v3.5.0.2

CONDENSED CONSOLIDATING INFORMATION (Unaudited) | 9 Months Ended
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Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
CONDENSED CONSOLIDATING INFORMATION (Unaudited) | NOTE 17—CONDENSED CONSOLIDATING INFORMATION (Unaudited) Ventas, Inc. has 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 (such subsidiaries, excluding Ventas Realty and Ventas Capital Corporation, the “Ventas Subsidiaries”) is obligated with respect to Ventas Realty’s outstanding senior notes. Certain of Ventas Realty’s outstanding senior notes reflected in our condensed consolidating information were issued jointly with Ventas Capital Corporation. Ventas, Inc. has also 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 Canada Finance Limited. None of our other subsidiaries is obligated with respect to Ventas Canada Finance Limited’s outstanding senior notes, all of which were issued on a private placement basis in Canada. 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 guarantees with respect to Ventas Realty’s and Ventas Canada Finance Limited’s senior notes. Certain of our real estate assets are also subject to mortgages. The following summarizes our condensed consolidating information as of September 30, 2016 and December 31, 2015 and for the three and nine months ended September 30, 2016 and 2015: CONDENSED CONSOLIDATING BALANCE SHEET As of September 30, 2016
| Ventas, Inc. |  | Ventas Realty |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Assets |  |  |  |  |  |  |  |  |
Net real estate investments | $ | 2,027 |  |  | $ | 177,952 |  |  | $ | 21,340,900 |  |  | $ | — |  |  | $ | 21,520,879 |
Cash and cash equivalents | 12,039 |  |  | — |  |  | 77,240 |  |  | — |  |  | 89,279 |
Escrow deposits and restricted cash | 198 |  |  | 1,437 |  |  | 87,886 |  |  | — |  |  | 89,521 |
Investment in and advances to affiliates | 14,476,749 |  |  | 2,994,463 |  |  | — |  |  | (17,471,212 | ) |  | — |
Goodwill | — |  |  | — |  |  | 1,043,075 |  |  | — |  |  | 1,043,075 |
Assets held for sale | 5 |  |  | 1,624 |  |  | 193,623 |  |  | — |  |  | 195,252 |
Other assets | 46,116 |  |  | 3,161 |  |  | 438,981 |  |  | — |  |  | 488,258 |
Total assets | $ | 14,537,134 |  |  | $ | 3,178,637 |  |  | $ | 23,181,705 |  |  | $ | (17,471,212 | ) |  | $ | 23,426,264 |
Liabilities and equity |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |
Senior notes payable and other debt | $ | — |  |  | $ | 8,480,339 |  |  | $ | 2,771,988 |  |  | $ | — |  |  | $ | 11,252,327 |
Intercompany loans | 6,971,785 |  |  | (6,324,940 | ) |  | (646,845 | ) |  | — |  |  | — |
Accrued interest | — |  |  | 55,924 |  |  | 14,866 |  |  | — |  |  | 70,790 |
Accounts payable and other liabilities | 91,143 |  |  | 40,732 |  |  | 798,228 |  |  | — |  |  | 930,103 |
Liabilities held for sale | — |  |  | 1,479 |  |  | 76,129 |  |  | — |  |  | 77,608 |
Deferred income taxes | 315,713 |  |  | — |  |  | — |  |  | — |  |  | 315,713 |
Total liabilities | 7,378,641 |  |  | 2,253,534 |  |  | 3,014,366 |  |  | — |  |  | 12,646,541 |
Redeemable OP unitholder and noncontrolling interests | — |  |  | — |  |  | 209,278 |  |  | — |  |  | 209,278 |
Total equity | 7,158,493 |  |  | 925,103 |  |  | 19,958,061 |  |  | (17,471,212 | ) |  | 10,570,445 |
Total liabilities and equity | $ | 14,537,134 |  |  | $ | 3,178,637 |  |  | $ | 23,181,705 |  |  | $ | (17,471,212 | ) |  | $ | 23,426,264 |
CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2015
| Ventas, Inc. |  | Ventas Realty |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Assets |  |  |  |  |  |  |  |  |
Net real estate investments | $ | 5,798 |  |  | $ | 195,015 |  |  | $ | 20,377,226 |  |  | $ | — |  |  | $ | 20,578,039 |
Cash and cash equivalents | 11,733 |  |  | — |  |  | 41,290 |  |  | — |  |  | 53,023 |
Escrow deposits and restricted cash | 7,154 |  |  | 1,644 |  |  | 69,098 |  |  | — |  |  | 77,896 |
Investment in and advances to affiliates | 12,989,643 |  |  | 3,545,183 |  |  | — |  |  | (16,534,826 | ) |  | — |
Goodwill | — |  |  | — |  |  | 1,047,497 |  |  | — |  |  | 1,047,497 |
Assets held for sale | — |  |  | 4,488 |  |  | 88,572 |  |  | — |  |  | 93,060 |
Other assets | 17,869 |  |  | 4,182 |  |  | 390,352 |  |  | — |  |  | 412,403 |
Total assets | $ | 13,032,197 |  |  | $ | 3,750,512 |  |  | $ | 22,014,035 |  |  | $ | (16,534,826 | ) |  | $ | 22,261,918 |
Liabilities and equity |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |
Senior notes payable and other debt | $ | — |  |  | $ | 8,370,670 |  |  | $ | 2,836,326 |  |  | $ | — |  |  | $ | 11,206,996 |
Intercompany loans | 7,294,158 |  |  | (6,571,512 | ) |  | (722,646 | ) |  | — |  |  | — |
Accrued interest | — |  |  | 64,561 |  |  | 16,303 |  |  | — |  |  | 80,864 |
Accounts payable and other liabilities | 68,604 |  |  | 45,226 |  |  | 665,550 |  |  | — |  |  | 779,380 |
Liabilities held for sale | — |  |  | 44 |  |  | 34,296 |  |  | — |  |  | 34,340 |
Deferred income taxes | 338,382 |  |  | — |  |  | — |  |  | — |  |  | 338,382 |
Total liabilities | 7,701,144 |  |  | 1,908,989 |  |  | 2,829,829 |  |  | — |  |  | 12,439,962 |
Redeemable OP unitholder and noncontrolling interests | — |  |  | — |  |  | 196,529 |  |  | — |  |  | 196,529 |
Total equity | 5,331,053 |  |  | 1,841,523 |  |  | 18,987,677 |  |  | (16,534,826 | ) |  | 9,625,427 |
Total liabilities and equity | $ | 13,032,197 |  |  | $ | 3,750,512 |  |  | $ | 22,014,035 |  |  | $ | (16,534,826 | ) |  | $ | 22,261,918 |
CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended September 30, 2016
| Ventas, Inc. |  | Ventas Realty |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Revenues: |  |  |  |  |  |  |  |  |
Rental income | $ | 585 |  |  | $ | 49,652 |  |  | $ | 318,460 |  |  | $ | — |  |  | $ | 368,697 |
Resident fees and services | — |  |  | — |  |  | 461,974 |  |  | — |  |  | 461,974 |
Office building and other services revenue | 401 |  |  | — |  |  | 3,916 |  |  | — |  |  | 4,317 |
Income from loans and investments | 82 |  |  | — |  |  | 31,484 |  |  | — |  |  | 31,566 |
Equity earnings in affiliates | 143,782 |  |  | — |  |  | (281 | ) |  | (143,501 | ) |  | — |
Interest and other income | 476 |  |  | — |  |  | 86 |  |  | — |  |  | 562 |
Total revenues | 145,326 |  |  | 49,652 |  |  | 815,639 |  |  | (143,501 | ) |  | 867,116 |
Expenses: |  |  |  |  |  |  |  |  |
Interest | (11,779 | ) |  | 70,371 |  |  | 46,471 |  |  | — |  |  | 105,063 |
Depreciation and amortization | 1,414 |  |  | 2,833 |  |  | 204,140 |  |  | — |  |  | 208,387 |
Property-level operating expenses | — |  |  | 80 |  |  | 361,037 |  |  | — |  |  | 361,117 |
Office building services costs | — |  |  | — |  |  | 974 |  |  | — |  |  | 974 |
General, administrative and professional fees | (1,359 | ) |  | 4,940 |  |  | 27,986 |  |  | — |  |  | 31,567 |
(Gain) loss on extinguishment of debt, net | (58 | ) |  | 340 |  |  | 101 |  |  | — |  |  | 383 |
Merger-related expenses and deal costs | 15,952 |  |  | — |  |  | 265 |  |  | — |  |  | 16,217 |
Other | (21 | ) |  | 4 |  |  | 2,447 |  |  | — |  |  | 2,430 |
Total expenses | 4,149 |  |  | 78,568 |  |  | 643,421 |  |  | — |  |  | 726,138 |
Income (loss) from continuing operations before unconsolidated entities, income taxes, real estate dispositions and noncontrolling interest | 141,177 |  |  | (28,916 | ) |  | 172,218 |  |  | (143,501 | ) |  | 140,978 |
Income from unconsolidated entities | — |  |  | 783 |  |  | 148 |  |  | — |  |  | 931 |
Income tax benefit | 8,537 |  |  | — |  |  | — |  |  | — |  |  | 8,537 |
Income (loss) from continuing operations | 149,714 |  |  | (28,133 | ) |  | 172,366 |  |  | (143,501 | ) |  | 150,446 |
Discontinued operations | (118 | ) |  | — |  |  | — |  |  | — |  |  | (118 | )
Loss on real estate dispositions | (144 | ) |  | — |  |  | — |  |  | — |  |  | (144 | )
Net income (loss) | 149,452 |  |  | (28,133 | ) |  | 172,366 |  |  | (143,501 | ) |  | 150,184 |
Net income attributable to noncontrolling interest | — |  |  | — |  |  | 732 |  |  | — |  |  | 732 |
Net income (loss) attributable to common stockholders | $ | 149,452 |  |  | $ | (28,133 | ) |  | $ | 171,634 |  |  | $ | (143,501 | ) |  | $ | 149,452 |
CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended September 30, 2015
| Ventas, Inc. |  | Ventas Realty |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Revenues: |  |  |  |  |  |  |  |  |
Rental income | $ | 916 |  |  | $ | 49,425 |  |  | $ | 293,442 |  |  | $ | — |  |  | $ | 343,783 |
Resident fees and services | — |  |  | — |  |  | 454,825 |  |  | — |  |  | 454,825 |
Office building and other services revenue | 293 |  |  | — |  |  | 9,707 |  |  | — |  |  | 10,000 |
Income from loans and investments | 50 |  |  | 180 |  |  | 18,694 |  |  | — |  |  | 18,924 |
Equity earnings in affiliates | 99,873 |  |  | — |  |  | (243 | ) |  | (99,630 | ) |  | — |
Interest and other income | 106 |  |  | (2 | ) |  | (30 | ) |  | — |  |  | 74 |
Total revenues | 101,238 |  |  | 49,603 |  |  | 776,395 |  |  | (99,630 | ) |  | 827,606 |
Expenses: |  |  |  |  |  |  |  |  |
Interest | (10,788 | ) |  | 67,521 |  |  | 40,402 |  |  | — |  |  | 97,135 |
Depreciation and amortization | 1,347 |  |  | 3,455 |  |  | 221,530 |  |  | — |  |  | 226,332 |
Property-level operating expenses | — |  |  | 81 |  |  | 347,764 |  |  | — |  |  | 347,845 |
Office building services costs | — |  |  | — |  |  | 6,416 |  |  | — |  |  | 6,416 |
General, administrative and professional fees | (678 | ) |  | 5,225 |  |  | 27,567 |  |  | — |  |  | 32,114 |
Loss on extinguishment of debt, net | — |  |  | 4,523 |  |  | 10,808 |  |  | — |  |  | 15,331 |
Merger-related expenses and deal costs | 62,007 |  |  |  |  | 138 |  |  | — |  |  | 62,145 |
Other | 271 |  |  | 5 |  |  | 4,519 |  |  | — |  |  | 4,795 |
Total expenses | 52,159 |  |  | 80,810 |  |  | 659,144 |  |  | — |  |  | 792,113 |
Income (loss) from continuing operations before unconsolidated entities, income taxes, real estate dispositions and noncontrolling interest | 49,079 |  |  | (31,207 | ) |  | 117,251 |  |  | (99,630 | ) |  | 35,493 |
Loss from unconsolidated entities | — |  |  | (469 | ) |  | (486 | ) |  | — |  |  | (955 | )
Income tax benefit | 10,697 |  |  | — |  |  | — |  |  | — |  |  | 10,697 |
Income (loss) from continuing operations | 59,776 |  |  | (31,676 | ) |  | 116,765 |  |  | (99,630 | ) |  | 45,235 |
Discontinued operations | (37,189 | ) |  | 7,371 |  |  | 7,435 |  |  | — |  |  | (22,383 | )
Gain on real estate dispositions | 265 |  |  | — |  |  | — |  |  | — |  |  | 265 |
Net income (loss) | 22,852 |  |  | (24,305 | ) |  | 124,200 |  |  | (99,630 | ) |  | 23,117 |
Net income attributable to noncontrolling interest | — |  |  | — |  |  | 265 |  |  | — |  |  | 265 |
Net income (loss) attributable to common stockholders | $ | 22,852 |  |  | $ | (24,305 | ) |  | $ | 123,935 |  |  | $ | (99,630 | ) |  | $ | 22,852 |
CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Nine Months Ended September 30, 2016
| Ventas, Inc. |  | Ventas Realty |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Revenues: |  |  |  |  |  |  |  |  |
Rental income | $ | 2,084 |  |  | $ | 147,795 |  |  | $ | 931,647 |  |  | $ | — |  |  | $ | 1,081,526 |
Resident fees and services | — |  |  | — |  |  | 1,390,387 |  |  | — |  |  | 1,390,387 |
Office building and other services revenue | 1,605 |  |  | — |  |  | 15,401 |  |  | — |  |  | 17,006 |
Income from loans and investments | 82 |  |  | — |  |  | 78,016 |  |  | — |  |  | 78,098 |
Equity earnings in affiliates | 376,570 |  |  | — |  |  | (913 | ) |  | (375,657 | ) |  | — |
Interest and other income | 546 |  |  | — |  |  | 246 |  |  | — |  |  | 792 |
Total revenues | 380,887 |  |  | 147,795 |  |  | 2,414,784 |  |  | (375,657 | ) |  | 2,567,809 |
Expenses: |  |  |  |  |  |  |  |  |
Interest | (33,668 | ) |  | 207,961 |  |  | 137,708 |  |  | — |  |  | 312,001 |
Depreciation and amortization | 7,549 |  |  | 15,614 |  |  | 643,572 |  |  | — |  |  | 666,735 |
Property-level operating expenses | — |  |  | 236 |  |  | 1,069,058 |  |  | — |  |  | 1,069,294 |
Office building services costs | — |  |  | — |  |  | 6,277 |  |  | — |  |  | 6,277 |
General, administrative and professional fees | 872 |  |  | 13,657 |  |  | 80,858 |  |  | — |  |  | 95,387 |
Loss on extinguishment of debt, net | — |  |  | 2,772 |  |  | 393 |  |  | — |  |  | 3,165 |
Merger-related expenses and deal costs | 24,067 |  |  | — |  |  | 1,006 |  |  | — |  |  | 25,073 |
Other | 4 |  |  | 8 |  |  | 8,889 |  |  | — |  |  | 8,901 |
Total expenses | (1,176 | ) |  | 240,248 |  |  | 1,947,761 |  |  | — |  |  | 2,186,833 |
Income (loss) from continuing operations before unconsolidated entities, income taxes, real estate dispositions and noncontrolling interest | 382,063 |  |  | (92,453 | ) |  | 467,023 |  |  | (375,657 | ) |  | 380,976 |
Income from unconsolidated entities | — |  |  | 1,230 |  |  | 921 |  |  | — |  |  | 2,151 |
Income tax benefit | 28,507 |  |  | — |  |  | — |  |  | — |  |  | 28,507 |
Income (loss) from continuing operations | 410,570 |  |  | (91,223 | ) |  | 467,944 |  |  | (375,657 | ) |  | 411,634 |
Discontinued operations | (755 | ) |  | — |  |  | — |  |  | — |  |  | (755 | )
Gain on real estate dispositions | 31,779 |  |  | — |  |  | — |  |  | — |  |  | 31,779 |
Net income (loss) | 441,594 |  |  | (91,223 | ) |  | 467,944 |  |  | (375,657 | ) |  | 442,658 |
Net income attributable to noncontrolling interest | — |  |  | — |  |  | 1,064 |  |  | — |  |  | 1,064 |
Net income (loss) attributable to common stockholders | $ | 441,594 |  |  | $ | (91,223 | ) |  | $ | 466,880 |  |  | $ | (375,657 | ) |  | $ | 441,594 |
CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Nine Months Ended September 30, 2015
| Ventas, Inc. |  | Ventas Realty |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Revenues: |  |  |  |  |  |  |  |  |
Rental income | $ | 2,747 |  |  | $ | 148,833 |  |  | $ | 840,298 |  |  | $ | — |  |  | $ | 991,878 |
Resident fees and services | — |  |  | — |  |  | 1,356,384 |  |  | — |  |  | 1,356,384 |
Office building and other services revenue | 293 |  |  | — |  |  | 29,658 |  |  | — |  |  | 29,951 |
Income from loans and investments | 8,655 |  |  | 483 |  |  | 57,054 |  |  | — |  |  | 66,192 |
Equity earnings in affiliates | 360,988 |  |  | — |  |  | (383 | ) |  | (360,605 | ) |  | — |
Interest and other income | 482 |  |  | (6 | ) |  | 243 |  |  | — |  |  | 719 |
Total revenues | 373,165 |  |  | 149,310 |  |  | 2,283,254 |  |  | (360,605 | ) |  | 2,445,124 |
Expenses: |  |  |  |  |  |  |  |  |
Interest | (27,548 | ) |  | 189,716 |  |  | 101,254 |  |  | — |  |  | 263,422 |
Depreciation and amortization | 4,047 |  |  | 11,394 |  |  | 641,821 |  |  | — |  |  | 657,262 |
Property-level operating expenses | — |  |  | 285 |  |  | 1,031,021 |  |  | — |  |  | 1,031,306 |
Office building services costs | — |  |  | — |  |  | 19,098 |  |  | — |  |  | 19,098 |
General, administrative and professional fees | (598 | ) |  | 16,640 |  |  | 84,357 |  |  | — |  |  | 100,399 |
Loss on extinguishment of debt, net | — |  |  | 4,523 |  |  | 10,374 |  |  | — |  |  | 14,897 |
Merger-related expenses and deal costs | 101,306 |  |  | 75 |  |  | 3,642 |  |  | — |  |  | 105,023 |
Other | 453 |  |  | 49 |  |  | 13,446 |  |  | — |  |  | 13,948 |
Total expenses | 77,660 |  |  | 222,682 |  |  | 1,905,013 |  |  | — |  |  | 2,205,355 |
Income (loss) from continuing operations before unconsolidated entities, income taxes, real estate dispositions and noncontrolling interest | 295,505 |  |  | (73,372 | ) |  | 378,241 |  |  | (360,605 | ) |  | 239,769 |
Income (loss) from unconsolidated entities | — |  |  | 291 |  |  | (1,488 | ) |  | — |  |  | (1,197 | )
Income tax benefit | 27,736 |  |  | — |  |  | — |  |  | — |  |  | 27,736 |
Income (loss) from continuing operations | 323,241 |  |  | (73,081 | ) |  | 376,753 |  |  | (360,605 | ) |  | 266,308 |
Discontinued operations | (44,546 | ) |  | 34,748 |  |  | 23,232 |  |  | — |  |  | 13,434 |
Gain on real estate dispositions | 14,420 |  |  | — |  |  | — |  |  | — |  |  | 14,420 |
Net income (loss) | 293,115 |  |  | (38,333 | ) |  | 399,985 |  |  | (360,605 | ) |  | 294,162 |
Net income attributable to noncontrolling interest | — |  |  | — |  |  | 1,047 |  |  | — |  |  | 1,047 |
Net income (loss) attributable to common stockholders | $ | 293,115 |  |  | $ | (38,333 | ) |  | $ | 398,938 |  |  | $ | (360,605 | ) |  | $ | 293,115 |
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Three Months Ended September 30, 2016
| Ventas, Inc. |  | Ventas Realty |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Net income (loss) | $ | 149,452 |  |  | $ | (28,133 | ) |  | $ | 172,366 |  |  | $ | (143,501 | ) |  | 150,184 |
Other comprehensive loss: |  |  |  |  |  |  |  |  |  |
Foreign currency translation | — |  |  | — |  |  | (6,421 | ) |  | — |  |  | (6,421 | )
Change in unrealized gain on marketable securities | (92 | ) |  | — |  |  | — |  |  | — |  |  | (92 | )
Other | — |  |  | — |  |  | 1,094 |  |  | — |  |  | 1,094 |
Total other comprehensive loss | (92 | ) |  | — |  |  | (5,327 | ) |  | — |  |  | (5,419 | )
Comprehensive income (loss) | 149,360 |  |  | (28,133 | ) |  | 167,039 |  |  | (143,501 | ) |  | 144,765 |
Comprehensive income attributable to noncontrolling interest | — |  |  | — |  |  | 732 |  |  | — |  |  | 732 |
Comprehensive income (loss) attributable to common stockholders | $ | 149,360 |  |  | $ | (28,133 | ) |  | $ | 166,307 |  |  | $ | (143,501 | ) |  | $ | 144,033 |
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Three Months Ended September 30, 2015
| Ventas, Inc. |  | Ventas Realty |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Net income (loss) | $ | 22,852 |  |  | $ | (24,305 | ) |  | $ | 124,200 |  |  | $ | (99,630 | ) |  | $ | 23,117 |
Other comprehensive loss: |  |  |  |  |  |  |  |  |
Foreign currency translation | — |  |  | — |  |  | (11,239 | ) |  | — |  |  | (11,239 | )
Other | — |  |  | — |  |  | 467 |  |  | — |  |  | 467 |
Total other comprehensive loss | — |  |  | — |  |  | (10,772 | ) |  | — |  |  | (10,772 | )
Comprehensive income (loss) | 22,852 |  |  | (24,305 | ) |  | 113,428 |  |  | (99,630 | ) |  | 12,345 |
Comprehensive income attributable to noncontrolling interest | — |  |  | — |  |  | 265 |  |  | — |  |  | 265 |
Comprehensive income (loss) attributable to common stockholders | $ | 22,852 |  |  | $ | (24,305 | ) |  | $ | 113,163 |  |  | $ | (99,630 | ) |  | $ | 12,080 |
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Nine Months Ended September 30, 2016
| Ventas, Inc. |  | Ventas Realty (1) |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Net income (loss) | $ | 441,594 |  |  | $ | (91,223 | ) |  | $ | 467,944 |  |  | $ | (375,657 | ) |  | 442,658 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |
Foreign currency translation | — |  |  | — |  |  | (39,804 | ) |  | — |  |  | (39,804 | )
Change in unrealized gain on marketable securities | 158 |  |  | — |  |  | — |  |  | — |  |  | 158 |
Other | — |  |  | — |  |  | (2,403 | ) |  | — |  |  | (2,403 | )
Total other comprehensive income (loss) | 158 |  |  | — |  |  | (42,207 | ) |  | — |  |  | (42,049 | )
Comprehensive income (loss) | 441,752 |  |  | (91,223 | ) |  | 425,737 |  |  | (375,657 | ) |  | 400,609 |
Comprehensive income attributable to noncontrolling interest | — |  |  | — |  |  | 1,064 |  |  | — |  |  | 1,064 |
Comprehensive income (loss) attributable to common stockholders | $ | 441,752 |  |  | $ | (91,223 | ) |  | $ | 424,673 |  |  | $ | (375,657 | ) |  | $ | 399,545 |
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Nine Months Ended September 30, 2015
| Ventas, Inc. |  | Ventas Realty |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Net income (loss) | $ | 293,115 |  |  | $ | (38,333 | ) |  | $ | 399,985 |  |  | $ | (360,605 | ) |  | 294,162 |
Other comprehensive loss: |  |  |  |  |  |  |  |  |  |
Foreign currency translation | — |  |  | — |  |  | (7,718 | ) |  | — |  |  | (7,718 | )
Change in unrealized gain on marketable securities | (5,046 | ) |  | — |  |  | — |  |  | — |  |  | (5,046 | )
Other | — |  |  | — |  |  | (949 | ) |  | — |  |  | (949 | )
Total other comprehensive loss | (5,046 | ) |  | — |  |  | (8,667 | ) |  | — |  |  | (13,713 | )
Comprehensive income (loss) | 288,069 |  |  | (38,333 | ) |  | 391,318 |  |  | (360,605 | ) |  | 280,449 |
Comprehensive income attributable to noncontrolling interest | — |  |  | — |  |  | 1,047 |  |  | — |  |  | 1,047 |
Comprehensive income (loss) attributable to common stockholders | $ | 288,069 |  |  | $ | (38,333 | ) |  | $ | 390,271 |  |  | $ | (360,605 | ) |  | $ | 279,402 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Nine Months Ended September 30, 2016
| Ventas, Inc. |  | Ventas Realty |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Net cash provided by (used in) operating activities | $ | 39,559 |  |  | $ | (73,856 | ) |  | $ | 1,035,567 |  |  | $ | — |  |  | $ | 1,001,270 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Net investment in real estate property | (1,440,710 | ) |  | — |  |  | 19,118 |  |  | — |  |  | (1,421,592 | )
Proceeds from loans receivable | — |  |  | — |  |  | 194,063 |  |  | — |  |  | 194,063 |
Investment in loans receivable and other | — |  |  | — |  |  | (154,949 | ) |  | — |  |  | (154,949 | )
Proceeds from real estate disposals | 20,441 |  |  | — |  |  | 43,120 |  |  | — |  |  | 63,561 |
Capital expenditures | — |  |  | (18 | ) |  | (75,278 | ) |  | — |  |  | (75,296 | )
Development project expenditures | — |  |  | — |  |  | (94,398 | ) |  | — |  |  | (94,398 | )
Other | — |  |  | — |  |  | (6,175 | ) |  | — |  |  | (6,175 | )
Net cash used in investing activities | (1,420,269 | ) |  | (18 | ) |  | (74,499 | ) |  | — |  |  | (1,494,786 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Net change in borrowings under revolving credit facility | — |  |  | (94,000 | ) |  | 140,728 |  |  | — |  |  | 46,728 |
Proceeds from debt | — |  |  | 846,521 |  |  | 30,096 |  |  | — |  |  | 876,617 |
Repayment of debt | — |  |  | (651,820 | ) |  | (264,685 | ) |  | — |  |  | (916,505 | )
Purchase of noncontrolling interest | — |  |  | — |  |  | (1,604 | ) |  | — |  |  | (1,604 | )
Net change in intercompany debt | 877,609 |  |  | (32,967 | ) |  | (844,642 | ) |  | — |  |  | — |
Payment of deferred financing costs | — |  |  | (5,485 | ) |  | (662 | ) |  | — |  |  | (6,147 | )
Issuance of common stock, net | 1,265,702 |  |  | — |  |  | — |  |  | — |  |  | 1,265,702 |
Cash distribution from (to) affiliates | 7,859 |  |  | 11,625 |  |  | (19,484 | ) |  | — |  |  | — |
Cash distribution to common stockholders | (750,402 | ) |  | — |  |  | — |  |  | — |  |  | (750,402 | )
Cash distribution to redeemable OP unitholders | — |  |  | — |  |  | (6,486 | ) |  | — |  |  | (6,486 | )
Contributions from noncontrolling interest | — |  |  | — |  |  | 5,926 |  |  | — |  |  | 5,926 |
Distributions to noncontrolling interest | — |  |  | — |  |  | (5,121 | ) |  | — |  |  | (5,121 | )
Other | 21,507 |  |  | — |  |  | — |  |  | — |  |  | 21,507 |
Net cash provided by (used in) financing activities | 1,422,275 |  |  | 73,874 |  |  | (965,934 | ) |  | — |  |  | 530,215 |
Net increase (decrease) in cash and cash equivalents | 41,565 |  |  | — |  |  | (4,866 | ) |  | — |  |  | 36,699 |
Effect of foreign currency translation on cash and cash equivalents | (41,259 | ) |  | — |  |  | 40,816 |  |  | — |  |  | (443 | )
Cash and cash equivalents at beginning of period | 11,733 |  |  | — |  |  | 41,290 |  |  | — |  |  | 53,023 |
Cash and cash equivalents at end of period | $ | 12,039 |  |  | $ | — |  |  | $ | 77,240 |  |  | $ | — |  |  | $ | 89,279 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Nine Months Ended September 30, 2015
| Ventas, Inc. |  | Ventas Realty |  | Ventas Subsidiaries |  | Consolidated Elimination |  | Consolidated
| (In thousands)
Net cash (used in) provided by operating activities | $ | (103,734 | ) |  | $ | 31,319 |  |  | $ | 1,094,460 |  |  | $ | — |  |  | $ | 1,022,045 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment in real estate property | (2,556,988 | ) |  | — |  |  | — |  |  | — |  |  | (2,556,988 | )
Proceeds from loans receivable | — |  |  | — |  |  | 106,909 |  |  | — |  |  | 106,909 |
Investment in loans receivable and other | — |  |  | — |  |  | (74,386 | ) |  | — |  |  | (74,386 | )
Funds held in escrow for future development expenditures | — |  |  | — |  |  | 4,003 |  |  | — |  |  | 4,003 |
Proceeds from real estate disposals | 409,633 |  |  | — |  |  | — |  |  | — |  |  | 409,633 |
Proceeds from sale or maturity of marketable securities | 76,800 |  |  | — |  |  | — |  |  | — |  |  | 76,800 |
Capital expenditures | — |  |  | (15,731 | ) |  | (60,081 | ) |  | — |  |  | (75,812 | )
Development capital expenditures | — |  |  | — |  |  | (90,458 | ) |  | — |  |  | (90,458 | )
Investment in unconsolidated operating entity | (26,282 | ) |  | — |  |  | — |  |  | — |  |  | (26,282 | )
Other | — |  |  | — |  |  | (27,984 | ) |  | — |  |  | (27,984 | )
Net cash used in investing activities | (2,096,837 | ) |  | (15,731 | ) |  | (141,997 | ) |  | — |  |  | (2,254,565 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Net change in borrowings under revolving credit facility | — |  |  | (658,000 | ) |  | (132,406 | ) |  | — |  |  | (790,406 | )
Net cash impact of CCP Spin-Off | 1,273,000 |  |  | — |  |  | (1,401,749 | ) |  | — |  |  | (128,749 | )
Proceeds from debt | — |  |  | 2,292,568 |  |  | 218,493 |  |  | — |  |  | 2,511,061 |
Proceeds from debt related to CCP Spin-Off | — |  |  | — |  |  | 1,400,000 |  |  | — |  |  | 1,400,000 |
Repayment of debt | — |  |  | (705,000 | ) |  | (624,070 | ) |  | — |  |  | (1,329,070 | )
Net change in intercompany debt | 1,495,355 |  |  | (946,310 | ) |  | (549,045 | ) |  | — |  |  | — |
Purchase of noncontrolling interest | — |  |  | — |  |  | (3,819 | ) |  | — |  |  | (3,819 | )
Payment of deferred financing costs | — |  |  | (21,932 | ) |  | (1,961 | ) |  | — |  |  | (23,893 | )
Issuance of common stock, net | 417,818 |  |  | — |  |  | — |  |  | — |  |  | 417,818 |
Cash distribution (to) from affiliates | (235,140 | ) |  | 23,086 |  |  | 212,054 |  |  | — |  |  | — |
Cash distribution to common stockholders | (759,575 | ) |  | — |  |  | — |  |  | — |  |  | (759,575 | )
Cash distribution to redeemable OP unitholders | — |  |  | — |  |  | (12,776 | ) |  | — |  |  | (12,776 | )
Purchases of redeemable OP units | — |  |  | — |  |  | (33,188 | ) |  | — |  |  | (33,188 | )
Distributions to noncontrolling interest | — |  |  | — |  |  | (11,250 | ) |  | — |  |  | (11,250 | )
Other | 6,489 |  |  | — |  |  | — |  |  | — |  |  | 6,489 |
Net cash provided by (used in) financing activities | 2,197,947 |  |  | (15,588 | ) |  | (939,717 | ) |  | — |  |  | 1,242,642 |
Net (decrease) increase in cash and cash equivalents | (2,624 | ) |  | — |  |  | 12,746 |  |  | — |  |  | 10,122 |
Effect of foreign currency translation on cash and cash equivalents | (8,324 | ) |  | — |  |  | 8,085 |  |  | — |  |  | (239 | )
Cash and cash equivalents at beginning of period | 24,857 |  |  | — |  |  | 30,491 |  |  | — |  |  | 55,348 |
Cash and cash equivalents at end of period | $ | 13,909 |  |  | $ | — |  |  | $ | 51,322 |  |  | $ | — |  |  | $ | 65,231 |

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