VENTAS, INC., 10-Q filed on 8/2/2024
Quarterly Report
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Cover - shares
 6 Months Ended
Jun. 30, 2024
Jul. 30, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2024  
Document Transition Report false  
Entity File Number 1-10989  
Entity Registrant Name Ventas, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 61-1055020  
Entity Address, Address Line One 353 N. Clark Street  
Entity Address, Address Line Two Suite 3300  
Entity Address, City or Town Chicago  
Entity Address, State or Province IL  
Entity Address, Postal Zip Code 60654  
City Area Code 877  
Local Phone Number 483-6827  
Title of 12(b) Security Common Stock $0.25 par value  
Trading Symbol VTR  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   413,153,787
Entity Central Index Key 0000740260  
Current Fiscal Year End Date --12-31  
Document Fiscal Period Focus Q2  
Amendment Flag false  
Document Fiscal Year Focus 2024  
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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Real estate investments:    
Land and improvements $ 2,588,599 $ 2,596,274
Buildings and improvements 27,358,282 27,201,381
Construction in progress 410,663 368,143
Acquired lease intangibles 1,454,473 1,448,146
Operating lease assets 312,812 312,142
Gross real estate investments 32,124,829 31,926,086
Accumulated depreciation and amortization (10,647,898) (10,177,136)
Net real estate property 21,476,931 21,748,950
Secured loans receivable and investments, net 36,195 27,986
Investments in unconsolidated real estate entities 608,844 598,206
Net real estate investments 22,121,970 22,375,142
Cash and cash equivalents 557,082 508,794
Escrow deposits and restricted cash 58,202 54,668
Goodwill 1,045,071 1,045,176
Assets held for sale 43,261 56,489
Deferred income tax assets, net 1,657 1,754
Other assets 702,986 683,410
Total assets 24,530,229 24,725,433
Liabilities:    
Senior notes payable and other debt 13,175,077 13,490,896
Accrued interest 122,132 117,403
Operating lease liabilities 213,110 194,734
Accounts payable and other liabilities 1,003,078 1,041,616
Liabilities related to assets held for sale 4,988 9,243
Deferred income tax liabilities 32,660 24,500
Total liabilities 14,551,045 14,878,392
Redeemable OP unitholder and noncontrolling interests 311,468 302,636
Commitments and contingencies
Ventas stockholders’ equity:    
Preferred stock 0 0
Common stock 103,242 100,648
Capital in excess of par value 16,135,972 15,650,734
Accumulated other comprehensive loss (17,409) (35,757)
Retained earnings (deficit) (6,577,395) (6,213,803)
Treasury stock (25,060) (13,764)
Total Ventas stockholders’ equity 9,619,350 9,488,058
Noncontrolling interests 48,366 56,347
Total equity 9,667,716 9,544,405
Total liabilities and equity $ 24,530,229 $ 24,725,433
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
shares in Thousands
Jun. 30, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Preferred stock, par value (in usd per share) $ 1.00 $ 1.00
Preferred stock, shares authorized (in shares) 10,000 10,000
Common stock, par value (in usd per share) $ 0.25 $ 0.25
Common stock, shares authorized (in shares) 600,000 600,000
Common stock, shares issued (in shares) 413,154 402,380
Common stock, shares outstanding (in shares) 413,154 402,380
Treasury Stock, Common, Shares 2 279
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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues        
Rental income $ 372,787 $ 370,162 $ 747,032 $ 722,905
Income from loans and investments 1,436 6,554 2,725 20,143
Interest and other income 4,825 1,032 11,605 2,775
Total revenues 1,200,980 1,106,358 2,400,894 2,183,603
Expenses        
Interest 149,259 143,265 299,192 271,340
Depreciation and amortization 339,848 304,689 640,103 586,808
Property-level operating expenses 680,151 622,818 1,367,648 1,230,749
Third party capital management expenses     3,403 3,142
General, administrative and professional fees 37,727 34,399 86,464 79,197
Loss (gain) on extinguishment of debt, net 420 (6,801) 672 (6,801)
Transaction, transition and restructuring costs 2,886 3,069 7,563 4,455
Allowance on loans receivable and investments, net (42) (12,065) (110) (20,129)
Gain on foreclosure of real estate 0 (29,127) 0 (29,127)
Shareholder relations matters 37 0 15,751 0
Other expense (income) 8,128 (17,959) 6,794 (10,197)
Total expenses 1,220,064 1,043,724 2,427,480 2,109,437
(Loss) income before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests (19,084) 62,634 (26,586) 74,166
Loss from unconsolidated entities (1,652) 31,254 (10,035) 25,631
Gain on real estate dispositions 49,670 1,405 50,011 11,606
Income tax expense (7,766) 9,773 (4,762) 12,575
Income from continuing operations 21,168 105,066 8,628 123,978
Net income 21,168 105,066 8,628 123,978
Net income attributable to noncontrolling interests 1,781 1,613 3,553 3,008
Net income attributable to common stockholders $ 19,387 $ 103,453 $ 5,075 $ 120,970
Basic:        
(Loss) income from continuing (in usd per share) $ 0.05 $ 0.26 $ 0.02 $ 0.31
Net (loss) income attributable to common stockholders (in usd per share) 0.05 0.26 0.01 0.30
Diluted:        
(Loss) income from continuing (in usd per share) [1] 0.05 0.26 0.02 0.31
Net (loss) income attributable to common stockholders (in usd per share) [1] $ 0.05 $ 0.26 $ 0.01 $ 0.30
Triple-Net Leased Properties        
Revenues        
Rental income $ 153,934 $ 154,355 $ 309,302 $ 304,094
Expenses        
Property-level operating expenses 3,506 3,537 7,244 7,333
Outpatient Medical and Research Portfolio        
Revenues        
Rental income 218,853 215,807 437,730 418,811
Expenses        
Property-level operating expenses 73,286 72,171 147,224 139,084
Resident fees and services        
Revenues        
Other revenues 817,600 724,614 1,630,904 1,429,607
Senior housing        
Expenses        
Property-level operating expenses 603,359 547,110 1,213,180 1,084,332
Third party capital management expenses        
Revenues        
Other revenues 4,332 3,996 8,628 8,173
Expenses        
Third party capital management expenses $ 1,650 $ 1,436 $ 3,403 $ 3,142
[1] Potential common shares are not included in the computation of diluted earnings per share (“EPS”) when a loss from continuing operations exists as the effect would be an antidilutive per share amount.
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net income $ 21,168 $ 105,066 $ 8,628 $ 123,978
Other comprehensive income:        
Foreign currency translation gain 3,189 1,881 7,124 5,780
Unrealized loss on available for sale securities (842) 0 (722) 0
Unrealized (loss) gain on derivative instruments (1,570) 28,001 9,452 19,199
Total other comprehensive income 777 29,882 15,854 24,979
Comprehensive income 21,945 134,948 24,482 148,957
Comprehensive income attributable to noncontrolling interests 413 5,578 1,059 5,739
Comprehensive income attributable to common stockholders $ 21,532 $ 129,370 $ 23,423 $ 143,218
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CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Thousands
Total
Common Stock Par Value
Capital in Excess of Par Value
Accumulated Other Comprehensive (Loss) Income
Retained Earnings (Deficit)
Treasury Stock
Total Ventas Stockholders’ Equity
Noncontrolling Interests
Beginning Balance at Dec. 31, 2022 $ 10,221,677 $ 99,912 $ 15,539,777 $ (36,800) $ (5,449,385) $ (536) $ 10,152,968 $ 68,709
Increase (decrease) in stockholders' equity                
Net income 120,970 0 0 0 120,970 0 120,970  
Net income (loss) attributable to noncontrolling interest 3,008             3,008
Net income 123,978              
Other comprehensive income (loss) 24,979 0 0 22,248 0 0 22,248 2,731
Net change in noncontrolling interests (9,530) 0 4,856 0 0 0 4,856 (14,386)
Dividends to common stockholders (360,074) 0 10 0 (360,084) 0 (360,074) 0
Issuance of common stock for stock plans, restricted stock grants and other 35,416 294 48,217 0 0 (13,095) 35,416 0
Adjust redeemable OP unitholder interests to current fair value (7,933) 0 (7,933) 0 0 0 (7,933) 0
Adjustments to Equity, Redemption of Limited Partnership Units (69) 0 (69) 0 0 0 (69) 0
Ending Balance at Jun. 30, 2023 10,028,444 100,206 15,584,858 (14,552) (5,688,499) (13,631) 9,968,382 60,062
Beginning Balance at Mar. 31, 2023 10,064,602 100,065 15,562,017 (40,469) (5,611,067) (13,555) 9,996,991 67,611
Increase (decrease) in stockholders' equity                
Net income 103,453 0 0 0 103,453 0 103,453  
Net income (loss) attributable to noncontrolling interest 1,613             1,613
Net income 105,066              
Other comprehensive income (loss) 29,882 0 0 25,917 0 0 25,917 3,965
Net change in noncontrolling interests (9,664) 0 3,463 0 0 0 3,463 (13,127)
Dividends to common stockholders (180,875) 0 10 0 (180,885) 0 (180,875) 0
Issuance of common stock for stock plans, restricted stock grants and other 30,443 141 30,378 0 0 (76) 30,443 0
Adjust redeemable OP unitholder interests to current fair value (11,010) 0 (11,010) 0 0 0 (11,010) 0
Ending Balance at Jun. 30, 2023 10,028,444 100,206 15,584,858 (14,552) (5,688,499) (13,631) 9,968,382 60,062
Beginning Balance at Dec. 31, 2023 9,544,405 100,648 15,650,734 (35,757) (6,213,803) (13,764) 9,488,058 56,347
Increase (decrease) in stockholders' equity                
Net income 5,075 0 0 0   0 5,075  
Net income (loss) attributable to noncontrolling interest 3,553             3,553
Net income 8,628              
Other comprehensive income (loss) 15,854 0 0 18,348 0 0 18,348 (2,494)
Net change in noncontrolling interests (28,239) 0 (19,199) 0 0 0 (19,199) (9,040)
Dividends to common stockholders (368,634) 0 33 0 (368,667) 0 (368,634) 0
Issuance of common stock for stock plans, restricted stock grants and other 502,406 2,594 511,108 0 0 (11,296) 502,406 0
Adjust redeemable OP unitholder interests to current fair value (5,108) 0 (5,108) 0 0 0 (5,108) 0
Adjustments to Equity, Redemption of Limited Partnership Units (1,596) 0 (1,596) 0 0 0 (1,596) 0
Ending Balance at Jun. 30, 2024 9,667,716 103,242 16,135,972 (17,409) (6,577,395) (25,060) 9,619,350 48,366
Beginning Balance at Mar. 31, 2024 9,458,833 101,094 15,756,414 (19,554) (6,410,144) (24,970) 9,402,840 55,993
Increase (decrease) in stockholders' equity                
Net income 19,387 0 0 0 19,387 0 19,387  
Net income (loss) attributable to noncontrolling interest 1,781             1,781
Net income 21,168              
Other comprehensive income (loss) 777 0 0 2,145 0 0 2,145 (1,368)
Net change in noncontrolling interests (20,256) 0 (12,216) 0 0 0 (12,216) (8,040)
Dividends to common stockholders (186,616) 0 22 0 (186,638) 0 (186,616) 0
Issuance of common stock for stock plans, restricted stock grants and other 420,077 2,148 418,019 0 0 (90) 420,077 0
Adjust redeemable OP unitholder interests to current fair value (25,467) 0 (25,467) 0 0 0 (25,467) 0
Adjustments to Equity, Redemption of Limited Partnership Units (800) 0 (800) 0 0 0 (800) 0
Ending Balance at Jun. 30, 2024 $ 9,667,716 $ 103,242 $ 16,135,972 $ (17,409) $ (6,577,395) $ (25,060) $ 9,619,350 $ 48,366
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CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]        
Dividends to common stockholders, per share (in usd per share) $ 0.45 $ 0.45 $ 0.45 $ 0.90
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 8,628 $ 123,978
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 640,103 586,808
Amortization of deferred revenue and lease intangibles, net (27,412) (29,592)
Other non-cash amortization 14,852 8,969
Allowance on loans receivable and investments, net (110) (20,129)
Stock-based compensation 22,076 20,389
Straight-lining of rental income (5,350) (1,884)
Loss (gain) on extinguishment of debt, net 672 (6,801)
Gain on real estate dispositions (50,011) (11,606)
Income tax expense (benefit) 1,378 (15,813)
Loss (gain) from unconsolidated entities 10,035 (25,618)
Gain on foreclosure of real estate 0 (29,127)
Distributions from unconsolidated entities 10,063 9,682
Other 129 (14,279)
Changes in operating assets and liabilities:    
Increase in other assets (16,523) (17,341)
Increase (decrease) in accrued interest 5,281 (3,524)
Decrease in accounts payable and other liabilities (11,491) (19,468)
Net cash provided by operating activities 602,320 554,644
Cash flows from investing activities:    
Net investment in real estate property (325,244) (977)
Investment in loans receivable (11,847) (589)
Proceeds from real estate disposals 238,091 64,405
Proceeds from loans receivable 584 43,822
Proceeds from sale of interest in unconsolidated entities 0 50,054
Net cash assumed in foreclosure of real estate 0 11,615
Development project expenditures (164,828) (144,809)
Capital expenditures (121,908) (96,271)
Investment in unconsolidated entities (29,069) (64,247)
Insurance proceeds for property damage claims 2,834 9,390
Net cash used in investing activities (411,387) (127,607)
Cash flows from financing activities:    
Net change in borrowings under revolving credit facilities (10,770) 8,293
Net change in borrowings under commercial paper program 0 (267,414)
Proceeds from debt 1,216,336 1,748,532
Repayment of debt (1,405,872) (1,489,112)
Purchase of noncontrolling interests (11,000) (110)
Payment of deferred financing costs (29,147) (27,356)
Issuance of common stock, net 491,797 25,007
Cash distribution to common stockholders (365,163) (361,703)
Cash distribution to redeemable OP unitholders (3,060) (3,089)
Cash issued for redemption of OP Units (2,087) (655)
Contributions from noncontrolling interests 3,580 7,979
Distributions to noncontrolling interests (9,967) (17,388)
Proceeds from stock option exercises 0 1,736
Other (10,074) (12,805)
Net cash used in financing activities (135,427) (388,085)
Net increase in cash, cash equivalents and restricted cash 55,506 38,952
Effect of foreign currency translation (3,684) 650
Cash, cash equivalents and restricted cash at beginning of period 563,462 170,745
Cash, cash equivalents and restricted cash at end of period 615,284 210,347
Assets acquired and liabilities assumed from acquisitions and other:    
Real estate investments 10,530 0
Other assets 1,171 7,873
Other liabilities 4,713 9,000
Deferred income tax liability 6,988 12,382
Settlement of loan receivable 0 486,082
Real estate received in settlement of loan receivable 0 1,566,395
Assumption of debt related to real estate owned $ 0 $ 1,016,804
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DESCRIPTION OF BUSINESS
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
DESCRIPTION OF BUSINESS
NOTE 1—DESCRIPTION OF BUSINESS

Ventas, Inc., (together with its consolidated subsidiaries, unless otherwise indicated or except where the context otherwise requires, “we,” “us,” “our,” “Company” and other similar terms) an S&P 500 company, is a real estate investment trust (“REIT”) focused on delivering strong, sustainable shareholder returns by enabling exceptional environments that benefit a large and growing aging population. We hold a portfolio that includes senior housing communities, outpatient medical buildings, research centers, hospitals and healthcare facilities located in North America and the United Kingdom. As of June 30, 2024, we owned or had investments in approximately 1,350 properties (including properties classified as held for sale and unconsolidated properties). Our company is headquartered in Chicago, Illinois with additional corporate offices in Louisville, Kentucky and New York, New York.

We elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code (the “Code”), commencing with our taxable year ended December 31, 1999. Provided we qualify for taxation as a REIT, we generally will not be required to pay U.S. federal corporate income taxes on our REIT taxable income that is currently distributed to our stockholders. In order to maintain our qualification as a REIT, we must satisfy a number of highly technical requirements, which impact how we invest in, operate or manage our assets.

We primarily invest in our portfolio of real estate assets through wholly-owned subsidiaries and other co-investment entities. We operate through three reportable business segments: senior housing operating portfolio, which we also refer to as “SHOP,” outpatient medical and research portfolio, which we also refer to as “OM&R,” and triple-net leased properties. Non-segment assets consist primarily of corporate assets, including cash, restricted cash, loans receivable and investments and miscellaneous accounts receivable as well as investments in unconsolidated entities. In addition, from time to time, we make secured and unsecured loans and other investments relating to real estate or operators. Our chief operating decision maker evaluates performance of the combined properties in each operating segment and determines how to allocate resources to these segments, in significant part, based on net operating income (“NOI”) and related measures for each segment. See “Note 16 – Segment Information.” For a discussion of our definition of NOI and for a reconciliation of NOI to our net income attributable to common stockholders, as computed in accordance with U.S. generally accepted accounting principles (“GAAP”), see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures.”

We also have investments in unconsolidated entities, including through our third-party institutional capital management business, Ventas Investment Management (“VIM”). Through VIM, we partner with third-party institutional investors to invest in real estate through various joint ventures and other co-investment vehicles where we are the sponsor or general partner, including our open-ended investment vehicle, the Ventas Life Science & Healthcare Real Estate Fund (the “Ventas Fund”).

The following table summarizes information for our consolidated reportable business segments and non-segment assets for the six months ended June 30, 2024 (dollars in thousands):

Segment
Total NOI (1)
Percentage of Total NOI
Number of Consolidated Properties
Senior housing operating portfolio (SHOP)
$417,724 41.0 %582 
Outpatient medical and research portfolio (OM&R)
291,842 28.7 %428 
Triple-net leased properties302,058 29.7 %308 
Non-segment (2)
6,614 0.6 %— 
$1,018,238 100 %1,318 
______________________________
(1)    “NOI” is defined as total revenues, less interest and other income, property-level operating expenses and third party capital management expenses. See “Non-GAAP Financial Measures” included elsewhere in this Quarterly Report on Form 10-Q for additional disclosure and a reconciliation of net income attributable to common stockholders, as computed in accordance with GAAP, to NOI.
(2)    NOI for non-segment includes management fees and promote revenues, net of expenses related to our third-party institutional capital management business, income from loans and investments and various corporate-level expenses not directly attributable to any of our three reportable business segments.
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ACCOUNTING POLICIES
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
ACCOUNTING POLICIES
NOTE 2—ACCOUNTING POLICIES

The accompanying Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information set forth in the Accounting Standards Codification (“ASC”), as published by the Financial Accounting Standards Board (“FASB”), and with the Securities and Exchange Commission (“SEC”) instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The accompanying Consolidated Financial Statements and related notes should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”). Certain prior period amounts have been reclassified to conform to the current period presentation.

Accounting Estimates

The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions regarding future events that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Principles of Consolidation

The accompanying Consolidated Financial Statements include our accounts and the accounts of our wholly-owned subsidiaries and the joint venture entities over which we exercise control. All intercompany transactions and balances have been eliminated in consolidation, and our net earnings are reduced by the portion of net earnings attributable to noncontrolling interests.

GAAP requires us to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of variable interest entities (“VIEs”). Substantially all of the assets of the VIEs are real estate investments and substantially all of the liabilities of the VIEs are mortgage loans. Assets of the consolidated VIEs can only be used to settle obligations of such VIEs. Liabilities of the consolidated VIEs represent claims against the specific assets of the VIEs. Unless otherwise required by an operating agreement, any mortgage loans of the consolidated VIEs are non-recourse to us. The table below summarizes the total assets and liabilities of our consolidated VIEs as reported on our Consolidated Balance Sheets (dollars in thousands):
As of June 30, 2024As of December 31, 2023
Total AssetsTotal LiabilitiesTotal AssetsTotal Liabilities
NHP/PMB L.P.$748,205 $280,103 $759,817 $266,658 
Fonds Immobilier Groupe Maurice, S.E.C.1,894,840 1,169,211 1,971,410 1,204,619 
Other identified VIEs1,602,668 361,854 1,597,957 354,828 
Tax credit VIEs27,879 4,400 29,746 4,024 

Recent Accounting Standards

In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires incremental disclosures related to a public entity’s reportable segments. Required disclosures include, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount for other segment items (which is the difference between segment revenue less segment expenses and less segment profit or loss) and a description of its composition, the title and position of the CODM, and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The standard also permits disclosure of more than one measure of segment profit. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We are evaluating the impact of adopting ASU 2023-07 and expect to have additional disclosures in our Form 10-K for the year ended December 31, 2024.
In December 2023, the FASB issued Accounting Standards Update 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public entities on an annual basis to (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). ASU 2023-09 is effective for fiscal years beginning after December 15, 2025. We are evaluating the impact of adopting ASU 2023-09 on our Consolidated Financial Statements.

In March 2024, the SEC adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate Related Disclosures for Investors, which requires registrants to disclose climate-related information in registration statements and annual reports. The new rules would be effective for annual reporting periods beginning in fiscal year 2025. However, in April 2024, the SEC exercised its discretion to stay these rules pending the completion of judicial review of certain consolidated petitions with the United States Court of Appeals for the Eighth Circuit in connection with these rules. We are evaluating the impact of this rule on our Consolidated Financial Statements.
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CONCENTRATION OF CREDIT RISK
 6 Months Ended
Jun. 30, 2024
Risks and Uncertainties [Abstract]  
CONCENTRATION OF CREDIT RISK
NOTE 3—CONCENTRATION OF CREDIT RISK

The properties managed by Atria Senior Living, Inc. (together with its subsidiaries, including Holiday Retirement (“Holiday”), “Atria”) and Sunrise Senior Living, LLC (together with its subsidiaries, “Sunrise”), and leased to Brookdale Senior Living Inc. (together with its subsidiaries, “Brookdale”), Ardent Health Partners, Inc. (f/k/a Ardent Health Partners, LLC and, together with its subsidiaries, “Ardent”) and Kindred Healthcare, LLC (together with its subsidiaries, “Kindred”) contributed approximately 19.2%, 5.9%, 7.2%, 6.6% and 6.6%, respectively, of our total NOI for the three months ended June 30, 2024. Because Atria and Sunrise manage our properties in exchange for a management fee from us, we are not directly exposed to their credit risk in the same manner or to the same extent as triple-net tenants like Brookdale, Ardent and Kindred.

Our SHOP, outpatient medical and research portfolio and triple-net leased properties segments contributed 41.7%, 28.4%, and 29.2%, respectively, of our total NOI for the three months ended June 30, 2024. Our consolidated properties were located in 47 states, the District of Columbia, seven Canadian provinces and the United Kingdom as of June 30, 2024, with properties in one state (California) accounting for more than 10% of our total consolidated revenues and NOI for each of the three months ended June 30, 2024 and 2023. See “Non-GAAP Financial Measures” included elsewhere in this Quarterly Report on Form 10-Q for additional disclosure and a reconciliation of net income attributable to common stockholders, as computed in accordance with GAAP, to NOI.

Triple-Net Leased Properties

The properties we triple-net leased to Brookdale, Ardent and Kindred accounted for a significant portion of total revenues and total NOI for the three months ended June 30, 2024 and 2023. The following table reflects the concentration risk related to our triple-net leased properties including assets held for sale for the periods presented:
 For the Three Months Ended June 30,
 20242023
Contribution as a Percentage of Total Revenues (1):
  
Brookdale
3.1 %3.4 %
Ardent (2)
2.8 3.0 
Kindred
2.8 3.0 
Contribution as a Percentage of Total NOI (3):
Brookdale
7.2 %7.8 %
Ardent (2)
6.6 6.9 
Kindred
6.6 6.9 
____________________________
(1)Total revenues include third party capital management revenues, income from loans and investments and interest and other income.
(2)Results exclude 19 outpatient medical buildings included in our outpatient medical and research portfolio segment.
(3)See “Non-GAAP Financial Measures” included elsewhere in this Quarterly Report on Form 10-Q for additional disclosure and a reconciliation of net income attributable to common stockholders, as computed in accordance with GAAP, to NOI.
Each of our leases with Brookdale, Ardent and Kindred is a triple-net lease that obligates the tenant to pay all property-related expenses, including maintenance, utilities, repairs, taxes, insurance and capital expenditures, and to comply with the terms of the mortgage financing documents, if any, affecting the properties. In addition, each of our Brookdale, Ardent and Kindred leases is guaranteed by a corporate parent.

Kindred Lease

As of June 30, 2024, we leased 29 properties to Kindred (collectively, the “Kindred Portfolio”) pursuant to a single, triple-net master lease agreement (together with certain other agreements related to such master lease, collectively, the “Kindred Lease”). The Kindred Portfolio is divided into two separate renewal groups. The first group is composed of six properties (“Group 1”) and the second group is composed of 23 properties (“Group 2”). As of June 30, 2024, the Kindred Lease represented approximately 6.6% of the Company’s total annualized NOI, with Group 1 representing approximately 1.3% of total annualized NOI and Group 2 representing approximately 5.3% of the Company’s total annualized NOI. Kindred’s obligations under the Kindred Lease are guaranteed by a parent company.

The current term of the Kindred Lease for Group 1 expires on April 30, 2028. Under the Kindred Lease, Kindred has the option to renew the lease for all of the properties (but not less than all) within Group 1 for two 5-year extensions, in each case at the greater of escalated rent and fair market rent, by providing written notice no later than one year prior to the applicable expiration date.

The current term of the Kindred Lease for Group 2 expires on April 30, 2025. Under the Kindred Lease, Kindred had the option to renew the lease for all of the properties (but not less than all) within Group 2 for three 5-year extensions, in each case at the greater of escalated rent and fair market rent, by providing written notice no later than one year prior to the applicable expiration date. Although Kindred did not provide such notice, we and Kindred could still reach a negotiated agreement to extend the Kindred Lease with respect to some or all of the Group 2 properties. For any properties that Kindred does not continue to lease, there are other options we may choose to pursue, including, without limitation, transitions to replacement operators, conversions of properties to alternative uses and sale transactions. There can be no assurance that any negotiated agreement we reach with Kindred or any other options we may pursue with respect to the Group 2 properties would be as favorable to us as the current Kindred Lease.

If the Kindred Lease is renewed or otherwise extended for some or all of the Group 2 properties, the total contractual cash rent for those properties for the period from the date of the renewal or extension agreement to the end of the new or extended lease term would be straightlined for accounting purposes. If in such renewal or extension agreement we were to agree to continue to lease to Kindred some or all of the Group 2 properties after the current expiration date of April 30, 2025 for a lower base rent than the rent currently in place for such properties, we would recognize a non-cash GAAP reduction in revenue during the period after we reach such agreement through April 30, 2025 even if existing contractual cash rent remains unchanged and is fully paid at such higher level prior to such date.

Since the COVID-19 pandemic began to recede, the financial performance of the Kindred Portfolio has declined such that financial performance for the trailing 12-month period ending June 30, 2024 does not exceed the rent under the Kindred Lease for such period. While we believe that Kindred has taken and is taking targeted actions to attempt to improve the performance of the properties, there can be no assurance that Kindred will be able to do so or that such financial performance will not affect Kindred’s ability to perform its obligations to us or impact any of its decisions related to the renewal of the lease. We believe there are many factors in addition to portfolio coverage that will influence the ultimate outcome as it relates to the Group 2 properties.

See “Part I—Item 1A. Risk Factors—Risks Related to Our Business Operations and Strategy—If we need to replace any of our tenants or managers, we may be unable to do so on as favorable terms, if at all, and we could be subject to delays, limitations and expenses, which could adversely affect our business, financial condition and results of operations.” “Part I—Item 1A. Risk Factors—Risks Related to Our Business Operations and Strategy—A significant portion of our revenues and operating income is dependent on a limited number of tenants and managers, including Brookdale, Ardent, Kindred, Atria and Sunrise.” and “Part I—Item 1A. Risk Factors—Risks Related to Our Business Operations and Strategy—We face potential adverse consequences from the bankruptcy, insolvency or financial deterioration of our tenants, managers, borrowers and other obligors.” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
Brookdale Lease

As of June 30, 2024, we leased 121 properties (excluding 10 properties managed by Brookdale pursuant to long-term management agreements and included in the SHOP segment) to Brookdale pursuant to a single, triple-net master lease agreement (together with certain other agreements related to such master lease, collectively, the “Brookdale Lease”). The aggregate cash base rent due to us from Brookdale in 2024 is approximately $110.3 million, and the current aggregate contractual base rent (computed in accordance with GAAP) is approximately $148.9 million. The difference between the aggregate cash base rent due in 2024 and the current aggregate contractual base rent (computed in accordance with GAAP) is, in part, a result of the amortization over the remaining lease term of $235 million of up-front consideration received as part of amendments to the Brookdale Lease that were entered into in July 2020 (the “2020 Consideration”). The 2020 Consideration consisted of: (a) $162 million in cash; (b) a $45 million note (repaid by Brookdale in 2021); and (c) $28 million, representing the initial value of warrants exercisable for 16.3 million shares of Brookdale Senior Living, Inc. common stock. As of June 30, 2024, approximately $170.6 million of such 2020 Consideration has been amortized, leaving approximately $64.0 million unamortized. The Brookdale Lease is guaranteed by Brookdale Senior Living, Inc.

Under the terms of the Brookdale Lease, base rent escalates annually at 3% per annum, commencing on January 1, 2022. The term of the Brookdale Lease expires December 31, 2025. Brookdale has the option to renew the Brookdale Lease with respect to all (but not less than all) of the properties for two, 10-year extensions. Base rent for the first year of each extension is the greater of (a) 103% of prior full year’s base rent; and (b) fair market rent, capped at a 10% increase. Subsequent to the first year of any such renewal, base rent would continue to escalate by 3% per annum over the prior full year’s base rent.

Brookdale currently has the option to renew the Brookdale Lease for its next 10-year extension by providing written notice to us after June 30, 2024 and on or before November 30, 2024. If Brookdale does not timely exercise its renewal option, we and Brookdale may nonetheless reach a negotiated agreement to continue the Brookdale Lease in whole or in part prior to its expiration date. If all or any part of the Brookdale Lease is renewed or otherwise extended, the then remaining unamortized portion of the 2020 Consideration would be re-amortized and the new GAAP rent for the period from the date of the renewal or extension agreement to the end of the new or extended lease term would be straightlined. See “Risk Factors—Risks Related to Our Business Operations and Strategy—If we need to replace any of our tenants or managers, we may be unable to do so on as favorable terms, if at all, and we could be subject to delays, limitations and expenses, which could adversely affect our business, financial condition and results of operations.” and “Risk Factors—Risks Related to Our Business Operations and Strategy—A significant portion of our revenues and operating income is dependent on a limited number of tenants and managers, including Brookdale, Ardent, Kindred, Atria and Sunrise.” included in Part 1, Item 1A in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

During the three months ended June 30, 2024, we exercised warrants for 1.7 million shares of Brookdale Senior Living, Inc. common stock (“Brookdale Common Stock”) on a cashless basis, resulting in our receipt of 0.9 million shares of Brookdale Common Stock (net of the $3.00 exercise price), which we sold for net cash proceeds of $6.1 million (recorded within operating cashflows in our Consolidated Statements of Cash Flows). We recognized a $1.0 million net realized loss relative to the fair market value of the warrants as of March 31, 2024 (recorded in Other Expense in our Consolidated Statements of Income). As of June 30, 2024, we continued to hold 14.6 million warrants for Brookdale Common Stock, which are exercisable at any time prior to December 31, 2025 and have an exercise price of $3.00 per share. The remaining warrants are classified within Other Assets on our Consolidated Balance Sheets and measured at fair value with changes in fair value being recognized within Other Expense in our Consolidated Statements of Income.

Ardent Lease

As of June 30, 2024, we leased 11 properties (excluding 19 outpatient medical buildings leased to Ardent under separate leases included in our outpatient medical and research portfolio segment) to Ardent pursuant to a single, triple-net master lease agreement (together with certain other agreements related to such master lease, collectively, the “Ardent Lease”). The existing term of the Ardent Lease expires August 31, 2035 and Ardent has the option to renew such term for one, 10-year extension at contractual escalated rent. The Ardent Lease is guaranteed by the Ardent parent company. In July 2024, Ardent Health Partners, Inc., the parent company of the tenants under, and guarantor of, the Ardent Lease, consummated an initial public offering (the “Ardent IPO”). See “Note 7 – Investments in Unconsolidated Entities.”
Senior Housing Operating Portfolio

As of June 30, 2024, Atria and Sunrise, collectively, provided comprehensive property management and accounting services with respect to 298 of our 582 consolidated senior housing communities, for which we pay annual management fees pursuant to long-term management agreements.

As of June 30, 2024, Atria managed a pool of 205 senior housing communities for Ventas. Ventas has the right to terminate the management contract for 57 of the communities on short notice.

As of June 30, 2024, Sunrise managed 93 senior housing communities for Ventas pursuant to multiple management agreements (collectively, the “Sunrise Management Agreements”). Our Sunrise Management Agreements have initial terms expiring between 2034 and 2040. Ventas has the ability to terminate some or all of the Sunrise Management Agreements under certain circumstances with or without the payment of a fee.

We rely on our managers’ personnel, expertise, technical resources and information systems, proprietary information, good faith and judgment to manage our senior housing operating portfolio efficiently and effectively. We also rely on our managers to set appropriate resident fees, provide accurate property-level financial results in a timely manner and otherwise operate our senior housing communities in compliance with the terms of our management agreements and all applicable laws and regulations.
v3.24.2.u1
ACQUISITIONS OF REAL ESTATE PROPERTY
 6 Months Ended
Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
ACQUISITIONS OF REAL ESTATE PROPERTY
NOTE 4—ACQUISITIONS OF REAL ESTATE PROPERTY

We acquire and invest in senior housing, outpatient medical buildings, research centers and other healthcare properties primarily to achieve an expected yield on our investment, to grow and diversify our portfolio and revenue base, and to reduce our dependence on any single tenant, operator or manager, geographic location, asset type, business model or revenue source. Each of our acquisitions disclosed below was accounted for as an asset acquisition.

2024 Acquisitions

During the six months ended June 30, 2024, we acquired 11 senior housing communities reported within our SHOP segment for an aggregate purchase price of $327.4 million.
v3.24.2.u1
DISPOSITIONS AND IMPAIRMENTS
 6 Months Ended
Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]  
DISPOSITIONS AND IMPAIRMENTS
NOTE 5—DISPOSITIONS AND IMPAIRMENTS

2024 Activity

During the six months ended June 30, 2024, we sold 15 senior housing communities, 10 outpatient medical buildings (one of which was vacant) and 23 triple-net leased properties for aggregate consideration of $234.1 million and recognized a gain on the sale of these assets of $50.0 million in our Consolidated Statements of Income.
Assets Held for Sale

The table below summarizes our real estate assets classified as held for sale including the amounts reported on our Consolidated Balance Sheets, which may include anticipated post-closing settlements of working capital for disposed properties (dollars in thousands):
As of June 30, 2024As of December 31, 2023
Number of Properties Held for SaleAssets Held for SaleLiabilities Related to Assets
Held for Sale 		Number of Properties Held for SaleAssets Held for Sale Liabilities Related to Assets
Held for Sale
SHOP3 $18,725 $3,515 13 $48,173 $6,419 
Outpatient medical and research portfolio (1)
— 24,536 1,473 3 5,431 2,643 
Triple-net leased properties— — — 1 2,885 181 
Total3 $43,261 $4,988 17 $56,489 $9,243 
______________________________
(1)The balances as of June 30, 2024 relate to a partial sale of a building, as such, no property count is allocated.

Real Estate Impairments

We recognized impairments of $44.9 million and $10.7 million for the three months ended June 30, 2024 and 2023, respectively, and $50.3 million and $19.2 million for the six months ended June 30, 2024 and 2023 respectively, which are recorded primarily as a component of depreciation and amortization in our Consolidated Statements of Income. The impairments recorded were primarily a result of a change in our intent to hold or a change in the expected future cash flows of the impaired assets.
v3.24.2.u1
LOANS RECEIVABLE AND INVESTMENTS
 6 Months Ended
Jun. 30, 2024
Loans Receivable And Investments [Abstract]  
LOANS RECEIVABLE AND INVESTMENTS
NOTE 6—LOANS RECEIVABLE AND INVESTMENTS

As of June 30, 2024 and December 31, 2023, we held $65.5 million and $54.1 million, respectively, of loans receivable and investments, net of allowance, relating to senior housing and healthcare operators or properties. The following is a summary of our loans receivable and investments, net, including amortized cost, fair value and unrealized gains or losses on available for sale investments, if applicable (dollars in thousands):    
Amortized CostAllowanceCarrying AmountFair Value
As of June 30, 2024:
Secured/mortgage loans and other, net (1)
$36,195 $— $36,195 $36,248 
Non-mortgage loans receivable, net (2)
33,213 (3,866)29,347 28,314 
Total loans receivable and investments, net$69,408 $(3,866)$65,542 $64,562 
As of December 31, 2023:
Secured/mortgage loans and other, net (1)
$27,986 $— $27,986 $27,947 
Non-mortgage loans receivable, net (2)
30,128 (3,976)26,152 25,200 
Total loans receivable and investments, net$58,114 $(3,976)$54,138 $53,147 
______________________________
(1)Investments have contractual maturities ranging from 2024 to 2027.
(2)Included in other assets on our Consolidated Balance Sheets.
v3.24.2.u1
INVESTMENTS IN UNCONSOLIDATED ENTITIES
 6 Months Ended
Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENTS IN UNCONSOLIDATED ENTITIES
NOTE 7—INVESTMENTS IN UNCONSOLIDATED ENTITIES

We report investments in unconsolidated entities over whose operating and financial policies we have the ability to exercise significant influence under the equity method of accounting. We are not required to consolidate these entities because our joint venture partners have significant participating rights, nor are these entities considered VIEs, as they are controlled by equity holders with sufficient capital. Our investments in unconsolidated entities include investments in both real estate entities and operating entities as described further below.

Investments in Unconsolidated Real Estate Entities

Below is a summary of our investments in unconsolidated real estate entities, including through VIM, as of June 30, 2024 and December 31, 2023, respectively (dollars in thousands):
Ownership as of (1)
Carrying Amount as of
June 30, 2024December 31, 2023June 30, 2024December 31, 2023
Investments in unconsolidated real estate entities:
Ventas Life Science & Healthcare Real Estate Fund20.1%20.1%$262,374 $264,442 
Pension Fund Joint Venture25.0%25.0%19,125 22,169 
Research & Innovation Development Joint Venture53.0%53.0%290,619 275,829 
Ventas Investment Management platform
572,118 562,440 
Atrium Health & Wake Forest Joint Venture48.5%48.5%36,112 35,137 
All other (2)
34.0%-37.5%
34.0%-37.5%
614 629 
Total investments in unconsolidated real estate entities$608,844 $598,206 
______________________________
(1)    The entities in which we have an ownership interest may have less than a 100% interest in the underlying real estate. The ownership percentages in the table reflect our interest in the entities. Joint venture members, including us in some instances, have equity participation rights based on the underlying performance of the investments, which could result in non pro rata distributions.
(2)     Includes investments in parking structures and other de minimis investments in unconsolidated real estate entities.

We provide various services to our unconsolidated real estate entities in exchange for fees and reimbursements. Total management fees earned in connection with these services were $3.9 million and $3.6 million for the three months ended June 30, 2024 and 2023, respectively, and $7.7 million and $7.2 million for the six months ended June 30, 2024 and 2023, respectively. Such amounts, along with any promote revenue, are included in third party capital management revenues in our Consolidated Statements of Income.

Investments in Unconsolidated Operating Entities

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

As of June 30, 2024, we held a 34% ownership interest in Atria, which entitles us to customary minority rights and protections, including the right to appoint two members to the Atria Board of Directors.

As of June 30, 2024, we held a 7.5% ownership interest in Ardent, which entitled us to customary minority rights and protections, including the right to appoint one member to the Ardent Board of Directors. Following Ardent’s initial public offering, which was consummated in July 2024 (the “Ardent IPO”), we held an approximately 6.5% ownership interest in Ardent. In connection with the Ardent IPO, we entered into a nomination agreement with Ardent, which provides us the right (but not the obligation) to nominate one member of the Ardent Board of Directors for so long as we beneficially own 4% or more of the total voting power of Ardent.
v3.24.2.u1
INTANGIBLES
 6 Months Ended
Jun. 30, 2024
Intangible Assets, Intangible Liabilities, And Goodwill Disclosure [Abstract]  
INTANGIBLES
NOTE 8—INTANGIBLES

The following is a summary of our intangibles (dollars in thousands):
 As of June 30, 2024As of December 31, 2023
 BalanceWeighted Average
Remaining Amortization
Period in Years		BalanceWeighted Average
Remaining Amortization
Period in Years
Intangible assets:    
Above-market lease intangibles (1)
$128,773 4.5$130,371 4.8
In-place and other lease intangibles (2)
1,325,700 9.31,317,775 8.3
Goodwill1,045,071 N/A1,045,176 N/A
Other intangibles (2)
34,389 4.334,440 4.8
Accumulated amortization(1,253,521)N/A(1,189,817)N/A
Net intangible assets$1,280,412 8.8$1,337,945 8.0
Intangible liabilities:   
Below-market lease intangibles (1)
$306,094 7.8$306,499 8.1
Other lease intangibles13,498 N/A13,498 N/A
Accumulated amortization(246,908)N/A(241,600)N/A
Purchase option intangibles3,568 N/A3,568 N/A
Net intangible liabilities$76,252 7.8$81,965 8.1
______________________________
(1)     Amortization of above- and below-market lease intangibles is recorded as a decrease and an increase to revenues, respectively, in our Consolidated Statements of Income.
(2)     Amortization of lease intangibles is recorded in depreciation and amortization in our Consolidated Statements of Income.
N/A—Not Applicable

Above-market lease intangibles and in-place and other lease intangibles are included in acquired lease intangibles within real estate investments on our Consolidated Balance Sheets. Other intangibles (including non-compete agreements, trade names and trademarks) are included in other assets on our Consolidated Balance Sheets. Below-market lease intangibles, other lease intangibles and purchase option intangibles are included in accounts payable and other liabilities on our Consolidated Balance Sheets.
v3.24.2.u1
OTHER ASSETS
 6 Months Ended
Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
OTHER ASSETS
NOTE 9—OTHER ASSETS

The following is a summary of our other assets (dollars in thousands):
As of June 30, 2024As of December 31, 2023
Straight-line rent receivables$198,668 $194,108 
Deferred lease costs, net
130,862 118,556 
Investment in unconsolidated operating entities77,880 80,312 
Stock warrants61,100 59,281 
Non-mortgage loans receivable, net29,347 26,152 
Other intangibles, net5,153 5,584 
Other199,976 199,417 
Total other assets$702,986 $683,410 

Stock warrants represent warrants exercisable at any time prior to December 31, 2025, in whole or in part, for 14.6 million shares of Brookdale Senior Living, Inc. common stock at an exercise price of $3.00 per share. See Note 3 – Concentration of Credit Risk. The remaining warrants are measured at fair value with changes in fair value being recognized within Other Expense in our Consolidated Statements of Income.
v3.24.2.u1
SENIOR NOTES PAYABLE AND OTHER DEBT
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
SENIOR NOTES PAYABLE AND OTHER DEBT
NOTE 10—SENIOR NOTES PAYABLE AND OTHER DEBT

The following is a summary of our senior notes payable and other debt (dollars in thousands):
As of June 30, 2024As of December 31, 2023
Unsecured revolving credit facility (1)(2)
$3,161 $14,006 
Commercial paper notes— — 
3.50% Senior Notes due 2024
— 400,000 
3.75% Senior Notes due 2024
— 400,000 
4.125% Senior Notes, Series B due 2024 (2)
119,362 123,256 
2.80% Senior Notes, Series E due 2024 (2)
— 55,143 
Unsecured term loan due 2025 (2)
— 377,501 
3.50% Senior Notes due 2025
600,000 600,000 
2.65% Senior Notes due 2025
450,000 450,000 
4.125% Senior Notes due 2026
500,000 500,000 
3.25% Senior Notes due 2026
450,000 450,000 
3.75% Exchangeable Senior Notes due 2026
862,500 862,500 
Unsecured term loan due February 2027
200,000 200,000 
Unsecured term loan due June 2027
500,000 500,000 
2.45% Senior Notes, Series G due 2027 (2)
347,298 358,626 
3.85% Senior Notes due 2027
400,000 400,000 
4.00% Senior Notes due 2028
650,000 650,000 
5.398% Senior Notes, Series I due 2028 (2)
438,693 453,001 
4.40% Senior Notes due 2029
750,000 750,000 
5.10% Senior Notes, Series J due 2029 (2)
475,250 — 
3.00% Senior Notes due 2030
650,000 650,000 
4.75% Senior Notes due 2030
500,000 500,000 
2.50% Senior Notes due 2031
500,000 500,000 
3.30% Senior Notes, Series H due 2031 (2)
219,346 226,501 
5.625% Senior Note due 2034
500,000 — 
6.90% Senior Notes due 2037 (3)
52,400 52,400 
6.59% Senior Notes due 2038 (3)
21,413 21,413 
5.70% Senior Notes due 2043
300,000 300,000 
4.375% Senior Notes due 2045
300,000 300,000 
4.875% Senior Notes due 2049
300,000 300,000 
Mortgage loans and other3,186,118 3,174,251 
Total13,275,541 13,568,598 
Deferred financing costs, net(99,445)(84,034)
Unamortized fair value adjustment(15,516)17,081 
Unamortized discounts14,497 (10,749)
Senior notes payable and other debt$13,175,077 $13,490,896 
______________________________
(1)As of June 30, 2024 and December 31, 2023, respectively, no aggregate borrowings were denominated in Canadian dollars. Aggregate borrowings of $3.2 million and $14.0 million were denominated in British pounds as of June 30, 2024 and December 31, 2023, respectively.
(2)British Pound and Canadian Dollar debt obligations shown in US Dollars.
(3)Our 6.90% Senior Notes due 2037 are subject to repurchase at the option of the holders, at par, on October 1, 2027, and our 6.59% Senior Notes due 2038 are subject to repurchase at the option of the holders, at par, on July 7, 2028.
Credit Facilities, Commercial Paper, Unsecured Term Loans and Letters of Credit

As of June 30, 2024, we have a $2.75 billion unsecured revolving credit facility priced at SOFR plus 0.10% applied in connection with the transition from LIBOR to SOFR (“Adjusted SOFR”) plus 0.775% which is subject to adjustment based on the Company’s debt ratings. Our unsecured revolving credit facility matures in April 2028, and may be extended at our option, subject to the satisfaction of certain conditions, for two additional periods of six months each. The revolving credit facility also includes an accordion feature that permits us to increase our aggregate borrowing capacity thereunder to up to $3.75 billion, subject to the satisfaction of certain conditions, including the receipt of additional commitments for such increase.

Our unsecured revolving credit facility imposes certain customary restrictions on us, including restrictions pertaining to: (i) liens; (ii) investments; (iii) the incurrence of additional indebtedness; (iv) mergers and dissolutions; (v) certain dividend, distribution and other payments; (vi) permitted businesses; (vii) transactions with affiliates; and (viii) the maintenance of certain consolidated total leverage, secured debt leverage, unsecured debt leverage and fixed charge coverage ratios and minimum consolidated adjusted net worth, and contains customary events of default.

As of June 30, 2024, we had $2.7 billion of undrawn capacity under our unsecured revolving credit facility with $3.2 million outstanding and an additional $0.8 million restricted to support outstanding letters of credit. We use our unsecured revolving credit facility to support our commercial paper program and for general corporate purposes.

Our wholly-owned subsidiary, Ventas Realty, Limited Partnership (“Ventas Realty”), may issue from time to time unsecured commercial paper notes up to a maximum aggregate amount outstanding at any time of $1.0 billion. The notes are sold under customary terms in the U.S. commercial paper note market and are ranked pari passu with all of Ventas Realty’s other unsecured senior indebtedness. The notes are fully and unconditionally guaranteed by Ventas, Inc. As of June 30, 2024, we had no borrowings outstanding under our commercial paper program.

Ventas Realty has a $500.0 million unsecured term loan priced at Adjusted SOFR plus 0.85%, which is subject to adjustment based on Ventas Realty’s debt ratings. This term loan is fully and unconditionally guaranteed by Ventas, Inc. It matures in June 2027 and includes an accordion feature that permits Ventas Realty to increase the aggregate borrowings thereunder to up to $1.25 billion, subject to the satisfaction of certain conditions, including the receipt of additional commitments for such increase.

Ventas Realty has a $200.0 million unsecured term loan priced at Adjusted SOFR plus 0.85%, which is subject to adjustment based on Ventas Realty’s debt ratings. This term loan is fully and unconditionally guaranteed by Ventas, Inc. It matures in February 2027 and includes an accordion feature that permits Ventas Realty to increase the aggregate borrowings thereunder to up to $500.0 million, subject to the satisfaction of certain conditions, including the receipt of additional commitments for such increase.

During the six months ended June 30, 2024, we repaid and extinguished a C$500.0 million or $367.9 million unsecured term loan facility priced at Canadian Dollar Offered Rate (“CDOR”) plus 0.90% that would otherwise have matured in January 2025. We also repaid C$73.0 million or $53.4 million aggregate principal amount of 2.80% Senior Notes, Series E due 2024 at maturity.

As of June 30, 2024, our $100.0 million uncommitted line for standby letters of credit had an outstanding balance of $14.7 million. The agreement governing the line contains certain customary covenants and, under its terms, we are required to pay a commission on each outstanding letter of credit at a fixed rate.

Exchangeable Senior Notes

In June 2023, Ventas Realty issued $862.5 million aggregate principal amount of its 3.75% Exchangeable Senior Notes due 2026 (the “Exchangeable Notes”) in a private placement. The Exchangeable Notes are senior, unsecured obligations of Ventas Realty and are fully and unconditionally guaranteed on an unsecured and unsubordinated basis by Ventas, Inc. The Exchangeable Notes bear interest at a rate of 3.75% per year, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2023. The Exchangeable Notes mature on June 1, 2026, unless earlier exchanged, redeemed or repurchased. As of June 30, 2024, we had $862.5 million aggregate principal amount of the Exchangeable Notes outstanding. During the three and six months ended June 30, 2024, we recognized approximately $8.1 million and $16.2 million respectively, of contractual interest expense and amortization of issuance costs of $1.7 million and $3.4 million, respectively,
related to the Exchangeable Notes. Unamortized issuance costs of $13.7 million as of June 30, 2024 were recorded as an offset to senior notes payable and other debt on our Consolidated Balance Sheet.

The Exchangeable Notes are exchangeable at an initial exchange rate of 18.2460 shares of our common stock per $1,000 principal amount of Exchangeable Notes (equivalent to an initial exchange price of approximately $54.81 per share of common stock). The initial exchange rate is subject to adjustment, including in the event of the payment of a quarterly dividend in excess of $0.45 per share, but will not be adjusted for any accrued and unpaid interest. Upon exchange of the Exchangeable Notes, Ventas Realty will pay cash up to the aggregate principal amount of the Exchangeable Notes to be exchanged and pay or deliver (or cause to be delivered), as the case may be, cash, shares of common stock or a combination of cash and shares of common stock, at Ventas Realty’s election, in respect of the remainder, if any, of its exchange obligation in excess of the aggregate principal amount of the Exchangeable Notes being exchanged. Prior to the close of business on the business day immediately preceding March 1, 2026, the Exchangeable Notes will be exchangeable at the option of the noteholders only upon the satisfaction of specified conditions and during certain periods described in the indenture governing the Exchangeable Notes. On or after March 1, 2026, until the close of business on the business day immediately preceding the maturity date, the Exchangeable Notes will be exchangeable at the option of the noteholders at any time regardless of these conditions or periods.

We have evaluated and concluded that the exchange options embedded in our exchangeable senior notes are eligible for the entity’s own equity scope exception from ASC 815 and therefore, do not need to be bifurcated. Accordingly, we record our exchangeable senior notes as liabilities (included in senior notes payable and other debt on our Consolidated Balance Sheets).

Senior Notes

In February 2024, Ventas Canada Finance Limited (“Ventas Canada”) issued and sold $475.3 million (C$650.0 million) aggregate principal amount of 5.10% Senior Notes, Series J due 2029 in a private placement. The proceeds were primarily used to repay a $367.9 million (C$500.0 million) unsecured term loan facility due 2025.

In April and May 2024, we repaid $800.0 million senior notes consisting of $400.0 million aggregate principal amount of 3.50% Senior Notes due 2024 and $400.0 million aggregate principal amount of 3.75% Senior Notes due 2024 at maturity primarily with cash on hand and through our commercial paper program.

In April 2024, we repaid $53.4 million (C$73.0 million) aggregate principal amount of 2.80% Senior Notes, Series E due 2024 at maturity with cash on hand.

In May 2024, Ventas Realty issued and sold $500.0 million aggregate principal amount of 5.625% Senior Notes due 2034 in a registered public offering. The proceeds were primarily used to repay balances outstanding under our commercial paper program.

Mortgages

In February 2024, we entered into a C$52.8 million fixed rate mortgage loan, which accrues interest at 4.644%, matures in 2029 and is secured by one senior housing community in Canada.

In April 2024, we entered into an aggregate C$103.0 million fixed rate mortgage loans, which accrue interest at a blended rate of 4.90%, mature in 2029 and are secured by two senior housing communities in Canada.

In May 2024, we entered into a $52.3 million fixed rate mortgage loan, which accrues interest at 6.02%, matures in 2034 and is secured by one outpatient medical building in California.
Scheduled Maturities of Borrowing Arrangements and Other Provisions

As of June 30, 2024, our indebtedness had the following maturities (dollars in thousands):
Principal Amount
Due at Maturity
Unsecured Revolving Credit Facility and Commercial Paper Notes
Scheduled Periodic
Amortization		Total Maturities
2024$190,188 $— $27,231 $217,419 
20251,811,753 — 48,623 1,860,376 
20261,930,699 — 42,769 1,973,468 
20271,562,551 — 42,947 1,605,498 
20281,481,389 3,161 35,986 1,520,536 
Thereafter5,968,500 — 129,744 6,098,244 
Total maturities$12,945,080 $3,161 $327,300 $13,275,541 

Derivatives and Hedging

In the normal course of our business, interest rate fluctuations affect future cash flows under our variable rate debt obligations, loans receivable and marketable debt securities, and foreign currency exchange rate fluctuations affect our operating results. We follow established risk management policies and procedures, including the use of derivative instruments, to mitigate the impact of these risks.

We do not use derivative instruments for trading or speculative purposes, and we have a policy of entering into contracts only with major financial institutions based upon their credit ratings and other factors. When considered together with the underlying exposure that the derivative is designed to hedge, we do not expect that the use of derivatives in this manner would have any material adverse effect on our future financial condition or results of operations.

Periodically, we enter into and designate interest rate locks to partially hedge the risk of changes in interest payments attributable to increases in the benchmark interest rate during the period leading up to the probable issuance of fixed-rate debt. We designate our interest rate locks as cash flow hedges. Gains and losses when we settle our interest rate locks are amortized into earnings over the life of the related debt, except where a material amount is deemed to be ineffective, which would be immediately recognized in the Consolidated Statements of Income.

As of June 30, 2024, our variable rate debt obligations of $0.7 billion reflect, in part, the effect of $142.3 million notional amount of interest rate swaps with maturities in March 2027, that effectively convert fixed rate debt to variable rate debt.

As of June 30, 2024, our fixed rate debt obligations of $12.5 billion reflect, in part, the effect of $526.9 million and C$643.8 million notional amount of interest rate swaps with maturities ranging from February 2025 to April 2031, in each case, that effectively convert variable rate debt to fixed rate debt.

2024 Activity

In June through August 2024, we entered into an aggregate $200.0 million treasury locks to hedge interest rate risk on future debt issuances. The treasury locks expire in June and July 2025 and fix the 10-year U.S. treasury at 4.1%.
v3.24.2.u1
FAIR VALUES MEASUREMENTS
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUES MEASUREMENTS
NOTE 11—FAIR VALUES OF FINANCIAL INSTRUMENTS

Overview

Accounting guidance on fair value measurements for certain financial assets and liabilities requires that financial assets and liabilities carried at fair value be classified and disclosed in one of the following categories:

•Level 1: Fair value calculated based on unadjusted quoted prices for identical assets or liabilities in active markets that we have the ability to access.
•Level 2: Fair value calculated using inputs other than quoted prices included in level one that are directly or indirectly observable for the asset or liability. Level two inputs may include quoted prices for similar assets and liabilities in active markets and other inputs for the asset or liability that are observable at commonly quoted intervals, such as interest rates, foreign exchange rates and yield curves.
•Level 3: Fair value calculated using unobservable inputs for the asset or liability, which typically are based on our own assumptions, because there is little, if any, related market activity.

The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented are not necessarily indicative of the amounts we would realize in a current market exchange or transaction.

Financial Instruments Measured at Fair Value

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

Other Items Measured at Fair Value on a Nonrecurring Basis

Real estate recorded as held for sale and any associated real estate impairment recorded due to the shortening of the expected hold period due to our change in intent to hold the asset (see “Note 5 – Dispositions and Impairments”) are measured at fair value on a nonrecurring basis. We estimate the fair value of assets held for sale and any associated impairment charges based primarily on current sales price expectations, which reside within Level 2 of the fair value hierarchy.

Real estate impairment charges recorded due to our evaluation of recoverability when events or changes in circumstances indicate the carrying amount may not be recoverable are based on company-specific inputs and our assumptions about the marketability of the properties as observable inputs are not available. As such, we have determined that these fair value measurements generally reside within Level 3 of the fair value hierarchy. We estimate the fair value of real estate deemed to not be recoverable using the cost or income approach and unobservable data such as net operating income and estimated capitalization and discount rates, and giving consideration to local and national industry market data including comparable sales.
v3.24.2.u1
COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
NOTE 12—COMMITMENTS AND CONTINGENCIES

From time to time, we are party to various lawsuits, investigations, claims and other legal and regulatory proceedings arising in connection with our business. In certain circumstances, regardless of whether we are a named party in a lawsuit, investigation, claim or other legal or regulatory proceeding, we may be contractually obligated to indemnify, defend and hold harmless our tenants, operators, managers or other third parties against, or may otherwise be responsible for, such actions, proceedings or claims. These claims may include, among other things, professional liability and general liability claims, commercial liability claims, unfair business practices claims and employment claims, as well as regulatory proceedings and government investigations, including proceedings related to our senior housing operating portfolio, where we are typically the holder of the applicable healthcare license. These claims may not be fully insured and some may allege large damage amounts.

It is the opinion of management, that the disposition of any such lawsuits, investigations, claims and other legal and regulatory proceedings that are currently pending will not, individually or in the aggregate, have a material adverse effect on us. However, regardless of the merits of a particular action, investigation or claim, we may be forced to expend significant financial resources to defend and resolve these matters. We are unable to predict the ultimate outcome of these lawsuits, investigations, claims and other legal and regulatory proceedings, and if management’s assessment of our liability with respect thereto is incorrect, such actions, investigations and claims could have a material adverse effect on us.

From time to time, on behalf of ourselves or on behalf of our unconsolidated entities, we have agreed, and may in the future agree, to provide guarantees, indemnities or other similar contingent obligations to third parties. Such agreements may include, without limitation: (1) guarantees of all or a portion of the principal, interest and other amounts due under mortgage debt or other borrowings, (2) customary nonrecourse carve-out guarantees provided in connection with mortgage or other borrowings, (3) customary indemnifications of lenders for potential environmental liabilities, (4) completion guarantees provided to lenders, tenants, ground lessors or other third parties for the completion of development and redevelopment projects, (5) guarantees of payment of contingent tax obligations to tax credit investors who have purchased historic, new market and other tax credits from us or our unconsolidated entities, (6) guarantees of ground rent and other payment of ground rent and other obligations to ground lessors and (7) indemnities and other guarantees required in connection with the procurement of performance and surety bonds and standby letters of credit.

As of June 30, 2024, it is the opinion of management that (i) our liability under these arrangements is not quantifiable and (ii) the risk of us being required to make payments under these arrangements is remote, in each case, individually and in the aggregate. Accordingly, no contingent liability is recorded in our Consolidated Balance Sheet for any of these arrangements.
v3.24.2.u1
INCOME TAXES
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES
NOTE 13—INCOME TAXES

We have elected to be taxed as a REIT under the applicable provisions of the Internal Revenue Code of 1986, as amended, for every year beginning with the year ended December 31, 1999. We have also elected for certain of our subsidiaries to be treated as taxable REIT subsidiaries (“TRS” or “TRS entities”), which are subject to federal, state and foreign income taxes. All entities other than the TRS entities are collectively referred to as the “REIT” within this note. Certain REIT entities are subject to foreign income tax.

Although the TRS entities and certain other foreign entities have paid minimal federal, state and foreign income taxes for the six months ended June 30, 2024, their income tax liabilities may increase in future periods as we exhaust net operating loss (“NOL”) carryforwards and as our operations grow. Such increases could be significant.

Our consolidated provision for income taxes for the three months ended June 30, 2024 and 2023 was an expense of $7.8 million and a benefit of $9.8 million, respectively. Our consolidated provision for income taxes for the six months ended June 30, 2024 and 2023 was an expense of $4.8 million and a benefit of $12.6 million, respectively. The income tax expense for the three and six months ended June 30, 2024 is primarily due to the enactment of Bill C-59 in Canada, which limits the amount of interest expense we can deduct with respect to our Canadian entities. Bill C-59 is retrospectively applied to October 1, 2023 and the cumulative effect tax of such interest limitation was recognized in the current quarter. The impact of the interest limitation was partially offset by reversal of valuation allowances recorded against the net deferred tax assets of certain of our TRS entities and losses in certain of our TRS entities. The income tax benefit for the three and six months ended June 30, 2023 was primarily due to losses in certain of our TRS entities as well as an $8.0 million benefit from internal restructurings of our U.S. TRS entities.
Each TRS is a tax paying component for purposes of classifying deferred tax assets and liabilities. Deferred tax liabilities with respect to our TRS entities totaled $32.7 million and $24.5 million as of June 30, 2024 and December 31, 2023, respectively, and related primarily to differences between the financial reporting and tax bases of fixed and intangible assets, net of loss carryforwards. Deferred tax assets with respect to our TRS entities totaled $1.7 million and $1.8 million as of June 30, 2024 and December 31, 2023, respectively, and related primarily to loss carryforwards.
    
Generally, we are subject to audit under the statute of limitations by the Internal Revenue Service for the year ended December 31, 2020 and subsequent years and are subject to audit by state taxing authorities for the year ended December 31, 2019 and subsequent years. We are subject to audit generally under the statutes of limitation by the Canada Revenue Agency and provincial authorities with respect to the Canadian entities for the year ended December 31, 2019 and subsequent years. We are subject to audit in the United Kingdom generally for periods ended in and subsequent to 2022.
v3.24.2.u1
STOCKHOLDERS' EQUITY
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
STOCKHOLDERS' EQUITY
NOTE 14—STOCKHOLDERS' EQUITY

Capital Stock

We participate in an “at-the-market” equity offering program (“ATM program”), pursuant to which we may, from time to time, sell up to $1.0 billion aggregate gross sales price of shares of our common stock. During the six months ended June 30, 2024, we sold 10.4 million shares of our common stock under our ATM program for gross proceeds of $499.4 million, representing an average price of $47.87 per share. As of June 30, 2024, the remaining amount available under our ATM program for future sales of common stock was $500.6 million.

Accumulated Other Comprehensive Loss

The following is a summary of our accumulated other comprehensive loss (dollars in thousands):
As of June 30, 2024As of December 31, 2023
Foreign currency translation loss$(46,289)$(56,596)
Unrealized loss on available for sale securities(1,978)(1,256)
Unrealized gain on derivative instruments30,858 22,095 
Total accumulated other comprehensive loss$(17,409)$(35,757)
v3.24.2.u1
EARNINGS PER SHARE
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
NOTE 15—EARNINGS PER SHARE

The following table shows the amounts used in computing our basic and diluted earnings per share (in thousands, except per share amounts):
 For the Three Months Ended June 30,For the Six Months Ended June 30,
 2024202320242023
Numerator for basic and diluted earnings per share:  
Income from continuing operations$21,168 $105,066 $8,628 $123,978 
Net income21,168 105,066 8,628 123,978 
Net income attributable to noncontrolling interests1,781 1,613 3,553 3,008 
Net income attributable to common stockholders$19,387 $103,453 $5,075 $120,970 
Denominator:  
Denominator for basic earnings per share—weighted average shares408,097 400,431 405,747 400,211 
Effect of dilutive securities:  
Restricted stock awards308 220 293 268 
OP unitholder interests3,418 3,471 3,432 3,478 
Denominator for diluted earnings per share—adjusted weighted average shares411,823 404,122 409,472 403,957 
Basic earnings per share:  
Income from continuing operations$0.05 $0.26 $0.02 $0.31 
Net income attributable to common stockholders0.05 0.26 0.01 0.30 
Diluted earnings per share: (1)
    
Income from continuing operations$0.05 $0.26 $0.02 $0.31 
Net income attributable to common stockholders0.05 0.26 0.01 0.30 
______________________________
(1)     Potential common shares are not included in the computation of diluted earnings per share when a loss from continuing operations exists as the effect would be an antidilutive per share amount.

The dilutive effect of our Exchangeable Notes is calculated using the if-converted method in accordance with ASU 2020-06. We are required, pursuant to the indenture governing the Exchangeable Notes, to settle the aggregate principal amount of the Exchangeable Notes in cash and may elect to settle any remaining exchange obligation (i.e., the stock price in excess of the exchange obligation) in cash, shares of our common stock, or a combination thereof. Under the if-converted method, we include the number of shares required to satisfy the exchange obligation, assuming all the Exchangeable Notes are exchanged. The average closing price of our common stock for the three and six months ended June 30, 2024 is used as the basis for determining the dilutive effect on earnings per share. The average price of our common stock for each of the three and six months ended June 30, 2024 was less than the initial exchange price of $54.81 and, therefore, all associated shares were antidilutive.
v3.24.2.u1
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION
NOTE 16—SEGMENT INFORMATION

As of June 30, 2024, we operated through three reportable business segments: SHOP, outpatient medical and research portfolio and triple-net leased properties. In our SHOP segment, we invest in senior housing communities throughout the United States and Canada and engage operators to operate those communities. In our outpatient medical and research portfolio segment, we primarily acquire, own, develop, lease and manage outpatient medical buildings and research centers throughout the United States. In our triple-net leased properties segment, we invest in and own senior housing communities, skilled nursing facilities (“SNFs”), long-term acute care facilities (“LTACs”), freestanding inpatient rehabilitation facilities (“IRFs”) and other healthcare facilities throughout the United States and the United Kingdom and lease those properties to tenants under triple-net or absolute-net leases that obligate the tenants to pay all property-related expenses, including maintenance, utilities, repairs, taxes, insurance and capital expenditures. Information provided for “non-segment” includes management fees and promote revenues, net of expenses related to our third-party institutional capital management business, income from loans and investments and various corporate-level expenses not directly attributable to any of our three reportable business segments. Non-segment assets consist primarily of corporate assets, including cash, restricted cash, loans receivable and investments and miscellaneous accounts receivable as well as investments in unconsolidated entities including VIM.

Our chief operating decision maker evaluates performance of the combined properties in each reportable business segment and determines how to allocate resources to those segments, in significant part, based on NOI and related measures for each segment. We define NOI as total revenues, less interest and other income, property-level operating expenses and third party capital management expenses. We consider NOI useful because it allows investors, analysts and our management to measure unlevered property-level operating results and to compare our operating results to the operating results of other real estate companies between periods on a consistent basis. In order to facilitate a clear understanding of our historical consolidated operating results, NOI should be examined in conjunction with net income attributable to common stockholders as presented in our Consolidated Financial Statements and other financial data included elsewhere in this Quarterly Report on Form 10-Q. See “Non-GAAP Financial Measures” included elsewhere in this Quarterly Report on Form 10-Q for additional disclosure and reconciliations of net income attributable to common stockholders, as computed in accordance with GAAP, to NOI.

Interest expense, depreciation and amortization, general, administrative and professional fees, income tax expense and other non-property-specific revenues and expenses are not allocated to individual reportable business segments for purposes of assessing segment performance. There are no intersegment sales or transfers.
Summary information by reportable business segment is as follows (dollars in thousands):
For the Three Months Ended June 30, 2024
SHOPOutpatient Medical and Research PortfolioTriple-Net
Leased
Properties		Non-SegmentTotal
Revenues     
Rental income$— $218,853 $153,934 $— $372,787 
Resident fees and services817,600 — — — 817,600 
Third party capital management revenues— 706 — 3,626 4,332 
Income from loans and investments— — — 1,436 1,436 
Interest and other income— — — 4,825 4,825 
Total revenues$817,600 $219,559 $153,934 $9,887 $1,200,980 
Total revenues$817,600 $219,559 $153,934 $9,887 $1,200,980 
Less:     
Interest and other income— — — 4,825 4,825 
Property-level operating expenses603,359 73,286 3,506 — 680,151 
Third party capital management expenses— — — 1,6501,650 
NOI$214,241 $146,273 $150,428 $3,412 514,354 
Interest and other income    4,825 
Interest expense    (149,259)
Depreciation and amortization    (339,848)
General, administrative and professional fees    (37,727)
Loss on extinguishment of debt, net(420)
Transaction, transition and restructuring costs    (2,886)
Allowance on loans receivable and investments, net42 
Shareholder relations matters(37)
Other expense    (8,128)
Loss from unconsolidated entities(1,652)
Gain on real estate dispositions49,670 
Income tax expense    (7,766)
Income from continuing operations    21,168 
Net income21,168 
Net income attributable to noncontrolling interests1,781 
Net income attributable to common stockholders$19,387 
For the Three Months Ended June 30, 2023
SHOPOutpatient Medical and Research PortfolioTriple-Net
Leased
Properties		Non-SegmentTotal
Revenues     
Rental income$— $215,807 $154,355 $— $370,162 
Resident fees and services724,614 — — — 724,614 
Third party capital management revenues— 559 — 3,437 3,996 
Income from loans and investments— — — 6,554 6,554 
Interest and other income— — — 1,032 1,032 
Total revenues$724,614 $216,366 $154,355 $11,023 $1,106,358 
Total revenues$724,614 $216,366 $154,355 $11,023 $1,106,358 
Less:     
Interest and other income— — — 1,032 1,032 
Property-level operating expenses547,110 72,171 3,537 — 622,818 
Third party capital management expenses— — — 1,436 1,436 
NOI$177,504 $144,195 $150,818 $8,555 481,072 
Interest and other income    1,032 
Interest expense    (143,265)
Depreciation and amortization    (304,689)
General, administrative and professional fees    (34,399)
Gain on extinguishment of debt, net6,801 
Transaction, transition and restructuring costs    (3,069)
Allowance on loans receivable and investments, net12,065 
Gain on foreclosure of real estate29,127 
Other income    17,959 
Income from unconsolidated entities31,254 
Gain on real estate dispositions1,405 
Income tax benefit    9,773 
Income from continuing operations    105,066 
Net income105,066 
Net income attributable to noncontrolling interests1,613 
Net income attributable to common stockholders$103,453 
For the Six Months Ended June 30, 2024
SHOPOutpatient Medical and Research PortfolioTriple-Net
Leased
Properties		Non-SegmentTotal
Revenues     
Rental income$— $437,730 $309,302 $— $747,032 
Resident fees and services1,630,904 — — — 1,630,904 
Third party capital management revenues— 1,336 — 7,292 8,628 
Income from loans and investments— — — 2,725 2,725 
Interest and other income— — — 11,605 11,605 
Total revenues$1,630,904 $439,066 $309,302 $21,622 $2,400,894 
Total revenues$1,630,904 $439,066 $309,302 $21,622 $2,400,894 
Less:     
Interest and other income— — — 11,605 11,605 
Property-level operating expenses1,213,180 147,224 7,244 — 1,367,648 
Third party capital management expenses— — — 3,403 3,403 
NOI$417,724 $291,842 $302,058 $6,614 1,018,238 
Interest and other income    11,605 
Interest expense    (299,192)
Depreciation and amortization    (640,103)
General, administrative and professional fees    (86,464)
Loss on extinguishment of debt, net(672)
Transaction, transition and restructuring costs    (7,563)
Allowance on loans receivable and investments, net110 
Shareholder relations matters(15,751)
Other expense    (6,794)
Loss from unconsolidated entities(10,035)
Gain on real estate dispositions50,011 
Income tax expense    (4,762)
Income from continuing operations8,628 
Net income8,628 
Net income attributable to noncontrolling interests3,553 
Net income attributable to common stockholders    $5,075 
For the Six Months Ended June 30, 2023
SHOPOutpatient Medical and Research PortfolioTriple-Net
Leased
Properties		Non-SegmentTotal
Revenues     
Rental income$— $418,811 $304,094 $— $722,905 
Resident fees and services1,429,607 — — — 1,429,607 
Third party capital management revenues— 1,187 — 6,986 8,173 
Income from loans and investments— — — 20,143 20,143 
Interest and other income— — — 2,775 2,775 
Total revenues$1,429,607 $419,998 $304,094 $29,904 $2,183,603 
Total revenues$1,429,607 $419,998 $304,094 $29,904 $2,183,603 
Less:     
Interest and other income— — — 2,775 2,775 
Property-level operating expenses1,084,332 139,084 7,333 — 1,230,749 
Third party capital management expenses— — — 3,142 3,142 
NOI$345,275 $280,914 $296,761 $23,987 946,937 
Interest and other income    2,775 
Interest expense    (271,340)
Depreciation and amortization    (586,808)
General, administrative and professional fees    (79,197)
Gain on extinguishment of debt, net6,801 
Transaction, transition and restructuring costs    (4,455)
Allowance on loans receivable and investments, net20,129 
Gain on foreclosure of real estate29,127 
Other income    10,197 
Income from unconsolidated entities25,631 
Gain on real estate dispositions11,606 
Income tax benefit    12,575 
Income from continuing operations    123,978 
Net income123,978 
Net income attributable to noncontrolling interests3,008 
Net income attributable to common stockholders$120,970 
Assets by reportable business segment are as follows (dollars in thousands):

As of June 30, 2024As of December 31, 2023
Assets:
SHOP$12,944,144 52.8 %$12,864,029 52.0 %
Outpatient medical and research portfolio
6,893,756 28.1 6,943,446 28.1 
Triple-net leased properties3,902,304 15.9 4,120,691 16.7 
Non-segment790,025 3.2 797,267 3.2 
Total assets$24,530,229 100.0 %$24,725,433 100.0 %
v3.24.2.u1
ACCOUNTING POLICIES (Policies)
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Basis of Accounting
The accompanying Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information set forth in the Accounting Standards Codification (“ASC”), as published by the Financial Accounting Standards Board (“FASB”), and with the Securities and Exchange Commission (“SEC”) instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The accompanying Consolidated Financial Statements and related notes should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”). Certain prior period amounts have been reclassified to conform to the current period presentation.
Accounting Estimates
Accounting Estimates

The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions regarding future events that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Principles of Consolidation
Principles of Consolidation

The accompanying Consolidated Financial Statements include our accounts and the accounts of our wholly-owned subsidiaries and the joint venture entities over which we exercise control. All intercompany transactions and balances have been eliminated in consolidation, and our net earnings are reduced by the portion of net earnings attributable to noncontrolling interests.
GAAP requires us to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of variable interest entities (“VIEs”). Substantially all of the assets of the VIEs are real estate investments and substantially all of the liabilities of the VIEs are mortgage loans. Assets of the consolidated VIEs can only be used to settle obligations of such VIEs. Liabilities of the consolidated VIEs represent claims against the specific assets of the VIEs.
Recently Issued Accounting Standards
Recent Accounting Standards

In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires incremental disclosures related to a public entity’s reportable segments. Required disclosures include, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount for other segment items (which is the difference between segment revenue less segment expenses and less segment profit or loss) and a description of its composition, the title and position of the CODM, and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The standard also permits disclosure of more than one measure of segment profit. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We are evaluating the impact of adopting ASU 2023-07 and expect to have additional disclosures in our Form 10-K for the year ended December 31, 2024.
In December 2023, the FASB issued Accounting Standards Update 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public entities on an annual basis to (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). ASU 2023-09 is effective for fiscal years beginning after December 15, 2025. We are evaluating the impact of adopting ASU 2023-09 on our Consolidated Financial Statements.

In March 2024, the SEC adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate Related Disclosures for Investors, which requires registrants to disclose climate-related information in registration statements and annual reports. The new rules would be effective for annual reporting periods beginning in fiscal year 2025. However, in April 2024, the SEC exercised its discretion to stay these rules pending the completion of judicial review of certain consolidated petitions with the United States Court of Appeals for the Eighth Circuit in connection with these rules. We are evaluating the impact of this rule on our Consolidated Financial Statements.
v3.24.2.u1
DESCRIPTION OF BUSINESS (Tables)
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Reportable Business Segments And Non-Segment Assets
The following table summarizes information for our consolidated reportable business segments and non-segment assets for the six months ended June 30, 2024 (dollars in thousands):

Segment
Total NOI (1)
Percentage of Total NOI
Number of Consolidated Properties
Senior housing operating portfolio (SHOP)
$417,724 41.0 %582 
Outpatient medical and research portfolio (OM&R)
291,842 28.7 %428 
Triple-net leased properties302,058 29.7 %308 
Non-segment (2)
6,614 0.6 %— 
$1,018,238 100 %1,318 
______________________________
(1)    “NOI” is defined as total revenues, less interest and other income, property-level operating expenses and third party capital management expenses. See “Non-GAAP Financial Measures” included elsewhere in this Quarterly Report on Form 10-Q for additional disclosure and a reconciliation of net income attributable to common stockholders, as computed in accordance with GAAP, to NOI.
(2)    NOI for non-segment includes management fees and promote revenues, net of expenses related to our third-party institutional capital management business, income from loans and investments and various corporate-level expenses not directly attributable to any of our three reportable business segments.
v3.24.2.u1
ACCOUNTING POLICIES (Tables)
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Schedule of Variable Interest Entities The table below summarizes the total assets and liabilities of our consolidated VIEs as reported on our Consolidated Balance Sheets (dollars in thousands):
As of June 30, 2024As of December 31, 2023
Total AssetsTotal LiabilitiesTotal AssetsTotal Liabilities
NHP/PMB L.P.$748,205 $280,103 $759,817 $266,658 
Fonds Immobilier Groupe Maurice, S.E.C.1,894,840 1,169,211 1,971,410 1,204,619 
Other identified VIEs1,602,668 361,854 1,597,957 354,828 
Tax credit VIEs27,879 4,400 29,746 4,024 
v3.24.2.u1
CONCENTRATION OF CREDIT RISK (Tables)
 6 Months Ended
Jun. 30, 2024
Risks and Uncertainties [Abstract]  
Schedules of Concentration of Risk, by Risk Factor
The properties we triple-net leased to Brookdale, Ardent and Kindred accounted for a significant portion of total revenues and total NOI for the three months ended June 30, 2024 and 2023. The following table reflects the concentration risk related to our triple-net leased properties including assets held for sale for the periods presented:
 For the Three Months Ended June 30,
 20242023
Contribution as a Percentage of Total Revenues (1):
  
Brookdale
3.1 %3.4 %
Ardent (2)
2.8 3.0 
Kindred
2.8 3.0 
Contribution as a Percentage of Total NOI (3):
Brookdale
7.2 %7.8 %
Ardent (2)
6.6 6.9 
Kindred
6.6 6.9 
____________________________
(1)Total revenues include third party capital management revenues, income from loans and investments and interest and other income.
(2)Results exclude 19 outpatient medical buildings included in our outpatient medical and research portfolio segment.
(3)See “Non-GAAP Financial Measures” included elsewhere in this Quarterly Report on Form 10-Q for additional disclosure and a reconciliation of net income attributable to common stockholders, as computed in accordance with GAAP, to NOI.
v3.24.2.u1
DISPOSITIONS AND IMPAIRMENTS (Tables)
 6 Months Ended
Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Real Estate Assets Classified As Held For Sale
The table below summarizes our real estate assets classified as held for sale including the amounts reported on our Consolidated Balance Sheets, which may include anticipated post-closing settlements of working capital for disposed properties (dollars in thousands):
As of June 30, 2024As of December 31, 2023
Number of Properties Held for SaleAssets Held for SaleLiabilities Related to Assets
Held for Sale 		Number of Properties Held for SaleAssets Held for Sale Liabilities Related to Assets
Held for Sale
SHOP3 $18,725 $3,515 13 $48,173 $6,419 
Outpatient medical and research portfolio (1)
— 24,536 1,473 3 5,431 2,643 
Triple-net leased properties— — — 1 2,885 181 
Total3 $43,261 $4,988 17 $56,489 $9,243 
______________________________
(1)The balances as of June 30, 2024 relate to a partial sale of a building, as such, no property count is allocated.
v3.24.2.u1
LOANS RECEIVABLE AND INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2024
Loans Receivable And Investments [Abstract]  
Summary of Net Loans Receivable and Investments The following is a summary of our loans receivable and investments, net, including amortized cost, fair value and unrealized gains or losses on available for sale investments, if applicable (dollars in thousands):    
Amortized CostAllowanceCarrying AmountFair Value
As of June 30, 2024:
Secured/mortgage loans and other, net (1)
$36,195 $— $36,195 $36,248 
Non-mortgage loans receivable, net (2)
33,213 (3,866)29,347 28,314 
Total loans receivable and investments, net$69,408 $(3,866)$65,542 $64,562 
As of December 31, 2023:
Secured/mortgage loans and other, net (1)
$27,986 $— $27,986 $27,947 
Non-mortgage loans receivable, net (2)
30,128 (3,976)26,152 25,200 
Total loans receivable and investments, net$58,114 $(3,976)$54,138 $53,147 
______________________________
(1)Investments have contractual maturities ranging from 2024 to 2027.
(2)Included in other assets on our Consolidated Balance Sheets.
v3.24.2.u1
INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables)
 6 Months Ended
Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments
Below is a summary of our investments in unconsolidated real estate entities, including through VIM, as of June 30, 2024 and December 31, 2023, respectively (dollars in thousands):
Ownership as of (1)
Carrying Amount as of
June 30, 2024December 31, 2023June 30, 2024December 31, 2023
Investments in unconsolidated real estate entities:
Ventas Life Science & Healthcare Real Estate Fund20.1%20.1%$262,374 $264,442 
Pension Fund Joint Venture25.0%25.0%19,125 22,169 
Research & Innovation Development Joint Venture53.0%53.0%290,619 275,829 
Ventas Investment Management platform
572,118 562,440 
Atrium Health & Wake Forest Joint Venture48.5%48.5%36,112 35,137 
All other (2)
34.0%-37.5%
34.0%-37.5%
614 629 
Total investments in unconsolidated real estate entities$608,844 $598,206 
______________________________
(1)    The entities in which we have an ownership interest may have less than a 100% interest in the underlying real estate. The ownership percentages in the table reflect our interest in the entities. Joint venture members, including us in some instances, have equity participation rights based on the underlying performance of the investments, which could result in non pro rata distributions.
(2)     Includes investments in parking structures and other de minimis investments in unconsolidated real estate entities.
v3.24.2.u1
INTANGIBLES (Tables)
 6 Months Ended
Jun. 30, 2024
Intangible Assets, Intangible Liabilities, And Goodwill Disclosure [Abstract]  
Schedule of Intangibles
The following is a summary of our intangibles (dollars in thousands):
 As of June 30, 2024As of December 31, 2023
 BalanceWeighted Average
Remaining Amortization
Period in Years		BalanceWeighted Average
Remaining Amortization
Period in Years
Intangible assets:    
Above-market lease intangibles (1)
$128,773 4.5$130,371 4.8
In-place and other lease intangibles (2)
1,325,700 9.31,317,775 8.3
Goodwill1,045,071 N/A1,045,176 N/A
Other intangibles (2)
34,389 4.334,440 4.8
Accumulated amortization(1,253,521)N/A(1,189,817)N/A
Net intangible assets$1,280,412 8.8$1,337,945 8.0
Intangible liabilities:   
Below-market lease intangibles (1)
$306,094 7.8$306,499 8.1
Other lease intangibles13,498 N/A13,498 N/A
Accumulated amortization(246,908)N/A(241,600)N/A
Purchase option intangibles3,568 N/A3,568 N/A
Net intangible liabilities$76,252 7.8$81,965 8.1
______________________________
(1)     Amortization of above- and below-market lease intangibles is recorded as a decrease and an increase to revenues, respectively, in our Consolidated Statements of Income.
(2)     Amortization of lease intangibles is recorded in depreciation and amortization in our Consolidated Statements of Income.
N/A—Not Applicable
v3.24.2.u1
OTHER ASSETS (Tables)
 6 Months Ended
Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Summary of Other Assets
The following is a summary of our other assets (dollars in thousands):
As of June 30, 2024As of December 31, 2023
Straight-line rent receivables$198,668 $194,108 
Deferred lease costs, net
130,862 118,556 
Investment in unconsolidated operating entities77,880 80,312 
Stock warrants61,100 59,281 
Non-mortgage loans receivable, net29,347 26,152 
Other intangibles, net5,153 5,584 
Other199,976 199,417 
Total other assets$702,986 $683,410 
v3.24.2.u1
SENIOR NOTES PAYABLE AND OTHER DEBT (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Summary of Senior Notes Payable and Other Debt
The following is a summary of our senior notes payable and other debt (dollars in thousands):
As of June 30, 2024As of December 31, 2023
Unsecured revolving credit facility (1)(2)
$3,161 $14,006 
Commercial paper notes— — 
3.50% Senior Notes due 2024
— 400,000 
3.75% Senior Notes due 2024
— 400,000 
4.125% Senior Notes, Series B due 2024 (2)
119,362 123,256 
2.80% Senior Notes, Series E due 2024 (2)
— 55,143 
Unsecured term loan due 2025 (2)
— 377,501 
3.50% Senior Notes due 2025
600,000 600,000 
2.65% Senior Notes due 2025
450,000 450,000 
4.125% Senior Notes due 2026
500,000 500,000 
3.25% Senior Notes due 2026
450,000 450,000 
3.75% Exchangeable Senior Notes due 2026
862,500 862,500 
Unsecured term loan due February 2027
200,000 200,000 
Unsecured term loan due June 2027
500,000 500,000 
2.45% Senior Notes, Series G due 2027 (2)
347,298 358,626 
3.85% Senior Notes due 2027
400,000 400,000 
4.00% Senior Notes due 2028
650,000 650,000 
5.398% Senior Notes, Series I due 2028 (2)
438,693 453,001 
4.40% Senior Notes due 2029
750,000 750,000 
5.10% Senior Notes, Series J due 2029 (2)
475,250 — 
3.00% Senior Notes due 2030
650,000 650,000 
4.75% Senior Notes due 2030
500,000 500,000 
2.50% Senior Notes due 2031
500,000 500,000 
3.30% Senior Notes, Series H due 2031 (2)
219,346 226,501 
5.625% Senior Note due 2034
500,000 — 
6.90% Senior Notes due 2037 (3)
52,400 52,400 
6.59% Senior Notes due 2038 (3)
21,413 21,413 
5.70% Senior Notes due 2043
300,000 300,000 
4.375% Senior Notes due 2045
300,000 300,000 
4.875% Senior Notes due 2049
300,000 300,000 
Mortgage loans and other3,186,118 3,174,251 
Total13,275,541 13,568,598 
Deferred financing costs, net(99,445)(84,034)
Unamortized fair value adjustment(15,516)17,081 
Unamortized discounts14,497 (10,749)
Senior notes payable and other debt$13,175,077 $13,490,896 
______________________________
(1)As of June 30, 2024 and December 31, 2023, respectively, no aggregate borrowings were denominated in Canadian dollars. Aggregate borrowings of $3.2 million and $14.0 million were denominated in British pounds as of June 30, 2024 and December 31, 2023, respectively.
(2)British Pound and Canadian Dollar debt obligations shown in US Dollars.
(3)Our 6.90% Senior Notes due 2037 are subject to repurchase at the option of the holders, at par, on October 1, 2027, and our 6.59% Senior Notes due 2038 are subject to repurchase at the option of the holders, at par, on July 7, 2028.
Scheduled Maturities of Borrowing Arrangements and Other Provisions Excluding Capital Lease Obligations
As of June 30, 2024, our indebtedness had the following maturities (dollars in thousands):
Principal Amount
Due at Maturity
Unsecured Revolving Credit Facility and Commercial Paper Notes
Scheduled Periodic
Amortization		Total Maturities
2024$190,188 $— $27,231 $217,419 
20251,811,753 — 48,623 1,860,376 
20261,930,699 — 42,769 1,973,468 
20271,562,551 — 42,947 1,605,498 
20281,481,389 3,161 35,986 1,520,536 
Thereafter5,968,500 — 129,744 6,098,244 
Total maturities$12,945,080 $3,161 $327,300 $13,275,541 
v3.24.2.u1
FAIR VALUES MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Carrying Amounts and Fair Values of Financial Instruments
The table below summarizes the carrying amounts and fair values of our financial instruments either recorded or disclosed on a recurring basis (dollars in thousands):
 As of June 30, 2024As of December 31, 2023
 Carrying
Amount		Fair ValueCarrying
Amount		Fair Value
Assets:    
Cash and cash equivalents (1)
$557,082 $557,082 $508,794 $508,794 
Escrow deposits and restricted cash (1)
58,202 58,202 54,668 54,668 
Stock warrants (3)(5)
61,100 61,100 59,281 59,281 
Secured mortgage loans and other, net (3)(4)
36,195 36,248 27,986 27,947 
Non-mortgage loans receivable, net (3)(4)(5)
29,347 28,314 26,152 25,200 
Derivative instruments (3)(5)
26,445 26,445 19,782 19,782 
Liabilities:
Senior notes payable and other debt, gross (3)(4)
13,275,541 12,770,607 13,568,598 13,104,091 
Derivative instruments (3)(6)
919 919 2,525 2,525 
Redeemable OP Units (2)
175,076 175,076 173,452 173,452 
______________________________
(1)The carrying amount approximates fair value due to the short maturity of these instruments.
(2)Level 1 within fair value hierarchy.
(3)Level 2 within fair value hierarchy.
(4)Level 3 within fair value hierarchy.
(5)Included in other assets on our Consolidated Balance Sheets.
(6)Included in accounts payable and other liabilities on our Consolidated Balance Sheets.
v3.24.2.u1
STOCKHOLDERS' EQUITY (Tables)
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Accumulated Other Comprehensive Income
The following is a summary of our accumulated other comprehensive loss (dollars in thousands):
As of June 30, 2024As of December 31, 2023
Foreign currency translation loss$(46,289)$(56,596)
Unrealized loss on available for sale securities(1,978)(1,256)
Unrealized gain on derivative instruments30,858 22,095 
Total accumulated other comprehensive loss$(17,409)$(35,757)
v3.24.2.u1
EARNINGS PER SHARE (Tables)
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Computation of Basic and Diluted Earnings Per Common Share
The following table shows the amounts used in computing our basic and diluted earnings per share (in thousands, except per share amounts):
 For the Three Months Ended June 30,For the Six Months Ended June 30,
 2024202320242023
Numerator for basic and diluted earnings per share:  
Income from continuing operations$21,168 $105,066 $8,628 $123,978 
Net income21,168 105,066 8,628 123,978 
Net income attributable to noncontrolling interests1,781 1,613 3,553 3,008 
Net income attributable to common stockholders$19,387 $103,453 $5,075 $120,970 
Denominator:  
Denominator for basic earnings per share—weighted average shares408,097 400,431 405,747 400,211 
Effect of dilutive securities:  
Restricted stock awards308 220 293 268 
OP unitholder interests3,418 3,471 3,432 3,478 
Denominator for diluted earnings per share—adjusted weighted average shares411,823 404,122 409,472 403,957 
Basic earnings per share:  
Income from continuing operations$0.05 $0.26 $0.02 $0.31 
Net income attributable to common stockholders0.05 0.26 0.01 0.30 
Diluted earnings per share: (1)
    
Income from continuing operations$0.05 $0.26 $0.02 $0.31 
Net income attributable to common stockholders0.05 0.26 0.01 0.30 
______________________________
(1)     Potential common shares are not included in the computation of diluted earnings per share when a loss from continuing operations exists as the effect would be an antidilutive per share amount.
v3.24.2.u1
SEGMENT INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Summary information by reportable business segment
Summary information by reportable business segment is as follows (dollars in thousands):
For the Three Months Ended June 30, 2024
SHOPOutpatient Medical and Research PortfolioTriple-Net
Leased
Properties		Non-SegmentTotal
Revenues     
Rental income$— $218,853 $153,934 $— $372,787 
Resident fees and services817,600 — — — 817,600 
Third party capital management revenues— 706 — 3,626 4,332 
Income from loans and investments— — — 1,436 1,436 
Interest and other income— — — 4,825 4,825 
Total revenues$817,600 $219,559 $153,934 $9,887 $1,200,980 
Total revenues$817,600 $219,559 $153,934 $9,887 $1,200,980 
Less:     
Interest and other income— — — 4,825 4,825 
Property-level operating expenses603,359 73,286 3,506 — 680,151 
Third party capital management expenses— — — 1,6501,650 
NOI$214,241 $146,273 $150,428 $3,412 514,354 
Interest and other income    4,825 
Interest expense    (149,259)
Depreciation and amortization    (339,848)
General, administrative and professional fees    (37,727)
Loss on extinguishment of debt, net(420)
Transaction, transition and restructuring costs    (2,886)
Allowance on loans receivable and investments, net42 
Shareholder relations matters(37)
Other expense    (8,128)
Loss from unconsolidated entities(1,652)
Gain on real estate dispositions49,670 
Income tax expense    (7,766)
Income from continuing operations    21,168 
Net income21,168 
Net income attributable to noncontrolling interests1,781 
Net income attributable to common stockholders$19,387 
For the Three Months Ended June 30, 2023
SHOPOutpatient Medical and Research PortfolioTriple-Net
Leased
Properties		Non-SegmentTotal
Revenues     
Rental income$— $215,807 $154,355 $— $370,162 
Resident fees and services724,614 — — — 724,614 
Third party capital management revenues— 559 — 3,437 3,996 
Income from loans and investments— — — 6,554 6,554 
Interest and other income— — — 1,032 1,032 
Total revenues$724,614 $216,366 $154,355 $11,023 $1,106,358 
Total revenues$724,614 $216,366 $154,355 $11,023 $1,106,358 
Less:     
Interest and other income— — — 1,032 1,032 
Property-level operating expenses547,110 72,171 3,537 — 622,818 
Third party capital management expenses— — — 1,436 1,436 
NOI$177,504 $144,195 $150,818 $8,555 481,072 
Interest and other income    1,032 
Interest expense    (143,265)
Depreciation and amortization    (304,689)
General, administrative and professional fees    (34,399)
Gain on extinguishment of debt, net6,801 
Transaction, transition and restructuring costs    (3,069)
Allowance on loans receivable and investments, net12,065 
Gain on foreclosure of real estate29,127 
Other income    17,959 
Income from unconsolidated entities31,254 
Gain on real estate dispositions1,405 
Income tax benefit    9,773 
Income from continuing operations    105,066 
Net income105,066 
Net income attributable to noncontrolling interests1,613 
Net income attributable to common stockholders$103,453 
For the Six Months Ended June 30, 2024
SHOPOutpatient Medical and Research PortfolioTriple-Net
Leased
Properties		Non-SegmentTotal
Revenues     
Rental income$— $437,730 $309,302 $— $747,032 
Resident fees and services1,630,904 — — — 1,630,904 
Third party capital management revenues— 1,336 — 7,292 8,628 
Income from loans and investments— — — 2,725 2,725 
Interest and other income— — — 11,605 11,605 
Total revenues$1,630,904 $439,066 $309,302 $21,622 $2,400,894 
Total revenues$1,630,904 $439,066 $309,302 $21,622 $2,400,894 
Less:     
Interest and other income— — — 11,605 11,605 
Property-level operating expenses1,213,180 147,224 7,244 — 1,367,648 
Third party capital management expenses— — — 3,403 3,403 
NOI$417,724 $291,842 $302,058 $6,614 1,018,238 
Interest and other income    11,605 
Interest expense    (299,192)
Depreciation and amortization    (640,103)
General, administrative and professional fees    (86,464)
Loss on extinguishment of debt, net(672)
Transaction, transition and restructuring costs    (7,563)
Allowance on loans receivable and investments, net110 
Shareholder relations matters(15,751)
Other expense    (6,794)
Loss from unconsolidated entities(10,035)
Gain on real estate dispositions50,011 
Income tax expense    (4,762)
Income from continuing operations8,628 
Net income8,628 
Net income attributable to noncontrolling interests3,553 
Net income attributable to common stockholders    $5,075 
For the Six Months Ended June 30, 2023
SHOPOutpatient Medical and Research PortfolioTriple-Net
Leased
Properties		Non-SegmentTotal
Revenues     
Rental income$— $418,811 $304,094 $— $722,905 
Resident fees and services1,429,607 — — — 1,429,607 
Third party capital management revenues— 1,187 — 6,986 8,173 
Income from loans and investments— — — 20,143 20,143 
Interest and other income— — — 2,775 2,775 
Total revenues$1,429,607 $419,998 $304,094 $29,904 $2,183,603 
Total revenues$1,429,607 $419,998 $304,094 $29,904 $2,183,603 
Less:     
Interest and other income— — — 2,775 2,775 
Property-level operating expenses1,084,332 139,084 7,333 — 1,230,749 
Third party capital management expenses— — — 3,142 3,142 
NOI$345,275 $280,914 $296,761 $23,987 946,937 
Interest and other income    2,775 
Interest expense    (271,340)
Depreciation and amortization    (586,808)
General, administrative and professional fees    (79,197)
Gain on extinguishment of debt, net6,801 
Transaction, transition and restructuring costs    (4,455)
Allowance on loans receivable and investments, net20,129 
Gain on foreclosure of real estate29,127 
Other income    10,197 
Income from unconsolidated entities25,631 
Gain on real estate dispositions11,606 
Income tax benefit    12,575 
Income from continuing operations    123,978 
Net income123,978 
Net income attributable to noncontrolling interests3,008 
Net income attributable to common stockholders$120,970 
v3.24.2.u1
DESCRIPTION OF BUSINESS - Narrative (Details)
 6 Months Ended
Jun. 30, 2024
property
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of real estate properties, wholly owned and unconsolidated | property 1,350
Number of reportable segments | segment 3
v3.24.2.u1
DESCRIPTION OF BUSINESS - Schedule of Reportable Business Segments and Non-Segment Assets (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
USD ($)
property
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
segment
property
Jun. 30, 2023
USD ($)
Real estate properties        
NOI | $ $ 514,354 $ 481,072 $ 1,018,238 $ 946,937
Percentage of Total NOI     100.00%  
Number of real estate properties | property 1,318   1,318  
Number of Reportable Segments | segment     3  
Operating Segments | Senior housing operating portfolio (SHOP)        
Real estate properties        
Number of real estate properties | property 582   582  
Operating Segments | Outpatient Medical and Research Portfolio        
Real estate properties        
Number of real estate properties | property 428   428  
Operating Segments | Triple-Net Leased Properties        
Real estate properties        
Number of real estate properties | property 308   308  
Operating Segments | Senior housing operating portfolio (SHOP)        
Real estate properties        
NOI | $ $ 214,241      
Operating Segments | Outpatient Medical and Research Portfolio        
Real estate properties        
NOI | $ 146,273 144,195 $ 291,842 280,914
Operating Segments | Triple-Net Leased Properties        
Real estate properties        
NOI | $ 150,428 150,818 302,058 296,761
Non-Segment        
Real estate properties        
NOI | $ $ 3,412 $ 8,555 $ 6,614 $ 23,987
Non-Segment | Non-Segment        
Real estate properties        
Percentage of Total NOI     0.60%  
Number of real estate properties | property 0   0  
v3.24.2.u1
ACCOUNTING POLICIES - Schedule of VIEs (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Variable Interest Entity    
Total Assets $ 24,530,229 $ 24,725,433
Total Liabilities 14,551,045 14,878,392
Variable Interest Entity | NHP/PMB L.P.    
Variable Interest Entity    
Total Assets 748,205 759,817
Total Liabilities 280,103 266,658
Variable Interest Entity | Fonds Immobilier Groupe Maurice, S.E.C.    
Variable Interest Entity    
Total Assets 1,894,840 1,971,410
Total Liabilities 1,169,211 1,204,619
Variable Interest Entity | Other identified VIEs    
Variable Interest Entity    
Total Assets 1,602,668 1,597,957
Total Liabilities 361,854 354,828
Variable Interest Entity | Tax credit VIEs    
Variable Interest Entity    
Total Assets 27,879 29,746
Total Liabilities $ 4,400 $ 4,024
v3.24.2.u1
CONCENTRATION OF CREDIT RISK - Narrative (Details)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
USD ($)
property
renewalOption
state
province
$ / shares
shares
Mar. 31, 2024
USD ($)
Jun. 30, 2023
Jun. 30, 2024
USD ($)
property
renewalOption
state
province
$ / shares
shares
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
shares
Jan. 01, 2022
Jul. 31, 2020
USD ($)
shares
Concentration Risk                
Number of real estate properties 1,318     1,318        
Cash and cash equivalents | $ $ 557,082     $ 557,082   $ 508,794    
Non-mortgage loans receivable, net | $ 29,347     29,347   $ 26,152    
Operating lease, lease income, lease payments, annual increase             3.00%  
Operating lease, lease income, lease payments, full year's base rent             103.00%  
Operating lease, fair market rent increase, percent, maximum             10.00%  
Issuance of common stock, net | $ $ 6,100     $ 491,797 $ 25,007      
Fair value adjustment, net realized (income) expense | $   $ 1,000            
Common stock, shares issued (in shares) | shares 413,154     413,154   402,380    
Outpatient Medical and Research Portfolio | Operating Segments                
Concentration Risk                
Number of real estate properties 428     428        
Triple-Net Leased Properties | Operating Segments                
Concentration Risk                
Number of real estate properties 308     308        
Senior housing operating portfolio (SHOP) | Operating Segments                
Concentration Risk                
Number of real estate properties 582     582        
Triple-Net Leased Properties | LTAC | Kindred                
Concentration Risk                
Number of real estate properties 29     29        
Triple-Net Leased Properties | LTAC | Kindred | Group 1                
Concentration Risk                
Number of real estate properties 6     6        
Real estate properties, renewal term 5 years     5 years        
Real estate properties, number of renewal extensions | renewalOption 2     2        
Triple-Net Leased Properties | LTAC | Kindred | Group 2                
Concentration Risk                
Number of real estate properties 23     23        
Real estate properties, renewal term 5 years     5 years        
Real estate properties, number of renewal extensions | renewalOption 3     3        
Triple-Net Leased Properties | LTAC | Brookdale                
Concentration Risk                
Number of real estate properties 121     121        
Triple-Net Leased Properties | LTAC | Ardent                
Concentration Risk                
Number of real estate properties 11     11        
Real estate properties, renewal term 10 years     10 years        
Real estate properties, number of renewal extensions | renewalOption 1     1        
SHOP | LTAC | Brookdale                
Concentration Risk                
Number of real estate properties 10     10        
Real estate properties, renewal term 10 years     10 years        
Real estate properties, number of renewal extensions | renewalOption 2     2        
Outpatient Medical and Research Portfolio | LTAC | Ardent                
Concentration Risk                
Number of real estate properties 19     19        
Atria | SHOP                
Concentration Risk                
Number of independent third party managed properties 205     205        
Sunrise | SHOP                
Concentration Risk                
Number of independent third party managed properties 93     93        
Brookdale                
Concentration Risk                
Lessor, operating lease, payment to be received, remainder of fiscal year | $ $ 110,300     $ 110,300        
Annual rent | $ $ 148,900     $ 148,900        
Cash and cash equivalents | $               $ 162,000
Non-mortgage loans receivable, net | $               45,000
Stock warrants | $               $ 28,000
Warrants exercisable (in shares) | shares 14,600     14,600       16,300
Number of securities called by warrants (in shares) | shares 1,700     1,700        
Warrants, exercise price (usd per share) | $ / shares $ 3.00     $ 3.00        
Brookdale | Up-front Payment Arrangement                
Concentration Risk                
Up-front consideration received | $ $ 64,000     $ 64,000       $ 235,000
Up-front consideration recognized | $ $ 170,600              
Holiday Retirement | SHOP                
Concentration Risk                
Number of independent third party managed properties 57     57        
Atria and Sunrise | SHOP                
Concentration Risk                
Number of independent third party managed properties 298     298        
Customer Concentration Risk | Net Operating Income Benchmark | Outpatient Medical and Research Portfolio | Operating Segments                
Concentration Risk                
Concentration percentage 28.40%     28.70%        
Customer Concentration Risk | Net Operating Income Benchmark | Triple-Net Leased Properties | Operating Segments                
Concentration Risk                
Concentration percentage 29.20%     29.70%        
Customer Concentration Risk | Net Operating Income Benchmark | Senior housing operating portfolio (SHOP) | Operating Segments                
Concentration Risk                
Concentration percentage 41.70%     41.00%        
Customer Concentration Risk | Net Operating Income Benchmark | Atria                
Concentration Risk                
Concentration percentage       19.20%        
Customer Concentration Risk | Net Operating Income Benchmark | Sunrise                
Concentration Risk                
Concentration percentage       5.90%        
Customer Concentration Risk | Net Operating Income Benchmark | Brookdale                
Concentration Risk                
Concentration percentage       7.20%        
Customer Concentration Risk | Net Operating Income Benchmark | Ardent                
Concentration Risk                
Concentration percentage       6.60%        
Customer Concentration Risk | Net Operating Income Benchmark | Kindred                
Concentration Risk                
Concentration percentage       6.60%        
Customer Concentration Risk | Net Operating Income | Brookdale                
Concentration Risk                
Concentration percentage 7.20%   7.80%          
Customer Concentration Risk | Net Operating Income | Ardent                
Concentration Risk                
Concentration percentage 6.60%   6.90%          
Customer Concentration Risk | Net Operating Income | Kindred                
Concentration Risk                
Concentration percentage 6.60%   6.90%          
Customer Concentration Risk | Net Operating Income | Kindred | Group 1                
Concentration Risk                
Concentration percentage       1.30%        
Customer Concentration Risk | Net Operating Income | Kindred | Group 2                
Concentration Risk                
Concentration percentage       5.30%        
Geographic Concentration Risk                
Concentration Risk                
Number of states in which entity operates | state 47     47        
Number of states accounting for more than 10% of total revenues and net operating income | state 1     1        
Continuing revenues and NOI threshold       10.00%        
Geographic Concentration Risk | CANADA                
Concentration Risk                
Number of Canadian provinces in which entity operates | province 7     7        
v3.24.2.u1
CONCENTRATION OF CREDIT RISK - Triple-Net Leased Properties (Details) - Customer Concentration Risk
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Revenues | Brookdale    
Concentration Risk    
Concentration percentage 3.10% 3.40%
Revenues | Ardent    
Concentration Risk    
Concentration percentage 2.80% 3.00%
Revenues | Kindred    
Concentration Risk    
Concentration percentage 2.80% 3.00%
NOI | Brookdale    
Concentration Risk    
Concentration percentage 7.20% 7.80%
NOI | Ardent    
Concentration Risk    
Concentration percentage 6.60% 6.90%
NOI | Kindred    
Concentration Risk    
Concentration percentage 6.60% 6.90%
v3.24.2.u1
ACQUISITIONS OF REAL ESTATE PROPERTY (Narrative) (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2024
USD ($)
property
SHOP  
Business Acquisition [Line Items]  
Value of assets acquired | $ $ 327.4
SHOP  
Business Acquisition [Line Items]  
Number of Real Estate Properties Acquired | property 11
v3.24.2.u1
DISPOSITIONS AND IMPAIRMENTS - Narrative (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
Jul. 31, 2024
USD ($)
property
Jun. 30, 2024
USD ($)
property
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
property
Jun. 30, 2023
USD ($)
Dec. 31, 2023
property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Number of real estate properties   1,318   1,318    
Proceeds from real estate disposals | $       $ 238,091 $ 64,405  
Gain on real estate dispositions | $   $ 49,670 $ 1,405 $ 50,011 11,606  
Disposal Group, Held-for-sale, Not Discontinued Operations            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Number of properties classified as held-for-sale   3   3   17
Depreciation and amortization            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Impairment of real estate | $   $ 44,900 $ 10,700 $ 50,300 $ 19,200  
SHOP | Disposal Group, Held-for-sale, Not Discontinued Operations            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Number of properties classified as held-for-sale   3   3   13
Triple-Net Leased Properties | Disposal Group, Held-for-sale, Not Discontinued Operations            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Number of properties classified as held-for-sale   0   0   1
Outpatient Medical and Research Portfolio | Disposal Group, Held-for-sale, Not Discontinued Operations            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Number of properties classified as held-for-sale   0   0   3
Dispositions            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Proceeds from real estate disposals | $       $ 234,100    
Gain on real estate dispositions | $       $ 50,000    
Dispositions | Subsequent Event            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Proceeds from real estate disposals | $ $ 2,100          
Dispositions | SHOP            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Number of real estate properties   15   15    
Dispositions | SHOP | Subsequent Event            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Number of real estate properties 1          
Dispositions | Outpatient Medical Buildings and Other            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Number of real estate properties   10   10    
Dispositions | Triple-Net Leased Properties            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Number of real estate properties   23   23    
Dispositions | Vacant Outpatient Medical Properties            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Number of real estate properties   1   1    
v3.24.2.u1
DISPOSITIONS AND IMPAIRMENTS - Real Estate Assets Held For Sale (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
USD ($)
property
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
property
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Number of real estate properties | property 1,318   1,318    
Assets held for sale $ 43,261   $ 43,261   $ 56,489
Liabilities related to assets held for sale 4,988   4,988   9,243
Gain on real estate dispositions 49,670 $ 1,405 50,011 $ 11,606  
SHOP          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Assets held for sale 18,725   18,725   48,173
Liabilities related to assets held for sale 3,515   3,515   6,419
Outpatient Medical and Research Portfolio          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Assets held for sale 24,536   24,536   5,431
Liabilities related to assets held for sale 1,473   1,473   2,643
Triple-Net Leased Properties          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Assets held for sale 0   0   2,885
Liabilities related to assets held for sale $ 0   $ 0   $ 181
Disposal Group, Held-for-sale, Not Discontinued Operations          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Number of properties classified as held-for-sale | property 3   3   17
Disposal Group, Held-for-sale, Not Discontinued Operations | SHOP          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Number of properties classified as held-for-sale | property 3   3   13
Disposal Group, Held-for-sale, Not Discontinued Operations | Outpatient Medical and Research Portfolio          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Number of properties classified as held-for-sale | property 0   0   3
Disposal Group, Held-for-sale, Not Discontinued Operations | Triple-Net Leased Properties          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Number of properties classified as held-for-sale | property 0   0   1
v3.24.2.u1
LOANS RECEIVABLE AND INVESTMENTS (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Receivables [Abstract]    
Total loans receivable and investments, net, carrying amount $ 65,542 $ 54,138
v3.24.2.u1
LOANS RECEIVABLE AND INVESTMENTS - Summary of Net Loans Receivable and Investments (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable    
Allowance $ (3,866) $ (3,976)
Non-mortgage loans receivable, net, carrying amount 29,347 26,152
Total loans receivable and investments, net, amortized cost 69,408 58,114
Total loans receivable and investments, net, carrying amount 65,542 54,138
Total loans receivable and investments, net, fair value 64,562 53,147
Non-mortgage loans receivable, net    
Accounts, Notes, Loans and Financing Receivable    
Allowance (3,866) (3,976)
Non-mortgage loans receivable, amortized cost 33,213 30,128
Non-mortgage loans receivable, net, carrying amount 29,347 26,152
Non-mortgage loans receivable, fair value 28,314 25,200
Secured/mortgage loans and other, net    
Accounts, Notes, Loans and Financing Receivable    
Secured/mortgage loans and other, net, amortized cost 36,195 27,986
Allowance 0 0
Debt securities, held-to-maturity, carrying amount 36,195 27,986
Debt securities, held-to-maturity, fair value $ 36,248 $ 27,947
v3.24.2.u1
INVESTMENTS IN UNCONSOLIDATED ENTITIES (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
Jul. 31, 2024
USD ($)
Jun. 30, 2024
USD ($)
board_member
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
board_member
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Equity method investments            
Total investments in unconsolidated real estate entities   $ 608,844   $ 608,844   $ 598,206
Ownership percentage, threshold (may have less than)   100.00%   100.00%    
Proceeds from real estate disposals       $ 238,091 $ 64,405  
Dispositions            
Equity method investments            
Proceeds from real estate disposals       234,100    
SHOP            
Equity method investments            
Value of assets acquired       327,400    
Subsequent Event | Senior Housing Community | Ventas Life Science & Healthcare Real Estate Fund            
Equity method investments            
Payments to acquire real estate $ 50,000          
Subsequent Event | Dispositions            
Equity method investments            
Proceeds from real estate disposals $ 2,100          
Management Service            
Equity method investments            
Management fees   $ 3,900 $ 3,600 $ 7,700 $ 7,200  
Atria            
Equity method investments            
Ownership percentage   34.00%   34.00%    
Number of board members appointed | board_member   2   2    
Ardent            
Equity method investments            
Ownership percentage   7.50%   7.50%    
Number of board members appointed | board_member   1   1    
Number of board members nominated | board_member   1   1    
Ardent | Subsequent Event            
Equity method investments            
Ownership percentage 6.50%          
Equity method investment, total voting power 4.00%          
Unconsolidated Properties | Ventas Life Science & Healthcare Real Estate Fund            
Equity method investments            
Total investments in unconsolidated real estate entities   $ 262,374   $ 262,374   $ 264,442
Ownership percentage   20.10%   20.10%   20.10%
Unconsolidated Properties | Pension Fund Joint Venture            
Equity method investments            
Total investments in unconsolidated real estate entities   $ 19,125   $ 19,125   $ 22,169
Ownership percentage   25.00%   25.00%   25.00%
Unconsolidated Properties | Research & Innovation Development Joint Venture            
Equity method investments            
Total investments in unconsolidated real estate entities   $ 290,619   $ 290,619   $ 275,829
Ownership percentage   53.00%   53.00%   53.00%
Unconsolidated Properties | Ventas Investment Management platform            
Equity method investments            
Total investments in unconsolidated real estate entities   $ 572,118   $ 572,118   $ 562,440
Unconsolidated Properties | Atrium Health And Wake Forest Joint Venture            
Equity method investments            
Total investments in unconsolidated real estate entities   $ 36,112   $ 36,112   $ 35,137
Ownership percentage   48.50%   48.50%   48.50%
Unconsolidated Properties | All other            
Equity method investments            
Total investments in unconsolidated real estate entities   $ 614   $ 614   $ 629
Unconsolidated Properties | All other | Minimum            
Equity method investments            
Ownership percentage   34.00%   34.00%   34.00%
Unconsolidated Properties | All other | Maximum            
Equity method investments            
Ownership percentage   37.50%   37.50%   37.50%
v3.24.2.u1
INTANGIBLES (Details) - USD ($)
$ in Thousands
 6 Months Ended 9 Months Ended
Jun. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Intangible assets:      
Lease intangible assets $ 1,454,473   $ 1,448,146
Goodwill 1,045,071   1,045,176
Accumulated amortization (1,253,521)   (1,189,817)
Net intangible assets $ 1,280,412   $ 1,337,945
Weighted Average Remaining Amortization Period in Years 8 years 9 months 18 days   8 years
Intangible liabilities:      
Below-market lease intangibles $ 306,094   $ 306,499
Other lease intangibles 13,498   13,498
Accumulated amortization (246,908)   (241,600)
Purchase option intangibles 3,568   3,568
Net intangible liabilities $ 76,252   81,965
Below market leases, remaining weighted average amortization period (in years) 7 years 9 months 18 days 8 years 1 month 6 days  
Net intangible liabilities, remaining weighted average amortization period (in years) 7 years 9 months 18 days 8 years 1 month 6 days  
Above-market lease intangibles      
Intangible assets:      
Lease intangible assets $ 128,773   $ 130,371
Weighted Average Remaining Amortization Period in Years 4 years 6 months   4 years 9 months 18 days
In-place and other lease intangibles      
Intangible assets:      
Lease intangible assets $ 1,325,700   $ 1,317,775
Weighted Average Remaining Amortization Period in Years 9 years 3 months 18 days   8 years 3 months 18 days
Other intangibles      
Intangible assets:      
Other intangibles $ 34,389   $ 34,440
Weighted Average Remaining Amortization Period in Years 4 years 3 months 18 days   4 years 9 months 18 days
v3.24.2.u1
OTHER ASSETS - Summary of Other Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Jul. 31, 2020
Class of Warrant or Right [Line Items]      
Straight-line rent receivables $ 198,668 $ 194,108  
Deferred lease costs, net 130,862 118,556  
Investment in unconsolidated operating entities 77,880 80,312  
Non-mortgage loans receivable, net 29,347 26,152  
Other intangibles, net 5,153 5,584  
Other 199,976 199,417  
Total other assets $ 702,986 $ 683,410  
Brookdale      
Class of Warrant or Right [Line Items]      
Stock warrants     $ 28,000
Non-mortgage loans receivable, net     $ 45,000
v3.24.2.u1
OTHER ASSETS - Narrative (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Jul. 31, 2020
Class of Warrant or Right [Line Items]            
Common stock, shares issued (in shares) 413,154   413,154   402,380  
Issuance of common stock, net $ 6,100   $ 491,797 $ 25,007    
Fair value adjustment, net realized (income) expense   $ 1,000        
Brookdale            
Class of Warrant or Right [Line Items]            
Common stock, shares issued (in shares) 900   900      
Brookdale            
Class of Warrant or Right [Line Items]            
Warrants exercisable (in shares) 14,600   14,600     16,300
Warrants, exercise price (usd per share) $ 3.00   $ 3.00      
Number of securities called by warrants (in shares) 1,700   1,700      
v3.24.2.u1
SENIOR NOTES PAYABLE AND OTHER DEBT - Summary of Senior Notes Payables and Other Debt (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
May 13, 2024
May 09, 2024
Apr. 29, 2024
Feb. 29, 2024
Dec. 31, 2023
Debt instruments            
Commercial paper notes $ 0         $ 0
Deferred financing costs, net (99,445)         (84,034)
Unamortized fair value adjustment (15,516)         17,081
Unamortized discounts 14,497         (10,749)
Senior notes payable and other debt 13,175,077         13,490,896
Mortgage loans and other 13,275,541         13,568,598
Unsecured revolving credit facility | Revolving Credit Facility            
Debt instruments            
Fair value of amount outstanding 3,161         14,006
Unsecured revolving credit facility | Revolving Credit Facility | Borrowings Originally Denominated in CAD            
Debt instruments            
Mortgage loans and other 0          
Unsecured revolving credit facility | Revolving Credit Facility | Borrowings Originally Denominated in GBP            
Debt instruments            
Mortgage loans and other $ 3,200         14,000
3.50% Senior Notes due 2024            
Debt instruments            
Interest rate 3.50%          
Senior notes $ 0         400,000
3.75% Senior Notes due 2024            
Debt instruments            
Interest rate 3.75%          
Senior notes $ 0         400,000
4.125% Senior Notes, Series B due 2024            
Debt instruments            
Interest rate 4.125%          
Senior notes $ 119,362         123,256
2.80% Senior Notes, Series E due 2024            
Debt instruments            
Interest rate 2.80%          
Senior notes $ 0         55,143
Unsecured Term Loan due 2025            
Debt instruments            
Unsecured term loan $ 0         377,501
3.50% Senior Notes due 2025            
Debt instruments            
Interest rate 3.50%          
Senior notes $ 600,000         600,000
2.65% Senior Notes due 2025            
Debt instruments            
Interest rate 2.65%          
Senior notes $ 450,000         450,000
4.125% Senior Notes due 2026            
Debt instruments            
Interest rate 4.125%          
Senior notes $ 500,000         500,000
3.25% Senior Notes due 2026            
Debt instruments            
Interest rate 3.25%          
Senior notes $ 450,000         450,000
3.75% Exchangeable Senior Notes due 2026            
Debt instruments            
Interest rate 3.75%          
Senior notes $ 862,500         862,500
Unsecured term loan due February 2027            
Debt instruments            
Unsecured term loan 200,000         200,000
Unsecured term loan due June 2027            
Debt instruments            
Unsecured term loan $ 500,000         500,000
2.45% Senior Notes, Series G Due 2027            
Debt instruments            
Interest rate 2.45%          
Senior notes $ 347,298         358,626
3.85% Senior Notes due 2027            
Debt instruments            
Interest rate 3.85%          
Senior notes $ 400,000         400,000
4.00% Senior Notes due 2028            
Debt instruments            
Interest rate 4.00%          
Senior notes $ 650,000         650,000
5.398% Senior Notes due 2028            
Debt instruments            
Interest rate 5.398%          
Senior notes $ 438,693         453,001
4.40% Senior Notes due 2029            
Debt instruments            
Interest rate 4.40%          
Senior notes $ 750,000         750,000
5.10% Senior Notes, Series J due 2029            
Debt instruments            
Interest rate         5.10%  
Senior notes $ 475,250         0
3.00% Senior Notes due 2030            
Debt instruments            
Interest rate 3.00%          
Senior notes $ 650,000         650,000
4.75% Senior Notes due 2030            
Debt instruments            
Interest rate 4.75%          
Senior notes $ 500,000         500,000
2.50% Senior Notes due 2031            
Debt instruments            
Interest rate 2.50%          
Senior notes $ 500,000         500,000
3.30% Senior Notes, Series H Due 2031            
Debt instruments            
Interest rate 3.30%          
Senior notes $ 219,346         226,501
6.90% Senior Notes due 2037            
Debt instruments            
Interest rate 6.90%          
Senior notes $ 52,400         52,400
6.59% Senior Notes due 2038            
Debt instruments            
Interest rate 6.59%          
Senior notes $ 21,413         21,413
5.70% Senior Notes due 2043            
Debt instruments            
Interest rate 5.70%          
Senior notes $ 300,000         300,000
4.375% Senior Notes due 2045            
Debt instruments            
Interest rate 4.375%          
Senior notes $ 300,000         300,000
4.875% Senior Notes due 2049            
Debt instruments            
Interest rate 4.875%          
Senior notes $ 300,000         300,000
Mortgage loans and other            
Debt instruments            
Interest rate     6.02% 4.90% 4.644%  
Mortgage loans and other $ 3,186,118         3,174,251
5.63% Senior Notes due 2034            
Debt instruments            
Interest rate 5.625% 5.625%        
Senior notes $ 500,000         $ 0
v3.24.2.u1
SENIOR NOTES PAYABLE AND OTHER DEBT - Credit Facilities, Commercial Paper, Unsecured Term Loans and Letters of Credit (Details)
$ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Apr. 30, 2024
USD ($)
Apr. 30, 2024
CAD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
period
Jun. 30, 2024
CAD ($)
period
Dec. 31, 2023
USD ($)
Debt instruments            
Letters of credit outstanding     $ 14,700,000 $ 14,700,000    
Commercial paper program capacity     1,000,000,000.0 1,000,000,000.0    
Commercial paper notes     0 0   $ 0
Unsecured debt | Ventas Realty            
Debt instruments            
Accordion feature of debt     500,000,000 500,000,000    
Unsecured debt     200,000,000 $ 200,000,000    
Unsecured debt | SOFR | Ventas Realty            
Debt instruments            
Variable interest rate       0.85% 0.85%  
Unsecured debt | Revolving Credit Facility            
Debt instruments            
Maximum borrowing capacity     2,750,000,000 $ 2,750,000,000    
Variable interest rate       0.775% 0.775%  
Additional periods | period       2 2  
Additional period term       6 months 6 months  
Accordion feature of debt     3,750,000,000 $ 3,750,000,000    
Remaining borrowing capacity     2,700,000,000 2,700,000,000    
Fair value of amount outstanding     3,161,000 3,161,000   14,006,000
Letters of credit outstanding     800,000 $ 800,000    
Unsecured debt | Revolving Credit Facility | SOFR            
Debt instruments            
Variable interest rate       0.10% 0.10%  
Unsecured debt | Letter of Credit            
Debt instruments            
Maximum borrowing capacity     100,000,000 $ 100,000,000    
Unsecured Term Loan due 2025            
Debt instruments            
Unsecured debt     0 0   377,501,000
Repayment and extinguishment of unsecured term loan       $ 367,900,000 $ 500.0  
Unsecured Term Loan due 2025 | Canadian Dollar Offered Rate (CDOR)            
Debt instruments            
Variable interest rate       0.90% 0.90%  
Unsecured term loan due June 2027            
Debt instruments            
Unsecured debt     500,000,000 $ 500,000,000   $ 500,000,000
Unsecured term loan due June 2027 | Ventas Realty            
Debt instruments            
Accordion feature of debt     $ 1,250,000,000 1,250,000,000    
Unsecured term loan due June 2027 | SOFR | Ventas Realty            
Debt instruments            
Variable interest rate     0.85%      
2.80% Senior Notes, Series E due 2024            
Debt instruments            
Repayments of senior debt $ 53,400,000 $ 73.0   $ 53,400,000 $ 73.0  
Interest rate     2.80% 2.80%    
v3.24.2.u1
SENIOR NOTES PAYABLE AND OTHER DEBT - Exchangeable Senior Notes (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Debt instruments          
Interest $ 149,259 $ 143,265 $ 299,192 $ 271,340  
3.75% Exchangeable Senior Notes due 2026          
Debt instruments          
Senior notes $ 862,500   $ 862,500   $ 862,500
Interest rate 3.75%   3.75%    
Amortization of Debt Issuance Costs $ 1,700   $ 3,400    
Exchange rate 18.2460   18.2460    
Exchange rate per share (in dollars per share) $ 54.81   $ 54.81    
Quarterly dividend threshold for exchange rate adjustment $ 0.45   $ 0.45    
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net $ 13,700   $ 13,700    
Interest and Debt Expense $ 8,100   $ 16,200    
v3.24.2.u1
SENIOR NOTES PAYABLE AND OTHER DEBT - Senior Notes (Details)
$ in Millions, $ in Millions
 1 Months Ended 6 Months Ended
May 02, 2024
USD ($)
Apr. 30, 2024
CAD ($)
Apr. 30, 2024
USD ($)
Jun. 30, 2024
CAD ($)
Jun. 30, 2024
USD ($)
May 13, 2024
USD ($)
Feb. 29, 2024
CAD ($)
Feb. 29, 2024
USD ($)
Senior Notes                
Debt instruments                
Repayments of senior debt $ 800.0              
Senior Notes | 5.100% Senior Notes, Series J due 2029                
Debt instruments                
Debt instrument, face amount             $ 650.0 $ 475.3
Senior Notes | 5.63% Senior Notes due 2034                
Debt instruments                
Debt instrument, face amount           $ 500.0    
5.100% Senior Notes, Series J due 2029                
Debt instruments                
Interest rate             5.10% 5.10%
Unsecured Term Loan due 2025                
Debt instruments                
Repayment and extinguishment of unsecured term loan       $ 500.0 $ 367.9      
3.50% Senior Notes due 2024                
Debt instruments                
Interest rate       3.50% 3.50%      
Repayments of senior debt 400.0              
3.75% Senior Notes due 2024                
Debt instruments                
Interest rate       3.75% 3.75%      
Repayments of senior debt $ 400.0              
2.80% Senior Notes, Series E due 2024                
Debt instruments                
Interest rate       2.80% 2.80%      
Repayments of senior debt   $ 73.0 $ 53.4 $ 73.0 $ 53.4      
5.63% Senior Notes due 2034                
Debt instruments                
Interest rate       5.625% 5.625% 5.625%    
v3.24.2.u1
SENIOR NOTES PAYABLE AND OTHER DEBT - Mortgages (Details) - Mortgage loans and other
$ in Millions, $ in Millions
May 09, 2024
USD ($)
property
Apr. 29, 2024
CAD ($)
property
Feb. 29, 2024
CAD ($)
property
Business Acquisition [Line Items]      
Debt instrument, face amount $ 52.3 $ 103.0 $ 52.8
Number of properties secured 1 2 1
Interest rate 6.02% 4.90% 4.644%
v3.24.2.u1
SENIOR NOTES PAYABLE AND OTHER DEBT - Indebtedness of Maturities (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations    
2024 $ 217,419  
2025 1,860,376  
2026 1,973,468  
2027 1,605,498  
2028 1,520,536  
Thereafter 6,098,244  
Total maturities 13,275,541 $ 13,568,598
Principal Amount Due at Maturity    
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations    
2024 190,188  
2025 1,811,753  
2026 1,930,699  
2027 1,562,551  
2028 1,481,389  
Thereafter 5,968,500  
Total maturities 12,945,080  
Unsecured Revolving Credit Facility and Commercial Paper Notes    
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations    
2024 0  
2025 0  
2026 0  
2027 0  
2028 3,161  
Thereafter 0  
Total maturities 3,161  
Scheduled Periodic Amortization    
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations    
2024 27,231  
2025 48,623  
2026 42,769  
2027 42,947  
2028 35,986  
Thereafter 129,744  
Total maturities $ 327,300  
v3.24.2.u1
SENIOR NOTES PAYABLE AND OTHER DEBT - Derivatives and Hedging (Details)
$ in Thousands, $ in Millions
Jun. 30, 2024
USD ($)
Jun. 30, 2024
CAD ($)
May 09, 2024
Apr. 29, 2024
Feb. 29, 2024
Variable Rate Debt Member | Forward Starting Swap          
Derivative [Line Items]          
Long-term Debt, Percentage Bearing Variable Interest, Amount $ 700,000        
Derivative notional amount 142,300        
Fixed Rate Debt Member | Forward Starting Swap          
Derivative [Line Items]          
Long-Term Debt, Percentage Bearing Fixed Interest, Amount 12,500,000        
Derivative notional amount $ 526,900 $ 643.8      
Mortgage loans and other          
Derivative [Line Items]          
Interest rate     6.02% 4.90% 4.644%
v3.24.2.u1
SENIOR NOTES PAYABLE AND OTHER DEBT - 2024 Activity (Details) - Treasury Lock - USD ($)
$ in Millions
Jul. 31, 2024
Jun. 30, 2024
Derivative [Line Items]    
Derivative notional amount   $ 200.0
Derivative, fixed interest rate   4.10%
Subsequent Event    
Derivative [Line Items]    
Derivative notional amount $ 200.0  
Derivative, fixed interest rate 4.10%  
v3.24.2.u1
FAIR VALUES MEASUREMENTS (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Assets:    
Cash and cash equivalents $ 557,082 $ 508,794
Escrow deposits and restricted cash 58,202 54,668
Non-mortgage loans receivable, net 29,347 26,152
Liabilities:    
Senior notes payable and other debt, gross 13,275,541 13,568,598
Non-mortgage loans receivable, net    
Assets:    
Non-mortgage loans receivable, net 29,347 26,152
Non-mortgage loans receivable, fair value 28,314 25,200
Secured/mortgage loans and other, net    
Assets:    
Secured mortgage loans and other, net 36,195 27,986
Secured mortgage loans and other, net, fair value 36,248 27,947
Carrying Amount    
Assets:    
Cash and cash equivalents 557,082 508,794
Escrow deposits and restricted cash 58,202 54,668
Stock warrants 61,100 59,281
Derivative instruments 26,445 19,782
Liabilities:    
Derivative instruments 919 2,525
Redeemable OP Units 175,076 173,452
Carrying Amount | Non-mortgage loans receivable, net    
Assets:    
Non-mortgage loans receivable, net 29,347 26,152
Carrying Amount | Secured/mortgage loans and other, net    
Assets:    
Secured mortgage loans and other, net 36,195 27,986
Fair Value    
Assets:    
Cash and cash equivalents, fair value 557,082 508,794
Escrow deposits and restricted cash 58,202 54,668
Stock warrants 61,100 59,281
Derivative instruments 26,445 19,782
Liabilities:    
Senior notes payable and other debt, gross, fair value 12,770,607 13,104,091
Derivative instruments 919 2,525
Redeemable OP Units, fair value 175,076 173,452
Fair Value | Non-mortgage loans receivable, net    
Assets:    
Non-mortgage loans receivable, fair value 28,314 25,200
Fair Value | Secured/mortgage loans and other, net    
Assets:    
Secured mortgage loans and other, net, fair value $ 36,248 $ 27,947
v3.24.2.u1
COMMITMENTS AND CONTINGENCIES (Details)
Jun. 30, 2024
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Contingent liability $ 0
v3.24.2.u1
INCOME TAXES (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Income Tax Disclosure [Abstract]          
Income tax expense (benefit) $ 7,766 $ (9,773) $ 4,762 $ (12,575)  
Income tax (benefit) expense from restructurings       $ (8,000)  
Deferred income tax liabilities 32,660   32,660   $ 24,500
Deferred income tax assets, net $ 1,657   $ 1,657   $ 1,754
v3.24.2.u1
STOCKHOLDERS' EQUITY - Narrative (Details) - At The Market Equity Offering Program
$ / shares in Units, shares in Millions, $ in Millions
 6 Months Ended
Jun. 30, 2024
USD ($)
$ / shares
shares
Equity offering [Line Items]  
Equity offering program, maximum aggregate amount authorized $ 1,000.0
Equity offering program, issued | shares 10.4
Equity offering program, proceeds $ 499.4
Shares Issued, Weighted Average Price Per Share | $ / shares $ 47.87
Equity offering program, remaining authorized offering amount $ 500.6
v3.24.2.u1
STOCKHOLDERS' EQUITY - Summary of Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Equity [Abstract]    
Foreign currency translation loss $ (46,289) $ (56,596)
Unrealized loss on available for sale securities (1,978) (1,256)
Unrealized gain on derivative instruments 30,858 22,095
Total accumulated other comprehensive loss $ (17,409) $ (35,757)
v3.24.2.u1
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Numerator for basic and diluted earnings per share:        
Income from continuing operations $ 21,168 $ 105,066 $ 8,628 $ 123,978
Net income 21,168 105,066 8,628 123,978
Net income attributable to noncontrolling interests 1,781 1,613 3,553 3,008
Net income attributable to common stockholders $ 19,387 $ 103,453 $ 5,075 $ 120,970
Denominator:        
Denominator for basic earnings per share—weighted average shares (in shares) 408,097 400,431 405,747 400,211
Effect of dilutive securities:        
Restricted stock awards (in shares) 308 220 293 268
OP Unitholder Interests (in shares) 3,418 3,471 3,432 3,478
Denominator for diluted earnings per share—adjusted weighted average shares (in shares) 411,823 404,122 409,472 403,957
Earnings per common share        
Income from continuing operations, basic (in usd per share) $ 0.05 $ 0.26 $ 0.02 $ 0.31
Net income (loss) attributable to common stockholders, basic (in usd per share) 0.05 0.26 0.01 0.30
Diluted earnings per share:        
Income from continuing operations, diluted (in usd per share) [1] 0.05 0.26 0.02 0.31
Net income (loss) attributable to common stockholders, diluted (in usd per share) [1] 0.05 $ 0.26 0.01 $ 0.30
3.75% Exchangeable Senior Notes due 2026        
Diluted earnings per share:        
Exchange rate per share (in dollars per share) $ 54.81   $ 54.81  
[1] Potential common shares are not included in the computation of diluted earnings per share (“EPS”) when a loss from continuing operations exists as the effect would be an antidilutive per share amount.
v3.24.2.u1
SEGMENT INFORMATION - Narrative (Details)
 6 Months Ended
Jun. 30, 2024
USD ($)
segment
Segment Reporting [Abstract]  
Number of reportable segments | segment 3
Intersegment sales and transfers | $ $ 0
v3.24.2.u1
SEGMENT INFORMATION - Income Statement (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues        
Rental income $ 372,787 $ 370,162 $ 747,032 $ 722,905
Income from loans and investments 1,436 6,554 2,725 20,143
Interest and other income 4,825 1,032 11,605 2,775
Revenues 1,200,980 1,106,358 2,400,894 2,183,603
Less:        
Interest and other income 4,825 1,032 11,605 2,775
Property-level operating expenses 680,151 622,818 1,367,648 1,230,749
Third party capital management expenses     3,403 3,142
NOI 514,354 481,072 1,018,238 946,937
Interest and other income 4,825 1,032 11,605 2,775
Interest expense (149,259) (143,265) (299,192) (271,340)
Depreciation and amortization (339,848) (304,689) (640,103) (586,808)
General, administrative and professional fees (37,727) (34,399) (86,464) (79,197)
Loss on extinguishment of debt, net (420) 6,801 (672) 6,801
Transaction, transition and restructuring costs (2,886) (3,069) (7,563) (4,455)
Allowance on loans receivable and investments, net 42 12,065 110 20,129
Gain on foreclosure of real estate 0 29,127 0 29,127
Shareholder relations matters (37) 0 (15,751) 0
Other expense (8,128) 17,959 (6,794) 10,197
Loss from unconsolidated entities (1,652) 31,254 (10,035) 25,631
Gain on real estate dispositions 49,670 1,405 50,011 11,606
Income tax expense (7,766) 9,773 (4,762) 12,575
Income from continuing operations 21,168 105,066 8,628 123,978
Net income 21,168 105,066 8,628 123,978
Net income attributable to noncontrolling interests 1,781 1,613 3,553 3,008
Net income attributable to common stockholders 19,387 103,453 5,075 120,970
Resident fees and services        
Revenues        
Other revenues 817,600 724,614 1,630,904 1,429,607
Third party capital management expenses        
Revenues        
Other revenues 4,332 3,996 8,628 8,173
Less:        
Third party capital management expenses 1,650 1,436 3,403 3,142
Third party capital management revenues        
Revenues        
Other revenues     8,628 8,173
Operating Segments | SHOP        
Revenues        
Rental income 0 0 0 0
Income from loans and investments 0 0 0 0
Interest and other income 0 0 0 0
Revenues 817,600 724,614 1,630,904 1,429,607
Less:        
Interest and other income 0 0 0 0
Property-level operating expenses 603,359 547,110 1,213,180 1,084,332
Third party capital management expenses     0 0
NOI   177,504 417,724 345,275
Interest and other income 0 0 0 0
Operating Segments | SHOP | Resident fees and services        
Revenues        
Other revenues 817,600 724,614 1,630,904 1,429,607
Operating Segments | SHOP | Third party capital management expenses        
Revenues        
Other revenues 0 0    
Less:        
Third party capital management expenses 0 0    
Operating Segments | SHOP | Third party capital management revenues        
Revenues        
Other revenues     0 0
Operating Segments | Outpatient Medical and Research Portfolio        
Revenues        
Rental income 218,853 215,807 437,730 418,811
Income from loans and investments 0 0 0 0
Interest and other income 0 0 0 0
Revenues 219,559 216,366 439,066 419,998
Less:        
Interest and other income 0 0 0 0
Property-level operating expenses 73,286 72,171 147,224 139,084
Third party capital management expenses     0 0
NOI 146,273 144,195 291,842 280,914
Interest and other income 0 0 0 0
Operating Segments | Outpatient Medical and Research Portfolio | Resident fees and services        
Revenues        
Other revenues 0 0 0 0
Operating Segments | Outpatient Medical and Research Portfolio | Third party capital management expenses        
Revenues        
Other revenues 706 559    
Less:        
Third party capital management expenses 0 0    
Operating Segments | Outpatient Medical and Research Portfolio | Third party capital management revenues        
Revenues        
Other revenues     1,336 1,187
Operating Segments | Triple-Net Leased Properties        
Revenues        
Rental income 153,934 154,355 309,302 304,094
Income from loans and investments 0 0 0 0
Interest and other income 0 0 0 0
Revenues 153,934 154,355 309,302 304,094
Less:        
Interest and other income 0 0 0 0
Property-level operating expenses 3,506 3,537 7,244 7,333
Third party capital management expenses     0 0
NOI 150,428 150,818 302,058 296,761
Interest and other income 0 0 0 0
Operating Segments | Triple-Net Leased Properties | Resident fees and services        
Revenues        
Other revenues 0 0 0 0
Operating Segments | Triple-Net Leased Properties | Third party capital management expenses        
Revenues        
Other revenues 0 0    
Less:        
Third party capital management expenses 0 0    
Operating Segments | Triple-Net Leased Properties | Third party capital management revenues        
Revenues        
Other revenues     0 0
Operating Segments | Senior Living Operations        
Less:        
NOI 214,241      
Non-Segment        
Revenues        
Rental income 0 0 0 0
Income from loans and investments 1,436 6,554 2,725 20,143
Interest and other income 4,825 1,032 11,605 2,775
Revenues 9,887 11,023 21,622 29,904
Less:        
Interest and other income 4,825 1,032 11,605 2,775
Property-level operating expenses 0 0 0 0
Third party capital management expenses     3,403 3,142
NOI 3,412 8,555 6,614 23,987
Interest and other income 4,825 1,032 11,605 2,775
Non-Segment | Resident fees and services        
Revenues        
Other revenues 0 0 0 0
Non-Segment | Third party capital management expenses        
Revenues        
Other revenues 3,626 3,437    
Less:        
Third party capital management expenses $ 1,650 $ 1,436    
Non-Segment | Third party capital management revenues        
Revenues        
Other revenues     $ 7,292 $ 6,986
v3.24.2.u1
SEGMENT INFORMATION - Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Segment Reporting Information    
Total Assets $ 24,530,229 $ 24,725,433
Percentage of consolidated assets 100.00% 100.00%
Operating Segments | Outpatient Medical and Research Portfolio    
Segment Reporting Information    
Total Assets $ 6,893,756 $ 6,943,446
Percentage of consolidated assets 28.10% 28.10%
Operating Segments | Triple-Net Leased Properties    
Segment Reporting Information    
Total Assets $ 3,902,304 $ 4,120,691
Percentage of consolidated assets 15.90% 16.70%
Operating Segments | SHOP    
Segment Reporting Information    
Total Assets $ 12,944,144 $ 12,864,029
Percentage of consolidated assets 52.80% 52.00%
Non-Segment    
Segment Reporting Information    
Total Assets $ 790,025 $ 797,267
Percentage of consolidated assets 3.20% 3.20%