Condensed Consolidating Information (Tables)

9 Months Ended

Sep. 30, 2011

Condensed Consolidating Information [Abstract]

As of September 30, 2011


				Wholly
				Owned					Non-
				Subsidiary		Ventas			Guarantor		Consolidated
	Ventas, Inc.			Guarantors		Issuers			Subsidiaries		Elimination			Consolidated
	(In thousands)
Assets
Net real estate investments	$	464		$	3,388,426	$	566,852		$	12,461,886	$	—		$	16,417,628
Cash and cash equivalents		2,252			24,898		—			30,332		—			57,482
Escrow deposits and restricted cash		1,961			25,901		7,131			49,790		—			84,783
Deferred financing costs, net		2,914			725		2,298			6,487		—			12,424
Investment in and advances to affiliates		8,441,898			—		1,728,685			—		(10,170,583	)		—
Other assets		67,190			196,204		8,134			361,925		—			633,453


Total assets	$	8,516,679		$	3,636,154	$	2,313,100		$	12,910,420	$	(10,170,583	)	$	17,205,770


Liabilities and equity
Liabilities:
Senior notes payable and other debt	$	229,363		$	235,185	$	2,240,589		$	3,608,004	$	—		$	6,313,141
Intercompany loans		(211,796	)		843,546		(670,085	)		38,335		—			—
Accrued interest		(218	)		744		40,093			25,366		—			65,985
Accounts payable and other liabilities		95,091			174,086		17,867			841,662		—			1,128,706
Deferred income taxes		274,852			—		—			—		—			274,852

Total liabilities		387,292			1,253,561		1,628,464			4,513,367		—			7,782,684
Redeemable OP unitholder interests		—			—		—			92,817		—			92,817
Total equity		8,129,387			2,382,593		684,636			8,304,236		(10,170,583	)		9,330,269


Total liabilities and equity	$	8,516,679		$	3,636,154	$	2,313,100		$	12,910,420	$	(10,170,583	)	$	17,205,770

As of December 31, 2010


				Wholly
				Owned					Non-
				Subsidiary		Ventas			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			15,659		—			5,070			—			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		$	3,401,422	$	1,742,066		$	1,562,673		$	(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	)		586,605		(434,454	)		(7,254	)		—			—
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			1,232,317		895,199			876,978			—			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		$	3,401,422	$	1,742,066		$	1,562,673		$	(2,442,891	)	$	5,758,021

CONDENSED CONSOLIDATING STATEMENT OF INCOME

For the Three Months Ended September 30, 2011


				Wholly
				Owned				Non-
				Subsidiary		Ventas		Guarantor			Consolidated
	Ventas, Inc.			Guarantors		Issuers		Subsidiaries			Elimination			Consolidated
	(In thousands)
Revenues:
Rental income	$	623		$	55,453	$	71,611	$	142,190		$	—		$	269,877
Resident fees and services		—			100,885		—		175,479			—			276,364
Medical office building and other services revenues		—			8,162		—		1,109			—			9,271
Income from loans and investments		1,124			428		103		8,417			—			10,072
Equity earnings in affiliates		52,119			258		—		—			(52,377	)		—
Interest and other income		6			7		10		350			—			373

Total revenues		53,872			165,193		71,724		327,545			(52,377	)		565,957

Expenses:
Interest		392			14,241		21,952		37,171			—			73,756
Depreciation and amortization		440			34,908		8,795		116,884			—			161,027
Property-level operating expenses		—			78,415		115		130,631			—			209,161
Medical office building services costs		—			6,347		—		—			—			6,347
General, administrative and professional fees		1,194			9,074		6,427		3,929			—			20,624
Loss on extinguishment of debt		—			—		8,685		—			—			8,685
Litigation proceeds, net		(85,327	)		—		—		—			—			(85,327	)
Merger-related expenses and deal costs		47,309			674		—		21,367			—			69,350
Other		883			1,863		—		11,690			—			14,436

Total expenses		(35,109	)		145,522		45,974		321,672			—			478,059


Income from continuing operations before gain from unconsolidated entities, income taxes and noncontrolling interest		88,981			19,671		25,750		5,873			(52,377	)		87,898
Gain from unconsolidated entities		—			—		61		121			—			182
Income tax benefit		13,904			—		—		—			—			13,904

Net income		102,885			19,671		25,811		5,994			(52,377	)		101,984
Net loss attributable to noncontrolling interest, net of tax		—			—		—		(901	)		—			(901	)

Net income attributable to common stockholders	$	102,885		$	19,671	$	25,811	$	6,895		$	(52,377	)	$	102,885

For the Three Months Ended September 30, 2010


				Wholly
				Owned						Non-
				Subsidiary			Ventas			Guarantor			Consolidated
	Ventas, Inc.			Guarantors			Issuers			Subsidiaries			Elimination			Consolidated
	(In thousands)
Revenues:
Rental income	$	607		$	52,463		$	70,534		$	17,119		$	—		$	140,723
Resident fees and services		—			65,252			—			47,930			—			113,182
Medical office building and other services revenues		—			6,711			—			—			—			6,711
Income from loans and investments		1,406			755			1,853			—			—			4,014
Equity earnings in affiliates		61,077			439			—			—			(61,516	)		—
Interest and other income		18			4			21			(8	)		—			35

Total revenues		63,108			125,624			72,408			65,041			(61,516	)		264,665

Expenses:
Interest		820			18,386			13,261			13,052			—			45,519
Depreciation and amortization		412			28,889			9,296			13,507			—			52,104
Property-level operating expenses		—			46,908			134			34,965			—			82,007
Medical office building services costs		—			4,633			—			—			—			4,633
General, administrative and professional fees		203			8,311			5,575			1,189			—			15,278
Merger-related expenses and deal costs		3,573			1,569			—			—			—			5,142
Other		(477	)		60			—			(2	)		—			(419	)

Total expenses		4,531			108,756			28,266			62,711			—			204,264


Income before loss from unconsolidated entities, income taxes, discontinued operations and noncontrolling interest		58,577			16,868			44,142			2,330			(61,516	)		60,401
Loss from unconsolidated entities		—			—			(392	)		—			—			(392	)
Income tax expense		(679	)		(978	)		—			—			—			(1,657	)

Income from continuing operations		57,898			15,890			43,750			2,330			(61,516	)		58,352
Discontinued operations		—			422			120			—			—			542

Net income		57,898			16,312			43,870			2,330			(61,516	)		58,894
Net income attributable to noncontrolling interest, net of tax		—			352			—			644			—			996

Net income attributable to common stockholders	$	57,898		$	15,960		$	43,870		$	1,686		$	(61,516	)	$	57,898

For the Nine Months Ended September 30, 2011


				Wholly
				Owned					Non-
				Subsidiary		Ventas			Guarantor			Consolidated
	Ventas, Inc.			Guarantors		Issuers			Subsidiaries			Elimination			Consolidated
	(In thousands)
Revenues:
Rental income	$	1,848		$	165,454	$	212,653		$	176,648		$	—		$	556,603
Resident fees and services		—			252,803		—			340,545			—			593,348
Medical office building and other services revenues		—			24,941		—			1,109			—			26,050
Income from loans and investments		5,070			2,495		8,566			8,417			—			24,548
Equity earnings in affiliates		160,275			1,102		—			—			(161,377	)		—
Interest and other income		96			19		52			362			—			529

Total revenues		167,289			446,814		221,271			527,081			(161,377	)		1,201,078

Expenses:
Interest		(474	)		45,409		53,457			71,654			—			170,046
Depreciation and amortization		1,273			95,651		26,706			169,911			—			293,541
Property-level operating expenses		—			192,137		414			248,414			—			440,965
Medical office building services costs		—			19,837		—			—			—			19,837
General, administrative and professional fees		(5,840	)		28,101		21,625			7,124			—			51,010
Loss on extinguishment of debt		—			16,526		8,685			—			—			25,211
Litigation proceeds, net		(85,327	)		—		—			—			—			(85,327	)
Merger-related expenses and deal costs		108,509			1,730		—			21,367			—			131,606
Other		913			2,950		—			2,801			—			6,664

Total expenses		19,054			402,341		110,887			521,271			—			1,053,553


Income from continuing operations before (loss) income from unconsolidated entities, income taxes and noncontrolling interest		148,235			44,473		110,384			5,810			(161,377	)		147,525
(Loss) income from unconsolidated entities		—			—		(192	)		121			—			(71	)
Income tax benefit		23,310			—		—			—			—			23,310

Net income		171,545			44,473		110,192			5,931			(161,377	)		170,764
Net income attributable to noncontrolling interest, net of tax		—			—		—			(781	)		—			(781	)

Net income attributable to common stockholders	$	171,545		$	44,473	$	110,192		$	6,712		$	(161,377	)	$	171,545

For the Nine Months Ended September 30, 2010


				Wholly
				Owned						Non-
				Subsidiary			Ventas			Guarantor		Consolidated
	Ventas, Inc.			Guarantors			Issuers			Subsidiaries		Elimination			Consolidated
	(In thousands)
Revenues:
Rental income	$	1,802		$	141,317		$	209,879		$	45,873	$	—		$	398,871
Resident fees and services		—			190,801			—			140,734		—			331,535
Medical office building and other services revenues		—			6,711			—			—		—			6,711
Income from loans and investments		4,247			1,635			5,454			—		—			11,336
Equity earnings in affiliates		176,659			1,307			—			—		(177,966	)		—
Interest and other income		310			40			63			7		—			420

Total revenues		183,018			341,811			215,396			186,614		(177,966	)		748,873

Expenses:
Interest		1,096			56,371			39,658			36,324		—			133,449
Depreciation and amortization		1,219			84,084			28,429			40,726		—			154,458
Property-level operating expenses		—			132,036			398			103,635		—			236,069
Medical office building services costs		—			4,633			—			—		—			4,633
General, administrative and professional fees		323			16,870			15,414			3,212		—			35,819
Loss on extinguishment of debt		—			102			6,447			—		—			6,549
Merger-related expenses and deal costs		10,041			1,617			—			10		—			11,668
Other		(435	)		31			—			—		—			(404	)

Total expenses		12,244			295,744			90,346			183,907		—			582,241


Income before loss from unconsolidated entities, income taxes, discontinued operations and noncontrolling interest		170,774			46,067			125,050			2,707		(177,966	)		166,632
Loss from unconsolidated entities		—			—			(392	)		—		—			(392	)
Income tax expense		(2,190	)		(162	)		—			—		—			(2,352	)

Income from continuing operations		168,584			45,905			124,658			2,707		(177,966	)		163,888
Discontinued operations		—			1,132			6,007			—		—			7,139

Net income		168,584			47,037			130,665			2,707		(177,966	)		171,027
Net income attributable to noncontrolling interest, net of tax		—			1,134			—			1,309		—			2,443

Net income attributable to common stockholders	$	168,584		$	45,903		$	130,665		$	1,398	$	(177,966	)	$	168,584

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Nine Months Ended September 30, 2011


				Wholly
				Owned						Non-
				Subsidiary			Ventas			Guarantor			Consolidated
	Ventas, Inc.			Guarantors			Issuers			Subsidiaries			Elimination		Consolidated
	(In thousands)

Net cash (used in) provided by operating activities	$	(3,510	)	$	107,282		$	180,935		$	159,194		$	—	$	443,901

Net cash (used in) provided by investing activities		(431,727	)		89,296			(500,879	)		386			—		(842,924	)

Cash flows from financing activities:
Net change in borrowings under revolving credit facilities		—			—			434,000			—			—		434,000
Proceeds from debt		—			—			689,374			268,379			—		957,753
Repayment of debt		—			(328,691	)		(206,500	)		(359,852	)		—		(895,043	)
Net change in intercompany debt		981,494			84,585			(1,208,212	)		142,133			—		—
Payment of deferred financing costs		—			—			(1,519	)		(379	)		—		(1,898	)
Issuance of common stock, net		299,926			—			—			—			—		299,926
Cash distribution (to) from affiliates		(491,099	)		56,767			612,898			(178,566	)		—		—
Cash distribution to common stockholders		(354,932	)		—			—			—			—		(354,932	)
Cash distribution to redeemable OP unitholders		—			—			—			(4,038	)		—		(4,038	)
Contributions from noncontrolling interest		—			—			—			2			—		2
Distributions to noncontrolling interest		—			—			—			(1,997	)		—		(1,997	)
Other		1,017			—			—			—			—		1,017

Net cash provided by (used in) financing activities		436,406			(187,339	)		320,041			(134,318	)		—		434,790

Net increase in cash and cash equivalents		1,169			9,239			97			25,262			—		35,767
Effect of foreign currency translation on cash and cash equivalents		—			—			(97	)		—			—		(97	)
Cash and cash equivalents at beginning of period		1,083			15,659			—			5,070			—		21,812

Cash and cash equivalents at end of period	$	2,252		$	24,898		$	—		$	30,332		$	—	$	57,482

For the Nine Months Ended September 30, 2010


				Wholly
				Owned						Non-
				Subsidiary			Ventas			Guarantor			Consolidated
	Ventas, Inc.			Guarantors			Issuers			Subsidiaries			Elimination		Consolidated
	(In thousands)

Net cash (used in) provided by operating activities	$	(864	)	$	118,174		$	179,105		$	49,704		$	—	$	346,119

Net cash used in investing activities		—			(57,096	)		(207,509	)		(3,871	)		—		(268,476	)

Cash flows from financing activities:
Net change in borrowings under revolving credit facilities		—			102,004			131,000			—			—		233,004
Proceeds from debt		—			—			200,000			1,237			—		201,237
Repayment of debt		—			(144,739	)		(178,139	)		(8,500	)		—		(331,378	)
Net change in intercompany debt		48,748			(59,452	)		10,704			—			—		—
Payment of deferred financing costs		—			(46	)		(1,826	)		—			—		(1,872	)
Cash distribution from (to) affiliates		199,706			50,104			(216,290	)		(33,520	)		—		—
Cash distribution to common stockholders		(251,921	)		—			—			—			—		(251,921	)
Contributions from noncontrolling interest		—			—			—			818			—		818
Distributions to noncontrolling interest		—			—			—			(6,633	)		—		(6,633	)
Other		5,426			—			—			—			—		5,426

Net cash provided by (used in) financing activities		1,959			(52,129	)		(54,551	)		(46,598	)		—		(151,319	)

Net increase (decrease) in cash and cash equivalents		1,095			8,949			(82,955	)		(765	)		—		(73,676	)
Effect of foreign currency translation on cash and cash equivalents		—			—			69			—			—		69
Cash and cash equivalents at beginning of period		—			7,864			82,886			16,647			—		107,397

Cash and cash equivalents at end of period	$	1,095		$	16,813		$	—		$	15,882		$	—	$	33,790