EX-99.3 5 dex993.txt COMPARATIVE QUARTERLY CONSOLIDATING FINANCIAL INFO Exhibit 99.3 VENTAS, INC. COMPARATIVE QUARTERLY CONSOLIDATING FINANCIAL INFORMATION The following summarizes the condensed consolidating information for the Company as of and for the three months ended March 31, 2002 and 2001: CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) March 31, 2002
Ventas, Inc. Ventas and Ventas Realty, LP Realty, Limited Unrestricted Consolidated L.L.C. Partnership Group (a) Elimination Consolidated ------------ ----------- ------------ ------------ ------------ (in thousands) Assets Total net real estate investments............. $ 14,680 $668,773 $111,967 $795,420 Cash and cash equivalents..................... 1,659 2,208 5,414 9,281 Restricted cash............................... 14,946 -- 5,048 19,994 Investment in Kindred Healthcare, Inc. common stock................................ -- 43,751 -- 43,751 Deferred financing costs, net................. -- 7,038 6,415 13,453 Notes receivable from employees............... 1,716 2,792 -- 4,508 Other......................................... 1,117 1,994 2,114 5,225 -------- -------- -------- -------- -------- Total assets............................... $ 34,118 $726,556 $130,958 $891,632 ======== ======== ======== ======== ======== Liabilities and stockholders' equity (deficit) Liabilities: Notes payable and other debt.................. $ -- $607,106 $224,438 $831,544 United States Settlement...................... 54,747 -- -- 54,747 Deferred revenue.............................. 178 16,654 3,568 20,400 Interest rate swap agreements................. -- 16,715 -- 16,715 Accounts payable, intercompany and other accrued liabilities......................... 9,221 8,217 (220) 17,218 Equity in affiliates.......................... 18,185 -- -- $(18,185) -- Other liabilities-disputed tax refunds and accumulated interest........................ 14,880 -- -- 14,880 Deferred income taxes......................... 30,394 -- -- 30,394 -------- -------- -------- -------- -------- Total liabilities............................. 127,605 648,692 227,786 (18,185) 985,898 Total stockholders' equity (deficit)....... (93,487) 77,864 (96,828) 18,185 (94,266) -------- -------- -------- -------- -------- Total liabilities and stockholders' equity (deficit)................................ $ 34,118 $726,556 $130,958 $ -- $891,632 ======== ======== ======== ======== ========
-------- (a) Includes Ventas Specialty I, Inc., Ventas Finance I, Inc., Ventas Specialty I, LLC and Ventas Finance I, LLC, which were formed in 2001 in conjunction with the CMBS transaction. 1 VENTAS, INC. COMPARATIVE QUARTERLY CONSOLIDATING FINANCIAL INFORMATION--(Continued) CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) March 31, 2001
Ventas, Inc. Ventas and Ventas Realty, LP Realty, Limited Consolidated L.L.C. Partnership Elimination Consolidated ------------ ----------- ------------ ------------ (in thousands) Assets Total net real estate investments....................... $ 15,409 $822,662 $ 838,071 Cash and cash equivalents............................... 2,176 52,922 55,098 Restricted cash......................................... 27,053 -- 27,053 Recoverable federal income taxes........................ 3,211 -- 3,211 Deferred financing costs, net........................... -- 10,264 10,264 Notes receivable from employees......................... 723 3,159 3,882 Equity in affiliates.................................... 7,820 -- $(7,820) -- Other................................................... 247 863 1,110 --------- -------- ------- ---------- Total assets......................................... $ 56,639 $889,870 $(7,820) $ 938,689 ========= ======== ======= ========== Liabilities and stockholders' equity (deficit) Liabilities: Notes payable and other debt............................ $ -- $851,385 $ 851,385 United States Settlement................................ 96,493 -- 96,493 Interest rate swap agreements........................... -- 21,633 21,633 Accounts payable, intercompany and other accrued liabilities........................................... 5,178 9,137 14,315 Other liabilities-disputed tax refunds and accumulated interest.............................................. 30,264 -- 30,264 Deferred income taxes................................... 30,506 -- 30,506 --------- -------- ------- ---------- Total liabilities....................................... 162,441 882,155 1,044,596 Total stockholders' equity (deficit)................. (105,802) 7,715 $(7,820) (105,907) --------- -------- ------- ---------- Total liabilities and stockholders' equity (deficit). $ 56,639 $889,870 $(7,820) $ 938,689 ========= ======== ======= ==========
2 VENTAS, INC. COMPARATIVE QUARTERLY CONSOLIDATING FINANCIAL INFORMATION--(Continued) CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED) Three Months ended March 31, 2002
Ventas, Inc. Ventas and Ventas Realty, LP Realty, Limited Unrestricted Consolidated L.L.C. Partnership Group (a) Elimination Consolidated ------------ ----------- ------------ ------------ ------------ (in thousands) Revenues: Rental income........................... $ 630 $37,870 $7,897 $46,397 Equity earnings in affiliate(s)......... 13,834 -- -- $(13,834) -- Interest and other income............... 73 223 46 342 ------- ------- ------ -------- ------- Total revenues........................ 14,537 38,093 7,943 (13,834) 46,739 ------- ------- ------ -------- ------- Expenses: General and administrative.............. 31 1,887 393 2,311 Professional fees....................... 8 461 96 565 Amortization of restricted stock grants. 6 344 72 422 Depreciation............................ 208 8,896 1,362 10,466 Interest................................ -- 16,382 3,478 19,860 Interest on United States Settlement.... 1,471 -- -- 1,471 ------- ------- ------ -------- ------- Total expenses........................ 1,724 27,970 5,401 35,095 ------- ------- ------ -------- ------- Income (loss) before gain on sale of real estate................................. 12,813 10,123 2,542 (13,834) 11,644 ------- ------- ------ -------- ------- Net gain on sale of real estate.......... -- 1,057 -- 1,057 ------- ------- ------ -------- ------- Net income (loss)........................ $12,813 $11,180 $2,542 $(13,834) $12,701 ======= ======= ====== ======== =======
-------- (a) Includes Ventas Specialty I, Inc., Ventas Finance I, Inc., Ventas Specialty I, LLC and Ventas Finance I, LLC, which were formed in 2001 in conjunction with the CMBS transaction. 3 VENTAS, INC. COMPARATIVE QUARTERLY CONSOLIDATING FINANCIAL INFORMATION--(Continued) CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED) Three Months ended March 31, 2001
Ventas, Inc. Ventas and Ventas Realty, LP Realty, Limited Consolidated L.L.C. Partnership Elimination Consolidated ------------ ----------- ------------ ------------ (in thousands) Revenues: Rental income.......................... $ 717 $45,401 $46,118 Equity earnings in affiliate(s)........ 10,602 -- $(10,602) -- Interest and other income.............. 288 1,218 1,506 ------- ------- -------- ------- Total revenues....................... 11,607 46,619 (10,602) 47,624 ------- ------- -------- ------- Expenses: General and administrative............. 40 2,509 2,549 Professional fees...................... 28 1,771 1,799 Amortization of restricted stock grants 6 397 403 Depreciation........................... 174 10,324 10,498 Interest............................... -- 21,121 21,121 ------- ------- -------- ------- Total expenses....................... 248 36,122 36,730 ------- ------- -------- ------- Income before income taxes.............. 11,359 10,497 (10,602) 11,254 Provision for income taxes.............. 675 -- 675 ------- ------- -------- ------- Net income.............................. $10,684 $10,497 $(10,602) $10,579 ======= ======= ======== =======
4 VENTAS, INC. COMPARATIVE QUARTERLY CONSOLIDATING FINANCIAL INFORMATION--(Continued) CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED) Three Months ended March 31, 2002
Ventas, Inc. Ventas and Ventas Realty, LP Realty, Limited Unrestricted Consolidated L.L.C. Partnership Group (a) Elimination Consolidated ------------ ----------- ------------ ------------ ------------ (in thousands) Net cash provided by (used in) operating activities.................... $ 13,018 $ 19,018 $5,976 $(13,834) $ 24,178 Net cash provided by (used in) investing activities.................... (949) 1,550 -- 601 Cash flows from financing activities: Repayment of long-term debt.............. -- (16,262) (562) (16,824) Cash distribution to stockholders........ (17,230) -- -- (17,230) Cash distributions from affiliates....... 5,209 (19,043) -- 13,834 -- Issuance of common stock................. (40) -- -- (40) -------- -------- ------ -------- -------- Net cash provided by (used in) financing activities.................... (12,061) (35,305) (562) 13,834 (34,094) -------- -------- ------ -------- -------- Increase (decrease) in cash and cash equivalents............................. 8 (14,737) 5,414 (9,315) Cash and cash equivalents at beginning of period..................... 1,651 16,945 -- 18,596 -------- -------- ------ -------- -------- Cash and cash equivalents at end of period $ 1,659 $ 2,208 $5,414 $ 9,281 ======== ======== ====== ======== ========
-------- (a) Includes Ventas Specialty I, Inc., Ventas Finance I, Inc., Ventas Specialty I, LLC and Ventas Finance I, LLC, which were formed in 2001 in conjunction with the CMBS transaction. 5 VENTAS, INC. COMPARATIVE QUARTERLY CONSOLIDATING FINANCIAL INFORMATION--(Continued) CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED) Three Months ended March 31, 2001
Ventas, Inc. Ventas and Ventas Realty, LP Realty, Limited Consolidated L.L.C. Partnership Elimination Consolidated ------------ ----------- ------------ ------------ (in thousands) Net cash provided by (used in) operating activities $ 12,018 $ 21,682 $(10,602) $ 23,098 Net cash provided by (used in) investing activities (552) (3) (555) Cash flows from financing activities: Repayment of long-term debt..................... -- (35,000) (35,000) Cash distribution to Stockholders............... (19,846) -- (19,846) Cash distributions from affiliates.............. 8,935 (19,537) 10,602 -- -------- -------- -------- -------- Net cash provided by (used in) financing activities (10,911) (54,537) 10,602 (54,846) -------- -------- -------- -------- Increase (decrease) in cash and cash equivalents... 555 (32,858) (32,303) Cash and cash equivalents at beginning of period... 1,621 85,780 87,401 -------- -------- -------- -------- Cash and cash equivalents at end of period......... $ 2,176 $ 52,922 $ 55,098 ======== ======== ======== ========
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