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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, 2024
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
☐
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 October 28, 2024, there were 419,354,525 shares of the registrant’s common stock outstanding.
    


VENTAS, INC.
FORM 10-Q
INDEX
  Page
 
Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023
Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2024 and 2023
Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023
Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2024 and 2023
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023
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, 2024As of December 31, 2023
Assets
Real estate investments:  
Land and improvements$2,638,649 $2,596,274 
Buildings and improvements27,626,929 27,201,381 
Construction in progress362,189 368,143 
Acquired lease intangibles1,460,883 1,448,146 
Operating lease assets309,765 312,142 
32,398,415 31,926,086 
Accumulated depreciation and amortization(10,888,157)(10,177,136)
Net real estate property21,510,258 21,748,950 
Secured loans receivable and investments, net144,797 27,986 
Investments in unconsolidated real estate entities622,996 598,206 
Net real estate investments22,278,051 22,375,142 
Cash and cash equivalents1,104,733 508,794 
Escrow deposits and restricted cash60,964 54,668 
Goodwill1,045,955 1,045,176 
Assets held for sale50,637 56,489 
Deferred income tax assets, net3,495 1,754 
Other assets803,354 683,410 
Total assets$25,347,189 $24,725,433 
Liabilities and equity  
Liabilities: 
Senior notes payable and other debt$13,668,871 $13,490,896 
Accrued interest113,753 117,403 
Operating lease liabilities215,440 194,734 
Accounts payable and other liabilities1,148,752 1,041,616 
Liabilities related to assets held for sale5,252 9,243 
Deferred income tax liabilities36,755 24,500 
Total liabilities15,188,823 14,878,392 
Redeemable OP unitholder and noncontrolling interests329,688 302,636 
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, 419,267 and 402,380 shares outstanding at September 30, 2024 and December 31, 2023, respectively
104,723 100,648 
Capital in excess of par value16,466,182 15,650,734 
Accumulated other comprehensive loss(38,472)(35,757)
Retained earnings (deficit)(6,748,224)(6,213,803)
Treasury stock, 3 and 279 shares issued at September 30, 2024 and December 31, 2023, respectively
(25,115)(13,764)
Total Ventas stockholders’ equity9,759,094 9,488,058 
Noncontrolling interests69,584 56,347 
Total equity9,828,678 9,544,405 
Total liabilities and equity$25,347,189 $24,725,433 
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,
 2024202320242023
Revenues  
Rental income:  
Triple-net leased properties
$155,349 $159,812 $464,651 $463,906 
Outpatient medical and research portfolio220,957 226,326 658,687 645,137 
376,306 386,138 1,123,338 1,109,043 
Resident fees and services845,532 754,417 2,476,436 2,184,024 
Third party capital management revenues4,392 5,315 13,020 13,488 
Income from loans and investments1,881 1,208 4,606 21,351 
Interest and other income8,204 2,754 19,809 5,529 
Total revenues1,236,315 1,149,832 3,637,209 3,333,435 
Expenses  
Interest150,437 147,919 449,629 419,259 
Depreciation and amortization304,268 370,377 944,371 957,185 
Property-level operating expenses:
Senior housing631,550 573,715 1,844,730 1,658,047 
Outpatient medical and research portfolio77,479 78,915 224,703 217,999 
Triple-net leased properties
4,379 3,847 11,623 11,180 
713,408 656,477 2,081,056 1,887,226 
Third party capital management expenses1,553 1,472 4,956 4,614 
General, administrative and professional fees35,092 33,297 121,556 112,494 
Loss (gain) on extinguishment of debt, net— 612 672 (6,189)
Transaction, transition and restructuring costs8,580 7,125 16,143 11,580 
Recovery of allowance on loans receivable and investments, net
(56)(66)(166)(20,195)
Gain on foreclosure of real estate
— — — (29,127)
Shareholder relations matters— — 15,751 — 
Other expense (income)3,935 9,432 10,729 (765)
Total expenses1,217,217 1,226,645 3,644,697 3,336,082 
Income (loss) before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests19,098 (76,813)(7,488)(2,647)
Income (loss) from unconsolidated entities4,629 (5,119)(5,406)20,512 
Gain on real estate dispositions271 10,711 50,282 22,317 
Income tax (expense) benefit(3,002)1,662 (7,764)14,237 
Net income (loss)20,996 (69,559)29,624 54,419 
Net income attributable to noncontrolling interests1,753 1,565 5,306 4,573 
Net income (loss) attributable to common stockholders$19,243 $(71,124)$24,318 $49,846 
Earnings per common share  
Basic:  
Net income (loss)$0.05 $(0.17)$0.07 $0.14 
Net income (loss) attributable to common stockholders0.05 (0.18)0.06 0.12 
Diluted:1
    
Net income (loss)$0.05 $(0.17)$0.07 $0.13 
Net income (loss) attributable to common stockholders0.05 (0.18)0.06 0.12 
______________________________
1 Potential common shares are not included in the computation of diluted earnings per share (“EPS”) when a net loss exists as the effect would be an antidilutive per share amount.
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,
 2024202320242023
Net income (loss)$20,996 $(69,559)$29,624 $54,419 
Other comprehensive (loss) income:  
Foreign currency translation gain (loss)6,908 (2,858)14,032 2,922 
Unrealized gain on available for sale securities869 — 147 — 
Unrealized (loss) gain on derivative instruments(29,940)10,042 (20,488)29,241 
Total other comprehensive (loss) income(22,163)7,184 (6,309)32,163 
Comprehensive (loss) income(1,167)(62,375)23,315 86,582 
Comprehensive income attributable to noncontrolling interests653 379 1,712 6,118 
Comprehensive (loss) income attributable to common stockholders$(1,820)$(62,754)$21,603 $80,464 
       
See accompanying notes.
3

VENTAS, INC.
CONSOLIDATED STATEMENTS OF EQUITY
For the Three Months Ended September 30, 2024 and 2023
(In thousands, except per share amounts, unaudited)

For the Three Months Ended September 30, 2024
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, 2024$103,242 $16,135,972 $(17,409)$(6,577,395)$(25,060)$9,619,350 $48,366 $9,667,716 
Net income— — — 19,243 — 19,243 1,753 20,996 
Other comprehensive loss— — (21,063)— — (21,063)(1,100)(22,163)
Net change in noncontrolling interests
— 2,229 — — — 2,229 20,565 22,794 
Dividends to common stockholders—$0.45 per share
— 22 — (190,072)— (190,050)— (190,050)
Issuance of common stock for stock plans, restricted stock grants and other
1,481 373,553 — — (55)374,979 — 374,979 
Adjust redeemable OP unitholder interests to current fair value— (45,594)— — — (45,594)— (45,594)
Redemption of OP Units
— — — — — — — — 
Balance at September 30, 2024$104,723 $16,466,182 $(38,472)$(6,748,224)$(25,115)$9,759,094 $69,584 $9,828,678 

For the Three Months Ended September 30, 2023
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, 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 other441 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 

See accompanying notes.
4

VENTAS, INC.
CONSOLIDATED STATEMENTS OF EQUITY
For the Nine Months Ended September 30, 2024 and 2023
(In thousands, except per share amounts, unaudited)

For the Nine Months Ended September 30, 2024
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, 2024$100,648 $15,650,734 $(35,757)$(6,213,803)$(13,764)$9,488,058 $56,347 $9,544,405 
Net income— — — 24,318 — 24,318 5,306 29,624 
Other comprehensive loss— — (2,715)— — (2,715)(3,594)(6,309)
Net change in noncontrolling interests
— (16,970)— — — (16,970)11,525 (5,445)
Dividends to common stockholders—$1.35 per share
— 55 — (558,739)— (558,684)— (558,684)
Issuance of common stock for stock plans, restricted stock grants and other
4,075 884,661 — — (11,351)877,385 — 877,385 
Adjust redeemable OP unitholder interests to current fair value
— (50,702)— — — (50,702)— (50,702)
Redemption of OP Units
— (1,596)— — — (1,596)— (1,596)
Balance at September 30, 2024$104,723 $16,466,182 $(38,472)$(6,748,224)$(25,115)$9,759,094 $69,584 $9,828,678 

For the Nine Months Ended September 30, 2023
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, 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 

See accompanying notes.

5

VENTAS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands, unaudited)
 For the Nine Months Ended September 30,
 20242023
Cash flows from operating activities: 
Net income$29,624 $54,419 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization944,371 957,185 
Amortization of deferred revenue and lease intangibles, net(41,194)(44,543)
Other non-cash amortization22,347 15,499 
Recovery of allowance on loans receivable and investments, net(166)(20,195)
Stock-based compensation26,344 25,298 
Straight-lining of rental income(6,469)(4,425)
Loss (gain) on extinguishment of debt, net672 (6,189)
Gain on real estate dispositions(50,282)(22,317)
Income tax expense (benefit)2,535 (19,230)
Loss (gain) from unconsolidated entities5,406 (20,512)
Gain on foreclosure of real estate— (29,127)
Distributions from unconsolidated entities13,639 12,953 
Other681 (15,777)
Changes in operating assets and liabilities:
Increase in other assets(122,404)(55,339)
(Decrease) increase in accrued interest(3,415)3,775 
Increase in accounts payable and other liabilities134,295 9,314 
Net cash provided by operating activities955,984 840,789 
Cash flows from investing activities:  
Net investment in real estate property(519,048)(4,625)
Investment in loans receivable(120,695)(883)
Proceeds from real estate disposals275,396 167,296 
Proceeds from loans receivable6,496 44,036 
Proceeds from sale of interest in unconsolidated entities— 50,054 
Net cash assumed in foreclosure of real estate— 11,615 
Development project expenditures(239,564)(239,639)
Capital expenditures(194,035)(160,369)
Distributions from unconsolidated entities2,555 74,670 
Investment in unconsolidated entities(55,503)(97,989)
Insurance proceeds for property damage claims3,523 14,446 
Net cash used in investing activities(840,875)(141,388)
Cash flows from financing activities:  
Net change in borrowings under revolving credit facilities(6,151)6,169 
Net change in borrowings under commercial paper program— (402,354)
Proceeds from debt1,805,446 2,404,069 
Repayment of debt(1,539,869)(1,891,003)
Purchase of noncontrolling interests(11,064)(110)
Payment of deferred financing costs(34,684)(39,225)
Issuance of common stock, net850,561 108,455 
Cash distribution to common stockholders(551,369)(542,236)
Cash distribution to redeemable OP unitholders(4,545)(4,642)
Cash issued for redemption of OP Units(2,087)(845)
Contributions from noncontrolling interests3,646 11,187 
Distributions to noncontrolling interests(14,140)(20,867)
Proceeds from stock option exercises10,483 1,736 
Other(17,208)(8,628)
Net cash provided by (used in) financing activities489,019 (378,294)
Net increase in cash, cash equivalents and restricted cash604,128 321,107 
Effect of foreign currency translation(1,893)(106)
Cash, cash equivalents and restricted cash at beginning of period563,462 170,745 
Cash, cash equivalents and restricted cash at end of period$1,165,697 $491,746 

See accompanying notes.
6

VENTAS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(In thousands, unaudited)
 For the Nine Months Ended September 30,
 20242023
Supplemental schedule of non-cash activities:  
Assets acquired and liabilities assumed from acquisitions and other:
  
Real estate investments$10,463 $— 
Other assets1,171 7,873 
Other liabilities4,647 9,000 
Deferred income tax liability6,988 12,382 
Settlement of loan receivable— 486,082 
Real estate received in settlement of loan receivable— 1,566,395 
Assumption of debt related to real estate owned— 1,016,804 

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”) focused on delivering strong, sustainable shareholder returns by enabling exceptional environments that benefit a large and growing aging population. We hold a portfolio that includes senior housing communities, outpatient medical buildings, research centers, hospitals and healthcare facilities located in North America and the United Kingdom. As of September 30, 2024, we owned or had investments in approximately 1,350 properties (including properties classified as held for sale and unconsolidated properties). Our company is headquartered in Chicago, Illinois with additional corporate offices in Louisville, Kentucky and New York, New York.

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

We operate through three reportable business segments: senior housing operating portfolio, which we also refer to as “SHOP,” outpatient medical and research portfolio, which we also refer to as “OM&R,” and triple-net leased properties, which we also refer to as “NNN.” Non-segment assets consist primarily of corporate assets, including cash, restricted cash, loans receivable and investments and miscellaneous accounts receivable as well as investments in unconsolidated entities. Our investments in unconsolidated entities include investments made through our third-party institutional capital management business, Ventas Investment Management (“VIM”). Through VIM, we partner with third-party institutional investors to invest in real estate through various joint ventures and other co-investment vehicles where we are the sponsor or general partner, including our open-ended investment vehicle, the Ventas Life Science & Healthcare Real Estate Fund.

Our chief operating decision maker evaluates performance of the combined properties in each reportable segment and determines how to allocate resources to these segments based on net operating income (“NOI”) for each segment. See “Note 16 – Segment Information.” For a discussion of our definition of NOI and for a reconciliation of NOI to our net income attributable to common stockholders, as computed in accordance with U.S. generally accepted accounting principles (“GAAP”), see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures.”

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

Segment
Total NOI (1)
Percentage of Total NOI
Number of Consolidated Properties
Senior housing operating portfolio (SHOP)
$631,706 41.3 %591 
Outpatient medical and research portfolio (OM&R)
435,938 28.5 %426 
Triple-net leased properties (NNN)
453,028 29.6 %302 
Non-segment (2)
10,716 0.7 %— 
$1,531,388 100 %1,319 
______________________________
(1)    “NOI” is defined as total revenues, less interest and other income, property-level operating expenses and third party capital management expenses. See “Non-GAAP Financial Measures” included elsewhere in this Quarterly Report on Form 10-Q for additional disclosure and a reconciliation of net income attributable to common stockholders, as computed in accordance with GAAP, to NOI.
(2)    NOI for non-segment includes management fees and promote revenues, net of expenses related to our third-party institutional capital management business, income from loans and investments and corporate-level expenses not directly attributable to any of our three reportable business segments.


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

NOTE 2—ACCOUNTING POLICIES

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

Accounting Estimates

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

Principles of Consolidation

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

GAAP requires us to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of variable interest entities (“VIEs”). Substantially all of the assets of the VIEs are real estate investments and substantially all of the liabilities of the VIEs are mortgage loans. Assets of the consolidated VIEs can only be used to settle obligations of such VIEs. Liabilities of the consolidated VIEs represent claims against the specific assets of the VIEs. Unless otherwise required by an operating agreement, any mortgage loans of the consolidated VIEs are non-recourse to us. The table below summarizes the total assets and liabilities of our consolidated VIEs as reported on our Consolidated Balance Sheets (dollars in thousands):
As of September 30, 2024As of December 31, 2023
Total AssetsTotal LiabilitiesTotal AssetsTotal Liabilities
NHP/PMB L.P.$750,258 $289,867 $759,817 $266,658 
Fonds Immobilier Groupe Maurice, S.E.C.1,899,604 1,177,864 1,971,410 1,204,619 
Other identified VIEs1,587,859 380,034 1,597,957 354,828 
Tax credit VIEs (1)
— — 29,746 4,024 
____________________________
(1)     Balances as of September 30, 2024 reflect the completion of the tax credit structure unwinds.

Recent Accounting Standards

In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires incremental disclosures related to a public entity’s reportable segments. Required disclosures include, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount for other segment items (which is the difference between segment revenue less segment expenses and less segment profit or loss) and a description of its composition, the title and position of the CODM, and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The standard also permits disclosure of more than one measure of segment profit. ASU 2023-07 is effective
9
VENTAS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We are finalizing our assessment of the impact of adopting ASU 2023-07 and expect to disclose additional expense details and the title of our CODM in our Form 10-K for the year ended December 31, 2024.

In December 2023, the FASB issued Accounting Standards Update 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public entities on an annual basis to (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. We are evaluating the impact of adopting ASU 2023-09 on our Consolidated Financial Statements.

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

NOTE 3—CONCENTRATION OF CREDIT RISK

We use total revenues and total NOI in assessing our concentration of credit risk. See “Non-GAAP Financial Measures” included elsewhere in this Quarterly Report on Form 10-Q for additional disclosure and a reconciliation of net income attributable to common stockholders, as computed in accordance with GAAP, to total NOI.

We are exposed to the credit risk of our tenants in our NNN and OM&R segments because those tenants are obligated to pay us rent and, in certain instances pay or reimburse us for some or all property-related expenses, including maintenance, utilities, repairs, taxes, insurance and capital expenditures. Because we engage independent managers to manage the properties in our SHOP segment in exchange for a management fee, we are not directly exposed to their credit risk in the same manner or to the same extent as the tenants in our NNN and OM&R segments.

The following table summarizes certain information about our credit risk concentration for our NNN and OM&R segments for the three months ended September 30, 2024:
 For the Three Months Ended September 30,
 20242023
Revenues: (1)
  
Brookdale (2)
3.1 %3.3 %
Ardent (3)
2.8 2.9 
Kindred
2.8 2.9 
All others
22.9 25.2 
Net operating income (“NOI”):
Brookdale (2)
7.3 %7.6 %
Ardent (3)
6.7 6.8 
Kindred
6.8 6.8 
All others
37.5 41.9 
____________________________
(1)Represents percentage of total revenues which include third party capital management revenues, income from loans and investments and interest and other income.
(2)Results exclude 9 senior housing communities which are included in our SHOP segment.
(3)Results exclude 19 outpatient medical buildings included in “All others.”


10
VENTAS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 4—ACQUISITIONS OF REAL ESTATE PROPERTY

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

2024 Acquisitions

During the nine months ended September 30, 2024, we acquired 11 senior housing communities reported within our SHOP segment and five long term acute care hospitals (“LTACs”) reported within our triple-net leased properties segment for an aggregate purchase price of $516.1 million.

In October 2024, we acquired 25 senior housing communities reported within our SHOP segment for $923.0 million.

NOTE 5—DISPOSITIONS AND IMPAIRMENTS

2024 Activity

During the nine months ended September 30, 2024, we sold 17 senior housing communities, 12 outpatient medical buildings (one of which was vacant) and 23 triple-net leased properties for aggregate consideration of $261.4 million and recognized $50.3 million in gain on real estate dispositions in our Consolidated Statements of Income.

In October 2024, we sold two senior housing communities and part of a research building for aggregate consideration of $39.2 million.

Assets Held for Sale

The table below summarizes our real estate assets classified as held for sale including the amounts reported on our Consolidated Balance Sheets (dollars in thousands):
As of September 30, 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 $26,938 $3,755 13 $48,173 $6,419 
Outpatient medical and research portfolio (1)
— 21,568 1,497 3 5,431 2,643 
Triple-net leased properties1 2,131 — 1 2,885 181 
Total4 $50,637 $5,252 17 $56,489 $9,243 
______________________________
(1)The balances as of September 30, 2024 relate to a partial sale of a building, as such, no property count is allocated.

Real Estate Impairments

We recognized impairments of $17.3 million and $72.7 million for the three months ended September 30, 2024 and 2023, respectively, and $67.6 million and $92.0 million for the nine months ended September 30, 2024 and 2023 respectively, which are recorded primarily as a component of depreciation and amortization in our Consolidated Statements of Income. The impairments recorded were primarily a result of a change in our intent to hold or a change in the expected future cash flows of the impaired assets.

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

NOTE 6—LOANS RECEIVABLE AND INVESTMENTS

As of September 30, 2024 and December 31, 2023, we held $168.6 million and $54.1 million, respectively, of loans receivable and investments, net of allowance, relating to senior housing and healthcare operators or properties. The following is a summary of our loans receivable and investments, net, including amortized cost, fair value and unrealized gains or losses on available for sale investments, if applicable (dollars in thousands):    
Amortized CostAllowanceCarrying AmountFair Value
As of September 30, 2024:
Secured/mortgage loans and other, net (1)
$144,797 $— $144,797 $145,905 
Non-mortgage loans receivable, net (2)
27,564 (3,810)23,754 22,895 
Total loans receivable and investments, net$172,361 $(3,810)$168,551 $168,800 
As of December 31, 2023:
Secured/mortgage loans and other, net (1)
$27,986 $— $27,986 $27,947 
Non-mortgage loans receivable, net (2)
30,128 (3,976)26,152 25,200 
Total loans receivable and investments, net$58,114 $(3,976)$54,138 $53,147 
______________________________
(1)Investments have contractual maturities ranging from 2024 to 2027.
(2)Included in other assets on our Consolidated Balance Sheets.

In September 2024, we provided new secured debt financing of $109.0 million to the owner of a senior housing property, secured by the asset and with additional credit support. The loan provides us with a right of first offer to purchase the asset on certain terms and conditions. The loan has a 3-year term and bears interest at a floating rate based on one-month SOFR, subject to a floor of 4.50%, plus a spread of 5.75%, increasing to 6.00% commencing on the first-year anniversary of the loan.

NOTE 7—INVESTMENTS IN UNCONSOLIDATED ENTITIES

We report investments in unconsolidated entities over whose operating and financial policies we have the ability to exercise significant influence under the equity method of accounting. Our investments in unconsolidated entities include investments in both real estate entities and operating entities as described further below.

Investments in Unconsolidated Real Estate Entities

Below is a summary of our investments in unconsolidated real estate entities, including through VIM, as of September 30, 2024 and December 31, 2023, respectively (dollars in thousands):
Ownership as of (1)
Carrying Amount as of
September 30, 2024December 31, 2023September 30, 2024December 31, 2023
Investments in unconsolidated real estate entities:
Ventas Life Science & Healthcare Real Estate Fund20.0%20.1%$269,694 $264,442 
Pension Fund Joint Venture25.0%25.0%15,511 22,169 
Research & Innovation Development Joint Venture53.0%53.0%300,694 275,829 
Ventas Investment Management platform
585,899 562,440 
Atrium Health & Wake Forest Joint Venture48.5%48.5%36,487 35,137 
All other (2)
34.0%-37.5%
34.0%-37.5%
610 629 
Total investments in unconsolidated real estate entities$622,996 $598,206 
______________________________
(1)    The entities in which we have an ownership interest may have less than a 100% interest in the underlying real estate. The ownership percentages in the table reflect our interest in the entities. Joint venture members, including us in some instances, have equity participation rights based on the underlying performance of the investments, which could result in non pro rata distributions.
(2)     Includes investments in parking structures and other de minimis investments in unconsolidated real estate entities.
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VENTAS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


We provide various services to our unconsolidated real estate entities in exchange for fees and reimbursements. Total management fees earned in connection with these services were $4.0 million and $3.6 million for the three months ended September 30, 2024 and 2023, respectively, and $11.7 million and $10.9 million for the nine months ended September 30, 2024 and 2023, respectively. Such amounts, along with any promote revenue, are included in third party capital management revenues in our Consolidated Statements of Income.

Investments in Unconsolidated Operating Entities

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

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

As of September 30, 2024, we held an approximately 6.7% ownership interest in Ardent. One of our executive officers is currently a member of the Ardent Board of Directors. Going forward, we have the right (but not the obligation) to nominate one member of the Ardent Board of Directors for so long as we beneficially own 4% or more of the total voting power of the outstanding common stock of Ardent, pursuant to our nomination agreement with Ardent. Following Ardent’s initial public offering, which was consummated in July 2024, our equity stake in Ardent decreased from the issuance of primary shares from 7.5% to approximately 6.7%, which resulted in a gain of $8.7 million for the three and nine months ended September 30, 2024, which is included in income (loss) from unconsolidated entities in our Consolidated Statements of Income.

NOTE 8—INTANGIBLES

The following is a summary of our intangibles (dollars in thousands):
 As of September 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)
$124,597 4.4$130,371 4.8
In-place and other lease intangibles (2)
1,336,286 10.11,317,775 8.3
Goodwill1,045,955 N/A1,045,176 N/A
Other intangibles (2)
34,406 4.234,440 4.8
Accumulated amortization(1,271,375)N/A(1,189,817)N/A
Net intangible assets$1,269,869 9.5$1,337,945 8.0
Intangible liabilities:   
Below-market lease intangibles (1)
$265,274 7.7$306,499 8.1
Other lease intangibles13,498 N/A13,498 N/A
Accumulated amortization(208,949)N/A(241,600)N/A
Purchase option intangibles3,568 N/A3,568 N/A
Net intangible liabilities$73,391 7.7$81,965 8.1
______________________________
(1)     Amortization of above- and below-market lease intangibles is recorded as a decrease and an increase to revenues, respectively, in our Consolidated Statements of Income.
(2)     Amortization of intangibles is recorded in depreciation and amortization in our Consolidated Statements of Income.
N/A—Not Applicable

Above-market lease intangibles and in-place and other lease intangibles are included in acquired lease intangibles within real estate investments on our Consolidated Balance Sheets. Other intangibles (including non-compete agreements, trade
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VENTAS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

names and trademarks) are included in other assets on our Consolidated Balance Sheets. Net intangible liabilities are included in accounts payable and other liabilities on our Consolidated Balance Sheets.

NOTE 9—OTHER ASSETS

The following is a summary of our other assets (dollars in thousands):
As of September 30, 2024As of December 31, 2023
Straight-line rent receivables$203,237 $194,108 
Deferred lease costs, net
139,537 118,556 
Investment in unconsolidated operating entities88,344 80,312 
Stock warrants65,377 59,281 
Non-mortgage loans receivable, net23,754 26,152 
Other intangibles, net4,953 5,584 
Other278,152 199,417 
Total other assets$803,354 $683,410 

In the above table, stock warrants as of September 30, 2024 represent: (1) warrants exercisable at any time prior to December 31, 2025, in whole or in part, for 12.6 million shares of Brookdale Senior Living, Inc. common stock (“Brookdale Common Stock”) at an exercise price of $3.00 per share (the “Brookdale Warrants”), and (2) warrants exercisable at any time prior to September 13, 2034 for 9.9% of the common equity of a parent company of Kindred Healthcare, LLC (“Kindred”) exercisable at the pre-transaction value of such common equity (the “Scion Warrants”). We received the Scion Warrants in September 2024 as part of the consideration for a lease amendment that we entered into with Kindred and its parent companies, ScionHealth.

During the nine months ended September 30, 2024, we exercised Brookdale Warrants for 3.7 million shares of Brookdale Common Stock on a cashless basis, resulting in our receipt of 2.1 million shares of Brookdale Common Stock (net of the $3.00 exercise price), which we sold for net cash proceeds of approximately $14.0 million (recorded within operating cash flows in our Consolidated Statements of Cash Flows).

The Brookdale Warrants and the Scion Warrants are measured at fair value with changes in fair value being recognized within other expense (income) in our Consolidated Statements of Income.

14
VENTAS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 10—SENIOR NOTES PAYABLE AND OTHER DEBT

The following is a summary of our senior notes payable and other debt (dollars in thousands):
As of September 30, 2024As of December 31, 2023
Unsecured revolving credit facility (1)(2)
$7,922 $14,006 
Commercial paper notes— — 
3.50% Senior Notes due 2024
— 400,000 
3.75% Senior Notes due 2024
— 400,000 
4.125% Senior Notes, Series B due 2024 (2)
— 123,256 
2.80% Senior Notes, Series E due 2024 (2)
— 55,143 
Unsecured term loan due 2025 (2)
— 377,501 
2.65% Senior Notes due 2025
450,000 450,000 
3.50% Senior Notes due 2025
600,000 600,000 
4.125% Senior Notes due 2026
500,000 500,000 
3.75% Exchangeable Senior Notes due 2026
862,500 862,500 
3.25% Senior Notes due 2026
450,000 450,000 
Unsecured term loan due February 2027200,000 200,000 
Unsecured term loan due June 2027500,000 500,000 
2.45% Senior Notes, Series G due 2027 (2)
351,227 358,626 
3.85% Senior Notes due 2027
400,000 400,000 
4.00% Senior Notes due 2028
650,000 650,000 
5.398% Senior Notes, Series I due 2028 (2)
443,656 453,001 
4.40% Senior Notes due 2029
750,000 750,000 
5.10% Senior Notes, Series J due 2029 (2)
480,627 — 
3.00% Senior Notes due 2030
650,000 650,000 
4.75% Senior Notes due 2030