XML 47 R29.htm IDEA: XBRL DOCUMENT v3.3.1.900
Condensed Consolidating Information
12 Months Ended
Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Condensed Consolidating Information
Condensed Consolidating Information
Ventas, Inc. has fully and unconditionally guaranteed the obligation to pay principal and interest with respect to the outstanding senior notes issued by our 100% owned subsidiary, Ventas Realty, including the senior notes that were jointly issued with Ventas Capital Corporation. Ventas Capital Corporation is a direct 100% owned subsidiary of Ventas Realty that has no assets or operations, but was formed in 2002 solely to facilitate offerings of senior notes by a limited partnership. None of our other subsidiaries (such subsidiaries, excluding Ventas Realty and Ventas Capital Corporation, the “Ventas Subsidiaries”) is obligated with respect to Ventas Realty’s outstanding senior notes.
Ventas, Inc. has also fully and unconditionally guaranteed the obligation to pay principal and interest with respect to the outstanding senior notes issued by our 100% owned subsidiary, Ventas Canada Finance Limited. None of our other subsidiaries is obligated with respect to Ventas Canada Finance Limited’s outstanding senior notes, all of which were issued on a private placement basis in Canada.
In connection with the NHP acquisition, our 100% owned subsidiary, NHP LLC, as successor to NHP, assumed the obligation to pay principal and interest with respect to the outstanding senior notes issued by NHP. Neither we nor any of our subsidiaries (other than NHP LLC) is obligated with respect to any of NHP LLC’s outstanding senior notes.
Under certain circumstances, contractual and legal restrictions, including those contained in the instruments governing our subsidiaries’ outstanding mortgage indebtedness, may restrict our ability to obtain cash from our subsidiaries for the purpose of meeting our debt service obligations, including our payment guarantees with respect to Ventas Realty’s and Ventas Canada Finance Limited’s senior notes. Certain of our real estate assets are also subject to mortgages.
The following summarizes our condensed consolidating information as of December 31, 2015 and 2014 and for the years ended December 31, 2015, 2014, and 2013:
CONDENSED CONSOLIDATING BALANCE SHEET
As of December 31, 2015
 
Ventas, Inc.
 
Ventas
Realty (1)
 
Ventas Subsidiaries
 
Consolidated
Elimination
 
Consolidated
 
(In thousands)
Assets
 
 
 
 
 
 
 
 
 
Net real estate investments
$
5,798

 
$
195,015

 
$
20,377,226

 
$
—

 
$
20,578,039

Cash and cash equivalents
11,733

 
—

 
41,290

 
—

 
53,023

Escrow deposits and restricted cash
7,154

 
1,644

 
69,098

 
—

 
77,896

Deferred financing costs, net
—

 
—

 
—

 
—

 
—

Investment in and advances to affiliates
12,989,643

 
3,545,183

 
—

 
(16,534,826
)
 
—

Goodwill
—

 
—

 
1,047,497

 
—

 
1,047,497

Assets held for sale
—

 
4,488

 
88,572

 
—

 
93,060

Other assets
17,869

 
4,182

 
390,352

 
—

 
412,403

Total assets
$
13,032,197

 
$
3,750,512

 
$
22,014,035

 
$
(16,534,826
)
 
$
22,261,918

Liabilities and equity
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
Senior notes payable and other debt
$
—

 
$
8,370,670

 
$
2,836,326

 
$
—

 
$
11,206,996

Intercompany loans
7,294,158

 
(6,571,512
)
 
(722,646
)
 
—

 
—

Accrued interest
—

 
64,561

 
16,303

 
—

 
80,864

Accounts payable and other liabilities
68,604

 
45,226

 
665,550

 
—

 
779,380

Liabilities held for sale
—

 
44

 
34,296

 
—

 
34,340

Deferred income taxes
338,382

 
—

 
—

 
—

 
338,382

Total liabilities
7,701,144

 
1,908,989

 
2,829,829

 
—

 
12,439,962

Redeemable OP unitholder and noncontrolling interests
—

 
—

 
196,529

 
—

 
196,529

Total equity
5,331,053

 
1,841,523

 
18,987,677

 
(16,534,826
)
 
9,625,427

Total liabilities and equity
$
13,032,197

 
$
3,750,512

 
$
22,014,035

 
$
(16,534,826
)
 
$
22,261,918

    
(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, 2014
 
Ventas, Inc.
 
Ventas
Realty (1)
 
Ventas Subsidiaries
 
Consolidated
Elimination
 
Consolidated
 
(In thousands)
Assets
 
 
 
 
 
 
 
 
 
Net real estate investments
$
6,404

 
$
216,521

 
$
17,444,818

 
$
—

 
$
17,667,743

Cash and cash equivalents
24,857

 
—

 
30,491

 
—

 
55,348

Escrow deposits and restricted cash
2,102

 
1,424

 
68,245

 
—

 
71,771

Deferred financing costs, net
—

 
—

 
—

 
—

 
—

Investment in and advances to affiliates
10,783,780

 
3,430,055

 
—

 
(14,213,835
)
 
—

Goodwill
—

 
—

 
363,971

 
—

 
363,971

Assets held for sale
—

 
150,405

 
2,404,917

 
—

 
2,555,322

Other assets
98,605

 
41,821

 
311,332

 
—

 
451,758

Total assets
$
10,915,748

 
$
3,840,226

 
$
20,623,774

 
$
(14,213,835
)
 
$
21,165,913

Liabilities and equity
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
Senior notes payable and other debt
$
—

 
$
7,371,547

 
$
3,472,804

 
$
—

 
$
10,844,351

Intercompany loans
5,555,196

 
(5,562,739
)
 
7,543

 
—

 
—

Accrued interest
—

 
43,212

 
18,970

 
—

 
62,182

Accounts payable and other liabilities
103,469

 
55,909

 
591,279

 
—

 
750,657

Liabilities held for sale
—

 
24,398

 
213,575

 
—

 
237,973

Deferred income taxes
344,337

 
—

 
—

 
—

 
344,337

Total liabilities
6,003,002

 
1,932,327

 
4,304,171

 
—

 
12,239,500

Redeemable OP unitholder and noncontrolling interests
—

 
—

 
172,016

 
—

 
172,016

Total equity
4,912,746

 
1,907,899

 
16,147,587

 
(14,213,835
)
 
8,754,397

Total liabilities and equity
$
10,915,748

 
$
3,840,226

 
$
20,623,774

 
$
(14,213,835
)
 
$
21,165,913


    
(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 Year Ended December 31, 2015
 
Ventas, Inc.
 
Ventas
Realty (1)
 
Ventas Subsidiaries
 
Consolidated
Elimination
 
Consolidated
 
(In thousands)
Revenues:
 
 
 
 
 
 
 
 
 
Rental income
$
3,663

 
$
198,017

 
$
1,144,366

 
$
—

 
$
1,346,046

Resident fees and services
—

 
—

 
1,811,255

 
—

 
1,811,255

Medical office building and other services revenues
895

 
—

 
40,597

 
—

 
41,492

Income from loans and investments
8,605

 
534

 
77,414

 
—

 
86,553

Equity earnings in affiliates
458,213

 
—

 
1,332

 
(459,545
)
 
—

Interest and other income
495

 
(6
)
 
563

 
—

 
1,052

Total revenues
471,871

 
198,545

 
3,075,527

 
(459,545
)
 
3,286,398

Expenses:
 
 
 
 
 
 
 
 
 
Interest
(38,393
)
 
257,503

 
148,004

 
—

 
367,114

Depreciation and amortization
5,443

 
14,679

 
873,935

 
—

 
894,057

Property-level operating expenses
—

 
367

 
1,383,273

 
—

 
1,383,640

Medical office building services costs
—

 
—

 
26,565

 
—

 
26,565

General, administrative and professional fees
(321
)
 
20,777

 
107,579

 
—

 
128,035

Loss on extinguishment of debt, net
—

 
4,523

 
9,888

 
—

 
14,411

Merger-related expenses and deal costs
98,644

 
75

 
4,225

 
—

 
102,944

Other
(358
)
 
45

 
18,270

 
—

 
17,957

Total expenses
65,015

 
297,969

 
2,571,739

 
—

 
2,934,723

Income (loss) before loss from unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest
406,856

 
(99,424
)
 
503,788

 
(459,545
)
 
351,675

Loss from unconsolidated entities
—

 
(183
)
 
(1,237
)
 
—

 
(1,420
)
Income tax benefit
39,284

 
—

 
—

 
—

 
39,284

Income (loss) from continuing operations
446,140

 
(99,607
)
 
502,551

 
(459,545
)
 
389,539

Discontinued operations
(46,877
)
 
34,748

 
23,232

 
—

 
11,103

Gain on real estate dispositions
18,580

 
—

 
—

 
—

 
18,580

Net income (loss)
417,843

 
(64,859
)
 
525,783

 
(459,545
)
 
419,222

Net income attributable to noncontrolling interest
—

 
—

 
1,379

 
—

 
1,379

Net income (loss) attributable to common stockholders
$
417,843

 
$
(64,859
)
 
$
524,404

 
$
(459,545
)
 
$
417,843

    
(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 Year Ended December 31, 2014
 
Ventas, Inc.
 
Ventas
Realty (1)
 
Ventas Subsidiaries
 
Consolidated
Elimination
 
Consolidated
 
(In thousands)
Revenues:
 
 
 
 
 
 
 
 
 
Rental income
$
2,789

 
$
180,907

 
$
954,761

 
$
—

 
$
1,138,457

Resident fees and services
—

 
—

 
1,552,951

 
—

 
1,552,951

Medical office building and other services revenues
—

 
—

 
29,364

 
—

 
29,364

Income from loans and investments
3,052

 
—

 
48,726

 
—

 
51,778

Equity earnings in affiliates
480,267

 
—

 
199

 
(480,466
)
 
—

Interest and other income
3,314

 
26

 
923

 
—

 
4,263

Total revenues
489,422

 
180,933

 
2,586,924

 
(480,466
)
 
2,776,813

Expenses:
 
 
 
 
 
 
 
 
 
Interest
(18,210
)
 
185,983

 
124,292

 
—

 
292,065

Depreciation and amortization
5,860

 
15,743

 
703,613

 
—

 
725,216

Property-level operating expenses
1

 
481

 
1,194,906

 
—

 
1,195,388

Medical office building services costs
—

 
—

 
17,092

 
—

 
17,092

General, administrative and professional fees
3,910

 
19,792

 
98,036

 
—

 
121,738

(Gain) loss on extinguishment of debt, net
(3
)
 
3

 
5,564

 
—

 
5,564

Merger-related expenses and deal costs
26,209

 
2,110

 
14,985

 
—

 
43,304

Other
9,732

 
—

 
16,011

 
—

 
25,743

Total expenses
27,499

 
224,112

 
2,174,499

 
—

 
2,426,110

Income (loss) before income (loss) from unconsolidated entities, income taxes, discontinued operations and noncontrolling interest
461,923

 
(43,179
)
 
412,425

 
(480,466
)
 
350,703

Income (loss) from unconsolidated entities
—

 
1,250

 
(1,389
)
 
—

 
(139
)
Income tax benefit
8,732

 
—

 
—

 
—

 
8,732

Income from continuing operations
470,655

 
(41,929
)
 
411,036

 
(480,466
)
 
359,296

Discontinued operations
(12,858
)
 
61,755

 
50,838

 
—

 
99,735

Gain on real estate dispositions
17,970

 
—

 
—

 
—

 
17,970

Net income
475,767

 
19,826

 
461,874

 
(480,466
)
 
477,001

Net income attributable to noncontrolling interest
—

 
—

 
1,234

 
—

 
1,234

Net income attributable to common stockholders
$
475,767

 
$
19,826

 
$
460,640

 
$
(480,466
)
 
$
475,767

    
(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 Year Ended December 31, 2013
 
Ventas, Inc.
 
Ventas
Realty (1)
 
Ventas Subsidiaries
 
Consolidated
Elimination
 
Consolidated
 
(In thousands)
Revenues:
 
 
 
 
 
 
 
 
 
Rental income
$
2,486

 
$
171,953

 
$
861,917

 
$
—

 
$
1,036,356

Resident fees and services
—

 
—

 
1,406,005

 
—

 
1,406,005

Medical office building and other services revenues
—

 
(11
)
 
17,820

 
—

 
17,809

Income from loans and investments
1,262

 
908

 
52,255

 
—

 
54,425

Equity earnings in affiliates
449,621

 
—

 
727

 
(450,348
)
 
—

Interest and other income
2,963

 
26

 
(967
)
 
—

 
2,022

Total revenues
456,332

 
172,876

 
2,337,757

 
(450,348
)
 
2,516,617

Expenses:
 
 
 
 
 
 
 
 
 
Interest
(2,167
)
 
144,327

 
106,849

 
—

 
249,009

Depreciation and amortization
4,990

 
17,248

 
607,670

 
—

 
629,908

Property-level operating expenses
—

 
514

 
1,109,411

 
—

 
1,109,925

Medical office building services costs
—

 
—

 
8,315

 
—

 
8,315

General, administrative and professional fees
2,695

 
20,488

 
91,900

 
—

 
115,083

Loss (gain) on extinguishment of debt, net
3

 
1,510

 
(312
)
 
—

 
1,201

Merger-related expenses and deal costs
11,917

 
—

 
9,717

 
—

 
21,634

Other
194

 
17

 
17,153

 
—

 
17,364

Total expenses
17,632

 
184,104

 
1,950,703

 
—

 
2,152,439

Income (loss) before income (loss) from unconsolidated entities, income taxes, discontinued operations, and noncontrolling interest
438,700

 
(11,228
)
 
387,054

 
(450,348
)
 
364,178

Income (loss) from unconsolidated entities
—

 
673

 
(1,181
)
 
—

 
(508
)
Income tax benefit
11,828

 
—

 
—

 
—

 
11,828

Income (loss) from continuing operations
450,528

 
(10,555
)
 
385,873

 
(450,348
)
 
375,498

Discontinued operations
2,981

 
83,197

 
(7,007
)
 
—

 
79,171

Net income
453,509

 
72,642

 
378,866

 
(450,348
)
 
454,669

Net income attributable to noncontrolling interest
—

 
—

 
1,160

 
—

 
1,160

Net income attributable to common stockholders
$
453,509

 
$
72,642

 
$
377,706

 
$
(450,348
)
 
$
453,509


    
(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 Year Ended December 31, 2015
 
Ventas, Inc.
 
Ventas
Realty (1)
 
Ventas Subsidiaries
 
Consolidated
Elimination
 
Consolidated
 
(In thousands)
Net income (loss)
$
417,843

 
$
(64,859
)
 
$
525,783

 
$
(459,545
)
 
$
419,222

Other comprehensive loss:
 
 
 
 
 
 
 
 
 
Foreign currency translation
—

 
—

 
(14,792
)
 
—

 
(14,792
)
Change in unrealized gain on marketable debt securities
(5,047
)
 
—

 
—

 
—

 
(5,047
)
Other
—

 
—

 
(847
)
 
—

 
(847
)
Total other comprehensive loss
(5,047
)
 
—

 
(15,639
)
 
—

 
(20,686
)
Comprehensive income (loss)
412,796

 
(64,859
)
 
510,144

 
(459,545
)
 
398,536

Comprehensive income attributable to noncontrolling interest
—

 
—

 
1,379

 
—

 
1,379

Comprehensive income attributable to common stockholders
$
412,796

 
$
(64,859
)
 
$
508,765

 
$
(459,545
)
 
$
397,157

    
(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 Year Ended December 31, 2014

 
Ventas, Inc.
 
Ventas
Realty (1)
 
Ventas Subsidiaries
 
Consolidated
Elimination
 
Consolidated
 
(In thousands)
Net income
$
475,767

 
$
19,826

 
$
461,874

 
$
(480,466
)
 
$
477,001

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
Foreign currency translation
—

 
—

 
(17,153
)
 
—

 
(17,153
)
Change in unrealized gain on marketable debt securities
7,001

 
—

 
—

 
—

 
7,001

Other
—

 
—

 
3,614

 
—

 
3,614

Total other comprehensive income (loss)
7,001

 
—

 
(13,539
)
 
—

 
(6,538
)
Comprehensive income
482,768

 
19,826

 
448,335

 
(480,466
)
 
470,463

Comprehensive income attributable to noncontrolling interest
—

 
—

 
1,234

 
—

 
1,234

Comprehensive income attributable to common stockholders
$
482,768

 
$
19,826

 
$
447,101

 
$
(480,466
)
 
$
469,229

    
(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 Year Ended December 31, 2013

 
Ventas, Inc.
 
Ventas
Realty (1)
 
Ventas Subsidiaries
 
Consolidated
Elimination
 
Consolidated
 
(In thousands)
Net income
$
453,509

 
$
72,642

 
$
378,866

 
$
(450,348
)
 
$
454,669

Other comprehensive loss:
 
 
 
 
 
 
 
 
 
Foreign currency translation
—

 
—

 
(5,422
)
 
—

 
(5,422
)
Change in unrealized gain on marketable debt securities
(1,023
)
 
—

 
—

 
—

 
(1,023
)
Other
—

 
—

 
2,750

 
—

 
2,750

Total other comprehensive loss
(1,023
)
 
—

 
(2,672
)
 
—

 
(3,695
)
Comprehensive income
452,486

 
72,642

 
376,194

 
(450,348
)
 
450,974

Comprehensive income attributable to noncontrolling interest
—

 
—

 
1,160

 
—

 
1,160

Comprehensive income attributable to common stockholders
$
452,486

 
$
72,642

 
$
375,034

 
$
(450,348
)
 
$
449,814

    
(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 Year Ended December 31, 2015
 
Ventas, Inc.
 
Ventas
Realty (1)
 
Ventas Subsidiaries
 
Consolidated
Elimination
 
Consolidated
 
(In thousands)
Net cash (used in) provided by operating activities
$
(124,752
)
 
$
(6,704
)
 
$
1,523,223

 
$
—

 
$
1,391,767

Net cash used in investing activities
(2,107,862
)
 
(15,733
)
 
(300,097
)
 
—

 
(2,423,692
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Net change in borrowings under credit facilities
—

 
(584,000
)
 
(139,457
)
 
—

 
(723,457
)
Net cash impact of CCP Spin-Off
1,273,000

 
—

 
(1,401,749
)
 
—

 
(128,749
)
Proceeds from debt
—

 
2,292,568

 
220,179

 
—

 
2,512,747

Proceeds from debt related to CCP Spin-Off
—

 
—

 
1,400,000

 
—

 
1,400,000

Repayment of debt
—

 
(705,000
)
 
(730,596
)
 
—

 
(1,435,596
)
Net change in intercompany debt
1,782,954

 
(1,008,773
)
 
(774,181
)
 
—

 
—

Purchase of noncontrolling interest
—

 
—

 
(3,819
)
 
—

 
(3,819
)
Payment of deferred financing costs
—

 
(22,297
)
 
(2,368
)
 
—

 
(24,665
)
Issuance of common stock, net
491,023

 
—

 
—

 
—

 
491,023

Cash distribution (to) from affiliates
(313,755
)
 
49,939

 
263,816

 
—

 
—

Cash distribution to common stockholders
(1,003,413
)
 
—

 
—

 
—

 
(1,003,413
)
Cash distribution to redeemable OP unitholders
—

 
—

 
(15,095
)
 
—

 
(15,095
)
Purchases of redeemable OP units
—

 
—

 
(33,188
)
 
—

 
(33,188
)
Distributions to noncontrolling interest
—

 
—

 
(12,649
)
 
—

 
(12,649
)
Other
6,983

 
—

 
—

 
—

 
6,983

Net cash provided by (used in) financing activities
2,236,792

 
22,437

 
(1,229,107
)
 
—

 
1,030,122

Net increase (decrease) in cash and cash equivalents
4,178

 
—

 
(5,981
)
 
—

 
(1,803
)
Effect of foreign currency translation on cash and cash equivalents
(17,302
)
 
—

 
16,780

 
—

 
(522
)
Cash and cash equivalents at beginning of period
24,857

 
—

 
30,491

 
—

 
55,348

Cash and cash equivalents at end of period
$
11,733

 
$
—

 
$
41,290

 
$
—

 
$
53,023

    
(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 Year Ended December 31, 2014
 
Ventas, Inc.
 
Ventas
Realty (1)
 
Ventas Subsidiaries
 
Consolidated
Elimination
 
Consolidated
 
(In thousands)
Net cash (used in) provided by operating activities
$
(95,660
)
 
$
81,378

 
$
1,269,127

 
$
—

 
$
1,254,845

Net cash used in investing activities
(1,358,256
)
 
(7,749
)
 
(689,035
)
 
—

 
(2,055,040
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Net change in borrowings under revolving credit facility
—

 
386,000

 
154,203

 
—

 
540,203

Proceeds from debt
—

 
696,661

 
1,311,046

 
—

 
2,007,707

Repayment of debt
—

 
—

 
(1,151,395
)
 
—

 
(1,151,395
)
Net change in intercompany debt
1,300,790

 
(895,961
)
 
(404,829
)
 
—

 
—

Payment of deferred financing costs
—

 
(6,608
)
 
(7,612
)
 
—

 
(14,220
)
Issuance of common stock, net
242,107

 
—

 
—

 
—

 
242,107

Cash distribution from (to) affiliates
776,826

 
(253,726
)
 
(523,100
)
 
—

 
—

Cash distribution to common stockholders
(875,614
)
 
—

 
—

 
—

 
(875,614
)
Cash distribution to redeemable OP unitholders
(5,762
)
 
—

 
—

 
—

 
(5,762
)
Purchases of redeemable OP units
(503
)
 
—

 
—

 
—

 
(503
)
Contributions from noncontrolling interest
—

 
—

 
491

 
—

 
491

Distributions to noncontrolling interest
—

 
—

 
(9,559
)
 
—

 
(9,559
)
Other
24,597

 
5

 
—

 
—

 
24,602

Net cash provided by (used in) financing activities
1,462,441

 
(73,629
)
 
(630,755
)
 
—

 
758,057

Net increase (decrease) in cash and cash equivalents
8,525

 
—

 
(50,663
)
 
—

 
(42,138
)
Effect of foreign currency translation on cash and cash equivalents
(11,837
)
 
—

 
14,507

 
—

 
2,670

Cash and cash equivalents at beginning of period
28,169

 
—

 
66,647

 
—

 
94,816

Cash and cash equivalents at end of period
$
24,857

 
$
—

 
$
30,491

 
$
—

 
$
55,348

    
(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 Year Ended December 31, 2013
 
Ventas, Inc.
 
Ventas
Realty (1)
 
Ventas Subsidiaries
 
Consolidated
Elimination
 
Consolidated
 
(In thousands)
Net cash (used in) provided by operating activities
$
(8,596
)
 
$
149,734

 
$
1,053,617

 
$
—

 
$
1,194,755

Net cash (used in) provided by investing activities
(1,416,336
)
 
(6,122
)
 
139,698

 
—

 
(1,282,760
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Net change in borrowings under revolving credit facilities
—

 
(168,000
)
 
3,971

 
—

 
(164,029
)
Proceeds from debt
—

 
2,330,435

 
437,111

 
—

 
2,767,546

Repayment of debt
—

 
(400,000
)
 
(1,392,492
)
 
—

 
(1,792,492
)
Net change in intercompany debt
2,149,080

 
(1,881,988
)
 
(267,092
)
 
—

 
—

Payment of deferred financing costs
—

 
(29,586
)
 
(1,691
)
 
—

 
(31,277
)
Issuance of common stock, net
141,343

 
—

 
—

 
—

 
141,343

Cash distribution (to) from affiliates
(54,852
)
 
5,610

 
49,242

 
—

 
—

Cash distribution to common stockholders
(802,123
)
 
—

 
—

 
—

 
(802,123
)
Cash distribution to redeemable OP unitholders
(5,040
)
 
—

 
—

 
—

 
(5,040
)
Purchases of redeemable OP units
(659
)
 
—

 
—

 
—

 
(659
)
Contributions from noncontrolling interest
—

 
—

 
2,395

 
—

 
2,395

Distributions to noncontrolling interest
—

 
—

 
(9,286
)
 
—

 
(9,286
)
Other
8,618

 
—

 
—

 
—

 
8,618

Net cash provided by (used in) financing activities
1,436,367

 
(143,529
)
 
(1,177,842
)
 
—

 
114,996

Net increase in cash and cash equivalents
11,435

 
83

 
15,473

 
—

 
26,991

Effect of foreign currency translation on cash and cash equivalents
—

 
(83
)
 
—

 
—

 
(83
)
Cash and cash equivalents at beginning of period
16,734

 
—

 
51,174

 
—

 
67,908

Cash and cash equivalents at end of period
$
28,169

 
$
—

 
$
66,647

 
$
—

 
$
94,816


    
(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.