We have fully and unconditionally guaranteed the obligation to pay principal and interest with respect to the outstanding senior notes issued by our 100% owned subsidiaries, Ventas Realty, Limited Partnership ("Ventas Realty") and Ventas Capital Corporation (collectively, the "Ventas Issuers"). Ventas Capital Corporation is a direct subsidiary of Ventas Realty that was formed in 2002 to facilitate offerings of senior notes and has no assets or operations. None of our other subsidiaries (excluding the Ventas Issuers, the "Ventas Subsidiaries") is obligated with respect to the Ventas Issuers' outstanding senior notes.

In connection with the NHP acquisition, our 100% owned subsidiary, NHP LLC, assumed the obligation to pay principal and interest with respect to the outstanding senior notes issued by NHP. We, the Ventas Issuers and the Ventas Subsidiaries (other than NHP LLC) are not obligated with respect to any of NHP LLC's outstanding senior notes.

Contractual and legal restrictions, including those contained in the instruments governing our subsidiaries' outstanding mortgage indebtedness, may under certain circumstances restrict our ability to obtain cash from our subsidiaries for the purpose of meeting our debt service obligations, including our guarantee of the payment of principal and interest on the Ventas Issuers' senior notes. Certain of our real estate assets are also subject to mortgages.

The following summarizes our condensed consolidating information as of September 30, 2012 and December 31, 2011 and for the three and nine months ended September 30, 2012 and 2011:

	Ventas, Inc.		Ventas Issuers			Ventas Subsidiaries		Consolidated Elimination			Consolidated

	(In thousands)
Assets
Net real estate investments	$	7,766	$	421,537		$	16,797,141	$	—		$	17,226,444
Cash and cash equivalents		10,181		—			48,349		—			58,530
Escrow deposits and restricted cash		2,114		2,188			72,606		—			76,908
Deferred financing costs, net		757		18,068			6,601		—			25,426
Investment in and advances to affiliates		9,756,019		1,867,251			—		(11,623,270	)		—
Other assets		64,627		4,896			984,068		—			1,053,591

Total assets	$	9,841,464	$	2,313,940		$	17,908,765	$	(11,623,270	)	$	18,440,899

Liabilities and equity
Liabilities:
Senior notes payable and other debt	$	—	$	3,624,285		$	3,870,489	$	—		$	7,494,774
Intercompany loans		2,603,100		(3,090,707	)		487,607		—			—
Accrued interest		—		30,228			26,098		—			56,326
Accounts payable and other liabilities		97,383		5,905			945,755		—			1,049,043
Deferred income taxes		265,116		—			—		—			265,116

Total liabilities		2,965,599		569,711			5,329,949		—			8,865,259
Redeemable OP unitholder interests		—		—			113,908		—			113,908
Total equity		6,875,865		1,744,229			12,464,908		(11,623,270	)		9,461,732

Total liabilities and equity	$	9,841,464	$	2,313,940		$	17,908,765	$	(11,623,270	)	$	18,440,899

	Ventas, Inc.		Ventas Issuers			Ventas Subsidiaries		Consolidated Elimination			Consolidated

	(In thousands)
Assets
Net real estate investments	$	309	$	519,042		$	15,712,261	$	—		$	16,231,612
Cash and cash equivalents		2,335		—			43,472		—			45,807
Escrow deposits and restricted cash		1,971		7,513			67,106		—			76,590
Deferred financing costs, net		757		19,239			6,673		—			26,669
Investment in and advances to affiliates		8,612,893		1,728,635			—		(10,341,528	)		—
Other assets		54,415		47,063			789,754		—			891,232

Total assets	$	8,672,680	$	2,321,492		$	16,619,266	$	(10,341,528	)	$	17,271,910

Liabilities and equity
Liabilities:
Senior notes payable and other debt	$	—	$	2,593,176		$	3,835,940	$	—		$	6,429,116
Intercompany loans		1,204,987		(2,040,590	)		835,603		—			—
Accrued interest		—		12,561			25,133		—			37,694
Accounts payable and other liabilities		86,101		18,162			981,334		—			1,085,597
Deferred income taxes		260,722		—			—		—			260,722

Total liabilities		1,551,810		583,309			5,678,010		—			7,813,129
Redeemable OP unitholder interests		—		—			102,837		—			102,837
Total equity		7,120,870		1,738,183			10,838,419		(10,341,528	)		9,355,944

Total liabilities and equity	$	8,672,680	$	2,321,492		$	16,619,266	$	(10,341,528	)	$	17,271,910

CONDENSED CONSOLIDATING STATEMENT OF INCOME
For the Three Months Ended September 30, 2012

	Ventas, Inc.			Ventas Issuers		Ventas Subsidiaries			Consolidated Elimination			Consolidated

	(In thousands)
Revenues:
Rental income	$	640		$	70,220	$	240,050		$	—		$	310,910
Resident fees and services		—			—		317,131			—			317,131
Medical office building and other services revenues		—			—		4,544			—			4,544
Income from loans and investments		951			301		7,783			—			9,035
Equity earnings in affiliates		115,319			—		318			(115,637	)		—
Interest and other income		12			10		308			—			330

Total revenues		116,922			70,531		570,134			(115,637	)		641,950
Expenses:
Interest		(1,139	)		23,407		52,871			—			75,139
Depreciation and amortization		1,057			7,578		181,273			—			189,908
Property-level operating expenses		—			128		252,877			—			253,005
Medical office building services costs		—			—		1,487			—			1,487
General, administrative and professional fees		1,028			8,092		17,752			—			26,872
Loss (gain) on extinguishment of debt		—			17		(1,211	)		—			(1,194	)
Merger-related expenses and deal costs		12,552			—		(7,635	)		—			4,917
Other		(5	)		—		2,513			—			2,508

Total expenses		13,493			39,222		499,927			—			552,642

Income from continuing operations before income from unconsolidated entities, income taxes and noncontrolling interest		103,429			31,309		70,207			(115,637	)		89,308
Income from unconsolidated entities		—			429		16,645			—			17,074
Income tax benefit		8,886			—		—			—			8,886

Income from continuing operations		112,315			31,738		86,852			(115,637	)		115,268
Discontinued operations		(433	)		106		(3,120	)		—			(3,447	)

Net income		111,882			31,844		83,732			(115,637	)		111,821
Net loss attributable to noncontrolling interest		—			—		(61	)		—			(61	)

Net income attributable to common stockholders	$	111,882		$	31,844	$	83,793		$	(115,637	)	$	111,882

CONDENSED CONSOLIDATING STATEMENT OF INCOME
For the Three Months Ended September 30, 2011

	Ventas, Inc.			Ventas Issuers		Ventas Subsidiaries			Consolidated Elimination			Consolidated

	(In thousands)
Revenues:
Rental income	$	623		$	68,314	$	192,431		$	—		$	261,368
Resident fees and services		—			—		274,294			—			274,294
Medical office building and other services revenues		—			—		9,271			—			9,271
Income from loans and investments		1,124			103		8,845			—			10,072
Equity earnings in affiliates		52,291			—		259			(52,550	)		—
Interest and other income		6			10		357			—			373

Total revenues		54,044			68,427		485,457			(52,550	)		555,378
Expenses:
Interest		392			20,590		48,536			—			69,518
Depreciation and amortization		440			7,945		148,208			—			156,593
Property-level operating expenses		—			115		207,312			—			207,427
Medical office building services costs		—			—		6,347			—			6,347
General, administrative and professional fees		1,194			6,427		13,003			—			20,624
Loss on extinguishment of debt		—			8,685		—			—			8,685
Litigation proceeds, net		(85,327	)		—		—			—			(85,327	)
Merger-related expenses and deal costs		47,309			—		22,041			—			69,350
Other		883			—		12,999			—			13,882

Total expenses		(35,109	)		43,762		458,446			—			467,099

Income from continuing operations before income from unconsolidated entities, income taxes and noncontrolling interest		89,153			24,665		27,011			(52,550	)		88,279
Income from unconsolidated entities		—			182		—			—			182
Income tax benefit		13,732			—		—			—			13,732

Income from continuing operations		102,885			24,847		27,011			(52,550	)		102,193
Discontinued operations		—			1,085		(1,294	)		—			(209	)

Net income		102,885			25,932		25,717			(52,550	)		101,984
Net loss attributable to noncontrolling interest		—			—		(901	)		—			(901	)

Net income attributable to common stockholders	$	102,885		$	25,932	$	26,618		$	(52,550	)	$	102,885

CONDENSED CONSOLIDATING STATEMENT OF INCOME
For the Nine Months Ended September 30, 2012

	Ventas, Inc.			Ventas Issuers		Ventas Subsidiaries			Consolidated Elimination			Consolidated

	(In thousands)
Revenues:
Rental income	$	1,898		$	208,445	$	666,249		$	—		$	876,592
Resident fees and services		—			—		906,946			—			906,946
Medical office building and other services revenues		—			—		16,791			—			16,791
Income from loans and investments		2,841			1,330		21,052			—			25,223
Equity earnings in affiliates		228,099			—		537			(228,636	)		—
Interest and other income		97			20		324			—			441

Total revenues		232,935			209,795		1,611,899			(228,636	)		1,825,993
Expenses:
Interest		(3,375	)		68,576		152,274			—			217,475
Depreciation and amortization		2,576			28,527		507,843			—			538,946
Property-level operating expenses		—			369		706,175			—			706,544
Medical office building services costs		—			—		8,314			—			8,314
General, administrative and professional fees		4,839			22,204		48,736			—			75,779
Loss (gain) on extinguishment of debt		—			39,737		(1,398	)		—			38,339
Merger-related expenses and deal costs		42,605			—		6,961			—			49,566
Other		(4	)		—		5,598			—			5,594

Total expenses		46,641			159,413		1,434,503			—			1,640,557

Income from continuing operations before income from unconsolidated entities, income taxes and noncontrolling interest		186,294			50,382		177,396			(228,636	)		185,436
Income from unconsolidated entities		—			1,260		16,645			—			17,905
Income tax benefit		2,727			—		—			—			2,727

Income from continuing operations		189,021			51,642		194,041			(228,636	)		206,068
Discontinued operations		87,512			2,091		(20,022	)		—			69,581

Net income		276,533			53,733		174,019			(228,636	)		275,649
Net loss attributable to noncontrolling interest		—			—		(884	)		—			(884	)

Net income attributable to common stockholders	$	276,533		$	53,733	$	174,903		$	(228,636	)	$	276,533

CONDENSED CONSOLIDATING STATEMENT OF INCOME
For the Nine Months Ended September 30, 2011

	Ventas, Inc.			Ventas Issuers			Ventas Subsidiaries			Consolidated Elimination			Consolidated

	(In thousands)
Revenues:
Rental income	$	1,848		$	202,726		$	335,559		$	—		$	540,133
Resident fees and services		—			—			590,103			—			590,103
Medical office building and other services revenues		—			—			26,050			—			26,050
Income from loans and investments		5,070			8,566			10,912			—			24,548
Equity earnings in affiliates		160,546			—			1,103			(161,649	)		—
Interest and other income		96			52			381			—			529

Total revenues		167,560			211,344			964,108			(161,649	)		1,181,363
Expenses:
Interest		(474	)		48,914			113,908			—			162,348
Depreciation and amortization		1,273			23,939			261,451			—			286,663
Property-level operating expenses		—			414			437,972			—			438,386
Medical office building services costs		—			—			19,837			—			19,837
General, administrative and professional fees		(5,840	)		21,625			35,225			—			51,010
Loss on extinguishment of debt		—			8,685			16,526			—			25,211
Litigation proceeds, net		(85,327	)		—			—			—			(85,327	)
Merger-related expenses and deal costs		108,509			—			23,097			—			131,606
Other		913			—			4,914			—			5,827

Total expenses		19,054			103,577			912,930			—			1,035,561

Income from continuing operations before loss/income from unconsolidated entities, income taxes and noncontrolling interest		148,506			107,767			51,178			(161,649	)		145,802
Loss from unconsolidated entities		—			(71	)		—			—			(71	)
Income tax benefit		23,039			—			—			—			23,039

Income from continuing operations		171,545			107,696			51,178			(161,649	)		168,770
Discontinued operations		—			2,616			(622	)		—			1,994

Net income		171,545			110,312			50,556			(161,649	)		170,764
Net loss attributable to noncontrolling interest		—			—			(781	)		—			(781	)

Net income attributable to common stockholders	$	171,545		$	110,312		$	51,337		$	(161,649	)	$	171,545

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
For the Three Months Ended September 30, 2012

	Ventas, Inc.			Ventas Issuers		Ventas Subsidiaries			Consolidated Elimination			Consolidated

	(In thousands)
Net income	$	111,882		$	31,844	$	83,732		$	(115,637	)	$	111,821
Other comprehensive income (loss):
Foreign currency translation		—			—		2,838			—			2,838
Change in unrealized gain on marketable debt securities		(509	)		—		—			—			(509	)
Other		—			—		(107	)		—			(107	)

Total other comprehensive (loss) income		(509	)		—		2,731			—			2,222

Comprehensive income		111,373			31,844		86,463			(115,637	)		114,043
Comprehensive loss attributable to noncontrolling interest		—			—		(61	)		—			(61	)

Comprehensive income attributable to common stockholders	$	111,373		$	31,844	$	86,524		$	(115,637	)	$	114,104

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
For the Three Months Ended September 30, 2011

	Ventas, Inc.			Ventas Issuers		Ventas Subsidiaries			Consolidated Elimination			Consolidated

	(In thousands)
Net income	$	102,885		$	25,932	$	25,717		$	(52,550	)	$	101,984
Other comprehensive loss:
Foreign currency translation		—			—		(7,293	)		—			(7,293	)
Change in unrealized gain on marketable debt securities		(1,285	)		—		—			—			(1,285	)
Other		—			—		(397	)		—			(397	)

Total other comprehensive loss		(1,285	)		—		(7,690	)		—			(8,975	)

Comprehensive income		101,600			25,932		18,027			(52,550	)		93,009
Comprehensive loss attributable to noncontrolling interest		—			—		(901	)		—			(901	)

Comprehensive income attributable to common stockholders	$	101,600		$	25,932	$	18,928		$	(52,550	)	$	93,910

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
For the Nine Months Ended September 30, 2012

	Ventas, Inc.			Ventas Issuers		Ventas Subsidiaries			Consolidated Elimination			Consolidated

	(In thousands)
Net income	$	276,533		$	53,733	$	174,019		$	(228,636	)	$	275,649
Other comprehensive income (loss):
Foreign currency translation		—			—		3,180			—			3,180
Change in unrealized gain on marketable debt securities		(1,220	)		—		—			—			(1,220	)
Other		—			—		(396	)		—			(396	)

Total other comprehensive (loss) income		(1,220	)		—		2,784			—			1,564

Comprehensive income		275,313			53,733		176,803			(228,636	)		277,213
Comprehensive loss attributable to noncontrolling interest		—			—		(884	)		—			(884	)

Comprehensive income attributable to common stockholders	$	275,313		$	53,733	$	177,687		$	(228,636	)	$	278,097

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
For the Nine Months Ended September 30, 2011

	Ventas, Inc.			Ventas Issuers		Ventas Subsidiaries			Consolidated Elimination			Consolidated

	(In thousands)
Net income	$	171,545		$	110,312	$	50,556		$	(161,649	)	$	170,764
Other comprehensive loss:
Foreign currency translation		—			—		(4,234	)		—			(4,234	)
Change in unrealized gain on marketable debt securities		(2,964	)		—		—			—			(2,964	)
Other		—			—		(433	)		—			(433	)

Total other comprehensive loss		(2,964	)		—		(4,667	)		—			(7,631	)

Comprehensive income		168,581			110,312		45,889			(161,649	)		163,133
Comprehensive loss attributable to noncontrolling interest		—			—		(781	)		—			(781	)

Comprehensive income attributable to common stockholders	$	168,581		$	110,312	$	46,670		$	(161,649	)	$	163,914

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the Nine Months Ended September 30, 2012

	Ventas, Inc.			Ventas Issuers			Ventas Subsidiaries			Consolidated Elimination		Consolidated

	(In thousands)
Net cash (used in) provided by operating activities	$	(5,543	)	$	156,211		$	558,651		$	—	$	709,319
Net cash used in investing activities		(1,114,598	)		(113	)		(99,195	)		—		(1,213,906	)
Cash flows from financing activities:
Net change in borrowings under revolving credit facility		—			255,500			(6,579	)		—		248,921
Proceeds from debt		—			1,255,105			313,277			—		1,568,382
Repayment of debt		—			(521,527	)		(581,473	)		—		(1,103,000	)
Net change in intercompany debt		1,329,833			(1,050,117	)		(279,716	)		—		—
Payment of deferred financing costs		—			(3,395	)		(862	)		—		(4,257	)
Issuance of common stock, net		342,469			—			—			—		342,469
Cash distribution (to) from affiliates		(13,087	)		(91,722	)		104,809			—		—
Cash distribution to common stockholders		(545,240	)		—			—			—		(545,240	)
Cash distribution to redeemable OP unitholders		(3,358	)		—			—			—		(3,358	)
Purchases of redeemable OP units		(1,760	)		—			—			—		(1,760	)
Distributions to noncontrolling interest		—			—			(4,035	)		—		(4,035	)
Other		19,130			—			—			—		19,130

Net cash provided by (used in) financing activities		1,127,987			(156,156	)		(454,579	)		—		517,252

Net increase (decrease) in cash and cash equivalents		7,846			(58	)		4,877			—		12,665
Effect of foreign currency translation on cash and cash equivalents		—			58			—			—		58
Cash and cash equivalents at beginning of period		2,335			—			43,472			—		45,807

Cash and cash equivalents at end of period	$	10,181		$	—		$	48,349		$	—	$	58,530

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the Nine Months Ended September 30, 2011

	Ventas, Inc.			Ventas Issuers			Ventas Subsidiaries			Consolidated Elimination		Consolidated

	(In thousands)
Net cash (used in) provided by operating activities	$	(3,510	)	$	180,935		$	266,476		$	—	$	443,901
Net cash (used in) provided by investing activities		(431,727	)		(500,879	)		89,682			—		(842,924	)
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities		—			434,000			—			—		434,000
Proceeds from debt		—			689,374			268,379			—		957,753
Repayment of debt		—			(206,500	)		(688,543	)		—		(895,043	)
Net change in intercompany debt		981,494			(1,208,212	)		226,718			—		—
Payment of deferred financing costs		—			(1,519	)		(379	)		—		(1,898	)
Issuance of common stock, net		299,926			—			—			—		299,926
Cash distribution (to) from affiliates		(491,099	)		612,898			(121,799	)		—		—
Cash distribution to common stockholders		(354,932	)		—			—			—		(354,932	)
Cash distribution to redeemable OP unitholders		—			—			(4,038	)		—		(4,038	)
Distributions to noncontrolling interest		—			—			(1,997	)		—		(1,997	)
Other		1,017			—			2			—		1,019

Net cash provided by (used in) financing activities		436,406			320,041			(321,657	)		—		434,790

Net increase in cash and cash equivalents		1,169			97			34,501			—		35,767
Effect of foreign currency translation on cash and cash equivalents		—			(97	)		—			—		(97	)
Cash and cash equivalents at beginning of period		1,083			—			20,729			—		21,812

Cash and cash equivalents at end of period	$	2,252		$	—		$	55,230		$	—	$	57,482