CONDENSED CONSOLIDATING INFORMATION (Tables)

3 Months Ended

Mar. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The following summarizes our condensed consolidating information as of March 31, 2016 and December 31, 2015 and for the three months ended March 31, 2016 and 2015:

CONDENSED CONSOLIDATING BALANCE SHEET

As of March 31, 2016



	Ventas, Inc.		Ventas Realty (1)			Ventas Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Assets
Net real estate investments	$	2,101	$	185,178		$	20,421,920		$	—		$	20,609,199
Cash and cash equivalents	7,307		—			44,394			—			51,701
Escrow deposits and restricted cash	7,154		1,336			68,220			—			76,710
Investment in and advances to affiliates	13,001,108		3,545,183			—			(16,546,291		)	—
Goodwill	—		—			1,044,983			—			1,044,983
Assets held for sale	—		2,393			51,870			—			54,263
Other assets	16,456		3,313			404,667			—			424,436
Total assets	$	13,034,126	$	3,737,403		$	22,036,054		$	(16,546,291	)	$	22,261,292
Liabilities and equity
Liabilities:
Senior notes payable and other debt	$	—	$	8,364,652		$	2,883,078		$	—		$	11,247,730
Intercompany loans	7,375,971		(6,530,481		)	(845,490		)	—			—
Accrued interest	—		53,064			13,924			—			66,988
Accounts payable and other liabilities	78,125		43,372			616,830			—			738,327
Liabilities held for sale	—		—			12,625			—			12,625
Deferred income taxes	333,354		—			—			—			333,354
Total liabilities	7,787,450		1,930,607			2,680,967			—			12,399,024
Redeemable OP unitholder and noncontrolling interests	—		—			191,739			—			191,739
Total equity	5,246,676		1,806,796			19,163,348			(16,546,291		)	9,670,529
Total liabilities and equity	$	13,034,126	$	3,737,403		$	22,036,054		$	(16,546,291	)	$	22,261,292


(1)	Certain of Ventas Realty’s outstanding senior notes were issued jointly with our 100% owned subsidiary, Ventas Capital Corporation, which has no assets or operations.

CONDENSED CONSOLIDATING BALANCE SHEET

As of December 31, 2015



	Ventas, Inc.		Ventas Realty (1)			Ventas Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Assets
Net real estate investments	$	5,798	$	195,015		$	20,377,226		$	—		$	20,578,039
Cash and cash equivalents	11,733		—			41,290			—			53,023
Escrow deposits and restricted cash	7,154		1,644			69,098			—			77,896
Investment in and advances to affiliates	12,989,643		3,545,183			—			(16,534,826		)	—
Goodwill	—		—			1,047,497			—			1,047,497
Assets held for sale	—		4,488			88,572			—			93,060
Other assets	17,869		4,182			390,352			—			412,403
Total assets	$	13,032,197	$	3,750,512		$	22,014,035		$	(16,534,826	)	$	22,261,918
Liabilities and equity
Liabilities:
Senior notes payable and other debt	$	—	$	8,370,670		$	2,836,326		$	—		$	11,206,996
Intercompany loans	7,294,158		(6,571,512		)	(722,646		)	—			—
Accrued interest	—		64,561			16,303			—			80,864
Accounts payable and other liabilities	68,604		45,226			665,550			—			779,380
Liabilities held for sale	—		44			34,296			—			34,340
Deferred income taxes	338,382		—			—			—			338,382
Total liabilities	7,701,144		1,908,989			2,829,829			—			12,439,962
Redeemable OP unitholder and noncontrolling interests	—		—			196,529			—			196,529
Total equity	5,331,053		1,841,523			18,987,677			(16,534,826		)	9,625,427
Total liabilities and equity	$	13,032,197	$	3,750,512		$	22,014,035		$	(16,534,826	)	$	22,261,918


(1)	Certain of Ventas Realty’s outstanding senior notes were issued jointly with our 100% owned subsidiary, Ventas Capital Corporation, which has no assets or operations.

Condensed Consolidating Statement of Income

CONDENSED CONSOLIDATING STATEMENT OF INCOME

For the Three Months Ended March 31, 2016



	Ventas, Inc.			Ventas Realty (1)			Ventas Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Revenues:
Rental income	$	916		$	48,725		$	308,982		$	—		$	358,623
Resident fees and services	—			—			463,976			—			463,976
Medical office building and other services revenue	602			—			6,583			—			7,185
Income from loans and investments	—			—			22,386			—			22,386
Equity earnings in affiliates	108,762			—			(342		)	(108,420		)	—
Interest and other income	29			—			90			—			119
Total revenues	110,309			48,725			801,675			(108,420		)	852,289
Expenses:
Interest	(10,795		)	68,579			45,489			—			103,273
Depreciation and amortization	4,932			9,914			221,541			—			236,387
Property-level operating expenses	—			79			356,143			—			356,222
Medical office building services costs	—			—			3,451			—			3,451
General, administrative and professional fees	(15		)	4,504			27,237			—			31,726
Loss on extinguishment of debt, net	—			—			314			—			314
Merger-related expenses and deal costs	1,372			—			260			—			1,632
Other	(49		)	—			4,217			—			4,168
Total expenses	(4,555		)	83,076			658,652			—			737,173
Income (loss) from continuing operations before unconsolidated entities, income taxes, real estate dispositions and noncontrolling interest	114,864			(34,351		)	143,023			(108,420		)	115,116
Income (loss) from unconsolidated entities	—			103			(301		)	—			(198		)
Income tax benefit	8,421			—			—			—			8,421
Income (loss) from continuing operations	123,285			(34,248		)	142,722			(108,420		)	123,339
Discontinued operations	(489		)	—			—			—			(489		)
Gain on real estate dispositions	26,184			—			—			—			26,184
Net income (loss)	148,980			(34,248		)	142,722			(108,420		)	149,034
Net income attributable to noncontrolling interest	—			—			54			—			54
Net income (loss) attributable to common stockholders	$	148,980		$	(34,248	)	$	142,668		$	(108,420	)	$	148,980


(1)	Certain of Ventas Realty’s outstanding senior notes were issued jointly with our 100% owned subsidiary, Ventas Capital Corporation, which has no assets or operations.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

For the Three Months Ended March 31, 2015



	Ventas, Inc.			Ventas Realty (1)			Ventas Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Revenues:
Rental income	$	916		$	49,788		$	274,913		$	—		$	325,617
Resident fees and services	—			—			446,914			—			446,914
Medical office building and other services revenue	—			—			10,543			—			10,543
Income from loans and investments	1,436			51			20,566			—			22,053
Equity earnings in affiliates	129,995			—			(78		)	(129,917		)	—
Interest and other income	356			5			110			—			471
Total revenues	132,703			49,844			752,968			(129,917		)	805,598
Expenses:
Interest	(7,829		)	60,623			29,534			—			82,328
Depreciation and amortization	1,342			4,434			210,443			—			216,219
Property-level operating expenses	—			131			340,668			—			340,799
Medical office building services costs	—			—			6,918			—			6,918
General, administrative and professional fees	(2,741		)	6,361			30,706			—			34,326
Loss on extinguishment of debt, net	—			—			21			—			21
Merger-related expenses and deal costs	29,793			—			820			—			30,613
Other	647			4			4,223			—			4,874
Total expenses	21,212			71,553			623,333			—			716,098
Income (loss) from continuing operations before unconsolidated entities, income taxes, real estate dispositions and noncontrolling interest	111,491			(21,709		)	129,635			(129,917		)	89,500
Income (loss) from unconsolidated entities	—			401			(652		)	—			(251		)
Income tax benefit	7,250			—			—			—			7,250
Income (loss) from continuing operations	118,741			(21,308		)	128,983			(129,917		)	96,499
Discontinued operations	(4,985		)	13,520			9,039			—			17,574
Gain on real estate dispositions	6,686			—			—			—			6,686
Net income (loss)	120,442			(7,788		)	138,022			(129,917		)	120,759
Net income attributable to noncontrolling interest	—			—			317			—			317
Net income attributable to common stockholders	$	120,442		$	(7,788	)	$	137,705		$	(129,917	)	$	120,442


(1)	Certain of Ventas Realty’s outstanding senior notes were issued jointly with our 100% owned subsidiary, Ventas Capital Corporation, which has no assets or operations.

Condensed Consolidating Statement of Comprehensive Income

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

For the Three Months Ended March 31, 2016



	Ventas, Inc.		Ventas Realty (1)			Ventas Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Net income (loss)	$	148,980	$	(34,248	)	$	142,722		$	(108,420	)	149,034
Other comprehensive loss:
Foreign currency translation	—		—			(10,668		)	—			(10,668		)
Change in unrealized gain on marketable securities	181		—			—			—			181
Other	—		—			(1,880		)	—			(1,880		)
Total other comprehensive income (loss)	181		—			(12,548		)	—			(12,367		)
Comprehensive income (loss)	149,161		(34,248		)	130,174			(108,420		)	136,667
Comprehensive income attributable to noncontrolling interest	—		—			54			—			54
Comprehensive income (loss) attributable to common stockholders	$	149,161	$	(34,248	)	$	130,120		$	(108,420	)	$	136,613


(1)	Certain of Ventas Realty’s outstanding senior notes were issued jointly with our 100% owned subsidiary, Ventas Capital Corporation, which has no assets or operations.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

For the Three Months Ended March 31, 2015



	Ventas, Inc.		Ventas Realty (1)			Ventas Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Net income (loss)	$	120,442	$	(7,788	)	$	138,022		$	(129,917	)	$	120,759
Other comprehensive income (loss):
Foreign currency translation	—		—			(10,872		)	—			(10,872		)
Change in unrealized gain on marketable securities	1,349		—			—			—			1,349
Other	—		—			759			—			759
Total other comprehensive income (loss)	1,349		—			(10,113		)	—			(8,764		)
Comprehensive income (loss)	121,791		(7,788		)	127,909			(129,917		)	111,995
Comprehensive income attributable to noncontrolling interest	—		—			317			—			317
Comprehensive income (loss) attributable to common stockholders	$	121,791	$	(7,788	)	$	127,592		$	(129,917	)	$	111,678


(1)	Certain of Ventas Realty’s outstanding senior notes were issued jointly with our 100% owned subsidiary, Ventas Capital Corporation, which has no assets or operations.

Condensed Consolidating Statement of Cash Flows

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Three Months Ended March 31, 2016



	Ventas, Inc.			Ventas Realty (1)			Ventas Subsidiaries			Consolidated Elimination		Consolidated
	(In thousands)
Net cash provided by (used in) operating activities	$	22,155		$	(34,344	)	$	285,080		$	—	$	272,891

Cash flows from investing activities:
Net investment in real estate property	(13,620		)	—			—			—		(13,620		)
Proceeds from loans receivable	—			—			1,625			—		1,625
Investment in loans receivable and other	—			—			(146,214		)	—		(146,214		)
Proceeds from real estate disposals	11,091			—			43,120			—		54,211
Capital expenditures	—			—			(23,721		)	—		(23,721		)
Development project expenditures	—			—			(34,767		)	—		(34,767		)
Other	—			—			(4,265		)	—		(4,265		)
Net cash used in investing activities	(2,529		)	—			(164,222		)	—		(166,751		)

Cash flows from financing activities:
Net change in borrowings under revolving credit facility	—			(10,000		)	147,440			—		137,440
Proceeds from debt	—			—			145			—		145
Repayment of debt	—			—			(151,309		)	—		(151,309		)
Net change in intercompany debt	81,812			41,031			(122,843		)	—		—
Payment of deferred financing costs	—			—			(76		)	—		(76		)
Issuance of common stock, net	149,631			—			—			—		149,631
Cash distribution (to) from affiliates	(7,440		)	3,313			4,127			—		—
Cash distribution to common stockholders	(245,496		)	—			—			—		(245,496		)
Cash distribution to redeemable OP unitholders	—			—			(2,323		)	—		(2,323		)
Distributions to noncontrolling interest	—			—			(1,743		)	—		(1,743		)
Other	6,151			—			—			—		6,151
Net cash (used in) provided by financing activities	(15,342		)	34,344			(126,582		)	—		(107,580		)
Net increase (decrease) in cash and cash equivalents	4,284			—			(5,724		)	—		(1,440		)
Effect of foreign currency translation on cash and cash equivalents	(8,710		)	—			8,828			—		118
Cash and cash equivalents at beginning of period	11,733			—			41,290			—		53,023
Cash and cash equivalents at end of period	$	7,307		$	—		$	44,394		$	—	$	51,701


(1)	Certain of Ventas Realty’s outstanding senior notes were issued jointly with our 100% owned subsidiary, Ventas Capital Corporation, which has no assets or operations.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Three Months Ended March 31, 2015



	Ventas, Inc.			Ventas Realty (1)			Ventas Subsidiaries			Consolidated Elimination		Consolidated
	(In thousands)
Net cash (used in) provided by operating activities	$	(43,636	)	$	57,112		$	330,693		$	—	$	344,169

Cash flows from investing activities:
Net investment in real estate property	(1,072,539		)	—			—			—		(1,072,539		)
Proceeds from loans receivable	—			—			92,056			—		92,056
Investment in loans receivable and other	—			—			(39,573		)	—		(39,573		)
Funds held in escrow for future development expenditures	—			—			4,003			—		4,003
Proceeds from real estate disposals	166,341			—			—			—		166,341
Capital expenditures	—			(6,274		)	(14,897		)	—		(21,171		)
Development capital expenditures	—			—			(33,467		)	—		(33,467		)
Other	—			—			(4,180		)	—		(4,180		)
Net cash (used in) provided by investing activities	(906,198		)	(6,274		)	3,942			—		(908,530		)

Cash flows from financing activities:
Net change in borrowings under revolving credit facility	—			(319,000		)	(133,897		)	—		(452,897		)
Proceeds from debt	—			896,478			196,355			—		1,092,833
Repayment of debt	—			—			(24,647		)	—		(24,647		)
Net change in intercompany debt	1,249,176			(608,551		)	(640,625		)	—		—
Purchase of noncontrolling interest	—			—			(2,660		)	—		(2,660		)
Payment of deferred financing costs	—			(12,507		)	(1,928		)	—		(14,435		)
Issuance of common stock, net	285,327			—			—			—		285,327
Cash distribution (to) from affiliates	(272,344		)	(7,258		)	279,602			—		—
Cash distribution to common stockholders	(254,910		)	—			—			—		(254,910		)
Cash distribution to redeemable OP unitholders	—			—			(2,365		)	—		(2,365		)
Purchases of redeemable OP units	—			—			(569		)	—		(569		)
Distributions to noncontrolling interest	—			—			(1,822		)	—		(1,822		)
Other	5,690			—			—			—		5,690
Net cash provided by (used in) financing activities	1,012,939			(50,838		)	(332,556		)	—		629,545
Net increase in cash and cash equivalents	63,105			—			2,079			—		65,184
Effect of foreign currency translation on cash and cash equivalents	(10,160		)	—			9,853			—		(307		)
Cash and cash equivalents at beginning of period	24,857			—			30,491			—		55,348
Cash and cash equivalents at end of period	$	77,802		$	—		$	42,423		$	—	$	120,225


(1)	Certain of Ventas Realty’s outstanding senior notes were issued jointly with our 100% owned subsidiary, Ventas Capital Corporation, which has no assets or operations.