Condensed Consolidating Information (Tables)

6 Months Ended

Jun. 30, 2011

Condensed Consolidating Information (Tables) [Abstract]

CONDENSED CONSOLIDATING BALANCE SHEET

				Wholly
				Owned					Non-
				Subsidiary					Guarantor		Consolidated
	Ventas, Inc.			Guarantors		Issuers			Subsidiaries		Elimination			Consolidated
	(In thousands)
Assets
Net real estate investments	$	622		$	3,439,624	$	1,175,563		$	4,614,376	$	—		$	9,230,185
Cash and cash equivalents		(82,746	)		80,583		—			28,865		—			26,702
Escrow deposits and restricted cash		74			25,124		7,006			32,057		—			64,261
Deferred financing costs, net		3,082			923		5,368			6,756		—			16,129
Investment in and advances to affiliates		3,172,507			—		1,028,720			—		(4,201,227	)		—
Other assets		109,382			130,363		11,560			45,451		—			296,756
Total assets	$	3,202,921		$	3,676,617	$	2,228,217		$	4,727,505	$	(4,201,227	)	$	9,634,033
Liabilities and equity
Liabilities:
Senior notes payable and other debt	$	272,493		$	242,533	$	2,104,577		$	2,387,477	$	—		$	5,007,080
Intercompany loans		(145,423	)		825,181		(686,760	)		7,002		—			—
Accrued interest		(218	)		753		16,486			9,537		—			26,558
Accounts payable and other liabilities		106,265			171,470		17,942			105,474		—			401,151
Deferred income taxes		279,668			—		—			—		—			279,668
Total liabilities		512,785			1,239,937		1,452,245			2,509,490		—			5,714,457
Total equity		2,690,136			2,436,680		775,972			2,218,015		(4,201,227	)		3,919,576
Total liabilities and equity	$	3,202,921		$	3,676,617	$	2,228,217		$	4,727,505	$	(4,201,227	)	$	9,634,033

				Wholly
				Owned					Non-
				Subsidiary					Guarantor		Consolidated
	Ventas, Inc.			Guarantors		Issuers			Subsidiaries		Elimination			Consolidated
	(In thousands)
Assets
Net real estate investments	$	937		$	3,244,243	$	688,158		$	1,510,776	$	—		$	5,444,114
Cash and cash equivalents		1,083			8,263		—			12,466		—			21,812
Escrow deposits and restricted cash		76			19,786		9,169			9,909		—			38,940
Deferred financing costs, net		2,691			1,961		7,961			6,920		—			19,533
Investment in and advances to affiliates		1,414,170			—		1,028,721			—		(2,442,891	)		—
Other assets		75,794			119,773		8,057			29,998		—			233,622
Total assets	$	1,494,751		$	3,394,026	$	1,742,066		$	1,570,069	$	(2,442,891	)	$	5,758,021
Liabilities and equity
Liabilities:
Senior notes payable and other debt	$	225,644		$	539,564	$	1,301,089		$	833,747	$	—		$	2,900,044
Intercompany loans		(144,897	)		579,209		(434,454	)		142		—			—
Accrued interest		(113	)		2,704		12,852			3,853		—			19,296
Accounts payable and other liabilities		41,355			103,444		15,712			46,632		—			207,143
Deferred income taxes		241,333			—		—			—		—			241,333
Total liabilities		363,322			1,224,921		895,199			884,374		—			3,367,816
Total equity		1,131,429			2,169,105		846,867			685,695		(2,442,891	)		2,390,205
Total liabilities and equity	$	1,494,751		$	3,394,026	$	1,742,066		$	1,570,069	$	(2,442,891	)	$	5,758,021

CONDENSED CONSOLIDATING STATEMENT OF INCOME

				Wholly
				Owned					Non-
				Subsidiary					Guarantor			Consolidated
	Ventas, Inc.			Guarantors		Issuers			Subsidiaries			Elimination			Consolidated
	(In thousands)
Revenues:
Rental income	$	618		$	55,043	$	71,072		$	17,154		$	—		$	143,887
Resident fees and services		—			85,232		—			117,250			—			202,482
Medical office building services revenues		—			9,822		—			—			—			9,822
Income from loans and investments		930			431		7,030			—			—			8,391
Equity earnings in affiliates		67,633			426		—			—			(68,059	)		—
Interest and other income		39			7		21			11			—			78
Total revenues		69,220			150,961		78,123			134,415			(68,059	)		364,660
Expenses:
Interest		(678	)		14,623		17,412			22,375			—			53,732
Depreciation and amortization		414			31,971		8,842			39,528			—			80,755
Property-level operating expenses		—			64,369		155			80,493			—			145,017
Medical office building services costs		—			7,954		—			—			—			7,954
General, administrative and professional fees		(6,001	)		10,608		9,058			1,889			—			15,554
Loss on extinguishment of debt		—			6		—			—			—			6
Merger-related expenses and deal costs		55,388			419		—			—			—			55,807
Other		40			1,075		—			(8,888	)		—			(7,773	)
Intercompany interest		—			—		—			—			—			—
Total expenses		49,163			131,025		35,467			135,397			—			351,052
Income (loss) from continuing operations before loss from unconsolidated entities, income taxes and noncontrolling interest		20,057			19,936		42,656			(982	)		(68,059	)		13,608
Loss from unconsolidated entities		—			—		(83	)		—			—			(83	)
Income tax (expense) benefit		(381	)		6,590		—			—			—			6,209
Net income (loss)		19,676			26,526		42,573			(982	)		(68,059	)		19,734
Net income attributable to noncontrolling interest, net of tax		—			—		—			58			—			58
Net income (loss) attributable to common stockholders	$	19,676		$	26,526	$	42,573		$	(1,040	)	$	(68,059	)	$	19,676

				Wholly
				Owned					Non-
				Subsidiary					Guarantor		Consolidated
	Ventas, Inc.			Guarantors			Issuers		Subsidiaries		Elimination			Consolidated
	(In thousands)
Revenues:
Rental income	$	602		$	44,497		$	70,082	$	14,445	$	—		$	129,626
Resident fees and services		—			63,247			—		46,620		—			109,867
Income from loans and investments		1,411			470			1,824		—		—			3,705
Equity earnings in affiliates		61,610			444			—		—		(62,054	)		—
Interest and other income		85			8			21		8		—			122
Total revenues		63,708			108,666			71,927		61,073		(62,054	)		243,320
Expenses:
Interest		210			19,024			12,939		11,667		—			43,840
Depreciation and amortization		416			26,815			9,479		13,330		—			50,040
Property-level operating expenses		2			41,350			137		33,694		—			75,183
General, administrative and professional fees		133			4,023			4,730		972		—			9,858
Loss on extinguishment of debt		—			6,447			102		—		—			6,549
Merger-related expenses and deal costs		4,199			(2	)		—		10		—			4,207
Other		182			(63	)		—		2		—			121
Intercompany interest		—			—			—		—		—			—
Total expenses		5,142			97,594			27,387		59,675		—			189,798
Income before income taxes, discontinued operations and noncontrolling interest		58,566			11,072			44,540		1,398		(62,054	)		53,522
Income tax (expense) benefit		(499	)		90			—		—		—			(409	)
Income from continuing operations		58,067			11,162			44,540		1,398		(62,054	)		53,113
Discontinued operations		—			5,595			257		—		—			5,852
Net income		58,067			16,757			44,797		1,398		(62,054	)		58,965
Net income attributable to noncontrolling interest, net of tax		—			—			429		469		—			898
Net income attributable to common stockholders	$	58,067		$	16,757		$	44,368	$	929	$	(62,054	)	$	58,067

				Wholly
				Owned					Non-
				Subsidiary					Guarantor			Consolidated
	Ventas, Inc.			Guarantors		Issuers			Subsidiaries			Elimination			Consolidated
	(In thousands)
Revenues:
Rental income	$	1,225		$	109,994	$	141,041		$	34,466		$	—		$	286,726
Resident fees and services		—			151,918		—			165,066			—			316,984
Medical office building services revenues		—			16,779		—			—			—			16,779
Income from loans and investments		3,945			2,068		8,463			—			—			14,476
Equity earnings in affiliates		118,075			844		—			—			(118,919	)		—
Interest and other income		90			12		42			12			—			156
Total revenues		123,335			281,615		149,546			199,544			(118,919	)		635,121
Expenses:
Interest		(866	)		30,646		31,505			35,005			—			96,290
Depreciation and amortization		834			60,374		17,911			53,395			—			132,514
Property-level operating expenses		—			114,393		299			117,112			—			231,804
Medical office building services costs		—			13,490		—			—			—			13,490
General, administrative and professional fees		(7,035	)		19,028		15,198			3,195			—			30,386
Loss on extinguishment of debt		—			16,526		—			—			—			16,526
Merger-related expenses and deal costs		61,199			1,057		—			—			—			62,256
Other		30			1,087		—			(8,889	)		—			(7,772	)
Intercompany interest		—			—		—			—			—			—
Total expenses		54,162			256,601		64,913			199,818			—			575,494
Income (loss) from continuing operations before loss from unconsolidated entities, income taxes and noncontrolling interest		69,173			25,014		84,633			(274	)		(118,919	)		59,627
Loss from unconsolidated entities		—			—		(253	)		—			—			(253	)
Income tax (expense) benefit		(513	)		9,919		—			—			—			9,406
Net income (loss)		68,660			34,933		84,380			(274	)		(118,919	)		68,780
Net income attributable to noncontrolling interest, net of tax		—			—		—			120			—			120
Net income (loss) attributable to common stockholders	$	68,660		$	34,933	$	84,380		$	(394	)	$	(118,919	)	$	68,660

				Wholly
				Owned					Non-
				Subsidiary					Guarantor			Consolidated
	Ventas, Inc.			Guarantors			Issuers		Subsidiaries			Elimination			Consolidated
	(In thousands)
Revenues:
Rental income	$	1,195		$	88,853		$	139,345	$	28,755		$	—		$	258,148
Resident fees and services		—			125,549			—		92,804			—			218,353
Income from loans and investments		2,841			880			3,601		—			—			7,322
Equity earnings in affiliates		115,741			870			—		—			(116,611	)		—
Interest and other income		292			36			42		15			—			385
Total revenues		120,069			216,188			142,988		121,574			(116,611	)		484,208
Expenses:
Interest		276			37,986			26,396		23,272			—			87,930
Depreciation and amortization		808			55,195			19,132		27,219			—			102,354
Property-level operating expenses		—			85,125			266		68,671			—			154,062
General, administrative and professional fees		120			8,560			9,838		2,023			—			20,541
Loss on extinguishment of debt		—			6,447			102		—			—			6,549
Merger-related expenses and deal costs		6,467			49			—		10			—			6,526
Other		42			(30	)		—		3			—			15
Intercompany interest		—			—			—		—			—			—
Total expenses		7,713			193,332			55,734		121,198			—			377,977
Income before income taxes, discontinued operations and noncontrolling interest		112,356			22,856			87,254		376			(116,611	)		106,231
Income tax (expense) benefit		(1,510	)		815			—		—			—			(695	)
Income from continuing operations		110,846			23,671			87,254		376			(116,611	)		105,536
Discontinued operations		(160	)		6,192			565		—			—			6,597
Net income		110,686			29,863			87,819		376			(116,611	)		112,133
Net income attributable to noncontrolling interest, net of tax		—			—			782		665			—			1,447
Net income (loss) attributable to common stockholders	$	110,686		$	29,863		$	87,037	$	(289	)	$	(116,611	)	$	110,686

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

				Wholly
				Owned						Non-
				Subsidiary						Guarantor			Consolidated
	Ventas, Inc.			Guarantors			Issuers			Subsidiaries			Elimination		Consolidated
	(In thousands)
Net cash (used in) provided by operating activities	$	(56,351	)	$	89,686		$	107,843		$	45,122		$	—	$	186,300
Net cash (used in) provided by investing activities		(322,302	)		97,521			(500,879	)		(18,946	)		—		(744,606	)
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities		—			—			99,500			—			—		99,500
Proceeds from debt		—			—			689,374			14,737			—		704,111
Repayment of debt		—			(326,975	)		—			(10,452	)		—		(337,427	)
Net change in intercompany debt		188,002			214,413			(407,836	)		5,421			—		—
Payment of deferred financing costs		—			(73	)		(985	)		(305	)		—		(1,363	)
Issuance of common stock, net		299,884			—			—			—			—		299,884
Cash distribution from (to) affiliates		7,932			(2,252	)		12,882			(18,562	)		—		—
Cash distribution to common stockholders		(201,949	)		—			—			—			—		(201,949	)
Distributions to noncontrolling interest		—			—			—			(616	)		—		(616	)
Other		955			—			—			—			—		955
Net cash provided by (used in) financing activities		294,824			(114,887	)		392,935			(9,777	)		—		563,095
Net (decrease) increase in cash and cash equivalents		(83,829	)		72,320			(101	)		16,399			—		4,789
Effect of foreign currency translation on cash and cash equivalents		—			—			101			—			—		101
Cash and cash equivalents at beginning of period		1,083			8,263			—			12,466			—		21,812
Cash and cash equivalents at end of period	$	(82,746	)	$	80,583		$	—		$	28,865		$	—	$	26,702

				Wholly
				Owned						Non-
				Subsidiary						Guarantor			Consolidated
	Ventas, Inc.			Guarantors			Issuers			Subsidiaries			Elimination		Consolidated
	(In thousands)
Net cash (used in) provided by operating activities	$	(5,903	)	$	96,416		$	110,425		$	6,779		$	—	$	207,717
Net cash (used in) provided by investing activities		(11,083	)		4,617			(14,426	)		(545	)		—		(21,437	)
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities		—			33,280			84,000			—			—		117,280
Proceeds from debt		—			—			—			696			—		696
Repayment of debt		—			(60,054	)		(149,127	)		(5,990	)		—		(215,171	)
Net change in intercompany debt		270,919			(116,945	)		8,100			(162,074	)		—		—
Payment of deferred financing costs		—			(48	)		(1,792	)		—			—		(1,840	)
Cash distribution (to) from affiliates		(88,220	)		44,331			(120,018	)		163,907			—		—
Cash distribution to common stockholders		(167,829	)		—			—			—			—		(167,829	)
Contributions from noncontrolling interest		—			—			—			633			—		633
Distributions to noncontrolling interest		—			—			—			(4,277	)		—		(4,277	)
Other		4,673			—			—			—			—		4,673
Net cash provided by (used in) financing activities		19,543			(99,436	)		(178,837	)		(7,105	)		—		(265,835	)
Net increase (decrease) in cash and cash equivalents		2,557			1,597			(82,838	)		(871	)		—		(79,555	)
Effect of foreign currency translation on cash and cash equivalents		—			—			(48	)		—			—		(48	)
Cash and cash equivalents at beginning of period		—			7,873			82,886			16,638			—		107,397
Cash and cash equivalents at end of period	$	2,557		$	9,470		$	—		$	15,767		$	—	$	27,794