Ventas, Inc. Goodwill & Intangibles Disclosure
| As of December 31, 2025 | As of December 31, 2024 | ||||||||||||||||||||||
| Balance | Weighted Average Remaining Amortization Period in Years | Balance | Weighted Average Remaining Amortization Period in Years | ||||||||||||||||||||
| Intangible assets: | |||||||||||||||||||||||
Above-market lease intangibles (1) | $ | 120,178 | 4.0 | $ | 124,515 | 4.3 | |||||||||||||||||
In-place lease and other real estate intangibles (2) | 1,560,389 | 7.0 | 1,434,236 | 8.4 | |||||||||||||||||||
Acquired lease intangibles | 1,680,567 | 1,558,751 | |||||||||||||||||||||
| Goodwill | 1,046,072 | n/a | 1,044,915 | n/a | |||||||||||||||||||
Other intangibles (2) | 41,261 | 48.0 | 41,190 | 24.4 | |||||||||||||||||||
| Accumulated amortization | (1,374,077) | n/a | (1,286,374) | n/a | |||||||||||||||||||
| Net intangible assets | $ | 1,393,823 | 8.1 | $ | 1,358,482 | 8.8 | |||||||||||||||||
| Intangible liabilities: | |||||||||||||||||||||||
Below-market lease intangibles (1) | $ | 246,153 | 13.1 | $ | 269,572 | 7.0 | |||||||||||||||||
| Other lease intangibles | 13,498 | n/a | 13,498 | n/a | |||||||||||||||||||
| Accumulated amortization | (198,762) | n/a | (211,441) | n/a | |||||||||||||||||||
| Purchase option intangibles | 3,568 | n/a | 3,568 | n/a | |||||||||||||||||||
| Net intangible liabilities | $ | 64,457 | 13.1 | $ | 75,197 | 7.0 | |||||||||||||||||
Estimated Net Amortization | |||||
| 2026 | $ | 140,500 | |||
| 2027 | 46,500 | ||||
| 2028 | 21,000 | ||||
| 2029 | 10,500 | ||||
| 2030 | 9,100 | ||||
| Goodwill | ||||||||
OM&R | $ | 466,967 | ||||||
NNN | 319,569 | |||||||
| SHOP | 259,536 | |||||||
| Total goodwill | $ | 1,046,072 | ||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 6, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
| 2023 | Feb 15, 2024 | |
| 2022 | Feb 10, 2023 | |
| 2021 | Feb 18, 2022 | |
| 2020 | Feb 23, 2021 | |
| 2019 | Feb 24, 2020 | |
| 2018 | Feb 8, 2019 | |
| 2017 | Feb 9, 2018 | |
| 2016 | Feb 14, 2017 | |
| 2015 | Feb 12, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.