CONDENSED CONSOLIDATING INFORMATION (unaudited) (Tables)

9 Months Ended

Sep. 30, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

CONDENSED CONSOLIDATING BALANCE SHEET

CONDENSED CONSOLIDATING BALANCE SHEET

As of September 30, 2014

	Ventas, Inc.		Ventas Realty (1)			Ventas Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Assets
Net real estate investments	$	6,555	$	359,392		$	19,055,590		$	—		$	19,421,537
Cash and cash equivalents	19,143		—			45,452			—			64,595
Escrow deposits and restricted cash	2,102		1,361			75,283			—			78,746
Deferred financing costs, net	758		53,195			10,945			—			64,898
Investment in and advances to affiliates	10,519,811		3,466,998			—			(13,986,809		)	—
Other assets	54,879		19,645			946,865			—			1,021,389
Total assets	$	10,603,248	$	3,900,591		$	20,134,135		$	(13,986,809	)	$	20,651,165
Liabilities and equity
Liabilities:
Senior notes payable and other debt	$	—	$	6,886,912		$	3,582,194		$	—		$	10,469,106
Intercompany loans	5,207,673		(5,039,728		)	(167,945		)	—			—
Accrued interest	—		48,404			20,708			—			69,112
Accounts payable and other liabilities	100,676		38,456			826,108			—			965,240
Deferred income taxes	361,454		—			—			—			361,454
Total liabilities	5,669,803		1,934,044			4,261,065			—			11,864,912
Redeemable OP unitholder and noncontrolling interests	1,377		—			161,703			—			163,080
Total equity	4,932,068		1,966,547			15,711,367			(13,986,809		)	8,623,173
Total liabilities and equity	$	10,603,248	$	3,900,591		$	20,134,135		$	(13,986,809	)	$	20,651,165

(1) Certain of Ventas Realty’s outstanding senior notes were issued jointly with our 100% owned subsidiary, Ventas Capital Corporation, which has no assets or operations.

CONDENSED CONSOLIDATING BALANCE SHEET

As of December 31, 2013

	Ventas, Inc.		Ventas Realty (1)			Ventas Subsidiaries		Consolidated Elimination			Consolidated
	(In thousands)
Assets
Net real estate investments	$	7,009	$	374,590		$	18,161,872	$	—		$	18,543,471
Cash and cash equivalents	28,169		—			66,647		—			94,816
Escrow deposits and restricted cash	2,104		1,211			81,342		—			84,657
Deferred financing costs, net	758		54,022			7,435		—			62,215
Investment in and advances to affiliates	10,481,466		3,201,998			—		(13,683,464		)	—
Other assets	29,450		14,102			902,783		—			946,335
Total assets	$	10,548,956	$	3,645,923		$	19,220,079	$	(13,683,464	)	$	19,731,494
Liabilities and equity
Liabilities:
Senior notes payable and other debt	$	—	$	6,336,240		$	3,028,752	$	—		$	9,364,992
Intercompany loans	4,247,853		(4,682,119		)	434,266		—			—
Accrued interest	—		39,561			14,788		—			54,349
Accounts payable and other liabilities	94,495		28,152			878,868		—			1,001,515
Deferred income taxes	250,167		—			—		—			250,167
Total liabilities	4,592,515		1,721,834			4,356,674		—			10,671,023
Redeemable OP unitholder and noncontrolling interests	—		—			156,660		—			156,660
Total equity	5,956,441		1,924,089			14,706,745		(13,683,464		)	8,903,811
Total liabilities and equity	$	10,548,956	$	3,645,923		$	19,220,079	$	(13,683,464	)	$	19,731,494

(1) Certain of Ventas Realty’s outstanding senior notes were issued jointly with our 100% owned subsidiary, Ventas Capital Corporation, which has no assets or operations.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

CONDENSED CONSOLIDATING STATEMENT OF INCOME

For the Three Months Ended September 30, 2014

	Ventas, Inc.			Ventas Realty (1)			Ventas Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Revenues:
Rental income	$	629		$	70,761		$	289,414		$	—		$	360,804
Resident fees and services	—			—			396,247			—			396,247
Medical office building and other services revenue	—			—			7,573			—			7,573
Income from loans and investments	1,049			—			12,994			—			14,043
Equity earnings in affiliates	124,735			—			45			(124,780		)	—
Interest and other income	109			10			249			—			368
Total revenues	126,522			70,771			706,522			(124,780		)	779,035
Expenses:
Interest	(6,199		)	51,951			52,717			—			98,469
Depreciation and amortization	1,489			8,964			190,771			—			201,224
Property-level operating expenses	—			140			306,281			—			306,421
Medical office building services costs	—			—			4,568			—			4,568
General, administrative and professional fees	1,147			5,284			23,035			—			29,466
Loss on extinguishment of debt, net	—			—			2,414			—			2,414
Merger-related expenses and deal costs	13,848			—			2,901			—			16,749
Other	12,569			42			2,618			—			15,229
Total expenses	22,854			66,381			585,305			—			674,540
Income from continuing operations before income (loss) from unconsolidated entities, income taxes, real estate dispositions and noncontrolling interest	103,668			4,390			121,217			(124,780		)	104,495
Income (loss) from unconsolidated entities	—			315			(362		)	—			(47		)
Income tax benefit	1,887			—			—			—			1,887
Income from continuing operations	105,555			4,705			120,855			(124,780		)	106,335
Discontinued operations	(48		)	(190		)	(21		)	—			(259		)
Gain on real estate dispositions	3,625			—			—			—			3,625
Net income	109,132			4,515			120,834			(124,780		)	109,701
Net income attributable to noncontrolling interest	—			—			569			—			569
Net income attributable to common stockholders	$	109,132		$	4,515		$	120,265		$	(124,780	)	$	109,132

(1) Certain of Ventas Realty’s outstanding senior notes were issued jointly with our 100% owned subsidiary, Ventas Capital Corporation, which has no assets or operations.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

For the Three Months Ended September 30, 2013

	Ventas, Inc.			Ventas Realty (1)		Ventas Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Revenues:
Rental income	$	609		$	69,375	$	263,493		$	—		$	333,477
Resident fees and services	—			—		359,112			—			359,112
Medical office building and other services revenue	—			—		4,146			—			4,146
Income from loans and investments	—			90		14,358			—			14,448
Equity earnings in affiliates	118,150			—		201			(118,351		)	—
Interest and other income	18			10		38			—			66
Total revenues	118,777			69,475		641,348			(118,351		)	711,249
Expenses:
Interest	(512		)	36,518		47,758			—			83,764
Depreciation and amortization	1,308			7,694		168,036			—			177,038
Property-level operating expenses	—			154		284,728			—			284,882
Medical office building services costs	—			—		1,651			—			1,651
General, administrative and professional fees	437			5,375		22,847			—			28,659
Gain on extinguishment of debt, net	—			—		(189		)	—			(189		)
Merger-related expenses and deal costs	2,037			—		4,171			—			6,208
Other	23			17		4,313			—			4,353
Total expenses	3,293			49,758		533,315			—			586,366
Income from continuing operations before income (loss) from unconsolidated entities, income taxes and noncontrolling interest	115,484			19,717		108,033			(118,351		)	124,883
Income (loss) from unconsolidated entities	—			271		(161		)	—			110
Income tax benefit	2,780			—		—			—			2,780
Income from continuing operations	118,264			19,988		107,872			(118,351		)	127,773
Discontinued operations	32			199		(9,405		)	—			(9,174		)
Net income	118,296			20,187		98,467			(118,351		)	118,599
Net income attributable to noncontrolling interest	—			—		303			—			303
Net income attributable to common stockholders	$	118,296		$	20,187	$	98,164		$	(118,351	)	$	118,296

(1) Certain of Ventas Realty’s outstanding senior notes were issued jointly with our 100% owned subsidiary, Ventas Capital Corporation, which has no assets or operations.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

For the Nine Months Ended September 30, 2014

	Ventas, Inc.			Ventas Realty (1)			Ventas Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Revenues:
Rental income	$	1,873		$	211,376		$	858,240		$	—		$	1,071,489
Resident fees and services	—			—			1,141,781			—			1,141,781
Medical office building and other services revenue	—			—			18,240			—			18,240
Income from loans and investments	2,285			—			37,150			—			39,435
Equity earnings in affiliates	383,245			—			257			(383,502		)	—
Interest and other income	294			21			499			—			814
Total revenues	387,697			211,397			2,056,167			(383,502		)	2,271,759
Expenses:
Interest	(11,071		)	141,980			146,902			—			277,811
Depreciation and amortization	4,387			24,370			556,879			—			585,636
Property-level operating expenses	—			388			882,432			—			882,820
Medical office building services costs	—			—			9,565			—			9,565
General, administrative and professional fees	3,022			16,649			73,967			—			93,638
(Gain) loss on extinguishment of debt, net	(3		)	3			5,079			—			5,079
Merger-related expenses and deal costs	22,083			2,110			12,915			—			37,108
Other	13,600			444			11,277			—			25,321
Total expenses	32,018			185,944			1,699,016			—			1,916,978
Income from continuing operations before income (loss) from unconsolidated entities, income taxes, real estate dispositions and noncontrolling interest	355,679			25,453			357,151			(383,502		)	354,781
Income (loss) from unconsolidated entities	—			1,156			(607		)	—			549
Income tax expense	(4,820		)	—			—			—			(4,820		)
Income from continuing operations	350,859			26,609			356,544			(383,502		)	350,510
Discontinued operations	1,204			(964		)	2,277			—			2,517
Gain on real estate dispositions	16,514			—			—			—			16,514
Net income	368,577			25,645			358,821			(383,502		)	369,541
Net income attributable to noncontrolling interest	—			—			964			—			964
Net income attributable to common stockholders	$	368,577		$	25,645		$	357,857		$	(383,502	)	$	368,577

(1) Certain of Ventas Realty’s outstanding senior notes were issued jointly with our 100% owned subsidiary, Ventas Capital Corporation, which has no assets or operations.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

For the Nine Months Ended September 30, 2013

	Ventas, Inc.			Ventas Realty (1)		Ventas Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Revenues:
Rental income	$	1,868		$	208,492	$	769,515		$	—		$	979,875
Resident fees and services	—			—		1,039,876			—			1,039,876
Medical office building and other services revenue	—			—		11,331			—			11,331
Income from loans and investments	1,262			877		43,145			—			45,284
Equity earnings in affiliates	339,353			—		675			(340,028		)	—
Interest and other income	315			21		1,565			—			1,901
Total revenues	342,798			209,390		1,866,107			(340,028		)	2,078,267
Expenses:
Interest	(1,453		)	104,614		141,474			—			244,635
Depreciation and amortization	3,600			22,420		498,013			—			524,033
Property-level operating expenses	—			396		821,175			—			821,571
Medical office building services costs	—			—		4,957			—			4,957
General, administrative and professional fees	1,580			16,161		67,016			—			84,757
Gain on extinguishment of debt, net	—			—		(909		)	—			(909		)
Merger-related expenses and deal costs	9,013			—		8,124			—			17,137
Other	316			38		12,971			—			13,325
Total expenses	13,056			143,629		1,552,821			—			1,709,506
Income from continuing operations before income (loss) from unconsolidated entities, income taxes and noncontrolling interest	329,742			65,761		313,286			(340,028		)	368,761
Income (loss) from unconsolidated entities	—			776		(243		)	—			533
Income tax benefit	13,100			—		—			—			13,100
Income from continuing operations	342,842			66,537		313,043			(340,028		)	382,394
Discontinued operations	2,227			930		(39,321		)	—			(36,164		)
Net income	345,069			67,467		273,722			(340,028		)	346,230
Net income attributable to noncontrolling interest	—			—		1,161			—			1,161
Net income attributable to common stockholders	$	345,069		$	67,467	$	272,561		$	(340,028	)	$	345,069

(1) Certain of Ventas Realty’s outstanding senior notes were issued jointly with our 100% owned subsidiary, Ventas Capital Corporation, which has no assets or operations.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

For the Three Months Ended September 30, 2014

	Ventas, Inc.			Ventas Realty (1)		Ventas Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Net income	$	109,132		$	4,515	$	120,834		$	(124,780	)	$	109,701
Other comprehensive (loss) income:
Foreign currency translation	—			—		(2,747		)	—			(2,747		)
Change in unrealized gain on intra-entity currency loan	(10,138		)	—		—			—			(10,138		)
Change in unrealized gain on marketable securities	(334		)	—		—			—			(334		)
Other	—			—		3,120			—			3,120
Total other comprehensive (loss) income	(10,472		)	—		373			—			(10,099		)
Comprehensive income	98,660			4,515		121,207			(124,780		)	99,602
Comprehensive income attributable to noncontrolling interest	—			—		569			—			569
Comprehensive income attributable to common stockholders	$	98,660		$	4,515	$	120,638		$	(124,780	)	$	99,033

(1) Certain of Ventas Realty’s outstanding senior notes were issued jointly with our 100% owned subsidiary, Ventas Capital Corporation, which has no assets or operations.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

For the Three Months Ended September 30, 2013

	Ventas, Inc.			Ventas Realty (1)		Ventas Subsidiaries		Consolidated Elimination			Consolidated
	(In thousands)
Net income	$	118,296		$	20,187	$	98,467	$	(118,351	)	$	118,599
Other comprehensive income (loss):
Foreign currency translation	—			—		1,665		—			1,665
Change in unrealized gain on marketable securities	(208		)	—		—		—			(208		)
Other	—			—		84		—			84
Total other comprehensive (loss) income	(208		)	—		1,749		—			1,541
Comprehensive income	118,088			20,187		100,216		(118,351		)	120,140
Comprehensive income attributable to noncontrolling interest	—			—		303		—			303
Comprehensive income attributable to common stockholders	$	118,088		$	20,187	$	99,913	$	(118,351	)	$	119,837

(1) Certain of Ventas Realty’s outstanding senior notes were issued jointly with our 100% owned subsidiary, Ventas Capital Corporation, which has no assets or operations.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

For the Nine Months Ended September 30, 2014

	Ventas, Inc.			Ventas Realty (1)		Ventas Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Net income	$	368,577		$	25,645	$	358,821		$	(383,502	)	$	369,541
Other comprehensive loss:
Foreign currency translation	—			—		(3,320		)	—			(3,320		)
Change in unrealized gain on intra-entity currency loan	(4,586		)	—		—			—			(4,586		)
Change in unrealized gain on marketable securities	1,237			—		—			—			1,237
Other	—			—		3,166			—			3,166
Total other comprehensive loss	(3,349		)	—		(154		)	—			(3,503		)
Comprehensive income	365,228			25,645		358,667			(383,502		)	366,038
Comprehensive income attributable to noncontrolling interest	—			—		964			—			964
Comprehensive income attributable to common stockholders	$	365,228		$	25,645	$	357,703		$	(383,502	)	$	365,074

(1) Certain of Ventas Realty’s outstanding senior notes were issued jointly with our 100% owned subsidiary, Ventas Capital Corporation, which has no assets or operations.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

For the Nine Months Ended September 30, 2013

	Ventas, Inc.			Ventas Realty (1)		Ventas Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Net income	$	345,069		$	67,467	$	273,722		$	(340,028	)	$	346,230
Other comprehensive loss:
Foreign currency translation	—			—		(3,148		)	—			(3,148		)
Change in unrealized gain on marketable securities	(1,015		)	—		—			—			(1,015		)
Other	—			—		2,102			—			2,102
Total other comprehensive loss	(1,015		)	—		(1,046		)	—			(2,061		)
Comprehensive income	344,054			67,467		272,676			(340,028		)	344,169
Comprehensive income attributable to noncontrolling interest	—			—		1,161			—			1,161
Comprehensive income attributable to common stockholders	$	344,054		$	67,467	$	271,515		$	(340,028	)	$	343,008

(1) Certain of Ventas Realty’s outstanding senior notes were issued jointly with our 100% owned subsidiary, Ventas Capital Corporation, which has no assets or operations.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Nine Months Ended September 30, 2014

	Ventas, Inc.			Ventas Realty (1)			Ventas Subsidiaries			Consolidated Elimination		Consolidated
	(In thousands)
Net cash (used in) provided by operating activities	$	(23,288	)	$	77,227		$	866,033		$	—	$	919,972
Net cash used in investing activities	(1,073,979		)	(4,080		)	(158,111		)	—		(1,236,170		)
Cash flows from financing activities:
Net change in borrowings under revolving credit facility	—			(149,000		)	(4,684		)	—		(153,684		)
Proceeds from debt	—			696,661			1,311,046			—		2,007,707
Repayment of debt	—			—			(905,117		)	—		(905,117		)
Net change in intercompany debt	959,820			(357,609		)	(602,211		)	—		—
Payment of deferred financing costs	—			(6,561		)	(8,385		)	—		(14,946		)
Cash distribution from (to) affiliates	775,066			(256,643		)	(518,423		)	—		—
Cash distribution to common stockholders	(640,414		)	—			—			—		(640,414		)
Cash distribution to redeemable OP unitholders	(4,214		)	—			—			—		(4,214		)
Distributions to noncontrolling interest	—			—			(6,760		)	—		(6,760		)
Other	2,569			5			(3,125		)	—		(551		)
Net cash provided by (used in) financing activities	1,092,827			(73,147		)	(737,659		)	—		282,021
Net decrease in cash and cash equivalents	(4,440		)	—			(29,737		)	—		(34,177		)
Effect of foreign currency translation on cash and cash equivalents	(4,586		)	—			8,542			—		3,956
Cash and cash equivalents at beginning of period	28,169			—			66,647			—		94,816
Cash and cash equivalents at end of period	$	19,143		$	—		$	45,452		$	—	$	64,595

(1) Certain of Ventas Realty’s outstanding senior notes were issued jointly with our 100% owned subsidiary, Ventas Capital Corporation, which has no assets or operations.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Nine Months Ended September 30, 2013

	Ventas, Inc.			Ventas Realty (1)			Ventas Subsidiaries			Consolidated Elimination		Consolidated
	(In thousands)
Net cash (used in) provided by operating activities	$	(11,070	)	$	114,924		$	731,575		$	—	$	835,429
Net cash (used in) provided by investing activities	(1,338,064		)	(3,492		)	163,455			—		(1,178,101		)
Cash flows from financing activities:
Net change in borrowings under revolving credit facility	—			(90,000		)	(2,586		)	—		(92,586		)
Proceeds from debt	—			1,606,849			159,995			—		1,766,844
Repayment of debt	(11,420		)	—			(829,112		)	—		(840,532		)
Net change in intercompany debt	1,874,740			(1,615,925		)	(258,815		)	—		—
Payment of deferred financing costs	—			(18,291		)	(1,686		)	—		(19,977		)
Cash distribution (to) from affiliates	(38,168		)	5,994			32,174			—		—
Issuance of common stock, net	106,002			—			—			—		106,002
Cash distribution to common stockholders	(588,770		)	—			—			—		(588,770		)
Cash distribution to redeemable OP unitholders	(3,479		)	—			—			—		(3,479		)
Purchases of redeemable OP units	(317		)	—			—			—		(317		)
Contributions from noncontrolling interest	—			—			2,094			—		2,094
Distributions to noncontrolling interest	—			—			(7,614		)	—		(7,614		)
Other	7,830			—			—			—		7,830
Net cash provided by (used in) financing activities	1,346,418			(111,373		)	(905,550		)	—		329,495
Net (decrease) increase in cash and cash equivalents	(2,716		)	59			(10,520		)	—		(13,177		)
Effect of foreign currency translation on cash and cash equivalents	—			(59		)	—			—		(59		)
Cash and cash equivalents at beginning of period	16,734			—			51,174			—		67,908
Cash and cash equivalents at end of period	$	14,018		$	—		$	40,654		$	—	$	54,672

(1) Certain of Ventas Realty’s outstanding senior notes were issued jointly with our 100% owned subsidiary, Ventas Capital Corporation, which has no assets or operations.