| CONDENSED CONSOLIDATING BALANCE SHEET |
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 |
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 |
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 |
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 |
|
|