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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 FOR THE TRANSITION PERIOD FROM____________TO____________
Commission file number: 1-10989
Ventas, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Delaware61-1055020
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
353 N. Clark Street, Suite 3300
Chicago, Illinois 60654
(Address of Principal Executive Offices)    
(877) 483-6827
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading SymbolName of Exchange on Which Registered
Common Stock $0.25 par value
VTRNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒    No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒    No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒
Accelerated filer ☐
Non-accelerated filer
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Smaller reporting company ☐Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐    No ☒

As of November 1, 2023, there were 402,380,747 shares of the registrant’s common stock outstanding.
    


VENTAS, INC.
FORM 10-Q
INDEX
  Page
 
Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022
Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2023 and 2022
Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2023 and 2022
Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2023 and 2022
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022
Item 3.Defaults Upon Senior Securities
Item 4.Mine Safety Disclosures


PART I—FINANCIAL INFORMATION

ITEM 1.    CONSOLIDATED FINANCIAL STATEMENTS

VENTAS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts, unaudited)
As of September 30, 2023As of December 31, 2022
Assets
Real estate investments:  
Land and improvements$2,601,218 $2,437,905 
Buildings and improvements27,220,110 26,020,048 
Construction in progress458,988 310,456 
Acquired lease intangibles1,469,998 1,346,190 
Operating lease assets317,369 310,307 
32,067,683 30,424,906 
Accumulated depreciation and amortization(9,978,902)(9,264,456)
Net real estate property22,088,781 21,160,450 
Secured loans receivable and investments, net27,823 537,075 
Investments in unconsolidated real estate entities579,172 579,949 
Net real estate investments22,695,776 22,277,474 
Cash and cash equivalents433,937 122,564 
Escrow deposits and restricted cash57,809 48,181 
Goodwill1,044,536 1,044,415 
Assets held for sale43,191 44,893 
Deferred income tax assets, net7,165 10,490 
Other assets684,195 609,823 
Total assets$24,966,609 $24,157,840 
Liabilities and equity  
Liabilities: 
Senior notes payable and other debt$13,388,498 $12,296,780 
Accrued interest119,685 110,542 
Operating lease liabilities197,666 190,440 
Accounts payable and other liabilities1,090,028 1,031,689 
Liabilities related to assets held for sale5,098 6,492 
Deferred income tax liabilities26,141 35,570 
Total liabilities14,827,116 13,671,513 
Redeemable OP unitholder and noncontrolling interests265,374 264,650 
Commitments and contingencies
Equity:  
Ventas stockholders’ equity:  
Preferred stock, $1.00 par value; 10,000 shares authorized, unissued
— — 
Common stock, $0.25 par value; 600,000 shares authorized, 402,381 and 399,707 shares outstanding at September 30, 2023 and December 31, 2022, respectively
100,647 99,912 
Capital in excess of par value15,678,031 15,539,777 
Accumulated other comprehensive loss(6,182)(36,800)
Retained earnings (deficit)(5,941,303)(5,449,385)
Treasury stock, 277 and 10 shares issued at September 30, 2023 and December 31, 2022, respectively
(13,634)(536)
Total Ventas stockholders’ equity9,817,559 10,152,968 
Noncontrolling interests56,560 68,709 
Total equity9,874,119 10,221,677 
Total liabilities and equity$24,966,609 $24,157,840 
See accompanying notes.
1

VENTAS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts, unaudited)
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2023202220232022
Revenues  
Rental income:  
Triple-net leased$159,812 $150,115 $463,906 $451,073 
Outpatient medical and research portfolio226,326 200,867 645,137 600,648 
386,138 350,982 1,109,043 1,051,721 
Resident fees and services754,417 668,583 2,184,024 1,977,760 
Third party capital management revenues5,315 4,550 13,488 12,825 
Income from loans and investments1,208 12,672 21,351 33,271 
Interest and other income2,754 489 5,529 2,191 
Total revenues1,149,832 1,037,276 3,333,435 3,077,768 
Expenses  
Interest147,919 119,413 419,259 344,158 
Depreciation and amortization370,377 301,481 957,185 873,620 
Property-level operating expenses:
Senior housing573,715 499,972 1,658,047 1,482,948 
Outpatient medical and research portfolio78,915 66,098 217,999 192,609 
Triple-net leased3,847 3,756 11,180 11,349 
656,477 569,826 1,887,226 1,686,906 
Third party capital management expenses1,472 1,750 4,614 4,473 
General, administrative and professional fees33,297 35,421 112,494 111,334 
Loss (gain) on extinguishment of debt, net612 574 (6,189)581 
Transaction expenses and deal costs7,125 4,782 11,580 37,852 
Allowance on loans receivable and investments(66)(63)(20,195)(179)
Gain on foreclosure of real estate— — (29,127)— 
Other9,432 9,162 (765)30,088 
Total expenses1,226,645 1,042,346 3,336,082 3,088,833 
Loss before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests(76,813)(5,070)(2,647)(11,065)
(Loss) income from unconsolidated entities(5,119)1,970 20,512 (3,346)
Gain on real estate dispositions10,711 136 22,317 2,557 
Income tax benefit1,662 6,027 14,237 14,307 
(Loss) income from continuing operations(69,559)3,063 54,419 2,453 
Net (loss) income(69,559)3,063 54,419 2,453 
Net income attributable to noncontrolling interests1,565 1,807 4,573 4,881 
Net (loss) income attributable to common stockholders$(71,124)$1,256 $49,846 $(2,428)
Earnings per common share  
Basic:  
(Loss) income from continuing operations$(0.17)$0.01 $0.14 $0.01 
Net (loss) income attributable to common stockholders(0.18)— 0.12 (0.01)
Diluted:1
    
(Loss) income from continuing operations$(0.17)$0.01 $0.13 $0.01 
Net (loss) income attributable to common stockholders(0.18)— 0.12 (0.01)
______________________________
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.
See accompanying notes.
2

VENTAS, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands, unaudited)

 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2023202220232022
Net (loss) income$(69,559)$3,063 $54,419 $2,453 
Other comprehensive income:  
Foreign currency translation (loss) income(2,858)(3,685)2,922 (24,427)
Unrealized loss on available for sale securities— (1,252)— (3,371)
Unrealized gain on derivative instruments10,042 7,870 29,241 41,013 
Total other comprehensive income7,184 2,933 32,163 13,215 
Comprehensive (loss) income(62,375)5,996 86,582 15,668 
Comprehensive income (loss) attributable to noncontrolling interests379 (4,308)6,118 885 
Comprehensive (loss) income attributable to common stockholders$(62,754)$10,304 $80,464 $14,783 
   
See accompanying notes.
3

VENTAS, INC.
CONSOLIDATED STATEMENTS OF EQUITY
For the Three Months Ended September 30, 2023 and 2022
(In thousands, except per share amounts, unaudited)

For the Three Months Ended September 30, 2023
2019Common
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		Total Equity
Balance at July 1, 2023$100,206 $15,584,858 $(14,552)$(5,688,499)$(13,631)$9,968,382 $60,062 $10,028,444 
Net (loss) income— — — (71,124)— (71,124)1,565 (69,559)
Other comprehensive income (loss)— — 8,370 — — 8,370 (1,186)7,184 
Net change in noncontrolling interests
— (6,637)— — — (6,637)(3,881)(10,518)
Dividends to common stockholders—$0.45 per share
— 9 — (181,680)— (181,671)— (181,671)
Issuance of common stock for stock plans, restricted stock grants and other
441 87,998 — — (3)88,436 — 88,436 
Adjust redeemable OP unitholder interests to current fair value— 11,785 — — — 11,785 — 11,785 
Redemption of OP Units
— 18 — — — 18 — 18 
Balance at September 30, 2023$100,647 $15,678,031 $(6,182)$(5,941,303)$(13,634)$9,817,559 $56,560 $9,874,119 

For the Three Months Ended September 30, 2022
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		Total Equity
Balance at July 1, 2022$99,913 $15,514,015 $(56,355)$(5,044,569)$(408)$10,512,596 $90,798 $10,603,394 
Net income— — — 1,256 — 1,256 1,807 3,063 
Other comprehensive income (loss)— — 9,046 — — 9,046 (6,113)2,933 
Net change in noncontrolling interests
— (14,645)— — — (14,645)(15,939)(30,584)
Dividends to common stockholders—$0.45 per share
— — — (180,589)— (180,589)— (180,589)
Issuance of common stock for stock plans, restricted stock grants and other1 6,101 — — (139)5,963 — 5,963 
Adjust redeemable OP unitholder
    interests to current fair value
— 27,746 — — — 27,746 — 27,746 
Redemption of OP Units
— (14)— — — (14)— (14)
Balance at September 30, 2022$99,914 $15,533,203 $(47,309)$(5,223,902)$(547)$10,361,359 $70,553 $10,431,912 

See accompanying notes.
4

VENTAS, INC.
CONSOLIDATED STATEMENTS OF EQUITY
For the Nine Months Ended September 30, 2023 and 2022
(In thousands, except per share amounts, unaudited)

For the Nine Months Ended September 30, 2023
2019Common
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		Total Equity
Balance at January 1, 2023$99,912 $15,539,777 $(36,800)$(5,449,385)$(536)$10,152,968 $68,709 $10,221,677 
Net income— — — 49,846 — 49,846 4,573 54,419 
Other comprehensive income— — 30,618 — — 30,618 1,545 32,163 
Net change in noncontrolling interests
— (1,781)— — — (1,781)(18,267)(20,048)
Dividends to common stockholders—$1.35 per share
— 19 — (541,764)— (541,745)— (541,745)
Issuance of common stock for stock plans, restricted stock grants and other
735 136,215 — — (13,098)123,852 — 123,852 
Adjust redeemable OP unitholder interests to current fair value
— 3,852 — — — 3,852 — 3,852 
Redemption of OP Units
— (51)— — — (51)— (51)
Balance at September 30, 2023$100,647 $15,678,031 $(6,182)$(5,941,303)$(13,634)$9,817,559 $56,560 $9,874,119 

For the Nine Months Ended September 30, 2022
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		Total Equity
Balance at January 1, 2022$99,838 $15,498,956 $(64,520)$(4,679,889)$— $10,854,385 $91,375 $10,945,760 
Net (loss) income— — — (2,428)— (2,428)4,881 2,453 
Other comprehensive income (loss)— — 17,211 — — 17,211 (3,996)13,215 
Net change in noncontrolling interests— (21,166)— — — (21,166)(21,707)(42,873)
Dividends to common stockholders—$1.35 per share
— — — (541,585)— (541,585)— (541,585)
Issuance of common stock for stock plans, restricted stock grants and other
76 31,273 — — (547)30,802 — 30,802 
Adjust redeemable OP unitholder interests to current fair value
— 24,154 — — — 24,154 — 24,154 
Redemption of OP Units— (14)— — — (14)— (14)
Balance at September 30, 2022$99,914 $15,533,203 $(47,309)$(5,223,902)$(547)$10,361,359 $70,553 $10,431,912 

See accompanying notes.

5

VENTAS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands, unaudited)
 For the Nine Months Ended September 30,
 20232022
Cash flows from operating activities: 
Net income$54,419 $2,453 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization957,185 873,620 
Amortization of deferred revenue and lease intangibles, net(44,543)(48,462)
Other non-cash amortization15,499 9,483 
Allowance on loans receivable and investments(20,195)(179)
Stock-based compensation25,298 28,786 
Straight-lining of rental income(4,425)(10,131)
(Gain) loss on extinguishment of debt, net(6,189)581 
Gain on real estate dispositions(22,317)(2,557)
Income tax benefit(19,230)(16,961)
(Gain) loss and other from unconsolidated entities(20,512)3,352 
Gain on foreclosure of real estate(29,127)— 
Distributions from unconsolidated entities12,953 15,467 
Other(15,777)36,422 
Changes in operating assets and liabilities:
Increase in other assets(55,339)(53,433)
Increase (decrease) in accrued interest3,775 (12,772)
Increase in accounts payable and other liabilities9,314 27,241 
Net cash provided by operating activities840,789 852,910 
Cash flows from investing activities:  
Net investment in real estate property(4,625)(439,299)
Investment in loans receivable(883)(5,337)
Proceeds from real estate disposals167,296 12,481 
Proceeds from loans receivable44,036 692 
Proceeds from sale of interest in unconsolidated entities50,054 — 
Net cash assumed in foreclosure of real estate11,615 — 
Development project expenditures(239,639)(126,988)
Capital expenditures(160,369)(154,761)
Distributions from unconsolidated entities74,670 28,311 
Investment in unconsolidated entities(97,989)(50,402)
Insurance proceeds for property damage claims14,446 9,982 
Net cash used in investing activities(141,388)(725,321)
Cash flows from financing activities:  
Net change in borrowings under revolving credit facilities6,169 (19,442)
Net change in borrowings under commercial paper program(402,354)97,066 
Proceeds from debt2,404,069 888,927 
Repayment of debt(1,891,003)(513,606)
Purchase of noncontrolling interests(110)(170)
Payment of deferred financing costs(39,225)(7,664)
Issuance of common stock, net108,455 — 
Cash distribution to common stockholders(542,236)(540,205)
Cash distribution to redeemable OP unitholders(4,642)(4,732)
Cash issued for redemption of OP Units(845)(328)
Contributions from noncontrolling interests11,187 51 
Distributions to noncontrolling interests(20,867)(27,152)
Proceeds from stock option exercises1,736 8,691 
Other(8,628)(6,392)
Net cash used in financing activities(378,294)(124,956)
Net increase in cash, cash equivalents and restricted cash321,107 2,633 
Effect of foreign currency translation(106)(3,592)
Cash, cash equivalents and restricted cash at beginning of period170,745 196,597 
Cash, cash equivalents and restricted cash at end of period$491,746 $195,638 

See accompanying notes.
6

VENTAS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(In thousands, unaudited)
 For the Nine Months Ended September 30,
 20232022
Supplemental schedule of non-cash activities:  
Assets acquired and liabilities assumed from acquisitions and other:  
Real estate investments$— $16,599 
Other assets7,873 856 
Other liabilities9,000 7,747 
Deferred income tax liability12,382 960 
Noncontrolling interests— 3,351 
Settlement of loan receivable486,082 — 
Real estate received in settlement of loan receivable1,566,395 — 
Assumption of debt related to real estate owned1,016,804 — 
Investment in unconsolidated entities— 8,100 

See accompanying notes.
7
VENTAS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

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”) operating at the intersection of healthcare and real estate. We hold a highly diversified portfolio of senior housing communities, outpatient medical buildings, research centers, hospitals and other healthcare facilities, which we generally refer to collectively as “healthcare real estate,” located throughout the United States, Canada and the United Kingdom. As of September 30, 2023, we owned or had investments in approximately 1,400 properties (including properties classified as held for sale). Our company was originally founded in 1983 and is headquartered in Chicago, Illinois with additional corporate offices in Louisville, Kentucky and New York, New York.

We primarily invest in a diversified portfolio of healthcare real estate assets through wholly-owned subsidiaries and other co-investment entities. We operate through three reportable business segments: triple-net leased properties, senior housing operating portfolio, which we also refer to as “SHOP” and which was formerly known as senior living operations, and outpatient medical and research portfolio, which was formerly known as office operations. See “Note 2 – Accounting Policies” and “Note 15 – Segment Information.” Our senior housing communities are either subject to triple-net leases, in which case they are included in our triple-net leased properties reportable business segment, or operated by third-party managers, in which case they are included in our SHOP reportable business segment.

As of September 30, 2023, we leased a total of 335 properties (excluding properties within our outpatient medical and research portfolio reportable business segment) to various healthcare operating companies 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. Our three largest tenants, Brookdale Senior Living Inc. (together with its subsidiaries, “Brookdale Senior Living”), Ardent Health Partners, LLC (together with its subsidiaries, “Ardent”) and Kindred Healthcare, LLC (together with its subsidiaries, “Kindred”) leased from us 121 properties, 30 properties (including 19 outpatient medical buildings) and 29 properties, respectively, as of September 30, 2023.

As of September 30, 2023, pursuant to long-term management agreements, we engaged operators, such as Atria Senior Living, Inc. (together with its subsidiaries, including Holiday Retirement (“Holiday”), “Atria”) and Sunrise Senior Living, LLC (together with its subsidiaries, “Sunrise”), to manage 594 senior housing communities.

As of September 30, 2023, we owned or had investments in a total of 461 properties in our outpatient medical and research portfolio reportable business segment. These properties generally consist of outpatient medical buildings that are predominantly located on or contiguous to a health system campus and research properties that are affiliated with and often located on or contiguous to a university or academic medical campus. Through our Lillibridge Healthcare Services, Inc. subsidiary and our ownership interest in PMB Real Estate Services LLC, we also provide outpatient medical building management, leasing, marketing, facility development and advisory services to highly rated hospitals and health systems throughout the United States.

In addition, from time to time, we make secured and unsecured loans and other investments relating to healthcare real estate or operators.

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

8
VENTAS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 2—ACCOUNTING POLICIES

The accompanying Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“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 nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. 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, 2022 (the “2022 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. The table below summarizes the total assets and liabilities of our consolidated VIEs as reported on our Consolidated Balance Sheets (dollars in thousands):
As of September 30, 2023As of December 31, 2022
Total AssetsTotal LiabilitiesTotal AssetsTotal Liabilities
NHP/PMB L.P.$755,811 $260,651 $741,890 $252,518 
Fonds Immobilier Groupe Maurice, S.E.C.1,952,453 1,177,733 1,957,075 1,170,928 
Other identified VIEs1,719,853 366,903 1,699,949 333,185 
Tax credit VIEs118,994 14,158 128,240 16,767 

U.S. Department of Health & Human Services Grants

We applied for grants under the Provider Relief Fund administered by the U.S. Department of Health & Human Services (“HHS”) on behalf of the assisted living communities in our SHOP reportable business segment to partially mitigate losses attributable to COVID-19. These grants are intended to reimburse eligible providers for expenses incurred to prevent, prepare for and respond to COVID-19 and lost revenues attributable to COVID-19. Recipients are not required to repay distributions from the Provider Relief Fund, provided that they attest to and comply with certain terms and conditions, including not using grants received from the Provider Relief Fund to reimburse expenses or losses that other sources are obligated to reimburse, complying with reporting and record keeping requirements and cooperating with any government audits.

9
VENTAS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

During the three and nine months ended September 30, 2023, we did not receive any HHS grants. During the three and nine months ended September 30, 2022, we received $20.2 million and $54.2 million, respectively, in HHS grants in connection with our applications and recognized these grants within property-level operating expenses in our Consolidated Statements of Income in the period in which they were received.

Accounting for Foreclosed Properties

The Company may receive properties pursuant to a foreclosure, deed in lieu of foreclosure or other legal action in full or partial settlement of loans receivable by taking legal title or physical possession of the properties. We refer to such actions as a “foreclosure” and to such properties as “foreclosed properties”. We account for foreclosed properties received in settlement of loans receivable in accordance with ASC 310, Receivables. Foreclosed real estate received in full or partial satisfaction of a loan and any debt assumed upon foreclosure is recorded at fair value at the time of foreclosure. If the amortized cost basis in the loan exceeds the fair value of the collateral received, the difference is recorded as an allowance on loans receivable and investments in the Consolidated Statements of Income. Conversely, if the fair value of the collateral received is higher than the amortized cost basis in the loan, the difference, less the fair value of any debt assumed, less the principal amount of the loan receivable (after the reversal of previously recorded allowances), and net of working capital assumed and transaction costs, is recorded as a gain on foreclosure of real estate in the Consolidated Statements of Income.

Exchangeable Senior Notes

We account for our exchangeable senior notes in accordance with ASC 470-20, Debt - Debt with Conversion and Other Options (after the adoption of Accounting Standards Update (“ASU”) 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”)). We evaluate the exchange features embedded in our exchangeable senior notes in accordance with ASC 815, Derivatives and Hedging. ASC 815 requires embedded derivatives to be separated from their host nonderivative contracts and accounted for as free-standing derivative financial instruments if, and only if, each of the following three criteria is met: (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable GAAP with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. Certain contracts that involve an entity’s own equity are explicitly exempted from the requirements of ASC 815.

NOTE 3—CONCENTRATION OF CREDIT RISK

As of September 30, 2023, Atria, Sunrise, Brookdale Senior Living, Ardent and Kindred managed or operated approximately 23.6%, 9.3%, 7.6%, 5.1% and 0.8%, respectively, of our consolidated real estate investments based on gross book value (excluding properties classified as held for sale as of September 30, 2023). 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 Senior Living, Ardent and Kindred.

Based on gross book value, approximately 10.6% and 55.0% of our consolidated real estate investments were senior housing communities included in the triple-net leased properties and SHOP reportable business segments, respectively (excluding properties classified as held for sale as of September 30, 2023). Outpatient medical buildings, research centers, inpatient rehabilitation facilities (“IRFs”) and long-term acute care facilities (“LTACs”), health systems, skilled nursing facilities (“SNFs”) and secured loans receivable and investments collectively comprised the remaining 34.4%. Our consolidated properties were located in 47 states, the District of Columbia, seven Canadian provinces and the United Kingdom as of September 30, 2023, with properties in one state (California) accounting for more than 10% of our total consolidated revenues and net operating income (“NOI,” which is defined as total revenues, less interest and other income, property-level operating expenses and third party capital management expenses) for each of the three months ended September 30, 2023 and 2022. 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.

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VENTAS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Triple-Net Leased Properties

The properties we triple-net leased to Brookdale Senior Living, Ardent and Kindred accounted for a significant portion of total revenues and total NOI for the three months ended September 30, 2023 and 2022. 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 September 30,
 20232022
Contribution as a Percentage of Total Revenues (1):
  
Brookdale Senior Living3.3 %3.6 %
Ardent2.9 3.1 
Kindred
2.9 3.3 
Contribution as a Percentage of Total NOI (2):
Brookdale Senior Living7.6 %8.0 %
Ardent6.8 7.0 
Kindred
6.8 7.4 
____________________________
(1)Total revenues include third party capital management revenues, income from loans and investments and interest and other income.
(2)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 Senior Living, 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 Senior Living, Ardent and Kindred leases is guaranteed by a corporate parent.

Kindred Lease

As of September 30, 2023, we leased 29 properties to Kindred pursuant to a single, triple-net master lease agreement (together with certain other agreements related to such master lease, collectively, the “Kindred Lease”). As of September 30, 2023, the Kindred Lease represented approximately 6.8% of the Company’s Total NOI.

Pursuant to the Kindred Lease, the 29 properties are divided into two groups. The first group is composed of 6 properties (“Group 1”) and the second group is composed of 23 properties (“Group 2”). The existing term of the Kindred Lease expires on April 30, 2028 for Group 1 and April 30, 2025 for Group 2. Kindred has the option to renew the Kindred Lease for the Group 1 properties for two 5-year extensions 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. Kindred currently has the option to renew the Kindred Lease for the Group 2 properties for one 5-year extension by providing written notice to us before May 1, 2024. The Kindred Lease is guaranteed by a parent company.

The COVID-19 pandemic led to elevated volumes and financial performance at the properties. As the pandemic receded, the financial performance has declined, largely driven by significantly elevated labor expense, including contract labor, and lower volumes. 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. See also “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 Senior Living, 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, 2022.

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VENTAS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Senior Housing Operating Portfolio

As of September 30, 2023, Atria and Sunrise, collectively, provided comprehensive property management and accounting services with respect to 313 of our 583 consolidated senior housing communities, for which we pay annual management fees pursuant to long-term management agreements.

As of September 30, 2023, Atria and its subsidiaries, including Holiday, managed a pool of 221 senior housing communities for Ventas. Ventas has the right to terminate the management contract for 70 of the communities on short notice.

As of September 30, 2023, Sunrise managed 92 communities for Ventas pursuant to multiple management agreements (collectively, the “Sunrise Management Agreements”). Our Sunrise Management Agreements have initial terms expiring between 2035 and 2040. Ventas has the ability to terminate some or all of the Sunrise Management Agreements under certain circumstances.

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.

NOTE 4—DISPOSITIONS AND IMPAIRMENTS

2023 Activity

During the nine months ended September 30, 2023, we sold seven senior housing communities (four of which were vacant), five outpatient medical buildings, two research centers, nine triple-net leased properties (two of which were vacant) and one land parcel for aggregate consideration of $167.3 million and recognized a gain on the sale of these assets of $22.3 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 September 30, 2023As of December 31, 2022
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
SHOP7 $41,108 $4,435 3 $44,852 $5,675 
Outpatient Medical and Research Portfolio (1)
1 1,393 520 — 41 817 
Triple-net leased properties1 690 143 — — — 
Total9 $43,191 $5,098 3 $44,893 $6,492 
______________________________
(1)Balances as of December 31, 2022 primarily relate to sold assets that will be settled post close.

Real Estate Impairments

We recognized impairments of $72.7 million and $28.1 million for the three months ended September 30, 2023 and 2022, respectively, and $92.0 million and $55.0 million for the nine months ended September 30, 2023 and 2022, 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 future cash flows of the impaired assets.

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VENTAS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 5—LOANS RECEIVABLE AND INVESTMENTS

As of September 30, 2023 and December 31, 2022, we had $52.4 million and $561.4 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 (dollars in thousands):    
Amortized CostAllowanceCarrying AmountFair Value
As of September 30, 2023:
Secured/mortgage loans and other, net (1)
$27,823 $— $27,823 $27,853 
Non-mortgage loans receivable, net (2)
29,012 (4,425)24,587 23,396 
Total loans receivable and investments, net$56,835 $(4,425)$52,410 $51,249 
As of December 31, 2022:
Secured/mortgage loans and other, net (3)
$513,669 $(20,000)$493,669 $493,627 
Government-sponsored pooled loan investments, net (4)
43,406 — 43,406 43,406 
Total investments reported as secured loans receivable and investments, net
557,075 (20,000)537,075 537,033 
Non-mortgage loans receivable, net (2)
28,959 (4,621)24,338 23,416 
Total loans receivable and investments, net$586,034 $(24,621)$561,413 $560,449 
______________________________
(1)Investments have contractual maturities in 2024 and 2027.
(2)Included in other assets on our Consolidated Balance Sheets.
(3)Includes the Company’s cash-pay non-recourse mezzanine loan to Santerre Health Investors (the “Santerre Mezzanine Loan”), which was no longer outstanding as of September 30, 2023. Other included investments have contractual maturities in 2024 and 2027.
(4)Repaid at par in February 2023.

On May 1, 2023, we took ownership of the properties that secured the Santerre Mezzanine Loan by converting the outstanding principal amount of the Santerre Mezzanine Loan to equity, with no additional consideration being paid. As a result, the Santerre Mezzanine Loan is no longer outstanding. The properties consisted of a diverse pool of outpatient medical buildings, senior housing operating portfolio communities, triple-net leased skilled nursing facilities and hospital assets in the United States, which, at the time, also secured a $1 billion non-recourse senior mortgage loan issued under the CHC Commercial Mortgage Trust 2019-CHC (the “CHC Mortgage Loan”). For additional information regarding the CHC Mortgage Loan, see “Note 9 – Senior Notes Payable And Other Debt.”

As of December 31, 2022, we recognized a $20.0 million allowance on the Santerre Mezzanine Loan in our Consolidated Statements of Income. The allowance for the Santerre Mezzanine Loan was calculated using the “current expected credit loss”, or “CECL”, model, which considers relevant information about past events, current conditions and reasonable and supportable forecasts to estimate expected losses as of the most recent balance sheet date. During the nine months ended September 30, 2023, we reversed the $20.0 million allowance and recognized a gain on foreclosure of real estate of $29.1 million in our Consolidated Statements of Income. The gain is the fair value of the properties that secured the Santerre Mezzanine Loan, less the fair value of the CHC Mortgage Loan, less the principal amount of the Santerre Mezzanine Loan on May 1, 2023 (after the reversal of previously recorded allowances), and net of non-real estate assets and liabilities and transaction costs. For additional information, see “Note 10 – Fair Value Measurements”.

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VENTAS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 6—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. We invest in both real estate entities and operating entities which are described further below.

Investments in Unconsolidated Real Estate Entities

Through our Ventas Investment Management platform, which combines our extensive third-party capital ventures under a single platform, we partner with third-party institutional investors to invest in healthcare real estate through various joint ventures and other co-investment vehicles where we are the sponsor or general partner.

Below is a summary of our investments in unconsolidated real estate entities as of September 30, 2023 and December 31, 2022, respectively (dollars in thousands):
Ownership as of (1)
Carrying Amount as of
September 30, 2023December 31, 2022September 30, 2023December 31, 2022
Investments in unconsolidated real estate entities:
Ventas Life Science & Healthcare Real Estate Fund20.6%21.0%$268,514 $263,979 
Pension Fund Joint Venture23.6%22.9%27,052 25,028 
Research & Innovation Development Joint Venture51.4%51.0%260,526 284,962 
Ventas Investment Management platform
556,092 573,969 
Atrium Health & Wake Forest Joint Venture48.5%48.5%22,443 5,403 
All other (2)
34.0%-37.5%
34.0%-37.5%
637 577 
Total investments in unconsolidated real estate entities$579,172 $579,949 
______________________________
(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 underlying real estate. 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. The balance as of September 30, 2023 includes investments in unconsolidated real estate entities that are recorded in accounts payable and other liabilities on our Consolidated Balance Sheets.

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 $3.6 million and $4.2 million for the three months ended September 30, 2023 and 2022, respectively, and $10.9 million and $11.5 million for the nine months ended September 30, 2023 and 2022, respectively. Such amounts 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. Our 34% ownership interest in Atria entitles us to customary minority rights and protections, including the right to appoint two members to the Atria Board of Directors.

As of September 30, 2023, we held a 7.5% ownership interest in Ardent, which entitles us to customary minority rights and protections, including the right to appoint one member to the Ardent Board of Directors. In May 2023, we sold approximately 24% of our ownership interest in Ardent to a third-party investor for $50.1 million in total proceeds. As a result of the sale, we recognized $33.5 million of gain for the nine months ended September 30, 2023 in income from unconsolidated entities in our Consolidated Statements of Income and our ownership interest in Ardent was reduced from 9.8% to 7.5%.

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VENTAS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 7—INTANGIBLES

The following is a summary of our intangibles (dollars in thousands):
 As of September 30, 2023As of December 31, 2022
 BalanceWeighted Average
Remaining Amortization
Period in Years		BalanceWeighted Average
Remaining Amortization
Period in Years
Intangible assets:    
Above-market lease intangibles (1)
$136,506 5.1$129,038 5.4
In-place and other lease intangibles (2)
1,333,492 7.71,217,152 8.0
Goodwill1,044,536 N/A1,044,415 N/A
Other intangibles (2)
34,400 5.034,404 5.6
Accumulated amortization(1,163,233)N/A(1,061,305)N/A
Net intangible assets$1,385,701 7.5$1,363,704 7.8
Intangible liabilities:   
Below-market lease intangibles (1)
$330,143 8.0$333,672 8.6
Other lease intangibles13,498 N/A13,498 N/A
Accumulated amortization(259,958)N/A(258,639)N/A
Purchase option intangibles3,568 N/A3,568 N/A
Net intangible liabilities$87,251 8.0$92,099 8.6
______________________________
(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.

NOTE 8—OTHER ASSETS

The following is a summary of our other assets (dollars in thousands):
As of September 30, 2023As of December 31, 2022
Straight-line rent receivables$192,137 $187,536 
Deferred lease costs112,194 101,185 
Non-mortgage loans receivable, net24,587 24,338 
Stock warrants34,906 23,621 
Other intangibles, net5,774 6,393 
Investment in unconsolidated operating entities80,039 95,363 
Other234,558 171,387 
Total other assets$684,195 $609,823 

Stock warrants represent warrants exercisable at any time prior to December 31, 2025, in whole or in part, for 16.3 million shares of Brookdale Senior Living common stock at an exercise price of $3.00 per share. These warrants are measured at fair value with changes in fair value being recognized within other expense in our Consolidated Statements of Income.
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VENTAS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


NOTE 9—SENIOR NOTES PAYABLE AND OTHER DEBT

The following is a summary of our senior notes payable and other debt (dollars in thousands):
As of September 30, 2023As of December 31, 2022
Unsecured revolving credit facility (1)(2)
$31,677 $25,230 
Commercial paper notes— 403,000 
2.55% Senior Notes, Series D due 2023 (2)
— 202,967 
3.50% Senior Notes due 2024
400,000 400,000 
3.75% Senior Notes due 2024
400,000 400,000 
4.125% Senior Notes, Series B due 2024 (2)
120,242 184,515 
2.80% Senior Notes, Series E due 2024 (2)
53,795 442,837 
Unsecured term loan due 2025 (2)
368,270 369,031 
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