v3.5.0.2

CONDENSED CONSOLIDATING INFORMATION (Unaudited) (Tables) | 9 Months Ended
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Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Condensed Consolidating Balance Sheet | 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 | 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 | 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 | 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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