Condensed Consolidating Information

12 Months Ended

Dec. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Consolidating Information

NOTE 20—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. Certain of Ventas Realty’s outstanding senior notes reflected in our condensed consolidating information were issued jointly with Ventas Capital Corporation.

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. None of our other subsidiaries is obligated with respect to Ventas Canada’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’s senior notes.

The following summarizes our condensed consolidating information as of December 31, 2018 and 2017 and for the years ended December 31, 2018, 2017, and 2016:

CONDENSED CONSOLIDATING BALANCE SHEET

	As of December 31, 2018
	Ventas, Inc.			Ventas Realty			Ventas Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Assets
Net real estate investments	$	3,598		$	112,691		$	20,521,615		$	—		$	20,637,904
Cash and cash equivalents	6,470			—			65,807			—			72,277
Escrow deposits and restricted cash	4,211			128			54,848			—			59,187
Investment in and advances to affiliates	15,656,592			2,726,198			—			(18,382,790		)	—
Goodwill	—			—			1,050,548			—			1,050,548
Assets held for sale	—			—			5,454			—			5,454
Other assets	45,989			4,443			708,753			—			759,185
Total assets	$	15,716,860		$	2,843,460		$	22,407,025		$	(18,382,790	)	$	22,584,555
Liabilities and equity
Liabilities:
Senior notes payable and other debt	$	—		$	8,620,867		$	2,112,832		$	—		$	10,733,699
Intercompany loans	8,580,896			(5,629,764		)	(2,951,132		)	—			—
Accrued interest	(9,953		)	85,717			23,903			—			99,667
Accounts payable and other liabilities	319,754			19,178			747,098			—			1,086,030
Liabilities related to assets held for sale	—			—			205			—			205
Deferred income taxes	608			—			204,611			—			205,219
Total liabilities	8,891,305			3,095,998			137,517			—			12,124,820
Redeemable OP Unitholder and noncontrolling interests	13,746			—			174,395			—			188,141
Total equity	6,811,809			(252,538		)	22,095,113			(18,382,790		)	10,271,594
Total liabilities and equity	$	15,716,860		$	2,843,460		$	22,407,025		$	(18,382,790	)	$	22,584,555

CONDENSED CONSOLIDATING BALANCE SHEET

	As of December 31, 2017
	Ventas, Inc.			Ventas Realty			Ventas Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Assets
Net real estate investments	$	1,844		$	119,508		$	21,971,100		$	—		$	22,092,452
Cash and cash equivalents	7,129			—			74,226			—			81,355
Escrow deposits and restricted cash	39,816			128			66,954			—			106,898
Investment in and advances to affiliates	14,790,537			2,916,060			—			(17,706,597		)	—
Goodwill	—			—			1,034,644			—			1,034,644
Assets held for sale	—			—			65,413			—			65,413
Other assets	55,936			9,458			508,385			—			573,779
Total assets	$	14,895,262		$	3,045,154		$	23,720,722		$	(17,706,597	)	$	23,954,541
Liabilities and equity
Liabilities:
Senior notes payable and other debt	$	—		$	8,895,641		$	2,380,421		$	—		$	11,276,062
Intercompany loans	7,838,898			(7,127,547		)	(711,351		)	—			—
Accrued interest	(6,410		)	77,691			22,677			—			93,958
Accounts payable and other liabilities	377,536			24,635			781,318			—			1,183,489
Liabilities related to assets held for sale	—			—			60,265			—			60,265
Deferred income taxes	608			—			249,484			—			250,092
Total liabilities	8,210,632			1,870,420			2,782,814			—			12,863,866
Redeemable OP Unitholder and noncontrolling interests	12,237			—			146,253			—			158,490
Total equity	6,672,393			1,174,734			20,791,655			(17,706,597		)	10,932,185
Total liabilities and equity	$	14,895,262		$	3,045,154		$	23,720,722		$	(17,706,597	)	$	23,954,541

CONDENSED CONSOLIDATING STATEMENT OF INCOME

	For the Year Ended December 31, 2018
	Ventas, Inc.			Ventas Realty			Ventas Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Revenues
Rental income	$	1,407		$	139,043		$	1,373,357		$	—		$	1,513,807
Resident fees and services	—			—			2,069,477			—			2,069,477
Office building and other services revenues	—			—			13,416			—			13,416
Income from loans and investments	1,640			—			122,578			—			124,218
Equity earnings in affiliates	308,764			—			(2,696		)	(306,068		)	—
Interest and other income	23,802			19			1,071			—			24,892
Total revenues	335,613			139,062			3,577,203			(306,068		)	3,745,810
Expenses
Interest	(98,411		)	327,898			213,010			—			442,497
Depreciation and amortization	5,425			5,680			908,534			—			919,639
Property-level operating expenses	—			283			1,689,597			—			1,689,880
Office building services costs	—			—			1,418			—			1,418
General, administrative and professional fees	(2,866		)	18,845			136,003			—			151,982
Loss on extinguishment of debt, net	355			55,910			1,989			—			58,254
Merger-related expenses and deal costs	25,880			—			4,667			—			30,547
Other	4,881			3			61,884			—			66,768
Total expenses	(64,736		)	408,619			3,017,102			—			3,360,985
Income (loss) before unconsolidated entities, real estate dispositions, income taxes, discontinued operations and noncontrolling interests	400,349			(269,557		)	560,101			(306,068		)	384,825
Loss from unconsolidated entities	—			—			(55,034		)	—			(55,034		)
Gain on real estate dispositions	6,653			—			39,594			—			46,247
Income tax benefit	2,475			—			37,478			—			39,953
Income (loss) from continuing operations	409,477			(269,557		)	582,139			(306,068		)	415,991
Discontinued operations	(10		)	—			—			—			(10		)
Net income (loss)	409,467			(269,557		)	582,139			(306,068		)	415,981
Net income attributable to noncontrolling interests	—			—			6,514			—			6,514
Net income (loss) attributable to common stockholders	$	409,467		$	(269,557	)	$	575,625		$	(306,068	)	$	409,467

CONDENSED CONSOLIDATING STATEMENT OF INCOME

	For the Year Ended December 31, 2017
	Ventas, Inc.			Ventas Realty			Ventas Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Revenues
Rental income	$	2,383		$	178,165		$	1,413,050		$	—		$	1,593,598
Resident fees and services	—			—			1,843,232			—			1,843,232
Office building and other services revenues	—			—			13,677			—			13,677
Income from loans and investments	1,236			—			116,372			—			117,608
Equity earnings in affiliates	1,260,665			—			5,086			(1,265,751		)	—
Interest and other income	5,388			—			646			—			6,034
Total revenues	1,269,672			178,165			3,392,063			(1,265,751		)	3,574,149
Expenses
Interest	(101,385		)	319,632			229,949			—			448,196
Depreciation and amortization	5,483			7,510			874,955			—			887,948
Property-level operating expenses	—			330			1,482,742			—			1,483,072
Office building services costs	—			—			3,391			—			3,391
General, administrative and professional fees	2,040			16,976			116,474			—			135,490
Loss (gain) on extinguishment of debt, net	—			942			(188		)	—			754
Merger-related expenses and deal costs	9,796			—			739			—			10,535
Other	2,247			1			17,804			—			20,052
Total expenses	(81,819		)	345,391			2,725,866			—			2,989,438
Income (loss) before unconsolidated entities, real estate dispositions, income taxes, discontinued operations and noncontrolling interests	1,351,491			(167,226		)	666,197			(1,265,751		)	584,711
Loss from unconsolidated entities	—			—			(561		)	—			(561		)
Gain on real estate dispositions	—			675,808			41,465			—			717,273
Income tax benefit	5,089			—			54,710			—			59,799
Income from continuing operations	1,356,580			508,582			761,811			(1,265,751		)	1,361,222
Discontinued operations	(110		)	—			—			—			(110		)
Net income	1,356,470			508,582			761,811			(1,265,751		)	1,361,112
Net income attributable to noncontrolling interests	—			—			4,642			—			4,642
Net income attributable to common stockholders	$	1,356,470		$	508,582		$	757,169		$	(1,265,751	)	$	1,356,470

CONDENSED CONSOLIDATING STATEMENT OF INCOME

	For the Year Ended December 31, 2016
	Ventas, Inc.			Ventas Realty			Ventas Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Revenues
Rental income	$	2,670		$	196,991		$	1,276,515		$	—		$	1,476,176
Resident fees and services	—			—			1,847,306			—			1,847,306
Office building and other services revenues	1,605			—			19,465			—			21,070
Income from loans and investments	341			—			97,753			—			98,094
Equity earnings in affiliates	626,644			—			(603		)	(626,041		)	—
Interest and other income	665			—			211			—			876
Total revenues	631,925			196,991			3,240,647			(626,041		)	3,443,522
Expenses
Interest	(46,820		)	281,458			185,102			—			419,740
Depreciation and amortization	8,968			18,297			871,659			—			898,924
Property-level operating expenses	—			317			1,434,445			—			1,434,762
Office building services costs	—			—			7,311			—			7,311
General, administrative and professional fees	498			18,320			108,057			—			126,875
Loss on extinguishment of debt, net	58			2,711			10			—			2,779
Merger-related expenses and deal costs	23,067			—			1,568			—			24,635
Other	(705		)	41			10,652			—			9,988
Total expenses	(14,934		)	321,144			2,618,804			—			2,925,014
Income (loss) before unconsolidated entities, real estate dispositions, income taxes, discontinued operations and noncontrolling interests	646,859			(124,153		)	621,843			(626,041		)	518,508
Income from unconsolidated entities	—			—			4,358			—			4,358
Gain on real estate dispositions	299			63,821			34,083			—			98,203
Income tax benefit	2,994			—			28,349			—			31,343
Income (loss) from continuing operations	650,152			(60,332		)	688,633			(626,041		)	652,412
Discontinued operations	(921		)	—			(1		)	—			(922		)
Net income (loss)	649,231			(60,332		)	688,632			(626,041		)	651,490
Net income attributable to noncontrolling interests	—			—			2,259			—			2,259
Net income (loss) attributable to common stockholders	$	649,231		$	(60,332	)	$	686,373		$	(626,041	)	$	649,231

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

	For the Year Ended December 31, 2018
	Ventas, Inc.		Ventas Realty			Ventas Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Net income (loss)	$	409,467	$	(269,557	)	$	582,139		$	(306,068	)	$	415,981
Other comprehensive income:
Foreign currency translation	—		—			(9,436		)	—			(9,436		)
Unrealized gain on government-sponsored pooled loan investments	—		—			14,944			—			14,944
Derivative instruments	—		—			10,030			—			10,030
Total other comprehensive income	—		—			15,538			—			15,538
Comprehensive income (loss)	409,467		(269,557		)	597,677			(306,068		)	431,519
Comprehensive income attributable to noncontrolling interests	—		—			6,514			—			6,514
Comprehensive income (loss) attributable to common stockholders	$	409,467	$	(269,557	)	$	591,163		$	(306,068	)	$	425,005

	For the Year Ended December 31, 2017
	Ventas, Inc.		Ventas Realty		Ventas Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Net income	$	1,356,470	$	508,582	$	761,811		$	(1,265,751	)	$	1,361,112
Other comprehensive income:
Foreign currency translation	—		—		20,612			—			20,612
Unrealized loss on government-sponsored pooled loan investments	—		—		(437		)	—			(437		)
Derivative instruments	—		—		2,239			—			2,239
Total other comprehensive income	—		—		22,414			—			22,414
Comprehensive income	1,356,470		508,582		784,225			(1,265,751		)	1,383,526
Comprehensive income attributable to noncontrolling interests	—		—		4,642			—			4,642
Comprehensive income attributable to common stockholders	$	1,356,470	$	508,582	$	779,583		$	(1,265,751	)	$	1,378,884

	For the Year Ended December 31, 2016
	Ventas, Inc.		Ventas Realty			Ventas Subsidiaries			Consolidated Elimination			Consolidated
	(In thousands)
Net income (loss)	$	649,231	$	(60,332	)	$	688,632		$	(626,041	)	$	651,490
Other comprehensive loss:
Foreign currency translation	—		—			(52,266		)	—			(52,266		)
Unrealized loss on government-sponsored pooled loan investments			—			(310		)	—			(310		)
Derivative instruments	—		—			2,607			—			2,607
Total other comprehensive loss	—		—			(49,969		)	—			(49,969		)
Comprehensive income (loss)	649,231		(60,332		)	638,663			(626,041		)	601,521
Comprehensive income attributable to noncontrolling interests	—		—			2,259			—			2,259
Comprehensive income (loss) attributable to common stockholders	$	649,231	$	(60,332	)	$	636,404		$	(626,041	)	$	599,262

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

	For the Year Ended December 31, 2018
	Ventas, Inc.			Ventas Realty			Ventas Subsidiaries			Consolidated Elimination		Consolidated
	(In thousands)
Net cash provided by (used in) operating activities	$	45,334		$	(194,283	)	$	1,530,416		$	—	$	1,381,467
Cash flows from investing activities:
Net investment in real estate property	(265,907		)	—			—			—		(265,907		)
Investment in loans receivable and other	(4,307		)	—			(225,227		)	—		(229,534		)
Proceeds from real estate disposals	353,792			—			—			—		353,792
Proceeds from loans receivable	1,490			—			910,050			—		911,540
Development project expenditures	—			—			(330,876		)	—		(330,876		)
Capital expenditures	—			(1,199		)	(130,659		)	—		(131,858		)
Distributions from unconsolidated entities	—			—			57,455			—		57,455
Investment in unconsolidated entities	—			—			(47,007		)	—		(47,007		)
Insurance proceeds for property damage claims							6,891			—		6,891
Net cash provided by (used in) investing activities	85,068			(1,199		)	240,627			—		324,496
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities	—			326,620			(5,157		)	—		321,463
Proceeds from debt	—			2,309,141			240,332			—		2,549,473
Repayment of debt	—			(2,954,654		)	(510,925		)	—		(3,465,579		)
Purchase of noncontrolling interests	(8,271		)	—			3,547			—		(4,724		)
Net change in intercompany debt	1,468,811			530,236			(1,999,047		)	—		—
Payment of deferred financing costs	—			(15,861		)	(4,751		)	—		(20,612		)
Cash distribution (to) from affiliates	(490,214		)	—			490,214			—		—
Cash distribution to common stockholders	(1,127,143		)	—			—			—		(1,127,143		)
Cash distribution to redeemable OP Unitholders	—			—			(7,459		)	—		(7,459		)
Purchases of redeemable OP Units	—			—			(1,370		)	—		(1,370		)
Contributions from noncontrolling interests	—			—			1,883			—		1,883
Distributions to noncontrolling interests	—			—			(11,574		)	—		(11,574		)
Other	3,705			—			—			—		3,705
Net cash (used in) provided by financing activities	(153,112		)	195,482			(1,804,307		)	—		(1,761,937		)
Net decrease in cash, cash equivalents and restricted cash	(22,710		)	—			(33,264		)	—		(55,974		)
Effect of foreign currency translation	(13,554		)	—			12,739			—		(815		)
Cash, cash equivalents and restricted cash at beginning of period	46,945			128			141,180			—		188,253
Cash, cash equivalents and restricted cash at end of period	$	10,681		$	128		$	120,655		$	—	$	131,464

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

	For the Year Ended December 31, 2017
	Ventas, Inc.			Ventas Realty			Ventas Subsidiaries			Consolidated Elimination		Consolidated
	(In thousands)
Net cash provided by (used in) operating activities	$	149,923		$	(143,960	)	$	1,422,789		$	—	$	1,428,752
Cash flows from investing activities:
Net investment in real estate property	(635,352		)	—			(29,332		)	—		(664,684		)
Investment in loans receivable and other	(4,633		)	—			(743,486		)	—		(748,119		)
Proceeds from real estate disposals	859,587			—			287			—		859,874
Proceeds from loans receivable	47			—			101,050			—		101,097
Development project expenditures	—			—			(299,085		)	—		(299,085		)
Capital expenditures	—			(726		)	(131,832		)	—		(132,558		)
Distributions from unconsolidated entities	—			—			6,169			—		6,169
Investment in unconsolidated entities	—			—			(61,220		)	—		(61,220		)
Insurance proceeds for property damage claims	—			—			1,419			—		1,419
Net cash provided by (used in) investing activities	219,649			(726		)	(1,156,030		)	—		(937,107		)
Cash flows from financing activities:
Net change in borrowings under unsecured revolving credit facility	—			478,868			(94,085		)	—		384,783
Proceeds from debt	—			793,904			317,745			—		1,111,649
Repayment of debt	—			(778,606		)	(590,478		)	—		(1,369,084		)
Net change in intercompany debt	1,003,315			(917,917		)	(85,398		)	—		—
Purchase of noncontrolling interests	(15,809		)	—			—			—		(15,809		)
Payment of deferred financing costs	—			(20,450		)	(6,847		)	—		(27,297		)
Issuance of common stock, net	73,596			—			—			—		73,596
Cash distribution (to) from affiliates	(803,257		)	587,511			215,746			—		—
Cash distribution to common stockholders	(827,285		)	—			—			—		(827,285		)
Cash distribution to redeemable OP Unitholders	—			—			(5,677		)	—		(5,677		)
Contributions from noncontrolling interests	—			—			4,402			—		4,402
Distributions to noncontrolling interests	—			—			(11,187		)	—		(11,187		)
Other	10,582			—			—			—		10,582
Net cash (used in) provided by financing activities	(558,858		)	143,310			(255,779		)	—		(671,327		)
Net (decrease) increase in cash, cash equivalents and restricted cash	(189,286		)	(1,376		)	10,980			—		(179,682		)
Effect of foreign currency translation	28,442			—			(27,861		)	—		581
Cash, cash equivalents and restricted cash at beginning of period	207,789			1,504			158,061			—		367,354
Cash, cash equivalents and restricted cash at end of period	$	46,945		$	128		$	141,180		$	—	$	188,253

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

	For the Year Ended December 31, 2016
	Ventas, Inc.				Ventas Realty			Ventas Subsidiaries			Consolidated Elimination		Consolidated
	(In thousands)
Net cash provided by (used in) operating activities	$	68,567			$	(93,005	)	$	1,379,140		$	—	$	1,354,702
Cash flows from investing activities:
Net investment in real estate property	(1,455,184		)		—			41,589			—		(1,413,595		)
Investment in loans receivable and other	—				—			(158,635		)	—		(158,635		)
Proceeds from real estate disposals	257,441				—			43,120			—		300,561
Proceeds from loans receivable	—				—			320,082			—		320,082
Development project expenditures	—				—			(143,647		)	—		(143,647		)
Capital expenditures	—				(314		)	(117,142		)	—		(117,456		)
Investment in unconsolidated entities	—				—			(6,436		)	—		(6,436		)
Insurance proceeds for property damage claims	—				—			4,846			—		4,846
Net cash used in investing activities	(1,197,743		)		(314		)	(16,223		)	—		(1,214,280		)
Cash flows from financing activities:
Net change in borrowings under unsecured revolving credit facility	—				(171,000		)	135,363			—		(35,637		)
Proceeds from debt	—				846,521			46,697			—		893,218
Repayment of debt	—				(651,820		)	(370,293		)	—		(1,022,113		)
Net change in intercompany debt	990,969				84,627			(1,075,596		)	—		—
Purchase of noncontrolling interests	—				—			(2,846		)	—		(2,846		)
Payment of deferred financing costs	—				(5,787		)	(768		)	—		(6,555		)
Issuance of common stock, net	1,286,680				—			—			—		1,286,680
Cash distribution from (to) affiliates	107,289				(9,362		)	(97,927		)	—		—
Cash distribution to common stockholders	(1,024,968		)		—			—			—		(1,024,968		)
Cash distribution to redeemable OP Unitholders	—			—	—			(8,640		)	—		(8,640		)
Purchases of redeemable OP and Class C Units	—				—			—			—		—
Contributions from noncontrolling interests	—				—			7,326			—		7,326
Distributions to noncontrolling interests	—				—			(6,879		)	—		(6,879		)
Other	17,252				—			—			—		17,252
Net cash provided by (used in) financing activities	1,377,222				93,179			(1,373,563		)	—		96,838
Net increase (decrease) in cash, cash equivalents and restricted cash	248,046				(140		)	(10,646		)	—		237,260
Effect of foreign currency translation	(56,389		)		—			55,564			—		(825		)
Cash, cash equivalents and restricted cash at beginning of period	16,132				1,644			113,143			—		130,919
Cash, cash equivalents and restricted cash at end of period	$	207,789			$	1,504		$	158,061		$	—	$	367,354