CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Real estate investments:
Land and improvements	$ 2,841,538	$ 2,775,790
Buildings and improvements	29,717,624	28,717,990
Construction in progress	306,033	336,231
Acquired lease intangibles	1,556,165	1,558,751
Operating lease assets	302,440	308,019
Gross real estate investments	34,723,800	33,696,781
Accumulated depreciation and amortization	(11,568,396)	(11,096,236)
Net real estate property	23,155,404	22,600,545
Secured loans receivable and investments, net	183,652	144,872
Investments in unconsolidated real estate entities	626,571	626,122
Net real estate investments	23,965,627	23,371,539
Cash and cash equivalents	614,200	897,850
Escrow deposits and restricted cash	62,557	59,383
Goodwill	1,046,384	1,044,915
Assets held for sale	50,092	18,625
Deferred income tax assets, net	2,167	1,931
Other assets	733,902	792,663
Total assets	26,474,929	26,186,906
Liabilities:
Senior notes payable and other debt	13,056,312	13,522,551
Accrued interest payable	130,407	143,345
Operating lease liabilities	217,433	218,003
Accounts payable and other liabilities	1,132,187	1,152,306
Liabilities related to assets held for sale	3,442	2,726
Deferred income tax liabilities	13,988	8,150
Total liabilities	14,553,769	15,047,081
Redeemable OP unitholder and noncontrolling interests	328,699	310,229
Commitments and contingencies
Ventas stockholders’ equity:
Preferred stock	0	0
Common stock	113,216	109,119
Capital in excess of par value	18,701,834	17,607,482
Accumulated other comprehensive loss	(33,804)	(33,526)
Retained earnings (deficit)	(7,208,703)	(6,886,653)
Treasury stock	(43,155)	(25,155)
Total Ventas stockholders’ equity	11,529,388	10,771,267
Noncontrolling interests	63,073	58,329
Total equity	11,592,461	10,829,596
Total liabilities and equity	$ 26,474,929	$ 26,186,906