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SENIOR NOTES PAYABLE AND OTHER DEBT | 6 Months Ended
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Jun. 30, 2017
Debt Disclosure [Abstract] |
SENIOR NOTES PAYABLE AND OTHER DEBT | NOTE 10—SENIOR NOTES PAYABLE AND OTHER DEBT The following is a summary of our senior notes payable and other debt as of June 30, 2017 and December 31, 2016:
| June 30, 2017 |  | December 31, 2016
| (In thousands)
Unsecured revolving credit facility (1) | $ | 516,455 |  |  | $ | 146,538 |
1.250% Senior Notes due 2017 | — |  |  | 300,000 |
2.00% Senior Notes due 2018 | 700,000 |  |  | 700,000 |
Unsecured term loan due 2018 (2) | 200,000 |  |  | 200,000 |
Unsecured term loan due 2019 (2) | 278,586 |  |  | 371,215 |
4.00% Senior Notes due 2019 | 600,000 |  |  | 600,000 |
3.00% Senior Notes, Series A due 2019 (3) | 308,595 |  |  | 297,841 |
2.700% Senior Notes due 2020 | 500,000 |  |  | 500,000 |
Unsecured term loan due 2020 | 900,000 |  |  | 900,000 |
4.750% Senior Notes due 2021 | 700,000 |  |  | 700,000 |
4.25% Senior Notes due 2022 | 600,000 |  |  | 600,000 |
3.25% Senior Notes due 2022 | 500,000 |  |  | 500,000 |
3.300% Senior Notes due 2022 (3) | 192,871 |  |  | 186,150 |
3.125% Senior Notes due 2023 | 400,000 |  |  | 400,000 |
3.100% Senior Notes due 2023 | 400,000 |  |  | — |
2.55% Senior Notes, Series D due 2023 (3) | 212,159 |  |  | — |
3.750% Senior Notes due 2024 | 400,000 |  |  | 400,000 |
4.125% Senior Notes, Series B due 2024 (3) | 192,872 |  |  | 186,150 |
3.500% Senior Notes due 2025 | 600,000 |  |  | 600,000 |
4.125% Senior Notes due 2026 | 500,000 |  |  | 500,000 |
3.25% Senior Notes due 2026 | 450,000 |  |  | 450,000 |
3.850% Senior Notes due 2027 | 400,000 |  |  | — |
6.90% Senior Notes due 2037 | 52,400 |  |  | 52,400 |
6.59% Senior Notes due 2038 | 22,973 |  |  | 22,973 |
5.45% Senior Notes due 2043 | 258,750 |  |  | 258,750 |
5.70% Senior Notes due 2043 | 300,000 |  |  | 300,000 |
4.375% Senior Notes due 2045 | 300,000 |  |  | 300,000 |
Mortgage loans and other | 1,506,572 |  |  | 1,718,897 |
Total | 11,992,233 |  |  | 11,190,914 |
Deferred financing costs, net | (73,679 | ) |  | (61,304 | )
Unamortized fair value adjustment | 20,696 |  |  | 25,224 |
Unamortized discounts | (31,253 | ) |  | (27,508 | )
Senior notes payable and other debt | $ | 11,907,997 |  |  | $ | 11,127,326 |
(1) | As of June 30, 2017 and December 31, 2016, respectively, $33.1 million and $146.5 million of aggregate borrowings were denominated in Canadian dollars. Aggregate borrowings of $30.4 million were denominated in British pounds as of June 30, 2017. There were no aggregate borrowings denominated in British pounds as of December 31, 2016.
(2) | These amounts represent in aggregate the $478.6 million and $571.2 million of unsecured term loan borrowings under our unsecured credit facility as of June 30, 2017 and December 31, 2016, respectively. As of December 31, 2016, $92.6 million due 2019 was in the form of Canadian dollars, which was repaid in full during the six months ended June 30, 2017.
(3) | These borrowings are in the form of Canadian dollars.
As of June 30, 2017, our indebtedness had the following maturities:
| Principal Amount Due at Maturity |  | Unsecured Revolving Credit Facility (1) |  | Scheduled Periodic Amortization |  | Total Maturities
| (In thousands)
2017 | $ | 103,561 |  |  | $ | — |  |  | $ | 11,611 |  |  | $ | 115,172 |
2018 | 1,101,879 |  |  | — |  |  | 20,559 |  |  | 1,122,438 |
2019 | 1,599,713 |  |  | — |  |  | 14,596 |  |  | 1,614,309 |
2020 | 1,422,547 |  |  | — |  |  | 11,697 |  |  | 1,434,244 |
2021 | 772,838 |  |  | 516,455 |  |  | 10,228 |  |  | 1,299,521 |
Thereafter (2) | 6,291,984 |  |  | — |  |  | 114,565 |  |  | 6,406,549 |
Total maturities | $ | 11,292,522 |  |  | $ | 516,455 |  |  | $ | 183,256 |  |  | $ | 11,992,233 |
(1) | As of June 30, 2017, we had $103.4 million of unrestricted cash and cash equivalents, for $413.1 million of net borrowings outstanding under our unsecured revolving credit facility.
(2) | Includes $52.4 million aggregate principal amount of our 6.90% senior notes due 2037 that is subject to repurchase, at the option of the holders, on October 1 in each of 2017 and 2027, and $23.0 million aggregate principal amount of 6.59% senior notes due 2038 that is subject to repurchase, at the option of the holders, on July 7 in each of 2018, 2023 and 2028.
Unsecured Revolving Credit Facility and Unsecured Term Loans In April 2017, we entered into a new unsecured credit facility comprised of a $3.0 billion unsecured revolving credit facility, initially priced at LIBOR plus 0.875%, that replaced our previous $2.0 billion unsecured revolving credit facility priced at LIBOR plus 1.0%. The new unsecured credit facility is also comprised of our $200.0 million term loan that is scheduled to mature in 2018 and our $278.6 million term loan that is scheduled to mature in 2019. The 2018 and 2019 term loans remain priced at LIBOR plus 1.05%. The new revolving credit facility matures in 2021, but may be extended at our option subject to the satisfaction of certain conditions for two additional periods of six months each. The new revolving credit facility also includes an accordion feature that permits us to increase our aggregate borrowing capacity thereunder to up to $3.75 billion. As of June 30, 2017, we had $516.5 million of borrowings outstanding, $14.5 million of letters of credit outstanding and $2.5 billion of unused borrowing capacity available under our new revolving credit facility. As of June 30, 2017, we also had a $900.0 million term loan due 2020 priced at LIBOR plus 0.975%. Senior Notes In March 2017, Ventas Realty, Limited Partnership (“Ventas Realty”) issued and sold $400.0 million aggregate principal amount of 3.100% senior notes due 2023 at a public offering price equal to 99.280% of par, for total proceeds of $397.1 million before the underwriting discount and expenses, and $400.0 million aggregate principal amount of 3.850% senior notes due 2027 at a public offering price equal to 99.196% of par, for total proceeds of $396.8 million before the underwriting discount and expenses. In April 2017, we repaid in full, at par, $300.0 million aggregate principal amount then outstanding of our 1.250% senior notes due 2017 upon maturity. In June 2017, Ventas Canada Finance Limited issued and sold C$275.0 million aggregate principal amount of 2.55% senior notes, Series D due 2023 at a price equal to 99.954% of par, for total proceeds of C$274.9 million before the agent fees and expenses. The notes were offered on a private placement basis in Canada. We used part of the proceeds to repay C$124.4 million on our unsecured term loan due 2019. Mortgage Loan Obligations During the six months ended June 30, 2017, we repaid in full mortgage loans outstanding in the aggregate principal amount of $237.0 million with a weighted average maturity of 1.7 years and recognized a gain on extinguishment of debt of $0.4 million in connection with these repayments. Derivatives and Hedging In January and February 2017, we entered into a total of $275 million of notional forward starting swaps with an effective date of April 3, 2017, that reduced our exposure to fluctuations in interest rates related to changes in rates between the trade dates of the swaps and the forecasted issuance of long-term debt. The rate on the notional amounts was locked at a weighted average rate of 2.33%. In March 2017, these swaps were terminated in conjunction with our issuance of the 3.850% senior notes due 2027, which resulted in a $0.8 million gain which will be recognized over the life of the notes using the effective interest method. In March 2017, we entered into interest rate swaps totaling a notional amount of $400 million with a maturity of January 15, 2023, effectively converting fixed rate debt to three month LIBOR-based floating rate debt. As a result, we will receive a fixed rate on the swap of 3.10% and will pay a floating rate equal to three month LIBOR plus a weighted average swap spread of 0.98%. In June 2017, we entered into a total of $125 million of notional forward starting swaps with an effective date of January 15, 2018 and a maturity of January 15, 2028, that reduced our exposure to fluctuations in interest rates related to changes in rates between the trade dates of the swaps and the forecasted issuance of long-term debt. The rate on the notional amounts was locked at a weighted average rate of 2.1832%.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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