Ventas (VTR) 10-K 13 Feb 25 2024 FY Annual report Financial data

Cover

Cover - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2024	Feb. 07, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 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	300 North LaSalle Street
Entity Address, Address Line Two	Suite 1600
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60654
City Area Code	877
Local Phone Number	483-6827
Trading Symbol	VTR
Title of 12(b) Security	Common Stock, $0.25 par value
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 21.1
Entity Common Stock, Shares Outstanding (in shares)		437,139,980
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement for the 2025 Annual Meeting of Stockholders are incorporated by reference into Part III, Items 10 through 14 of this Annual Report on Form 10-K to the extent stated herein. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2024.
Entity Central Index Key	0000740260
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Auditor Information [Abstract]
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	Chicago, Illinois

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 14 – COMMITMENTS AND CONTINGENCIES From time to time, we are party to various lawsuits, investigations, claims and other legal and regulatory proceedings arising in connection with our business. In certain circumstances, regardless of whether we are a named party in a lawsuit, investigation, claim or other legal or regulatory proceeding, we may be contractually obligated to indemnify, defend and hold harmless our managers, tenants and borrowers 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 December 31, 2024 and 2023, no triggering events relating to our guarantees, indemnities or similar contingent obligations have occurred. Accordingly, no contingent liability is recorded in our Consolidated Balance Sheets. Operating Leases We lease land, equipment and corporate office space. At inception, we establish an operating lease asset and operating lease liability represented as the present value of future minimum lease payments. As our leases do not provide an implicit rate, we use a discount rate that approximates our incremental borrowing rate available at lease commencement to determine the present value of lease payments. The incremental borrowing rates were adjusted for the length of the individual lease term. The weighted average discount rate and remaining lease term of our leases are 7.40% and 33.1 years, respectively. Operating lease assets and liabilities are not recognized for leases with an initial term of 12 months or less, as these short-term leases are accounted for similar to previous guidance. Many of our leases include renewal options to extend the term for one year or more. Renewal options that we are not reasonably certain to exercise are excluded from the operating lease assets and liabilities. Our lease expense primarily consists of ground leases, which is included in Interest expense in our Consolidated Statements of Income. For the years ended December 31, 2024, 2023 and 2022, we recognized $33.7 million, $37.0 million and $31.9 million of expense relating to our leases, respectively. For the years ended December 31, 2024, 2023 and 2022, cash paid for leases was $24.8 million, $29.8 million and $24.0 million, respectively, as reported within operating cash outflows in our Consolidated Statements of Cash Flows. The following table summarizes future minimum lease obligations under non-cancelable ground and other operating leases as of December 31, 2024 (dollars in thousands): 2025 $ 20,176 2026 21,701 2027 21,202 2028 20,022 2029 19,201 Thereafter 598,633 Total undiscounted minimum lease payments 700,935 Less: imputed interest (482,932) Operating lease liabilities $ 218,003

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Real estate investments:
Land and improvements	$ 2,775,790	$ 2,596,274
Buildings and improvements	28,717,990	27,201,381
Construction in progress	336,231	368,143
Acquired lease intangibles	1,558,751	1,448,146
Operating lease assets	308,019	312,142
Gross real estate investment	33,696,781	31,926,086
Accumulated depreciation and amortization	(11,096,236)	(10,177,136)
Net real estate property	22,600,545	21,748,950
Secured loans receivable and investments, net	144,872	27,986
Investments in unconsolidated real estate entities	626,122	598,206
Net real estate investments	23,371,539	22,375,142
Cash and cash equivalents	897,850	508,794
Escrow deposits and restricted cash	59,383	54,668
Goodwill	1,044,915	1,045,176
Assets held for sale	18,625	56,489
Deferred income tax assets, net	1,931	1,754
Other assets	792,663	683,410
Total assets	26,186,906	24,725,433
Liabilities:
Senior notes payable and other debt	13,522,551	13,490,896
Accrued interest payable	143,345	117,403
Operating lease liabilities	218,003	194,734
Accounts payable and other liabilities	1,152,306	1,041,616
Liabilities related to assets held for sale	2,726	9,243
Deferred income tax liabilities	8,150	24,500
Total liabilities	15,047,081	14,878,392
Redeemable OP unitholder and noncontrolling interests	310,229	302,636
Commitments and contingencies
Ventas stockholders’ equity:
Preferred stock, $1.00 par value; 10,000 shares authorized, unissued	0	0
Common stock, $0.25 par value; 600,000 shares authorized, 437,085 and 402,380 shares outstanding at December 31, 2024 and 2023, respectively	109,119	100,648
Capital in excess of par value	17,607,482	15,650,734
Accumulated other comprehensive loss	(33,526)	(35,757)
Retained earnings (deficit)	(6,886,653)	(6,213,803)
Treasury stock, 4 and 279 shares issued at December 31, 2024 and 2023, respectively	(25,155)	(13,764)
Total Ventas stockholders’ equity	10,771,267	9,488,058
Noncontrolling interests	58,329	56,347
Total equity	10,829,596	9,544,405
Total liabilities and equity	$ 26,186,906	$ 24,725,433

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	10,000	10,000
Common stock, par value (in dollars per share)	$ 0.25	$ 0.25
Common stock, shares authorized (in shares)	600,000	600,000
Common stock, shares issued (in shares)	437,085	402,380
Treasury stock, shares (in shares)	4	279

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Rental income:
Total rental income		$ 1,496,940	$ 1,486,401	$ 1,399,313
Income from loans and investments		9,057	22,952	48,160
Interest and other income		28,114	11,414	3,635
Total revenues		4,924,266	4,497,827	4,129,193
Expenses
Interest		602,835	574,112	467,557
Depreciation and amortization		1,253,143	1,392,461	1,197,798
Property-level operating expenses:
Property-level operating expenses		2,820,562	2,555,145	2,276,724
Third-party capital management expenses		6,507	6,101	6,194
General, administrative and professional fees		162,990	148,876	144,874
Loss (gain) on extinguishment of debt, net		687	(6,104)	581
Transaction, transition and restructuring costs		20,369	15,215	30,884
Provision for Loan, Lease, and Other Losses		(166)	(20,270)	19,757
Gain on foreclosure of real estate		0	(29,127)	0
Shareholder relations matters		15,751	0	20,693
Other expense (income)		49,584	(23,001)	58,268
Total expenses		4,932,262	4,613,408	4,223,330
Loss before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests		(7,996)	(115,581)	(94,137)
Income from unconsolidated entities		1,563	13,626	28,500
Gain on real estate dispositions		57,009	62,119	7,780
Income tax benefit		37,775	9,539	16,926
Net income (loss)		88,351	(30,297)	(40,931)
Net income attributable to noncontrolling interests		7,198	10,676	6,516
Net income (loss) attributable to common stockholders		$ 81,153	$ (40,973)	$ (47,447)
Basic:
(Loss) income from continuing operations (USD per share)		$ 0.21	$ (0.08)	$ (0.10)
Net (loss) income attributable to common stockholders (USD per share)		0.20	(0.10)	(0.12)
Diluted:
(Loss) income from continuing operations (USD per share)	[1]	0.21	(0.08)	(0.10)
Net (loss) income attributable to common stockholders (USD per share)	[1]	$ 0.19	$ (0.10)	$ (0.12)
Retained Earnings (Deficit)
Property-level operating expenses:
Net income (loss)			$ (40,973)	$ (47,447)
Net income (loss) attributable to common stockholders		$ 81,153
NNN
Rental income:
Total rental income		622,054	619,208	598,154
Property-level operating expenses:
Property-level operating expenses		15,829	14,557	15,301
Resident fees and services
Rental income:
Revenue from contracts with customers		3,372,796	2,959,219	2,651,886
Third-party capital management revenues
Rental income:
Revenue from contracts with customers		17,359	17,841	26,199
SHOP
Property-level operating expenses:
Property-level operating expenses		2,506,413	2,247,812	2,004,420
Outpatient Medical And Research Portfolio
Rental income:
Total rental income		874,886	867,193	801,159
Property-level operating expenses:
Property-level operating expenses		$ 298,320	$ 292,776	$ 257,003
[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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 88,351	$ (30,297)	$ (40,931)
Other comprehensive (loss) income:
Foreign currency translation gain (loss)	14,433	6,024	(11,837)
Unrealized loss on available for sale securities	(862)	(1,256)	(1,838)
Unrealized (loss) gain on derivative instruments	(19,672)	(2,766)	39,377
Total other comprehensive (loss) income	(6,101)	2,002	25,702
Comprehensive income (loss)	82,250	(28,295)	(15,229)
Comprehensive (loss) income attributable to noncontrolling interests	(1,135)	11,635	4,497
Comprehensive income (loss) attributable to common stockholders	$ 83,385	$ (39,930)	$ (19,726)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Ventas Stockholders’ Equity	Common Stock Par Value	Capital in Excess of Par Value	Accumulated Other Comprehensive Loss	Retained Earnings (Deficit)	Non- controlling Interests	Treasury Stock
Balance at beginning of period at Dec. 31, 2021	$ 10,945,760	$ 10,854,385	$ 99,838	$ 15,498,956	$ (64,520)	$ (4,679,889)	$ 91,375	$ 0
Increase (decrease) in shareholders' equity
Net income (loss)	(40,931)	(47,447)				(47,447)	6,516
Other comprehensive loss	25,702	27,720			27,720		(2,018)
Net change in noncontrolling interests	(36,399)	(9,235)		(9,235)			(27,164)
Dividends to common stockholders	722,049	722,049				722,049
Issuance of common stock for stock plans, restricted stock grants and other	37,908	37,908	74	38,370				(536)
Adjust redeemable OP unitholder interests to current fair value	11,480	11,480		11,480
Redemption of OP Units	206	206		206				0
Balance at end of period at Dec. 31, 2022	10,221,677	10,152,968	99,912	15,539,777	(36,800)	(5,449,385)	68,709	(536)
Increase (decrease) in shareholders' equity
Net income (loss)	(30,297)	(40,973)				(40,973)	10,676
Other comprehensive loss	2,002	1,043			1,043		959
Net change in noncontrolling interests	(36,492)	(12,495)		(12,495)			(23,997)
Dividends to common stockholders	723,405	723,405		40		723,445
Issuance of common stock for stock plans, restricted stock grants and other	129,060	129,060	736	141,552				(13,228)
Adjust redeemable OP unitholder interests to current fair value	(18,056)	(18,056)		(18,056)
Redemption of OP Units	(84)	(84)		(84)
Balance at end of period at Dec. 31, 2023	9,544,405	9,488,058	100,648	15,650,734	(35,757)	(6,213,803)	56,347	(13,764)
Increase (decrease) in shareholders' equity
Net income (loss)	88,351	81,153					7,198
Other comprehensive loss	(6,101)	2,231			2,231		(8,332)
Net change in noncontrolling interests	(19,229)	(22,345)		(22,345)			3,116
Dividends to common stockholders	753,925	753,925		78		754,003
Issuance of common stock for stock plans, restricted stock grants and other	2,012,345	2,012,345	8,471	2,015,265				(11,391)
Adjust redeemable OP unitholder interests to current fair value	(34,169)	(34,169)		(34,169)
Redemption of OP Units	(2,081)	(2,081)		(2,081)				0
Balance at end of period at Dec. 31, 2024	$ 10,829,596	$ 10,771,267	$ 109,119	$ 17,607,482	$ (33,526)	$ (6,886,653)	$ 58,329	$ (25,155)

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends to common stockholders, per share (in dollars per share)	$ 1.80000	$ 1.80000	$ 1.80000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ 88,351	$ (30,297)	$ (40,931)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	1,253,143	1,392,461	1,197,798
Amortization of deferred revenue and lease intangibles, net	(54,242)	(59,604)	(63,543)
Other non-cash amortization	30,143	22,416	12,957
(Reversal of) allowance on loans receivable and investments, net	(166)	(20,270)	19,757
Stock-based compensation	30,991	30,987	30,715
Straight-lining of rental income	(5,094)	(7,597)	(11,094)
Loss (gain) on extinguishment of debt, net	687	(6,104)	581
Gain on real estate dispositions	(57,009)	(62,119)	(7,780)
Income tax benefit	(43,487)	(15,269)	(21,348)
Income from unconsolidated entities	(1,563)	(13,626)	(28,500)
Gain on foreclosure of real estate	0	(29,127)	0
Distributions from unconsolidated entities	18,298	16,123	19,847
Other	25,762	(44,503)	52,489
Changes in operating assets and liabilities:
Increase in other assets	(117,363)	(48,445)	(52,897)
Increase in accrued interest payable	27,205	1,252	4,915
Increase (decrease) in accounts payable and other liabilities	133,969	(6,405)	7,197
Net cash provided by operating activities	1,329,625	1,119,873	1,120,163
Cash flows from investing activities:
Net investment in real estate property	(1,925,957)	(6,466)	(446,628)
Investment in loans receivable	(125,363)	(2,750)	(30,700)
Proceeds from real estate disposals	329,094	399,534	112,926
Proceeds from loans receivable	6,870	44,630	890
Proceeds from sale of interest in unconsolidated entities	0	50,054	0
Net cash assumed in foreclosure of real estate	0	11,615	0
Development project expenditures	(322,232)	(383,590)	(231,939)
Capital expenditures	(281,614)	(259,415)	(222,130)
Distributions from unconsolidated entities	8,368	74,670	28,311
Investment in unconsolidated entities	(69,797)	(130,522)	(83,652)
Insurance proceeds for property damage claims	3,542	17,576	13,704
Net cash used in investing activities	(2,377,089)	(184,664)	(859,218)
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities	(7,103)	(12,410)	(27,179)
Net change in borrowings under commercial paper program	0	(402,354)	122,414
Proceeds from debt	1,913,431	2,527,482	957,781
Repayment of debt	(1,621,316)	(1,973,132)	(575,391)
Purchase of noncontrolling interests	(11,064)	(110)	(170)
Payment of deferred financing costs	(35,878)	(41,837)	(8,824)
Issuance of common stock, net	1,964,867	108,455	0
Cash distribution to common stockholders	(740,326)	(723,559)	(720,319)
Cash distribution to redeemable OP unitholders	(6,468)	(6,191)	(6,292)
Cash issued for redemption of OP Units	(2,416)	(1,132)	(1,487)
Contributions from noncontrolling interests	3,703	20,241	5,371
Distributions to noncontrolling interests	(22,300)	(32,029)	(32,325)
Proceeds from stock option exercises	26,052	1,736	8,691
Other	(15,962)	(8,909)	(6,198)
Net cash provided by (used in) financing activities	1,445,220	(543,749)	(283,928)
Net increase (decrease) in cash, cash equivalents and restricted cash	397,756	391,460	(22,983)
Effect of foreign currency translation	(3,985)	1,257	(2,869)
Cash, cash equivalents and restricted cash at beginning of year	563,462	170,745	196,597
Cash, cash equivalents and restricted cash at end of year	957,233	563,462	170,745
Supplemental disclosure of cash flow information:
Interest paid excluding capitalized interest	575,741	548,108	467,556
Assets acquired and liabilities assumed from acquisitions and other:
Real estate investments	43,086	0	16,540
Other assets	12,955	7,873	875
Other liabilities	23,489	9,000	7,747
Deferred income tax liability	28,601	12,382	960
Noncontrolling interests	0	0	3,351
Settlement of loan receivable	0	486,082	0
Real estate received in settlement of loan receivable	0	1,566,395	0
Assumption of debt related to real estate owned	0	1,016,804	0
Equity issued for redemption of OP Units	434	0	0
Investment in unconsolidated entities	$ 0	$ 0	$ 8,100

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	12 Months Ended
	Dec. 31, 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) is a real estate investment trust (“REIT”) focused on delivering strong, sustainable shareholder returns by enabling exceptional environments that benefit a large and growing aging population. We hold a portfolio that includes senior housing communities, outpatient medical buildings, research centers, hospitals and healthcare facilities located in North America and the United Kingdom. As of December 31, 2024, we owned or had investments in 1,387 properties consisting of 1,356 properties in our reportable business segments (“Segment Properties”) and 31 properties held by unconsolidated real estate entities in our non-segment operations. 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 are not 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 technical requirements, which impact how we invest in, operate and manage our assets. We operate through three reportable business segments: senior housing operating portfolio, which we refer to as “SHOP,” outpatient medical and research portfolio, which we refer to as “OM&R,” and triple-net leased properties, which we refer to as “NNN.” We also hold assets outside of our reportable business segments, which we refer to as non-segment assets and which consist primarily of corporate assets, including cash and cash equivalents, restricted cash, loans receivable and investments and accounts receivable as well as investments in unconsolidated entities. Our investments in unconsolidated entities include investments made through our third-party institutional private capital management platform, Ventas Investment Management (“VIM”). Through VIM, we partner with third-party institutional investors to invest in real estate through various joint ventures and other co-investment vehicles where we are the sponsor or general partner, including our open-ended investment vehicle, the Ventas Life Science & Healthcare Real Estate Fund (the “Ventas Fund”). Our chief operating decision maker evaluates performance of the combined properties in each operating segment and determines how to allocate resources to these segments, based on net operating income (“NOI”) for each segment. See our Consolidated Financial Statements and the related notes, including “Note 2 – Accounting Policies” and “Note 18 – Segment Information”. The following table summarizes information for our portfolio for the year ended December 31, 2024 (dollars in thousands): Segment NOI (1) Percentage of Total NOI Segment Properties Senior housing operating portfolio (SHOP) $ 866,383 41.9 % 629 Outpatient medical and research portfolio (OM&R) 579,271 28.0 % 426 Triple-net leased properties (NNN) 606,225 29.3 % 301 Non-segment (2) 17,204 0.8 % n/a $ 2,069,083 100 % 1,356 ______________________________ (1) “NOI” is defined as total revenues, less interest and other income, property-level operating expenses and third-party capital management expenses. See “Non-GAAP Financial Measures” included elsewhere in this Annual Report for additional disclosure and a reconciliation of net income attributable to common stockholders, as computed in accordance with U.S. generally accepted accounting principles (“GAAP”), to NOI. (2) NOI for non-segment includes management fees and promote revenues, net of expenses related to our third-party institutional private capital management platform, income from loans and investments and corporate-level expenses not directly attributable to any of our three reportable business segments.

ACCOUNTING POLICIES

ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
ACCOUNTING POLICIES	NOTE 2 – ACCOUNTING POLICIES Principles of Consolidation The accompanying Consolidated Financial Statements include our accounts and the accounts of our wholly-owned subsidiaries and the joint venture entities over which we exercise control. All intercompany transactions and balances have been eliminated in consolidation, and our net earnings are reduced by the portion of net earnings attributable to noncontrolling interests. U.S. generally accepted accounting principles (“GAAP”) require us to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of variable interest entities (“VIEs”). A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity’s activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; and (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. We consolidate our investment in a VIE when we determine that we are its primary beneficiary. We may change our original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affects the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. We identify the primary beneficiary of a VIE as the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. We perform this analysis on an ongoing basis. As it relates to investments in joint ventures, GAAP may preclude consolidation by the sole general partner in certain circumstances based on the type of rights held by the limited partner or partners. We assess limited partners’ rights and their impact on our consolidation conclusions, and we reassess if there is a change to the terms or in the exercisability of the rights of the limited partners, the sole general partner increases or decreases its ownership of limited partnership (“LP”) interests or there is an increase or decrease in the number of outstanding LP interests. We also apply this guidance to managing member interests in limited liability companies (“LLCs”). We consolidate several VIEs that share the following common characteristics: • the VIE is in the legal form of an LP or LLC; • the VIE was designed to own and manage its underlying real estate investments; • we are the general partner or managing member of the VIE; • we own a majority of the voting interests in the VIE; • a minority of voting interests in the VIE are owned by external third parties, unrelated to us; • the minority owners do not have substantive kick-out or participating rights in the VIE; and • we are the primary beneficiary of the VIE. We have separately identified certain special purpose entities that were established to allow investments in research projects by tax credit investors (“TCIs”). We have determined that these special purpose entities are VIEs, we are a holder of variable interests and we are the primary beneficiary of the VIEs, and therefore, we consolidate these special purpose entities. Our primary beneficiary determination is based upon several factors, including but not limited to the rights we have in directing the activities which most significantly impact the VIEs’ economic performance as well as certain guarantees which protect the TCIs from losses should a tax credit recapture event occur. Substantially all of the assets of the VIEs are real estate investments and substantially all of the liabilities of the VIEs are mortgage loans. Assets of the consolidated VIEs can only be used to settle obligations of such VIEs. Liabilities of the consolidated VIEs represent claims against the specific assets of the VIEs. Unless otherwise required by 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 December 31, 2024 As of December 31, 2023 Total Assets Total Liabilities Total Assets Total Liabilities NHP/PMB L.P. $ 728,457 $ 286,030 $ 759,817 $ 266,658 Fonds Immobilier Groupe Maurice, S.E.C. 1,779,762 1,121,659 1,971,410 1,204,619 Other identified VIEs 1,447,381 410,721 1,597,957 354,828 Tax credit VIEs (1) — — 29,746 4,024 ______________________________ (1) Balances as of December 31, 2024 reflect the completion of the tax credit structure unwinds. Investments in Unconsolidated Entities We report investments in unconsolidated entities over whose operating and financial policies we have the ability to exercise significant influence under the equity method of accounting. We adjust our investment in unconsolidated entities for additional contributions made, distributions received as well as our share of the investee’s earnings or losses, which is included in Income from unconsolidated entities in our Consolidated Statements of Income. We base the initial carrying value of investments in unconsolidated entities on the fair value of the assets at the time we acquired the joint venture interest. We estimate fair values for our equity method investments based on discounted cash flow models that include all estimated cash inflows and outflows over a specified holding period and, where applicable, any estimated debt premiums or discounts. The capitalization rates, discount rates and credit spreads we use in these models are based upon assumptions that we believe to be within a reasonable range of current market rates for the respective investments. We generally amortize any difference between our cost basis and the basis reflected at the joint venture level, if any, over the lives of the related assets and liabilities and include that amortization in our share of income or loss from unconsolidated entities. For earnings of equity method investments with pro rata distribution allocations, net income or loss is allocated between the partners in the joint venture based on their respective stated ownership percentages. In other instances, net income or loss may be allocated between the partners in the joint venture based on the hypothetical liquidation at book value method (the “HLBV method”). Under the HLBV method, net income or loss is allocated between the partners based on the difference between each partner’s claim on the net assets of the joint venture at the end and beginning of the period, after taking into account contributions and distributions. Each partner’s share of the net assets of the joint venture is calculated as the amount that the partner would receive if the joint venture were to liquidate all of its assets at net book value and distribute the resulting cash to creditors and partners in accordance with their respective priorities. Under the HLBV method, in any given period, we could record more or less income than the joint venture has generated, than actual cash distributions we receive or than the amount we may receive in the event of an actual liquidation. Redeemable OP Unitholder and Noncontrolling Interests We own a majority interest in NHP/PMB L.P. (“NHP/PMB”), a limited partnership formed in 2008 to acquire properties from entities affiliated with Pacific Medical Buildings LLC (“PMB”). Given our wholly-owned subsidiary is the general partner and the primary beneficiary of NHP/PMB, we consolidate NHP/PMB as a VIE. As of December 31, 2024, third-party investors owned 3.8 million Class A limited partnership units in NHP/PMB (“OP Units”), which represented 33% of the total units then outstanding, and we owned 7.7 million Class B limited partnership units in NHP/PMB, representing the remaining 67%. The OP Units may be redeemed at any time at the election of the holder for cash or, at our option, 0.9051 shares of our common stock per OP Unit, subject to adjustment in certain circumstances. We are party by assumption to a registration rights agreement with the holders of the OP Units that requires us, subject to the terms and conditions and certain exceptions set forth therein, to file and maintain a registration statement relating to the issuance of shares of our common stock upon redemption of OP Units. The OP Units are classified outside of permanent equity on our Consolidated Balance Sheets because they may be redeemed by third parties under circumstances that are outside of our control. We reflect the OP Units at the greater of cost or redemption value. We recognize changes in fair value through capital in excess of par value, net of cash distributions paid and purchases by us of any OP Units. Our diluted earnings per share includes the effect of any potential shares outstanding from redemption of the OP Units. Certain noncontrolling interests of other consolidated joint ventures were also classified as redeemable at December 31, 2024 and 2023. We record the carrying amount of these noncontrolling interests at the greater of their initial carrying amount (increased or decreased for the noncontrolling interests’ share of net income or loss and distributions) or the redemption value, which is primarily based on the fair value of the underlying real estate asset. Our joint venture partners have certain redemption rights with respect to their noncontrolling interests in these joint ventures that are outside of our control, and the redeemable noncontrolling interests are classified outside of permanent equity on our Consolidated Balance Sheets. We recognize changes in the carrying value of redeemable noncontrolling interests through Capital in excess of par value on our Consolidated Balance Sheets. Noncontrolling Interests Excluding the redeemable noncontrolling interests described above, we present the portion of any equity that we do not own in entities that we control (and thus consolidate) as noncontrolling interests and classify those interests as a component of consolidated equity, separate from total Ventas stockholders’ equity, on our Consolidated Balance Sheets. For consolidated joint ventures with pro rata distribution allocations, net income or loss, and comprehensive income, is allocated between the joint venture partners based on their respective stated ownership percentages. In other cases, net income or loss is allocated between the joint venture partners based on the HLBV method. We account for purchases or sales of equity interests that do not result in a change of control as equity transactions, through capital in excess of par value. We include Net income attributable to noncontrolling interests in net income in our Consolidated Statements of Income and we include the noncontrolling interests’ share of comprehensive income in our Consolidated Statements of Comprehensive Income. Accounting for Historic and New Markets Tax Credits For certain of our research centers, we are party to contractual arrangements with TCIs that were established to enable the TCIs to receive benefits of historic tax credits (“HTCs”), new markets tax credits (“NMTCs”) or both. As of December 31, 2024 and 2023, we owned zero and one property that had syndicated NMTCs to TCIs. In general, TCIs invest cash into special purpose entities that invest in entities that own the subject property and generate the tax credits. The TCIs receive substantially all of the tax credits and hold only a nominal interest in the economic risk and benefits of the special purpose entities. HTCs are delivered to the TCIs upon substantial completion of the project. NMTCs are allowed for up to 39% of a qualified investment and are delivered to the TCIs after the investment has been funded and spent on a qualified business. HTCs are subject to recapture within five years of substantial completion. The amount of the recapture is equal to 100% of the HTCs during the first year after the completion of the historic rehabilitation and is reduced by 20% each year during the subsequent five-year period. NMTCs are subject to recapture until the end of the seventh year following the qualifying investment. We have provided the TCIs with certain guarantees which protect the TCIs from losses should a tax credit recapture event occur. The contractual arrangements with the TCIs include a put/call provision whereby we may be obligated or entitled to repurchase the interest of the TCIs in the special purpose entities at the end of the tax credit recapture period. We anticipate that either the TCIs will exercise their put rights or we will exercise our call rights prior to the applicable tax credit recapture periods. The portion of the TCI’s investment that is attributed to the put is recorded at fair value at inception in accounts payable and other liabilities on our Consolidated Balance Sheets, and is accreted to the expected put price as interest expense in our Consolidated Statements of Income over the recapture period. The remaining balance of the TCI’s investment is initially recorded in accounts payable and other liabilities on our Consolidated Balance Sheets and will be relieved upon delivery of the tax credit to the TCI, as a reduction in the carrying value of the subject property, net of allocated expenses. Direct and incremental costs incurred in structuring the transaction are deferred and will be recognized as an increase in the cost basis of the subject property upon the recognition of the related tax credit as discussed above. Accounting Estimates The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions regarding future events that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Accounting for Real Estate Acquisitions When we acquire real estate, we first make reasonable judgments about whether the transaction involves an asset or a business. Our real estate acquisitions are generally accounted for as asset acquisitions as substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. We record the cost of the assets acquired as tangible and intangible assets and liabilities based upon their relative fair values as of the acquisition date. Our asset acquisitions may include one or more groups of real estate properties within which there are different types of tangible and intangible assets, typically consisting of land, buildings, site improvements, furniture, fixtures and equipment and lease intangibles. When we acquire multiple real estate properties in a single transaction, we first assess the individual fair value of the real estate properties and then determine the individual fair value of the various types of tangible and intangible assets therein. The individual fair value of the real estate properties is estimated by applying a valuation methodology such as the direct capitalization method of the income approach, which includes estimate for a capitalization rate, annual gross income, vacancy, and expenses based on a number of factors including historical operating results, known and anticipated trends as well as market and economic conditions. We estimate the fair value of buildings acquired on an as-if-vacant basis or replacement cost basis and depreciate the building value over the estimated remaining life of the building, generally 35 years. We determine the fair value of other fixed assets, such as site improvements, and furniture, fixtures and equipment, based upon the replacement cost and depreciate such value over the assets’ estimated remaining useful lives, generally 15 years for land improvements and 20 years for building improvements. We determine the value of land either by considering the sales prices of similar properties in recent transactions or based on internal analyses of recently acquired and existing comparable properties within our portfolio. We generally determine the value of construction in progress based upon the replacement cost. However, for certain acquired properties that are part of a ground-up development, we determine fair value by using the same valuation approach as for all other properties and deducting the estimated cost to complete the development. During the remaining construction period, we capitalize project costs until the development has reached substantial completion. Construction in progress, including capitalized interest, is not depreciated until the development has reached substantial completion. Intangibles primarily include the value of in-place leases and acquired lease contracts. We include all lease-related intangible assets and liabilities within Acquired lease intangibles and Accounts payable and other liabilities, respectively, on our Consolidated Balance Sheets. The fair value of acquired lease-related intangibles, if any, reflects: (i) the estimated value of any above or below market leases, determined by discounting the difference between the estimated market rent and in-place lease rent; and (ii) the estimated value of in-place leases related to the cost to obtain tenants, including leasing commissions, and an estimated value of the absorption period to reflect the value of the rent and recovery costs foregone during a reasonable lease-up period as if the acquired space was vacant. We amortize any acquired lease-related intangibles to revenue or amortization expense over the remaining life of the associated lease plus any assumed bargain renewal periods. If a lease is terminated prior to its stated expiration or not renewed upon expiration, we recognize all unamortized amounts of lease-related intangibles associated with that lease in operations over the shortened lease term. We estimate the fair value of purchase option intangible assets and liabilities, if any, by discounting the difference between the applicable property’s acquisition date fair value and an estimate of its future option price. We do not amortize the resulting intangible asset or liability over the term of the lease, but rather adjust the recognized value of the asset or liability upon sale. In connection with an acquisition, we may assume rights and obligations under certain lease agreements pursuant to which we become the lessee of a given property. We generally assume the lease classification previously determined by the prior lessee absent a modification in the assumed lease agreement. We assess assumed operating leases, including ground leases, to determine whether the lease terms are favorable or unfavorable to us given current market conditions on the acquisition date. To the extent the lease terms are favorable or unfavorable to us relative to market conditions on the acquisition date, we recognize an intangible asset or liability at fair value and amortize that asset or liability to Interest or rental expense in our Consolidated Statements of Income over the applicable lease term. Where we are the lessee, we record the acquisition date values of leases, including any above or below market value, within Operating lease assets and Operating lease liabilities on our Consolidated Balance Sheets. We estimate the fair value of noncontrolling interests assumed consistent with the manner in which we value all of the underlying assets and liabilities. We calculate the fair value of long-term assumed debt by discounting the remaining contractual cash flows on each instrument at the current market rate for those borrowings, which we approximate based on the rate at which we would expect to incur a replacement instrument on the date of acquisition, and recognize any fair value adjustments related to long-term debt as effective yield adjustments over the remaining term of the instrument. Impairment of Long-Lived and Intangible Assets We periodically evaluate our long-lived assets, primarily consisting of investments in real estate, for impairment indicators. If indicators of impairment are present, we evaluate the carrying value of the related real estate investments in relation to the future undiscounted cash flows of the underlying operations. In performing this evaluation, we consider market conditions and our current intentions with respect to holding or disposing of the asset. We adjust the net book value of properties and other long-lived assets to fair value if the sum of the expected future undiscounted cash flows, including sales proceeds, is less than book value. We recognize an impairment loss at the time we make any such determination. If impairment indicators arise with respect to intangible assets with finite useful lives, we evaluate impairment by comparing the carrying amount of the asset to the estimated future undiscounted net cash flows expected to be generated by the asset. If estimated future undiscounted net cash flows are less than the carrying amount of the asset, then we estimate the fair value of the asset and compare the estimated fair value to the intangible asset’s carrying value. We recognize any shortfall from carrying value as an impairment loss in the current period. We evaluate our investments in unconsolidated entities for impairment at least annually, and whenever events or changes in circumstances indicate that the carrying value of our investment may exceed its fair value. If we determine that a decline in the fair value of our investment in an unconsolidated entity is other-than-temporary, and if such reduced fair value is below the carrying value, we record an impairment. We test goodwill for impairment at least annually, and more frequently if indicators of impairment arise. We first assess qualitative factors, such as current macroeconomic conditions, state of the equity and capital markets and our overall financial and operating performance, to determine the likelihood that the fair value of a reporting unit is less than its carrying amount. If we determine it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we proceed with estimating the fair value of the operating unit. A goodwill impairment, if any, will be recognized in the period it is determined and is measured as the amount by which a reporting unit’s carrying value exceeds its fair value. Estimates of fair value used in our evaluation of goodwill (if necessary based on our qualitative assessment), investments in real estate, investments in unconsolidated entities and intangible assets are based upon discounted future cash flow projections or other acceptable valuation techniques that are based, in turn, upon all available evidence including level three inputs, such as revenue and expense growth rates, estimates of future cash flows, capitalization rates, discount rates, general economic conditions and trends, or other available market data such as replacement cost or comparable sales. Our ability to accurately predict future operating results and cash flows and to estimate and determine fair values impacts the timing and recognition of impairments. While we believe our assumptions are reasonable, changes in these assumptions may have a material impact on our financial results. Assets Held for Sale We sell properties from time to time for various reasons, including favorable market conditions or the exercise of purchase options by tenants. We classify certain long-lived assets as held for sale once the criteria, as defined by GAAP, have been met. Long-lived assets to be disposed of are reported at the lower of their carrying amount or fair value minus cost to sell and are no longer depreciated. If at any time we determine that the criteria for classifying assets as held for sale are no longer met, we reclassify assets within Net real estate property on our Consolidated Balance Sheets for all periods presented. The carrying amount of these assets is adjusted in the period in which a change in classification is determined to reflect any depreciation expense that would have been recognized had the asset been continuously classified as net real estate investments. Loans Receivable We record loans receivable, other than those acquired in connection with asset acquisition, on our Consolidated Balance Sheets (either in Secured loans receivable and investments, net or Other assets, in the case of non-mortgage loans receivable) at the unpaid principal balance, net of any deferred origination fees, purchase discounts or premiums and valuation allowances. We amortize net deferred origination fees, which are comprised of loan fees collected from the borrower net of certain direct costs, and purchase discounts or premiums over the contractual life of the loan using the effective interest method and immediately recognize in income any unamortized balances if the loan is repaid before its contractual maturity. We evaluate a current estimate of all expected credit losses over the life of a financial instrument, which may result in recognition of credit losses on loans and other financial instruments before an actual event of default. We evaluate the collectability of our loans receivable based on a combination of credit quality indicators, including, but not limited to, payment status, financial strength of the borrower and guarantors, historical loan write-offs, and nature, extent and value of the underlying collateral. We establish reserves for any estimated credit losses with a corresponding charge to Allowance on loans receivable and investments in our Consolidated Statements of Income. Subsequent changes in our estimate of credit losses may result in a corresponding increase or decrease to Allowance on loans receivable and investments in our Consolidated Statements of Income. Cash Equivalents Cash equivalents consist of highly liquid investments with original maturity date of three months or less when purchased. These investments are stated at cost, which approximates fair value. Escrow Deposits and Restricted Cash Escrow deposits consist of amounts held by us or our lenders to provide for future real estate tax, insurance expenditures and tenant improvements related to our properties and operations. Restricted cash generally represents amounts paid to us for security deposits and other similar purposes. Deferred Financing Costs We amortize deferred financing costs, which are reported as a reduction to Senior notes payable and other debt on our Consolidated Balance Sheets, as a component of interest expense over the terms of the related borrowings using a method that approximates a level yield. Amortization of approximately $28.9 million, $23.2 million and $18.2 million were included in Interest expense for the years ended December 31, 2024, 2023 and 2022, respectively. Available for Sale Securities We record our available for sale securities at fair value and include unrealized gains and losses in stockholders’ equity as a component of Accumulated other comprehensive income on our Consolidated Balance Sheets. If we determine that a credit loss exists with respect to individual investments, we will recognize an allowance against the amortized cost basis of the investment with a corresponding charge to net income (in Allowance on loans receivable and investments) in our Consolidated Statements of Income. Income from available for sale securities is recognized when earned and gains or losses on securities sold, which are based on the specific identification method, and reported in Income from loans and investments in our Consolidated Statements of Income. Derivative Instruments We recognize all derivative instruments in Other assets or Accounts payable and other liabilities on our Consolidated Balance Sheets at fair value as of the reporting date. We recognize changes in the fair value of derivative instruments designated as cash flow hedges, which are primarily used to hedge interest rate risk, in Accumulated other comprehensive income on our Consolidated Balance Sheets, and are amortized over the life of the related debt to Interest expense in our Consolidated Statements of Income. We do not use our derivative financial instruments, including interest rate caps, interest rate swaps and foreign currency forward contracts, for trading or speculative purposes. Our foreign currency forward contracts and certain of our interest rate swaps (including the interest rate swap contracts of consolidated and unconsolidated joint ventures) are designated as effectively hedging the variability of expected cash flows related to their underlying securities and, therefore, also are recorded on our Consolidated Balance Sheets at fair value, with changes in the fair value of these instruments recognized in Accumulated other comprehensive income on our Consolidated Balance Sheets. We recognize any noncontrolling interests’ proportionate share of the changes in fair value of swap contracts of our consolidated joint ventures in Noncontrolling interests on our Consolidated Balance Sheets. We recognize our proportionate share of the change in fair value of swap contracts of our unconsolidated joint ventures in Accumulated other comprehensive income on our Consolidated Balance Sheets. Certain of our other interest rate swaps and rate caps were not designated as having a hedging relationship with the underlying securities and therefore do not meet the criteria for hedge accounting under GAAP. Accordingly, these derivative instruments are recorded on our Consolidated Balance Sheets at fair value, and changes in the fair value of these instruments are recognized in Interest expense in our Consolidated Statements of Income. Fair Values of Financial Instruments Fair value is a market-based measurement, not an entity-specific measurement, and we determine fair value based on the assumptions that we expect market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, GAAP establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). The fair value hierarchy is as follows: • Level 1 inputs - Unadjusted quoted prices for identical assets or liabilities in active markets that we have the ability to access. • Level 2 inputs - Inputs other than quoted prices included in Level 1 that are directly or indirectly observable for the asset or liability. Level 2 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 inputs - Unobservable inputs for the asset or liability, which typically are based on our own assumptions, because there is little, if any, related market activity. If the determination of the fair value measurement is based on inputs from different levels of the hierarchy, the level within which the entire fair value measurement falls is the lowest-level input that is significant to the fair value measurement in its entirety. If the volume and level of market activity for an asset or liability has decreased significantly relative to the normal market activity for such asset or liability (or similar assets or liabilities), then transactions or quoted prices may not accurately reflect fair value. In addition, if there is evidence that a transaction for an asset or liability is not orderly, little, if any, weight is placed on that transaction price as an indicator of fair value. Our assessment of the significance of a particular input to the fair val

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK	12 Months Ended
	Dec. 31, 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 Annual Report 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 utilities, real estate taxes, insurance, repairs and maintenance, cleaning, roads and grounds expense and other expenses.. 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. Our consolidated properties were located in 48 states, the District of Columbia, seven Canadian provinces and the United Kingdom as of December 31, 2024, with properties in one state (California) accounting for more than 10% of our total revenues and NOI for each of the years ended December 31, 2024, 2023 and 2022. The following table summarizes certain information about our credit risk concentration for our NNN and OM&R segments for the years presented: For the Years Ended December 31, 2024 2023 2022 Contribution as a Percentage of Total Revenues (1) : Brookdale Senior Living (“Brookdale”) (2) (3) 3.1 % 3.3 % 3.6 % Ardent Health Partners, LLC (together with its subsidiaries, “Ardent”) (4) 2.8 3.0 3.2 Kindred Healthcare, LLC (together with its subsidiaries, “Kindred”) 2.8 2.9 3.2 All others 22.8 25.0 25.7 Contribution as a Percentage of Total NOI: Brookdale (2) (3) 7.2 % 7.7 % 8.1 % Kindred 6.7 6.9 7.3 Ardent (4) 6.6 6.9 7.1 All others 37.6 41.5 42.4 ______________________________ (1) Represents percentage of total revenues which include third-party capital management revenues, income from loans and investments and interest and other income. (2) The 2024, 2023 and 2022 results include $42.0 million, $42.6 million and $42.6 million, respectively, of amortization of up-front consideration received in 2020 from a revised master lease agreement with Brookdale. (3) Results exclude nine senior housing communities which are included in our SHOP segment. (4) Results exclude 19 outpatient medical buildings included in “All others.” Each of our Brookdale, Ardent and Kindred leases is guaranteed by a corporate parent. Lease Income Rental income from our NNN and OM&R operating leases consists of fixed and variable lease payments. The variable payments primarily represent reimbursements of various property-level operating expenses that we pay on behalf of our tenants. The following table summarizes rental income from our NNN and OM&R operating leases (in thousands): For the Years Ended December 31, 2024 2023 2022 Fixed income from operating leases $ 1,251,042 $ 1,241,075 $ 1,192,607 Variable income from operating leases 245,898 245,326 206,706 Future Contractual Rents The following table sets forth the minimum lease payments under the existing lease for all of our consolidated triple-net and outpatient medical and research building leases as of December 31, 2024 (excluding properties classified as held for sale as of December 31, 2024, dollars in thousands): Brookdale Senior Living (1) Ardent Kindred Other Total 2025 $ 158,858 $ 152,913 $ 137,178 $ 739,668 $ 1,188,617 2026 72,350 152,354 133,747 684,967 1,043,418 2027 72,350 151,237 133,747 584,104 941,438 2028 72,350 151,237 116,007 483,548 823,142 2029 72,350 151,237 107,137 381,595 712,319 Thereafter 434,102 839,613 116,863 1,296,791 2,687,369 Total $ 882,360 $ 1,598,591 $ 744,679 $ 4,170,673 $ 7,396,303 ______________________________ (1) 2025 minimum lease payments include all assets covered by the Brookdale lease as of December 31, 2024, of which $86.5 million is associated with 56 senior housing properties for which the lease will expire on December 31, 2025.

ACQUISITION OF REAL ESTATE PROP

ACQUISITION OF REAL ESTATE PROPERTY	12 Months Ended
	Dec. 31, 2024
Business Combinations [Abstract]
ACQUISITION OF REAL ESTATE PROPERTY	NOTE 4 – ACQUISITIONS OF REAL ESTATE PROPERTY We acquire and invest in senior housing, outpatient medical buildings, 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 manager or tenant, geographic location, asset type, business model or revenue source. Each of our acquisitions disclosed below was accounted for as an asset acquisition. 2025 Acquisitions In January 2025, we acquired two senior housing communities reported within our SHOP segment for an aggregate purchase price of $70.0 million. 2024 Acquisitions During the year ended December 31, 2024, we acquired 50 senior housing communities reported within our SHOP segment and five long-term acute care facilities (“LTACs”) reported within our NNN segment for an aggregate purchase price of $1.9 billion. 2022 Acquisitions During the year ended December 31, 2022, for an aggregate purchase price of $453.2 million, we acquired 18 outpatient medical buildings leased to affiliates of Ardent, one behavioral health center, one research center (all of which are reported within our OM&R segment) and two senior housing communities (which are reported within our SHOP segment).

DISPOSITIONS AND IMPAIRMENTS

DISPOSITIONS AND IMPAIRMENTS	12 Months Ended
	Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
DISPOSITIONS AND IMPAIRMENTS	NOTE 5 – DISPOSITIONS, ASSETS HELD FOR SALE AND IMPAIRMENTS 2024 Activity During the year ended December 31, 2024, we sold 19 senior housing communities in our SHOP segment, 12 outpatient medical buildings (one of which was vacant) in our OM&R segment and 24 properties in our NNN segment for aggregate consideration of $315.1 million and recognized $57.0 million in Gain on real estate dispositions in our Consolidated Statements of Income. 2023 Activity During the year ended December 31, 2023, we sold seven communities in our SHOP segment, 10 properties in our OM&R segment, nine properties in our NNN segment and two land parcels for aggregate consideration of $399.5 million and recognized a gain on the sale of these assets of $62.1 million in our Consolidated Statements of Income. 2022 Activity During the year ended December 31, 2022, we sold seven communities in our SHOP segment, two properties in our OM&R segment, three properties in our NNN segment, two vacant properties for aggregate consideration of $115.1 million and recognized a net gain on the sale of these assets of $7.8 million in our Consolidated Statements of Income. 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 December 31, 2024 As of December 31, 2023 Segment Properties Held for Sale Assets Held for Sale Liabilities Related to Assets Segment Properties Held for Sale Assets Held for Sale Liabilities Related to Assets SHOP 2 $ 18,612 $ 2,158 13 $ 48,173 $ 6,419 OM&R (1) — 13 568 3 5,431 2,643 NNN — — — 1 2,885 181 Total 2 $ 18,625 $ 2,726 17 $ 56,489 $ 9,243 ______________________________ (1) The balances as of December 31, 2024 relate to a partial sale of a building, as such, the property count did not change. Real Estate Impairments For the year ended December 31, 2024, we recognized impairments of $86.0 million comprising of $43.8 million, $1.5 million and $40.7 million impairments in our SHOP, OM&R and NNN segments, respectively. For the year ended December 31, 2023, we recognized impairments of $226.6 million comprising of $190.5 million, $19.2 million and $16.9 million impairments in our SHOP, OM&R and NNN segments, respectively. For the year ended December 31, 2022, we recognized impairments of $107.8 million comprising of $76.4 million, $27.5 million and $3.9 million impairments in our SHOP, OM&R and NNN segments, respectively. The impairments are recorded primarily as a component of Depreciation and amortization in our Consolidated Statements of Income. The impairments recorded were primarily a result of a change in our intent to hold or a change in the future cash flows of the impaired assets.

LOANS RECEIVABLE AND INVESTMENT

LOANS RECEIVABLE AND INVESTMENTS	12 Months Ended
	Dec. 31, 2024
Loans Receivable And Investments [Abstract]
LOANS RECEIVABLE AND INVESTMENTS	NOTE 6 – LOANS RECEIVABLE AND INVESTMENTS As of December 31, 2024 and 2023, we held $173.0 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 December 31, 2024: Secured/mortgage loans and other, net (1) $ 144,872 $ — $ 144,872 $ 146,229 Non-mortgage loans receivable, net (2) 31,939 (3,810) 28,129 27,640 Total loans receivable and investments, net $ 176,811 $ (3,810) $ 173,001 $ 173,869 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 2025 to 2027. (2) Included in Other assets on our Consolidated Balance Sheets. 2024 Activity 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 variable rate based on one-month SOFR, subject to a floor of 4.50%, plus a spread of 5.75%, increasing to 6.00% commencing October 1, 2025. 2023 Activity On May 1, 2023, we took ownership of the properties that secured the Company’s cash-pay non-recourse mezzanine loan to Santerre Health Investors (the “Santerre Mezzanine Loan”) by converting the outstanding principal amount of the Santerre Mezzanine Loan to equity, with no additional consideration being paid. As a result, the Santerre Mezzanine Loan is no longer outstanding. The properties consisted of a diverse pool of outpatient medical buildings, senior housing communities, triple-net leased skilled nursing facilities and hospital assets in the United States, which, at the time, also secured a $1 billion non-recourse senior mortgage loan issued under the CHC Commercial Mortgage Trust 2019-CHC (the “CHC Mortgage Loan”). For additional information regarding the CHC Mortgage Loan, see “Note 10 – Senior Notes Payable and Other Debt.” Upon taking ownership of the portfolio, we reversed the previously recorded (in 2022) $20.0 million CECL allowance and recognized a Gain on foreclosure of real estate of $29.1 million in our Consolidated Statements of Income. The gain is the fair value of the properties that secured the Santerre Mezzanine Loan, less the fair value of the CHC Mortgage Loan, less the principal amount of the Santerre Mezzanine Loan on May 1, 2023 (after the reversal of previously recorded allowances), and net of non-real estate assets and liabilities and transaction costs. For additional information, see “Note 11 – Fair Values of Financial Instruments.”

INVESTMENT IN UNCONSOLIDATED EN

INVESTMENT IN UNCONSOLIDATED ENTITIES	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED ENTITIES	NOTE 7 – INVESTMENTS IN UNCONSOLIDATED ENTITIES We report investments in unconsolidated entities over whose operating and financial policies we have the ability to exercise significant influence under the equity method of accounting. 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 December 31, 2024 and 2023, respectively (dollars in thousands): Ownership (1) as of December 31, Carrying Amount as of December 31, 2024 2023 2024 2023 Investments in unconsolidated real estate entities: Ventas Life Science & Healthcare Real Estate Fund 20.0% 20.1% $ 267,202 $ 264,442 Pension Fund Joint Venture 25.0% 25.0% 11,939 22,169 Research & Innovation Development Joint Venture 53.0% 53.0% 309,499 275,829 Ventas Investment Management platform 588,640 562,440 Atrium Health & Wake Forest Joint Venture 48.5% 48.5% 36,881 35,137 All other (2) 34.0%-37.5% 34.0%-37.5% 601 629 Total investments in unconsolidated real estate entities $ 626,122 $ 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 $15.5 million, $14.7 million and $14.5 million for the years ended December 31, 2024, 2023 and 2022, 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 December 31, 2024, we held a 34% ownership interest in Atria, which entitles us to customary minority rights and protections, including the right to appoint two members to the Atria Board of Directors. As of December 31, 2024, we held an approximately 6.7% ownership interest in Ardent. One of our executive officers is currently a member of the Ardent Board of Directors. Going forward, we have the right (but not the obligation) to nominate one member of the Ardent Board of Directors for so long as we beneficially own 4% or more of the total voting power of the outstanding common stock of Ardent, pursuant to our nomination agreement with Ardent. Following Ardent’s initial public offering, which was consummated in July 2024, our equity stake in Ardent decreased from the issuance of primary shares from 7.5% to approximately 6.7%, which resulted in a gain of $8.7 million for the year ended December 31, 2024, which is included in Income from unconsolidated entities in our Consolidated Statements of Income. In May 2023, we sold approximately 24% of our ownership interest in Ardent to a third-party investor for $50.1 million in total proceeds. As a result of the sale, we recognized $33.5 million of gain for the year ended December 31, 2023 in Income from unconsolidated entities in our Consolidated Statements of Income and our ownership interest in Ardent was reduced from 9.8% to 7.5%. Pursuant to Rule 3-09 and Rule 4-08(g) of Regulation S-X under the Securities Act, we are required to present summarized financial information of the combined accounts of our unconsolidated entities accounted for by the equity method. The following table summarizes the combined unaudited financial information of our equity method investments, based on the most recent financial information available to us as of the respective reporting dates and periods (dollars in thousands): As of December 31, 2024 2023 Total assets $ 9,813,724 $ 9,423,867 Total liabilities 6,168,639 6,133,776 Total noncontrolling interests 582,678 574,575 Total equity, net of noncontrolling interests 3,062,405 2,715,516 For the Years Ended December 31, 2024 2023 2022 Total revenues $ 7,121,808 $ 6,526,010 $ 6,193,393 Total pre-tax income 313,313 43,100 335,793 Net income (loss) attributable to common stockholders 196,984 (44,313) 212,112

INTANGIBLES

INTANGIBLES	12 Months Ended
	Dec. 31, 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 December 31, 2024 As of December 31, 2023 Balance Weighted Average Balance Weighted Average Intangible assets: Above-market lease intangibles (1) $ 124,515 4.3 $ 130,371 4.8 In-place lease and other real estate intangibles (2) 1,434,236 8.4 1,317,775 8.3 Acquired lease intangibles 1,558,751 1,448,146 Goodwill 1,044,915 N/A 1,045,176 N/A Other intangibles (2) 41,190 24.4 34,440 4.8 Accumulated amortization (1,286,374) N/A (1,189,817) N/A Net intangible assets $ 1,358,482 8.8 $ 1,337,945 8.0 Intangible liabilities: Below-market lease intangibles (1) $ 269,572 7.0 $ 306,499 8.1 Other lease intangibles 13,498 N/A 13,498 N/A Accumulated amortization (211,441) N/A (241,600) N/A Purchase option intangibles 3,568 N/A 3,568 N/A Net intangible liabilities $ 75,197 7.0 $ 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 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. For the years ended December 31, 2024, 2023 and 2022, our net amortization related to these intangibles was $80.8 million, $111.2 million and $102.4 million, respectively. The following is a summary of the estimated net amortization related to these intangibles for each of the next five years (dollars in thousands): Estimated Net Amortization 2025 $ 104,042 2026 41,445 2027 14,830 2028 12,723 2029 8,730 The table below reflects the carrying amount of goodwill, by segment, as of December 31, 2024 (dollars in thousands): Goodwill OM&R $ 466,967 NNN 318,412 SHOP 259,536 Total goodwill $ 1,044,915 There were no significant changes in the allocation of goodwill or any impairments during the years ended December 31, 2024, 2023 and 2022.

OTHER ASSETS

OTHER ASSETS	12 Months Ended
	Dec. 31, 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 December 31, 2024 2023 Straight-line rent receivables $ 202,675 $ 194,108 Deferred lease costs, net 145,973 118,556 Accounts receivable, net (1) 108,138 76,091 Investment in unconsolidated operating entities 95,623 80,312 Stock warrants 40,192 59,281 Non-mortgage loans receivable, net 28,129 26,152 Other intangibles, net 11,513 5,584 Other 160,420 123,326 Total other assets $ 792,663 $ 683,410 ______________________________ (1) Allowance for doubtful accounts as of December 31, 2024 and 2023 were $70.3 million and $75.5 million, respectively. In the above table, stock warrants as of December 31, 2024 represent: (1) warrants exercisable at any time prior to December 31, 2025, in whole or in part, for 11.1 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 year ended December 31, 2024, we exercised Brookdale Warrants for 5.2 million shares of Brookdale Common Stock on a cashless basis, resulting in our receipt of 2.9 million shares of Brookdale Common Stock (net of the $3.00 exercise price), which we sold for net cash proceeds of approximately $18.0 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	12 Months Ended
	Dec. 31, 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 December 31, 2024 2023 Unsecured revolving credit facility (1)(2) $ 6,397 $ 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) 330,320 358,626 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) 417,246 453,001 4.40% Senior Notes due 2029 750,000 750,000 5.10% Senior Notes, Series J due 2029 (2) 452,017 — 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) 208,623 226,501 5.625% Senior Notes 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 3,167,886 3,174,251 Total 13,618,802 13,568,598 Deferred financing costs, net (92,365) (84,034) Unamortized fair value adjustment 11,587 17,081 Unamortized discounts (15,473) (10,749) Senior notes payable and other debt $ 13,522,551 $ 13,490,896 ______________________________ (1) As of December 31, 2024 and 2023, aggregate Canadian Dollar borrowings of C$2.0 million ($1.4 million) and zero were outstanding, respectively. As of December 31, 2024 and 2023, aggregate British Pound borrowings of £4.0 million ($5.0 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 December 31, 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 December 31, 2024, we had $2.74 billion of undrawn capacity under our unsecured revolving credit facility with $6.4 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 December 31, 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 year ended December 31, 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 December 31, 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 both December 31, 2024 and 2023, we had $862.5 million aggregate principal amount of the Exchangeable Notes outstanding with an effective interest rate of 4.62% inclusive of the impact of the amortization of issuance costs. For the years ended December 31, 2024 and 2023, we recognized $32.3 million and $17.8 million of contractual interest expense, respectively, and amortization of issuance costs of $6.8 million and $3.6 million, respectively, related to the Exchangeable Notes. Unamortized issuance costs of $10.3 million and $17.1 million as of December 31, 2024 and 2023 were recorded as an offset to Senior notes payable and other debt on our Consolidated Balance Sheets. The Exchangeable Notes are exchangeable at an initial exchange rate of 18.2460 shares of our common stock per $1,000 principal amount of Exchangeable Notes (equivalent to an initial exchange price of approximately $54.81 per share of common stock). The initial exchange rate is subject to adjustment, including in the event of the payment of a quarterly dividend in excess of $0.45 per share, but will not be adjusted for any accrued and unpaid interest. Upon exchange of the Exchangeable Notes, Ventas Realty will pay cash up to the aggregate principal amount of the Exchangeable Notes to be exchanged and pay or deliver (or cause to be delivered), as the case may be, cash, shares of common stock or a combination of cash and shares of common stock, at Ventas Realty’s election, in respect of the remainder, if any, of its exchange obligation in excess of the aggregate principal amount of the Exchangeable Notes being exchanged. Prior to the close of business on the business day immediately preceding March 1, 2026, the Exchangeable Notes will be exchangeable at the option of the noteholders only upon the satisfaction of specified conditions and during certain periods described in the indenture governing the Exchangeable Notes. On or after March 1, 2026, until the close of business on the business day immediately preceding the maturity date, the Exchangeable Notes will be exchangeable at the option of the noteholders at any time regardless of these conditions or periods. We have evaluated and concluded that the exchange options embedded in our exchangeable senior notes are eligible for the entity’s own equity scope exception from ASC 815 and therefore, do not need to be bifurcated. Accordingly, we record our exchangeable senior notes as liabilities (included in Senior notes payable and other debt on our Consolidated Balance Sheets). Senior Notes As of December 31, 2024, we had outstanding $8.3 billion aggregate principal amount of senior notes issued by Ventas Realty, approximately $73.8 million aggregate principal amount of senior notes issued by Nationwide Health Properties, Inc. (“NHP”) and assumed by our subsidiary, Nationwide Health Properties, LLC (“NHP LLC”), as successor to NHP, in connection with our acquisition of NHP, and C$2.0 billion aggregate principal amount of senior notes issued by our subsidiary, Ventas Canada Finance Limited (“Ventas Canada”). All of the senior notes issued by Ventas Realty and Ventas Canada are unconditionally guaranteed by Ventas, Inc. Ventas Realty’s senior notes are part of our and Ventas Realty’s general unsecured obligations, ranking equal in right of payment with all of our and Ventas Realty’s existing and future senior obligations and ranking senior in right of payment to all of our and Ventas Realty’s existing and future subordinated indebtedness. However, Ventas Realty’s senior notes are effectively subordinated to our and Ventas Realty’s secured indebtedness, if any, to the extent of the value of the assets securing that indebtedness. Ventas Realty’s senior notes are also structurally subordinated to the preferred equity and indebtedness, whether secured or unsecured, of our subsidiaries (other than Ventas Realty). Ventas Canada’s senior notes are part of our and Ventas Canada’s general unsecured obligations, ranking equal in right of payment with all of Ventas Canada’s existing and future subordinated indebtedness. However, Ventas Canada’s senior notes are effectively subordinated to our and Ventas Canada’s secured indebtedness, if any, to the extent of the value of the assets securing that indebtedness. Ventas Canada’s senior notes are also structurally subordinated to the preferred equity and indebtedness, whether secured or unsecured, of our subsidiaries (other than Ventas Canada). NHP LLC’s senior notes are part of NHP LLC’s general unsecured obligations, ranking equal in right of payment with all of NHP LLC’s existing and future senior obligations and ranking senior to all of NHP LLC’s existing and future subordinated indebtedness. However, NHP LLC’s senior notes are effectively subordinated to NHP LLC’s secured indebtedness, if any, to the extent of the value of the assets securing that indebtedness. NHP LLC’s senior notes are also structurally subordinated to the preferred equity and indebtedness, whether secured or unsecured, of its subsidiaries. Ventas Realty and Ventas Canada may redeem each series of their respective senior notes in whole at any time or in part from time to time, prior to maturity at the redemption prices set forth in the applicable indenture (which include, in many instances, a make-whole premium), plus, in each case, accrued and unpaid interest thereon to the redemption date. In February 2024, 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 our 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 borrowings 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 used the proceeds for general corporate purposes, including funding of acquisitions and 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. In January and February 2025, we repaid $450.0 million and $600.0 million aggregate principal amount of 2.65% Senior Notes due 2025 and aggregate principal amount of 3.50% Senior Notes due 2025, respectively, at maturity using cash on hand and borrowings through our commercial paper program. Mortgages At December 31, 2024, we had 145 mortgage loans outstanding in the aggregate principal amount of $3.2 billion, which are secured by 140 of our properties. Of these loans, 131 loans in the aggregate principal amount of $2.7 billion bear interest at fixed rates ranging from 2.24% to 7.13% per annum, and 14 loans in the aggregate principal amount of $483.9 million bear interest at variable rates ranging from 3.05% to 7.79% per annum as of December 31, 2024. At December 31, 2024, the weighted average annual rate on our fixed rate mortgage loans was 4.3%, and the weighted average annual rate on our variable rate mortgage loans was 5.1%. Our mortgage loans had a weighted average maturity of 4.3 years as of December 31, 2024. During the year ended December 31, 2024, we repaid in full mortgage loans in the aggregate principal amount of $48.3 million. 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 December 31, 2024, our indebtedness had the following maturities (dollars in thousands): Principal Amount Unsecured Revolving Scheduled Periodic Total Maturities 2025 $ 1,737,827 $ — $ 48,425 $ 1,786,252 2026 2,041,934 — 42,663 2,084,597 2027 1,558,922 — 42,907 1,601,829 2028 1,447,250 6,397 36,105 1,489,752 2029 1,637,470 — 29,906 1,667,376 Thereafter 4,890,539 — 98,457 4,988,996 Total maturities $ 13,313,942 $ 6,397 $ 298,463 $ 13,618,802 The instruments governing our outstanding indebtedness contain covenants that limit our ability and the ability of certain of our subsidiaries to, among other things: (i) incur debt; (ii) make certain dividends, distributions and investments; (iii) enter into certain transactions; and/or (iv) merge, consolidate or sell certain assets. Ventas Realty’s and Ventas Canada’s senior notes also require us and our subsidiaries to maintain total unencumbered assets of at least 150% of our unsecured debt. Our credit facilities also require us to maintain certain financial covenants pertaining to, among other things, our consolidated total leverage, secured debt, unsecured debt, fixed charge coverage and net worth. As of December 31, 2024, we were in compliance with all of these covenants. Derivatives and Hedging In the normal course of our business, interest rate fluctuations affect future cash flows under our variable rate debt obligations, loans receivable and marketable debt securities, and foreign currency exchange rate fluctuations affect our operating results. We follow established risk management policies and procedures, including the use of derivative instruments, to mitigate the impact of these risks. We do not use derivative instruments for trading or speculative purposes, and we have a policy of entering into contracts only with major financial institutions based upon their credit ratings and other factors. When considered together with the underlying exposure that the derivative is designed to hedge, we do not expect that the use of derivatives in this manner would have any material adverse effect on our future financial condition or results of operations. We enter into interest rate swaps in order to maintain a capital structure containing targeted amounts of fixed and variable-rate debt and manage interest rate risk. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for our fixed-rate payments. These interest rate swap agreements are used to hedge the variable cash flows associated with variable-rate debt. 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 our Consolidated Statements of Income. As of December 31, 2024, our variable rate debt obligations of $0.8 billion reflect, in part, the effect of $141.3 million notional amount of interest rate swaps with maturities in March 2027, that effectively convert fixed rate debt to variable rate debt. As of December 31, 2024, our fixed rate debt obligations of $12.8 billion reflect, in part, the effect of $526.5 million and C$635.9 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. During the year ended December 31, 2024, approximately $22.3 million of realized gain primarily relating to our interest rate swaps was reclassified into Interest expense in our Consolidated Statements of Income. Approximately $3.0 million of unrealized gains, which are included in Accumulated other comprehensive income as of December 31, 2024, are expected to be reclassified into earnings within the next 12 months.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 11 – FAIR VALUES OF FINANCIAL INSTRUMENTS Financial Instruments Measured at Fair Value The table below summarizes the carrying amounts and fair values of our financial instruments either recorded or disclosed on a recurring basis (dollars in thousands): As of December 31, 2024 As of December 31, 2023 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents (1) $ 897,850 $ 897,850 $ 508,794 $ 508,794 Escrow deposits and restricted cash (1) 59,383 59,383 54,668 54,668 Stock warrants (3)(4)(5) 40,192 40,192 59,281 59,281 Secured mortgage loans and other, net (3)(4) 144,872 146,229 27,986 27,947 Non-mortgage loans receivable, net (3)(4)(5) 28,129 27,640 26,152 25,200 Derivative instruments (3)(5) 12,908 12,908 19,782 19,782 Liabilities: Senior notes payable and other debt, gross (3)(4) 13,618,802 13,411,066 13,568,598 13,104,091 Derivative instruments (3)(6) 5,887 5,887 2,525 2,525 Redeemable OP Units (2) 200,420 200,420 173,452 173,452 ______________________________ (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. (7) During the years ended December 31, 2024 and 2023, there were no material transfers of financial assets or liabilities within the fair value hierarchy. For a discussion of the assumptions considered, refer to “Note 2 – Accounting Policies.” The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented above are not necessarily indicative of the amounts we would realize in a current market exchange. 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 year ended December 31, 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. Substantially all of our derivative instruments consist of interest rate swaps. Their fair value is based on Level 2 inputs. See “Note 2 – Accounting Policies.” Other Items Measured at Fair Value on a Nonrecurring Basis Real estate recorded as held for sale and any associated real estate impairment recorded due to the shortening of the expected hold period due to our change in intent to hold the asset (see “Note 5 – Dispositions and Impairments”) are measured at fair value on a nonrecurring basis. We estimate the fair value of assets held for sale and any associated impairment charges based primarily on current sales price expectations, which reside within Level 2 of the fair value hierarchy. Real estate impairment charges recorded due to our evaluation of recoverability when events or changes in circumstances indicate the carrying amount may not be recoverable are based on company-specific inputs and our assumptions about the marketability of the properties as observable inputs are not available. As such, we have determined that these fair value measurements generally reside within Level 3 of the fair value hierarchy. We estimate the fair value of real estate deemed to not be recoverable using the cost or income approach and unobservable data such as net operating income and estimated capitalization and discount rates, and giving consideration to local and national industry market data including comparable sales. 2023 Activity The fair value of the collateral received in connection with the equitization of the Santerre Mezzanine Loan on May 1, 2023 was determined using fair value determinations within Level 1, 2 and 3 of the fair value hierarchy. The fair value of the non-real estate assets and liabilities was based on their cost, given the short term nature of those balances and because cost was the best information available, which reside within Level 1 of the fair value hierarchy. The fair value of the CHC Mortgage Loan, which approximates par, was based on the absence of recent underlying trading activity, consideration of the near-term maturity date and adjustments for the credit-worthiness of the borrower, which reside within Level 2 of the fair value hierarchy. The fair value of the real estate properties that secured the Santerre Mezzanine Loan of $1.566 billion (net of $31.8 million of capital expenditures) on May 1, 2023 was determined using unobservable inputs primarily within Level 3 of the fair value hierarchy. For SHOP and outpatient medical properties, fair value was based on either an income or market approach that took into account unobservable inputs such as direct capitalization rates, estimated NOI, market rents, costs per unit, replacement cost and estimates of future cash flows, which are based on a number of factors including historical operating results, known trends and market and economic conditions. For the majority of the SHOP properties, fair value was based on an income approach with significant unobservable inputs that included an average direct capitalization rate of 6.8% on estimated expected stabilized NOI, adjusted based on cost per unit in certain cases. For the majority of the outpatient medical properties, fair value was based on an income approach with significant unobservable inputs that included an average direct capitalization rate of 6.7% on estimated expected stabilized NOI, adjusted based on cost per square foot in certain cases. For triple-net leased properties, fair value was primarily based on an average estimated per bed value by property by state of $88,000, which was determined based on an assessment of recent transactions adjusted for property, operator and other characteristics such as contractual rent, tenant payment history, underlying operating trends, reimbursement rates and other market data.

LONG-TERM COMPENSATION

LONG-TERM COMPENSATION	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
LONG-TERM COMPENSATION	NOTE 12 – LONG-TERM COMPENSATION Compensation Plans We currently have: • one plan, the 2022 Incentive Plan, under which equity awards, including options to purchase common stock, shares of restricted stock or restricted stock units, have been or may be granted to our officers, employees and non-employee directors; and • one plan under which our non-employee directors may elect to defer receipt of all or a portion of their cash retainers and meeting fees and receive shares of common stock in lieu thereof at a later date chosen by the participating director (the Non-Employee Directors’ Cash Compensation Deferral Plan, formerly known as the Non-Employee Directors’ Deferred Stock Compensation Plan). These plans are referred to collectively as the “Plans.” The number of shares initially reserved for issuance and the number of shares available for future grants or issuance under the Plans as of December 31, 2024 were as follows: • 2022 Incentive Plan—11.4 million shares, plus any shares of common stock subject to awards granted under the 2012 Plan as of October 1, 2022, that expire, or for any reason are forfeited, cancelled or terminated either without such shares being issued or with such shares being forfeited (such shares the “2012 Plan Shares”) were reserved initially for grants or issuance to employees and non-employee directors, and 10.8 million shares were available for future issuance as of December 31, 2024. • Non-Employee Directors’ Cash Compensation Deferral Plan—0.6 million shares were reserved initially for issuance to participating non-employee directors in lieu of the payment of all or a portion of their retainer and meeting fees, at their option, and 0.4 million shares were available for future issuance as of December 31, 2024. In addition, we have two plans under which outstanding options to purchase common stock, shares of restricted stock or restricted stock units have been granted to our officers, employees and non-employee directors (the 2006 Stock Plan for Directors and the 2012 Incentive Plan). New grants are not permitted under either of these plans. Outstanding options, all of which were issued under the 2012 Plan, are exercisable at the market price on the date of grant, expire ten years from the date of grant, and are fully vested. Stock Options The following is a summary of stock option activity in 2024: Shares (000’s) Weighted Average Weighted Intrinsic Outstanding as of December 31, 2023 3,457 $ 62.17 Options exercised (426) 61.21 1,208 Options forfeited (400) 51.84 Outstanding as of December 31, 2024 2,631 63.89 1.6 $ 399 Exercisable as of December 31, 2024 2,631 63.89 1.6 $ 399 Compensation costs for all share-based awards are based on the grant date fair value and are recognized on a straight-line basis during the requisite service periods, with charges primarily recorded in General, administrative and professional fees in our Consolidated Statements of Income. As of December 31, 2024, 2023 and 2022, there was no unrecognized compensation expense relating to stock options. Aggregate proceeds received from options exercised under the Plans for the years ended December 31, 2024, 2023 and 2022 were $26.1 million, $1.7 million and $8.7 million, respectively. The total intrinsic value at exercise of options exercised during the year ended December 31, 2024 was $1.2 million. The total intrinsic value at exercise of options exercised during the year ended December 31, 2023 was immaterial. The total intrinsic value at exercise of options exercised during the year ended December 31, 2022 was $0.7 million. There was no deferred income tax benefit for stock options exercised. Restricted Stock and Restricted Stock Units We recognize the fair value of shares of restricted stock and restricted stock units (including time-based and performance-based awards) on the grant date of the award as stock-based compensation expense over the requisite service period, with charges primarily to General, administrative and professional fees of $30.9 million, $30.4 million and $30.7 million in 2024, 2023 and 2022, respectively, in our Consolidated Statements of Income. Time-based restricted stock and restricted stock unit awards granted to employees generally vest over a three-year period, while time-based restricted stock unit awards granted to non-employee directors typically vest approximately one year from the date of grant. Performance-based stock units granted to our executive officers, which include market and performance components, may be earned and vest, if at all, at the end of the three-year performance period based on the achievement of such components. If provided in the applicable Plan or award agreement, the vesting of awards may accelerate upon a change of control (as defined in the applicable Plan) of Ventas and other specified events. In addition to customary change in control vesting provisions, awards generally vest on retirement provided certain conditions are met. Employees are typically not retirement eligible until age 65, or in the case of executive officers, until their age plus years of service equals 75, with a minimum age of 62; the retirement age for non-employee directors is 75. The fair market value of time-based restricted stock units is determined based on the closing market price of the Company’s shares on the grant date and is expensed over the period of three The following is a summary of the status of our non-vested restricted stock and restricted stock units (including time-based and performance-based awards) as of December 31, 2024, and changes during the year ended December 31, 2024: Restricted Weighted Restricted Weighted Non-vested at December 31, 2023 156 $ 51.30 1,309 $ 52.03 Granted — — 750 49.74 Vested (99) 52.03 (665) 48.54 Forfeited (6) 51.09 (93) 47.16 Non-vested at December 31, 2024 51 49.88 1,301 52.39 As of December 31, 2024, we had $17.2 million of unrecognized compensation cost related to non-vested restricted stock and restricted stock units under the Plans. We expect to recognize that cost over a weighted average period of 0.45 years. The total fair value at the vesting date for restricted stock and restricted stock units that vested during the years ended December 31, 2024, 2023 and 2022 was $32.7 million, $25.0 million and $29.6 million, respectively. Employee and Director Stock Purchase Plan We have in effect an Employee and Director Stock Purchase Plan (“ESPP”) under which our employees and directors may purchase shares of our common stock at a discount. Pursuant to the terms of the ESPP, on each purchase date, participants may purchase shares of common stock at a price not less than 90% of the market price on that date (with respect to the employee tax-favored portion of the plan) and not less than 95% of the market price on that date (with respect to the additional employee and director portion of the plan). We initially reserved 3.0 million shares for issuance under the ESPP. As of December 31, 2024, 0.2 million shares had been purchased under the ESPP and 2.8 million shares were available for future issuance. Employee Benefit Plan We maintain a 401(k) plan that allows eligible employees to defer compensation subject to certain limitations imposed by the Code. In 2024, we made contributions for each qualifying employee of up to 4.0% of his or her salary, subject to certain limitations. During 2024, 2023 and 2022, our aggregate contributions were approximately $2.1 million, $2.0 million and $1.6 million, respectively.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 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 Code for every year beginning with the year ended December 31, 1999. We have also elected for certain of our subsidiaries to be treated as TRS entities, which are subject to federal, state and foreign income taxes. All entities other than the TRS entities are collectively referred to as the “REIT” within this note. Certain REIT entities are subject to foreign income tax. Although we intend to continue to operate in a manner that will enable us to qualify as a REIT, such qualification depends upon our ability to meet, on a continuing basis, various distribution, stock ownership and other tests. Our tax treatment of distributions per common share was as follows: For the Years Ended December 31, 2024 2023 2022 Tax treatment of distributions: Ordinary income $ — $ — $ — Qualified ordinary income — 0.04468 0.04906 199A qualified business income 1.09580 1.49465 1.75094 Long-term capital gain — 0.09136 — Non-dividend distribution 0.70420 0.16931 — Distribution reported for 1099-DIV purposes 1.80000 1.80000 1.80000 Add: Dividend declared in current year and taxable in following year 0.45000 0.45000 0.45000 Less: Dividend declared in prior year and taxable in current year (0.45000) (0.45000) (0.45000) Distribution declared per common share outstanding $ 1.80000 $ 1.80000 $ 1.80000 We believe we have met the annual REIT distribution requirement by payment of at least 90% of our estimated taxable income for 2024, 2023 and 2022. Our consolidated expense (benefit) for income taxes was as follows (dollars in thousands): For the Years Ended December 31, 2024 2023 2022 Current - Federal $ 324 $ 534 $ (2,257) Current - State 2,630 2,564 2,662 Deferred - Federal (30,436) (6,135) 338 Deferred - State 28 230 1,310 Current - Foreign 2,646 2,587 3,217 Deferred - Foreign (12,967) (9,319) (22,196) Total $ (37,775) $ (9,539) $ (16,926) The 2024 income tax benefit is primarily due to losses in certain of our TRS entities and a $28.6 million change in valuation allowance due to purchase accounting activity. The 2023 income tax benefit is primarily due to losses in certain of our TRS entities and a $3.2 million benefit from internal restructurings of U.S. TRS entities. The 2022 income tax benefit is primarily due to losses at certain TRS entities and an income tax benefit of $11.9 million from an internal restructuring of foreign TRS entities. Although the TRS entities and certain other foreign entities have paid minimal cash federal, state and foreign income taxes for the year ended December 31, 2024, their income tax liabilities may increase in future years as we exhaust net operating loss (“NOL”) carryforwards and as our operations grow. Such increases could be significant. A reconciliation of income tax expense and benefit, which is computed by applying the federal corporate tax rate for the years ended December 31, 2024, 2023 and 2022, to the income tax expense and benefit is as follows (dollars in thousands): For the Years Ended December 31, 2024 2023 2022 Tax at statutory rate on earnings from continuing operations before unconsolidated entities, noncontrolling interest and income taxes $ (1,679) $ (24,272) $ (19,733) State income taxes, net of federal benefit 2,641 (839) (5,411) Change in valuation allowance (10,593) 20,330 53,117 Tax at statutory rate on earnings not subject to federal income taxes (18,773) (7,809) (31,528) Foreign rate differential and foreign taxes 1,813 43 123 Change in tax status of TRS — 9,171 (1,961) Other differences (11,184) (6,163) (11,533) Income tax benefit $ (37,775) $ (9,539) $ (16,926) Each TRS is a tax-paying component for purposes of classifying deferred tax assets and liabilities. The tax effects of temporary differences and carryforwards included in the net deferred tax liabilities are summarized as follows (dollars in thousands): As of December 31, 2024 2023 2022 Property, primarily differences in depreciation and amortization, the tax basis of land assets and the treatment of interests and certain costs $ (73,214) $ (26,071) $ (34,734) Operating loss and interest deduction carryforwards 236,424 233,847 220,891 Expense accruals and other 56,546 26,700 16,723 Valuation allowance (225,975) (257,222) (227,960) Net deferred tax liabilities $ (6,219) $ (22,746) $ (25,080) Our net deferred tax liability decreased $16.5 million during 2024 primarily due to the impact of operating losses at certain TRS entities and an increase in deferred tax assets of $18.0 million due to tax law changes in Canada regarding the deductibility of interest and financing expenses. Our net deferred tax liability decreased $1.7 million during 2023 primarily due to the impact of operating losses at certain TRS entities and the reversal of $3.2 million of net deferred tax liabilities from an internal restructuring of TRS entities, partially offset by an increase of $12.4 million in connection with our equitization of the Santerre Mezzanine Loan on May 1, 2023. Our net deferred tax liability decreased $23.0 million during 2022 primarily due to the impact of operating losses at certain TRS entities and the reversal of $11.9 million of deferred tax liabilities from an internal restructuring of foreign TRS entities. Due to uncertainty regarding the realization of certain deferred tax assets, we have established valuation allowances, primarily in connection with the NOL carryforwards related to certain TRSs. The amounts related to NOLs at the TRS entities for 2024, 2023 and 2022 are $180.8 million, $179.0 million and $171.0 million, respectively. We are subject to corporate-level taxes (“built-in gains tax”) for any asset dispositions during the five-year period immediately after the assets were owned by a C corporation (either prior to our REIT election, through stock acquisition or merger). The amount of income potentially subject to built-in gains tax is generally equal to the lesser of the excess of the fair value of the asset over its adjusted tax basis as of the date it became a REIT asset or the actual amount of gain. Some, but not all, future gains could be offset by available NOL carryforwards. At December 31, 2024, 2023 and 2022, the REIT had NOL carryforwards of $1.0 billion, $1.1 billion and $1.1 billion, respectively. Additionally, the REIT has $10.8 million of federal income tax credits that were carried over from acquisitions at December 31, 2024, 2023 and 2022. These amounts can be used to offset future taxable income (or taxable income for prior years if an audit determines that tax is owed), if any. The REIT will be entitled to utilize NOLs and tax credit carryforwards only to the extent that REIT taxable income exceeds our deduction for dividends paid. Certain NOL and credit carryforwards are limited as to their utilization by Section 382 of the Code. The remaining REIT carryforwards began to expire in 2023. For the years ended December 31, 2024 and 2023, the net difference between tax bases and the reported amount of REIT assets and liabilities for federal income tax purposes was approximately $1.8 billion and $2.2 billion, respectively, less than the book bases of those assets and liabilities for financial reporting purposes. Generally, we are subject to audit under the statute of limitations by the Internal Revenue Service (“IRS”) for the year ended December 31, 2021, and subsequent years and are subject to audit by state taxing authorities for the year ended December 31, 2020 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 the periods ended in and subsequent to 2023. The following table summarizes the activity related to our unrecognized tax benefits (dollars in thousands): 2024 2023 Balance as of January 1 $ 5,205 $ 5,828 Additions to tax positions related to prior years — 108 Subtractions to tax positions related to prior years (1,242) (731) Balance as of December 31 $ 3,963 $ 5,205 If recognized, these unrecognized tax benefits of $4.0 million and $5.2 million at December 31, 2024 and 2023, respectively, would reduce our annual effective tax rate. We accrued no interest or penalties related to the unrecognized tax benefits during 2024. We do not expect our unrecognized tax benefits to increase or decrease materially in 2025. As a part of the transfer pricing structure in the normal course of business, the REIT enters into transactions with certain TRSs, such as leasing and sub-management transactions, other capital financing and allocation of general and administrative costs, which transactions are intended to comply with the IRS and foreign tax authority transfer pricing rules.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 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 Years Ended December 31, 2024 2023 2022 Numerator for basic and diluted earnings per share: Net income (loss) $ 88,351 $ (30,297) $ (40,931) Net income attributable to noncontrolling interests 7,198 10,676 6,516 Net income (loss) attributable to common stockholders $ 81,153 $ (40,973) $ (47,447) Denominator: Denominator for basic earnings per share—weighted average shares 411,770 401,809 399,549 Effect of dilutive securities: Restricted stock awards 397 389 390 OP unitholder interests 3,422 3,472 3,515 Exchangeable Notes 744 — — Equity forward sales agreements 33 — — Denominator for diluted earnings per share—adjusted weighted average shares 416,366 405,670 403,454 Basic earnings per share: Net income (loss) $ 0.21 $ (0.08) $ (0.10) Net income (loss) attributable to common stockholders 0.20 (0.10) (0.12) Diluted earnings per share: (1) Net income (loss) $ 0.21 $ (0.08) $ (0.10) Net income (loss) attributable to common stockholders 0.19 (0.10) (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. There were 2.9 million, 3.5 million and 3.6 million anti-dilutive options outstanding for the years ended December 31, 2024, 2023 and 2022, respectively. 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 year ended December 31, 2024 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 years ended December 31, 2023 and 2022 as they were antidilutive. Our unsettled equity forward sales agreements do not impact basic earnings per share. We apply the treasury stock method to our unsettled equity forward sales agreements to determine their dilutive effect, if any. See “Note 16 – Permanent and Temporary Equity.”

PERMANENT AND TEMPORARY EQUITY

PERMANENT AND TEMPORARY EQUITY	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
PERMANENT AND TEMPORARY EQUITY	NOTE 16 – PERMANENT AND TEMPORARY EQUITY Capital Stock In February 2024, we entered into an amendment to our November 2021 ATM Sales Agreement, providing for an “at-the-market” equity offering program, pursuant to which we could sell, from time to time, up to $1.0 billion aggregate gross sales price of shares of our common stock (as amended, the “February 2024 ATM Program”). In September 2024, we terminated the February 2024 ATM Program and entered into an ATM Sales Agreement providing for the sale, from time to time, of up to $2.0 billion aggregate gross sales price of shares of our common stock (the “September 2024 ATM Program” and, together with the February 2024 ATM Program, the “ATM Programs”). The ATM Programs have allowed us to enter into forward sales agreements, as 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 December 31, 2024, the remaining amount available under our September 2024 ATM Program for future sales of common stock was $1.5 billion. During the year ended December 31, 2024, we issued 37.3 million shares of our common stock for gross proceeds of $2.2 billion, representing an average price of $58.38 per share, of which 3.4 million shares or approximately $201.1 million in gross proceeds remained unsettled with maturity in March 2026. During the year ended December 31, 2023, we issued 2.3 million shares of our common stock for gross proceeds of $110.4 million, representing an average price of $47.89 per share. There were no issuances of common stock for the year ended December 31, 2022. Equity Forward Sales Agreements Equity forward sales agreements generally have a maturity of one In January 2025, we entered into additional unsettled equity forward sales agreements for 0.8 million shares or approximately $49.8 million in gross proceeds with maturity in March 2026. Excess Share Provision Our Amended and Restated Certificate of Incorporation (our “Charter”) contains restrictions on the ownership and transfer of our common and preferred stock to enable us to preserve our REIT status. Our Charter provides certain specified remedies if a transfer would violate one of the ownership limitations. In particular, if a person acquires beneficial or constructive ownership of more than the ownership limit (currently, 9.0%, in number or value, of our outstanding common stock or 9.9%, in number or value, of our outstanding preferred stock), or in violation of certain other limitations set forth in our Charter, then the shares that are beneficially or constructively owned in excess of the relevant limitation are considered to be “excess shares.” Excess shares are automatically deemed transferred to a trust for the benefit of a charitable institution or other qualifying organization selected by our Board of Directors. The trust is entitled to all dividends with respect to the excess shares, and the trustee may exercise all voting power over the excess shares. We have the right to purchase the excess shares for a purchase price equal to the lesser of the price per share in the transaction that created the excess shares or the market price on the date we buy the shares, and we may defer payment of the purchase price for up to five years (and we are not obligated to pay interest on such deferred payment). If we do not purchase the excess shares, the trustee of the trust is required to transfer the excess shares at the direction of our Board of Directors. The owner of the excess shares is entitled to receive the lesser of the proceeds from the sale of the excess shares or the original purchase price for such excess shares, and any additional amounts are payable to the beneficiary of the trust. As of December 31, 2024, there were no shares in the trust. Our Charter also provides that a transfer of shares of common or preferred stock that would otherwise result in ownership, under the applicable attribution rules of the Code, of shares in excess of the ownership limit, would cause our shares to be beneficially owned by fewer than 100 persons, or would result in our being “closely held” (within the meaning of Section 856(h) of the Code), will be void ab initio and the purported transferee will acquire no rights in such shares. Our Board of Directors is empowered to grant waivers from the excess share provisions of our Charter under certain circumstances. Accumulated Other Comprehensive Loss The following is a summary of our accumulated other comprehensive loss (dollars in thousands): As of December 31, 2024 2023 Foreign currency translation loss $ (34,341) $ (56,596) Unrealized loss on available for sale securities (2,118) (1,256) Unrealized gain on derivative instruments 2,933 22,095 Total accumulated other comprehensive loss $ (33,526) $ (35,757) Redeemable OP Unitholder and Noncontrolling Interests The following is a roll-forward of our redeemable OP unitholder and noncontrolling interests for 2024 (dollars in thousands): Redeemable OP Unitholder Interests Redeemable Noncontrolling Interests Total Redeemable OP Unitholder and Noncontrolling Interests Balance as of December 31, 2023 $ 173,452 $ 129,184 $ 302,636 New issuances — 1,141 1,141 Change in fair value 34,163 1,198 35,361 Dispositions — — — Distributions and other (6,424) (21,714) (28,138) Redemptions (771) — (771) Balance as of December 31, 2024 $ 200,420 $ 109,809 $ 310,229

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 17 – RELATED PARTY TRANSACTIONS Atria We hold a 34% ownership interest in Atria, which entitles us to customary minority rights and protections, including the right to appoint two members to the Atria Board of Directors. Atria provides comprehensive property management and accounting services with respect to our senior housing communities that Atria operates, for which we pay annual management fees pursuant to long-term management agreements. For the years ended December 31, 2024, 2023 and 2022, we incurred fees to Atria of $62.9 million, $63.4 million and $61.5 million, respectively, which are recorded within property-level operating expenses in our Consolidated Statements of Income. For the year ended December 31, 2024, 2023 and 2022, we incurred fees to Atria of $0.1 million, $1.5 million and $6.1 million, respectively, primarily in connection with the transition of senior housing communities operated by Atria, which are recorded within Transaction, transition and restructuring costs in our Consolidated Statements of Income. Ardent As of December 31, 2024, we held an approximately 6.7% ownership interest in Ardent. One of our executive officers is currently a member of the Ardent Board of Directors. Going forward, we have the right (but not the obligation) to nominate one member of the Ardent Board of Directors for so long as we beneficially own 4% or more of the total voting power of the outstanding common stock of Ardent, pursuant to our nomination agreement with Ardent. Following Ardent’s initial public offering, which was consummated in July 2024, our equity stake in Ardent decreased from the issuance of primary shares from 7.5% to approximately 6.7%, which resulted in a gain of $8.7 million for the year ended December 31, 2024, which is included in Income from unconsolidated entities in our Consolidated Statements of Income. In May 2023, we sold approximately 24% of our ownership interest in Ardent to a third-party investor for $50.1 million in total proceeds. As a result of the sale, we recognized $33.5 million of gain for the year ended December 31, 2023 in Income from unconsolidated entities in our Consolidated Statements of Income and our ownership interest in Ardent was reduced from 9.8% to 7.5%. As of December 31, 2024, we leased 11 hospitals to Ardent pursuant to a single, triple-net master lease agreement. For the years ended December 31, 2024, 2023 and 2022, we recognized rental income from Ardent of $137.1 million, $133.7 million and $130.5 million, respectively. As of December 31, 2024, we also leased 19 outpatient medical buildings to Ardent under separate leases included in our OM&R segment. For the years ended December 31, 2024, 2023 and 2022, we recognized rental income from Ardent of $13.5 million, $13.4 million and $12.1 million, respectively. PMBRES We hold a 50% ownership interest in PMB Real Estate Services LLC (“PMBRES”), which entitles us to customary rights and protections, including the right to appoint two members to the PMBRES Board of Directors. PMBRES provides outpatient medical building management, leasing, marketing, facility development and advisory services to highly rated hospitals and other healthcare facilities throughout the United States, for which we pay management fees and leasing commissions pursuant to long-term management agreements. For the years ended December 31, 2024, 2023 and 2022, we incurred fees to PMBRES of $11.2 million, $10.9 million and $8.5 million, respectively. Management fees are recorded within property-level operating expenses in our Consolidated Statements of Income. Leasing commissions are accounted for as initial direct costs and recorded within other assets on our Consolidated Balance Sheets and amortized over the life of the related lease.

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
SEGMENT INFORMATION	NOTE 18 – SEGMENT INFORMATION As of December 31, 2024, we operated through three reportable business segments: SHOP, OM&R and NNN. In our SHOP segment, we own and invest in senior housing communities throughout the United States and Canada and engage operators to operate those communities. In our OM&R segment, we primarily acquire, own, develop, lease and manage outpatient medical buildings and research centers throughout the United States. In our NNN segment, we invest in and own senior housing communities, skilled nursing facilities (“SNFs”), long-term acute care facilities (“LTACs”), freestanding inpatient rehabilitation facilities (“IRFs”) and other healthcare facilities, throughout the United States and the United Kingdom and lease these 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 private capital management platform, income from loans and investments and corporate-level expenses not directly attributable to any of our three reportable business segments. Non-segment assets consist primarily of corporate assets, including cash and cash equivalents, restricted cash, loans receivable and investments and accounts receivable. Non-segment assets also include our investments in unconsolidated entities, including investments in unconsolidated real estate entities through our third-party institutional private capital management platform, VIM, and investments in unconsolidated operating entities, such as Ardent and Atria. Through VIM, we partner with third-party institutional investors to invest in real estate through various joint ventures and other co-investment vehicles. Non-segment assets also include other assets, such as our Brookdale and Kindred Warrants. Total assets by reportable business segment is not disclosed as the CODM does not review such information to evaluate business performance and allocate resources. The accounting policies for the segments are the same as those described in the summary of significant accounting policies (see “Note 2 – Accounting Policies”). Our chief operating decision maker (“CODM”) is the Chief Executive Officer of the Company. Our CODM 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. Our CODM uses NOI to assess the performance of each segment and to allocate resources (including employees and financial or capital resources) primarily during the quarterly or annual business review and annual budget and forecasting process. We define NOI as total revenues, less interest and other income, property-level operating expenses and third-party capital management expenses. We consider NOI useful because it allows investors, analysts and our management to measure unlevered property-level operating results and to compare our operating results to the operating results of other real estate companies between periods on a consistent basis. In order to facilitate a clear understanding of our historical consolidated operating results, NOI should be examined in conjunction with net income attributable to common stockholders as presented in our Consolidated Financial Statements and other financial data included elsewhere in this Annual Report. See “Non-GAAP Financial Measures” included elsewhere in this Annual Report for additional disclosure and reconciliations of net income attributable to common stockholders, as computed in accordance with GAAP, to NOI. Interest expense, depreciation and amortization, general, administrative and professional fees, income tax expense and other non-property-specific revenues and expenses are not allocated to individual reportable business segments for purposes of assessing segment performance. There are no intersegment sales or transfers. Summary information by reportable business segment is as follows (dollars in thousands): For the Year Ended December 31, 2024 SHOP OM&R NNN Non-Segment Total Revenues: Rental income $ — $ 874,886 $ 622,054 $ — $ 1,496,940 Resident fees and services 3,372,796 — — — 3,372,796 Third-party capital management revenues — 2,705 — 14,654 17,359 Income from loans and investments — — — 9,057 9,057 Interest and other income — — — 28,114 28,114 Total revenues $ 3,372,796 $ 877,591 $ 622,054 $ 51,825 $ 4,924,266 Total revenues $ 3,372,796 $ 877,591 $ 622,054 $ 51,825 $ 4,924,266 Less: Interest and other income — — — 28,114 28,114 Labor (1) 1,418,320 — — — 1,418,320 Management fees 174,491 — — — 174,491 Other segment expenses (2) 913,602 298,320 15,829 — 1,227,751 Property-level operating expenses 2,506,413 298,320 15,829 — 2,820,562 Third-party capital management expenses — — — 6,507 6,507 NOI $ 866,383 $ 579,271 $ 606,225 $ 17,204 2,069,083 Interest and other income 28,114 Interest expense (602,835) Depreciation and amortization (1,253,143) General, administrative and professional fees (162,990) Loss on extinguishment of debt, net (687) Transaction, transition and restructuring costs (20,369) Reversal of allowance on loans receivable and investments, net 166 Shareholder relations matters (15,751) Other expense (49,584) Income from unconsolidated entities 1,563 Gain on real estate dispositions 57,009 Income tax benefit 37,775 Net income 88,351 Net income attributable to noncontrolling interests 7,198 Net income attributable to common stockholders $ 81,153 ______________________________ (1) Labor expense primarily includes salaries, benefits and related taxes. (2) Other segment expenses include: • SHOP — food, utilities, real estate taxes, insurance, repairs and maintenance, marketing, supplies and other expenses. • OM&R — utilities, real estate taxes, insurance, repairs and maintenance, cleaning, roads and grounds expense and other expenses. • NNN — real estate taxes and insurance. The CODM does not regularly receive significant expense details for the OM&R or the NNN segments and focuses on monitoring revenues and NOI because a significant majority or all of the property-level operating expenses are recovered from the tenants. For the Year Ended December 31, 2023 SHOP OM&R NNN Non-Segment Total Revenues: Rental income $ — $ 867,193 $ 619,208 $ — $ 1,486,401 Resident fees and services 2,959,219 — — — 2,959,219 Third-party capital management revenues — 2,515 — 15,326 17,841 Income from loans and investments — — — 22,952 22,952 Interest and other income — — — 11,414 11,414 Total revenues $ 2,959,219 $ 869,708 $ 619,208 $ 49,692 $ 4,497,827 Total revenues $ 2,959,219 $ 869,708 $ 619,208 $ 49,692 $ 4,497,827 Less: Interest and other income — — — 11,414 11,414 Labor (1) 1,279,296 — — — 1,279,296 Management fees 146,162 — — — 146,162 Other segment expenses (2) 822,354 292,776 14,557 — 1,129,687 Property-level operating expenses 2,247,812 292,776 14,557 — 2,555,145 Third-party capital management expenses — — — 6,101 6,101 NOI $ 711,407 $ 576,932 $ 604,651 $ 32,177 1,925,167 Interest and other income 11,414 Interest expense (574,112) Depreciation and amortization (1,392,461) General, administrative and professional fees (148,876) Gain on extinguishment of debt, net 6,104 Transaction, transition and restructuring costs (15,215) Reversal of allowance on loans receivable and investments, net 20,270 Gain on foreclosure of real estate 29,127 Other income 23,001 Income from unconsolidated entities 13,626 Gain on real estate dispositions 62,119 Income tax benefit 9,539 Net loss (30,297) Net income attributable to noncontrolling interests 10,676 Net loss attributable to common stockholders $ (40,973) ______________________________ (1) Labor expense primarily includes salaries, benefits and related taxes. (2) Other segment expenses include: • SHOP — food, utilities, real estate taxes, insurance, repairs and maintenance, marketing, supplies and other expenses. • OM&R — utilities, real estate taxes, insurance, repairs and maintenance, cleaning, roads and grounds expense and other expenses. • NNN — real estate taxes and insurance. The CODM does not regularly receive significant expense details for the OM&R or the NNN segments and focuses on monitoring revenues and NOI because a significant majority or all of the property-level operating expenses are recovered from the tenants. For the Year Ended December 31, 2022 SHOP OM&R NNN Non-Segment Total Revenues: Rental income $ — $ 801,159 $ 598,154 $ — $ 1,399,313 Resident fees and services 2,651,886 — — — 2,651,886 Third-party capital management revenues — 2,448 — 23,751 26,199 Income from loans and investments — — — 48,160 48,160 Interest and other income — — — 3,635 3,635 Total revenues $ 2,651,886 $ 803,607 $ 598,154 $ 75,546 $ 4,129,193 Total revenues $ 2,651,886 $ 803,607 $ 598,154 $ 75,546 $ 4,129,193 Less: Interest and other income — — — 3,635 3,635 Labor (1) 1,164,761 — — — 1,164,761 Management fees 127,453 — — — 127,453 Other segment expenses (2) 712,206 257,003 15,301 — 984,510 Property-level operating expenses 2,004,420 257,003 15,301 — 2,276,724 Third-party capital management expenses — — — 6,194 6,194 NOI $ 647,466 $ 546,604 $ 582,853 $ 65,717 1,842,640 Interest and other income 3,635 Interest expense (467,557) Depreciation and amortization (1,197,798) General, administrative and professional fees (144,874) Loss on extinguishment of debt, net (581) Transaction, transition and restructuring costs (30,884) Allowance on loans receivable and investments, net (19,757) Shareholder relations matters (20,693) Other expense (58,268) Income from unconsolidated entities 28,500 Gain on real estate dispositions 7,780 Income tax benefit 16,926 Net loss (40,931) Net income attributable to noncontrolling interests 6,516 Net loss attributable to common stockholders $ (47,447) ______________________________ (1) Labor expense primarily includes salaries, benefits and related taxes. (2) Other segment expenses include: • SHOP — food, utilities, real estate taxes, insurance, repairs and maintenance, marketing, supplies and other expenses. • OM&R — utilities, real estate taxes, insurance, repairs and maintenance, cleaning, roads and grounds expense and other expenses. • NNN — real estate taxes and insurance. The CODM does not regularly receive significant expense details for the OM&R or the NNN segments and focuses on monitoring revenues and NOI because a significant majority or all of the property-level operating expenses are recovered from the tenants. Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment are as follows (dollars in thousands): For the Years Ended December 31, Capital Expenditures: 2024 2023 2022 SHOP $ 2,061,741 $ 409,105 $ 423,420 OM&R 273,615 231,855 472,662 NNN 194,447 8,511 4,614 Total capital expenditures $ 2,529,803 $ 649,471 $ 900,696 Our portfolio of properties and loans and other investments are located in the United States, Canada and the United Kingdom. Revenues are attributed to an individual country based on the location of each property. Geographic information regarding our operations is as follows (dollars in thousands): As of December 31, Net Real Estate Property: 2024 2023 United States $ 19,690,838 $ 18,702,960 Canada 2,719,078 2,837,858 United Kingdom 190,629 208,132 Total net real estate property $ 22,600,545 $ 21,748,950 For the Years Ended December 31, Revenues: 2024 2023 2022 United States $ 4,366,953 $ 4,004,173 $ 3,652,327 Canada 526,575 464,772 449,091 United Kingdom 30,738 28,882 27,775 Total revenues $ 4,924,266 $ 4,497,827 $ 4,129,193

SCHEDULE III REAL ESTATE AND AC

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Dollars in thousands) For the Years Ended December 31, 2024 2023 2022 Reconciliation of real estate: Carrying cost: Balance at beginning of period $ 30,165,798 $ 28,768,409 $ 28,479,870 Additions during period: Acquisitions 1,817,275 1,437,729 460,959 Capital expenditures 560,006 645,596 443,710 Deductions during period: Foreign currency translation (287,505) 90,105 (265,942) Other (1) (425,563) (776,041) (350,188) Balance at end of period $ 31,830,011 $ 30,165,798 $ 28,768,409 Accumulated depreciation: Balance at beginning of period $ 9,016,173 $ 8,231,160 $ 7,433,480 Additions during period: Depreciation expense 1,015,531 937,767 907,134 Dispositions: Sales and/or transfers to assets held for sale (115,981) (190,666) (72,047) Foreign currency translation (76,185) 37,912 (37,407) Balance at end of period $ 9,839,538 $ 9,016,173 $ 8,231,160 ______________________________ (1) Other may include sales, transfers to assets held for sale and impairments. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2024 (Dollars in thousands ) Initial Cost to Company Gross Amount Carried Description Count Encumbrances Land and Buildings and Costs Capitalized Subsequent to Acquisition (1) Land and Buildings and Total Accumulated Net Book Value Year of Year Life on which UNITED STATES PROPERTIES Senior Housing Atria Senior Living 168 $ 808,973 $ 511,890 $ 4,640,742 $ 759,032 $ 542,415 $ 5,369,249 $ 5,911,664 $ 2,018,616 $ 3,893,048 1860 - 2013 2007 - 2021 13 - 54 years Brookdale Senior Living 129 48,040 190,091 1,860,167 131,497 190,698 1,991,057 2,181,755 1,066,193 1,115,563 1915 - 2012 2004 - 2021 24 - 35 years Sunrise Senior Living 86 41,372 210,207 2,331,589 275,821 223,688 2,593,930 2,817,617 1,194,960 1,622,657 1985 - 2009 2007 - 2021 17 - 35 years Sinceri Senior Living 40 — 74,077 693,443 83,227 76,113 774,634 850,747 278,086 572,661 1974 - 2017 2006 - 2024 35 - 35 years Discovery Senior Living 34 27,964 72,430 659,902 53,549 73,629 712,253 785,881 168,124 617,758 1984 - 2020 2006 - 2024 24 - 35 years Priority Life Care Properties 32 37,954 47,010 445,682 68,896 48,199 513,388 561,588 179,116 382,471 1986 - 2009 2006 - 2021 29 - 51 years Sodalis Senior Living 30 — 52,780 441,080 52,397 53,402 492,856 546,257 162,765 383,492 1987 - 2009 2006 - 2021 14 - 47 years Grace Management 26 17,662 98,083 655,799 13,278 98,082 669,078 767,160 28,040 739,120 1985 - 2016 2011 - 2024 12 - 39 years Koelsch Senior Communities 19 64,403 27,721 292,414 13,289 28,133 305,291 333,424 83,674 249,750 1972 - 2014 2011 - 2017 35 - 35 years Senior Lifestyle 16 — 55,911 553,261 27,969 57,328 579,813 637,141 76,081 561,059 1982 - 2012 2011 - 2023 33 - 35 years Meridian Senior Living 14 — 19,090 104,237 2,025 19,091 106,261 125,352 29,308 96,044 1972 - 2012 2011 - 2023 35 - 35 years Sonida Senior Living 13 12,401 18,129 197,928 38,816 18,833 236,040 254,873 89,332 165,541 1979 - 2006 2005 - 2021 35 - 47 years Azura Memory Care 13 — 6,361 53,002 7,193 7,200 59,356 66,556 24,560 41,996 1990 - 2019 2011 - 2019 35 - 35 years Milestone Retirement Communities 11 — 16,810 183,225 20,049 16,903 203,181 220,084 60,488 159,596 1965 - 2011 2011 - 2014 35 - 35 years American House 11 — 5,438 124,369 20,905 6,926 143,786 150,712 65,038 85,674 1998 - 2000 2006 - 2014 35 - 35 years Avamere Family of Companies 11 — 20,407 113,192 13,817 20,654 126,763 147,416 50,780 96,636 1998 - 2014 2011 - 2015 35 - 35 years Hawthorn Senior Living 10 55,205 35,668 220,099 19,542 35,890 239,418 275,309 34,035 241,274 1991 - 2008 2021 - 2021 27 - 50 years Other Senior Housing Operators 75 91,351 127,976 1,258,229 44,351 127,606 1,302,947 1,430,555 294,791 1,135,768 1972 - 2021 2004 - 2024 11 - 35 years Other Senior Housing — — 165 — — 165 165 — 165 Total Senior Housing 738 1,205,325 1,590,079 14,828,525 1,645,653 1,644,790 16,419,466 18,064,256 5,903,987 12,160,273 Outpatient Medical Buildings Lillibridge 215 24,760 165,132 2,113,822 683,332 170,334 2,791,952 2,962,286 1,223,597 1,738,689 1960 - 2016 2004 - 2023 4 - 39 years PMB RES 40 238,007 80,638 975,535 198,377 82,416 1,172,134 1,254,550 433,324 821,226 1968 - 2024 2011 - 2023 19 - 35 years Cornerstone Companies, Inc. 26 — 28,336 156,018 3,636 28,417 159,573 187,990 11,531 176,459 1975 - 2012 2023 - 2023 35 - 35 years Ardent Health Services 19 — 5,638 214,808 599 5,638 215,408 221,045 20,329 200,716 1974 - 2011 2018 - 2022 35 - 35 years Memorial Health System 12 — 2,346 25,031 13,169 2,453 38,093 40,546 24,592 15,954 1976 - 2003 2010 - 2010 35 - 35 years Other Medical Buildings Operators 85 10,805 133,897 1,033,609 55,493 131,098 1,091,901 1,222,999 371,341 851,658 1954 - 2019 2004 - 2023 25 - 35 years Other Medical Buildings — — — 5,655 3,644 2,011 5,655 2,363 3,292 Total Outpatient Medical Buildings 397 273,572 415,987 4,518,823 960,261 424,000 5,471,072 5,895,071 2,087,077 3,807,994 Initial Cost to Company Gross Amount Carried Description Count Encumbrances Land and Buildings and Costs Capitalized Subsequent to Acquisition (1) Land and Buildings and Total Accumulated Net Book Value Year of Year Life on which Research Wexford 27 227,600 71,764 1,429,367 55,798 71,002 1,485,927 1,556,929 381,547 1,175,382 1900 - 2019 2016 - 2022 15 - 60 years Other Research Operators 2 — 1,194 76,515 290 1,193 76,806 77,999 12,334 65,665 2010 - 2016 2020 - 2020 35 - 35 years Other Research 71,695 — 11,328 258,172 69,458 200,042 269,500 8,764 260,736 Total Research 29 299,295 72,958 1,517,210 314,260 141,653 1,762,775 1,904,428 402,645 1,501,783 IRFs & LTACs Kindred Healthcare 34 — 86,024 348,554 (660) 85,027 348,890 433,917 212,065 221,852 1949 - 2008 1998 - 2024 20 - 40 years Other IRFs & LTACs 14 — 18,641 198,449 1,070 18,644 199,517 218,160 56,594 161,567 1989 - 2013 2011 - 2023 35 - 36 years Total IRFs & LTACs 48 — 104,665 547,003 410 103,671 548,407 652,077 268,659 383,419 Other Healthcare Facilities Ardent Health Services 10 — 98,428 1,126,010 78,106 97,416 1,205,128 1,302,544 321,882 980,663 1928 - 2020 2018 - 2022 35 - 35 years Skilled Nursing Genesis Healthcare 12 — 11,350 164,745 (5,708) 11,350 159,037 170,387 82,117 88,270 1948 - 1995 2004 - 2011 30 - 35 years Other Skilled Nursing Operators 22 — 31,502 192,512 (22,707) 31,683 169,624 201,307 26,933 174,373 1920 - 2000 1998 - 2023 29 - 40 years Total Skilled Nursing 34 — 42,852 357,257 (28,415) 43,033 328,661 371,694 109,050 262,643 CANADIAN PROPERTIES Senior Housing Le Groupe Maurice 37 1,156,570 162,989 1,967,564 (63,608) 154,141 1,912,804 2,066,945 240,019 1,826,926 2000 - 2024 2019 - 2022 40 - 60 years Atria Senior Living 29 265,047 75,553 845,363 (110,078) 63,843 746,995 810,838 272,953 537,885 1988 - 2008 2014 - 2014 35 - 35 years Sunrise Senior Living 12 — 46,600 418,821 (83,373) 36,994 345,053 382,048 173,318 208,730 2001 - 2007 2007 - 2007 35 - 35 years Other Senior Housing Operators 6 — 25,172 146,694 (16,019) 22,116 133,732 155,847 14,841 141,006 2006 - 2019 2021 - 2021 35 - 35 years Other Senior Housing — — — — — — — — — Total Senior Housing 84 1,421,617 310,314 3,378,442 (273,078) 277,094 3,138,584 3,415,678 701,131 2,714,547 UNITED KINGDOM PROPERTIES Senior Housing Canford Healthcare Limited 11 — 40,481 81,719 (17,264) 34,571 70,365 104,936 20,674 84,262 1910 - 2014 2015 - 2017 40 - 40 years International Hospital Spire Healthcare 3 — 11,903 136,628 (29,206) 9,562 109,763 119,325 24,433 94,892 1980 - 1986 2014 - 2014 50 - 50 years TOTAL 1,354 $ 3,199,809 $ 2,687,667 $ 26,491,617 $ 2,650,727 $ 2,775,790 $ 29,054,221 $ 31,830,011 $ 9,839,538 $ 21,990,473 ______________________________ (1) Adjustments to basis included provisions for asset impairments, partial dispositions, costs capitalized subsequent to acquisitions and foreign currency translation adjustments.

SCHEDULE IV MORTGAGE LOANS ON R

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE	SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE December 31, 2024 (Dollars in thousands) Location Interest Rate Fixed / Variable Maturity Date Periodic Payment Terms Prior Liens Face Amount of Mortgages Carrying Amount of Mortgages (1) Principal Amount of Loans Subject to Delinquent Principal or Interest First mortgage relating to two senior housing properties located in: Texas Lesser of 9.50% or Term SOFR plus 5.00% Variable 6/16/2025 Interest only (3) $ — $ 8,000 $ 8,000 $ — First mortgage relating to one senior housing property located in: Illinois Greater of 9.00% or Term SOFR plus 4.50% Variable 2/15/2026 Interest only — 1,285 1,277 — First mortgage relating to two senior housing properties located in: Tennessee Greater of 9.00% or Term SOFR plus 4.50% Variable 4/23/2026 Interest only — 3,150 3,100 — First mortgage relating to two senior housing properties located in: South Carolina Greater of 9.00% or Term SOFR plus 4.50% Variable 5/21/2026 Interest only — 3,150 3,095 — First mortgage relating to one senior housing property located in: Washington Greater of 10.25% or Term SOFR plus 5.75% Variable 9/20/2027 Interest only (4) — 109,000 108,022 — First mortgage relating to one senior housing property located in: Pennsylvania Term SOFR plus 3.75% Variable 11/4/2027 Interest and principal; $19.2M balloon due at maturity (2) — 19,978 19,978 — Total $ — $ 144,563 $ 143,472 $ — ______________________________ (1) For Federal income tax purposes, the aggregate cost of investments in mortgage loans on real estate is the carrying amount, as disclosed in the schedule. (2) A prepayment premium of 0% to3% is assessed on the outstanding principal balance depending on timing of prepayment and source of funds. (3) This loan was originally scheduled to mature on June 16, 2024 and was extended to mature on June 15, 2025. (4) A prepayment premium consisting of accelerated interest charged on the prepaid amount is assessed, as of the date of the prepayment, at the greater of the contract rate and the term SOFR forward curve through September 30, 2026. An exit fee is assessed at 1%of the amount of principal prepaid. Reconciliation of Mortgage Loans: Year Ended December 31, 2024 2023 2022 Beginning Balance $ 26,087 $ 491,334 $ 486,200 Additions: New loans (1) 115,359 — 25,247 Construction draws 2,100 835 — Total additions 117,459 835 25,247 Deductions: Principal repayments (74) — (113) Conversions to real property — (486,082) — Allowance — 20,000 (20,000) Total deductions (74) (466,082) (20,113) Effect of foreign currency translation — — — Ending Balance $ 143,472 $ 26,087 $ 491,334 ______________________________ (1) New loans include $7.5 million received as non-cash consideration for properties sold in 2024.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy As part of our cybersecurity risk management process, we: • Periodically review and implement procedures that endeavor to follow the cybersecurity standards set forth by the National Institute of Standards and Technology, including procedures with respect to evaluation and monitoring of cybersecurity threats and incidents; • Implement, maintain and regularly review incident response plans to manage cybersecurity threats and incidents and further improve our preparedness and response infrastructure. Such plans are informed by our testing and monitoring activities and set forth actions to be taken in responding to and recovering from cybersecurity incidents which include procedures for assessing the severity of such threats and incidents, escalating and disseminating information and containing, investigating and remediating threats and incidents; • Engage third-party security firms to monitor and respond to cybersecurity threats and incidents, including those associated with our use of third-party vendors and service providers, and conduct periodic penetration tests with the aim of identifying and remediating vulnerabilities; • Periodically evaluate and assess cybersecurity risks associated with our use of key third-party business partners, vendors and service providers. However, we do not control the cybersecurity plans and systems put in place by such third parties and we may have limited contractual protections with such third parties, such as indemnification obligations to us, which could cause us to be negatively impacted as a result; • Provide employees with the training, tools and resources designed to protect the Company from cybersecurity threats and incidents and to identify and report such threats and incidents. Our employees receive training and testing on cybersecurity protocols throughout the year, including regular anti-phishing campaigns, periodic live training programs and mandatory annual training and assessments with passing requirements. Each employee periodically acknowledges that they have read, understood and will abide by the Company’s cybersecurity policies; and • Seek to minimize the amount of personal information collected to support business needs and use storage and transfer protocols leveraging encryption of critical information, including confidential or personal information. Our processes for assessing, identifying, and managing material risks from cybersecurity threats and incidents are integrated into our multi-disciplinary enterprise risk management (“ERM”) process. Our ERM process is managed through our ERM Committee, which we have established to assess, identify and manage enterprise-wide risks to the Company, and is comprised of personnel from our senior leadership team. The ERM Committee is convened at least quarterly to review and update our top risks, including cybersecurity risks. Existing risks are evaluated for changes, and mitigation strategies are discussed as needed. New risks are discussed and evaluated for consideration as a top risk. Results are discussed with our Board of Directors at quarterly Board meetings as needed. As of December 31, 2024, the Company is not aware of any cybersecurity threats or incidents that have materially affected or are reasonably likely to materially affect the Company, including with respect to our business strategy, results of operations or financial condition. While we have implemented measures designed to help mitigate the risk from cybersecurity threats and incidents, we cannot guarantee that we or our managers, tenants, borrowers, investments in unconsolidated entities, vendors, suppliers, service providers or other third parties with whom we do business will be successful in preventing a cybersecurity incident, or mitigating or remediating a cybersecurity threat, which could result in a data center outage, disrupt our systems and operations or the systems and operations of our managers, tenants, borrowers, investments in unconsolidated entities, vendors, suppliers, service providers or other third parties with whom we do business, compromise the confidential or personal information of our employees, partners or the residents in our senior housing communities and damage our business relationships and reputation. Although we have implemented various measures designed to manage risks relating to these types
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our processes for assessing, identifying, and managing material risks from cybersecurity threats and incidents are integrated into our multi-disciplinary enterprise risk management (“ERM”) process.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance Role of our Board of Directors and the Audit and Compliance Committee As part of our Board of Directors’ role in overseeing the Company’s ERM program, which includes our cybersecurity risk management, our Board is responsible for overseeing management’s identification, assessment and management of material cybersecurity risks which may reasonably be expected to impact the Company. While our Board has overall responsibility for enterprise risk oversight, our Board has delegated to the Audit and Compliance Committee responsibility for overseeing risks from cybersecurity threats and incidents. The Audit and Compliance Committee is responsible for overseeing the effectiveness of the Company’s cybersecurity risk management initiatives, taking into account the Company’s risk exposures. Management briefs the Audit and Compliance Committee at least once a year and our Board as appropriate on cybersecurity controls, protocols, risk assessments and mitigation measures.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	While our Board has overall responsibility for enterprise risk oversight, our Board has delegated to the Audit and Compliance Committee responsibility for overseeing risks from cybersecurity threats and incidents. The Audit and Compliance Committee is responsible for overseeing the effectiveness of the Company’s cybersecurity risk management initiatives, taking into account the Company’s risk exposures.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Management briefs the Audit and Compliance Committee at least once a year and our Board as appropriate on cybersecurity controls, protocols, risk assessments and mitigation measures.
Cybersecurity Risk Role of Management [Text Block]	Our management has primary responsibility for identifying, assessing and managing our exposure to cybersecurity threats and incidents, subject to oversight by our Board of Directors of the processes we establish to assess, monitor and mitigate that exposure.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our management has primary responsibility for identifying, assessing and managing our exposure to cybersecurity threats and incidents, subject to oversight by our Board of Directors of the processes we establish to assess, monitor and mitigate that exposure.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Chief Information Officer oversees our Information Technology Team and is responsible for the development and implementation of strategy for our information systems, networks, infrastructure, cybersecurity and data analytics. She has more than 25 years of experience in the field of information technology and is a member of our senior leadership team. Prior to joining Ventas, she spent approximately 12 years at a multinational hospitality public company where, in her most recent role, she was responsible for application management and support of enterprise-wide systems. This role also had responsibility for global service desk support for more than 100,000 employees.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	If a potentially material cybersecurity threat or incident is identified or discovered, the Company’s Information Technology Team will notify our Chief Executive Officer, Chief Financial Officer, General Counsel and other relevant business executives. Our Chief Information Officer will work with the appropriate leaders and employees in any impacted business groups, as well as appropriate personnel in our finance, legal and other departments, to assess the risks to the Company and potential impact while determining appropriate remediation steps.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying Consolidated Financial Statements include our accounts and the accounts of our wholly-owned subsidiaries and the joint venture entities over which we exercise control. All intercompany transactions and balances have been eliminated in consolidation, and our net earnings are reduced by the portion of net earnings attributable to noncontrolling interests.
Variable Interest Entities	We identify the primary beneficiary of a VIE as the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. We perform this analysis on an ongoing basis. As it relates to investments in joint ventures, GAAP may preclude consolidation by the sole general partner in certain circumstances based on the type of rights held by the limited partner or partners. We assess limited partners’ rights and their impact on our consolidation conclusions, and we reassess if there is a change to the terms or in the exercisability of the rights of the limited partners, the sole general partner increases or decreases its ownership of limited partnership (“LP”) interests or there is an increase or decrease in the number of outstanding LP interests. We also apply this guidance to managing member interests in limited liability companies (“LLCs”). We consolidate several VIEs that share the following common characteristics: • the VIE is in the legal form of an LP or LLC; • the VIE was designed to own and manage its underlying real estate investments; • we are the general partner or managing member of the VIE; • we own a majority of the voting interests in the VIE; • a minority of voting interests in the VIE are owned by external third parties, unrelated to us; • the minority owners do not have substantive kick-out or participating rights in the VIE; and • we are the primary beneficiary of the VIE. We have separately identified certain special purpose entities that were established to allow investments in research projects by tax credit investors (“TCIs”). We have determined that these special purpose entities are VIEs, we are a holder of variable interests and we are the primary beneficiary of the VIEs, and therefore, we consolidate these special purpose entities. Our primary beneficiary determination is based upon several factors, including but not limited to the rights we have in directing the activities which most significantly impact the VIEs’ economic performance as well as certain guarantees which protect the TCIs from losses should a tax credit recapture event occur.
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities We report investments in unconsolidated entities over whose operating and financial policies we have the ability to exercise significant influence under the equity method of accounting. We adjust our investment in unconsolidated entities for additional contributions made, distributions received as well as our share of the investee’s earnings or losses, which is included in Income from unconsolidated entities in our Consolidated Statements of Income. We base the initial carrying value of investments in unconsolidated entities on the fair value of the assets at the time we acquired the joint venture interest. We estimate fair values for our equity method investments based on discounted cash flow models that include all estimated cash inflows and outflows over a specified holding period and, where applicable, any estimated debt premiums or discounts. The capitalization rates, discount rates and credit spreads we use in these models are based upon assumptions that we believe to be within a reasonable range of current market rates for the respective investments. We generally amortize any difference between our cost basis and the basis reflected at the joint venture level, if any, over the lives of the related assets and liabilities and include that amortization in our share of income or loss from unconsolidated entities. For earnings of equity method investments with pro rata distribution allocations, net income or loss is allocated between the partners in the joint venture based on their respective stated ownership percentages. In other instances, net income or loss may be allocated between the partners in the joint venture based on the hypothetical liquidation at book value method (the “HLBV method”). Under the HLBV method, net income or loss is allocated between the partners based on the difference between each partner’s claim on the net assets of the joint venture at the end and beginning of the period, after taking into account contributions and distributions. Each partner’s share of the net assets of the joint venture is calculated as the amount that the partner would receive if the joint venture were to liquidate all of its assets at net book value and distribute the resulting cash to creditors and partners in accordance with their respective priorities. Under the HLBV method, in any given period, we could record more or less income than the joint venture has generated, than actual cash distributions we receive or than the amount we may receive in the event of an actual liquidation.
Redeemable OP Unitholder and Noncontrolling Interests	Redeemable OP Unitholder and Noncontrolling Interests We own a majority interest in NHP/PMB L.P. (“NHP/PMB”), a limited partnership formed in 2008 to acquire properties from entities affiliated with Pacific Medical Buildings LLC (“PMB”). Given our wholly-owned subsidiary is the general partner and the primary beneficiary of NHP/PMB, we consolidate NHP/PMB as a VIE. As of December 31, 2024, third-party investors owned 3.8 million Class A limited partnership units in NHP/PMB (“OP Units”), which represented 33% of the total units then outstanding, and we owned 7.7 million Class B limited partnership units in NHP/PMB, representing the remaining 67%. The OP Units may be redeemed at any time at the election of the holder for cash or, at our option, 0.9051 shares of our common stock per OP Unit, subject to adjustment in certain circumstances. We are party by assumption to a registration rights agreement with the holders of the OP Units that requires us, subject to the terms and conditions and certain exceptions set forth therein, to file and maintain a registration statement relating to the issuance of shares of our common stock upon redemption of OP Units. The OP Units are classified outside of permanent equity on our Consolidated Balance Sheets because they may be redeemed by third parties under circumstances that are outside of our control. We reflect the OP Units at the greater of cost or redemption value. We recognize changes in fair value through capital in excess of par value, net of cash distributions paid and purchases by us of any OP Units. Our diluted earnings per share includes the effect of any potential shares outstanding from redemption of the OP Units. Certain noncontrolling interests of other consolidated joint ventures were also classified as redeemable at December 31, 2024 and 2023. We record the carrying amount of these noncontrolling interests at the greater of their initial carrying amount (increased or decreased for the noncontrolling interests’ share of net income or loss and distributions) or the redemption value, which is primarily based on the fair value of the underlying real estate asset. Our joint venture partners have certain redemption rights with respect to their noncontrolling interests in these joint ventures that are outside of our control, and the redeemable noncontrolling interests are classified outside of permanent equity on our Consolidated Balance Sheets. We recognize changes in the carrying value of redeemable noncontrolling interests through Capital in excess of par value on our Consolidated Balance Sheets. Noncontrolling Interests Excluding the redeemable noncontrolling interests described above, we present the portion of any equity that we do not own in entities that we control (and thus consolidate) as noncontrolling interests and classify those interests as a component of consolidated equity, separate from total Ventas stockholders’ equity, on our Consolidated Balance Sheets. For consolidated joint ventures with pro rata distribution allocations, net income or loss, and comprehensive income, is allocated between the joint venture partners based on their respective stated ownership percentages. In other cases, net income or loss is allocated between the joint venture partners based on the HLBV method. We account for purchases or sales of equity interests that do not result in a change of control as equity transactions, through capital in excess of par value. We include Net income attributable to noncontrolling interests in net income in our Consolidated Statements of Income and we include the noncontrolling interests’ share of comprehensive income in our Consolidated Statements of Comprehensive Income.
Accounting for Historic and New Market Tax Credits	Accounting for Historic and New Markets Tax Credits For certain of our research centers, we are party to contractual arrangements with TCIs that were established to enable the TCIs to receive benefits of historic tax credits (“HTCs”), new markets tax credits (“NMTCs”) or both. As of December 31, 2024 and 2023, we owned zero and one property that had syndicated NMTCs to TCIs. In general, TCIs invest cash into special purpose entities that invest in entities that own the subject property and generate the tax credits. The TCIs receive substantially all of the tax credits and hold only a nominal interest in the economic risk and benefits of the special purpose entities. HTCs are delivered to the TCIs upon substantial completion of the project. NMTCs are allowed for up to 39% of a qualified investment and are delivered to the TCIs after the investment has been funded and spent on a qualified business. HTCs are subject to recapture within five years of substantial completion. The amount of the recapture is equal to 100% of the HTCs during the first year after the completion of the historic rehabilitation and is reduced by 20% each year during the subsequent five-year period. NMTCs are subject to recapture until the end of the seventh year following the qualifying investment. We have provided the TCIs with certain guarantees which protect the TCIs from losses should a tax credit recapture event occur. The contractual arrangements with the TCIs include a put/call provision whereby we may be obligated or entitled to repurchase the interest of the TCIs in the special purpose entities at the end of the tax credit recapture period. We anticipate that either the TCIs will exercise their put rights or we will exercise our call rights prior to the applicable tax credit recapture periods. The portion of the TCI’s investment that is attributed to the put is recorded at fair value at inception in accounts payable and other liabilities on our Consolidated Balance Sheets, and is accreted to the expected put price as interest expense in our Consolidated Statements of Income over the recapture period. The remaining balance of the TCI’s investment is initially recorded in accounts payable and other liabilities on our Consolidated Balance Sheets and will be relieved upon delivery of the tax credit to the TCI, as a reduction in the carrying value of the subject property, net of allocated expenses. Direct and incremental costs incurred in structuring the transaction are deferred and will be recognized as an increase in the cost basis of the subject property upon the recognition of the related tax credit as discussed above.
Accounting Estimates	Accounting Estimates The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions regarding future events that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Accounting for Real Estate Acquisitions	Accounting for Real Estate Acquisitions When we acquire real estate, we first make reasonable judgments about whether the transaction involves an asset or a business. Our real estate acquisitions are generally accounted for as asset acquisitions as substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. We record the cost of the assets acquired as tangible and intangible assets and liabilities based upon their relative fair values as of the acquisition date. Our asset acquisitions may include one or more groups of real estate properties within which there are different types of tangible and intangible assets, typically consisting of land, buildings, site improvements, furniture, fixtures and equipment and lease intangibles. When we acquire multiple real estate properties in a single transaction, we first assess the individual fair value of the real estate properties and then determine the individual fair value of the various types of tangible and intangible assets therein. The individual fair value of the real estate properties is estimated by applying a valuation methodology such as the direct capitalization method of the income approach, which includes estimate for a capitalization rate, annual gross income, vacancy, and expenses based on a number of factors including historical operating results, known and anticipated trends as well as market and economic conditions. We estimate the fair value of buildings acquired on an as-if-vacant basis or replacement cost basis and depreciate the building value over the estimated remaining life of the building, generally 35 years. We determine the fair value of other fixed assets, such as site improvements, and furniture, fixtures and equipment, based upon the replacement cost and depreciate such value over the assets’ estimated remaining useful lives, generally 15 years for land improvements and 20 years for building improvements. We determine the value of land either by considering the sales prices of similar properties in recent transactions or based on internal analyses of recently acquired and existing comparable properties within our portfolio. We generally determine the value of construction in progress based upon the replacement cost. However, for certain acquired properties that are part of a ground-up development, we determine fair value by using the same valuation approach as for all other properties and deducting the estimated cost to complete the development. During the remaining construction period, we capitalize project costs until the development has reached substantial completion. Construction in progress, including capitalized interest, is not depreciated until the development has reached substantial completion. Intangibles primarily include the value of in-place leases and acquired lease contracts. We include all lease-related intangible assets and liabilities within Acquired lease intangibles and Accounts payable and other liabilities, respectively, on our Consolidated Balance Sheets. The fair value of acquired lease-related intangibles, if any, reflects: (i) the estimated value of any above or below market leases, determined by discounting the difference between the estimated market rent and in-place lease rent; and (ii) the estimated value of in-place leases related to the cost to obtain tenants, including leasing commissions, and an estimated value of the absorption period to reflect the value of the rent and recovery costs foregone during a reasonable lease-up period as if the acquired space was vacant. We amortize any acquired lease-related intangibles to revenue or amortization expense over the remaining life of the associated lease plus any assumed bargain renewal periods. If a lease is terminated prior to its stated expiration or not renewed upon expiration, we recognize all unamortized amounts of lease-related intangibles associated with that lease in operations over the shortened lease term. We estimate the fair value of purchase option intangible assets and liabilities, if any, by discounting the difference between the applicable property’s acquisition date fair value and an estimate of its future option price. We do not amortize the resulting intangible asset or liability over the term of the lease, but rather adjust the recognized value of the asset or liability upon sale. In connection with an acquisition, we may assume rights and obligations under certain lease agreements pursuant to which we become the lessee of a given property. We generally assume the lease classification previously determined by the prior lessee absent a modification in the assumed lease agreement. We assess assumed operating leases, including ground leases, to determine whether the lease terms are favorable or unfavorable to us given current market conditions on the acquisition date. To the extent the lease terms are favorable or unfavorable to us relative to market conditions on the acquisition date, we recognize an intangible asset or liability at fair value and amortize that asset or liability to Interest or rental expense in our Consolidated Statements of Income over the applicable lease term. Where we are the lessee, we record the acquisition date values of leases, including any above or below market value, within Operating lease assets and Operating lease liabilities on our Consolidated Balance Sheets. We estimate the fair value of noncontrolling interests assumed consistent with the manner in which we value all of the underlying assets and liabilities. We calculate the fair value of long-term assumed debt by discounting the remaining contractual cash flows on each instrument at the current market rate for those borrowings, which we approximate based on the rate at which we would expect to incur a replacement instrument on the date of acquisition, and recognize any fair value adjustments related to long-term debt as effective yield adjustments over the remaining term of the instrument.
Impairment of Long-Lived and Intangible Assets	Impairment of Long-Lived and Intangible Assets We periodically evaluate our long-lived assets, primarily consisting of investments in real estate, for impairment indicators. If indicators of impairment are present, we evaluate the carrying value of the related real estate investments in relation to the future undiscounted cash flows of the underlying operations. In performing this evaluation, we consider market conditions and our current intentions with respect to holding or disposing of the asset. We adjust the net book value of properties and other long-lived assets to fair value if the sum of the expected future undiscounted cash flows, including sales proceeds, is less than book value. We recognize an impairment loss at the time we make any such determination. If impairment indicators arise with respect to intangible assets with finite useful lives, we evaluate impairment by comparing the carrying amount of the asset to the estimated future undiscounted net cash flows expected to be generated by the asset. If estimated future undiscounted net cash flows are less than the carrying amount of the asset, then we estimate the fair value of the asset and compare the estimated fair value to the intangible asset’s carrying value. We recognize any shortfall from carrying value as an impairment loss in the current period. We evaluate our investments in unconsolidated entities for impairment at least annually, and whenever events or changes in circumstances indicate that the carrying value of our investment may exceed its fair value. If we determine that a decline in the fair value of our investment in an unconsolidated entity is other-than-temporary, and if such reduced fair value is below the carrying value, we record an impairment. We test goodwill for impairment at least annually, and more frequently if indicators of impairment arise. We first assess qualitative factors, such as current macroeconomic conditions, state of the equity and capital markets and our overall financial and operating performance, to determine the likelihood that the fair value of a reporting unit is less than its carrying amount. If we determine it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we proceed with estimating the fair value of the operating unit. A goodwill impairment, if any, will be recognized in the period it is determined and is measured as the amount by which a reporting unit’s carrying value exceeds its fair value.
Assets Held-for-Sale and Discontinued Operations	Assets Held for Sale We sell properties from time to time for various reasons, including favorable market conditions or the exercise of purchase options by tenants. We classify certain long-lived assets as held for sale once the criteria, as defined by GAAP, have been met. Long-lived assets to be disposed of are reported at the lower of their carrying amount or fair value minus cost to sell and are no longer depreciated. If at any time we determine that the criteria for classifying assets as held for sale are no longer met, we reclassify assets within Net real estate property on our Consolidated Balance Sheets for all periods presented. The carrying amount of these assets is adjusted in the period in which a change in classification is determined to reflect any depreciation expense that would have been recognized had the asset been continuously classified as net real estate investments.
Loans Receivable	Loans Receivable
Cash Equivalents	Cash Equivalents Cash equivalents consist of highly liquid investments with original maturity date of three months or less when purchased. These investments are stated at cost, which approximates fair value.
Escrow Deposits and Restricted Cash	Escrow Deposits and Restricted Cash Escrow deposits consist of amounts held by us or our lenders to provide for future real estate tax, insurance expenditures and tenant improvements related to our properties and operations. Restricted cash generally represents amounts paid to us for security deposits and other similar purposes.
Deferred Financing Costs	Deferred Financing Costs We amortize deferred financing costs, which are reported as a reduction to Senior notes payable and other debt on our Consolidated Balance Sheets, as a component of interest expense over the terms of the related borrowings using a method that approximates a level yield. Amortization of approximately $28.9 million, $23.2 million and $18.2 million were included in Interest expense for the years ended December 31, 2024, 2023 and 2022, respectively.
Available for Sale Securities	Available for Sale Securities We record our available for sale securities at fair value and include unrealized gains and losses in stockholders’ equity as a component of Accumulated other comprehensive income on our Consolidated Balance Sheets. If we determine that a credit loss exists with respect to individual investments, we will recognize an allowance against the amortized cost basis of the investment with a corresponding charge to net income (in Allowance on loans receivable and investments) in our Consolidated Statements of Income. Income from available for sale securities is recognized when earned and gains or losses on securities sold, which are based on the specific identification method, and reported in Income from loans and investments in our Consolidated Statements of Income.
Derivative Instruments	Derivative Instruments We recognize all derivative instruments in Other assets or Accounts payable and other liabilities on our Consolidated Balance Sheets at fair value as of the reporting date. We recognize changes in the fair value of derivative instruments designated as cash flow hedges, which are primarily used to hedge interest rate risk, in Accumulated other comprehensive income on our Consolidated Balance Sheets, and are amortized over the life of the related debt to Interest expense in our Consolidated Statements of Income.
Fair Values of Financial Instruments	Fair Values of Financial Instruments Fair value is a market-based measurement, not an entity-specific measurement, and we determine fair value based on the assumptions that we expect market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, GAAP establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). The fair value hierarchy is as follows: • Level 1 inputs - Unadjusted quoted prices for identical assets or liabilities in active markets that we have the ability to access. • Level 2 inputs - Inputs other than quoted prices included in Level 1 that are directly or indirectly observable for the asset or liability. Level 2 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 inputs - Unobservable inputs for the asset or liability, which typically are based on our own assumptions, because there is little, if any, related market activity. If the determination of the fair value measurement is based on inputs from different levels of the hierarchy, the level within which the entire fair value measurement falls is the lowest-level input that is significant to the fair value measurement in its entirety. If the volume and level of market activity for an asset or liability has decreased significantly relative to the normal market activity for such asset or liability (or similar assets or liabilities), then transactions or quoted prices may not accurately reflect fair value. In addition, if there is evidence that a transaction for an asset or liability is not orderly, little, if any, weight is placed on that transaction price as an indicator of fair value. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. We use the following methods and assumptions in estimating the fair value of our financial instruments whose fair value is determined on a recurring basis. • Cash and cash equivalents - The carrying amount of unrestricted cash and cash equivalents reported on our Consolidated Balance Sheets approximates fair value due to the short maturity of these instruments. • Escrow deposits and restricted cash - The carrying amount of escrow deposits and restricted cash reported on our Consolidated Balance Sheets approximates fair value due to the short maturity of these instruments. • Loans receivable - We estimate the fair value of loans receivable using Level 2 and Level 3 inputs, including underlying asset performance and credit quality. We discount future cash flows using current interest rates at which similar loans with the same terms and length to maturity would be made to borrowers with similar credit ratings. • Available for sale securities - We estimate the fair value of marketable debt securities using Level 2 inputs. We observe quoted prices for similar assets or liabilities in active markets that we have the ability to access. We consider credit spreads, underlying asset performance and credit quality, default rates and confirmed settlement amounts at maturity. • Derivative instruments - We estimate the fair value of derivative instruments, including interest rate caps, interest rate swaps, and foreign currency forward contracts, using Level 2 inputs. ◦ Interest rate caps - We observe forward yield curves and other relevant information. ◦ Interest rate swaps - We observe alternative financing rates derived from market-based financing rates, forward yield curves and discount rates. ◦ Foreign currency forward contracts - We estimate the future values of the two currency tranches using forward exchange rates that are based on traded forward points and calculate a present value of the net amount using a discount factor based on observable traded interest rates. • Stock warrants - We estimate the fair value of stock warrants representing an interest in a public-traded entity using Level 2 inputs that are obtained from public sources such as equity spot price, dividend yield, volatility and risk-free rate. We estimate the fair value of stock warrants representing a financial interest in a private entity based on Level 3 inputs that reflect significant assumptions including underlying enterprise value, market volatility, duration, dividend rate and risk-free rate. • Senior notes payable and other debt - We estimate the fair value of senior notes payable and other debt using Level 2 inputs. We discount the future cash flows using current interest rates at which we could obtain similar borrowings. For mortgage debt, we may estimate fair value using level three inputs, similar to those used in determining fair value of loans receivable (above). • Redeemable OP unitholder interests - We estimate the fair value of our redeemable OP unitholder interests using Level 1 inputs. We base fair value on the closing price of our common stock, as OP Units may be redeemed at the election of the holder for cash or, at our option, shares of our common stock, subject to adjustment in certain circumstances.
Revenue Recognition	Revenue Recognition NNN and OM&R In accordance with Accounting Standards Codification (“ASC”) 842, Leases (“ASC 842”), we recognize rental revenue for operating lease arrangements when the tenant takes possession or controls the physical leased asset. Certain of our triple-net leases and most of our outpatient medical buildings and research centers’ (collectively, “outpatient medical and research portfolio”) leases provide for periodic and determinable increases in base rent. We recognize base rental revenues under these leases on a straight-line basis over the applicable lease term when collectability of substantially all rents is probable. Recognizing rental income on a straight-line basis generally results in recognized revenues during the first half of a lease term exceeding the cash amounts contractually due from our tenants, creating a straight-line rent receivable that is included in other assets on our Consolidated Balance Sheets. At December 31, 2024 and 2023, this cumulative excess totaled $202.7 million and $194.1 million, respectively (excluding properties classified as held for sale). Certain of our leases provide for periodic increases in base rent only if certain revenue parameters or other substantive contingencies are met. We recognize the increased rental revenue under these leases as the related parameters or contingencies are met, rather than on a straight-line basis over the applicable lease term. We assess the probability of collecting substantially all rents under our leases based on several factors, including, among other things, payment history, the financial strength of the tenant and any guarantors, the historical operations and operating trends of the property, the historical payment pattern of the tenant, the type of property, the value of the underlying collateral, if any, expected future performance of the property and current economic conditions. If our evaluation of these factors indicates it is not probable that we will be able to collect substantially all rents under the lease, we record a charge to rental income. If we change our conclusions regarding the probability of collecting rent payments required by a lease, we may recognize adjustments to rental income in the period we make such change in our conclusions. We are also entitled to receive reimbursements from our tenants for various property operating costs that we pay on their behalf. We have elected the practical expedient for lessors to account for the lease and nonlease components as a single component pursuant to ASC 842 when the lease component is predominant, the timing and pattern of transfer are the same, and the lease component, if separately accounted for, would be treated as an operating lease. Accordingly, the reimbursements from tenants are recognized as variable lease payments when earned and the corresponding property-level operating costs are expensed when incurred. SHOP Our resident agreements are accounted for as leases under ASC 842. Resident leases within our SHOP reportable business segment also contain service elements. We elected the practical expedient to account for our resident leases as a single lease component and recognize resident fees and services, other than move-in fees and certain rent incentives, monthly as services are provided. We recognize move-in fees and certain rent incentives on a straight-line basis over the average resident stay. Other We provide various services to our unconsolidated real estate entities in exchange for fees and reimbursements, which are determined in accordance with the terms specific to each arrangement. We recognize these fees as we provide the services. We may also earn promote revenue within the VIM platform related to the Ventas Fund, a perpetual life investment vehicle focused on investments in research centers, outpatient medical buildings and senior housing communities in North America. Within the Ventas Fund, promote revenue is generally based on the Ventas Fund’s cumulative returns over three-year performance periods. The promote revenue is based on operating performance and real estate valuation of the portfolio, including highly variable inputs such as capitalization rates, market rents, and interest rates. As the asset appreciation is an important driver of the promote and the key inputs in the valuation process can change, we generally recognize promote revenues at or near the end of the performance period. We include these revenues as a component of Third-party capital management revenues in our Consolidated Statements of Income. We may also earn promote revenues within the VIM platform related to our other investment vehicles. Within these other investment vehicles, promote revenues are generally earned after our partners have received distributions sufficient to provide a specified rate of return on their invested capital.
Accounting for Leased Property	Accounting for Leased Property We lease real property, primarily land and corporate office space, and equipment, primarily vehicles at our senior housing communities. At lease inception, we establish an operating lease asset and operating lease liability, calculated as the present value of future minimum lease payments on our Consolidated Balance Sheets. As our leases do not provide an implicit rate, we use a discount rate that approximates our incremental borrowing rate available at lease commencement to determine the present value. Our lease expense primarily consists of ground and corporate office leases. Ground lease expense is included in Interest expense and corporate office lease expense is included in General, administrative and professional fees in our Consolidated Statements of Income.
Transaction, Transition and Restructuring Costs	Transaction, Transition and Restructuring Costs Transaction, transition and restructuring costs include expenses relating to mergers, acquisitions and investments; expenses relating to strategic transactions, such as spin-offs, joint ventures, partnerships, significant lease and management agreement transactions and similar arrangements; transition and integration expenses incurred by properties that have undergone operator or business model transitions; and expenses relating to organizational and other restructuring activities.
Other Expense	Other Expense Other expense includes the changes in fair value of stock warrants, net expenses or recoveries related to significant disruptive events and other expenses or income.
Stock-Based Compensation	Stock-Based Compensation We recognize share-based payments to employees and directors, including grants of restricted stock and restricted stock units (including time-based and performance-based awards), included in General, administrative and professional fees in our Consolidated Statements of Income generally on a straight-line basis over the requisite service period based on the grant date fair value of the award. Forfeitures of share-based awards are recognized as they occur.
Gain on Real Estate Dispositions	Gain on Real Estate Dispositions We recognize a gain on real estate disposition when we transfer control of a property and when it is probable that we will collect substantially all of the related consideration.
Federal Income Tax	Federal Income Tax We have elected to be treated as a REIT under the applicable provisions of the Internal Revenue Code of 1986, as amended (the “Code”), for every year beginning with the year ended December 31, 1999. Accordingly, we generally are not subject to federal income tax on net income that we distribute to our stockholders, provided that we continue to qualify as a REIT. However, with respect to certain of our subsidiaries that have elected to be treated as taxable REIT subsidiaries (“TRS” or “TRS entities”), we record income tax expense or benefit, as those entities are subject to federal income tax similar to regular corporations. Certain foreign subsidiaries are subject to foreign income tax, although they did not elect to be treated as TRSs. We account for deferred income taxes using the asset and liability method and recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in our financial statements or tax returns. Under this method, we determine deferred tax assets and liabilities based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Any increase or decrease in the deferred tax liability that results from a change in circumstances, and that causes us to change our judgment about expected future tax consequences of events, is included in the tax provision when such changes occur. Deferred income taxes also reflect the impact of operating loss and tax credit carryforwards. A valuation allowance is provided if we believe it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes us to change our judgment about the realizability of the related deferred tax asset, is included in the tax provision when such changes occur.
Foreign Currency	Foreign Currency Certain of our subsidiaries’ functional currencies are the local currencies of their respective foreign jurisdictions. We translate the results of operations of our foreign subsidiaries into U.S. dollars using average rates of exchange in effect during the period, and we translate balance sheet accounts using exchange rates in effect at the end of the period. We record the resulting currency translation adjustments in Accumulated other comprehensive income, a component of stockholders’ equity, on our Consolidated Balance Sheets, and we record foreign currency transaction gains and losses in Other expense (income) in our Consolidated Statements of Income. We recognize any noncontrolling interests’ proportionate share of currency translation adjustments of our foreign consolidated joint ventures in Noncontrolling interests on our Consolidated Balance Sheets.
Segment Reporting	Segment Reporting As of December 31, 2024, we operated through three reportable business segments: SHOP, OM&R and NNN. In our SHOP segment, we own and invest in senior housing communities throughout the United States and Canada and engage operators to operate those communities. In our OM&R segment, we primarily acquire, own, develop, lease and manage outpatient medical buildings and research centers throughout the United States. In our NNN segment, we invest in and own senior housing communities, skilled nursing facilities (“SNFs”), long-term acute care facilities (“LTACs”), freestanding inpatient rehabilitation facilities (“IRFs”) and other healthcare facilities, throughout the United States and the United Kingdom and lease these properties to tenants under triple-net or absolute-net leases that obligate the tenants to pay all property-related expenses, including maintenance, utilities, repairs, taxes, insurance and capital expenditures. See “Note 18 – Segment Information.”
Government Assistance	Government Assistance We applied for and received grants under Phase 2, Phase 3 and Phase 4 of the Provider Relief Fund administered by the U.S. Department of Health & Human Services (“HHS”) on behalf of the assisted living communities in our senior living operations segment to partially mitigate losses attributable to COVID-19. These grants are intended to reimburse eligible providers for expenses incurred to prevent, prepare for and respond to COVID-19 and lost revenues attributable to COVID-19. We will not be required to repay distributions from the Provider Relief Fund, provided that we attest to and comply with certain terms and conditions, including, not using grants received from the Provider Relief Fund to reimburse expenses or losses that other sources are obligated to reimburse, reporting and record keeping requirements and cooperating with any government audits. See “Government Regulation—CARES Act and Similar Governmental Funding Programs” in Part I, Item 1 of this Annual Report. We, and our managers, tenants, borrowers and investments in unconsolidated entities also received grants under other government programs on behalf of our senior housing communities primarily to partially mitigate losses attributable to COVID-19. During 2024 and 2023, we did not receive any HHS grants. During 2022, we received $54.2 million in HHS grants. These grants are recognized as a contra expense within Property-level operating expenses in our Consolidated Statements of Income in the period in which they were received. Any grants that are ultimately received and retained by us are not expected to fully offset the losses incurred in our SHOP segment that are attributable to COVID-19. Further, although we continue to monitor and evaluate the terms and conditions associated with these government grants, we cannot assure you that we will be in compliance with all requirements related to the payments received, in which case some or all of the grants received may need to be repaid.
Recently Adopted Accounting Standards	Recent Accounting Standards In 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. On November 4, 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE), which requires disaggregated disclosure of income statement expenses for public business entities (PBEs). ASU 2024-03 requires a footnote disclosure about specific expenses by requiring PBEs to disaggregate, in a tabular presentation, each relevant expense caption on the face of the income statement that includes certain natural expenses relevant to the Company, such as (1) employee compensation, (2) depreciation and (3) intangible asset amortization. The tabular disclosure would also include certain other expenses, when applicable. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. We are evaluating the impact of adopting ASU 2024-03 on our Consolidated Financial Statements.
Reclassifications	Reclassifications To conform to the current year presentation, expenses related to shareholder relations matters for the comparative periods have been reclassified from Transaction, transition and restructuring costs and presented separately in our Consolidated Statements of Income.
Financing Receivable, Real Estate Acquired Through Foreclosure	Accounting for Foreclosed Properties The Company may receive properties pursuant to a foreclosure, deed in lieu of foreclosure or other legal action in full or partial settlement of loans receivable by taking legal title or physical possession of the properties. We refer to such actions as a “foreclosure” and to such properties as “foreclosed properties.” We account for foreclosed properties received in settlement of loans receivable in accordance with ASC 310, Receivables . Foreclosed real estate received in full or partial satisfaction of a loan and any debt assumed upon foreclosure is recorded at fair value at the time of foreclosure. If the amortized cost basis in the loan exceeds the fair value of the collateral received, the difference is recorded as an allowance on loans receivable and investments in the Consolidated Statements of Income. Conversely, if the fair value of the collateral received is higher than the amortized cost basis in the loan, the difference, less the fair value of any debt assumed, less the principal amount of the loan receivable (after the reversal of previously recorded allowances), and net of working capital assumed and transaction costs, is recorded as a Gain on foreclosure of real estate in the Consolidated Statements of Income.
Debt, Policy	Exchangeable Senior Notes We account for our exchangeable senior notes in accordance with ASC 470-20, Debt - Debt with Conversion and Other Options (after the adoption of Accounting Standards Update ( “ ASU ” ) 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ( “ ASU 2020-06 ” )). We evaluate the exchange features embedded in our exchangeable senior notes in accordance with ASC 815, Derivatives and Hedging . ASC 815 requires embedded derivatives to be separated from their host non-derivative contracts and accounted for as free-standing derivative financial instruments if, and only if, each of the following three criteria is met: (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable GAAP with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. Certain contracts that involve an entity’s own equity are explicitly exempted from the requirements of ASC 815.

DESCRIPTION OF BUSINESS (Tables

DESCRIPTION OF BUSINESS (Tables)	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reportable Business Segments And Non-Segment Assets	Segment NOI (1) Percentage of Total NOI Segment Properties Senior housing operating portfolio (SHOP) $ 866,383 41.9 % 629 Outpatient medical and research portfolio (OM&R) 579,271 28.0 % 426 Triple-net leased properties (NNN) 606,225 29.3 % 301 Non-segment (2) 17,204 0.8 % n/a $ 2,069,083 100 % 1,356 ______________________________ (1) “NOI” is defined as total revenues, less interest and other income, property-level operating expenses and third-party capital management expenses. See “Non-GAAP Financial Measures” included elsewhere in this Annual Report for additional disclosure and a reconciliation of net income attributable to common stockholders, as computed in accordance with U.S. generally accepted accounting principles (“GAAP”), to NOI. (2) NOI for non-segment includes management fees and promote revenues, net of expenses related to our third-party institutional private capital management platform, 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)	12 Months Ended
	Dec. 31, 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 December 31, 2024 As of December 31, 2023 Total Assets Total Liabilities Total Assets Total Liabilities NHP/PMB L.P. $ 728,457 $ 286,030 $ 759,817 $ 266,658 Fonds Immobilier Groupe Maurice, S.E.C. 1,779,762 1,121,659 1,971,410 1,204,619 Other identified VIEs 1,447,381 410,721 1,597,957 354,828 Tax credit VIEs (1) — — 29,746 4,024

CONCENTRATION OF CREDIT RISK (T

CONCENTRATION OF CREDIT RISK (Tables)	12 Months Ended
	Dec. 31, 2024
Risks and Uncertainties [Abstract]
Concentration risk for triple-net leased properties	The following table summarizes certain information about our credit risk concentration for our NNN and OM&R segments for the years presented: For the Years Ended December 31, 2024 2023 2022 Contribution as a Percentage of Total Revenues (1) : Brookdale Senior Living (“Brookdale”) (2) (3) 3.1 % 3.3 % 3.6 % Ardent Health Partners, LLC (together with its subsidiaries, “Ardent”) (4) 2.8 3.0 3.2 Kindred Healthcare, LLC (together with its subsidiaries, “Kindred”) 2.8 2.9 3.2 All others 22.8 25.0 25.7 Contribution as a Percentage of Total NOI: Brookdale (2) (3) 7.2 % 7.7 % 8.1 % Kindred 6.7 6.9 7.3 Ardent (4) 6.6 6.9 7.1 All others 37.6 41.5 42.4 ______________________________ (1) Represents percentage of total revenues which include third-party capital management revenues, income from loans and investments and interest and other income. (2) The 2024, 2023 and 2022 results include $42.0 million, $42.6 million and $42.6 million, respectively, of amortization of up-front consideration received in 2020 from a revised master lease agreement with Brookdale. (3) Results exclude nine senior housing communities which are included in our SHOP segment. (4) Results exclude 19 outpatient medical buildings included in “All others.”
Schedule of lease income	The variable payments primarily represent reimbursements of various property-level operating expenses that we pay on behalf of our tenants. The following table summarizes rental income from our NNN and OM&R operating leases (in thousands): For the Years Ended December 31, 2024 2023 2022 Fixed income from operating leases $ 1,251,042 $ 1,241,075 $ 1,192,607 Variable income from operating leases 245,898 245,326 206,706
Schedule of future contracted minimum rentals for all of triple-net and MOB leases	The following table sets forth the minimum lease payments under the existing lease for all of our consolidated triple-net and outpatient medical and research building leases as of December 31, 2024 (excluding properties classified as held for sale as of December 31, 2024, dollars in thousands): Brookdale Senior Living (1) Ardent Kindred Other Total 2025 $ 158,858 $ 152,913 $ 137,178 $ 739,668 $ 1,188,617 2026 72,350 152,354 133,747 684,967 1,043,418 2027 72,350 151,237 133,747 584,104 941,438 2028 72,350 151,237 116,007 483,548 823,142 2029 72,350 151,237 107,137 381,595 712,319 Thereafter 434,102 839,613 116,863 1,296,791 2,687,369 Total $ 882,360 $ 1,598,591 $ 744,679 $ 4,170,673 $ 7,396,303 ______________________________ (1) 2025 minimum lease payments include all assets covered by the Brookdale lease as of December 31, 2024, of which $86.5 million is associated with 56 senior housing properties for which the lease will expire on December 31, 2025.

DISPOSITIONS AND IMPAIRMENTS (T

DISPOSITIONS AND IMPAIRMENTS (Tables)	12 Months Ended
	Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Assets Held-for-sale	The table below summarizes our real estate assets classified as held for sale including the amounts reported on our Consolidated Balance Sheets (dollars in thousands): As of December 31, 2024 As of December 31, 2023 Segment Properties Held for Sale Assets Held for Sale Liabilities Related to Assets Segment Properties Held for Sale Assets Held for Sale Liabilities Related to Assets SHOP 2 $ 18,612 $ 2,158 13 $ 48,173 $ 6,419 OM&R (1) — 13 568 3 5,431 2,643 NNN — — — 1 2,885 181 Total 2 $ 18,625 $ 2,726 17 $ 56,489 $ 9,243 ______________________________ (1) The balances as of December 31, 2024 relate to a partial sale of a building, as such, the property count did not change.

LOANS RECEIVABLE AND INVESTME_2

LOANS RECEIVABLE AND INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2024
Loans Receivable And Investments [Abstract]
Loans Receivable And Investments	The following is a summary of our loans receivable and investments, net, including amortized cost, fair value and unrealized gains or losses on available for sale investments, if applicable (dollars in thousands): Amortized Cost Allowance Carrying Amount Fair Value As of December 31, 2024: Secured/mortgage loans and other, net (1) $ 144,872 $ — $ 144,872 $ 146,229 Non-mortgage loans receivable, net (2) 31,939 (3,810) 28,129 27,640 Total loans receivable and investments, net $ 176,811 $ (3,810) $ 173,001 $ 173,869 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 2025 to 2027. (2) Included in Other assets on our Consolidated Balance Sheets.

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED ENTITIES (Tables)	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of investments in unconsolidated subsidiaries	Below is a summary of our investments in unconsolidated real estate entities, including through VIM, as of December 31, 2024 and 2023, respectively (dollars in thousands): Ownership (1) as of December 31, Carrying Amount as of December 31, 2024 2023 2024 2023 Investments in unconsolidated real estate entities: Ventas Life Science & Healthcare Real Estate Fund 20.0% 20.1% $ 267,202 $ 264,442 Pension Fund Joint Venture 25.0% 25.0% 11,939 22,169 Research & Innovation Development Joint Venture 53.0% 53.0% 309,499 275,829 Ventas Investment Management platform 588,640 562,440 Atrium Health & Wake Forest Joint Venture 48.5% 48.5% 36,881 35,137 All other (2) 34.0%-37.5% 34.0%-37.5% 601 629 Total investments in unconsolidated real estate entities $ 626,122 $ 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.
CONDENSED CONSOLIDATING STATEMENT OF INCOME	For the Years Ended December 31, 2024 2023 2022 Total revenues $ 7,121,808 $ 6,526,010 $ 6,193,393 Total pre-tax income 313,313 43,100 335,793 Net income (loss) attributable to common stockholders 196,984 (44,313) 212,112
CONDENSED CONSOLIDATING BALANCE SHEET	The following table summarizes the combined unaudited financial information of our equity method investments, based on the most recent financial information available to us as of the respective reporting dates and periods (dollars in thousands): As of December 31, 2024 2023 Total assets $ 9,813,724 $ 9,423,867 Total liabilities 6,168,639 6,133,776 Total noncontrolling interests 582,678 574,575 Total equity, net of noncontrolling interests 3,062,405 2,715,516

INTANGIBLES (Tables)

INTANGIBLES (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2024 As of December 31, 2023 Balance Weighted Average Balance Weighted Average Intangible assets: Above-market lease intangibles (1) $ 124,515 4.3 $ 130,371 4.8 In-place lease and other real estate intangibles (2) 1,434,236 8.4 1,317,775 8.3 Acquired lease intangibles 1,558,751 1,448,146 Goodwill 1,044,915 N/A 1,045,176 N/A Other intangibles (2) 41,190 24.4 34,440 4.8 Accumulated amortization (1,286,374) N/A (1,189,817) N/A Net intangible assets $ 1,358,482 8.8 $ 1,337,945 8.0 Intangible liabilities: Below-market lease intangibles (1) $ 269,572 7.0 $ 306,499 8.1 Other lease intangibles 13,498 N/A 13,498 N/A Accumulated amortization (211,441) N/A (241,600) N/A Purchase option intangibles 3,568 N/A 3,568 N/A Net intangible liabilities $ 75,197 7.0 $ 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.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following is a summary of the estimated net amortization related to these intangibles for each of the next five years (dollars in thousands): Estimated Net Amortization 2025 $ 104,042 2026 41,445 2027 14,830 2028 12,723 2029 8,730
Schedule of Goodwill	The table below reflects the carrying amount of goodwill, by segment, as of December 31, 2024 (dollars in thousands): Goodwill OM&R $ 466,967 NNN 318,412 SHOP 259,536 Total goodwill $ 1,044,915

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2024 2023 Straight-line rent receivables $ 202,675 $ 194,108 Deferred lease costs, net 145,973 118,556 Accounts receivable, net (1) 108,138 76,091 Investment in unconsolidated operating entities 95,623 80,312 Stock warrants 40,192 59,281 Non-mortgage loans receivable, net 28,129 26,152 Other intangibles, net 11,513 5,584 Other 160,420 123,326 Total other assets $ 792,663 $ 683,410 ______________________________ (1) Allowance for doubtful accounts as of December 31, 2024 and 2023 were $70.3 million and $75.5 million, respectively.

SENIOR NOTES PAYABLE AND OTHE_2

SENIOR NOTES PAYABLE AND OTHER DEBT (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2024 2023 Unsecured revolving credit facility (1)(2) $ 6,397 $ 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) 330,320 358,626 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) 417,246 453,001 4.40% Senior Notes due 2029 750,000 750,000 5.10% Senior Notes, Series J due 2029 (2) 452,017 — 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) 208,623 226,501 5.625% Senior Notes 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 3,167,886 3,174,251 Total 13,618,802 13,568,598 Deferred financing costs, net (92,365) (84,034) Unamortized fair value adjustment 11,587 17,081 Unamortized discounts (15,473) (10,749) Senior notes payable and other debt $ 13,522,551 $ 13,490,896 ______________________________ (1) As of December 31, 2024 and 2023, aggregate Canadian Dollar borrowings of C$2.0 million ($1.4 million) and zero were outstanding, respectively. As of December 31, 2024 and 2023, aggregate British Pound borrowings of £4.0 million ($5.0 million) and £11.0 million ($14.0 million) were outstanding, respectively. (2) British Pound and Canadian Dollar debt obligations shown in US Dollars. (3)
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations	As of December 31, 2024, our indebtedness had the following maturities (dollars in thousands): Principal Amount Unsecured Revolving Scheduled Periodic Total Maturities 2025 $ 1,737,827 $ — $ 48,425 $ 1,786,252 2026 2,041,934 — 42,663 2,084,597 2027 1,558,922 — 42,907 1,601,829 2028 1,447,250 6,397 36,105 1,489,752 2029 1,637,470 — 29,906 1,667,376 Thereafter 4,890,539 — 98,457 4,988,996 Total maturities $ 13,313,942 $ 6,397 $ 298,463 $ 13,618,802

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2024 As of December 31, 2023 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents (1) $ 897,850 $ 897,850 $ 508,794 $ 508,794 Escrow deposits and restricted cash (1) 59,383 59,383 54,668 54,668 Stock warrants (3)(4)(5) 40,192 40,192 59,281 59,281 Secured mortgage loans and other, net (3)(4) 144,872 146,229 27,986 27,947 Non-mortgage loans receivable, net (3)(4)(5) 28,129 27,640 26,152 25,200 Derivative instruments (3)(5) 12,908 12,908 19,782 19,782 Liabilities: Senior notes payable and other debt, gross (3)(4) 13,618,802 13,411,066 13,568,598 13,104,091 Derivative instruments (3)(6) 5,887 5,887 2,525 2,525 Redeemable OP Units (2) 200,420 200,420 173,452 173,452 ______________________________ (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. (7) During the years ended December 31, 2024 and 2023, there were no material transfers of financial assets or liabilities within the fair value hierarchy.

LONG-TERM COMPENSATION (Tables)

LONG-TERM COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Summary of stock option activity	The following is a summary of stock option activity in 2024: Shares (000’s) Weighted Average Weighted Intrinsic Outstanding as of December 31, 2023 3,457 $ 62.17 Options exercised (426) 61.21 1,208 Options forfeited (400) 51.84 Outstanding as of December 31, 2024 2,631 63.89 1.6 $ 399 Exercisable as of December 31, 2024 2,631 63.89 1.6 $ 399
Summary of status of nonvested restricted stock and restricted stock units and changes during the year	The following is a summary of the status of our non-vested restricted stock and restricted stock units (including time-based and performance-based awards) as of December 31, 2024, and changes during the year ended December 31, 2024: Restricted Weighted Restricted Weighted Non-vested at December 31, 2023 156 $ 51.30 1,309 $ 52.03 Granted — — 750 49.74 Vested (99) 52.03 (665) 48.54 Forfeited (6) 51.09 (93) 47.16 Non-vested at December 31, 2024 51 49.88 1,301 52.39

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of tax treatment of distributions per common share	Our tax treatment of distributions per common share was as follows: For the Years Ended December 31, 2024 2023 2022 Tax treatment of distributions: Ordinary income $ — $ — $ — Qualified ordinary income — 0.04468 0.04906 199A qualified business income 1.09580 1.49465 1.75094 Long-term capital gain — 0.09136 — Non-dividend distribution 0.70420 0.16931 — Distribution reported for 1099-DIV purposes 1.80000 1.80000 1.80000 Add: Dividend declared in current year and taxable in following year 0.45000 0.45000 0.45000 Less: Dividend declared in prior year and taxable in current year (0.45000) (0.45000) (0.45000) Distribution declared per common share outstanding $ 1.80000 $ 1.80000 $ 1.80000
Schedule of provision (benefit) for income taxes	Our consolidated expense (benefit) for income taxes was as follows (dollars in thousands): For the Years Ended December 31, 2024 2023 2022 Current - Federal $ 324 $ 534 $ (2,257) Current - State 2,630 2,564 2,662 Deferred - Federal (30,436) (6,135) 338 Deferred - State 28 230 1,310 Current - Foreign 2,646 2,587 3,217 Deferred - Foreign (12,967) (9,319) (22,196) Total $ (37,775) $ (9,539) $ (16,926)
Schedule of reconciliation of income tax expense	A reconciliation of income tax expense and benefit, which is computed by applying the federal corporate tax rate for the years ended December 31, 2024, 2023 and 2022, to the income tax expense and benefit is as follows (dollars in thousands): For the Years Ended December 31, 2024 2023 2022 Tax at statutory rate on earnings from continuing operations before unconsolidated entities, noncontrolling interest and income taxes $ (1,679) $ (24,272) $ (19,733) State income taxes, net of federal benefit 2,641 (839) (5,411) Change in valuation allowance (10,593) 20,330 53,117 Tax at statutory rate on earnings not subject to federal income taxes (18,773) (7,809) (31,528) Foreign rate differential and foreign taxes 1,813 43 123 Change in tax status of TRS — 9,171 (1,961) Other differences (11,184) (6,163) (11,533) Income tax benefit $ (37,775) $ (9,539) $ (16,926)
Summary of tax effects of temporary differences and carryforwards included in the net deferred tax liabilities	The tax effects of temporary differences and carryforwards included in the net deferred tax liabilities are summarized as follows (dollars in thousands): As of December 31, 2024 2023 2022 Property, primarily differences in depreciation and amortization, the tax basis of land assets and the treatment of interests and certain costs $ (73,214) $ (26,071) $ (34,734) Operating loss and interest deduction carryforwards 236,424 233,847 220,891 Expense accruals and other 56,546 26,700 16,723 Valuation allowance (225,975) (257,222) (227,960) Net deferred tax liabilities $ (6,219) $ (22,746) $ (25,080)
Summary of activity related to unrecognized tax benefits	The following table summarizes the activity related to our unrecognized tax benefits (dollars in thousands): 2024 2023 Balance as of January 1 $ 5,205 $ 5,828 Additions to tax positions related to prior years — 108 Subtractions to tax positions related to prior years (1,242) (731) Balance as of December 31 $ 3,963 $ 5,205

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	The following table summarizes future minimum lease obligations under non-cancelable ground and other operating leases as of December 31, 2024 (dollars in thousands): 2025 $ 20,176 2026 21,701 2027 21,202 2028 20,022 2029 19,201 Thereafter 598,633 Total undiscounted minimum lease payments 700,935 Less: imputed interest (482,932) Operating lease liabilities $ 218,003

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 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 Years Ended December 31, 2024 2023 2022 Numerator for basic and diluted earnings per share: Net income (loss) $ 88,351 $ (30,297) $ (40,931) Net income attributable to noncontrolling interests 7,198 10,676 6,516 Net income (loss) attributable to common stockholders $ 81,153 $ (40,973) $ (47,447) Denominator: Denominator for basic earnings per share—weighted average shares 411,770 401,809 399,549 Effect of dilutive securities: Restricted stock awards 397 389 390 OP unitholder interests 3,422 3,472 3,515 Exchangeable Notes 744 — — Equity forward sales agreements 33 — — Denominator for diluted earnings per share—adjusted weighted average shares 416,366 405,670 403,454 Basic earnings per share: Net income (loss) $ 0.21 $ (0.08) $ (0.10) Net income (loss) attributable to common stockholders 0.20 (0.10) (0.12) Diluted earnings per share: (1) Net income (loss) $ 0.21 $ (0.08) $ (0.10) Net income (loss) attributable to common stockholders 0.19 (0.10) (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.

PERMANENT AND TEMPORARY EQUITY

PERMANENT AND TEMPORARY EQUITY (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income	The following is a summary of our accumulated other comprehensive loss (dollars in thousands): As of December 31, 2024 2023 Foreign currency translation loss $ (34,341) $ (56,596) Unrealized loss on available for sale securities (2,118) (1,256) Unrealized gain on derivative instruments 2,933 22,095 Total accumulated other comprehensive loss $ (33,526) $ (35,757)
Redeemable OP Unitholder and Noncontrolling Interest	The following is a roll-forward of our redeemable OP unitholder and noncontrolling interests for 2024 (dollars in thousands): Redeemable OP Unitholder Interests Redeemable Noncontrolling Interests Total Redeemable OP Unitholder and Noncontrolling Interests Balance as of December 31, 2023 $ 173,452 $ 129,184 $ 302,636 New issuances — 1,141 1,141 Change in fair value 34,163 1,198 35,361 Dispositions — — — Distributions and other (6,424) (21,714) (28,138) Redemptions (771) — (771) Balance as of December 31, 2024 $ 200,420 $ 109,809 $ 310,229

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	Summary information by reportable business segment is as follows (dollars in thousands): For the Year Ended December 31, 2024 SHOP OM&R NNN Non-Segment Total Revenues: Rental income $ — $ 874,886 $ 622,054 $ — $ 1,496,940 Resident fees and services 3,372,796 — — — 3,372,796 Third-party capital management revenues — 2,705 — 14,654 17,359 Income from loans and investments — — — 9,057 9,057 Interest and other income — — — 28,114 28,114 Total revenues $ 3,372,796 $ 877,591 $ 622,054 $ 51,825 $ 4,924,266 Total revenues $ 3,372,796 $ 877,591 $ 622,054 $ 51,825 $ 4,924,266 Less: Interest and other income — — — 28,114 28,114 Labor (1) 1,418,320 — — — 1,418,320 Management fees 174,491 — — — 174,491 Other segment expenses (2) 913,602 298,320 15,829 — 1,227,751 Property-level operating expenses 2,506,413 298,320 15,829 — 2,820,562 Third-party capital management expenses — — — 6,507 6,507 NOI $ 866,383 $ 579,271 $ 606,225 $ 17,204 2,069,083 Interest and other income 28,114 Interest expense (602,835) Depreciation and amortization (1,253,143) General, administrative and professional fees (162,990) Loss on extinguishment of debt, net (687) Transaction, transition and restructuring costs (20,369) Reversal of allowance on loans receivable and investments, net 166 Shareholder relations matters (15,751) Other expense (49,584) Income from unconsolidated entities 1,563 Gain on real estate dispositions 57,009 Income tax benefit 37,775 Net income 88,351 Net income attributable to noncontrolling interests 7,198 Net income attributable to common stockholders $ 81,153 ______________________________ (1) Labor expense primarily includes salaries, benefits and related taxes. (2) Other segment expenses include: • SHOP — food, utilities, real estate taxes, insurance, repairs and maintenance, marketing, supplies and other expenses. • OM&R — utilities, real estate taxes, insurance, repairs and maintenance, cleaning, roads and grounds expense and other expenses. • NNN — real estate taxes and insurance. The CODM does not regularly receive significant expense details for the OM&R or the NNN segments and focuses on monitoring revenues and NOI because a significant majority or all of the property-level operating expenses are recovered from the tenants. For the Year Ended December 31, 2023 SHOP OM&R NNN Non-Segment Total Revenues: Rental income $ — $ 867,193 $ 619,208 $ — $ 1,486,401 Resident fees and services 2,959,219 — — — 2,959,219 Third-party capital management revenues — 2,515 — 15,326 17,841 Income from loans and investments — — — 22,952 22,952 Interest and other income — — — 11,414 11,414 Total revenues $ 2,959,219 $ 869,708 $ 619,208 $ 49,692 $ 4,497,827 Total revenues $ 2,959,219 $ 869,708 $ 619,208 $ 49,692 $ 4,497,827 Less: Interest and other income — — — 11,414 11,414 Labor (1) 1,279,296 — — — 1,279,296 Management fees 146,162 — — — 146,162 Other segment expenses (2) 822,354 292,776 14,557 — 1,129,687 Property-level operating expenses 2,247,812 292,776 14,557 — 2,555,145 Third-party capital management expenses — — — 6,101 6,101 NOI $ 711,407 $ 576,932 $ 604,651 $ 32,177 1,925,167 Interest and other income 11,414 Interest expense (574,112) Depreciation and amortization (1,392,461) General, administrative and professional fees (148,876) Gain on extinguishment of debt, net 6,104 Transaction, transition and restructuring costs (15,215) Reversal of allowance on loans receivable and investments, net 20,270 Gain on foreclosure of real estate 29,127 Other income 23,001 Income from unconsolidated entities 13,626 Gain on real estate dispositions 62,119 Income tax benefit 9,539 Net loss (30,297) Net income attributable to noncontrolling interests 10,676 Net loss attributable to common stockholders $ (40,973) ______________________________ (1) Labor expense primarily includes salaries, benefits and related taxes. (2) Other segment expenses include: • SHOP — food, utilities, real estate taxes, insurance, repairs and maintenance, marketing, supplies and other expenses. • OM&R — utilities, real estate taxes, insurance, repairs and maintenance, cleaning, roads and grounds expense and other expenses. • NNN — real estate taxes and insurance. The CODM does not regularly receive significant expense details for the OM&R or the NNN segments and focuses on monitoring revenues and NOI because a significant majority or all of the property-level operating expenses are recovered from the tenants. For the Year Ended December 31, 2022 SHOP OM&R NNN Non-Segment Total Revenues: Rental income $ — $ 801,159 $ 598,154 $ — $ 1,399,313 Resident fees and services 2,651,886 — — — 2,651,886 Third-party capital management revenues — 2,448 — 23,751 26,199 Income from loans and investments — — — 48,160 48,160 Interest and other income — — — 3,635 3,635 Total revenues $ 2,651,886 $ 803,607 $ 598,154 $ 75,546 $ 4,129,193 Total revenues $ 2,651,886 $ 803,607 $ 598,154 $ 75,546 $ 4,129,193 Less: Interest and other income — — — 3,635 3,635 Labor (1) 1,164,761 — — — 1,164,761 Management fees 127,453 — — — 127,453 Other segment expenses (2) 712,206 257,003 15,301 — 984,510 Property-level operating expenses 2,004,420 257,003 15,301 — 2,276,724 Third-party capital management expenses — — — 6,194 6,194 NOI $ 647,466 $ 546,604 $ 582,853 $ 65,717 1,842,640 Interest and other income 3,635 Interest expense (467,557) Depreciation and amortization (1,197,798) General, administrative and professional fees (144,874) Loss on extinguishment of debt, net (581) Transaction, transition and restructuring costs (30,884) Allowance on loans receivable and investments, net (19,757) Shareholder relations matters (20,693) Other expense (58,268) Income from unconsolidated entities 28,500 Gain on real estate dispositions 7,780 Income tax benefit 16,926 Net loss (40,931) Net income attributable to noncontrolling interests 6,516 Net loss attributable to common stockholders $ (47,447) ______________________________ (1) Labor expense primarily includes salaries, benefits and related taxes. (2) Other segment expenses include: • SHOP — food, utilities, real estate taxes, insurance, repairs and maintenance, marketing, supplies and other expenses. • OM&R — utilities, real estate taxes, insurance, repairs and maintenance, cleaning, roads and grounds expense and other expenses. • NNN — real estate taxes and insurance. The CODM does not regularly receive significant expense details for the OM&R or the NNN segments and focuses on monitoring revenues and NOI because a significant majority or all of the property-level operating expenses are recovered from the tenants.
Segment Reporting Information Expenditures for Additions to Long-Lived Assets	Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment are as follows (dollars in thousands): For the Years Ended December 31, Capital Expenditures: 2024 2023 2022 SHOP $ 2,061,741 $ 409,105 $ 423,420 OM&R 273,615 231,855 472,662 NNN 194,447 8,511 4,614 Total capital expenditures $ 2,529,803 $ 649,471 $ 900,696
Long-lived Assets by Geographic Areas	Geographic information regarding our operations is as follows (dollars in thousands): As of December 31, Net Real Estate Property: 2024 2023 United States $ 19,690,838 $ 18,702,960 Canada 2,719,078 2,837,858 United Kingdom 190,629 208,132 Total net real estate property $ 22,600,545 $ 21,748,950
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas	For the Years Ended December 31, Revenues: 2024 2023 2022 United States $ 4,366,953 $ 4,004,173 $ 3,652,327 Canada 526,575 464,772 449,091 United Kingdom 30,738 28,882 27,775 Total revenues $ 4,924,266 $ 4,497,827 $ 4,129,193

DESCRIPTION OF BUSINESS - Narra

DESCRIPTION OF BUSINESS - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 Segment property	Dec. 31, 2024 segment property	Dec. 31, 2023 segment	Dec. 31, 2022 segment
Real estate properties
Number of real estate properties, wholly owned and unconsolidated	1,387	1,387
Number of reportable segments	3	3	3	3
Number of properties	1,356	1,356
Operating Segments
Real estate properties
Number of properties	1,356	1,356
Non-Segment
Real estate properties
Number of properties	31	31

DESCRIPTION OF BUSINESS - Sched

DESCRIPTION OF BUSINESS - Schedule of reportable business segments and non-segment assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 property Segment	Dec. 31, 2024 USD ($) property	Dec. 31, 2024 property	Dec. 31, 2024 segment property	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($) segment
Real estate properties
NOI | $		$ 2,069,083			$ 1,925,167	$ 1,842,640
Percentage of Total NOI			100%
Segment Properties	1,356	1,356	1,356	1,356
Number of reportable segments	3			3	3	3
Operating Segments
Real estate properties
Segment Properties	1,356	1,356	1,356	1,356
Operating Segments | Senior Housing Operating Portfolio (SHOP)
Real estate properties
NOI | $		$ 866,383
Percentage of Total NOI			41.90%
Segment Properties	629	629	629	629
Operating Segments | Outpatient medical and research portfolio (OM&R)
Real estate properties
NOI | $		$ 579,271			$ 576,932	$ 546,604
Percentage of Total NOI			28%
Segment Properties	426	426	426	426
Operating Segments | NNN
Real estate properties
NOI | $		$ 606,225			604,651	582,853
Percentage of Total NOI			29.30%
Segment Properties	301	301	301	301
Non-Segment
Real estate properties
NOI | $		$ 17,204			$ 32,177	$ 65,717
Percentage of Total NOI			0.80%
Segment Properties	31	31	31	31

ACCOUNTING POLICIES - Schedule

ACCOUNTING POLICIES - Schedule of VIEs (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Total Assets	$ 26,186,906	$ 24,725,433
Total Liabilities	15,047,081	14,878,392
Variable Interest Entity, Primary Beneficiary | NHP/PMB L.P.
Variable Interest Entity [Line Items]
Total Assets	728,457	759,817
Total Liabilities	286,030	266,658
Variable Interest Entity, Primary Beneficiary | Other identified VIEs
Variable Interest Entity [Line Items]
Total Assets	1,447,381	1,597,957
Total Liabilities	410,721	354,828
Variable Interest Entity, Primary Beneficiary | Tax credit VIEs (1)
Variable Interest Entity [Line Items]
Total Assets	0	29,746
Total Liabilities	0	4,024
Variable Interest Entity, Primary Beneficiary | Fonds Immobilier Groupe Maurice, S.E.C.
Variable Interest Entity [Line Items]
Total Assets	1,779,762	1,971,410
Total Liabilities	$ 1,121,659	$ 1,204,619

ACCOUNTING POLICIES - Redeemabl

ACCOUNTING POLICIES - Redeemable OP Unitholder and Noncontrolling Interests (Details) - NHP/PMB L.P. shares in Millions	12 Months Ended
	Dec. 31, 2024 shares
Redeemable OP Unitholder Interests [Line Items]
Unit conversion factor for common stock	0.9051
Capital Unit, Class A | LImited Partner
Redeemable OP Unitholder Interests [Line Items]
Limited partners' units outstanding	3.8
Capital Unit, Class A | LImited Partner | NHP/PMB L.P.
Redeemable OP Unitholder Interests [Line Items]
Percentage of ownership interest on total units outstanding	33%
Capital Unit, Class B | Redeemable OP Unitholder Interests
Redeemable OP Unitholder Interests [Line Items]
General partner's units outstanding	7.7
Capital Unit, Class B | Redeemable OP Unitholder Interests | NHP/PMB L.P.
Redeemable OP Unitholder Interests [Line Items]
Percentage of ownership interest on total units outstanding	67%

ACCOUNTING POLICIES - Accountin

ACCOUNTING POLICIES - Accounting for Historic and New Markets Tax Credits (Details) - property	Dec. 31, 2024	Dec. 31, 2023
Real Estate [Line Items]
Segment Properties	1,356
Maximum of qualified investment potentially received as new market tax credit	39%
Amount of recapture new market tax credits are subject to until the end of the seventh year following the qualified investment	100%
Amount of recapture per year historic tax credits are subject to one year after completion of project	20%
Real Estate Properties That Qualify For Certain Tax Credits
Real Estate [Line Items]
Segment Properties	0	1

ACCOUNTING POLICIES - Account_2

ACCOUNTING POLICIES - Accounting for Real Estate Acquisitions (Details)	Dec. 31, 2024
Building
Business Acquisition [Line Items]
Estimated remaining life	35 years
Land Improvements
Business Acquisition [Line Items]
Estimated remaining life	15 years
Building Improvements
Business Acquisition [Line Items]
Estimated remaining life	20 years

ACCOUNTING POLICIES - Deferred

ACCOUNTING POLICIES - Deferred Financing Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Amortization of debt issuance costs	$ 28.9	$ 23.2	$ 18.2

ACCOUNTING POLICIES - Fair Valu

ACCOUNTING POLICIES - Fair Value of Financial Instruments (Details) $ in Millions	Dec. 31, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Allowance	$ 20

ACCOUNTING POLICIES - Revenue R

ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Straight-line rent receivables, net	$ 202,675	$ 194,108

ACCOUNTING POLICIES - Segments

ACCOUNTING POLICIES - Segments (Details)	12 Months Ended
	Dec. 31, 2024 Segment	Dec. 31, 2024 segment	Dec. 31, 2023 segment	Dec. 31, 2022 segment
Accounting Policies [Abstract]
Number of reportable segments	3	3	3	3

ACCOUNTING POLICIES - Governmen

ACCOUNTING POLICIES - Government Assistance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2022
COVID-19 Impact
Government Grants [Line Items]
HHS Grants Received of Provider Relief Fund	$ 0	$ 54.2

CONCENTRATION OF CREDIT RISK -

CONCENTRATION OF CREDIT RISK - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 state province
Geographic Concentration Risk
Concentration Risk [Line Items]
Number of US states in which entity operates	48
Geographic Concentration Risk | Canada
Concentration Risk [Line Items]
Number of provinces in which the company operates | province	7
Customer Concentration Risk
Concentration Risk [Line Items]
Continuing revenues and NOI from properties located in California	10%
Customer Concentration Risk | CALIFORNIA
Concentration Risk [Line Items]
Number of states accounting for more than ten percent of revenues and net operating income	1

CONCENTRATION OF CREDIT RISK _2

CONCENTRATION OF CREDIT RISK - Triple-Net Leased Properties (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Real estate properties
Other noncash expense | $	$ (25,762)	$ 44,503	$ (52,489)
Segment Properties	1,356
Brookdale | Senior Housing Operating Portfolio (SHOP)
Real estate properties
Segment Properties	9
Ardent | Outpatient medical and research portfolio (OM&R) | Long-Term Acute Care Facilities
Real estate properties
Segment Properties	19
Brookdale Senior Living
Real estate properties
Other noncash expense | $	$ (42,000)	$ (42,600)	$ (42,600)
Customer Concentration Risk | Revenues | Brookdale Senior Living
Real estate properties
Concentration risk	3.10%	3.30%	3.60%
Customer Concentration Risk | Revenues | Ardent
Real estate properties
Concentration risk	2.80%	3%	3.20%
Customer Concentration Risk | Revenues | Kindred
Real estate properties
Concentration risk	2.80%	2.90%	3.20%
Customer Concentration Risk | Revenues | All others
Real estate properties
Concentration risk	22.80%	25%	25.70%
Customer Concentration Risk | Contribution as a Percentage of Total NOI: | Brookdale Senior Living
Real estate properties
Concentration risk	7.20%	7.70%	8.10%
Customer Concentration Risk | Contribution as a Percentage of Total NOI: | Ardent
Real estate properties
Concentration risk	6.60%	6.90%	7.10%
Customer Concentration Risk | Contribution as a Percentage of Total NOI: | Kindred
Real estate properties
Concentration risk	6.70%	6.90%	7.30%
Customer Concentration Risk | Contribution as a Percentage of Total NOI: | All others
Real estate properties
Concentration risk	37.60%	41.50%	42.40%

CONCENTRATION OF CREDIT RISK _3

CONCENTRATION OF CREDIT RISK - Schedule of Lease Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Risks and Uncertainties [Abstract]
Fixed income from operating leases	$ 1,251,042	$ 1,241,075	$ 1,192,607
Variable income from operating leases	$ 245,898	$ 245,326	$ 206,706

CONCENTRATION OF CREDIT RISK _4

CONCENTRATION OF CREDIT RISK - Minimum Rents (Details) $ in Thousands	Dec. 31, 2024 USD ($) property
Concentration Risk [Line Items]
2025	$ 1,188,617
2026	1,043,418
2027	941,438
2028	823,142
2029	712,319
Thereafter	2,687,369
Total	$ 7,396,303
Number of properties for which lease will expire on December 31, 2025 | property	1,356
Brookdale Senior Living
Concentration Risk [Line Items]
2025	$ 158,858
2026	72,350
2027	72,350
2028	72,350
2029	72,350
Thereafter	434,102
Total	882,360
Brookdale Senior Living | Seniors Housing Communities
Concentration Risk [Line Items]
2025	$ 86,500
Number of properties for which lease will expire on December 31, 2025 | property	56
Ardent
Concentration Risk [Line Items]
2025	$ 152,913
2026	152,354
2027	151,237
2028	151,237
2029	151,237
Thereafter	839,613
Total	1,598,591
Kindred
Concentration Risk [Line Items]
2025	137,178
2026	133,747
2027	133,747
2028	116,007
2029	107,137
Thereafter	116,863
Total	744,679
Other
Concentration Risk [Line Items]
2025	739,668
2026	684,967
2027	584,104
2028	483,548
2029	381,595
Thereafter	1,296,791
Total	$ 4,170,673

ACQUISITION OF REAL ESTATE PR_2

ACQUISITION OF REAL ESTATE PROPERTY - 2025 Acquisitions (Details) $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2025 USD ($) property	Dec. 31, 2024 USD ($) property	Dec. 31, 2022 USD ($) property
Business Acquisition [Line Items]
Value of assets acquired | $		$ 1,900	$ 453.2
Subsequent Event
Business Acquisition [Line Items]
Value of assets acquired | $	$ 70
Senior Housing Community
Business Acquisition [Line Items]
Number of real estate properties acquired | property		50	2
Senior Housing Community | Subsequent Event
Business Acquisition [Line Items]
Number of real estate properties acquired | property	2

ACQUISITION OF REAL ESTATE PR_3

ACQUISITION OF REAL ESTATE PROPERTY - 2024 Acquisitions (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) property	Dec. 31, 2022 USD ($) property
Business Acquisition [Line Items]
Value of assets acquired | $	$ 1,900	$ 453.2
Ardent, Outpatient Medical Buildings
Business Acquisition [Line Items]
Number of real estate properties acquired		18
Long-Term Acute Care Facilities
Business Acquisition [Line Items]
Number of real estate properties acquired	5
Senior Housing Community
Business Acquisition [Line Items]
Number of real estate properties acquired	50	2

ACQUISITION OF REAL ESTATE PR_4

ACQUISITION OF REAL ESTATE PROPERTY - 2022 Acquisitions (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) property	Dec. 31, 2022 USD ($) property
Business Acquisition [Line Items]
Value of assets acquired | $	$ 1,900	$ 453.2
Behavioral Health Center
Business Acquisition [Line Items]
Number of real estate properties acquired		1
Research And Innovation Center
Business Acquisition [Line Items]
Number of real estate properties acquired		1
Senior Housing Community
Business Acquisition [Line Items]
Number of real estate properties acquired	50	2
Ardent, Outpatient Medical Buildings
Business Acquisition [Line Items]
Number of real estate properties acquired		18

DISPOSITIONS AND IMPAIRMENTS -

DISPOSITIONS AND IMPAIRMENTS - 2024 Disposition Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Segment Properties	1,356
Proceeds from real estate disposals | $	$ 329,094	$ 399,534	$ 112,926
Gain on real estate dispositions | $	57,009	62,119	7,780
Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from real estate disposals | $	315,100	399,500	$ 115,100
Gain on real estate dispositions | $	$ 57,000	$ 62,100
Dispositions | Building
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Segment Properties	1
Dispositions | SHOP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Segment Properties	19	7
Dispositions | Outpatient Medical Buildings And Other
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Segment Properties	12	10
Dispositions | NNN
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Segment Properties	24	9

DISPOSITIONS AND IMPAIRMENTS _2

DISPOSITIONS AND IMPAIRMENTS - 2023 Disposition Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Segment Properties	1,356
Proceeds from real estate disposals | $	$ 329,094	$ 399,534	$ 112,926
Gain on real estate dispositions | $	57,009	62,119	7,780
Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from real estate disposals | $	315,100	399,500	$ 115,100
Gain on real estate dispositions | $	$ 57,000	$ 62,100
Dispositions | Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Segment Properties		2	2
Dispositions | SHOP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Segment Properties	19	7
Dispositions | Outpatient Medical Buildings And Other
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Segment Properties	12	10
Dispositions | NNN
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Segment Properties	24	9

DISPOSITIONS AND IMPAIRMENTS _3

DISPOSITIONS AND IMPAIRMENTS - 2022 Dispositions Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Segment Properties	1,356
Proceeds from real estate disposals | $	$ 329,094	$ 399,534	$ 112,926
Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from real estate disposals | $	$ 315,100	$ 399,500	115,100
Gain on real estate dispositions | $			$ 7,800
Seniors Housing Communities | Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Segment Properties			7
NNN | Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Segment Properties			3
Land | Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Segment Properties		2	2
Building | Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Segment Properties	1
Outpatient Medical Buildings And Other | Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Segment Properties			2

DISPOSITIONS AND IMPAIRMENTS _4

DISPOSITIONS AND IMPAIRMENTS - 2021 Dispositions Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Segment Properties | property	1,356
Proceeds from real estate disposals | $	$ 329,094	$ 399,534	$ 112,926
Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from real estate disposals | $	$ 315,100	$ 399,500	115,100
Gain on real estate dispositions | $			$ 7,800
NNN | Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Segment Properties | property			3
Outpatient Medical Buildings And Other | Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Segment Properties | property			2

DISPOSITIONS AND IMPAIRMENTS _5

DISPOSITIONS AND IMPAIRMENTS - Assets Held For Sale and Impairment (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets Held for Sale	$ 18,625	$ 56,489
Liabilities Related to Assets Held for Sale	2,726	9,243
SHOP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets Held for Sale	18,612	48,173
Liabilities Related to Assets Held for Sale	2,158	6,419
NNN
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets Held for Sale	0	2,885
Liabilities Related to Assets Held for Sale	0	181
Outpatient Medical Buildings And Other
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets Held for Sale	13	5,431
Liabilities Related to Assets Held for Sale	$ 568	$ 2,643
Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Segment Properties Held for Sale | property	2	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]
Segment Properties Held for Sale | property	2	13
Disposal Group, Held-for-sale, Not Discontinued Operations | NNN
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Segment Properties Held for Sale | property	0	1
Disposal Group, Held-for-sale, Not Discontinued Operations | Outpatient Medical Buildings And Other
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Segment Properties Held for Sale | property	0	3
Depreciation and amortization
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate impairments	$ (86,000)	$ 226,600	$ 107,800
Depreciation and amortization | NNN
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate impairments	40,700	16,900	3,900
Depreciation and amortization | SHOP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate impairments	43,800	190,500	76,400
Depreciation and amortization | OM&R
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate impairments	$ 1,500	$ 19,200	$ 27,500

DISPOSITIONS AND IMPAIRMENTS _6

DISPOSITIONS AND IMPAIRMENTS - Real Estate Impairments (Details) - Depreciation and amortization - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate impairments	$ (86)	$ 226.6	$ 107.8
SHOP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate impairments	43.8	190.5	76.4
OM&R
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate impairments	1.5	19.2	27.5
NNN
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate impairments	$ 40.7	$ 16.9	$ 3.9

LOANS RECEIVABLE AND INVESTME_3

LOANS RECEIVABLE AND INVESTMENTS - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Loans Receivable And Investments [Abstract]
Net loans receivable and investments relating to properties	$ 173,001	$ 54,138

LOANS RECEIVABLE AND INVESTME_4

LOANS RECEIVABLE AND INVESTMENTS - Schedule of Loans Receivable and Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance	$ (3,810)	$ (3,976)
Non-mortgage loans receivable, net	28,129	26,152
Secured loans, unsecured loans, and other available-for-sale securities, amortized cost	176,811	58,114
Total loans receivable and investments, net	173,001	54,138
Secured loans, unsecured loans, and other available-for-sale securities, fair value	173,869	53,147
Non-mortgage loans receivable, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance	(3,810)	(3,976)
Non-mortgage loans receivable, amortized cost	31,939	30,128
Non-mortgage loans receivable, net	28,129	26,152
Non-mortgage loans receivable, fair value	27,640	25,200
Secured/mortgage loans and other, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Held-to-maturity securities, amortized cost	144,872	27,986
Allowance	0	0
Held-to-maturity securities, carrying amount	144,872	27,986
Held-to-maturity securities, fair value	$ 146,229	$ 27,947

LOANS RECEIVABLE AND INVESTME_5

LOANS RECEIVABLE AND INVESTMENTS - 2024 Activity (Details) - Secured Debt Financing $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal amount of debt	$ 109
Term	3 years
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate	4.50%
Debt instrument, basis spread on variable rate	5.75%
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt instrument, basis spread on variable rate	6%

LOANS RECEIVABLE AND INVESTME_6

LOANS RECEIVABLE AND INVESTMENTS - 2023 Activity (Details) $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	May 09, 2024 USD ($)	Apr. 29, 2024 USD ($)	Apr. 29, 2024 CAD ($)	Feb. 29, 2024 USD ($)	Feb. 29, 2024 CAD ($)	May 01, 2023 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance			$ 20,000
Gain on foreclosure of real estate	$ 0	$ 29,127	$ 0
Mortgage loans and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal amount of debt	$ 3,200,000			$ 52,300	$ 75,500	$ 103	$ 39,100	$ 52.8
Mortgage loans and other | Nonrecourse
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal amount of debt									$ 1,000,000

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED ENTITIES - Schedule of Investments in Unconsolidated Subsidiaries (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Equity method investments
Carrying Amount as of December 31,	$ 626,122	$ 598,206
Ownership interest, percentage (less than)	100%
Unconsolidated Properties | Ventas Life Science & Healthcare Real Estate Fund
Equity method investments
Ownership interests	20%	20.10%
Carrying Amount as of December 31,	$ 267,202	$ 264,442
Unconsolidated Properties | Pension Fund Joint Venture
Equity method investments
Ownership interests	25%	25%
Carrying Amount as of December 31,	$ 11,939	$ 22,169
Unconsolidated Properties | Research & Innovation Development Joint Venture
Equity method investments
Ownership interests	53%	53%
Carrying Amount as of December 31,	$ 309,499	$ 275,829
Unconsolidated Properties | Ventas Investment Management platform
Equity method investments
Carrying Amount as of December 31,	$ 588,640	$ 562,440
Unconsolidated Properties | Atrium Health & Wake Forest Joint Venture
Equity method investments
Ownership interests	48.50%	48.50%
Carrying Amount as of December 31,	$ 36,881	$ 35,137
Unconsolidated Properties | All other
Equity method investments
Carrying Amount as of December 31,	$ 601	$ 629
Unconsolidated Properties | All other | Minimum
Equity method investments
Ownership interests	34%	34%
Unconsolidated Properties | All other | Maximum
Equity method investments
Ownership interests	37.50%	37.50%

INVESTMENT IN UNCONSOLIDATED _4

INVESTMENT IN UNCONSOLIDATED ENTITIES - Narrative (Details) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2023 USD ($)	Dec. 31, 2024 USD ($) board_member	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jul. 30, 2024	Apr. 30, 2023
Equity method investments
Non-cash gain on sale		$ 33,500
Income recognized		1,563	$ 13,626	$ 28,500
Proceeds from sale of equity method investments	$ 50,100
Goodwill		1,044,915	$ 1,045,176
Outpatient medical and research portfolio (OM&R)
Equity method investments
Goodwill		$ 466,967
Atria
Equity method investments
Ownership interests		34%
Number of board of directors members appointed | board_member		2
Ardent
Equity method investments
Ownership interests		6.70%	7.50%		7.50%	9.80%
Equity Method Investment, Ownership Percentage, Disposed Of	0.24
Number Of Board Members Nominated | board_member		1
Equity Method Investment, Voting Rights, Percentage		4%
Gain (Loss) on Sale of Previously Unissued Stock by Equity Investee		$ 8,700
Management Service
Equity method investments
Revenue from contracts with customers		$ 15,500	$ 14,700	$ 14,500

INVESTMENT IN UNCONSOLIDATED _5

INVESTMENT IN UNCONSOLIDATED ENTITIES - Schedule of Combined Summarized Balance Sheets of Unconsolidated Entities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Real estate properties
Total Assets	$ 26,186,906	$ 24,725,433
Total Liabilities	15,047,081	14,878,392
Noncontrolling interests	58,329	56,347
Stockholders' Equity Attributable to Parent	10,771,267	9,488,058
Revenues	4,924,266	4,497,827	$ 4,129,193
Loss before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests	(7,996)	(115,581)	(94,137)
Net income (loss)	88,351	(30,297)	(40,931)
Unconsolidated Properties
Real estate properties
Total Assets	9,813,724	9,423,867
Total Liabilities	6,168,639	6,133,776
Noncontrolling interests	582,678	574,575
Stockholders' Equity Attributable to Parent	3,062,405	2,715,516
Revenues	7,121,808	6,526,010	6,193,393
Loss before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests	313,313	43,100	335,793
Net income (loss)	$ 196,984	$ (44,313)	$ 212,112

INVESTMENT IN UNCONSOLIDATED _6

INVESTMENT IN UNCONSOLIDATED ENTITIES - Schedule of Combined Summarized Statement of Income of Unconsolidated Entities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Real estate properties
Revenues	$ 4,924,266	$ 4,497,827	$ 4,129,193
Loss before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests	(7,996)	(115,581)	(94,137)
Net income (loss)	88,351	(30,297)	(40,931)
Unconsolidated Properties
Real estate properties
Revenues	7,121,808	6,526,010	6,193,393
Loss before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests	313,313	43,100	335,793
Net income (loss)	$ 196,984	$ (44,313)	$ 212,112

INTANGIBLES - Summary of Intang

INTANGIBLES - Summary of Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Intangible assets:
Acquired lease intangibles	$ 1,558,751	$ 1,448,146
Goodwill	1,044,915	1,045,176
Accumulated amortization	(1,286,374)	(1,189,817)
Net intangible assets	$ 1,358,482	$ 1,337,945
Weighted Average Remaining Amortization Period in Years	8 years 9 months 18 days	8 years
Intangible liabilities:
Below-market lease intangibles	$ 269,572	$ 306,499
Other lease intangibles	13,498	13,498
Accumulated amortization	(211,441)	(241,600)
Purchase option intangibles	3,568	3,568
Net intangible liabilities	$ 75,197	$ 81,965
Below market leases, remaining weighted average amortization period	7 years	8 years 1 month 6 days
Net intangible liabilities, remaining weighted average amortization period	7 years	8 years 1 month 6 days
Intangibles
Net amortization expense	$ 80,800	$ 111,200	$ 102,400
2025	104,042
2026	41,445
2027	14,830
2028	12,723
2029	8,730
Above-market lease intangibles
Intangible assets:
Acquired lease intangibles	$ 124,515	$ 130,371
Weighted Average Remaining Amortization Period in Years	4 years 3 months 18 days	4 years 9 months 18 days
In-place and other lease intangibles
Intangible assets:
Acquired lease intangibles	$ 1,434,236	$ 1,317,775
Weighted Average Remaining Amortization Period in Years	8 years 4 months 24 days	8 years 3 months 18 days
Other intangibles
Intangible assets:
Other intangibles	$ 41,190	$ 34,440
Weighted Average Remaining Amortization Period in Years	24 years 4 months 24 days	4 years 9 months 18 days

INTANGIBLES - Goodwill (Details

INTANGIBLES - Goodwill (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Goodwill [Line Items]
Goodwill	$ 1,044,915
NNN
Goodwill [Line Items]
Goodwill	318,412
SHOP
Goodwill [Line Items]
Goodwill	$ 259,536

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Assets Disclosure [Line Item]
Straight-line rent receivables	$ 202,675	$ 202,675	$ 194,108
Deferred lease costs, net	145,973	145,973	118,556
Accounts receivable, net	108,138	108,138	76,091
Investment in unconsolidated operating entities	95,623	95,623	80,312
Stock warrants	40,192	40,192	59,281
Non-mortgage loans receivable, net	28,129	28,129	26,152
Other intangibles, net	11,513	11,513	5,584
Other	160,420	160,420	123,326
Total other assets	792,663	792,663	683,410
Allowance for doubtful accounts	$ 70,300	$ 70,300	$ 75,500
Common stock, shares issued (in shares)	437,085	437,085	402,380
Issuance of common stock, net	$ 18,000	$ 1,964,867	$ 108,455	$ 0
Brookdale
Other Assets Disclosure [Line Item]
Common stock, shares issued (in shares)	2,900	2,900
Brookdale Senior Living
Other Assets Disclosure [Line Item]
Shares of common stock (in shares)	11,100	11,100
Exercise price (usd per share)	$ 3	$ 3
Kindred
Other Assets Disclosure [Line Item]
Class of warrant or right, ownership percentage, parent	9.90%	9.90%
Brookdale
Other Assets Disclosure [Line Item]
Shares of common stock (in shares)	5,200	5,200

SENIOR NOTES PAYABLE AND OTHE_3

SENIOR NOTES PAYABLE AND OTHER DEBT - Summary of Senior Notes Payable and Other Debt (Details) $ in Thousands, £ in Millions, $ in Millions	Dec. 31, 2024 USD ($)	Dec. 31, 2024 CAD ($)	Dec. 31, 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 GBP (£)
Debt Instrument [Line Items]
Commercial paper notes	$ 0									$ 0
Long-term debt, gross	13,618,802									13,568,598
Deferred financing costs, net	(92,365)									(84,034)
Unamortized fair value adjustment	11,587									17,081
Unamortized discounts	(15,473)									(10,749)
Senior notes payable and other debt	13,522,551									13,490,896
Unsecured revolving credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, amount outstanding	6,397									14,006
3.50% Senior Notes due 2024
Debt Instrument [Line Items]
Senior notes	$ 0									400,000
Interest rate	3.50%	3.50%	3.50%
3.75% Senior Notes due 2024
Debt Instrument [Line Items]
Senior notes	$ 0									400,000
Interest rate	3.75%	3.75%	3.75%
4.125% Senior Notes, Series B due 2024
Debt Instrument [Line Items]
Senior notes	$ 0									123,256
2.80% Senior Notes, Series E due 2024
Debt Instrument [Line Items]
Senior notes	$ 0									55,143
Interest rate	2.80%	2.80%	2.80%
Unsecured Term Loan due 2025
Debt Instrument [Line Items]
Unsecured debt	$ 0									377,501
3.50% Senior Notes due 2025
Debt Instrument [Line Items]
Senior notes	$ 600,000									600,000
Interest rate	3.50%	3.50%	3.50%
2.65% Senior Notes due 2025
Debt Instrument [Line Items]
Senior notes	$ 450,000									450,000
Interest rate	2.65%	2.65%	2.65%
4.125% Senior Notes due 2026
Debt Instrument [Line Items]
Senior notes	$ 500,000									500,000
Interest rate	4.125%	4.125%	4.125%	4.125%
3.25% Senior Notes due 2026
Debt Instrument [Line Items]
Senior notes	$ 450,000									450,000
Interest rate	3.25%	3.25%	3.25%
3.75% Exchangeable Senior Notes due 2026
Debt Instrument [Line Items]
Senior notes	$ 862,500									862,500
Interest rate	3.75%	3.75%	3.75%
Unsecured term loan due February 2027
Debt Instrument [Line Items]
Unsecured debt	$ 200,000									200,000
Unsecured term loan due June 2027
Debt Instrument [Line Items]
Unsecured debt	500,000									500,000
2.45% Senior Notes, Series G Due 2027
Debt Instrument [Line Items]
Senior notes	$ 330,320									358,626
Interest rate	2.45%	2.45%	2.45%
3.85% Senior Notes due 2027
Debt Instrument [Line Items]
Senior notes	$ 400,000									400,000
Interest rate	3.85%	3.85%	3.85%
4.00% Senior Notes due 2028
Debt Instrument [Line Items]
Senior notes	$ 650,000									650,000
Interest rate	4%	4%	4%
5.398% Senior Notes, Series I due 2028
Debt Instrument [Line Items]
Senior notes	$ 417,246									453,001
Interest rate	5.398%	5.398%	5.398%
4.40% Senior Notes due 2029
Debt Instrument [Line Items]
Senior notes	$ 750,000									750,000
Interest rate	4.40%	4.40%	4.40%
5.100% Senior Notes, Series J due 2029
Debt Instrument [Line Items]
Senior notes	$ 452,017									0
Interest rate	5.10%	5.10%	5.10%						5.10%
3.00% Senior Notes due 2030
Debt Instrument [Line Items]
Senior notes	$ 650,000									650,000
Interest rate	3%	3%	3%
4.75% Senior Notes due 2030
Debt Instrument [Line Items]
Senior notes	$ 500,000									500,000
Interest rate	4.75%	4.75%	4.75%
2.50% Senior Notes due 2031
Debt Instrument [Line Items]
Senior notes	$ 500,000									500,000
Interest rate	2.50%	2.50%	2.50%
2.50% Senior Notes, Series H Due 2031
Debt Instrument [Line Items]
Senior notes	$ 208,623									226,501
Interest rate	3.30%	3.30%	3.30%
5.63% Senior Notes due 2034
Debt Instrument [Line Items]
Senior notes	$ 500,000									0
Interest rate	5.625%	5.625%	5.625%			5.625%
5.00% Senior Notes due 2035
Debt Instrument [Line Items]
Senior notes	$ 550,000									0
Interest rate	5%	5%	5%		5%
6.90% Senior Notes due 2037
Debt Instrument [Line Items]
Senior notes	$ 52,400									52,400
Interest rate	6.90%	6.90%	6.90%
6.59% Senior Notes due 2038
Debt Instrument [Line Items]
Senior notes	$ 21,413									21,413
Interest rate	6.59%	6.59%	6.59%
5.70% Senior Notes due 2043
Debt Instrument [Line Items]
Senior notes	$ 300,000									300,000
Interest rate	5.70%	5.70%	5.70%
4.375% Senior Notes due 2045
Debt Instrument [Line Items]
Senior notes	$ 300,000									300,000
Interest rate	4.375%	4.375%	4.375%
4.875% Senior Notes due 2049
Debt Instrument [Line Items]
Senior notes	$ 300,000									300,000
Interest rate	4.875%	4.875%	4.875%
Mortgage loans and other
Debt Instrument [Line Items]
Long-term debt, gross	$ 3,167,886									3,174,251
Interest rate							6.02%	4.90%	4.644%
Borrowings originally denominated in CAD | Unsecured revolving credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	1,400	$ 2								0
Borrowings originally denominated in GBP | Unsecured revolving credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 5,000		£ 4							$ 14,000	£ 11

SENIOR NOTES PAYABLE AND OTHE_4

SENIOR NOTES PAYABLE AND OTHER DEBT - Credit Facilities and Unsecured Term Loans (Details) $ in Millions		12 Months Ended
	Sep. 06, 2023 USD ($)	Dec. 31, 2024 USD ($) period	Dec. 31, 2024 CAD ($) period	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Long-term debt, gross		$ 13,618,802,000		$ 13,568,598,000
Letters of credit outstanding		15,400,000
Commercial paper program capacity		1,000,000,000
Commercial paper notes		0		0
Unsecured Debt | Ventas Realty
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.85%
Long-term debt, gross		500,000,000
Debt Instrument, Accordion Limit	$ 500,000,000	1,250,000,000
Unsecured Term Loan due 2025
Debt Instrument [Line Items]
Unsecured debt		0		377,501,000
Extinguishment of debt		$ 369,400,000	$ 500
Unsecured Term Loan due 2025 | Canadian Dollar Offered Rate (CDOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0.90%	0.90%
Unsecured term loan due February 2027 | Secured Overnight Financing Rate (SOFR) | Ventas Realty
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0.85%	0.85%
3.75% Exchangeable Senior Notes due 2026
Debt Instrument [Line Items]
Interest rate		3.75%
Revolving Credit Facility | Unsecured Debt
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 2,750,000,000
Debt instrument, basis spread on variable rate		0.775%	0.775%
Additional period term		6 months	6 months
Accordion feature of debt		$ 3,750,000,000
Line of credit facility, remaining borrowing capacity		2,740,000,000
Letters of credit outstanding		800,000
Line of credit facility, amount outstanding		$ 6,397,000		$ 14,006,000
Additional periods | period		2	2
Revolving Credit Facility | Unsecured Debt | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0.10%	0.10%
Letter of Credit | Unsecured Debt
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 100,000,000

SENIOR NOTES PAYABLE AND OTHE_5

SENIOR NOTES PAYABLE AND OTHER DEBT - Senior Notes (Details) $ / shares in Units, $ in Thousands, $ in Millions		1 Months Ended					12 Months Ended
	Sep. 06, 2023 USD ($)	Feb. 13, 2025 USD ($)	Jan. 31, 2025 USD ($)	May 02, 2024 USD ($)	Apr. 30, 2024 USD ($)	Apr. 30, 2024 CAD ($)	Dec. 31, 2024 USD ($) property $ / shares	Dec. 31, 2024 CAD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2024 CAD ($) property	Sep. 27, 2024 USD ($)	Sep. 27, 2024 CAD ($)	Sep. 05, 2024 USD ($)	May 13, 2024 USD ($)	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
Debt Instrument [Line Items]
Interest							$ 602,835		$ 574,112	$ 467,557
Debt issuance costs, net							92,365		84,034
Amortization of debt issuance costs							28,900		23,200	18,200
Loss on extinguishment of debt, net							(687)		6,104	$ (581)
At The Market Equity Offering Program, Unsettled Forward Sales Agreement
Debt Instrument [Line Items]
Equity Offering Program, Maximum Authorized Offering Amount							$ 3,400
At The Market Equity Offering Program, Unsettled Forward Sales Agreement | Subsequent Event
Debt Instrument [Line Items]
Equity Offering Program, Maximum Authorized Offering Amount			$ 800
Senior Notes
Debt Instrument [Line Items]
Repayments of Senior Debt				$ 800,000
Senior Notes | 2.80% Senior Notes, Series E due 2024
Debt Instrument [Line Items]
Interest rate							2.80%				2.80%
Senior Notes | 4.125% Senior Notes, Series B due 2024
Debt Instrument [Line Items]
Interest rate							4.125%				4.125%
Senior Notes | 5.100% Senior Notes, Series J due 2029
Debt Instrument [Line Items]
Principal amount of debt																			$ 478,300	$ 650
Senior Notes | 5.63% Senior Notes due 2034
Debt Instrument [Line Items]
Principal amount of debt															$ 500,000
Senior Notes | 5.00% Senior Notes due 2035
Debt Instrument [Line Items]
Principal amount of debt														$ 550,000
Senior Notes | 4.125% Senior Notes due 2026
Debt Instrument [Line Items]
Principal amount of debt												$ 120,800	$ 163.3
Unsecured Debt | Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate							0.775%	0.775%
Unsecured Debt | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate							0.10%	0.10%
3.75% Exchangeable Senior Notes due 2026
Debt Instrument [Line Items]
Senior notes							$ 862,500		862,500
Interest							$ 32,300		17,800
Debt instrument, effective interest rate							4.62%				4.62%
Unamortized discount (premium) and debt issuance costs, net							$ 10,300		17,100
Amortization of debt issuance costs							$ 6,800		3,600
Debt Instrument, Exchangeable, Exchange Rate Per One Thousand Dollars							18.2460				18.2460
Debt Instrument, Exchangeable, Exchange Price Per Share | $ / shares							$ 54.81
Debt Instrument, Exchangeable, Exchange Rate Adjustment, Quarterly Dividend Threshold Per Share | $ / shares							$ 0.45
Interest rate							3.75%				3.75%
Mortgage loans and other
Debt Instrument [Line Items]
Principal amount of debt							$ 3,200,000									$ 52,300	$ 75,500	$ 103	$ 39,100	$ 52.8
Interest rate																6.02%	4.90%	4.90%	4.644%	4.644%
Number of properties securing debt | property							140				140					1	2	2	1	1
5.100% Senior Notes, Series J due 2029
Debt Instrument [Line Items]
Senior notes							$ 452,017		0
Interest rate							5.10%				5.10%								5.10%	5.10%
Unsecured Term Loan due 2025
Debt Instrument [Line Items]
Extinguishment of debt							$ 369,400	$ 500
3.50% Senior Notes due 2024
Debt Instrument [Line Items]
Senior notes							$ 0		400,000
Interest rate							3.50%				3.50%
Repayments of Senior Debt				400,000
3.75% Senior Notes due 2024
Debt Instrument [Line Items]
Senior notes							$ 0		400,000
Interest rate							3.75%				3.75%
Repayments of Senior Debt				$ 400,000
2.80% Senior Notes, Series E due 2024
Debt Instrument [Line Items]
Senior notes							$ 0		55,143
Interest rate							2.80%				2.80%
Repayments of Senior Debt					$ 53,400	$ 73
5.63% Senior Notes due 2034
Debt Instrument [Line Items]
Senior notes							$ 500,000		0
Interest rate							5.625%				5.625%				5.625%
5.00% Senior Notes due 2035
Debt Instrument [Line Items]
Senior notes							$ 550,000		0
Interest rate							5%				5%			5%
4.125% Senior Notes due 2026
Debt Instrument [Line Items]
Senior notes							$ 500,000		500,000
Interest rate							4.125%				4.125%	4.125%	4.125%
2.65% Senior Notes due 2025
Debt Instrument [Line Items]
Senior notes							$ 450,000		450,000
Interest rate							2.65%				2.65%
2.65% Senior Notes due 2025 | Subsequent Event
Debt Instrument [Line Items]
Repayments of Senior Debt			$ 450,000
3.50% Senior Notes due 2025
Debt Instrument [Line Items]
Senior notes							$ 600,000		$ 600,000
Interest rate							3.50%				3.50%
3.50% Senior Notes due 2025 | Subsequent Event
Debt Instrument [Line Items]
Repayments of Senior Debt		$ 600,000
Ventas Realty Limited Partnership | Senior Notes
Debt Instrument [Line Items]
Senior notes							$ 8,300,000
Nationwide Health Properties, LLC | Senior Notes
Debt Instrument [Line Items]
Senior notes							73,800
Ventas Canada Finance Limited | Senior Notes
Debt Instrument [Line Items]
Senior notes											$ 2,000
Ventas Realty | Unsecured Debt
Debt Instrument [Line Items]
Senior notes	$ 200,000
Debt instrument, basis spread on variable rate	0.85%
Debt Instrument, Accordion Limit	$ 500,000						$ 1,250,000

SENIOR NOTES PAYABLE AND OTHE_6

SENIOR NOTES PAYABLE AND OTHER DEBT - Mortgages (Details) $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) loan senior_housing property	Sep. 05, 2024 USD ($)	May 09, 2024 USD ($) property	Apr. 29, 2024 USD ($) property	Apr. 29, 2024 CAD ($) property	Feb. 29, 2024 USD ($) property	Feb. 29, 2024 CAD ($) property	Dec. 31, 2023 USD ($)	May 01, 2023 USD ($)
Debt Instrument [Line Items]
Weighted average maturity period of mortgage loans	4 years 3 months 18 days
Unamortized fair value adjustment	$ 11,587							$ 17,081
Minimum percentage of total unencumbered assets as a percentage of unsecured debt required to be maintained (as a percent)	150%
Senior notes payable and other debt	$ 13,522,551							$ 13,490,896
Treasury Lock
Debt Instrument [Line Items]
Derivative, notional amount	$ 350,000
Mortgage Loans and Other
Debt Instrument [Line Items]
Number of mortgage loans | loan	145
Principal amount of debt	$ 3,200,000		$ 52,300	$ 75,500	$ 103	$ 39,100	$ 52.8
Number of properties securing debt | property	140		1	2	2	1	1
Number of mortgage loans with fixed interest rate | senior_housing	131
Mortgage loans with fixed interest rate	$ 2,700,000
Number of mortgage loans with variable interest rate | senior_housing	14
Mortgage loans with variable interest rate	$ 483,900
Repayments of debt	$ 48,300
Interest rate			6.02%	4.90%	4.90%	4.644%	4.644%
Mortgage Loans and Other | Nonrecourse
Debt Instrument [Line Items]
Principal amount of debt									$ 1,000,000
Mortgage Loans and Other | Fixed Rate Debt
Debt Instrument [Line Items]
Weighted interest rate	4.30%
Mortgage Loans and Other | Variable Rate Debt
Debt Instrument [Line Items]
Weighted interest rate	5.10%
Mortgage Loans and Other | Minimum
Debt Instrument [Line Items]
Long-term debt, percentage bearing fixed interest	2.24%
Long-term debt, percentage bearing variable interest	3.05%
Mortgage Loans and Other | Maximum
Debt Instrument [Line Items]
Long-term debt, percentage bearing fixed interest	7.13%
Long-term debt, percentage bearing variable interest	7.79%
Senior Notes | 5.00% Senior Notes due 2035
Debt Instrument [Line Items]
Principal amount of debt		$ 550,000

SENIOR NOTES PAYABLE AND OTHE_7

SENIOR NOTES PAYABLE AND OTHER DEBT - Scheduled Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2025	$ 1,786,252
2026	2,084,597
2027	1,601,829
2028	1,489,752
2029	1,667,376
Thereafter	4,988,996
Total maturities	13,618,802	$ 13,568,598
Principal Amount Due at Maturity
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2025	1,737,827
2026	2,041,934
2027	1,558,922
2028	1,447,250
2029	1,637,470
Thereafter	4,890,539
Total maturities	13,313,942
Unsecured Revolving Credit Facility
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2025	0
2026	0
2027	0
2028	6,397
2029	0
Thereafter	0
Total maturities	6,397
Scheduled Periodic Amortization
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2025	48,425
2026	42,663
2027	42,907
2028	36,105
2029	29,906
Thereafter	98,457
Total maturities	$ 298,463

SENIOR NOTES PAYABLE AND OTHE_8

SENIOR NOTES PAYABLE AND OTHER DEBT - Derivatives and Hedging (Details) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2024 CAD ($)	May 09, 2024 USD ($)	Apr. 29, 2024 USD ($)	Apr. 29, 2024 CAD ($)	Feb. 29, 2024 USD ($)	Feb. 29, 2024 CAD ($)
Mortgage loans and other
Derivative [Line Items]
Principal amount of debt	$ 3,200		$ 52.3	$ 75.5	$ 103	$ 39.1	$ 52.8
Repayments of debt	48.3
Swap | Variable Rate Debt
Derivative [Line Items]
Variable rate debt amount	800
Derivative, notional amount	141.3
Swap | Fixed Rate Debt
Derivative [Line Items]
Variable rate debt amount	12,800
Derivative, notional amount	$ 526.5	$ 635.9

SENIOR NOTES PAYABLE AND OTHE_9

SENIOR NOTES PAYABLE AND OTHER DEBT - 2024 Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Sep. 05, 2024
5.00% Senior Notes due 2035
Debt Instrument [Line Items]
Interest rate	5%	5%
5.00% Senior Notes due 2035 | Senior Notes
Debt Instrument [Line Items]
Principal amount of debt		$ 550,000
Treasury Lock
Debt Instrument [Line Items]
Derivative, notional amount	$ 350,000
Swap
Debt Instrument [Line Items]
Realized gain, interest rate swaps	22,300
Unrealized gains, expected to be reclassified into earnings within 12 months	$ 3,000

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Narrative (Details) $ in Thousands		12 Months Ended
	May 01, 2023 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Carrying amounts and fair values of financial instruments
Real estate received in settlement of loan receivable	$ 1,566,000	$ 0	$ 1,566,395	$ 0
Loans Receivable, Real Estate Received, Capital Improvements		$ 31,800
Minimum | Fair Value, Inputs, Level 3 | Mortgage-backed Securities, Issued by Private Enterprises | Valuation, Income Approach
Carrying amounts and fair values of financial instruments
Debt Securities, Available-For-Sale And Held-To-Maturity, Measurement Input		0.068
Maximum | Fair Value, Inputs, Level 3 | Mortgage-backed Securities, Issued by Private Enterprises | Valuation, Income Approach
Carrying amounts and fair values of financial instruments
Debt Securities, Available-For-Sale And Held-To-Maturity, Measurement Input		0.067
Weighted Average | Fair Value, Inputs, Level 3 | Mortgage-backed Securities, Issued by Private Enterprises | Valuation, Market Approach
Carrying amounts and fair values of financial instruments
Debt Securities, Available-For-Sale And Held-To-Maturity, Measurement Input, Amount		$ 88

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of carrying amounts and fair values of our financial instruments either recorded or disclosed on a recurring basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets:
Cash and cash equivalents	$ 897,850	$ 508,794
Stock warrants	40,192	59,281
Non-mortgage loans receivable, net	$ 28,129	$ 26,152
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Liabilities:
Senior notes payable and other debt, gross, carrying amount	$ 13,618,802	$ 13,568,598
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accounts payable and other liabilities	Accounts payable and other liabilities
Non-mortgage loans receivable, net
Assets:
Non-mortgage loans receivable, net	$ 28,129	$ 26,152
Non-mortgage loans receivable, fair value	27,640	25,200
Secured/mortgage loans and other, net
Assets:
Held-to-maturity securities, amortized cost	144,872	27,986
Held-to-maturity securities, fair value	146,229	27,947
Carrying Amount
Assets:
Cash and cash equivalents	897,850	508,794
Escrow deposits and restricted cash (1)	59,383	54,668
Derivative instruments	12,908	19,782
Liabilities:
Senior notes payable and other debt, gross, carrying amount	13,618,802	13,568,598
Derivative instruments	5,887	2,525
Redeemable OP Units, carrying amount	200,420	173,452
Carrying Amount | Non-mortgage loans receivable, net
Assets:
Non-mortgage loans receivable, net	28,129	26,152
Carrying Amount | Secured/mortgage loans and other, net
Assets:
Held-to-maturity securities, amortized cost	144,872	27,986
Fair Value
Assets:
Cash and Cash Equivalents, Fair Value Disclosure	897,850	508,794
Escrow deposits and restricted cash (1)	59,383	54,668
Stock warrants	40,192	59,281
Derivative instruments	12,908	19,782
Liabilities:
Senior notes payable and other debt, gross, fair value	13,411,066	13,104,091
Derivative instruments	5,887	2,525
Redeemable OP Units, fair value	200,420	173,452
Fair Value | Non-mortgage loans receivable, net
Assets:
Non-mortgage loans receivable, fair value	27,640	25,200
Fair Value | Secured/mortgage loans and other, net
Assets:
Held-to-maturity securities, fair value	$ 146,229	$ 27,947

LONG-TERM COMPENSATION (Details

LONG-TERM COMPENSATION (Details) $ / shares in Units, shares in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) plan $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share-based compensation plans covering employees, officers and directors | plan	2
Expiration period of stock options	10 years
Stock Option, Intrinsic Value
Proceeds from stock option exercises | $	$ 26,052,000	$ 1,736,000	$ 8,691,000
Intrinsic value for options exercised | $	$ 1,208,000
Nonvested Restricted Stock and Restricted Stock Units, Weighted Average Grant Date Fair Value
Share-based compensation arrangement, risk free rate	4.09%	3.84%	1.02%
Share-based compensation arrangement, volatility	42%	41.30%	38.70%
Employee Benefit Plan
Maximum 401(K) plan contribution by employer as a percent of employee's salary	4%
Aggregate employer 401(K) plan contribution during the period | $	$ 2,100,000	$ 2,000,000	$ 1,600,000
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for future issuance (in shares)	2,800
Number of shares authorized for issuance (in shares)	3,000
Nonvested Restricted Stock and Restricted Stock Units, Weighted Average Grant Date Fair Value
Number of shares purchased (in shares)	200
Employee Stock | Director
Nonvested Restricted Stock and Restricted Stock Units, Weighted Average Grant Date Fair Value
Discount related to the Employee Stock Purchase Plan	95%
Employee Stock | Employee
Nonvested Restricted Stock and Restricted Stock Units, Weighted Average Grant Date Fair Value
Discount related to the Employee Stock Purchase Plan	90%
Stock Options
Stock Option, Shares
Outstanding at the beginning of the period (in shares)	3,457
Options exercised (in shares)	(426)
Options forfeited (in shares)	(400)
Outstanding at the end of the period (in shares)	2,631	3,457
Exercisable at the end of the period (in shares)	2,631
Stock Option, Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share) | $ / shares	$ 62.17
Options exercised (in dollars per share) | $ / shares	61.21
Options forfeited (in dollars per share) | $ / shares	51.84
Outstanding at the end of the period (in dollars per share) | $ / shares	63.89	$ 62.17
Exercisable at the end of the period (in dollars per share) | $ / shares	$ 63.89
Stock Option, Weighted Average Remaining Contractual Life (years)
Outstanding at the end of the period (in years)	1 year 7 months 6 days
Exercisable at the end of the period (in years)	1 year 7 months 6 days
Stock Option, Intrinsic Value
Outstanding at the end of the period | $	$ 399,000
Exercisable at the end of the period | $	399,000
Proceeds from stock option exercises | $	26,100,000	$ 1,700,000	8,700,000
Intrinsic value for options exercised | $	1,200,000		700,000
Nonvested Restricted Stock and Restricted Stock Units, Weighted Average Grant Date Fair Value
Deferred income tax expense (benefit) | $	0
Stock Options | General and administrative expenses
Stock Option, Intrinsic Value
Compensation cost | $	0	0	0
Restricted Stock or Restricted Stock Units
Nonvested Restricted Stock and Restricted Stock Units, Weighted Average Grant Date Fair Value
Unrecognized compensation cost related to nonvested awards | $	$ 17,200,000
Weighted average period over which cost is recognized	5 months 12 days
Intrinsic value for options vested during period | $	$ 32,700,000	25,000,000	29,600,000
Restricted Stock or Restricted Stock Units | General and administrative expenses
Stock Option, Intrinsic Value
Compensation cost | $	$ 30,900,000	$ 30,400,000	30,700,000
Restricted Stock
Nonvested Restricted Stock and Restricted Stock Units, Shares
Nonvested at the beginning of the period (in shares)	156
Granted (in shares)	0
Vested (in shares)	(99)
Forfeited (in shares)	(6)
Nonvested at the end of the period (in shares)	51	156
Nonvested Restricted Stock and Restricted Stock Units, Weighted Average Grant Date Fair Value
Nonvested at the beginning of the period (in dollars per share) | $ / shares	$ 51.30
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	52.03
Forfeited (in dollars per share) | $ / shares	51.09
Nonvested at the end of the period (in dollars per share) | $ / shares	$ 49.88	$ 51.30
Restricted Stock Units
Nonvested Restricted Stock and Restricted Stock Units, Shares
Nonvested at the beginning of the period (in shares)	1,309
Granted (in shares)	750
Vested (in shares)	(665)
Forfeited (in shares)	(93)
Nonvested at the end of the period (in shares)	1,301	1,309
Nonvested Restricted Stock and Restricted Stock Units, Weighted Average Grant Date Fair Value
Nonvested at the beginning of the period (in dollars per share) | $ / shares	$ 52.03
Granted (in dollars per share) | $ / shares	49.74
Vested (in dollars per share) | $ / shares	48.54
Forfeited (in dollars per share) | $ / shares	47.16
Nonvested at the end of the period (in dollars per share) | $ / shares	$ 52.39	$ 52.03
Performance-Based Stock Units
Nonvested Restricted Stock and Restricted Stock Units, Weighted Average Grant Date Fair Value
Share-based compensation arrangement, granted in period, fair value | $	$ 35,600,000	$ 30,100,000	$ 24,100,000
Performance-Based Stock Units | Director
Nonvested Restricted Stock and Restricted Stock Units, Weighted Average Grant Date Fair Value
Vesting period	3 years
Minimum | Restricted Stock or Restricted Stock Units | Director
Nonvested Restricted Stock and Restricted Stock Units, Weighted Average Grant Date Fair Value
Vesting period	1 year
Minimum | Restricted Stock
Nonvested Restricted Stock and Restricted Stock Units, Weighted Average Grant Date Fair Value
Share-based compensation arrangement, fair market value, expense term	3 years
Maximum | Restricted Stock or Restricted Stock Units | Employee
Nonvested Restricted Stock and Restricted Stock Units, Weighted Average Grant Date Fair Value
Vesting period	3 years
Maximum | Restricted Stock
Nonvested Restricted Stock and Restricted Stock Units, Weighted Average Grant Date Fair Value
Share-based compensation arrangement, fair market value, expense term	4 years
Maximum | Performance-Based Stock Units
Nonvested Restricted Stock and Restricted Stock Units, Weighted Average Grant Date Fair Value
Share-based compensation arrangement, expected term	3 years
2022 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for future issuance (in shares)	10,800
Number of shares authorized for issuance (in shares)	11,400
Executive Deferred Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share-based compensation plans for executive officers | plan	1
Nonemployee Directors' Deferred Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share-based compensation plans for directors | plan	1
Number of shares available for future issuance (in shares)	400
Number of shares authorized for issuance (in shares)	600

INCOME TAXES - Tax Treatment of

INCOME TAXES - Tax Treatment of Distributions and Consolidated Benefit for Income Taxes (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Tax treatment of distributions:
Ordinary income (in dollars per share)	$ 0	$ 0	$ 0
Qualified ordinary income (in dollars per share)	0	0.04468	0.04906
199A qualified business income (in dollars per share)	1.09580	1.49465	1.75094
Long-term capital gain (in dollars per share)	0	0.09136	0
Net-dividend distribution (in dollars per share)	0.70420	0.16931	0
Distribution reported for 1099-DIV purposes (in dollars per share)	1.80000	1.80000	1.80000
Add: Dividend declared in current year and taxable in following year (in dollars per share)	0.45000	0.45000	0.45000
Less: Dividend declared in prior year and taxable in current year (in dollars per share)	(0.45000)	(0.45000)	(0.45000)
Dividends declared per common share (in dollars per share)	$ 1.80000	$ 1.80000	$ 1.80000
Provision (benefit) for income taxes
Current - Federal	$ 324	$ 534	$ (2,257)
Current - State	2,630	2,564	2,662
Deferred - Federal	(30,436)	(6,135)	338
Deferred - State	28	230	1,310
Current - Foreign	2,646	2,587	3,217
Deferred - Foreign	(12,967)	(9,319)	(22,196)
Income tax benefit	$ (37,775)	$ (9,539)	$ (16,926)

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
REIT distribution requirement (as a percent)	90%	90%	90%
Increase (decrease) in net deferred tax liability	$ (16,500,000)	$ (1,700,000)	$ (23,000,000)
Period in which assets disposition subject to built in gains tax	5 years
Difference in bases for entity not subject to income taxes	$ 1,800,000,000	2,200,000,000
Unrecognized Tax Benefits	3,963,000	5,205,000	5,828,000
Unrecognized tax benefits, income tax penalties and interest accrued	0
Tax Law Changes, Deductibility Of Interest And Financing Expenses
Operating Loss Carryforwards [Line Items]
Increase (decrease) in net deferred tax liability	(18,000,000)
Internal Restructuring, Taxable REIT Subsidiaries
Operating Loss Carryforwards [Line Items]
Deferred tax expense (benefit)			11,900,000
Increase (decrease) in net deferred tax liability		(3,200,000)	11,900,000
Equitization Of Santerre Mezzanine Loan
Operating Loss Carryforwards [Line Items]
Increase (decrease) in net deferred tax liability		(12,400,000)
Operating Losses at Certain REIT Subsidiaries
Operating Loss Carryforwards [Line Items]
Deferred tax expense (benefit)	28,600,000	3,200,000
Taxable Reit Subsidiaries
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards, valuation allowance	180,800,000	179,000,000	171,000,000
REIT
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards, valuation allowance	1,000,000,000	$ 1,100,000,000	$ 1,100,000,000
Tax credit carryforward	$ 10,800,000

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of income tax expense computed by applying federal corporate tax rate
Tax at statutory rate on earnings from continuing operations before unconsolidated entities, noncontrolling interest and income taxes	$ (1,679)	$ (24,272)	$ (19,733)
State income taxes, net of federal benefit	2,641	(839)	(5,411)
Change in valuation allowance	(10,593)	20,330	53,117
Tax at statutory rate on earnings not subject to federal income taxes	(18,773)	(7,809)	(31,528)
Foreign rate differential and foreign taxes	1,813	43	123
Change in tax status of TRS	0	9,171	(1,961)
Other differences	(11,184)	(6,163)	(11,533)
Income tax benefit	$ (37,775)	$ (9,539)	$ (16,926)

INCOME TAXES - Tax Effects of T

INCOME TAXES - Tax Effects of Temporary Differences and Carryforwards Included in Net Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Property, primarily differences in depreciation and amortization, the tax basis of land assets and the treatment of interests and certain costs	$ (73,214)	$ (26,071)	$ (34,734)
Operating loss and interest deduction carryforwards	236,424	233,847	220,891
Expense accruals and other	56,546	26,700	16,723
Valuation allowance	(225,975)	(257,222)	(227,960)
Net deferred tax liabilities	$ (6,219)	$ (22,746)	$ (25,080)

INCOME TAXES - Unrecognized Tax

INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Summary of activities related to unrecognized tax benefits
Balance at the beginning of the period	$ 5,205	$ 5,828
Additions to tax positions related to prior years	0	108
Subtractions to tax positions related to prior years	(1,242)	(731)
Balance at the end of the period	$ 3,963	$ 5,205

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Weighted average discount rate of leases	7.40%
Remaining lease term	33 years 1 month 6 days
Cash paid for leases	$ 24,800,000	$ 29,800,000	$ 24,000,000
Loss Contingency Accrual	0
Future minimum lease obligations under non-cancelable operating and ground leases
2025	20,176,000
2026	21,701,000
2027	21,202,000
2028	20,022,000
2029	19,201,000
Thereafter	598,633,000
Total undiscounted minimum lease payments	700,935,000
Less: imputed interest	(482,932,000)
Operating lease liabilities	218,003,000	194,734,000
General and administrative expenses
Lease expense	$ 33,700,000	$ 37,000,000	$ 31,900,000

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator for basic and diluted earnings per share:
Net income (loss)		$ 88,351	$ (30,297)	$ (40,931)
Net income attributable to noncontrolling interests		7,198	10,676	6,516
Net income (loss) attributable to common stockholders		$ 81,153	$ (40,973)	$ (47,447)
Denominator:
Denominator for basic earnings per share - weighted average shares (in shares)		411,770	401,809	399,549
Restricted stock awards (in shares)		397	389	390
OP unitholder interests (in shares)		3,422	3,472	3,515
Exchangeable notes (in shares)		744	0	0
Equity forward sales agreements (in shares)		33	0	0
Denominator for diluted earnings per share - adjusted weighted average shares (in shares)		416,366	405,670	403,454
Basic earnings per share:
(Loss) income from continuing operations (USD per share)		$ 0.21	$ (0.08)	$ (0.10)
Net (loss) income attributable to common stockholders (USD per share)		0.20	(0.10)	(0.12)
Diluted earnings per share:
(Loss) income from continuing operations (USD per share)	[1]	0.21	(0.08)	(0.10)
Net (loss) income attributable to common stockholders (USD per share)	[1]	$ 0.19	$ (0.10)	$ (0.12)
Anti-dilutive options outstanding (in shares)		2,900	3,500	3,600
[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.

PERMANENT AND TEMPORARY EQUIT_2

PERMANENT AND TEMPORARY EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2024	Feb. 29, 2024
Temporary Equity [Line Items]
Common stock outstanding percentage of beneficial ownership acquired threshold for excess shares		9%
Preferred stock outstanding percentage of beneficial ownership acquired threshold for excess shares		9.90%
Maximum deferral payment period of purchase price for excess shares		5 years
Number of excess shares held by trustee		0
Minimum
Temporary Equity [Line Items]
Equity forward sales, maturity, term		1 year
Maximum
Temporary Equity [Line Items]
Equity forward sales, maturity, term		2 years
February 2024 ATM Program
Temporary Equity [Line Items]
Equity Offering Program, Maximum Authorized Offering Amount						$ 1,000
September 2024 ATM Program
Temporary Equity [Line Items]
Equity offering program, remaining authorized offering amount		$ 1,500
Equity Offering Program, Maximum Authorized Offering Amount					$ 2,000
At The Market Equity Offering Program
Temporary Equity [Line Items]
Equity Offering Program, Number Of Shares Issued		37,300,000	2,300,000	0
Consideration received		$ 2,200
Shares issued, weighted average price per share		$ 58.38	$ 47.89
At The Market Equity Offering Program, Unsettled Forward Sales Agreement
Temporary Equity [Line Items]
Consideration received		$ 201.1	$ 110.4
Equity Offering Program, Maximum Authorized Offering Amount		$ 3.4
At The Market Equity Offering Program, Unsettled Forward Sales Agreement | Subsequent Event
Temporary Equity [Line Items]
Consideration received	$ 49.8
Equity Offering Program, Maximum Authorized Offering Amount	$ 0.8

PERMANENT AND TEMPORARY EQUIT_3

PERMANENT AND TEMPORARY EQUITY - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Equity [Abstract]
Foreign currency translation loss	$ (34,341)	$ (56,596)
Unrealized loss on available for sale securities	(2,118)	(1,256)
Unrealized gain on derivative instruments	2,933	22,095
Accumulated other comprehensive loss	$ (33,526)	$ (35,757)

PERMANENT AND TEMPORARY EQUIT_4

PERMANENT AND TEMPORARY EQUITY - Redeemable OP Unitholder and Noncontrolling Interest (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Increase (Decrease) in Temporary Equity [Roll Forward]
December 31, 2023	$ 302,636
New issuances	1,141
Change in fair value	35,361
Dispositions	0
Distributions and other	(28,138)
Redemptions	(771)
December 31, 2024	310,229
Redeemable Noncontrolling Interests
Increase (Decrease) in Temporary Equity [Roll Forward]
December 31, 2023	129,184
New issuances	1,141
Change in fair value	1,198
Dispositions	0
Distributions and other	(21,714)
Redemptions	0
December 31, 2024	109,809
Redeemable OP Unitholder Interests
Increase (Decrease) in Temporary Equity [Roll Forward]
December 31, 2023	173,452
New issuances	0
Change in fair value	34,163
Dispositions	0
Distributions and other	(6,424)
Redemptions	(771)
December 31, 2024	$ 200,420

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2023 USD ($)	Dec. 31, 2024 USD ($) property member board_member	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jul. 30, 2024	Apr. 30, 2023
Related party transaction
Proceeds from sale of equity method investments	$ 50,100
Non-cash gain on sale		$ 33,500
Segment Properties | property		1,356
Revenues, related party		$ 4,924,266	$ 4,497,827	$ 4,129,193
Ardent | NNN
Related party transaction
Segment Properties | property		11
Ardent | Outpatient Medical Buildings And Other
Related party transaction
Segment Properties | property		19
PMB RES
Related party transaction
Costs and Expenses, Related Party		$ 11,200	$ 10,900	8,500
Atria
Related party transaction
Ownership interests		34%
Number of board members appointed | board_member		2
Equity Method Investment, Rights To Appoint Board of Directors | member		2
Ardent
Related party transaction
Ownership interests		6.70%	7.50%		7.50%	9.80%
Number Of Board Members Nominated | board_member		1
Equity Method Investment, Voting Rights, Percentage		4%
Gain (Loss) on Sale of Previously Unissued Stock by Equity Investee		$ 8,700
Equity Method Investment, Ownership Percentage, Disposed Of	0.24
PMB RES
Related party transaction
Ownership interests		50%
Atria
Related party transaction
Costs and Expenses, Related Party		$ 62,900	$ 63,400	61,500
Atria | Sale Or Transition Of Senior Housing Communities Operated By Related Party
Related party transaction
Costs and Expenses, Related Party		100	1,500	6,100
Ardent | NNN
Related party transaction
Revenues, related party		137,100	133,700	130,500
Ardent | Outpatient Medical Buildings And Other
Related party transaction
Revenues, related party		$ 13,500	$ 13,400	$ 12,100

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 Segment	Dec. 31, 2024 segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 segment	Dec. 31, 2022 segment
Segment Reporting [Abstract]
Number of reportable segments	3	3		3	3
Intersegment activity			$ 0

SEGMENT INFORMATION - Income St

SEGMENT INFORMATION - Income Statement by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Rental income	$ 1,496,940	$ 1,486,401	$ 1,399,313
Income from loans and investments	9,057	22,952	48,160
Interest and other income	28,114	11,414	3,635
Labor	1,418,320	1,279,296	1,164,761
Management fees	174,491	146,162	127,453
Other segment expenses	1,227,751	1,129,687	984,510
Total revenues	4,924,266	4,497,827	4,129,193
Less:
Interest and other income	28,114	11,414	3,635
Labor	1,418,320	1,279,296	1,164,761
Management fees	174,491	146,162	127,453
Other segment expenses	1,227,751	1,129,687	984,510
Property-level operating expenses	2,820,562	2,555,145	2,276,724
Third-party capital management expenses	6,507	6,101	6,194
NOI	2,069,083	1,925,167	1,842,640
Interest expense	(602,835)	(574,112)	(467,557)
Depreciation and amortization	(1,253,143)	(1,392,461)	(1,197,798)
General, administrative and professional fees	(162,990)	(148,876)	(144,874)
Loss on extinguishment of debt, net	(687)	6,104	(581)
Transaction, transition and restructuring costs	(20,369)	(15,215)	(30,884)
(Reversal of) allowance on loans receivable and investments, net	166	20,270	(19,757)
Gain on foreclosure of real estate	0	29,127	0
Shareholder relations matters	(15,751)	0	(20,693)
Other expense (income)	49,584	(23,001)	58,268
Income from unconsolidated entities	1,563	13,626	28,500
Gain on real estate dispositions	57,009	62,119	7,780
Income tax benefit	37,775	9,539	16,926
Net income (loss)	88,351	(30,297)	(40,931)
Other comprehensive loss	7,198	10,676	6,516
Net income	81,153	(40,973)	(47,447)
Resident fees and services
Revenues
Revenue from contracts with customers	3,372,796	2,959,219	2,651,886
Third-party capital management revenues
Revenues
Revenue from contracts with customers	17,359	17,841	26,199
Operating Segments | SHOP
Revenues
Rental income	0	0	0
Income from loans and investments	0	0	0
Interest and other income	0	0	0
Labor	1,418,320	1,279,296	1,164,761
Management fees	174,491	146,162	127,453
Other segment expenses	913,602	822,354	712,206
Total revenues	3,372,796	2,959,219	2,651,886
Less:
Interest and other income	0	0	0
Labor	1,418,320	1,279,296	1,164,761
Management fees	174,491	146,162	127,453
Other segment expenses	913,602	822,354	712,206
Property-level operating expenses	2,506,413	2,247,812	2,004,420
Third-party capital management expenses	0	0	0
NOI		711,407	647,466
Operating Segments | SHOP | Resident fees and services
Revenues
Revenue from contracts with customers	3,372,796	2,959,219	2,651,886
Operating Segments | SHOP | Third-party capital management revenues
Revenues
Revenue from contracts with customers	0	0	0
Operating Segments | NNN
Revenues
Rental income	622,054	619,208	598,154
Income from loans and investments	0	0	0
Interest and other income	0	0	0
Labor	0	0	0
Management fees	0	0	0
Other segment expenses	15,829	14,557	15,301
Total revenues	622,054	619,208	598,154
Less:
Interest and other income	0	0	0
Labor	0	0	0
Management fees	0	0	0
Other segment expenses	15,829	14,557	15,301
Property-level operating expenses	15,829	14,557	15,301
Third-party capital management expenses	0	0	0
NOI	606,225	604,651	582,853
Operating Segments | NNN | Resident fees and services
Revenues
Revenue from contracts with customers	0	0	0
Operating Segments | NNN | Third-party capital management revenues
Revenues
Revenue from contracts with customers	0	0	0
Operating Segments | Outpatient medical and research portfolio (OM&R)
Revenues
Rental income	874,886	867,193	801,159
Income from loans and investments	0	0	0
Interest and other income	0	0	0
Labor	0	0	0
Management fees	0	0	0
Other segment expenses	298,320	292,776	257,003
Total revenues	877,591	869,708	803,607
Less:
Interest and other income	0	0	0
Labor	0	0	0
Management fees	0	0	0
Other segment expenses	298,320	292,776	257,003
Property-level operating expenses	298,320	292,776	257,003
Third-party capital management expenses	0	0	0
NOI	579,271	576,932	546,604
Operating Segments | Outpatient medical and research portfolio (OM&R) | Resident fees and services
Revenues
Revenue from contracts with customers	0	0	0
Operating Segments | Outpatient medical and research portfolio (OM&R) | Third-party capital management revenues
Revenues
Revenue from contracts with customers	2,705	2,515	2,448
Non-Segment
Revenues
Rental income	0	0	0
Income from loans and investments	9,057	22,952	48,160
Interest and other income	28,114	11,414	3,635
Labor	0	0	0
Management fees	0	0	0
Other segment expenses	0	0	0
Total revenues	51,825	49,692	75,546
Less:
Interest and other income	28,114	11,414	3,635
Labor	0	0	0
Management fees	0	0	0
Other segment expenses	0	0	0
Property-level operating expenses	0	0	0
Third-party capital management expenses	6,507	6,101	6,194
NOI	17,204	32,177	65,717
Non-Segment | Resident fees and services
Revenues
Revenue from contracts with customers	0	0	0
Non-Segment | Third-party capital management revenues
Revenues
Revenue from contracts with customers	$ 14,654	$ 15,326	$ 23,751

SEGMENT INFORMATION - Capital E

SEGMENT INFORMATION - Capital Expenditures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information
Total capital expenditures	$ 2,529,803	$ 649,471	$ 900,696
Operating Segments | SHOP
Segment Reporting Information
Total capital expenditures	2,061,741	409,105	423,420
Operating Segments | NNN
Segment Reporting Information
Total capital expenditures	194,447	8,511	4,614
Operating Segments | Outpatient medical and research portfolio (OM&R)
Segment Reporting Information
Total capital expenditures	$ 273,615	$ 231,855	$ 472,662

SEGMENT INFORMATION - Geographi

SEGMENT INFORMATION - Geographic Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net Real Estate Property:
Total net real estate property	$ 22,600,545	$ 21,748,950
Revenues:
Total revenues	4,924,266	4,497,827	$ 4,129,193
United States
Net Real Estate Property:
Total net real estate property	19,690,838	18,702,960
Revenues:
Total revenues	4,366,953	4,004,173	3,652,327
Canada
Net Real Estate Property:
Total net real estate property	2,719,078	2,837,858
Revenues:
Total revenues	526,575	464,772	449,091
United Kingdom
Net Real Estate Property:
Total net real estate property	190,629	208,132
Revenues:
Total revenues	$ 30,738	$ 28,882	$ 27,775

SCHEDULE III REAL ESTATE AND _2

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Carrying cost:
Balance at beginning of period	$ 30,165,798	$ 28,768,409	$ 28,479,870
Additions during period:
Acquisitions	1,817,275	1,437,729	460,959
Capital expenditures	560,006	645,596	443,710
Deductions during period:
Foreign currency translation	(287,505)	90,105	(265,942)
Other	(425,563)	(776,041)	(350,188)
Balance at end of period	31,830,011	30,165,798	28,768,409
Accumulated depreciation:
Balance at beginning of period	9,016,173	8,231,160	7,433,480
Additions during period:
Depreciation expense	1,015,531	937,767	907,134
Dispositions:
Sales and/or transfers to assets held for sale	(115,981)	(190,666)	(72,047)
Foreign currency translation	(76,185)	37,912	(37,407)
Balance at end of period	$ 9,839,538	$ 9,016,173	$ 8,231,160

SCHEDULE III REAL ESTATE AND _3

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate and Accumulated Depreciation
Encumbrances	$ 3,199,809
Initial Cost to Company
Land and Improvements	2,687,667
Buildings and Improvements	26,491,617
Costs Capitalized Subsequent to Acquisition	2,650,727
Gross Amount Carried at Close of Period
Land and Improvements	2,775,790
Buildings and Improvements	29,054,221
Total	31,830,011	$ 30,165,798	$ 28,768,409	$ 28,479,870
Accumulated Depreciation	9,839,538	$ 9,016,173	$ 8,231,160	$ 7,433,480
Net Book Value	21,990,473
UNITED STATES PROPERTIES | Senior Housing
Real Estate and Accumulated Depreciation
Encumbrances	1,205,325
Initial Cost to Company
Land and Improvements	1,590,079
Buildings and Improvements	14,828,525
Costs Capitalized Subsequent to Acquisition	1,645,653
Gross Amount Carried at Close of Period
Land and Improvements	1,644,790
Buildings and Improvements	16,419,466
Total	18,064,256
Accumulated Depreciation	5,903,987
Net Book Value	12,160,273
UNITED STATES PROPERTIES | Senior Housing | Atria Senior Living
Real Estate and Accumulated Depreciation
Encumbrances	808,973
Initial Cost to Company
Land and Improvements	511,890
Buildings and Improvements	4,640,742
Costs Capitalized Subsequent to Acquisition	759,032
Gross Amount Carried at Close of Period
Land and Improvements	542,415
Buildings and Improvements	5,369,249
Total	5,911,664
Accumulated Depreciation	2,018,616
Net Book Value	3,893,048
UNITED STATES PROPERTIES | Senior Housing | Brookdale Senior Living
Real Estate and Accumulated Depreciation
Encumbrances	48,040
Initial Cost to Company
Land and Improvements	190,091
Buildings and Improvements	1,860,167
Costs Capitalized Subsequent to Acquisition	131,497
Gross Amount Carried at Close of Period
Land and Improvements	190,698
Buildings and Improvements	1,991,057
Total	2,181,755
Accumulated Depreciation	1,066,193
Net Book Value	1,115,563
UNITED STATES PROPERTIES | Senior Housing | Sunrise Senior Living
Real Estate and Accumulated Depreciation
Encumbrances	41,372
Initial Cost to Company
Land and Improvements	210,207
Buildings and Improvements	2,331,589
Costs Capitalized Subsequent to Acquisition	275,821
Gross Amount Carried at Close of Period
Land and Improvements	223,688
Buildings and Improvements	2,593,930
Total	2,817,617
Accumulated Depreciation	1,194,960
Net Book Value	1,622,657
UNITED STATES PROPERTIES | Senior Housing | Sinceri Senior Living
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	74,077
Buildings and Improvements	693,443
Costs Capitalized Subsequent to Acquisition	83,227
Gross Amount Carried at Close of Period
Land and Improvements	76,113
Buildings and Improvements	774,634
Total	850,747
Accumulated Depreciation	278,086
Net Book Value	572,661
UNITED STATES PROPERTIES | Senior Housing | Discovery Senior Living
Real Estate and Accumulated Depreciation
Encumbrances	27,964
Initial Cost to Company
Land and Improvements	72,430
Buildings and Improvements	659,902
Costs Capitalized Subsequent to Acquisition	53,549
Gross Amount Carried at Close of Period
Land and Improvements	73,629
Buildings and Improvements	712,253
Total	785,881
Accumulated Depreciation	168,124
Net Book Value	617,758
UNITED STATES PROPERTIES | Senior Housing | Priority Life Care Properties
Real Estate and Accumulated Depreciation
Encumbrances	37,954
Initial Cost to Company
Land and Improvements	47,010
Buildings and Improvements	445,682
Costs Capitalized Subsequent to Acquisition	68,896
Gross Amount Carried at Close of Period
Land and Improvements	48,199
Buildings and Improvements	513,388
Total	561,588
Accumulated Depreciation	179,116
Net Book Value	382,471
UNITED STATES PROPERTIES | Senior Housing | Sodalis Senior Living
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	52,780
Buildings and Improvements	441,080
Costs Capitalized Subsequent to Acquisition	52,397
Gross Amount Carried at Close of Period
Land and Improvements	53,402
Buildings and Improvements	492,856
Total	546,257
Accumulated Depreciation	162,765
Net Book Value	383,492
UNITED STATES PROPERTIES | Senior Housing | Grace Management
Real Estate and Accumulated Depreciation
Encumbrances	17,662
Initial Cost to Company
Land and Improvements	98,083
Buildings and Improvements	655,799
Costs Capitalized Subsequent to Acquisition	13,278
Gross Amount Carried at Close of Period
Land and Improvements	98,082
Buildings and Improvements	669,078
Total	767,160
Accumulated Depreciation	28,040
Net Book Value	739,120
UNITED STATES PROPERTIES | Senior Housing | Koelsch Senior Communities
Real Estate and Accumulated Depreciation
Encumbrances	64,403
Initial Cost to Company
Land and Improvements	27,721
Buildings and Improvements	292,414
Costs Capitalized Subsequent to Acquisition	13,289
Gross Amount Carried at Close of Period
Land and Improvements	28,133
Buildings and Improvements	305,291
Total	333,424
Accumulated Depreciation	83,674
Net Book Value	249,750
UNITED STATES PROPERTIES | Senior Housing | Senior Lifestyle
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	55,911
Buildings and Improvements	553,261
Costs Capitalized Subsequent to Acquisition	27,969
Gross Amount Carried at Close of Period
Land and Improvements	57,328
Buildings and Improvements	579,813
Total	637,141
Accumulated Depreciation	76,081
Net Book Value	561,059
UNITED STATES PROPERTIES | Senior Housing | Sonida Senior Living
Real Estate and Accumulated Depreciation
Encumbrances	12,401
Initial Cost to Company
Land and Improvements	18,129
Buildings and Improvements	197,928
Costs Capitalized Subsequent to Acquisition	38,816
Gross Amount Carried at Close of Period
Land and Improvements	18,833
Buildings and Improvements	236,040
Total	254,873
Accumulated Depreciation	89,332
Net Book Value	165,541
UNITED STATES PROPERTIES | Senior Housing | Meridian Senior Living
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	19,090
Buildings and Improvements	104,237
Costs Capitalized Subsequent to Acquisition	2,025
Gross Amount Carried at Close of Period
Land and Improvements	19,091
Buildings and Improvements	106,261
Total	125,352
Accumulated Depreciation	29,308
Net Book Value	96,044
UNITED STATES PROPERTIES | Senior Housing | Azura Memory Care
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	6,361
Buildings and Improvements	53,002
Costs Capitalized Subsequent to Acquisition	7,193
Gross Amount Carried at Close of Period
Land and Improvements	7,200
Buildings and Improvements	59,356
Total	66,556
Accumulated Depreciation	24,560
Net Book Value	41,996
UNITED STATES PROPERTIES | Senior Housing | Milestone Retirement Communities
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	16,810
Buildings and Improvements	183,225
Costs Capitalized Subsequent to Acquisition	20,049
Gross Amount Carried at Close of Period
Land and Improvements	16,903
Buildings and Improvements	203,181
Total	220,084
Accumulated Depreciation	60,488
Net Book Value	159,596
UNITED STATES PROPERTIES | Senior Housing | American House
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	5,438
Buildings and Improvements	124,369
Costs Capitalized Subsequent to Acquisition	20,905
Gross Amount Carried at Close of Period
Land and Improvements	6,926
Buildings and Improvements	143,786
Total	150,712
Accumulated Depreciation	65,038
Net Book Value	85,674
UNITED STATES PROPERTIES | Senior Housing | Avamere Family of Companies
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	20,407
Buildings and Improvements	113,192
Costs Capitalized Subsequent to Acquisition	13,817
Gross Amount Carried at Close of Period
Land and Improvements	20,654
Buildings and Improvements	126,763
Total	147,416
Accumulated Depreciation	50,780
Net Book Value	96,636
UNITED STATES PROPERTIES | Senior Housing | Hawthorn Senior Living
Real Estate and Accumulated Depreciation
Encumbrances	55,205
Initial Cost to Company
Land and Improvements	35,668
Buildings and Improvements	220,099
Costs Capitalized Subsequent to Acquisition	19,542
Gross Amount Carried at Close of Period
Land and Improvements	35,890
Buildings and Improvements	239,418
Total	275,309
Accumulated Depreciation	34,035
Net Book Value	241,274
UNITED STATES PROPERTIES | Senior Housing | Other Senior Housing Operators
Real Estate and Accumulated Depreciation
Encumbrances	91,351
Initial Cost to Company
Land and Improvements	127,976
Buildings and Improvements	1,258,229
Costs Capitalized Subsequent to Acquisition	44,351
Gross Amount Carried at Close of Period
Land and Improvements	127,606
Buildings and Improvements	1,302,947
Total	1,430,555
Accumulated Depreciation	294,791
Net Book Value	1,135,768
UNITED STATES PROPERTIES | Senior Housing | Other Senior Housing CIP
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	0
Buildings and Improvements	165
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land and Improvements	0
Buildings and Improvements	165
Total	165
Accumulated Depreciation	0
Net Book Value	165
UNITED STATES PROPERTIES | Research
Real Estate and Accumulated Depreciation
Encumbrances	299,295
Initial Cost to Company
Land and Improvements	72,958
Buildings and Improvements	1,517,210
Costs Capitalized Subsequent to Acquisition	314,260
Gross Amount Carried at Close of Period
Land and Improvements	141,653
Buildings and Improvements	1,762,775
Total	1,904,428
Accumulated Depreciation	402,645
Net Book Value	1,501,783
UNITED STATES PROPERTIES | Research | Wexford
Real Estate and Accumulated Depreciation
Encumbrances	227,600
Initial Cost to Company
Land and Improvements	71,764
Buildings and Improvements	1,429,367
Costs Capitalized Subsequent to Acquisition	55,798
Gross Amount Carried at Close of Period
Land and Improvements	71,002
Buildings and Improvements	1,485,927
Total	1,556,929
Accumulated Depreciation	381,547
Net Book Value	1,175,382
UNITED STATES PROPERTIES | Research | Other Life Science
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	1,194
Buildings and Improvements	76,515
Costs Capitalized Subsequent to Acquisition	290
Gross Amount Carried at Close of Period
Land and Improvements	1,193
Buildings and Improvements	76,806
Total	77,999
Accumulated Depreciation	12,334
Net Book Value	65,665
UNITED STATES PROPERTIES | Research | Other Life Science CIP
Real Estate and Accumulated Depreciation
Encumbrances	71,695
Initial Cost to Company
Land and Improvements	0
Buildings and Improvements	11,328
Costs Capitalized Subsequent to Acquisition	258,172
Gross Amount Carried at Close of Period
Land and Improvements	69,458
Buildings and Improvements	200,042
Total	269,500
Accumulated Depreciation	8,764
Net Book Value	260,736
UNITED STATES PROPERTIES | IRFs & LTACs
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	104,665
Buildings and Improvements	547,003
Costs Capitalized Subsequent to Acquisition	410
Gross Amount Carried at Close of Period
Land and Improvements	103,671
Buildings and Improvements	548,407
Total	652,077
Accumulated Depreciation	268,659
Net Book Value	383,419
UNITED STATES PROPERTIES | IRFs & LTACs | Kindred Healthcare
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	86,024
Buildings and Improvements	348,554
Costs Capitalized Subsequent to Acquisition	(660)
Gross Amount Carried at Close of Period
Land and Improvements	85,027
Buildings and Improvements	348,890
Total	433,917
Accumulated Depreciation	212,065
Net Book Value	221,852
UNITED STATES PROPERTIES | IRFs & LTACs | Other IRFs And LTACs
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	18,641
Buildings and Improvements	198,449
Costs Capitalized Subsequent to Acquisition	1,070
Gross Amount Carried at Close of Period
Land and Improvements	18,644
Buildings and Improvements	199,517
Total	218,160
Accumulated Depreciation	56,594
Net Book Value	161,567
UNITED STATES PROPERTIES | Other Healthcare Facilities | Ardent Health Services
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	98,428
Buildings and Improvements	1,126,010
Costs Capitalized Subsequent to Acquisition	78,106
Gross Amount Carried at Close of Period
Land and Improvements	97,416
Buildings and Improvements	1,205,128
Total	1,302,544
Accumulated Depreciation	321,882
Net Book Value	980,663
UNITED STATES PROPERTIES | Skilled Nursing
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	42,852
Buildings and Improvements	357,257
Costs Capitalized Subsequent to Acquisition	(28,415)
Gross Amount Carried at Close of Period
Land and Improvements	43,033
Buildings and Improvements	328,661
Total	371,694
Accumulated Depreciation	109,050
Net Book Value	262,643
UNITED STATES PROPERTIES | Skilled Nursing | Genesis Healthcare
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	11,350
Buildings and Improvements	164,745
Costs Capitalized Subsequent to Acquisition	(5,708)
Gross Amount Carried at Close of Period
Land and Improvements	11,350
Buildings and Improvements	159,037
Total	170,387
Accumulated Depreciation	82,117
Net Book Value	88,270
UNITED STATES PROPERTIES | Skilled Nursing | Other Skilled Nursing Operations
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	31,502
Buildings and Improvements	192,512
Costs Capitalized Subsequent to Acquisition	(22,707)
Gross Amount Carried at Close of Period
Land and Improvements	31,683
Buildings and Improvements	169,624
Total	201,307
Accumulated Depreciation	26,933
Net Book Value	174,373
UNITED STATES PROPERTIES | Outpatient Medical Buildings And Other
Real Estate and Accumulated Depreciation
Encumbrances	273,572
Initial Cost to Company
Land and Improvements	415,987
Buildings and Improvements	4,518,823
Costs Capitalized Subsequent to Acquisition	960,261
Gross Amount Carried at Close of Period
Land and Improvements	424,000
Buildings and Improvements	5,471,072
Total	5,895,071
Accumulated Depreciation	2,087,077
Net Book Value	3,807,994
UNITED STATES PROPERTIES | Outpatient Medical Buildings And Other | Lillibridge
Real Estate and Accumulated Depreciation
Encumbrances	24,760
Initial Cost to Company
Land and Improvements	165,132
Buildings and Improvements	2,113,822
Costs Capitalized Subsequent to Acquisition	683,332
Gross Amount Carried at Close of Period
Land and Improvements	170,334
Buildings and Improvements	2,791,952
Total	2,962,286
Accumulated Depreciation	1,223,597
Net Book Value	1,738,689
UNITED STATES PROPERTIES | Outpatient Medical Buildings And Other | PMB RES
Real Estate and Accumulated Depreciation
Encumbrances	238,007
Initial Cost to Company
Land and Improvements	80,638
Buildings and Improvements	975,535
Costs Capitalized Subsequent to Acquisition	198,377
Gross Amount Carried at Close of Period
Land and Improvements	82,416
Buildings and Improvements	1,172,134
Total	1,254,550
Accumulated Depreciation	433,324
Net Book Value	821,226
UNITED STATES PROPERTIES | Outpatient Medical Buildings And Other | Cornerstone Companies, Inc
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	28,336
Buildings and Improvements	156,018
Costs Capitalized Subsequent to Acquisition	3,636
Gross Amount Carried at Close of Period
Land and Improvements	28,417
Buildings and Improvements	159,573
Total	187,990
Accumulated Depreciation	11,531
Net Book Value	176,459
UNITED STATES PROPERTIES | Outpatient Medical Buildings And Other | Ardent Health Services
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	5,638
Buildings and Improvements	214,808
Costs Capitalized Subsequent to Acquisition	599
Gross Amount Carried at Close of Period
Land and Improvements	5,638
Buildings and Improvements	215,408
Total	221,045
Accumulated Depreciation	20,329
Net Book Value	200,716
UNITED STATES PROPERTIES | Outpatient Medical Buildings And Other | Memorial Health Services
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	2,346
Buildings and Improvements	25,031
Costs Capitalized Subsequent to Acquisition	13,169
Gross Amount Carried at Close of Period
Land and Improvements	2,453
Buildings and Improvements	38,093
Total	40,546
Accumulated Depreciation	24,592
Net Book Value	15,954
UNITED STATES PROPERTIES | Outpatient Medical Buildings And Other | Other MOBs
Real Estate and Accumulated Depreciation
Encumbrances	10,805
Initial Cost to Company
Land and Improvements	133,897
Buildings and Improvements	1,033,609
Costs Capitalized Subsequent to Acquisition	55,493
Gross Amount Carried at Close of Period
Land and Improvements	131,098
Buildings and Improvements	1,091,901
Total	1,222,999
Accumulated Depreciation	371,341
Net Book Value	851,658
UNITED STATES PROPERTIES | Outpatient Medical Buildings And Other | Other MOBs CIP
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	0
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	5,655
Gross Amount Carried at Close of Period
Land and Improvements	3,644
Buildings and Improvements	2,011
Total	5,655
Accumulated Depreciation	2,363
Net Book Value	3,292
CANADIAN PROPERTIES | Senior Housing
Real Estate and Accumulated Depreciation
Encumbrances	1,421,617
Initial Cost to Company
Land and Improvements	310,314
Buildings and Improvements	3,378,442
Costs Capitalized Subsequent to Acquisition	(273,078)
Gross Amount Carried at Close of Period
Land and Improvements	277,094
Buildings and Improvements	3,138,584
Total	3,415,678
Accumulated Depreciation	701,131
Net Book Value	2,714,547
CANADIAN PROPERTIES | Senior Housing | Atria Senior Living
Real Estate and Accumulated Depreciation
Encumbrances	265,047
Initial Cost to Company
Land and Improvements	75,553
Buildings and Improvements	845,363
Costs Capitalized Subsequent to Acquisition	(110,078)
Gross Amount Carried at Close of Period
Land and Improvements	63,843
Buildings and Improvements	746,995
Total	810,838
Accumulated Depreciation	272,953
Net Book Value	537,885
CANADIAN PROPERTIES | Senior Housing | Sunrise Senior Living
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	46,600
Buildings and Improvements	418,821
Costs Capitalized Subsequent to Acquisition	(83,373)
Gross Amount Carried at Close of Period
Land and Improvements	36,994
Buildings and Improvements	345,053
Total	382,048
Accumulated Depreciation	173,318
Net Book Value	208,730
CANADIAN PROPERTIES | Senior Housing | Other Senior Housing Operators
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	25,172
Buildings and Improvements	146,694
Costs Capitalized Subsequent to Acquisition	(16,019)
Gross Amount Carried at Close of Period
Land and Improvements	22,116
Buildings and Improvements	133,732
Total	155,847
Accumulated Depreciation	14,841
Net Book Value	141,006
CANADIAN PROPERTIES | Senior Housing | Other Senior Housing CIP
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	0
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land and Improvements	0
Buildings and Improvements	0
Total	0
Accumulated Depreciation	0
Net Book Value	0
CANADIAN PROPERTIES | Senior Housing | Le Groupe Maurice
Real Estate and Accumulated Depreciation
Encumbrances	1,156,570
Initial Cost to Company
Land and Improvements	162,989
Buildings and Improvements	1,967,564
Costs Capitalized Subsequent to Acquisition	(63,608)
Gross Amount Carried at Close of Period
Land and Improvements	154,141
Buildings and Improvements	1,912,804
Total	2,066,945
Accumulated Depreciation	240,019
Net Book Value	1,826,926
UNITED KINGDOM PROPERTIES | Senior Housing | Canford Healthcare Limited
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	40,481
Buildings and Improvements	81,719
Costs Capitalized Subsequent to Acquisition	(17,264)
Gross Amount Carried at Close of Period
Land and Improvements	34,571
Buildings and Improvements	70,365
Total	104,936
Accumulated Depreciation	20,674
Net Book Value	84,262
UNITED KINGDOM PROPERTIES | International Hospital | Spire Healthcare
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land and Improvements	11,903
Buildings and Improvements	136,628
Costs Capitalized Subsequent to Acquisition	(29,206)
Gross Amount Carried at Close of Period
Land and Improvements	9,562
Buildings and Improvements	109,763
Total	119,325
Accumulated Depreciation	24,433
Net Book Value	$ 94,892

SCHEDULE IV MORTGAGE LOANS ON_2

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Loans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 0
Face Amount of Mortgages	144,563
Carrying Amount of Mortgages (1)	143,472	$ 26,087	$ 491,334	$ 486,200
Multiple
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
First Mortgage | Texas
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of assets | loan	2
Interest Rate	5%
Maturity Date	Jun. 16, 2025
Prior Liens	$ 0
Face Amount of Mortgages	8,000
Carrying Amount of Mortgages (1)	8,000
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
First Mortgage | Illinois
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of assets | loan	1
Interest Rate	4.50%
Maturity Date	Feb. 15, 2026
Prior Liens	$ 0
Face Amount of Mortgages	1,285
Carrying Amount of Mortgages (1)	1,277
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
First Mortgage | Tennessee
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of assets | loan	2
Interest Rate	4.50%
Maturity Date	Apr. 23, 2026
Prior Liens	$ 0
Face Amount of Mortgages	3,150
Carrying Amount of Mortgages (1)	3,100
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
First Mortgage | South Carolina
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of assets | loan	2
Interest Rate	4.50%
Maturity Date	May 21, 2026
Prior Liens	$ 0
Face Amount of Mortgages	3,150
Carrying Amount of Mortgages (1)	3,095
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
First Mortgage | Washington
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of assets | loan	1
Interest Rate	5.75%
Maturity Date	Sep. 20, 2027
Prior Liens	$ 0
Face Amount of Mortgages	109,000
Carrying Amount of Mortgages (1)	108,022
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Exit fee, percentage	1%
First Mortgage | Pennsylvania
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of assets | loan	1
Interest Rate	3.75%
Maturity Date	Nov. 04, 2027
Prior Liens	$ 0
Face Amount of Mortgages	19,978
Carrying Amount of Mortgages (1)	19,978
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Balloon due at maturity	$ 19,200
First Mortgage | Pennsylvania | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prepayment premium, percentage	0%
First Mortgage | Pennsylvania | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prepayment premium, percentage	3%

SCHEDULE IV MORTGAGE LOANS ON_3

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Mortgage Loan Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning Balance	$ 26,087	$ 491,334	$ 486,200
New loans (1)	115,359	0	25,247
Construction draws	2,100	835	0
Total additions	117,459	835	25,247
Principal repayments	(74)	0	(113)
Conversions to real property	0	(486,082)	0
Allowance	0	20,000	(20,000)
Total deductions	(74)	(466,082)	(20,113)
Effect of foreign currency translation	0	0	0
Ending Balance	143,472	$ 26,087	$ 491,334
Non-cash consideration	$ 7,500