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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
| | | | | | | | | | | | | | | | | | | | | | | |
| (Mark One) | | | | | |
| ☒ | | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2022 |
| OR |
| ☐ | | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE |
| ACT OF 1934 FOR THE TRANSITION PERIOD FROM____________TO____________ |
Commission file number: 1-10989
Ventas, Inc.
(Exact Name of Registrant as Specified in Its Charter)
| | | | | | | | |
| Delaware | | 61-1055020 |
| (State or Other Jurisdiction of Incorporation or Organization) | | (I.R.S. Employer Identification No.) |
353 N. Clark Street, Suite 3300
Chicago, Illinois 60654
(Address of Principal Executive Offices)
(877) 483-6827
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
Title of Each Class | | Trading Symbol | | Name of Exchange on Which Registered |
Common Stock $0.25 par value | | VTR | | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | | | | | | | |
| Large accelerated filer | ☒ | | Accelerated filer ☐ | | Non-accelerated filer
| ☐ |
| Smaller reporting company | ☐ | | | | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of November 1, 2022, there were 399,717,985 shares of the registrant’s common stock outstanding.
VENTAS, INC.
FORM 10-Q
INDEX
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| | Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021 | | |
| | Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2022 and 2021 | | |
| | Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2022 and 2021 | | |
| | Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2022 and 2021 | | |
| | Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021 | | |
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PART I—FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS
VENTAS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts, unaudited)
| | | | | | | | | | | |
| As of September 30, 2022 | | As of December 31, 2021 |
| | | |
| | | |
| Assets | | | |
| Real estate investments: | | | |
| Land and improvements | $ | 2,421,114 | | | $ | 2,432,065 | |
| Buildings and improvements | 25,975,744 | | | 25,778,490 | |
| Construction in progress | 258,281 | | | 269,315 | |
| Acquired lease intangibles | 1,341,483 | | | 1,369,747 | |
| Operating lease assets | 312,902 | | | 317,858 | |
| 30,309,524 | | | 30,167,475 | |
| Accumulated depreciation and amortization | (9,031,591) | | | (8,350,637) | |
| Net real estate property | 21,277,933 | | | 21,816,838 | |
| Secured loans receivable and investments, net | 529,317 | | | 530,126 | |
| Investments in unconsolidated real estate entities | 547,766 | | | 523,465 | |
| Net real estate investments | 22,355,016 | | | 22,870,429 | |
| Cash and cash equivalents | 145,146 | | | 149,725 | |
| Escrow deposits and restricted cash | 50,492 | | | 46,872 | |
| Goodwill | 1,043,289 | | | 1,046,140 | |
| Assets held for sale | 99,450 | | | 28,399 | |
| Deferred income tax assets, net | 13,614 | | | 11,152 | |
| Other assets | 593,404 | | | 565,069 | |
| Total assets | $ | 24,300,411 | | | $ | 24,717,786 | |
| Liabilities and equity | | | |
| Liabilities: | | | |
| Senior notes payable and other debt | $ | 12,210,984 | | | $ | 12,027,544 | |
| Accrued interest | 92,663 | | | 106,602 | |
| Operating lease liabilities | 191,880 | | | 197,234 | |
| Accounts payable and other liabilities | 1,063,969 | | | 1,090,254 | |
| Liabilities related to assets held for sale | 9,491 | | | 10,850 | |
| Deferred income tax liabilities | 40,717 | | | 59,259 | |
| Total liabilities | 13,609,704 | | | 13,491,743 | |
| Redeemable OP unitholder and noncontrolling interests | 258,795 | | | 280,283 | |
| Commitments and contingencies | | | |
| Equity: | | | |
| Ventas stockholders’ equity: | | | |
Preferred stock, $1.00 par value; 10,000 shares authorized, unissued | — | | | — | |
| Common stock, $0.25 par value; 600,000 shares authorized, 399,725 and 399,420 shares issued at September 30, 2022 and December 31, 2021, respectively | 99,914 | | | 99,838 | |
| Capital in excess of par value | 15,533,203 | | | 15,498,956 | |
| Accumulated other comprehensive loss | (47,309) | | | (64,520) | |
| Retained earnings (deficit) | (5,223,902) | | | (4,679,889) | |
| Treasury stock, 10 and 0 shares issued at September 30, 2022 and December 31, 2021, respectively | (547) | | | — | |
| Total Ventas stockholders’ equity | 10,361,359 | | | 10,854,385 | |
| Noncontrolling interests | 70,553 | | | 91,375 | |
| Total equity | 10,431,912 | | | 10,945,760 | |
| Total liabilities and equity | $ | 24,300,411 | | | $ | 24,717,786 | |
See accompanying notes.
VENTAS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts, unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| | For the Three Months Ended September 30, | | For the Nine Months Ended September 30, |
| | 2022 | | 2021 | | 2022 | | 2021 |
| Revenues | | | | | | | |
| Rental income: | | | | | | | |
| Triple-net leased | $ | 150,115 | | | $ | 181,379 | | | $ | 451,073 | | | $ | 500,487 | |
| Office | 200,867 | | | 201,673 | | | 600,648 | | | 599,516 | |
| 350,982 | | | 383,052 | | | 1,051,721 | | | 1,100,003 | |
| Resident fees and services | 668,583 | | | 558,039 | | | 1,977,760 | | | 1,622,641 | |
| Office building and other services revenue | 4,550 | | | 5,841 | | | 12,825 | | | 16,172 | |
| Income from loans and investments | 12,672 | | | 28,729 | | | 33,271 | | | 65,404 | |
| Interest and other income | 489 | | | 417 | | | 2,191 | | | 1,343 | |
| Total revenues | 1,037,276 | | | 976,078 | | | 3,077,768 | | | 2,805,563 | |
| Expenses | | | | | | | |
| Interest | 119,413 | | | 108,816 | | | 344,158 | | | 329,634 | |
| Depreciation and amortization | 301,481 | | | 313,596 | | | 873,620 | | | 878,444 | |
| Property-level operating expenses: | | | | | | | |
| Senior housing | 499,972 | | | 453,659 | | | 1,482,948 | | | 1,296,301 | |
| Office | 66,098 | | | 66,401 | | | 192,609 | | | 195,297 | |
| Triple-net leased | 3,756 | | | 3,268 | | | 11,349 | | | 12,525 | |
| 569,826 | | | 523,328 | | | 1,686,906 | | | 1,504,123 | |
| Office building and other services costs | 1,750 | | | 522 | | | 4,473 | | | 1,798 | |
| General, administrative and professional fees | 35,421 | | | 30,259 | | | 111,334 | | | 101,156 | |
| Loss on extinguishment of debt, net | 574 | | | 29,792 | | | 581 | | | 56,808 | |
| | | | | | | |
| Transaction expenses and deal costs | 4,782 | | | 22,662 | | | 37,852 | | | 28,000 | |
| Allowance on loans receivable and investments | (63) | | | (60) | | | (179) | | | (9,021) | |
| Other | 9,162 | | | 33,673 | | | 30,088 | | | 10,755 | |
| Total expenses | 1,042,346 | | | 1,062,588 | | | 3,088,833 | | | 2,901,697 | |
| Loss before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests | (5,070) | | | (86,510) | | | (11,065) | | | (96,134) | |
| Income (loss) from unconsolidated entities | 1,970 | | | 2,772 | | | (3,346) | | | 7,289 | |
| Gain on real estate dispositions | 136 | | | 150,292 | | | 2,557 | | | 194,083 | |
| Income tax benefit (expense) | 6,027 | | | (3,780) | | | 14,307 | | | (9,574) | |
| Income from continuing operations | 3,063 | | | 62,774 | | | 2,453 | | | 95,664 | |
| Net income | 3,063 | | | 62,774 | | | 2,453 | | | 95,664 | |
| Net income attributable to noncontrolling interests | 1,807 | | | 2,094 | | | 4,881 | | | 5,802 | |
| Net income (loss) attributable to common stockholders | $ | 1,256 | | | $ | 60,680 | | | $ | (2,428) | | | $ | 89,862 | |
| Earnings per common share | | | | | | | |
| Basic: | | | | | | | |
| Income from continuing operations | $ | 0.01 | | | $ | 0.16 | | | $ | 0.01 | | | $ | 0.25 | |
| | | | | | | |
| Net income (loss) attributable to common stockholders | 0.00 | | | 0.16 | | | (0.01) | | | 0.24 | |
Diluted:1 | | | | | | | |
| Income from continuing operations | $ | 0.01 | | | $ | 0.16 | | | $ | 0.01 | | | $ | 0.25 | |
| | | | | | | |
| Net income (loss) attributable to common stockholders | 0.00 | | | 0.16 | | | (0.01) | | | 0.24 | |
1 Potential common shares are not included in the computation of diluted earnings per share when a loss from continuing operations exists as the effect would be an antidilutive per share amount.
See accompanying notes.
VENTAS, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands, unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| | For the Three Months Ended September 30, | | For the Nine Months Ended September 30, |
| | 2022 | | 2021 | | 2022 | | 2021 |
| Net income | $ | 3,063 | | | $ | 62,774 | | | $ | 2,453 | | | $ | 95,664 | |
| Other comprehensive income (loss): | | | | | | | |
| Foreign currency translation loss | (3,685) | | | (2,763) | | | (24,427) | | | (3,795) | |
| Unrealized loss on available for sale securities | (1,252) | | | (13,638) | | | (3,371) | | | (20,918) | |
| Unrealized gain on derivative instruments | 7,870 | | | 4,578 | | | 41,013 | | | 13,389 | |
| Total other comprehensive income (loss) | 2,933 | | | (11,823) | | | 13,215 | | | (11,324) | |
| Comprehensive income | 5,996 | | | 50,951 | | | 15,668 | | | 84,340 | |
| Comprehensive (loss) income attributable to noncontrolling interests | (4,308) | | | (418) | | | 885 | | | 7,724 | |
| Comprehensive income attributable to common stockholders | $ | 10,304 | | | $ | 51,369 | | | $ | 14,783 | | | $ | 76,616 | |
See accompanying notes.
VENTAS, INC.
CONSOLIDATED STATEMENTS OF EQUITY
For the Three Months Ended September 30, 2022 and 2021
(In thousands, except per share amounts, unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2019 | Common
Stock Par
Value | | Capital in
Excess of
Par Value | | Accumulated
Other
Comprehensive
(Loss) Income | | Retained
Earnings
(Deficit) | | Treasury
Stock | | Total Ventas
Stockholders’
Equity | | Noncontrolling
Interests | | Total Equity |
| Balance at July 1, 2022 | $ | 99,913 | | | $ | 15,514,015 | | | $ | (56,355) | | | $ | (5,044,569) | | | $ | (408) | | | $ | 10,512,596 | | | $ | 90,798 | | | $ | 10,603,394 | |
| Net income | — | | | — | | | — | | | 1,256 | | | — | | | 1,256 | | | 1,807 | | | 3,063 | |
| Other comprehensive income (loss) | — | | | — | | | 9,046 | | | — | | | — | | | 9,046 | | | (6,113) | | | 2,933 | |
| | | | | | | | | | | | | | | |
Net change in noncontrolling interests | — | | | (14,645) | | | — | | | — | | | — | | | (14,645) | | | (15,939) | | | (30,584) | |
Dividends to common stockholders—$0.45 per share | — | | | — | | | — | | | (180,589) | | | — | | | (180,589) | | | — | | | (180,589) | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Issuance of common stock for stock plans, restricted stock grants and other | 1 | | | 6,101 | | | — | | | — | | | (139) | | | 5,963 | | | — | | | 5,963 | |
| Adjust redeemable OP unitholder interests to current fair value | — | | | 27,746 | | | — | | | — | | | — | | | 27,746 | | | — | | | 27,746 | |
| | | | | | | | | | | | | | | |
Redemption of OP Units | — | | | (14) | | | — | | | — | | | — | | | (14) | | | — | | | (14) | |
| Balance at September 30, 2022 | $ | 99,914 | | | $ | 15,533,203 | | | $ | (47,309) | | | $ | (5,223,902) | | | $ | (547) | | | $ | 10,361,359 | | | $ | 70,553 | | | $ | 10,431,912 | |
| | | | | | | | | | | | | | | |
| Balance at July 1, 2021 | $ | 93,784 | | | $ | 14,187,577 | | | $ | (58,290) | | | $ | (4,340,052) | | | $ | (320) | | | $ | 9,882,699 | | | $ | 101,205 | | | $ | 9,983,904 | |
| Net income | — | | | — | | | — | | | 60,680 | | | — | | | 60,680 | | | 2,094 | | | 62,774 | |
| Other comprehensive loss | — | | | — | | | (9,311) | | | — | | | — | | | (9,311) | | | (2,512) | | | (11,823) | |
| Acquisition-related activity | 3,332 | | | 747,916 | | | — | | | — | | | — | | | 751,248 | | | — | | | 751,248 | |
Net change in noncontrolling interests | — | | | (41,248) | | | — | | | — | | | — | | | (41,248) | | | (10,358) | | | (51,606) | |
Dividends to common stockholders—$0.45 per share | — | | | — | | | — | | | (180,258) | | | — | | | (180,258) | | | — | | | (180,258) | |
| | | | | | | | | | | | | | | |
| Issuance of common stock for stock plans, restricted stock grants and other | 2,661 | | | 606,620 | | | — | | | — | | | 204 | | | 609,485 | | | — | | | 609,485 | |
| | | | | | | | | | | | | | | |
| Adjust redeemable OP unitholder interests to current fair value | — | | | 3,386 | | | — | | | — | | | — | | | 3,386 | | | — | | | 3,386 | |
Redemption of OP Units | — | | | (41) | | | — | | | — | | | 76 | | | 35 | | | — | | | 35 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Balance at September 30, 2021 | $ | 99,777 | | | $ | 15,504,210 | | | $ | (67,601) | | | $ | (4,459,630) | | | $ | (40) | | | $ | 11,076,716 | | | $ | 90,429 | | | $ | 11,167,145 | |
See accompanying notes.
VENTAS, INC.
CONSOLIDATED STATEMENTS OF EQUITY
For the Nine Months Ended September 30, 2022 and 2021
(In thousands, except per share amounts, unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2019 | Common
Stock Par
Value | | Capital in
Excess of
Par Value | | Accumulated
Other
Comprehensive
(Loss) Income | | Retained
Earnings
(Deficit) | | Treasury
Stock | | Total Ventas
Stockholders’
Equity | | Noncontrolling
Interests | | Total Equity |
| Balance at January 1, 2022 | $ | 99,838 | | | $ | 15,498,956 | | | $ | (64,520) | | | $ | (4,679,889) | | | $ | — | | | $ | 10,854,385 | | | $ | 91,375 | | | $ | 10,945,760 | |
| Net (loss) income | — | | | — | | | — | | | (2,428) | | | — | | | (2,428) | | | 4,881 | | | 2,453 | |
| Other comprehensive income (loss) | — | | | — | | | 17,211 | | | — | | | — | | | 17,211 | | | (3,996) | | | 13,215 | |
| | | | | | | | | | | | | | | |
Net change in noncontrolling interests | — | | | (21,166) | | | — | | | — | | | — | | | (21,166) | | | (21,707) | | | (42,873) | |
Dividends to common stockholders—$1.35 per share | — | | | — | | | — | | | (541,585) | | | — | | | (541,585) | | | — | | | (541,585) | |
| | | | | | | | | | | | | | | |
Issuance of common stock for stock plans, restricted stock grants and other | 76 | | | 31,273 | | | — | | | — | | | (547) | | | 30,802 | | | — | | | 30,802 | |
| | | | | | | | | | | | | | | |
Adjust redeemable OP unitholder interests to current fair value | — | | | 24,154 | | | — | | | — | | | — | | | 24,154 | | | — | | | 24,154 | |
Redemption of OP Units | — | | | (14) | | | — | | | — | | | — | | | (14) | | | — | | | (14) | |
| | | | | | | | | | | | | | | |
| Balance at September 30, 2022 | $ | 99,914 | | | $ | 15,533,203 | | | $ | (47,309) | | | $ | (5,223,902) | | | $ | (547) | | | $ | 10,361,359 | | | $ | 70,553 | | | $ | 10,431,912 | |
| | | | | | | | | | | | | | | |
| Balance at January 1, 2021 | $ | 93,635 | | | $ | 14,171,262 | | | $ | (54,354) | | | $ | (4,030,376) | | | $ | — | | | $ | 10,180,167 | | | $ | 98,024 | | | $ | 10,278,191 | |
| Net income | — | | | — | | | — | | | 89,862 | | | — | | | 89,862 | | | 5,802 | | | 95,664 | |
| Other comprehensive (loss) income | — | | | — | | | (13,247) | | | — | | | — | | | (13,247) | | | 1,923 | | | (11,324) | |
| Acquisition-related activity | 3,332 | | | 747,916 | | | — | | | — | | | — | | | 751,248 | | | — | | | 751,248 | |
Net change in noncontrolling interests | — | | | (35,009) | | | — | | | — | | | — | | | (35,009) | | | (15,320) | | | (50,329) | |
Dividends to common stockholders—$1.35 per share | — | | | — | | | — | | | (519,116) | | | — | | | (519,116) | | | — | | | (519,116) | |
| | | | | | | | | | | | | | | |
Issuance of common stock for stock plans, restricted stock grants and other | 2,810 | | | 642,054 | | | — | | | — | | | (116) | | | 644,748 | | | — | | | 644,748 | |
| | | | | | | | | | | | | | | |
Adjust redeemable OP unitholder interests to current fair value | — | | | (21,953) | | | — | | | — | | | — | | | (21,953) | | | — | | | (21,953) | |
Redemption of OP Units | — | | | (60) | | | — | | | — | | | 76 | | | 16 | | | — | | | 16 | |
| | | | | | | | | | | | | | | |
| Balance at September 30, 2021 | $ | 99,777 | | | $ | 15,504,210 | | | $ | (67,601) | | | $ | (4,459,630) | | | $ | (40) | | | $ | 11,076,716 | | | $ | 90,429 | | | $ | 11,167,145 | |
See accompanying notes.
VENTAS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands, unaudited)
| | | | | | | | | | | |
| | For the Nine Months Ended September 30, |
| | 2022 | | 2021 |
| Cash flows from operating activities: | | | |
| Net income | $ | 2,453 | | | $ | 95,664 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | |
| Depreciation and amortization | 873,620 | | | 878,444 | |
| Amortization of deferred revenue and lease intangibles, net | (48,462) | | | (71,620) | |
| Other non-cash amortization | 9,483 | | | 14,686 | |
| Allowance on loans receivable and investments | (179) | | | (9,021) | |
| Stock-based compensation | 28,786 | | | 26,165 | |
| Straight-lining of rental income | (10,131) | | | (10,166) | |
| Loss on extinguishment of debt, net | 581 | | | 56,808 | |
| Gain on real estate dispositions | (2,557) | | | (194,083) | |
| | | |
| Gain on real estate loan investments | — | | | (2,006) | |
| | | |
| Income tax (benefit) expense | (16,961) | | | 4,656 | |
| Loss (income) and other from unconsolidated entities | 3,352 | | | (7,279) | |
| | | |
| Distributions from unconsolidated entities | 15,467 | | | 9,466 | |
| | | |
| Other | 36,422 | | | (830) | |
| Changes in operating assets and liabilities: | | | |
| Increase in other assets | (53,433) | | | (49,051) | |
| Decrease in accrued interest | (12,772) | | | (22,414) | |
| Increase in accounts payable and other liabilities | 27,241 | | | 40,896 | |
| Net cash provided by operating activities | 852,910 | | | 760,315 | |
| Cash flows from investing activities: | | | |
| Net investment in real estate property | (439,299) | | | (1,103,210) | |
| | | |
| | | |
| Investment in loans receivable | (5,337) | | | (384) | |
| Proceeds from real estate disposals | 12,481 | | | 497,303 | |
| Proceeds from loans receivable | 692 | | | 302,700 | |
| | | |
| | | |
| | | |
| | | |
| Development project expenditures | (126,988) | | | (204,649) | |
| Capital expenditures | (154,761) | | | (119,311) | |
| Distributions from unconsolidated entities | 28,311 | | | 17,847 | |
| Investment in unconsolidated entities | (50,402) | | | (107,140) | |
| Insurance proceeds for property damage claims | 9,982 | | | 501 | |
| Net cash used in investing activities | (725,321) | | | (716,343) | |
| Cash flows from financing activities: | | | |
| Net change in borrowings under revolving credit facilities | (19,442) | | | (144,065) | |
| Net change in borrowings under commercial paper program | 97,066 | | | 369,943 | |
| Proceeds from debt | 888,927 | | | 914,879 | |
| Repayment of debt | (513,606) | | | (1,499,036) | |
| Purchase of noncontrolling interests | (170) | | | (11,485) | |
| Payment of deferred financing costs | (7,664) | | | (23,608) | |
| Issuance of common stock, net | — | | | 617,438 | |
| Cash distribution to common stockholders | (540,205) | | | (506,972) | |
| Cash distribution to redeemable OP unitholders | (4,732) | | | (5,400) | |
| Cash issued for redemption of OP Units | (328) | | | (96) | |
| Contributions from noncontrolling interests | 51 | | | 35 | |
| Distributions to noncontrolling interests | (27,152) | | | (11,785) | |
| Proceeds from stock option exercises | 8,691 | | | 5,668 | |
| Other | (6,392) | | | (5,128) | |
| Net cash used in financing activities | (124,956) | | | (299,612) | |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 2,633 | | | (255,640) | |
| Effect of foreign currency translation | (3,592) | | | 522 | |
| Cash, cash equivalents and restricted cash at beginning of period | 196,597 | | | 451,640 | |
| Cash, cash equivalents and restricted cash at end of period | $ | 195,638 | | | $ | 196,522 | |
See accompanying notes.
VENTAS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(In thousands, unaudited)
| | | | | | | | | | | |
| | For the Nine Months Ended September 30, |
| | 2022 | | 2021 |
| Supplemental schedule of non-cash activities: | | | |
| Assets acquired and liabilities assumed from acquisitions and other: | | | |
| Real estate investments | $ | 16,599 | | | $ | 1,317,617 | |
| | | |
| Other assets | 856 | | | 16,132 | |
| Debt | — | | | 484,073 | |
| Other liabilities | 7,747 | | | 97,960 | |
| Deferred income tax liability | 960 | | | — | |
| Noncontrolling interests | 3,351 | | | 468 | |
| Equity issued | — | | | 751,248 | |
| Equity issued for redemption of OP Units | — | | | 76 | |
| Investment in unconsolidated entities | 8,100 | | |