CONDENSED CONSOLIDATING INFORMATION (Tables) (unaudited)

3 Months Ended

Mar. 31, 2012

CONDENSED CONSOLIDATING INFORMATION (unaudited)

CONDENSED CONSOLIDATING BALANCE SHEET

	Ventas, Inc.			Wholly Owned Subsidiary Guarantors		Ventas Issuers			Non- Guarantor Subsidiaries		Consolidated Elimination			Consolidated
	(In thousands)
Assets
Net real estate investments	$	8,069		$	3,628,813	$	517,996		$	11,920,445	$	—		$	16,075,323
Cash and cash equivalents		10,045			7,819		—			35,360		—			53,224
Escrow deposits and restricted cash		40,074			27,894		7,670			38,782		—			114,420
Deferred financing costs, net		757			401		19,162			6,281		—			26,601
Investment in and advances to affiliates		8,613,968			—		1,759,522			—		(10,373,490	)		—
Other assets		64,852			188,275		4,254			662,010		—			919,391
Total assets	$	8,737,765		$	3,853,202	$	2,308,604		$	12,662,878	$	(10,373,490	)	$	17,188,959
Liabilities and equity
Liabilities:
Senior notes payable and other debt	$	—		$	519,866	$	2,628,878		$	3,281,620	$	—		$	6,430,364
Intercompany loans		(1,270	)		590,136		(640,968	)		52,102		—			—
Accrued interest		—			1,514		31,770			24,757		—			58,041
Accounts payable and other liabilities		91,822			116,933		14,478			837,414		—			1,060,647
Deferred income taxes		271,408			—		—			—		—			271,408
Total liabilities		361,960			1,228,449		2,034,158			4,195,893		—			7,820,460
Redeemable OP unitholder interests		—			—		—			106,264		—			106,264
Total equity		8,375,805			2,624,753		274,446			8,360,721		(10,373,490	)		9,262,235
Total liabilities and equity	$	8,737,765		$	3,853,202	$	2,308,604		$	12,662,878	$	(10,373,490	)	$	17,188,959

	Ventas, Inc.			Wholly Owned Subsidiary Guarantors		Ventas Issuers			Non- Guarantor Subsidiaries		Consolidated Elimination			Consolidated
	(In thousands)
Assets
Net real estate investments	$	309		$	3,629,489	$	519,042		$	12,082,772	$	—		$	16,231,612
Cash and cash equivalents		2,335			7,820		—			35,652		—			45,807
Escrow deposits and restricted cash		1,971			27,523		7,513			39,583		—			76,590
Deferred financing costs, net		757			434		19,239			6,239		—			26,669
Investment in and advances to affiliates		8,612,893			—		1,728,635			—		(10,341,528	)		—
Other assets		54,415			183,800		47,063			605,954		—			891,232
Total assets	$	8,672,680		$	3,849,066	$	2,321,492		$	12,770,200	$	(10,341,528	)	$	17,271,910
Liabilities and equity
Liabilities:
Senior notes payable and other debt	$	—		$	502,215	$	2,593,176		$	3,333,725	$	—		$	6,429,116
Intercompany loans		(68,408	)		679,634		(655,914	)		44,688		—			—
Accrued interest		—			1,431		12,561			23,702		—			37,694
Accounts payable and other liabilities		86,101			184,330		18,162			797,004		—			1,085,597
Deferred income taxes		260,722			—		—			—		—			260,722
Total liabilities		278,415			1,367,610		1,967,985			4,199,119		—			7,813,129
Redeemable OP unitholder interests		—			—		—			102,837		—			102,837
Total equity		8,394,265			2,481,456		353,507			8,468,244		(10,341,528	)		9,355,944
Total liabilities and equity	$	8,672,680		$	3,849,066	$	2,321,492		$	12,770,200	$	(10,341,528	)	$	17,271,910

CONDENSED CONSOLIDATING STATEMENT OF INCOME

	Ventas, Inc.			Wholly Owned Subsidiary Guarantors			Ventas Issuers		Non- Guarantor Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Revenues:
Rental income	$	623		$	64,341		$	70,299	$	138,942		$	—		$	274,205
Resident fees and services		—			103,986			—		181,809			—			285,795
Medical office building and other services revenues		—			4,509			—		1,099			—			5,608
Income from loans and investments		940			—			469		6,627			—			8,036
Equity earnings in affiliates		61,178			47			—		—			(61,225	)		—
Interest and other income		29			(3	)		5		19			—			50
Total revenues		62,770			172,880			70,773		328,496			(61,225	)		573,694
Expenses:
Interest		(724	)		14,339			21,927		35,126			—			70,668
Depreciation and amortization		710			37,855			8,257		116,375			—			163,197
Property-level operating expenses		—			83,761			123		132,872			—			216,756
Medical office building services costs		—			2,988			—		—			—			2,988
General, administrative and professional fees		903			12,492			6,997		1,808			—			22,200
Loss (gain) on extinguishment of debt		—			—			29,731		(187	)		—			29,544
Merger-related expenses and deal costs		1,365			4,727			—		1,889			—			7,981
Other		37			1,506			—		33			—			1,576
Total expenses		2,291			157,668			67,035		287,916			—			514,910
Income from continuing operations before income from unconsolidated entities, income taxes and noncontrolling interest		60,479			15,212			3,738		40,580			(61,225	)		58,784
Income from unconsolidated entities		—			—			317		—			—			317
Income tax expense		(11,338	)		—			—		—			—			(11,338	)
Income from continuing operations		49,141			15,212			4,055		40,580			(61,225	)		47,763
Discontinued operations		41,485			(628	)		681		791			—			42,329
Net income		90,626			14,584			4,736		41,371			(61,225	)		90,092
Net loss attributable to noncontrolling interest		—			—			—		(534	)		—			(534	)
Net income attributable to common stockholders	$	90,626		$	14,584		$	4,736	$	41,905		$	(61,225	)	$	90,626

	Ventas, Inc.			Wholly Owned Subsidiary Guarantors		Ventas Issuers			Non- Guarantor Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Revenues:
Rental income	$	607		$	54,958	$	68,605		$	16,640		$	—		$	140,810
Resident fees and services		—			66,686		—			47,816			—			114,502
Medical office building and other services revenues		—			6,986		—			(29	)		—			6,957
Income from loans and investments		3,017			1,635		1,433			—			—			6,085
Equity earnings in affiliates		47,115			418		—			—			(47,533	)		—
Interest and other income		51			5		21			1			—			78
Total revenues		50,790			130,688		70,059			64,428			(47,533	)		268,432
Expenses:
Interest		(188	)		15,996		13,415			12,517			—			41,740
Depreciation and amortization		421			28,128		8,755			14,010			—			51,314
Property-level operating expenses		—			49,997		144			36,646			—			86,787
Medical office building services costs		—			5,536		—			—			—			5,536
General, administrative and professional fees		(1,033	)		7,954		6,140			1,771			—			14,832
Loss on extinguishment of debt		—			16,520		—			—			—			16,520
Merger-related expenses and deal costs		5,813			634		—			2			—			6,449
Other		(10	)		12		—			(1	)		—			1
Total expenses		5,003			124,777		28,454			64,945			—			223,179
Income (loss) from continuing operations before loss from unconsolidated entities, income taxes and noncontrolling interest		45,787			5,911		41,605			(517	)		(47,533	)		45,253
Loss from unconsolidated entities		—			—		(170	)		—			—			(170	)
Income tax benefit		3,197			—		—			—			—			3,197
Income (loss) from continuing operations		48,984			5,911		41,435			(517	)		(47,533	)		48,280
Discontinued operations		—			—		372			394			—			766
Net income (loss)		48,984			5,911		41,807			(123	)		(47,533	)		49,046
Net income attributable to noncontrolling interest		—			—		—			62			—			62
Net income (loss) attributable to common stockholders	$	48,984		$	5,911	$	41,807		$	(185	)	$	(47,533	)	$	48,984

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

	Ventas, Inc.			Wholly Owned Subsidiary Guarantors		Ventas Issuers		Non- Guarantor Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Net income	$	90,626		$	14,584	$	4,736	$	41,371		$	(61,225	)	$	90,092
Other comprehensive income (loss):
Foreign currency translation		—			625		—		1,324			—			1,949
Change in unrealized gain on marketable debt securities		(308	)		—		—		—			—			(308	)
Other		—			7		—		216			—			223
Total other comprehensive (loss) income		(308	)		632		—		1,540			—			1,864
Comprehensive income		90,318			15,216		4,736		42,911			(61,225	)		91,956
Comprehensive loss attributable to noncontrolling interest		—			—		—		(534	)		—			(534	)
Comprehensive income attributable to common stockholders	$	90,318		$	15,216	$	4,736	$	43,445		$	(61,225	)	$	92,490

	Ventas, Inc.			Wholly Owned Subsidiary Guarantors			Ventas Issuers		Non- Guarantor Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Net income (loss)	$	48,984		$	5,911		$	41,807	$	(123	)	$	(47,533	)	$	49,046
Other comprehensive income (loss):
Foreign currency translation		—			820			—		1,679			—			2,499
Change in unrealized gain on marketable debt securities		(1,257	)		—			—		—			—			(1,257	)
Other		—			(21	)		—		8			—			(13	)
Total other comprehensive (loss) income		(1,257	)		799			—		1,687			—			1,229
Comprehensive income		47,727			6,710			41,807		1,564			(47,533	)		50,275
Comprehensive income attributable to noncontrolling interest		—			—			—		62			—			62
Comprehensive income attributable to common stockholders	$	47,727		$	6,710		$	41,807	$	1,502		$	(47,533	)	$	50,213

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

	Ventas, Inc.			Wholly Owned Subsidiary Guarantors			Ventas Issuers			Non- Guarantor Subsidiaries			Consolidated Elimination		Consolidated
	(In thousands)
Net cash (used in) provided by operating activities	$	(2,966	)	$	55,020		$	70,263		$	122,644		$	—	$	244,961
Net cash provided by (used in) investing activities		8,347			(13,674	)		(15,038	)		(19,947	)		—		(40,312	)
Cash flows from financing activities:
Net change in borrowings under revolving credit facility		—			(2,398	)		(380,000	)		—			—		(382,398	)
Proceeds from debt		—			—			591,384			75,946			—		667,330
Repayment of debt		—			(1,767	)		(206,500	)		(90,534	)		—		(298,801	)
Net change in intercompany debt		219,912			(49,545	)		(22,107	)		(148,260	)		—		—
Payment of deferred financing costs		—			—			(1,473	)		(320	)		—		(1,793	)
Cash distribution (to) from affiliates		(37,550	)		12,363			(36,584	)		61,771			—		—
Cash distribution to common stockholders		(179,253	)		—			—			—			—		(179,253	)
Cash distribution to redeemable OP unitholders		(1,112	)		—			—			—			—		(1,112	)
Purchases of redeemable OP units		(233	)		—			—			—			—		(233	)
Distributions to noncontrolling interest		—			—			—			(1,592	)		—		(1,592	)
Other		565			—			—			—			—		565
Net cash provided by (used in) financing activities		2,329			(41,347	)		(55,280	)		(102,989	)		—		(197,287	)
Net increase (decrease) in cash and cash equivalents		7,710			(1	)		(55	)		(292	)		—		7,362
Effect of foreign currency translation on cash and cash equivalents		—			—			55			—			—		55
Cash and cash equivalents at beginning of period		2,335			7,820			—			35,652			—		45,807
Cash and cash equivalents at end of period	$	10,045		$	7,819		$	—		$	35,360		$	—	$	53,224

	Ventas, Inc.			Wholly Owned Subsidiary Guarantors			Ventas Issuers			Non- Guarantor Subsidiaries			Consolidated Elimination		Consolidated
	(In thousands)
Net cash (used in) provided by operating activities	$	(3,036	)	$	45,924		$	73,068		$	14,813		$	—	$	130,769
Net cash provided by (used in) investing activities		19,880			16,466			(143	)		(4,522	)		—		31,681
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities		—			—			(32,000	)		—			—		(32,000	)
Proceeds from debt		—			—			—			14,630			—		14,630
Repayment of debt		—			(327,947	)		—			(3,122	)		—		(331,069	)
Net change in intercompany debt		(801	)		256,817			(260,191	)		4,175			—		—
Payment of deferred financing costs		—			(1	)		—			(313	)		—		(314	)
Issuance of common stock, net		299,926			—			—			—			—		299,926
Cash distribution (to) from affiliates		(200,567	)		(4,222	)		219,173			(14,384	)		—		—
Cash distribution to common stockholders		(93,738	)		—			—			—			—		(93,738	)
Distributions to noncontrolling interest		—			—			—			(349	)		—		(349	)
Other		458			—			—			—			—		458
Net cash provided by (used in) financing activities		5,278			(75,353	)		(73,018	)		637			—		(142,456	)
Net increase (decrease) in cash and cash equivalents		22,122			(12,963	)		(93	)		10,928			—		19,994
Effect of foreign currency translation on cash and cash equivalents		—			—			93			—			—		93
Cash and cash equivalents at beginning of period		1,083			8,263			—			12,466			—		21,812
Cash and cash equivalents at end of period	$	23,205		$	(4,700	)	$	—		$	23,394		$	—	$	41,899