v2.4.0.8

CONDENSED CONSOLIDATING INFORMATION (Unaudited) | 3 Months Ended
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Mar. 31, 2014
Condensed Consolidating Information [Abstract] |
CONDENSED CONSOLIDATING INFORMATION (Unaudited) | CONDENSED CONSOLIDATING INFORMATION 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 subsidiary, Ventas Realty, Limited Partnership (“Ventas Realty”), including the senior notes that were jointly issued with Ventas Capital Corporation. Ventas Capital Corporation is a direct 100% owned subsidiary of Ventas Realty that has no assets or operations, but was formed in 2002 solely to facilitate offerings of senior notes by a limited partnership. None of our other subsidiaries (excluding Ventas Realty and Ventas Capital Corporation, the “Ventas Subsidiaries”) is obligated with respect to Ventas Realty’s outstanding senior notes. In connection with the acquisition of Nationwide Health Properties, Inc. (“NHP”), 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. Neither we nor any of our subsidiaries (other than NHP LLC) is obligated with respect to any of NHP LLC’s outstanding senior notes. Under certain circumstances, contractual and legal restrictions, including those contained in the instruments governing our subsidiaries’ outstanding mortgage indebtedness, may restrict our ability to obtain cash from our subsidiaries for the purpose of meeting our debt service obligations, including our payment guarantee with respect to Ventas Realty’s senior notes. Certain of our real estate assets are also subject to mortgages. The following summarizes our condensed consolidating information as of March 31, 2014 and December 31, 2013 and for the three months ended March 31, 2014 and 2013: CONDENSED CONSOLIDATING BALANCE SHEET As of March 31, 2014
| Ventas, Inc. |  | Ventas Realty (1) |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Assets |  |  |  |  |  |  |  |  |
Net real estate investments | $ | 6,858 |  |  | $ | 369,528 |  |  | $ | 18,187,084 |  |  | $ | — |  |  | $ | 18,563,470 |
Cash and cash equivalents | 20,912 |  |  | — |  |  | 38,879 |  |  | — |  |  | 59,791 |
Escrow deposits and restricted cash | 2,104 |  |  | 1,268 |  |  | 72,738 |  |  | — |  |  | 76,110 |
Deferred financing costs, net | 758 |  |  | 51,945 |  |  | 7,023 |  |  | — |  |  | 59,726 |
Investment in and advances to affiliates | 10,232,196 |  |  | 3,201,998 |  |  | — |  |  | (13,434,194 | ) |  | — |
Other assets | 57,552 |  |  | 14,495 |  |  | 871,624 |  |  | — |  |  | 943,671 |
Total assets | $ | 10,320,380 |  |  | $ | 3,639,234 |  |  | $ | 19,177,348 |  |  | $ | (13,434,194 | ) |  | $ | 19,702,768 |
Liabilities and equity |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |
Senior notes payable and other debt | $ | — |  |  | $ | 6,520,142 |  |  | $ | 2,960,909 |  |  | $ | — |  |  | $ | 9,481,051 |
Intercompany loans | 4,475,259 |  |  | (4,887,411 | ) |  | 412,152 |  |  | — |  |  | — |
Accrued interest | — |  |  | 40,032 |  |  | 21,051 |  |  | — |  |  | 61,083 |
Accounts payable and other liabilities | 94,841 |  |  | 29,488 |  |  | 813,769 |  |  | — |  |  | 938,098 |
Deferred income taxes | 252,499 |  |  | — |  |  | — |  |  | — |  |  | 252,499 |
Total liabilities | 4,822,599 |  |  | 1,702,251 |  |  | 4,207,881 |  |  | — |  |  | 10,732,731 |
Redeemable OP unitholder and noncontrolling interests | — |  |  | — |  |  | 160,115 |  |  | — |  |  | 160,115 |
Total equity | 5,497,781 |  |  | 1,936,983 |  |  | 14,809,352 |  |  | (13,434,194 | ) |  | 8,809,922 |
Total liabilities and equity | $ | 10,320,380 |  |  | $ | 3,639,234 |  |  | $ | 19,177,348 |  |  | $ | (13,434,194 | ) |  | $ | 19,702,768 |
(1) | Certain of Ventas Realty’s outstanding senior notes were issued jointly with our 100% owned subsidiary, Ventas Capital Corporation, which has no assets or operations.
CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2013
| Ventas, Inc. |  | Ventas Realty (1) |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Assets |  |  |  |  |  |  |  |  |
Net real estate investments | $ | 7,009 |  |  | $ | 374,590 |  |  | $ | 18,161,872 |  |  | $ | — |  |  | $ | 18,543,471 |
Cash and cash equivalents | 28,169 |  |  | — |  |  | 66,647 |  |  | — |  |  | 94,816 |
Escrow deposits and restricted cash | 2,104 |  |  | 1,211 |  |  | 81,342 |  |  | — |  |  | 84,657 |
Deferred financing costs, net | 758 |  |  | 54,022 |  |  | 7,435 |  |  | — |  |  | 62,215 |
Investment in and advances to affiliates | 10,481,466 |  |  | 3,201,998 |  |  | — |  |  | (13,683,464 | ) |  | — |
Other assets | 29,450 |  |  | 14,102 |  |  | 902,783 |  |  | — |  |  | 946,335 |
Total assets | $ | 10,548,956 |  |  | $ | 3,645,923 |  |  | $ | 19,220,079 |  |  | $ | (13,683,464 | ) |  | $ | 19,731,494 |
Liabilities and equity |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |
Senior notes payable and other debt | $ | — |  |  | $ | 6,336,240 |  |  | $ | 3,028,752 |  |  | $ | — |  |  | $ | 9,364,992 |
Intercompany loans | 4,247,853 |  |  | (4,682,119 | ) |  | 434,266 |  |  | — |  |  | — |
Accrued interest | — |  |  | 39,561 |  |  | 14,788 |  |  | — |  |  | 54,349 |
Accounts payable and other liabilities | 94,495 |  |  | 28,152 |  |  | 878,868 |  |  | — |  |  | 1,001,515 |
Deferred income taxes | 250,167 |  |  | — |  |  | — |  |  | — |  |  | 250,167 |
Total liabilities | 4,592,515 |  |  | 1,721,834 |  |  | 4,356,674 |  |  | — |  |  | 10,671,023 |
Redeemable OP unitholder and noncontrolling interests | — |  |  | — |  |  | 156,660 |  |  | — |  |  | 156,660 |
Total equity | 5,956,441 |  |  | 1,924,089 |  |  | 14,706,745 |  |  | (13,683,464 | ) |  | 8,903,811 |
Total liabilities and equity | $ | 10,548,956 |  |  | $ | 3,645,923 |  |  | $ | 19,220,079 |  |  | $ | (13,683,464 | ) |  | $ | 19,731,494 |
(1) | Certain of Ventas Realty’s outstanding senior notes were issued jointly with our 100% owned subsidiary, Ventas Capital Corporation, which has no assets or operations.
CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended March 31, 2014
| Ventas, Inc. |  | Ventas Realty (1) |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Revenues: |  |  |  |  |  |  |  |  |
Rental income | $ | 618 |  |  | $ | 69,755 |  |  | $ | 282,696 |  |  | $ | — |  |  | $ | 353,069 |
Resident fees and services | — |  |  | — |  |  | 371,061 |  |  | — |  |  | 371,061 |
Medical office building and other services revenue | — |  |  | — |  |  | 6,300 |  |  | — |  |  | 6,300 |
Income from loans and investments | 306 |  |  | — |  |  | 10,461 |  |  | — |  |  | 10,767 |
Equity earnings in affiliates | 126,085 |  |  | — |  |  | 140 |  |  | (126,225 | ) |  | — |
Interest and other income | 152 |  |  | 5 |  |  | 116 |  |  | — |  |  | 273 |
Total revenues | 127,161 |  |  | 69,760 |  |  | 670,774 |  |  | (126,225 | ) |  | 741,470 |
Expenses: |  |  |  |  |  |  |  |  |
Interest | (647 | ) |  | 43,094 |  |  | 45,394 |  |  | — |  |  | 87,841 |
Depreciation and amortization | 1,422 |  |  | 7,653 |  |  | 184,519 |  |  | — |  |  | 193,594 |
Property-level operating expenses | — |  |  | 150 |  |  | 287,490 |  |  | — |  |  | 287,640 |
Medical office building services costs | — |  |  | — |  |  | 3,371 |  |  | — |  |  | 3,371 |
General, administrative and professional fees | 1,887 |  |  | 5,613 |  |  | 25,366 |  |  | — |  |  | 32,866 |
(Gain) loss on extinguishment of debt, net | (3 | ) |  | 3 |  |  | (259 | ) |  | — |  |  | (259 | )
Merger-related expenses and deal costs | 1,753 |  |  | — |  |  | 9,007 |  |  | — |  |  | 10,760 |
Other | 707 |  |  | 319 |  |  | 4,203 |  |  | — |  |  | 5,229 |
Total expenses | 5,119 |  |  | 56,832 |  |  | 559,091 |  |  | — |  |  | 621,042 |
Income from continuing operations before income (loss) from unconsolidated entities, income taxes, real estate dispositions and noncontrolling interest | 122,042 |  |  | 12,928 |  |  | 111,683 |  |  | (126,225 | ) |  | 120,428 |
Income (loss) from unconsolidated entities | — |  |  | 522 |  |  | (274 | ) |  | — |  |  | 248 |
Income tax expense | (3,433 | ) |  | — |  |  | — |  |  | — |  |  | (3,433 | )
Income from continuing operations | 118,609 |  |  | 13,450 |  |  | 111,409 |  |  | (126,225 | ) |  | 117,243 |
Discontinued operations | 1,438 |  |  | 556 |  |  | 1,037 |  |  | — |  |  | 3,031 |
Gain on real estate dispositions, net | 1,000 |  |  | — |  |  | — |  |  | — |  |  | 1,000 |
Net income | 121,047 |  |  | 14,006 |  |  | 112,446 |  |  | (126,225 | ) |  | 121,274 |
Net income attributable to noncontrolling interest | — |  |  | — |  |  | 227 |  |  | — |  |  | 227 |
Net income attributable to common stockholders | $ | 121,047 |  |  | $ | 14,006 |  |  | $ | 112,219 |  |  | $ | (126,225 | ) |  | $ | 121,047 |
(1) | Certain of Ventas Realty’s outstanding senior notes were issued jointly with our 100% owned subsidiary, Ventas Capital Corporation, which has no assets or operations.
CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended March 31, 2013
| Ventas, Inc. |  | Ventas Realty (1) |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Revenues: |  |  |  |  |  |  |  |  |
Rental income | $ | 640 |  |  | $ | 69,287 |  |  | $ | 253,023 |  |  | $ | — |  |  | $ | 322,950 |
Resident fees and services | — |  |  | — |  |  | 339,170 |  |  | — |  |  | 339,170 |
Medical office building and other services revenue | — |  |  | — |  |  | 3,648 |  |  | — |  |  | 3,648 |
Income from loans and investments | 103 |  |  | 294 |  |  | 15,706 |  |  | — |  |  | 16,103 |
Equity earnings in affiliates | 116,077 |  |  | — |  |  | 250 |  |  | (116,327 | ) |  | — |
Interest and other income | 37 |  |  | 5 |  |  | 996 |  |  | — |  |  | 1,038 |
Total revenues | 116,857 |  |  | 69,586 |  |  | 612,793 |  |  | (116,327 | ) |  | 682,909 |
Expenses: |  |  |  |  |  |  |  |  |
Interest | (467 | ) |  | 32,331 |  |  | 46,770 |  |  | — |  |  | 78,634 |
Depreciation and amortization | 1,077 |  |  | 7,216 |  |  | 167,175 |  |  | — |  |  | 175,468 |
Property-level operating expenses | — |  |  | 102 |  |  | 267,099 |  |  | — |  |  | 267,201 |
Medical office building services costs | — |  |  | — |  |  | 1,639 |  |  | — |  |  | 1,639 |
General, administrative and professional fees | (13 | ) |  | 5,622 |  |  | 23,165 |  |  | — |  |  | 28,774 |
Merger-related expenses and deal costs | 2,749 |  |  | — |  |  | 1,513 |  |  | — |  |  | 4,262 |
Other | 40 |  |  | 21 |  |  | 4,526 |  |  | — |  |  | 4,587 |
Total expenses | 3,386 |  |  | 45,292 |  |  | 511,887 |  |  | — |  |  | 560,565 |
Income from continuing operations before income from unconsolidated entities, income taxes and noncontrolling interest | 113,471 |  |  | 24,294 |  |  | 100,906 |  |  | (116,327 | ) |  | 122,344 |
Income from unconsolidated entities | — |  |  | 288 |  |  | 641 |  |  | — |  |  | 929 |
Income tax (expense) benefit | (1,745 | ) |  | — |  |  | 1 |  |  | — |  |  | (1,744 | )
Income from continuing operations | 111,726 |  |  | 24,582 |  |  | 101,548 |  |  | (116,327 | ) |  | 121,529 |
Discontinued operations | 467 |  |  | 428 |  |  | (9,326 | ) |  | — |  |  | (8,431 | )
Net income | 112,193 |  |  | 25,010 |  |  | 92,222 |  |  | (116,327 | ) |  | 113,098 |
Net income attributable to noncontrolling interest | — |  |  | — |  |  | 905 |  |  | — |  |  | 905 |
Net income attributable to common stockholders | $ | 112,193 |  |  | $ | 25,010 |  |  | $ | 91,317 |  |  | $ | (116,327 | ) |  | $ | 112,193 |
(1) | Certain of Ventas Realty’s outstanding senior notes were issued jointly with our 100% owned subsidiary, Ventas Capital Corporation, which has no assets or operations.
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Three Months Ended March 31, 2014
| Ventas, Inc. |  | Ventas Realty (1) |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Net income | $ | 121,047 |  |  | $ | 14,006 |  |  | $ | 112,446 |  |  | $ | (126,225 | ) |  | $ | 121,274 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |
Foreign currency translation | — |  |  | — |  |  | (3,334 | ) |  | — |  |  | (3,334 | )
Change in unrealized gain on intra-entity currency loan | 594 |  |  | — |  |  | — |  |  | — |  |  | 594 |
Change in unrealized gain on marketable debt securities | 1,306 |  |  | — |  |  | — |  |  | — |  |  | 1,306 |
Other | — |  |  | — |  |  | 239 |  |  | — |  |  | 239 |
Total other comprehensive income (loss) | 1,900 |  |  | — |  |  | (3,095 | ) |  | — |  |  | (1,195 | )
Comprehensive income | 122,947 |  |  | 14,006 |  |  | 109,351 |  |  | (126,225 | ) |  | 120,079 |
Comprehensive income attributable to noncontrolling interest | — |  |  | — |  |  | 227 |  |  | — |  |  | 227 |
Comprehensive income attributable to common stockholders | $ | 122,947 |  |  | $ | 14,006 |  |  | $ | 109,124 |  |  | $ | (126,225 | ) |  | $ | 119,852 |
(1) | Certain of Ventas Realty’s outstanding senior notes were issued jointly with our 100% owned subsidiary, Ventas Capital Corporation, which has no assets or operations.
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Three Months Ended March 31, 2013
| Ventas, Inc. |  | Ventas Realty (1) |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Net income | $ | 112,193 |  |  | $ | 25,010 |  |  | $ | 92,222 |  |  | $ | (116,327 | ) |  | $ | 113,098 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |
Foreign currency translation | — |  |  | — |  |  | (2,091 | ) |  | — |  |  | (2,091 | )
Change in unrealized gain on marketable debt securities | 61 |  |  | — |  |  | — |  |  | — |  |  | 61 |
Other | — |  |  | — |  |  | 504 |  |  | — |  |  | 504 |
Total other comprehensive income (loss) | 61 |  |  | — |  |  | (1,587 | ) |  | — |  |  | (1,526 | )
Comprehensive income | 112,254 |  |  | 25,010 |  |  | 90,635 |  |  | (116,327 | ) |  | 111,572 |
Comprehensive income attributable to noncontrolling interest | — |  |  | — |  |  | 905 |  |  | — |  |  | 905 |
Comprehensive income attributable to common stockholders | $ | 112,254 |  |  | $ | 25,010 |  |  | $ | 89,730 |  |  | $ | (116,327 | ) |  | $ | 110,667 |
(1) | Certain of Ventas Realty’s outstanding senior notes were issued jointly with our 100% owned subsidiary, Ventas Capital Corporation, which has no assets or operations.
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 31, 2014
| Ventas, Inc. |  | Ventas Realty (1) |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Net cash (used in) provided by operating activities | $ | (46,025 | ) |  | $ | 20,487 |  |  | $ | 309,959 |  |  | $ | — |  |  | $ | 284,421 |
Net cash (used in) provided by investing activities | (155,716 | ) |  | 5,190 |  |  | (67,824 | ) |  | — |  |  | (218,350 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Net change in borrowings under revolving credit facility | — |  |  | 182,969 |  |  | (1,215 | ) |  | — |  |  | 181,754 |
Repayment of debt | — |  |  | — |  |  | (67,773 | ) |  | — |  |  | (67,773 | )
Net change in intercompany debt | 227,406 |  |  | (205,292 | ) |  | (22,114 | ) |  | — |  |  | — |
Payment of deferred financing costs | — |  |  | (154 | ) |  | (13 | ) |  | — |  |  | (167 | )
Cash distribution from (to) affiliates | 179,724 |  |  | (2,618 | ) |  | (177,106 | ) |  | — |  |  | — |
Cash distribution to common stockholders | (213,473 | ) |  | — |  |  | — |  |  | — |  |  | (213,473 | )
Cash distribution to redeemable OP unitholders | (1,402 | ) |  | — |  |  | — |  |  | — |  |  | (1,402 | )
Distributions to noncontrolling interest | — |  |  | — |  |  | (2,237 | ) |  | — |  |  | (2,237 | )
Other | 1,636 |  |  | 5 |  |  | — |  |  | — |  |  | 1,641 |
Net cash provided by (used in) financing activities | 193,891 |  |  | (25,090 | ) |  | (270,458 | ) |  | — |  |  | (101,657 | )
Net (decrease) increase in cash and cash equivalents | (7,850 | ) |  | 587 |  |  | (28,323 | ) |  | — |  |  | (35,586 | )
Effect of foreign currency translation on cash and cash equivalents | 593 |  |  | (587 | ) |  | 555 |  |  | — |  |  | 561 |
Cash and cash equivalents at beginning of period | 28,169 |  |  | — |  |  | 66,647 |  |  | — |  |  | 94,816 |
Cash and cash equivalents at end of period | $ | 20,912 |  |  | $ | — |  |  | $ | 38,879 |  |  | $ | — |  |  | $ | 59,791 |
(1) | Certain of Ventas Realty’s outstanding senior notes were issued jointly with our 100% owned subsidiary, Ventas Capital Corporation, which has no assets or operations.
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 31, 2013
| Ventas, Inc. |  | Ventas Realty (1) |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Net cash (used in) provided by operating activities | $ | (26,368 | ) |  | $ | 51,309 |  |  | $ | 205,364 |  |  | $ | — |  |  | $ | 230,305 |
Net cash (used in) provided by investing activities | (47,169 | ) |  | (5,835 | ) |  | 112,477 |  |  | — |  |  | 59,473 |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Net change in borrowings under revolving credit facility | — |  |  | (376,000 | ) |  | 84 |  |  | — |  |  | (375,916 | )
Proceeds from debt | — |  |  | 758,460 |  |  | 158,411 |  |  | — |  |  | 916,871 |
Repayment of debt | (11,420 | ) |  | — |  |  | (624,373 | ) |  | — |  |  | (635,793 | )
Net change in intercompany debt | 279,196 |  |  | (415,487 | ) |  | 136,291 |  |  | — |  |  | — |
Payment of deferred financing costs | — |  |  | (12,160 | ) |  | (1,648 | ) |  | — |  |  | (13,808 | )
Cash distribution (to) from affiliates | (17,903 | ) |  | (238 | ) |  | 18,141 |  |  | — |  |  | — |
Issuance of common stock, net | 5,050 |  |  | — |  |  | — |  |  | — |  |  | 5,050 |
Cash distribution to common stockholders | (195,700 | ) |  | — |  |  | — |  |  | — |  |  | (195,700 | )
Cash distribution to redeemable OP unitholders | (1,151 | ) |  | — |  |  | — |  |  | — |  |  | (1,151 | )
Purchases of redeemable OP units | (108 | ) |  | — |  |  | — |  |  | — |  |  | (108 | )
Distributions to noncontrolling interest | — |  |  | — |  |  | (1,450 | ) |  | — |  |  | (1,450 | )
Other | 2,058 |  |  | — |  |  | — |  |  | — |  |  | 2,058 |
Net cash provided by (used in) financing activities | 60,022 |  |  | (45,425 | ) |  | (314,544 | ) |  | — |  |  | (299,947 | )
Net (decrease) increase in cash and cash equivalents | (13,515 | ) |  | 49 |  |  | 3,297 |  |  | — |  |  | (10,169 | )
Effect of foreign currency translation on cash and cash equivalents | — |  |  | (49 | ) |  | — |  |  | — |  |  | (49 | )
Cash and cash equivalents at beginning of period | 16,734 |  |  | — |  |  | 51,174 |  |  | — |  |  | 67,908 |
Cash and cash equivalents at end of period | $ | 3,219 |  |  | $ | — |  |  | $ | 54,471 |  |  | $ | — |  |  | $ | 57,690 |
(1) | Certain of Ventas Realty’s outstanding senior notes were issued jointly with our 100% owned subsidiary, Ventas Capital Corporation, which has no assets or operations.

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- Definition The entire disclosure for condensed financial statements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 10 -Paragraph f -Article 3 + Details
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