CONDENSED CONSOLIDATING INFORMATION (unaudited) (Tables)

3 Months Ended

Mar. 31, 2013

Condensed Consolidating Information [Abstract]

As of March 31, 2013



	Ventas, Inc.		Ventas Issuers			Ventas Subsidiaries		Consolidated Elimination			Consolidated
	(In thousands)
Assets
Net real estate investments	$	7,463	$	406,350		$	17,166,288	$	—		$	17,580,101
Cash and cash equivalents	3,219		—			54,471		—			57,690
Escrow deposits and restricted cash	6,298		1,713			91,214		—			99,225
Deferred financing costs, net	758		44,346			8,975		—			54,079
Investment in and advances to affiliates	10,390,975		1,867,251			—		(12,258,226		)	—
Other assets	33,907		7,322			874,597		—			915,826
Total assets	$	10,442,620	$	2,326,982		$	18,195,545	$	(12,258,226	)	$	18,706,921
Liabilities and equity
Liabilities:
Senior notes payable and other debt	$	—	$	4,953,603		$	3,342,305	$	—		$	8,295,908
Intercompany loans	3,704,278		(4,541,877		)	837,599		—			—
Accrued interest	—		35,049			23,037		—			58,086
Accounts payable and other liabilities	85,112		11,083			814,497		—			910,692
Deferred income taxes	261,122		—			—		—			261,122
Total liabilities	4,050,512		457,858			5,017,438		—			9,525,808
Redeemable OP unitholder and noncontrolling interests	—		—			194,302		—			194,302
Total equity	6,392,108		1,869,124			12,983,805		(12,258,226		)	8,986,811
Total liabilities and equity	$	10,442,620	$	2,326,982		$	18,195,545	$	(12,258,226	)	$	18,706,921

CONDENSED CONSOLIDATING BALANCE SHEET

As of December 31, 2012



	Ventas, Inc.		Ventas Issuers			Ventas Subsidiaries		Consolidated Elimination			Consolidated
	(In thousands)
Assets
Net real estate investments	$	7,615	$	412,362		$	17,421,966	$	—		$	17,841,943
Cash and cash equivalents	16,734		—			51,174		—			67,908
Escrow deposits and restricted cash	7,565		1,952			96,396		—			105,913
Deferred financing costs, net	757		34,047			7,747		—			42,551
Investment in and advances to affiliates	10,343,664		1,867,251			—		(12,210,915		)	—
Other assets	26,282		4,043			891,360		—			921,685
Total assets	$	10,402,617	$	2,319,655		$	18,468,643	$	(12,210,915	)	$	18,980,000
Liabilities and equity
Liabilities:
Senior notes payable and other debt	$	—	$	4,570,296		$	3,843,350	$	—		$	8,413,646
Intercompany loans	3,425,082		(4,126,391		)	701,309		—			—
Accrued interest	—		24,045			23,520		—			47,565
Accounts payable and other liabilities	99,631		7,775			887,750		—			995,156
Deferred income taxes	259,715		—			—		—			259,715
Total liabilities	3,784,428		475,725			5,455,929		—			9,716,082
Redeemable OP unitholder and noncontrolling interests	—		—			174,555		—			174,555
Total equity	6,618,189		1,843,930			12,838,159		(12,210,915		)	9,089,363
Total liabilities and equity	$	10,402,617	$	2,319,655		$	18,468,643	$	(12,210,915	)	$	18,980,000

CONDENSED CONSOLIDATING STATEMENT OF INCOME

For the Three Months Ended March 31, 2013



	Ventas, Inc.			Ventas Issuers		Ventas Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Revenues:
Rental income	$	641		$	69,733	$	254,535		$	—		$	324,909
Resident fees and services	—			—		339,170			—			339,170
Medical office building and other services revenue	—			—		3,648			—			3,648
Income from loans and investments	103			294		15,706			—			16,103
Equity earnings in affiliates	116,075			—		250			(116,325		)	—
Interest and other income	37			5		996			—			1,038
Total revenues	116,856			70,032		614,305			(116,325		)	684,868
Expenses:
Interest	(467		)	32,526		47,541			—			79,600
Depreciation and amortization	1,077			7,432		170,508			—			179,017
Property-level operating expenses	—			102		267,347			—			267,449
Medical office building services costs	—			—		1,639			—			1,639
General, administrative and professional fees	(13		)	5,622		23,165			—			28,774
Merger-related expenses and deal costs	2,749			—		1,513			—			4,262
Other	40			21		4,526			—			4,587
Total expenses	3,386			45,703		516,239			—			565,328
Income from continuing operations before income from unconsolidated entities, income taxes and noncontrolling interest	113,470			24,329		98,066			(116,325		)	119,540
Income from unconsolidated entities	—			287		642			—			929
Income tax expense	(1,744		)	—		—			—			(1,744		)
Income from continuing operations	111,726			24,616		98,708			(116,325		)	118,725
Discontinued operations	467			395		(6,489		)	—			(5,627		)
Net income	112,193			25,011		92,219			(116,325		)	113,098
Net income attributable to noncontrolling interest	—			—		905			—			905
Net income attributable to common stockholders	$	112,193		$	25,011	$	91,314		$	(116,325	)	$	112,193

CONDENSED CONSOLIDATING STATEMENT OF INCOME

For the Three Months Ended March 31, 2012



	Ventas, Inc.			Ventas Issuers		Ventas Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Revenues:
Rental income	$	623		$	67,435	$	199,482		$	—		$	267,540
Resident fees and services	—			—		285,193			—			285,193
Medical office building and other services revenue	—			—		5,608			—			5,608
Income from loans and investments	939			469		6,628			—			8,036
Equity earnings in affiliates	61,178			—		47			(61,225		)	—
Interest and other income	29			5		13			—			47
Total revenues	62,769			67,909		496,971			(61,225		)	566,424
Expenses:
Interest	(724		)	21,120		47,734			—			68,130
Depreciation and amortization	709			7,631		152,081			—			160,421
Property-level operating expenses	—			123		215,714			—			215,837
Medical office building services costs	—			—		2,988			—			2,988
General, administrative and professional fees	903			6,997		14,298			—			22,198
Loss (gain) on extinguishment of debt	—			29,731		(187		)	—			29,544
Merger-related expenses and deal costs	1,365			—		6,616			—			7,981
Other	37			—		1,539			—			1,576
Total expenses	2,290			65,602		440,783			—			508,675
Income from continuing operations before income from unconsolidated entities, income taxes and noncontrolling interest	60,479			2,307		56,188			(61,225		)	57,749
Income from unconsolidated entities	—			317		—			—			317
Income tax expense	(11,338		)	—		—			—			(11,338		)
Income from continuing operations	49,141			2,624		56,188			(61,225		)	46,728
Discontinued operations	41,485			2,111		(232		)	—			43,364
Net income	90,626			4,735		55,956			(61,225		)	90,092
Net loss attributable to noncontrolling interest	—			—		(534		)	—			(534		)
Net income attributable to common stockholders	$	90,626		$	4,735	$	56,490		$	(61,225	)	$	90,626

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

For the Three Months Ended March 31, 2013



	Ventas, Inc.		Ventas Issuers		Ventas Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Net income	$	112,193	$	25,011	$	92,219		$	(116,325	)	$	113,098
Other comprehensive income (loss):
Foreign currency translation	—		—		(2,091		)	—			(2,091		)
Change in unrealized gain on marketable debt securities	61		—		—			—			61
Other	—		—		504			—			504
Total other comprehensive (loss) income	61		—		(1,587		)	—			(1,526		)
Comprehensive income	112,132		25,011		90,632			(116,325		)	111,572
Comprehensive income attributable to noncontrolling interest	—		—		905			—			905
Comprehensive income attributable to common stockholders	$	112,132	$	25,011	$	89,727		$	(116,325	)	$	110,667

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

For the Three Months Ended March 31, 2012



	Ventas, Inc.			Ventas Issuers		Ventas Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Net income	$	90,626		$	4,735	$	55,956		$	(61,225	)	$	90,092
Other comprehensive loss:
Foreign currency translation	—			—		1,949			—			1,949
Change in unrealized gain on marketable debt securities	(308		)	—		—			—			(308		)
Other	—			—		223			—			223
Total other comprehensive loss	(308		)	—		2,172			—			1,864
Comprehensive income	90,318			4,735		58,128			(61,225		)	91,956
Comprehensive loss attributable to noncontrolling interest	—			—		(534		)	—			(534		)
Comprehensive income attributable to common stockholders	$	90,318		$	4,735	$	58,662		$	(61,225	)	$	92,490

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Three Months Ended March 31, 2013



	Ventas, Inc.			Ventas Issuers			Ventas Subsidiaries			Consolidated Elimination		Consolidated
	(In thousands)
Net cash (used in) provided by operating activities	$	(26,368	)	$	51,309		$	205,364		$	—	$	230,305
Net cash (used in) provided by investing activities	(47,169		)	(5,835		)	112,477			—		59,473
Cash flows from financing activities:
Net change in borrowings under revolving credit facility	—			(376,000		)	84			—		(375,916		)
Proceeds from debt	—			758,460			158,411			—		916,871
Repayment of debt	(11,420		)	—			(624,373		)	—		(635,793		)
Net change in intercompany debt	279,196			(415,487		)	136,291			—		—
Payment of deferred financing costs	—			(12,160		)	(1,648		)	—		(13,808		)
Issuance of common stock, net	5,050			—			—			—		5,050
Cash distribution (to) from affiliates	(17,903		)	(238		)	18,141			—		—
Cash distribution to common stockholders	(195,700		)	—			—			—		(195,700		)
Cash distribution to redeemable OP unitholders	(1,151		)	—			—			—		(1,151		)
Purchases of redeemable OP units	(108		)	—			—			—		(108		)
Distributions to noncontrolling interest	—			—			(1,450		)	—		(1,450		)
Other	2,058			—			—			—		2,058
Net cash provided by (used in) financing activities	60,022			(45,425		)	(314,544		)	—		(299,947		)
Net (decrease) increase in cash and cash equivalents	(13,515		)	49			3,297			—		(10,169		)
Effect of foreign currency translation on cash and cash equivalents	—			(49		)	—			—		(49		)
Cash and cash equivalents at beginning of period	16,734			—			51,174			—		67,908
Cash and cash equivalents at end of period	$	3,219		$	—		$	54,471		$	—	$	57,690

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Three Months Ended March 31, 2012



	Ventas, Inc.			Ventas Issuers			Ventas Subsidiaries			Consolidated Elimination		Consolidated
	(In thousands)
Net cash (used in) provided by operating activities	$	(2,966	)	$	70,263		$	177,664		$	—	$	244,961
Net cash provided by (used in) investing activities	8,347			(15,038		)	(33,621		)	—		(40,312		)
Cash flows from financing activities:
Net change in borrowings under revolving credit facility	—			(380,000		)	(2,398		)	—		(382,398		)
Proceeds from debt	—			591,384			75,946			—		667,330
Repayment of debt	—			(206,500		)	(92,301		)	—		(298,801		)
Net change in intercompany debt	219,912			(22,107		)	(197,805		)	—		—
Payment of deferred financing costs	—			(1,473		)	(320		)	—		(1,793		)
Cash distribution (to) from affiliates	(37,550		)	(36,584		)	74,134			—		—
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			(55,280		)	(144,336		)	—		(197,287		)
Net increase (decrease) in cash and cash equivalents	7,710			(55		)	(293		)	—		7,362
Effect of foreign currency translation on cash and cash equivalents	—			55			—			—		55
Cash and cash equivalents at beginning of period	2,335			—			43,472			—		45,807
Cash and cash equivalents at end of period	$	10,045		$	—		$	43,179		$	—	$	53,224