Ventas (VTR) 10-Q 31 Oct 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Oct. 28, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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)		419,354,525
Entity Central Index Key	0000740260
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Amendment Flag	false
Document Fiscal Year Focus	2024

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Real estate investments:
Land and improvements	$ 2,638,649	$ 2,596,274
Buildings and improvements	27,626,929	27,201,381
Construction in progress	362,189	368,143
Acquired lease intangibles	1,460,883	1,448,146
Operating lease assets	309,765	312,142
Gross real estate investments	32,398,415	31,926,086
Accumulated depreciation and amortization	(10,888,157)	(10,177,136)
Net real estate property	21,510,258	21,748,950
Secured loans receivable and investments, net	144,797	27,986
Investments in unconsolidated real estate entities	622,996	598,206
Net real estate investments	22,278,051	22,375,142
Cash and cash equivalents	1,104,733	508,794
Escrow deposits and restricted cash	60,964	54,668
Goodwill	1,045,955	1,045,176
Assets held for sale	50,637	56,489
Deferred income tax assets, net	3,495	1,754
Other assets	803,354	683,410
Total assets	25,347,189	24,725,433
Liabilities:
Senior notes payable and other debt	13,668,871	13,490,896
Accrued interest	113,753	117,403
Operating lease liabilities	215,440	194,734
Accounts payable and other liabilities	1,148,752	1,041,616
Liabilities related to assets held for sale	5,252	9,243
Deferred income tax liabilities	36,755	24,500
Total liabilities	15,188,823	14,878,392
Redeemable OP unitholder and noncontrolling interests	329,688	302,636
Commitments and contingencies
Ventas stockholders’ equity:
Preferred stock	0	0
Common stock	104,723	100,648
Capital in excess of par value	16,466,182	15,650,734
Accumulated other comprehensive loss	(38,472)	(35,757)
Retained earnings (deficit)	(6,748,224)	(6,213,803)
Treasury stock	(25,115)	(13,764)
Total Ventas stockholders’ equity	9,759,094	9,488,058
Noncontrolling interests	69,584	56,347
Total equity	9,828,678	9,544,405
Total liabilities and equity	$ 25,347,189	$ 24,725,433

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Sep. 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)	419,267	402,380
Common stock, shares outstanding (in shares)	419,267	402,380
Treasury Stock, Common, Shares	3	279

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Rental income		$ 376,306	$ 386,138	$ 1,123,338	$ 1,109,043
Income from loans and investments		1,881	1,208	4,606	21,351
Interest and other income		8,204	2,754	19,809	5,529
Total revenues		1,236,315	1,149,832	3,637,209	3,333,435
Expenses
Interest		150,437	147,919	449,629	419,259
Depreciation and amortization		304,268	370,377	944,371	957,185
Property-level operating expenses		713,408	656,477	2,081,056	1,887,226
Third party capital management expenses				4,956	4,614
General, administrative and professional fees		35,092	33,297	121,556	112,494
Loss (gain) on extinguishment of debt, net		0	612	672	(6,189)
Transaction, transition and restructuring costs		8,580	7,125	16,143	11,580
Recovery of allowance on loans receivable and investments, net		(56)	(66)	(166)	(20,195)
Gain on foreclosure of real estate		0	0	0	(29,127)
Shareholder relations matters		0	0	15,751	0
Other expense (income)		3,935	9,432	10,729	(765)
Total expenses		1,217,217	1,226,645	3,644,697	3,336,082
Income (loss) before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests		19,098	(76,813)	(7,488)	(2,647)
Income from unconsolidated entities		4,629	(5,119)	(5,406)	20,512
Gain on real estate dispositions		271	10,711	50,282	22,317
Income tax expense		(3,002)	1,662	(7,764)	14,237
Net income		20,996	(69,559)	29,624	54,419
Net income attributable to noncontrolling interests		1,753	1,565	5,306	4,573
Net income attributable to common stockholders		$ 19,243	$ (71,124)	$ 24,318	$ 49,846
Basic:
(Loss) income from continuing (in usd per share)		$ 0.05	$ (0.17)	$ 0.07	$ 0.14
Net (loss) income attributable to common stockholders (in usd per share)		0.05	(0.18)	0.06	0.12
Diluted:
(Loss) income from continuing (in usd per share)	[1]	0.05	(0.17)	0.07	0.13
Net (loss) income attributable to common stockholders (in usd per share)	[1]	$ 0.05	$ (0.18)	$ 0.06	$ 0.12
NNN
Revenues
Rental income		$ 155,349	$ 159,812	$ 464,651	$ 463,906
Expenses
Property-level operating expenses		4,379	3,847	11,623	11,180
OM&R
Revenues
Rental income		220,957	226,326	658,687	645,137
Expenses
Property-level operating expenses		77,479	78,915	224,703	217,999
Resident fees and services
Revenues
Other revenues		845,532	754,417	2,476,436	2,184,024
Senior housing
Expenses
Property-level operating expenses		631,550	573,715	1,844,730	1,658,047
Third party capital management expenses
Revenues
Other revenues		4,392	5,315	13,020	13,488
Expenses
Third party capital management expenses		$ 1,553	$ 1,472	$ 4,956	$ 4,614
[1]Potential common shares are not included in the computation of diluted earnings per share (“EPS”) when a net loss exists as the effect would be an antidilutive per share amount.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 20,996	$ (69,559)	$ 29,624	$ 54,419
Other comprehensive (loss) income:
Foreign currency translation gain (loss)	6,908	(2,858)	14,032	2,922
Unrealized gain on available for sale securities	869	0	147	0
Unrealized (loss) gain on derivative instruments	(29,940)	10,042	(20,488)	29,241
Total other comprehensive (loss) income	(22,163)	7,184	(6,309)	32,163
Comprehensive (loss) income	(1,167)	(62,375)	23,315	86,582
Comprehensive income attributable to noncontrolling interests	653	379	1,712	6,118
Comprehensive (loss) income attributable to common stockholders	$ (1,820)	$ (62,754)	$ 21,603	$ 80,464

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	49,846	0	0	0	49,846	0	49,846
Net income (loss) attributable to noncontrolling interest	4,573							4,573
Net income	54,419
Other comprehensive loss	32,163	0	0	30,618	0	0	30,618	1,545
Net change in noncontrolling interests	(20,048)	0	(1,781)	0	0	0	(1,781)	(18,267)
Dividends to common stockholders	(541,745)	0	19	0	(541,764)	0	(541,745)	0
Issuance of common stock for stock plans, restricted stock grants and other	123,852	735	136,215	0	0	(13,098)	123,852	0
Adjust redeemable OP unitholder interests to current fair value	3,852	0	3,852	0	0	0	3,852	0
Adjustments to Equity, Redemption of Limited Partnership Units	(51)	0	(51)	0	0	0	(51)	0
Ending Balance at Sep. 30, 2023	9,874,119	100,647	15,678,031	(6,182)	(5,941,303)	(13,634)	9,817,559	56,560
Beginning Balance at Jun. 30, 2023	10,028,444	100,206	15,584,858	(14,552)	(5,688,499)	(13,631)	9,968,382	60,062
Increase (decrease) in stockholders' equity
Net income	(71,124)	0	0	0	(71,124)	0	(71,124)
Net income (loss) attributable to noncontrolling interest	1,565							1,565
Net income	(69,559)
Other comprehensive loss	7,184	0	0	8,370	0	0	8,370	(1,186)
Net change in noncontrolling interests	(10,518)	0	(6,637)	0	0	0	(6,637)	(3,881)
Dividends to common stockholders	(181,671)	0	9	0	(181,680)	0	(181,671)	0
Issuance of common stock for stock plans, restricted stock grants and other	88,436	441	87,998	0	0	(3)	88,436	0
Adjust redeemable OP unitholder interests to current fair value	11,785	0	11,785	0	0	0	11,785	0
Adjustments to Equity, Redemption of Limited Partnership Units	18	0	18	0	0	0	18	0
Ending Balance at Sep. 30, 2023	9,874,119	100,647	15,678,031	(6,182)	(5,941,303)	(13,634)	9,817,559	56,560
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	24,318	0	0	0	24,318	0	24,318
Net income (loss) attributable to noncontrolling interest	5,306
Net income	29,624
Other comprehensive loss	(6,309)	0	0	(2,715)	0	0	(2,715)	(3,594)
Net change in noncontrolling interests	(5,445)	0	(16,970)	0	0	0	(16,970)	11,525
Dividends to common stockholders	(558,684)	0	55	0	(558,739)	0	(558,684)	0
Issuance of common stock for stock plans, restricted stock grants and other	877,385	4,075	884,661	0	0	(11,351)	877,385	0
Adjust redeemable OP unitholder interests to current fair value	(50,702)	0	(50,702)	0	0	0	(50,702)	0
Adjustments to Equity, Redemption of Limited Partnership Units	(1,596)	0	(1,596)	0	0	0	(1,596)	0
Ending Balance at Sep. 30, 2024	9,828,678	104,723	16,466,182	(38,472)	(6,748,224)	(25,115)	9,759,094	69,584
Beginning 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
Increase (decrease) in stockholders' equity
Net income	19,243	0	0	0		0	19,243
Net income (loss) attributable to noncontrolling interest	1,753							1,753
Net income	20,996
Other comprehensive loss	(22,163)	0	0	(21,063)	0	0	(21,063)	(1,100)
Net change in noncontrolling interests	22,794	0	2,229	0	0	0	2,229	20,565
Dividends to common stockholders	(190,050)	0	22	0	(190,072)	0	(190,050)	0
Issuance of common stock for stock plans, restricted stock grants and other	374,979	1,481	373,553	0	0	(55)	374,979	0
Adjust redeemable OP unitholder interests to current fair value	(45,594)	0	(45,594)	0	0	0	(45,594)	0
Adjustments to Equity, Redemption of Limited Partnership Units	0	0	0	0	0	0		0
Ending Balance at Sep. 30, 2024	$ 9,828,678	$ 104,723	$ 16,466,182	$ (38,472)	$ (6,748,224)	$ (25,115)	$ 9,759,094	$ 69,584

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends to common stockholders, per share (in usd per share)	$ 0.45	$ 0.45	$ 1.35	$ 1.35

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 29,624	$ 54,419
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	944,371	957,185
Amortization of deferred revenue and lease intangibles, net	(41,194)	(44,543)
Other non-cash amortization	22,347	15,499
Recovery of allowance on loans receivable and investments, net	(166)	(20,195)
Stock-based compensation	26,344	25,298
Straight-lining of rental income	(6,469)	(4,425)
Loss (gain) on extinguishment of debt, net	672	(6,189)
Gain on real estate dispositions	(50,282)	(22,317)
Income tax expense (benefit)	2,535	(19,230)
Loss (gain) from unconsolidated entities	5,406	(20,512)
Gain on foreclosure of real estate	0	(29,127)
Distributions from unconsolidated entities	13,639	12,953
Other	681	(15,777)
Changes in operating assets and liabilities:
Increase in other assets	(122,404)	(55,339)
(Decrease) increase in accrued interest	(3,415)	3,775
Increase in accounts payable and other liabilities	134,295	9,314
Net cash provided by operating activities	955,984	840,789
Cash flows from investing activities:
Net investment in real estate property	(519,048)	(4,625)
Investment in loans receivable	(120,695)	(883)
Proceeds from real estate disposals	275,396	167,296
Proceeds from loans receivable	6,496	44,036
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	(239,564)	(239,639)
Capital expenditures	(194,035)	(160,369)
Distributions from unconsolidated entities	2,555	74,670
Investment in unconsolidated entities	(55,503)	(97,989)
Insurance proceeds for property damage claims	3,523	14,446
Net cash used in investing activities	(840,875)	(141,388)
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities	(6,151)	6,169
Net change in borrowings under commercial paper program	0	(402,354)
Proceeds from debt	1,805,446	2,404,069
Repayment of debt	(1,539,869)	(1,891,003)
Purchase of noncontrolling interests	(11,064)	(110)
Payment of deferred financing costs	(34,684)	(39,225)
Issuance of common stock, net	850,561	108,455
Cash distribution to common stockholders	(551,369)	(542,236)
Cash distribution to redeemable OP unitholders	(4,545)	(4,642)
Cash issued for redemption of OP Units	(2,087)	(845)
Contributions from noncontrolling interests	3,646	11,187
Distributions to noncontrolling interests	(14,140)	(20,867)
Proceeds from stock option exercises	10,483	1,736
Other	(17,208)	(8,628)
Net cash provided by (used in) financing activities	489,019	(378,294)
Net increase in cash, cash equivalents and restricted cash	604,128	321,107
Effect of foreign currency translation	(1,893)	(106)
Cash, cash equivalents and restricted cash at beginning of period	563,462	170,745
Cash, cash equivalents and restricted cash at end of period	1,165,697	491,746
Assets acquired and liabilities assumed from acquisitions and other:
Real estate investments	10,463	0
Other assets	1,171	7,873
Other liabilities	4,647	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	9 Months Ended
	Sep. 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 September 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 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, which we also refer to as “NNN.” 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. Our investments in unconsolidated entities include investments made 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. Our chief operating decision maker evaluates performance of the combined properties in each reportable segment and determines how to allocate resources to these segments based on net operating income (“NOI”) 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.” The following table summarizes information for our consolidated reportable business segments and non-segment assets for the nine months ended September 30, 2024 (dollars in thousands): Segment Total NOI (1) Percentage of Total NOI Number of Consolidated Properties Senior housing operating portfolio (SHOP) $ 631,706 41.3 % 591 Outpatient medical and research portfolio (OM&R) 435,938 28.5 % 426 Triple-net leased properties (NNN) 453,028 29.6 % 302 Non-segment (2) 10,716 0.7 % — $ 1,531,388 100 % 1,319 ______________________________ (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 corporate-level expenses not directly attributable to any of our three reportable business segments.

ACCOUNTING POLICIES

ACCOUNTING POLICIES	9 Months Ended
	Sep. 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 periods have been included. Operating results for the three and nine months ended September 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 September 30, 2024 As of December 31, 2023 Total Assets Total Liabilities Total Assets Total Liabilities NHP/PMB L.P. $ 750,258 $ 289,867 $ 759,817 $ 266,658 Fonds Immobilier Groupe Maurice, S.E.C. 1,899,604 1,177,864 1,971,410 1,204,619 Other identified VIEs 1,587,859 380,034 1,597,957 354,828 Tax credit VIEs (1) — — 29,746 4,024 ____________________________ (1) Balances as of September 30, 2024 reflect the completion of the tax credit structure unwinds. 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 finalizing our assessment of the impact of adopting ASU 2023-07 and expect to disclose additional expense details and the title of our CODM 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, 2024. 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	9 Months Ended
	Sep. 30, 2024
Risks and Uncertainties [Abstract]
CONCENTRATION OF CREDIT RISK	NOTE 3—CONCENTRATION OF CREDIT RISK We use total revenues and total NOI in assessing our concentration of credit risk. 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 total NOI. We are exposed to the credit risk of our tenants in our NNN and OM&R segments because those tenants are obligated to pay us rent and, in certain instances pay or reimburse us for some or all property-related expenses, including maintenance, utilities, repairs, taxes, insurance and capital expenditures. Because we engage independent managers to manage the properties in our SHOP segment in exchange for a management fee, we are not directly exposed to their credit risk in the same manner or to the same extent as the tenants in our NNN and OM&R segments. The following table summarizes certain information about our credit risk concentration for our NNN and OM&R segments for the three months ended September 30, 2024: For the Three Months Ended September 30, 2024 2023 Revenues: (1) Brookdale (2) 3.1 % 3.3 % Ardent (3) 2.8 2.9 Kindred 2.8 2.9 All others 22.9 25.2 Net operating income (“NOI”): Brookdale (2) 7.3 % 7.6 % Ardent (3) 6.7 6.8 Kindred 6.8 6.8 All others 37.5 41.9 ____________________________ (1) Represents percentage of total revenues which include third party capital management revenues, income from loans and investments and interest and other income. (2) Results exclude 9 senior housing communities which are included in our SHOP segment. (3) Results exclude 19 outpatient medical buildings included in “All others.”

ACQUISITIONS OF REAL ESTATE PRO

ACQUISITIONS OF REAL ESTATE PROPERTY	9 Months Ended
	Sep. 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 nine months ended September 30, 2024, we acquired 11 senior housing communities reported within our SHOP segment and five long term acute care hospitals (“LTACs”) reported within our triple-net leased properties segment for an aggregate purchase price of $516.1 million. In October 2024, we acquired 25 senior housing communities reported within our SHOP segment for $923.0 million.

DISPOSITIONS AND IMPAIRMENTS

DISPOSITIONS AND IMPAIRMENTS	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
DISPOSITIONS AND IMPAIRMENTS	NOTE 5—DISPOSITIONS AND IMPAIRMENTS 2024 Activity During the nine months ended September 30, 2024, we sold 17 senior housing communities, 12 outpatient medical buildings (one of which was vacant) and 23 triple-net leased properties for aggregate consideration of $261.4 million and recognized $50.3 million in gain on real estate dispositions in our Consolidated Statements of Income. In October 2024, we sold two senior housing communities and part of a research building for aggregate consideration of $39.2 million. Assets Held for Sale The table below summarizes our real estate assets classified as held for sale including the amounts reported on our Consolidated Balance Sheets (dollars in thousands): As of September 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 $ 26,938 $ 3,755 13 $ 48,173 $ 6,419 Outpatient medical and research portfolio (1) — 21,568 1,497 3 5,431 2,643 Triple-net leased properties 1 2,131 — 1 2,885 181 Total 4 $ 50,637 $ 5,252 17 $ 56,489 $ 9,243 ______________________________ (1) The balances as of September 30, 2024 relate to a partial sale of a building, as such, no property count is allocated. Real Estate Impairments We recognized impairments of $17.3 million and $72.7 million for the three months ended September 30, 2024 and 2023, respectively, and $67.6 million and $92.0 million for the nine months ended September 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	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
LOANS RECEIVABLE AND INVESTMENTS	NOTE 6—LOANS RECEIVABLE AND INVESTMENTS As of September 30, 2024 and December 31, 2023, we held $168.6 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 September 30, 2024: Secured/mortgage loans and other, net (1) $ 144,797 $ — $ 144,797 $ 145,905 Non-mortgage loans receivable, net (2) 27,564 (3,810) 23,754 22,895 Total loans receivable and investments, net $ 172,361 $ (3,810) $ 168,551 $ 168,800 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. In September 2024, we provided new secured debt financing of $109.0 million to the owner of a senior housing property, secured by the asset and with additional credit support. The loan provides us with a right of first offer to purchase the asset on certain terms and conditions. The loan has a 3-year term and bears interest at a floating rate based on one-month SOFR, subject to a floor of 4.50%, plus a spread of 5.75%, increasing to 6.00% commencing on the first-year anniversary of the loan.

INVESTMENTS IN UNCONSOLIDATED E

INVESTMENTS IN UNCONSOLIDATED ENTITIES	9 Months Ended
	Sep. 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. 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 September 30, 2024 and December 31, 2023, respectively (dollars in thousands): Ownership as of (1) Carrying Amount as of September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Investments in unconsolidated real estate entities: Ventas Life Science & Healthcare Real Estate Fund 20.0% 20.1% $ 269,694 $ 264,442 Pension Fund Joint Venture 25.0% 25.0% 15,511 22,169 Research & Innovation Development Joint Venture 53.0% 53.0% 300,694 275,829 Ventas Investment Management platform 585,899 562,440 Atrium Health & Wake Forest Joint Venture 48.5% 48.5% 36,487 35,137 All other (2) 34.0%-37.5% 34.0%-37.5% 610 629 Total investments in unconsolidated real estate entities $ 622,996 $ 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 $4.0 million and $3.6 million for the three months ended September 30, 2024 and 2023, respectively, and $11.7 million and $10.9 million for the nine months ended September 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 September 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.

INTANGIBLES

INTANGIBLES	9 Months Ended
	Sep. 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 September 30, 2024 As of December 31, 2023 Balance Weighted Average Balance Weighted Average Intangible assets: Above-market lease intangibles (1) $ 124,597 4.4 $ 130,371 4.8 In-place and other lease intangibles (2) 1,336,286 10.1 1,317,775 8.3 Goodwill 1,045,955 N/A 1,045,176 N/A Other intangibles (2) 34,406 4.2 34,440 4.8 Accumulated amortization (1,271,375) N/A (1,189,817) N/A Net intangible assets $ 1,269,869 9.5 $ 1,337,945 8.0 Intangible liabilities: Below-market lease intangibles (1) $ 265,274 7.7 $ 306,499 8.1 Other lease intangibles 13,498 N/A 13,498 N/A Accumulated amortization (208,949) N/A (241,600) N/A Purchase option intangibles 3,568 N/A 3,568 N/A Net intangible liabilities $ 73,391 7.7 $ 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 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. Net intangible liabilities are included in accounts payable and other liabilities on our Consolidated Balance Sheets.

OTHER ASSETS

OTHER ASSETS	9 Months Ended
	Sep. 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 September 30, 2024 As of December 31, 2023 Straight-line rent receivables $ 203,237 $ 194,108 Deferred lease costs, net 139,537 118,556 Investment in unconsolidated operating entities 88,344 80,312 Stock warrants 65,377 59,281 Non-mortgage loans receivable, net 23,754 26,152 Other intangibles, net 4,953 5,584 Other 278,152 199,417 Total other assets $ 803,354 $ 683,410 In the above table, stock warrants as of September 30, 2024 represent: (1) warrants exercisable at any time prior to December 31, 2025, in whole or in part, for 12.6 million shares of Brookdale Senior Living, Inc. common stock (“Brookdale Common Stock”) at an exercise price of $3.00 per share (the “Brookdale Warrants”), and (2) warrants exercisable at any time prior to September 13, 2034 for 9.9% of the common equity of a parent company of Kindred Healthcare, LLC (“Kindred”) exercisable at the pre-transaction value of such common equity (the “Scion Warrants”). We received the Scion Warrants in September 2024 as part of the consideration for a lease amendment that we entered into with Kindred and its parent companies, ScionHealth. During the nine months ended September 30, 2024, we exercised Brookdale Warrants for 3.7 million shares of Brookdale Common Stock on a cashless basis, resulting in our receipt of 2.1 million shares of Brookdale Common Stock (net of the $3.00 exercise price), which we sold for net cash proceeds of approximately $14.0 million (recorded within operating cash flows in our Consolidated Statements of Cash Flows). The Brookdale Warrants and the Scion Warrants are measured at fair value with changes in fair value being recognized within other expense (income) in our Consolidated Statements of Income.

SENIOR NOTES PAYABLE AND OTHER

SENIOR NOTES PAYABLE AND OTHER DEBT	9 Months Ended
	Sep. 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 September 30, 2024 As of December 31, 2023 Unsecured revolving credit facility (1)(2) $ 7,922 $ 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) — 123,256 2.80% Senior Notes, Series E due 2024 (2) — 55,143 Unsecured term loan due 2025 (2) — 377,501 2.65% Senior Notes due 2025 450,000 450,000 3.50% Senior Notes due 2025 600,000 600,000 4.125% Senior Notes due 2026 500,000 500,000 3.75% Exchangeable Senior Notes due 2026 862,500 862,500 3.25% Senior Notes due 2026 450,000 450,000 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) 351,227 358,626 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) 443,656 453,001 4.40% Senior Notes due 2029 750,000 750,000 5.10% Senior Notes, Series J due 2029 (2) 480,627 — 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) 221,828 226,501 5.625% Senior Note due 2034 500,000 — 5.00% Senior Notes due 2035 550,000 — 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 3,230,447 3,174,251 Total 13,772,020 13,568,598 Deferred financing costs, net (98,717) (84,034) Unamortized fair value adjustment 12,086 17,081 Unamortized discounts (16,518) (10,749) Senior notes payable and other debt $ 13,668,871 $ 13,490,896 ______________________________ (1) As of September 30, 2024 and December 31, 2023, aggregate Canadian Dollar borrowings of C$8.0 million ($5.9 million) and zero were outstanding. As of September 30, 2024 and December 31, 2023, aggregate British Pound borrowings of £1.5 million ($2.0 million) and £11.0 million ($14.0 million) were outstanding, 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 September 30, 2024, we have a $2.75 billion unsecured revolving credit facility priced at SOFR plus 0.10% (“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 September 30, 2024, we had $2.74 billion of undrawn capacity under our unsecured revolving credit facility with $7.9 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 September 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 nine months ended September 30, 2024, we repaid a C$500.0 million ($369.4 million) unsecured term loan facility priced at Canadian Dollar Offered Rate (“CDOR”) plus 0.90% that would otherwise have matured in January 2025. As of September 30, 2024, our $100.0 million uncommitted line for standby letters of credit had an outstanding balance of $15.4 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 September 30, 2024, we had $862.5 million aggregate principal amount of the Exchangeable Notes outstanding. During the three and nine months ended September 30, 2024, we recognized approximately $8.1 million and $24.3 million respectively, of contractual interest expense and amortization of issuance costs of $1.7 million and $5.1 million, respectively, related to the Exchangeable Notes. Unamortized issuance costs of $12.0 million as of September 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 C$650.0 million ($478.3 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 C$500.0 million ($369.4 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 C$73.0 million ($53.4 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. In September 2024, Ventas Realty issued and sold $550.0 million aggregate principal amount of 5.00% Senior Notes due 2035 in a registered public offering. We intend to use the proceeds for general corporate purposes, which may include funding of acquisitions or the repayment of other indebtedness. In September 2024, we repaid C$163.3 million ($120.8 million) aggregate principal amount of 4.125% Senior Notes due 2024 at maturity with cash on hand. Mortgages In February 2024, we entered into a C$52.8 million ($39.1 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 ($75.5 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 September 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 $ 42,528 $ — $ 14,484 $ 57,012 2025 1,772,771 — 49,211 1,821,982 2026 2,034,264 — 43,140 2,077,404 2027 1,574,590 — 43,318 1,617,908 2028 1,485,324 7,922 36,295 1,529,541 Thereafter 6,537,767 — 130,406 6,668,173 Total maturities $ 13,447,244 $ 7,922 $ 316,854 $ 13,772,020 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 over the life of the related debt and recorded in interest expense in the Consolidated Statements of Income. As of September 30, 2024, our variable rate debt obligations of $0.8 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 September 30, 2024, our fixed rate debt obligations of $13.0 billion reflect, in part, the effect of $526.7 million and C$639.8 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 From June through September 2024, we entered into an aggregate $350.0 million treasury locks to hedge interest rate risk on future debt issuances. In September 2024, we terminated the treasury locks in conjunction with the issuance of the $550.0 million aggregate principal amount of 5.00% Senior Notes due 2035.

FAIR VALUES OF FINANCIAL INSTRU

FAIR VALUES OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUES OF FINANCIAL INSTRUMENTS	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 September 30, 2024 As of December 31, 2023 Carrying Fair Value Carrying Fair Value Assets: Cash and cash equivalents (1) $ 1,104,733 $ 1,104,733 $ 508,794 $ 508,794 Escrow deposits and restricted cash (1) 60,964 60,964 54,668 54,668 Stock warrants (3)(4)(5) 65,377 65,377 59,281 59,281 Secured mortgage loans and other, net (3)(4) 144,797 145,905 27,986 27,947 Non-mortgage loans receivable, net (3)(4)(5) 23,754 22,895 26,152 25,200 Derivative instruments (3)(5) 9,836 9,836 19,782 19,782 Liabilities: Senior notes payable and other debt, gross (3)(4) 13,772,020 13,854,034 13,568,598 13,104,091 Derivative instruments (3)(6) 6,958 6,958 2,525 2,525 Redeemable OP Units (2) 219,017 219,017 173,452 173,452 ______________________________ (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. Items Measured at Fair Value on a Recurring Basis In the above table, stock warrants consist of the Brookdale Warrants and the Scion Warrants. The Brookdale Warrants represent an interest in a publicly-traded entity and their fair value is based on Level 2 inputs that are obtained from public sources such as equity spot price, dividend yield, volatility and risk-free rate. The Scion Warrants represent a financial interest in a private entity whose fair value is based on Level 3 inputs that reflect significant assumptions including underlying enterprise value, market volatility, duration, dividend rate and risk-free rate. Changes in one or more of these inputs could impact the fair value determination. During the three and nine months ended September 30, 2024, there has been no realized or unrealized gains or losses recognized for these warrants. There has been no transfer into or out of Level 3 financial instruments during the periods presented. 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	9 Months Ended
	Sep. 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 September 30, 2024, no triggering events relating to our guarantees, indemnities or similar contingent obligations have occurred. Accordingly, no contingent liability is recorded in our Consolidated Balance Sheet.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 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 nine months ended September 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 September 30, 2024 and 2023 was an expense of $3.0 million and a benefit of $1.7 million, respectively. Our consolidated provision for income taxes for the nine months ended September 30, 2024 and 2023 was an expense of $7.8 million and a benefit of $14.2 million, respectively. The income tax expense for the three and nine months ended September 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 second quarter of 2024. 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 nine months ended September 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 $36.8 million and $24.5 million as of September 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 $3.5 million and $1.8 million as of September 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, 2020 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	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
STOCKHOLDERS' EQUITY	NOTE 14—STOCKHOLDERS' EQUITY Capital Stock In September 2024, we entered into an “at-the-market” equity offering program (“2024 ATM Program”), which provides for the sale, from time to time, of up to $2.0 billion aggregate gross sales price of shares of our common stock. In connection with our entry into the 2024 ATM Program, we terminated our prior “at-the-market” equity offering program (together with the 2024 ATM Program, the “ATM Programs”) under the ATM Sales Agreement dated November 8, 2021 and amended February 20, 2024, pursuant to which we previously, from time to time, could sell up to $1.0 billion aggregate gross sales price of shares of our common stock. The ATM Programs have allowed us to enter into forward sales agreements, discussed below. By utilizing a forward sales agreement, we can secure a share price on the sale of shares of our common stock at or shortly after the time the forward sales agreement becomes effective, while postponing the receipt of proceeds from the sale of shares until a future date. As of September 30, 2024, the remaining amount available under our 2024 ATM Program for future sales of our common stock was $1.9 billion. ATM Share Issuances During the three months ended September 30, 2024, we issued 5.9 million shares of our common stock under our ATM Programs for gross proceeds of $362.6 million, representing an average price of $61.22 per share, of which 4.5 million shares and $282.0 million of gross proceeds were issued and settled via forward sales agreements. During the nine months ended September 30, 2024, we issued 16.4 million shares of our common stock under our ATM Programs for gross proceeds of $862.0 million, representing an average price of $52.70 per share, of which 4.5 million shares and $282.0 million of gross proceeds were issued and settled via forward sales agreements. Forward Sales Agreements Forward sales agreements generally have a maturity of one to two years. At any time during the term of a forward sale agreement, we may settle that forward sales agreement by delivery of physical shares of our common stock to the forward purchaser or, at our election, subject to certain exceptions, we may settle in cash or by net share settlement. The forward sales price we expect to receive upon settlement of outstanding forward sales agreements will be the initial forward price, net of commissions, established on or shortly after the effective date of the relevant forward sales agreement, subject to adjustments for accrued interest, the forward purchasers’ stock borrowing costs in excess of a certain threshold specified in the forward sales agreement, and certain fixed price reductions for expected dividends on our common stock during the term of the forward sales agreement. Our unsettled forward sales agreements are accounted for as equity instruments. As of September 30, 2024, we have unsettled forward sales agreements for 2.6 million shares or approximately $158.6 million in gross proceeds with varying maturity dates through December 2025. In October 2024, we entered into additional unsettled forward sales agreements for 0.8 million shares or approximately $51.0 million in gross proceeds with varying maturity dates through December 2025. Accumulated Other Comprehensive Loss The following is a summary of our accumulated other comprehensive loss (dollars in thousands): As of September 30, 2024 As of December 31, 2023 Foreign currency translation loss $ (40,457) $ (56,596) Unrealized loss on available for sale securities (1,109) (1,256) Unrealized gain on derivative instruments 3,094 22,095 Total accumulated other comprehensive loss $ (38,472) $ (35,757)

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 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 September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Numerator for basic and diluted earnings per share: Net income (loss) 20,996 (69,559) 29,624 54,419 Net income attributable to noncontrolling interests 1,753 1,565 5,306 4,573 Net income (loss) attributable to common stockholders $ 19,243 $ (71,124) $ 24,318 $ 49,846 Denominator: Denominator for basic earnings per share—weighted average shares 414,599 402,859 408,691 401,424 Effect of dilutive securities: Restricted stock awards 476 327 340 268 OP unitholder interests 3,415 3,469 3,427 3,474 Exchangeable Notes 964 — 321 — Forward sales agreements 19 — 7 — Denominator for diluted earnings per share—adjusted weighted average shares 419,474 406,655 412,785 405,166 Basic earnings per share: Net income (loss) $ 0.05 $ (0.17) $ 0.07 $ 0.14 Net income (loss) attributable to common stockholders 0.05 (0.18) 0.06 0.12 Diluted earnings per share: (1) Net income (loss) $ 0.05 $ (0.17) $ 0.07 $ 0.13 Net income (loss) attributable to common stockholders 0.05 (0.18) 0.06 0.12 ______________________________ (1) Potential common shares are not included in the computation of diluted earnings per share when a net loss exists as the effect would be an antidilutive per share amount. The dilutive effect of our Exchangeable Notes is calculated using the if-converted method in accordance with ASU 2020-06. We are required, pursuant to the indenture governing the Exchangeable Notes, to settle the aggregate principal amount of the Exchangeable Notes in cash and may elect to settle any remaining exchange obligation (i.e., the stock price in excess of the exchange obligation) in cash, shares of our common stock, or a combination thereof. Under the if-converted method, we include the number of shares required to satisfy the exchange obligation, assuming all the Exchangeable Notes are exchanged. The average closing price of our common stock for the three and nine months ended September 30, 2024 and 2023 is used as the basis for determining the dilutive effect on earnings per share. The Exchangeable Notes were not included in the computation of diluted earnings per share for the three and nine months ended September 30, 2023 as they were antidilutive. Our unsettled forward sales agreements do not impact basic earnings per share. We apply the treasury stock method to our unsettled forward sales agreements to determine their dilutive effect, if any. See “Note 14 – Stockholders' Equity.”

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
SEGMENT INFORMATION	NOTE 16—SEGMENT INFORMATION As of September 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 hospitals (“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. Our investments in unconsolidated entities include investments made through our third-party institutional capital management business, Ventas Investment Management (“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 based on NOI for each segment. We define NOI as total revenues, less interest and other income, property-level operating expenses and third party capital management expenses. We consider NOI useful because it allows investors, analysts and our management to measure unlevered property-level operating results and to compare our operating results to the operating results of other real estate companies between periods on a consistent basis. In order to facilitate a clear understanding of our historical consolidated operating results, NOI should be examined in conjunction with net income attributable to common stockholders as presented in our Consolidated Financial Statements and other financial data included elsewhere in this Quarterly Report on Form 10-Q. See “Non-GAAP Financial Measures” included elsewhere in this Quarterly Report on Form 10-Q for additional disclosure and reconciliations of net income attributable to common stockholders, as computed in accordance with GAAP, to NOI. Interest expense, depreciation and amortization, general, administrative and professional fees, income tax expense and other non-property-specific revenues and expenses are not allocated to individual reportable business segments for purposes of assessing segment performance. There are no intersegment sales or transfers. Summary information by reportable business segment is as follows (dollars in thousands): For the Three Months Ended September 30, 2024 SHOP OM&R NNN Non-Segment Total Revenues Rental income $ — $ 220,957 $ 155,349 $ — $ 376,306 Resident fees and services 845,532 — — — 845,532 Third party capital management revenues — 618 — 3,774 4,392 Income from loans and investments — — — 1,881 1,881 Interest and other income — — — 8,204 8,204 Total revenues $ 845,532 $ 221,575 $ 155,349 $ 13,859 $ 1,236,315 Total revenues $ 845,532 $ 221,575 $ 155,349 $ 13,859 $ 1,236,315 Less: Interest and other income — — — 8,204 8,204 Property-level operating expenses 631,550 77,479 4,379 — 713,408 Third party capital management expenses — — — 1,553 1,553 NOI $ 213,982 $ 144,096 $ 150,970 $ 4,102 513,150 Interest and other income 8,204 Interest expense (150,437) Depreciation and amortization (304,268) General, administrative and professional fees (35,092) Transaction, transition and restructuring costs (8,580) Recovery of allowance on loans receivable and investments, net 56 Other expense (3,935) Income from unconsolidated entities 4,629 Gain on real estate dispositions 271 Income tax expense (3,002) Net income 20,996 Net income attributable to noncontrolling interests 1,753 Net income attributable to common stockholders $ 19,243 For the Three Months Ended September 30, 2023 SHOP OM&R NNN Non-Segment Total Revenues Rental income $ — $ 226,326 $ 159,812 $ — $ 386,138 Resident fees and services 754,417 — — — 754,417 Third party capital management revenues — 662 — 4,653 5,315 Income from loans and investments — — — 1,208 1,208 Interest and other income — — — 2,754 2,754 Total revenues $ 754,417 $ 226,988 $ 159,812 $ 8,615 $ 1,149,832 Total revenues $ 754,417 $ 226,988 $ 159,812 $ 8,615 $ 1,149,832 Less: Interest and other income — — — 2,754 2,754 Property-level operating expenses 573,715 78,915 3,847 — 656,477 Third party capital management expenses — — — 1,472 1,472 NOI $ 180,702 $ 148,073 $ 155,965 $ 4,389 489,129 Interest and other income 2,754 Interest expense (147,919) Depreciation and amortization (370,377) General, administrative and professional fees (33,297) Loss on extinguishment of debt, net (612) Transaction, transition and restructuring costs (7,125) Recovery of allowance on loans receivable and investments, net 66 Other expense (9,432) Loss from unconsolidated entities (5,119) Gain on real estate dispositions 10,711 Income tax benefit 1,662 Net loss (69,559) Net income attributable to noncontrolling interests 1,565 Net loss attributable to common stockholders $ (71,124) For the Nine Months Ended September 30, 2024 SHOP OM&R NNN Non-Segment Total Revenues Rental income $ — $ 658,687 $ 464,651 $ — $ 1,123,338 Resident fees and services 2,476,436 — — — 2,476,436 Third party capital management revenues — 1,954 — 11,066 13,020 Income from loans and investments — — — 4,606 4,606 Interest and other income — — — 19,809 19,809 Total revenues $ 2,476,436 $ 660,641 $ 464,651 $ 35,481 $ 3,637,209 Total revenues $ 2,476,436 $ 660,641 $ 464,651 $ 35,481 $ 3,637,209 Less: Interest and other income — — — 19,809 19,809 Property-level operating expenses 1,844,730 224,703 11,623 — 2,081,056 Third party capital management expenses — — — 4,956 4,956 NOI $ 631,706 $ 435,938 $ 453,028 $ 10,716 1,531,388 Interest and other income 19,809 Interest expense (449,629) Depreciation and amortization (944,371) General, administrative and professional fees (121,556) Loss on extinguishment of debt, net (672) Transaction, transition and restructuring costs (16,143) Recovery of allowance on loans receivable and investments, net 166 Shareholder relations matters (15,751) Other expense (10,729) Loss from unconsolidated entities (5,406) Gain on real estate dispositions 50,282 Income tax expense (7,764) Net income 29,624 Net income attributable to noncontrolling interests 5,306 Net income attributable to common stockholders $ 24,318 For the Nine Months Ended September 30, 2023 SHOP OM&R NNN Non-Segment Total Revenues Rental income $ — $ 645,137 $ 463,906 $ — $ 1,109,043 Resident fees and services 2,184,024 — — — 2,184,024 Third party capital management revenues — 1,849 — 11,639 13,488 Income from loans and investments — — — 21,351 21,351 Interest and other income — — — 5,529 5,529 Total revenues $ 2,184,024 $ 646,986 $ 463,906 $ 38,519 $ 3,333,435 Total revenues $ 2,184,024 $ 646,986 $ 463,906 $ 38,519 $ 3,333,435 Less: Interest and other income — — — 5,529 5,529 Property-level operating expenses 1,658,047 217,999 11,180 — 1,887,226 Third party capital management expenses — — — 4,614 4,614 NOI $ 525,977 $ 428,987 $ 452,726 $ 28,376 1,436,066 Interest and other income 5,529 Interest expense (419,259) Depreciation and amortization (957,185) General, administrative and professional fees (112,494) Gain on extinguishment of debt, net 6,189 Transaction, transition and restructuring costs (11,580) Recovery of allowance on loans receivable and investments, net 20,195 Gain on foreclosure of real estate 29,127 Other income 765 Income from unconsolidated entities 20,512 Gain on real estate dispositions 22,317 Income tax benefit 14,237 Net income 54,419 Net income attributable to noncontrolling interests 4,573 Net income attributable to common stockholders $ 49,846 Assets by reportable business segment are as follows (dollars in thousands): As of September 30, 2024 As of December 31, 2023 Assets: SHOP $ 12,854,462 50.7 % $ 12,864,029 52.0 % Outpatient medical and research portfolio 6,879,036 27.1 6,943,446 28.1 Triple-net leased properties 4,022,354 15.9 4,120,691 16.7 Non-segment 1,591,337 6.3 797,267 3.2 Total assets $ 25,347,189 100.0 % $ 24,725,433 100.0 %

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 30, 2024 shares	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On September 15, 2024, Walter C. Rakowich, a director of the Company, adopted a trading plan intended to satisfy the conditions under Rule 10b5-1(c) of the Exchange Act. Mr. Rakowich’s trading plan is for the sale of (i) up to 1,459 shares of our common stock, representing 40% of the gross share amount issuable upon the vesting of restricted stock units granted to him in May 2024 and (ii) 40% of the gross amount of any shares of our common stock issuable upon the vesting of any restricted stock units we may grant to him on or around April or May 2025, and terminates on the earlier of the date all the shares under the plan are sold and June 30, 2026.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Gregory R. Liebbe [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On August 13, 2024, Gregory R. Liebbe, Chief Accounting Officer of the Company, adopted a trading plan intended to satisfy the conditions under Rule 10b5-1(c) of the Exchange Act. Mr. Liebbe’s trading plan is with respect to his expiring options and covers the potential exercise and sale of up to 21,114 shares of our common stock in amounts and prices determined in accordance with a formula set forth in the plan and terminates on the earlier of the date all the shares under the plan are sold and August 10, 2025.
Name	Gregory R. Liebbe
Title	Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 13, 2024
Expiration Date	August 10, 2025
Arrangement Duration	362 days
Aggregate Available	21,114	21,114
Walter C. Rakowich [Member]
Trading Arrangements, by Individual
Name	Walter C. Rakowich
Title	director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 15, 2024
Expiration Date	June 30, 2026
Arrangement Duration	653 days
Aggregate Available	1,459	1,459

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 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 periods have been included. Operating results for the three and nine months ended September 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 finalizing our assessment of the impact of adopting ASU 2023-07 and expect to disclose additional expense details and the title of our CODM 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, 2024. 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)	9 Months Ended
	Sep. 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 nine months ended September 30, 2024 (dollars in thousands): Segment Total NOI (1) Percentage of Total NOI Number of Consolidated Properties Senior housing operating portfolio (SHOP) $ 631,706 41.3 % 591 Outpatient medical and research portfolio (OM&R) 435,938 28.5 % 426 Triple-net leased properties (NNN) 453,028 29.6 % 302 Non-segment (2) 10,716 0.7 % — $ 1,531,388 100 % 1,319 ______________________________ (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 corporate-level expenses not directly attributable to any of our three reportable business segments.

ACCOUNTING POLICIES (Tables)

ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 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 September 30, 2024 As of December 31, 2023 Total Assets Total Liabilities Total Assets Total Liabilities NHP/PMB L.P. $ 750,258 $ 289,867 $ 759,817 $ 266,658 Fonds Immobilier Groupe Maurice, S.E.C. 1,899,604 1,177,864 1,971,410 1,204,619 Other identified VIEs 1,587,859 380,034 1,597,957 354,828 Tax credit VIEs (1) — — 29,746 4,024

CONCENTRATION OF CREDIT RISK (T

CONCENTRATION OF CREDIT RISK (Tables)	9 Months Ended
	Sep. 30, 2024
Risks and Uncertainties [Abstract]
Schedules of Concentration of Risk, by Risk Factor	The following table summarizes certain information about our credit risk concentration for our NNN and OM&R segments for the three months ended September 30, 2024: For the Three Months Ended September 30, 2024 2023 Revenues: (1) Brookdale (2) 3.1 % 3.3 % Ardent (3) 2.8 2.9 Kindred 2.8 2.9 All others 22.9 25.2 Net operating income (“NOI”): Brookdale (2) 7.3 % 7.6 % Ardent (3) 6.7 6.8 Kindred 6.8 6.8 All others 37.5 41.9 ____________________________ (1) Represents percentage of total revenues which include third party capital management revenues, income from loans and investments and interest and other income. (2) Results exclude 9 senior housing communities which are included in our SHOP segment. (3) Results exclude 19 outpatient medical buildings included in “All others.”

DISPOSITIONS AND IMPAIRMENTS (T

DISPOSITIONS AND IMPAIRMENTS (Tables)	9 Months Ended
	Sep. 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 (dollars in thousands): As of September 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 $ 26,938 $ 3,755 13 $ 48,173 $ 6,419 Outpatient medical and research portfolio (1) — 21,568 1,497 3 5,431 2,643 Triple-net leased properties 1 2,131 — 1 2,885 181 Total 4 $ 50,637 $ 5,252 17 $ 56,489 $ 9,243 ______________________________ (1) The balances as of September 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)	9 Months Ended
	Sep. 30, 2024
Receivables [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 September 30, 2024: Secured/mortgage loans and other, net (1) $ 144,797 $ — $ 144,797 $ 145,905 Non-mortgage loans receivable, net (2) 27,564 (3,810) 23,754 22,895 Total loans receivable and investments, net $ 172,361 $ (3,810) $ 168,551 $ 168,800 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)	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023, respectively (dollars in thousands): Ownership as of (1) Carrying Amount as of September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Investments in unconsolidated real estate entities: Ventas Life Science & Healthcare Real Estate Fund 20.0% 20.1% $ 269,694 $ 264,442 Pension Fund Joint Venture 25.0% 25.0% 15,511 22,169 Research & Innovation Development Joint Venture 53.0% 53.0% 300,694 275,829 Ventas Investment Management platform 585,899 562,440 Atrium Health & Wake Forest Joint Venture 48.5% 48.5% 36,487 35,137 All other (2) 34.0%-37.5% 34.0%-37.5% 610 629 Total investments in unconsolidated real estate entities $ 622,996 $ 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)	9 Months Ended
	Sep. 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 September 30, 2024 As of December 31, 2023 Balance Weighted Average Balance Weighted Average Intangible assets: Above-market lease intangibles (1) $ 124,597 4.4 $ 130,371 4.8 In-place and other lease intangibles (2) 1,336,286 10.1 1,317,775 8.3 Goodwill 1,045,955 N/A 1,045,176 N/A Other intangibles (2) 34,406 4.2 34,440 4.8 Accumulated amortization (1,271,375) N/A (1,189,817) N/A Net intangible assets $ 1,269,869 9.5 $ 1,337,945 8.0 Intangible liabilities: Below-market lease intangibles (1) $ 265,274 7.7 $ 306,499 8.1 Other lease intangibles 13,498 N/A 13,498 N/A Accumulated amortization (208,949) N/A (241,600) N/A Purchase option intangibles 3,568 N/A 3,568 N/A Net intangible liabilities $ 73,391 7.7 $ 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 intangibles is recorded in depreciation and amortization in our Consolidated Statements of Income. N/A—Not Applicable

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2024 As of December 31, 2023 Straight-line rent receivables $ 203,237 $ 194,108 Deferred lease costs, net 139,537 118,556 Investment in unconsolidated operating entities 88,344 80,312 Stock warrants 65,377 59,281 Non-mortgage loans receivable, net 23,754 26,152 Other intangibles, net 4,953 5,584 Other 278,152 199,417 Total other assets $ 803,354 $ 683,410

SENIOR NOTES PAYABLE AND OTHE_2

SENIOR NOTES PAYABLE AND OTHER DEBT (Tables)	9 Months Ended
	Sep. 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 September 30, 2024 As of December 31, 2023 Unsecured revolving credit facility (1)(2) $ 7,922 $ 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) — 123,256 2.80% Senior Notes, Series E due 2024 (2) — 55,143 Unsecured term loan due 2025 (2) — 377,501 2.65% Senior Notes due 2025 450,000 450,000 3.50% Senior Notes due 2025 600,000 600,000 4.125% Senior Notes due 2026 500,000 500,000 3.75% Exchangeable Senior Notes due 2026 862,500 862,500 3.25% Senior Notes due 2026 450,000 450,000 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) 351,227 358,626 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) 443,656 453,001 4.40% Senior Notes due 2029 750,000 750,000 5.10% Senior Notes, Series J due 2029 (2) 480,627 — 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) 221,828 226,501 5.625% Senior Note due 2034 500,000 — 5.00% Senior Notes due 2035 550,000 — 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 3,230,447 3,174,251 Total 13,772,020 13,568,598 Deferred financing costs, net (98,717) (84,034) Unamortized fair value adjustment 12,086 17,081 Unamortized discounts (16,518) (10,749) Senior notes payable and other debt $ 13,668,871 $ 13,490,896 ______________________________ (1) As of September 30, 2024 and December 31, 2023, aggregate Canadian Dollar borrowings of C$8.0 million ($5.9 million) and zero were outstanding. As of September 30, 2024 and December 31, 2023, aggregate British Pound borrowings of £1.5 million ($2.0 million) and £11.0 million ($14.0 million) were outstanding, 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 September 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 $ 42,528 $ — $ 14,484 $ 57,012 2025 1,772,771 — 49,211 1,821,982 2026 2,034,264 — 43,140 2,077,404 2027 1,574,590 — 43,318 1,617,908 2028 1,485,324 7,922 36,295 1,529,541 Thereafter 6,537,767 — 130,406 6,668,173 Total maturities $ 13,447,244 $ 7,922 $ 316,854 $ 13,772,020

FAIR VALUES OF FINANCIAL INST_2

FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 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 September 30, 2024 As of December 31, 2023 Carrying Fair Value Carrying Fair Value Assets: Cash and cash equivalents (1) $ 1,104,733 $ 1,104,733 $ 508,794 $ 508,794 Escrow deposits and restricted cash (1) 60,964 60,964 54,668 54,668 Stock warrants (3)(4)(5) 65,377 65,377 59,281 59,281 Secured mortgage loans and other, net (3)(4) 144,797 145,905 27,986 27,947 Non-mortgage loans receivable, net (3)(4)(5) 23,754 22,895 26,152 25,200 Derivative instruments (3)(5) 9,836 9,836 19,782 19,782 Liabilities: Senior notes payable and other debt, gross (3)(4) 13,772,020 13,854,034 13,568,598 13,104,091 Derivative instruments (3)(6) 6,958 6,958 2,525 2,525 Redeemable OP Units (2) 219,017 219,017 173,452 173,452 ______________________________ (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)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Accumulated Other Comprehensive Income	The following is a summary of our accumulated other comprehensive loss (dollars in thousands): As of September 30, 2024 As of December 31, 2023 Foreign currency translation loss $ (40,457) $ (56,596) Unrealized loss on available for sale securities (1,109) (1,256) Unrealized gain on derivative instruments 3,094 22,095 Total accumulated other comprehensive loss $ (38,472) $ (35,757)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 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 September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Numerator for basic and diluted earnings per share: Net income (loss) 20,996 (69,559) 29,624 54,419 Net income attributable to noncontrolling interests 1,753 1,565 5,306 4,573 Net income (loss) attributable to common stockholders $ 19,243 $ (71,124) $ 24,318 $ 49,846 Denominator: Denominator for basic earnings per share—weighted average shares 414,599 402,859 408,691 401,424 Effect of dilutive securities: Restricted stock awards 476 327 340 268 OP unitholder interests 3,415 3,469 3,427 3,474 Exchangeable Notes 964 — 321 — Forward sales agreements 19 — 7 — Denominator for diluted earnings per share—adjusted weighted average shares 419,474 406,655 412,785 405,166 Basic earnings per share: Net income (loss) $ 0.05 $ (0.17) $ 0.07 $ 0.14 Net income (loss) attributable to common stockholders 0.05 (0.18) 0.06 0.12 Diluted earnings per share: (1) Net income (loss) $ 0.05 $ (0.17) $ 0.07 $ 0.13 Net income (loss) attributable to common stockholders 0.05 (0.18) 0.06 0.12 ______________________________ (1) Potential common shares are not included in the computation of diluted earnings per share when a net loss exists as the effect would be an antidilutive per share amount.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 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 September 30, 2024 SHOP OM&R NNN Non-Segment Total Revenues Rental income $ — $ 220,957 $ 155,349 $ — $ 376,306 Resident fees and services 845,532 — — — 845,532 Third party capital management revenues — 618 — 3,774 4,392 Income from loans and investments — — — 1,881 1,881 Interest and other income — — — 8,204 8,204 Total revenues $ 845,532 $ 221,575 $ 155,349 $ 13,859 $ 1,236,315 Total revenues $ 845,532 $ 221,575 $ 155,349 $ 13,859 $ 1,236,315 Less: Interest and other income — — — 8,204 8,204 Property-level operating expenses 631,550 77,479 4,379 — 713,408 Third party capital management expenses — — — 1,553 1,553 NOI $ 213,982 $ 144,096 $ 150,970 $ 4,102 513,150 Interest and other income 8,204 Interest expense (150,437) Depreciation and amortization (304,268) General, administrative and professional fees (35,092) Transaction, transition and restructuring costs (8,580) Recovery of allowance on loans receivable and investments, net 56 Other expense (3,935) Income from unconsolidated entities 4,629 Gain on real estate dispositions 271 Income tax expense (3,002) Net income 20,996 Net income attributable to noncontrolling interests 1,753 Net income attributable to common stockholders $ 19,243 For the Three Months Ended September 30, 2023 SHOP OM&R NNN Non-Segment Total Revenues Rental income $ — $ 226,326 $ 159,812 $ — $ 386,138 Resident fees and services 754,417 — — — 754,417 Third party capital management revenues — 662 — 4,653 5,315 Income from loans and investments — — — 1,208 1,208 Interest and other income — — — 2,754 2,754 Total revenues $ 754,417 $ 226,988 $ 159,812 $ 8,615 $ 1,149,832 Total revenues $ 754,417 $ 226,988 $ 159,812 $ 8,615 $ 1,149,832 Less: Interest and other income — — — 2,754 2,754 Property-level operating expenses 573,715 78,915 3,847 — 656,477 Third party capital management expenses — — — 1,472 1,472 NOI $ 180,702 $ 148,073 $ 155,965 $ 4,389 489,129 Interest and other income 2,754 Interest expense (147,919) Depreciation and amortization (370,377) General, administrative and professional fees (33,297) Loss on extinguishment of debt, net (612) Transaction, transition and restructuring costs (7,125) Recovery of allowance on loans receivable and investments, net 66 Other expense (9,432) Loss from unconsolidated entities (5,119) Gain on real estate dispositions 10,711 Income tax benefit 1,662 Net loss (69,559) Net income attributable to noncontrolling interests 1,565 Net loss attributable to common stockholders $ (71,124) For the Nine Months Ended September 30, 2024 SHOP OM&R NNN Non-Segment Total Revenues Rental income $ — $ 658,687 $ 464,651 $ — $ 1,123,338 Resident fees and services 2,476,436 — — — 2,476,436 Third party capital management revenues — 1,954 — 11,066 13,020 Income from loans and investments — — — 4,606 4,606 Interest and other income — — — 19,809 19,809 Total revenues $ 2,476,436 $ 660,641 $ 464,651 $ 35,481 $ 3,637,209 Total revenues $ 2,476,436 $ 660,641 $ 464,651 $ 35,481 $ 3,637,209 Less: Interest and other income — — — 19,809 19,809 Property-level operating expenses 1,844,730 224,703 11,623 — 2,081,056 Third party capital management expenses — — — 4,956 4,956 NOI $ 631,706 $ 435,938 $ 453,028 $ 10,716 1,531,388 Interest and other income 19,809 Interest expense (449,629) Depreciation and amortization (944,371) General, administrative and professional fees (121,556) Loss on extinguishment of debt, net (672) Transaction, transition and restructuring costs (16,143) Recovery of allowance on loans receivable and investments, net 166 Shareholder relations matters (15,751) Other expense (10,729) Loss from unconsolidated entities (5,406) Gain on real estate dispositions 50,282 Income tax expense (7,764) Net income 29,624 Net income attributable to noncontrolling interests 5,306 Net income attributable to common stockholders $ 24,318 For the Nine Months Ended September 30, 2023 SHOP OM&R NNN Non-Segment Total Revenues Rental income $ — $ 645,137 $ 463,906 $ — $ 1,109,043 Resident fees and services 2,184,024 — — — 2,184,024 Third party capital management revenues — 1,849 — 11,639 13,488 Income from loans and investments — — — 21,351 21,351 Interest and other income — — — 5,529 5,529 Total revenues $ 2,184,024 $ 646,986 $ 463,906 $ 38,519 $ 3,333,435 Total revenues $ 2,184,024 $ 646,986 $ 463,906 $ 38,519 $ 3,333,435 Less: Interest and other income — — — 5,529 5,529 Property-level operating expenses 1,658,047 217,999 11,180 — 1,887,226 Third party capital management expenses — — — 4,614 4,614 NOI $ 525,977 $ 428,987 $ 452,726 $ 28,376 1,436,066 Interest and other income 5,529 Interest expense (419,259) Depreciation and amortization (957,185) General, administrative and professional fees (112,494) Gain on extinguishment of debt, net 6,189 Transaction, transition and restructuring costs (11,580) Recovery of allowance on loans receivable and investments, net 20,195 Gain on foreclosure of real estate 29,127 Other income 765 Income from unconsolidated entities 20,512 Gain on real estate dispositions 22,317 Income tax benefit 14,237 Net income 54,419 Net income attributable to noncontrolling interests 4,573 Net income attributable to common stockholders $ 49,846 Assets by reportable business segment are as follows (dollars in thousands): As of September 30, 2024 As of December 31, 2023 Assets: SHOP $ 12,854,462 50.7 % $ 12,864,029 52.0 % Outpatient medical and research portfolio 6,879,036 27.1 6,943,446 28.1 Triple-net leased properties 4,022,354 15.9 4,120,691 16.7 Non-segment 1,591,337 6.3 797,267 3.2 Total assets $ 25,347,189 100.0 % $ 24,725,433 100.0 %

DESCRIPTION OF BUSINESS - Narra

DESCRIPTION OF BUSINESS - Narrative (Details)	9 Months Ended
	Sep. 30, 2024 segment property
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		9 Months Ended
	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) property segment	Sep. 30, 2023 USD ($)
Real estate properties
NOI	$ 513,150	$ 489,129	$ 1,531,388	$ 1,436,066
Percentage of Total NOI			100%
Number of real estate properties | property	1,319		1,319
Number of Reportable Segments | segment			3
Operating Segments | Senior housing operating portfolio (SHOP)
Real estate properties
Number of real estate properties | property	591		591
Operating Segments | Senior housing operating portfolio (SHOP) | Net Operating Income Benchmark | Customer Concentration Risk
Real estate properties
Concentration percentage			41.30%
Operating Segments | OM&R
Real estate properties
Number of real estate properties | property	426		426
Operating Segments | OM&R | Net Operating Income Benchmark | Customer Concentration Risk
Real estate properties
Concentration percentage			28.50%
Operating Segments | NNN
Real estate properties
Number of real estate properties | property	302		302
Operating Segments | NNN | Net Operating Income Benchmark | Customer Concentration Risk
Real estate properties
Concentration percentage			29.60%
Operating Segments | Senior housing operating portfolio (SHOP)
Real estate properties
NOI	$ 213,982
Operating Segments | OM&R
Real estate properties
NOI	144,096	148,073	$ 435,938	428,987
Operating Segments | NNN
Real estate properties
NOI	150,970	155,965	453,028	452,726
Operating Segments | SHOP
Real estate properties
NOI		180,702	631,706	525,977
Non-Segment
Real estate properties
NOI	$ 4,102	$ 4,389	$ 10,716	$ 28,376
Non-Segment | Non-Segment
Real estate properties
Percentage of Total NOI			0.70%
Number of real estate properties | property	0		0

ACCOUNTING POLICIES - Schedule

ACCOUNTING POLICIES - Schedule of VIEs (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Variable Interest Entity
Total Assets	$ 25,347,189	$ 24,725,433
Total Liabilities	15,188,823	14,878,392
Variable Interest Entity | NHP/PMB L.P.
Variable Interest Entity
Total Assets	750,258	759,817
Total Liabilities	289,867	266,658
Variable Interest Entity | Fonds Immobilier Groupe Maurice, S.E.C.
Variable Interest Entity
Total Assets	1,899,604	1,971,410
Total Liabilities	1,177,864	1,204,619
Variable Interest Entity | Other identified VIEs
Variable Interest Entity
Total Assets	1,587,859	1,597,957
Total Liabilities	380,034	354,828
Variable Interest Entity | Tax credit VIEs (1)
Variable Interest Entity
Total Assets	0	29,746
Total Liabilities	$ 0	$ 4,024

CONCENTRATION OF CREDIT RISK -

CONCENTRATION OF CREDIT RISK - Triple-Net Leased Properties (Details) - property	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Concentration Risk
Number of real estate properties	1,319
Ardent | LTAC | OM&R
Concentration Risk
Number of real estate properties	19
Brookdale (2) | SHOP
Concentration Risk
Number of real estate properties	9
Customer Concentration Risk | Revenues | Brookdale (2)
Concentration Risk
Concentration percentage	3.10%	3.30%
Customer Concentration Risk | Revenues | Ardent
Concentration Risk
Concentration percentage	2.80%	2.90%
Customer Concentration Risk | Revenues | Kindred
Concentration Risk
Concentration percentage	2.80%	2.90%
Customer Concentration Risk | Revenues | All others
Concentration Risk
Concentration percentage	22.90%	25.20%
Customer Concentration Risk | NOI | Brookdale (2)
Concentration Risk
Concentration percentage	7.30%	7.60%
Customer Concentration Risk | NOI | Ardent
Concentration Risk
Concentration percentage	6.70%	6.80%
Customer Concentration Risk | NOI | Kindred
Concentration Risk
Concentration percentage	6.80%	6.80%
Customer Concentration Risk | NOI | All others
Concentration Risk
Concentration percentage	37.50%	41.90%

ACQUISITIONS OF REAL ESTATE P_2

ACQUISITIONS OF REAL ESTATE PROPERTY (Narrative) (Details) $ in Thousands	1 Months Ended	9 Months Ended
	Oct. 30, 2024 USD ($) property	Sep. 30, 2024 USD ($) property
SHOP
Business Acquisition [Line Items]
Value of assets acquired | $		$ 516,100
SHOP | Subsequent Event
Business Acquisition [Line Items]
Value of assets acquired | $	$ 923,000
SHOP
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired		11
SHOP | Subsequent Event
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired	25
LTAC
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired		5

DISPOSITIONS AND IMPAIRMENTS -

DISPOSITIONS AND IMPAIRMENTS - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 31, 2024 USD ($) property	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) property	Sep. 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		1,319		1,319
Proceeds from real estate disposals | $				$ 275,396	$ 167,296
Gain on real estate dispositions | $		$ 271	$ 10,711	$ 50,282	22,317
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		4		4		17
Depreciation and amortization
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of real estate | $		$ 17,300	$ 72,700	$ 67,600	$ 92,000
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
NNN | 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		1		1		1
OM&R | 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 | $	$ 39,200			$ 261,400
Gain on real estate dispositions | $				$ 50,300
Dispositions | SHOP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties	2	17		17
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		12		12
Dispositions | NNN
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		9 Months Ended
	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	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	1,319		1,319
Assets held for sale	$ 50,637		$ 50,637		$ 56,489
Liabilities related to assets held for sale	5,252		5,252		9,243
Gain on real estate dispositions	271	$ 10,711	50,282	$ 22,317
SHOP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	26,938		26,938		48,173
Liabilities related to assets held for sale	3,755		3,755		6,419
OM&R
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	21,568		21,568		5,431
Liabilities related to assets held for sale	1,497		1,497		2,643
NNN
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	2,131		2,131		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	4		4		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 | OM&R
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 | NNN
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties classified as held-for-sale | property	1		1		1

LOANS RECEIVABLE AND INVESTME_3

LOANS RECEIVABLE AND INVESTMENTS (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable
Total loans receivable and investments, net, carrying amount	$ 168,551	$ 54,138
Secured Debt Financing
Accounts, Notes, Loans and Financing Receivable
Debt instrument, face amount	$ 109,000
Debt instrument, term (in years)	3 years
Secured Debt Financing | Minimum
Accounts, Notes, Loans and Financing Receivable
Interest rate	4.50%
Variable interest rate	5.75%
Secured Debt Financing | Maximum
Accounts, Notes, Loans and Financing Receivable
Variable interest rate	6%

LOANS RECEIVABLE AND INVESTME_4

LOANS RECEIVABLE AND INVESTMENTS - Summary of Net Loans Receivable and Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable
Allowance	$ (3,810)	$ (3,976)
Non-mortgage loans receivable, net, carrying amount	23,754	26,152
Total loans receivable and investments, net, amortized cost	172,361	58,114
Total loans receivable and investments, net, carrying amount	168,551	54,138
Total loans receivable and investments, net, fair value	168,800	53,147
Non-mortgage loans receivable, net
Accounts, Notes, Loans and Financing Receivable
Allowance	(3,810)	(3,976)
Non-mortgage loans receivable, amortized cost	27,564	30,128
Non-mortgage loans receivable, net, carrying amount	23,754	26,152
Non-mortgage loans receivable, fair value	22,895	25,200
Secured/mortgage loans and other, net
Accounts, Notes, Loans and Financing Receivable
Secured/mortgage loans and other, net, amortized cost	144,797	27,986
Allowance	0	0
Debt securities, held-to-maturity, carrying amount	144,797	27,986
Debt securities, held-to-maturity, fair value	$ 145,905	$ 27,947

INVESTMENTS IN UNCONSOLIDATED_3

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) board_member	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) board_member	Sep. 30, 2023 USD ($)	Jul. 30, 2024	Dec. 31, 2023 USD ($)
Equity method investments
Total investments in unconsolidated real estate entities	$ 622,996		$ 622,996			$ 598,206
Ownership percentage, threshold (may have less than)	100%		100%
Management Service
Equity method investments
Management fees	$ 4,000	$ 3,600	$ 11,700	$ 10,900
Atria
Equity method investments
Ownership percentage	34%		34%
Number of board members appointed | board_member	2		2
Ardent
Equity method investments
Ownership percentage	6.70%		6.70%		7.50%
Equity method investment, total voting power	4%		4%
Number of board members nominated | board_member	1		1
Gain (loss) on from the issuance of primary shares	$ 8,700		$ 8,700
Unconsolidated Properties | Ventas Life Science & Healthcare Real Estate Fund
Equity method investments
Total investments in unconsolidated real estate entities	$ 269,694		$ 269,694			$ 264,442
Ownership percentage	20%		20%			20.10%
Unconsolidated Properties | Pension Fund Joint Venture
Equity method investments
Total investments in unconsolidated real estate entities	$ 15,511		$ 15,511			$ 22,169
Ownership percentage	25%		25%			25%
Unconsolidated Properties | Research & Innovation Development Joint Venture
Equity method investments
Total investments in unconsolidated real estate entities	$ 300,694		$ 300,694			$ 275,829
Ownership percentage	53%		53%			53%
Unconsolidated Properties | Ventas Investment Management platform
Equity method investments
Total investments in unconsolidated real estate entities	$ 585,899		$ 585,899			$ 562,440
Unconsolidated Properties | Atrium Health And Wake Forest Joint Venture
Equity method investments
Total investments in unconsolidated real estate entities	$ 36,487		$ 36,487			$ 35,137
Ownership percentage	48.50%		48.50%			48.50%
Unconsolidated Properties | All other
Equity method investments
Total investments in unconsolidated real estate entities	$ 610		$ 610			$ 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	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Intangible assets:
Lease intangible assets	$ 1,460,883	$ 1,448,146
Goodwill	1,045,955	1,045,176
Accumulated amortization	(1,271,375)	(1,189,817)
Net intangible assets	$ 1,269,869	$ 1,337,945
Weighted Average Remaining Amortization Period in Years	9 years 6 months	8 years
Intangible liabilities:
Below-market lease intangibles	$ 265,274	$ 306,499
Other lease intangibles	13,498	13,498
Accumulated amortization	(208,949)	(241,600)
Purchase option intangibles	3,568	3,568
Net intangible liabilities	$ 73,391	$ 81,965
Below market leases, remaining weighted average amortization period (in years)	7 years 8 months 12 days	8 years 1 month 6 days
Net intangible liabilities, remaining weighted average amortization period (in years)	7 years 8 months 12 days	8 years 1 month 6 days
Above-market lease intangibles
Intangible assets:
Lease intangible assets	$ 124,597	$ 130,371
Weighted Average Remaining Amortization Period in Years	4 years 4 months 24 days	4 years 9 months 18 days
In-place and other lease intangibles
Intangible assets:
Lease intangible assets	$ 1,336,286	$ 1,317,775
Weighted Average Remaining Amortization Period in Years	10 years 1 month 6 days	8 years 3 months 18 days
Other intangibles
Intangible assets:
Other intangibles	$ 34,406	$ 34,440
Weighted Average Remaining Amortization Period in Years	4 years 2 months 12 days	4 years 9 months 18 days

OTHER ASSETS - Summary of Other

OTHER ASSETS - Summary of Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Class of Warrant or Right [Line Items]
Straight-line rent receivables	$ 203,237	$ 194,108
Deferred lease costs, net	139,537	118,556
Investment in unconsolidated operating entities	88,344	80,312
Non-mortgage loans receivable, net	23,754	26,152
Other intangibles, net	4,953	5,584
Other	278,152	199,417
Total other assets	$ 803,354	$ 683,410

OTHER ASSETS - Narrative (Detai

OTHER ASSETS - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Class of Warrant or Right [Line Items]
Common stock, shares issued (in shares)	419,267	419,267		402,380
Issuance of common stock, net	$ 14,000	$ 850,561	$ 108,455
Brookdale (2)
Class of Warrant or Right [Line Items]
Common stock, shares issued (in shares)	2,100	2,100
Brookdale (2)
Class of Warrant or Right [Line Items]
Warrants exercisable (in shares)	12,600	12,600
Warrants, exercise price (usd per share)	$ 3	$ 3
Number of securities called by warrants (in shares)	3,700	3,700
Kindred
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Ownership Percentage, Parent	9.90%	9.90%

SENIOR NOTES PAYABLE AND OTHE_3

SENIOR NOTES PAYABLE AND OTHER DEBT - Summary of Senior Notes Payables and Other Debt (Details) $ in Thousands, £ in Millions, $ in Millions	Sep. 30, 2024 USD ($)	Sep. 30, 2024 CAD ($)	Sep. 30, 2024 GBP (£)	Sep. 27, 2024	Sep. 05, 2024	May 13, 2024	May 09, 2024	Apr. 29, 2024	Feb. 29, 2024	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 GBP (£)
Debt instruments
Commercial paper notes	$ 0									$ 0
Deferred financing costs, net	(98,717)									(84,034)
Unamortized fair value adjustment	12,086									17,081
Unamortized discounts	(16,518)									(10,749)
Senior notes payable and other debt	13,668,871									13,490,896
Mortgage loans and other	13,772,020									13,568,598
Unsecured revolving credit facility | Revolving Credit Facility
Debt instruments
Fair value of amount outstanding	7,922									14,006
Unsecured revolving credit facility | Revolving Credit Facility | Borrowings Originally Denominated in CAD
Debt instruments
Mortgage loans and other	5,900	$ 8									$ 0
Unsecured revolving credit facility | Revolving Credit Facility | Borrowings Originally Denominated in GBP
Debt instruments
Mortgage loans and other	$ 2,000		£ 1.5							14,000		£ 11
3.50% Senior Notes due 2024
Debt instruments
Interest rate	3.50%	3.50%	3.50%
Senior notes	$ 0									400,000
3.75% Senior Notes due 2024
Debt instruments
Interest rate	3.75%	3.75%	3.75%
Senior notes	$ 0									400,000
4.125% Senior Notes, Series B due 2024
Debt instruments
Interest rate	4.125%	4.125%	4.125%
Senior notes	$ 0									123,256
2.80% Senior Notes, Series E due 2024
Debt instruments
Interest rate	2.80%	2.80%	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%	3.50%	3.50%
Senior notes	$ 600,000									600,000
2.65% Senior Notes due 2025
Debt instruments
Interest rate	2.65%	2.65%	2.65%
Senior notes	$ 450,000									450,000
4.125% Senior Notes due 2026
Debt instruments
Interest rate	4.125%	4.125%	4.125%	4.125%
Senior notes	$ 500,000									500,000
3.25% Senior Notes due 2026
Debt instruments
Interest rate	3.25%	3.25%	3.25%
Senior notes	$ 450,000									450,000
3.75% Exchangeable Senior Notes due 2026
Debt instruments
Interest rate	3.75%	3.75%	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%	2.45%	2.45%
Senior notes	$ 351,227									358,626
3.85% Senior Notes due 2027
Debt instruments
Interest rate	3.85%	3.85%	3.85%
Senior notes	$ 400,000									400,000
4.00% Senior Notes due 2028
Debt instruments
Interest rate	4%	4%	4%
Senior notes	$ 650,000									650,000
5.398% Senior Notes due 2028
Debt instruments
Interest rate	5.398%	5.398%	5.398%
Senior notes	$ 443,656									453,001
4.40% Senior Notes due 2029
Debt instruments
Interest rate	4.40%	4.40%	4.40%
Senior notes	$ 750,000									750,000
5.10% Senior Notes, Series J due 2029
Debt instruments
Interest rate									5.10%
Senior notes	$ 480,627									0
3.00% Senior Notes due 2030
Debt instruments
Interest rate	3%	3%	3%
Senior notes	$ 650,000									650,000
4.75% Senior Notes due 2030
Debt instruments
Interest rate	4.75%	4.75%	4.75%
Senior notes	$ 500,000									500,000
2.50% Senior Notes due 2031
Debt instruments
Interest rate	2.50%	2.50%	2.50%
Senior notes	$ 500,000									500,000
3.30% Senior Notes, Series H Due 2031
Debt instruments
Interest rate	3.30%	3.30%	3.30%
Senior notes	$ 221,828									226,501
5.63% Senior Notes due 2034
Debt instruments
Interest rate	5.625%	5.625%	5.625%			5.625%
Senior notes	$ 500,000									0
5.00% Senior Notes due 2035
Debt instruments
Interest rate	5%	5%	5%		5%
Senior notes	$ 550,000									0
6.90% Senior Notes due 2037
Debt instruments
Interest rate	6.90%	6.90%	6.90%
Senior notes	$ 52,400									52,400
6.59% Senior Notes due 2038
Debt instruments
Interest rate	6.59%	6.59%	6.59%
Senior notes	$ 21,413									21,413
5.70% Senior Notes due 2043
Debt instruments
Interest rate	5.70%	5.70%	5.70%
Senior notes	$ 300,000									300,000
4.375% Senior Notes due 2045
Debt instruments
Interest rate	4.375%	4.375%	4.375%
Senior notes	$ 300,000									300,000
4.875% Senior Notes due 2049
Debt instruments
Interest rate	4.875%	4.875%	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	$ 3,230,447									$ 3,174,251

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	9 Months Ended
	Apr. 30, 2024 USD ($)	Apr. 30, 2024 CAD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($) period	Sep. 30, 2024 CAD ($) period	Dec. 31, 2023 USD ($)
Debt instruments
Letters of credit outstanding			$ 15,400,000	$ 15,400,000
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			2,740,000,000	2,740,000,000
Fair value of amount outstanding			7,922,000	7,922,000		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				$ 369,400,000	$ 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
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt instruments
Interest	$ 150,437	$ 147,919	$ 449,629	$ 419,259
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		$ 5,100
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	$ 12,000		$ 12,000
Interest and Debt Expense	$ 8,100		$ 24,300

SENIOR NOTES PAYABLE AND OTHE_6

SENIOR NOTES PAYABLE AND OTHER DEBT - Senior Notes (Details) $ in Millions, $ in Millions	1 Months Ended			9 Months Ended
	May 02, 2024 USD ($)	Apr. 30, 2024 USD ($)	Apr. 30, 2024 CAD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2024 CAD ($)	Sep. 27, 2024 USD ($)	Sep. 27, 2024 CAD ($)	Sep. 05, 2024 USD ($)	May 13, 2024 USD ($)	Feb. 29, 2024 USD ($)	Feb. 29, 2024 CAD ($)
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										$ 478.3	$ 650
Senior Notes | 5.63% Senior Notes due 2034
Debt instruments
Debt instrument, face amount									$ 500
Senior Notes | 5.00% Senior Notes due 2035
Debt instruments
Debt instrument, face amount								$ 550
Senior Notes | 4.125% Senior Notes due 2026
Debt instruments
Debt instrument, face amount						$ 120.8	$ 163.3
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				$ 369.4	$ 500
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		$ 53.4	$ 73
5.63% Senior Notes due 2034
Debt instruments
Interest rate				5.625%	5.625%				5.625%
5.00% Senior Notes due 2035
Debt instruments
Interest rate				5%	5%			5%
4.125% Senior Notes, Series B due 2024
Debt instruments
Interest rate				4.125%	4.125%
4.125% Senior Notes due 2026
Debt instruments
Interest rate				4.125%	4.125%	4.125%	4.125%

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 ($) property	Apr. 29, 2024 USD ($) property	Apr. 29, 2024 CAD ($) property	Feb. 29, 2024 USD ($) property	Feb. 29, 2024 CAD ($) property
Business Acquisition [Line Items]
Debt instrument, face amount	$ 52.3	$ 75.5	$ 103	$ 39.1	$ 52.8
Number of properties secured	1	2	2	1	1
Interest rate	6.02%	4.90%	4.90%	4.644%	4.644%

SENIOR NOTES PAYABLE AND OTHE_8

SENIOR NOTES PAYABLE AND OTHER DEBT - Indebtedness of Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2024	$ 57,012
2025	1,821,982
2026	2,077,404
2027	1,617,908
2028	1,529,541
Thereafter	6,668,173
Total maturities	13,772,020	$ 13,568,598
Principal Amount Due at Maturity
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2024	42,528
2025	1,772,771
2026	2,034,264
2027	1,574,590
2028	1,485,324
Thereafter	6,537,767
Total maturities	13,447,244
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	7,922
Thereafter	0
Total maturities	7,922
Scheduled Periodic Amortization
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2024	14,484
2025	49,211
2026	43,140
2027	43,318
2028	36,295
Thereafter	130,406
Total maturities	$ 316,854

SENIOR NOTES PAYABLE AND OTHE_9

SENIOR NOTES PAYABLE AND OTHER DEBT - Derivatives and Hedging (Details) $ in Thousands, $ in Millions	Sep. 30, 2024 USD ($)	Sep. 30, 2024 CAD ($)	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	$ 800,000
Derivative notional amount	142,300
Fixed Rate Debt Member | Forward Starting Swap
Derivative [Line Items]
Long-Term Debt, Percentage Bearing Fixed Interest, Amount	13,000,000
Derivative notional amount	$ 526,700	$ 639.8
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) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 05, 2024
5.00% Senior Notes due 2035
Derivative [Line Items]
Interest rate	5%	5%
5.00% Senior Notes due 2035 | Senior Notes
Derivative [Line Items]
Debt instrument, face amount		$ 550,000
Treasury Lock
Derivative [Line Items]
Derivative notional amount	$ 350,000

FAIR VALUES OF FINANCIAL INST_3

FAIR VALUES OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Cash and cash equivalents	$ 1,104,733	$ 508,794
Escrow deposits and restricted cash	60,964	54,668
Non-mortgage loans receivable, net	23,754	26,152
Liabilities:
Senior notes payable and other debt, gross	13,772,020	13,568,598
Non-mortgage loans receivable, net
Assets:
Non-mortgage loans receivable, net	23,754	26,152
Non-mortgage loans receivable, fair value	22,895	25,200
Secured/mortgage loans and other, net
Assets:
Secured mortgage loans and other, net	144,797	27,986
Secured mortgage loans and other, net, fair value	145,905	27,947
Carrying Amount
Assets:
Cash and cash equivalents	1,104,733	508,794
Escrow deposits and restricted cash	60,964	54,668
Stock warrants	65,377	59,281
Derivative instruments	9,836	19,782
Liabilities:
Derivative instruments	6,958	2,525
Redeemable OP Units	219,017	173,452
Carrying Amount | Non-mortgage loans receivable, net
Assets:
Non-mortgage loans receivable, net	23,754	26,152
Carrying Amount | Secured/mortgage loans and other, net
Assets:
Secured mortgage loans and other, net	144,797	27,986
Fair Value
Assets:
Cash and cash equivalents, fair value	1,104,733	508,794
Escrow deposits and restricted cash	60,964	54,668
Stock warrants	65,377	59,281
Derivative instruments	9,836	19,782
Liabilities:
Senior notes payable and other debt, gross, fair value	13,854,034	13,104,091
Derivative instruments	6,958	2,525
Redeemable OP Units, fair value	219,017	173,452
Fair Value | Non-mortgage loans receivable, net
Assets:
Non-mortgage loans receivable, fair value	22,895	25,200
Fair Value | Secured/mortgage loans and other, net
Assets:
Secured mortgage loans and other, net, fair value	$ 145,905	$ 27,947

COMMITMENTS AND CONTINGENCIES (

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

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 3,002	$ (1,662)	$ 7,764	$ (14,237)
Income tax (benefit) expense from restructurings				$ (8,000)
Deferred income tax liabilities	36,755		36,755		$ 24,500
Deferred income tax assets, net	$ 3,495		$ 3,495		$ 1,754

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Oct. 31, 2024	Sep. 30, 2024	Sep. 30, 2024
At The Market Equity Offering Program
Equity offering [Line Items]
Equity offering program, maximum aggregate amount authorized		$ 1,000	$ 1,000
Equity offering program, issued		5.9	16.4
Equity offering program, proceeds		$ 362.6	$ 862
Shares Issued, Weighted Average Price Per Share		$ 61.22	$ 52.70
2024 ATM Program
Equity offering [Line Items]
Equity offering program, maximum aggregate amount authorized		$ 2,000	$ 2,000
Equity offering program, remaining authorized offering amount		$ 1,900	$ 1,900
ATM Programs, Forward Sales Agreement
Equity offering [Line Items]
Equity offering program, issued		4.5	4.5
Equity offering program, proceeds		$ 282	$ 282
ATM Programs, Unsettled Forward Sales Agreements
Equity offering [Line Items]
Equity offering program, maximum aggregate amount authorized		$ 2.6	2.6
Equity offering program, proceeds			$ 158.6
ATM Programs, Unsettled Forward Sales Agreements | Subsequent Event
Equity offering [Line Items]
Equity offering program, maximum aggregate amount authorized	$ 0.8
Equity offering program, proceeds	$ 51

STOCKHOLDERS' EQUITY - Summary

STOCKHOLDERS' EQUITY - Summary of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Equity [Abstract]
Foreign currency translation loss	$ (40,457)	$ (56,596)
Unrealized loss on available for sale securities	(1,109)	(1,256)
Unrealized gain on derivative instruments	3,094	22,095
Total accumulated other comprehensive loss	$ (38,472)	$ (35,757)

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator for basic and diluted earnings per share:
Net income		$ 20,996	$ (69,559)	$ 29,624	$ 54,419
Net income attributable to noncontrolling interests		1,753	1,565	5,306	4,573
Net income attributable to common stockholders		$ 19,243	$ (71,124)	$ 24,318	$ 49,846
Denominator:
Denominator for basic earnings per share—weighted average shares (in shares)		414,599	402,859	408,691	401,424
Effect of dilutive securities:
Restricted stock awards (in shares)		476	327	340	268
OP Unitholder Interests (in shares)		3,415	3,469	3,427	3,474
Exchangeable Notes (in shares)		964	0	321	0
Forward sales agreements (in shares)		19	0	7	0
Denominator for diluted earnings per share—adjusted weighted average shares (in shares)		419,474	406,655	412,785	405,166
Earnings per common share
Income from continuing operations, basic (in usd per share)		$ 0.05	$ (0.17)	$ 0.07	$ 0.14
Net income (loss) attributable to common stockholders, basic (in usd per share)		0.05	(0.18)	0.06	0.12
Diluted earnings per share:
Income from continuing operations, diluted (in usd per share)	[1]	0.05	(0.17)	0.07	0.13
Net income (loss) attributable to common stockholders, diluted (in usd per share)	[1]	0.05	$ (0.18)	0.06	$ 0.12
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 net loss exists as the effect would be an antidilutive per share amount.

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Rental income	$ 376,306	$ 386,138	$ 1,123,338	$ 1,109,043
Income from loans and investments	1,881	1,208	4,606	21,351
Interest and other income	8,204	2,754	19,809	5,529
Revenues	1,236,315	1,149,832	3,637,209	3,333,435
Less:
Interest and other income	8,204	2,754	19,809	5,529
Property-level operating expenses	713,408	656,477	2,081,056	1,887,226
Third party capital management expenses			4,956	4,614
NOI	513,150	489,129	1,531,388	1,436,066
Interest and other income	8,204	2,754	19,809	5,529
Interest expense	(150,437)	(147,919)	(449,629)	(419,259)
Depreciation and amortization	(304,268)	(370,377)	(944,371)	(957,185)
General, administrative and professional fees	(35,092)	(33,297)	(121,556)	(112,494)
Loss on extinguishment of debt, net	0	(612)	(672)	6,189
Transaction, transition and restructuring costs	(8,580)	(7,125)	(16,143)	(11,580)
Recovery of allowance on loans receivable and investments, net	56	66	166	20,195
Gain on foreclosure of real estate	0	0	0	29,127
Shareholder relations matters	0	0	(15,751)	0
Other expense	(3,935)	(9,432)	(10,729)	765
Income from unconsolidated entities	4,629	(5,119)	(5,406)	20,512
Gain on real estate dispositions	271	10,711	50,282	22,317
Income tax expense	(3,002)	1,662	(7,764)	14,237
Net income	20,996	(69,559)	29,624	54,419
Net income attributable to noncontrolling interests	1,753	1,565	5,306	4,573
Net income attributable to common stockholders	19,243	(71,124)	24,318	49,846
Resident fees and services
Revenues
Other revenues	845,532	754,417	2,476,436	2,184,024
Third party capital management expenses
Revenues
Other revenues	4,392	5,315	13,020	13,488
Less:
Third party capital management expenses	1,553	1,472	4,956	4,614
Third party capital management revenues
Revenues
Other revenues			13,020	13,488
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	845,532	754,417	2,476,436	2,184,024
Less:
Interest and other income	0	0	0	0
Property-level operating expenses	631,550	573,715	1,844,730	1,658,047
Third party capital management expenses			0	0
NOI		180,702	631,706	525,977
Interest and other income	0	0	0	0
Operating Segments | SHOP | Resident fees and services
Revenues
Other revenues	845,532	754,417	2,476,436	2,184,024
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 | OM&R
Revenues
Rental income	220,957	226,326	658,687	645,137
Income from loans and investments	0	0	0	0
Interest and other income	0	0	0	0
Revenues	221,575	226,988	660,641	646,986
Less:
Interest and other income	0	0	0	0
Property-level operating expenses	77,479	78,915	224,703	217,999
Third party capital management expenses			0	0
NOI	144,096	148,073	435,938	428,987
Interest and other income	0	0	0	0
Operating Segments | OM&R | Resident fees and services
Revenues
Other revenues	0	0	0	0
Operating Segments | OM&R | Third party capital management expenses
Revenues
Other revenues	618	662
Less:
Third party capital management expenses	0	0
Operating Segments | OM&R | Third party capital management revenues
Revenues
Other revenues			1,954	1,849
Operating Segments | NNN
Revenues
Rental income	155,349	159,812	464,651	463,906
Income from loans and investments	0	0	0	0
Interest and other income	0	0	0	0
Revenues	155,349	159,812	464,651	463,906
Less:
Interest and other income	0	0	0	0
Property-level operating expenses	4,379	3,847	11,623	11,180
Third party capital management expenses			0	0
NOI	150,970	155,965	453,028	452,726
Interest and other income	0	0	0	0
Operating Segments | NNN | Resident fees and services
Revenues
Other revenues	0	0	0	0
Operating Segments | NNN | Third party capital management expenses
Revenues
Other revenues	0	0
Less:
Third party capital management expenses	0	0
Operating Segments | NNN | Third party capital management revenues
Revenues
Other revenues			0	0
Operating Segments | Senior Living Operations
Less:
NOI	213,982
Non-Segment
Revenues
Rental income	0	0	0	0
Income from loans and investments	1,881	1,208	4,606	21,351
Interest and other income	8,204	2,754	19,809	5,529
Revenues	13,859	8,615	35,481	38,519
Less:
Interest and other income	8,204	2,754	19,809	5,529
Property-level operating expenses	0	0	0	0
Third party capital management expenses			4,956	4,614
NOI	4,102	4,389	10,716	28,376
Interest and other income	8,204	2,754	19,809	5,529
Non-Segment | Resident fees and services
Revenues
Other revenues	0	0	0	0
Non-Segment | Third party capital management expenses
Revenues
Other revenues	3,774	4,653
Less:
Third party capital management expenses	$ 1,553	$ 1,472
Non-Segment | Third party capital management revenues
Revenues
Other revenues			$ 11,066	$ 11,639

SEGMENT INFORMATION - Assets (D

SEGMENT INFORMATION - Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Segment Reporting Information
Total Assets	$ 25,347,189	$ 24,725,433
Percentage of consolidated assets	100%	100%
Operating Segments | OM&R
Segment Reporting Information
Total Assets	$ 6,879,036	$ 6,943,446
Percentage of consolidated assets	27.10%	28.10%
Operating Segments | NNN
Segment Reporting Information
Total Assets	$ 4,022,354	$ 4,120,691
Percentage of consolidated assets	15.90%	16.70%
Operating Segments | SHOP
Segment Reporting Information
Total Assets	$ 12,854,462	$ 12,864,029
Percentage of consolidated assets	50.70%	52%
Non-Segment
Segment Reporting Information
Total Assets	$ 1,591,337	$ 797,267
Percentage of consolidated assets	6.30%	3.20%