VENTAS, INC., 10-K filed on 2/6/2026
Annual Report
v3.25.4
Cover - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Feb. 03, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Current Fiscal Year End Date --12-31    
Document Period End Date Dec. 31, 2025    
Document Transition Report false    
Entity File Number 001-10989    
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     $ 28.6
Entity Common Stock, Shares Outstanding (in shares)   474,965,224  
Documents Incorporated by Reference
Portions of the registrant’s definitive Proxy Statement for the 2026 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, 2025.
    
Entity Central Index Key 0000740260    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Auditor Information [Abstract]  
Auditor Firm ID 185
Auditor Name KPMG LLP
Auditor Location Chicago, Illinois
v3.25.4
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2025
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: (i) guarantees of all or a portion of the principal, interest and other amounts due under mortgage debt or other borrowings; (ii) customary nonrecourse carve-out guarantees provided in connection with mortgage or other borrowings; (iii) customary indemnifications of lenders for potential environmental liabilities; (iv) completion guarantees provided to lenders, tenants, ground lessors or other third parties for the completion of development and redevelopment projects; (v) 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; (vi) guarantees of ground rent and other payment of ground rent and other obligations to ground lessors; and (vii) indemnities and other guarantees required in connection with the procurement of performance and surety bonds and standby letters of credit.

As of December 31, 2025 and 2024, no triggering events relating to our guarantees, indemnities or similar contingent obligations have occurred. Accordingly, no contingent liability is recorded in our Consolidated Balance 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 7.41% and 32.7 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, 2025, 2024 and 2023, we recognized $32.2 million, $33.7 million and $37.0 million of expense relating to our leases, respectively. For the years ended December 31, 2025, 2024 and 2023, cash paid for leases was $23.9 million, $24.8 million and $29.8 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, 2025 (dollars in thousands):
2026$21,900 
202721,339 
202820,078 
202919,174 
203016,398 
Thereafter575,936 
Total undiscounted minimum lease payments674,825 
Less: imputed interest(466,223)
Operating lease liabilities$208,602 
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Real estate investments:    
Land and improvements $ 2,962,738 $ 2,775,790
Buildings and improvements 30,872,598 28,717,990
Construction in progress 358,811 336,231
Acquired lease intangibles 1,680,567 1,558,751
Operating lease assets 295,838 308,019
Gross real estate investment 36,170,552 33,696,781
Accumulated depreciation and amortization (12,043,619) (11,096,236)
Net real estate property 24,126,933 22,600,545
Secured loans receivable and investments, net 143,913 144,872
Investments in unconsolidated real estate entities 617,571 626,122
Net real estate investments 24,888,417 23,371,539
Cash and cash equivalents 741,067 897,850
Escrow deposits and restricted cash (1) 45,070 59,383
Goodwill 1,046,072 1,044,915
Assets held for sale 42,993 18,625
Deferred income tax assets, net 2,797 1,931
Other assets 825,529 792,663
Total assets 27,591,945 26,186,906
Liabilities:    
Senior notes payable and other debt 13,011,016 13,522,551
Accrued interest payable 143,104 143,345
Operating lease liabilities 208,602 218,003
Accounts payable and other liabilities 1,240,820 1,152,306
Liabilities related to assets held for sale 4,032 2,726
Deferred income tax liabilities 23,409 8,150
Total liabilities 14,630,983 15,047,081
Redeemable OP unitholder and noncontrolling interests 375,154 310,229
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; 1,200,000 shares authorized, 474,926 and 437,085 shares outstanding at December 31, 2025 and 2024, respectively 118,732 109,119
Capital in excess of par value 19,976,183 17,607,482
Accumulated other comprehensive loss (39,851) (33,526)
Retained earnings (deficit) (7,527,777) (6,886,653)
Treasury stock, 0 and 4 shares issued at December 31, 2025 and 2024, respectively (34) (25,155)
Total Ventas stockholders’ equity 12,527,253 10,771,267
Noncontrolling interests 58,555 58,329
Total equity 12,585,808 10,829,596
Total liabilities and equity $ 27,591,945 $ 26,186,906
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
shares in Thousands
Dec. 31, 2025
May 30, 2025
Apr. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]        
Preferred stock, par value (in dollars per share) $ 1.00     $ 1.00
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) 1,200,000 1,200,000 600,000 1,200,000
Common stock, shares issued (in shares) 474,926     437,085
Treasury stock, shares (in shares) 0     4
v3.25.4
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Rental income:      
Total rental income $ 1,496,667 $ 1,496,940 $ 1,486,401
Income from loans and investments 22,593 9,057 22,952
Interest and other income 21,010 28,114 11,414
Total revenues 5,833,980 4,924,266 4,497,827
Expenses      
Interest 612,246 602,835 574,112
Depreciation and amortization 1,379,140 1,253,143 1,392,461
Property-level operating expenses:      
Property-level operating expenses 3,413,337 2,820,562 2,555,145
Third-party capital management expenses 6,579 6,507 6,101
General, administrative and professional fees 177,400 162,990 148,876
Loss (gain) on extinguishment of debt, net 172 687 (6,104)
Transaction, transition and restructuring costs 10,073 20,369 15,215
Reversal of allowance on loans receivable and investments, net 0 (166) (20,270)
Gain on foreclosure of real estate 0 0 (29,127)
Shareholder relations matters 0 15,751 0
Other expense (income) 30,712 49,584 (23,001)
Total expenses 5,629,659 4,932,262 4,613,408
Income (loss) before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests 204,321 (7,996) (115,581)
Income from unconsolidated entities 4,468 1,563 13,626
Gain on real estate dispositions 38,579 57,009 62,119
Income tax benefit 14,150 37,775 9,539
Net income (loss) 261,518 88,351 (30,297)
Net income attributable to noncontrolling interests 10,137 7,198 10,676
Net income (loss) attributable to common stockholders $ 251,381 $ 81,153 $ (40,973)
Basic:      
(Loss) income from continuing operations (USD per share) $ 0.57 $ 0.21 $ (0.08)
Net (loss) income attributable to common stockholders (USD per share) 0.55 0.20 (0.10)
Diluted:      
(Loss) income from continuing operations (USD per share) 0.57 0.21 (0.08)
Net (loss) income attributable to common stockholders (USD per share) $ 0.54 $ 0.19 $ (0.10)
Retained Earnings (Deficit)      
Property-level operating expenses:      
Net income (loss) $ 251,381 $ 81,153 $ (40,973)
NNN      
Rental income:      
Total rental income 601,578 622,054 619,208
Property-level operating expenses:      
Property-level operating expenses 13,505 15,829 14,557
Resident fees and services      
Rental income:      
Revenue from contracts with customers 4,276,163 3,372,796 2,959,219
Third-party capital management revenues      
Rental income:      
Revenue from contracts with customers 17,547 17,359 17,841
SHOP      
Property-level operating expenses:      
Property-level operating expenses 3,092,099 2,506,413 2,247,812
Outpatient Medical And Research Portfolio      
Rental income:      
Total rental income 895,089 874,886 867,193
Property-level operating expenses:      
Property-level operating expenses $ 307,733 $ 298,320 $ 292,776
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ 261,518 $ 88,351 $ (30,297)
Other comprehensive (loss) income:      
Foreign currency translation gain 4,983 14,433 6,024
Unrealized gain (loss) on available for sale securities 829 (862) (1,256)
Unrealized loss on derivative instruments (9,901) (19,672) (2,766)
Total other comprehensive (loss) income (4,089) (6,101) 2,002
Comprehensive income (loss) 257,429 82,250 (28,295)
Comprehensive income (loss) attributable to noncontrolling interests 12,373 (1,135) 11,635
Comprehensive income (loss) attributable to common stockholders $ 245,056 $ 83,385 $ (39,930)
v3.25.4
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, 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 income (loss) 2,002 1,043     1,043   959  
Net change in noncontrolling interests (36,492) (12,495)   (12,495)     (23,997)  
Dividends to common stockholders 723,405 723,405   40   723,445    
Issuance of common stock for stock plans, restricted stock grants and other 129,060 129,060 736 141,552       (13,228)
Adjust redeemable OP unitholder interests to current fair value (18,056) (18,056)   (18,056)        
Redemption of OP Units (84) (84)   (84)       0
Balance at end of period at Dec. 31, 2023 9,544,405 9,488,058 100,648 15,650,734 (35,757) (6,213,803) 56,347 (13,764)
Increase (decrease) in shareholders' equity                
Net income (loss) 88,351 81,153       81,153 7,198  
Other comprehensive income (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)        
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)
Increase (decrease) in shareholders' equity                
Net income (loss) 261,518 251,381       251,381    
Other comprehensive income (loss) (4,089) (6,325)     (6,325)   2,236  
Net change in noncontrolling interests (15,518) (3,371)   (3,371)     (12,147)  
Dividends to common stockholders 892,388 892,388   117   892,505    
Issuance of common stock for stock plans, restricted stock grants and other 2,475,646 2,475,646 9,613 2,440,912       25,121
Adjust redeemable OP unitholder interests to current fair value (66,970) (66,970)   (66,970)        
Redemption of OP Units (1,987) (1,987)   (1,987)       0
Balance at end of period at Dec. 31, 2025 $ 12,585,808 $ 12,527,253 $ 118,732 $ 19,976,183 $ (39,851) $ (7,527,777) $ 58,555 $ (34)
v3.25.4
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]      
Dividends to common stockholders (in dollars per share) $ 1.92 $ 1.80 $ 1.80
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income (loss) $ 261,518 $ 88,351 $ (30,297)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 1,379,140 1,253,143 1,392,461
Amortization of deferred revenue and lease intangibles, net (39,250) (54,242) (59,604)
Other non-cash amortization 32,328 30,143 22,416
(Reversal of) allowance on loans receivable and investments, net 0 (166) (20,270)
Stock-based compensation 38,733 30,991 30,987
Straight-lining of rental income (48,852) (5,094) (7,597)
Loss (gain) on extinguishment of debt, net 172 687 (6,104)
Gain on real estate dispositions (38,579) (57,009) (62,119)
Income tax benefit (24,150) (43,487) (15,269)
Income from unconsolidated entities (4,468) (1,563) (13,626)
Gain on foreclosure of real estate 0 0 (29,127)
Distributions from unconsolidated entities 29,041 18,298 16,123
Other 11,663 25,762 (44,503)
Changes in operating assets and liabilities:      
Increase in other assets (30,683) (117,363) (48,445)
(Decrease) increase in accrued interest payable (922) 27,205 1,252
Increase (decrease) in accounts payable and other liabilities 81,035 133,969 (6,405)
Net cash provided by operating activities 1,646,726 1,329,625 1,119,873
Cash flows from investing activities:      
Net investment in real estate property (2,293,769) (1,925,957) (6,466)
Investment in loans receivable (935) (125,363) (2,750)
Proceeds from real estate disposals 213,161 329,094 399,534
Proceeds from loans receivable 48,815 6,870 44,630
Proceeds from sale of interest in unconsolidated entities 0 0 50,054
Net cash assumed in foreclosure of real estate 0 0 11,615
Development project expenditures (280,752) (322,232) (383,590)
Capital expenditures (363,863) (281,614) (259,415)
Distributions from unconsolidated entities 33,700 8,368 74,670
Investment in unconsolidated entities (55,785) (69,797) (130,522)
Insurance proceeds for property damage claims 5,010 3,542 17,576
Net cash used in investing activities (2,694,418) (2,377,089) (184,664)
Cash flows from financing activities:      
Net change in borrowings under revolving credit facilities (6,768) (7,103) (12,410)
Net change in borrowings under commercial paper program 0 0 (402,354)
Proceeds from debt 1,130,497 1,913,431 2,527,482
Repayment of debt (1,779,761) (1,621,316) (1,973,132)
Purchase of noncontrolling interests (2,057) (11,064) (110)
Payment of deferred financing costs (14,488) (35,878) (41,837)
Issuance of common stock, net 2,343,687 1,964,867 108,455
Cash distribution to common stockholders (860,060) (740,326) (723,559)
Cash distribution to redeemable OP unitholders (6,320) (6,468) (6,191)
Cash issued for redemption of OP Units (2,298) (2,416) (1,132)
Contributions from noncontrolling interests 80 3,703 20,241
Distributions to noncontrolling interests (16,404) (22,300) (32,029)
Proceeds from stock option exercises 110,863 26,052 1,736
Other (23,214) (15,962) (8,909)
Net cash provided by (used in) financing activities 873,757 1,445,220 (543,749)
Net (decrease) increase in cash, cash equivalents and restricted cash (173,935) 397,756 391,460
Effect of foreign currency translation 2,839 (3,985) 1,257
Cash, cash equivalents and restricted cash at beginning of year 957,233 563,462 170,745
Cash, cash equivalents and restricted cash at end of year 786,137 957,233 563,462
Supplemental disclosure of cash flow information:      
Interest paid excluding capitalized interest 579,693 575,741 548,108
Capitalized interest 10,044 15,626 12,307
Assets acquired and liabilities assumed from acquisitions and other:      
Real estate investments 56,300 43,086 0
Other assets 6,484 12,955 7,873
Other liabilities 29,802 23,489 9,000
Deferred income tax liability 38,975 28,601 12,382
Settlement of loan receivable 0 0 486,082
Real estate received in settlement of loan receivable 0 0 1,566,395
Assumption of debt related to real estate owned 0 0 1,016,804
Equity issued for redemption of OP Units $ 0 $ 434 $ 0
v3.25.4
DESCRIPTION OF BUSINESS
 12 Months Ended
Dec. 31, 2025
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,” “Ventas,” “Company” and other similar terms) is an S&P 500 company 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, 2025, we owned or had investments in 1,409 properties consisting of 1,374 properties in our reportable segments (“Segment Properties”) and 35 properties held by unconsolidated real estate entities in our non-segment operations. We are headquartered in Chicago, Illinois with additional corporate offices in Louisville, Kentucky and New York, New York.

We elected to be taxed as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (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 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 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, accounts receivable and 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 investments in unconsolidated entities also includes investments in operating entities, such as Ardent Health, Inc. (together with its subsidiaries, “Ardent”) and Atria Senior Living, Inc. (together with its subsidiaries, “Atria”).

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, 2025 (dollars in thousands):
Segment
NOI (1)
Percentage of Total NOI
Segment Properties
Senior housing operating portfolio (SHOP)
$1,184,064 49.4 %752 
Outpatient medical and research portfolio (OM&R)
590,169 24.7 %409 
Triple-net leased properties (NNN)
588,073 24.6 %213 
Non-segment (2)
30,748 1.3 %n/a
$2,393,054 100 %1,374 
______________________________
(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 segments.
v3.25.4
ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2025
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.

Substantially all of the assets of the consolidated VIEs are real estate investments and substantially all of the liabilities of the consolidated 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. In general, any mortgage loans of the consolidated VIEs are non-recourse to the non-VIE consolidated entities. The table below summarizes the total assets and liabilities of the consolidated VIEs as reported on our Consolidated Balance Sheets (dollars in thousands):
As of December 31, 2025As of December 31, 2024
Total AssetsTotal LiabilitiesTotal AssetsTotal Liabilities
Fonds Immobilier Groupe Maurice, S.E.C.$1,822,300 $1,151,437 $1,779,762 $1,121,659 
NHP/PMB L.P.656,813 235,245 728,457 286,030 
Other identified VIEs1,469,659 467,665 1,447,381 410,721 

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 classify distributions received from equity method investees within our Consolidated Statements of Cash Flows using the nature of the distribution approach, which classifies the distributions received on the basis of the nature of the activity or activities of the investee that generated the distribution as either a return on investment (classified as cash inflows from operating activities) or a return of investment (classified as cash inflows from investing activities).

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, 2025, third-party investors owned 3.7 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 (based on the fair value of Ventas shares). We recognize changes in the redemption 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. Refer to “Note 11 – Fair Values of Financial Instruments.”

Certain noncontrolling interests of other consolidated joint ventures were also classified as redeemable at December 31, 2025 and 2024. 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 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 on a straight-line basis over the estimated remaining useful 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 on a straight-line basis 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, including interest on funds used for the construction, until the development has reached substantial completion. Construction in progress, including capitalized interest, is not depreciated until the development has reached substantial completion. Upon substantial completion, these assets are depreciated on a straight-line basis over their respective useful lives, which are consistent with the useful lives of acquired assets.

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.

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, in the period in which a change in classification is determined, we reclassify the assets within Net real estate property on our Consolidated Balance Sheets measured at the lower of fair value and the carrying amount of the assets prior to the held for sale determination adjusted for any depreciation expense that would have been recognized had the assets 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 $29.6 million, $28.9 million and $23.2 million were included in Interest expense for the years ended December 31, 2025, 2024 and 2023, 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 loss 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 loss 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, foreign currency forward contracts and stock warrants, 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 loss 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 loss 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 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 and investments - We estimate the fair value of loans receivable and investments 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 certain 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 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 3 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

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, 2025 and 2024, this cumulative excess totaled $250.8 million and $202.7 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 non-lease 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 operating leases under ASC 842. Resident leases within our SHOP reportable 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.

We recognize interest income from loans receivable and investments, including discounts and premiums, using the effective interest method when collectability is reasonably assured. We apply the effective interest method on a loan-by-loan basis and recognize discounts and premiums as yield adjustments over the related loan term. We recognize interest income on loans with an allowance on a cash basis.     
Accounting for Leased Property

We lease real property, primarily land and corporate office space, and equipment. 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.

Accounting for Foreclosed Properties

We 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 our Consolidated Statements of Income.

Exchangeable Senior Notes

We account for our exchangeable senior notes in accordance with ASC 470-20, Debt - Debt with Conversion and Other Options (after the adoption of Accounting Standards Update (“ASU”) 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”)). We evaluate the exchange features embedded in our exchangeable senior notes in accordance with ASC 815, Derivatives and Hedging. 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.

Stock-Based Compensation

We recognize share-based payments to employees and directors, including grants of restricted stock and restricted stock units (including service-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.
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 includes the changes in fair value of certain derivative instruments, net expenses or recoveries related to significant disruptive events and other expenses or income.

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

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.

We recognize the tax benefit from an uncertain tax position claimed or expected to be claimed on a tax return only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. We recognize interest and penalties, if applicable, related to uncertain tax positions as part of Income tax benefit in our Consolidated Statements of Income.
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

As of December 31, 2025, we operated through three reportable segments: SHOP, OM&R and NNN. In our SHOP segment, we own and invest in senior housing communities 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. 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 and lease the properties in our NNN segment 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.”

Recent Accounting Standards

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 rule would be effective for annual reporting periods beginning in fiscal year 2025. In April 2024, the SEC exercised its discretion to stay this rule and, subsequently, in March 2025, the SEC voted to end its defense of the rule against certain legal challenges. We are monitoring the ongoing judicial review of these legal challenges to determine the impact, if any, of the 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 PBEs to include footnote disclosure that disaggregates, 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 (i) employee compensation, (ii) depreciation and (iii) intangible asset amortization. The tabular disclosure must 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.
v3.25.4
CONCENTRATION OF CREDIT RISK
 12 Months Ended
Dec. 31, 2025
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, 2025, 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, 2025, 2024 and 2023.

The following table summarizes certain information about our credit risk concentration for our NNN and OM&R segments:
 For the Years Ended December 31,
 202520242023
Contribution as a Percentage of Total Revenues:
  
Brookdale (1)
2.6 %3.1 %3.3 %
Ardent
2.6 3.1 3.3 
Kindred
2.4 2.8 2.9 
Contribution as a Percentage of Total NOI:
Brookdale (1)
6.2 %7.2 %7.7 %
Ardent
6.4 7.3 7.6 
Kindred5.8 6.7 6.9 
______________________________
(1)For all periods presented, includes 121 senior housing properties in our NNN segment leased to Brookdale, including 56 properties for which the lease expired on or before December 31, 2025 (the “Brookdale Conversion and Sale Communities”). In connection therewith, (i) 42 of the Brookdale Conversion and Sale Communities were converted to our SHOP segment during 2025, with the revenues and NOI for those properties included in the above table through the date of conversion, (ii) 3 of the Brookdale Conversion and Sale Communities were converted to our SHOP segment on January 1, 2026, (iii) 2 of the Brookdale Conversion and Sale Communities were sold during 2025, with the revenues and NOI for those properties included in the above table through the date of sale and (iv) 9 of the Brookdale Conversion and Sale Communities were held for sale as of December 31, 2025. As a result of foregoing, Brookdale is not expected to constitute a significant percentage of our total revenues or total NOI in 2026 and thereafter.
    
All of our Brookdale and Kindred rent and substantially all of our Ardent rent are guaranteed by their respective corporate parents.

Lease Income
Rental income from our NNN and OM&R operating leases consists of fixed and variable lease payments. The variable payments primarily represent (i) amounts that certain tenants pay to reimburse us for property-level operating expenses that we pay on their behalf and (ii) percentage rent, which is a rental charge typically based on certain tenants' gross revenue. Substantially all of the resident fees and services earned from our SHOP segment represent fixed income from operating leases and have not been included in the table below.

The following table summarizes rental income from our NNN and OM&R operating leases (dollars in thousands):

For the Years Ended December 31,
202520242023
Fixed income from operating leases
$1,239,098 $1,251,042 $1,241,075 
Variable income from operating leases
257,569 245,898 245,326 

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, 2025 (excluding properties classified as held for sale as of December 31, 2025, dollars in thousands):
ArdentKindredOtherTotal
2026$155,868 $134,460 $812,119 $1,102,447 
2027154,720 134,460 744,314 1,033,494 
2028154,720 116,245 642,566 913,531 
2029154,720 107,137 554,340 816,197 
2030154,720 47,962 474,358 677,040 
Thereafter704,638 68,902 1,750,382 2,523,922 
Total$1,479,386 $609,166 $4,978,079 $7,066,631 
v3.25.4
ACQUISITION OF REAL ESTATE PROPERTY
 12 Months Ended
Dec. 31, 2025
Business Combination [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.
2026 Acquisitions

In January and February 2026 we acquired 26 senior housing communities reported within our SHOP segment for $842.2 million.

2025 Acquisitions

During the year ended December 31, 2025, we acquired 52 senior housing communities reported within our SHOP segment for an aggregate purchase price of $2.3 billion.

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.
v3.25.4
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

2025 Activity

During the year ended December 31, 2025, we sold three senior housing communities in our SHOP segment, six properties in our OM&R segment and 14 properties in our NNN segment for aggregate consideration of $223.2 million and recognized $17.8 million in Gain on real estate dispositions in our Consolidated Statements of Income.

In June 2025, an existing tenant exercised a legally binding and non-cancellable option to purchase 12 OM&R properties in June 2026. This transaction was accounted for as a lease modification resulting in a sales-type lease receivable of $38.5 million and a $20.8 million gain on real estate disposition. Interest income from the sales-type lease receivable will be recognized over the remaining lease term. Subsequently, an amendment was executed to settle the lease receivable and terminate the lease in December 2025.

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 $62.1 million in Gain on real estate dispositions in our Consolidated Statements of Income.


Assets Held for Sale

The table below summarizes our real estate assets and liabilities classified as held for sale reported on our Consolidated Balance Sheets (dollars in thousands):
As of December 31, 2025As of December 31, 2024
Segment Properties Held for Sale
Assets Held for Sale
Liabilities Related to Assets
Held for Sale
Segment Properties Held for Sale
Assets Held for Sale
Liabilities Related to Assets
Held for Sale
SHOP6 $20,337 $2,786 2 $18,612 $2,158 
OM&R (1)
— 468 130 — 13 568 
NNN10 22,188 1,116 — — — 
Total16 $42,993 $4,032 2 $18,625 $2,726 
______________________________
(1) Balances relate to the unsettled working capital related to properties sold during the year.

Real Estate Impairments

For the year ended December 31, 2025, we recognized impairments of $96.2 million comprising of $35.2 million, $57.3 million and $3.7 million impairments in our SHOP, OM&R and NNN segments, respectively. 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. 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 expected future cash flows of the impaired assets.
v3.25.4
LOANS RECEIVABLE AND INVESTMENTS
 12 Months Ended
Dec. 31, 2025
Loans Receivable And Investments [Abstract]  
LOANS RECEIVABLE AND INVESTMENTS
NOTE 6 – LOANS RECEIVABLE AND INVESTMENTS, NET

As of December 31, 2025 and 2024, we held $164.7 million and $173.0 million, respectively, of loans receivable and investments, net of allowance, which are comprised of secured loans receivable and investments, net and non-mortgage loans receivable, net and relate to senior housing and healthcare operators or properties. Secured loans receivable and investments, net generally consist of sales-type lease receivables and loans that are primarily collateralized by a mortgage, a leasehold mortgage or an assignment or pledge of equity interest in entities that primarily own real estate. Non-mortgage loans receivable, net, are generally corporate loans that are collateralized primarily by non-real estate related collateral or are unsecured.

The following is a summary of our loans receivable and investments, net (dollars in thousands):
Amortized Cost
Allowance
Carrying Amount
Fair Value
As of December 31, 2025:
Net real estate investments
Secured loans receivable and investments, net (1)
$143,913 $— $143,913 $146,364 
Other assets
Non-mortgage loans receivable, net
24,062 (3,235)20,827 20,432 
Total loans receivable and investments, net (2)
$167,975 $(3,235)$164,740 $166,796 
As of December 31, 2024:
Net real estate investments
Secured loans receivable and investments, net (1)
$144,872 $— $144,872 $146,229 
Other assets
Non-mortgage loans receivable, net
31,939 (3,810)28,129 27,640 
Total loans receivable and investments, net (2)
$176,811 $(3,810)$173,001 $173,869 
______________________________
(1)Includes $0.8 million and $1.4 million of sales-type lease receivables as of December 31, 2025 and 2024, respectively.
(2)Loans receivable and investments, net have contractual maturities ranging from 2026 to 2041.

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 had a 3-year term and bore interest at a variable rate based on one-month SOFR, subject to a floor of 4.50%, plus a spread of 5.75%, which increased to 6.00% commencing October 1, 2025.
v3.25.4
INVESTMENT IN UNCONSOLIDATED ENTITIES
 12 Months Ended
Dec. 31, 2025
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. We periodically evaluate our investments in unconsolidated entities for indicators of an other-than-temporary impairment. No significant impairments were recognized for our investments in unconsolidated entities during the years ended December 31, 2025, 2024 and 2023.

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, 2025 and 2024, respectively (dollars in thousands):
Ownership (1)
as of December 31,
Carrying Amount
as of December 31,
2025202420252024
Investments in unconsolidated real estate entities:
Ventas Fund
20.1%20.0%$288,469 $267,202 
Pension Fund Joint Venture25.0%25.0%6,200 11,939 
Research & Innovation Development Joint Venture53.0%53.0%282,512 309,499 
Ventas Investment Management platform577,181 588,640 
Atrium Health & Wake Forest Joint Venture51.0%48.5%39,809 36,881 
All other (2)
34.0%-37.5%
34.0%-37.5%
581 601 
Total Investments in unconsolidated real estate entities
$617,571 $626,122 
______________________________
(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.

During the year ended December 31, 2025, the Ventas Fund, an equity method investee, acquired three senior housing communities and two outpatient medical buildings for an aggregate purchase price of $279.5 million.

During the year ended December 31, 2025, the Pension Fund Joint Venture, an equity method investee, sold five senior housing communities for aggregate consideration of $302.5 million.

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 $15.7 million, $15.5 million and $14.7 million for the years ended December 31, 2025, 2024 and 2023, respectively. Such amounts, along with any promote revenue, are included in Third-party capital management revenues in our Consolidated Statements of Income.
Investments in Unconsolidated Operating Entities

We own investments in unconsolidated operating entities such as Atria and Ardent, which are included within Other assets on our Consolidated Balance Sheets.

As of December 31, 2025, 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, 2025, we held an approximately 6.6% ownership interest in Ardent. One of our executive officers is currently a member of the Ardent Board of Directors. 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.

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,
20252024
Total assets
$9,991,116 $9,813,724 
Total liabilities
6,228,827 6,168,639 
Total noncontrolling interests
505,869 582,678 
Total equity, net of noncontrolling interests
3,256,420 3,062,405 

For the Years Ended December 31,
202520242023
Total revenues
$7,410,454 $7,121,808 $6,526,010 
Total pre-tax income
181,408 313,313 43,100 
Net income (loss) attributable to common stockholders
154,013 196,984 (44,313)
v3.25.4
INTANGIBLES
 12 Months Ended
Dec. 31, 2025
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, 2025As of December 31, 2024
 Balance
Weighted Average
Remaining Amortization
Period in Years
Balance
Weighted Average
Remaining Amortization
Period in Years
Intangible assets:    
Above-market lease intangibles (1)
$120,178 4.0$124,515 4.3
In-place lease and other real estate intangibles (2)
1,560,389 7.01,434,236 8.4
Acquired lease intangibles
1,680,567 1,558,751 
Goodwill1,046,072 n/a1,044,915 n/a
Other intangibles (2)
41,261 48.041,190 24.4
Accumulated amortization(1,374,077)n/a(1,286,374)n/a
Net intangible assets$1,393,823 8.1$1,358,482 8.8
Intangible liabilities:   
Below-market lease intangibles (1)
$246,153 13.1$269,572 7.0
Other lease intangibles13,498 n/a13,498 n/a
Accumulated amortization(198,762)n/a(211,441)n/a
Purchase option intangibles3,568 n/a3,568 n/a
Net intangible liabilities$64,457 13.1$75,197 7.0
______________________________
(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 

During the year ended December 31, 2025, we acquired $209.5 million of intangible assets as part of our real estate acquisitions, consisting primarily of in-place lease intangibles, with a weighted average amortization period of 3.5 years at acquisition date. During the year ended December 31, 2024, we acquired $159.8 million of intangible assets as part of our real estate acquisitions, consisting primarily of in-place lease intangibles, with a weighted average amortization period of 6.3 years at acquisition date.

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, 2025, 2024 and 2023, our net amortization related to these intangible assets and liabilities was $48.9 million, $80.8 million and $111.2 million, respectively.
The following is a summary of the estimated net amortization related to these intangible assets and liabilities for each of the next five years (dollars in thousands):
Estimated Net Amortization
2026$140,500 
202746,500 
202821,000 
202910,500 
20309,100 

The table below reflects the carrying amount of goodwill, by segment, as of December 31, 2025 (dollars in thousands):
 Goodwill
OM&R
$466,967 
NNN
319,569 
SHOP259,536 
Total goodwill$1,046,072 
    
There were no significant changes in the allocation of goodwill or any impairments during the years ended December 31, 2025, 2024 and 2023.
v3.25.4
OTHER ASSETS
 12 Months Ended
Dec. 31, 2025
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,
20252024
Straight-line rent receivables$250,833 $202,675 
Deferred lease costs, net
163,481 145,973 
Accounts receivable, net (1)
99,872 108,138 
Investment in unconsolidated operating entities100,614 95,623 
Prepaid assets
81,389 71,786 
Non-mortgage loans receivable, net20,827 28,129 
Other intangibles, net10,681 11,513 
Other (2)
97,832 128,826 
Total Other assets
$825,529 $792,663 
______________________________
(1)     Allowance for doubtful accounts as of December 31, 2025 and 2024 were $71.5 million and $70.3 million, respectively.
(2) The balance as of December 31, 2025 included, among other items, stock 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 (together with its subsidiaries, “Kindred”) at the pre-transaction value of such common equity (the “Scion Warrants”). The balance as of December 31, 2024 included, among other items, the Scion Warrants as well as stock 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”).

During the year ended December 31, 2025, we exercised all remaining 11.1 million Brookdale Warrants on a cashless basis (net of the $3.00 exercise price), resulting in Ventas receiving 5.7 million net shares of Brookdale Common Stock, which we sold for net cash proceeds of approximately $35.6 million (recorded within operating cash flows in our Consolidated Statements of Cash Flows).

The Brookdale Warrants and the Scion Warrants were measured at fair value with changes in fair value being recognized within Other expense (income) in our Consolidated Statements of Income.
v3.25.4
SENIOR NOTES PAYABLE AND OTHER DEBT
 12 Months Ended
Dec. 31, 2025
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,
20252024
Unsecured revolving credit facility (1)(2)
$— $6,397 
Commercial paper notes— — 
2.65% Senior Notes due 2025
— 450,000 
3.50% Senior Notes due 2025
— 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 2027200,000 200,000 
Unsecured term loan due June 2027500,000 500,000 
2.45% Senior Notes, Series G due 2027 (2)
346,109 330,320 
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)
437,190 417,246 
4.40% Senior Notes due 2029
750,000 750,000 
5.10% Senior Notes, Series J due 2029 (2)
473,623 452,017 
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)
218,595 208,623 
5.10% Senior Notes due 2032
500,000 — 
5.625% Senior Notes due 2034
500,000 500,000 
5.00% Senior Notes due 2035
550,000 550,000 
5.00% Senior Notes due 2036
500,000 — 
6.90% Senior Notes due 2037 (3)
52,400 52,400 
6.59% Senior Notes due 2038 (3)
21,413 21,413 
5.70% Senior Notes due 2043
300,000 300,000 
4.375% Senior Notes due 2045
300,000 300,000 
4.875% Senior Notes due 2049
300,000 300,000 
Mortgage loans and other2,641,797 3,167,886 
Total13,103,627 13,618,802 
Deferred financing costs, net(81,529)(92,365)
Unamortized fair value adjustment6,422 11,587 
Unamortized discounts(17,504)(15,473)
Senior notes payable and other debt$13,011,016 $13,522,551 
______________________________
(1)As of December 31, 2025, we had no Canadian Dollar or British Pound borrowings outstanding. As of December 31, 2024, we had Canadian Dollar and British Pound borrowings of C$2.0 million ($1.4 million) and £4.0 million ($5.0 million) 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, 2025, we had a $3.50 billion unsecured revolving credit facility priced at the Secured Overnight Financing Rate published by the Federal Reserve Bank of New York (“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 unsecured revolving credit facility included an accordion feature that permits us to increase our aggregate borrowing capacity thereunder to up to $4.50 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 certain other customary terms and conditions.

As of December 31, 2025, our $3.50 billion unsecured revolving credit facility had no borrowings outstanding and $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 $2.0 billion. The notes are sold under customary terms in the U.S. commercial paper note market and are ranked pari passu with Ventas Realty’s other unsecured senior indebtedness. The notes are fully and unconditionally guaranteed by Ventas. As of December 31, 2025, we had no borrowings outstanding under our commercial paper program.

As of December 31, 2025, Ventas Realty had a $500.0 million unsecured term loan priced at 0.10% plus SOFR (“Adjusted SOFR”) plus 0.85%, which was subject to adjustment based on Ventas Realty’s debt ratings. This term loan was fully and unconditionally guaranteed by Ventas and subject to certain customary covenants and other terms and conditions. It was scheduled to mature in June 2027 and included an accordion feature that permitted 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. This unsecured term loan was refinanced in January 2026 as discussed below.

As of December 31, 2025, Ventas Realty had a $200.0 million unsecured term loan priced at Adjusted SOFR plus 0.85%, which was subject to adjustment based on Ventas Realty’s debt ratings. This term loan was fully and unconditionally guaranteed by Ventas and subject to certain customary covenants and other terms and conditions. It was scheduled to mature in February 2027 and included an accordion feature that permitted 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. This unsecured term loan was repaid in January 2026 as discussed below.

In January 2026, Ventas Realty amended the terms of its $500.0 million unsecured term loan due June 2027 to, among other things, extend the maturity to January 2031, increase the principal amount to $700.0 million and, within the same agreement, establish a new unsecured delay draw term loan in the principal amount of $550 million. The amended term loan included an accordion feature that permits Ventas Realty to increase the aggregate borrowings thereunder to up to $1.75 billion, subject to the satisfaction of certain
conditions, including the receipt of additional commitments for such increase. The proceeds from the increase in the principal amount of the term loan were used to repay in full Ventas Realty’s $200.0 million unsecured term loan due February 2027. As of January 2026, the delayed draw term loan remains undrawn.

As of December 31, 2025, we had a $100.0 million uncommitted line for standby letters of credit, which had an outstanding balance of $18.6 million. The agreement governing the line contains certain customary covenants and other terms and conditions. Under its terms, we are required to pay a fixed rate commission on each outstanding letter of credit.

Exchangeable Senior Notes

In June 2023, Ventas Realty issued $862.5 million aggregate principal amount of its 3.75% Exchangeable Senior Notes due 2026 (the “Exchangeable Notes”) in a private placement. The Exchangeable Notes are senior, unsecured obligations of Ventas Realty and are fully and unconditionally guaranteed on an unsecured and unsubordinated basis by Ventas. The Exchangeable Notes bear interest at a rate of 3.75% per year, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2023. The Exchangeable Notes mature on June 1, 2026, unless earlier exchanged, redeemed or repurchased.

As of both December 31, 2025 and 2024, 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, 2025; 2024 and 2023, we recognized $32.3 million, $32.3 million and $17.8 million, respectively, of contractual interest expense and amortization of issuance costs of $7.2 million, $6.8 million and $3.6 million, respectively, related to the Exchangeable Notes. Unamortized deferred financing costs of $3.1 million and $10.3 million as of December 31, 2025 and 2024 were recorded as an offset to Senior notes payable and other debt on our Consolidated Balance Sheets.

The Exchangeable Notes are currently exchangeable at an exchange rate of 18.2778 shares of our common stock per $1,000 principal amount of Exchangeable Notes (equivalent to an exchange price of approximately $54.71 per share of common stock). The 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 are 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 are 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 the Exchangeable 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 the Exchangeable Notes as liabilities (included in Senior notes payable and other debt on our Consolidated Balance Sheets).

Senior Notes

As of December 31, 2025, we had outstanding $8.2 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.

In January 2026, we repaid $500.0 million aggregate principal amount of 4.13% Senior Notes due 2026 at maturity.

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 senior 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 January and February 2025, we repaid $450.0 million and $600.0 million aggregate principal amount of 2.65% Senior Notes due 2025 and 3.50% Senior Notes due 2025, respectively, at maturity.

In June and December 2025, Ventas Realty issued $500.0 million and $500.0 million of aggregate principal amount of 5.10% Senior Notes due 2032 and 5.00% Senior Notes due 2036, respectively. The proceeds of both offerings were primarily used for general corporate purposes, which included repayment of other indebtedness and expenses related to the offering.

Mortgages

At December 31, 2025, we had 106 mortgage loans outstanding in the aggregate principal amount of $2.6 billion, which are secured by 102 of our properties. Of these loans, 95 loans in the aggregate principal amount of $2.2 billion bear interest at fixed rates ranging from 2.24% to 7.13% per annum, and 11 loans in the aggregate principal amount of $438.9 million bear interest at variable rates ranging from 2.45% to 7.12% per annum as of December 31, 2025. At December 31, 2025, the weighted average annual rate on our fixed rate mortgage loans was 4.4%, and the weighted average annual rate on our variable rate mortgage loans was 4.9%. Our mortgage loans had a weighted average maturity of 4.1 years as of December 31, 2025.

During the year ended December 31, 2025, we repaid in full mortgage loans in the aggregate principal amount of $596.9 million.

Scheduled Maturities of Borrowing Arrangements and Other Provisions

As of December 31, 2025, our indebtedness had the following maturities (dollars in thousands):
Principal Amount
Due at Maturity
Unsecured Revolving
Credit Facility and Commercial Paper Notes
Scheduled Periodic
Amortization
Total Maturities
2026$2,127,508 $— $46,156 $2,173,664 
20271,584,927 — 46,659 1,631,586 
20281,524,342 — 39,405 1,563,747 
20291,661,224 — 32,941 1,694,165 
20301,385,892 — 21,886 1,407,778 
Thereafter4,551,602 — 81,085 4,632,687 
Total maturities$12,835,495 $— $268,132 $13,103,627 
    
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 and certain liens; (ii) make certain dividends, distributions and investments; (iii) enter into certain transactions; and/or (iv) merge, consolidate or sell certain assets. Our credit facilities do, and certain of our other indebtedness may, 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, 2025, 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 interest rate derivatives, such as treasury 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, 2025, our variable rate debt obligations of $1.1 billion reflect, in part, the effect of $75.3 million notional amount of interest rate swaps with maturities in March 2027, that effectively convert fixed rate debt to variable rate debt. These interest rate swaps were not designated for hedge accounting.

As of December 31, 2025, our fixed rate debt obligations of $12.0 billion reflect, in part, the effect of $125.5 million and C$595.5 million ($433.9 million) notional amount of interest rate swaps with maturities ranging from June 2027 to April 2031, in each case, that effectively convert variable rate debt to fixed rate debt. These interest rate swaps were designated as cash flow hedges.

2025 Activity

During the year ended December 31, 2025, approximately $2.4 million of realized gain primarily relating to our interest rate swaps was reclassified to Interest expense in our Consolidated Statements of Income. Approximately $1.6 million of unrealized losses, which are included in Accumulated other comprehensive income as of December 31, 2025, are expected to be reclassified into earnings within the next 12 months.

2024 Activity

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.
v3.25.4
FAIR VALUE OF FINANCIAL INSTRUMENTS
 12 Months Ended
Dec. 31, 2025
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, 2025As of December 31, 2024
 Carrying AmountFair ValueCarrying AmountFair Value
Assets:    
Cash and cash equivalents (1)
$741,067 $741,067 $897,850 $897,850 
Escrow deposits and restricted cash (1)
45,070 45,070 59,383 59,383 
Secured loans receivable and investments, net (3)(4)
143,913 146,364 144,872 146,229 
Non-mortgage loans receivable, net (3)(4)(5)
20,827 20,432 28,129 27,640 
Derivative instruments (3)(4)(5)
12,390 12,390 53,100 53,100 
Liabilities:
Senior notes payable and other debt, gross (3)(4)
$13,103,627 $13,429,007 $13,618,802 $13,411,066 
Derivative instruments (3)(6)
5,267 5,267 5,887 5,887 
Temporary Equity:
Redeemable OP Units (2)
$260,672 $260,672 $200,420 $200,420 
______________________________
(1)The carrying amount approximates fair value due to the short maturity of these instruments.
(2)Level 1 within fair value hierarchy.
(3)Level 2 within fair value hierarchy.
(4)Level 3 within fair value hierarchy.
(5)Included in Other assets on our Consolidated Balance Sheets.
(6)Included in Accounts payable and other liabilities on our Consolidated Balance Sheets.    

For a discussion of the assumptions considered, refer to “Note 2 – Accounting Policies.” The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented above are not necessarily indicative of the amounts we would realize in a current market exchange.

Items Measured at Fair Value on a Recurring Basis

Our derivative instrument assets as of December 31, 2025 consist primarily of interest rate swaps and the Scion Warrants. The fair value of our interest rate swaps is based on Level 2 inputs. 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 significantly impact the fair value determination.

Substantially all of our derivative instrument liabilities as of December 31, 2025 consist of interest rate swaps. Their fair value is based on Level 2 inputs.

Other Items Measured at Fair Value on a Nonrecurring Basis
Other items measured at fair value on a nonrecurring basis include assets and liabilities held for sale and real estate assets that are evaluated periodically for impairment (see “Note 5 – Dispositions and Impairments”). 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.
v3.25.4
LONG-TERM COMPENSATION
 12 Months Ended
Dec. 31, 2025
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, 2025 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 10.0 million shares were available for future issuance as of December 31, 2025.

•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 0.3 million shares were available for future issuance as of December 31, 2025.

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 2025:
Shares (000’s)
Weighted Average
Exercise Price
Weighted
Average
Remaining
Contractual
Life (years)
Intrinsic
Value
($000’s)
Outstanding as of December 31, 20242,631 $63.89  
Options exercised(1,750)63.35  $14,043 
Options expired(398)65.94 
Outstanding as of December 31, 2025483 64.17 0.9$6,380 
Exercisable as of December 31, 2025483 64.17 0.9$6,380 

Compensation costs for all share-based awards are based on the grant date fair value and are recognized on a straight-line basis over the requisite service periods, with charges primarily recorded in General, administrative and professional fees in our Consolidated Statements of Income. As of December 31, 2025, 2024 and 2023, 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, 2025, 2024 and 2023 were $110.9 million, $26.1 million and $1.7 million, respectively. The total intrinsic value at exercise of options exercised during the year ended December 31, 2025 was $14.0 million. 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. 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 service-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 $38.7 million, $30.9 million and $30.4 million in 2025, 2024 and 2023, respectively, in our Consolidated Statements of Income. Service-based restricted stock and restricted stock unit awards granted to employees generally vest over a three-year period, while service-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 service-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 to four years. In calculating the grant date fair value of performance-based stock units, we use a Monte Carlo simulation to calculate the grant date fair value of the total shareholder return (“TSR”)-driven components and the closing price on the date of grant, assuming performance at target—which was the probable outcome at the grant date—for other performance components. The Monte Carlo simulation “probability weights” potential outcomes of the relative TSR measures of each performance-based stock unit as of the grant date, based on, among other things, assumptions related to volatility, correlation and interest rates, which can fluctuate significantly year-over-year. The following assumptions were used in the Monte Carlo valuation for the TSR-driven components for performance-based stock units granted during the years ended December 31, 2025, 2024 and 2023, respectively: (i) expected term of three years for each of the years (equal to the remaining performance period at the grant date), (ii) historical volatility of 42.2%, 42.0%, and 41.3% and, (iii) risk-free rate of 4.29%, 4.09%, and 3.84%. The total grant date fair value of service-based restricted stock units and performance-based stock units granted during the years ended December 31, 2025, 2024 and 2023 was $49.2 million, $35.6 million, and $30.1 million, respectively.

The following is a summary of the status of our non-vested restricted stock and restricted stock units (including service-based and performance-based awards) as of December 31, 2025, and changes during the year ended December 31, 2025:
Restricted
Stock
(000’s)
Weighted
Average
Grant Date
Fair Value
Restricted
Stock Units (000’s)
Weighted
Average
Grant Date
Fair Value
Non-vested at December 31, 202451 $49.88 1,301 $52.39 
Granted
— — 796 62.28 
Vested
(51)49.88 (649)54.87 
Forfeited— — (61)51.67 
Non-vested at December 31, 2025— — 1,387 56.90 

As of December 31, 2025, we had $22.7 million of unrecognized compensation cost related to non-vested restricted stock units under the Plans. We expect to recognize that cost over a weighted average period of 1.69 years. The total fair value at the vesting date for restricted stock and restricted stock units that vested during the years ended December 31, 2025, 2024 and 2023 was $38.8 million, $32.7 million and $25.0 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-qualified portion of the plan) and not less than 95% of the market price on that date (with respect to the additional employee and director taxable portion of the plan). We initially reserved 3.0 million shares for issuance under the ESPP. As of December 31, 2025, 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 2025, we made contributions for each qualifying employee of up to 4.0% of his or her salary, subject to certain limitations. During 2025, 2024 and 2023, our aggregate contributions were approximately $2.4 million, $2.1 million and $2.0 million, respectively.
v3.25.4
INCOME TAXES
 12 Months Ended
Dec. 31, 2025
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,
202520242023
Tax treatment of distributions:   
Ordinary income$— $— $— 
Qualified ordinary income0.11407 — 0.04468 
199A qualified business income1.69367 1.09580 1.49465 
Long-term capital gain— — 0.09136 
Non-dividend distribution0.08226 0.70420 0.16931 
Distribution reported for 1099-DIV purposes1.89000 1.80000 1.80000 
Add: Dividend declared in current year and taxable in following year0.48000 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$1.92000 $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 2025, 2024 and 2023. Our consolidated benefit for income taxes was as follows (dollars in thousands):
For the Years Ended December 31,
202520242023
Current - Federal $366 $324 $534 
Current - State6,993 2,630 2,564 
Deferred - Federal (39,355)(30,436)(6,135)
Deferred - State(397)28 230 
Current - Foreign2,658 2,646 2,587 
Deferred - Foreign15,585 (12,967)(9,319)
Total$(14,150)$(37,775)$(9,539)

The 2025 income tax benefit is primarily due to losses in certain of our TRS entities and a $15.0 million net change in valuation allowances. 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 activities. 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.

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, 2025, 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.

For the year ended December 31, 2025, we have elected to prospectively adopt the guidance in ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Taxes Disclosures, or ASU 2023-09. The following table is a reconciliation of the U.S. federal statutory rate of 21% to the Company’s effective rate for the year ended December 31, 2025 in accordance with the guidance in ASU No. 2023-09 (dollars in thousands):

For the Year Ended December 31,
2025
$
%
Income from continuing operations before unconsolidated entities, noncontrolling interest and income taxes
$204,321 
US Federal Income Tax42,907 21.0 
Nontaxable and nondeductible items
Nontaxable REIT Income(58,407)(28.6)
Prior year reconciliation
(3,550)(1.7)
Other(1,094)(0.5)
Change in valuation allowance(15,700)(7.7)
Domestic state and local income taxes, net of federal effect438 0.2 
Foreign tax effects
Canada
Statutory income tax rate differential1,325 0.6 
Provincial income taxes6,565 3.2 
Change in valuation allowance12,693 6.2 
Other(561)(0.3)
United Kingdom
Statutory income tax rate differential(566)(0.3)
Non-deductible depreciation, interest and other
1,658 0.8 
Other1420.1 
Income tax benefit
$(14,150)(7.0)%

The following table is a reconciliation of the U.S. federal statutory rate of 21% to the Company’s effective rate for years ended December 31, 2024 and 2023 in accordance with the guidance prior to the adoption of ASU No. 2023-09 (dollars in thousands):
For the Years Ended December 31,
20242023
Tax at statutory rate on earnings from continuing operations before unconsolidated entities, noncontrolling interest and income taxes$(1,679)$(24,272)
State income taxes, net of federal benefit2,641 (839)
Change in valuation allowance(10,593)20,330 
Tax at statutory rate on earnings not subject to federal income taxes(18,773)(7,809)
Foreign rate differential and foreign taxes1,813 43 
Change in tax status of TRS— 9,171 
Other differences(11,184)(6,163)
Income tax benefit
$(37,775)$(9,539)
The majority (greater than 50%) of the effect of the state and local income tax category was attributable to Texas, California, and Illinois.

The amounts of cash taxes paid by Ventas Inc, are as follows (dollars in thousands):
For the Years Ended December 31,
20252024
US Federal
$250 $(49)
US State and Local
Texas1,750 1,560 
California850 — 
Illinois650 — 
Oregon
384 435 
Philadelphia, PA— 700 
Other
1,441 393 
5,075 3,088 
Foreign
United Kingdom1,985 — 
Other
41
1,9891
Total income taxes paid, net of amounts refunded
$7,314 $3,040 

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,
202520242023
Property, primarily differences in depreciation and amortization, the tax basis of land assets and the treatment of interests and certain costs
$(65,936)$(73,214)$(26,071)
Operating loss and interest deduction carryforwards219,489 236,424 233,847 
Expense accruals and other66,769 56,546 26,700 
Valuation allowance(240,935)(225,975)(257,222)
Net deferred tax liabilities $(20,613)$(6,219)$(22,746)

Our net deferred tax liability increased $14.4 million during 2025 primarily due to the utilization of NOLs by our TRS entities. 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.

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 2025, 2024 and 2023 are $162.5 million, $180.8 million and $179.0 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, 2025, 2024 and 2023, the REIT had NOL carryforwards of $1.0 billion, $1.0 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, 2025, 2024 and 2023. 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, 2025 and 2024, the net difference between tax bases and the reported amount of REIT assets and liabilities for federal income tax purposes was approximately $1.4 billion and $1.8 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, 2022, and subsequent years and are subject to audit by state taxing authorities for the year ended December 31, 2021 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, 2021 and subsequent years. We are subject to audit in the United Kingdom generally for the periods ended in and subsequent to 2024.

The following table summarizes the activity related to our unrecognized tax benefits (dollars in thousands):
20252024
Balance as of January 1$3,963 $5,205 
Additions to tax positions related to prior years115 — 
Subtractions to tax positions related to prior years— (1,242)
Balance as of December 31$4,078 $3,963 

If recognized, these unrecognized tax benefits of $4.1 million and $4.0 million at December 31, 2025 and 2024, respectively, would reduce our annual effective tax rate. We accrued no interest or penalties related
to the unrecognized tax benefits during 2025. We do not expect our unrecognized tax benefits to increase or decrease materially in 2026.

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.
v3.25.4
EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2025
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,
 202520242023
Numerator for basic and diluted earnings per share:   
Net income (loss)$261,518 $88,351 $(30,297)
Net income attributable to noncontrolling interests10,137 7,198 10,676 
Net income (loss) attributable to common stockholders$251,381 $81,153 $(40,973)
Denominator:
Denominator for basic earnings per share—weighted average shares455,082 411,770 401,809 
Effect of dilutive securities:
Restricted stock awards607 397 389 
OP unitholder interests3,382 3,422 3,472 
Exchangeable Notes2,998 744 — 
Equity forward sales agreements
546 33 — 
Denominator for diluted earnings per share—adjusted weighted average shares462,615 416,366 405,670 
Basic earnings per share:
Net income (loss)$0.57 $0.21 $(0.08)
Net income (loss) attributable to common stockholders0.55 0.20 (0.10)
Diluted earnings per share:
  
Net income (loss)$0.57 $0.21 $(0.08)
Net income (loss) attributable to common stockholders0.54 0.19 (0.10)

There were 0.2 million, 2.9 million and 3.5 million anti-dilutive options outstanding for the years ended December 31, 2025, 2024 and 2023, 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 years ended December 31, 2025 and 2024 are 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 year ended December 31, 2023 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.”
v3.25.4
PERMANENT AND TEMPORARY EQUITY
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
PERMANENT AND TEMPORARY EQUITY
NOTE 16 – PERMANENT AND TEMPORARY EQUITY

Capital Stock

We have established an at-the-market offering program that provides for the sale, from time to time, of shares of our common stock, including through forward sales agreements, as described in more detail below (the "ATM Program"). In September 2024, we 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 under the ATM Program. In June 2025, we amended the ATM Sales Agreement such that the aggregate gross sales price of common stock available for issuance under the ATM Program immediately following the amendment was $2.25 billion. As of December 31, 2025, the remaining amount available under the ATM Program for future sales of common stock was $350.3 million.

During the year ended December 31, 2025, we entered into equity forward sales agreements under the ATM Program for 46.2 million shares of our common stock for gross proceeds of $3.2 billion, representing an average price of $69.51 per share. During the year ended December 31, 2025, we settled 35.7 million shares of common stock under outstanding equity forward sales agreements entered into under the ATM Program for net cash proceeds of $2.3 billion.

As of December 31, 2025, we maintained unsettled equity forward sales agreements for 13.9 million shares of common stock, or approximately $1.1 billion in gross proceeds with varying maturities through July 2027.

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. 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.

In January 2026, we entered into equity forward sales agreements under the ATM Program for 1.5 million shares of common stock or approximately $111.7 million in gross proceeds which remain unsettled with maturity in July 2027. As of January 31, 2026, the remaining amount available under the ATM Program for future sales of common stock was $238.5 million.

Equity Forward Sales Agreements

From time to time, including under our ATM Program, we may enter into equity forward sales agreements. An equity forward sales agreement enables us to 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. Equity forward sales agreements generally have a maturity of one to two years. At any time during the term of an equity forward sales agreement, we may settle that equity forward sales agreement by delivery of physical shares of our common stock to the forward purchaser or, at our election, subject to certain exceptions, we may settle in cash or by net share settlement. The forward sales price we expect to receive upon settlement of outstanding equity forward sales agreements will be the initial forward price, net of commissions, established on or shortly after the effective date of the relevant equity forward sales agreement, subject to adjustments for accrued interest, the forward purchasers’ stock borrowing costs in excess of a certain threshold specified in the equity forward sales agreement and certain fixed price reductions for expected dividends on our common stock during the term of the equity forward sales agreement. Our unsettled equity forward sales agreements are accounted for as equity instruments. Refer to “Note 15 - Earnings Per Share.”
Common Stock

In May 2025, our stockholders approved the increase of authorized common stock from 600 million shares to 1.2 billion shares.

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, 2025, 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,
 20252024
Foreign currency translation loss$(33,081)$(34,341)
Unrealized loss on available for sale securities(1,298)(2,118)
Unrealized (loss) gain on derivative instruments
(5,472)2,933 
Total Accumulated other comprehensive loss
$(39,851)$(33,526)
Redeemable OP Unitholder and Noncontrolling Interests

The following is a roll-forward of our Redeemable OP unitholder and noncontrolling interests (dollars in thousands):
Redeemable OP Unitholder Interests
Redeemable Noncontrolling Interests
Total Redeemable OP Unitholder and Noncontrolling Interests
Balance as of December 31, 2024$200,420 $109,809 $310,229 
Change in fair value66,975 4,673 71,648 
Distributions and other(6,412)— (6,412)
Redemptions(311)— (311)
Balance as of December 31, 2025$260,672 $114,482 $375,154 
v3.25.4
RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2025
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, 2025, 2024 and 2023, we incurred fees to Atria of $65.3 million, $62.9 million and $63.4 million, respectively, which are recorded within property-level operating expenses in our Consolidated Statements of Income. For the year ended December 31, 2025, 2024 and 2023, we incurred fees to Atria of zero, $0.1 million and $1.5 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, 2025, we held an approximately 6.6% ownership interest in Ardent. One of our executive officers is currently a member of the Ardent Board of Directors. 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.

As of December 31, 2025, we leased 11 hospitals to Ardent pursuant to a single, triple-net master lease agreement. For the years ended December 31, 2025, 2024 and 2023, we recognized rental income from Ardent of $140.6 million, $137.1 million and $133.7 million, respectively. As of December 31, 2025, we also leased 19 outpatient medical buildings to Ardent under separate leases included in our OM&R segment. For the years ended December 31, 2025, 2024 and 2023, we recognized rental income from Ardent of $13.5 million, $13.5 million and $13.4 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, 2025, 2024 and 2023, we incurred fees to PMBRES of $7.3 million, $11.2 million and $10.9 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.
v3.25.4
SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION
NOTE 18 – SEGMENT INFORMATION

As of December 31, 2025, we operated through three reportable segments: SHOP, OM&R and NNN. In our SHOP segment, we own and invest in senior housing communities 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. 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 and lease the properties in our NNN segment 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 segments. Non-segment assets consist primarily of corporate assets, including cash and cash equivalents, restricted cash, loans receivable and investments and accounts receivable. Total assets by reportable segment is not disclosed as the CODM does not review such information to evaluate business performance and allocate resources.

Our CODM is the Chief Executive Officer of the Company. Our CODM evaluates performance of the combined properties in each operating segment and determines how to allocate resources to these 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.

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 segments for purposes of assessing segment performance. There are no intersegment sales or transfers.
Summary information by reportable segment is as follows (dollars in thousands):
For the Year Ended December 31, 2025
SHOP
OM&R
NNN
Non-SegmentTotal
Revenues:
Rental income$— $895,089 $601,578 $— $1,496,667 
Resident fees and services4,276,163 — — — 4,276,163 
Third-party capital management revenues— 2,813 — 14,734 17,547 
Income from loans and investments— — — 22,593 22,593 
Interest and other income— — — 21,010 21,010 
Total revenues$4,276,163 $897,902 $601,578 $58,337 $5,833,980 
Total revenues$4,276,163 $897,902 $601,578 $58,337 $5,833,980 
Less:
Interest and other income— — — 21,010 21,010 
Labor (1)
1,740,819 — — — 1,740,819 
Management fees
224,473 — — — 224,473 
Other segment expenses (2)
1,126,807 307,733 13,505 — 1,448,045 
Property-level operating expenses3,092,099 307,733 13,505 — 3,413,337 
Third-party capital management expenses— — — 6,579 6,579 
NOI$1,184,064 $590,169 $588,073 $30,748 2,393,054 
Interest and other income 21,010 
Interest expense  (612,246)
Depreciation and amortization  (1,379,140)
General, administrative and professional fees  (177,400)
Loss on extinguishment of debt, net  (172)
Transaction, transition and restructuring costs  (10,073)
Other expense  (30,712)
Income from unconsolidated entities4,468 
Gain on real estate dispositions38,579 
Income tax benefit  14,150 
Net income261,518 
Net income attributable to noncontrolling interests10,137 
Net income attributable to common stockholders$251,381 
______________________________
(1)     Labor expense primarily includes salaries, benefits and related taxes.
(2)    Other segment expenses include:
•SHOP — food, utilities, real estate taxes, insurance, repairs and maintenance, marketing, supplies and other expenses.
•OM&R — utilities, real estate taxes, insurance, repairs and maintenance, cleaning, roads and grounds expense and other expenses.
•NNN — real estate taxes and insurance.
The CODM does not regularly receive significant expense details for the OM&R or the NNN segments and focused on monitoring revenues and NOI because a significant majority or all of the property-level operating expenses are recovered from the tenants.
For the Year Ended December 31, 2024
SHOPOM&RNNNNon-SegmentTotal
Revenues:
Rental income$— $874,886 $622,054 $— $1,496,940 
Resident fees and services3,372,796 — — — 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 fees174,491 — — — 174,491 
Other segment expenses (2)
913,602 298,320 15,829 — 1,227,751 
Property-level operating expenses2,506,413 298,320 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, net166 
Shareholder relations matters(15,751)
Other expense   (49,584)
Income from unconsolidated entities1,563 
Gain on real estate dispositions57,009 
Income tax benefit   37,775 
Net income88,351 
Net income attributable to noncontrolling interests7,198 
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 focused 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
SHOPOM&RNNNNon-SegmentTotal
Revenues:
Rental income$— $867,193 $619,208 $— $1,486,401 
Resident fees and services2,959,219 — — — 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 fees146,162 — — — 146,162 
Other segment expenses (2)
822,354 292,776 14,557 — 1,129,687 
Property-level operating expenses2,247,812 292,776 14,557 — 2,555,145 
Third-party capital management expenses— — — 6,101 6,101 
NOI$711,407 $576,932 $604,651 $32,177 1,925,167 
Interest and other income   11,414 
Interest expense    (574,112)
Depreciation and amortization    (1,392,461)
General, administrative and professional fees    (148,876)
Gain on extinguishment of debt, net6,104 
Transaction, transition and restructuring costs    (15,215)
Reversal of allowance on loans receivable and investments, net
20,270 
Gain on foreclosure of real estate29,127 
Other income    23,001 
Income from unconsolidated entities13,626 
Gain on real estate dispositions62,119 
Income tax benefit    9,539 
Net loss(30,297)
Net income attributable to noncontrolling interests10,676 
Net loss attributable to common stockholders$(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 focused 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 segment are as follows (dollars in thousands):
 For the Years Ended December 31,
 Capital Expenditures:
202520242023
SHOP$2,642,415 $2,061,741 $409,105 
OM&R269,580 273,615 231,855 
NNN16,074 194,447 8,511 
Total capital expenditures$2,928,069 $2,529,803 $649,471 

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:
20252024
United States$21,138,000 $19,690,838 
Canada2,783,873 2,719,078 
United Kingdom205,060 190,629 
Total net real estate property$24,126,933 $22,600,545 
For the Years Ended December 31,
 Revenues:202520242023
United States$5,209,830 $4,366,953 $4,004,173 
Canada552,924 526,575 464,772 
United Kingdom71,226 30,738 28,882 
Total revenues$5,833,980 $4,924,266 $4,497,827 
v3.25.4
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
 12 Months Ended
Dec. 31, 2025
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,
 202520242023
Reconciliation of real estate:   
Carrying cost:   
Balance at beginning of period$31,830,011 $30,165,798 $28,768,409 
Additions during period:
Acquisitions2,164,013 1,817,275 1,437,729 
Capital expenditures613,933 560,006 645,596 
Deductions during period:
Foreign currency translation181,083 (287,505)90,105 
Other (1)
(594,892)(425,563)(776,041)
Balance at end of period$34,194,148 $31,830,011 $30,165,798 
Accumulated depreciation:   
Balance at beginning of period$9,839,538 $9,016,173 $8,231,160 
Additions during period:
Depreciation expense1,102,196 1,015,531 937,767 
Dispositions:
Sales and/or transfers to assets held for sale(280,550)(115,981)(190,666)
Foreign currency translation38,937 (76,185)37,912 
Balance at end of period$10,700,121 $9,839,538 $9,016,173 
______________________________
(1)Other may include sales, transfers to assets held for sale and impairments.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2025
(Dollars in thousands)

  Initial Cost to Company
Gross Amount Carried
at Close of Period
   
DescriptionCount
Encumbrances
Land and
Improvements
Buildings and
Improvements
Costs
Capitalized
Subsequent to 
Acquisition (1)
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
Net Book Value
Year of
Construction
Year
Acquired
Life on which
Depreciation
In Income Statement is  Computed
UNITED STATES PROPERTIES
Senior Housing 
Atria Senior Living165 $489,318 $509,942 $4,599,617 $827,971 $544,369 $5,393,161 $5,937,530 $2,214,975 $3,722,555 1860 - 20132007 - 202113 - 54 years
Sunrise Senior Living85 14,987 209,877 2,328,854 304,152 224,926 2,617,958 2,842,883 1,276,536 1,566,347 1985 - 20092007 - 202117 - 35 years
Discovery Senior Living78 — 168,370 1,584,393 134,766 171,766 1,715,762 1,887,528 574,133 1,313,395 1977 - 20202005 - 202414 - 47 years
Brookdale Senior Living74 15,040 90,749 915,749 102,177 91,901 1,016,774 1,108,675 518,817 589,858 1980 - 20122004 - 202124 - 35 years
Sinceri Senior Living57 — 91,133 811,503 92,546 92,396 902,786 995,182 358,239 636,943 1915 - 20172006 - 202435 - 35 years
Priority Life Care Properties38 — 55,211 524,358 86,470 55,904 610,135 666,039 244,157 421,882 1986 - 20092005 - 202129 - 51 years
Grace Management33 — 110,157 840,124 90,450 113,852 926,880 1,040,732 174,375 866,357 1985 - 20162004 - 202433 - 39 years
Koelsch Senior Communities24 — 46,924 443,453 13,289 47,336 456,330 503,666 94,368 409,297 1972 - 20192011 - 202535 - 35 years
Sodalis Senior Living17 — 21,311 200,533 29,070 21,567 229,346 250,914 112,632 138,282 1992 - 20012006 - 201535 - 35 years
Civitas Senior Living15 — 47,603 577,709 — 47,603 577,709 625,312 14,981 610,331 1999 - 20232025 - 202535 - 35 years
Health Dimensions Group15 — 7,218 49,324 9,996 8,292 58,246 66,538 22,548 43,990 1990 - 20192011 - 201935 - 35 years
Meridian Senior Living14 — 19,090 104,237 8,882 19,091 113,118 132,209 34,127 98,082 1972 - 20122011 - 202335 - 35 years
American House13 — 13,794 191,098 23,554 15,426 213,020 228,447 71,553 156,893 1998 - 20162006 - 202535 - 35 years
Sonida Senior Living12 — 16,140 179,280 42,238 17,062 220,596 237,658 91,556 146,102 1979 - 20062005 - 202135 - 47 years
Avamere Family of Companies11 — 20,407 113,192 13,817 20,654 126,763 147,416 55,621 91,796 1998 - 20142011 - 201535 - 35 years
Senior Lifestyle10 — 50,875 487,273 46,214 53,162 531,200 584,362 92,642 491,720 1982 - 20022011 - 202333 - 35 years
Milestone Retirement Communities10 — 15,710 171,345 24,744 15,823 195,976 211,799 63,110 148,688 1965 - 20112012 - 201435 - 35 years
Hawthorn Senior Living10 — 35,668 220,099 22,967 35,948 242,786 278,734 45,530 233,205 1991 - 20082021 - 202127 - 50 years
Other Senior Housing Operators90 90,459 245,881 2,244,070 64,407 246,055 2,308,302 2,554,357 315,061 2,239,297 1972 - 20222004 - 202511 - 35 years
Other Senior Housing— — — (21)— — (21)(21)— (21)
Total Senior Housing771 609,804 1,776,060 16,586,190 1,937,710 1,843,133 18,456,827 20,299,960 6,374,961 13,924,999 
  Initial Cost to Company
Gross Amount Carried
at Close of Period
   
DescriptionCount
Encumbrances
Land and
Improvements
Buildings and
Improvements
Costs
Capitalized
Subsequent to 
Acquisition (1)
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
Net Book Value
Year of
Construction
Year
Acquired
Life on which
Depreciation
In Income Statement is  Computed
Outpatient Medical Buildings
Lillibridge234 23,980 186,388 2,169,506 767,704 193,005 2,930,593 3,123,598 1,352,160 1,771,438 1960 - 20162004 - 20234 - 39 years
PMB RES40 227,324 80,638 1,029,259 165,182 84,013 1,191,067 1,275,079 480,664 794,416 1968 - 20242011 - 202319 - 35 years
Ardent Health Services19 — 5,638 214,808 633 5,638 215,441 221,079 26,522 194,557 1974 - 20112018 - 202235 - 35 years
Other Medical Buildings Operators88 10,377 137,841 1,088,507 78,059 135,566 1,168,840 1,304,408 406,289 898,117 1954 - 20192004 - 202325 - 35 years
Other Medical Buildings — — — — 4,861 2,854 2,007 4,861 2,361 2,500 
Total Outpatient Medical Buildings
381 261,681 410,505 4,502,080 1,016,439 421,076 5,507,948 5,929,025 2,267,996 3,661,028 
Research
Wexford26 334,265 69,376 1,403,038 317,521 76,087 1,713,848 1,789,935 431,963 1,357,972 1900 - 20252016 - 202215 - 60 years
Other Research Operators
2 — 1,194 76,515 2,676 1,193 79,191 80,385 14,670 65,715 2010 - 20162020 - 202035 - 35 years
Other Research
— — 11,800 68,542 61,226 19,118 80,342 10,639 69,703 
Total Research
28 334,265 70,570 1,491,353 388,739 138,506 1,812,157 1,950,662 457,272 1,493,390 
IRFs & LTACs
Kindred Healthcare31 — 83,308 328,393 333 82,305 329,728 412,033 198,852 213,181 1949 - 20081998 - 202420 - 40 years
Other IRFs & LTACs13 — 17,554 195,036 1,088 17,556 196,122 213,678 62,195 151,483 1989 - 20132011 - 202335 - 36 years
Total IRFs & LTACs44 — 100,862 523,429 1,421 99,861 525,850 625,711 261,047 364,664 
Other Healthcare Facilities
Ardent Health Services10 — 98,428 1,126,010 78,106 97,416 1,205,128 1,302,544 353,607 948,937 1928 - 20202018 - 202235 - 35 years
Skilled Nursing
Genesis Healthcare12 — 11,350 164,745 (5,708)11,350 159,037 170,387 86,632 83,755 1948 - 19952004 - 201130 - 35 years
Other Skilled Nursing Operators14 — 12,862 48,700 1,406 13,043 49,925 62,968 19,091 43,877 1948 - 20001998 - 202329 - 40 years
Total Skilled Nursing26 — 24,212 213,445 (4,302)24,393 208,962 233,355 105,723 127,632 
CANADIAN PROPERTIES
Senior Housing
Le Groupe Maurice37 1,197,162 166,894 2,042,752 (26,675)161,551 2,021,422 2,182,972 304,189 1,878,783 2000 - 20242019 - 202240 - 60 years
Atria Senior Living29 270,897 75,553 845,363 (66,034)67,142 787,740 854,882 311,461 543,421 1988 - 20082014 - 201435 - 35 years
Sunrise Senior Living12 — 46,600 418,821 (62,082)38,964 364,374 403,339 192,820 210,519 2001 - 20072007 - 200735 - 35 years
  Initial Cost to Company
Gross Amount Carried
at Close of Period
   
DescriptionCount
Encumbrances
Land and
Improvements
Buildings and
Improvements
Costs
Capitalized
Subsequent to 
Acquisition (1)
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
Net Book Value
Year of
Construction
Year
Acquired
Life on which
Depreciation
In Income Statement is  Computed
Other Senior Housing Operators
6 — 25,172 146,694 (4,551)23,173 144,142 167,315 20,782 146,533 2006 - 20192021 - 202135 - 35 years
Total Senior Housing84 1,468,059 314,219 3,453,630 (159,342)290,830 3,317,678 3,608,508 829,252 2,779,256 
UNITED KINGDOM PROPERTIES
Senior Housing
Care Concern Group
11 — 40,481 81,719 (6,310)37,227 78,664 115,890 21,505 94,385 1910 - 20142015 - 201740 - 40 years
International Hospital
Spire Healthcare3 — 11,903 136,628 (20,039)10,296 118,196 128,492 28,758 99,734 1980 - 19862014 - 201450 - 50 years
TOTAL1,358 $2,673,809 $2,847,240 $28,114,484 $3,232,422 $2,962,738 $31,231,410 $34,194,148 $10,700,121 $23,494,027 
______________________________
(1)     Adjustments to basis included provisions for asset impairments, partial dispositions, costs capitalized subsequent to acquisitions and foreign currency translation adjustments.
v3.25.4
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE
 12 Months Ended
Dec. 31, 2025
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, 2025
(Dollars in thousands)

LocationInterest RateFixed / VariableMaturity DatePeriodic Payment TermsPrior LiensFace 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%
Variable2/16/2026
Interest only (2)
$— $8,000 $8,000 $— 
First mortgage relating to two senior housing properties located in:
Tennessee
Greater of 9.00% or Term SOFR plus 4.50%
Variable4/23/2026
Interest only
— 3,150 3,138 — 
First mortgage relating to two senior housing properties located in:
South Carolina
Greater of 9.00% or Term SOFR plus 4.50%
Variable5/21/2026
Interest only
— 3,150 3,134 — 
First mortgage relating to one senior housing property located in:
Washington
Greater of 10.25% or Term SOFR plus 5.75%
Variable9/20/2027
Interest only (3)
— 109,000 108,345 — 
First mortgage relating to one senior housing property located in:
Pennsylvania
Term SOFR plus 3.25%
Variable11/4/2027
Interest and principal; $20.4M balloon due at maturity
— 20,467 20,467 — 
Total$— $143,767 $143,084 $— 
______________________________
(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)     This loan was previously scheduled to mature on June 15, 2025 and was extended to mature on February 16, 2026.
(3)     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,
202520242023
Beginning Balance$143,472 $26,087 $491,334 
Additions:
New loans (1)
— 115,359 — 
Construction draws934 2,100 835 
Total additions934 117,459 835 
Deductions:
Principal repayments(1,730)(74)— 
Conversions to real property
— — (486,082)
Allowance— — 20 
Amortization of deferred financing costs
408 
Total deductions(1,322)(74)(486,062)
Effect of foreign currency translation — — — 
Ending Balance$143,084 $143,472 $26,087 
______________________________
(1)     New loans include $7.5 million received as non-cash consideration for properties sold in 2024.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
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
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
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 on us or users of our information systems. 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 risks 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 managers, business partners, vendors and service providers, including their access, if any, to our information systems. 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. We also seek to restrict information system access to appropriate levels while allowing users to fulfill their business responsibilities.

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, 2025, the Company was 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 of events, these measures and the systems supporting them could prove to be inadequate and, if compromised, could become inoperable for extended periods of time, cease to function properly or fail to adequately secure confidential or personal information. See “Risk Factors—Risks Relating to Legal, Compliance and Regulatory—Cybersecurity threats and incidents could disrupt our operations or the operations of the third parties with whom we do business, invest in or lend to, result in the loss of or unauthorized access to confidential or personal information or damage our or their business relationships and reputation” included in Part I, Item 1A of this Annual Report.
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.
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.
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] a potentially material cybersecurity threat or incident, the Company’s Information Technology Team notifies our Chief Executive Officer, Chief Financial Officer, General Counsel and other relevant business executives. Our Chief Information Officer then works 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
v3.25.4
ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2025
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.
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.
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.
Substantially all of the assets of the consolidated VIEs are real estate investments and substantially all of the liabilities of the consolidated 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. In general, any mortgage loans of the consolidated VIEs are non-recourse to the non-VIE consolidated entities.
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 classify distributions received from equity method investees within our Consolidated Statements of Cash Flows using the nature of the distribution approach, which classifies the distributions received on the basis of the nature of the activity or activities of the investee that generated the distribution as either a return on investment (classified as cash inflows from operating activities) or a return of investment (classified as cash inflows from investing activities).

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, 2025, third-party investors owned 3.7 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 (based on the fair value of Ventas shares). We recognize changes in the redemption 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. Refer to “Note 11 – Fair Values of Financial Instruments.”

Certain noncontrolling interests of other consolidated joint ventures were also classified as redeemable at December 31, 2025 and 2024. 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 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 on a straight-line basis over the estimated remaining useful 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 on a straight-line basis 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, including interest on funds used for the construction, until the development has reached substantial completion. Construction in progress, including capitalized interest, is not depreciated until the development has reached substantial completion. Upon substantial completion, these assets are depreciated on a straight-line basis over their respective useful lives, which are consistent with the useful lives of acquired assets.

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.

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.
Estimates of fair value used in our evaluation of goodwill (if necessary based on our qualitative assessment), investments in real estate, investments in unconsolidated entities and intangible assets are based upon discounted future cash flow projections or other acceptable valuation techniques that are based, in turn, upon all available evidence including level three inputs, such as revenue and expense growth rates, estimates of future cash flows, capitalization rates, discount rates, general economic conditions and trends, or other available market data such as replacement cost or comparable sales. Our ability to accurately predict future operating results and cash flows and to estimate and determine fair values impacts the timing and recognition of impairments. While we believe our assumptions are reasonable, changes in these assumptions may have a material impact on our financial results.
Assets Held-for-Sale and Discontinued Operations
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, in the period in which a change in classification is determined, we reclassify the assets within Net real estate property on our Consolidated Balance Sheets measured at the lower of fair value and the carrying amount of the assets prior to the held for sale determination adjusted for any depreciation expense that would have been recognized had the assets been continuously classified as net real estate investments.
Loans Receivable
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.
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 $29.6 million, $28.9 million and $23.2 million were included in Interest expense for the years ended December 31, 2025, 2024 and 2023, 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 loss 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 loss 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, foreign currency forward contracts and stock warrants, 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 loss 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 loss 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 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 and investments - We estimate the fair value of loans receivable and investments 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 certain 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 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 3 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, 2025 and 2024, this cumulative excess totaled $250.8 million and $202.7 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 non-lease 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 operating leases under ASC 842. Resident leases within our SHOP reportable 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.
We recognize interest income from loans receivable and investments, including discounts and premiums, using the effective interest method when collectability is reasonably assured. We apply the effective interest method on a loan-by-loan basis and recognize discounts and premiums as yield adjustments over the related loan term. We recognize interest income on loans with an allowance on a cash basis.
Accounting for Leased Property
Accounting for Leased Property

We lease real property, primarily land and corporate office space, and equipment. 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 certain derivative instruments, 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 service-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.
We recognize the tax benefit from an uncertain tax position claimed or expected to be claimed on a tax return only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. We recognize interest and penalties, if applicable, related to uncertain tax positions as part of Income tax benefit in our Consolidated Statements of Income.
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, 2025, we operated through three reportable segments: SHOP, OM&R and NNN. In our SHOP segment, we own and invest in senior housing communities 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. 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 and lease the properties in our NNN segment 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.”
Recently Adopted Accounting Standards
Recent Accounting Standards

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 rule would be effective for annual reporting periods beginning in fiscal year 2025. In April 2024, the SEC exercised its discretion to stay this rule and, subsequently, in March 2025, the SEC voted to end its defense of the rule against certain legal challenges. We are monitoring the ongoing judicial review of these legal challenges to determine the impact, if any, of the 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 PBEs to include footnote disclosure that disaggregates, 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 (i) employee compensation, (ii) depreciation and (iii) intangible asset amortization. The tabular disclosure must 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.
Financing Receivable, Real Estate Acquired Through Foreclosure
Accounting for Foreclosed Properties

We 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 our 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.
v3.25.4
DESCRIPTION OF BUSINESS (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Reportable Business Segments And Non-Segment Assets
The following table summarizes information for our portfolio for the year ended December 31, 2025 (dollars in thousands):
Segment
NOI (1)
Percentage of Total NOI
Segment Properties
Senior housing operating portfolio (SHOP)
$1,184,064 49.4 %752 
Outpatient medical and research portfolio (OM&R)
590,169 24.7 %409 
Triple-net leased properties (NNN)
588,073 24.6 %213 
Non-segment (2)
30,748 1.3 %n/a
$2,393,054 100 %1,374 
______________________________
(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 segments.
n/a—not applicable
v3.25.4
ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Variable Interest Entities The table below summarizes the total assets and liabilities of the consolidated VIEs as reported on our Consolidated Balance Sheets (dollars in thousands):
As of December 31, 2025As of December 31, 2024
Total AssetsTotal LiabilitiesTotal AssetsTotal Liabilities
Fonds Immobilier Groupe Maurice, S.E.C.$1,822,300 $1,151,437 $1,779,762 $1,121,659 
NHP/PMB L.P.656,813 235,245 728,457 286,030 
Other identified VIEs1,469,659 467,665 1,447,381 410,721 
v3.25.4
CONCENTRATION OF CREDIT RISK (Tables)
 12 Months Ended
Dec. 31, 2025
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 Ended December 31,
 202520242023
Contribution as a Percentage of Total Revenues:
  
Brookdale (1)
2.6 %3.1 %3.3 %
Ardent
2.6 3.1 3.3 
Kindred
2.4 2.8 2.9 
Contribution as a Percentage of Total NOI:
Brookdale (1)
6.2 %7.2 %7.7 %
Ardent
6.4 7.3 7.6 
Kindred5.8 6.7 6.9 
______________________________
(1)For all periods presented, includes 121 senior housing properties in our NNN segment leased to Brookdale, including 56 properties for which the lease expired on or before December 31, 2025 (the “Brookdale Conversion and Sale Communities”). In connection therewith, (i) 42 of the Brookdale Conversion and Sale Communities were converted to our SHOP segment during 2025, with the revenues and NOI for those properties included in the above table through the date of conversion, (ii) 3 of the Brookdale Conversion and Sale Communities were converted to our SHOP segment on January 1, 2026, (iii) 2 of the Brookdale Conversion and Sale Communities were sold during 2025, with the revenues and NOI for those properties included in the above table through the date of sale and (iv) 9 of the Brookdale Conversion and Sale Communities were held for sale as of December 31, 2025. As a result of foregoing, Brookdale is not expected to constitute a significant percentage of our total revenues or total NOI in 2026 and thereafter.
Schedule of lease income
The following table summarizes rental income from our NNN and OM&R operating leases (dollars in thousands):

For the Years Ended December 31,
202520242023
Fixed income from operating leases
$1,239,098 $1,251,042 $1,241,075 
Variable income from operating leases
257,569 245,898 245,326 
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, 2025 (excluding properties classified as held for sale as of December 31, 2025, dollars in thousands):
ArdentKindredOtherTotal
2026$155,868 $134,460 $812,119 $1,102,447 
2027154,720 134,460 744,314 1,033,494 
2028154,720 116,245 642,566 913,531 
2029154,720 107,137 554,340 816,197 
2030154,720 47,962 474,358 677,040 
Thereafter704,638 68,902 1,750,382 2,523,922 
Total$1,479,386 $609,166 $4,978,079 $7,066,631 
v3.25.4
DISPOSITIONS AND IMPAIRMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Assets Held-for-sale
The table below summarizes our real estate assets and liabilities classified as held for sale reported on our Consolidated Balance Sheets (dollars in thousands):
As of December 31, 2025As of December 31, 2024
Segment Properties Held for Sale
Assets Held for Sale
Liabilities Related to Assets
Held for Sale
Segment Properties Held for Sale
Assets Held for Sale
Liabilities Related to Assets
Held for Sale
SHOP6 $20,337 $2,786 2 $18,612 $2,158 
OM&R (1)
— 468 130 — 13 568 
NNN10 22,188 1,116 — — — 
Total16 $42,993 $4,032 2 $18,625 $2,726 
______________________________
(1) Balances relate to the unsettled working capital related to properties sold during the year.
v3.25.4
LOANS RECEIVABLE AND INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Loans Receivable And Investments [Abstract]  
Loans Receivable And Investments
The following is a summary of our loans receivable and investments, net (dollars in thousands):
Amortized Cost
Allowance
Carrying Amount
Fair Value
As of December 31, 2025:
Net real estate investments
Secured loans receivable and investments, net (1)
$143,913 $— $143,913 $146,364 
Other assets
Non-mortgage loans receivable, net
24,062 (3,235)20,827 20,432 
Total loans receivable and investments, net (2)
$167,975 $(3,235)$164,740 $166,796 
As of December 31, 2024:
Net real estate investments
Secured loans receivable and investments, net (1)
$144,872 $— $144,872 $146,229 
Other assets
Non-mortgage loans receivable, net
31,939 (3,810)28,129 27,640 
Total loans receivable and investments, net (2)
$176,811 $(3,810)$173,001 $173,869 
______________________________
(1)Includes $0.8 million and $1.4 million of sales-type lease receivables as of December 31, 2025 and 2024, respectively.
(2)Loans receivable and investments, net have contractual maturities ranging from 2026 to 2041.
v3.25.4
INVESTMENT IN UNCONSOLIDATED ENTITIES (Tables)
 12 Months Ended
Dec. 31, 2025
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, 2025 and 2024, respectively (dollars in thousands):
Ownership (1)
as of December 31,
Carrying Amount
as of December 31,
2025202420252024
Investments in unconsolidated real estate entities:
Ventas Fund
20.1%20.0%$288,469 $267,202 
Pension Fund Joint Venture25.0%25.0%6,200 11,939 
Research & Innovation Development Joint Venture53.0%53.0%282,512 309,499 
Ventas Investment Management platform577,181 588,640 
Atrium Health & Wake Forest Joint Venture51.0%48.5%39,809 36,881 
All other (2)
34.0%-37.5%
34.0%-37.5%
581 601 
Total Investments in unconsolidated real estate entities
$617,571 $626,122 
______________________________
(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,
202520242023
Total revenues
$7,410,454 $7,121,808 $6,526,010 
Total pre-tax income
181,408 313,313 43,100 
Net income (loss) attributable to common stockholders
154,013 196,984 (44,313)
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,
20252024
Total assets
$9,991,116 $9,813,724 
Total liabilities
6,228,827 6,168,639 
Total noncontrolling interests
505,869 582,678 
Total equity, net of noncontrolling interests
3,256,420 3,062,405 
v3.25.4
INTANGIBLES (Tables)
 12 Months Ended
Dec. 31, 2025
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, 2025As of December 31, 2024
 Balance
Weighted Average
Remaining Amortization
Period in Years
Balance
Weighted Average
Remaining Amortization
Period in Years
Intangible assets:    
Above-market lease intangibles (1)
$120,178 4.0$124,515 4.3
In-place lease and other real estate intangibles (2)
1,560,389 7.01,434,236 8.4
Acquired lease intangibles
1,680,567 1,558,751 
Goodwill1,046,072 n/a1,044,915 n/a
Other intangibles (2)
41,261 48.041,190 24.4
Accumulated amortization(1,374,077)n/a(1,286,374)n/a
Net intangible assets$1,393,823 8.1$1,358,482 8.8
Intangible liabilities:   
Below-market lease intangibles (1)
$246,153 13.1$269,572 7.0
Other lease intangibles13,498 n/a13,498 n/a
Accumulated amortization(198,762)n/a(211,441)n/a
Purchase option intangibles3,568 n/a3,568 n/a
Net intangible liabilities$64,457 13.1$75,197 7.0
______________________________
(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
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
The following is a summary of the estimated net amortization related to these intangible assets and liabilities for each of the next five years (dollars in thousands):
Estimated Net Amortization
2026$140,500 
202746,500 
202821,000 
202910,500 
20309,100 
Schedule of Goodwill
The table below reflects the carrying amount of goodwill, by segment, as of December 31, 2025 (dollars in thousands):
 Goodwill
OM&R
$466,967 
NNN
319,569 
SHOP259,536 
Total goodwill$1,046,072 
v3.25.4
OTHER ASSETS (Tables)
 12 Months Ended
Dec. 31, 2025
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,
20252024
Straight-line rent receivables$250,833 $202,675 
Deferred lease costs, net
163,481 145,973 
Accounts receivable, net (1)
99,872 108,138 
Investment in unconsolidated operating entities100,614 95,623 
Prepaid assets
81,389 71,786 
Non-mortgage loans receivable, net20,827 28,129 
Other intangibles, net10,681 11,513 
Other (2)
97,832 128,826 
Total Other assets
$825,529 $792,663 
______________________________
(1)     Allowance for doubtful accounts as of December 31, 2025 and 2024 were $71.5 million and $70.3 million, respectively.
(2) The balance as of December 31, 2025 included, among other items, stock 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 (together with its subsidiaries, “Kindred”) at the pre-transaction value of such common equity (the “Scion Warrants”). The balance as of December 31, 2024 included, among other items, the Scion Warrants as well as stock 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”).

During the year ended December 31, 2025, we exercised all remaining 11.1 million Brookdale Warrants on a cashless basis (net of the $3.00 exercise price), resulting in Ventas receiving 5.7 million net shares of Brookdale Common Stock, which we sold for net cash proceeds of approximately $35.6 million (recorded within operating cash flows in our Consolidated Statements of Cash Flows).

The Brookdale Warrants and the Scion Warrants were measured at fair value with changes in fair value being recognized within Other expense (income) in our Consolidated Statements of Income.
v3.25.4
SENIOR NOTES PAYABLE AND OTHER DEBT (Tables)
 12 Months Ended
Dec. 31, 2025
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,
20252024
Unsecured revolving credit facility (1)(2)
$— $6,397 
Commercial paper notes— — 
2.65% Senior Notes due 2025
— 450,000 
3.50% Senior Notes due 2025
— 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 2027200,000 200,000 
Unsecured term loan due June 2027500,000 500,000 
2.45% Senior Notes, Series G due 2027 (2)
346,109 330,320 
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)
437,190 417,246 
4.40% Senior Notes due 2029
750,000 750,000 
5.10% Senior Notes, Series J due 2029 (2)
473,623 452,017 
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)
218,595 208,623 
5.10% Senior Notes due 2032
500,000 — 
5.625% Senior Notes due 2034
500,000 500,000 
5.00% Senior Notes due 2035
550,000 550,000 
5.00% Senior Notes due 2036
500,000 — 
6.90% Senior Notes due 2037 (3)
52,400 52,400 
6.59% Senior Notes due 2038 (3)
21,413 21,413 
5.70% Senior Notes due 2043
300,000 300,000 
4.375% Senior Notes due 2045
300,000 300,000 
4.875% Senior Notes due 2049
300,000 300,000 
Mortgage loans and other2,641,797 3,167,886 
Total13,103,627 13,618,802 
Deferred financing costs, net(81,529)(92,365)
Unamortized fair value adjustment6,422 11,587 
Unamortized discounts(17,504)(15,473)
Senior notes payable and other debt$13,011,016 $13,522,551 
______________________________
(1)As of December 31, 2025, we had no Canadian Dollar or British Pound borrowings outstanding. As of December 31, 2024, we had Canadian Dollar and British Pound borrowings of C$2.0 million ($1.4 million) and £4.0 million ($5.0 million) outstanding, respectively.
(2)British Pound and Canadian Dollar debt obligations shown in US Dollars.
(3)Our 6.90% Senior Notes due 2037 are subject to repurchase at the option of the holders, at par, on October 1, 2027, and our 6.59% Senior Notes due 2038 are subject to repurchase at the option of the holders, at par, on July 7, 2028.
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
As of December 31, 2025, our indebtedness had the following maturities (dollars in thousands):
Principal Amount
Due at Maturity
Unsecured Revolving
Credit Facility and Commercial Paper Notes
Scheduled Periodic
Amortization
Total Maturities
2026$2,127,508 $— $46,156 $2,173,664 
20271,584,927 — 46,659 1,631,586 
20281,524,342 — 39,405 1,563,747 
20291,661,224 — 32,941 1,694,165 
20301,385,892 — 21,886 1,407,778 
Thereafter4,551,602 — 81,085 4,632,687 
Total maturities$12,835,495 $— $268,132 $13,103,627 
v3.25.4
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
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, 2025As of December 31, 2024
 Carrying AmountFair ValueCarrying AmountFair Value
Assets:    
Cash and cash equivalents (1)
$741,067 $741,067 $897,850 $897,850 
Escrow deposits and restricted cash (1)
45,070 45,070 59,383 59,383 
Secured loans receivable and investments, net (3)(4)
143,913 146,364 144,872 146,229 
Non-mortgage loans receivable, net (3)(4)(5)
20,827 20,432 28,129 27,640 
Derivative instruments (3)(4)(5)
12,390 12,390 53,100 53,100 
Liabilities:
Senior notes payable and other debt, gross (3)(4)
$13,103,627 $13,429,007 $13,618,802 $13,411,066 
Derivative instruments (3)(6)
5,267 5,267 5,887 5,887 
Temporary Equity:
Redeemable OP Units (2)
$260,672 $260,672 $200,420 $200,420 
______________________________
(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.
v3.25.4
LONG-TERM COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of stock option activity
The following is a summary of stock option activity in 2025:
Shares (000’s)
Weighted Average
Exercise Price
Weighted
Average
Remaining
Contractual
Life (years)
Intrinsic
Value
($000’s)
Outstanding as of December 31, 20242,631 $63.89  
Options exercised(1,750)63.35  $14,043 
Options expired(398)65.94 
Outstanding as of December 31, 2025483 64.17 0.9$6,380 
Exercisable as of December 31, 2025483 64.17 0.9$6,380 
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 service-based and performance-based awards) as of December 31, 2025, and changes during the year ended December 31, 2025:
Restricted
Stock
(000’s)
Weighted
Average
Grant Date
Fair Value
Restricted
Stock Units (000’s)
Weighted
Average
Grant Date
Fair Value
Non-vested at December 31, 202451 $49.88 1,301 $52.39 
Granted
— — 796 62.28 
Vested
(51)49.88 (649)54.87 
Forfeited— — (61)51.67 
Non-vested at December 31, 2025— — 1,387 56.90 
v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of tax treatment of distributions per common share Our tax treatment of distributions per common share was as follows:
For the Years Ended December 31,
202520242023
Tax treatment of distributions:   
Ordinary income$— $— $— 
Qualified ordinary income0.11407 — 0.04468 
199A qualified business income1.69367 1.09580 1.49465 
Long-term capital gain— — 0.09136 
Non-dividend distribution0.08226 0.70420 0.16931 
Distribution reported for 1099-DIV purposes1.89000 1.80000 1.80000 
Add: Dividend declared in current year and taxable in following year0.48000 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$1.92000 $1.80000 $1.80000 
Schedule of provision (benefit) for income taxes Our consolidated benefit for income taxes was as follows (dollars in thousands):
For the Years Ended December 31,
202520242023
Current - Federal $366 $324 $534 
Current - State6,993 2,630 2,564 
Deferred - Federal (39,355)(30,436)(6,135)
Deferred - State(397)28 230 
Current - Foreign2,658 2,646 2,587 
Deferred - Foreign15,585 (12,967)(9,319)
Total$(14,150)$(37,775)$(9,539)
Schedule of effective income tax rate reconciliation The following table is a reconciliation of the U.S. federal statutory rate of 21% to the Company’s effective rate for the year ended December 31, 2025 in accordance with the guidance in ASU No. 2023-09 (dollars in thousands):
For the Year Ended December 31,
2025
$
%
Income from continuing operations before unconsolidated entities, noncontrolling interest and income taxes
$204,321 
US Federal Income Tax42,907 21.0 
Nontaxable and nondeductible items
Nontaxable REIT Income(58,407)(28.6)
Prior year reconciliation
(3,550)(1.7)
Other(1,094)(0.5)
Change in valuation allowance(15,700)(7.7)
Domestic state and local income taxes, net of federal effect438 0.2 
Foreign tax effects
Canada
Statutory income tax rate differential1,325 0.6 
Provincial income taxes6,565 3.2 
Change in valuation allowance12,693 6.2 
Other(561)(0.3)
United Kingdom
Statutory income tax rate differential(566)(0.3)
Non-deductible depreciation, interest and other
1,658 0.8 
Other1420.1 
Income tax benefit
$(14,150)(7.0)%

The following table is a reconciliation of the U.S. federal statutory rate of 21% to the Company’s effective rate for years ended December 31, 2024 and 2023 in accordance with the guidance prior to the adoption of ASU No. 2023-09 (dollars in thousands):
For the Years Ended December 31,
20242023
Tax at statutory rate on earnings from continuing operations before unconsolidated entities, noncontrolling interest and income taxes$(1,679)$(24,272)
State income taxes, net of federal benefit2,641 (839)
Change in valuation allowance(10,593)20,330 
Tax at statutory rate on earnings not subject to federal income taxes(18,773)(7,809)
Foreign rate differential and foreign taxes1,813 43 
Change in tax status of TRS— 9,171 
Other differences(11,184)(6,163)
Income tax benefit
$(37,775)$(9,539)
Schedule of cash taxes paid
The amounts of cash taxes paid by Ventas Inc, are as follows (dollars in thousands):
For the Years Ended December 31,
20252024
US Federal
$250 $(49)
US State and Local
Texas1,750 1,560 
California850 — 
Illinois650 — 
Oregon
384 435 
Philadelphia, PA— 700 
Other
1,441 393 
5,075 3,088 
Foreign
United Kingdom1,985 — 
Other
41
1,9891
Total income taxes paid, net of amounts refunded
$7,314 $3,040 
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,
202520242023
Property, primarily differences in depreciation and amortization, the tax basis of land assets and the treatment of interests and certain costs
$(65,936)$(73,214)$(26,071)
Operating loss and interest deduction carryforwards219,489 236,424 233,847 
Expense accruals and other66,769 56,546 26,700 
Valuation allowance(240,935)(225,975)(257,222)
Net deferred tax liabilities $(20,613)$(6,219)$(22,746)
Summary of activity related to unrecognized tax benefits
The following table summarizes the activity related to our unrecognized tax benefits (dollars in thousands):
20252024
Balance as of January 1$3,963 $5,205 
Additions to tax positions related to prior years115 — 
Subtractions to tax positions related to prior years— (1,242)
Balance as of December 31$4,078 $3,963 
v3.25.4
COMMITMENTS AND CONTINGENCIES (Tables)
 12 Months Ended
Dec. 31, 2025
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, 2025 (dollars in thousands):
2026$21,900 
202721,339 
202820,078 
202919,174 
203016,398 
Thereafter575,936 
Total undiscounted minimum lease payments674,825 
Less: imputed interest(466,223)
Operating lease liabilities$208,602 
v3.25.4
EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2025
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,
 202520242023
Numerator for basic and diluted earnings per share:   
Net income (loss)$261,518 $88,351 $(30,297)
Net income attributable to noncontrolling interests10,137 7,198 10,676 
Net income (loss) attributable to common stockholders$251,381 $81,153 $(40,973)
Denominator:
Denominator for basic earnings per share—weighted average shares455,082 411,770 401,809 
Effect of dilutive securities:
Restricted stock awards607 397 389 
OP unitholder interests3,382 3,422 3,472 
Exchangeable Notes2,998 744 — 
Equity forward sales agreements
546 33 — 
Denominator for diluted earnings per share—adjusted weighted average shares462,615 416,366 405,670 
Basic earnings per share:
Net income (loss)$0.57 $0.21 $(0.08)
Net income (loss) attributable to common stockholders0.55 0.20 (0.10)
Diluted earnings per share:
  
Net income (loss)$0.57 $0.21 $(0.08)
Net income (loss) attributable to common stockholders0.54 0.19 (0.10)
v3.25.4
PERMANENT AND TEMPORARY EQUITY (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income
The following is a summary of our Accumulated other comprehensive loss (dollars in thousands):
As of December 31,
 20252024
Foreign currency translation loss$(33,081)$(34,341)
Unrealized loss on available for sale securities(1,298)(2,118)
Unrealized (loss) gain on derivative instruments
(5,472)2,933 
Total Accumulated other comprehensive loss
$(39,851)$(33,526)
Redeemable OP Unitholder and Noncontrolling Interest
The following is a roll-forward of our Redeemable OP unitholder and noncontrolling interests (dollars in thousands):
Redeemable OP Unitholder Interests
Redeemable Noncontrolling Interests
Total Redeemable OP Unitholder and Noncontrolling Interests
Balance as of December 31, 2024$200,420 $109,809 $310,229 
Change in fair value66,975 4,673 71,648 
Distributions and other(6,412)— (6,412)
Redemptions(311)— (311)
Balance as of December 31, 2025$260,672 $114,482 $375,154 
v3.25.4
SEGMENT INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
Summary information by reportable segment is as follows (dollars in thousands):
For the Year Ended December 31, 2025
SHOP
OM&R
NNN
Non-SegmentTotal
Revenues:
Rental income$— $895,089 $601,578 $— $1,496,667 
Resident fees and services4,276,163 — — — 4,276,163 
Third-party capital management revenues— 2,813 — 14,734 17,547 
Income from loans and investments— — — 22,593 22,593 
Interest and other income— — — 21,010 21,010 
Total revenues$4,276,163 $897,902 $601,578 $58,337 $5,833,980 
Total revenues$4,276,163 $897,902 $601,578 $58,337 $5,833,980 
Less:
Interest and other income— — — 21,010 21,010 
Labor (1)
1,740,819 — — — 1,740,819 
Management fees
224,473 — — — 224,473 
Other segment expenses (2)
1,126,807 307,733 13,505 — 1,448,045 
Property-level operating expenses3,092,099 307,733 13,505 — 3,413,337 
Third-party capital management expenses— — — 6,579 6,579 
NOI$1,184,064 $590,169 $588,073 $30,748 2,393,054 
Interest and other income 21,010 
Interest expense  (612,246)
Depreciation and amortization  (1,379,140)
General, administrative and professional fees  (177,400)
Loss on extinguishment of debt, net  (172)
Transaction, transition and restructuring costs  (10,073)
Other expense  (30,712)
Income from unconsolidated entities4,468 
Gain on real estate dispositions38,579 
Income tax benefit  14,150 
Net income261,518 
Net income attributable to noncontrolling interests10,137 
Net income attributable to common stockholders$251,381 
______________________________
(1)     Labor expense primarily includes salaries, benefits and related taxes.
(2)    Other segment expenses include:
•SHOP — food, utilities, real estate taxes, insurance, repairs and maintenance, marketing, supplies and other expenses.
•OM&R — utilities, real estate taxes, insurance, repairs and maintenance, cleaning, roads and grounds expense and other expenses.
•NNN — real estate taxes and insurance.
The CODM does not regularly receive significant expense details for the OM&R or the NNN segments and focused on monitoring revenues and NOI because a significant majority or all of the property-level operating expenses are recovered from the tenants.
For the Year Ended December 31, 2024
SHOPOM&RNNNNon-SegmentTotal
Revenues:
Rental income$— $874,886 $622,054 $— $1,496,940 
Resident fees and services3,372,796 — — — 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 fees174,491 — — — 174,491 
Other segment expenses (2)
913,602 298,320 15,829 — 1,227,751 
Property-level operating expenses2,506,413 298,320 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, net166 
Shareholder relations matters(15,751)
Other expense   (49,584)
Income from unconsolidated entities1,563 
Gain on real estate dispositions57,009 
Income tax benefit   37,775 
Net income88,351 
Net income attributable to noncontrolling interests7,198 
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 focused 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
SHOPOM&RNNNNon-SegmentTotal
Revenues:
Rental income$— $867,193 $619,208 $— $1,486,401 
Resident fees and services2,959,219 — — — 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 fees146,162 — — — 146,162 
Other segment expenses (2)
822,354 292,776 14,557 — 1,129,687 
Property-level operating expenses2,247,812 292,776 14,557 — 2,555,145 
Third-party capital management expenses— — — 6,101 6,101 
NOI$711,407 $576,932 $604,651 $32,177 1,925,167 
Interest and other income   11,414 
Interest expense    (574,112)
Depreciation and amortization    (1,392,461)
General, administrative and professional fees    (148,876)
Gain on extinguishment of debt, net6,104 
Transaction, transition and restructuring costs    (15,215)
Reversal of allowance on loans receivable and investments, net
20,270 
Gain on foreclosure of real estate29,127 
Other income    23,001 
Income from unconsolidated entities13,626 
Gain on real estate dispositions62,119 
Income tax benefit    9,539 
Net loss(30,297)
Net income attributable to noncontrolling interests10,676 
Net loss attributable to common stockholders$(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 focused 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 segment are as follows (dollars in thousands):
 For the Years Ended December 31,
 Capital Expenditures:
202520242023
SHOP$2,642,415 $2,061,741 $409,105 
OM&R269,580 273,615 231,855 
NNN16,074 194,447 8,511 
Total capital expenditures$2,928,069 $2,529,803 $649,471 
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:
20252024
United States$21,138,000 $19,690,838 
Canada2,783,873 2,719,078 
United Kingdom205,060 190,629 
Total net real estate property$24,126,933 $22,600,545 
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas
For the Years Ended December 31,
 Revenues:202520242023
United States$5,209,830 $4,366,953 $4,004,173 
Canada552,924 526,575 464,772 
United Kingdom71,226 30,738 28,882 
Total revenues$5,833,980 $4,924,266 $4,497,827 
v3.25.4
DESCRIPTION OF BUSINESS - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
Segment
property
Dec. 31, 2025
segment
property
Dec. 31, 2024
segment
Dec. 31, 2023
segment
Real estate properties        
Number of real estate properties, wholly owned and unconsolidated 1,409 1,409    
Number of reportable segments 3 3 3 3
Number of properties 1,374 1,374    
Non-Segment        
Real estate properties        
Number of properties 35 35    
v3.25.4
DESCRIPTION OF BUSINESS - Schedule of reportable business segments and non-segment assets (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Segment
property
Dec. 31, 2025
USD ($)
property
Dec. 31, 2025
property
Dec. 31, 2025
property
segment
Dec. 31, 2024
USD ($)
segment
Dec. 31, 2023
USD ($)
segment
Real estate properties            
NOI | $   $ 2,393,054     $ 2,069,083 $ 1,925,167
Percentage of Total NOI     100.00%      
Segment Properties | property 1,374 1,374 1,374 1,374    
Number of reportable segments 3     3 3 3
Operating Segments | Senior Housing Operating Portfolio (SHOP)            
Real estate properties            
NOI | $   $ 1,184,064        
Percentage of Total NOI     49.40%      
Segment Properties | property 752 752 752 752    
Operating Segments | Outpatient medical and research portfolio (OM&R)            
Real estate properties            
NOI | $   $ 590,169     $ 579,271 $ 576,932
Percentage of Total NOI     24.70%      
Segment Properties | property 409 409 409 409    
Operating Segments | NNN            
Real estate properties            
NOI | $   $ 588,073     606,225 604,651
Percentage of Total NOI     24.60%      
Segment Properties | property 213 213 213 213    
Non-Segment            
Real estate properties            
NOI | $   $ 30,748     $ 17,204 $ 32,177
Percentage of Total NOI     1.30%      
Segment Properties | property 35 35 35 35    
v3.25.4
ACCOUNTING POLICIES - Schedule of VIEs (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Variable Interest Entity [Line Items]    
Total Assets $ 27,591,945 $ 26,186,906
Total Liabilities 14,630,983 15,047,081
Variable Interest Entity, Primary Beneficiary | Fonds Immobilier Groupe Maurice, S.E.C.    
Variable Interest Entity [Line Items]    
Total Assets 1,822,300 1,779,762
Total Liabilities 1,151,437 1,121,659
Variable Interest Entity, Primary Beneficiary | NHP/PMB L.P.    
Variable Interest Entity [Line Items]    
Total Assets 656,813 728,457
Total Liabilities 235,245 286,030
Variable Interest Entity, Primary Beneficiary | Other identified VIEs    
Variable Interest Entity [Line Items]    
Total Assets 1,469,659 1,447,381
Total Liabilities $ 467,665 $ 410,721
v3.25.4
ACCOUNTING POLICIES - Redeemable OP Unitholder and Noncontrolling Interests (Details) - NHP/PMB L.P.
shares in Millions
 12 Months Ended
Dec. 31, 2025
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 3.7
Capital Unit, Class A | LImited Partner | NHP/PMB L.P.  
Redeemable OP Unitholder Interests [Line Items]  
Percentage of ownership interest on total units outstanding 33.00%
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 67.00%
v3.25.4
ACCOUNTING POLICIES - Accounting for Real Estate Acquisitions (Details)
Dec. 31, 2025
Building  
Business Combination [Line Items]  
Estimated remaining life 35 years
Land Improvements  
Business Combination [Line Items]  
Estimated remaining life 15 years
Building Improvements  
Business Combination [Line Items]  
Estimated remaining life 20 years
v3.25.4
ACCOUNTING POLICIES - Deferred Financing Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]      
Amortization of debt issuance costs $ 29.6 $ 28.9 $ 23.2
v3.25.4
ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Straight-line rent receivables, net $ 250,833 $ 202,675
v3.25.4
CONCENTRATION OF CREDIT RISK - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
province
state
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 10.00%
Customer Concentration Risk | California  
Concentration Risk [Line Items]  
Number of states accounting for more than ten percent of revenues and net operating income 1
v3.25.4
CONCENTRATION OF CREDIT RISK - Triple-Net Leased Properties (Details) - property
 12 Months Ended
Jan. 01, 2026
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Real estate properties        
Number of properties   1,374    
Brookdale | Senior Housing Operating Portfolio (SHOP)        
Real estate properties        
Number of real estate properties, converted   42    
Brookdale | Senior Housing Operating Portfolio (SHOP) | Disposal Group, Held-for-sale        
Real estate properties        
Number of real estate properties, converted   9    
Brookdale | Senior Housing Operating Portfolio (SHOP) | Disposal Group, Disposed of by Sale        
Real estate properties        
Number of properties   2    
Brookdale | Senior Housing Operating Portfolio (SHOP) | Subsequent Event        
Real estate properties        
Number of real estate properties, converted 3      
Brookdale | NNN        
Real estate properties        
Number of properties   121 121 121
Brookdale, Leases Expiring December 31, 2025 | NNN        
Real estate properties        
Number of properties   56 56 56
Customer Concentration Risk | Contribution as a Percentage of Total Revenues: | Brookdale        
Real estate properties        
Concentration risk   2.60% 3.10% 3.30%
Customer Concentration Risk | Contribution as a Percentage of Total Revenues: | Ardent        
Real estate properties        
Concentration risk   2.60% 3.10% 3.30%
Customer Concentration Risk | Contribution as a Percentage of Total Revenues: | Kindred        
Real estate properties        
Concentration risk   2.40% 2.80% 2.90%
Customer Concentration Risk | Contribution as a Percentage of Total NOI: | Brookdale        
Real estate properties        
Concentration risk   6.20% 7.20% 7.70%
Customer Concentration Risk | Contribution as a Percentage of Total NOI: | Ardent        
Real estate properties        
Concentration risk   6.40% 7.30% 7.60%
Customer Concentration Risk | Contribution as a Percentage of Total NOI: | Kindred        
Real estate properties        
Concentration risk   5.80% 6.70% 6.90%
v3.25.4
CONCENTRATION OF CREDIT RISK - Schedule of Lease Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Risks and Uncertainties [Abstract]      
Fixed income from operating leases $ 1,239,098 $ 1,251,042 $ 1,241,075
Variable income from operating leases $ 257,569 $ 245,898 $ 245,326
v3.25.4
CONCENTRATION OF CREDIT RISK - Minimum Rents (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Concentration Risk [Line Items]  
2026 $ 1,102,447
2027 1,033,494
2028 913,531
2029 816,197
2030 677,040
Thereafter 2,523,922
Total 7,066,631
Ardent  
Concentration Risk [Line Items]  
2026 155,868
2027 154,720
2028 154,720
2029 154,720
2030 154,720
Thereafter 704,638
Total 1,479,386
Kindred  
Concentration Risk [Line Items]  
2026 134,460
2027 134,460
2028 116,245
2029 107,137
2030 47,962
Thereafter 68,902
Total 609,166
Other  
Concentration Risk [Line Items]  
2026 812,119
2027 744,314
2028 642,566
2029 554,340
2030 474,358
Thereafter 1,750,382
Total $ 4,978,079
v3.25.4
ACQUISITION OF REAL ESTATE PROPERTY - 2026 Acquisitions (Details)
$ in Millions
 1 Months Ended 12 Months Ended
Feb. 06, 2026
USD ($)
property
Dec. 31, 2025
USD ($)
property
Dec. 31, 2024
USD ($)
property
Business Combination [Line Items]      
Value of assets acquired | $   $ 2,300.0 $ 1,900.0
Subsequent Event      
Business Combination [Line Items]      
Value of assets acquired | $ $ 842.2    
Senior Housing Community      
Business Combination [Line Items]      
Number of real estate properties acquired | property   52 50
Senior Housing Community | Subsequent Event      
Business Combination [Line Items]      
Number of real estate properties acquired | property 26    
v3.25.4
ACQUISITION OF REAL ESTATE PROPERTY - 2025 Acquisitions (Details)
$ in Billions
 12 Months Ended
Dec. 31, 2025
USD ($)
property
Dec. 31, 2024
USD ($)
property
Business Combination [Line Items]    
Value of assets acquired | $ $ 2.3 $ 1.9
Senior Housing Community    
Business Combination [Line Items]    
Number of real estate properties acquired | property 52 50
v3.25.4
ACQUISITION OF REAL ESTATE PROPERTY - 2024 Acquisitions (Details)
$ in Billions
 12 Months Ended
Dec. 31, 2025
USD ($)
property
Dec. 31, 2024
USD ($)
property
Business Combination [Line Items]    
Value of assets acquired | $ $ 2.3 $ 1.9
Senior Housing Community    
Business Combination [Line Items]    
Number of real estate properties acquired 52 50
Long-Term Acute Care Facilities    
Business Combination [Line Items]    
Number of real estate properties acquired   5
v3.25.4
DISPOSITIONS AND IMPAIRMENTS - 2026 Disposition Activity (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
property
Dec. 31, 2024
USD ($)
property
Dec. 31, 2023
USD ($)
property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Segment Properties | property 1,374    
Proceeds from real estate disposals $ 213,161 $ 329,094 $ 399,534
Gain on real estate dispositions 38,579 57,009 62,119
Dispositions      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Proceeds from real estate disposals 223,200 315,100 399,500
Gain on real estate dispositions $ 17,800 $ 57,000 $ 62,100
Dispositions | SHOP      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Segment Properties | property 3 19 7
v3.25.4
DISPOSITIONS AND IMPAIRMENTS - 2025 Disposition Activity (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
property
Dec. 31, 2025
USD ($)
property
Dec. 31, 2024
USD ($)
property
Dec. 31, 2023
USD ($)
property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Segment Properties | property   1,374    
Proceeds from real estate disposals   $ 213,161 $ 329,094 $ 399,534
Gain on real estate dispositions   38,579 57,009 62,119
Sales-type Lease, Lease Receivable   800 1,400  
Dispositions        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Proceeds from real estate disposals   223,200 315,100 399,500
Gain on real estate dispositions   $ 17,800 $ 57,000 $ 62,100
Dispositions | SHOP        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Segment Properties | property   3 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 | property   6 12 10
Dispositions | NNN        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Segment Properties | property   14 24 9
Dispositions | Outpatient medical and research portfolio (OM&R)        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Segment Properties | property 12      
Gain on real estate dispositions $ 20,800      
Sales-type Lease, Lease Receivable $ 38,500      
v3.25.4
DISPOSITIONS AND IMPAIRMENTS - 2024 Dispositions Activity (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
property
Dec. 31, 2024
USD ($)
property
Dec. 31, 2023
USD ($)
property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Segment Properties 1,374    
Proceeds from real estate disposals | $ $ 213,161 $ 329,094 $ 399,534
Gain on real estate dispositions | $ 38,579 57,009 62,119
Dispositions      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Proceeds from real estate disposals | $ 223,200 315,100 399,500
Gain on real estate dispositions | $ $ 17,800 $ 57,000 $ 62,100
Dispositions | SHOP      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Segment Properties 3 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 6 12 10
Dispositions | NNN      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Segment Properties 14 24 9
Land | Dispositions      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Segment Properties     2
Building | Dispositions      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Segment Properties   1  
v3.25.4
DISPOSITIONS AND IMPAIRMENTS - 2023 Dispositions Activity (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
property
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Segment Properties | property 1,374    
Proceeds from real estate disposals $ 213,161 $ 329,094 $ 399,534
Dispositions      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Proceeds from real estate disposals $ 223,200 $ 315,100 $ 399,500
v3.25.4
DISPOSITIONS AND IMPAIRMENTS - Assets Held For Sale and Impairment (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
property
Dec. 31, 2024
USD ($)
property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Assets Held for Sale $ 42,993 $ 18,625
Liabilities Related to Assets Held for Sale 4,032 2,726
SHOP    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Assets Held for Sale 20,337 18,612
Liabilities Related to Assets Held for Sale 2,786 2,158
NNN    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Assets Held for Sale 22,188 0
Liabilities Related to Assets Held for Sale 1,116 0
Outpatient Medical Buildings And Other    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Assets Held for Sale 468 13
Liabilities Related to Assets Held for Sale $ 130 $ 568
Disposal Group, Held-for-sale    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Segment Properties Held for Sale | property 16 2
Disposal Group, Held-for-sale | SHOP    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Segment Properties Held for Sale | property 6 2
Disposal Group, Held-for-sale | NNN    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Segment Properties Held for Sale | property 10 0
Disposal Group, Held-for-sale | 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 0
v3.25.4
DISPOSITIONS AND IMPAIRMENTS - Real Estate Impairments (Details) - Depreciation and amortization - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Real estate impairments $ 96.2 $ 86.0 $ 226.6
OM&R      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Real estate impairments 57.3 1.5 19.2
NNN      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Real estate impairments 3.7 40.7 16.9
Senior Housing Operating Portfolio (SHOP)      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Real estate impairments $ 35.2 $ 43.8 $ 190.5
v3.25.4
LOANS RECEIVABLE AND INVESTMENTS - Narrative (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Loans Receivable And Investments [Abstract]    
Net loans receivable and investments relating to properties $ 164,740 $ 173,001
v3.25.4
LOANS RECEIVABLE AND INVESTMENTS - Schedule of Loans Receivable and Investments (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Allowance $ (3,235) $ (3,810)
Non-mortgage loans receivable, net 20,827 28,129
Secured loans, unsecured loans, and other available-for-sale securities, amortized cost 167,975 176,811
Total loans receivable and investments, net 164,740 173,001
Secured loans, unsecured loans, and other available-for-sale securities, fair value 166,796 173,869
Sales-type Lease, Lease Receivable 800 1,400
Non-mortgage loans receivable, net    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Allowance (3,235) (3,810)
Non-mortgage loans receivable, amortized cost 24,062 31,939
Non-mortgage loans receivable, net 20,827 28,129
Non-mortgage loans receivable, fair value 20,432 27,640
Secured/mortgage loans and other, net    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Held-to-maturity securities, amortized cost 143,913 144,872
Allowance 0 0
Held-to-maturity securities, carrying amount 143,913 144,872
Held-to-maturity securities, fair value $ 146,364 $ 146,229
v3.25.4
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 $ 109.0
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 6.00%
v3.25.4
INVESTMENT IN UNCONSOLIDATED ENTITIES - Schedule of Investments in Unconsolidated Subsidiaries (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Equity method investments    
Carrying Amount as of December 31, $ 617,571 $ 626,122
Ownership interest, percentage (less than) 100.00%  
Unconsolidated Properties | Ventas Fund    
Equity method investments    
Ownership interests 20.10% 20.00%
Carrying Amount as of December 31, $ 288,469 $ 267,202
Unconsolidated Properties | Pension Fund Joint Venture    
Equity method investments    
Ownership interests 25.00% 25.00%
Carrying Amount as of December 31, $ 6,200 $ 11,939
Unconsolidated Properties | Research & Innovation Development Joint Venture    
Equity method investments    
Ownership interests 53.00% 53.00%
Carrying Amount as of December 31, $ 282,512 $ 309,499
Unconsolidated Properties | Ventas Investment Management platform    
Equity method investments    
Carrying Amount as of December 31, $ 577,181 $ 588,640
Unconsolidated Properties | Atrium Health & Wake Forest Joint Venture    
Equity method investments    
Ownership interests 51.00% 48.50%
Carrying Amount as of December 31, $ 39,809 $ 36,881
Unconsolidated Properties | All other    
Equity method investments    
Carrying Amount as of December 31, $ 581 $ 601
Unconsolidated Properties | All other | Minimum    
Equity method investments    
Ownership interests 34.00% 34.00%
Unconsolidated Properties | All other | Maximum    
Equity method investments    
Ownership interests 37.50% 37.50%
v3.25.4
INVESTMENT IN UNCONSOLIDATED ENTITIES - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
board_member
property
Dec. 31, 2024
USD ($)
property
Dec. 31, 2023
USD ($)
Jul. 30, 2024
Jun. 30, 2024
Equity method investments          
Goodwill $ 1,046,072 $ 1,044,915      
Asset acquisition, consideration transferred $ 2,300,000 1,900,000      
Segment Properties | property 1,374        
Proceeds from real estate disposals $ 213,161 $ 329,094 $ 399,534    
Ventas fund          
Equity method investments          
Asset acquisition, consideration transferred $ 279,500        
Pension Fund Joint Venture | Seniors Housing Communities          
Equity method investments          
Segment Properties | property 5        
Proceeds from real estate disposals $ 302,500        
Senior Housing Community          
Equity method investments          
Number of real estate properties acquired | property 52 50      
Senior Housing Community | Ventas fund          
Equity method investments          
Number of real estate properties acquired | property 3        
Ardent, Outpatient Medical Buildings | Ventas fund          
Equity method investments          
Number of real estate properties acquired | property 2        
Outpatient medical and research portfolio (OM&R)          
Equity method investments          
Goodwill $ 466,967        
Atria          
Equity method investments          
Ownership interests 34.00%        
Number of board of directors members appointed | board_member 2        
Ardent          
Equity method investments          
Ownership interests 6.60%     6.70% 7.50%
Number Of Board Members Nominated | board_member 1        
Equity Method Investment, Voting Rights, Percentage 4.00%        
Gain (Loss) on Sale of Previously Unissued Stock by Equity Investee   $ 8,700      
Management Service          
Equity method investments          
Revenue from contracts with customers $ 15,700 $ 15,500 $ 14,700    
v3.25.4
INVESTMENT IN UNCONSOLIDATED ENTITIES - Schedule of Combined Summarized Balance Sheets of Unconsolidated Entities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Real estate properties      
Total Assets $ 27,591,945 $ 26,186,906  
Total Liabilities 14,630,983 15,047,081  
Noncontrolling interests 58,555 58,329  
Stockholders' Equity Attributable to Parent 12,527,253 10,771,267  
Revenues 5,833,980 4,924,266 $ 4,497,827
Income (loss) before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests 204,321 (7,996) (115,581)
Net income (loss) 261,518 88,351 (30,297)
Unconsolidated Properties      
Real estate properties      
Total Assets 9,991,116 9,813,724  
Total Liabilities 6,228,827 6,168,639  
Noncontrolling interests 505,869 582,678  
Stockholders' Equity Attributable to Parent 3,256,420 3,062,405  
Revenues 7,410,454 7,121,808 6,526,010
Income (loss) before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests 181,408 313,313 43,100
Net income (loss) $ 154,013 $ 196,984 $ (44,313)
v3.25.4
INVESTMENT IN UNCONSOLIDATED ENTITIES - Schedule of Combined Summarized Statement of Income of Unconsolidated Entities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Real estate properties      
Revenues $ 5,833,980 $ 4,924,266 $ 4,497,827
Income (loss) before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests 204,321 (7,996) (115,581)
Net income (loss) 261,518 88,351 (30,297)
Unconsolidated Properties      
Real estate properties      
Revenues 7,410,454 7,121,808 6,526,010
Income (loss) before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests 181,408 313,313 43,100
Net income (loss) $ 154,013 $ 196,984 $ (44,313)
v3.25.4
INTANGIBLES - Summary of Intangibles (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Intangible assets:      
Acquired lease intangibles $ 1,680,567 $ 1,558,751  
Goodwill 1,046,072 1,044,915  
Accumulated amortization (1,374,077) (1,286,374)  
Net intangible assets $ 1,393,823 $ 1,358,482  
Weighted Average Remaining Amortization Period in Years 8 years 1 month 6 days 8 years 9 months 18 days  
Intangible liabilities:      
Below-market lease intangibles $ 246,153 $ 269,572  
Other lease intangibles 13,498 13,498  
Accumulated amortization (198,762) (211,441)  
Purchase option intangibles 3,568 3,568  
Net intangible liabilities $ 64,457 $ 75,197  
Below market leases, remaining weighted average amortization period 13 years 1 month 6 days 7 years  
Net intangible liabilities, remaining weighted average amortization period 13 years 1 month 6 days 7 years  
Intangibles      
Net amortization expense $ 48,900 $ 80,800 $ 111,200
2026 140,500    
2027 46,500    
2028 21,000    
2029 10,500    
2030 9,100    
Acquired intangible assets $ 209,500 $ 159,800  
Acquired intangible assets, weighted average amortization period 3 years 6 months 6 years 3 months 18 days  
Above-market lease intangibles      
Intangible assets:      
Acquired lease intangibles $ 120,178 $ 124,515  
Weighted Average Remaining Amortization Period in Years 4 years 4 years 3 months 18 days  
In-place and other lease intangibles      
Intangible assets:      
Acquired lease intangibles $ 1,560,389 $ 1,434,236  
Weighted Average Remaining Amortization Period in Years 7 years 8 years 4 months 24 days  
Other intangibles      
Intangible assets:      
Other intangibles $ 41,261 $ 41,190  
Weighted Average Remaining Amortization Period in Years 48 years 24 years 4 months 24 days  
v3.25.4
INTANGIBLES - Goodwill (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Goodwill [Line Items]  
Goodwill $ 1,046,072
NNN  
Goodwill [Line Items]  
Goodwill 319,569
SHOP  
Goodwill [Line Items]  
Goodwill $ 259,536
v3.25.4
OTHER ASSETS (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Other Assets Disclosure [Line Item]    
Straight-line rent receivables $ 250,833 $ 202,675
Deferred lease costs, net 163,481 145,973
Accounts receivable, net 99,872 108,138
Investment in unconsolidated operating entities 100,614 95,623
Prepaid assets 81,389 71,786
Non-mortgage loans receivable, net 20,827 28,129
Other intangibles, net 10,681 11,513
Other (2) 97,832 128,826
Total Other assets 825,529 792,663
Allowance for doubtful accounts $ 71,500 $ 70,300
Common stock, shares issued (in shares) 474,926 437,085
Brookdale    
Other Assets Disclosure [Line Item]    
Common stock, shares issued (in shares) 5,700  
Proceeds From Sale Of Common Stock $ 35,600  
Kindred    
Other Assets Disclosure [Line Item]    
Class of warrant or right, ownership percentage, parent 9.90%  
Brookdale    
Other Assets Disclosure [Line Item]    
Shares of common stock (in shares) 11,100  
Exercise price (usd per share) $ 3.00  
v3.25.4
SENIOR NOTES PAYABLE AND OTHER DEBT - Summary of Senior Notes Payable and Other Debt (Details)
£ in Millions, $ in Millions
Dec. 31, 2025
USD ($)
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2024
CAD ($)
Dec. 31, 2024
GBP (£)
Debt Instrument [Line Items]          
Commercial paper notes $ 0   $ 0    
Long-term debt, gross 13,103,627,000   13,618,802,000    
Deferred financing costs, net (81,529,000)   (92,365,000)    
Unamortized fair value adjustment 6,422,000   11,587,000    
Unamortized discounts (17,504,000)   (15,473,000)    
Senior notes payable and other debt 13,011,016,000   13,522,551,000    
Unsecured revolving credit facility | Revolving Credit Facility          
Debt Instrument [Line Items]          
Line of credit facility, amount outstanding 0   6,397,000    
3.50% Senior Notes due 2025          
Debt Instrument [Line Items]          
Senior notes $ 0   600,000,000    
Interest rate 3.50%        
2.65% Senior Notes due 2025          
Debt Instrument [Line Items]          
Senior notes $ 0   450,000,000    
Interest rate 2.65%        
4.125% Senior Notes due 2026          
Debt Instrument [Line Items]          
Senior notes $ 500,000,000   500,000,000    
Interest rate 4.125%        
3.25% Senior Notes due 2026          
Debt Instrument [Line Items]          
Senior notes $ 450,000,000   450,000,000    
Interest rate 3.25%        
3.75% Exchangeable Senior Notes due 2026          
Debt Instrument [Line Items]          
Senior notes $ 862,500,000   862,500,000    
Interest rate 3.75%        
Unsecured term loan due February 2027          
Debt Instrument [Line Items]          
Unsecured debt $ 200,000,000   200,000,000    
Unsecured term loan due June 2027          
Debt Instrument [Line Items]          
Unsecured debt $ 500,000,000   500,000,000    
Interest rate 0.10%        
2.45% Senior Notes, Series G Due 2027          
Debt Instrument [Line Items]          
Senior notes $ 346,109,000   330,320,000    
Interest rate 2.45%        
3.85% Senior Notes due 2027          
Debt Instrument [Line Items]          
Senior notes $ 400,000,000   400,000,000    
Interest rate 3.85%        
4.00% Senior Notes due 2028          
Debt Instrument [Line Items]          
Senior notes $ 650,000,000   650,000,000    
Interest rate 4.00%        
5.398% Senior Notes, Series I due 2028          
Debt Instrument [Line Items]          
Senior notes $ 437,190,000   417,246,000    
Interest rate 5.398%        
4.40% Senior Notes due 2029          
Debt Instrument [Line Items]          
Senior notes $ 750,000,000   750,000,000    
Interest rate 4.40%        
5.100% Senior Notes, Series J due 2029          
Debt Instrument [Line Items]          
Senior notes $ 473,623,000   452,017,000    
Interest rate 5.10%        
3.00% Senior Notes due 2030          
Debt Instrument [Line Items]          
Senior notes $ 650,000,000   650,000,000    
Interest rate 3.00%        
4.75% Senior Notes due 2030          
Debt Instrument [Line Items]          
Senior notes $ 500,000,000   500,000,000    
Interest rate 4.75%        
2.50% Senior Notes due 2031          
Debt Instrument [Line Items]          
Senior notes $ 500,000,000   500,000,000    
Interest rate 2.50%        
2.50% Senior Notes, Series H Due 2031          
Debt Instrument [Line Items]          
Senior notes $ 218,595,000   208,623,000    
Interest rate 3.30%        
5.63% Senior Notes due 2034          
Debt Instrument [Line Items]          
Senior notes $ 500,000,000   500,000,000    
Interest rate 5.625%        
5.00% Senior Notes due 2035          
Debt Instrument [Line Items]          
Senior notes $ 550,000,000   550,000,000    
Interest rate 5.00%        
6.90% Senior Notes due 2037          
Debt Instrument [Line Items]          
Senior notes $ 52,400,000   52,400,000    
Interest rate 6.90%        
6.59% Senior Notes due 2038          
Debt Instrument [Line Items]          
Senior notes $ 21,413,000   21,413,000    
Interest rate 6.59%        
5.70% Senior Notes due 2043          
Debt Instrument [Line Items]          
Senior notes $ 300,000,000   300,000,000    
Interest rate 5.70%        
4.375% Senior Notes due 2045          
Debt Instrument [Line Items]          
Senior notes $ 300,000,000   300,000,000    
Interest rate 4.375%        
4.875% Senior Notes due 2049          
Debt Instrument [Line Items]          
Senior notes $ 300,000,000   300,000,000    
Interest rate 4.875%        
Mortgage loans and other          
Debt Instrument [Line Items]          
Long-term debt, gross $ 2,641,797,000   3,167,886,000    
5.10% Senior Notes due 2032          
Debt Instrument [Line Items]          
Senior notes 500,000,000 $ 500,000,000.0 0    
Interest rate   5.10%      
5.00% Senior Notes due 2036          
Debt Instrument [Line Items]          
Senior notes $ 500,000,000.0   0    
Interest rate 5.00%        
Borrowings originally denominated in CAD | Unsecured revolving credit facility | Revolving Credit Facility          
Debt Instrument [Line Items]          
Long-term debt, gross $ 0   1,400,000 $ 2.0  
Borrowings originally denominated in GBP | Unsecured revolving credit facility | Revolving Credit Facility          
Debt Instrument [Line Items]          
Long-term debt, gross     $ 5,000,000   £ 4.0
v3.25.4
SENIOR NOTES PAYABLE AND OTHER DEBT - Credit Facilities and Unsecured Term Loans (Details)
 12 Months Ended
Sep. 06, 2023
USD ($)
Dec. 31, 2025
USD ($)
period
Jan. 31, 2026
USD ($)
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]        
Long-term debt, gross   $ 13,103,627,000   $ 13,618,802,000
Letters of credit outstanding   18,600,000    
Commercial paper program capacity   2,000,000,000    
Commercial paper notes   0   0
Unsecured Debt | Ventas Realty        
Debt Instrument [Line Items]        
Debt instrument, basis spread on variable rate 0.85%      
Senior notes $ 200,000,000      
Debt Instrument, Accordion Limit $ 500,000,000 $ 1,250,000,000    
Unsecured term loan due February 2027 | Ventas Realty        
Debt Instrument [Line Items]        
Debt instrument, basis spread on variable rate   0.85%    
Unsecured Term Loan Due January 2031 | Subsequent Event        
Debt Instrument [Line Items]        
Unsecured debt     $ 700,000,000  
Unsecured Debt, Accordion Feature, Increase Limit     1,750,000,000  
Delayed Draw Term Loan Facility | Subsequent Event        
Debt Instrument [Line Items]        
Unsecured debt     $ 550,000,000  
3.75% Exchangeable Senior Notes due 2026        
Debt Instrument [Line Items]        
Senior notes   $ 862,500,000   862,500,000
Interest rate   3.75%    
Unsecured term loan due June 2027        
Debt Instrument [Line Items]        
Unsecured debt   $ 500,000,000   500,000,000
Interest rate   0.10%    
Unsecured term loan due February 2027        
Debt Instrument [Line Items]        
Unsecured debt   $ 200,000,000   200,000,000
Revolving Credit Facility | Unsecured Debt        
Debt Instrument [Line Items]        
Line of credit facility, maximum borrowing capacity   $ 3,500,000,000    
Debt instrument, basis spread on variable rate   0.775%    
Additional period term   6 months    
Accordion feature of debt   $ 4,500,000,000    
Letters of credit outstanding   800,000    
Line of credit facility, amount outstanding   $ 0   $ 6,397,000
Additional periods | period   2    
Letter of Credit | Unsecured Debt        
Debt Instrument [Line Items]        
Line of credit facility, maximum borrowing capacity   $ 100,000,000    
v3.25.4
SENIOR NOTES PAYABLE AND OTHER DEBT - Senior Notes (Details)
$ / shares in Units, $ in Billions
 1 Months Ended 12 Months Ended
Jan. 31, 2026
USD ($)
Feb. 28, 2025
USD ($)
Jan. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
$ / shares
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2025
CAD ($)
Jun. 30, 2025
USD ($)
Debt Instrument [Line Items]                
Interest       $ 612,246,000 $ 602,835,000 $ 574,112,000    
Debt issuance costs, net       81,529,000 92,365,000      
Amortization of debt issuance costs       29,600,000 28,900,000 23,200,000    
Gain on extinguishment of debt, net       (172,000) (687,000) 6,104,000    
Long-term debt, gross       $ 13,103,627,000 13,618,802,000      
Unsecured Debt | Revolving Credit Facility                
Debt Instrument [Line Items]                
Debt instrument, basis spread on variable rate       0.775%        
3.75% Exchangeable Senior Notes due 2026                
Debt Instrument [Line Items]                
Senior notes       $ 862,500,000 862,500,000      
Interest       $ 32,300,000 32,300,000 17,800,000    
Debt instrument, effective interest rate       4.62%     4.62%  
Unamortized discount (premium) and debt issuance costs, net       $ 3,100,000 10,300,000      
Amortization of debt issuance costs       $ 7,200,000 6,800,000 $ 3,600,000    
Debt Instrument, Exchangeable, Exchange Rate Per One Thousand Dollars       18.2778     18.2778  
Debt Instrument, Exchangeable, Exchange Price Per Share | $ / shares       $ 54.71        
Debt Instrument, Exchangeable, Exchange Rate Adjustment, Quarterly Dividend Threshold Per Share | $ / shares       $ 0.45        
Interest rate       3.75%     3.75%  
2.65% Senior Notes due 2025                
Debt Instrument [Line Items]                
Senior notes       $ 0 450,000,000      
Interest rate       2.65%     2.65%  
Repayments of Senior Debt     $ 450,000,000.0          
3.50% Senior Notes due 2025                
Debt Instrument [Line Items]                
Senior notes       $ 0 600,000,000      
Interest rate       3.50%     3.50%  
Repayments of Senior Debt   $ 600,000,000.0            
5.10% Senior Notes due 2032                
Debt Instrument [Line Items]                
Senior notes       $ 500,000,000 0     $ 500,000,000.0
Interest rate               5.10%
5.00% Senior Notes due 2036                
Debt Instrument [Line Items]                
Senior notes       $ 500,000,000.0 $ 0      
Interest rate       5.00%     5.00%  
4.13% Senior Notes due 2026                
Debt Instrument [Line Items]                
Interest rate       4.13%     4.13%  
4.13% Senior Notes due 2026 | Subsequent Event                
Debt Instrument [Line Items]                
Repayments of Senior Debt $ 500,000,000.0              
Ventas Realty Limited Partnership | Senior Notes                
Debt Instrument [Line Items]                
Senior notes       $ 8,200,000,000        
Nationwide Health Properties, LLC | Senior Notes                
Debt Instrument [Line Items]                
Senior notes       $ 73,800,000        
Ventas Canada Finance Limited | Senior Notes                
Debt Instrument [Line Items]                
Senior notes             $ 2.0  
v3.25.4
SENIOR NOTES PAYABLE AND OTHER DEBT - Mortgages (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
senior_housing
property
loan
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]    
Weighted average maturity period of mortgage loans 4 years 1 month 6 days  
Unamortized fair value adjustment $ 6,422 $ 11,587
Senior notes payable and other debt $ 13,011,016 $ 13,522,551
Mortgage Loans and Other    
Debt Instrument [Line Items]    
Number of mortgage loans | loan 106,000  
Principal amount of debt $ 2,600,000  
Number of properties securing debt | property 102,000  
Number of mortgage loans with fixed interest rate | senior_housing 95,000  
Mortgage loans with fixed interest rate $ 2,200,000  
Number of mortgage loans with variable interest rate | senior_housing 11,000  
Mortgage loans with variable interest rate $ 438,900  
Repayments of debt $ 596,900  
Mortgage Loans and Other | Fixed Rate Debt    
Debt Instrument [Line Items]    
Weighted interest rate 4.40%  
Mortgage Loans and Other | Variable Rate Debt    
Debt Instrument [Line Items]    
Weighted interest rate 4.90%  
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 2.45%  
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 7.12%  
v3.25.4
SENIOR NOTES PAYABLE AND OTHER DEBT - Scheduled Maturities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations    
2026 $ 2,173,664  
2027 1,631,586  
2028 1,563,747  
2029 1,694,165  
2030 1,407,778  
Thereafter 4,632,687  
Total maturities 13,103,627 $ 13,618,802
Principal Amount Due at Maturity    
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations    
2026 2,127,508  
2027 1,584,927  
2028 1,524,342  
2029 1,661,224  
2030 1,385,892  
Thereafter 4,551,602  
Total maturities 12,835,495  
Unsecured Revolving Credit Facility and Commercial Paper Notes    
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations    
2026 0  
2027 0  
2028 0  
2029 0  
2030 0  
Thereafter 0  
Total maturities 0  
Scheduled Periodic Amortization    
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations    
2026 46,156  
2027 46,659  
2028 39,405  
2029 32,941  
2030 21,886  
Thereafter 81,085  
Total maturities $ 268,132  
v3.25.4
SENIOR NOTES PAYABLE AND OTHER DEBT - Derivatives and Hedging (Details) - 12 months ended Dec. 31, 2025
$ in Millions, $ in Millions
USD ($)
CAD ($)
Mortgage loans and other    
Derivative [Line Items]    
Principal amount of debt $ 2,600.0  
Repayments of debt 596.9  
Swap | Variable Rate Debt    
Derivative [Line Items]    
Variable rate debt amount 1,100.0  
Derivative, notional amount 75.3  
Swap | Fixed Rate Debt    
Derivative [Line Items]    
Long-term debt, percentage bearing fixed interest, amount 12,000.0  
Swap One | Fixed Rate Debt    
Derivative [Line Items]    
Derivative, notional amount 125.5  
Swap Two | Fixed Rate Debt    
Derivative [Line Items]    
Derivative, notional amount $ 433.9 $ 595.5
v3.25.4
SENIOR NOTES PAYABLE AND OTHER DEBT - 2025 Activity (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
5.00% Senior Notes due 2035    
Debt Instrument [Line Items]    
Interest rate 5.00%  
Senior notes $ 550,000,000 $ 550,000,000
5.00% Senior Notes due 2036    
Debt Instrument [Line Items]    
Interest rate 5.00%  
Senior notes $ 500,000,000.0 0
Swap    
Debt Instrument [Line Items]    
Realized gain, interest rate swaps 2,400,000 $ 22,300,000
Unrealized gains, expected to be reclassified into earnings within 12 months $ 1,600,000  
v3.25.4
SENIOR NOTES PAYABLE AND OTHER DEBT - 2024 Activity (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Swap    
Derivative [Line Items]    
Realized gain, interest rate swaps $ 2.4 $ 22.3
v3.25.4
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, 2025
Dec. 31, 2024
Assets:    
Cash and cash equivalents $ 741,067 $ 897,850
Escrow deposits and restricted cash (1) 45,070 59,383
Non-mortgage loans receivable, net 20,827 28,129
Liabilities:    
Senior notes payable and other debt, gross, carrying amount 13,103,627 13,618,802
Non-mortgage loans receivable, net    
Assets:    
Non-mortgage loans receivable, net 20,827 28,129
Non-mortgage loans receivable, fair value 20,432 27,640
Secured/mortgage loans and other, net    
Assets:    
Held-to-maturity securities, amortized cost 143,913 144,872
Held-to-maturity securities, fair value 146,364 146,229
Carrying Amount    
Assets:    
Cash and cash equivalents   897,850
Escrow deposits and restricted cash (1) 45,070 59,383
Derivative instruments $ 12,390 $ 53,100
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Liabilities:    
Senior notes payable and other debt, gross, carrying amount $ 13,103,627 $ 13,618,802
Derivative instruments 5,267 5,887
Redeemable OP Units, carrying amount $ 260,672 $ 200,420
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accounts payable and other liabilities Accounts payable and other liabilities
Carrying Amount | Non-mortgage loans receivable, net    
Assets:    
Non-mortgage loans receivable, net $ 20,827 $ 28,129
Carrying Amount | Secured/mortgage loans and other, net    
Assets:    
Held-to-maturity securities, amortized cost 143,913 144,872
Fair Value    
Assets:    
Cash and Cash Equivalents, Fair Value Disclosure   897,850
Escrow deposits and restricted cash (1) 45,070 59,383
Derivative instruments 12,390 53,100
Liabilities:    
Senior notes payable and other debt, gross, fair value 13,429,007 13,411,066
Derivative instruments 5,267 5,887
Redeemable OP Units, fair value 260,672 200,420
Fair Value | Non-mortgage loans receivable, net    
Assets:    
Non-mortgage loans receivable, fair value 20,432 27,640
Fair Value | Secured/mortgage loans and other, net    
Assets:    
Held-to-maturity securities, fair value $ 146,364 $ 146,229
v3.25.4
LONG-TERM COMPENSATION (Details)
$ / shares in Units, shares in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
plan
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
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 | $ $ 110,863,000 $ 26,052,000 $ 1,736,000
Intrinsic value for options exercised | $ $ 14,043,000    
Nonvested Restricted Stock and Restricted Stock Units, Weighted Average Grant Date Fair Value      
Share-based compensation arrangement, risk free rate 4.29% 4.09% 3.84%
Share-based compensation arrangement, volatility 42.20% 42.00% 41.30%
Employee Benefit Plan      
Maximum 401(K) plan contribution by employer as a percent of employee's salary 4.00%    
Aggregate employer 401(K) plan contribution during the period | $ $ 2,400,000 $ 2,100,000 $ 2,000,000.0
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 95.00%    
Employee Stock | Employee      
Nonvested Restricted Stock and Restricted Stock Units, Weighted Average Grant Date Fair Value      
Discount related to the Employee Stock Purchase Plan 90.00%    
Stock Options      
Stock Option, Shares      
Outstanding at the beginning of the period (in shares) 2,631    
Options exercised (in shares) (1,750)    
Outstanding at the end of the period (in shares) 483 2,631  
Exercisable at the end of the period (in shares) 483    
Stock Option, Weighted Average Exercise Price      
Outstanding at the beginning of the period (in dollars per share) | $ / shares $ 63.89    
Options exercised (in dollars per share) | $ / shares 63.35    
Outstanding at the end of the period (in dollars per share) | $ / shares 64.17 $ 63.89  
Exercisable at the end of the period (in dollars per share) | $ / shares $ 64.17    
Stock Option, Weighted Average Remaining Contractual Life (years)      
Outstanding at the end of the period (in years) 10 months 24 days    
Exercisable at the end of the period (in years) 10 months 24 days    
Stock Option, Intrinsic Value      
Outstanding at the end of the period | $ $ 6,380,000    
Exercisable at the end of the period | $ 6,380,000    
Proceeds from stock option exercises | $ 110,900,000 $ 26,100,000 1,700,000
Intrinsic value for options exercised | $ 14,000,000 1,200,000  
Nonvested Restricted Stock and Restricted Stock Units, Weighted Average Grant Date Fair Value      
Deferred income tax expense (benefit) | $ $ 0    
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expirations in Period (398)    
Options exercised (in dollars per share) | $ / shares $ 65.94    
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 | $ $ 22,700,000    
Weighted average period over which cost is recognized 1 year 8 months 8 days    
Intrinsic value for options vested during period | $ $ 38,800,000 32,700,000 25,000,000.0
Restricted Stock or Restricted Stock Units | General and administrative expenses      
Stock Option, Intrinsic Value      
Compensation cost | $ $ 38,700,000 $ 30,900,000 30,400,000
Restricted Stock      
Nonvested Restricted Stock and Restricted Stock Units, Shares      
Nonvested at the beginning of the period (in shares) 51    
Granted (in shares) 0    
Vested (in shares) (51)    
Forfeited (in shares) 0    
Nonvested at the end of the period (in shares) 0 51  
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 $ 49.88    
Granted (in dollars per share) | $ / shares 0    
Vested (in dollars per share) | $ / shares 49.88    
Forfeited (in dollars per share) | $ / shares 0    
Nonvested at the end of the period (in dollars per share) | $ / shares $ 0 $ 49.88  
Restricted Stock Units      
Nonvested Restricted Stock and Restricted Stock Units, Shares      
Nonvested at the beginning of the period (in shares) 1,301    
Granted (in shares) 796    
Vested (in shares) (649)    
Forfeited (in shares) (61)    
Nonvested at the end of the period (in shares) 1,387 1,301  
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 $ 52.39    
Granted (in dollars per share) | $ / shares 62.28    
Vested (in dollars per share) | $ / shares 54.87    
Forfeited (in dollars per share) | $ / shares 51.67    
Nonvested at the end of the period (in dollars per share) | $ / shares $ 56.90 $ 52.39  
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 | $ $ 49,200,000 $ 35,600,000 $ 30,100,000
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) 10,000    
Number of shares authorized for issuance (in shares) 11,400    
Executive Deferred Stock Compensation Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of share-based compensation plans for executive officers | plan 1    
Nonemployee Directors' Deferred Stock Compensation Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of share-based compensation plans for directors | plan 1    
Number of shares available for future issuance (in shares) 300    
Number of shares authorized for issuance (in shares) 600    
v3.25.4
INCOME TAXES - Tax Treatment of Distributions and Consolidated Benefit for Income Taxes (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Tax treatment of distributions:      
Ordinary income (in dollars per share) $ 0 $ 0 $ 0
Qualified ordinary income (in dollars per share) 0.11407 0 0.04468
199A qualified business income (in dollars per share) 1.69367 1.09580 1.49465
Long-term capital gain (in dollars per share) 0 0 0.09136
Net-dividend distribution (in dollars per share) 0.08226 0.70420 0.16931
Distribution reported for 1099-DIV purposes (in dollars per share) 1.89000 1.80000 1.80000
Add: Dividend declared in current year and taxable in following year (in dollars per share) 0.48000 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) $ 1.92000 $ 1.80000 $ 1.80000
Provision (benefit) for income taxes      
Current - Federal $ 366 $ 324 $ 534
Current - State 6,993 2,630 2,564
Deferred - Federal (39,355) (30,436) (6,135)
Deferred - State (397) 28 230
Current - Foreign 2,658 2,646 2,587
Deferred - Foreign 15,585 (12,967) (9,319)
Income tax benefit $ (14,150) $ (37,775) $ (9,539)
v3.25.4
INCOME TAXES - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Loss Carryforwards [Line Items]      
REIT distribution requirement (as a percent) 90.00% 90.00% 90.00%
Income tax benefit $ 14,150,000 $ 37,775,000 $ 9,539,000
Increase (decrease) in net deferred tax liability $ (14,400,000) 16,500,000 (1,700,000)
Period in which assets disposition subject to built in gains tax 5 years    
Difference in bases for entity not subject to income taxes $ 1,400,000,000 1,800,000,000  
Unrecognized Tax Benefits 4,078,000 3,963,000 5,205,000
Unrecognized tax benefits, income tax penalties and interest accrued $ 0    
United States      
Operating Loss Carryforwards [Line Items]      
Effect of state and local income tax, percentage 0.20%    
Texas, California, and Illinois      
Operating Loss Carryforwards [Line Items]      
Effect of state and local income tax, percentage 50.00%    
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]      
Increase (decrease) in net deferred tax liability     (3,200,000)
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]      
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount $ (15,000,000) (28,600,000)  
Income tax benefit     3,200,000
Taxable Reit Subsidiaries      
Operating Loss Carryforwards [Line Items]      
Operating loss carryforwards, valuation allowance 162,500,000 180,800,000 179,000,000
REIT      
Operating Loss Carryforwards [Line Items]      
Operating loss carryforwards, valuation allowance 1,000,000,000 $ 1,000,000,000 $ 1,100,000,000
Tax credit carryforward $ 10,800,000    
v3.25.4
INCOME TAXES - Schedule of Effective Tax Rate Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
$      
Income (loss) before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests $ 204,321 $ (7,996) $ (115,581)
US Federal Income Tax 42,907 (1,679) (24,272)
Domestic state and local income taxes, net of federal effect   2,641 (839)
Change in valuation allowance   (10,593) 20,330
Statutory income tax rate differential   1,813 43
Other   (11,184) (6,163)
Income tax benefit $ (14,150) $ (37,775) $ (9,539)
%      
US Federal Income Tax 21.00%    
Income tax benefit (7.00%)    
United States      
$      
Nontaxable REIT Income $ (58,407)    
Prior year reconciliation (3,550)    
Other (1,094)    
Domestic state and local income taxes, net of federal effect 438    
Change in valuation allowance $ (15,700)    
%      
Nontaxable REIT Income (28.60%)    
Prior year reconciliation (1.70%)    
Other (0.50%)    
Change in valuation allowance (7.70%)    
Domestic state and local income taxes, net of federal effect 0.20%    
Canada      
$      
Domestic state and local income taxes, net of federal effect $ 6,565    
Change in valuation allowance 12,693    
Statutory income tax rate differential 1,325    
Other $ (561)    
%      
Change in valuation allowance 6.20%    
Domestic state and local income taxes, net of federal effect 3.20%    
Statutory income tax rate differential 0.60%    
Other (0.30%)    
United Kingdom      
$      
Statutory income tax rate differential $ (566)    
Other 142    
Non-deductible depreciation, interest and other $ 1,658    
%      
Statutory income tax rate differential (0.30%)    
Other 0.10%    
Non-deductible depreciation, interest and other 0.80%    
v3.25.4
INCOME TAXES - Reconciliation of Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Tax at statutory rate on earnings from continuing operations before unconsolidated entities, noncontrolling interest and income taxes $ 42,907 $ (1,679) $ (24,272)
State income taxes, net of federal benefit   2,641 (839)
Change in valuation allowance   (10,593) 20,330
Tax at statutory rate on earnings not subject to federal income taxes   (18,773) (7,809)
Statutory income tax rate differential   1,813 43
Change in tax status of TRS   0 9,171
Other differences   (11,184) (6,163)
Income tax benefit $ (14,150) $ (37,775) $ (9,539)
v3.25.4
INCOME TAXES - Schedule of Cash Taxes Paid (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Income Tax Paid, by Individual Jurisdiction [Line Items]    
US Federal $ 250 $ (49)
US State and Local 5,075 3,088
Foreign 1,989 1
Total income taxes paid, net of amounts refunded 7,314 3,040
Texas    
Income Tax Paid, by Individual Jurisdiction [Line Items]    
US State and Local 1,750 1,560
California    
Income Tax Paid, by Individual Jurisdiction [Line Items]    
US State and Local 850 0
Illinois    
Income Tax Paid, by Individual Jurisdiction [Line Items]    
US State and Local 650 0
Oregon    
Income Tax Paid, by Individual Jurisdiction [Line Items]    
US State and Local 384 435
Philadelphia, PA    
Income Tax Paid, by Individual Jurisdiction [Line Items]    
US State and Local 0 700
Other    
Income Tax Paid, by Individual Jurisdiction [Line Items]    
US State and Local 1,441 393
United Kingdom    
Income Tax Paid, by Individual Jurisdiction [Line Items]    
Foreign 1,985 0
Other    
Income Tax Paid, by Individual Jurisdiction [Line Items]    
Foreign $ 4 $ 1
v3.25.4
INCOME TAXES - Tax Effects of Temporary Differences and Carryforwards Included in Net Deferred Tax Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
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 $ (65,936) $ (73,214) $ (26,071)
Operating loss and interest deduction carryforwards 219,489 236,424 233,847
Expense accruals and other 66,769 56,546 26,700
Valuation allowance (240,935) (225,975) (257,222)
Net deferred tax liabilities $ (20,613) $ (6,219) $ (22,746)
v3.25.4
INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Summary of activities related to unrecognized tax benefits    
Balance at the beginning of the period $ 3,963 $ 5,205
Additions to tax positions related to prior years 115 0
Subtractions to tax positions related to prior years 0 (1,242)
Balance at the end of the period $ 4,078 $ 3,963
v3.25.4
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Weighted average discount rate of leases 7.41%    
Remaining lease term 32 years 8 months 12 days    
Cash paid for leases $ 23,900,000 $ 24,800,000 $ 29,800,000
Loss Contingency Accrual 0    
Future minimum lease obligations under non-cancelable operating and ground leases      
2026 21,900,000    
2027 21,339,000    
2028 20,078,000    
2029 19,174,000    
2030 16,398,000    
Thereafter 575,936,000    
Total undiscounted minimum lease payments 674,825,000    
Less: imputed interest (466,223,000)    
Operating lease liabilities 208,602,000 218,003,000  
General and administrative expenses      
Lease expense $ 32,200,000 $ 33,700,000 $ 37,000,000
v3.25.4
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Numerator for basic and diluted earnings per share:      
Net income (loss) $ 261,518 $ 88,351 $ (30,297)
Net income attributable to noncontrolling interests 10,137 7,198 10,676
Net income (loss) attributable to common stockholders $ 251,381 $ 81,153 $ (40,973)
Denominator:      
Denominator for basic earnings per share - weighted average shares (in shares) 455,082 411,770 401,809
Restricted stock awards (in shares) 607 397 389
OP unitholder interests (in shares) 3,382 3,422 3,472
Exchangeable notes (in shares) 2,998 744 0
Equity forward sales agreements (in shares) 546 33 0
Denominator for diluted earnings per share - adjusted weighted average shares (in shares) 462,615 416,366 405,670
Basic earnings per share:      
(Loss) income from continuing operations (USD per share) $ 0.57 $ 0.21 $ (0.08)
Net (loss) income attributable to common stockholders (USD per share) 0.55 0.20 (0.10)
Diluted earnings per share:      
(Loss) income from continuing operations (USD per share) 0.57 0.21 (0.08)
Net (loss) income attributable to common stockholders (USD per share) $ 0.54 $ 0.19 $ (0.10)
Anti-dilutive options outstanding (in shares) 200 2,900 3,500
v3.25.4
PERMANENT AND TEMPORARY EQUITY - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
Jan. 31, 2026
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Jun. 30, 2025
Sep. 30, 2024
Temporary Equity [Line Items]            
Common stock outstanding percentage of beneficial ownership acquired threshold for excess shares   9.00%        
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        
September 2024 ATM Program            
Temporary Equity [Line Items]            
Equity Offering Program, Maximum Authorized Offering Amount         $ 2,250.0 $ 2,000.0
Equity offering program, remaining authorized offering amount   $ 350.3        
At The Market Equity Offering Program            
Temporary Equity [Line Items]            
Equity Offering Program, Number Of Shares Issued   46,200,000 37,300,000 2,300,000    
Consideration received   $ 3,200.0 $ 2,200.0 $ 110.4    
Shares issued, weighted average price per share   $ 69.51 $ 58.38 $ 47.89    
At The Market Equity Offering Program, Unsettled Forward Sales Agreement            
Temporary Equity [Line Items]            
Equity offering program, remaining authorized offering amount   $ 1,100.0        
Equity offering program, shares, remaining authorized offering amount   13,900,000        
At The Market Equity Offering Program, Unsettled Forward Sales Agreement | Subsequent Event            
Temporary Equity [Line Items]            
Consideration received $ 111.7          
Equity offering program, remaining authorized offering amount $ 238.5          
Equity offering program, maximum authorized offering, shares 1,500,000          
At The Market Equity Offering Program, Settled Forward Sales Agreement            
Temporary Equity [Line Items]            
Consideration received   $ 2,300.0        
Equity offering program, maximum authorized offering, shares   35,700,000        
v3.25.4
PERMANENT AND TEMPORARY EQUITY - Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Equity [Abstract]    
Foreign currency translation loss $ (33,081) $ (34,341)
Unrealized loss on available for sale securities (1,298) (2,118)
Accumulated other comprehensive loss (39,851) (33,526)
Unrealized (loss) gain on derivative instruments $ (5,472) $ 2,933
v3.25.4
PERMANENT AND TEMPORARY EQUITY - Redeemable OP Unitholder and Noncontrolling Interest (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Increase (Decrease) in Temporary Equity [Roll Forward]  
December 31, 2024 $ 310,229
Change in fair value 71,648
Distributions and other (6,412)
Redemptions (311)
December 31, 2025 375,154
Redeemable Noncontrolling Interests  
Increase (Decrease) in Temporary Equity [Roll Forward]  
December 31, 2024 109,809
Change in fair value 4,673
Distributions and other 0
Redemptions 0
December 31, 2025 114,482
Redeemable OP Unitholder Interests  
Increase (Decrease) in Temporary Equity [Roll Forward]  
December 31, 2024 200,420
Change in fair value 66,975
Distributions and other (6,412)
Redemptions (311)
December 31, 2025 $ 260,672
v3.25.4
RELATED PARTY TRANSACTIONS (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
board_member
property
member
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Jul. 30, 2024
Jun. 30, 2024
Related party transaction          
Segment Properties | property 1,374        
Revenues, related party $ 5,833,980 $ 4,924,266 $ 4,497,827    
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 $ 7,300 11,200 10,900    
Atria          
Related party transaction          
Ownership interests 34.00%        
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 6.60%     6.70% 7.50%
Number Of Board Members Nominated | board_member 1        
Equity Method Investment, Voting Rights, Percentage 4.00%        
Gain (Loss) on Sale of Previously Unissued Stock by Equity Investee   8,700      
PMB RES          
Related party transaction          
Ownership interests 50.00%        
Atria          
Related party transaction          
Costs and Expenses, Related Party $ 65,300 62,900 63,400    
Atria | Sale Or Transition Of Senior Housing Communities Operated By Related Party          
Related party transaction          
Costs and Expenses, Related Party 0 100 1,500    
Ardent | NNN          
Related party transaction          
Revenues, related party 140,600 137,100 133,700    
Ardent | Outpatient Medical Buildings And Other          
Related party transaction          
Revenues, related party $ 13,500 $ 13,500 $ 13,400    
v3.25.4
SEGMENT INFORMATION - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
Segment
Dec. 31, 2025
segment
Dec. 31, 2025
USD ($)
Dec. 31, 2024
segment
Dec. 31, 2023
segment
Segment Reporting [Abstract]          
Number of reportable segments 3 3   3 3
Intersegment activity     $ 0    
v3.25.4
SEGMENT INFORMATION - Income Statement by Segment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues      
Rental income $ 1,496,667 $ 1,496,940 $ 1,486,401
Income from loans and investments 22,593 9,057 22,952
Interest and other income 21,010 28,114 11,414
Labor 1,740,819 1,418,320 1,279,296
Management fees 224,473 174,491 146,162
Other segment expenses 1,448,045 1,227,751 1,129,687
Total revenues 5,833,980 4,924,266 4,497,827
Less:      
Interest and other income 21,010 28,114 11,414
Labor 1,740,819 1,418,320 1,279,296
Management fees 224,473 174,491 146,162
Other segment expenses 1,448,045 1,227,751 1,129,687
Property-level operating expenses 3,413,337 2,820,562 2,555,145
Third-party capital management expenses 6,579 6,507 6,101
NOI 2,393,054 2,069,083 1,925,167
Interest expense (612,246) (602,835) (574,112)
Depreciation and amortization (1,379,140) (1,253,143) (1,392,461)
General, administrative and professional fees (177,400) (162,990) (148,876)
Gain on extinguishment of debt, net (172) (687) 6,104
Transaction, transition and restructuring costs (10,073) (20,369) (15,215)
Reversal of allowance on loans receivable and investments, net   166 20,270
Gain on foreclosure of real estate 0 0 29,127
Shareholder relations matters 0 (15,751) 0
Other expense (income) 30,712 49,584 (23,001)
Income from unconsolidated entities 4,468 1,563 13,626
Gain on real estate dispositions 38,579 57,009 62,119
Income tax benefit 14,150 37,775 9,539
Net income (loss) 261,518 88,351 (30,297)
Net income attributable to noncontrolling interests 10,137 7,198 10,676
Net income 251,381 81,153 (40,973)
Resident fees and services      
Revenues      
Revenue from contracts with customers 4,276,163 3,372,796 2,959,219
Third-party capital management revenues      
Revenues      
Revenue from contracts with customers 17,547 17,359 17,841
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 1,740,819 1,418,320 1,279,296
Management fees 224,473 174,491 146,162
Other segment expenses 1,126,807 913,602 822,354
Total revenues 4,276,163 3,372,796 2,959,219
Less:      
Interest and other income 0 0 0
Labor 1,740,819 1,418,320 1,279,296
Management fees 224,473 174,491 146,162
Other segment expenses 1,126,807 913,602 822,354
Property-level operating expenses 3,092,099 2,506,413 2,247,812
Third-party capital management expenses 0 0 0
NOI   866,383 711,407
Operating Segments | SHOP | Resident fees and services      
Revenues      
Revenue from contracts with customers 4,276,163 3,372,796 2,959,219
Operating Segments | SHOP | Third-party capital management revenues      
Revenues      
Revenue from contracts with customers 0 0 0
Operating Segments | NNN      
Revenues      
Rental income 601,578 622,054 619,208
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 13,505 15,829 14,557
Total revenues 601,578 622,054 619,208
Less:      
Interest and other income 0 0 0
Labor 0 0 0
Management fees 0 0 0
Other segment expenses 13,505 15,829 14,557
Property-level operating expenses 13,505 15,829 14,557
Third-party capital management expenses 0 0 0
NOI 588,073 606,225 604,651
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 895,089 874,886 867,193
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 307,733 298,320 292,776
Total revenues 897,902 877,591 869,708
Less:      
Interest and other income 0 0 0
Labor 0 0 0
Management fees 0 0 0
Other segment expenses 307,733 298,320 292,776
Property-level operating expenses 307,733 298,320 292,776
Third-party capital management expenses 0 0 0
NOI 590,169 579,271 576,932
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 2,813 2,705 2,515
Non-Segment      
Revenues      
Rental income 0 0 0
Income from loans and investments 22,593 9,057 22,952
Interest and other income 21,010 28,114 11,414
Labor 0 0 0
Management fees 0 0 0
Other segment expenses 0 0 0
Total revenues 58,337 51,825 49,692
Less:      
Interest and other income 21,010 28,114 11,414
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 6,579 6,507 6,101
NOI 30,748 17,204 32,177
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 $ 14,734 $ 14,654 $ 15,326
v3.25.4
SEGMENT INFORMATION - Capital Expenditures (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information      
Total capital expenditures $ 2,928,069 $ 2,529,803 $ 649,471
Operating Segments | SHOP      
Segment Reporting Information      
Total capital expenditures 2,642,415 2,061,741 409,105
Operating Segments | NNN      
Segment Reporting Information      
Total capital expenditures 16,074 194,447 8,511
Operating Segments | Outpatient medical and research portfolio (OM&R)      
Segment Reporting Information      
Total capital expenditures $ 269,580 $ 273,615 $ 231,855
v3.25.4
SEGMENT INFORMATION - Geographic Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
 Net Real Estate Property:      
Total net real estate property $ 24,126,933 $ 22,600,545  
 Revenues:      
Total revenues 5,833,980 4,924,266 $ 4,497,827
United States      
 Net Real Estate Property:      
Total net real estate property 21,138,000 19,690,838  
 Revenues:      
Total revenues 5,209,830 4,366,953 4,004,173
Canada      
 Net Real Estate Property:      
Total net real estate property 2,783,873 2,719,078  
 Revenues:      
Total revenues 552,924 526,575 464,772
United Kingdom      
 Net Real Estate Property:      
Total net real estate property 205,060 190,629  
 Revenues:      
Total revenues $ 71,226 $ 30,738 $ 28,882
v3.25.4
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Rollforward (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Carrying cost:      
Balance at beginning of period $ 31,830,011 $ 30,165,798 $ 28,768,409
Additions during period:      
Acquisitions 2,164,013 1,817,275 1,437,729
Capital expenditures 613,933 560,006 645,596
Deductions during period:      
Foreign currency translation 181,083 (287,505) 90,105
Other (594,892) (425,563) (776,041)
Balance at end of period 34,194,148 31,830,011 30,165,798
Accumulated depreciation:      
Balance at beginning of period 9,839,538 9,016,173 8,231,160
Additions during period:      
Depreciation expense 1,102,196 1,015,531 937,767
Dispositions:      
Sales and/or transfers to assets held for sale (280,550) (115,981) (190,666)
Foreign currency translation 38,937 (76,185) 37,912
Balance at end of period $ 10,700,121 $ 9,839,538 $ 9,016,173
v3.25.4
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Properties (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
property
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Real Estate and Accumulated Depreciation        
Count | property 1,358      
Encumbrances $ (2,673,809)      
Initial Cost to Company        
Land and Improvements (2,847,240)      
Buildings and Improvements (28,114,484)      
Costs Capitalized Subsequent to Acquisition (3,232,422)      
Gross Amount Carried at Close of Period        
Land and Improvements (2,962,738)      
Buildings and Improvements (31,231,410)      
Total (34,194,148) $ (31,830,011) $ (30,165,798) $ (28,768,409)
Accumulated Depreciation (10,700,121) $ (9,839,538) $ (9,016,173) $ (8,231,160)
Net Book Value $ (23,494,027)      
UNITED STATES PROPERTIES | Senior Housing        
Real Estate and Accumulated Depreciation        
Count | property 771      
Encumbrances $ (609,804)      
Initial Cost to Company        
Land and Improvements (1,776,060)      
Buildings and Improvements (16,586,190)      
Costs Capitalized Subsequent to Acquisition (1,937,710)      
Gross Amount Carried at Close of Period        
Land and Improvements (1,843,133)      
Buildings and Improvements (18,456,827)      
Total (20,299,960)      
Accumulated Depreciation (6,374,961)      
Net Book Value $ (13,924,999)      
UNITED STATES PROPERTIES | Senior Housing | Atria Senior Living        
Real Estate and Accumulated Depreciation        
Count | property 165      
Encumbrances $ (489,318)      
Initial Cost to Company        
Land and Improvements (509,942)      
Buildings and Improvements (4,599,617)      
Costs Capitalized Subsequent to Acquisition (827,971)      
Gross Amount Carried at Close of Period        
Land and Improvements (544,369)      
Buildings and Improvements (5,393,161)      
Total (5,937,530)      
Accumulated Depreciation (2,214,975)      
Net Book Value $ (3,722,555)      
UNITED STATES PROPERTIES | Senior Housing | Sunrise Senior Living        
Real Estate and Accumulated Depreciation        
Count | property 85      
Encumbrances $ (14,987)      
Initial Cost to Company        
Land and Improvements (209,877)      
Buildings and Improvements (2,328,854)      
Costs Capitalized Subsequent to Acquisition (304,152)      
Gross Amount Carried at Close of Period        
Land and Improvements (224,926)      
Buildings and Improvements (2,617,958)      
Total (2,842,883)      
Accumulated Depreciation (1,276,536)      
Net Book Value $ (1,566,347)      
UNITED STATES PROPERTIES | Senior Housing | Discovery Senior Living        
Real Estate and Accumulated Depreciation        
Count | property 78      
Encumbrances $ 0      
Initial Cost to Company        
Land and Improvements (168,370)      
Buildings and Improvements (1,584,393)      
Costs Capitalized Subsequent to Acquisition (134,766)      
Gross Amount Carried at Close of Period        
Land and Improvements (171,766)      
Buildings and Improvements (1,715,762)      
Total (1,887,528)      
Accumulated Depreciation (574,133)      
Net Book Value $ (1,313,395)      
UNITED STATES PROPERTIES | Senior Housing | Brookdale Senior Living        
Real Estate and Accumulated Depreciation        
Count | property 74      
Encumbrances $ (15,040)      
Initial Cost to Company        
Land and Improvements (90,749)      
Buildings and Improvements (915,749)      
Costs Capitalized Subsequent to Acquisition (102,177)      
Gross Amount Carried at Close of Period        
Land and Improvements (91,901)      
Buildings and Improvements (1,016,774)      
Total (1,108,675)      
Accumulated Depreciation (518,817)      
Net Book Value $ (589,858)      
UNITED STATES PROPERTIES | Senior Housing | Sinceri Senior Living        
Real Estate and Accumulated Depreciation        
Count | property 57      
Encumbrances $ 0      
Initial Cost to Company        
Land and Improvements (91,133)      
Buildings and Improvements (811,503)      
Costs Capitalized Subsequent to Acquisition (92,546)      
Gross Amount Carried at Close of Period        
Land and Improvements (92,396)      
Buildings and Improvements (902,786)      
Total (995,182)      
Accumulated Depreciation (358,239)      
Net Book Value $ (636,943)      
UNITED STATES PROPERTIES | Senior Housing | Priority Life Care Properties        
Real Estate and Accumulated Depreciation        
Count | property 38      
Encumbrances $ 0      
Initial Cost to Company        
Land and Improvements (55,211)      
Buildings and Improvements (524,358)      
Costs Capitalized Subsequent to Acquisition (86,470)      
Gross Amount Carried at Close of Period        
Land and Improvements (55,904)      
Buildings and Improvements (610,135)      
Total (666,039)      
Accumulated Depreciation (244,157)      
Net Book Value $ (421,882)      
UNITED STATES PROPERTIES | Senior Housing | Grace Management        
Real Estate and Accumulated Depreciation        
Count | property 33      
Encumbrances $ 0      
Initial Cost to Company        
Land and Improvements (110,157)      
Buildings and Improvements (840,124)      
Costs Capitalized Subsequent to Acquisition (90,450)      
Gross Amount Carried at Close of Period        
Land and Improvements (113,852)      
Buildings and Improvements (926,880)      
Total (1,040,732)      
Accumulated Depreciation (174,375)      
Net Book Value $ (866,357)      
UNITED STATES PROPERTIES | Senior Housing | Koelsch Senior Communities        
Real Estate and Accumulated Depreciation        
Count | property 24      
Encumbrances $ 0      
Initial Cost to Company        
Land and Improvements (46,924)      
Buildings and Improvements (443,453)      
Costs Capitalized Subsequent to Acquisition (13,289)      
Gross Amount Carried at Close of Period        
Land and Improvements (47,336)      
Buildings and Improvements (456,330)      
Total (503,666)      
Accumulated Depreciation (94,368)      
Net Book Value $ (409,297)      
UNITED STATES PROPERTIES | Senior Housing | Sodalis Senior Living        
Real Estate and Accumulated Depreciation        
Count | property 17      
Encumbrances $ 0      
Initial Cost to Company        
Land and Improvements (21,311)      
Buildings and Improvements (200,533)      
Costs Capitalized Subsequent to Acquisition (29,070)      
Gross Amount Carried at Close of Period        
Land and Improvements (21,567)      
Buildings and Improvements (229,346)      
Total (250,914)      
Accumulated Depreciation (112,632)      
Net Book Value $ (138,282)      
UNITED STATES PROPERTIES | Senior Housing | Civitas Senior Living        
Real Estate and Accumulated Depreciation        
Count | property 15      
Encumbrances $ 0      
Initial Cost to Company        
Land and Improvements (47,603)      
Buildings and Improvements (577,709)      
Costs Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period        
Land and Improvements (47,603)      
Buildings and Improvements (577,709)      
Total (625,312)      
Accumulated Depreciation (14,981)      
Net Book Value $ (610,331)      
UNITED STATES PROPERTIES | Senior Housing | Health Dimensions Group        
Real Estate and Accumulated Depreciation        
Count | property 15      
Encumbrances $ 0      
Initial Cost to Company        
Land and Improvements (7,218)      
Buildings and Improvements (49,324)      
Costs Capitalized Subsequent to Acquisition (9,996)      
Gross Amount Carried at Close of Period        
Land and Improvements (8,292)      
Buildings and Improvements (58,246)      
Total (66,538)      
Accumulated Depreciation (22,548)      
Net Book Value $ (43,990)      
UNITED STATES PROPERTIES | Senior Housing | Meridian Senior Living        
Real Estate and Accumulated Depreciation        
Count | property 14      
Encumbrances $ 0      
Initial Cost to Company        
Land and Improvements (19,090)      
Buildings and Improvements (104,237)      
Costs Capitalized Subsequent to Acquisition (8,882)      
Gross Amount Carried at Close of Period        
Land and Improvements (19,091)      
Buildings and Improvements (113,118)      
Total (132,209)      
Accumulated Depreciation (34,127)      
Net Book Value $ (98,082)      
UNITED STATES PROPERTIES | Senior Housing | American House        
Real Estate and Accumulated Depreciation        
Count | property 13      
Encumbrances $ 0      
Initial Cost to Company        
Land and Improvements (13,794)      
Buildings and Improvements (191,098)      
Costs Capitalized Subsequent to Acquisition (23,554)      
Gross Amount Carried at Close of Period        
Land and Improvements (15,426)      
Buildings and Improvements (213,020)      
Total (228,447)      
Accumulated Depreciation (71,553)      
Net Book Value $ (156,893)      
UNITED STATES PROPERTIES | Senior Housing | Sonida Senior Living        
Real Estate and Accumulated Depreciation        
Count | property 12      
Encumbrances $ 0      
Initial Cost to Company        
Land and Improvements (16,140)      
Buildings and Improvements (179,280)      
Costs Capitalized Subsequent to Acquisition (42,238)      
Gross Amount Carried at Close of Period        
Land and Improvements (17,062)      
Buildings and Improvements (220,596)      
Total (237,658)      
Accumulated Depreciation (91,556)      
Net Book Value $ (146,102)      
UNITED STATES PROPERTIES | Senior Housing | Avamere Family of Companies        
Real Estate and Accumulated Depreciation        
Count | property 11      
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 (55,621)      
Net Book Value $ (91,796)      
UNITED STATES PROPERTIES | Senior Housing | Senior Lifestyle        
Real Estate and Accumulated Depreciation        
Count | property 10      
Encumbrances $ 0      
Initial Cost to Company        
Land and Improvements (50,875)      
Buildings and Improvements (487,273)      
Costs Capitalized Subsequent to Acquisition (46,214)      
Gross Amount Carried at Close of Period        
Land and Improvements (53,162)      
Buildings and Improvements (531,200)      
Total (584,362)      
Accumulated Depreciation (92,642)      
Net Book Value $ (491,720)      
UNITED STATES PROPERTIES | Senior Housing | Milestone Retirement Communities        
Real Estate and Accumulated Depreciation        
Count | property 10      
Encumbrances $ 0      
Initial Cost to Company        
Land and Improvements (15,710)      
Buildings and Improvements (171,345)      
Costs Capitalized Subsequent to Acquisition (24,744)      
Gross Amount Carried at Close of Period        
Land and Improvements (15,823)      
Buildings and Improvements (195,976)      
Total (211,799)      
Accumulated Depreciation (63,110)      
Net Book Value $ (148,688)      
UNITED STATES PROPERTIES | Senior Housing | Hawthorn Senior Living        
Real Estate and Accumulated Depreciation        
Count | property 10      
Encumbrances $ 0      
Initial Cost to Company        
Land and Improvements (35,668)      
Buildings and Improvements (220,099)      
Costs Capitalized Subsequent to Acquisition (22,967)      
Gross Amount Carried at Close of Period        
Land and Improvements (35,948)      
Buildings and Improvements (242,786)      
Total (278,734)      
Accumulated Depreciation (45,530)      
Net Book Value $ (233,205)      
UNITED STATES PROPERTIES | Senior Housing | Other Senior Housing Operators        
Real Estate and Accumulated Depreciation        
Count | property 90      
Encumbrances $ (90,459)      
Initial Cost to Company        
Land and Improvements (245,881)      
Buildings and Improvements (2,244,070)      
Costs Capitalized Subsequent to Acquisition (64,407)      
Gross Amount Carried at Close of Period        
Land and Improvements (246,055)      
Buildings and Improvements (2,308,302)      
Total (2,554,357)      
Accumulated Depreciation (315,061)      
Net Book Value $ (2,239,297)      
UNITED STATES PROPERTIES | Senior Housing | Other Senior Housing CIP        
Real Estate and Accumulated Depreciation        
Count | property 0      
Encumbrances $ 0      
Initial Cost to Company        
Land and Improvements 0      
Buildings and Improvements (21)      
Costs Capitalized Subsequent to Acquisition 0      
Gross Amount Carried at Close of Period        
Land and Improvements 0      
Buildings and Improvements (21)      
Total (21)      
Accumulated Depreciation 0      
Net Book Value $ (21)      
UNITED STATES PROPERTIES | Research        
Real Estate and Accumulated Depreciation        
Count | property 28      
Encumbrances $ (334,265)      
Initial Cost to Company        
Land and Improvements (70,570)      
Buildings and Improvements (1,491,353)      
Costs Capitalized Subsequent to Acquisition (388,739)      
Gross Amount Carried at Close of Period        
Land and Improvements (138,506)      
Buildings and Improvements (1,812,157)      
Total (1,950,662)      
Accumulated Depreciation (457,272)      
Net Book Value $ (1,493,390)      
UNITED STATES PROPERTIES | Research | Wexford        
Real Estate and Accumulated Depreciation        
Count | property 26      
Encumbrances $ (334,265)      
Initial Cost to Company        
Land and Improvements (69,376)      
Buildings and Improvements (1,403,038)      
Costs Capitalized Subsequent to Acquisition (317,521)      
Gross Amount Carried at Close of Period        
Land and Improvements (76,087)      
Buildings and Improvements (1,713,848)      
Total (1,789,935)      
Accumulated Depreciation (431,963)      
Net Book Value $ (1,357,972)      
UNITED STATES PROPERTIES | Research | Other Life Science        
Real Estate and Accumulated Depreciation        
Count | property 2      
Encumbrances $ 0      
Initial Cost to Company        
Land and Improvements (1,194)      
Buildings and Improvements (76,515)      
Costs Capitalized Subsequent to Acquisition (2,676)      
Gross Amount Carried at Close of Period        
Land and Improvements (1,193)      
Buildings and Improvements (79,191)      
Total (80,385)      
Accumulated Depreciation (14,670)      
Net Book Value $ (65,715)      
UNITED STATES PROPERTIES | Research | Other Life Science CIP        
Real Estate and Accumulated Depreciation        
Count | property      
Encumbrances $ 0      
Initial Cost to Company        
Land and Improvements 0      
Buildings and Improvements (11,800)      
Costs Capitalized Subsequent to Acquisition (68,542)      
Gross Amount Carried at Close of Period        
Land and Improvements (61,226)      
Buildings and Improvements (19,118)      
Total (80,342)      
Accumulated Depreciation (10,639)      
Net Book Value $ (69,703)      
UNITED STATES PROPERTIES | IRFs & LTACs        
Real Estate and Accumulated Depreciation        
Count | property 44      
Encumbrances $ 0      
Initial Cost to Company        
Land and Improvements (100,862)      
Buildings and Improvements (523,429)      
Costs Capitalized Subsequent to Acquisition (1,421)      
Gross Amount Carried at Close of Period        
Land and Improvements (99,861)      
Buildings and Improvements (525,850)      
Total (625,711)      
Accumulated Depreciation (261,047)      
Net Book Value $ (364,664)      
UNITED STATES PROPERTIES | IRFs & LTACs | Kindred Healthcare        
Real Estate and Accumulated Depreciation        
Count | property 31      
Encumbrances $ 0      
Initial Cost to Company        
Land and Improvements (83,308)      
Buildings and Improvements (328,393)      
Costs Capitalized Subsequent to Acquisition (333)      
Gross Amount Carried at Close of Period        
Land and Improvements (82,305)      
Buildings and Improvements (329,728)      
Total (412,033)      
Accumulated Depreciation (198,852)      
Net Book Value $ (213,181)      
UNITED STATES PROPERTIES | IRFs & LTACs | Other IRFs And LTACs        
Real Estate and Accumulated Depreciation        
Count | property 13      
Encumbrances $ 0      
Initial Cost to Company        
Land and Improvements (17,554)      
Buildings and Improvements (195,036)      
Costs Capitalized Subsequent to Acquisition (1,088)      
Gross Amount Carried at Close of Period        
Land and Improvements (17,556)      
Buildings and Improvements (196,122)      
Total (213,678)      
Accumulated Depreciation (62,195)      
Net Book Value $ (151,483)      
UNITED STATES PROPERTIES | Other Healthcare Facilities | Ardent Health Services        
Real Estate and Accumulated Depreciation        
Count | property 10      
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 (353,607)      
Net Book Value $ (948,937)      
UNITED STATES PROPERTIES | Skilled Nursing        
Real Estate and Accumulated Depreciation        
Count | property 26      
Encumbrances $ 0      
Initial Cost to Company        
Land and Improvements (24,212)      
Buildings and Improvements (213,445)      
Costs Capitalized Subsequent to Acquisition 4,302      
Gross Amount Carried at Close of Period        
Land and Improvements (24,393)      
Buildings and Improvements (208,962)      
Total (233,355)      
Accumulated Depreciation (105,723)      
Net Book Value $ (127,632)      
UNITED STATES PROPERTIES | Skilled Nursing | Genesis Healthcare        
Real Estate and Accumulated Depreciation        
Count | property 12      
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 (86,632)      
Net Book Value $ (83,755)      
UNITED STATES PROPERTIES | Skilled Nursing | Other Skilled Nursing Operations        
Real Estate and Accumulated Depreciation        
Count | property 14      
Encumbrances $ 0      
Initial Cost to Company        
Land and Improvements (12,862)      
Buildings and Improvements (48,700)      
Costs Capitalized Subsequent to Acquisition (1,406)      
Gross Amount Carried at Close of Period        
Land and Improvements (13,043)      
Buildings and Improvements (49,925)      
Total (62,968)      
Accumulated Depreciation (19,091)      
Net Book Value $ (43,877)      
UNITED STATES PROPERTIES | Outpatient Medical Buildings And Other        
Real Estate and Accumulated Depreciation        
Count | property 381      
Encumbrances $ (261,681)      
Initial Cost to Company        
Land and Improvements (410,505)      
Buildings and Improvements (4,502,080)      
Costs Capitalized Subsequent to Acquisition (1,016,439)      
Gross Amount Carried at Close of Period        
Land and Improvements (421,076)      
Buildings and Improvements (5,507,948)      
Total (5,929,025)      
Accumulated Depreciation (2,267,996)      
Net Book Value $ (3,661,028)      
UNITED STATES PROPERTIES | Outpatient Medical Buildings And Other | Lillibridge        
Real Estate and Accumulated Depreciation        
Count | property 234      
Encumbrances $ (23,980)      
Initial Cost to Company        
Land and Improvements (186,388)      
Buildings and Improvements (2,169,506)      
Costs Capitalized Subsequent to Acquisition (767,704)      
Gross Amount Carried at Close of Period        
Land and Improvements (193,005)      
Buildings and Improvements (2,930,593)      
Total (3,123,598)      
Accumulated Depreciation (1,352,160)      
Net Book Value $ (1,771,438)      
UNITED STATES PROPERTIES | Outpatient Medical Buildings And Other | PMB RES        
Real Estate and Accumulated Depreciation        
Count | property 40      
Encumbrances $ (227,324)      
Initial Cost to Company        
Land and Improvements (80,638)      
Buildings and Improvements (1,029,259)      
Costs Capitalized Subsequent to Acquisition (165,182)      
Gross Amount Carried at Close of Period        
Land and Improvements (84,013)      
Buildings and Improvements (1,191,067)      
Total (1,275,079)      
Accumulated Depreciation (480,664)      
Net Book Value $ (794,416)      
UNITED STATES PROPERTIES | Outpatient Medical Buildings And Other | Ardent Health Services        
Real Estate and Accumulated Depreciation        
Count | property 19      
Encumbrances $ 0      
Initial Cost to Company        
Land and Improvements (5,638)      
Buildings and Improvements (214,808)      
Costs Capitalized Subsequent to Acquisition (633)      
Gross Amount Carried at Close of Period        
Land and Improvements (5,638)      
Buildings and Improvements (215,441)      
Total (221,079)      
Accumulated Depreciation (26,522)      
Net Book Value $ (194,557)      
UNITED STATES PROPERTIES | Outpatient Medical Buildings And Other | Other MOBs        
Real Estate and Accumulated Depreciation        
Count | property 88      
Encumbrances $ (10,377)      
Initial Cost to Company        
Land and Improvements (137,841)      
Buildings and Improvements (1,088,507)      
Costs Capitalized Subsequent to Acquisition (78,059)      
Gross Amount Carried at Close of Period        
Land and Improvements (135,566)      
Buildings and Improvements (1,168,840)      
Total (1,304,408)      
Accumulated Depreciation (406,289)      
Net Book Value $ (898,117)      
UNITED STATES PROPERTIES | Outpatient Medical Buildings And Other | Other MOBs CIP        
Real Estate and Accumulated Depreciation        
Count | property 0      
Encumbrances $ 0      
Initial Cost to Company        
Land and Improvements 0      
Buildings and Improvements 0      
Costs Capitalized Subsequent to Acquisition (4,861)      
Gross Amount Carried at Close of Period        
Land and Improvements (2,854)      
Buildings and Improvements (2,007)      
Total (4,861)      
Accumulated Depreciation (2,361)      
Net Book Value $ (2,500)      
CANADIAN PROPERTIES | Senior Housing        
Real Estate and Accumulated Depreciation        
Count | property 84      
Encumbrances $ (1,468,059)      
Initial Cost to Company        
Land and Improvements (314,219)      
Buildings and Improvements (3,453,630)      
Costs Capitalized Subsequent to Acquisition 159,342      
Gross Amount Carried at Close of Period        
Land and Improvements (290,830)      
Buildings and Improvements (3,317,678)      
Total (3,608,508)      
Accumulated Depreciation (829,252)      
Net Book Value $ (2,779,256)      
CANADIAN PROPERTIES | Senior Housing | Atria Senior Living        
Real Estate and Accumulated Depreciation        
Count | property 29      
Encumbrances $ (270,897)      
Initial Cost to Company        
Land and Improvements (75,553)      
Buildings and Improvements (845,363)      
Costs Capitalized Subsequent to Acquisition 66,034      
Gross Amount Carried at Close of Period        
Land and Improvements (67,142)      
Buildings and Improvements (787,740)      
Total (854,882)      
Accumulated Depreciation (311,461)      
Net Book Value $ (543,421)      
CANADIAN PROPERTIES | Senior Housing | Sunrise Senior Living        
Real Estate and Accumulated Depreciation        
Count | property 12      
Encumbrances $ 0      
Initial Cost to Company        
Land and Improvements (46,600)      
Buildings and Improvements (418,821)      
Costs Capitalized Subsequent to Acquisition 62,082      
Gross Amount Carried at Close of Period        
Land and Improvements (38,964)      
Buildings and Improvements (364,374)      
Total (403,339)      
Accumulated Depreciation (192,820)      
Net Book Value $ (210,519)      
CANADIAN PROPERTIES | Senior Housing | Other Senior Housing Operators        
Real Estate and Accumulated Depreciation        
Count | property 6      
Encumbrances $ 0      
Initial Cost to Company        
Land and Improvements (25,172)      
Buildings and Improvements (146,694)      
Costs Capitalized Subsequent to Acquisition 4,551      
Gross Amount Carried at Close of Period        
Land and Improvements (23,173)      
Buildings and Improvements (144,142)      
Total (167,315)      
Accumulated Depreciation (20,782)      
Net Book Value $ (146,533)      
CANADIAN PROPERTIES | Senior Housing | Le Groupe Maurice        
Real Estate and Accumulated Depreciation        
Count | property 37      
Encumbrances $ (1,197,162)      
Initial Cost to Company        
Land and Improvements (166,894)      
Buildings and Improvements (2,042,752)      
Costs Capitalized Subsequent to Acquisition 26,675      
Gross Amount Carried at Close of Period        
Land and Improvements (161,551)      
Buildings and Improvements (2,021,422)      
Total (2,182,972)      
Accumulated Depreciation (304,189)      
Net Book Value $ (1,878,783)      
UNITED KINGDOM PROPERTIES | Senior Housing | Care Concern Group        
Real Estate and Accumulated Depreciation        
Count | property 11      
Encumbrances $ 0      
Initial Cost to Company        
Land and Improvements (40,481)      
Buildings and Improvements (81,719)      
Costs Capitalized Subsequent to Acquisition 6,310      
Gross Amount Carried at Close of Period        
Land and Improvements (37,227)      
Buildings and Improvements (78,664)      
Total (115,890)      
Accumulated Depreciation (21,505)      
Net Book Value $ (94,385)      
UNITED KINGDOM PROPERTIES | International Hospital | Spire Healthcare        
Real Estate and Accumulated Depreciation        
Count | property 3      
Encumbrances $ 0      
Initial Cost to Company        
Land and Improvements (11,903)      
Buildings and Improvements (136,628)      
Costs Capitalized Subsequent to Acquisition 20,039      
Gross Amount Carried at Close of Period        
Land and Improvements (10,296)      
Buildings and Improvements (118,196)      
Total (128,492)      
Accumulated Depreciation (28,758)      
Net Book Value $ (99,734)      
v3.25.4
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Loans (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
loan
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Prior Liens $ 0      
Face Amount of Mortgages 143,767      
Carrying Amount of Mortgages (1) 143,084 $ 143,472 $ 26,087 $ 491,334
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 5.00%      
Maturity Date Feb. 16, 2026      
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 | 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) 3,138      
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) 3,134      
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) 108,345      
Principal Amount of Loans Subject to Delinquent Principal or Interest $ 0      
Exit fee, percentage 1.00%      
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 3.25%      
Maturity Date Nov. 04, 2027      
Prior Liens $ 0      
Face Amount of Mortgages 20,467      
Carrying Amount of Mortgages (1) 20,467      
Principal Amount of Loans Subject to Delinquent Principal or Interest 0      
Balloon due at maturity $ 20,400      
v3.25.4
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Mortgage Loan Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]      
Beginning Balance $ 143,472 $ 26,087 $ 491,334
New loans (1) 0 115,359 0
Construction draws 934 2,100 835
Total additions 934 117,459 835
Principal repayments (1,730) (74) 0
Conversions to real property 0 0 (486,082)
Allowance 0 0 20
Amortization of deferred financing costs 408
Total deductions (1,322) (74) (486,062)
Effect of foreign currency translation 0 0 0
Ending Balance 143,084 $ 143,472 $ 26,087
Non-cash consideration $ 7,500