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INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of tax treatment of distributions per common share Our tax treatment of distributions per common share was as follows:
For the Years Ended December 31,
202520242023
Tax treatment of distributions:   
Ordinary income$— $— $— 
Qualified ordinary income0.11407 — 0.04468 
199A qualified business income1.69367 1.09580 1.49465 
Long-term capital gain— — 0.09136 
Non-dividend distribution0.08226 0.70420 0.16931 
Distribution reported for 1099-DIV purposes1.89000 1.80000 1.80000 
Add: Dividend declared in current year and taxable in following year0.48000 0.45000 0.45000 
Less: Dividend declared in prior year and taxable in current year(0.45000)(0.45000)(0.45000)
Distribution declared per common share outstanding$1.92000 $1.80000 $1.80000 
Schedule of provision (benefit) for income taxes Our consolidated benefit for income taxes was as follows (dollars in thousands):
For the Years Ended December 31,
202520242023
Current - Federal $366 $324 $534 
Current - State6,993 2,630 2,564 
Deferred - Federal (39,355)(30,436)(6,135)
Deferred - State(397)28 230 
Current - Foreign2,658 2,646 2,587 
Deferred - Foreign15,585 (12,967)(9,319)
Total$(14,150)$(37,775)$(9,539)
Schedule of effective income tax rate reconciliation The following table is a reconciliation of the U.S. federal statutory rate of 21% to the Company’s effective rate for the year ended December 31, 2025 in accordance with the guidance in ASU No. 2023-09 (dollars in thousands):
For the Year Ended December 31,
2025
$
%
Income from continuing operations before unconsolidated entities, noncontrolling interest and income taxes
$204,321 
US Federal Income Tax42,907 21.0 
Nontaxable and nondeductible items
Nontaxable REIT Income(58,407)(28.6)
Prior year reconciliation
(3,550)(1.7)
Other(1,094)(0.5)
Change in valuation allowance(15,700)(7.7)
Domestic state and local income taxes, net of federal effect438 0.2 
Foreign tax effects
Canada
Statutory income tax rate differential1,325 0.6 
Provincial income taxes6,565 3.2 
Change in valuation allowance12,693 6.2 
Other(561)(0.3)
United Kingdom
Statutory income tax rate differential(566)(0.3)
Non-deductible depreciation, interest and other
1,658 0.8 
Other1420.1 
Income tax benefit
$(14,150)(7.0)%

The following table is a reconciliation of the U.S. federal statutory rate of 21% to the Company’s effective rate for years ended December 31, 2024 and 2023 in accordance with the guidance prior to the adoption of ASU No. 2023-09 (dollars in thousands):
For the Years Ended December 31,
20242023
Tax at statutory rate on earnings from continuing operations before unconsolidated entities, noncontrolling interest and income taxes$(1,679)$(24,272)
State income taxes, net of federal benefit2,641 (839)
Change in valuation allowance(10,593)20,330 
Tax at statutory rate on earnings not subject to federal income taxes(18,773)(7,809)
Foreign rate differential and foreign taxes1,813 43 
Change in tax status of TRS— 9,171 
Other differences(11,184)(6,163)
Income tax benefit
$(37,775)$(9,539)
Schedule of cash taxes paid
The amounts of cash taxes paid by Ventas Inc, are as follows (dollars in thousands):
For the Years Ended December 31,
20252024
US Federal
$250 $(49)
US State and Local
Texas1,750 1,560 
California850 — 
Illinois650 — 
Oregon
384 435 
Philadelphia, PA— 700 
Other
1,441 393 
5,075 3,088 
Foreign
United Kingdom1,985 — 
Other
41
1,9891
Total income taxes paid, net of amounts refunded
$7,314 $3,040 
Summary of tax effects of temporary differences and carryforwards included in the net deferred tax liabilities The tax effects of temporary differences and carryforwards included in the net deferred tax liabilities are summarized as follows (dollars in thousands):
As of December 31,
202520242023
Property, primarily differences in depreciation and amortization, the tax basis of land assets and the treatment of interests and certain costs
$(65,936)$(73,214)$(26,071)
Operating loss and interest deduction carryforwards219,489 236,424 233,847 
Expense accruals and other66,769 56,546 26,700 
Valuation allowance(240,935)(225,975)(257,222)
Net deferred tax liabilities $(20,613)$(6,219)$(22,746)
Summary of activity related to unrecognized tax benefits
The following table summarizes the activity related to our unrecognized tax benefits (dollars in thousands):
20252024
Balance as of January 1$3,963 $5,205 
Additions to tax positions related to prior years115 — 
Subtractions to tax positions related to prior years— (1,242)
Balance as of December 31$4,078 $3,963