v2.4.0.8

CONDENSED CONSOLIDATING INFORMATION (Unaudited) | 6 Months Ended
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Jun. 30, 2013
Condensed Consolidating Information [Abstract] |
CONDENSED CONSOLIDATING INFORMATION (Unaudited) | CONDENSED CONSOLIDATING INFORMATION (Unaudited) We have fully and unconditionally guaranteed the obligation to pay principal and interest with respect to the outstanding senior notes issued by our 100% owned subsidiaries, Ventas Realty, Limited Partnership (“Ventas Realty”) and Ventas Capital Corporation (collectively, the “Ventas Issuers”). Ventas Capital Corporation is a direct subsidiary of Ventas Realty that has no assets or operations, but was formed in 2002 solely to facilitate offerings of senior notes. None of our other subsidiaries (excluding the Ventas Issuers, the “Ventas Subsidiaries”) is obligated with respect to the Ventas Issuers’ outstanding senior notes. In connection with the NHP acquisition, our 100% owned subsidiary, Nationwide Health Properties, LLC (“NHP LLC”), as successor to NHP, assumed the obligation to pay principal and interest with respect to the outstanding senior notes issued by NHP. We, the Ventas Issuers and the Ventas Subsidiaries (other than NHP LLC) are not obligated with respect to any of NHP LLC’s outstanding senior notes. Contractual and legal restrictions, including those contained in the instruments governing our subsidiaries’ outstanding mortgage indebtedness, may under certain circumstances restrict our ability to obtain cash from our subsidiaries for the purpose of meeting our debt service obligations, including our guarantee of the payment of principal and interest on the Ventas Issuers’ senior notes. Certain of our real estate assets are also subject to mortgages. The following summarizes our condensed consolidating information as of June 30, 2013 and December 31, 2012 and for the three and six months ended June 30, 2013 and 2012: CONDENSED CONSOLIDATING BALANCE SHEET As of June 30, 2013
| Ventas, Inc. |  | Ventas Issuers |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Assets |  |  |  |  |  |  |  |  |
Net real estate investments | $ | 7,312 |  |  | $ | 392,145 |  |  | $ | 17,299,987 |  |  | $ | — |  |  | $ | 17,699,444 |
Cash and cash equivalents | 9,785 |  |  | — |  |  | 52,636 |  |  | — |  |  | 62,421 |
Escrow deposits and restricted cash | 6,290 |  |  | 1,561 |  |  | 86,641 |  |  | — |  |  | 94,492 |
Deferred financing costs, net | 758 |  |  | 41,571 |  |  | 8,492 |  |  | — |  |  | 50,821 |
Investment in and advances to affiliates | 10,632,033 |  |  | 1,867,251 |  |  | — |  |  | (12,499,284 | ) |  | — |
Other assets | 37,461 |  |  | 9,130 |  |  | 842,813 |  |  | — |  |  | 889,404 |
Total assets | $ | 10,693,639 |  |  | $ | 2,311,658 |  |  | $ | 18,290,569 |  |  | $ | (12,499,284 | ) |  | $ | 18,796,582 |
Liabilities and equity |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |
Senior notes payable and other debt | $ | — |  |  | $ | 5,051,466 |  |  | $ | 3,368,607 |  |  | $ | — |  |  | $ | 8,420,073 |
Intercompany loans | 4,062,286 |  |  | (4,678,051 | ) |  | 615,765 |  |  | — |  |  | — |
Accrued interest | — |  |  | 34,836 |  |  | 16,024 |  |  | — |  |  | 50,860 |
Accounts payable and other liabilities | 86,823 |  |  | 11,195 |  |  | 789,296 |  |  | — |  |  | 887,314 |
Deferred income taxes | 247,591 |  |  | — |  |  | — |  |  | — |  |  | 247,591 |
Total liabilities | 4,396,700 |  |  | 419,446 |  |  | 4,789,692 |  |  | — |  |  | 9,605,838 |
Redeemable OP unitholder and noncontrolling interests | — |  |  | — |  |  | 184,217 |  |  | — |  |  | 184,217 |
Total equity | 6,296,939 |  |  | 1,892,212 |  |  | 13,316,660 |  |  | (12,499,284 | ) |  | 9,006,527 |
Total liabilities and equity | $ | 10,693,639 |  |  | $ | 2,311,658 |  |  | $ | 18,290,569 |  |  | $ | (12,499,284 | ) |  | $ | 18,796,582 |
CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2012
| Ventas, Inc. |  | Ventas Issuers |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Assets |  |  |  |  |  |  |  |  |
Net real estate investments | $ | 7,615 |  |  | $ | 412,362 |  |  | $ | 17,421,966 |  |  | $ | — |  |  | $ | 17,841,943 |
Cash and cash equivalents | 16,734 |  |  | — |  |  | 51,174 |  |  | — |  |  | 67,908 |
Escrow deposits and restricted cash | 7,565 |  |  | 1,952 |  |  | 96,396 |  |  | — |  |  | 105,913 |
Deferred financing costs, net | 757 |  |  | 34,047 |  |  | 7,747 |  |  | — |  |  | 42,551 |
Investment in and advances to affiliates | 10,343,664 |  |  | 1,867,251 |  |  | — |  |  | (12,210,915 | ) |  | — |
Other assets | 26,282 |  |  | 4,043 |  |  | 891,360 |  |  | — |  |  | 921,685 |
Total assets | $ | 10,402,617 |  |  | $ | 2,319,655 |  |  | $ | 18,468,643 |  |  | $ | (12,210,915 | ) |  | $ | 18,980,000 |
Liabilities and equity |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |
Senior notes payable and other debt | $ | — |  |  | $ | 4,570,296 |  |  | $ | 3,843,350 |  |  | $ | — |  |  | $ | 8,413,646 |
Intercompany loans | 3,425,082 |  |  | (4,126,391 | ) |  | 701,309 |  |  | — |  |  | — |
Accrued interest | — |  |  | 24,045 |  |  | 23,520 |  |  | — |  |  | 47,565 |
Accounts payable and other liabilities | 99,631 |  |  | 7,775 |  |  | 887,750 |  |  | — |  |  | 995,156 |
Deferred income taxes | 259,715 |  |  | — |  |  | — |  |  | — |  |  | 259,715 |
Total liabilities | 3,784,428 |  |  | 475,725 |  |  | 5,455,929 |  |  | — |  |  | 9,716,082 |
Redeemable OP unitholder and noncontrolling interests | — |  |  | — |  |  | 174,555 |  |  | — |  |  | 174,555 |
Total equity | 6,618,189 |  |  | 1,843,930 |  |  | 12,838,159 |  |  | (12,210,915 | ) |  | 9,089,363 |
Total liabilities and equity | $ | 10,402,617 |  |  | $ | 2,319,655 |  |  | $ | 18,468,643 |  |  | $ | (12,210,915 | ) |  | $ | 18,980,000 |
CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended June 30, 2013
| Ventas, Inc. |  | Ventas Issuers |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Revenues: |  |  |  |  |  |  |  |  |
Rental income | $ | 619 |  |  | $ | 70,342 |  |  | $ | 254,224 |  |  | $ | — |  |  | $ | 325,185 |
Resident fees and services | — |  |  | — |  |  | 341,594 |  |  | — |  |  | 341,594 |
Medical office building and other services revenue | — |  |  | — |  |  | 3,537 |  |  | — |  |  | 3,537 |
Income from loans and investments | 1,159 |  |  | 493 |  |  | 13,081 |  |  | — |  |  | 14,733 |
Equity earnings in affiliates | 105,135 |  |  | — |  |  | 223 |  |  | (105,358 | ) |  | — |
Interest and other income | 259 |  |  | 5 |  |  | 533 |  |  | — |  |  | 797 |
Total revenues | 107,172 |  |  | 70,840 |  |  | 613,192 |  |  | (105,358 | ) |  | 685,846 |
Expenses: |  |  |  |  |  |  |  |  |
Interest | (474 | ) |  | 35,958 |  |  | 47,562 |  |  | — |  |  | 83,046 |
Depreciation and amortization | 1,213 |  |  | 7,734 |  |  | 163,759 |  |  | — |  |  | 172,706 |
Property-level operating expenses | — |  |  | 140 |  |  | 269,598 |  |  | — |  |  | 269,738 |
Medical office building services costs | — |  |  | — |  |  | 1,667 |  |  | — |  |  | 1,667 |
General, administrative and professional fees | 1,155 |  |  | 5,165 |  |  | 21,007 |  |  | — |  |  | 27,327 |
Gain on extinguishment of debt | — |  |  | — |  |  | (720 | ) |  | — |  |  | (720 | )
Merger-related expenses and deal costs | 4,227 |  |  | — |  |  | 2,440 |  |  | — |  |  | 6,667 |
Other | 254 |  |  | — |  |  | 4,131 |  |  | — |  |  | 4,385 |
Total expenses | 6,375 |  |  | 48,997 |  |  | 509,444 |  |  | — |  |  | 564,816 |
Income from continuing operations before income/loss from unconsolidated entities, income taxes and noncontrolling interest | 100,797 |  |  | 21,843 |  |  | 103,748 |  |  | (105,358 | ) |  | 121,030 |
Income (loss) from unconsolidated entities | — |  |  | 217 |  |  | (723 | ) |  | — |  |  | (506 | )
Income tax benefit | 12,064 |  |  | — |  |  | — |  |  | — |  |  | 12,064 |
Income from continuing operations | 112,861 |  |  | 22,060 |  |  | 103,025 |  |  | (105,358 | ) |  | 132,588 |
Discontinued operations | 1,719 |  |  | 209 |  |  | (19,983 | ) |  | — |  |  | (18,055 | )
Net income | 114,580 |  |  | 22,269 |  |  | 83,042 |  |  | (105,358 | ) |  | 114,533 |
Net loss attributable to noncontrolling interest | — |  |  | — |  |  | (47 | ) |  | — |  |  | (47 | )
Net income attributable to common stockholders | $ | 114,580 |  |  | $ | 22,269 |  |  | $ | 83,089 |  |  | $ | (105,358 | ) |  | $ | 114,580 |
CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended June 30, 2012
| Ventas, Inc. |  | Ventas Issuers |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Revenues: |  |  |  |  |  |  |  |  |
Rental income | $ | 634 |  |  | $ | 68,939 |  |  | $ | 224,098 |  |  | $ | — |  |  | $ | 293,671 |
Resident fees and services | — |  |  | — |  |  | 303,437 |  |  | — |  |  | 303,437 |
Medical office building and other services revenue | — |  |  | — |  |  | 6,639 |  |  | — |  |  | 6,639 |
Income from loans and investments | 951 |  |  | 560 |  |  | 6,641 |  |  | — |  |  | 8,152 |
Equity earnings in affiliates | 51,602 |  |  | — |  |  | 172 |  |  | (51,774 | ) |  | — |
Interest and other income | 56 |  |  | 5 |  |  | 4 |  |  | — |  |  | 65 |
Total revenues | 53,243 |  |  | 69,504 |  |  | 540,991 |  |  | (51,774 | ) |  | 611,964 |
Expenses: |  |  |  |  |  |  |  |  |
Interest | (1,513 | ) |  | 23,820 |  |  | 50,460 |  |  | — |  |  | 72,767 |
Depreciation and amortization | 810 |  |  | 13,138 |  |  | 173,419 |  |  | — |  |  | 187,367 |
Property-level operating expenses | — |  |  | 118 |  |  | 236,534 |  |  | — |  |  | 236,652 |
Medical office building services costs | — |  |  | — |  |  | 3,839 |  |  | — |  |  | 3,839 |
General, administrative and professional fees | 2,907 |  |  | 7,114 |  |  | 16,402 |  |  | — |  |  | 26,423 |
Loss on extinguishment of debt | — |  |  | 9,989 |  |  | — |  |  | — |  |  | 9,989 |
Merger-related expenses and deal costs | 28,689 |  |  | — |  |  | 7,979 |  |  | — |  |  | 36,668 |
Other | (36 | ) |  | — |  |  | 1,546 |  |  | — |  |  | 1,510 |
Total expenses | 30,857 |  |  | 54,179 |  |  | 490,179 |  |  | — |  |  | 575,215 |
Income from continuing operations before income from unconsolidated entities, income taxes and noncontrolling interest | 22,386 |  |  | 15,325 |  |  | 50,812 |  |  | (51,774 | ) |  | 36,749 |
Income from unconsolidated entities | — |  |  | 514 |  |  | — |  |  | — |  |  | 514 |
Income tax benefit | 5,179 |  |  | — |  |  | — |  |  | — |  |  | 5,179 |
Income from continuing operations | 27,565 |  |  | 15,839 |  |  | 50,812 |  |  | (51,774 | ) |  | 42,442 |
Discontinued operations | 46,460 |  |  | 1,315 |  |  | (16,481 | ) |  | — |  |  | 31,294 |
Net income | 74,025 |  |  | 17,154 |  |  | 34,331 |  |  | (51,774 | ) |  | 73,736 |
Net loss attributable to noncontrolling interest | — |  |  | — |  |  | (289 | ) |  | — |  |  | (289 | )
Net income attributable to common stockholders | $ | 74,025 |  |  | $ | 17,154 |  |  | $ | 34,620 |  |  | $ | (51,774 | ) |  | $ | 74,025 |
CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Six Months Ended June 30, 2013
| Ventas, Inc. |  | Ventas Issuers |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Revenues: |  |  |  |  |  |  |  |  |
Rental income | $ | 1,259 |  |  | $ | 140,075 |  |  | $ | 508,518 |  |  | $ | — |  |  | $ | 649,852 |
Resident fees and services | — |  |  | — |  |  | 680,764 |  |  | — |  |  | 680,764 |
Medical office building and other services revenue | — |  |  | — |  |  | 7,185 |  |  | — |  |  | 7,185 |
Income from loans and investments | 1,262 |  |  | 787 |  |  | 28,787 |  |  | — |  |  | 30,836 |
Equity earnings in affiliates | 221,203 |  |  | — |  |  | 473 |  |  | (221,676 | ) |  | — |
Interest and other income | 297 |  |  | 11 |  |  | 1,527 |  |  | — |  |  | 1,835 |
Total revenues | 224,021 |  |  | 140,873 |  |  | 1,227,254 |  |  | (221,676 | ) |  | 1,370,472 |
Expenses: |  |  |  |  |  |  |  |  |
Interest | (941 | ) |  | 68,485 |  |  | 94,908 |  |  | — |  |  | 162,452 |
Depreciation and amortization | 2,292 |  |  | 15,167 |  |  | 334,036 |  |  | — |  |  | 351,495 |
Property-level operating expenses | — |  |  | 242 |  |  | 536,945 |  |  | — |  |  | 537,187 |
Medical office building services costs | — |  |  | — |  |  | 3,306 |  |  | — |  |  | 3,306 |
General, administrative and professional fees | 1,143 |  |  | 10,786 |  |  | 44,172 |  |  | — |  |  | 56,101 |
Gain on extinguishment of debt | — |  |  | — |  |  | (720 | ) |  | — |  |  | (720 | )
Merger-related expenses and deal costs | 6,976 |  |  | — |  |  | 3,953 |  |  | — |  |  | 10,929 |
Other | 293 |  |  | 21 |  |  | 8,658 |  |  | — |  |  | 8,972 |
Total expenses | 9,763 |  |  | 94,701 |  |  | 1,025,258 |  |  | — |  |  | 1,129,722 |
Income from continuing operations before income/loss from unconsolidated entities, income taxes and noncontrolling interest | 214,258 |  |  | 46,172 |  |  | 201,996 |  |  | (221,676 | ) |  | 240,750 |
Income (loss) from unconsolidated entities | — |  |  | 505 |  |  | (82 | ) |  | — |  |  | 423 |
Income tax benefit | 10,320 |  |  | — |  |  | — |  |  | — |  |  | 10,320 |
Income from continuing operations | 224,578 |  |  | 46,677 |  |  | 201,914 |  |  | (221,676 | ) |  | 251,493 |
Discontinued operations | 2,195 |  |  | 604 |  |  | (26,661 | ) |  | — |  |  | (23,862 | )
Net income | 226,773 |  |  | 47,281 |  |  | 175,253 |  |  | (221,676 | ) |  | 227,631 |
Net income attributable to noncontrolling interest | — |  |  | — |  |  | 858 |  |  | — |  |  | 858 |
Net income attributable to common stockholders | $ | 226,773 |  |  | $ | 47,281 |  |  | $ | 174,395 |  |  | $ | (221,676 | ) |  | $ | 226,773 |
CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Six Months Ended June 30, 2012
| Ventas, Inc. |  | Ventas Issuers |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Revenues: |  |  |  |  |  |  |  |  |
Rental income | $ | 1,258 |  |  | $ | 136,374 |  |  | $ | 423,241 |  |  | $ | — |  |  | $ | 560,873 |
Resident fees and services | — |  |  | — |  |  | 588,630 |  |  | — |  |  | 588,630 |
Medical office building and other services revenue | — |  |  | — |  |  | 12,247 |  |  | — |  |  | 12,247 |
Income from loans and investments | 1,890 |  |  | 1,029 |  |  | 13,269 |  |  | — |  |  | 16,188 |
Equity earnings in affiliates | 112,778 |  |  | — |  |  | 219 |  |  | (112,997 | ) |  | — |
Interest and other income | 85 |  |  | 10 |  |  | 17 |  |  | — |  |  | 112 |
Total revenues | 116,011 |  |  | 137,413 |  |  | 1,037,623 |  |  | (112,997 | ) |  | 1,178,050 |
Expenses: |  |  |  |  |  |  |  |  |
Interest | (2,236 | ) |  | 44,939 |  |  | 97,975 |  |  | — |  |  | 140,678 |
Depreciation and amortization | 1,518 |  |  | 20,769 |  |  | 325,276 |  |  | — |  |  | 347,563 |
Property-level operating expenses | — |  |  | 241 |  |  | 452,248 |  |  | — |  |  | 452,489 |
Medical office building services costs | — |  |  | — |  |  | 6,827 |  |  | — |  |  | 6,827 |
General, administrative and professional fees | 3,810 |  |  | 14,112 |  |  | 30,699 |  |  | — |  |  | 48,621 |
Loss (gain) on extinguishment of debt | — |  |  | 39,720 |  |  | (187 | ) |  | — |  |  | 39,533 |
Merger-related expenses and deal costs | 30,053 |  |  | — |  |  | 14,596 |  |  | — |  |  | 44,649 |
Other | 1 |  |  | — |  |  | 3,085 |  |  | — |  |  | 3,086 |
Total expenses | 33,146 |  |  | 119,781 |  |  | 930,519 |  |  | — |  |  | 1,083,446 |
Income from continuing operations before income from unconsolidated entities, income taxes and noncontrolling interest | 82,865 |  |  | 17,632 |  |  | 107,104 |  |  | (112,997 | ) |  | 94,604 |
Income from unconsolidated entities | — |  |  | 831 |  |  | — |  |  | — |  |  | 831 |
Income tax expense | (6,159 | ) |  | — |  |  | — |  |  | — |  |  | (6,159 | )
Income from continuing operations | 76,706 |  |  | 18,463 |  |  | 107,104 |  |  | (112,997 | ) |  | 89,276 |
Discontinued operations | 87,945 |  |  | 3,426 |  |  | (16,819 | ) |  | — |  |  | 74,552 |
Net income | 164,651 |  |  | 21,889 |  |  | 90,285 |  |  | (112,997 | ) |  | 163,828 |
Net loss attributable to noncontrolling interest | — |  |  | — |  |  | (823 | ) |  | — |  |  | (823 | )
Net income attributable to common stockholders | $ | 164,651 |  |  | $ | 21,889 |  |  | $ | 91,108 |  |  | $ | (112,997 | ) |  | $ | 164,651 |
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Three Months Ended June 30, 2013
| Ventas, Inc. |  | Ventas Issuers |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Net income | $ | 114,580 |  |  | $ | 22,269 |  |  | $ | 83,042 |  |  | $ | (105,358 | ) |  | $ | 114,533 |
Other comprehensive loss: |  |  |  |  |  |  |  |  |
Foreign currency translation | — |  |  | — |  |  | (2,722 | ) |  | — |  |  | (2,722 | )
Change in unrealized gain on marketable debt securities | (868 | ) |  | — |  |  | — |  |  | — |  |  | (868 | )
Other | — |  |  | — |  |  | 1,514 |  |  | — |  |  | 1,514 |
Total other comprehensive loss | (868 | ) |  | — |  |  | (1,208 | ) |  | — |  |  | (2,076 | )
Comprehensive income | 113,712 |  |  | 22,269 |  |  | 81,834 |  |  | (105,358 | ) |  | 112,457 |
Comprehensive loss attributable to noncontrolling interest | — |  |  | — |  |  | (47 | ) |  | — |  |  | (47 | )
Comprehensive income attributable to common stockholders | $ | 113,712 |  |  | $ | 22,269 |  |  | $ | 81,881 |  |  | $ | (105,358 | ) |  | $ | 112,504 |
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Three Months Ended June 30, 2012
| Ventas, Inc. |  | Ventas Issuers |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Net income | $ | 74,025 |  |  | $ | 17,154 |  |  | $ | 34,331 |  |  | $ | (51,774 | ) |  | $ | 73,736 |
Other comprehensive loss: |  |  |  |  |  |  |  |  |
Foreign currency translation | — |  |  | — |  |  | (1,607 | ) |  | — |  |  | (1,607 | )
Change in unrealized gain on marketable debt securities | (403 | ) |  | — |  |  | — |  |  | — |  |  | (403 | )
Other | — |  |  | — |  |  | (512 | ) |  | — |  |  | (512 | )
Total other comprehensive loss | (403 | ) |  | — |  |  | (2,119 | ) |  | — |  |  | (2,522 | )
Comprehensive income | 73,622 |  |  | 17,154 |  |  | 32,212 |  |  | (51,774 | ) |  | 71,214 |
Comprehensive loss attributable to noncontrolling interest | — |  |  | — |  |  | (289 | ) |  | — |  |  | (289 | )
Comprehensive income attributable to common stockholders | $ | 73,622 |  |  | $ | 17,154 |  |  | $ | 32,501 |  |  | $ | (51,774 | ) |  | $ | 71,503 |
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Six Months Ended June 30, 2013
| Ventas, Inc. |  | Ventas Issuers |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Net income | $ | 226,773 |  |  | $ | 47,281 |  |  | $ | 175,253 |  |  | $ | (221,676 | ) |  | $ | 227,631 |
Other comprehensive loss: |  |  |  |  |  |  |  |  |
Foreign currency translation | — |  |  | — |  |  | (4,813 | ) |  | — |  |  | (4,813 | )
Change in unrealized gain on marketable debt securities | (807 | ) |  | — |  |  | — |  |  | — |  |  | (807 | )
Other | — |  |  | — |  |  | 2,018 |  |  | — |  |  | 2,018 |
Total other comprehensive loss | (807 | ) |  | — |  |  | (2,795 | ) |  | — |  |  | (3,602 | )
Comprehensive income | 225,966 |  |  | 47,281 |  |  | 172,458 |  |  | (221,676 | ) |  | 224,029 |
Comprehensive income attributable to noncontrolling interest | — |  |  | — |  |  | 858 |  |  | — |  |  | 858 |
Comprehensive income attributable to common stockholders | $ | 225,966 |  |  | $ | 47,281 |  |  | $ | 171,600 |  |  | $ | (221,676 | ) |  | $ | 223,171 |
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Six Months Ended June 30, 2012
| Ventas, Inc. |  | Ventas Issuers |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Net income | $ | 164,651 |  |  | $ | 21,889 |  |  | $ | 90,285 |  |  | $ | (112,997 | ) |  | $ | 163,828 |
Other comprehensive (loss) income: |  |  |  |  |  |  |  |  |
Foreign currency translation | — |  |  | — |  |  | 342 |  |  | — |  |  | 342 |
Change in unrealized gain on marketable debt securities | (711 | ) |  | — |  |  | — |  |  | — |  |  | (711 | )
Other | — |  |  | — |  |  | (289 | ) |  | — |  |  | (289 | )
Total other comprehensive (loss) income | (711 | ) |  | — |  |  | 53 |  |  | — |  |  | (658 | )
Comprehensive income | 163,940 |  |  | 21,889 |  |  | 90,338 |  |  | (112,997 | ) |  | 163,170 |
Comprehensive loss attributable to noncontrolling interest | — |  |  | — |  |  | (823 | ) |  | — |  |  | (823 | )
Comprehensive income attributable to common stockholders | $ | 163,940 |  |  | $ | 21,889 |  |  | $ | 91,161 |  |  | $ | (112,997 | ) |  | $ | 163,993 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 2013
| Ventas, Inc. |  | Ventas Issuers |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Net cash (used in) provided by operating activities | $ | (23,942 | ) |  | $ | 77,988 |  |  | $ | 453,642 |  |  | $ | — |  |  | $ | 507,688 |
Net cash (used in) provided by investing activities | (266,378 | ) |  | (1,773 | ) |  | 124,561 |  |  | — |  |  | (143,590 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Net change in borrowings under revolving credit facility | — |  |  | (279,000 | ) |  | (1,926 | ) |  | — |  |  | (280,926 | )
Proceeds from debt | — |  |  | 758,460 |  |  | 159,995 |  |  | — |  |  | 918,455 |
Repayment of debt | (11,420 | ) |  | — |  |  | (674,098 | ) |  | — |  |  | (685,518 | )
Net change in intercompany debt | 637,204 |  |  | (551,660 | ) |  | (85,544 | ) |  | — |  |  | — |
Payment of deferred financing costs | — |  |  | (11,327 | ) |  | (1,670 | ) |  | — |  |  | (12,997 | )
Issuance of common stock, net | 82,384 |  |  | — |  |  | — |  |  | — |  |  | 82,384 |
Cash distribution (to) from affiliates | (36,854 | ) |  | 7,401 |  |  | 29,453 |  |  | — |  |  | — |
Cash distribution to common stockholders | (392,230 | ) |  | — |  |  | — |  |  | — |  |  | (392,230 | )
Cash distribution to redeemable OP unitholders | (2,313 | ) |  | — |  |  | — |  |  | — |  |  | (2,313 | )
Purchases of redeemable OP units | (208 | ) |  | — |  |  | — |  |  | — |  |  | (208 | )
Contributions from noncontrolling interest | — |  |  | — |  |  | 2,094 |  |  | — |  |  | 2,094 |
Distributions to noncontrolling interest | — |  |  | — |  |  | (5,045 | ) |  | — |  |  | (5,045 | )
Other | 6,808 |  |  | — |  |  | — |  |  | — |  |  | 6,808 |
Net cash provided by (used in) financing activities | 283,371 |  |  | (76,126 | ) |  | (576,741 | ) |  | — |  |  | (369,496 | )
Net (decrease) increase in cash and cash equivalents | (6,949 | ) |  | 89 |  |  | 1,462 |  |  | — |  |  | (5,398 | )
Effect of foreign currency translation on cash and cash equivalents | — |  |  | (89 | ) |  | — |  |  | — |  |  | (89 | )
Cash and cash equivalents at beginning of period | 16,734 |  |  | — |  |  | 51,174 |  |  | — |  |  | 67,908 |
Cash and cash equivalents at end of period | $ | 9,785 |  |  | $ | — |  |  | $ | 52,636 |  |  | $ | — |  |  | $ | 62,421 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 2012
| Ventas, Inc. |  | Ventas Issuers |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Net cash (used in) provided by operating activities | $ | (19,090 | ) |  | $ | 103,802 |  |  | $ | 376,096 |  |  | $ | — |  |  | $ | 460,808 |
Net cash used in investing activities | (906,694 | ) |  | (17 | ) |  | (68,340 | ) |  | — |  |  | (975,051 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Net change in borrowings under revolving credit facility | — |  |  | (84,500 | ) |  | (4,154 | ) |  | — |  |  | (88,654 | )
Proceeds from debt | — |  |  | 1,184,568 |  |  | 84,747 |  |  | — |  |  | 1,269,315 |
Repayment of debt | — |  |  | (521,527 | ) |  | (124,195 | ) |  | — |  |  | (645,722 | )
Net change in intercompany debt | 935,981 |  |  | (588,599 | ) |  | (347,382 | ) |  | — |  |  | — |
Payment of deferred financing costs | — |  |  | (2,600 | ) |  | (380 | ) |  | — |  |  | (2,980 | )
Cash distribution (to) from affiliates | (1,984 | ) |  | (91,145 | ) |  | 93,129 |  |  | — |  |  | — |
Issuance of common stock, net | 342,469 |  |  | — |  |  | — |  |  | — |  |  | 342,469 |
Cash distribution to common stockholders | (361,957 | ) |  | — |  |  | — |  |  | — |  |  | (361,957 | )
Cash distribution to redeemable OP unitholders | (2,241 | ) |  | — |  |  | — |  |  | — |  |  | (2,241 | )
Purchases of redeemable OP units | (611 | ) |  | — |  |  | — |  |  | — |  |  | (611 | )
Distributions to noncontrolling interest | — |  |  | — |  |  | (2,907 | ) |  | — |  |  | (2,907 | )
Other | 14,509 |  |  | — |  |  | — |  |  | — |  |  | 14,509 |
Net cash provided by (used in) financing activities | 926,166 |  |  | (103,803 | ) |  | (301,142 | ) |  | — |  |  | 521,221 |
Net increase (decrease) in cash and cash equivalents | 382 |  |  | (18 | ) |  | 6,614 |  |  | — |  |  | 6,978 |
Effect of foreign currency translation on cash and cash equivalents | — |  |  | 18 |  |  | — |  |  | — |  |  | 18 |
Cash and cash equivalents at beginning of period | 2,335 |  |  | — |  |  | 43,472 |  |  | — |  |  | 45,807 |
Cash and cash equivalents at end of period | $ | 2,717 |  |  | $ | — |  |  | $ | 50,086 |  |  | $ | — |  |  | $ | 52,803 |

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