INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables)

3 Months Ended

Mar. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

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

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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 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.