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v3.25.2

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

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