9 million (C$500.0 million) unsecured term loan facility due 2025. In April and May 2024, we repaid $800.0 million senior notes consisting of $400.0 million aggregate principal amount of 3.50% Senior Notes due 2024 and $400.0 million aggregate principal amount of 3.75% Senior Notes due 2024 at maturity primarily with cash on hand and through our commercial paper program. In April 2024, we repaid $53.4 million (C$73.0 million) aggregate principal amount of 2.80% Senior Notes, Series E due 2024 at maturity with cash on hand. In May 2024, Ventas Realty issued and sold $500.0 million aggregate principal amount of 5.625% Senior Notes due 2034 in a registered public offering. The proceeds were primarily used to repay balances outstanding under our commercial paper program. Mortgages In February 2024, we entered into a C$52.8 million fixed rate mortgage loan, which accrues interest at 4.644%, matures in 2029 and is secured by one senior housing community in Canada. In April 2024, we entered into an aggregate C$103.0 million fixed rate mortgage loans, which accrue interest at a blended rate of 4.90%, mature in 2029 and are secured by two senior housing communities in Canada. In May 2024, we entered into a $52.3 million fixed rate mortgage loan, which accrues interest at 6.02%, matures in 2034 and is secured by one outpatient medical building in California. Scheduled Maturities of Borrowing Arrangements and Other Provisions As of June 30, 2024, our indebtedness had the following maturities (dollars in thousands): Principal Amount Unsecured Revolving Credit Facility and Commercial Paper Notes Scheduled Periodic Total Maturities 2024 $ 190,188 $ — $ 27,231 $ 217,419 2025 1,811,753 — 48,623 1,860,376 2026 1,930,699 — 42,769 1,973,468 2027 1,562,551 — 42,947 1,605,498 2028 1,481,389 3,161 35,986 1,520,536 Thereafter 5,968,500 — 129,744 6,098,244 Total maturities $ 12,945,080 $ 3,161 $ 327,300 $ 13,275,541 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. Periodically, we enter into and designate interest rate locks to partially hedge the risk of changes in interest payments attributable to increases in the benchmark interest rate during the period leading up to the probable issuance of fixed-rate debt. We designate our interest rate locks as cash flow hedges. Gains and losses when we settle our interest rate locks are amortized into earnings over the life of the related debt, except where a material amount is deemed to be ineffective, which would be immediately recognized in the Consolidated Statements of Income. As of June 30, 2024, our variable rate debt obligations of $0.7 billion reflect, in part, the effect of $142.3 million notional amount of interest rate swaps with maturities in March 2027, that effectively convert fixed rate debt to variable rate debt. As of June 30, 2024, our fixed rate debt obligations of $12.5 billion reflect, in part, the effect of $526.9 million and C$643.8 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. 2024 Activity In June through August 2024, we entered into an aggregate $200.0 million treasury locks to hedge interest rate risk on future debt issuances. The treasury locks expire in June and July 2025 and fix the 10-year U.S. treasury at 4.1%.

FAIR VALUES MEASUREMENTS

FAIR VALUES MEASUREMENTS	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUES MEASUREMENTS	NOTE 11—FAIR VALUES OF FINANCIAL INSTRUMENTS Overview Accounting guidance on fair value measurements for certain financial assets and liabilities requires that financial assets and liabilities carried at fair value be classified and disclosed in one of the following categories: • Level 1: Fair value calculated based on unadjusted quoted prices for identical assets or liabilities in active markets that we have the ability to access. • Level 2: Fair value calculated using inputs other than quoted prices included in level one that are directly or indirectly observable for the asset or liability. Level two inputs may include quoted prices for similar assets and liabilities in active markets and other inputs for the asset or liability that are observable at commonly quoted intervals, such as interest rates, foreign exchange rates and yield curves. • Level 3: Fair value calculated using unobservable inputs for the asset or liability, which typically are based on our own assumptions, because there is little, if any, related market activity. The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented are not necessarily indicative of the amounts we would realize in a current market exchange or transaction. Financial Instruments Measured at Fair Value The table below summarizes the carrying amounts and fair values of our financial instruments either recorded or disclosed on a recurring basis (dollars in thousands): As of June 30, 2024 As of December 31, 2023 Carrying Fair Value Carrying Fair Value Assets: Cash and cash equivalents (1) $ 557,082 $ 557,082 $ 508,794 $ 508,794 Escrow deposits and restricted cash (1) 58,202 58,202 54,668 54,668 Stock warrants (3)(5) 61,100 61,100 59,281 59,281 Secured mortgage loans and other, net (3)(4) 36,195 36,248 27,986 27,947 Non-mortgage loans receivable, net (3)(4)(5) 29,347 28,314 26,152 25,200 Derivative instruments (3)(5) 26,445 26,445 19,782 19,782 Liabilities: Senior notes payable and other debt, gross (3)(4) 13,275,541 12,770,607 13,568,598 13,104,091 Derivative instruments (3)(6) 919 919 2,525 2,525 Redeemable OP Units (2) 175,076 175,076 173,452 173,452 ______________________________ (1) The carrying amount approximates fair value due to the short maturity of these instruments. (2) Level 1 within fair value hierarchy. (3) Level 2 within fair value hierarchy. (4) Level 3 within fair value hierarchy. (5) Included in other assets on our Consolidated Balance Sheets. (6) Included in accounts payable and other liabilities on our Consolidated Balance Sheets. Other Items Measured at Fair Value on a Nonrecurring Basis Real estate recorded as held for sale and any associated real estate impairment recorded due to the shortening of the expected hold period due to our change in intent to hold the asset (see “Note 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.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 12—COMMITMENTS AND CONTINGENCIES From time to time, we are party to various lawsuits, investigations, claims and other legal and regulatory proceedings arising in connection with our business. 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 and government investigations, 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. From time to time, on behalf of ourselves or on behalf of our unconsolidated entities, we have agreed, and may in the future agree, to provide guarantees, indemnities or other similar contingent obligations to third parties. Such agreements may include, without limitation: (1) guarantees of all or a portion of the principal, interest and other amounts due under mortgage debt or other borrowings, (2) customary nonrecourse carve-out guarantees provided in connection with mortgage or other borrowings, (3) customary indemnifications of lenders for potential environmental liabilities, (4) completion guarantees provided to lenders, tenants, ground lessors or other third parties for the completion of development and redevelopment projects, (5) guarantees of payment of contingent tax obligations to tax credit investors who have purchased historic, new market and other tax credits from us or our unconsolidated entities, (6) guarantees of ground rent and other payment of ground rent and other obligations to ground lessors and (7) indemnities and other guarantees required in connection with the procurement of performance and surety bonds and standby letters of credit. As of June 30, 2024, it is the opinion of management that (i) our liability under these arrangements is not quantifiable and (ii) the risk of us being required to make payments under these arrangements is remote, in each case, individually and in the aggregate. Accordingly, no contingent liability is recorded in our Consolidated Balance Sheet for any of these arrangements.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 13—INCOME TAXES We have elected to be taxed as a REIT under the applicable provisions of the Internal Revenue Code of 1986, as amended, for every year beginning with the year ended December 31, 1999. We have also elected for certain of our subsidiaries to be treated as taxable REIT subsidiaries (“TRS” or “TRS entities”), which are subject to federal, state and foreign income taxes. All entities other than the TRS entities are collectively referred to as the “REIT” within this note. Certain REIT entities are subject to foreign income tax. Although the TRS entities and certain other foreign entities have paid minimal federal, state and foreign income taxes for the six months ended June 30, 2024, their income tax liabilities may increase in future periods as we exhaust net operating loss (“NOL”) carryforwards and as our operations grow. Such increases could be significant. Our consolidated provision for income taxes for the three months ended June 30, 2024 and 2023 was an expense of $7.8 million and a benefit of $9.8 million, respectively. Our consolidated provision for income taxes for the six months ended June 30, 2024 and 2023 was an expense of $4.8 million and a benefit of $12.6 million, respectively. The income tax expense for the three and six months ended June 30, 2024 is primarily due to the enactment of Bill C-59 in Canada, which limits the amount of interest expense we can deduct with respect to our Canadian entities. Bill C-59 is retrospectively applied to October 1, 2023 and the cumulative effect tax of such interest limitation was recognized in the current quarter. The impact of the interest limitation was partially offset by reversal of valuation allowances recorded against the net deferred tax assets of certain of our TRS entities and losses in certain of our TRS entities. The income tax benefit for the three and six months ended June 30, 2023 was primarily due to losses in certain of our TRS entities as well as an $8.0 million benefit from internal restructurings of our U.S. TRS entities. Each TRS is a tax paying component for purposes of classifying deferred tax assets and liabilities. Deferred tax liabilities with respect to our TRS entities totaled $32.7 million and $24.5 million as of June 30, 2024 and December 31, 2023, respectively, and related primarily to differences between the financial reporting and tax bases of fixed and intangible assets, net of loss carryforwards. Deferred tax assets with respect to our TRS entities totaled $1.7 million and $1.8 million as of June 30, 2024 and December 31, 2023, respectively, and related primarily to loss carryforwards. Generally, we are subject to audit under the statute of limitations by the Internal Revenue Service for the year ended December 31, 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 periods ended in and subsequent to 2022.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
STOCKHOLDERS' EQUITY	NOTE 14—STOCKHOLDERS' EQUITY Capital Stock We participate in an “at-the-market” equity offering program (“ATM program”), pursuant to which we may, from time to time, sell up to $1.0 billion aggregate gross sales price of shares of our common stock. During the six months ended June 30, 2024, we sold 10.4 million shares of our common stock under our ATM program for gross proceeds of $499.4 million, representing an average price of $47.87 per share. As of June 30, 2024, the remaining amount available under our ATM program for future sales of common stock was $500.6 million. Accumulated Other Comprehensive Loss The following is a summary of our accumulated other comprehensive loss (dollars in thousands): As of June 30, 2024 As of December 31, 2023 Foreign currency translation loss $ (46,289) $ (56,596) Unrealized loss on available for sale securities (1,978) (1,256) Unrealized gain on derivative instruments 30,858 22,095 Total accumulated other comprehensive loss $ (17,409) $ (35,757)

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	NOTE 15—EARNINGS PER SHARE The following table shows the amounts used in computing our basic and diluted earnings per share (in thousands, except per share amounts): For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Numerator for basic and diluted earnings per share: Income from continuing operations $ 21,168 $ 105,066 $ 8,628 $ 123,978 Net income 21,168 105,066 8,628 123,978 Net income attributable to noncontrolling interests 1,781 1,613 3,553 3,008 Net income attributable to common stockholders $ 19,387 $ 103,453 $ 5,075 $ 120,970 Denominator: Denominator for basic earnings per share—weighted average shares 408,097 400,431 405,747 400,211 Effect of dilutive securities: Restricted stock awards 308 220 293 268 OP unitholder interests 3,418 3,471 3,432 3,478 Denominator for diluted earnings per share—adjusted weighted average shares 411,823 404,122 409,472 403,957 Basic earnings per share: Income from continuing operations $ 0.05 $ 0.26 $ 0.02 $ 0.31 Net income attributable to common stockholders 0.05 0.26 0.01 0.30 Diluted earnings per share: (1) Income from continuing operations $ 0.05 $ 0.26 $ 0.02 $ 0.31 Net income attributable to common stockholders 0.05 0.26 0.01 0.30 ______________________________ (1) Potential common shares are not included in the computation of diluted earnings per share when a loss from continuing operations exists as the effect would be an antidilutive per share amount. The dilutive effect of our Exchangeable Notes is calculated using the if-converted method in accordance with ASU 2020-06. We are required, pursuant to the indenture governing the Exchangeable Notes, to settle the aggregate principal amount of the Exchangeable Notes in cash and may elect to settle any remaining exchange obligation (i.e., the stock price in excess of the exchange obligation) in cash, shares of our common stock, or a combination thereof. Under the if-converted method, we include the number of shares required to satisfy the exchange obligation, assuming all the Exchangeable Notes are exchanged. The average closing price of our common stock for the three and six months ended June 30, 2024 is used as the basis for determining the dilutive effect on earnings per share. The average price of our common stock for each of the three and six months ended June 30, 2024 was less than the initial exchange price of $54.81 and, therefore, all associated shares were antidilutive.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
SEGMENT INFORMATION	NOTE 16—SEGMENT INFORMATION As of June 30, 2024, 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 Quarterly Report on Form 10-Q. See “Non-GAAP Financial Measures” included elsewhere in this Quarterly Report on Form 10-Q for additional disclosure and reconciliations of net income attributable to common stockholders, as computed in accordance with GAAP, to NOI. Interest expense, depreciation and amortization, general, administrative and professional fees, income tax expense and other non-property-specific revenues and expenses are not allocated to individual reportable business segments for purposes of assessing segment performance. There are no intersegment sales or transfers. Summary information by reportable business segment is as follows (dollars in thousands): For the Three Months Ended June 30, 2024 SHOP Outpatient Medical and Research Portfolio Triple-Net Non-Segment Total Revenues Rental income $ — $ 218,853 $ 153,934 $ — $ 372,787 Resident fees and services 817,600 — — — 817,600 Third party capital management revenues — 706 — 3,626 4,332 Income from loans and investments — — — 1,436 1,436 Interest and other income — — — 4,825 4,825 Total revenues $ 817,600 $ 219,559 $ 153,934 $ 9,887 $ 1,200,980 Total revenues $ 817,600 $ 219,559 $ 153,934 $ 9,887 $ 1,200,980 Less: Interest and other income — — — 4,825 4,825 Property-level operating expenses 603,359 73,286 3,506 — 680,151 Third party capital management expenses — — — 1,650 1,650 NOI $ 214,241 $ 146,273 $ 150,428 $ 3,412 514,354 Interest and other income 4,825 Interest expense (149,259) Depreciation and amortization (339,848) General, administrative and professional fees (37,727) Loss on extinguishment of debt, net (420) Transaction, transition and restructuring costs (2,886) Allowance on loans receivable and investments, net 42 Shareholder relations matters (37) Other expense (8,128) Loss from unconsolidated entities (1,652) Gain on real estate dispositions 49,670 Income tax expense (7,766) Income from continuing operations 21,168 Net income 21,168 Net income attributable to noncontrolling interests 1,781 Net income attributable to common stockholders $ 19,387 For the Three Months Ended June 30, 2023 SHOP Outpatient Medical and Research Portfolio Triple-Net Non-Segment Total Revenues Rental income $ — $ 215,807 $ 154,355 $ — $ 370,162 Resident fees and services 724,614 — — — 724,614 Third party capital management revenues — 559 — 3,437 3,996 Income from loans and investments — — — 6,554 6,554 Interest and other income — — — 1,032 1,032 Total revenues $ 724,614 $ 216,366 $ 154,355 $ 11,023 $ 1,106,358 Total revenues $ 724,614 $ 216,366 $ 154,355 $ 11,023 $ 1,106,358 Less: Interest and other income — — — 1,032 1,032 Property-level operating expenses 547,110 72,171 3,537 — 622,818 Third party capital management expenses — — — 1,436 1,436 NOI $ 177,504 $ 144,195 $ 150,818 $ 8,555 481,072 Interest and other income 1,032 Interest expense (143,265) Depreciation and amortization (304,689) General, administrative and professional fees (34,399) Gain on extinguishment of debt, net 6,801 Transaction, transition and restructuring costs (3,069) Allowance on loans receivable and investments, net 12,065 Gain on foreclosure of real estate 29,127 Other income 17,959 Income from unconsolidated entities 31,254 Gain on real estate dispositions 1,405 Income tax benefit 9,773 Income from continuing operations 105,066 Net income 105,066 Net income attributable to noncontrolling interests 1,613 Net income attributable to common stockholders $ 103,453 For the Six Months Ended June 30, 2024 SHOP Outpatient Medical and Research Portfolio Triple-Net Non-Segment Total Revenues Rental income $ — $ 437,730 $ 309,302 $ — $ 747,032 Resident fees and services 1,630,904 — — — 1,630,904 Third party capital management revenues — 1,336 — 7,292 8,628 Income from loans and investments — — — 2,725 2,725 Interest and other income — — — 11,605 11,605 Total revenues $ 1,630,904 $ 439,066 $ 309,302 $ 21,622 $ 2,400,894 Total revenues $ 1,630,904 $ 439,066 $ 309,302 $ 21,622 $ 2,400,894 Less: Interest and other income — — — 11,605 11,605 Property-level operating expenses 1,213,180 147,224 7,244 — 1,367,648 Third party capital management expenses — — — 3,403 3,403 NOI $ 417,724 $ 291,842 $ 302,058 $ 6,614 1,018,238 Interest and other income 11,605 Interest expense (299,192) Depreciation and amortization (640,103) General, administrative and professional fees (86,464) Loss on extinguishment of debt, net (672) Transaction, transition and restructuring costs (7,563) Allowance on loans receivable and investments, net 110 Shareholder relations matters (15,751) Other expense (6,794) Loss from unconsolidated entities (10,035) Gain on real estate dispositions 50,011 Income tax expense (4,762) Income from continuing operations 8,628 Net income 8,628 Net income attributable to noncontrolling interests 3,553 Net income attributable to common stockholders $ 5,075 For the Six Months Ended June 30, 2023 SHOP Outpatient Medical and Research Portfolio Triple-Net Non-Segment Total Revenues Rental income $ — $ 418,811 $ 304,094 $ — $ 722,905 Resident fees and services 1,429,607 — — — 1,429,607 Third party capital management revenues — 1,187 — 6,986 8,173 Income from loans and investments — — — 20,143 20,143 Interest and other income — — — 2,775 2,775 Total revenues $ 1,429,607 $ 419,998 $ 304,094 $ 29,904 $ 2,183,603 Total revenues $ 1,429,607 $ 419,998 $ 304,094 $ 29,904 $ 2,183,603 Less: Interest and other income — — — 2,775 2,775 Property-level operating expenses 1,084,332 139,084 7,333 — 1,230,749 Third party capital management expenses — — — 3,142 3,142 NOI $ 345,275 $ 280,914 $ 296,761 $ 23,987 946,937 Interest and other income 2,775 Interest expense (271,340) Depreciation and amortization (586,808) General, administrative and professional fees (79,197) Gain on extinguishment of debt, net 6,801 Transaction, transition and restructuring costs (4,455) Allowance on loans receivable and investments, net 20,129 Gain on foreclosure of real estate 29,127 Other income 10,197 Income from unconsolidated entities 25,631 Gain on real estate dispositions 11,606 Income tax benefit 12,575 Income from continuing operations 123,978 Net income 123,978 Net income attributable to noncontrolling interests 3,008 Net income attributable to common stockholders $ 120,970 Assets by reportable business segment are as follows (dollars in thousands): As of June 30, 2024 As of December 31, 2023 Assets: SHOP $ 12,944,144 52.8 % $ 12,864,029 52.0 % Outpatient medical and research portfolio 6,893,756 28.1 6,943,446 28.1 Triple-net leased properties 3,902,304 15.9 4,120,691 16.7 Non-segment 790,025 3.2 797,267 3.2 Total assets $ 24,530,229 100.0 % $ 24,725,433 100.0 %

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Accounting	The accompanying Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information set forth in the Accounting Standards Codification (“ASC”), as published by the Financial Accounting Standards Board (“FASB”), and with the Securities and Exchange Commission (“SEC”) instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The accompanying Consolidated Financial Statements and related notes should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”). Certain prior period amounts have been reclassified to conform to the current period presentation.
Accounting Estimates	Accounting Estimates The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions regarding future events that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Principles of Consolidation	Principles of Consolidation The accompanying Consolidated Financial Statements include our accounts and the accounts of our wholly-owned subsidiaries and the joint venture entities over which we exercise control. All intercompany transactions and balances have been eliminated in consolidation, and our net earnings are reduced by the portion of net earnings attributable to noncontrolling interests.
Recently Issued Accounting Standards	Recent Accounting Standards 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. The standard also permits disclosure of more than one measure of segment profit. 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 adopting ASU 2023-07 and expect to have additional disclosures in our Form 10-K for the year ended December 31, 2024. 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 adopting ASU 2023-09 on our Consolidated Financial Statements. In March 2024, the SEC adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate Related Disclosures for Investors , which requires registrants to disclose climate-related information in registration statements and annual reports. The new rules would be effective for annual reporting periods beginning in fiscal year 2025. However, in April 2024, the SEC exercised its discretion to stay these rules pending the completion of judicial review of certain consolidated petitions with the United States Court of Appeals for the Eighth Circuit in connection with these rules. We are evaluating the impact of this rule on our Consolidated Financial Statements.

DESCRIPTION OF BUSINESS (Tables

DESCRIPTION OF BUSINESS (Tables)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reportable Business Segments And Non-Segment Assets	The following table summarizes information for our consolidated reportable business segments and non-segment assets for the six months ended June 30, 2024 (dollars in thousands): Segment Total NOI (1) Percentage of Total NOI Number of Consolidated Properties Senior housing operating portfolio (SHOP) $ 417,724 41.0 % 582 Outpatient medical and research portfolio (OM&R) 291,842 28.7 % 428 Triple-net leased properties 302,058 29.7 % 308 Non-segment (2) 6,614 0.6 % — $ 1,018,238 100 % 1,318 ______________________________ (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 Quarterly Report on Form 10-Q for additional disclosure and a reconciliation of net income attributable to common stockholders, as computed in accordance with GAAP, to NOI. (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)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Schedule of Variable Interest Entities	The table below summarizes the total assets and liabilities of our consolidated VIEs as reported on our Consolidated Balance Sheets (dollars in thousands): As of June 30, 2024 As of December 31, 2023 Total Assets Total Liabilities Total Assets Total Liabilities NHP/PMB L.P. $ 748,205 $ 280,103 $ 759,817 $ 266,658 Fonds Immobilier Groupe Maurice, S.E.C. 1,894,840 1,169,211 1,971,410 1,204,619 Other identified VIEs 1,602,668 361,854 1,597,957 354,828 Tax credit VIEs 27,879 4,400 29,746 4,024

CONCENTRATION OF CREDIT RISK (T

CONCENTRATION OF CREDIT RISK (Tables)	6 Months Ended
	Jun. 30, 2024
Risks and Uncertainties [Abstract]
Schedules of Concentration of Risk, by Risk Factor	The properties we triple-net leased to Brookdale, Ardent and Kindred accounted for a significant portion of total revenues and total NOI for the three months ended June 30, 2024 and 2023. The following table reflects the concentration risk related to our triple-net leased properties including assets held for sale for the periods presented: For the Three Months Ended June 30, 2024 2023 Contribution as a Percentage of Total Revenues (1) : Brookdale 3.1 % 3.4 % Ardent (2) 2.8 3.0 Kindred 2.8 3.0 Contribution as a Percentage of Total NOI (3) : Brookdale 7.2 % 7.8 % Ardent (2) 6.6 6.9 Kindred 6.6 6.9 ____________________________ (1) Total revenues include third party capital management revenues, income from loans and investments and interest and other income. (2) Results exclude 19 outpatient medical buildings included in our outpatient medical and research portfolio segment. (3) See “Non-GAAP Financial Measures” included elsewhere in this Quarterly Report on Form 10-Q for additional disclosure and a reconciliation of net income attributable to common stockholders, as computed in accordance with GAAP, to NOI.

DISPOSITIONS AND IMPAIRMENTS (T

DISPOSITIONS AND IMPAIRMENTS (Tables)	6 Months Ended
	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Real Estate Assets Classified As Held For Sale	The table below summarizes our real estate assets classified as held for sale including the amounts reported on our Consolidated Balance Sheets, which may include anticipated post-closing settlements of working capital for disposed properties (dollars in thousands): As of June 30, 2024 As of December 31, 2023 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 3 $ 18,725 $ 3,515 13 $ 48,173 $ 6,419 Outpatient medical and research portfolio (1) — 24,536 1,473 3 5,431 2,643 Triple-net leased properties — — — 1 2,885 181 Total 3 $ 43,261 $ 4,988 17 $ 56,489 $ 9,243 ______________________________ (1) The balances as of June 30, 2024 relate to a partial sale of a building, as such, no property count is allocated.

LOANS RECEIVABLE AND INVESTME_2

LOANS RECEIVABLE AND INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2024
Loans Receivable And Investments [Abstract]
Summary of Net Loans Receivable and Investments	The following is a summary of our loans receivable and investments, net, including amortized cost, fair value and unrealized gains or losses on available for sale investments, if applicable (dollars in thousands): Amortized Cost Allowance Carrying Amount Fair Value As of June 30, 2024: Secured/mortgage loans and other, net (1) $ 36,195 $ — $ 36,195 $ 36,248 Non-mortgage loans receivable, net (2) 33,213 (3,866) 29,347 28,314 Total loans receivable and investments, net $ 69,408 $ (3,866) $ 65,542 $ 64,562 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 ______________________________ (1) Investments have contractual maturities ranging from 2024 to 2027. (2) Included in other assets on our Consolidated Balance Sheets.

INVESTMENTS IN UNCONSOLIDATED_2

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables)	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Below is a summary of our investments in unconsolidated real estate entities, including through VIM, as of June 30, 2024 and December 31, 2023, respectively (dollars in thousands): Ownership as of (1) Carrying Amount as of June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Investments in unconsolidated real estate entities: Ventas Life Science & Healthcare Real Estate Fund 20.1% 20.1% $ 262,374 $ 264,442 Pension Fund Joint Venture 25.0% 25.0% 19,125 22,169 Research & Innovation Development Joint Venture 53.0% 53.0% 290,619 275,829 Ventas Investment Management platform 572,118 562,440 Atrium Health & Wake Forest Joint Venture 48.5% 48.5% 36,112 35,137 All other (2) 34.0%-37.5% 34.0%-37.5% 614 629 Total investments in unconsolidated real estate entities $ 608,844 $ 598,206 ______________________________ (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 entities. 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.

INTANGIBLES (Tables)

INTANGIBLES (Tables)	6 Months Ended
	Jun. 30, 2024
Intangible Assets, Intangible Liabilities, And Goodwill Disclosure [Abstract]
Schedule of Intangibles	The following is a summary of our intangibles (dollars in thousands): As of June 30, 2024 As of December 31, 2023 Balance Weighted Average Balance Weighted Average Intangible assets: Above-market lease intangibles (1) $ 128,773 4.5 $ 130,371 4.8 In-place and other lease intangibles (2) 1,325,700 9.3 1,317,775 8.3 Goodwill 1,045,071 N/A 1,045,176 N/A Other intangibles (2) 34,389 4.3 34,440 4.8 Accumulated amortization (1,253,521) N/A (1,189,817) N/A Net intangible assets $ 1,280,412 8.8 $ 1,337,945 8.0 Intangible liabilities: Below-market lease intangibles (1) $ 306,094 7.8 $ 306,499 8.1 Other lease intangibles 13,498 N/A 13,498 N/A Accumulated amortization (246,908) N/A (241,600) N/A Purchase option intangibles 3,568 N/A 3,568 N/A Net intangible liabilities $ 76,252 7.8 $ 81,965 8.1 ______________________________ (1) Amortization of above- and below-market lease intangibles is recorded as a decrease and an increase to revenues, respectively, in our Consolidated Statements of Income. (2) Amortization of lease intangibles is recorded in depreciation and amortization in our Consolidated Statements of Income. N/A—Not Applicable

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	6 Months Ended
	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Summary of Other Assets	The following is a summary of our other assets (dollars in thousands): As of June 30, 2024 As of December 31, 2023 Straight-line rent receivables $ 198,668 $ 194,108 Deferred lease costs, net 130,862 118,556 Investment in unconsolidated operating entities 77,880 80,312 Stock warrants 61,100 59,281 Non-mortgage loans receivable, net 29,347 26,152 Other intangibles, net 5,153 5,584 Other 199,976 199,417 Total other assets $ 702,986 $ 683,410

SENIOR NOTES PAYABLE AND OTHE_2

SENIOR NOTES PAYABLE AND OTHER DEBT (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Summary of Senior Notes Payable and Other Debt	The following is a summary of our senior notes payable and other debt (dollars in thousands): As of June 30, 2024 As of December 31, 2023 Unsecured revolving credit facility (1)(2) $ 3,161 $ 14,006 Commercial paper notes — — 3.50% Senior Notes due 2024 — 400,000 3.75% Senior Notes due 2024 — 400,000 4.125% Senior Notes, Series B due 2024 (2) 119,362 123,256 2.80% Senior Notes, Series E due 2024 (2) — 55,143 Unsecured term loan due 2025 (2) — 377,501 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 862,500 862,500 Unsecured term loan due February 2027 200,000 200,000 Unsecured term loan due June 2027 500,000 500,000 2.45% Senior Notes, Series G due 2027 (2) 347,298 358,626 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) 438,693 453,001 4.40% Senior Notes due 2029 750,000 750,000 5.10% Senior Notes, Series J due 2029 (2) 475,250 — 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) 219,346 226,501 5.625% Senior Note due 2034 500,000 — 6.90% Senior Notes due 2037 (3) 52,400 52,400 6.59% Senior Notes due 2038 (3) 21,413 21,413 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 3,186,118 3,174,251 Total 13,275,541 13,568,598 Deferred financing costs, net (99,445) (84,034) Unamortized fair value adjustment (15,516) 17,081 Unamortized discounts 14,497 (10,749) Senior notes payable and other debt $ 13,175,077 $ 13,490,896 ______________________________ (1) As of June 30, 2024 and December 31, 2023, respectively, no aggregate borrowings were denominated in Canadian dollars. Aggregate borrowings of $3.2 million and $14.0 million were denominated in British pounds as of June 30, 2024 and December 31, 2023, 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.
Scheduled Maturities of Borrowing Arrangements and Other Provisions Excluding Capital Lease Obligations	As of June 30, 2024, our indebtedness had the following maturities (dollars in thousands): Principal Amount Unsecured Revolving Credit Facility and Commercial Paper Notes Scheduled Periodic Total Maturities 2024 $ 190,188 $ — $ 27,231 $ 217,419 2025 1,811,753 — 48,623 1,860,376 2026 1,930,699 — 42,769 1,973,468 2027 1,562,551 — 42,947 1,605,498 2028 1,481,389 3,161 35,986 1,520,536 Thereafter 5,968,500 — 129,744 6,098,244 Total maturities $ 12,945,080 $ 3,161 $ 327,300 $ 13,275,541

FAIR VALUES MEASUREMENTS (Table

FAIR VALUES MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Carrying Amounts and Fair Values of Financial Instruments	The table below summarizes the carrying amounts and fair values of our financial instruments either recorded or disclosed on a recurring basis (dollars in thousands): As of June 30, 2024 As of December 31, 2023 Carrying Fair Value Carrying Fair Value Assets: Cash and cash equivalents (1) $ 557,082 $ 557,082 $ 508,794 $ 508,794 Escrow deposits and restricted cash (1) 58,202 58,202 54,668 54,668 Stock warrants (3)(5) 61,100 61,100 59,281 59,281 Secured mortgage loans and other, net (3)(4) 36,195 36,248 27,986 27,947 Non-mortgage loans receivable, net (3)(4)(5) 29,347 28,314 26,152 25,200 Derivative instruments (3)(5) 26,445 26,445 19,782 19,782 Liabilities: Senior notes payable and other debt, gross (3)(4) 13,275,541 12,770,607 13,568,598 13,104,091 Derivative instruments (3)(6) 919 919 2,525 2,525 Redeemable OP Units (2) 175,076 175,076 173,452 173,452 ______________________________ (1) The carrying amount approximates fair value due to the short maturity of these instruments. (2) Level 1 within fair value hierarchy. (3) Level 2 within fair value hierarchy. (4) Level 3 within fair value hierarchy. (5) Included in other assets on our Consolidated Balance Sheets. (6) Included in accounts payable and other liabilities on our Consolidated Balance Sheets.

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Accumulated Other Comprehensive Income	The following is a summary of our accumulated other comprehensive loss (dollars in thousands): As of June 30, 2024 As of December 31, 2023 Foreign currency translation loss $ (46,289) $ (56,596) Unrealized loss on available for sale securities (1,978) (1,256) Unrealized gain on derivative instruments 30,858 22,095 Total accumulated other comprehensive loss $ (17,409) $ (35,757)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Common Share	The following table shows the amounts used in computing our basic and diluted earnings per share (in thousands, except per share amounts): For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Numerator for basic and diluted earnings per share: Income from continuing operations $ 21,168 $ 105,066 $ 8,628 $ 123,978 Net income 21,168 105,066 8,628 123,978 Net income attributable to noncontrolling interests 1,781 1,613 3,553 3,008 Net income attributable to common stockholders $ 19,387 $ 103,453 $ 5,075 $ 120,970 Denominator: Denominator for basic earnings per share—weighted average shares 408,097 400,431 405,747 400,211 Effect of dilutive securities: Restricted stock awards 308 220 293 268 OP unitholder interests 3,418 3,471 3,432 3,478 Denominator for diluted earnings per share—adjusted weighted average shares 411,823 404,122 409,472 403,957 Basic earnings per share: Income from continuing operations $ 0.05 $ 0.26 $ 0.02 $ 0.31 Net income attributable to common stockholders 0.05 0.26 0.01 0.30 Diluted earnings per share: (1) Income from continuing operations $ 0.05 $ 0.26 $ 0.02 $ 0.31 Net income attributable to common stockholders 0.05 0.26 0.01 0.30 ______________________________ (1) Potential common shares are not included in the computation of diluted earnings per share when a loss from continuing operations exists as the effect would be an antidilutive per share amount.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Summary information by reportable business segment	Summary information by reportable business segment is as follows (dollars in thousands): For the Three Months Ended June 30, 2024 SHOP Outpatient Medical and Research Portfolio Triple-Net Non-Segment Total Revenues Rental income $ — $ 218,853 $ 153,934 $ — $ 372,787 Resident fees and services 817,600 — — — 817,600 Third party capital management revenues — 706 — 3,626 4,332 Income from loans and investments — — — 1,436 1,436 Interest and other income — — — 4,825 4,825 Total revenues $ 817,600 $ 219,559 $ 153,934 $ 9,887 $ 1,200,980 Total revenues $ 817,600 $ 219,559 $ 153,934 $ 9,887 $ 1,200,980 Less: Interest and other income — — — 4,825 4,825 Property-level operating expenses 603,359 73,286 3,506 — 680,151 Third party capital management expenses — — — 1,650 1,650 NOI $ 214,241 $ 146,273 $ 150,428 $ 3,412 514,354 Interest and other income 4,825 Interest expense (149,259) Depreciation and amortization (339,848) General, administrative and professional fees (37,727) Loss on extinguishment of debt, net (420) Transaction, transition and restructuring costs (2,886) Allowance on loans receivable and investments, net 42 Shareholder relations matters (37) Other expense (8,128) Loss from unconsolidated entities (1,652) Gain on real estate dispositions 49,670 Income tax expense (7,766) Income from continuing operations 21,168 Net income 21,168 Net income attributable to noncontrolling interests 1,781 Net income attributable to common stockholders $ 19,387 For the Three Months Ended June 30, 2023 SHOP Outpatient Medical and Research Portfolio Triple-Net Non-Segment Total Revenues Rental income $ — $ 215,807 $ 154,355 $ — $ 370,162 Resident fees and services 724,614 — — — 724,614 Third party capital management revenues — 559 — 3,437 3,996 Income from loans and investments — — — 6,554 6,554 Interest and other income — — — 1,032 1,032 Total revenues $ 724,614 $ 216,366 $ 154,355 $ 11,023 $ 1,106,358 Total revenues $ 724,614 $ 216,366 $ 154,355 $ 11,023 $ 1,106,358 Less: Interest and other income — — — 1,032 1,032 Property-level operating expenses 547,110 72,171 3,537 — 622,818 Third party capital management expenses — — — 1,436 1,436 NOI $ 177,504 $ 144,195 $ 150,818 $ 8,555 481,072 Interest and other income 1,032 Interest expense (143,265) Depreciation and amortization (304,689) General, administrative and professional fees (34,399) Gain on extinguishment of debt, net 6,801 Transaction, transition and restructuring costs (3,069) Allowance on loans receivable and investments, net 12,065 Gain on foreclosure of real estate 29,127 Other income 17,959 Income from unconsolidated entities 31,254 Gain on real estate dispositions 1,405 Income tax benefit 9,773 Income from continuing operations 105,066 Net income 105,066 Net income attributable to noncontrolling interests 1,613 Net income attributable to common stockholders $ 103,453 For the Six Months Ended June 30, 2024 SHOP Outpatient Medical and Research Portfolio Triple-Net Non-Segment Total Revenues Rental income $ — $ 437,730 $ 309,302 $ — $ 747,032 Resident fees and services 1,630,904 — — — 1,630,904 Third party capital management revenues — 1,336 — 7,292 8,628 Income from loans and investments — — — 2,725 2,725 Interest and other income — — — 11,605 11,605 Total revenues $ 1,630,904 $ 439,066 $ 309,302 $ 21,622 $ 2,400,894 Total revenues $ 1,630,904 $ 439,066 $ 309,302 $ 21,622 $ 2,400,894 Less: Interest and other income — — — 11,605 11,605 Property-level operating expenses 1,213,180 147,224 7,244 — 1,367,648 Third party capital management expenses — — — 3,403 3,403 NOI $ 417,724 $ 291,842 $ 302,058 $ 6,614 1,018,238 Interest and other income 11,605 Interest expense (299,192) Depreciation and amortization (640,103) General, administrative and professional fees (86,464) Loss on extinguishment of debt, net (672) Transaction, transition and restructuring costs (7,563) Allowance on loans receivable and investments, net 110 Shareholder relations matters (15,751) Other expense (6,794) Loss from unconsolidated entities (10,035) Gain on real estate dispositions 50,011 Income tax expense (4,762) Income from continuing operations 8,628 Net income 8,628 Net income attributable to noncontrolling interests 3,553 Net income attributable to common stockholders $ 5,075 For the Six Months Ended June 30, 2023 SHOP Outpatient Medical and Research Portfolio Triple-Net Non-Segment Total Revenues Rental income $ — $ 418,811 $ 304,094 $ — $ 722,905 Resident fees and services 1,429,607 — — — 1,429,607 Third party capital management revenues — 1,187 — 6,986 8,173 Income from loans and investments — — — 20,143 20,143 Interest and other income — — — 2,775 2,775 Total revenues $ 1,429,607 $ 419,998 $ 304,094 $ 29,904 $ 2,183,603 Total revenues $ 1,429,607 $ 419,998 $ 304,094 $ 29,904 $ 2,183,603 Less: Interest and other income — — — 2,775 2,775 Property-level operating expenses 1,084,332 139,084 7,333 — 1,230,749 Third party capital management expenses — — — 3,142 3,142 NOI $ 345,275 $ 280,914 $ 296,761 $ 23,987 946,937 Interest and other income 2,775 Interest expense (271,340) Depreciation and amortization (586,808) General, administrative and professional fees (79,197) Gain on extinguishment of debt, net 6,801 Transaction, transition and restructuring costs (4,455) Allowance on loans receivable and investments, net 20,129 Gain on foreclosure of real estate 29,127 Other income 10,197 Income from unconsolidated entities 25,631 Gain on real estate dispositions 11,606 Income tax benefit 12,575 Income from continuing operations 123,978 Net income 123,978 Net income attributable to noncontrolling interests 3,008 Net income attributable to common stockholders $ 120,970

DESCRIPTION OF BUSINESS - Narra

DESCRIPTION OF BUSINESS - Narrative (Details)	6 Months Ended
	Jun. 30, 2024 property segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of real estate properties, wholly owned and unconsolidated | property	1,350
Number of reportable segments | segment	3

DESCRIPTION OF BUSINESS - Sched

DESCRIPTION OF BUSINESS - Schedule of Reportable Business Segments and Non-Segment Assets (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment property	Jun. 30, 2023 USD ($)
Real estate properties
NOI | $	$ 514,354	$ 481,072	$ 1,018,238	$ 946,937
Percentage of Total NOI			100%
Number of real estate properties | property	1,318		1,318
Number of Reportable Segments | segment			3
Operating Segments | Senior housing operating portfolio (SHOP)
Real estate properties
Number of real estate properties | property	582		582
Operating Segments | Outpatient Medical and Research Portfolio
Real estate properties
Number of real estate properties | property	428		428
Operating Segments | Triple-Net Leased Properties
Real estate properties
Number of real estate properties | property	308		308
Operating Segments | Senior housing operating portfolio (SHOP)
Real estate properties
NOI | $	$ 214,241
Operating Segments | Outpatient Medical and Research Portfolio
Real estate properties
NOI | $	146,273	144,195	$ 291,842	280,914
Operating Segments | Triple-Net Leased Properties
Real estate properties
NOI | $	150,428	150,818	302,058	296,761
Non-Segment
Real estate properties
NOI | $	$ 3,412	$ 8,555	$ 6,614	$ 23,987
Non-Segment | Non-Segment
Real estate properties
Percentage of Total NOI			0.60%
Number of real estate properties | property	0		0

ACCOUNTING POLICIES - Schedule

ACCOUNTING POLICIES - Schedule of VIEs (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Variable Interest Entity
Total Assets	$ 24,530,229	$ 24,725,433
Total Liabilities	14,551,045	14,878,392
Variable Interest Entity | NHP/PMB L.P.
Variable Interest Entity
Total Assets	748,205	759,817
Total Liabilities	280,103	266,658
Variable Interest Entity | Fonds Immobilier Groupe Maurice, S.E.C.
Variable Interest Entity
Total Assets	1,894,840	1,971,410
Total Liabilities	1,169,211	1,204,619
Variable Interest Entity | Other identified VIEs
Variable Interest Entity
Total Assets	1,602,668	1,597,957
Total Liabilities	361,854	354,828
Variable Interest Entity | Tax credit VIEs
Variable Interest Entity
Total Assets	27,879	29,746
Total Liabilities	$ 4,400	$ 4,024

CONCENTRATION OF CREDIT RISK -

CONCENTRATION OF CREDIT RISK - Narrative (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2024 USD ($) property renewalOption state province $ / shares shares	Mar. 31, 2024 USD ($)	Jun. 30, 2023	Jun. 30, 2024 USD ($) property renewalOption state province $ / shares shares	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) shares	Jan. 01, 2022	Jul. 31, 2020 USD ($) shares
Concentration Risk
Number of real estate properties	1,318			1,318
Cash and cash equivalents | $	$ 557,082			$ 557,082		$ 508,794
Non-mortgage loans receivable, net | $	29,347			29,347		$ 26,152
Operating lease, lease income, lease payments, annual increase							3%
Operating lease, lease income, lease payments, full year's base rent							103%
Operating lease, fair market rent increase, percent, maximum							10%
Issuance of common stock, net | $	$ 6,100			$ 491,797	$ 25,007
Fair value adjustment, net realized (income) expense | $		$ 1,000
Common stock, shares issued (in shares) | shares	413,154			413,154		402,380
Outpatient Medical and Research Portfolio | Operating Segments
Concentration Risk
Number of real estate properties	428			428
Triple-Net Leased Properties | Operating Segments
Concentration Risk
Number of real estate properties	308			308
Senior housing operating portfolio (SHOP) | Operating Segments
Concentration Risk
Number of real estate properties	582			582
Triple-Net Leased Properties | LTAC | Kindred
Concentration Risk
Number of real estate properties	29			29
Triple-Net Leased Properties | LTAC | Kindred | Group 1
Concentration Risk
Number of real estate properties	6			6
Real estate properties, renewal term	5 years			5 years
Real estate properties, number of renewal extensions | renewalOption	2			2
Triple-Net Leased Properties | LTAC | Kindred | Group 2
Concentration Risk
Number of real estate properties	23			23
Real estate properties, renewal term	5 years			5 years
Real estate properties, number of renewal extensions | renewalOption	3			3
Triple-Net Leased Properties | LTAC | Brookdale
Concentration Risk
Number of real estate properties	121			121
Triple-Net Leased Properties | LTAC | Ardent
Concentration Risk
Number of real estate properties	11			11
Real estate properties, renewal term	10 years			10 years
Real estate properties, number of renewal extensions | renewalOption	1			1
SHOP | LTAC | Brookdale
Concentration Risk
Number of real estate properties	10			10
Real estate properties, renewal term	10 years			10 years
Real estate properties, number of renewal extensions | renewalOption	2			2
Outpatient Medical and Research Portfolio | LTAC | Ardent
Concentration Risk
Number of real estate properties	19			19
Atria | SHOP
Concentration Risk
Number of independent third party managed properties	205			205
Sunrise | SHOP
Concentration Risk
Number of independent third party managed properties	93			93
Brookdale
Concentration Risk
Lessor, operating lease, payment to be received, remainder of fiscal year | $	$ 110,300			$ 110,300
Annual rent | $	$ 148,900			$ 148,900
Cash and cash equivalents | $								$ 162,000
Non-mortgage loans receivable, net | $								45,000
Stock warrants | $								$ 28,000
Warrants exercisable (in shares) | shares	14,600			14,600				16,300
Number of securities called by warrants (in shares) | shares	1,700			1,700
Warrants, exercise price (usd per share) | $ / shares	$ 3			$ 3
Brookdale | Up-front Payment Arrangement
Concentration Risk
Up-front consideration received | $	$ 64,000			$ 64,000				$ 235,000
Up-front consideration recognized | $	$ 170,600
Holiday Retirement | SHOP
Concentration Risk
Number of independent third party managed properties	57			57
Atria and Sunrise | SHOP
Concentration Risk
Number of independent third party managed properties	298			298
Customer Concentration Risk | Net Operating Income Benchmark | Outpatient Medical and Research Portfolio | Operating Segments
Concentration Risk
Concentration percentage	28.40%			28.70%
Customer Concentration Risk | Net Operating Income Benchmark | Triple-Net Leased Properties | Operating Segments
Concentration Risk
Concentration percentage	29.20%			29.70%
Customer Concentration Risk | Net Operating Income Benchmark | Senior housing operating portfolio (SHOP) | Operating Segments
Concentration Risk
Concentration percentage	41.70%			41%
Customer Concentration Risk | Net Operating Income Benchmark | Atria
Concentration Risk
Concentration percentage				19.20%
Customer Concentration Risk | Net Operating Income Benchmark | Sunrise
Concentration Risk
Concentration percentage				5.90%
Customer Concentration Risk | Net Operating Income Benchmark | Brookdale
Concentration Risk
Concentration percentage				7.20%
Customer Concentration Risk | Net Operating Income Benchmark | Ardent
Concentration Risk
Concentration percentage				6.60%
Customer Concentration Risk | Net Operating Income Benchmark | Kindred
Concentration Risk
Concentration percentage				6.60%
Customer Concentration Risk | Net Operating Income | Brookdale
Concentration Risk
Concentration percentage	7.20%		7.80%
Customer Concentration Risk | Net Operating Income | Ardent
Concentration Risk
Concentration percentage	6.60%		6.90%
Customer Concentration Risk | Net Operating Income | Kindred
Concentration Risk
Concentration percentage	6.60%		6.90%
Customer Concentration Risk | Net Operating Income | Kindred | Group 1
Concentration Risk
Concentration percentage				1.30%
Customer Concentration Risk | Net Operating Income | Kindred | Group 2
Concentration Risk
Concentration percentage				5.30%
Geographic Concentration Risk
Concentration Risk
Number of states in which entity operates | state	47			47
Number of states accounting for more than 10% of total revenues and net operating income | state	1			1
Continuing revenues and NOI threshold				10%
Geographic Concentration Risk | CANADA
Concentration Risk
Number of Canadian provinces in which entity operates | province	7			7

CONCENTRATION OF CREDIT RISK _2

CONCENTRATION OF CREDIT RISK - Triple-Net Leased Properties (Details) - Customer Concentration Risk	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Revenues | Brookdale
Concentration Risk
Concentration percentage	3.10%	3.40%
Revenues | Ardent
Concentration Risk
Concentration percentage	2.80%	3%
Revenues | Kindred
Concentration Risk
Concentration percentage	2.80%	3%
NOI | Brookdale
Concentration Risk
Concentration percentage	7.20%	7.80%
NOI | Ardent
Concentration Risk
Concentration percentage	6.60%	6.90%
NOI | Kindred
Concentration Risk
Concentration percentage	6.60%	6.90%

ACQUISITIONS OF REAL ESTATE P_2

ACQUISITIONS OF REAL ESTATE PROPERTY (Narrative) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) property
SHOP
Business Acquisition [Line Items]
Value of assets acquired | $	$ 327.4
SHOP
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired | property	11

DISPOSITIONS AND IMPAIRMENTS -

DISPOSITIONS AND IMPAIRMENTS - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2024 USD ($) property	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($)	Dec. 31, 2023 property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties		1,318		1,318
Proceeds from real estate disposals | $				$ 238,091	$ 64,405
Gain on real estate dispositions | $		$ 49,670	$ 1,405	$ 50,011	11,606
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 classified as held-for-sale		3		3		17
Depreciation and amortization
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of real estate | $		$ 44,900	$ 10,700	$ 50,300	$ 19,200
SHOP | 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 classified as held-for-sale		3		3		13
Triple-Net Leased Properties | 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 classified as held-for-sale		0		0		1
Outpatient Medical and Research Portfolio | 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 classified as held-for-sale		0		0		3
Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from real estate disposals | $				$ 234,100
Gain on real estate dispositions | $				$ 50,000
Dispositions | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from real estate disposals | $	$ 2,100
Dispositions | SHOP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties		15		15
Dispositions | SHOP | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties	1
Dispositions | Outpatient Medical Buildings and Other
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties		10		10
Dispositions | Triple-Net Leased Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties		23		23
Dispositions | Vacant Outpatient Medical Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties		1		1

DISPOSITIONS AND IMPAIRMENTS _2

DISPOSITIONS AND IMPAIRMENTS - Real Estate Assets Held For Sale (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties | property	1,318		1,318
Assets held for sale	$ 43,261		$ 43,261		$ 56,489
Liabilities related to assets held for sale	4,988		4,988		9,243
Gain on real estate dispositions	49,670	$ 1,405	50,011	$ 11,606
SHOP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	18,725		18,725		48,173
Liabilities related to assets held for sale	3,515		3,515		6,419
Outpatient Medical and Research Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	24,536		24,536		5,431
Liabilities related to assets held for sale	1,473		1,473		2,643
Triple-Net Leased Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	0		0		2,885
Liabilities related to assets held for sale	$ 0		$ 0		$ 181
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 classified as held-for-sale | property	3		3		17
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 classified as held-for-sale | property	3		3		13
Disposal Group, Held-for-sale, Not Discontinued Operations | Outpatient Medical and Research Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties classified as held-for-sale | property	0		0		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 classified as held-for-sale | property	0		0		1

LOANS RECEIVABLE AND INVESTME_3

LOANS RECEIVABLE AND INVESTMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Total loans receivable and investments, net, carrying amount	$ 65,542	$ 54,138

LOANS RECEIVABLE AND INVESTME_4

LOANS RECEIVABLE AND INVESTMENTS - Summary of Net Loans Receivable and Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable
Allowance	$ (3,866)	$ (3,976)
Non-mortgage loans receivable, net, carrying amount	29,347	26,152
Total loans receivable and investments, net, amortized cost	69,408	58,114
Total loans receivable and investments, net, carrying amount	65,542	54,138
Total loans receivable and investments, net, fair value	64,562	53,147
Non-mortgage loans receivable, net
Accounts, Notes, Loans and Financing Receivable
Allowance	(3,866)	(3,976)
Non-mortgage loans receivable, amortized cost	33,213	30,128
Non-mortgage loans receivable, net, carrying amount	29,347	26,152
Non-mortgage loans receivable, fair value	28,314	25,200
Secured/mortgage loans and other, net
Accounts, Notes, Loans and Financing Receivable
Secured/mortgage loans and other, net, amortized cost	36,195	27,986
Allowance	0	0
Debt securities, held-to-maturity, carrying amount	36,195	27,986
Debt securities, held-to-maturity, fair value	$ 36,248	$ 27,947

INVESTMENTS IN UNCONSOLIDATED_3

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2024 USD ($)	Jun. 30, 2024 USD ($) board_member	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) board_member	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Equity method investments
Total investments in unconsolidated real estate entities		$ 608,844		$ 608,844		$ 598,206
Ownership percentage, threshold (may have less than)		100%		100%
Proceeds from real estate disposals				$ 238,091	$ 64,405
Dispositions
Equity method investments
Proceeds from real estate disposals				234,100
SHOP
Equity method investments
Value of assets acquired				327,400
Subsequent Event | Senior Housing Community | Ventas Life Science & Healthcare Real Estate Fund
Equity method investments
Payments to acquire real estate	$ 50,000
Subsequent Event | Dispositions
Equity method investments
Proceeds from real estate disposals	$ 2,100
Management Service
Equity method investments
Management fees		$ 3,900	$ 3,600	$ 7,700	$ 7,200
Atria
Equity method investments
Ownership percentage		34%		34%
Number of board members appointed | board_member		2		2
Ardent
Equity method investments
Ownership percentage		7.50%		7.50%
Number of board members appointed | board_member		1		1
Number of board members nominated | board_member		1		1
Ardent | Subsequent Event
Equity method investments
Ownership percentage	6.50%
Equity method investment, total voting power	4%
Unconsolidated Properties | Ventas Life Science & Healthcare Real Estate Fund
Equity method investments
Total investments in unconsolidated real estate entities		$ 262,374		$ 262,374		$ 264,442
Ownership percentage		20.10%		20.10%		20.10%
Unconsolidated Properties | Pension Fund Joint Venture
Equity method investments
Total investments in unconsolidated real estate entities		$ 19,125		$ 19,125		$ 22,169
Ownership percentage		25%		25%		25%
Unconsolidated Properties | Research & Innovation Development Joint Venture
Equity method investments
Total investments in unconsolidated real estate entities		$ 290,619		$ 290,619		$ 275,829
Ownership percentage		53%		53%		53%
Unconsolidated Properties | Ventas Investment Management platform
Equity method investments
Total investments in unconsolidated real estate entities		$ 572,118		$ 572,118		$ 562,440
Unconsolidated Properties | Atrium Health And Wake Forest Joint Venture
Equity method investments
Total investments in unconsolidated real estate entities		$ 36,112		$ 36,112		$ 35,137
Ownership percentage		48.50%		48.50%		48.50%
Unconsolidated Properties | All other
Equity method investments
Total investments in unconsolidated real estate entities		$ 614		$ 614		$ 629
Unconsolidated Properties | All other | Minimum
Equity method investments
Ownership percentage		34%		34%		34%
Unconsolidated Properties | All other | Maximum
Equity method investments
Ownership percentage		37.50%		37.50%		37.50%

INTANGIBLES (Details)

INTANGIBLES (Details) - USD ($) $ in Thousands	6 Months Ended	9 Months Ended
	Jun. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Intangible assets:
Lease intangible assets	$ 1,454,473		$ 1,448,146
Goodwill	1,045,071		1,045,176
Accumulated amortization	(1,253,521)		(1,189,817)
Net intangible assets	$ 1,280,412		$ 1,337,945
Weighted Average Remaining Amortization Period in Years	8 years 9 months 18 days		8 years
Intangible liabilities:
Below-market lease intangibles	$ 306,094		$ 306,499
Other lease intangibles	13,498		13,498
Accumulated amortization	(246,908)		(241,600)
Purchase option intangibles	3,568		3,568
Net intangible liabilities	$ 76,252		81,965
Below market leases, remaining weighted average amortization period (in years)	7 years 9 months 18 days	8 years 1 month 6 days
Net intangible liabilities, remaining weighted average amortization period (in years)	7 years 9 months 18 days	8 years 1 month 6 days
Above-market lease intangibles
Intangible assets:
Lease intangible assets	$ 128,773		$ 130,371
Weighted Average Remaining Amortization Period in Years	4 years 6 months		4 years 9 months 18 days
In-place and other lease intangibles
Intangible assets:
Lease intangible assets	$ 1,325,700		$ 1,317,775
Weighted Average Remaining Amortization Period in Years	9 years 3 months 18 days		8 years 3 months 18 days
Other intangibles
Intangible assets:
Other intangibles	$ 34,389		$ 34,440
Weighted Average Remaining Amortization Period in Years	4 years 3 months 18 days		4 years 9 months 18 days

OTHER ASSETS - Summary of Other

OTHER ASSETS - Summary of Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jul. 31, 2020
Class of Warrant or Right [Line Items]
Straight-line rent receivables	$ 198,668	$ 194,108
Deferred lease costs, net	130,862	118,556
Investment in unconsolidated operating entities	77,880	80,312
Non-mortgage loans receivable, net	29,347	26,152
Other intangibles, net	5,153	5,584
Other	199,976	199,417
Total other assets	$ 702,986	$ 683,410
Brookdale
Class of Warrant or Right [Line Items]
Stock warrants			$ 28,000
Non-mortgage loans receivable, net			$ 45,000

OTHER ASSETS - Narrative (Detai

OTHER ASSETS - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Jul. 31, 2020
Class of Warrant or Right [Line Items]
Common stock, shares issued (in shares)	413,154		413,154		402,380
Issuance of common stock, net	$ 6,100		$ 491,797	$ 25,007
Fair value adjustment, net realized (income) expense		$ 1,000
Brookdale
Class of Warrant or Right [Line Items]
Common stock, shares issued (in shares)	900		900
Brookdale
Class of Warrant or Right [Line Items]
Warrants exercisable (in shares)	14,600		14,600			16,300
Warrants, exercise price (usd per share)	$ 3		$ 3
Number of securities called by warrants (in shares)	1,700		1,700

SENIOR NOTES PAYABLE AND OTHE_3

SENIOR NOTES PAYABLE AND OTHER DEBT - Summary of Senior Notes Payables and Other Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	May 13, 2024	May 09, 2024	Apr. 29, 2024	Feb. 29, 2024	Dec. 31, 2023
Debt instruments
Commercial paper notes	$ 0					$ 0
Deferred financing costs, net	(99,445)					(84,034)
Unamortized fair value adjustment	(15,516)					17,081
Unamortized discounts	14,497					(10,749)
Senior notes payable and other debt	13,175,077					13,490,896
Mortgage loans and other	13,275,541					13,568,598
Unsecured revolving credit facility | Revolving Credit Facility
Debt instruments
Fair value of amount outstanding	3,161					14,006
Unsecured revolving credit facility | Revolving Credit Facility | Borrowings Originally Denominated in CAD
Debt instruments
Mortgage loans and other	0
Unsecured revolving credit facility | Revolving Credit Facility | Borrowings Originally Denominated in GBP
Debt instruments
Mortgage loans and other	$ 3,200					14,000
3.50% Senior Notes due 2024
Debt instruments
Interest rate	3.50%
Senior notes	$ 0					400,000
3.75% Senior Notes due 2024
Debt instruments
Interest rate	3.75%
Senior notes	$ 0					400,000
4.125% Senior Notes, Series B due 2024
Debt instruments
Interest rate	4.125%
Senior notes	$ 119,362					123,256
2.80% Senior Notes, Series E due 2024
Debt instruments
Interest rate	2.80%
Senior notes	$ 0					55,143
Unsecured Term Loan due 2025
Debt instruments
Unsecured term loan	$ 0					377,501
3.50% Senior Notes due 2025
Debt instruments
Interest rate	3.50%
Senior notes	$ 600,000					600,000
2.65% Senior Notes due 2025
Debt instruments
Interest rate	2.65%
Senior notes	$ 450,000					450,000
4.125% Senior Notes due 2026
Debt instruments
Interest rate	4.125%
Senior notes	$ 500,000					500,000
3.25% Senior Notes due 2026
Debt instruments
Interest rate	3.25%
Senior notes	$ 450,000					450,000
3.75% Exchangeable Senior Notes due 2026
Debt instruments
Interest rate	3.75%
Senior notes	$ 862,500					862,500
Unsecured term loan due February 2027
Debt instruments
Unsecured term loan	200,000					200,000
Unsecured term loan due June 2027
Debt instruments
Unsecured term loan	$ 500,000					500,000
2.45% Senior Notes, Series G Due 2027
Debt instruments
Interest rate	2.45%
Senior notes	$ 347,298					358,626
3.85% Senior Notes due 2027
Debt instruments
Interest rate	3.85%
Senior notes	$ 400,000					400,000
4.00% Senior Notes due 2028
Debt instruments
Interest rate	4%
Senior notes	$ 650,000					650,000
5.398% Senior Notes due 2028
Debt instruments
Interest rate	5.398%
Senior notes	$ 438,693					453,001
4.40% Senior Notes due 2029
Debt instruments
Interest rate	4.40%
Senior notes	$ 750,000					750,000
5.10% Senior Notes, Series J due 2029
Debt instruments
Interest rate					5.10%
Senior notes	$ 475,250					0
3.00% Senior Notes due 2030
Debt instruments
Interest rate	3%
Senior notes	$ 650,000					650,000
4.75% Senior Notes due 2030
Debt instruments
Interest rate	4.75%
Senior notes	$ 500,000					500,000
2.50% Senior Notes due 2031
Debt instruments
Interest rate	2.50%
Senior notes	$ 500,000					500,000
3.30% Senior Notes, Series H Due 2031
Debt instruments
Interest rate	3.30%
Senior notes	$ 219,346					226,501
6.90% Senior Notes due 2037
Debt instruments
Interest rate	6.90%
Senior notes	$ 52,400					52,400
6.59% Senior Notes due 2038
Debt instruments
Interest rate	6.59%
Senior notes	$ 21,413					21,413
5.70% Senior Notes due 2043
Debt instruments
Interest rate	5.70%
Senior notes	$ 300,000					300,000
4.375% Senior Notes due 2045
Debt instruments
Interest rate	4.375%
Senior notes	$ 300,000					300,000
4.875% Senior Notes due 2049
Debt instruments
Interest rate	4.875%
Senior notes	$ 300,000					300,000
Mortgage loans and other
Debt instruments
Interest rate			6.02%	4.90%	4.644%
Mortgage loans and other	$ 3,186,118					3,174,251
5.63% Senior Notes due 2034
Debt instruments
Interest rate	5.625%	5.625%
Senior notes	$ 500,000					$ 0

SENIOR NOTES PAYABLE AND OTHE_4

SENIOR NOTES PAYABLE AND OTHER DEBT - Credit Facilities, Commercial Paper, Unsecured Term Loans and Letters of Credit (Details) $ in Millions	1 Months Ended		3 Months Ended	6 Months Ended
	Apr. 30, 2024 USD ($)	Apr. 30, 2024 CAD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($) period	Jun. 30, 2024 CAD ($) period	Dec. 31, 2023 USD ($)
Debt instruments
Letters of credit outstanding			$ 14,700,000	$ 14,700,000
Commercial paper program capacity			1,000,000,000	1,000,000,000
Commercial paper notes			0	0		$ 0
Unsecured debt | Ventas Realty
Debt instruments
Accordion feature of debt			500,000,000	500,000,000
Unsecured debt			200,000,000	$ 200,000,000
Unsecured debt | SOFR | Ventas Realty
Debt instruments
Variable interest rate				0.85%	0.85%
Unsecured debt | Revolving Credit Facility
Debt instruments
Maximum borrowing capacity			2,750,000,000	$ 2,750,000,000
Variable interest rate				0.775%	0.775%
Additional periods | period				2	2
Additional period term				6 months	6 months
Accordion feature of debt			3,750,000,000	$ 3,750,000,000
Remaining borrowing capacity			2,700,000,000	2,700,000,000
Fair value of amount outstanding			3,161,000	3,161,000		14,006,000
Letters of credit outstanding			800,000	$ 800,000
Unsecured debt | Revolving Credit Facility | SOFR
Debt instruments
Variable interest rate				0.10%	0.10%
Unsecured debt | Letter of Credit
Debt instruments
Maximum borrowing capacity			100,000,000	$ 100,000,000
Unsecured Term Loan due 2025
Debt instruments
Unsecured debt			0	0		377,501,000
Repayment and extinguishment of unsecured term loan				$ 367,900,000	$ 500
Unsecured Term Loan due 2025 | Canadian Dollar Offered Rate (CDOR)
Debt instruments
Variable interest rate				0.90%	0.90%
Unsecured term loan due June 2027
Debt instruments
Unsecured debt			500,000,000	$ 500,000,000		$ 500,000,000
Unsecured term loan due June 2027 | Ventas Realty
Debt instruments
Accordion feature of debt			$ 1,250,000,000	1,250,000,000
Unsecured term loan due June 2027 | SOFR | Ventas Realty
Debt instruments
Variable interest rate			0.85%
2.80% Senior Notes, Series E due 2024
Debt instruments
Repayments of senior debt	$ 53,400,000	$ 73		$ 53,400,000	$ 73
Interest rate			2.80%	2.80%

SENIOR NOTES PAYABLE AND OTHE_5

SENIOR NOTES PAYABLE AND OTHER DEBT - Exchangeable Senior Notes (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Debt instruments
Interest	$ 149,259	$ 143,265	$ 299,192	$ 271,340
3.75% Exchangeable Senior Notes due 2026
Debt instruments
Senior notes	$ 862,500		$ 862,500		$ 862,500
Interest rate	3.75%		3.75%
Amortization of Debt Issuance Costs	$ 1,700		$ 3,400
Exchange rate	18.2460		18.2460
Exchange rate per share (in dollars per share)	$ 54.81		$ 54.81
Quarterly dividend threshold for exchange rate adjustment	$ 0.45		$ 0.45
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 13,700		$ 13,700
Interest and Debt Expense	$ 8,100		$ 16,200

SENIOR NOTES PAYABLE AND OTHE_6

SENIOR NOTES PAYABLE AND OTHER DEBT - Senior Notes (Details) $ in Millions, $ in Millions	1 Months Ended			6 Months Ended
	May 02, 2024 USD ($)	Apr. 30, 2024 CAD ($)	Apr. 30, 2024 USD ($)	Jun. 30, 2024 CAD ($)	Jun. 30, 2024 USD ($)	May 13, 2024 USD ($)	Feb. 29, 2024 CAD ($)	Feb. 29, 2024 USD ($)
Senior Notes
Debt instruments
Repayments of senior debt	$ 800
Senior Notes | 5.100% Senior Notes, Series J due 2029
Debt instruments
Debt instrument, face amount							$ 650	$ 475.3
Senior Notes | 5.63% Senior Notes due 2034
Debt instruments
Debt instrument, face amount						$ 500
5.100% Senior Notes, Series J due 2029
Debt instruments
Interest rate							5.10%	5.10%
Unsecured Term Loan due 2025
Debt instruments
Repayment and extinguishment of unsecured term loan				$ 500	$ 367.9
3.50% Senior Notes due 2024
Debt instruments
Interest rate				3.50%	3.50%
Repayments of senior debt	400
3.75% Senior Notes due 2024
Debt instruments
Interest rate				3.75%	3.75%
Repayments of senior debt	$ 400
2.80% Senior Notes, Series E due 2024
Debt instruments
Interest rate				2.80%	2.80%
Repayments of senior debt		$ 73	$ 53.4	$ 73	$ 53.4
5.63% Senior Notes due 2034
Debt instruments
Interest rate				5.625%	5.625%	5.625%

SENIOR NOTES PAYABLE AND OTHE_7

SENIOR NOTES PAYABLE AND OTHER DEBT - Mortgages (Details) - Mortgage loans and other $ in Millions, $ in Millions	May 09, 2024 USD ($) property	Apr. 29, 2024 CAD ($) property	Feb. 29, 2024 CAD ($) property
Business Acquisition [Line Items]
Debt instrument, face amount	$ 52.3	$ 103	$ 52.8
Number of properties secured	1	2	1
Interest rate	6.02%	4.90%	4.644%

SENIOR NOTES PAYABLE AND OTHE_8

SENIOR NOTES PAYABLE AND OTHER DEBT - Indebtedness of Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2024	$ 217,419
2025	1,860,376
2026	1,973,468
2027	1,605,498
2028	1,520,536
Thereafter	6,098,244
Total maturities	13,275,541	$ 13,568,598
Principal Amount Due at Maturity
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2024	190,188
2025	1,811,753
2026	1,930,699
2027	1,562,551
2028	1,481,389
Thereafter	5,968,500
Total maturities	12,945,080
Unsecured Revolving Credit Facility and Commercial Paper Notes
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2024	0
2025	0
2026	0
2027	0
2028	3,161
Thereafter	0
Total maturities	3,161
Scheduled Periodic Amortization
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2024	27,231
2025	48,623
2026	42,769
2027	42,947
2028	35,986
Thereafter	129,744
Total maturities	$ 327,300

SENIOR NOTES PAYABLE AND OTHE_9

SENIOR NOTES PAYABLE AND OTHER DEBT - Derivatives and Hedging (Details) $ in Thousands, $ in Millions	Jun. 30, 2024 USD ($)	Jun. 30, 2024 CAD ($)	May 09, 2024	Apr. 29, 2024	Feb. 29, 2024
Variable Rate Debt Member | Forward Starting Swap
Derivative [Line Items]
Long-term Debt, Percentage Bearing Variable Interest, Amount	$ 700,000
Derivative notional amount	142,300
Fixed Rate Debt Member | Forward Starting Swap
Derivative [Line Items]
Long-Term Debt, Percentage Bearing Fixed Interest, Amount	12,500,000
Derivative notional amount	$ 526,900	$ 643.8
Mortgage loans and other
Derivative [Line Items]
Interest rate			6.02%	4.90%	4.644%

SENIOR NOTES PAYABLE AND OTH_10

SENIOR NOTES PAYABLE AND OTHER DEBT - 2024 Activity (Details) - Treasury Lock - USD ($) $ in Millions	Jul. 31, 2024	Jun. 30, 2024
Derivative [Line Items]
Derivative notional amount		$ 200
Derivative, fixed interest rate		4.10%
Subsequent Event
Derivative [Line Items]
Derivative notional amount	$ 200
Derivative, fixed interest rate	4.10%

FAIR VALUES MEASUREMENTS (Detai

FAIR VALUES MEASUREMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets:
Cash and cash equivalents	$ 557,082	$ 508,794
Escrow deposits and restricted cash	58,202	54,668
Non-mortgage loans receivable, net	29,347	26,152
Liabilities:
Senior notes payable and other debt, gross	13,275,541	13,568,598
Non-mortgage loans receivable, net
Assets:
Non-mortgage loans receivable, net	29,347	26,152
Non-mortgage loans receivable, fair value	28,314	25,200
Secured/mortgage loans and other, net
Assets:
Secured mortgage loans and other, net	36,195	27,986
Secured mortgage loans and other, net, fair value	36,248	27,947
Carrying Amount
Assets:
Cash and cash equivalents	557,082	508,794
Escrow deposits and restricted cash	58,202	54,668
Stock warrants	61,100	59,281
Derivative instruments	26,445	19,782
Liabilities:
Derivative instruments	919	2,525
Redeemable OP Units	175,076	173,452
Carrying Amount | Non-mortgage loans receivable, net
Assets:
Non-mortgage loans receivable, net	29,347	26,152
Carrying Amount | Secured/mortgage loans and other, net
Assets:
Secured mortgage loans and other, net	36,195	27,986
Fair Value
Assets:
Cash and cash equivalents, fair value	557,082	508,794
Escrow deposits and restricted cash	58,202	54,668
Stock warrants	61,100	59,281
Derivative instruments	26,445	19,782
Liabilities:
Senior notes payable and other debt, gross, fair value	12,770,607	13,104,091
Derivative instruments	919	2,525
Redeemable OP Units, fair value	175,076	173,452
Fair Value | Non-mortgage loans receivable, net
Assets:
Non-mortgage loans receivable, fair value	28,314	25,200
Fair Value | Secured/mortgage loans and other, net
Assets:
Secured mortgage loans and other, net, fair value	$ 36,248	$ 27,947

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	Jun. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Contingent liability	$ 0

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 7,766	$ (9,773)	$ 4,762	$ (12,575)
Income tax (benefit) expense from restructurings				$ (8,000)
Deferred income tax liabilities	32,660		32,660		$ 24,500
Deferred income tax assets, net	$ 1,657		$ 1,657		$ 1,754

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Details) - At The Market Equity Offering Program $ / shares in Units, shares in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares
Equity offering [Line Items]
Equity offering program, maximum aggregate amount authorized	$ 1,000
Equity offering program, issued | shares	10.4
Equity offering program, proceeds	$ 499.4
Shares Issued, Weighted Average Price Per Share | $ / shares	$ 47.87
Equity offering program, remaining authorized offering amount	$ 500.6

STOCKHOLDERS' EQUITY - Summary

STOCKHOLDERS' EQUITY - Summary of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Equity [Abstract]
Foreign currency translation loss	$ (46,289)	$ (56,596)
Unrealized loss on available for sale securities	(1,978)	(1,256)
Unrealized gain on derivative instruments	30,858	22,095
Total accumulated other comprehensive loss	$ (17,409)	$ (35,757)

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator for basic and diluted earnings per share:
Income from continuing operations		$ 21,168	$ 105,066	$ 8,628	$ 123,978
Net income		21,168	105,066	8,628	123,978
Net income attributable to noncontrolling interests		1,781	1,613	3,553	3,008
Net income attributable to common stockholders		$ 19,387	$ 103,453	$ 5,075	$ 120,970
Denominator:
Denominator for basic earnings per share—weighted average shares (in shares)		408,097	400,431	405,747	400,211
Effect of dilutive securities:
Restricted stock awards (in shares)		308	220	293	268
OP Unitholder Interests (in shares)		3,418	3,471	3,432	3,478
Denominator for diluted earnings per share—adjusted weighted average shares (in shares)		411,823	404,122	409,472	403,957
Earnings per common share
Income from continuing operations, basic (in usd per share)		$ 0.05	$ 0.26	$ 0.02	$ 0.31
Net income (loss) attributable to common stockholders, basic (in usd per share)		0.05	0.26	0.01	0.30
Diluted earnings per share:
Income from continuing operations, diluted (in usd per share)	[1]	0.05	0.26	0.02	0.31
Net income (loss) attributable to common stockholders, diluted (in usd per share)	[1]	0.05	$ 0.26	0.01	$ 0.30
3.75% Exchangeable Senior Notes due 2026
Diluted earnings per share:
Exchange rate per share (in dollars per share)		$ 54.81		$ 54.81
[1]Potential common shares are not included in the computation of diluted earnings per share (“EPS”) when a loss from continuing operations exists as the effect would be an antidilutive per share amount.

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	6 Months Ended
	Jun. 30, 2024 USD ($) segment
Segment Reporting [Abstract]
Number of reportable segments | segment	3
Intersegment sales and transfers | $	$ 0

SEGMENT INFORMATION - Income St

SEGMENT INFORMATION - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Rental income	$ 372,787	$ 370,162	$ 747,032	$ 722,905
Income from loans and investments	1,436	6,554	2,725	20,143
Interest and other income	4,825	1,032	11,605	2,775
Revenues	1,200,980	1,106,358	2,400,894	2,183,603
Less:
Interest and other income	4,825	1,032	11,605	2,775
Property-level operating expenses	680,151	622,818	1,367,648	1,230,749
Third party capital management expenses			3,403	3,142
NOI	514,354	481,072	1,018,238	946,937
Interest and other income	4,825	1,032	11,605	2,775
Interest expense	(149,259)	(143,265)	(299,192)	(271,340)
Depreciation and amortization	(339,848)	(304,689)	(640,103)	(586,808)
General, administrative and professional fees	(37,727)	(34,399)	(86,464)	(79,197)
Loss on extinguishment of debt, net	(420)	6,801	(672)	6,801
Transaction, transition and restructuring costs	(2,886)	(3,069)	(7,563)	(4,455)
Allowance on loans receivable and investments, net	42	12,065	110	20,129
Gain on foreclosure of real estate	0	29,127	0	29,127
Shareholder relations matters	(37)	0	(15,751)	0
Other expense	(8,128)	17,959	(6,794)	10,197
Loss from unconsolidated entities	(1,652)	31,254	(10,035)	25,631
Gain on real estate dispositions	49,670	1,405	50,011	11,606
Income tax expense	(7,766)	9,773	(4,762)	12,575
Income from continuing operations	21,168	105,066	8,628	123,978
Net income	21,168	105,066	8,628	123,978
Net income attributable to noncontrolling interests	1,781	1,613	3,553	3,008
Net income attributable to common stockholders	19,387	103,453	5,075	120,970
Resident fees and services
Revenues
Other revenues	817,600	724,614	1,630,904	1,429,607
Third party capital management expenses
Revenues
Other revenues	4,332	3,996	8,628	8,173
Less:
Third party capital management expenses	1,650	1,436	3,403	3,142
Third party capital management revenues
Revenues
Other revenues			8,628	8,173
Operating Segments | SHOP
Revenues
Rental income	0	0	0	0
Income from loans and investments	0	0	0	0
Interest and other income	0	0	0	0
Revenues	817,600	724,614	1,630,904	1,429,607
Less:
Interest and other income	0	0	0	0
Property-level operating expenses	603,359	547,110	1,213,180	1,084,332
Third party capital management expenses			0	0
NOI		177,504	417,724	345,275
Interest and other income	0	0	0	0
Operating Segments | SHOP | Resident fees and services
Revenues
Other revenues	817,600	724,614	1,630,904	1,429,607
Operating Segments | SHOP | Third party capital management expenses
Revenues
Other revenues	0	0
Less:
Third party capital management expenses	0	0
Operating Segments | SHOP | Third party capital management revenues
Revenues
Other revenues			0	0
Operating Segments | Outpatient Medical and Research Portfolio
Revenues
Rental income	218,853	215,807	437,730	418,811
Income from loans and investments	0	0	0	0
Interest and other income	0	0	0	0
Revenues	219,559	216,366	439,066	419,998
Less:
Interest and other income	0	0	0	0
Property-level operating expenses	73,286	72,171	147,224	139,084
Third party capital management expenses			0	0
NOI	146,273	144,195	291,842	280,914
Interest and other income	0	0	0	0
Operating Segments | Outpatient Medical and Research Portfolio | Resident fees and services
Revenues
Other revenues	0	0	0	0
Operating Segments | Outpatient Medical and Research Portfolio | Third party capital management expenses
Revenues
Other revenues	706	559
Less:
Third party capital management expenses	0	0
Operating Segments | Outpatient Medical and Research Portfolio | Third party capital management revenues
Revenues
Other revenues			1,336	1,187
Operating Segments | Triple-Net Leased Properties
Revenues
Rental income	153,934	154,355	309,302	304,094
Income from loans and investments	0	0	0	0
Interest and other income	0	0	0	0
Revenues	153,934	154,355	309,302	304,094
Less:
Interest and other income	0	0	0	0
Property-level operating expenses	3,506	3,537	7,244	7,333
Third party capital management expenses			0	0
NOI	150,428	150,818	302,058	296,761
Interest and other income	0	0	0	0
Operating Segments | Triple-Net Leased Properties | Resident fees and services
Revenues
Other revenues	0	0	0	0
Operating Segments | Triple-Net Leased Properties | Third party capital management expenses
Revenues
Other revenues	0	0
Less:
Third party capital management expenses	0	0
Operating Segments | Triple-Net Leased Properties | Third party capital management revenues
Revenues
Other revenues			0	0
Operating Segments | Senior Living Operations
Less:
NOI	214,241
Non-Segment
Revenues
Rental income	0	0	0	0
Income from loans and investments	1,436	6,554	2,725	20,143
Interest and other income	4,825	1,032	11,605	2,775
Revenues	9,887	11,023	21,622	29,904
Less:
Interest and other income	4,825	1,032	11,605	2,775
Property-level operating expenses	0	0	0	0
Third party capital management expenses			3,403	3,142
NOI	3,412	8,555	6,614	23,987
Interest and other income	4,825	1,032	11,605	2,775
Non-Segment | Resident fees and services
Revenues
Other revenues	0	0	0	0
Non-Segment | Third party capital management expenses
Revenues
Other revenues	3,626	3,437
Less:
Third party capital management expenses	$ 1,650	$ 1,436
Non-Segment | Third party capital management revenues
Revenues
Other revenues			$ 7,292	$ 6,986

SEGMENT INFORMATION - Assets (D

SEGMENT INFORMATION - Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Segment Reporting Information
Total Assets	$ 24,530,229	$ 24,725,433
Percentage of consolidated assets	100%	100%
Operating Segments | Outpatient Medical and Research Portfolio
Segment Reporting Information
Total Assets	$ 6,893,756	$ 6,943,446
Percentage of consolidated assets	28.10%	28.10%
Operating Segments | Triple-Net Leased Properties
Segment Reporting Information
Total Assets	$ 3,902,304	$ 4,120,691
Percentage of consolidated assets	15.90%	16.70%
Operating Segments | SHOP
Segment Reporting Information
Total Assets	$ 12,944,144	$ 12,864,029
Percentage of consolidated assets	52.80%	52%
Non-Segment
Segment Reporting Information
Total Assets	$ 790,025	$ 797,267
Percentage of consolidated assets	3.20%	3.20%