v3.2.0.727

CONDENSED CONSOLIDATING INFORMATION (Tables) | 6 Months Ended
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Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Condensed Consolidating Balance Sheet | The following summarizes our condensed consolidating information as of June 30, 2015 and December 31, 2014 and for the three and six months ended June 30, 2015 and 2014: CONDENSED CONSOLIDATING BALANCE SHEET As of June 30, 2015
| Ventas, Inc. |  | Ventas Realty (1) |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Assets |  |  |  |  |  |  |  |  |
Net real estate investments | $ | 6,101 |  |  | $ | 344,952 |  |  | $ | 21,888,912 |  |  | $ | — |  |  | $ | 22,239,965 |
Cash and cash equivalents | 11,718 |  |  | — |  |  | 48,814 |  |  | — |  |  | 60,532 |
Escrow deposits and restricted cash | 124,478 |  |  | 1,491 |  |  | 67,991 |  |  | — |  |  | 193,960 |
Deferred financing costs, net | 759 |  |  | 57,902 |  |  | 9,623 |  |  | — |  |  | 68,284 |
Investment in and advances to affiliates | 14,152,936 |  |  | 3,430,055 |  |  | — |  |  | (17,582,991 | ) |  | — |
Other assets | 60,255 |  |  | 9,185 |  |  | 1,642,981 |  |  | — |  |  | 1,712,421 |
Total assets | $ | 14,356,247 |  |  | $ | 3,843,585 |  |  | $ | 23,658,321 |  |  | $ | (17,582,991 | ) |  | $ | 24,275,162 |
Liabilities and equity |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |
Senior notes payable and other debt | $ | 45,000 |  |  | $ | 8,093,699 |  |  | $ | 3,369,162 |  |  | $ | — |  |  | $ | 11,507,861 |
Intercompany loans | 6,850,326 |  |  | (6,274,138 | ) |  | (576,188 | ) |  | — |  |  | — |
Accrued interest | — |  |  | 57,809 |  |  | 19,822 |  |  | — |  |  | 77,631 |
Accounts payable and other liabilities | 101,034 |  |  | 76,843 |  |  | 848,482 |  |  | — |  |  | 1,026,359 |
Deferred income taxes | 370,161 |  |  | — |  |  | — |  |  | — |  |  | 370,161 |
Total liabilities | 7,366,521 |  |  | 1,954,213 |  |  | 3,661,278 |  |  | — |  |  | 12,982,012 |
Redeemable OP unitholder and noncontrolling interests | — |  |  | — |  |  | 199,404 |  |  | — |  |  | 199,404 |
Total equity | 6,989,726 |  |  | 1,889,372 |  |  | 19,797,639 |  |  | (17,582,991 | ) |  | 11,093,746 |
Total liabilities and equity | $ | 14,356,247 |  |  | $ | 3,843,585 |  |  | $ | 23,658,321 |  |  | $ | (17,582,991 | ) |  | $ | 24,275,162 |
(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, 2014
| Ventas, Inc. |  | Ventas Realty (1) |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Assets |  |  |  |  |  |  |  |  |
Net real estate investments | $ | 6,404 |  |  | $ | 347,583 |  |  | $ | 19,553,200 |  |  | $ | — |  |  | $ | 19,907,187 |
Cash and cash equivalents | 24,857 |  |  | — |  |  | 30,491 |  |  | — |  |  | 55,348 |
Escrow deposits and restricted cash | 2,102 |  |  | 1,424 |  |  | 68,245 |  |  | — |  |  | 71,771 |
Deferred financing costs, net | 759 |  |  | 50,669 |  |  | 8,900 |  |  | — |  |  | 60,328 |
Investment in and advances to affiliates | 10,827,772 |  |  | 3,430,054 |  |  | — |  |  | (14,257,826 | ) |  | — |
Other assets | 102,646 |  |  | 57,123 |  |  | 971,768 |  |  | — |  |  | 1,131,537 |
Total assets | $ | 10,964,540 |  |  | $ | 3,886,853 |  |  | $ | 20,632,604 |  |  | $ | (14,257,826 | ) |  | $ | 21,226,171 |
Liabilities and equity |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |
Senior notes payable and other debt | $ | — |  |  | $ | 7,422,975 |  |  | $ | 3,465,117 |  |  | $ | — |  |  | $ | 10,888,092 |
Intercompany loans | 5,555,196 |  |  | (5,562,739 | ) |  | 7,543 |  |  | — |  |  | — |
Accrued interest | — |  |  | 43,212 |  |  | 18,885 |  |  | — |  |  | 62,097 |
Accounts payable and other liabilities | 105,037 |  |  | 80,307 |  |  | 819,888 |  |  | — |  |  | 1,005,232 |
Deferred income taxes | 344,337 |  |  | — |  |  | — |  |  | — |  |  | 344,337 |
Total liabilities | 6,004,570 |  |  | 1,983,755 |  |  | 4,311,433 |  |  | — |  |  | 12,299,758 |
Redeemable OP unitholder and noncontrolling interests | — |  |  | — |  |  | 172,016 |  |  | — |  |  | 172,016 |
Total equity | 4,959,970 |  |  | 1,903,098 |  |  | 16,149,155 |  |  | (14,257,826 | ) |  | 8,754,397 |
Total liabilities and equity | $ | 10,964,540 |  |  | $ | 3,886,853 |  |  | $ | 20,632,604 |  |  | $ | (14,257,826 | ) |  | $ | 21,226,171 |
(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 | CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended June 30, 2015
| Ventas, Inc. |  | Ventas Realty (1) |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Revenues: |  |  |  |  |  |  |  |  |
Rental income | $ | 915 |  |  | $ | 70,959 |  |  | $ | 329,091 |  |  | $ | — |  |  | $ | 400,965 |
Resident fees and services | — |  |  | — |  |  | 454,645 |  |  | — |  |  | 454,645 |
Medical office building and other services revenue | — |  |  | — |  |  | 9,408 |  |  | — |  |  | 9,408 |
Income from loans and investments | 7,169 |  |  | 252 |  |  | 18,647 |  |  | — |  |  | 26,068 |
Equity earnings in affiliates | 131,119 |  |  | — |  |  | (62 | ) |  | (131,057 | ) |  | — |
Interest and other income | 20 |  |  | 53 |  |  | 163 |  |  | — |  |  | 236 |
Total revenues | 139,223 |  |  | 71,264 |  |  | 811,892 |  |  | (131,057 | ) |  | 891,322 |
Expenses: |  |  |  |  |  |  |  |  |
Interest | (8,932 | ) |  | 64,569 |  |  | 51,954 |  |  | — |  |  | 107,591 |
Depreciation and amortization | 1,357 |  |  | 7,677 |  |  | 240,161 |  |  | — |  |  | 249,195 |
Property-level operating expenses | — |  |  | 73 |  |  | 342,500 |  |  | — |  |  | 342,573 |
Medical office building services costs | — |  |  | — |  |  | 5,764 |  |  | — |  |  | 5,764 |
General, administrative and professional fees | 2,821 |  |  | 5,054 |  |  | 26,087 |  |  | — |  |  | 33,962 |
Gain on extinguishment of debt, net | — |  |  | — |  |  | (455 | ) |  | — |  |  | (455 | )
Merger-related expenses and deal costs | 11,827 |  |  | 75 |  |  | 2,683 |  |  | — |  |  | 14,585 |
Other | (136 | ) |  | 325 |  |  | 4,902 |  |  | — |  |  | 5,091 |
Total expenses | 6,937 |  |  | 77,773 |  |  | 673,596 |  |  | — |  |  | 758,306 |
Income (loss) from continuing operations before income (loss) from unconsolidated entities, income taxes, real estate dispositions and noncontrolling interest | 132,286 |  |  | (6,509 | ) |  | 138,296 |  |  | (131,057 | ) |  | 133,016 |
Income (loss) from unconsolidated entities | — |  |  | 359 |  |  | (350 | ) |  | — |  |  | 9 |
Income tax benefit | 9,789 |  |  | — |  |  | — |  |  | — |  |  | 9,789 |
Income (loss) from continuing operations | 142,075 |  |  | (6,150 | ) |  | 137,946 |  |  | (131,057 | ) |  | 142,814 |
Discontinued operations | 277 |  |  | (88 | ) |  | (122 | ) |  | — |  |  | 67 |
Gain on real estate dispositions | 7,469 |  |  | — |  |  | — |  |  | — |  |  | 7,469 |
Net income (loss) | 149,821 |  |  | (6,238 | ) |  | 137,824 |  |  | (131,057 | ) |  | 150,350 |
Net income attributable to noncontrolling interest | — |  |  | — |  |  | 529 |  |  | — |  |  | 529 |
Net income (loss) attributable to common stockholders | $ | 149,821 |  |  | $ | (6,238 | ) |  | $ | 137,295 |  |  | $ | (131,057 | ) |  | $ | 149,821 |
(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 June 30, 2014
| Ventas, Inc. |  | Ventas Realty (1) |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Revenues: |  |  |  |  |  |  |  |  |
Rental income | $ | 626 |  |  | $ | 68,003 |  |  | $ | 288,987 |  |  | $ | — |  |  | $ | 357,616 |
Resident fees and services | — |  |  | — |  |  | 374,473 |  |  | — |  |  | 374,473 |
Medical office building and other services revenue | — |  |  | — |  |  | 4,367 |  |  | — |  |  | 4,367 |
Income from loans and investments | 931 |  |  | — |  |  | 13,694 |  |  | — |  |  | 14,625 |
Equity earnings in affiliates | 132,423 |  |  | — |  |  | 48 |  |  | (132,471 | ) |  | — |
Interest and other income | 34 |  |  | 5 |  |  | 134 |  |  | — |  |  | 173 |
Total revenues | 134,014 |  |  | 68,008 |  |  | 681,703 |  |  | (132,471 | ) |  | 751,254 |
Expenses: |  |  |  |  |  |  |  |  |
Interest | (4,225 | ) |  | 46,935 |  |  | 48,791 |  |  | — |  |  | 91,501 |
Depreciation and amortization | 1,478 |  |  | 7,435 |  |  | 181,905 |  |  | — |  |  | 190,818 |
Property-level operating expenses | — |  |  | 99 |  |  | 288,660 |  |  | — |  |  | 288,759 |
Medical office building services costs | — |  |  | — |  |  | 1,626 |  |  | — |  |  | 1,626 |
General, administrative and professional fees | (12 | ) |  | 5,520 |  |  | 25,798 |  |  | — |  |  | 31,306 |
Loss on extinguishment of debt, net | — |  |  | — |  |  | 2,924 |  |  | — |  |  | 2,924 |
Merger-related expenses and deal costs | 6,482 |  |  | 2,110 |  |  | 1,007 |  |  | — |  |  | 9,599 |
Other | 324 |  |  | 83 |  |  | 4,456 |  |  | — |  |  | 4,863 |
Total expenses | 4,047 |  |  | 62,182 |  |  | 555,167 |  |  | — |  |  | 621,396 |
Income from continuing operations before income from unconsolidated entities, income taxes, real estate dispositions and noncontrolling interest | 129,967 |  |  | 5,826 |  |  | 126,536 |  |  | (132,471 | ) |  | 129,858 |
Income from unconsolidated entities | — |  |  | 320 |  |  | 28 |  |  | — |  |  | 348 |
Income tax expense | (3,274 | ) |  | — |  |  | — |  |  | — |  |  | (3,274 | )
Income from continuing operations | 126,693 |  |  | 6,146 |  |  | 126,564 |  |  | (132,471 | ) |  | 126,932 |
Discontinued operations | (184 | ) |  | (1,329 | ) |  | 1,258 |  |  | — |  |  | (255 | )
Gain on real estate dispositions | 11,889 |  |  | — |  |  | — |  |  | — |  |  | 11,889 |
Net income | 138,398 |  |  | 4,817 |  |  | 127,822 |  |  | (132,471 | ) |  | 138,566 |
Net income attributable to noncontrolling interest | — |  |  | — |  |  | 168 |  |  | — |  |  | 168 |
Net income attributable to common stockholders | $ | 138,398 |  |  | $ | 4,817 |  |  | $ | 127,654 |  |  | $ | (132,471 | ) |  | $ | 138,398 |
(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 Six Months Ended June 30, 2015
| Ventas, Inc. |  | Ventas Realty (1) |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Revenues: |  |  |  |  |  |  |  |  |
Rental income | $ | 1,831 |  |  | $ | 142,127 |  |  | $ | 660,203 |  |  | $ | — |  |  | $ | 804,161 |
Resident fees and services | — |  |  | — |  |  | 901,559 |  |  | — |  |  | 901,559 |
Medical office building and other services revenue | — |  |  | — |  |  | 19,951 |  |  | — |  |  | 19,951 |
Income from loans and investments | 8,605 |  |  | 303 |  |  | 40,059 |  |  | — |  |  | 48,967 |
Equity earnings in affiliates | 261,112 |  |  | — |  |  | (140 | ) |  | (260,972 | ) |  | — |
Interest and other income | 376 |  |  | 58 |  |  | 274 |  |  | — |  |  | 708 |
Total revenues | 271,924 |  |  | 142,488 |  |  | 1,621,906 |  |  | (260,972 | ) |  | 1,775,346 |
Expenses: |  |  |  |  |  |  |  |  |
Interest | (16,760 | ) |  | 128,163 |  |  | 102,778 |  |  | — |  |  | 214,181 |
Depreciation and amortization | 2,700 |  |  | 16,727 |  |  | 477,209 |  |  | — |  |  | 496,636 |
Property-level operating expenses | — |  |  | 204 |  |  | 683,080 |  |  | — |  |  | 683,284 |
Medical office building services costs | — |  |  | — |  |  | 12,682 |  |  | — |  |  | 12,682 |
General, administrative and professional fees | 80 |  |  | 11,415 |  |  | 56,797 |  |  | — |  |  | 68,292 |
Gain on extinguishment of debt, net | — |  |  | — |  |  | (434 | ) |  | — |  |  | (434 | )
Merger-related expenses and deal costs | 46,180 |  |  | 75 |  |  | 3,502 |  |  | — |  |  | 49,757 |
Other | 935 |  |  | 327 |  |  | 9,125 |  |  | — |  |  | 10,387 |
Total expenses | 33,135 |  |  | 156,911 |  |  | 1,344,739 |  |  | — |  |  | 1,534,785 |
Income (loss) from continuing operations before income (loss) from unconsolidated entities, income taxes, real estate dispositions and noncontrolling interest | 238,789 |  |  | (14,423 | ) |  | 277,167 |  |  | (260,972 | ) |  | 240,561 |
Income (loss) from unconsolidated entities | — |  |  | 760 |  |  | (1,002 | ) |  | — |  |  | (242 | )
Income tax benefit | 17,039 |  |  | — |  |  | — |  |  | — |  |  | 17,039 |
Income (loss) from continuing operations | 255,828 |  |  | (13,663 | ) |  | 276,165 |  |  | (260,972 | ) |  | 257,358 |
Discontinued operations | 280 |  |  | (365 | ) |  | (271 | ) |  | — |  |  | (356 | )
Gain on real estate dispositions | 14,155 |  |  | — |  |  | — |  |  | — |  |  | 14,155 |
Net income (loss) | 270,263 |  |  | (14,028 | ) |  | 275,894 |  |  | (260,972 | ) |  | 271,157 |
Net income attributable to noncontrolling interest | — |  |  | — |  |  | 894 |  |  | — |  |  | 894 |
Net income (loss) attributable to common stockholders | $ | 270,263 |  |  | $ | (14,028 | ) |  | $ | 275,000 |  |  | $ | (260,972 | ) |  | $ | 270,263 |
(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 Six Months Ended June 30, 2014
| Ventas, Inc. |  | Ventas Realty (1) |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Revenues: |  |  |  |  |  |  |  |  |
Rental income | $ | 1,244 |  |  | $ | 140,615 |  |  | $ | 568,826 |  |  | $ | — |  |  | $ | 710,685 |
Resident fees and services | — |  |  | — |  |  | 745,534 |  |  | — |  |  | 745,534 |
Medical office building and other services revenue | — |  |  | — |  |  | 10,667 |  |  | — |  |  | 10,667 |
Income from loans and investments | 1,236 |  |  | — |  |  | 24,156 |  |  | — |  |  | 25,392 |
Equity earnings in affiliates | 258,510 |  |  | — |  |  | 211 |  |  | (258,721 | ) |  | — |
Interest and other income | 185 |  |  | 11 |  |  | 250 |  |  | — |  |  | 446 |
Total revenues | 261,175 |  |  | 140,626 |  |  | 1,349,644 |  |  | (258,721 | ) |  | 1,492,724 |
Expenses: |  |  |  |  |  |  |  |  |
Interest | (4,872 | ) |  | 90,029 |  |  | 94,185 |  |  | — |  |  | 179,342 |
Depreciation and amortization | 2,898 |  |  | 15,406 |  |  | 366,108 |  |  | — |  |  | 384,412 |
Property-level operating expenses | — |  |  | 248 |  |  | 576,151 |  |  | — |  |  | 576,399 |
Medical office building services costs | — |  |  | — |  |  | 4,997 |  |  | — |  |  | 4,997 |
General, administrative and professional fees | 1,875 |  |  | 11,365 |  |  | 50,932 |  |  | — |  |  | 64,172 |
(Gain) loss on extinguishment of debt, net | (3 | ) |  | 3 |  |  | 2,665 |  |  | — |  |  | 2,665 |
Merger-related expenses and deal costs | 8,235 |  |  | 2,110 |  |  | 10,014 |  |  | — |  |  | 20,359 |
Other | 1,031 |  |  | 402 |  |  | 8,659 |  |  | — |  |  | 10,092 |
Total expenses | 9,164 |  |  | 119,563 |  |  | 1,113,711 |  |  | — |  |  | 1,242,438 |
Income from continuing operations before income (loss) from unconsolidated entities, income taxes, real estate dispositions and noncontrolling interest | 252,011 |  |  | 21,063 |  |  | 235,933 |  |  | (258,721 | ) |  | 250,286 |
Income (loss) from unconsolidated entities | — |  |  | 841 |  |  | (245 | ) |  | — |  |  | 596 |
Income tax expense | (6,707 | ) |  | — |  |  | — |  |  | — |  |  | (6,707 | )
Income from continuing operations | 245,304 |  |  | 21,904 |  |  | 235,688 |  |  | (258,721 | ) |  | 244,175 |
Discontinued operations | 1,252 |  |  | (774 | ) |  | 2,298 |  |  | — |  |  | 2,776 |
Gain on real estate dispositions | 12,889 |  |  | — |  |  | — |  |  | — |  |  | 12,889 |
Net income | 259,445 |  |  | 21,130 |  |  | 237,986 |  |  | (258,721 | ) |  | 259,840 |
Net income attributable to noncontrolling interest | — |  |  | — |  |  | 395 |  |  | — |  |  | 395 |
Net income attributable to common stockholders | $ | 259,445 |  |  | $ | 21,130 |  |  | $ | 237,591 |  |  | $ | (258,721 | ) |  | $ | 259,445 |
(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 | CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Three Months Ended June 30, 2015
| Ventas, Inc. |  | Ventas Realty (1) |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Net income (loss) | $ | 149,821 |  |  | $ | (6,238 | ) |  | $ | 137,824 |  |  | $ | (131,057 | ) |  | $ | 150,350 |
Other comprehensive (loss) income: |  |  |  |  |  |  |  |  |
Foreign currency translation | — |  |  | — |  |  | 14,393 |  |  | — |  |  | 14,393 |
Change in unrealized gain on marketable securities | (6,395 | ) |  | — |  |  | — |  |  | — |  |  | (6,395 | )
Other | — |  |  | — |  |  | (2,175 | ) |  | — |  |  | (2,175 | )
Total other comprehensive (loss) income | (6,395 | ) |  | — |  |  | 12,218 |  |  | — |  |  | 5,823 |
Comprehensive income (loss) | 143,426 |  |  | (6,238 | ) |  | 150,042 |  |  | (131,057 | ) |  | 156,173 |
Comprehensive income attributable to noncontrolling interest | — |  |  | — |  |  | 529 |  |  | — |  |  | 529 |
Comprehensive income (loss) attributable to common stockholders | $ | 143,426 |  |  | $ | (6,238 | ) |  | $ | 149,513 |  |  | $ | (131,057 | ) |  | $ | 155,644 |
(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 June 30, 2014
| Ventas, Inc. |  | Ventas Realty (1) |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Net income | $ | 138,398 |  |  | $ | 4,817 |  |  | $ | 127,822 |  |  | $ | (132,471 | ) |  | $ | 138,566 |
Other comprehensive income: |  |  |  |  |  |  |  |  |
Foreign currency translation | — |  |  | — |  |  | 7,719 |  |  | — |  |  | 7,719 |
Change in unrealized gain on marketable securities | 265 |  |  | — |  |  | — |  |  | — |  |  | 265 |
Other | — |  |  | — |  |  | (193 | ) |  | — |  |  | (193 | )
Total other comprehensive income | 265 |  |  | — |  |  | 7,526 |  |  | — |  |  | 7,791 |
Comprehensive income | 138,663 |  |  | 4,817 |  |  | 135,348 |  |  | (132,471 | ) |  | 146,357 |
Comprehensive income attributable to noncontrolling interest | — |  |  | — |  |  | 168 |  |  | — |  |  | 168 |
Comprehensive income attributable to common stockholders | $ | 138,663 |  |  | $ | 4,817 |  |  | $ | 135,180 |  |  | $ | (132,471 | ) |  | $ | 146,189 |
(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 Six Months Ended June 30, 2015
| Ventas, Inc. |  | Ventas Realty (1) |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Net income (loss) | $ | 270,263 |  |  | $ | (14,028 | ) |  | $ | 275,894 |  |  | $ | (260,972 | ) |  | $ | 271,157 |
Other comprehensive (loss) income: |  |  |  |  |  |  |  |  |
Foreign currency translation | — |  |  | — |  |  | 3,521 |  |  | — |  |  | 3,521 |
Change in unrealized gain on marketable securities | (5,046 | ) |  | — |  |  | — |  |  | — |  |  | (5,046 | )
Other | — |  |  | — |  |  | (1,416 | ) |  | — |  |  | (1,416 | )
Total other comprehensive (loss) income | (5,046 | ) |  | — |  |  | 2,105 |  |  | — |  |  | (2,941 | )
Comprehensive income (loss) | 265,217 |  |  | (14,028 | ) |  | 277,999 |  |  | (260,972 | ) |  | 268,216 |
Comprehensive income attributable to noncontrolling interest | — |  |  | — |  |  | 894 |  |  | — |  |  | 894 |
Comprehensive income (loss) attributable to common stockholders | $ | 265,217 |  |  | $ | (14,028 | ) |  | $ | 277,105 |  |  | $ | (260,972 | ) |  | $ | 267,322 |
(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 Six Months Ended June 30, 2014
| Ventas, Inc. |  | Ventas Realty (1) |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Net income | $ | 259,445 |  |  | $ | 21,130 |  |  | $ | 237,986 |  |  | $ | (258,721 | ) |  | $ | 259,840 |
Other comprehensive income: |  |  |  |  |  |  |  |  |
Foreign currency translation | — |  |  | — |  |  | 4,979 |  |  | — |  |  | 4,979 |
Change in unrealized gain on marketable securities | 1,571 |  |  | — |  |  | — |  |  | — |  |  | 1,571 |
Other | — |  |  | — |  |  | 46 |  |  | — |  |  | 46 |
Total other comprehensive income | 1,571 |  |  | — |  |  | 5,025 |  |  | — |  |  | 6,596 |
Comprehensive income | 261,016 |  |  | 21,130 |  |  | 243,011 |  |  | (258,721 | ) |  | 266,436 |
Comprehensive income attributable to noncontrolling interest | — |  |  | — |  |  | 395 |  |  | — |  |  | 395 |
Comprehensive income attributable to common stockholders | $ | 261,016 |  |  | $ | 21,130 |  |  | $ | 242,616 |  |  | $ | (258,721 | ) |  | $ | 266,041 |
(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 | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 2015
| Ventas, Inc. |  | Ventas Realty (1) |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Net cash (used in) provided by operating activities | $ | (6,671 | ) |  | $ | 41,072 |  |  | $ | 683,323 |  |  | $ | — |  |  | $ | 717,724 |
Net cash used in investing activities | (923,494 | ) |  | (10,153 | ) |  | (63,100 | ) |  | — |  |  | (996,747 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Net change in borrowings under revolving credit facility | 45,000 |  |  | (228,000 | ) |  | (138,334 | ) |  | — |  |  | (321,334 | )
Proceeds from debt | — |  |  | 896,478 |  |  | 211,493 |  |  | — |  |  | 1,107,971 |
Repayment of debt | — |  |  | — |  |  | (278,442 | ) |  | — |  |  | (278,442 | )
Net change in intercompany debt | 1,295,130 |  |  | (711,399 | ) |  | (583,731 | ) |  | — |  |  | — |
Purchase of noncontrolling interest | — |  |  | — |  |  | (3,816 | ) |  | — |  |  | (3,816 | )
Payment of deferred financing costs | — |  |  | (12,755 | ) |  | (1,853 | ) |  | — |  |  | (14,608 | )
Issuance of common stock, net | 352,167 |  |  | — |  |  | — |  |  | — |  |  | 352,167 |
Cash distribution (to) from affiliates | (269,799 | ) |  | 24,757 |  |  | 245,042 |  |  | — |  |  | — |
Cash distribution to common stockholders | (516,404 | ) |  | — |  |  | — |  |  | — |  |  | (516,404 | )
Cash distribution to redeemable OP unitholders | — |  |  | — |  |  | (4,697 | ) |  | — |  |  | (4,697 | )
Purchases of redeemable OP units | — |  |  | — |  |  | (33,188 | ) |  | — |  |  | (33,188 | )
Distributions to noncontrolling interest | — |  |  | — |  |  | (9,467 | ) |  | — |  |  | (9,467 | )
Other | 5,928 |  |  | — |  |  | — |  |  | — |  |  | 5,928 |
Net cash provided by (used in) financing activities | 912,022 |  |  | (30,919 | ) |  | (596,993 | ) |  | — |  |  | 284,110 |
Net (decrease) increase in cash and cash equivalents | (18,143 | ) |  | — |  |  | 23,230 |  |  | — |  |  | 5,087 |
Effect of foreign currency translation on cash and cash equivalents | 5,004 |  |  | — |  |  | (4,907 | ) |  | — |  |  | 97 |
Cash and cash equivalents at beginning of period | 24,857 |  |  | — |  |  | 30,491 |  |  | — |  |  | 55,348 |
Cash and cash equivalents at end of period | $ | 11,718 |  |  | $ | — |  |  | $ | 48,814 |  |  | $ | — |  |  | $ | 60,532 |
(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 Six Months Ended June 30, 2014
| Ventas, Inc. |  | Ventas Realty (1) |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Net cash (used in) provided by operating activities | $ | (87,463 | ) |  | $ | 46,937 |  |  | $ | 636,228 |  |  | $ | — |  |  | $ | 595,702 |
Net cash used in investing activities | (183,034 | ) |  | (1,946 | ) |  | (200,453 | ) |  | — |  |  | (385,433 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Net change in borrowings under revolving credit facility | — |  |  | (196,000 | ) |  | (3,951 | ) |  | — |  |  | (199,951 | )
Proceeds from debt | — |  |  | 696,661 |  |  | — |  |  | — |  |  | 696,661 |
Repayment of debt | — |  |  | — |  |  | (272,726 | ) |  | — |  |  | (272,726 | )
Net change in intercompany debt | 597,469 |  |  | (546,235 | ) |  | (51,234 | ) |  | — |  |  | — |
Payment of deferred financing costs | — |  |  | (5,966 | ) |  | (880 | ) |  | — |  |  | (6,846 | )
Cash distribution from (to) affiliates | 113,939 |  |  | 6,544 |  |  | (120,483 | ) |  | — |  |  | — |
Cash distribution to common stockholders | (426,952 | ) |  | — |  |  | — |  |  | — |  |  | (426,952 | )
Cash distribution to redeemable OP unitholders | — |  |  | — |  |  | (2,762 | ) |  | — |  |  | (2,762 | )
Distributions to noncontrolling interest | — |  |  | — |  |  | (4,908 | ) |  | — |  |  | (4,908 | )
Other | 2,546 |  |  | 5 |  |  | (3,125 | ) |  | — |  |  | (574 | )
Net cash provided by (used in) financing activities | 287,002 |  |  | (44,991 | ) |  | (460,069 | ) |  | — |  |  | (218,058 | )
Net increase (decrease) in cash and cash equivalents | 16,505 |  |  | — |  |  | (24,294 | ) |  | — |  |  | (7,789 | )
Effect of foreign currency translation on cash and cash equivalents | 5,552 |  |  | — |  |  | (5,944 | ) |  | — |  |  | (392 | )
Cash and cash equivalents at beginning of period | 28,169 |  |  | — |  |  | 66,647 |  |  | — |  |  | 94,816 |
Cash and cash equivalents at end of period | $ | 50,226 |  |  | $ | — |  |  | $ | 36,409 |  |  | $ | — |  |  | $ | 86,635 |
(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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