INVESTMENTS IN UNCONSOLIDATED ENTITIES

3 Months Ended

Mar. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

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 March 31, 2025 and December 31, 2024, respectively (dollars in thousands):


	Ownership (1) as of		Carrying Amount as of
	March 31, 2025	December 31, 2024	March 31, 2025		December 31, 2024
Investments in unconsolidated real estate entities:
Ventas Fund	20.1%	20.0%	$	272,970	$	267,202
Pension Fund Joint Venture	25.0%	25.0%	11,480		11,939
Research & Innovation Development Joint Venture	53.0%	53.0%	309,764		309,499
Ventas Investment Management platform			594,214		588,640
Atrium Health & Wake Forest Joint Venture	48.5%	48.5%	37,268		36,881
All other (2)	34.0%-37.5%	34.0%-37.5%	600		601
Total investments in unconsolidated real estate entities			$	632,082	$	626,122

______________________________

(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.

In April 2025, the Ventas Fund acquired a 100% leased outpatient medical and surgical center located in San Francisco, California for $25.3 million.

We provide various services to our unconsolidated real estate entities in exchange for fees and reimbursements. Total management fees earned in connection with these services were $3.9 million and $3.9 million for the three months ended March 31, 2025 and 2024, 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 March 31, 2025, 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 March 31, 2025, 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. 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.