0000000000-21-007440.txt : 20210730 0000000000-21-007440.hdr.sgml : 20210730 20210616143004 ACCESSION NUMBER: 0000000000-21-007440 CONFORMED SUBMISSION TYPE: UPLOAD PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20210616 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: Ventas, Inc. CENTRAL INDEX KEY: 0000740260 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 611055020 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: 353 N. CLARK STREET STREET 2: SUITE 3300 CITY: CHICAGO STATE: IL ZIP: 60654 BUSINESS PHONE: 3126603800 MAIL ADDRESS: STREET 1: 353 N. CLARK STREET STREET 2: SUITE 3300 CITY: CHICAGO STATE: IL ZIP: 60654 FORMER COMPANY: FORMER CONFORMED NAME: VENTAS INC DATE OF NAME CHANGE: 19980507 LETTER 1 filename1.pdf begin 644 filename1 M)5!$1BTQ+C4*)>+CS],*,2 P(&]B:@H\/"]#;VQO7!E+UA/8FIE8W0O5VED=&@@,30R."],96YG=&@@,S8U+T)I='-097)# M;VUP;VYE;G0@.#X^7M0Q1$1$1$1$1&3"Q\<'QA6_?__&K *98K_? 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Probst Executive Vice President and Chief Financial Officer Ventas, Inc. 353 N. Clark Street, Suite 3300 Chicago, IL 60654 Re: Ventas, Inc. Form 10-K for the Year Ended December 31, 2020 Filed February 23, 2021 File No. 001-10989 Dear Mr. Probst: We have reviewed your June 8, 2021 response to our comment letter and have the following comment. In our comment, we may ask you to provide us with information so we may better understand your disclosure. Please respond to this comment within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe our comment applies to your facts and circumstances, please tell us why in your response. After reviewing your response to this comment, we may have additional comments. Unless we note otherwise, our references to prior comments are to comments in our May 27, 2021 letter. Form 8-K filed May 7, 2021 Exhibits 1. We note your response to comment 2. Please address the following: We note you label the measure as Normalized FAD. In light of the use of the term normalized, please tell us how you determined it was appropriate to adjust to include the cash impact of lease terminations and modifications. Within your response, please address if you determined such adjustments are representative of your ongoing operating performance and/or normal cash inflows. In addition, please tell us if these adjustments result in a measure that reflects your operating performance and your ability to make distributions that is presented on a consistent basis for all periods presented. Please tell us how you considered Question 100.03 from the Compliance Robert F. Probst Ventas, Inc. June 16, 2021 Page 2 & Disclosure Interpretations for Non-GAAP Financial Measures in your presentation of Normalized FAD. Within your response, please address that it appears that Normalized FAD includes non-recurring gains (i.e. cash impact for lease terminations and modifications) but does not appear to include non-recurring charges. You may contact William Demarest, Staff Accountant at 202-551-3432 or Jennifer Monick, Assistant Chief Accountant at 202-551-3295 if you have any questions. FirstName LastNameRobert F. Probst Sincerely, Comapany NameVentas, Inc. Division of Corporation Finance June 16, 2021 Page 2 Office of Real Estate & Construction FirstName LastName