SENIOR NOTES PAYABLE AND OTHER DEBT (Tables)

3 Months Ended

Mar. 31, 2025

Summary of Senior Notes Payable and Other Debt

The following is a summary of our Senior notes payable and other debt (dollars in thousands):


	As of March 31, 2025		As of December 31, 2024
Unsecured revolving credit facility (1)(2)	$	—	$	6,397
Commercial paper notes	243,000		—
2.65% Senior Notes due 2025	—		450,000
3.50% Senior Notes due 2025	—		600,000
4.125% Senior Notes due 2026	500,000		500,000
3.75% Exchangeable Senior Notes due 2026	862,500		862,500
3.25% Senior Notes due 2026	450,000		450,000
Unsecured term loan due February 2027	200,000		200,000
Unsecured term loan due June 2027	500,000		500,000
2.45% Senior Notes, Series G due 2027 (2)	330,159		330,320
3.85% Senior Notes due 2027	400,000		400,000
4.00% Senior Notes due 2028	650,000		650,000
5.398% Senior Notes, Series I due 2028 (2)	417,043		417,246
4.40% Senior Notes due 2029	750,000		750,000
5.10% Senior Notes, Series J due 2029 (2)	451,797		452,017
3.00% Senior Notes due 2030	650,000		650,000
4.75% Senior Notes due 2030	500,000		500,000
2.50% Senior Notes due 2031	500,000		500,000
3.30% Senior Notes, Series H due 2031 (2)	208,522		208,623
5.625% Senior Notes due 2034	500,000		500,000
5.00% Senior Notes due 2035	550,000		550,000
6.90% Senior Notes due 2037 (3)	52,400		52,400
6.59% Senior Notes due 2038 (3)	21,413		21,413
5.70% Senior Notes due 2043	300,000		300,000
4.375% Senior Notes due 2045	300,000		300,000
4.875% Senior Notes due 2049	300,000		300,000
Mortgage loans and other	3,156,187		3,167,886
Total	12,793,021		13,618,802
Deferred financing costs, net	(86,309)		(92,365)
Unamortized fair value adjustment	9,589		11,587
Unamortized discounts	(14,626)		(15,473)
Senior notes payable and other debt	$	12,701,675	$	13,522,551

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(1)As of March 31, 2025, we had no Canadian Dollar or British Pound borrowings outstanding. As of December 31, 2024, we had aggregate Canadian Dollar and British Pound borrowings of C$2.0 million ($1.4 million) and £4.0 million ($5.0 million) outstanding, respectively.

(2)British Pound and Canadian Dollar debt obligations shown in US Dollars.

(3)Our 6.90% Senior Notes due 2037 are subject to repurchase at the option of the holders, at par, on October 1, 2027, and our 6.59% Senior Notes due 2038 are subject to repurchase at the option of the holders, at par, on July 7, 2028.

Scheduled Maturities of Borrowing Arrangements and Other Provisions Excluding Capital Lease Obligations

As of March 31, 2025, our indebtedness had the following maturities (dollars in thousands):


	Principal Amount Due at Maturity		Unsecured Revolving Credit Facility and Commercial Paper Notes		Scheduled Periodic Amortization		Total Maturities
2025	$	662,545	$	—	$	35,956	$	698,501
2026	2,049,712		—		42,957		2,092,669
2027	1,560,459		—		43,213		1,603,672
2028	1,210,288		243,000		36,426		1,489,714
2029	1,873,766		—		30,245		1,904,011
Thereafter	4,905,985		—		98,469		5,004,454
Total maturities	$	12,262,755	$	243,000	$	287,266	$	12,793,021

The instruments governing our outstanding indebtedness contain covenants that limit our ability and the ability of certain of our subsidiaries to, among other things: (i) incur debt; (ii) make certain dividends, distributions and investments; (iii) enter into certain transactions; and/or (iv) merge, consolidate or sell certain assets. Ventas Realty’s and Ventas Canada’s senior notes also require us and our subsidiaries to maintain total unencumbered assets of at least 150% of our unsecured debt. Our credit facilities also require us to maintain certain financial covenants pertaining to, among other things, our consolidated total leverage, secured debt, unsecured debt, fixed charge coverage and net worth.