CONDENSED CONSOLIDATING INFORMATION (Unaudited) (Tables)

3 Months Ended

Mar. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The following pages summarize our condensed consolidating information as of March 31, 2017 and December 31, 2016 and for the three months ended March 31, 2017 and 2016.

CONDENSED CONSOLIDATING BALANCE SHEET



	As of March 31, 2017
	Ventas, Inc.		Ventas Realty			Ventas Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Assets
Net real estate investments	$	1,954	$	159,621		$	21,961,547		$	—		$	22,123,122
Cash and cash equivalents	9,602		—			81,682			—			91,284
Escrow deposits and restricted cash	199		1,548			90,428			—			92,175
Investment in and advances to affiliates	14,790,298		2,938,442			—			(17,728,740		)	—
Goodwill	—		—			1,033,484			—			1,033,484
Assets held for sale	—		—			61,983			—			61,983
Other assets	38,801		4,831			473,651			—			517,283
Total assets	$	14,840,854	$	3,104,442		$	23,702,775		$	(17,728,740	)	$	23,919,331
Liabilities and equity
Liabilities:
Senior notes payable and other debt	$	—	$	9,215,783		$	2,727,950		$	—		$	11,943,733
Intercompany loans	7,501,737		(7,009,900		)	(491,837		)	—			—
Accrued interest	—		60,432			17,787			—			78,219
Accounts payable and other liabilities	245,454		33,347			667,873			—			946,674
Liabilities held for sale	—		(1		)	1,390			—			1,389
Deferred income taxes	294,057		—			—			—			294,057
Total liabilities	8,041,248		2,299,661			2,923,163			—			13,264,072
Redeemable OP unitholder and noncontrolling interests	—		—			171,384			—			171,384
Total equity	6,799,606		804,781			20,608,228			(17,728,740		)	10,483,875
Total liabilities and equity	$	14,840,854	$	3,104,442		$	23,702,775		$	(17,728,740	)	$	23,919,331

CONDENSED CONSOLIDATING BALANCE SHEET



	As of December 31, 2016
	Ventas, Inc.		Ventas Realty			Ventas Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Assets
Net real estate investments	$	2,007	$	173,259		$	21,017,430		$	—		$	21,192,696
Cash and cash equivalents	210,303		—			76,404			—			286,707
Escrow deposits and restricted cash	198		1,504			78,945			—			80,647
Investment in and advances to affiliates	14,258,380		2,938,442			—			(17,196,822		)	—
Goodwill	—		—			1,033,225			—			1,033,225
Assets held for sale	—		—			54,961			—			54,961
Other assets	35,468		6,792			476,104			—			518,364
Total assets	$	14,506,356	$	3,119,997		$	22,737,069		$	(17,196,822	)	$	23,166,600
Liabilities and equity
Liabilities:
Senior notes payable and other debt	$	—	$	8,406,979		$	2,720,347		$	—		$	11,127,326
Intercompany loans	7,088,289		(6,209,707		)	(878,582		)	—			—
Accrued interest	—		65,403			18,359			—			83,762
Accounts payable and other liabilities	89,115		35,587			783,226			—			907,928
Liabilities held for sale	—		(1		)	1,463			—			1,462
Deferred income taxes	316,641		—			—			—			316,641
Total liabilities	7,494,045		2,298,261			2,644,813			—			12,437,119
Redeemable OP unitholder and noncontrolling interests	—		—			200,728			—			200,728
Total equity	7,012,311		821,736			19,891,528			(17,196,822		)	10,528,753
Total liabilities and equity	$	14,506,356	$	3,119,997		$	22,737,069		$	(17,196,822	)	$	23,166,600

Condensed Consolidating Statement of Income

CONDENSED CONSOLIDATING STATEMENT OF INCOME



	For the Three Months Ended March 31, 2017
	Ventas, Inc.			Ventas Realty			Ventas Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Revenues
Rental income	$	585		$	47,819		$	346,818		$	—		$	395,222
Resident fees and services	—			—			464,188			—			464,188
Office building and other services revenue	—			—			3,406			—			3,406
Income from loans and investments	281			—			19,865			—			20,146
Equity earnings in affiliates	136,989			—			(308		)	(136,681		)	—
Interest and other income	343			—			138			—			481
Total revenues	138,198			47,819			834,107			(136,681		)	883,443
Expenses
Interest	(16,600		)	74,789			50,615			—			108,804
Depreciation and amortization	1,409			2,371			214,003			—			217,783
Property-level operating expenses	—			83			368,904			—			368,987
Office building services costs	—			—			738			—			738
General, administrative and professional fees	130			4,700			29,131			—			33,961
Loss on extinguishment of debt, net	—			19			290			—			309
Merger-related expenses and deal costs	1,863			—			193			—			2,056
Other	(349		)	—			1,537			—			1,188
Total expenses	(13,547		)	81,962			665,411			—			733,826
Income (loss) from continuing operations before unconsolidated entities, income taxes, real estate dispositions and noncontrolling interests	151,745			(34,143		)	168,696			(136,681		)	149,617
Income (loss) from unconsolidated entities	—			3,321			(171		)	—			3,150
Income tax benefit	3,145			—			—			—			3,145
Income (loss) from continuing operations	154,890			(30,822		)	168,525			(136,681		)	155,912
Discontinued operations	(53		)	—			—			—			(53		)
Gain (loss) on real estate dispositions	43,290			—			(1		)	—			43,289
Net income (loss)	198,127			(30,822		)	168,524			(136,681		)	199,148
Net income attributable to noncontrolling interests	—			—			1,021			—			1,021
Net income (loss) attributable to common stockholders	$	198,127		$	(30,822	)	$	167,503		$	(136,681	)	$	198,127

CONDENSED CONSOLIDATING STATEMENT OF INCOME



	For the Three Months Ended March 31, 2016
	Ventas, Inc.			Ventas Realty			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
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
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 interests	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 interests	—			—			54			—			54
Net income (loss) attributable to common stockholders	$	148,980		$	(34,248	)	$	142,668		$	(108,420	)	$	148,980

Condensed Consolidating Statement of Comprehensive Income

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME



	For the Three Months Ended March 31, 2017
	Ventas, Inc.			Ventas Realty			Ventas Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Net income (loss)	$	198,127		$	(30,822	)	$	168,524		$	(136,681	)	199,148
Other comprehensive (loss) income:
Foreign currency translation	—			—			4,082			—			4,082
Change in unrealized gain on marketable securities	(123		)	—			—			—			(123		)
Other	—			—			(82		)	—			(82		)
Total other comprehensive (loss) income	(123		)	—			4,000			—			3,877
Comprehensive income (loss)	198,004			(30,822		)	172,524			(136,681		)	203,025
Comprehensive income attributable to noncontrolling interests	—			—			1,021			—			1,021
Comprehensive income (loss) attributable to common stockholders	$	198,004		$	(30,822	)	$	171,503		$	(136,681	)	$	202,004



	For the Three Months Ended March 31, 2016
	Ventas, Inc.		Ventas Realty			Ventas Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Net income (loss)	$	148,980	$	(34,248	)	$	142,722		$	(108,420	)	$	149,034
Other comprehensive income (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 interests	—		—			54			—			54
Comprehensive income (loss) attributable to common stockholders	$	149,161	$	(34,248	)	$	130,120		$	(108,420	)	$	136,613

Condensed Consolidating Statement of Cash Flows

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS



	For the Three Months Ended March 31, 2017
	Ventas, Inc.			Ventas Realty			Ventas Subsidiaries			Consolidated Elimination		Consolidated
	(In thousands)
Net cash provided by (used in) operating activities	$	4,280		$	(32,666	)	$	364,117		$	—	$	335,731

Cash flows from investing activities:
Net investment in real estate property	(198,843		)	—			—			—		(198,843		)
Proceeds from loans receivable	—			—			3,363			—		3,363
Investment in loans receivable and other	(2,313		)	—			(699,045		)	—		(701,358		)
Capital expenditures	—			(9		)	(23,826		)	—		(23,835		)
Development project expenditures	—			—			(86,452		)	—		(86,452		)
Investment in unconsolidated operating entity	—			—			(14,850		)	—		(14,850		)
Other	—			—			(12,090		)	—		(12,090		)
Net cash used in investing activities	(201,156		)	(9		)	(832,900		)	—		(1,034,065		)

Cash flows from financing activities:
Net change in borrowings under revolving credit facility	—			18,000			4,822			—		22,822
Proceeds from debt	—			793,904			3,310			—		797,214
Repayment of debt	—			(19		)	(20,477		)	—		(20,496		)
Purchase of noncontrolling interests	(15,809		)	—			—			—		(15,809		)
Net change in intercompany debt	577,099			(800,193		)	223,094			—		—
Payment of deferred financing costs	—			(6,384		)	—			—		(6,384		)
Cash distribution (to) from affiliates	(298,190		)	27,367			270,823			—		—
Cash distribution to common stockholders	(275,368		)	—			—			—		(275,368		)
Cash distribution to redeemable OP unitholders	—			—			(1,893		)	—		(1,893		)
Contributions from noncontrolling interests	—			—			2,102			—		2,102
Distributions to noncontrolling interests	—			—			(2,410		)	—		(2,410		)
Other	3,297			—			—			—		3,297
Net cash (used in) provided by financing activities	(8,971		)	32,675			479,371			—		503,075
Net (decrease) increase in cash and cash equivalents	(205,847		)	—			10,588			—		(195,259		)
Effect of foreign currency translation on cash and cash equivalents	5,146			—			(5,310		)	—		(164		)
Cash and cash equivalents at beginning of period	210,303			—			76,404			—		286,707
Cash and cash equivalents at end of period	$	9,602		$	—		$	81,682		$	—	$	91,284

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS



	For the Three Months Ended March 31, 2016
	Ventas, Inc.			Ventas Realty			Ventas Subsidiaries			Consolidated Elimination		Consolidated
	(In thousands)
Net cash provided by (used in) operating activities	$	26,413		$	(34,344	)	$	285,080		$	—	$	277,149

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 capital 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 interests	—			—			(1,743		)	—		(1,743		)
Other	1,893			—			—			—		1,893
Net cash (used in) provided by financing activities	(19,600		)	34,344			(126,582		)	—		(111,838		)
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