CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Real estate investments:
Land and improvements	$ 2,921,732	$ 2,775,790
Buildings and improvements	30,488,097	28,717,990
Construction in progress	345,988	336,231
Acquired lease intangibles	1,661,521	1,558,751
Operating lease assets	299,490	308,019
Gross real estate investments	35,716,828	33,696,781
Accumulated depreciation and amortization	(11,792,468)	(11,096,236)
Net real estate property	23,924,360	22,600,545
Secured loans receivable and investments, net	182,504	144,872
Investments in unconsolidated real estate entities	653,328	626,122
Net real estate investments	24,760,192	23,371,539
Cash and cash equivalents	188,617	897,850
Escrow deposits and restricted cash	53,934	59,383
Goodwill	1,046,039	1,044,915
Assets held for sale	70,086	18,625
Deferred income tax assets, net	2,317	1,931
Other assets	804,519	792,663
Total assets	26,925,704	26,186,906
Liabilities:
Senior notes payable and other debt	12,571,614	13,522,551
Accrued interest payable	113,252	143,345
Operating lease liabilities	216,108	218,003
Accounts payable and other liabilities	1,226,390	1,152,306
Liabilities related to assets held for sale	3,708	2,726
Deferred income tax liabilities	20,923	8,150
Total liabilities	14,151,995	15,047,081
Redeemable OP unitholder and noncontrolling interests	349,951	310,229
Commitments and contingencies
Ventas stockholders’ equity:
Preferred stock	0	0
Common stock	116,939	109,119
Capital in excess of par value	19,695,187	17,607,482
Accumulated other comprehensive loss	(37,790)	(33,526)
Retained earnings (deficit)	(7,369,240)	(6,886,653)
Treasury stock	(43,172)	(25,155)
Total Ventas stockholders’ equity	12,361,924	10,771,267
Noncontrolling interests	61,834	58,329
Total equity	12,423,758	10,829,596
Total liabilities and equity	$ 26,925,704	$ 26,186,906