| (Mark One) | |||||||||||||||||||||||
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||||||||||||||||
For the quarterly period ended June 30, 2022 | |||||||||||||||||||||||
| OR | |||||||||||||||||||||||
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE | ||||||||||||||||||||||
| ACT OF 1934 FOR THE TRANSITION PERIOD FROM____________TO____________ | |||||||||||||||||||||||
| Delaware | 61-1055020 | |||||||
| (State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||||||
Title of Each Class | Trading Symbol | Name of Exchange on Which Registered | ||||||||||||
Common Stock $0.25 par value | VTR | New York Stock Exchange | ||||||||||||
| Large accelerated filer | ☒ | Accelerated filer ☐ | Non-accelerated filer | ☐ | ||||||||||||||||
| Smaller reporting company | ☐ | Emerging growth company | ☐ | |||||||||||||||||
| Page | ||||||||||||||
Consolidated Financial Statements (Unaudited) | ||||||||||||||
| Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021 | ||||||||||||||
| Consolidated Statements of Income for the Three and Six Months Ended June 30, 2022 and 2021 | ||||||||||||||
| Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2022 and 2021 | ||||||||||||||
| Consolidated Statements of Equity for the Three and Six Months Ended June 30, 2022 and 2021 | ||||||||||||||
| Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022 and 2021 | ||||||||||||||
| As of June 30, 2022 | As of December 31, 2021 | ||||||||||
| Assets | |||||||||||
| Real estate investments: | |||||||||||
| Land and improvements | $ | 2,444,519 | $ | 2,432,065 | |||||||
| Buildings and improvements | 26,186,712 | 25,778,490 | |||||||||
| Construction in progress | 251,300 | 269,315 | |||||||||
| Acquired lease intangibles | 1,361,671 | 1,369,747 | |||||||||
| Operating lease assets | 315,896 | 317,858 | |||||||||
| 30,560,098 | 30,167,475 | ||||||||||
| Accumulated depreciation and amortization | (8,834,315) | (8,350,637) | |||||||||
| Net real estate property | 21,725,783 | 21,816,838 | |||||||||
| Secured loans receivable and investments, net | 529,630 | 530,126 | |||||||||
| Investments in unconsolidated real estate entities | 533,705 | 523,465 | |||||||||
| Net real estate investments | 22,789,118 | 22,870,429 | |||||||||
| Cash and cash equivalents | 127,073 | 149,725 | |||||||||
| Escrow deposits and restricted cash | 48,958 | 46,872 | |||||||||
| Goodwill | 1,044,509 | 1,046,140 | |||||||||
| Assets held for sale | 31,768 | 28,399 | |||||||||
| Deferred income tax assets, net | 11,152 | 11,152 | |||||||||
| Other assets | 575,577 | 565,069 | |||||||||
| Total assets | $ | 24,628,155 | $ | 24,717,786 | |||||||
| Liabilities and equity | |||||||||||
| Liabilities: | |||||||||||
| Senior notes payable and other debt | $ | 12,328,140 | $ | 12,027,544 | |||||||
| Accrued interest | 104,419 | 106,602 | |||||||||
| Operating lease liabilities | 194,241 | 197,234 | |||||||||
| Accounts payable and other liabilities | 1,062,935 | 1,090,254 | |||||||||
| Liabilities related to assets held for sale | 5,871 | 10,850 | |||||||||
| Deferred income tax liabilities | 46,613 | 59,259 | |||||||||
| Total liabilities | 13,742,219 | 13,491,743 | |||||||||
| Redeemable OP unitholder and noncontrolling interests | 282,542 | 280,283 | |||||||||
| 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, 399,715 and 399,420 shares issued at June 30, 2022 and December 31, 2021, respectively | 99,913 | 99,838 | |||||||||
| Capital in excess of par value | 15,514,015 | 15,498,956 | |||||||||
| Accumulated other comprehensive loss | (56,355) | (64,520) | |||||||||
| Retained earnings (deficit) | (5,044,569) | (4,679,889) | |||||||||
| Treasury stock, 7 and 0 shares issued at June 30, 2022 and December 31, 2021, respectively | (408) | — | |||||||||
| Total Ventas stockholders’ equity | 10,512,596 | 10,854,385 | |||||||||
| Noncontrolling interests | 90,798 | 91,375 | |||||||||
| Total equity | 10,603,394 | 10,945,760 | |||||||||
| Total liabilities and equity | $ | 24,628,155 | $ | 24,717,786 | |||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| Revenues | |||||||||||||||||||||||
| Rental income: | |||||||||||||||||||||||
| Triple-net leased | $ | 149,397 | $ | 159,223 | $ | 300,958 | $ | 319,108 | |||||||||||||||
| Office | 199,241 | 200,388 | 399,781 | 397,843 | |||||||||||||||||||
| 348,638 | 359,611 | 700,739 | 716,951 | ||||||||||||||||||||
| Resident fees and services | 658,056 | 535,952 | 1,309,177 | 1,064,602 | |||||||||||||||||||
| Office building and other services revenue | 4,326 | 5,381 | 8,275 | 10,331 | |||||||||||||||||||
| Income from loans and investments | 10,752 | 17,665 | 20,599 | 36,675 | |||||||||||||||||||
| Interest and other income | 1,166 | 585 | 1,702 | 926 | |||||||||||||||||||
| Total revenues | 1,022,938 | 919,194 | 2,040,492 | 1,829,485 | |||||||||||||||||||
| Expenses | |||||||||||||||||||||||
| Interest | 113,951 | 110,051 | 224,745 | 220,818 | |||||||||||||||||||
| Depreciation and amortization | 283,075 | 250,700 | 572,139 | 564,848 | |||||||||||||||||||
| Property-level operating expenses: | |||||||||||||||||||||||
| Senior housing | 507,446 | 424,813 | 982,976 | 842,642 | |||||||||||||||||||
| Office | 63,328 | 64,950 | 126,511 | 128,896 | |||||||||||||||||||
| Triple-net leased | 3,585 | 4,432 | 7,593 | 9,257 | |||||||||||||||||||
| 574,359 | 494,195 | 1,117,080 | 980,795 | ||||||||||||||||||||
| Office building and other services costs | 1,410 | 658 | 2,723 | 1,276 | |||||||||||||||||||
| General, administrative and professional fees | 32,915 | 30,588 | 75,913 | 70,897 | |||||||||||||||||||
| Loss (gain) on extinguishment of debt, net | 7 | (74) | 7 | 27,016 | |||||||||||||||||||
| Transaction expenses and deal costs | 13,078 | 721 | 33,070 | 5,338 | |||||||||||||||||||
| Allowance on loans receivable and investments | (62) | (59) | (116) | (8,961) | |||||||||||||||||||
| Other | 48,116 | (13,490) | 20,926 | (22,918) | |||||||||||||||||||
| Total expenses | 1,066,849 | 873,290 | 2,046,487 | 1,839,109 | |||||||||||||||||||
| (Loss) income before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests | (43,911) | 45,904 | (5,995) | (9,624) | |||||||||||||||||||
| (Loss) income from unconsolidated entities | (1,047) | 4,767 | (5,316) | 4,517 | |||||||||||||||||||
| (Loss) gain on real estate dispositions | (34) | 41,258 | 2,421 | 43,791 | |||||||||||||||||||
| Income tax benefit (expense) | 3,790 | (3,641) | 8,280 | (5,794) | |||||||||||||||||||
| (Loss) income from continuing operations | (41,202) | 88,288 | (610) | 32,890 | |||||||||||||||||||
| Net (loss) income | (41,202) | 88,288 | (610) | 32,890 | |||||||||||||||||||
| Net income attributable to noncontrolling interests | 1,214 | 1,897 | 3,074 | 3,708 | |||||||||||||||||||
| Net (loss) income attributable to common stockholders | $ | (42,416) | $ | 86,391 | $ | (3,684) | $ | 29,182 | |||||||||||||||
| Earnings per common share | |||||||||||||||||||||||
| Basic: | |||||||||||||||||||||||
| (Loss) income from continuing operations | $ | (0.10) | $ | 0.24 | $ | — | $ | 0.09 | |||||||||||||||
| Net (loss) income attributable to common stockholders | (0.11) | 0.23 | (0.01) | 0.08 | |||||||||||||||||||
Diluted:1 | |||||||||||||||||||||||
| (Loss) income from continuing operations | $ | (0.10) | $ | 0.23 | $ | — | $ | 0.09 | |||||||||||||||
| Net (loss) income attributable to common stockholders | (0.11) | 0.23 | (0.01) | 0.08 | |||||||||||||||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| Net (loss) income | $ | (41,202) | $ | 88,288 | $ | (610) | $ | 32,890 | |||||||||||||||
| Other comprehensive income (loss): | |||||||||||||||||||||||
| Foreign currency translation loss | (11,429) | (1,016) | (20,742) | (1,032) | |||||||||||||||||||
| Unrealized loss on available for sale securities | (1,531) | (2,663) | (2,119) | (7,280) | |||||||||||||||||||
| Unrealized gain (loss) on derivative instruments | 14,107 | (595) | 33,143 | 8,811 | |||||||||||||||||||
| Total other comprehensive income (loss) | 1,147 | (4,274) | 10,282 | 499 | |||||||||||||||||||
| Comprehensive (loss) income | (40,055) | 84,014 | 9,672 | 33,389 | |||||||||||||||||||
| Comprehensive (loss) income attributable to noncontrolling interests | (580) | 3,416 | 5,191 | 8,142 | |||||||||||||||||||
| Comprehensive (loss) income attributable to common stockholders | $ | (39,475) | $ | 80,598 | $ | 4,481 | $ | 25,247 | |||||||||||||||
| 2019 | Common Stock Par Value | Capital in Excess of Par Value | Accumulated Other Comprehensive Loss | Retained Earnings (Deficit) | Treasury Stock | Total Ventas Stockholders’ Equity | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||
| Balance at April 1, 2022 | $ | 99,888 | $ | 15,478,467 | $ | (59,296) | $ | (4,821,653) | $ | — | $ | 10,697,406 | $ | 95,284 | $ | 10,792,690 | |||||||||||||||||||||||||||||||
| Net loss | — | — | — | (42,416) | — | (42,416) | 1,214 | (41,202) | |||||||||||||||||||||||||||||||||||||||
| Other comprehensive income | — | — | 2,941 | — | — | 2,941 | (1,794) | 1,147 | |||||||||||||||||||||||||||||||||||||||
Net change in noncontrolling interests | — | (7,379) | — | — | — | (7,379) | (3,906) | (11,285) | |||||||||||||||||||||||||||||||||||||||
Dividends to common stockholders—$0.45 per share | — | — | — | (180,500) | — | (180,500) | — | (180,500) | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock for stock plans, restricted stock grants and other | 25 | 9,882 | — | — | (408) | 9,499 | — | 9,499 | |||||||||||||||||||||||||||||||||||||||
| Adjust redeemable OP unitholder interests to current fair value | — | 33,045 | — | — | — | 33,045 | — | 33,045 | |||||||||||||||||||||||||||||||||||||||
| Balance at June 30, 2022 | $ | 99,913 | $ | 15,514,015 | $ | (56,355) | $ | (5,044,569) | $ | (408) | $ | 10,512,596 | $ | 90,798 | $ | 10,603,394 | |||||||||||||||||||||||||||||||
| Balance at April 1, 2021 | $ | 93,750 | $ | 14,186,692 | $ | (52,497) | $ | (4,257,001) | $ | (789) | $ | 9,970,155 | $ | 101,465 | $ | 10,071,620 | |||||||||||||||||||||||||||||||
| Net income | — | — | — | 86,391 | — | 86,391 | 1,897 | 88,288 | |||||||||||||||||||||||||||||||||||||||
| Other comprehensive (loss) income | — | — | (5,793) | — | — | (5,793) | 1,519 | (4,274) | |||||||||||||||||||||||||||||||||||||||
Net change in noncontrolling interests | — | 2,804 | — | — | — | 2,804 | (3,676) | (872) | |||||||||||||||||||||||||||||||||||||||
Dividends to common stockholders—$0.45 per share | — | — | — | (169,442) | — | (169,442) | — | (169,442) | |||||||||||||||||||||||||||||||||||||||
| Issuance of common stock for stock plans, restricted stock grants and other | 34 | 10,505 | — | — | 469 | 11,008 | — | 11,008 | |||||||||||||||||||||||||||||||||||||||
| Adjust redeemable OP unitholder interests to current fair value | — | (12,421) | — | — | — | (12,421) | — | (12,421) | |||||||||||||||||||||||||||||||||||||||
Redemption of OP Units | — | (3) | — | — | — | (3) | — | (3) | |||||||||||||||||||||||||||||||||||||||
| Balance at June 30, 2021 | $ | 93,784 | $ | 14,187,577 | $ | (58,290) | $ | (4,340,052) | $ | (320) | $ | 9,882,699 | $ | 101,205 | $ | 9,983,904 | |||||||||||||||||||||||||||||||
| 2019 | Common Stock Par Value | Capital in Excess of Par Value | Accumulated Other Comprehensive Loss | 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 | — | — | — | (3,684) | — | (3,684) | 3,074 | (610) | |||||||||||||||||||||||||||||||||||||||
| Other comprehensive income | — | — | 8,165 | — | — | 8,165 | 2,117 | 10,282 | |||||||||||||||||||||||||||||||||||||||
Net change in noncontrolling interests | — | (6,521) | — | — | — | (6,521) | (5,768) | (12,289) | |||||||||||||||||||||||||||||||||||||||
Dividends to common stockholders—$0.90 per share | — | — | — | (360,996) | — | (360,996) | — | (360,996) | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock for stock plans, restricted stock grants and other | 75 | 25,172 | — | — | (408) | 24,839 | — | 24,839 | |||||||||||||||||||||||||||||||||||||||
Adjust redeemable OP unitholder interests to current fair value | — | (3,592) | — | — | — | (3,592) | — | (3,592) | |||||||||||||||||||||||||||||||||||||||
| Balance at June 30, 2022 | $ | 99,913 | $ | 15,514,015 | $ | (56,355) | $ | (5,044,569) | $ | (408) | $ | 10,512,596 | $ | 90,798 | $ | 10,603,394 | |||||||||||||||||||||||||||||||
| Balance at January 1, 2021 | $ | 93,635 | $ | 14,171,262 | $ | (54,354) | $ | (4,030,376) | $ | — | $ | 10,180,167 | $ | 98,024 | $ | 10,278,191 | |||||||||||||||||||||||||||||||
| Net income | — | — | — | 29,182 | — | 29,182 | 3,708 | 32,890 | |||||||||||||||||||||||||||||||||||||||
| Other comprehensive loss | — | — | (3,936) | — | — | (3,936) | 4,435 | 499 | |||||||||||||||||||||||||||||||||||||||
Net change in noncontrolling interests | — | 6,239 | — | — | — | 6,239 | (4,962) | 1,277 | |||||||||||||||||||||||||||||||||||||||
Dividends to common stockholders—$0.90 per share | — | — | — | (338,858) | — | (338,858) | — | (338,858) | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock for stock plans, restricted stock grants and other | 149 | 35,434 | — | — | (320) | 35,263 | — | 35,263 | |||||||||||||||||||||||||||||||||||||||
Adjust redeemable OP unitholder interests to current fair value | — | (25,339) | — | — | — | (25,339) | — | (25,339) | |||||||||||||||||||||||||||||||||||||||
Redemption of OP Units | — | (19) | — | — | — | (19) | — | (19) | |||||||||||||||||||||||||||||||||||||||
| Balance at June 30, 2021 | $ | 93,784 | $ | 14,187,577 | $ | (58,290) | $ | (4,340,052) | $ | (320) | $ | 9,882,699 | $ | 101,205 | $ | 9,983,904 | |||||||||||||||||||||||||||||||
| For the Six Months Ended June 30, | |||||||||||
| 2022 | 2021 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net (loss) income | $ | (610) | $ | 32,890 | |||||||
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 572,139 | 564,848 | |||||||||
| Amortization of deferred revenue and lease intangibles, net | (33,491) | (31,551) | |||||||||
| Other non-cash amortization | 6,412 | 10,119 | |||||||||
| Allowance on loans receivable and investments | (116) | (8,961) | |||||||||
| Stock-based compensation | 22,601 | 21,465 | |||||||||
| Straight-lining of rental income | (7,559) | (7,167) | |||||||||
| Loss on extinguishment of debt, net | 7 | 27,016 | |||||||||
| Gain on real estate dispositions | (2,421) | (43,791) | |||||||||
| Gain on real estate loan investments | — | (74) | |||||||||
| Income tax (benefit) expense | (11,184) | 2,510 | |||||||||
| Loss (income) from unconsolidated entities | 5,322 | (4,512) | |||||||||
| Distributions from unconsolidated entities | 10,719 | 6,480 | |||||||||
| Other | 25,128 | (34,841) | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Increase in other assets | (32,622) | (25,618) | |||||||||
| Decrease in accrued interest | (2,008) | (5,732) | |||||||||
| Increase in accounts payable and other liabilities | 315 | 25,775 | |||||||||
| Net cash provided by operating activities | 552,632 | 528,856 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Net investment in real estate property | (388,295) | (210) | |||||||||
| Investment in loans receivable | (5,225) | (283) | |||||||||
| Proceeds from real estate disposals | 6,171 | 115,850 | |||||||||
| Proceeds from loans receivable | 487 | 36,475 | |||||||||
| Development project expenditures | (81,878) | (130,894) | |||||||||
| Capital expenditures | (91,004) | (74,122) | |||||||||
| Distributions from unconsolidated entities | 25,652 | — | |||||||||
| Investment in unconsolidated entities | (33,086) | (68,311) | |||||||||
| Insurance proceeds for property damage claims | 7,918 | 390 | |||||||||
| Net cash used in investing activities | (559,260) | (121,105) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Net change in borrowings under revolving credit facilities | (7,822) | (104,131) | |||||||||
| Net change in borrowings under commercial paper program | 55,184 | 169,984 | |||||||||
| Proceeds from debt | 706,915 | 268,286 | |||||||||
| Repayment of debt | (394,395) | (565,951) | |||||||||
| Purchase of noncontrolling interests | (170) | — | |||||||||
| Payment of deferred financing costs | (4,126) | (17,776) | |||||||||
| Issuance of common stock, net | — | 14,250 | |||||||||
| Cash distribution to common stockholders | (360,098) | (337,838) | |||||||||
| Cash distribution to redeemable OP unitholders | (3,072) | (3,164) | |||||||||
| Cash issued for redemption of OP Units | — | (62) | |||||||||
| Contributions from noncontrolling interests | 39 | 30 | |||||||||
| Distributions to noncontrolling interests | (7,873) | (8,588) | |||||||||
| Proceeds from stock option exercises | 8,691 | 4,821 | |||||||||
| Other | (6,219) | (5,934) | |||||||||
| Net cash used in financing activities | (12,946) | (586,073) | |||||||||
| Net decrease in cash, cash equivalents and restricted cash | (19,574) | (178,322) | |||||||||
| Effect of foreign currency translation | (992) | 1,450 | |||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 196,597 | 451,640 | |||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 176,031 | $ | 274,768 | |||||||
| For the Six Months Ended June 30, | |||||||||||
| 2022 | 2021 | ||||||||||
| Supplemental schedule of non-cash activities: | |||||||||||
| Assets acquired and liabilities assumed from acquisitions and other: | |||||||||||
| Real estate investments | $ | 3,176 | $ | 468 | |||||||
| Other assets | 362 | — | |||||||||
| Other liabilities | 2,944 | — | |||||||||
| Deferred income tax liability | 594 | — | |||||||||
| Noncontrolling interests | — | 468 | |||||||||
| As of June 30, 2022 | As of December 31, 2021 | |||||||||||||||||||||||||
| Total Assets | Total Liabilities | Total Assets | Total Liabilities | |||||||||||||||||||||||
| NHP/PMB L.P. | $ | 756,063 | $ | 260,217 | $ | 749,834 | $ | 251,352 | ||||||||||||||||||
| Other identified VIEs | 3,892,070 | 1,532,677 | 3,949,294 | 1,556,136 | ||||||||||||||||||||||
| Tax credit VIEs | 443,332 | 82,126 | 458,953 | 103,992 | ||||||||||||||||||||||
| For the Three Months Ended June 30, | |||||||||||
| 2022 | 2021 | ||||||||||
Revenues (1): | |||||||||||
| Brookdale Senior Living | 3.6 | % | 4.1 | % | |||||||
| Ardent | 3.2 | 3.4 | |||||||||
Kindred | 3.3 | 3.6 | |||||||||
NOI (2): | |||||||||||
| Brookdale Senior Living | 8.4 | % | 8.8 | % | |||||||
| Ardent | 7.3 | 7.4 | |||||||||
Kindred | 7.6 | 7.8 | |||||||||
| As of June 30, 2022 | As of December 31, 2021 | |||||||||||||||||||||||||||||||||||||
| Number of Properties Held for Sale | Assets Held for Sale | Liabilities Related to Assets Held for Sale | Number of Properties Held for Sale | Assets Held for Sale | Liabilities Related to Assets Held for Sale | |||||||||||||||||||||||||||||||||
| SHOP | 2 | 22,787 | 4,093 | 2 | 24,964 | 9,321 | ||||||||||||||||||||||||||||||||
| Office operations | 3 | 8,981 | 1,778 | 2 | 3,435 | 1,529 | ||||||||||||||||||||||||||||||||
| Total | 5 | $ | 31,768 | $ | 5,871 | 4 | $ | 28,399 | $ | 10,850 | ||||||||||||||||||||||||||||
| Amortized Cost | Allowance | Unrealized (Loss) Gain | Carrying Amount | Fair Value | |||||||||||||||||||||||||
| As of June 30, 2022: | |||||||||||||||||||||||||||||
| Secured/mortgage loans and other, net | $ | 488,611 | $ | — | $ | — | $ | 488,611 | $ | 458,700 | |||||||||||||||||||
Government-sponsored pooled loan investments, net (1) | 41,300 | — | (281) | 41,019 | 41,019 | ||||||||||||||||||||||||
Total investments reported as secured loans receivable and investments, net | 529,911 | — | (281) | 529,630 | 499,719 | ||||||||||||||||||||||||
Non-mortgage loans receivable, net (2) | 29,462 | (5,271) | — | 24,191 | 23,435 | ||||||||||||||||||||||||
| Total loans receivable and investments, net | $ | 559,373 | $ | (5,271) | $ | (281) | $ | 553,821 | $ | 523,154 | |||||||||||||||||||
| As of December 31, 2021: | |||||||||||||||||||||||||||||
| Secured/mortgage loans and other, net | $ | 488,913 | $ | — | $ | — | $ | 488,913 | $ | 478,931 | |||||||||||||||||||
Government-sponsored pooled loan investments, net (1) | 39,376 | — | 1,836 | 41,213 | 41,213 | ||||||||||||||||||||||||
Total investments reported as secured loans receivable and investments, net | 528,289 | — | 1,836 | 530,126 | 520,144 | ||||||||||||||||||||||||
Non-mortgage loans receivable, net (2) | 24,418 | (5,394) | — | 19,024 | 19,039 | ||||||||||||||||||||||||
| Total loans receivable and investments, net | $ | 552,707 | $ | (5,394) | $ | 1,836 | $ | 549,150 | $ | 539,183 | |||||||||||||||||||
Ownership as of (1) | Carrying Amount as of | |||||||||||||||||||||||||
| June 30, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||
| Investment in unconsolidated real estate entities: | ||||||||||||||||||||||||||
| Ventas Life Science & Healthcare Real Estate Fund | 21.9% | 21.1% | $ | 261,630 | $ | 267,475 | ||||||||||||||||||||
| Pension Fund Joint Venture | 22.9% | 22.9% | 27,532 | 29,192 | ||||||||||||||||||||||
| Research & Innovation Development Joint Venture | 50.7% | 51.0% | 239,478 | 221,363 | ||||||||||||||||||||||
| Ventas Investment Management Platform | 528,640 | 518,030 | ||||||||||||||||||||||||
All other (2) | 34.0%-50.0% | 34.0%-50.0% | 5,065 | 5,435 | ||||||||||||||||||||||
| Total investments in unconsolidated real estate entities | $ | 533,705 | $ | 523,465 | ||||||||||||||||||||||
______________________________ | ||||||||||||||||||||||||||
(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 land parcels, parking structures and other de minimis investments in unconsolidated real estate entities. | ||||||||||||||||||||||||||
| As of June 30, 2022 | As of December 31, 2021 | ||||||||||||||||||||||
| Balance | Weighted Average Remaining Amortization Period in Years | Balance | Weighted Average Remaining Amortization Period in Years | ||||||||||||||||||||
| Intangible assets: | |||||||||||||||||||||||
Above-market lease intangibles (1) | $ | 129,160 | 5.7 | $ | 129,121 | 5.9 | |||||||||||||||||
In-place and other lease intangibles (2) | 1,232,511 | 7.4 | 1,240,626 | 7.2 | |||||||||||||||||||
| Goodwill | 1,044,509 | N/A | 1,046,140 | N/A | |||||||||||||||||||
Other intangibles (2) | 34,486 | 6.1 | 34,517 | 6.5 | |||||||||||||||||||
| Accumulated amortization | (1,004,973) | N/A | (944,403) | N/A | |||||||||||||||||||
| Net intangible assets | $ | 1,435,693 | 7.3 | $ | 1,506,001 | 7.1 | |||||||||||||||||
| Intangible liabilities: | |||||||||||||||||||||||
Below-market lease intangibles (1) | $ | 334,486 | 8.8 | $ | 334,365 | 9.7 | |||||||||||||||||
| Other lease intangibles | 13,498 | N/A | 13,608 | N/A | |||||||||||||||||||
| Accumulated amortization | (251,981) | N/A | (244,975) | N/A | |||||||||||||||||||
| Purchase option intangibles | 3,568 | N/A | 3,568 | N/A | |||||||||||||||||||
| Net intangible liabilities | $ | 99,571 | 8.8 | $ | 106,566 | 9.7 | |||||||||||||||||
| As of June 30, 2022 | As of December 31, 2021 | ||||||||||
| Straight-line rent receivables | $ | 181,661 | $ | 176,877 | |||||||
| Non-mortgage loans receivable, net | 24,191 | 19,024 | |||||||||
| Stock warrants | 39,604 | 48,884 | |||||||||
| Other intangibles, net | 6,842 | 7,270 | |||||||||
| Investment in unconsolidated operating entities | 56,709 | 73,602 | |||||||||
| Other | 266,570 | 239,412 | |||||||||
| Total other assets | $ | 575,577 | $ | 565,069 | |||||||
| As of June 30, 2022 | As of December 31, 2021 | ||||||||||
Unsecured revolving credit facility (1) | $ | 45,594 | $ | 56,448 | |||||||
| Commercial paper notes | 335,300 | 280,000 | |||||||||
| Unsecured term loan due 2023 | — | 200,000 | |||||||||
2.55% Senior Notes, Series D due 2023 (2) | 213,642 | 217,667 | |||||||||
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) | 194,220 | 197,879 | |||||||||
2.80% Senior Notes, Series E due 2024 (2) | 466,128 | 474,909 | |||||||||
Unsecured term loan due 2025 (2) | 388,440 | 395,757 | |||||||||
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 | |||||||||
| Unsecured term loan due 2027 | 500,000 | — | |||||||||
2.45% Senior Notes, Series G due 2027 (2) | 369,018 | 375,970 | |||||||||
3.85% Senior Notes due 2027 | 400,000 | 400,000 | |||||||||
4.00% Senior Notes due 2028 | 650,000 | 650,000 | |||||||||
4.40% Senior Notes due 2029 | 750,000 | 750,000 | |||||||||
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) | 233,064 | 237,454 | |||||||||
6.90% Senior Notes due 2037 (3) | 52,400 | 52,400 | |||||||||
6.59% Senior Notes due 2038 (3) | 22,823 | 22,823 | |||||||||
5.70% Senior Notes due 2043 | 300,000 | 300,000 | |||||||||
4.375% Senior Notes due 2045 | 300,000 | 300,000 | |||||||||
4.875% Senior Notes due 2049 | 300,000 | 300,000 | |||||||||
| Mortgage loans and other | 2,422,866 | 2,431,831 | |||||||||
| Total | 12,393,495 | 12,093,138 | |||||||||
| Deferred financing costs, net | (66,963) | (69,925) | |||||||||
| Unamortized fair value adjustment | 28,165 | 32,888 | |||||||||
| Unamortized discounts | (26,557) | (28,557) | |||||||||
| Senior notes payable and other debt | $ | 12,328,140 | $ | 12,027,544 | |||||||
| Principal Amount Due at Maturity | Unsecured Revolving Credit Facility and Commercial Paper Notes (1) | Scheduled Periodic Amortization | Total Maturities | ||||||||||||||||||||
| 2022 | $ | 222,596 | $ | 335,300 | $ | 27,024 | $ | 584,920 | |||||||||||||||
| 2023 | 489,206 | — | 42,970 | 532,176 | |||||||||||||||||||
| 2024 | 1,654,004 | — | 37,420 | 1,691,424 | |||||||||||||||||||
| 2025 | 2,039,042 | 45,594 | 31,454 | 2,116,090 | |||||||||||||||||||
| 2026 | 1,034,759 | — | 24,709 | 1,059,468 | |||||||||||||||||||
| Thereafter | 6,271,898 | — | 137,519 | 6,409,417 | |||||||||||||||||||
| Total maturities | $ | 11,711,505 | $ | 380,894 | $ | 301,096 | $ | 12,393,495 | |||||||||||||||
| As of June 30, 2022 | As of December 31, 2021 | ||||||||||||||||||||||
| Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||
| Assets: | |||||||||||||||||||||||
| Cash and cash equivalents | $ | 127,073 | $ | 127,073 | $ | 149,725 | $ | 149,725 | |||||||||||||||
| Escrow deposits and restricted cash | 48,958 | 48,958 | 46,872 | 46,872 | |||||||||||||||||||
| Stock warrants | 39,604 | 39,604 | 48,884 | 48,884 | |||||||||||||||||||
| Secured mortgage loans and other, net | 488,611 | 458,700 | 488,913 | 478,931 | |||||||||||||||||||
Non-mortgage loans receivable, net (1) | 24,191 | 23,435 | 19,024 | 19,039 | |||||||||||||||||||
Government-sponsored pooled loan investments, net | 41,019 | 41,019 | 41,213 | 41,213 | |||||||||||||||||||
Derivative instruments (1) | 19,757 | 19,757 | 1,128 | 1,128 | |||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||
| Senior notes payable and other debt, gross | 12,393,495 | 11,834,464 | 12,093,138 | 12,891,937 | |||||||||||||||||||
Derivative instruments (2) | — | — | 12,290 | 12,290 | |||||||||||||||||||
| Redeemable OP Units | 182,512 | 182,512 | 182,112 | 182,112 | |||||||||||||||||||
| As of June 30, 2022 | As of December 31, 2021 | ||||||||||
| Foreign currency translation loss | $ | (74,852) | $ | (56,227) | |||||||
| Unrealized (loss) gain on available for sale securities | (281) | 1,836 | |||||||||
| Unrealized gain (loss) on derivative instruments | 18,778 | (10,129) | |||||||||
| Total accumulated other comprehensive loss | $ | (56,355) | $ | (64,520) | |||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| Numerator for basic and diluted earnings per share: | |||||||||||||||||||||||
| (Loss) income from continuing operations | $ | (41,202) | $ | 88,288 | $ | (610) | $ | 32,890 | |||||||||||||||
| Net (loss) income | (41,202) | 88,288 | (610) | 32,890 | |||||||||||||||||||
| Net income attributable to noncontrolling interests | 1,214 | 1,897 | 3,074 | 3,708 | |||||||||||||||||||
| Net (loss) income attributable to common stockholders | $ | (42,416) | $ | 86,391 | $ | (3,684) | $ | 29,182 | |||||||||||||||
| Denominator: | |||||||||||||||||||||||
| Denominator for basic earnings per share—weighted average shares | 399,592 | 375,067 | 399,445 | 374,869 | |||||||||||||||||||
| Effect of dilutive securities: | |||||||||||||||||||||||
| Stock options | 41 | 58 | 33 | 34 | |||||||||||||||||||
| Restricted stock awards | 376 | 328 | 398 | 304 | |||||||||||||||||||
| OP unitholder interests | 3,517 | 2,954 | 3,517 | 2,954 | |||||||||||||||||||
| Denominator for diluted earnings per share—adjusted weighted average shares | 403,526 | 378,408 | 403,393 | 378,161 | |||||||||||||||||||
| Basic earnings per share: | |||||||||||||||||||||||
| (Loss) income from continuing operations | $ | (0.10) | $ | 0.24 | $ | — | $ | 0.09 | |||||||||||||||
| Net (loss) income attributable to common stockholders | (0.11) | 0.23 | (0.01) | 0.08 | |||||||||||||||||||
Diluted earnings per share: (1) | |||||||||||||||||||||||
| (Loss) income from continuing operations | $ | (0.10) | $ | 0.23 | $ | — | $ | 0.09 | |||||||||||||||
| Net (loss) income attributable to common stockholders | (0.11) | 0.23 | (0.01) | 0.08 | |||||||||||||||||||
| For the Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||
| SHOP | Office Operations | Triple-Net Leased Properties | Non-Segment | Total | |||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||
| Rental income | $ | — | $ | 199,241 | $ | 149,397 | $ | — | $ | 348,638 | |||||||||||||||||||
| Resident fees and services | 658,056 | — | — | — | 658,056 | ||||||||||||||||||||||||
| Office building and other services revenue | — | 670 | — | 3,656 | 4,326 | ||||||||||||||||||||||||
| Income from loans and investments | — | — | — | 10,752 | 10,752 | ||||||||||||||||||||||||
| Interest and other income | — | — | — | 1,166 | 1,166 | ||||||||||||||||||||||||
| Total revenues | $ | 658,056 | $ | 199,911 | $ | 149,397 | $ | 15,574 | $ | 1,022,938 | |||||||||||||||||||
| Total revenues | $ | 658,056 | $ | 199,911 | $ | 149,397 | $ | 15,574 | $ | 1,022,938 | |||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||
| Interest and other income | — | — | — | 1,166 | 1,166 | ||||||||||||||||||||||||
| Property-level operating expenses | 507,446 | 63,328 | 3,585 | — | 574,359 | ||||||||||||||||||||||||
| Office building and other services costs | — | — | — | 1,410 | 1,410 | ||||||||||||||||||||||||
| NOI | $ | 150,610 | $ | 136,583 | $ | 145,812 | $ | 12,998 | 446,003 | ||||||||||||||||||||
| Interest and other income | 1,166 | ||||||||||||||||||||||||||||
| Interest expense | (113,951) | ||||||||||||||||||||||||||||
| Depreciation and amortization | (283,075) | ||||||||||||||||||||||||||||
| General, administrative and professional fees | (32,915) | ||||||||||||||||||||||||||||
| Loss on extinguishment of debt, net | (7) | ||||||||||||||||||||||||||||
| Transaction expenses and deal costs | (13,078) | ||||||||||||||||||||||||||||
| Allowance on loans receivable and investments | 62 | ||||||||||||||||||||||||||||
| Other | (48,116) | ||||||||||||||||||||||||||||
| Loss from unconsolidated entities | (1,047) | ||||||||||||||||||||||||||||
| Loss on real estate dispositions | (34) | ||||||||||||||||||||||||||||
| Income tax benefit | 3,790 | ||||||||||||||||||||||||||||
| Loss from continuing operations | (41,202) | ||||||||||||||||||||||||||||
| Net loss | (41,202) | ||||||||||||||||||||||||||||
| Net income attributable to noncontrolling interests | 1,214 | ||||||||||||||||||||||||||||
| Net loss attributable to common stockholders | $ | (42,416) | |||||||||||||||||||||||||||
| For the Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||
| SHOP | Office Operations | Triple-Net Leased Properties | Non-Segment | Total | |||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||
| Rental income | $ | — | $ | 200,388 | $ | 159,223 | $ | — | $ | 359,611 | |||||||||||||||||||
| Resident fees and services | 535,952 | — | — | — | 535,952 | ||||||||||||||||||||||||
| Office building and other services revenue | — | 2,540 | — | 2,841 | 5,381 | ||||||||||||||||||||||||
| Income from loans and investments | — | — | — | 17,665 | 17,665 | ||||||||||||||||||||||||
| Interest and other income | — | — | — | 585 | 585 | ||||||||||||||||||||||||
| Total revenues | $ | 535,952 | $ | 202,928 | $ | 159,223 | $ | 21,091 | $ | 919,194 | |||||||||||||||||||
| Total revenues | $ | 535,952 | $ | 202,928 | $ | 159,223 | $ | 21,091 | $ | 919,194 | |||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||
| Interest and other income | — | — | — | 585 | 585 | ||||||||||||||||||||||||
| Property-level operating expenses | 424,813 | 64,950 | 4,432 | — | 494,195 | ||||||||||||||||||||||||
| Office building and other services costs | — | 658 | — | — | 658 | ||||||||||||||||||||||||
| NOI | $ | 111,139 | $ | 137,320 | $ | 154,791 | $ | 20,506 | 423,756 | ||||||||||||||||||||
| Interest and other income | 585 | ||||||||||||||||||||||||||||
| Interest expense | (110,051) | ||||||||||||||||||||||||||||
| Depreciation and amortization | (250,700) | ||||||||||||||||||||||||||||
| General, administrative and professional fees | (30,588) | ||||||||||||||||||||||||||||
| Gain on extinguishment of debt, net | 74 | ||||||||||||||||||||||||||||
| Transaction expenses and deal costs | (721) | ||||||||||||||||||||||||||||
| Allowance on loans receivable and investments | 59 | ||||||||||||||||||||||||||||
| Other | 13,490 | ||||||||||||||||||||||||||||
| Income from unconsolidated entities | 4,767 | ||||||||||||||||||||||||||||
| Gain on real estate dispositions | 41,258 | ||||||||||||||||||||||||||||
| Income tax expense | (3,641) | ||||||||||||||||||||||||||||
| Income from continuing operations | 88,288 | ||||||||||||||||||||||||||||
| Net income | 88,288 | ||||||||||||||||||||||||||||
| Net income attributable to noncontrolling interests | 1,897 | ||||||||||||||||||||||||||||
| Net income attributable to common stockholders | $ | 86,391 | |||||||||||||||||||||||||||
| For the Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||
| SHOP | Office Operations | Triple-Net Leased Properties | Non-Segment | Total | |||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||
| Rental income | $ | — | $ | 399,781 | $ | 300,958 | $ | — | $ | 700,739 | |||||||||||||||||||
| Resident fees and services | 1,309,177 | — | — | — | 1,309,177 | ||||||||||||||||||||||||
| Office building and other services revenue | — | 1,287 | — | 6,988 | 8,275 | ||||||||||||||||||||||||
| Income from loans and investments | — | — | — | 20,599 | 20,599 | ||||||||||||||||||||||||
| Interest and other income | — | — | — | 1,702 | 1,702 | ||||||||||||||||||||||||
| Total revenues | $ | 1,309,177 | $ | 401,068 | $ | 300,958 | $ | 29,289 | $ | 2,040,492 | |||||||||||||||||||
| Total revenues | $ | 1,309,177 | $ | 401,068 | $ | 300,958 | $ | 29,289 | $ | 2,040,492 | |||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||
| Interest and other income | — | — | — | 1,702 | 1,702 | ||||||||||||||||||||||||
| Property-level operating expenses | 982,976 | 126,511 | 7,593 | — | 1,117,080 | ||||||||||||||||||||||||
| Office building and other services costs | — | — | — | 2,723 | 2,723 | ||||||||||||||||||||||||
| NOI | $ | 326,201 | $ | 274,557 | $ | 293,365 | $ | 24,864 | 918,987 | ||||||||||||||||||||
| Interest and other income | 1,702 | ||||||||||||||||||||||||||||
| Interest expense | (224,745) | ||||||||||||||||||||||||||||
| Depreciation and amortization | (572,139) | ||||||||||||||||||||||||||||
| General, administrative and professional fees | (75,913) | ||||||||||||||||||||||||||||
| Loss on extinguishment of debt, net | (7) | ||||||||||||||||||||||||||||
| Transaction expenses and deal costs | (33,070) | ||||||||||||||||||||||||||||
| Allowance on loans receivable and investments | 116 | ||||||||||||||||||||||||||||
| Other | (20,926) | ||||||||||||||||||||||||||||
| Loss from unconsolidated entities | (5,316) | ||||||||||||||||||||||||||||
| Gain on real estate dispositions | 2,421 | ||||||||||||||||||||||||||||
| Income tax benefit | 8,280 | ||||||||||||||||||||||||||||
| Loss from continuing operations | (610) | ||||||||||||||||||||||||||||
| Net loss | (610) | ||||||||||||||||||||||||||||
| Net income attributable to noncontrolling interests | 3,074 | ||||||||||||||||||||||||||||
| Net loss attributable to common stockholders | $ | (3,684) | |||||||||||||||||||||||||||
| For the Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||
| SHOP | Office Operations | Triple-Net Leased Properties | Non-Segment | Total | |||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||
| Rental income | $ | — | $ | 397,843 | $ | 319,108 | $ | — | $ | 716,951 | |||||||||||||||||||
| Resident fees and services | 1,064,602 | — | — | — | 1,064,602 | ||||||||||||||||||||||||
| Office building and other services revenue | — | 4,884 | — | 5,447 | 10,331 | ||||||||||||||||||||||||
| Income from loans and investments | — | — | — | 36,675 | 36,675 | ||||||||||||||||||||||||
| Interest and other income | — | — | — | 926 | 926 | ||||||||||||||||||||||||
| Total revenues | $ | 1,064,602 | $ | 402,727 | $ | 319,108 | $ | 43,048 | $ | 1,829,485 | |||||||||||||||||||
| Total revenues | $ | 1,064,602 | $ | 402,727 | $ | 319,108 | $ | 43,048 | $ | 1,829,485 | |||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||
| Interest and other income | — | — | — | 926 | 926 | ||||||||||||||||||||||||
| Property-level operating expenses | 842,642 | 128,896 | 9,257 | — | 980,795 | ||||||||||||||||||||||||
| Office building and other services costs | — | 1,276 | — | — | 1,276 | ||||||||||||||||||||||||
| NOI | $ | 221,960 | $ | 272,555 | $ | 309,851 | $ | 42,122 | 846,488 | ||||||||||||||||||||
| Interest and other income | 926 | ||||||||||||||||||||||||||||
| Interest expense | (220,818) | ||||||||||||||||||||||||||||
| Depreciation and amortization | (564,848) | ||||||||||||||||||||||||||||
| General, administrative and professional fees | (70,897) | ||||||||||||||||||||||||||||
| Loss on extinguishment of debt, net | (27,016) | ||||||||||||||||||||||||||||
| Transaction expenses and deal costs | (5,338) | ||||||||||||||||||||||||||||
| Allowance on loans receivable and investments | 8,961 | ||||||||||||||||||||||||||||
| Other | 22,918 | ||||||||||||||||||||||||||||
| Income from unconsolidated entities | 4,517 | ||||||||||||||||||||||||||||
| Gain on real estate dispositions | 43,791 | ||||||||||||||||||||||||||||
| Income tax expense | (5,794) | ||||||||||||||||||||||||||||
| Income from continuing operations | 32,890 | ||||||||||||||||||||||||||||
| Net income | 32,890 | ||||||||||||||||||||||||||||
| Net income attributable to noncontrolling interests | 3,708 | ||||||||||||||||||||||||||||
| Net income attributable to common stockholders | $ | 29,182 | |||||||||||||||||||||||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
| Capital Expenditures: | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
| SHOP | $ | 55,540 | $ | 51,156 | $ | 198,943 | $ | 99,873 | |||||||||||||||
| Office operations | 85,752 | 56,667 | 359,826 | 88,213 | |||||||||||||||||||
| Triple-net leased properties | 1,774 | 8,921 | 2,408 | 17,139 | |||||||||||||||||||
| Total capital expenditures | $ | 143,066 | $ | 116,744 | $ | 561,177 | $ | 205,225 | |||||||||||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| United States | $ | 903,057 | $ | 803,242 | $ | 1,800,990 | $ | 1,601,010 | |||||||||||||||
| Canada | 112,809 | 108,342 | 224,953 | 213,375 | |||||||||||||||||||
| United Kingdom | 7,072 | 7,610 | 14,549 | 15,100 | |||||||||||||||||||
| Total revenues | $ | 1,022,938 | $ | 919,194 | $ | 2,040,492 | $ | 1,829,485 | |||||||||||||||
| As of June 30, 2022 | As of December 31, 2021 | ||||||||||
| Net Real Estate Property: | |||||||||||
| United States | $ | 18,581,304 | $ | 18,562,738 | |||||||
| Canada | 2,927,708 | 3,007,008 | |||||||||
| United Kingdom | 216,771 | 247,092 | |||||||||
| Total net real estate property | $ | 21,725,783 | $ | 21,816,838 | |||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| Operations mix by tenant and operator and business model: | |||||||||||||||||||||||
Revenues (1): | |||||||||||||||||||||||
| SHOP | 64.3 | % | 58.5 | % | 64.2 | % | 58.4 | % | |||||||||||||||
Brookdale Senior Living (2) | 3.6 | 4.1 | 3.6 | 4.1 | |||||||||||||||||||
| Kindred | 3.3 | 3.4 | 3.3 | 3.4 | |||||||||||||||||||
| Ardent | 3.2 | 3.6 | 3.2 | 3.6 | |||||||||||||||||||
| All others | 25.6 | 30.4 | 25.7 | 30.5 | |||||||||||||||||||
| Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||||||
| Net operating income (“NOI”): | |||||||||||||||||||||||
| SHOP | 33.8 | % | 26.6 | % | 35.5 | % | 26.6 | % | |||||||||||||||
Brookdale Senior Living (2) | 8.4 | 8.8 | 8.1 | 8.8 | |||||||||||||||||||
| Kindred | 7.6 | 7.4 | 7.3 | 7.4 | |||||||||||||||||||
| Ardent | 7.3 | 7.9 | 7.0 | 7.9 | |||||||||||||||||||
| All others | 42.9 | 49.3 | 42.1 | 49.3 | |||||||||||||||||||
| Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||||||
Operations mix by geographic location (3): | |||||||||||||||||||||||
| California | 14.4 | % | 15.2 | % | 14.4 | % | 15.3 | % | |||||||||||||||
| New York | 7.5 | 7.7 | 7.4 | 7.7 | |||||||||||||||||||
| Texas | 6.7 | 6.0 | 6.6 | 6.0 | |||||||||||||||||||
| Pennsylvania | 5.2 | 4.6 | 5.1 | 4.6 | |||||||||||||||||||
| North Carolina | 4.3 | 3.9 | 4.5 | 3.8 | |||||||||||||||||||
| All others | 61.9 | 62.6 | 62.0 | 62.6 | |||||||||||||||||||
| Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||||||
| For the Three Months Ended June 30, | Increase (Decrease) to Net Income | ||||||||||||||||||||||
| 2022 | 2021 | $ | % | ||||||||||||||||||||
| NOI: | |||||||||||||||||||||||
| SHOP | $ | 150,610 | $ | 111,139 | $ | 39,471 | 35.5 | % | |||||||||||||||
| Office operations | 136,583 | 137,320 | (737) | (0.5) | |||||||||||||||||||
| Triple-net leased properties | 145,812 | 154,791 | (8,979) | (5.8) | |||||||||||||||||||
| Non-segment | 12,998 | 20,506 | (7,508) | (36.6) | |||||||||||||||||||
| Total NOI | 446,003 | 423,756 | 22,247 | 5.2 | |||||||||||||||||||
| Interest and other income | 1,166 | 585 | 581 | 99.3 | |||||||||||||||||||
| Interest expense | (113,951) | (110,051) | (3,900) | (3.5) | |||||||||||||||||||
| Depreciation and amortization | (283,075) | (250,700) | (32,375) | (12.9) | |||||||||||||||||||
| General, administrative and professional fees | (32,915) | (30,588) | (2,327) | (7.6) | |||||||||||||||||||
| (Loss) gain on extinguishment of debt, net | (7) | 74 | (81) | (109.5) | |||||||||||||||||||
| Transaction expenses and deal costs | (13,078) | (721) | (12,357) | nm | |||||||||||||||||||
| Allowance on loans receivable and investments | 62 | 59 | 3 | 5.1 | |||||||||||||||||||
| Other | (48,116) | 13,490 | (61,606) | nm | |||||||||||||||||||
| (Loss) income before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests | (43,911) | 45,904 | (89,815) | nm | |||||||||||||||||||
| (Loss) income from unconsolidated entities | (1,047) | 4,767 | (5,814) | (122.0) | |||||||||||||||||||
| (Loss) gain on real estate dispositions | (34) | 41,258 | (41,292) | (100.1) | |||||||||||||||||||
| Income tax benefit (expense) | 3,790 | (3,641) | 7,431 | nm | |||||||||||||||||||
| (Loss) income from continuing operations | (41,202) | 88,288 | (129,490) | (146.7) | |||||||||||||||||||
| Net (loss) income | (41,202) | 88,288 | (129,490) | (146.7) | |||||||||||||||||||
| Net income attributable to noncontrolling interests | 1,214 | 1,897 | 683 | 36.0 | |||||||||||||||||||
| Net (loss) income attributable to common stockholders | $ | (42,416) | $ | 86,391 | $ | (128,807) | (149.1) | ||||||||||||||||
| For the Three Months Ended June 30, | Increase (Decrease) to NOI | ||||||||||||||||||||||
| 2022 | 2021 | $ | % | ||||||||||||||||||||
| NOI—SHOP: | |||||||||||||||||||||||
| Resident fees and services | $ | 658,056 | $ | 535,952 | $ | 122,104 | 22.8 | % | |||||||||||||||
| Less: Property-level operating expenses | (507,446) | (424,813) | (82,633) | (19.5) | |||||||||||||||||||
| NOI | $ | 150,610 | $ | 111,139 | $ | 39,471 | 35.5 | ||||||||||||||||
| For the Three Months Ended June 30, | Increase (Decrease) to NOI | ||||||||||||||||||||||
| 2022 | 2021 | $ | % | ||||||||||||||||||||
| Same-Store NOI—SHOP: | |||||||||||||||||||||||
| Resident fees and services | $ | 485,098 | $ | 440,397 | $ | 44,701 | 10.2 | % | |||||||||||||||
| Less: Property-level operating expenses | (366,635) | (331,445) | (35,190) | (10.6) | |||||||||||||||||||
| NOI | $ | 118,463 | $ | 108,952 | $ | 9,511 | 8.7 | ||||||||||||||||
| Number of Properties at June 30, | Average Unit Occupancy for the Three Months Ended June 30, | Average Monthly Revenue Per Occupied Room For the Three Months Ended June 30, | |||||||||||||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||
| Same-store communities | 321 | 321 | 83.7 | % | 79.8 | % | $ | 4,825 | $ | 4,594 | |||||||||||||||||||||||||
| For the Three Months Ended June 30, | (Decrease) Increase to NOI | ||||||||||||||||||||||
| 2022 | 2021 | $ | % | ||||||||||||||||||||
| NOI—Office Operations: | |||||||||||||||||||||||
| Rental income | $ | 199,241 | $ | 200,388 | $ | (1,147) | (0.6) | % | |||||||||||||||
| Office building and other services revenue | 670 | 2,540 | (1,870) | (73.6) | |||||||||||||||||||
| Total revenues | 199,911 | 202,928 | (3,017) | (1.5) | |||||||||||||||||||
| Less: | |||||||||||||||||||||||
| Property-level operating expenses | (63,328) | (64,950) | 1,622 | 2.5 | |||||||||||||||||||
| Office building and other services costs | — | (658) | 658 | 100.0 | |||||||||||||||||||
| NOI | $ | 136,583 | $ | 137,320 | $ | (737) | (0.5) | ||||||||||||||||
| Number of Properties at June 30, | Occupancy at June 30, | Annualized Average Rent Per Occupied Square Foot for the Three Months Ended June 30, | |||||||||||||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||
| Total office buildings | 362 | 370 | 89.5 | % | 89.5 | % | $ | 36 | $ | 34 | |||||||||||||||||||||||||
| For the Three Months Ended June 30, | Increase (Decrease) to NOI | ||||||||||||||||||||||
| 2022 | 2021 | $ | % | ||||||||||||||||||||
| Same-Store NOI—Office Operations: | |||||||||||||||||||||||
| Rental income | $ | 185,908 | $ | 180,049 | $ | 5,859 | 3.3 | % | |||||||||||||||
| Less: Property-level operating expenses | (58,953) | (57,107) | (1,846) | (3.2) | |||||||||||||||||||
| NOI | $ | 126,955 | $ | 122,942 | $ | 4,013 | 3.3 | ||||||||||||||||
| Number of Properties at June 30, | Occupancy at June 30, | Annualized Average Rent Per Occupied Square Foot for the Three Months Ended June 30, | |||||||||||||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||
| Same-store office buildings | 331 | 331 | 91.6 | % | 91.3 | % | $ | 36 | $ | 35 | |||||||||||||||||||||||||
| For the Three Months Ended June 30, | (Decrease) Increase to NOI | ||||||||||||||||||||||
| 2022 | 2021 | $ | % | ||||||||||||||||||||
| NOI—Triple-Net Leased Properties: | |||||||||||||||||||||||
| Rental income | $ | 149,397 | $ | 159,223 | $ | (9,826) | (6.2) | % | |||||||||||||||
| Less: Property-level operating expenses | (3,585) | (4,432) | 847 | 19.1 | |||||||||||||||||||
| NOI | $ | 145,812 | $ | 154,791 | $ | (8,979) | (5.8) | ||||||||||||||||
| Number of Properties Owned at June 30, 2022 | Average Occupancy for the Three Months Ended March 31, 2022 | Number of Properties Owned at June 30, 2021 | Average Occupancy for the Three Months Ended March 31, 2021 | |||||||||||||||||||||||
Senior housing communities | 260 | 74.9% | 281 | 76.0% | ||||||||||||||||||||||
| SNFs | 16 | 80.7 | 16 | 75.8 | ||||||||||||||||||||||
| IRFs and LTACs | 36 | 58.1 | 35 | 59.0 | ||||||||||||||||||||||
| For the Three Months Ended June 30, | (Decrease) Increase to NOI | ||||||||||||||||||||||
| 2022 | 2021 | $ | % | ||||||||||||||||||||
| Same-Store NOI—Triple-Net Leased Properties: | |||||||||||||||||||||||
| Rental income | $ | 147,406 | $ | 148,238 | $ | (832) | (0.6) | % | |||||||||||||||
| Less: Property-level operating expenses | (3,355) | (3,427) | 72 | 2.1 | |||||||||||||||||||
| NOI | $ | 144,051 | $ | 144,811 | $ | (760) | (0.5) | ||||||||||||||||
| For the Six Months Ended June 30, | Increase (Decrease) to Net Income | ||||||||||||||||||||||
| 2022 | 2021 | $ | % | ||||||||||||||||||||
| NOI: | |||||||||||||||||||||||
| SHOP | $ | 326,201 | $ | 221,960 | $ | 104,241 | 47.0 | % | |||||||||||||||
| Office operations | 274,557 | 272,555 | 2,002 | 0.7 | |||||||||||||||||||
| Triple-net leased properties | 293,365 | 309,851 | (16,486) | (5.3) | |||||||||||||||||||
| Non-segment | 24,864 | 42,122 | (17,258) | (41.0) | |||||||||||||||||||
| Total NOI | 918,987 | 846,488 | 72,499 | 8.6 | |||||||||||||||||||
| Interest and other income | 1,702 | 926 | 776 | 83.8 | |||||||||||||||||||
| Interest expense | (224,745) | (220,818) | (3,927) | (1.8) | |||||||||||||||||||
| Depreciation and amortization | (572,139) | (564,848) | (7,291) | (1.3) | |||||||||||||||||||
| General, administrative and professional fees | (75,913) | (70,897) | (5,016) | (7.1) | |||||||||||||||||||
| Loss on extinguishment of debt, net | (7) | (27,016) | 27,009 | 100.0 | |||||||||||||||||||
| Transaction expenses and deal costs | (33,070) | (5,338) | (27,732) | nm | |||||||||||||||||||
| Allowance on loans receivable and investments | 116 | 8,961 | (8,845) | (98.7) | |||||||||||||||||||
| Other | (20,926) | 22,918 | (43,844) | nm | |||||||||||||||||||
| Loss before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests | (5,995) | (9,624) | 3,629 | 37.7 | |||||||||||||||||||
| (Loss) income from unconsolidated entities | (5,316) | 4,517 | (9,833) | nm | |||||||||||||||||||
| Gain on real estate dispositions | 2,421 | 43,791 | (41,370) | (94.5) | |||||||||||||||||||
| Income tax benefit (expense) | 8,280 | (5,794) | 14,074 | nm | |||||||||||||||||||
| (Loss) income from continuing operations | (610) | 32,890 | (33,500) | (101.9) | |||||||||||||||||||
| Net (loss) income | (610) | 32,890 | (33,500) | (101.9) | |||||||||||||||||||
| Net income attributable to noncontrolling interests | 3,074 | 3,708 | 634 | 17.1 | |||||||||||||||||||
| Net (loss) income attributable to common stockholders | $ | (3,684) | $ | 29,182 | $ | (32,866) | (112.6) | ||||||||||||||||
| Number of Properties at June 30, | Average Unit Occupancy For the Six Months Ended June 30, | Average Monthly Revenue Per Occupied Room For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||
| Total communities | 548 | 440 | 80.2 | % | 76.8 | % | $ | 4,382 | $ | 4,642 | |||||||||||||||||||||||||
| For the Six Months Ended June 30, | Increase (Decrease) to NOI | ||||||||||||||||||||||
| 2022 | 2021 | $ | % | ||||||||||||||||||||
| Same-Store NOI—SHOP: | |||||||||||||||||||||||
| Resident fees and services | $ | 960,473 | $ | 873,408 | $ | 87,065 | 10.0 | % | |||||||||||||||
| Less: Property-level operating expenses | (709,105) | (659,016) | (50,089) | (7.6) | |||||||||||||||||||
| NOI | $ | 251,368 | $ | 214,392 | $ | 36,976 | 17.2 | ||||||||||||||||
| Number of Properties at June 30, | Average Unit Occupancy For the Six Months Ended June 30, | Average Monthly Revenue Per Occupied Room For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||
| Same-store communities | 320 | 320 | 83.2 | % | 79.2 | % | $ | 4,851 | $ | 4,636 | |||||||||||||||||||||||||
| For the Six Months Ended June 30, | Increase (Decrease) to NOI | ||||||||||||||||||||||
| 2022 | 2021 | $ | % | ||||||||||||||||||||
| NOI—Office Operations: | |||||||||||||||||||||||
| Rental income | $ | 399,781 | $ | 397,843 | $ | 1,938 | 0.5 | % | |||||||||||||||
| Office building and other services revenue | 1,287 | 4,884 | (3,597) | (73.6) | |||||||||||||||||||
| Total revenues | 401,068 | 402,727 | (1,659) | (0.4) | |||||||||||||||||||
| Less: | |||||||||||||||||||||||
| Property-level operating expenses | (126,511) | (128,896) | 2,385 | 1.9 | |||||||||||||||||||
| Office building and other services costs | — | (1,276) | 1,276 | 100.0 | |||||||||||||||||||
| NOI | $ | 274,557 | $ | 272,555 | $ | 2,002 | 0.7 | ||||||||||||||||
| Number of Properties at June 30, | Occupancy at June 30, | Annualized Average Rent Per Occupied Square Foot For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||
| Total office buildings | 362 | 370 | 89.5 | % | 89.5 | % | $ | 36 | $ | 34 | |||||||||||||||||||||||||
| For the Six Months Ended June 30, | Increase (Decrease) to NOI | ||||||||||||||||||||||
| 2022 | 2021 | $ | % | ||||||||||||||||||||
| Same-Store NOI—Office Operations: | |||||||||||||||||||||||
| Rental income | $ | 373,489 | $ | 358,382 | $ | 15,107 | 4.2 | % | |||||||||||||||
| Less: Property-level operating expenses | (118,192) | (113,277) | (4,915) | (4.3) | |||||||||||||||||||
| NOI | $ | 255,297 | $ | 245,105 | $ | 10,192 | 4.2 | ||||||||||||||||
| Number of Properties at June 30, | Occupancy at June 30, | Annualized Average Rent Per Occupied Square Foot For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||
| Same-store office buildings | 331 | 331 | 91.6 | % | 91.3 | % | $ | 36 | $ | 35 | |||||||||||||||||||||||||
| For the Six Months Ended June 30, | (Decrease) Increase to NOI | ||||||||||||||||||||||
| 2022 | 2021 | $ | % | ||||||||||||||||||||
| NOI—Triple-Net Leased Properties: | |||||||||||||||||||||||
| Rental income | $ | 300,958 | $ | 319,108 | $ | (18,150) | (5.7) | % | |||||||||||||||
| Less: Property-level operating expenses | (7,593) | (9,257) | 1,664 | 18.0 | |||||||||||||||||||
| NOI | $ | 293,365 | $ | 309,851 | $ | (16,486) | (5.3) | ||||||||||||||||
| For the Six Months Ended June 30, | (Decrease) Increase to NOI | ||||||||||||||||||||||
| 2022 | 2021 | $ | % | ||||||||||||||||||||
| Same-Store NOI—Triple-Net Leased Properties: | |||||||||||||||||||||||
| Rental income | $ | 296,687 | $ | 297,362 | $ | (675) | (0.2) | % | |||||||||||||||
| Less: Property-level operating expenses | (7,153) | (7,222) | 69 | 1.0 | |||||||||||||||||||
| NOI | $ | 289,534 | $ | 290,140 | $ | (606) | (0.2) | ||||||||||||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| Net (loss) income attributable to common stockholders | $ | (42,416) | $ | 86,391 | $ | (3,684) | $ | 29,182 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Depreciation and amortization on real estate assets | 282,313 | 249,527 | 570,416 | 562,397 | |||||||||||||||||||
| Depreciation on real estate assets related to noncontrolling interests | (4,335) | (4,678) | (8,784) | (9,296) | |||||||||||||||||||
| Depreciation on real estate assets related to unconsolidated entities | 7,621 | 4,615 | 14,886 | 8,633 | |||||||||||||||||||
| Loss (gain) on real estate dispositions | 34 | (41,258) | (2,421) | (43,791) | |||||||||||||||||||
| (Loss) gain on real estate dispositions related to noncontrolling interests | — | (7) | 17 | (7) | |||||||||||||||||||
| Gain on real estate dispositions related to unconsolidated entities | (301) | — | (301) | — | |||||||||||||||||||
| Nareit FFO attributable to common stockholders | 242,916 | 294,590 | 570,129 | 547,118 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Change in fair value of financial instruments | 37,837 | (23,211) | 7,956 | (44,219) | |||||||||||||||||||
| Non-cash income tax (benefit) expense | (5,379) | 1,166 | (11,184) | 2,510 | |||||||||||||||||||
| Loss (gain) on extinguishment of debt, net of noncontrolling interests and including Ventas’ share attributable to unconsolidated entities | 7 | (74) | 7 | 27,016 | |||||||||||||||||||
| Gain on transactions related to unconsolidated entities | — | (10) | (3) | (31) | |||||||||||||||||||
| Transaction expenses and deal costs, net of noncontrolling interests and including Ventas’ share attributable to unconsolidated entities | 15,027 | 1,769 | 36,315 | 7,128 | |||||||||||||||||||
| Amortization of other intangibles including Ventas’ share attributable to unconsolidated entities | 268 | 116 | 536 | 233 | |||||||||||||||||||
| Other items related to unconsolidated entities | (1,285) | 43 | (1,154) | 143 | |||||||||||||||||||
| Non-cash impact of changes to equity plan | (2,389) | (2,298) | 4,817 | 6,443 | |||||||||||||||||||
| Materially disruptive events, net including Ventas’ share attributable to unconsolidated entities | 2,074 | 3,128 | (1,635) | 8,255 | |||||||||||||||||||
| Allowance on loan investments, net of noncontrolling interests | (61) | (57) | (114) | (8,955) | |||||||||||||||||||
| Normalized FFO attributable to common stockholders | $ | 289,015 | $ | 275,162 | $605,670 | $545,641 | |||||||||||||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| Net (loss) income attributable to common stockholders | $ | (42,416) | $ | 86,391 | $ | (3,684) | $ | 29,182 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Interest and other income | (1,166) | (585) | (1,702) | (926) | |||||||||||||||||||
| Interest expense | 113,951 | 110,051 | 224,745 | 220,818 | |||||||||||||||||||
| Depreciation and amortization | 283,075 | 250,700 | 572,139 | 564,848 | |||||||||||||||||||
| General, administrative and professional fees | 32,915 | 30,588 | 75,913 | 70,897 | |||||||||||||||||||
| Loss (gain) on extinguishment of debt, net | 7 | (74) | 7 | 27,016 | |||||||||||||||||||
| Transaction expenses and deal costs | 13,078 | 721 | 33,070 | 5,338 | |||||||||||||||||||
| Allowance on loans receivable and investments | (62) | (59) | (116) | (8,961) | |||||||||||||||||||
| Other | 48,116 | (13,490) | 20,926 | (22,918) | |||||||||||||||||||
| Net income attributable to noncontrolling interests | 1,214 | 1,897 | 3,074 | 3,708 | |||||||||||||||||||
| (Loss) income from unconsolidated entities | 1,047 | (4,767) | 5,316 | (4,517) | |||||||||||||||||||
| Income tax (benefit) expense | (3,790) | 3,641 | (8,280) | 5,794 | |||||||||||||||||||
| (Loss) gain on real estate dispositions | 34 | (41,258) | (2,421) | (43,791) | |||||||||||||||||||
| NOI | $ | 446,003 | $ | 423,756 | $ | 918,987 | $ | 846,488 | |||||||||||||||
| For the Six Months Ended June 30, | (Decrease) Increase to Cash | ||||||||||||||||||||||
| 2022 | 2021 | $ | % | ||||||||||||||||||||
| Cash, cash equivalents and restricted cash at beginning of period | $ | 196,597 | $ | 451,640 | $ | (255,043) | (56.5)% | ||||||||||||||||
| Net cash provided by operating activities | 552,632 | 528,856 | 23,776 | 4.5 | |||||||||||||||||||
| Net cash used in investing activities | (559,260) | (121,105) | (438,155) | nm | |||||||||||||||||||
| Net cash used in financing activities | (12,946) | (586,073) | 573,127 | 97.8 | |||||||||||||||||||
| Effect of foreign currency translation | (992) | 1,450 | (2,442) | nm | |||||||||||||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 176,031 | $ | 274,768 | $ | (98,737) | (35.9) | ||||||||||||||||
| As of June 30, 2022 | |||||||||||
| Guarantor | Issuer | ||||||||||
| Assets | |||||||||||
| Investment in and advances to affiliates | $ | 17,795,253 | $ | 3,045,738 | |||||||
| Total assets | 17,888,438 | 3,154,422 | |||||||||
| Liabilities and equity | |||||||||||
| Intercompany loans | 11,497,438 | (3,842,175) | |||||||||
| Total liabilities | 11,721,239 | 4,170,108 | |||||||||
| Redeemable OP unitholder and noncontrolling interests | 100,215 | — | |||||||||
| Total equity (deficit) | 6,066,984 | (1,015,686) | |||||||||
| Total liabilities and equity | 17,888,438 | 3,154,422 | |||||||||
| As of December 31, 2021 | |||||||||||
| Guarantor | Issuer | ||||||||||
| Assets | |||||||||||
| Investment in and advances to affiliates | $ | 17,448,874 | $ | 3,045,738 | |||||||
| Total assets | 17,561,305 | 3,156,840 | |||||||||
| Liabilities and equity | |||||||||||
| Intercompany loans | 10,742,915 | (3,563,060) | |||||||||
| Total liabilities | 10,972,521 | 4,097,362 | |||||||||
Redeemable OP unitholder and noncontrolling interests | 98,356 | — | |||||||||
| Total equity (deficit) | 6,490,428 | (940,522) | |||||||||
| Total liabilities and equity | 17,561,305 | 3,156,840 | |||||||||
| For the Six Months Ended June 30, 2022 | |||||||||||
| Guarantor | Issuer | ||||||||||
| Equity earnings in affiliates | $ | 58,675 | $ | — | |||||||
| Total revenues | 62,243 | 74,213 | |||||||||
| Loss before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests | (2,591) | (81,160) | |||||||||
| Net loss | (3,684) | (81,160) | |||||||||
| Net loss attributable to common stockholders | (3,684) | (81,160) | |||||||||
For the Year Ended December 31, 2021 | |||||||||||
| Guarantor | Issuer | ||||||||||
| Equity earnings in affiliates | $ | 133,143 | $ | — | |||||||
| Total revenues | 137,348 | 158,255 | |||||||||
| Income (loss) before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests | 49,694 | (215,773) | |||||||||
| Net income (loss) | 49,008 | (215,777) | |||||||||
| Net income (loss) attributable to common stockholders | 49,008 | (215,777) | |||||||||
| As of June 30, 2022 | As of December 31, 2021 | ||||||||||
| Gross book value | $ | 10,993,221 | $ | 10,990,982 | |||||||
| Fair value | 10,437,308 | 11,766,336 | |||||||||
| Fair value reflecting change in interest rates: | |||||||||||
| -100 basis points | 10,941,891 | 12,437,306 | |||||||||
| +100 basis points | 9,975,805 | 11,164,150 | |||||||||
| As of June 30, 2022 | As of December 31, 2021 | As of June 30, 2021 | |||||||||||||||
| Balance: | |||||||||||||||||
| Fixed rate: | |||||||||||||||||
| Senior notes | $ | 8,701,295 | $ | 8,729,102 | $ | 8,498,317 | |||||||||||
| Unsecured term loans | 200,000 | 200,000 | 200,000 | ||||||||||||||
| Mortgage loans and other | 2,091,926 | 2,061,880 | 1,561,534 | ||||||||||||||
| Subtotal fixed rate | 10,993,221 | 10,990,982 | 10,259,851 | ||||||||||||||
| Variable rate: | |||||||||||||||||
| Senior notes | — | — | 242,053 | ||||||||||||||
| Unsecured revolving credit facility | 45,594 | 56,448 | 46,324 | ||||||||||||||
| Unsecured term loans | 688,440 | 395,757 | 403,421 | ||||||||||||||
| Commercial paper notes | 335,300 | 280,000 | 170,000 | ||||||||||||||
| Secured revolving construction credit facility | — | — | 43,908 | ||||||||||||||
| Mortgage loans and other | 330,940 | 369,951 | 684,997 | ||||||||||||||
| Subtotal variable rate | 1,400,274 | 1,102,156 | 1,590,703 | ||||||||||||||
| Total | $ | 12,393,495 | $ | 12,093,138 | $ | 11,850,554 | |||||||||||
| Percentage of total debt: | |||||||||||||||||
| Fixed rate: | |||||||||||||||||
| Senior notes | 70.2 | % | 72.1 | % | 71.7 | % | |||||||||||
| Unsecured term loans | 1.6 | 1.7 | 1.7 | ||||||||||||||
| Mortgage loans and other | 16.9 | 17.0 | 13.2 | ||||||||||||||
| Variable rate: | |||||||||||||||||
| Senior notes | — | — | 2.0 | ||||||||||||||
| Unsecured revolving credit facility | 0.4 | 0.5 | 0.4 | ||||||||||||||
| Unsecured term loans | 5.6 | 3.3 | 3.4 | ||||||||||||||
| Commercial paper notes | 2.7 | 2.3 | 1.4 | ||||||||||||||
| Secured revolving construction credit facility | — | — | 0.4 | ||||||||||||||
| Mortgage loans and other | 2.6 | 3.1 | 5.8 | ||||||||||||||
| Total | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||
Weighted average interest rate at end of period: | |||||||||||||||||
| Fixed rate: | |||||||||||||||||
| Senior notes | 3.7 | % | 3.7 | % | 3.8 | % | |||||||||||
| Unsecured term loans | 3.6 | 3.6 | 3.6 | ||||||||||||||
| Mortgage loans and other | 3.6 | 3.6 | 3.5 | ||||||||||||||
| Variable rate: | |||||||||||||||||
| Senior notes | — | — | 1.0 | ||||||||||||||
| Unsecured revolving credit facility | 2.3 | 1.1 | 1.0 | ||||||||||||||
| Unsecured term loans | 2.8 | 1.4 | 1.3 | ||||||||||||||
| Commercial paper notes | 1.9 | 0.3 | 0.2 | ||||||||||||||
| Secured revolving construction credit facility | — | — | 1.8 | ||||||||||||||
| Mortgage loans and other | 2.7 | 1.7 | 1.9 | ||||||||||||||
| Total | 3.5 | 3.4 | 3.4 | ||||||||||||||
Number of Shares Repurchased (1) | Average Price Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares that May Yet be Purchased Under the Plans or Programs | ||||||||||||||||||||
| April 1 through April 30 | 93 | $ | 55.55 | — | — | ||||||||||||||||||
| May 1 through May 31 | 101 | 56.74 | — | — | |||||||||||||||||||
| June 1 through June 30 | 171 | 56.71 | — | — | |||||||||||||||||||
| Total | 365 | $ | 56.42 | — | — | ||||||||||||||||||
| Exhibit Number | Description of Document | |||||||
Ventas, Inc. 2022 Incentive Plan | ||||||||
Credit and Guaranty Agreement, dated as of June 27, 2022, among Ventas Realty, Limited Partnership, a Delaware limited partnership, as borrower, Ventas, Inc., a Delaware corporation, as guarantor, the lending institutions party thereto from time to time, and Bank of America, N.A., as Administrative Agent, incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K, filed on June 30, 2022. | ||||||||
List of Guarantors and Issuers of Guaranteed Securities. | ||||||||
| Certification of Debra A. Cafaro, Chairman and Chief Executive Officer, pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended. | ||||||||
| Certification of Robert F. Probst, Executive Vice President and Chief Financial Officer, pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended. | ||||||||
| Certification of Debra A. Cafaro, Chairman and Chief Executive Officer, pursuant to Rule 13a-14(b) under the Securities Exchange Act of 1934, as amended, and 18 U.S.C. § 1350. | ||||||||
| Certification of Robert F. Probst, Executive Vice President and Chief Financial Officer, pursuant to Rule 13a-14(b) under the Securities Exchange Act of 1934, as amended, and 18 U.S.C. § 1350. | ||||||||
| 101 | The following materials from the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2022, formatted in XBRL (Inline Extensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Equity, (v) the Consolidated Statements of Cash Flows and (vi) Notes to the Consolidated Financial Statements. | |||||||
| 104 | Cover Page Interactive Data File (formatted as inline XBRL). | |||||||
| VENTAS, INC. | ||||||||
| By: | /s/ DEBRA A. CAFARO | |||||||
| Debra A. Cafaro Chairman and Chief Executive Officer | ||||||||
| By: | /s/ ROBERT F. PROBST | |||||||
| Robert F. Probst Executive Vice President and Chief Financial Officer | ||||||||
| Debt Instrument | Issuer | |||||||
| 2.55% Senior Notes, Series D due 2023 | Ventas Canada Finance Limited | |||||||
| 3.50% Senior Notes due 2024 | Ventas Realty, Limited Partnership | |||||||
| 3.75% Senior Notes due 2024 | Ventas Realty, Limited Partnership | |||||||
| 4.125% Senior Notes, Series B due 2024 | Ventas Canada Finance Limited | |||||||
| 2.80% Senior Notes, Series E due 2024 | Ventas Canada Finance Limited | |||||||
| 3.50% Senior Notes due 2025 | Ventas Realty, Limited Partnership | |||||||
| 2.65% Senior Notes due 2025 | Ventas Realty, Limited Partnership | |||||||
| 4.125% Senior Notes due 2026 | Ventas Realty, Limited Partnership | |||||||
| 3.25% Senior Notes due 2026 | Ventas Realty, Limited Partnership | |||||||
| 2.45% Senior Notes, Series G due 2027 | Ventas Canada Finance Limited | |||||||
| 3.85% Senior Notes due 2027 | Ventas Realty, Limited Partnership | |||||||
| 4.00% Senior Notes due 2028 | Ventas Realty, Limited Partnership | |||||||
| 4.40% Senior Notes due 2029 | Ventas Realty, Limited Partnership | |||||||
| 3.00% Senior Notes due 2030 | Ventas Realty, Limited Partnership | |||||||
4.75% Senior Notes due 2030 | Ventas Realty, Limited Partnership | |||||||
| 2.50% Senior Notes due 2031 | Ventas Realty, Limited Partnership | |||||||
| 3.30% Senior Notes, Series H due 2031 | Ventas Canada Finance Limited | |||||||
| 5.70% Senior Notes due 2043 | Ventas Realty, Limited Partnership | |||||||
| 4.375% Senior Notes due 2045 | Ventas Realty, Limited Partnership | |||||||
| 4.875% Senior Notes due 2049 | Ventas Realty, Limited Partnership | |||||||
| /s/ DEBRA A. CAFARO | ||
Debra A. Cafaro Chairman and Chief Executive Officer | ||
| /s/ ROBERT F. PROBST | ||
Robert F. Probst Executive Vice President and Chief Financial Officer | ||
| /s/ DEBRA A. CAFARO | ||
Debra A. Cafaro Chairman and Chief Executive Officer | ||
| /s/ ROBERT F. PROBST | ||
Robert F. Probst Executive Vice President and Chief Financial Officer | ||