INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables)

9 Months Ended

Sep. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

Below is a summary of our investments in unconsolidated real estate entities as of September 30, 2023 and December 31, 2022, respectively (dollars in thousands):

	Ownership as of (1)		Carrying Amount as of
	September 30, 2023	December 31, 2022	September 30, 2023		December 31, 2022
Investments in unconsolidated real estate entities:
Ventas Life Science & Healthcare Real Estate Fund	20.6%	21.0%	$	268,514	$	263,979
Pension Fund Joint Venture	23.6%	22.9%	27,052		25,028
Research & Innovation Development Joint Venture	51.4%	51.0%	260,526		284,962
Ventas Investment Management platform			556,092		573,969
Atrium Health & Wake Forest Joint Venture	48.5%	48.5%	22,443		5,403
All other (2)	34.0%-37.5%	34.0%-37.5%	637		577
Total investments in unconsolidated real estate entities			$	579,172	$	579,949

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(1)     The entities in which we have an ownership interest may have less than a 100% interest in the underlying real estate. The ownership percentages in the table reflect our interest in the underlying real estate. Joint venture members, including us in some instances, have equity participation rights based on the underlying performance of the investments, which could result in non pro rata distributions.

(2)     Includes investments in parking structures and other de minimis investments in unconsolidated real estate entities. The balance as of September 30, 2023 includes investments in unconsolidated real estate entities that are recorded in accounts payable and other liabilities on our Consolidated Balance Sheets.