INVESTMENT IN UNCONSOLIDATED ENTITIES (Tables)

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Schedule of investments in unconsolidated subsidiaries

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

	Ownership (1)		Carrying Amount
	as of December 31,		as of December 31,
	2023	2022	2023		2022
Investments in unconsolidated real estate entities:
Ventas Life Science & Healthcare Real Estate Fund	18.3%	21.0%	$	264,442	$	263,979
Pension Fund Joint Venture	23.6%	22.9%	22,169		25,028
Research & Innovation Development Joint Venture	51.3%	51.0%	275,829		284,962
Ventas Investment Management platform			562,440		573,969
Atrium Health & Wake Forest Joint Venture	48.5%	48.5%	35,137		5,403
All other (2)	34.0%-37.5%	34.0%-37.5%	629		577
Total investments in unconsolidated real estate entities			$	598,206	$	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.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

	For the Years Ended December 31,
	2023		2022		2021
Total revenues	$	6,526,010	$	6,193,393	$	5,751,765
Total pre-tax income	43,100		335,793		243,773
Total net (loss) income, net of noncontrolling interests	(44,313)		212,112		110,384

CONDENSED CONSOLIDATING BALANCE SHEET

The following table summarizes the combined unaudited financial information of our equity method investments, based on the most recent financial information available to us as of the respective reporting dates and periods (dollars in thousands):

	As of December 31,
	2023		2022
Total assets	$	9,423,867	$	8,815,737
Total liabilities	6,133,776		5,818,276
Total noncontrolling interests	574,575		555,783
Total equity, net of noncontrolling interests	2,715,516		2,441,678