CONDENSED CONSOLIDATING INFORMATION (unaudited) (Tables)

6 Months Ended

Jun. 30, 2013

Condensed Consolidating Information [Abstract]

As of June 30, 2013



	Ventas, Inc.		Ventas Issuers			Ventas Subsidiaries		Consolidated Elimination			Consolidated
	(In thousands)
Assets
Net real estate investments	$	7,312	$	392,145		$	17,299,987	$	—		$	17,699,444
Cash and cash equivalents	9,785		—			52,636		—			62,421
Escrow deposits and restricted cash	6,290		1,561			86,641		—			94,492
Deferred financing costs, net	758		41,571			8,492		—			50,821
Investment in and advances to affiliates	10,632,033		1,867,251			—		(12,499,284		)	—
Other assets	37,461		9,130			842,813		—			889,404
Total assets	$	10,693,639	$	2,311,658		$	18,290,569	$	(12,499,284	)	$	18,796,582
Liabilities and equity
Liabilities:
Senior notes payable and other debt	$	—	$	5,051,466		$	3,368,607	$	—		$	8,420,073
Intercompany loans	4,062,286		(4,678,051		)	615,765		—			—
Accrued interest	—		34,836			16,024		—			50,860
Accounts payable and other liabilities	86,823		11,195			789,296		—			887,314
Deferred income taxes	247,591		—			—		—			247,591
Total liabilities	4,396,700		419,446			4,789,692		—			9,605,838
Redeemable OP unitholder and noncontrolling interests	—		—			184,217		—			184,217
Total equity	6,296,939		1,892,212			13,316,660		(12,499,284		)	9,006,527
Total liabilities and equity	$	10,693,639	$	2,311,658		$	18,290,569	$	(12,499,284	)	$	18,796,582

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

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 June 30, 2013



	Ventas, Inc.			Ventas Issuers		Ventas Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Revenues:
Rental income	$	619		$	70,342	$	254,224		$	—		$	325,185
Resident fees and services	—			—		341,594			—			341,594
Medical office building and other services revenue	—			—		3,537			—			3,537
Income from loans and investments	1,159			493		13,081			—			14,733
Equity earnings in affiliates	105,135			—		223			(105,358		)	—
Interest and other income	259			5		533			—			797
Total revenues	107,172			70,840		613,192			(105,358		)	685,846
Expenses:
Interest	(474		)	35,958		47,562			—			83,046
Depreciation and amortization	1,213			7,734		163,759			—			172,706
Property-level operating expenses	—			140		269,598			—			269,738
Medical office building services costs	—			—		1,667			—			1,667
General, administrative and professional fees	1,155			5,165		21,007			—			27,327
Gain on extinguishment of debt	—			—		(720		)	—			(720		)
Merger-related expenses and deal costs	4,227			—		2,440			—			6,667
Other	254			—		4,131			—			4,385
Total expenses	6,375			48,997		509,444			—			564,816
Income from continuing operations before income/loss from unconsolidated entities, income taxes and noncontrolling interest	100,797			21,843		103,748			(105,358		)	121,030
Income (loss) from unconsolidated entities	—			217		(723		)	—			(506		)
Income tax benefit	12,064			—		—			—			12,064
Income from continuing operations	112,861			22,060		103,025			(105,358		)	132,588
Discontinued operations	1,719			209		(19,983		)	—			(18,055		)
Net income	114,580			22,269		83,042			(105,358		)	114,533
Net loss attributable to noncontrolling interest	—			—		(47		)	—			(47		)
Net income attributable to common stockholders	$	114,580		$	22,269	$	83,089		$	(105,358	)	$	114,580

CONDENSED CONSOLIDATING STATEMENT OF INCOME

For the Three Months Ended June 30, 2012



	Ventas, Inc.			Ventas Issuers		Ventas Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Revenues:
Rental income	$	634		$	68,939	$	224,098		$	—		$	293,671
Resident fees and services	—			—		303,437			—			303,437
Medical office building and other services revenue	—			—		6,639			—			6,639
Income from loans and investments	951			560		6,641			—			8,152
Equity earnings in affiliates	51,602			—		172			(51,774		)	—
Interest and other income	56			5		4			—			65
Total revenues	53,243			69,504		540,991			(51,774		)	611,964
Expenses:
Interest	(1,513		)	23,820		50,460			—			72,767
Depreciation and amortization	810			13,138		173,419			—			187,367
Property-level operating expenses	—			118		236,534			—			236,652
Medical office building services costs	—			—		3,839			—			3,839
General, administrative and professional fees	2,907			7,114		16,402			—			26,423
Loss on extinguishment of debt	—			9,989		—			—			9,989
Merger-related expenses and deal costs	28,689			—		7,979			—			36,668
Other	(36		)	—		1,546			—			1,510
Total expenses	30,857			54,179		490,179			—			575,215
Income from continuing operations before income from unconsolidated entities, income taxes and noncontrolling interest	22,386			15,325		50,812			(51,774		)	36,749
Income from unconsolidated entities	—			514		—			—			514
Income tax benefit	5,179			—		—			—			5,179
Income from continuing operations	27,565			15,839		50,812			(51,774		)	42,442
Discontinued operations	46,460			1,315		(16,481		)	—			31,294
Net income	74,025			17,154		34,331			(51,774		)	73,736
Net loss attributable to noncontrolling interest	—			—		(289		)	—			(289		)
Net income attributable to common stockholders	$	74,025		$	17,154	$	34,620		$	(51,774	)	$	74,025

CONDENSED CONSOLIDATING STATEMENT OF INCOME

For the Six Months Ended June 30, 2013



	Ventas, Inc.			Ventas Issuers		Ventas Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Revenues:
Rental income	$	1,259		$	140,075	$	508,518		$	—		$	649,852
Resident fees and services	—			—		680,764			—			680,764
Medical office building and other services revenue	—			—		7,185			—			7,185
Income from loans and investments	1,262			787		28,787			—			30,836
Equity earnings in affiliates	221,203			—		473			(221,676		)	—
Interest and other income	297			11		1,527			—			1,835
Total revenues	224,021			140,873		1,227,254			(221,676		)	1,370,472
Expenses:
Interest	(941		)	68,485		94,908			—			162,452
Depreciation and amortization	2,292			15,167		334,036			—			351,495
Property-level operating expenses	—			242		536,945			—			537,187
Medical office building services costs	—			—		3,306			—			3,306
General, administrative and professional fees	1,143			10,786		44,172			—			56,101
Gain on extinguishment of debt	—			—		(720		)	—			(720		)
Merger-related expenses and deal costs	6,976			—		3,953			—			10,929
Other	293			21		8,658			—			8,972
Total expenses	9,763			94,701		1,025,258			—			1,129,722
Income from continuing operations before income/loss from unconsolidated entities, income taxes and noncontrolling interest	214,258			46,172		201,996			(221,676		)	240,750
Income (loss) from unconsolidated entities	—			505		(82		)	—			423
Income tax benefit	10,320			—		—			—			10,320
Income from continuing operations	224,578			46,677		201,914			(221,676		)	251,493
Discontinued operations	2,195			604		(26,661		)	—			(23,862		)
Net income	226,773			47,281		175,253			(221,676		)	227,631
Net income attributable to noncontrolling interest	—			—		858			—			858
Net income attributable to common stockholders	$	226,773		$	47,281	$	174,395		$	(221,676	)	$	226,773

CONDENSED CONSOLIDATING STATEMENT OF INCOME

For the Six Months Ended June 30, 2012



	Ventas, Inc.			Ventas Issuers		Ventas Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Revenues:
Rental income	$	1,258		$	136,374	$	423,241		$	—		$	560,873
Resident fees and services	—			—		588,630			—			588,630
Medical office building and other services revenue	—			—		12,247			—			12,247
Income from loans and investments	1,890			1,029		13,269			—			16,188
Equity earnings in affiliates	112,778			—		219			(112,997		)	—
Interest and other income	85			10		17			—			112
Total revenues	116,011			137,413		1,037,623			(112,997		)	1,178,050
Expenses:
Interest	(2,236		)	44,939		97,975			—			140,678
Depreciation and amortization	1,518			20,769		325,276			—			347,563
Property-level operating expenses	—			241		452,248			—			452,489
Medical office building services costs	—			—		6,827			—			6,827
General, administrative and professional fees	3,810			14,112		30,699			—			48,621
Loss (gain) on extinguishment of debt	—			39,720		(187		)	—			39,533
Merger-related expenses and deal costs	30,053			—		14,596			—			44,649
Other	1			—		3,085			—			3,086
Total expenses	33,146			119,781		930,519			—			1,083,446
Income from continuing operations before income from unconsolidated entities, income taxes and noncontrolling interest	82,865			17,632		107,104			(112,997		)	94,604
Income from unconsolidated entities	—			831		—			—			831
Income tax expense	(6,159		)	—		—			—			(6,159		)
Income from continuing operations	76,706			18,463		107,104			(112,997		)	89,276
Discontinued operations	87,945			3,426		(16,819		)	—			74,552
Net income	164,651			21,889		90,285			(112,997		)	163,828
Net loss attributable to noncontrolling interest	—			—		(823		)	—			(823		)
Net income attributable to common stockholders	$	164,651		$	21,889	$	91,108		$	(112,997	)	$	164,651

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

For the Three Months Ended June 30, 2013



	Ventas, Inc.			Ventas Issuers		Ventas Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Net income	$	114,580		$	22,269	$	83,042		$	(105,358	)	$	114,533
Other comprehensive loss:
Foreign currency translation	—			—		(2,722		)	—			(2,722		)
Change in unrealized gain on marketable debt securities	(868		)	—		—			—			(868		)
Other	—			—		1,514			—			1,514
Total other comprehensive loss	(868		)	—		(1,208		)	—			(2,076		)
Comprehensive income	113,712			22,269		81,834			(105,358		)	112,457
Comprehensive loss attributable to noncontrolling interest	—			—		(47		)	—			(47		)
Comprehensive income attributable to common stockholders	$	113,712		$	22,269	$	81,881		$	(105,358	)	$	112,504

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

For the Three Months Ended June 30, 2012



	Ventas, Inc.			Ventas Issuers		Ventas Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Net income	$	74,025		$	17,154	$	34,331		$	(51,774	)	$	73,736
Other comprehensive loss:
Foreign currency translation	—			—		(1,607		)	—			(1,607		)
Change in unrealized gain on marketable debt securities	(403		)	—		—			—			(403		)
Other	—			—		(512		)	—			(512		)
Total other comprehensive loss	(403		)	—		(2,119		)	—			(2,522		)
Comprehensive income	73,622			17,154		32,212			(51,774		)	71,214
Comprehensive loss attributable to noncontrolling interest	—			—		(289		)	—			(289		)
Comprehensive income attributable to common stockholders	$	73,622		$	17,154	$	32,501		$	(51,774	)	$	71,503

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

For the Six Months Ended June 30, 2013



	Ventas, Inc.			Ventas Issuers		Ventas Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Net income	$	226,773		$	47,281	$	175,253		$	(221,676	)	$	227,631
Other comprehensive loss:
Foreign currency translation	—			—		(4,813		)	—			(4,813		)
Change in unrealized gain on marketable debt securities	(807		)	—		—			—			(807		)
Other	—			—		2,018			—			2,018
Total other comprehensive loss	(807		)	—		(2,795		)	—			(3,602		)
Comprehensive income	225,966			47,281		172,458			(221,676		)	224,029
Comprehensive income attributable to noncontrolling interest	—			—		858			—			858
Comprehensive income attributable to common stockholders	$	225,966		$	47,281	$	171,600		$	(221,676	)	$	223,171

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

For the Six Months Ended June 30, 2012



	Ventas, Inc.			Ventas Issuers		Ventas Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Net income	$	164,651		$	21,889	$	90,285		$	(112,997	)	$	163,828
Other comprehensive (loss) income:
Foreign currency translation	—			—		342			—			342
Change in unrealized gain on marketable debt securities	(711		)	—		—			—			(711		)
Other	—			—		(289		)	—			(289		)
Total other comprehensive (loss) income	(711		)	—		53			—			(658		)
Comprehensive income	163,940			21,889		90,338			(112,997		)	163,170
Comprehensive loss attributable to noncontrolling interest	—			—		(823		)	—			(823		)
Comprehensive income attributable to common stockholders	$	163,940		$	21,889	$	91,161		$	(112,997	)	$	163,993

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Six Months Ended June 30, 2013



	Ventas, Inc.			Ventas Issuers			Ventas Subsidiaries			Consolidated Elimination		Consolidated
	(In thousands)
Net cash (used in) provided by operating activities	$	(23,942	)	$	77,988		$	453,642		$	—	$	507,688
Net cash (used in) provided by investing activities	(266,378		)	(1,773		)	124,561			—		(143,590		)
Cash flows from financing activities:
Net change in borrowings under revolving credit facility	—			(279,000		)	(1,926		)	—		(280,926		)
Proceeds from debt	—			758,460			159,995			—		918,455
Repayment of debt	(11,420		)	—			(674,098		)	—		(685,518		)
Net change in intercompany debt	637,204			(551,660		)	(85,544		)	—		—
Payment of deferred financing costs	—			(11,327		)	(1,670		)	—		(12,997		)
Issuance of common stock, net	82,384			—			—			—		82,384
Cash distribution (to) from affiliates	(36,854		)	7,401			29,453			—		—
Cash distribution to common stockholders	(392,230		)	—			—			—		(392,230		)
Cash distribution to redeemable OP unitholders	(2,313		)	—			—			—		(2,313		)
Purchases of redeemable OP units	(208		)	—			—			—		(208		)
Contributions from noncontrolling interest	—			—			2,094			—		2,094
Distributions to noncontrolling interest	—			—			(5,045		)	—		(5,045		)
Other	6,808			—			—			—		6,808
Net cash provided by (used in) financing activities	283,371			(76,126		)	(576,741		)	—		(369,496		)
Net (decrease) increase in cash and cash equivalents	(6,949		)	89			1,462			—		(5,398		)
Effect of foreign currency translation on cash and cash equivalents	—			(89		)	—			—		(89		)
Cash and cash equivalents at beginning of period	16,734			—			51,174			—		67,908
Cash and cash equivalents at end of period	$	9,785		$	—		$	52,636		$	—	$	62,421

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Six Months Ended June 30, 2012



	Ventas, Inc.			Ventas Issuers			Ventas Subsidiaries			Consolidated Elimination		Consolidated
	(In thousands)
Net cash (used in) provided by operating activities	$	(19,090	)	$	103,802		$	376,096		$	—	$	460,808
Net cash used in investing activities	(906,694		)	(17		)	(68,340		)	—		(975,051		)
Cash flows from financing activities:
Net change in borrowings under revolving credit facility	—			(84,500		)	(4,154		)	—		(88,654		)
Proceeds from debt	—			1,184,568			84,747			—		1,269,315
Repayment of debt	—			(521,527		)	(124,195		)	—		(645,722		)
Net change in intercompany debt	935,981			(588,599		)	(347,382		)	—		—
Payment of deferred financing costs	—			(2,600		)	(380		)	—		(2,980		)
Cash distribution (to) from affiliates	(1,984		)	(91,145		)	93,129			—		—
Issuance of common stock, net	342,469			—			—			—		342,469
Cash distribution to common stockholders	(361,957		)	—			—			—		(361,957		)
Cash distribution to redeemable OP unitholders	(2,241		)	—			—			—		(2,241		)
Purchases of redeemable OP units	(611		)	—			—			—		(611		)
Distributions to noncontrolling interest	—			—			(2,907		)	—		(2,907		)
Other	14,509			—			—			—		14,509
Net cash provided by (used in) financing activities	926,166			(103,803		)	(301,142		)	—		521,221
Net increase (decrease) in cash and cash equivalents	382			(18		)	6,614			—		6,978
Effect of foreign currency translation on cash and cash equivalents	—			18			—			—		18
Cash and cash equivalents at beginning of period	2,335			—			43,472			—		45,807
Cash and cash equivalents at end of period	$	2,717		$	—		$	50,086		$	—	$	52,803