CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Real estate investments:
Land and improvements	$ 2,815,178	$ 2,775,790
Buildings and improvements	29,327,280	28,717,990
Construction in progress	354,601	336,231
Acquired lease intangibles	1,608,019	1,558,751
Operating lease assets	306,042	308,019
Gross real estate investments	34,411,120	33,696,781
Accumulated depreciation and amortization	(11,364,107)	(11,096,236)
Net real estate property	23,047,013	22,600,545
Secured loans receivable and investments, net	145,184	144,872
Investments in unconsolidated real estate entities	632,082	626,122
Net real estate investments	23,824,279	23,371,539
Cash and cash equivalents	182,335	897,850
Escrow deposits and restricted cash	63,628	59,383
Goodwill	1,045,399	1,044,915
Assets held for sale	154,912	18,625
Deferred income tax assets, net	1,774	1,931
Other assets	759,968	792,663
Total assets	26,032,295	26,186,906
Liabilities:
Senior notes payable and other debt	12,701,675	13,522,551
Accrued interest payable	106,804	143,345
Operating lease liabilities	219,817	218,003
Accounts payable and other liabilities	1,126,242	1,152,306
Liabilities related to assets held for sale	2,374	2,726
Deferred income tax liabilities	9,538	8,150
Total liabilities	14,166,450	15,047,081
Redeemable OP unitholder and noncontrolling interests	339,729	310,229
Commitments and contingencies
Ventas stockholders’ equity:
Preferred stock	0	0
Common stock	112,497	109,119
Capital in excess of par value	18,488,381	17,607,482
Accumulated other comprehensive loss	(32,070)	(33,526)
Retained earnings (deficit)	(7,057,776)	(6,886,653)
Treasury stock	(41,475)	(25,155)
Total Ventas stockholders’ equity	11,469,557	10,771,267
Noncontrolling interests	56,559	58,329
Total equity	11,526,116	10,829,596
Total liabilities and equity	$ 26,032,295	$ 26,186,906