INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2025 and December 31, 2024, respectively (dollars in thousands):

	Ownership (1) as of		Carrying Amount as of
	September 30, 2025	December 31, 2024	September 30, 2025		December 31, 2024
Investments in unconsolidated real estate entities:
Ventas Fund	20.0%	20.0%	$	282,513	$	267,202
Pension Fund Joint Venture	25.0%	25.0%	36,973		11,939
Research & Innovation Development Joint Venture	53.0%	53.0%	292,551		309,499
Ventas Investment Management platform			612,037		588,640
Atrium Health & Wake Forest Joint Venture	51.0%	48.5%	40,706		36,881
All other (2)	34.0%-37.5%	34.0%-37.5%	585		601
Total investments in unconsolidated real estate entities			$	653,328	$	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.