OTHER ASSETS

3 Months Ended

Mar. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

NOTE 9—OTHER ASSETS

The following is a summary of our Other assets (dollars in thousands):


	As of March 31, 2025		As of December 31, 2024
Straight-line rent receivables	$	211,186	$	202,675
Deferred lease costs, net	148,043		145,973
Accounts receivable, net (1)	85,662		108,138
Investment in unconsolidated operating entities	95,982		95,623
Stock warrants	32,652		40,192
Non-mortgage loans receivable, net	25,642		28,129

Other intangibles, net	11,280		11,513
Other	149,521		160,420
Total other assets	$	759,968	$	792,663

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(1) Allowance for doubtful accounts as of March 31, 2025 and December 31, 2024 were $70.7 million and $70.3 million, respectively.

Stock warrants as of March 31, 2025 represent: (i) warrants exercisable at any time prior to December 31, 2025, in whole or in part, for 5.6 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 (ii) 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”).

During the three months ended March 31, 2025, we exercised 5.6 million Brookdale Warrants on a cashless basis (net of the $3.00 exercise price), resulting in Ventas receiving 2.6 million net shares of Brookdale Common Stock, which we sold for net cash proceeds of approximately $15.5 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.